Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 23, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-10235 | |
Entity Registrant Name | GENTEX CORPORATION | |
Entity Central Index Key | 0000355811 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation, State or Country Code | MI | |
Entity Tax Identification Number | 38-2030505 | |
Entity Address, Address Line One | 600 N. Centennial | |
Entity Address, City or Town | Zeeland | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 49464 | |
City Area Code | 616 | |
Local Phone Number | 772-1800 | |
Title of 12(b) Security | Common Stock, par value $0.06 per share | |
Trading Symbol | GNTX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 238,954,080 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | [1] |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 353,032,803 | $ 423,371,036 | |
Short-term investments | 13,798,827 | 27,164,369 | |
Accounts receivable, net | 234,145,996 | 284,925,335 | |
Inventories | 263,899,976 | 226,291,843 | |
Prepaid expenses and other | 59,698,574 | 17,577,981 | |
Total current assets | 924,576,176 | 979,330,564 | |
PLANT AND EQUIPMENT—NET | 458,943,776 | 468,135,135 | |
OTHER ASSETS | |||
Goodwill | 311,922,787 | 311,922,787 | |
Long-term investments | 193,418,570 | 162,028,068 | |
Intangible assets, net | 251,213,561 | 249,748,127 | |
Patents and other assets, net | 26,723,061 | 26,776,489 | |
Total other assets | 783,277,979 | 750,475,471 | |
Total assets | 2,166,797,931 | 2,197,941,170 | |
CURRENT LIABILITIES | |||
Accounts payable | 101,262,288 | 84,784,423 | |
Accrued liabilities | 95,134,329 | 92,952,434 | |
Total current liabilities | 196,396,617 | 177,736,857 | |
OTHER NON-CURRENT LIABILITIES | 18,668,444 | 17,300,442 | |
DEFERRED INCOME TAXES | 35,413,881 | 38,960,743 | |
Total liabilities | 250,478,942 | 233,998,042 | |
SHAREHOLDERS’ INVESTMENT | |||
Common stock | 14,337,995 | 14,621,572 | |
Additional paid-in capital | 859,678,392 | 852,771,508 | |
Retained earnings | 1,038,037,564 | 1,089,698,996 | |
Accumulated other comprehensive income | 4,265,038 | 6,851,052 | |
Total shareholders’ investment | 1,916,318,989 | 1,963,943,128 | |
Total liabilities and shareholders’ investment | $ 2,166,797,931 | $ 2,197,941,170 | |
[1] | The condensed consolidated balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Income - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Income Statement [Abstract] | |||||
NET SALES | $ 428,005,026 | $ 229,925,556 | $ 911,729,865 | $ 683,687,281 | |
COST OF GOODS SOLD | 276,408,285 | 185,980,748 | 576,832,956 | 483,154,994 | |
Gross profit | 151,596,741 | 43,944,808 | 334,896,909 | 200,532,287 | |
OPERATING EXPENSES: | |||||
Engineering, research and development | 29,059,058 | 28,992,968 | 56,711,139 | 58,608,390 | |
Selling, general & administrative | 22,613,062 | 21,690,096 | 44,527,448 | 43,634,987 | |
Total operating expenses | 51,672,120 | 50,683,064 | 101,238,587 | 102,243,377 | |
Income (Loss) from operations | 99,924,621 | (6,738,256) | 233,658,322 | 98,288,910 | |
OTHER INCOME | |||||
Investment income | 903,139 | 1,462,033 | 1,926,549 | 3,908,682 | |
Other income, net | 987,959 | 1,404,196 | 1,497,584 | 1,205,030 | |
Total other income | 1,891,098 | 2,866,229 | 3,424,133 | 5,113,712 | |
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 101,815,719 | (3,872,027) | 237,082,455 | 103,402,622 | |
PROVISION FOR (BENEFIT FROM) INCOME TAXES | 15,309,301 | (1,497,994) | 37,125,167 | 16,270,854 | |
NET INCOME (LOSS) | $ 86,506,418 | $ (2,374,033) | $ 199,957,288 | $ 87,131,768 | |
EARNINGS (LOSS) PER SHARE: | |||||
Basic (in dollars per share) | [1] | $ 0.36 | $ (0.01) | $ 0.83 | $ 0.35 |
Diluted (in dollars per share) | [1] | 0.36 | (0.01) | 0.82 | 0.35 |
Cash Dividends Declared per Share (in dollars per share) | $ 0.12 | $ 0.120 | $ 0.240 | $ 0.24 | |
[1] | (1) Earnings (Loss) Per Share has been adjusted to exclude the portion of net income (loss) allocated to participating securities as a result of share-based payment awards. |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (Loss) | $ 86,506,418 | $ (2,374,033) | $ 199,957,288 | $ 87,131,768 |
Other comprehensive income (loss) before tax: | ||||
Foreign currency translation adjustments | 963,199 | 136,627 | 110,787 | (555,463) |
Unrealized gains (losses) on debt securities, net | 1,705,281 | 3,022,561 | (3,413,672) | 5,802,291 |
Other comprehensive income (loss), before tax | 2,668,480 | 3,159,188 | (3,302,885) | 5,246,828 |
Income tax impact related to components of other comprehensive income (loss) | 358,109 | 634,738 | (716,871) | 1,218,481 |
Other comprehensive income (loss), net of tax | 2,310,371 | 2,524,450 | (2,586,014) | 4,028,347 |
Comprehensive income | $ 88,816,789 | $ 150,417 | $ 197,371,274 | $ 91,160,115 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Shareholders' Investment - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning of period | $ 1,960,980,714 | $ 1,834,605,633 | $ 1,963,943,128 | [1] | $ 1,938,087,820 |
Issuance of common stock from stock plan transactions | 4,391,044 | 8,355,204 | $ 13,656,884 | 15,710,692 | |
Issuance of common stock related to acquisitions | 3,559,229 | 3,559,229 | |||
Repurchases of common stock (in shares) | (6,200,000) | ||||
Repurchases of common stock | (115,921,079) | $ (213,613,842) | (178,819,584) | ||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | 6,727,513 | 5,430,583 | 12,622,158 | 11,786,653 | |
Dividends declared | (28,675,992) | (29,493,653) | (57,660,613) | (58,877,512) | |
Net income (Loss) | 86,506,418 | (2,374,033) | 199,957,288 | 87,131,768 | |
Other comprehensive (loss) income | 2,310,371 | 2,524,450 | (2,586,014) | 4,028,347 | |
Balance at end of period | $ 1,916,318,989 | $ 1,822,607,413 | $ 1,916,318,989 | $ 1,822,607,413 | |
Common Stock | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning balance (in shares) | 241,538,824 | 244,865,658 | 243,692,869 | 251,277,515 | |
Balance at beginning of period | $ 14,492,329 | $ 14,691,939 | $ 14,621,572 | $ 15,076,651 | |
Issuance of common stock from stock plan transactions (in shares) | 838,896 | 746,112 | 1,439,916 | 1,353,287 | |
Issuance of common stock from stock plan transactions | $ 50,334 | $ 44,767 | $ 86,395 | $ 81,198 | |
Issuance of common stock related to acquisitions (in shares) | 163,718 | 163,718 | |||
Issuance of common stock related to acquisitions | $ 9,823 | $ 9,823 | |||
Repurchases of common stock (in shares) | (3,411,131) | (6,166,196) | (7,019,032) | ||
Repurchases of common stock | $ (204,668) | $ (369,972) | $ (421,143) | ||
Ending balance (in shares) | 238,966,589 | 245,775,488 | 238,966,589 | 245,775,488 | |
Balance at end of period | $ 14,337,995 | $ 14,746,529 | $ 14,337,995 | $ 14,746,529 | |
Additional Paid-In Capital | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning of period | 859,355,232 | 801,388,454 | 852,771,508 | 807,928,139 | |
Issuance of common stock from stock plan transactions | 4,340,710 | 8,310,437 | 13,570,489 | 15,629,494 | |
Issuance of common stock related to acquisitions | 3,549,406 | 3,549,406 | |||
Repurchases of common stock | (10,745,063) | (19,285,763) | (20,214,812) | ||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | 6,727,513 | 5,430,583 | 12,622,158 | 11,786,653 | |
Balance at end of period | 859,678,392 | 818,678,880 | 859,678,392 | 818,678,880 | |
Retained Earnings | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning of period | 1,085,178,486 | 1,018,310,446 | 1,089,698,996 | 1,116,372,133 | |
Repurchases of common stock | (104,971,348) | (193,958,107) | (158,183,629) | ||
Dividends declared | (28,675,992) | (29,493,653) | (57,660,613) | (58,877,512) | |
Net income (Loss) | 86,506,418 | (2,374,033) | 199,957,288 | 87,131,768 | |
Balance at end of period | 1,038,037,564 | 986,442,760 | 1,038,037,564 | 986,442,760 | |
Accumulated Other Comprehensive Income (Loss) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance at beginning of period | 1,954,667 | 214,794 | 6,851,052 | (1,289,103) | |
Other comprehensive (loss) income | 2,310,371 | 2,524,450 | (2,586,014) | 4,028,347 | |
Balance at end of period | $ 4,265,038 | $ 2,739,244 | $ 4,265,038 | $ 2,739,244 | |
[1] | The condensed consolidated balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared (in dollars per share) | $ 0.12 | $ 0.120 | $ 0.240 | $ 0.24 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 199,957,288 | $ 87,131,768 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 51,497,665 | 53,437,698 |
(Gain) on disposal of assets | (19,891) | (155,229) |
Loss on disposal of assets | 133,036 | 88,357 |
(Gain) on sale of investments | (969,971) | (1,023,683) |
Loss on sale of investments | 192,346 | 72,871 |
Change in deferred income taxes | (3,546,862) | (2,176,462) |
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock | 12,622,158 | 15,960,362 |
Change in operating assets and liabilities: | ||
Accounts receivable, net | 50,784,339 | 64,981,864 |
Inventories | (37,608,133) | (10,710,548) |
Prepaid expenses and other | (41,394,722) | 14,230,026 |
Accounts payable | 16,477,865 | (37,452,944) |
Accrued liabilities, excluding dividends declared and short-term debt | 4,117,051 | 6,068,104 |
Net cash provided by operating activities | 252,242,169 | 190,452,184 |
Activity in available-for-sale securities: | ||
Sales proceeds | 34,250,068 | 5,607,634 |
Maturities and calls | 16,685,000 | 90,017,368 |
Purchases | (71,596,074) | (52,650,769) |
Plant and equipment additions | (31,352,443) | (28,828,066) |
Proceeds from sale of plant and equipment | 99,850 | 200,475 |
Acquisition of businesses, net of cash acquired | (12,023,440) | (7,031,827) |
Increase in other assets | (458,637) | (3,886,518) |
Net cash (used for) provided by investing activities | (64,395,676) | 3,428,297 |
CASH FLOWS (USED FOR) FINANCING ACTIVITIES: | ||
Proceeds from borrowings on Credit Agreement | 0 | 75,000,000 |
Issuance of common stock from stock plan transactions | 13,656,884 | 15,710,692 |
Cash dividends paid | (58,227,768) | (58,281,727) |
Repurchases of common stock | (213,613,842) | (178,819,584) |
Net cash (used for) financing activities | (258,184,726) | (146,390,619) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (70,338,233) | 47,489,862 |
CASH AND CASH EQUIVALENTS, beginning of period | 423,371,036 | 296,321,622 |
CASH AND CASH EQUIVALENTS, end of period | $ 353,032,803 | $ 343,811,484 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationThe unaudited condensed consolidated financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 2020 annual report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only a normal and recurring nature, necessary to present fairly the financial position of the Company as of June 30, 2021, and the results of operations and cash flows for the interim periods presented. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company recorded Goodwill of $307.4 million as part of the HomeLink ® acquisition in 2013 and recorded an additional $3.7 million in Goodwill as part of the acquisition of Vaporsens, Inc. ("Vaporsens") that occurred in the second quarter of 2020 and an additional $0.9 million in Goodwill as a part of the acquisition of Argil, Inc. ("Argil") during the fourth quarter of 2020. The carrying value of Goodwill as of both June 30, 2021 and December 31, 2020 was $311.9 million as set forth in the table below: Carrying Amount Balance as of December 31, 2020 $ 311,922,787 Acquisitions — Divestitures — Impairments — Other — Balance as of June 30, 2021 $ 311,922,787 In addition to annual impairment testing, which is performed as of the first day of the fourth quarter, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining fair value of goodwill or other intangible assets thus resulting in the need for interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. The impact of COVID-19, the recent microchip shortage, supply chain constraints, and labor shortages were again considered in the most recently completed quarter, but did not indicate the need for interim impairment testing. The Company also acquired In-Process Research & Development as part of the acquisition of Vaporsens that occurred in the second quarter of 2020, the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in the third quarter of 2020, and the acquisition of Argil in the fourth quarter of 2020, each of which has been previously disclosed. The Company also acquired Guardian Optical Technologies ("Guardian") in the first quarter of 2021. See Note 15 for more information on the Guardian transaction. The patents and intangible assets and related change in carrying values are set forth in the tables below: As of June 30, 2021: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 38,860,181 $ (25,402,803) $ 13,457,378 Various Vaporsens Technology Licenses 333,850 (58,232) 275,618 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (116,250,000) 63,750,000 12 years Existing Customer Platforms 43,000,000 (33,325,000) 9,675,000 10 years Exclusive Licensing Agreement 96,000,000 — 96,000,000 Indefinite Vaporsens In-Process R&D 11,000,000 — 11,000,000 Indefinite Argil In- Process R&D 6,278,132 — 6,278,132 Indefinite Air-Craftglass In-Process R&D 1,250,000 — 1,250,000 Indefinite Guardian In-Process R&D 11,260,429 — 11,260,429 Indefinite Total Other Intangible Assets $ 400,788,561 $ (149,575,000) $ 251,213,561 Total Patents & Other Intangible Assets $ 439,982,592 $ (175,036,035) $ 264,946,557 As of December 31, 2020: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 38,625,292 $ (24,528,853) $ 14,096,439 Various Vaporsens Technology Licenses 300,985 (38,856) 262,129 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (108,750,000) 71,250,000 12 years Existing Customer Platforms 43,000,000 (31,175,000) 11,825,000 10 years Exclusive Licensing Agreement 96,000,000 — 96,000,000 Indefinite Vaporsens In-Process R&D 11,000,000 — 11,000,000 Indefinite Argil In-Process R&D 6,278,132 — 6,278,132 Indefinite Air-Craftglass In-Process R&D 1,394,995 — 1,394,995 Indefinite Total Other Intangible Assets $ 389,673,127 $ (139,925,000) $ 249,748,127 Total Patents & Other Intangible Assets $ 428,599,404 $ (164,492,709) $ 264,106,695 Amortization expense on patents and intangible assets was approximately $5.6 million and $11.2 million during the three and six months ended June 30, 2021, respectively, compared to approximately $5.6 million and $11.2 million for the same periods ended June 30, 2020, respectively. Excluding the impact of any future acquisitions, the Company estimates amortization expense for each of the years ending December 31, 2021 and 2022 to be approximately $22 million annually, for the year ending December 31, 2023 to be approximately $19 million, for the year ending December 31, 2024 to be approximately $16 million , and for the year ending December 31, 2025 to be approximately $12 million |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Investments | Investments The Company follows the provisions of Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures , for its financial assets and liabilities, and for its non-financial assets and liabilities subject to fair value measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements with respect to a company’s use of fair-value measurements, including the effect of such measurements on earnings. The cost of securities sold is based on the specific identification method. The Company determines the fair value of its government securities, asset-backed securities, municipal bonds, and corporate bonds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets. The Company's certificates of deposit are classified as available for sale and are considered as Level 1 assets. These investments are carried at cost, which approximates fair value. The Company also periodically makes technology investments in certain non-consolidated third-parties. These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities . Equity investments that do not have readily determinable fair values, and where the Company has not identified any observable events that would cause adjustment of the valuation to date, are then held at cost. These technology investments totaled approximately $9.0 million and $4.0 million as of June 30, 2021 and December 31, 2020, respectively. These investments are classified within Long-Term Investments in the consolidated balance sheets. Assets or liabilities that have recurring fair value measurements are shown below as of June 30, 2021 and December 31, 2020: As of June 30, 2021: Fair Value Measurements at Reporting Date Using Total as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description June 30, 2021 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 353,032,803 $ 353,032,803 $ — $ — Short-Term Investments: Certificate of Deposit 1,511,377 1,511,377 — — Corporate Bonds 2,020,280 — 2,020,280 — Government Securities 602,016 — 602,016 — Municipal Bonds 7,951,512 — 7,951,512 — Other 1,713,642 1,713,642 — — Long-Term Investments: Asset Backed Securities 29,174,900 — 29,174,900 — Certificate of Deposit 2,599,960 2,599,960 — — Corporate Bonds 27,966,498 — 27,966,498 — Government Securities 35,738,826 — 35,738,826 — Municipal Bonds 88,934,125 — 88,934,125 — Total $ 551,245,939 $ 358,857,782 $ 192,388,157 $ — As of December 31, 2020: Fair Value Measurements at Reporting Date Using Total as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2020 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 423,371,036 $ 423,371,036 $ — $ — Short-Term Investments: Certificate of Deposit 1,516,693 1,516,693 — — Corporate Bonds 7,155,600 — 7,155,600 — Government Securities 6,678,450 — 6,678,450 — Municipal Bonds 10,284,765 — 10,284,765 — Other 1,528,861 1,528,861 — — Long-Term Investments: Asset-backed Securities 37,924,537 — 37,924,537 — Certificate of Deposit 3,645,520 3,645,520 — Corporate Bonds 9,024,035 — 9,024,035 — Municipal Bonds 107,407,831 — 107,407,831 — Total $ 608,537,328 $ 430,062,110 $ 178,475,218 $ — The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of June 30, 2021 and December 31, 2020: As of June 30, 2021: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,502,822 $ 10,107 $ (1,552) $ 1,511,377 Corporate Bonds 2,013,237 7,043 — 2,020,280 Government Securities 601,784 232 — 602,016 Municipal Bonds 7,926,891 24,621 — 7,951,512 Other 1,713,642 — — 1,713,642 Long-Term Investments: Asset Backed Securities 29,690,643 69,718 (585,461) 29,174,900 Certificate of Deposit 2,502,449 97,511 — 2,599,960 Corporate Bonds 27,724,234 362,001 (119,737) 27,966,498 Government Securities 35,656,412 90,333 (7,919) 35,738,826 Municipal Bonds 84,595,949 6,309,593 (1,971,417) 88,934,125 Total $ 193,928,063 $ 6,971,159 $ (2,686,086) $ 198,213,136 As of December 31, 2020: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,502,187 $ 14,506 $ — $ 1,516,693 Corporate Bonds 7,084,638 70,962 — 7,155,600 Government Securities 6,635,132 43,318 — 6,678,450 Municipal Bonds 10,160,376 124,389 — 10,284,765 Other 1,528,861 — — 1,528,861 Long-Term Investments: Asset-backed Securities 37,681,113 800,802 (557,378) 37,924,537 Certificate of Deposit 3,503,898 141,622 — 3,645,520 Corporate Bonds 8,595,020 429,015 — 9,024,035 Municipal Bonds 100,776,325 6,635,428 (3,922) 107,407,831 Total $ 177,467,550 $ 8,260,042 $ (561,300) $ 185,166,292 Unrealized losses on investments as of June 30, 2021, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 2,274,743 $ 40,341,064 Loss duration of greater than one year 411,342 1,956,482 Total $ 2,686,085 $ 42,297,546 Unrealized losses on investments as of December 31, 2020, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 561,300 $ 12,317,187 Loss duration of greater than one year — — Total $ 561,300 $ 12,317,187 Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instrument s. The guidance modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The Company utilized the guidance provided by ASC 326 to determine whether any of the available-for-sale debt securities held by the Company were impaired. No investments were considered to be impaired during the periods presented. The Company has the intention and current ability to hold its debt investments until the amortized cost basis has been recovered. Fixed income securities as of June 30, 2021 have contractual maturities as follows: Due within one year $ 12,085,185 Due between one and five years 42,578,597 Due over five years 141,835,712 $ 196,499,494 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following at the respective balance sheet dates: June 30, 2021 December 31, 2020 Raw materials $ 179,304,938 $ 151,688,455 Work-in-process 35,083,146 32,791,675 Finished goods 49,511,892 41,811,713 Total Inventory $ 263,899,976 $ 226,291,843 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC 260, Earnings Per Share . The Company allocates earnings to participating securities and computes earnings per share using the two-class method. Under the two-class method, net income per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. For a period of net loss, net loss is not allocated to participating securities. The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the three and six months ended June 30, 2021 and June 30, 2020 respectively: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Basic Earnings (Loss) Per Share Net Income (Loss) $ 86,506,418 $ (2,374,033) $ 199,957,288 $ 87,131,768 Less: Dividends and undistributed earnings allocated to participating securities 1,324,767 439,327 2,974,367 1,245,275 Net Income (Loss) available to common shareholders $ 85,181,651 $ (2,813,360) $ 196,982,921 $ 85,886,493 Basic weighted average shares outstanding 238,602,197 241,684,323 238,198,668 243,983,276 Net Income (Loss) per share - Basic $ 0.36 $ (0.01) $ 0.83 $ 0.35 Diluted Earnings (Loss) Per Share Allocation of Net Income (Loss) used in basic computation $ 85,181,651 $ (2,813,360) $ 196,982,921 $ 85,886,493 Reallocation of undistributed earnings 3,980 — 10,464 1,697 Net Income (Loss) available to common shareholders - Diluted $ 85,185,631 $ (2,813,360) $ 196,993,385 $ 85,888,190 Number of shares used in basic computation 238,602,197 241,684,323 238,198,668 243,983,276 Additional weighted average dilutive common stock equivalents 1,130,301 — 1,218,528 1,085,380 Diluted weighted average shares outstanding 239,732,498 241,684,323 239,417,196 245,068,656 Net Income (Loss) per share - Diluted $ 0.36 $ (0.01) $ 0.82 $ 0.35 Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive 270,475 1,636,661 137,484 428,948 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans As of June 30, 2021, the Company had two equity incentive plans, which include the Gentex Corporation 2019 Omnibus Incentive Plan ("2019 Omnibus Plan"), and an employee stock purchase plan. Those plans and any prior material amendments thereto have previously been approved by shareholders. The 2019 Omnibus Plan provides for the potential awards to: i) employees; and ii) non-employee directors of the Company or its subsidiaries, which potential awards may be stock options (both incentive stock options and non-qualified stock options), appreciation rights, restricted stock, restricted stock units, performance share awards and performance units, and other awards that are stock-based, cash-based or a combination of both. The 2019 Omnibus Plan replaced the Company's Employee Stock Option Plan, Second Restricted Stock Plan, and Amended and Restated Non-Employee Director Stock Option Plan (the "Prior Plans"), which were also approved by shareholders. Any existing awards previously granted under the Prior Plans remain outstanding in accordance with their terms and are governed by the Prior Plans as applicable. Readers should refer to Note 5 of the consolidated financial statements in the Company's Annual Report on Form 10-K for the calendar year ended December 31, 2020, for additional information related to the Prior Plans. The Company recognized total compensation expense for share-based payments of $6,727,513 for the three months ended June 30, 2021, and total compensation expense for share-based payments of $12,622,158 for the six months ended June 30, 2021. The Company recognized compensation expense for share-based payments of $9,641,353 and $15,960,362 for the three and six months ended June 30, 2020, respectively. A portion of the compensation cost for share based payment awards is capitalized as part of inventory. 2019 Omnibus Incentive Plan The purpose of the 2019 Omnibus Incentive Plan is to attract and retain employees, officers, and directors of the Company and its subsidiaries and to motivate and provide such persons incentives and rewards for performance. Pursuant to the terms of the Plan, each type of award counts against the available shares based on a predetermined conversion rate (shown in the table below). As of June 30, 2021, 5,735,302 share awards have been granted under the Plan. resulting in 14,332,742 shares, of 45,000,000 total shares available, to be issued under the Plan. The shares issued are presented net of shares from canceled/expired options and shares. Shares Granted Conversion Rate Total Shares Under 2019 Omnibus Plan Non-Qualified Stock Options 2,925,681 1.00 2,925,681 Restricted Stock / Performance Shares 2,809,621 4.06 11,407,061 Total 5,735,302 14,332,742 Employee Stock Options Under the 2019 Omnibus Plan and the Employee Stock Option Plan, the option exercise price equals the stock’s market price on the date of grant. The options vest after one five The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Dividend Yield (1) 1.86 % 1.99 % 1.88 % 2.01 % Expected volatility (2) 27.68 % 27.91 % 27.76 % 27.21 % Risk-free interest rate (3) 0.87 % 0.29 % 0.90 % 0.33 % Expected term of options (years) (4) 4.15 4.16 4.15 4.16 Weighted-avg. grant date fair value $6.32 $4.67 $6.58 $4.24 1. Represents the Company’s estimated cash dividend yield over the expected term of option grant. 2. Amount is determined based on analysis of historical price volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant. 3. Represents the U.S. Treasury yield over the expected term of the option grant. 4. Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior. Restricted Shares Restricted shares awarded under the 2019 Omnibus Plan and the Second Restricted Stock Plan entitle the shareholder to all rights of common stock ownership except that the shares may not be sold, transferred, pledged, exchanged or otherwise disposed of during the restriction period. The restriction period is determined by the Compensation Committee, appointed by the Board of Directors, but may not exceed ten years under the terms of such plans. As of June 30, 2021, the Company had unearned stock-based compensation of $50,874,177 associated with the restricted stock grants issued under the 2019 Omnibus Plan and the prior plan. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable restriction periods. Amortization expense from restricted stock in the three months ended June 30, 2021 was $4,459,401 and amortization expense from restricted stock grants in the six months ended June 30, 2021 was $8,762,376. . Amortization expense from restricted stock grants for the three and six months ended June 30, 2020 was $7,580,492 and $11,905,749, respectively, which included $4,148,477 of severance related expense for the second quarter of 2020. Performance Shares Performance shares awarded under the 2019 Omnibus Plan are considered performance condition awards as attainment is based on the Company's performance relative to pre-established metrics. The fair value of such performance share awards was determined using the Company's average closing stock price on the twenty days preceding the date of grant. The expected attainment of the metrics for these awards is then analyzed each reporting period, and the related expense is adjusted based on expected attainment, if the then expected attainment differs from previous expectations. The cumulative effect on current and prior periods of a change in expected attainment is recognized in the period of change. As of June 30, 2021, the Company had unearned stock-based compensation of $9,456,469 associated with these performance share grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable performance periods. Amortization expense from performance share grants in the three and six months ended June 30, 2021 was $701,524 and $805,754, respectively. Amortization expense from performance share grants in the three and six months ended June 30, 2020 was $563,783 and $957,560, respectively. Employee Stock Purchase Plan The Company has an employee stock purchase plan covering 2,000,000 shares of common stock. Under the plan, the Company sells shares at 85% of the stock’s market price at date of purchase. Under ASC 718, Compensation - Stock Compensation , the 15% discounted value is recognized as compensation expense. As of June 30, 2021, the Company has issued 1,423,819 shares under this plan. |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Comprehensive Income | Comprehensive Income Comprehensive income reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on certain debt investments and foreign currency translation adjustments. The following table presents the net changes in the Company's accumulated other comprehensive income by component (all amounts shown are net of tax): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Foreign currency translation adjustments: Balance at beginning of period $ (83,367) $ (3,076,679) $ 769,045 $ (2,384,589) Other Comprehensive income (loss) before reclassifications 963,199 136,627 110,787 (555,463) Net current-period change 963,199 136,627 110,787 (555,463) Balance at end of period 879,832 (2,940,052) 879,832 (2,940,052) Unrealized gains on available-for-sale debt securities: Balance at beginning of period 2,038,034 3,291,473 6,082,007 1,095,486 Other Comprehensive income (loss) before reclassifications 1,610,141 3,109,755 (2,082,477) 5,334,951 Amounts reclassified from accumulated other comprehensive income (262,969) (721,932) (614,324) (751,141) Net current-period change 1,347,172 2,387,823 (2,696,801) 4,583,810 Balance at end of period 3,385,206 5,679,296 3,385,206 5,679,296 Accumulated other comprehensive income, end of period $ 4,265,038 $ 2,739,244 $ 4,265,038 $ 2,739,244 The following table presents details of reclassifications out of accumulated other comprehensive income for the three and six months ended June 30, 2021 and 2020: Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Other Comprehensive Income Affected Line item in the Statement of Consolidated Income Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Unrealized gains on available-for-sale debt securities Realized gain on sale $ 332,872 $ 913,838 $ 777,625 $ 950,812 Investment income Provision for income taxes (69,903) (191,906) (163,301) (199,671) Provision for (Benefit from) income taxes Total net reclassifications for the period $ 262,969 $ 721,932 $ 614,324 $ 751,141 Net of tax |
Debt and Financing Arrangements
Debt and Financing Arrangements | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | Debt and Financing Arrangements On October 15, 2018, the Company entered into a Credit Agreement (“Credit Agreement”) with PNC as the administrative agent and sole lender. Pursuant to this Credit Agreement, the Company has access to a $150 million senior revolving credit facility (“Revolver”). Under the terms of the Credit Agreement, the Company is entitled to further request an additional aggregate principal amount of up to $100 million, subject to the satisfaction of certain conditions. In addition, the Company is entitled to the benefit of swing loans from amounts otherwise available under the Revolver in the aggregate principal amount of up to $20 million and to request Letters of Credit from amounts otherwise available under the Revolver in the aggregate principle amount up to $20 million, both subject to certain conditions. The obligations of the Company under the Credit Agreement are not secured, but are subject to certain covenants. As of June 30, 2021, there was no outstanding balance on the Revolver. The Revolver expires on October 15, 2023. The Credit Agreement contains customary representations and warranties and certain covenants that place certain limitations on the Company. As of June 30, 2021, the Company is in compliance with its covenants under the Credit Agreement. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity | Equity The decrease in common stock during the six months ended June 30, 2021, was primarily due to the repurchases of 6.2 million shares, partially offset by the issuance of 1.4 million shares of the Company’s common stock under the Company’s stock-based compensation plans. The total net decrease was 4.7 million shares. The Company recorded a cash dividend of $0.120 per share during the second quarter of 2021 as compared to a cash dividend of $0.120 per share during the second quarter of 2020. The second quarter 2021 dividend of $28.7 million was declared on June 7, 2021, and was paid on July 21, 2021. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | ContingenciesThe Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment, regulatory, and other matters. Such matters are subject to many uncertainties and outcomes are not predictable. The Company does not believe, however, that at the current time any of these matters constitute material pending legal proceedings that will have a material adverse effect on the financial position or future results of operations or cash flows of the Company. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company's automotive segment develops and manufactures digital vision and connected car products and electronics, including: automatic-dimming rearview mirrors with and without electronic features; non-auto dimming rearview mirrors with and without electronic features; and other electronics. The Company also develops and manufactures variably dimming windows for the aerospace industry and fire protection products for the commercial construction industry. In 2020, the Company acquired Vaporsens, which specializes in nanofiber chemical sensing. These three non-automotive segments are combined into the "Other" segment as shown below. In first quarter of 2021, the Company acquired Guardian, which is combined in the Automotive Segment below. Further information in regards to the Guardian transaction is included in Note 15 of the financial statements. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue: Automotive Products $ 420,622,653 $ 222,067,846 $ 896,240,089 $ 661,923,434 Other 7,382,373 7,857,710 15,489,776 21,763,847 Total $ 428,005,026 $ 229,925,556 $ 911,729,865 $ 683,687,281 Income (Loss) from operations: Automotive Products $ 101,790,310 $ (6,054,235) $ 236,458,363 $ 94,721,308 Other (1,865,689) (684,021) (2,800,041) 3,567,602 Total $ 99,924,621 $ (6,738,256) $ 233,658,322 $ 98,288,910 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe effective tax rate was 15.7% in the six months ended June 30, 2021, consistent with the effective tax rate of 15.7% for the same period in 2020. Generally, effective tax rates for these periods differ from statutory federal income tax rates, due to provisions for state and local income taxes, permanent tax differences, and the foreign-derived intangible income tax deduction and research and development tax credits. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table shows the Company’s Automotive revenue and Other Products revenue disaggregated by geographical location for Automotive Products for the three and six month periods ended June 30,2021 and June 30, 2020: Three Months Ended June 30, Six Months Ended June 30, Revenue 2021 2020 2021 2020 Automotive Products U.S. $ 135,857,058 $ 55,849,461 $ 282,282,375 $ 191,431,379 Germany 58,935,672 23,866,009 128,350,856 96,651,733 Japan 54,160,515 37,333,947 108,064,110 88,470,880 Mexico 28,589,143 13,589,601 60,335,131 59,540,082 Other 143,080,265 91,428,828 317,207,617 225,829,360 Total Automotive Products $ 420,622,653 $ 222,067,846 $ 896,240,089 $ 661,923,434 Other Products (U.S.) 7,382,373 7,857,710 15,489,776 21,763,847 Total Revenue $ 428,005,026 $ 229,925,556 $ 911,729,865 $ 683,687,281 Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political and labor conditions; a pandemic; unexpected changes in laws, regulations, trade or monetary or fiscal policy, including interest rates, foreign currency exchange rates and changes in the rate of inflation in the U.S. and other foreign countries; and tariffs, quotas, customs and other import or export restrictions and other trade barriers. The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three and six month periods ended June 30, 2021 and June 30, 2020: Three Months Ended June 30, Six Months Ended June 30, Revenue 2021 2020 2021 2020 Automotive Segment Automotive Mirrors & Electronics $ 390,074,655 $ 210,600,540 $ 825,581,585 $ 611,685,854 HomeLink Modules* 30,547,998 11,467,306 70,658,504 50,237,580 Total Automotive Products $ 420,622,653 $ 222,067,846 $ 896,240,089 $ 661,923,434 Other Segment Fire Protection Products 6,319,662 4,837,540 12,123,820 11,006,291 Windows Products 1,062,711 3,020,170 3,365,956 10,757,557 Total Other $ 7,382,373 $ 7,857,710 $ 15,489,776 $ 21,763,848 *Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company has operating leases for corporate offices, warehouses, vehicles, and other equipment, which are included within "Plant and Equipment - Net" section of the Condensed Consolidated Balance Sheets. The leases have remaining lease terms of 1 year to 5 years. The weighted average remaining lease term for operating leases as of June 30, 2021 was 2 years, with a weighted average discount rate of 1.1%. Future minimum lease payments for operating leases as of June 30, 2021 were as follows: Year ending December 31, 2021 (excluding the six months ended June 30, 2021) $ 774,897 2022 1,046,545 2023 430,533 2024 38,075 2025 6,369 Thereafter 127 Total future minimum lease payments 2,296,546 Less imputed interest (12,135) Total $ 2,284,411 Reported as of June 30, 2021 Accrued Liabilities $ 1,384,444 Other Non-Current Liabilities 899,967 Total $ 2,284,411 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions On September 18, 2020, the Company acquired the stock of Air-Craftglass, a Belgian company specializing in research and development of transparent products for the aviation industry, for an initial payment of $1.1 million. The Company funded the acquisition with a cash payment from cash on hand. The transaction also included contingent consideration based on future revenues of Air-Craftglass. The Company is still in the process of verifying data and finalizing information related to the valuation and recording of identifiable intangible assets, deferred taxes, net working capital, contingent consideration liability, and the resulting effects on the amount of recorded goodwill. The Company expects to finalize these matters within the measurement period, which will remain open through the third quarter of 2021. Air-Craftglass is now a 100% owned subsidiary of the Company, and is classified within the “Other” segment. The assets acquired and liabilities assumed as a part of this stock purchase were recorded at fair value on the acquisition date. The Company accounted for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations . There were no revenues of the business of Air-Craftglass which were included in the Company’s condensed consolidated statements of income and comprehensive income for the year to date period ended June 30, 2021. On December 14, 2020, the Company acquired the stock of Argil for $3.7 million, which was in addition to the previous $4.2 million cash equity investment by the Company in Argil. The Company funded the acquisition with a cash payment from cash on hand. Argil specializes in electrochromic technology and research and development, which the Company anticipates using to complement and expand its product offerings and leverage for manufacturing efficiencies. The Company is still in the process of verifying data and finalizing information related to the valuation and recording of identifiable intangible assets, deferred taxes, net working capital, and the resulting effects on the amount of recorded goodwill. The Company expects to finalize these matters within the measurement period, which is currently expected to remain open through the fourth quarter of 2021. Argil is now a 100% owned subsidiary of the Company, and has been classified within the “Automotive” segment. The assets acquired and liabilities assumed as part of this stock purchase were recorded at fair value on the acquisition date. The Company accounted for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations . There were no revenues of the business of Argil which were included in the Company’s condensed consolidated statement of income and comprehensive income for the year to date period ended June 30, 2021. On March 3, 2021 the Company acquired Guardian for approximately $12.0 million. Guardian is an Israeli research and development company that specializes in in-cabin sensing technologies for the automotive industry. The Company funded the acquisition with a cash payment from cash on hand. The Company is still in the process of verifying data and finalizing information related to the valuation and recording of identifiable intangible assets, deferred taxes, net working capital, and the resulting effects on the amount of recorded goodwill. The Company expects to finalize these matters within the measurement period, which is currently expected to remain open through the fourth quarter of 2021. Guardian is now a 100% owned subsidiary of the Company, and is classified within the Automotive segment. The Company accounted for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations . There were no revenues of the business of Guardian which were included in the Company’s condensed consolidated statement of income and comprehensive income for the year to date period ended June 30, 2021. The following table summarizes the fair values of the assets acquired, and the liabilities assumed, as of the acquisition date of March 3, 2021: Fair Value Current Assets $ 32,000 Personal Property 15,000 In-Process R&D 10,945,367 Deferred Tax Asset 1,049,073 Total Net Assets Acquired $ 12,041,440 Through June 30, 2021, the Company has incurred acquisition-related costs of approximately $350,000, which has been expensed as incurred in the "Selling, general & administrative" section of its Condensed Consolidated Income Statement. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying value of Goodwill as of both June 30, 2021 and December 31, 2020 was $311.9 million as set forth in the table below: Carrying Amount Balance as of December 31, 2020 $ 311,922,787 Acquisitions — Divestitures — Impairments — Other — Balance as of June 30, 2021 $ 311,922,787 |
Schedule of Intangible Assets | The patents and intangible assets and related change in carrying values are set forth in the tables below: As of June 30, 2021: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 38,860,181 $ (25,402,803) $ 13,457,378 Various Vaporsens Technology Licenses 333,850 (58,232) 275,618 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (116,250,000) 63,750,000 12 years Existing Customer Platforms 43,000,000 (33,325,000) 9,675,000 10 years Exclusive Licensing Agreement 96,000,000 — 96,000,000 Indefinite Vaporsens In-Process R&D 11,000,000 — 11,000,000 Indefinite Argil In- Process R&D 6,278,132 — 6,278,132 Indefinite Air-Craftglass In-Process R&D 1,250,000 — 1,250,000 Indefinite Guardian In-Process R&D 11,260,429 — 11,260,429 Indefinite Total Other Intangible Assets $ 400,788,561 $ (149,575,000) $ 251,213,561 Total Patents & Other Intangible Assets $ 439,982,592 $ (175,036,035) $ 264,946,557 As of December 31, 2020: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 38,625,292 $ (24,528,853) $ 14,096,439 Various Vaporsens Technology Licenses 300,985 (38,856) 262,129 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (108,750,000) 71,250,000 12 years Existing Customer Platforms 43,000,000 (31,175,000) 11,825,000 10 years Exclusive Licensing Agreement 96,000,000 — 96,000,000 Indefinite Vaporsens In-Process R&D 11,000,000 — 11,000,000 Indefinite Argil In-Process R&D 6,278,132 — 6,278,132 Indefinite Air-Craftglass In-Process R&D 1,394,995 — 1,394,995 Indefinite Total Other Intangible Assets $ 389,673,127 $ (139,925,000) $ 249,748,127 Total Patents & Other Intangible Assets $ 428,599,404 $ (164,492,709) $ 264,106,695 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Investment Securities Stated at Fair Value | Assets or liabilities that have recurring fair value measurements are shown below as of June 30, 2021 and December 31, 2020: As of June 30, 2021: Fair Value Measurements at Reporting Date Using Total as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description June 30, 2021 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 353,032,803 $ 353,032,803 $ — $ — Short-Term Investments: Certificate of Deposit 1,511,377 1,511,377 — — Corporate Bonds 2,020,280 — 2,020,280 — Government Securities 602,016 — 602,016 — Municipal Bonds 7,951,512 — 7,951,512 — Other 1,713,642 1,713,642 — — Long-Term Investments: Asset Backed Securities 29,174,900 — 29,174,900 — Certificate of Deposit 2,599,960 2,599,960 — — Corporate Bonds 27,966,498 — 27,966,498 — Government Securities 35,738,826 — 35,738,826 — Municipal Bonds 88,934,125 — 88,934,125 — Total $ 551,245,939 $ 358,857,782 $ 192,388,157 $ — As of December 31, 2020: Fair Value Measurements at Reporting Date Using Total as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2020 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 423,371,036 $ 423,371,036 $ — $ — Short-Term Investments: Certificate of Deposit 1,516,693 1,516,693 — — Corporate Bonds 7,155,600 — 7,155,600 — Government Securities 6,678,450 — 6,678,450 — Municipal Bonds 10,284,765 — 10,284,765 — Other 1,528,861 1,528,861 — — Long-Term Investments: Asset-backed Securities 37,924,537 — 37,924,537 — Certificate of Deposit 3,645,520 3,645,520 — Corporate Bonds 9,024,035 — 9,024,035 — Municipal Bonds 107,407,831 — 107,407,831 — Total $ 608,537,328 $ 430,062,110 $ 178,475,218 $ — |
Schedule of Amortized Cost, Unrealized Gains And Losses, And Market Value of Investment Securities | The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of June 30, 2021 and December 31, 2020: As of June 30, 2021: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,502,822 $ 10,107 $ (1,552) $ 1,511,377 Corporate Bonds 2,013,237 7,043 — 2,020,280 Government Securities 601,784 232 — 602,016 Municipal Bonds 7,926,891 24,621 — 7,951,512 Other 1,713,642 — — 1,713,642 Long-Term Investments: Asset Backed Securities 29,690,643 69,718 (585,461) 29,174,900 Certificate of Deposit 2,502,449 97,511 — 2,599,960 Corporate Bonds 27,724,234 362,001 (119,737) 27,966,498 Government Securities 35,656,412 90,333 (7,919) 35,738,826 Municipal Bonds 84,595,949 6,309,593 (1,971,417) 88,934,125 Total $ 193,928,063 $ 6,971,159 $ (2,686,086) $ 198,213,136 As of December 31, 2020: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,502,187 $ 14,506 $ — $ 1,516,693 Corporate Bonds 7,084,638 70,962 — 7,155,600 Government Securities 6,635,132 43,318 — 6,678,450 Municipal Bonds 10,160,376 124,389 — 10,284,765 Other 1,528,861 — — 1,528,861 Long-Term Investments: Asset-backed Securities 37,681,113 800,802 (557,378) 37,924,537 Certificate of Deposit 3,503,898 141,622 — 3,645,520 Corporate Bonds 8,595,020 429,015 — 9,024,035 Municipal Bonds 100,776,325 6,635,428 (3,922) 107,407,831 Total $ 177,467,550 $ 8,260,042 $ (561,300) $ 185,166,292 |
Schedule of Unrealized Loss on Investments | Unrealized losses on investments as of June 30, 2021, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 2,274,743 $ 40,341,064 Loss duration of greater than one year 411,342 1,956,482 Total $ 2,686,085 $ 42,297,546 Unrealized losses on investments as of December 31, 2020, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 561,300 $ 12,317,187 Loss duration of greater than one year — — Total $ 561,300 $ 12,317,187 |
Investments Classified by Contractual Maturity Date | Fixed income securities as of June 30, 2021 have contractual maturities as follows: Due within one year $ 12,085,185 Due between one and five years 42,578,597 Due over five years 141,835,712 $ 196,499,494 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following at the respective balance sheet dates: June 30, 2021 December 31, 2020 Raw materials $ 179,304,938 $ 151,688,455 Work-in-process 35,083,146 32,791,675 Finished goods 49,511,892 41,811,713 Total Inventory $ 263,899,976 $ 226,291,843 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Basic And Diluted | The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the three and six months ended June 30, 2021 and June 30, 2020 respectively: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Basic Earnings (Loss) Per Share Net Income (Loss) $ 86,506,418 $ (2,374,033) $ 199,957,288 $ 87,131,768 Less: Dividends and undistributed earnings allocated to participating securities 1,324,767 439,327 2,974,367 1,245,275 Net Income (Loss) available to common shareholders $ 85,181,651 $ (2,813,360) $ 196,982,921 $ 85,886,493 Basic weighted average shares outstanding 238,602,197 241,684,323 238,198,668 243,983,276 Net Income (Loss) per share - Basic $ 0.36 $ (0.01) $ 0.83 $ 0.35 Diluted Earnings (Loss) Per Share Allocation of Net Income (Loss) used in basic computation $ 85,181,651 $ (2,813,360) $ 196,982,921 $ 85,886,493 Reallocation of undistributed earnings 3,980 — 10,464 1,697 Net Income (Loss) available to common shareholders - Diluted $ 85,185,631 $ (2,813,360) $ 196,993,385 $ 85,888,190 Number of shares used in basic computation 238,602,197 241,684,323 238,198,668 243,983,276 Additional weighted average dilutive common stock equivalents 1,130,301 — 1,218,528 1,085,380 Diluted weighted average shares outstanding 239,732,498 241,684,323 239,417,196 245,068,656 Net Income (Loss) per share - Diluted $ 0.36 $ (0.01) $ 0.82 $ 0.35 Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive 270,475 1,636,661 137,484 428,948 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Shares Issued, Net of Shares from Canceled/Expired Options and Shares | The shares issued are presented net of shares from canceled/expired options and shares. Shares Granted Conversion Rate Total Shares Under 2019 Omnibus Plan Non-Qualified Stock Options 2,925,681 1.00 2,925,681 Restricted Stock / Performance Shares 2,809,621 4.06 11,407,061 Total 5,735,302 14,332,742 |
Weighted-Average Assumptions For The Employee Stock Option Plan | The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Dividend Yield (1) 1.86 % 1.99 % 1.88 % 2.01 % Expected volatility (2) 27.68 % 27.91 % 27.76 % 27.21 % Risk-free interest rate (3) 0.87 % 0.29 % 0.90 % 0.33 % Expected term of options (years) (4) 4.15 4.16 4.15 4.16 Weighted-avg. grant date fair value $6.32 $4.67 $6.58 $4.24 1. Represents the Company’s estimated cash dividend yield over the expected term of option grant. 2. Amount is determined based on analysis of historical price volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant. 3. Represents the U.S. Treasury yield over the expected term of the option grant. 4. Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of AOCI | The following table presents the net changes in the Company's accumulated other comprehensive income by component (all amounts shown are net of tax): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Foreign currency translation adjustments: Balance at beginning of period $ (83,367) $ (3,076,679) $ 769,045 $ (2,384,589) Other Comprehensive income (loss) before reclassifications 963,199 136,627 110,787 (555,463) Net current-period change 963,199 136,627 110,787 (555,463) Balance at end of period 879,832 (2,940,052) 879,832 (2,940,052) Unrealized gains on available-for-sale debt securities: Balance at beginning of period 2,038,034 3,291,473 6,082,007 1,095,486 Other Comprehensive income (loss) before reclassifications 1,610,141 3,109,755 (2,082,477) 5,334,951 Amounts reclassified from accumulated other comprehensive income (262,969) (721,932) (614,324) (751,141) Net current-period change 1,347,172 2,387,823 (2,696,801) 4,583,810 Balance at end of period 3,385,206 5,679,296 3,385,206 5,679,296 Accumulated other comprehensive income, end of period $ 4,265,038 $ 2,739,244 $ 4,265,038 $ 2,739,244 |
Reclassifications Out of Other Comprehensive Income | The following table presents details of reclassifications out of accumulated other comprehensive income for the three and six months ended June 30, 2021 and 2020: Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Other Comprehensive Income Affected Line item in the Statement of Consolidated Income Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Unrealized gains on available-for-sale debt securities Realized gain on sale $ 332,872 $ 913,838 $ 777,625 $ 950,812 Investment income Provision for income taxes (69,903) (191,906) (163,301) (199,671) Provision for (Benefit from) income taxes Total net reclassifications for the period $ 262,969 $ 721,932 $ 614,324 $ 751,141 Net of tax |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Automotive and Other Segment Reporting | These three non-automotive segments are combined into the "Other" segment as shown below. In first quarter of 2021, the Company acquired Guardian, which is combined in the Automotive Segment below. Further information in regards to the Guardian transaction is included in Note 15 of the financial statements. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue: Automotive Products $ 420,622,653 $ 222,067,846 $ 896,240,089 $ 661,923,434 Other 7,382,373 7,857,710 15,489,776 21,763,847 Total $ 428,005,026 $ 229,925,556 $ 911,729,865 $ 683,687,281 Income (Loss) from operations: Automotive Products $ 101,790,310 $ (6,054,235) $ 236,458,363 $ 94,721,308 Other (1,865,689) (684,021) (2,800,041) 3,567,602 Total $ 99,924,621 $ (6,738,256) $ 233,658,322 $ 98,288,910 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table shows the Company’s Automotive revenue and Other Products revenue disaggregated by geographical location for Automotive Products for the three and six month periods ended June 30,2021 and June 30, 2020: Three Months Ended June 30, Six Months Ended June 30, Revenue 2021 2020 2021 2020 Automotive Products U.S. $ 135,857,058 $ 55,849,461 $ 282,282,375 $ 191,431,379 Germany 58,935,672 23,866,009 128,350,856 96,651,733 Japan 54,160,515 37,333,947 108,064,110 88,470,880 Mexico 28,589,143 13,589,601 60,335,131 59,540,082 Other 143,080,265 91,428,828 317,207,617 225,829,360 Total Automotive Products $ 420,622,653 $ 222,067,846 $ 896,240,089 $ 661,923,434 Other Products (U.S.) 7,382,373 7,857,710 15,489,776 21,763,847 Total Revenue $ 428,005,026 $ 229,925,556 $ 911,729,865 $ 683,687,281 The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three and six month periods ended June 30, 2021 and June 30, 2020: Three Months Ended June 30, Six Months Ended June 30, Revenue 2021 2020 2021 2020 Automotive Segment Automotive Mirrors & Electronics $ 390,074,655 $ 210,600,540 $ 825,581,585 $ 611,685,854 HomeLink Modules* 30,547,998 11,467,306 70,658,504 50,237,580 Total Automotive Products $ 420,622,653 $ 222,067,846 $ 896,240,089 $ 661,923,434 Other Segment Fire Protection Products 6,319,662 4,837,540 12,123,820 11,006,291 Windows Products 1,062,711 3,020,170 3,365,956 10,757,557 Total Other $ 7,382,373 $ 7,857,710 $ 15,489,776 $ 21,763,848 *Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Future Minimum Lease Payments | Future minimum lease payments for operating leases as of June 30, 2021 were as follows: Year ending December 31, 2021 (excluding the six months ended June 30, 2021) $ 774,897 2022 1,046,545 2023 430,533 2024 38,075 2025 6,369 Thereafter 127 Total future minimum lease payments 2,296,546 Less imputed interest (12,135) Total $ 2,284,411 |
Lease Liabilities | Reported as of June 30, 2021 Accrued Liabilities $ 1,384,444 Other Non-Current Liabilities 899,967 Total $ 2,284,411 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired, and the liabilities assumed, as of the acquisition date of March 3, 2021: Fair Value Current Assets $ 32,000 Personal Property 15,000 In-Process R&D 10,945,367 Deferred Tax Asset 1,049,073 Total Net Assets Acquired $ 12,041,440 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2013 | ||
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 311,922,787 | $ 311,922,787 | [1] | $ 311,922,787 | |||
Acquisitions | 0 | ||||||
Amortization of intangible assets | 5,600,000 | $ 5,600,000 | 11,200,000 | $ 11,200,000 | |||
Amortization expense, remainder of fiscal year | 22,000,000 | 22,000,000 | |||||
Amortization expense, year one | 22,000,000 | 22,000,000 | |||||
Amortization expense, year two | 19,000,000 | 19,000,000 | |||||
Amortization expense, year three | 16,000,000 | 16,000,000 | |||||
Amortization expense, year four | $ 12,000,000 | $ 12,000,000 | |||||
HomeLink® | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 307,400,000 | ||||||
Vaporsens Inc | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Acquisitions | $ 3,700,000 | ||||||
Argil, Inc. | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Acquisitions | $ 900,000 | ||||||
[1] | The condensed consolidated balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) | 6 Months Ended | |
Jun. 30, 2021USD ($) | ||
Goodwill [Roll Forward] | ||
Balance as of December 31, 2020 | $ 311,922,787 | [1] |
Acquisitions | 0 | |
Divestitures | 0 | |
Impairments | 0 | |
Other | 0 | |
Balance as of June 30, 2021 | $ 311,922,787 | |
[1] | The condensed consolidated balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | ||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, accumulated amortization | $ (149,575,000) | $ (139,925,000) | |
Intangible assets, gross | 400,788,561 | 389,673,127 | |
Intangible assets, net | 251,213,561 | 249,748,127 | [1] |
Patents and Other Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, accumulated amortization | (175,036,035) | (164,492,709) | |
Intangible assets, gross | 439,982,592 | 428,599,404 | |
Intangible assets, net | 264,946,557 | 264,106,695 | |
Gentex Patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 38,860,181 | 38,625,292 | |
Finite-lived intangible assets, accumulated amortization | (25,402,803) | (24,528,853) | |
Finite-lived intangible assets, net | 13,457,378 | 14,096,439 | |
Vaporsens Technology Licenses | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 333,850 | 300,985 | |
Finite-lived intangible assets, accumulated amortization | (58,232) | (38,856) | |
Finite-lived intangible assets, net | 275,618 | 262,129 | |
HomeLink® Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 180,000,000 | 180,000,000 | |
Finite-lived intangible assets, accumulated amortization | (116,250,000) | (108,750,000) | |
Finite-lived intangible assets, net | $ 63,750,000 | $ 71,250,000 | |
Finite-lived intangible asset, useful life | 12 years | 12 years | |
Existing Customer Platforms | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | $ 43,000,000 | $ 43,000,000 | |
Finite-lived intangible assets, accumulated amortization | (33,325,000) | (31,175,000) | |
Finite-lived intangible assets, net | $ 9,675,000 | $ 11,825,000 | |
Finite-lived intangible asset, useful life | 10 years | 10 years | |
HomeLink® Trade Names and Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | $ 52,000,000 | $ 52,000,000 | |
Exclusive Licensing Agreement | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 96,000,000 | 96,000,000 | |
In-Process R&D | Vaporsens Inc | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 11,000,000 | 11,000,000 | |
In-Process R&D | Argil, Inc. | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 6,278,132 | 6,278,132 | |
In-Process R&D | Air-CraftGlass | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 1,250,000 | $ 1,394,995 | |
In-Process R&D | Guardian Optical Technologies | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | $ 11,260,429 | ||
[1] | The condensed consolidated balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Technology investments | $ 9,000,000 | $ 4,000,000 |
Equity investment losses were considered to be other than temporary | $ 0 | $ 0 |
Investments (Schedule of Assets
Investments (Schedule of Assets or Liabilities, Recurring Fair Value Measurements) (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | $ 353,032,803 | $ 423,371,036 |
Market Value | 198,213,136 | 185,166,292 |
Total | 551,245,939 | 608,537,328 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 353,032,803 | 423,371,036 |
Total | 358,857,782 | 430,062,110 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 0 | 0 |
Total | 192,388,157 | 178,475,218 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 0 | 0 |
Total | 0 | 0 |
Short-Term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 1,511,377 | 1,516,693 |
Short-Term Investments | Certificate of Deposit | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 1,511,377 | 1,516,693 |
Short-Term Investments | Certificate of Deposit | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Certificate of Deposit | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 2,020,280 | 7,155,600 |
Short-Term Investments | Corporate Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Corporate Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 2,020,280 | 7,155,600 |
Short-Term Investments | Corporate Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 602,016 | 6,678,450 |
Short-Term Investments | Government Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Government Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 602,016 | 6,678,450 |
Short-Term Investments | Government Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 7,951,512 | 10,284,765 |
Short-Term Investments | Municipal Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Municipal Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 7,951,512 | 10,284,765 |
Short-Term Investments | Municipal Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 1,713,642 | 1,528,861 |
Short-Term Investments | Other | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 1,713,642 | 1,528,861 |
Short-Term Investments | Other | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Other | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Asset Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 29,174,900 | 37,924,537 |
Long-Term Investments | Asset Backed Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Asset Backed Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 29,174,900 | 37,924,537 |
Long-Term Investments | Asset Backed Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 2,599,960 | 3,645,520 |
Long-Term Investments | Certificate of Deposit | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 2,599,960 | 3,645,520 |
Long-Term Investments | Certificate of Deposit | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | |
Long-Term Investments | Certificate of Deposit | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 27,966,498 | 9,024,035 |
Long-Term Investments | Corporate Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Corporate Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 27,966,498 | 9,024,035 |
Long-Term Investments | Corporate Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 35,738,826 | |
Long-Term Investments | Government Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | |
Long-Term Investments | Government Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 35,738,826 | |
Long-Term Investments | Government Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | |
Long-Term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 88,934,125 | 107,407,831 |
Long-Term Investments | Municipal Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Municipal Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 88,934,125 | 107,407,831 |
Long-Term Investments | Municipal Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | $ 0 | $ 0 |
Investments (Schedule of Amorti
Investments (Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities) (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 193,928,063 | $ 177,467,550 |
Unrealized Gains | 6,971,159 | 8,260,042 |
Unrealized Losses | (2,686,086) | (561,300) |
Market Value | 198,213,136 | 185,166,292 |
Short-Term Investments | Certificate of Deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,502,822 | 1,502,187 |
Unrealized Gains | 10,107 | 14,506 |
Unrealized Losses | (1,552) | 0 |
Market Value | 1,511,377 | 1,516,693 |
Short-Term Investments | Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 2,013,237 | 7,084,638 |
Unrealized Gains | 7,043 | 70,962 |
Unrealized Losses | 0 | 0 |
Market Value | 2,020,280 | 7,155,600 |
Short-Term Investments | Government Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 601,784 | 6,635,132 |
Unrealized Gains | 232 | 43,318 |
Unrealized Losses | 0 | 0 |
Market Value | 602,016 | 6,678,450 |
Short-Term Investments | Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 7,926,891 | 10,160,376 |
Unrealized Gains | 24,621 | 124,389 |
Unrealized Losses | 0 | 0 |
Market Value | 7,951,512 | 10,284,765 |
Short-Term Investments | Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,713,642 | 1,528,861 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Market Value | 1,713,642 | 1,528,861 |
Long-Term Investments | Asset Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 29,690,643 | 37,681,113 |
Unrealized Gains | 69,718 | 800,802 |
Unrealized Losses | (585,461) | (557,378) |
Market Value | 29,174,900 | 37,924,537 |
Long-Term Investments | Certificate of Deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 2,502,449 | 3,503,898 |
Unrealized Gains | 97,511 | 141,622 |
Unrealized Losses | 0 | 0 |
Market Value | 2,599,960 | 3,645,520 |
Long-Term Investments | Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 27,724,234 | 8,595,020 |
Unrealized Gains | 362,001 | 429,015 |
Unrealized Losses | (119,737) | 0 |
Market Value | 27,966,498 | 9,024,035 |
Long-Term Investments | Government Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 35,656,412 | |
Unrealized Gains | 90,333 | |
Unrealized Losses | (7,919) | |
Market Value | 35,738,826 | |
Long-Term Investments | Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 84,595,949 | 100,776,325 |
Unrealized Gains | 6,309,593 | 6,635,428 |
Unrealized Losses | (1,971,417) | (3,922) |
Market Value | $ 88,934,125 | $ 107,407,831 |
Investments (Schedule of Unreal
Investments (Schedule of Unrealized Loss on Investments) (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Investments [Abstract] | ||
Aggregate Unrealized Losses, Loss duration less than one year | $ 2,274,743 | $ 561,300 |
Aggregate Unrealized Losses, Loss duration greater than one year | 411,342 | 0 |
Aggregate Unrealized Losses, Total | 2,686,085 | 561,300 |
Aggregate Fair Value of Investments, Loss duration less than one year | 40,341,064 | 12,317,187 |
Aggregate Fair Value of Investments, Loss duration greater than one year | 1,956,482 | 0 |
Aggregate Fair Value of Investments, Total | $ 42,297,546 | $ 12,317,187 |
Investments (Investments Classi
Investments (Investments Classified by Contractual Maturity Date) (Details) - Fixed Income Securities | Jun. 30, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | $ 12,085,185 |
Due between one and five years | 42,578,597 |
Due over five years | 141,835,712 |
Total | $ 196,499,494 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 179,304,938 | $ 151,688,455 | |
Work-in-process | 35,083,146 | 32,791,675 | |
Finished goods | 49,511,892 | 41,811,713 | |
Total Inventory | $ 263,899,976 | $ 226,291,843 | [1] |
[1] | The condensed consolidated balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Basic Earnings (Loss) Per Share | |||||
Net income (Loss) | $ 86,506,418 | $ (2,374,033) | $ 199,957,288 | $ 87,131,768 | |
Less: Dividends and undistributed earnings allocated to participating securities | 1,324,767 | 439,327 | 2,974,367 | 1,245,275 | |
Net Income (Loss) available to common shareholders | $ 85,181,651 | $ (2,813,360) | $ 196,982,921 | $ 85,886,493 | |
Basic weighted average shares outstanding | 238,602,197 | 241,684,323 | 238,198,668 | 243,983,276 | |
Net (Loss) Income per share - Basic (in dollars per share) | [1] | $ 0.36 | $ (0.01) | $ 0.83 | $ 0.35 |
Diluted Earnings (Loss) Per Share | |||||
Allocation of Net Income (Loss) used in basic computation | $ 85,181,651 | $ (2,813,360) | $ 196,982,921 | $ 85,886,493 | |
Reallocation of undistributed earnings | 3,980 | 0 | 10,464 | 1,697 | |
Net Income (Loss) available to common shareholders - Diluted | $ 85,185,631 | $ (2,813,360) | $ 196,993,385 | $ 85,888,190 | |
Number of shares used in basic computation | 238,602,197 | 241,684,323 | 238,198,668 | 243,983,276 | |
Additional weighted average dilutive common stock equivalents (in shares) | 1,130,301 | 0 | 1,218,528 | 1,085,380 | |
Diluted weighted average shares outstanding | 239,732,498 | 241,684,323 | 239,417,196 | 245,068,656 | |
Net Income (Loss) per share - Diluted (in dollars per share) | [1] | $ 0.36 | $ (0.01) | $ 0.82 | $ 0.35 |
Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive | 270,475 | 1,636,661 | 137,484 | 428,948 | |
[1] | (1) Earnings (Loss) Per Share has been adjusted to exclude the portion of net income (loss) allocated to participating securities as a result of share-based payment awards. |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)planshares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)planshares | Jun. 30, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense for share-based payments | $ 6,727,513 | $ 9,641,353 | $ 12,622,158 | $ 15,960,362 |
Omnibus Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total grants in period (in shares) | shares | 5,735,302 | |||
Shares issued under the Omnibus plan | shares | 14,332,742 | |||
Number of shares authorized | shares | 45,000,000 | 45,000,000 | ||
Employee Stock Option Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 8,999,790 | $ 8,999,790 | ||
Employee Stock Option Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option vesting period | 1 year | |||
Option expiration period | 5 years | |||
Employee Stock Option Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option vesting period | 5 years | |||
Option expiration period | 10 years | |||
Restricted Stock Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | 50,874,177 | $ 50,874,177 | ||
Restricted period, maximum | 10 years | |||
Amortization expense | $ 4,459,401 | 7,580,492 | $ 8,762,376 | 11,905,749 |
Restricted Stock Plan | Employee Severance | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Amortization expense | 4,148,477 | |||
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares approved | shares | 2,000,000 | 2,000,000 | ||
ESPP discount rate | 85.00% | |||
ESPP discount rate recognized as compensation expense | 15.00% | |||
Shares granted (in shares) | shares | 1,423,819 | 1,423,819 | ||
Equity Incentive Plans | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of plans | plan | 2 | 2 | ||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 9,456,469 | $ 9,456,469 | ||
Amortization expense | $ 701,524 | $ 563,783 | $ 805,754 | $ 957,560 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Shares Issued Net of Shares Canceled/Expired) (Details) - Omnibus Incentive Plan | 6 Months Ended |
Jun. 30, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total grants in period (in shares) | 5,735,302 |
Shares issued under the Omnibus plan | 14,332,742 |
Non-Qualified Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options granted (in shares) | 2,925,681 |
Conversion rate, options | 100.00% |
Shares issued under the Omnibus plan | 2,925,681 |
Restricted Stock and Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted (in shares) | 2,809,621 |
Conversion rate, shares | 406.00% |
Shares issued under the Omnibus plan | 11,407,061 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Weighted-Average Assumptions for the ESOP) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||||
Dividend yield | 1.86% | 1.99% | 1.88% | 2.01% |
Expected volatility | 27.68% | 27.91% | 27.76% | 27.21% |
Risk-free interest rate | 0.87% | 0.29% | 0.90% | 0.33% |
Expected term of options | 4 years 1 month 24 days | 4 years 1 month 28 days | 4 years 1 month 24 days | 4 years 1 month 28 days |
Weighted average grant-date fair value (in dollars per share) | $ 6.32 | $ 4.67 | $ 6.58 | $ 4.24 |
Comprehensive Income (AOCI Roll
Comprehensive Income (AOCI Rollforward) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | [1] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance at beginning of period | $ 1,960,980,714 | $ 1,834,605,633 | $ 1,963,943,128 | [1] | $ 1,938,087,820 | ||
Net current-period change | 2,310,371 | 2,524,450 | (2,586,014) | 4,028,347 | |||
Balance at end of period | 1,916,318,989 | 1,822,607,413 | 1,916,318,989 | 1,822,607,413 | |||
Accumulated other comprehensive income, end of period | 4,265,038 | 4,265,038 | $ 6,851,052 | ||||
Accumulated Other Comprehensive Income (Loss) | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance at beginning of period | 1,954,667 | 214,794 | 6,851,052 | (1,289,103) | |||
Net current-period change | 2,310,371 | 2,524,450 | (2,586,014) | 4,028,347 | |||
Balance at end of period | 4,265,038 | 2,739,244 | 4,265,038 | 2,739,244 | |||
Accumulated other comprehensive income, end of period | 4,265,038 | 2,739,244 | 4,265,038 | 2,739,244 | |||
Foreign currency translation adjustments | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance at beginning of period | (83,367) | (3,076,679) | 769,045 | (2,384,589) | |||
Other Comprehensive income (loss) before reclassifications | 963,199 | 136,627 | 110,787 | (555,463) | |||
Net current-period change | 963,199 | 136,627 | 110,787 | (555,463) | |||
Balance at end of period | 879,832 | (2,940,052) | 879,832 | (2,940,052) | |||
Unrealized gains (losses) on available-for-sale debt securities | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance at beginning of period | 2,038,034 | 3,291,473 | 6,082,007 | 1,095,486 | |||
Other Comprehensive income (loss) before reclassifications | 1,610,141 | 3,109,755 | (2,082,477) | 5,334,951 | |||
Amounts reclassified from accumulated other comprehensive income | (262,969) | (721,932) | (614,324) | (751,141) | |||
Net current-period change | 1,347,172 | 2,387,823 | (2,696,801) | 4,583,810 | |||
Balance at end of period | $ 3,385,206 | $ 5,679,296 | $ 3,385,206 | $ 5,679,296 | |||
[1] | The condensed consolidated balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. |
Comprehensive Income (Reclassif
Comprehensive Income (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Provision for income taxes | $ (15,309,301) | $ 1,497,994 | $ (37,125,167) | $ (16,270,854) |
Unrealized gains (losses) on available-for-sale debt securities | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total net reclassifications for the period | 262,969 | 721,932 | 614,324 | 751,141 |
Amounts Reclassified from Other Comprehensive Income | Unrealized gains (losses) on available-for-sale debt securities | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized gain on sale of securities | 332,872 | 913,838 | 777,625 | 950,812 |
Provision for income taxes | (69,903) | (191,906) | (163,301) | (199,671) |
Total net reclassifications for the period | $ 262,969 | $ 721,932 | $ 614,324 | $ 751,141 |
Debt and Financing Arrangemen_2
Debt and Financing Arrangements (Details) - USD ($) | Jun. 30, 2021 | Oct. 15, 2018 |
Revolving Facility | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 150,000,000 | |
Long-term debt | $ 0 | |
Credit Agreement | ||
Debt Instrument [Line Items] | ||
Additional borrowings available | 100,000,000 | |
Swing Loans | ||
Debt Instrument [Line Items] | ||
Additional borrowings available | 20,000,000 | |
Letter of Credit | ||
Debt Instrument [Line Items] | ||
Additional borrowings available | $ 20,000,000 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jul. 21, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Class of Stock [Line Items] | |||||
Stock repurchased (in shares) | 6.2 | ||||
Common stock issued under stock compensation plan (in shares) | 1.4 | ||||
Net decrease in period (in shares) | 4.7 | ||||
Dividends declared (in dollars per share) | $ 0.12 | $ 0.120 | $ 0.240 | $ 0.24 | |
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Dividends declared | $ 28.7 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Automotive and Other Segment Reporting) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 428,005,026 | $ 229,925,556 | $ 911,729,865 | $ 683,687,281 |
Income (loss) from operations | 99,924,621 | (6,738,256) | 233,658,322 | 98,288,910 |
Automotive Products | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 420,622,653 | 222,067,846 | 896,240,089 | 661,923,434 |
Income (loss) from operations | 101,790,310 | (6,054,235) | 236,458,363 | 94,721,308 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 7,382,373 | 7,857,710 | 15,489,776 | 21,763,847 |
Income (loss) from operations | $ (1,865,689) | $ (684,021) | $ (2,800,041) | $ 3,567,602 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 15.70% | 15.70% |
Revenue (Details)
Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 428,005,026 | $ 229,925,556 | $ 911,729,865 | $ 683,687,281 |
Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 420,622,653 | 222,067,846 | 896,240,089 | 661,923,434 |
Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,382,373 | 7,857,710 | 15,489,776 | 21,763,848 |
Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 420,622,653 | 222,067,846 | 896,240,089 | 661,923,434 |
Automotive Mirrors & Electronics | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 390,074,655 | 210,600,540 | 825,581,585 | 611,685,854 |
HomeLink Modules | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 30,547,998 | 11,467,306 | 70,658,504 | 50,237,580 |
Fire Protection Products | Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6,319,662 | 4,837,540 | 12,123,820 | 11,006,291 |
Windows Products | Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,062,711 | 3,020,170 | 3,365,956 | 10,757,557 |
U.S. | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 135,857,058 | 55,849,461 | 282,282,375 | 191,431,379 |
U.S. | Other Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,382,373 | 7,857,710 | 15,489,776 | 21,763,847 |
Germany | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 58,935,672 | 23,866,009 | 128,350,856 | 96,651,733 |
Japan | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 54,160,515 | 37,333,947 | 108,064,110 | 88,470,880 |
Mexico | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 28,589,143 | 13,589,601 | 60,335,131 | 59,540,082 |
Other | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 143,080,265 | $ 91,428,828 | $ 317,207,617 | $ 225,829,360 |
Leases (Details)
Leases (Details) | Jun. 30, 2021USD ($) |
Lessee, Lease, Description [Line Items] | |
Weighted average remaining lease term | 2 years |
Weighted average discount rate | 1.10% |
2021 (excluding the six months ended June 30, 2021) | $ 774,897 |
2022 | 1,046,545 |
2023 | 430,533 |
2024 | 38,075 |
2025 | 6,369 |
Thereafter | 127 |
Total future minimum lease payments | 2,296,546 |
Less imputed interest | (12,135) |
Total | 2,284,411 |
Accrued Liabilities | 1,384,444 |
Other Non-Current Liabilities | $ 899,967 |
Operating lease, liability, current, statement of financial position | Accrued liabilities |
Operating lease, liability, noncurrent, statement of financial position | OTHER NON-CURRENT LIABILITIES |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 5 years |
Acquisitions (Details)
Acquisitions (Details) - USD ($) | Dec. 14, 2020 | Sep. 18, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 03, 2021 |
Business Acquisition [Line Items] | |||||||
Revenue | $ 428,005,026 | $ 229,925,556 | $ 911,729,865 | $ 683,687,281 | |||
Selling, General and Administrative Expenses | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition-related costs | $ 350,000 | $ 350,000 | |||||
Argil, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Initial investment in Argil | $ 4,200,000 | ||||||
Air-CraftGlass | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price of acquisition | $ 1,100,000 | ||||||
Ownership percentage of business acquisition | 100.00% | 100.00% | |||||
Revenue | $ 0 | ||||||
Argil, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price of acquisition | $ 3,700,000 | ||||||
Ownership percentage of business acquisition | 100.00% | 100.00% | |||||
Revenue | $ 0 | ||||||
Guardian Optical Technologies | |||||||
Business Acquisition [Line Items] | |||||||
Ownership percentage of business acquisition | 100.00% | 100.00% | |||||
Revenue | $ 0 | ||||||
Business acquisition agreement, value | $ 12,000,000 |
Acquisitions - Schedule of Asse
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - Guardian Optical Technologies | Mar. 03, 2021USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Current Assets | $ 32,000 |
Personal Property | 15,000 |
Deferred Tax Asset | 1,049,073 |
Total Net Assets Acquired | 12,041,440 |
In-Process R&D | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
In-Process R&D | $ 10,945,367 |