Gentex (GNTX) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	0-10235
Entity Registrant Name	GENTEX CORPORATION
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		234,582,146
Entity Central Index Key	0000355811
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021	[1]
CURRENT ASSETS
Cash and cash equivalents	$ 222,933,723	$ 262,311,670
Short-term investments	16,122,519	5,423,612
Accounts receivable, net	292,413,491	249,794,906
Inventories	418,286,161	316,267,442
Prepaid expenses and other	39,567,381	39,178,119
Total current assets	989,323,275	872,975,749
PLANT AND EQUIPMENT—NET	526,680,787	464,121,676
OTHER ASSETS
Goodwill	313,851,944	313,960,209
Long-term investments	154,429,190	207,693,147
Equity method investments	39,680,791	0
Intangible assets, net	224,185,910	239,189,627
Patents and other assets, net	63,171,166	33,450,758
Total other assets	795,319,001	794,293,741
Total assets	2,311,323,063	2,131,391,166
CURRENT LIABILITIES
Accounts payable	171,436,605	98,342,928
Accrued liabilities	93,728,038	83,313,172
Total current liabilities	265,164,643	181,656,100
OTHER NON-CURRENT LIABILITIES	12,112,756	11,746,599
Total liabilities	277,277,399	193,402,699
SHAREHOLDERS’ INVESTMENT
Common stock	14,075,843	14,186,450
Additional paid-in capital	908,622,409	879,413,385
Retained earnings	1,108,061,455	1,042,461,388
Accumulated other comprehensive (loss) income	3,285,957	1,927,244
Total shareholders’ investment	2,034,045,664	1,937,988,467
Total liabilities and shareholders’ investment	$ 2,311,323,063	$ 2,131,391,166
[1]The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated 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		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
NET SALES		$ 493,636,695	$ 399,598,744	$ 1,425,310,472	$ 1,311,328,609
COST OF GOODS SOLD		346,435,670	258,698,723	969,330,474	835,531,679
Gross profit		147,201,025	140,900,021	455,979,998	475,796,930
OPERATING EXPENSES:
Engineering, research and development		33,541,331	29,750,973	98,373,737	86,462,112
Selling, general & administrative		26,868,154	22,984,108	81,717,848	67,511,555
Total operating expenses		60,409,485	52,735,081	180,091,585	153,973,667
Income from operations		86,791,540	88,164,940	275,888,413	321,823,263
OTHER (LOSS) INCOME
Investment income		1,496,852	856,351	3,205,452	2,782,900
Other (loss) income, net		(2,126,039)	872,943	(4,828,119)	2,370,527
Total other (loss) income		(629,187)	1,729,294	(1,622,667)	5,153,427
INCOME BEFORE PROVISION FOR INCOME TAXES		86,162,353	89,894,234	274,265,746	326,976,690
PROVISION FOR INCOME TAXES		13,506,358	13,233,686	41,676,723	50,358,854
NET INCOME		$ 72,655,995	$ 76,660,548	$ 232,589,023	$ 276,617,836
EARNINGS PER SHARE:
Basic (in dollars per share)	[1]	$ 0.31	$ 0.32	$ 0.99	$ 1.15
Diluted (in dollars per share)	[1]	0.31	0.32	0.99	1.15
Cash Dividends Declared per Share (in dollars per share)		$ 0.12	$ 0.12	$ 0.36	$ 0.360
[1] (1) Earnings Per Share has been adjusted to exclude the portion of net income 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 72,655,995	$ 76,660,548	$ 232,589,023	$ 276,617,836
Other comprehensive (loss) income before tax:
Foreign currency translation adjustments	17,751,603	(349,165)	13,723,857	(238,378)
Unrealized losses on debt securities, net	(4,442,743)	(816,801)	(15,652,081)	(4,230,473)
Other comprehensive income (loss), before tax	13,308,860	(1,165,966)	(1,928,224)	(4,468,851)
Income tax impact related to components of other comprehensive (loss) income	(932,976)	(171,528)	(3,286,937)	(888,399)
Other comprehensive income (loss), net of tax	14,241,836	(994,438)	1,358,713	(3,580,452)
Comprehensive income	$ 86,897,831	$ 75,666,110	$ 233,947,736	$ 273,037,384

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Shareholders' Investment - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 1,986,574,480	$ 1,916,318,989	$ 1,937,988,467	[1]	$ 1,963,943,128
Issuance of common stock from stock plan transactions	3,369,936	7,116,990	12,365,103		20,773,874
Issuance of common stock for equity investment purchases			$ 5,000,012
Repurchases of common stock (in shares)			(3,300,000)
Repurchases of common stock	(22,256,782)	(90,581,913)	$ (93,508,804)		(304,195,755)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	7,611,546	7,492,763	22,973,113		20,114,921
Dividends declared	(28,151,347)	(28,382,653)	(84,719,963)		(86,043,266)
Net income	72,655,995	76,660,548	232,589,023		276,617,836
Other comprehensive (loss) income	14,241,836	(994,438)	1,358,713		(3,580,452)
Balance at end of period	$ 2,034,045,664	$ 1,887,630,286	$ 2,034,045,664		$ 1,887,630,286
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	235,132,265	238,966,589	236,440,840		243,692,869
Balance at beginning of period	$ 14,107,936	$ 14,337,995	$ 14,186,450		$ 14,621,572
Issuance of common stock from stock plan transactions (in shares)	315,433	398,873	1,284,615		1,838,789
Issuance of common stock from stock plan transactions	$ 18,926	$ 23,932	$ 77,077		$ 110,327
Issuance of common stock for equity investment purchases (in shares)			162,433
Issuance of common stock for equity investment purchases			$ 9,746
Repurchases of common stock (in shares)	(850,306)	(2,830,850)	(3,290,496)		(8,997,046)
Repurchases of common stock	$ (51,019)	$ (169,851)	$ (197,430)		$ (539,823)
Ending balance (in shares)	234,597,392	236,534,612	234,597,392		236,534,612
Balance at end of period	$ 14,075,843	$ 14,192,076	$ 14,075,843		$ 14,192,076
Additional  Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	900,576,404	859,678,392	879,413,385		852,771,508
Issuance of common stock from stock plan transactions	3,351,010	7,093,058	12,288,026		20,663,547
Issuance of common stock for equity investment purchases			4,990,266
Repurchases of common stock	(2,916,551)	(9,200,264)	(11,042,381)		(28,486,027)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	7,611,546	7,492,763	22,973,113		20,114,921
Balance at end of period	908,622,409	865,063,949	908,622,409		865,063,949
Retained  Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	1,082,846,019	1,038,037,564	1,042,461,388		1,089,698,996
Repurchases of common stock	(19,289,212)	(81,211,798)	(82,268,993)		(275,169,905)
Dividends declared	(28,151,347)	(28,382,653)	(84,719,963)		(86,043,266)
Net income	72,655,995	76,660,548	232,589,023		276,617,836
Balance at end of period	1,108,061,455	1,005,103,661	1,108,061,455		1,005,103,661
Accumulated  Other Comprehensive (Loss) Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(10,955,879)	4,265,038	1,927,244		6,851,052
Other comprehensive (loss) income	14,241,836	(994,438)	1,358,713		(3,580,452)
Balance at end of period	$ 3,285,957	$ 3,270,600	$ 3,285,957		$ 3,270,600
[1]The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.12	$ 0.12	$ 0.36	$ 0.360

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 232,589,023	$ 276,617,836
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	73,289,065	75,105,881
(Gain) on disposal of assets	(56,257)	(459,528)
Loss on disposal of assets	22,096	213,430
(Gain) on sale of investments	(391,378)	(969,971)
Loss on sale of investments	1,248,450	192,346
Change in deferred income taxes	4,785,787	(20,269,706)
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock	22,973,113	20,114,921
Change in operating assets and liabilities:
Accounts receivable, net	(42,618,585)	43,704,625
Inventories	(102,018,719)	(66,308,038)
Prepaid expenses and other	(16,978,469)	(45,504,501)
Accounts payable	52,511,201	15,748,219
Accrued liabilities, excluding dividends declared and short-term debt	11,002,238	1,195,477
Net cash provided by operating activities	236,357,565	299,380,991
Activity in available-for-sale securities:
Sales proceeds	37,429,595	34,250,068
Maturities and calls	3,500,000	26,110,000
Purchases	(25,304,476)	(86,228,584)
Purchase of equity method investments	(24,250,000)	0
Plant and equipment additions	(108,475,787)	(44,357,786)
Proceeds from sale of plant and equipment	91,949	2,550,805
Acquisition of businesses, net of cash acquired	0	(12,023,440)
Increase in other assets	(2,310,428)	(2,763,847)
Net cash used for investing activities	(119,319,147)	(82,462,784)
CASH FLOWS USED FOR FINANCING ACTIVITIES:
Issuance of common stock from stock plan transactions	12,365,103	20,773,874
Cash dividends paid	(84,941,178)	(86,902,257)
Repurchases of common stock	(83,840,290)	(304,195,755)
Net cash used for financing activities	(156,416,365)	(370,324,138)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(39,377,947)	(153,405,931)
CASH AND CASH EQUIVALENTS, beginning of period	262,311,670	423,371,036
CASH AND CASH EQUIVALENTS, end of period	$ 222,933,723	$ 269,965,105

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2022
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 2021 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 September 30, 2022, and the results of operations and cash flows for the interim periods presented.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2022
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; $3.7 million as part of the acquisition of Vaporsens, Inc. ("Vaporsens") in the second quarter of 2020; $0.2 million as part of the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in the third quarter of 2020; $1.0 million as a part of the acquisition of Argil, Inc. ("Argil") in the fourth quarter of 2020; and $2.0 million as part of the acquisition of Guardian Optical Technologies ("Guardian") in the first quarter of 2021. The carrying value of Goodwill as of both September 30, 2022 and December 31, 2021 was $313.9 million and $314.0 million, respectively, as set forth in the table below: Carrying Amount Balance as of December 31, 2021 $ 313,960,209 Acquisitions — Divestitures — Impairments — Other (108,265) Balance as of September 30, 2022 $ 313,851,944 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, inflation, 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 ("In-Process R & D") as part of the acquisitions of: Vaporsens; Air-Craftglass; Argil; and Guardian, each of which has been previously disclosed. The patents and intangible assets and related change in carrying values are set forth in the tables below: As of September 30, 2022: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 39,510,640 $ (27,796,894) $ 11,713,746 Various Vaporsens Technology Licenses 351,290 (81,911) 269,379 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (135,000,000) 45,000,000 12 years Existing Customer Platforms 43,000,000 (38,700,000) 4,300,000 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 1,507,778 — 1,507,778 Indefinite Guardian Trade Names 1,300,000 — 1,300,000 Indefinite Guardian In-Process R&D 6,800,000 — 6,800,000 Indefinite Total Other Intangible Assets $ 397,885,910 $ (173,700,000) $ 224,185,910 Total Patents & Other Intangible Assets $ 437,747,840 $ (201,578,805) $ 236,169,035 As of December 31, 2021: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 39,362,187 $ (26,506,155) $ 12,856,032 Various Vaporsens Technology Licenses 351,290 (50,107) 301,183 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (123,750,000) 56,250,000 12 years Existing Customer Platforms 43,000,000 (35,475,000) 7,525,000 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 1,507,778 — 1,507,778 Indefinite Guardian Trade Names 1,384,857 — 1,384,857 Indefinite Guardian In-Process R&D 7,243,860 — 7,243,860 Indefinite Total Other Intangible Assets $ 398,414,627 $ (159,225,000) $ 239,189,627 Total Patents & Other Intangible Assets $ 438,128,104 $ (185,781,262) $ 252,346,842 Amortization expense on patents and intangible assets was approximately $5.5 million and $16.6 million during the three and nine months ended September 30, 2022, respectively, and approximately $5.5 million and $16.7 million for the same periods ended September 30, 2021, respectively.

Investments

Investments	9 Months Ended
	Sep. 30, 2022
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 323, Investments - Equity Method and Joint Ventures . The Company's share of the earnings or losses of non-controlled affiliates, over which the Company exercises significant influence (generally a 20% to 50% ownership interest), is included in the consolidated operating results using the equity method of accounting. These equity method investments, over which the Company exercises significant influence, totaled approximately $39.7 million as of September 30, 2022 (including approximately $11.1 million of investments accounted for under ASC 321, Investments - Equity Securities, as of December 31, 2021, for which the Company obtained significant influence during 2022) . On June 3, 2022, the Company purchased an equity investment in GreenMarbles for $20.0 million, in addition to an issuance of $5.0 million worth of common stock. GreenMarbles is a leading provider of sustainable solutions for integration into properties. The Company did not have equity method investments as of December 31, 2021. These investments are classified within Equity Method Investments in the condensed consolidated balance sheets. The Company has made technology investments in certain non-consolidated affiliates for ownership interests of less than 20% (where the Company does not have the ability to exercise significant influence). These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities . For these 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 $14.1 million and $16.8 million as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, $1.6 million of these investments are classified within Short-Term Investments in the condensed consolidated balance sheets. $12.5 million and $16.8 million of these investments are classified within Long-Term Investments in the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2022 and December 31, 2021: As of September 30, 2022: 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 September 30, 2022 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 222,933,723 $ 222,933,723 $ — $ — Short-Term Investments: Certificate of Deposit 1,732,547 1,732,547 — — Corporate Bonds 5,446,048 — 5,446,048 — Government Securities 2,209,331 — 2,209,331 — Municipal Bonds 3,509,688 — 3,509,688 — Other 1,230,180 1,230,180 — — Long-Term Investments: Asset Backed Securities 20,942,859 — 20,942,859 — Certificate of Deposit 238,793 238,793 — — Corporate Bonds 34,522,617 — 34,522,617 — Government Securities 37,693,740 — 37,693,740 — Municipal Bonds 48,946,743 — 48,946,743 — Total $ 379,406,269 $ 226,135,243 $ 153,271,026 $ — As of December 31, 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 December 31, 2021 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 262,311,670 $ 262,311,670 $ — $ — Short-Term Investments: Certificate of Deposit 1,507,770 1,507,770 — — Corporate Bonds 2,018,440 — 2,018,440 — Government Securities — — — — Municipal Bonds — — — — Other 1,897,402 1,897,402 — — Long-Term Investments: Asset-backed Securities 25,799,513 — 25,799,513 — Certificate of Deposit 2,056,710 2,056,710 — — Corporate Bonds 40,354,929 — 40,354,929 — Governmental Securities 47,944,036 — 47,944,036 — Municipal Bonds 74,720,480 — 74,720,480 — Total $ 458,610,950 $ 267,773,552 $ 190,837,398 $ — The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of September 30, 2022 and December 31, 2021: As of September 30, 2022: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,750,623 $ — $ (18,076) $ 1,732,547 Corporate Bonds 5,600,869 — (154,821) 5,446,048 Government Securities 2,211,230 — (1,899) 2,209,331 Municipal Bonds 3,549,066 — (39,378) 3,509,688 Other 1,230,180 — — 1,230,180 Long-Term Investments: Asset Backed Securities 21,716,039 — (773,180) 20,942,859 Certificate of Deposit 250,000 — (11,207) 238,793 Corporate Bonds 39,223,627 — (4,701,010) 34,522,617 Government Securities 41,116,603 — (3,422,863) 37,693,740 Municipal Bonds 54,202,144 186,625 (5,442,026) 48,946,743 Total $ 170,850,381 $ 186,625 $ (14,564,460) $ 156,472,546 As of December 31, 2021: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,500,543 $ 7,227 $ — $ 1,507,770 Corporate Bonds 1,994,639 23,801 — 2,018,440 Other 1,897,402 — — 1,897,402 Long-Term Investments: Asset-backed Securities 26,352,630 34,771 (587,888) 25,799,513 Certificate of Deposit 2,001,714 54,996 — 2,056,710 Corporate Bonds 40,716,866 168,416 (530,353) 40,354,929 Government Securities 48,385,672 55,939 (497,575) 47,944,036 Municipal Bonds 72,175,568 2,747,964 (203,052) 74,720,480 Total $ 195,025,034 $ 3,093,114 $ (1,818,868) $ 196,299,280 Unrealized losses on investments as of September 30, 2022, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 8,189,761 $ 112,298,649 Loss duration of greater than one year 6,374,699 42,011,693 Total $ 14,564,460 $ 154,310,342 Unrealized losses on investments as of December 31, 2021, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 1,244,053 $ 94,417,123 Loss duration of greater than one year 574,815 6,875,230 Total $ 1,818,868 $ 101,292,353 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 any amortized cost basis has been recovered. Fixed income securities as of September 30, 2022 have contractual maturities as follows: Due within one year $ 12,897,614 Due between one and five years 90,409,878 Due over five years 51,934,874 $ 155,242,366

Inventories

Inventories	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following at the respective balance sheet dates: September 30, 2022 December 31, 2021 Raw materials $ 315,110,961 $ 235,014,277 Work-in-process 39,805,042 34,032,164 Finished goods 63,370,158 47,221,001 Total Inventory $ 418,286,161 $ 316,267,442

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
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 nine months ended September 30, 2022 and September 30, 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic Earnings Per Share Net Income $ 72,655,995 $ 76,660,548 $ 232,589,023 $ 276,617,836 Less: Dividends and undistributed earnings allocated to participating securities 1,096,274 1,240,581 3,563,605 4,240,503 Net Income available to common shareholders $ 71,559,721 $ 75,419,967 $ 229,025,418 $ 272,377,333 Basic weighted average shares outstanding 231,316,879 234,005,573 231,072,421 236,628,999 Net Income per share - Basic $ 0.31 $ 0.32 $ 0.99 $ 1.15 Diluted Earnings Per Share Allocation of Net Income used in basic computation $ 71,559,721 $ 75,419,967 $ 229,025,418 $ 272,377,333 Reallocation of undistributed earnings 848 2,943 4,412 13,289 Net Income available to common shareholders - Diluted $ 71,560,569 $ 75,422,910 $ 229,029,830 $ 272,390,622 Number of shares used in basic computation 231,316,879 234,005,573 231,072,421 236,628,999 Additional weighted average dilutive common stock equivalents 300,138 897,636 457,032 1,108,216 Diluted weighted average shares outstanding 231,617,017 234,903,209 231,529,453 237,737,215 Net Income per share - Diluted $ 0.31 $ 0.32 $ 0.99 $ 1.15 Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive 2,456,463 987,757 1,526,986 180,669

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans As of September 30, 2022, 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 awards and 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, 2021, for additional information related to the Prior Plans. The Company recognized total compensation expense for share-based payments of $7,611,545 for the three months ended September 30, 2022, and total compensation expense for share-based payments of $22,973,113 for the nine months ended September 30, 2022. The Company recognized compensation expense for share-based payments of $7,492,763 and $20,114,921 for the three and nine months ended September 30, 2021, 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 September 30, 2022, 7,994,761 share awards have been made under the Plan, resulting in 19,523,865 shares granted of the 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 4,227,080 1.00 4,227,080 Restricted Stock 3,208,209 4.06 13,025,329 Performance Shares 559,472 4.06 2,271,456 Total 7,994,761 19,523,865 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Dividend Yield (1) 1.78 % 1.83 % 1.79 % 1.86 % Expected volatility (2) 29.02 % 27.47 % 28.62 % 27.67 % Risk-free interest rate (3) 4.06 % 0.98 % 3.16 % 0.92 % Expected term of options (years) (4) 4.15 4.14 4.15 4.15 Weighted-avg. grant date fair value $5.97 $6.32 $6.28 $6.49 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 September 30, 2022, the Company had unearned stock-based compensation of $45,827,137 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. Compensation expense from restricted stock grants in the three and nine months ended September 30, 2022 was $5,504,462 and $16,130,339, respectively. Compensation expense from restricted stock grants in the three and nine months ended September 30, 2021 was $5,215,981 and $13,978,358, respectively. 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 September 30, 2022, the Company had unearned stock-based compensation of $8,480,588 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. Employee Stock Purchase Plan Prior to July 1, 2022, the Company had in place an employee stock purchase plan covering 2,000,000 shares of common stock. Under that plan, the Company sold shares at 85% of the stock’s market price at date of purchase. Under ASC 718, Compensation - Stock Compensation , the 15% discounted value was recognized as compensation expense. As of September 30, 2022, the Company has issued 1,624,122 shares under this prior plan. In May 2022, the 2022 Gentex Corporation Employee Stock Purchase Plan covering 2,000,000 shares of common stock was approved by shareholders replacing the above referenced prior plan effective July 1, 2022. Under the plan, the Company sells shares at 85% of the stock's market price at date of purchase. Under ASC 718, the 15% discounted value is recognized as compensation expense. As of September 30, 2022, the Company has issued 54,977 shares under this plan.

Comprehensive Income

Comprehensive Income	9 Months Ended
	Sep. 30, 2022
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Foreign currency translation adjustments: Balance at beginning of period $ (3,107,157) $ 879,832 $ 920,589 $ 769,045 Other Comprehensive (loss) income before reclassifications 17,751,603 (349,165) 13,723,857 (238,378) Net current-period change 17,751,603 (349,165) 13,723,857 (238,378) Balance at end of period 14,644,446 530,667 14,644,446 530,667 Unrealized gains on available-for-sale debt securities: Balance at beginning of period (7,848,722) 3,385,206 1,006,655 6,082,007 Other Comprehensive (loss) income before reclassifications (3,714,578) (645,273) (13,042,231) (2,727,750) Amounts reclassified from accumulated other comprehensive income 204,811 — 677,087 (614,324) Net current-period change (3,509,767) (645,273) (12,365,144) (3,342,074) Balance at end of period (11,358,489) 2,739,933 (11,358,489) 2,739,933 Accumulated other comprehensive (loss) income, end of period $ 3,285,957 $ 3,270,600 $ 3,285,957 $ 3,270,600 The following table presents details of reclassifications out of accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2022 and 2021: Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Other Comprehensive (Loss) Income Affected Line item in the Consolidated Statements of Income Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Unrealized (losses) gains on available-for-sale debt securities Realized (loss) gain on sale $ (259,254) $ — $ (857,072) $ 777,625 Investment income Provision for income taxes 54,443 — 179,985 (163,301) Provision for income taxes Total net reclassifications for the period $ (204,811) $ — $ (677,087) $ 614,324 Net of tax

Debt and Financing Arrangements

Debt and Financing Arrangements	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022, 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 September 30, 2022, the Company is in compliance with its covenants under the Credit Agreement.

Equity

Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Equity	Equity The decrease in common stock during the nine months ended September 30, 2022, was primarily due to the repurchases of 3.3 million shares, partially offset by the issuance of 1.4 million shares of the Company’s common stock, net of cancellations, under the Company’s stock-based compensation plans and the issuance of 0.2 million shares of common stock as partial consideration for an investment in Green Marbles. The total net decrease was 1.8 million shares. The Company recorded a cash dividend of $0.120 per share during the third quarter of 2022 as compared to a cash dividend of $0.120 per share during the third quarter of 2021. The third quarter 2022 dividend of $28.2 million was declared on August 31, 2022 and was paid on October 19, 2022.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2022
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.The Company is responding to a subpoena issued by the staff of the Division of Enforcement of the SEC for records from approximately 2015-2019. The Company has been informed that the SEC staff may be reviewing certain accounting determinations, including determinations that the staff believes could have impacted the Company’s reported earnings per share for certain periods during that time frame. The Company has continued to assert that its financial statements filed with the SEC in Forms 10-K and 10-Q in 2015-2019 present fairly, in all material respects, its financial condition, results of operations and cash flows as of or for the periods ending on their respective dates. The Company maintains that its actions were appropriate; however, the Company remains open to resolving this matter with the SEC, and therefore, the Company has an amount accrued as of September 30, 2022 for an estimated liability. The Company does not believe the accrued liability is material to the financial statements.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2022
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 and laminate products 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenue: Automotive Products $ 480,937,253 $ 391,338,185 $ 1,391,840,835 $ 1,287,578,273 Other 12,699,442 8,260,559 33,469,637 23,750,336 Total $ 493,636,695 $ 399,598,744 $ 1,425,310,472 $ 1,311,328,609 Income (Loss) from operations: Automotive Products $ 87,109,317 $ 89,121,170 $ 277,492,945 $ 325,579,533 Other (317,777) (956,230) (1,604,532) (3,756,270) Total $ 86,791,540 $ 88,164,940 $ 275,888,413 $ 321,823,263

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective tax rate was 15.2% in the nine months ended September 30, 2022, compared to an effective tax rate of 15.4% for the same period in 2021. 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, the foreign-derived intangible income tax deduction, and research and development tax credits.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2022
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 nine month periods ended September 30, 2022 and September 30, 2021: Three Months Ended September 30, Nine Months Ended September 30, Revenue 2022 2021 2022 2021 Automotive Products U.S. $ 147,865,393 $ 128,570,314 $ 435,877,621 $ 410,852,689 Germany 65,508,444 55,162,289 204,653,773 183,513,145 Japan 63,797,497 53,750,242 165,215,741 161,814,352 Mexico 32,024,141 25,239,690 93,951,398 85,574,821 Other 171,741,778 128,615,650 492,142,302 445,823,266 Total Automotive Products $ 480,937,253 $ 391,338,185 $ 1,391,840,835 $ 1,287,578,273 Other Products (U.S.) 12,699,442 8,260,559 33,469,637 23,750,336 Total Revenue $ 493,636,695 $ 399,598,744 $ 1,425,310,472 $ 1,311,328,609 Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political, and labor conditions; a pandemic; global supply chain constraints; 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 nine month periods ended September 30, 2022 and September 30, 2021: Three Months Ended September 30, Nine Months Ended September 30, Revenue 2022 2021 2022 2021 Automotive Segment Automotive Mirrors & Electronics $ 448,773,060 $ 360,415,449 $ 1,291,891,664 $ 1,185,997,034 HomeLink Modules* 32,164,193 30,922,736 99,949,171 101,581,239 Total Automotive Products $ 480,937,253 $ 391,338,185 $ 1,391,840,835 $ 1,287,578,273 Other Segment Fire Protection Products 10,484,680 5,886,227 28,577,916 18,010,048 Aerospace Products 2,214,762 2,374,332 4,891,721 5,740,288 Total Other $ 12,699,442 $ 8,260,559 $ 33,469,637 $ 23,750,336 *Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	Leases The Company has operating leases for certain sales and engineering offices, as well as other vehicles and 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 September 30, 2022 was 2 years, with a weighted average discount rate of 5.7%. Future minimum lease payments for operating leases as of September 30, 2022 were as follows: Year ending December 31, 2022 (excluding the nine months ended September 30, 2022) $ 337,069 2023 1,039,840 2024 297,208 2025 97,778 2026 18,388 Thereafter 888 Total future minimum lease payments 1,791,171 Less imputed interest (44,590) Total $ 1,746,581 Reported as of September 30, 2022 Accrued Liabilities $ 1,145,538 Other Non-Current Liabilities 601,043 Total $ 1,746,581

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition 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 cash on hand. The valuation process was completed during the fourth quarter of 2021. Guardian is now a 100% owned subsidiary of the Company as Gentex Technologies (Israel), LTD, and is classified within the Automotive segment. The Company accounted for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations .

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The carrying value of Goodwill as of both September 30, 2022 and December 31, 2021 was $313.9 million and $314.0 million, respectively, as set forth in the table below: Carrying Amount Balance as of December 31, 2021 $ 313,960,209 Acquisitions — Divestitures — Impairments — Other (108,265) Balance as of September 30, 2022 $ 313,851,944
Schedule of Intangible Assets	The patents and intangible assets and related change in carrying values are set forth in the tables below: As of September 30, 2022: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 39,510,640 $ (27,796,894) $ 11,713,746 Various Vaporsens Technology Licenses 351,290 (81,911) 269,379 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (135,000,000) 45,000,000 12 years Existing Customer Platforms 43,000,000 (38,700,000) 4,300,000 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 1,507,778 — 1,507,778 Indefinite Guardian Trade Names 1,300,000 — 1,300,000 Indefinite Guardian In-Process R&D 6,800,000 — 6,800,000 Indefinite Total Other Intangible Assets $ 397,885,910 $ (173,700,000) $ 224,185,910 Total Patents & Other Intangible Assets $ 437,747,840 $ (201,578,805) $ 236,169,035 As of December 31, 2021: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 39,362,187 $ (26,506,155) $ 12,856,032 Various Vaporsens Technology Licenses 351,290 (50,107) 301,183 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (123,750,000) 56,250,000 12 years Existing Customer Platforms 43,000,000 (35,475,000) 7,525,000 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 1,507,778 — 1,507,778 Indefinite Guardian Trade Names 1,384,857 — 1,384,857 Indefinite Guardian In-Process R&D 7,243,860 — 7,243,860 Indefinite Total Other Intangible Assets $ 398,414,627 $ (159,225,000) $ 239,189,627 Total Patents & Other Intangible Assets $ 438,128,104 $ (185,781,262) $ 252,346,842

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Investments [Abstract]
Investment Securities Stated at Fair Value	Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2022 and December 31, 2021: As of September 30, 2022: 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 September 30, 2022 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 222,933,723 $ 222,933,723 $ — $ — Short-Term Investments: Certificate of Deposit 1,732,547 1,732,547 — — Corporate Bonds 5,446,048 — 5,446,048 — Government Securities 2,209,331 — 2,209,331 — Municipal Bonds 3,509,688 — 3,509,688 — Other 1,230,180 1,230,180 — — Long-Term Investments: Asset Backed Securities 20,942,859 — 20,942,859 — Certificate of Deposit 238,793 238,793 — — Corporate Bonds 34,522,617 — 34,522,617 — Government Securities 37,693,740 — 37,693,740 — Municipal Bonds 48,946,743 — 48,946,743 — Total $ 379,406,269 $ 226,135,243 $ 153,271,026 $ — As of December 31, 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 December 31, 2021 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 262,311,670 $ 262,311,670 $ — $ — Short-Term Investments: Certificate of Deposit 1,507,770 1,507,770 — — Corporate Bonds 2,018,440 — 2,018,440 — Government Securities — — — — Municipal Bonds — — — — Other 1,897,402 1,897,402 — — Long-Term Investments: Asset-backed Securities 25,799,513 — 25,799,513 — Certificate of Deposit 2,056,710 2,056,710 — — Corporate Bonds 40,354,929 — 40,354,929 — Governmental Securities 47,944,036 — 47,944,036 — Municipal Bonds 74,720,480 — 74,720,480 — Total $ 458,610,950 $ 267,773,552 $ 190,837,398 $ —
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 September 30, 2022 and December 31, 2021: As of September 30, 2022: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,750,623 $ — $ (18,076) $ 1,732,547 Corporate Bonds 5,600,869 — (154,821) 5,446,048 Government Securities 2,211,230 — (1,899) 2,209,331 Municipal Bonds 3,549,066 — (39,378) 3,509,688 Other 1,230,180 — — 1,230,180 Long-Term Investments: Asset Backed Securities 21,716,039 — (773,180) 20,942,859 Certificate of Deposit 250,000 — (11,207) 238,793 Corporate Bonds 39,223,627 — (4,701,010) 34,522,617 Government Securities 41,116,603 — (3,422,863) 37,693,740 Municipal Bonds 54,202,144 186,625 (5,442,026) 48,946,743 Total $ 170,850,381 $ 186,625 $ (14,564,460) $ 156,472,546 As of December 31, 2021: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,500,543 $ 7,227 $ — $ 1,507,770 Corporate Bonds 1,994,639 23,801 — 2,018,440 Other 1,897,402 — — 1,897,402 Long-Term Investments: Asset-backed Securities 26,352,630 34,771 (587,888) 25,799,513 Certificate of Deposit 2,001,714 54,996 — 2,056,710 Corporate Bonds 40,716,866 168,416 (530,353) 40,354,929 Government Securities 48,385,672 55,939 (497,575) 47,944,036 Municipal Bonds 72,175,568 2,747,964 (203,052) 74,720,480 Total $ 195,025,034 $ 3,093,114 $ (1,818,868) $ 196,299,280
Schedule of Unrealized Loss on Investments	Unrealized losses on investments as of September 30, 2022, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 8,189,761 $ 112,298,649 Loss duration of greater than one year 6,374,699 42,011,693 Total $ 14,564,460 $ 154,310,342 Unrealized losses on investments as of December 31, 2021, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 1,244,053 $ 94,417,123 Loss duration of greater than one year 574,815 6,875,230 Total $ 1,818,868 $ 101,292,353
Investments Classified by Contractual Maturity Date	Fixed income securities as of September 30, 2022 have contractual maturities as follows: Due within one year $ 12,897,614 Due between one and five years 90,409,878 Due over five years 51,934,874 $ 155,242,366

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following at the respective balance sheet dates: September 30, 2022 December 31, 2021 Raw materials $ 315,110,961 $ 235,014,277 Work-in-process 39,805,042 34,032,164 Finished goods 63,370,158 47,221,001 Total Inventory $ 418,286,161 $ 316,267,442

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
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 nine months ended September 30, 2022 and September 30, 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic Earnings Per Share Net Income $ 72,655,995 $ 76,660,548 $ 232,589,023 $ 276,617,836 Less: Dividends and undistributed earnings allocated to participating securities 1,096,274 1,240,581 3,563,605 4,240,503 Net Income available to common shareholders $ 71,559,721 $ 75,419,967 $ 229,025,418 $ 272,377,333 Basic weighted average shares outstanding 231,316,879 234,005,573 231,072,421 236,628,999 Net Income per share - Basic $ 0.31 $ 0.32 $ 0.99 $ 1.15 Diluted Earnings Per Share Allocation of Net Income used in basic computation $ 71,559,721 $ 75,419,967 $ 229,025,418 $ 272,377,333 Reallocation of undistributed earnings 848 2,943 4,412 13,289 Net Income available to common shareholders - Diluted $ 71,560,569 $ 75,422,910 $ 229,029,830 $ 272,390,622 Number of shares used in basic computation 231,316,879 234,005,573 231,072,421 236,628,999 Additional weighted average dilutive common stock equivalents 300,138 897,636 457,032 1,108,216 Diluted weighted average shares outstanding 231,617,017 234,903,209 231,529,453 237,737,215 Net Income per share - Diluted $ 0.31 $ 0.32 $ 0.99 $ 1.15 Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive 2,456,463 987,757 1,526,986 180,669

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2022
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 4,227,080 1.00 4,227,080 Restricted Stock 3,208,209 4.06 13,025,329 Performance Shares 559,472 4.06 2,271,456 Total 7,994,761 19,523,865
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Dividend Yield (1) 1.78 % 1.83 % 1.79 % 1.86 % Expected volatility (2) 29.02 % 27.47 % 28.62 % 27.67 % Risk-free interest rate (3) 4.06 % 0.98 % 3.16 % 0.92 % Expected term of options (years) (4) 4.15 4.14 4.15 4.15 Weighted-avg. grant date fair value $5.97 $6.32 $6.28 $6.49 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)	9 Months Ended
	Sep. 30, 2022
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Foreign currency translation adjustments: Balance at beginning of period $ (3,107,157) $ 879,832 $ 920,589 $ 769,045 Other Comprehensive (loss) income before reclassifications 17,751,603 (349,165) 13,723,857 (238,378) Net current-period change 17,751,603 (349,165) 13,723,857 (238,378) Balance at end of period 14,644,446 530,667 14,644,446 530,667 Unrealized gains on available-for-sale debt securities: Balance at beginning of period (7,848,722) 3,385,206 1,006,655 6,082,007 Other Comprehensive (loss) income before reclassifications (3,714,578) (645,273) (13,042,231) (2,727,750) Amounts reclassified from accumulated other comprehensive income 204,811 — 677,087 (614,324) Net current-period change (3,509,767) (645,273) (12,365,144) (3,342,074) Balance at end of period (11,358,489) 2,739,933 (11,358,489) 2,739,933 Accumulated other comprehensive (loss) income, end of period $ 3,285,957 $ 3,270,600 $ 3,285,957 $ 3,270,600
Reclassifications Out of Other Comprehensive Income	The following table presents details of reclassifications out of accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2022 and 2021: Details about Accumulated Other Comprehensive Income Components Amounts Reclassified from Other Comprehensive (Loss) Income Affected Line item in the Consolidated Statements of Income Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Unrealized (losses) gains on available-for-sale debt securities Realized (loss) gain on sale $ (259,254) $ — $ (857,072) $ 777,625 Investment income Provision for income taxes 54,443 — 179,985 (163,301) Provision for income taxes Total net reclassifications for the period $ (204,811) $ — $ (677,087) $ 614,324 Net of tax

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenue: Automotive Products $ 480,937,253 $ 391,338,185 $ 1,391,840,835 $ 1,287,578,273 Other 12,699,442 8,260,559 33,469,637 23,750,336 Total $ 493,636,695 $ 399,598,744 $ 1,425,310,472 $ 1,311,328,609 Income (Loss) from operations: Automotive Products $ 87,109,317 $ 89,121,170 $ 277,492,945 $ 325,579,533 Other (317,777) (956,230) (1,604,532) (3,756,270) Total $ 86,791,540 $ 88,164,940 $ 275,888,413 $ 321,823,263

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2022
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 nine month periods ended September 30, 2022 and September 30, 2021: Three Months Ended September 30, Nine Months Ended September 30, Revenue 2022 2021 2022 2021 Automotive Products U.S. $ 147,865,393 $ 128,570,314 $ 435,877,621 $ 410,852,689 Germany 65,508,444 55,162,289 204,653,773 183,513,145 Japan 63,797,497 53,750,242 165,215,741 161,814,352 Mexico 32,024,141 25,239,690 93,951,398 85,574,821 Other 171,741,778 128,615,650 492,142,302 445,823,266 Total Automotive Products $ 480,937,253 $ 391,338,185 $ 1,391,840,835 $ 1,287,578,273 Other Products (U.S.) 12,699,442 8,260,559 33,469,637 23,750,336 Total Revenue $ 493,636,695 $ 399,598,744 $ 1,425,310,472 $ 1,311,328,609 The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three and nine month periods ended September 30, 2022 and September 30, 2021: Three Months Ended September 30, Nine Months Ended September 30, Revenue 2022 2021 2022 2021 Automotive Segment Automotive Mirrors & Electronics $ 448,773,060 $ 360,415,449 $ 1,291,891,664 $ 1,185,997,034 HomeLink Modules* 32,164,193 30,922,736 99,949,171 101,581,239 Total Automotive Products $ 480,937,253 $ 391,338,185 $ 1,391,840,835 $ 1,287,578,273 Other Segment Fire Protection Products 10,484,680 5,886,227 28,577,916 18,010,048 Aerospace Products 2,214,762 2,374,332 4,891,721 5,740,288 Total Other $ 12,699,442 $ 8,260,559 $ 33,469,637 $ 23,750,336 *Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Future Minimum Lease Payments	Future minimum lease payments for operating leases as of September 30, 2022 were as follows: Year ending December 31, 2022 (excluding the nine months ended September 30, 2022) $ 337,069 2023 1,039,840 2024 297,208 2025 97,778 2026 18,388 Thereafter 888 Total future minimum lease payments 1,791,171 Less imputed interest (44,590) Total $ 1,746,581
Lease Liabilities	Reported as of September 30, 2022 Accrued Liabilities $ 1,145,538 Other Non-Current Liabilities 601,043 Total $ 1,746,581

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	[1]	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 313,851,944						$ 313,851,944		$ 313,960,209
Acquisitions							0
Amortization of intangible assets	5,500,000	$ 5,500,000					16,600,000	$ 16,700,000
Amortization expense, remainder of fiscal year	22,000,000						22,000,000
Amortization expense, year one	20,000,000						20,000,000
Amortization expense, year two	16,000,000						16,000,000
Amortization expense, year three	12,000,000						12,000,000
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
Air-CraftGlass
Finite-Lived Intangible Assets [Line Items]
Acquisitions					$ 200,000
Argil, Inc.
Finite-Lived Intangible Assets [Line Items]
Acquisitions				$ 1,000,000
Guardian Optical Technologies
Finite-Lived Intangible Assets [Line Items]
Acquisitions			$ 2,000,000
[1]The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated 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)	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2021	$ 313,960,209	[1]
Acquisitions	0
Divestitures	0
Impairments	0
Other	(108,265)
Balance as of September 30, 2022	$ 313,851,944
[1]The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated 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 ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 224,185,910	$ 239,189,627	[1]
Gentex Patents
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	39,510,640	39,362,187
Finite-lived intangible assets, accumulated amortization	(27,796,894)	(26,506,155)
Finite-lived intangible assets, net	11,713,746	12,856,032
Vaporsens Technology Licenses
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	351,290	351,290
Finite-lived intangible assets, accumulated amortization	(81,911)	(50,107)
Finite-lived intangible assets, net	269,379	301,183
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	(135,000,000)	(123,750,000)
Finite-lived intangible assets, net	$ 45,000,000	$ 56,250,000
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	(38,700,000)	(35,475,000)
Finite-lived intangible assets, net	$ 4,300,000	$ 7,525,000
Finite-lived intangible asset, useful life	10 years	10 years
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	$ (173,700,000)	$ (159,225,000)
Intangible assets, gross	397,885,910	398,414,627
Intangible assets, net	224,185,910	239,189,627
Patents and Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Intangible patents and assets, gross	437,747,840	438,128,104
Finite-Lived Intangible Patents and Assets, Accumulated Amortization	(201,578,805)	(185,781,262)
Intangible patents and assets, net	236,169,035	252,346,842
HomeLink® Trade Names and Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	52,000,000	52,000,000
HomeLink® Trade Names and Trademarks | Guardian Optical Technologies
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,300,000	1,384,857
Exclusive Licensing Agreement
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	96,000,000	96,000,000
In Process Research and Development | Vaporsens Inc
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	11,000,000	11,000,000
In Process Research and Development | Argil, Inc.
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	6,278,132	6,278,132
In Process Research and Development | Air-CraftGlass
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,507,778	1,507,778
In Process Research and Development | Guardian Optical Technologies
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 6,800,000	$ 7,243,860
[1]The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated 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 ($)		9 Months Ended
	Jun. 03, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments		$ 39,700,000		$ 0
Equity securities, FV-NI				11,100,000
Purchase of equity method investments		24,250,000	$ 0
Common stock issued, value	$ 5,000,000	14,075,843		14,186,450	[1]
Short-term investments		16,122,519		5,423,612	[1]
Long-term investments		154,429,190		207,693,147	[1]
GreenMarbles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase of equity method investments	$ 20,000,000
Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		1,600,000
Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, FV-NI		14,100,000		16,800,000
Long-term investments		$ 12,500,000		$ 16,800,000
Minimum | Gentex Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage		20%
Maximum | Gentex Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage		50%
[1]The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated 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 (Schedule of Assets

Investments (Schedule of Assets or Liabilities, Recurring Fair Value Measurements) (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	$ 222,933,723	$ 262,311,670
Market Value	156,472,546	196,299,280
Total	379,406,269	458,610,950
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	222,933,723	262,311,670
Total	226,135,243	267,773,552
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	0	0
Total	153,271,026	190,837,398
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	1,732,547	1,507,770
Short-Term Investments | Certificate of Deposit | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	1,732,547	1,507,770
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	5,446,048	2,018,440
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	5,446,048	2,018,440
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	2,209,331	0
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	2,209,331	0
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	3,509,688	0
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	3,509,688	0
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	1,230,180	1,897,402
Short-Term Investments | Other | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	1,230,180	1,897,402
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	20,942,859	25,799,513
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	20,942,859	25,799,513
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	238,793	2,056,710
Long-Term Investments | Certificate of Deposit | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	238,793	2,056,710
Long-Term Investments | Certificate of Deposit | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	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	34,522,617	40,354,929
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	34,522,617	40,354,929
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	37,693,740	47,944,036
Long-Term Investments | Government Securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-Term Investments | Government Securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	37,693,740	47,944,036
Long-Term Investments | Government Securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-Term Investments | Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	48,946,743	74,720,480
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	48,946,743	74,720,480
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 ($)	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Cost	$ 170,850,381	$ 195,025,034
Unrealized Gains	186,625	3,093,114
Unrealized Losses	(14,564,460)	(1,818,868)
Market Value	156,472,546	196,299,280
Short-Term Investments | Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	1,750,623	1,500,543
Unrealized Gains	0	7,227
Unrealized Losses	(18,076)	0
Market Value	1,732,547	1,507,770
Short-Term Investments | Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	5,600,869	1,994,639
Unrealized Gains	0	23,801
Unrealized Losses	(154,821)	0
Market Value	5,446,048	2,018,440
Short-Term Investments | Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	2,211,230
Unrealized Gains	0
Unrealized Losses	(1,899)
Market Value	2,209,331
Short-Term Investments | Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	3,549,066
Unrealized Gains	0
Unrealized Losses	(39,378)
Market Value	3,509,688
Short-Term Investments | Other
Debt Securities, Available-for-sale [Line Items]
Cost	1,230,180	1,897,402
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	1,230,180	1,897,402
Long-Term Investments | Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Cost	21,716,039	26,352,630
Unrealized Gains	0	34,771
Unrealized Losses	(773,180)	(587,888)
Market Value	20,942,859	25,799,513
Long-Term Investments | Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	250,000	2,001,714
Unrealized Gains	0	54,996
Unrealized Losses	(11,207)	0
Market Value	238,793	2,056,710
Long-Term Investments | Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	39,223,627	40,716,866
Unrealized Gains	0	168,416
Unrealized Losses	(4,701,010)	(530,353)
Market Value	34,522,617	40,354,929
Long-Term Investments | Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	41,116,603	48,385,672
Unrealized Gains	0	55,939
Unrealized Losses	(3,422,863)	(497,575)
Market Value	37,693,740	47,944,036
Long-Term Investments | Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	54,202,144	72,175,568
Unrealized Gains	186,625	2,747,964
Unrealized Losses	(5,442,026)	(203,052)
Market Value	$ 48,946,743	$ 74,720,480

Investments (Schedule of Unreal

Investments (Schedule of Unrealized Loss on Investments) (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Investments [Abstract]
Aggregate Unrealized Losses, Loss duration less than one year	$ 8,189,761	$ 1,244,053
Aggregate Unrealized Losses, Loss duration greater than one year	6,374,699	574,815
Aggregate Unrealized Losses, Total	14,564,460	1,818,868
Aggregate Fair Value of Investments, Loss duration less than one year	112,298,649	94,417,123
Aggregate Fair Value of Investments, Loss duration greater than one year	42,011,693	6,875,230
Aggregate Fair Value of Investments, Total	$ 154,310,342	$ 101,292,353

Investments (Investments Classi

Investments (Investments Classified by Contractual Maturity Date) (Details) - Fixed Income Securities	Sep. 30, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Due within one year	$ 12,897,614
Due between one and five years	90,409,878
Due over five years	51,934,874
Total	$ 155,242,366

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 315,110,961	$ 235,014,277
Work-in-process	39,805,042	34,032,164
Finished goods	63,370,158	47,221,001
Total Inventory	$ 418,286,161	$ 316,267,442	[1]
[1]The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated 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		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic Earnings Per Share
Net income		$ 72,655,995	$ 76,660,548	$ 232,589,023	$ 276,617,836
Less: Dividends and undistributed earnings allocated to participating securities		1,096,274	1,240,581	3,563,605	4,240,503
Net Income available to common shareholders		$ 71,559,721	$ 75,419,967	$ 229,025,418	$ 272,377,333
Basic weighted average shares outstanding		231,316,879	234,005,573	231,072,421	236,628,999
Net income per share - Basic (in dollars per share)	[1]	$ 0.31	$ 0.32	$ 0.99	$ 1.15
Diluted Earnings Per Share
Allocation of Net Income used in basic computation		$ 71,559,721	$ 75,419,967	$ 229,025,418	$ 272,377,333
Reallocation of undistributed earnings		848	2,943	4,412	13,289
Net Income available to common shareholders - Diluted		$ 71,560,569	$ 75,422,910	$ 229,029,830	$ 272,390,622
Number of shares used in basic computation		231,316,879	234,005,573	231,072,421	236,628,999
Additional weighted average dilutive common stock equivalents (in shares)		300,138	897,636	457,032	1,108,216
Diluted weighted average shares outstanding		231,617,017	234,903,209	231,529,453	237,737,215
Net Income per share - Diluted (in dollars per share)	[1]	$ 0.31	$ 0.32	$ 0.99	$ 1.15
Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive		2,456,463	987,757	1,526,986	180,669
[1] (1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards.

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Narrative) (Details)		1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2022 shares	May 31, 2022 shares	Sep. 30, 2022 USD ($) plan shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) plan shares	Sep. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments | $			$ 7,611,545	$ 7,492,763	$ 22,973,113	$ 20,114,921
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the Omnibus plan					1,624,122
Number of shares authorized	2,000,000
ESPP discount rate	85%
ESPP discount rate recognized as compensation expense	15%
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)					7,994,761
Shares issued under the Omnibus plan					19,523,865
Number of shares authorized			45,000,000		45,000,000
Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $			$ 9,723,678		$ 9,723,678
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 | $			45,827,137		$ 45,827,137
Restricted period, maximum					10 years
Amortization expense | $			$ (5,504,462)	$ (5,215,981)	$ (16,130,339)	$ (13,978,358)
Gentex Corporation Employee Stock Purchase Plan | Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the Omnibus plan					54,977
Number of shares authorized		2,000,000
ESPP discount rate		85%
ESPP discount rate recognized as compensation expense		15%
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 | $			$ 8,480,588		$ 8,480,588
Performance Shares | Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the Omnibus plan					2,271,456

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans (Shares Issued Net of Shares Canceled/Expired) (Details) - Omnibus Incentive Plan	9 Months Ended
	Sep. 30, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)	7,994,761
Shares issued under the Omnibus plan	19,523,865
Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	4,227,080
Conversion rate, options	100%
Shares issued under the Omnibus plan	4,227,080
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	3,208,209
Conversion rate, shares	406%
Shares issued under the Omnibus plan	13,025,329
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	559,472
Conversion rate, shares	406%
Shares issued under the Omnibus plan	2,271,456

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans (Weighted-Average Assumptions for the ESOP) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Dividend yield	1.78%	1.83%	1.79%	1.86%
Expected volatility	29.02%	27.47%	28.62%	27.67%
Risk-free interest rate	4.06%	0.98%	3.16%	0.92%
Expected term of options (years)	4 years 1 month 24 days	4 years 1 month 20 days	4 years 1 month 24 days	4 years 1 month 24 days
Weighted average grant-date fair value (in dollars per share)	$ 5.97	$ 6.32	$ 6.28	$ 6.49

Comprehensive Income (AOCI Roll

Comprehensive Income (AOCI Rollforward) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021	Dec. 31, 2021	[1]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,986,574,480	$ 1,916,318,989	$ 1,937,988,467	[1]	$ 1,963,943,128
Net current-period change	14,241,836	(994,438)	1,358,713		(3,580,452)
Balance at end of period	2,034,045,664	1,887,630,286	2,034,045,664		1,887,630,286
Accumulated other comprehensive (loss) income, end of period	3,285,957		3,285,957			$ 1,927,244
Accumulated  Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(10,955,879)	4,265,038	1,927,244		6,851,052
Net current-period change	14,241,836	(994,438)	1,358,713		(3,580,452)
Balance at end of period	3,285,957	3,270,600	3,285,957		3,270,600
Accumulated other comprehensive (loss) income, end of period	3,285,957	3,270,600	3,285,957		3,270,600
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(3,107,157)	879,832	920,589		769,045
Other Comprehensive (loss) income before reclassifications	17,751,603	(349,165)	13,723,857		(238,378)
Net current-period change	17,751,603	(349,165)	13,723,857		(238,378)
Balance at end of period	14,644,446	530,667	14,644,446		530,667
Unrealized gains on available-for-sale debt securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(7,848,722)	3,385,206	1,006,655		6,082,007
Other Comprehensive (loss) income before reclassifications	(3,714,578)	(645,273)	(13,042,231)		(2,727,750)
Amounts reclassified from accumulated other comprehensive income	204,811	0	677,087		(614,324)
Net current-period change	(3,509,767)	(645,273)	(12,365,144)		(3,342,074)
Balance at end of period	$ (11,358,489)	$ 2,739,933	$ (11,358,489)		$ 2,739,933
[1]The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Provision for income taxes	$ (13,506,358)	$ (13,233,686)	$ (41,676,723)	$ (50,358,854)
Unrealized gains on available-for-sale debt securities
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Total net reclassifications for the period	(204,811)	0	(677,087)	614,324
Amounts Reclassified from Other Comprehensive Income | Unrealized gains on available-for-sale debt securities
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Realized (loss) gain on sale of securities	(259,254)	0	(857,072)	777,625
Provision for income taxes	54,443	0	179,985	(163,301)
Total net reclassifications for the period	$ (204,811)	$ 0	$ (677,087)	$ 614,324

Debt and Financing Arrangemen_2

Debt and Financing Arrangements (Details) - USD ($)	Sep. 30, 2022	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		3 Months Ended		9 Months Ended
	Aug. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Stock repurchased (in shares)				3.3
Common stock issued under stock compensation plan (in shares)				1.4
Issuance of common shares as partial consideration for an investment in Green Marbles				0.2
Net decrease in period (in shares)				1.8
Dividends declared (in dollars per share)		$ 0.12	$ 0.12	$ 0.36	$ 0.360
Dividends declared	$ 28.2

Segment Reporting (Schedule of

Segment Reporting (Schedule of Automotive and Other Segment Reporting) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 493,636,695	$ 399,598,744	$ 1,425,310,472	$ 1,311,328,609
Income (loss) from operations	86,791,540	88,164,940	275,888,413	321,823,263
Automotive Products
Segment Reporting Information [Line Items]
Revenue	480,937,253	391,338,185	1,391,840,835	1,287,578,273
Income (loss) from operations	87,109,317	89,121,170	277,492,945	325,579,533
Other
Segment Reporting Information [Line Items]
Revenue	12,699,442	8,260,559	33,469,637	23,750,336
Income (loss) from operations	$ (317,777)	$ (956,230)	$ (1,604,532)	$ (3,756,270)

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	15.20%	15.40%

Revenue (Details)

Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 493,636,695	$ 399,598,744	$ 1,425,310,472	$ 1,311,328,609
Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	480,937,253	391,338,185	1,391,840,835	1,287,578,273
Other Segment
Disaggregation of Revenue [Line Items]
Revenue	12,699,442	8,260,559	33,469,637	23,750,336
Automotive Products
Disaggregation of Revenue [Line Items]
Revenue	480,937,253	391,338,185	1,391,840,835	1,287,578,273
Automotive Mirrors & Electronics | Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	448,773,060	360,415,449	1,291,891,664	1,185,997,034
HomeLink Modules | Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	32,164,193	30,922,736	99,949,171	101,581,239
Fire Protection Products | Other Segment
Disaggregation of Revenue [Line Items]
Revenue	10,484,680	5,886,227	28,577,916	18,010,048
Aerospace Products | Other Segment
Disaggregation of Revenue [Line Items]
Revenue	2,214,762	2,374,332	4,891,721	5,740,288
U.S. | Automotive Products
Disaggregation of Revenue [Line Items]
Revenue	147,865,393	128,570,314	435,877,621	410,852,689
U.S. | Other Products
Disaggregation of Revenue [Line Items]
Revenue	12,699,442	8,260,559	33,469,637	23,750,336
Germany | Automotive Products
Disaggregation of Revenue [Line Items]
Revenue	65,508,444	55,162,289	204,653,773	183,513,145
Japan | Automotive Products
Disaggregation of Revenue [Line Items]
Revenue	63,797,497	53,750,242	165,215,741	161,814,352
Mexico | Automotive Products
Disaggregation of Revenue [Line Items]
Revenue	32,024,141	25,239,690	93,951,398	85,574,821
Other | Automotive Products
Disaggregation of Revenue [Line Items]
Revenue	$ 171,741,778	$ 128,615,650	$ 492,142,302	$ 445,823,266

Leases (Details)

Leases (Details)	Sep. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	2 years
Weighted average discount rate	5.70%
2022 (excluding the nine months ended September 30, 2022)	$ 337,069
2023	1,039,840
2024	297,208
2025	97,778
2026	18,388
Thereafter	888
Total future minimum lease payments	1,791,171
Less imputed interest	(44,590)
Total	1,746,581
Accrued Liabilities	1,145,538
Other Non-Current Liabilities	$ 601,043
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

Acquisition (Details)

Acquisition (Details) - Guardian Optical Technologies $ in Millions	Mar. 03, 2021 USD ($)
Business Acquisition [Line Items]
Purchase price of acquisition	$ 12
Ownership percentage of business acquisition	100%