Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 27, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 $0.06 per share | |
Trading Symbol | GNTX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 233,252,591 | |
Entity Central Index Key | 0000355811 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | [1] |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 260,633,625 | $ 214,754,638 | |
Restricted Cash | 0 | 4,000,000 | |
Short-term investments | 17,464,830 | 23,007,385 | |
Accounts receivable, net | 351,142,147 | 276,493,752 | |
Inventories | 395,452,780 | 404,360,270 | |
Prepaid expenses and other | 30,758,445 | 26,036,331 | |
Total current assets | 1,055,451,827 | 948,652,376 | |
PLANT AND EQUIPMENT—NET | 606,180,738 | 550,033,036 | |
OTHER ASSETS | |||
Goodwill | 313,157,393 | 313,807,494 | |
Long-term investments | 272,615,535 | 202,331,983 | |
Intangible assets, net | 204,885,910 | 219,360,910 | |
Deferred tax asset | 36,513,490 | 25,528,700 | |
Patents and other assets, net | 69,513,945 | 67,515,425 | |
Total other assets | 896,686,273 | 828,544,512 | |
Total assets | 2,558,318,838 | 2,327,229,924 | |
CURRENT LIABILITIES | |||
Accounts payable | 171,359,850 | 151,740,046 | |
Accrued liabilities | 103,045,653 | 98,812,706 | |
Total current liabilities | 274,405,503 | 250,552,752 | |
OTHER NON-CURRENT LIABILITIES | 15,459,528 | 10,884,351 | |
Total liabilities | 289,865,031 | 261,437,103 | |
SHAREHOLDERS’ INVESTMENT | |||
Common stock | 13,995,548 | 14,050,160 | |
Additional paid-in capital | 961,199,149 | 917,499,323 | |
Retained earnings | 1,306,931,850 | 1,148,386,272 | |
Accumulated other comprehensive loss | (13,672,740) | (14,142,934) | |
Total shareholders’ investment | 2,268,453,807 | 2,065,792,821 | |
Total liabilities and shareholders’ investment | $ 2,558,318,838 | $ 2,327,229,924 | |
[1]The condensed consolidated balance sheet at December 31, 2022 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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Income Statement [Abstract] | |||||
NET SALES | $ 575,848,490 | $ 493,636,695 | $ 1,710,082,647 | $ 1,425,310,472 | |
COST OF GOODS SOLD | 384,407,857 | 346,435,670 | 1,150,821,744 | 969,330,474 | |
Gross profit | 191,440,633 | 147,201,025 | 559,260,903 | 455,979,998 | |
OPERATING EXPENSES: | |||||
Engineering, research and development | 40,197,517 | 33,541,331 | 112,825,054 | 98,373,737 | |
Selling, general & administrative | 28,826,587 | 26,868,154 | 83,479,285 | 81,717,848 | |
Total operating expenses | 69,024,104 | 60,409,485 | 196,304,339 | 180,091,585 | |
Income from operations | 122,416,529 | 86,791,540 | 362,956,564 | 275,888,413 | |
OTHER INCOME (LOSS) | |||||
Investment income | 3,851,967 | 1,496,852 | 9,682,096 | 3,205,452 | |
Other loss, net | (1,788,335) | (2,126,039) | (3,559,613) | (4,828,119) | |
Total other income (loss) | 2,063,632 | (629,187) | 6,122,483 | (1,622,667) | |
INCOME BEFORE PROVISION FOR INCOME TAXES | 124,480,161 | 86,162,353 | 369,079,047 | 274,265,746 | |
PROVISION FOR INCOME TAXES | 19,754,749 | 13,506,358 | 57,619,971 | 41,676,723 | |
NET INCOME | $ 104,725,412 | $ 72,655,995 | $ 311,459,076 | $ 232,589,023 | |
EARNINGS PER SHARE: | |||||
Basic (in dollars per share) | [1] | $ 0.45 | $ 0.31 | $ 1.33 | $ 0.99 |
Diluted (in dollars per share) | [1] | 0.45 | 0.31 | 1.33 | 0.99 |
Cash Dividends Declared per Share (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.360 | $ 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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 104,725,412 | $ 72,655,995 | $ 311,459,076 | $ 232,589,023 |
Other comprehensive (loss) income before tax: | ||||
Foreign currency translation adjustments | (717,457) | 17,751,603 | (2,295,001) | 13,723,857 |
Unrealized gains (losses) on debt securities, net | 363,905 | (4,442,743) | 3,500,247 | (15,652,081) |
Other comprehensive (loss) income, before tax | (353,552) | 13,308,860 | 1,205,246 | (1,928,224) |
Income tax impact related to components of other comprehensive income (loss) | 76,420 | (932,976) | 735,052 | (3,286,937) |
Other comprehensive (loss) income, net of tax | (429,972) | 14,241,836 | 470,194 | 1,358,713 |
Comprehensive income | $ 104,295,440 | $ 86,897,831 | $ 311,929,270 | $ 233,947,736 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | $ 2,195,949,326 | $ 1,986,574,480 | $ 2,065,792,821 | [1] | $ 1,937,988,467 |
Issuance of common stock from stock plan transactions | 10,422,050 | 3,369,936 | $ 24,304,861 | 12,365,103 | |
Issuance of common stock related to acquisitions | 5,000,012 | ||||
Repurchases of common stock (in shares) | (2,700,000) | ||||
Repurchases of common stock | (25,169,378) | (22,256,782) | $ (78,735,501) | (93,508,804) | |
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | 10,948,031 | 7,611,546 | 29,212,236 | 22,973,113 | |
Dividends declared | (27,991,662) | (28,151,347) | (84,049,880) | (84,719,963) | |
Net income | 104,725,412 | 72,655,995 | 311,459,076 | 232,589,023 | |
Other comprehensive income (loss) | (429,972) | 14,241,836 | 470,194 | 1,358,713 | |
Ending Balance | $ 2,268,453,807 | $ 2,034,045,664 | $ 2,268,453,807 | $ 2,034,045,664 | |
Common Stock | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning balance (in shares) | 233,429,994 | 235,132,265 | 234,169,335 | 236,440,840 | |
Beginning Balance | $ 14,005,799 | $ 14,107,936 | $ 14,050,160 | $ 14,186,450 | |
Issuance of common stock from stock plan transactions (in shares) | 605,637 | 315,433 | 1,833,596 | 1,284,615 | |
Issuance of common stock from stock plan transactions | $ 36,338 | $ 18,926 | $ 110,016 | $ 77,077 | |
Issuance of common stock related to acquisitions (in shares) | 162,433 | ||||
Issuance of common stock related to acquisitions | $ 9,746 | ||||
Repurchases of common stock (in shares) | (776,488) | (850,306) | (2,743,788) | (3,290,496) | |
Repurchases of common stock | $ (46,589) | $ (51,019) | $ (164,628) | $ (197,430) | |
Ending balance (in shares) | 233,259,143 | 234,597,392 | 233,259,143 | 234,597,392 | |
Ending Balance | $ 13,995,548 | $ 14,075,843 | $ 13,995,548 | $ 14,075,843 | |
Additional Paid-In Capital | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 942,660,764 | 900,576,404 | 917,499,323 | 879,413,385 | |
Issuance of common stock from stock plan transactions | 10,385,712 | 3,351,010 | 24,194,845 | 12,288,026 | |
Issuance of common stock related to acquisitions | 4,990,266 | ||||
Repurchases of common stock | (2,795,358) | (2,916,551) | (9,707,255) | (11,042,381) | |
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | 10,948,031 | 7,611,546 | 29,212,236 | 22,973,113 | |
Ending Balance | 961,199,149 | 908,622,409 | 961,199,149 | 908,622,409 | |
Retained Earnings | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 1,252,525,531 | 1,082,846,019 | 1,148,386,272 | 1,042,461,388 | |
Repurchases of common stock | (22,327,431) | (19,289,212) | (68,863,618) | (82,268,993) | |
Dividends declared | (27,991,662) | (28,151,347) | (84,049,880) | (84,719,963) | |
Net income | 104,725,412 | 72,655,995 | 311,459,076 | 232,589,023 | |
Ending Balance | 1,306,931,850 | 1,108,061,455 | 1,306,931,850 | 1,108,061,455 | |
Accumulated Other Comprehensive Income (Loss) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | (13,242,768) | (10,955,879) | (14,142,934) | 1,927,244 | |
Other comprehensive income (loss) | (429,972) | 14,241,836 | 470,194 | 1,358,713 | |
Ending Balance | $ (13,672,740) | $ 3,285,957 | $ (13,672,740) | $ 3,285,957 | |
[1]The condensed consolidated balance sheet at December 31, 2022 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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.360 | $ 0.360 |
UNAUDITED CONDENSED CONSOLIDA_6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 311,459,076 | $ 232,589,023 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 71,001,177 | 73,289,065 |
(Gain) on disposal of assets | (271,510) | (56,257) |
Loss on disposal of assets | 250,435 | 22,096 |
(Gain) on sale of investments and equity method investment income | (2,747,586) | (391,378) |
Loss on sale of investments and equity method investment losses | 6,840,692 | 1,248,450 |
Change in deferred income taxes | (11,870,944) | 4,785,787 |
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock | 29,212,236 | 22,973,113 |
Change in operating assets and liabilities: | ||
Accounts receivable, net | (74,648,395) | (42,618,585) |
Inventories | 8,907,490 | (102,018,719) |
Prepaid expenses and other | (5,416,624) | (16,978,469) |
Accounts payable | 27,451,773 | 52,511,201 |
Accrued liabilities, excluding dividends declared | 7,500,486 | 11,002,238 |
Net cash provided by operating activities | 367,668,306 | 236,357,565 |
Activity in investments: | ||
Sales proceeds | 32,839,883 | 37,429,595 |
Maturities and calls | 14,435,000 | 3,500,000 |
Purchases | (112,608,739) | (49,554,476) |
Plant and equipment additions | (121,393,801) | (108,475,787) |
Proceeds from sale of plant and equipment | 185,610 | 91,949 |
Increase in other assets | (2,533,687) | (2,310,428) |
Net cash used for investing activities | (189,075,734) | (119,319,147) |
CASH FLOWS USED FOR FINANCING ACTIVITIES: | ||
Issuance of common stock from stock plan transactions | 24,304,861 | 12,365,103 |
Cash dividends paid | (84,159,105) | (84,941,178) |
Repurchases of common stock | (76,859,341) | (83,840,290) |
Net cash used for financing activities | (136,713,585) | (156,416,365) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 41,878,987 | (39,377,947) |
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, beginning of period | 218,754,638 | 262,311,670 |
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, end of period | 260,633,625 | 222,933,723 |
Property and equipment in accounts payable and accrued expenses and other current liabilities | $ 9,708,125 | $ 5,064,356 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
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 2022 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, 2023, 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, 2023 | |
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, 2023 and December 31, 2022 was $313.2 million and $313.8 million, respectively, as set forth in the table below: Carrying Amount Balance as of December 31, 2022 $ 313,807,494 Acquisitions — Divestitures — Impairments — Other (650,101) Balance as of September 30, 2023 $ 313,157,393 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 the UAW strike, component shortages, supply chain constraints, inflation, and labor shortages were 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, 2023: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 39,170,904 $ (27,611,804) $ 11,559,100 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (150,000,000) 30,000,000 12 years Existing Customer Platforms 43,000,000 (43,000,000) — 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 $ (193,000,000) $ 204,885,910 Total Patents & Other Intangible Assets $ 437,056,814 $ (220,611,804) $ 216,445,010 As of December 31, 2022: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 40,653,851 $ (27,820,383) $ 12,833,468 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (138,750,000) 41,250,000 12 years Existing Customer Platforms 43,000,000 (39,775,000) 3,225,000 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 $ (178,525,000) $ 219,360,910 Total Patents & Other Intangible Assets $ 438,539,761 $ (206,345,383) $ 232,194,378 Amortization expense on patents and intangible assets was approximately $5.2 million and $15.6 million during the three and nine months ended September 30, 2023, respectively, compared to approximately $5.5 million and $16.6 million for the same periods ended September 30, 2022, respectively. Excluding the impact of any future acquisitions, the Company estimates amortization expense for the year ending December 31, 2023 to be approximately $20 million, for the year ending December 31, 2024 to be |
Investments
Investments | 9 Months Ended |
Sep. 30, 2023 | |
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% common shares ownership interest), is included in the consolidated operating results using the equity method of accounting. The Company has also made technology investments in certain non-consolidated affiliates for common share 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, the equity investments are held at cost. Such technology investments totaled approximately $125.3 million and $69.5 million as of September 30, 2023 and December 31, 2022, respectively. On March 9, 2023, the Company purchased a 15% equity investment in Adasky, LTD. for $21.5 million. On July 5, 2023, the Company purchased an additional 12% equity investment in Adasky, for an additional $21.5 million. Adasky is an Israeli-based leading developer and manufacturer of intelligent thermal sensing technologies. $2.2 million and $3.8 million of these technology investments are classified within Short-Term Investments in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. $123.1 million and $65.7 million of these investments are classified within Long-Term Investments in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively. Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2023 and December 31, 2022: As of September 30, 2023: 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, 2023 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 260,633,625 $ 260,633,625 $ — $ — Short-Term Investments: Certificate of Deposit 989,198 989,198 — — Corporate Bonds 1,927,301 — 1,927,301 — Government Securities 5,176,215 — 5,176,215 — Municipal Bonds 2,409,861 — 2,409,861 — Other 4,723,625 1,256,600 3,467,025 — Long-Term Investments: Asset Backed Securities 21,064,870 — 21,064,870 — Certificate of Deposit 740,950 740,950 — — Corporate Bonds 50,484,099 — 50,484,099 — Government Securities 28,297,530 — 28,297,530 — Municipal Bonds 47,583,725 — 47,583,725 — Common Stock 1,386,988 1,386,988 — — Total $ 425,417,987 $ 265,007,361 $ 160,410,626 $ — As of December 31, 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 December 31, 2022 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 214,754,638 $ 214,754,638 $ — $ — Restricted Cash 4,000,000 4,000,000 — — Short-Term Investments: Certificate of Deposit 1,736,163 1,736,163 — — Corporate Bonds 5,473,341 — 5,473,341 — Government Securities 4,423,041 — 4,423,041 — Municipal Bonds 5,174,773 — 5,174,773 — Other 2,347,602 1,093,602 1,254,000 — Long-Term Investments: Asset-backed Securities 18,829,696 — 18,829,696 — Certificate of Deposit 238,925 238,925 — — Corporate Bonds 36,310,477 — 36,310,477 — Governmental Securities 36,532,634 — 36,532,634 — Municipal Bonds 48,430,166 — 48,430,166 Common Stock 293,300 293,300 — — Total $ 378,544,756 $ 222,116,628 $ 156,428,128 $ — The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of September 30, 2023 and December 31, 2022: As of September 30, 2023: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,000,000 $ — $ (10,802) $ 989,198 Corporate Bonds 1,982,128 — (54,827) 1,927,301 Government Securities 5,198,015 — (21,800) 5,176,215 Municipal Bonds 2,431,031 — (21,170) 2,409,861 Other 4,723,625 — — 4,723,625 Long-Term Investments: Asset Backed Securities 21,273,402 — (208,532) 21,064,870 Certificate of Deposit 750,000 — (9,050) 740,950 Corporate Bonds 53,814,699 — (3,330,600) 50,484,099 Government Securities 29,640,890 — (1,343,360) 28,297,530 Municipal Bonds 51,881,686 378,802 (4,676,763) 47,583,725 Common Stock 1,637,386 2,311 (252,709) 1,386,988 Total $ 174,332,862 $ 381,113 $ (9,929,613) $ 164,784,362 As of December 31, 2022: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,750,256 $ — $ (14,093) $ 1,736,163 Corporate Bonds 5,571,417 — (98,076) 5,473,341 Government Securities 4,476,613 — (53,572) 4,423,041 Municipal Bonds 5,223,500 — (48,727) 5,174,773 Other 2,347,602 — — 2,347,602 Long-Term Investments: Asset-backed Securities 19,151,229 — (321,533) 18,829,696 Certificate of Deposit 250,000 — (11,075) 238,925 Corporate Bonds 40,410,206 — (4,099,729) 36,310,477 Government Securities 39,637,461 — (3,104,827) 36,532,634 Municipal Bonds 53,476,883 235,713 (5,282,430) 48,430,166 Common Stock 292,638 662 — 293,300 Total $ 172,587,805 $ 236,375 $ (13,034,062) $ 159,790,118 Unrealized losses on investments as of September 30, 2023, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 1,340,283 $ 51,123,646 Loss duration of greater than one year 8,589,330 103,252,208 Total $ 9,929,613 $ 154,375,854 Unrealized losses on investments as of December 31, 2022, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 4,816,103 $ 77,701,146 Loss duration of greater than one year 8,217,959 76,643,586 Total $ 13,034,062 $ 154,344,732 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. Due within one year $ 10,502,575 Due between one and five years 98,587,270 Due over five years 49,583,904 $ 158,673,749 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following at the respective balance sheet dates: September 30, 2023 December 31, 2022 Raw materials $ 281,802,062 $ 304,184,004 Work-in-process 44,896,661 45,512,275 Finished goods 68,754,057 54,663,991 Total Inventory $ 395,452,780 $ 404,360,270 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and September 30, 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Basic Earnings Per Share Net Income $ 104,725,412 $ 72,655,995 $ 311,459,076 $ 232,589,023 Less: Dividends and undistributed earnings allocated to participating securities 1,537,105 1,096,274 4,636,523 3,563,605 Net Income available to common shareholders $ 103,188,307 $ 71,559,721 $ 306,822,553 $ 229,025,418 Basic weighted average shares outstanding 230,047,014 231,316,879 229,866,008 231,072,421 Net Income per share - Basic $ 0.45 $ 0.31 $ 1.33 $ 0.99 Diluted Earnings Per Share Allocation of Net Income used in basic computation $ 103,188,307 $ 71,559,721 $ 306,822,553 $ 229,025,418 Reallocation of undistributed earnings 1,978 848 4,577 4,412 Net Income available to common shareholders - Diluted $ 103,190,285 $ 71,560,569 $ 306,827,130 $ 229,029,830 Number of shares used in basic computation 230,047,014 231,316,879 229,866,008 231,072,421 Additional weighted average dilutive common stock equivalents 410,397 300,138 315,666 457,032 Diluted weighted average shares outstanding 230,457,411 231,617,017 230,181,674 231,529,453 Net Income per share - Diluted $ 0.45 $ 0.31 $ 1.33 $ 0.99 Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive 1,384,066 2,456,463 1,410,341 1,526,986 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans As of September 30, 2023, 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, 2022, for additional information related to the Prior Plans. The Company recognized total compensation expense for share-based payments of $10,948,031 and $29,212,236 for the three and nine months ended September 30, 2023, respectively. The Company recognized compensation expense for share-based payments of $7,611,546 and $22,973,113 for the three and nine months ended September 30, 2022, 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 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 2019 Omnibus 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, 2023, 9,733,895 share awards have been made under the Plan, resulting in 24,797,549 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 4,811,132 1.00 4,811,132 Restricted Stock 4,056,891 4.06 16,470,977 Performance Shares 865,872 4.06 3,515,440 Total 9,733,895 24,797,549 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, 2023 2022 2023 2022 Dividend Yield (1) 1.72 % 1.78 % 1.74 % 1.79 % Expected volatility (2) 28.66 % 29.02 % 28.89 % 28.62 % Risk-free interest rate (3) 4.60 % 4.06 % 4.11 % 3.16 % Expected term of options (years) (4) 4.14 4.15 4.15 4.15 Weighted-avg. grant date fair value $8.40 $5.97 $7.54 $6.28 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, 2023, the Company had unearned stock-based compensation of $46,555,320 associated with the restricted stock grants issued under the 2019 Omnibus Plan and the Second Restricted Stock 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, 2023 was $6,369,348 and $18,178,157, respectively. 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. 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, 2023, the Company had unearned stock-based compensation of $18,288,329 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. Compensation expense related to these performance share grants in the three and nine months ended September 30, 2023 was $2,463,158 and $4,600,386, respectively. Compensation expense related to these performance share grants in the three and nine months ended September 30, 2022 was $308,812 and $1,431,018, respectively. As part of its objective of attracting and retaining management to fulfill the Company's strategic goals, the Compensation Committee recommended and the Board approved on February 16, 2023, a retention grant of performance share awards ("PSAs"). In addition to the retention of management, the PSAs have been granted to further align management goals with those of the Company's shareholders. For that reason, the PSAs have been granted with performance criteria and will be based upon achievement of the Company's relative total shareholder return ("TSR") over a four year period (2023-2026), against a predetermined peer group. The grant date fair value of PSAs with TSR targets was determined using a Monte Carlo simulation. Compensation expense related to these retention grants in the three and nine months ended September 30, 2023 was $441,115 and $1,082,333, respectively. 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, 2023, 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, 2023, the Company has issued 250,369 shares under this plan. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) 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 loss by component (all amounts shown are net of tax): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Foreign currency translation adjustments: Balance at beginning of period $ (5,609,783) $ (3,107,157) $ (4,032,239) $ 920,589 Other Comprehensive (loss) income before reclassifications (717,457) 17,751,603 (2,295,001) 13,723,857 Net current-period change (717,457) 17,751,603 (2,295,001) 13,723,857 Balance at end of period (6,327,240) 14,644,446 (6,327,240) 14,644,446 Unrealized (losses) gains on available-for-sale debt securities: Balance at beginning of period (7,632,985) (7,848,722) (10,110,695) 1,006,655 Other Comprehensive (loss) income before reclassifications (1,293,419) (3,714,578) (468,359) (13,042,231) Amounts reclassified from accumulated other comprehensive income 1,580,904 204,811 3,233,554 677,087 Net current-period change 287,485 (3,509,767) 2,765,195 (12,365,144) Balance at end of period (7,345,500) (11,358,489) (7,345,500) (11,358,489) Accumulated other comprehensive (loss) income, end of period $ (13,672,740) $ 3,285,957 $ (13,672,740) $ 3,285,957 The following table presents details of reclassifications out of accumulated other comprehensive loss for the three and nine months ended September 30, 2023 and 2022: Details about Accumulated Other Comprehensive Loss Components Amounts Reclassified from Other Comprehensive Loss Affected Line item in the Consolidated Statements of Income Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Unrealized gains (losses) on available-for-sale debt securities Realized gain (loss) on sale of securities $ (2,001,144) $ (259,254) $ (4,093,106) $ (857,072) Investment income Provision for income taxes 420,240 54,443 859,552 179,985 Provision for income taxes Total net reclassifications for the period $ (1,580,904) $ (204,811) $ (3,233,554) $ (677,087) |
Debt and Financing Arrangements
Debt and Financing Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | Debt and Financing Arrangements On October 15, 2018, the Company entered into a credit agreement with PNC as the administrative agent and sole lender, which has now been amended and restated as discussed below. On February 21, 2023, as previously disclosed, the Company entered into an amended and restated credit agreement ("Credit Agreement") that provides for, among other things, a three-year unsecured revolving credit facility with a borrowing capacity of up to $250.0 million ("Revolver") that matures on February 21, 2026, replacing in its entirety the Company's above referenced prior $150.0 million revolving credit facility scheduled to mature on October 15, 2023. Included in the Revolver is a $20.0 million sublimit for standby letters of credit and a $35.0 million sublimit for swingline loans, each subject to certain conditions. Funds are available under the Revolver for working capital, capital expenditures, and other lawful corporate purposes, including, but not limited to, acquisitions and common stock repurchases, subject in each case to compliance with certain financial covenants, as defined in the Credit Agreement. As of September 30, 2023, there was no outstanding balance on the Revolver. As of September 30, 2023, the Company is in compliance with its covenants under the Credit Agreement. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Equity | Equity The decrease in common stock during the nine months ended September 30, 2023, was primarily due to the repurchases of 2.7 million shares, partially offset by the issuance of 1.8 million shares of the Company’s common stock, net of cancellations, under the Company’s stock-based compensation plans. The total net decrease was 0.9 million shares. The Company recorded a cash dividend of $0.120 per share during the third quarter of 2023 as compared to a cash dividend of $0.120 per share during the third quarter of 2022. The third quarter 2023 dividend of $28.0 million was declared on September 1, 2023 and was paid on October 18, 2023. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | ContingenciesThe Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment, regulatory, and other matters. Such matters are subject to many uncertainties and outcomes are not predictable. The Company does not believe, however, that at the current time any of these matters constitute material pending legal proceedings that will have a material adverse effect on the financial position or future results of operations or cash flows of the Company. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment ReportingThe 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. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue: Automotive Products $ 564,510,277 $ 480,937,253 $ 1,676,043,013 $ 1,391,840,835 Other 11,338,213 12,699,442 34,039,634 33,469,637 Total $ 575,848,490 $ 493,636,695 $ 1,710,082,647 $ 1,425,310,472 Income (Loss) from operations: Automotive Products $ 121,875,176 $ 87,109,317 $ 362,044,032 $ 277,492,945 Other 541,353 (317,777) 912,532 (1,604,532) Total $ 122,416,529 $ 86,791,540 $ 362,956,564 $ 275,888,413 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe effective tax rate was 15.6% in the nine months ended September 30, 2023, compared to an effective tax rate of 15.2% for the same period in 2022. 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, 2023 | |
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, 2023 and September 30, 2022: Three Months Ended September 30, Nine Months Ended September 30, Revenue 2023 2022 2023 2022 Automotive Products U.S. $ 171,312,177 $ 147,865,393 $ 520,034,256 $ 435,877,621 Germany 72,169,634 65,508,444 226,739,945 204,653,773 Japan 73,330,091 63,797,497 229,664,642 165,215,741 Mexico 38,494,969 32,024,141 109,585,767 93,951,398 Other 209,203,406 171,741,778 590,018,403 492,142,302 Total Automotive Products $ 564,510,277 $ 480,937,253 $ 1,676,043,013 $ 1,391,840,835 Other Products (U.S.) 11,338,213 12,699,442 34,039,634 33,469,637 Total Revenue $ 575,848,490 $ 493,636,695 $ 1,710,082,647 $ 1,425,310,472 Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political, and labor conditions; 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; labor strikes, armed conflicts and acts of terrorism and war; 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, 2023 and September 30, 2022: Three Months Ended September 30, Nine Months Ended September 30, Revenue 2023 2022 2023 2022 Automotive Segment Automotive Mirrors & Electronics $ 531,423,832 $ 448,773,060 $ 1,577,792,206 $ 1,291,891,664 HomeLink Modules* 33,086,445 32,164,193 98,250,807 99,949,171 Total Automotive Products $ 564,510,277 $ 480,937,253 $ 1,676,043,013 $ 1,391,840,835 Other Segment Fire Protection Products 5,151,785 10,484,680 20,471,868 28,577,916 Aerospace Products 6,186,428 2,214,762 13,567,766 4,891,721 Total Other $ 11,338,213 $ 12,699,442 $ 34,039,634 $ 33,469,637 *Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company has operating leases for certain sales, manufacturing, 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, 2023 was 3 years, with a weighted average discount rate of 6.3%. Future minimum lease payments for operating leases as of September 30, 2023 were as follows: Year ending December 31, 2023 (excluding the nine months ended September 30, 2023) $ 499,620 2024 1,526,098 2025 1,058,401 2026 455,548 2027 215,734 Thereafter — Total future minimum lease payments 3,755,401 Less imputed interest (189,042) Total $ 3,566,359 Accrued Liabilities $ 1,633,120 Other Non-Current Liabilities 1,933,239 Total $ 3,566,359 |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On November 2, 2023, the Company acquired certain technology assets from eSight Corporation for approximately $18.9 million in cash, in addition to the 20% equity the Company previously held in the assets, as well as an earn out provision over a ten year period. The technology acquired from eSight provides the most advanced and versatile low-vision smart glasses available for those with visual impairments and is compatible with more than 20 eye conditions including Macular Degeneration, Diabetic Retinopathy, and Stargardt disease. These assets will be classified within the Company's Other segment. The Company will account 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, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying value of Goodwill as of both September 30, 2023 and December 31, 2022 was $313.2 million and $313.8 million, respectively, as set forth in the table below: Carrying Amount Balance as of December 31, 2022 $ 313,807,494 Acquisitions — Divestitures — Impairments — Other (650,101) Balance as of September 30, 2023 $ 313,157,393 |
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, 2023: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 39,170,904 $ (27,611,804) $ 11,559,100 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (150,000,000) 30,000,000 12 years Existing Customer Platforms 43,000,000 (43,000,000) — 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 $ (193,000,000) $ 204,885,910 Total Patents & Other Intangible Assets $ 437,056,814 $ (220,611,804) $ 216,445,010 As of December 31, 2022: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 40,653,851 $ (27,820,383) $ 12,833,468 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (138,750,000) 41,250,000 12 years Existing Customer Platforms 43,000,000 (39,775,000) 3,225,000 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 $ (178,525,000) $ 219,360,910 Total Patents & Other Intangible Assets $ 438,539,761 $ (206,345,383) $ 232,194,378 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments [Abstract] | |
Schedule of Investment Securities Stated at Fair Value | Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2023 and December 31, 2022: As of September 30, 2023: 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, 2023 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 260,633,625 $ 260,633,625 $ — $ — Short-Term Investments: Certificate of Deposit 989,198 989,198 — — Corporate Bonds 1,927,301 — 1,927,301 — Government Securities 5,176,215 — 5,176,215 — Municipal Bonds 2,409,861 — 2,409,861 — Other 4,723,625 1,256,600 3,467,025 — Long-Term Investments: Asset Backed Securities 21,064,870 — 21,064,870 — Certificate of Deposit 740,950 740,950 — — Corporate Bonds 50,484,099 — 50,484,099 — Government Securities 28,297,530 — 28,297,530 — Municipal Bonds 47,583,725 — 47,583,725 — Common Stock 1,386,988 1,386,988 — — Total $ 425,417,987 $ 265,007,361 $ 160,410,626 $ — As of December 31, 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 December 31, 2022 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 214,754,638 $ 214,754,638 $ — $ — Restricted Cash 4,000,000 4,000,000 — — Short-Term Investments: Certificate of Deposit 1,736,163 1,736,163 — — Corporate Bonds 5,473,341 — 5,473,341 — Government Securities 4,423,041 — 4,423,041 — Municipal Bonds 5,174,773 — 5,174,773 — Other 2,347,602 1,093,602 1,254,000 — Long-Term Investments: Asset-backed Securities 18,829,696 — 18,829,696 — Certificate of Deposit 238,925 238,925 — — Corporate Bonds 36,310,477 — 36,310,477 — Governmental Securities 36,532,634 — 36,532,634 — Municipal Bonds 48,430,166 — 48,430,166 Common Stock 293,300 293,300 — — Total $ 378,544,756 $ 222,116,628 $ 156,428,128 $ — |
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, 2023 and December 31, 2022: As of September 30, 2023: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,000,000 $ — $ (10,802) $ 989,198 Corporate Bonds 1,982,128 — (54,827) 1,927,301 Government Securities 5,198,015 — (21,800) 5,176,215 Municipal Bonds 2,431,031 — (21,170) 2,409,861 Other 4,723,625 — — 4,723,625 Long-Term Investments: Asset Backed Securities 21,273,402 — (208,532) 21,064,870 Certificate of Deposit 750,000 — (9,050) 740,950 Corporate Bonds 53,814,699 — (3,330,600) 50,484,099 Government Securities 29,640,890 — (1,343,360) 28,297,530 Municipal Bonds 51,881,686 378,802 (4,676,763) 47,583,725 Common Stock 1,637,386 2,311 (252,709) 1,386,988 Total $ 174,332,862 $ 381,113 $ (9,929,613) $ 164,784,362 As of December 31, 2022: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,750,256 $ — $ (14,093) $ 1,736,163 Corporate Bonds 5,571,417 — (98,076) 5,473,341 Government Securities 4,476,613 — (53,572) 4,423,041 Municipal Bonds 5,223,500 — (48,727) 5,174,773 Other 2,347,602 — — 2,347,602 Long-Term Investments: Asset-backed Securities 19,151,229 — (321,533) 18,829,696 Certificate of Deposit 250,000 — (11,075) 238,925 Corporate Bonds 40,410,206 — (4,099,729) 36,310,477 Government Securities 39,637,461 — (3,104,827) 36,532,634 Municipal Bonds 53,476,883 235,713 (5,282,430) 48,430,166 Common Stock 292,638 662 — 293,300 Total $ 172,587,805 $ 236,375 $ (13,034,062) $ 159,790,118 |
Schedule of Unrealized Loss on Investments | Unrealized losses on investments as of September 30, 2023, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 1,340,283 $ 51,123,646 Loss duration of greater than one year 8,589,330 103,252,208 Total $ 9,929,613 $ 154,375,854 Unrealized losses on investments as of December 31, 2022, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 4,816,103 $ 77,701,146 Loss duration of greater than one year 8,217,959 76,643,586 Total $ 13,034,062 $ 154,344,732 |
Schedule of Investments Classified by Contractual Maturity Date | Due within one year $ 10,502,575 Due between one and five years 98,587,270 Due over five years 49,583,904 $ 158,673,749 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following at the respective balance sheet dates: September 30, 2023 December 31, 2022 Raw materials $ 281,802,062 $ 304,184,004 Work-in-process 44,896,661 45,512,275 Finished goods 68,754,057 54,663,991 Total Inventory $ 395,452,780 $ 404,360,270 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and September 30, 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Basic Earnings Per Share Net Income $ 104,725,412 $ 72,655,995 $ 311,459,076 $ 232,589,023 Less: Dividends and undistributed earnings allocated to participating securities 1,537,105 1,096,274 4,636,523 3,563,605 Net Income available to common shareholders $ 103,188,307 $ 71,559,721 $ 306,822,553 $ 229,025,418 Basic weighted average shares outstanding 230,047,014 231,316,879 229,866,008 231,072,421 Net Income per share - Basic $ 0.45 $ 0.31 $ 1.33 $ 0.99 Diluted Earnings Per Share Allocation of Net Income used in basic computation $ 103,188,307 $ 71,559,721 $ 306,822,553 $ 229,025,418 Reallocation of undistributed earnings 1,978 848 4,577 4,412 Net Income available to common shareholders - Diluted $ 103,190,285 $ 71,560,569 $ 306,827,130 $ 229,029,830 Number of shares used in basic computation 230,047,014 231,316,879 229,866,008 231,072,421 Additional weighted average dilutive common stock equivalents 410,397 300,138 315,666 457,032 Diluted weighted average shares outstanding 230,457,411 231,617,017 230,181,674 231,529,453 Net Income per share - Diluted $ 0.45 $ 0.31 $ 1.33 $ 0.99 Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive 1,384,066 2,456,463 1,410,341 1,526,986 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 4,811,132 1.00 4,811,132 Restricted Stock 4,056,891 4.06 16,470,977 Performance Shares 865,872 4.06 3,515,440 Total 9,733,895 24,797,549 |
Schedule of 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, 2023 2022 2023 2022 Dividend Yield (1) 1.72 % 1.78 % 1.74 % 1.79 % Expected volatility (2) 28.66 % 29.02 % 28.89 % 28.62 % Risk-free interest rate (3) 4.60 % 4.06 % 4.11 % 3.16 % Expected term of options (years) (4) 4.14 4.15 4.15 4.15 Weighted-avg. grant date fair value $8.40 $5.97 $7.54 $6.28 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 (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of AOCI | The following table presents the net changes in the Company's accumulated other comprehensive loss by component (all amounts shown are net of tax): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Foreign currency translation adjustments: Balance at beginning of period $ (5,609,783) $ (3,107,157) $ (4,032,239) $ 920,589 Other Comprehensive (loss) income before reclassifications (717,457) 17,751,603 (2,295,001) 13,723,857 Net current-period change (717,457) 17,751,603 (2,295,001) 13,723,857 Balance at end of period (6,327,240) 14,644,446 (6,327,240) 14,644,446 Unrealized (losses) gains on available-for-sale debt securities: Balance at beginning of period (7,632,985) (7,848,722) (10,110,695) 1,006,655 Other Comprehensive (loss) income before reclassifications (1,293,419) (3,714,578) (468,359) (13,042,231) Amounts reclassified from accumulated other comprehensive income 1,580,904 204,811 3,233,554 677,087 Net current-period change 287,485 (3,509,767) 2,765,195 (12,365,144) Balance at end of period (7,345,500) (11,358,489) (7,345,500) (11,358,489) Accumulated other comprehensive (loss) income, end of period $ (13,672,740) $ 3,285,957 $ (13,672,740) $ 3,285,957 |
Schedule of Reclassifications Out of Other Comprehensive Income | The following table presents details of reclassifications out of accumulated other comprehensive loss for the three and nine months ended September 30, 2023 and 2022: Details about Accumulated Other Comprehensive Loss Components Amounts Reclassified from Other Comprehensive Loss Affected Line item in the Consolidated Statements of Income Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Unrealized gains (losses) on available-for-sale debt securities Realized gain (loss) on sale of securities $ (2,001,144) $ (259,254) $ (4,093,106) $ (857,072) Investment income Provision for income taxes 420,240 54,443 859,552 179,985 Provision for income taxes Total net reclassifications for the period $ (1,580,904) $ (204,811) $ (3,233,554) $ (677,087) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Automotive and Other Segment Reporting | These three non-automotive segments are combined into the "Other" segment as shown below. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenue: Automotive Products $ 564,510,277 $ 480,937,253 $ 1,676,043,013 $ 1,391,840,835 Other 11,338,213 12,699,442 34,039,634 33,469,637 Total $ 575,848,490 $ 493,636,695 $ 1,710,082,647 $ 1,425,310,472 Income (Loss) from operations: Automotive Products $ 121,875,176 $ 87,109,317 $ 362,044,032 $ 277,492,945 Other 541,353 (317,777) 912,532 (1,604,532) Total $ 122,416,529 $ 86,791,540 $ 362,956,564 $ 275,888,413 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of 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, 2023 and September 30, 2022: Three Months Ended September 30, Nine Months Ended September 30, Revenue 2023 2022 2023 2022 Automotive Products U.S. $ 171,312,177 $ 147,865,393 $ 520,034,256 $ 435,877,621 Germany 72,169,634 65,508,444 226,739,945 204,653,773 Japan 73,330,091 63,797,497 229,664,642 165,215,741 Mexico 38,494,969 32,024,141 109,585,767 93,951,398 Other 209,203,406 171,741,778 590,018,403 492,142,302 Total Automotive Products $ 564,510,277 $ 480,937,253 $ 1,676,043,013 $ 1,391,840,835 Other Products (U.S.) 11,338,213 12,699,442 34,039,634 33,469,637 Total Revenue $ 575,848,490 $ 493,636,695 $ 1,710,082,647 $ 1,425,310,472 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, 2023 and September 30, 2022: Three Months Ended September 30, Nine Months Ended September 30, Revenue 2023 2022 2023 2022 Automotive Segment Automotive Mirrors & Electronics $ 531,423,832 $ 448,773,060 $ 1,577,792,206 $ 1,291,891,664 HomeLink Modules* 33,086,445 32,164,193 98,250,807 99,949,171 Total Automotive Products $ 564,510,277 $ 480,937,253 $ 1,676,043,013 $ 1,391,840,835 Other Segment Fire Protection Products 5,151,785 10,484,680 20,471,868 28,577,916 Aerospace Products 6,186,428 2,214,762 13,567,766 4,891,721 Total Other $ 11,338,213 $ 12,699,442 $ 34,039,634 $ 33,469,637 *Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments for operating leases as of September 30, 2023 were as follows: Year ending December 31, 2023 (excluding the nine months ended September 30, 2023) $ 499,620 2024 1,526,098 2025 1,058,401 2026 455,548 2027 215,734 Thereafter — Total future minimum lease payments 3,755,401 Less imputed interest (189,042) Total $ 3,566,359 |
Schedule of Lease Liabilities | Accrued Liabilities $ 1,633,120 Other Non-Current Liabilities 1,933,239 Total $ 3,566,359 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | [1] | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill | $ 313,157,393 | $ 313,157,393 | $ 313,807,494 | ||||||||
Acquisitions | 0 | ||||||||||
Amortization of intangible assets | 5,200,000 | $ 5,500,000 | 15,600,000 | $ 16,600,000 | |||||||
Total Patents & Other Intangible Assets | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Amortization expense, remainder of fiscal year | 20,000,000 | 20,000,000 | |||||||||
Amortization expense, year one | 16,000,000 | 16,000,000 | |||||||||
Amortization expense, year two | 13,000,000 | 13,000,000 | |||||||||
Amortization expense, year three | 5,000,000 | 5,000,000 | |||||||||
Amortization expense, year four | $ 5,000,000 | $ 5,000,000 | |||||||||
HomeLink® | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill | $ 307,400,000 | ||||||||||
Vaporsens In-Process R&D | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Acquisitions | $ 3,700,000 | ||||||||||
Air-Craftglass In-Process R&D | |||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Acquisitions | $ 200,000 | ||||||||||
Argil In-Process R&D | |||||||||||
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, 2022 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, 2023 USD ($) | ||
Goodwill [Roll Forward] | ||
Balance as of December 31, 2022 | $ 313,807,494 | [1] |
Acquisitions | 0 | |
Divestitures | 0 | |
Impairments | 0 | |
Other | (650,101) | |
Balance as of September 30, 2023 | $ 313,157,393 | |
[1]The condensed consolidated balance sheet at December 31, 2022 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 ($) | Sep. 30, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | $ 204,885,910 | $ 219,360,910 | [1] |
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 | 1,300,000 | |
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 In-Process R&D | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 11,000,000 | 11,000,000 | |
In Process Research and Development | Argil In-Process R&D | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 6,278,132 | 6,278,132 | |
In Process Research and Development | Air-Craftglass In-Process R&D | |||
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 | 6,800,000 | |
Gentex Patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 39,170,904 | 40,653,851 | |
Accumulated Amortization | (27,611,804) | (27,820,383) | |
Net | 11,559,100 | 12,833,468 | |
HomeLink® Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 180,000,000 | 180,000,000 | |
Accumulated Amortization | (150,000,000) | (138,750,000) | |
Net | $ 30,000,000 | $ 41,250,000 | |
Assumed Useful Life | 12 years | 12 years | |
Existing Customer Platforms | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 43,000,000 | $ 43,000,000 | |
Accumulated Amortization | (43,000,000) | (39,775,000) | |
Net | $ 0 | $ 3,225,000 | |
Assumed Useful Life | 10 years | 10 years | |
Total Other Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization | $ (193,000,000) | $ (178,525,000) | |
Intangible assets, gross | 397,885,910 | 397,885,910 | |
Intangible assets, net | 204,885,910 | 219,360,910 | |
Total Patents & Other Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total Patents & Other Intangible Assets, Gross | 437,056,814 | 438,539,761 | |
Total Patents & Other Intangible Assets, Accumulated Amortization | (220,611,804) | (206,345,383) | |
Total Patents & Other Intangible Assets, Net | $ 216,445,010 | $ 232,194,378 | |
[1]The condensed consolidated balance sheet at December 31, 2022 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 ($) | Sep. 30, 2023 | Jul. 05, 2023 | Mar. 09, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity method investments | $ 21,500,000 | $ 21,500,000 | |||
Short-term investments | $ 17,464,830 | $ 23,007,385 | [1] | ||
Long-term investments | 272,615,535 | 202,331,983 | [1] | ||
Long-term Investments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity securities, FV-NI | 125,300,000 | 69,500,000 | |||
Long-term investments | 123,100,000 | 65,700,000 | |||
Short-Term Investments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Short-term investments | $ 2,200,000 | $ 3,800,000 | |||
Adasky, LTD | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity method investment, ownership percentage | 12% | 15% | |||
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, 2022 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 Asset
Investments - Schedule of Assets or Liabilities, Recurring Fair Value Measurements (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | $ 260,633,625 | $ 214,754,638 |
Restricted Cash | 4,000,000 | |
Market Value | 164,784,362 | 159,790,118 |
Total | 425,417,987 | 378,544,756 |
(Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 260,633,625 | 214,754,638 |
Restricted Cash | 4,000,000 | |
Total | 265,007,361 | 222,116,628 |
(Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 0 | 0 |
Restricted Cash | 0 | |
Total | 160,410,626 | 156,428,128 |
(Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 0 | 0 |
Restricted Cash | 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 | 989,198 | 1,736,163 |
Short-Term Investments | Certificate of Deposit | (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 989,198 | 1,736,163 |
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 | 1,927,301 | 5,473,341 |
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 | 1,927,301 | 5,473,341 |
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 | 5,176,215 | 4,423,041 |
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 | 5,176,215 | 4,423,041 |
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 | 2,409,861 | 5,174,773 |
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 | 2,409,861 | 5,174,773 |
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 | 4,723,625 | 2,347,602 |
Short-Term Investments | Other | (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 1,256,600 | 1,093,602 |
Short-Term Investments | Other | (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 3,467,025 | 1,254,000 |
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 | 21,064,870 | 18,829,696 |
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 | 21,064,870 | 18,829,696 |
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 | 740,950 | 238,925 |
Long-Term Investments | Certificate of Deposit | (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 740,950 | 238,925 |
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 | 50,484,099 | 36,310,477 |
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 | 50,484,099 | 36,310,477 |
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 | 28,297,530 | 36,532,634 |
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 | 28,297,530 | 36,532,634 |
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 | 47,583,725 | 48,430,166 |
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 | 47,583,725 | 48,430,166 |
Long-Term Investments | Municipal Bonds | (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | |
Long-Term Investments | Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 1,386,988 | 293,300 |
Long-Term Investments | Common Stock | (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 1,386,988 | 293,300 |
Long-Term Investments | Common Stock | (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Common Stock | (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | $ 0 | $ 0 |
Investments - Schedule of Amort
Investments - Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 174,332,862 | $ 172,587,805 |
Unrealized Gains | 381,113 | 236,375 |
Unrealized Losses | (9,929,613) | (13,034,062) |
Market Value | 164,784,362 | 159,790,118 |
Short-Term Investments | Certificate of Deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,000,000 | 1,750,256 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (10,802) | (14,093) |
Market Value | 989,198 | 1,736,163 |
Short-Term Investments | Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,982,128 | 5,571,417 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (54,827) | (98,076) |
Market Value | 1,927,301 | 5,473,341 |
Short-Term Investments | Government Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 5,198,015 | 4,476,613 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (21,800) | (53,572) |
Market Value | 5,176,215 | |
Short-Term Investments | Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 2,431,031 | 5,223,500 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (21,170) | (48,727) |
Market Value | 2,409,861 | |
Short-Term Investments | Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 4,723,625 | 2,347,602 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Market Value | 4,723,625 | 2,347,602 |
Long-Term Investments | Asset Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 21,273,402 | 19,151,229 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (208,532) | (321,533) |
Market Value | 21,064,870 | 18,829,696 |
Long-Term Investments | Certificate of Deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 750,000 | 250,000 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (9,050) | (11,075) |
Market Value | 740,950 | 238,925 |
Long-Term Investments | Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 53,814,699 | 40,410,206 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (3,330,600) | (4,099,729) |
Market Value | 50,484,099 | 36,310,477 |
Long-Term Investments | Government Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 29,640,890 | 39,637,461 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (1,343,360) | (3,104,827) |
Market Value | 28,297,530 | 36,532,634 |
Long-Term Investments | Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 51,881,686 | 53,476,883 |
Unrealized Gains | 378,802 | 235,713 |
Unrealized Losses | (4,676,763) | (5,282,430) |
Market Value | 47,583,725 | 48,430,166 |
Long-Term Investments | Common Stock | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,637,386 | 292,638 |
Unrealized Gains | 2,311 | 662 |
Unrealized Losses | (252,709) | 0 |
Market Value | $ 1,386,988 | $ 293,300 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss on Investment (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Aggregate Unrealized Losses, Loss of duration less than one year | $ 1,340,283 | $ 4,816,103 |
Aggregate Unrealized Losses, Loss of duration greater than one year | 8,589,330 | 8,217,959 |
Aggregate Unrealized Losses, Total | 9,929,613 | 13,034,062 |
Aggregate Fair Value of Investments, Loss of duration less than one year | 51,123,646 | 77,701,146 |
Aggregate Fair Value of Investments, Loss of duration greater than one year | 103,252,208 | 76,643,586 |
Aggregate Fair Value of Investments, Total | $ 154,375,854 | $ 154,344,732 |
Investments - Schedule of Inves
Investments - Schedule of Investments Classified by Contractual Maturity Date (Details) - Fixed Income Securities | Sep. 30, 2023 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | $ 10,502,575 |
Due between one and five years | 98,587,270 |
Due over five years | 49,583,904 |
Total | $ 158,673,749 |
Inventories (Details)
Inventories (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 281,802,062 | $ 304,184,004 | |
Work-in-process | 44,896,661 | 45,512,275 | |
Finished goods | 68,754,057 | 54,663,991 | |
Total Inventory | $ 395,452,780 | $ 404,360,270 | [1] |
[1]The condensed consolidated balance sheet at December 31, 2022 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 (Details)
Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Basic Earnings Per Share | |||||
Net income | $ 104,725,412 | $ 72,655,995 | $ 311,459,076 | $ 232,589,023 | |
Less: Dividends and undistributed earnings allocated to participating securities | 1,537,105 | 1,096,274 | 4,636,523 | 3,563,605 | |
Net Income available to common shareholders | $ 103,188,307 | $ 71,559,721 | $ 306,822,553 | $ 229,025,418 | |
Basic weighted average shares outstanding (in shares) | 230,047,014 | 231,316,879 | 229,866,008 | 231,072,421 | |
Net income per share - Basic (in dollars per share) | [1] | $ 0.45 | $ 0.31 | $ 1.33 | $ 0.99 |
Diluted Earnings Per Share | |||||
Allocation of Net Income used in basic computation | $ 103,188,307 | $ 71,559,721 | $ 306,822,553 | $ 229,025,418 | |
Reallocation of undistributed earnings | 1,978 | 848 | 4,577 | 4,412 | |
Net Income available to common shareholders - Diluted | $ 103,190,285 | $ 71,560,569 | $ 306,827,130 | $ 229,029,830 | |
Number of shares used in basic computation (in shares) | 230,047,014 | 231,316,879 | 229,866,008 | 231,072,421 | |
Additional weighted average dilutive common stock equivalents (in shares) | 410,397 | 300,138 | 315,666 | 457,032 | |
Diluted weighted average shares outstanding (in shares) | 230,457,411 | 231,617,017 | 230,181,674 | 231,529,453 | |
Net Income per share - Diluted (in dollars per share) | [1] | $ 0.45 | $ 0.31 | $ 1.33 | $ 0.99 |
Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive (in shares) | 1,384,066 | 2,456,463 | 1,410,341 | 1,526,986 | |
[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, 2023 USD ($) plan shares | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) plan shares | Sep. 30, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expense for share-based payments | $ | $ 10,948,031 | $ 7,611,546 | $ 29,212,236 | $ 22,973,113 | ||
Employee Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued under the omnibus plan (in shares) | 1,624,122 | |||||
Number of shares authorized (in shares) | 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] | ||||||
Compensation expense for share-based payments | $ | $ 2,463,158 | 308,812 | $ 4,600,386 | 1,431,018 | ||
Unrecognized compensation cost | $ | 18,288,329 | 18,288,329 | ||||
Performance Share Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expense for share-based payments | $ | $ 441,115 | $ 1,082,333 | ||||
Option vesting period | 4 years | |||||
Omnibus Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total grants in period (in shares) | 9,733,895 | |||||
Shares issued under the omnibus plan (in shares) | 24,797,549 | |||||
Number of shares authorized (in shares) | 45,000,000 | 45,000,000 | ||||
Omnibus Incentive Plan | Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued under the omnibus plan (in shares) | 3,515,440 | |||||
Employee Stock Option Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ | $ 8,461,373 | $ 8,461,373 | ||||
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 | $ | 46,555,320 | $ 46,555,320 | ||||
Restricted period, maximum | 10 years | |||||
Amortization expense | $ | $ 6,369,348 | $ 5,504,462 | $ 18,178,157 | $ 16,130,339 | ||
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 (in shares) | 250,369 | |||||
Number of shares authorized (in shares) | 2,000,000 | |||||
ESPP discount rate | 85% | |||||
ESPP discount rate recognized as compensation expense | 15% |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Schedule of Shares Issued Net of Shares Canceled/Expired (Details) - Omnibus Incentive Plan | 9 Months Ended |
Sep. 30, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total grants in period (in shares) | 9,733,895 |
Shares issued under the omnibus plan (in shares) | 24,797,549 |
Non-Qualified Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Shares, granted (in shares) | 4,811,132 |
Conversion rate, options | 100% |
Shares issued under the omnibus plan (in shares) | 4,811,132 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted (in shares) | 4,056,891 |
Conversion rate, shares | 406% |
Shares issued under the omnibus plan (in shares) | 16,470,977 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted (in shares) | 865,872 |
Conversion rate, shares | 406% |
Shares issued under the omnibus plan (in shares) | 3,515,440 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Schedule of Weighted-Average Assumptions for the ESOP (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||||
Dividend yield | 1.72% | 1.78% | 1.74% | 1.79% |
Expected volatility | 28.66% | 29.02% | 28.89% | 28.62% |
Risk-free interest rate | 4.60% | 4.06% | 4.11% | 3.16% |
Expected term of options (in years) | 4 years 1 month 20 days | 4 years 1 month 24 days | 4 years 1 month 24 days | 4 years 1 month 24 days |
Weighted average grant-date fair value (in dollars per share) | $ 8.40 | $ 5.97 | $ 7.54 | $ 6.28 |
Comprehensive Income (Loss) - S
Comprehensive Income (Loss) - Schedule of AOCI Rollforward (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | $ 2,195,949,326 | $ 1,986,574,480 | $ 2,065,792,821 | [1] | $ 1,937,988,467 |
Net current-period change | (429,972) | 14,241,836 | 470,194 | 1,358,713 | |
Ending Balance | 2,268,453,807 | 2,034,045,664 | 2,268,453,807 | 2,034,045,664 | |
Accumulated Other Comprehensive Income | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | (13,242,768) | (10,955,879) | (14,142,934) | 1,927,244 | |
Net current-period change | (429,972) | 14,241,836 | 470,194 | 1,358,713 | |
Ending Balance | (13,672,740) | 3,285,957 | (13,672,740) | 3,285,957 | |
Foreign currency translation adjustments: | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | (5,609,783) | (3,107,157) | (4,032,239) | 920,589 | |
Other Comprehensive (loss) income before reclassifications | (717,457) | 17,751,603 | (2,295,001) | 13,723,857 | |
Net current-period change | (717,457) | 17,751,603 | (2,295,001) | 13,723,857 | |
Ending Balance | (6,327,240) | 14,644,446 | (6,327,240) | 14,644,446 | |
Unrealized (losses) gains on available-for-sale debt securities: | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | (7,632,985) | (7,848,722) | (10,110,695) | 1,006,655 | |
Other Comprehensive (loss) income before reclassifications | (1,293,419) | (3,714,578) | (468,359) | (13,042,231) | |
Amounts reclassified from accumulated other comprehensive income | 1,580,904 | 204,811 | 3,233,554 | 677,087 | |
Net current-period change | 287,485 | (3,509,767) | 2,765,195 | (12,365,144) | |
Ending Balance | $ (7,345,500) | $ (11,358,489) | $ (7,345,500) | $ (11,358,489) | |
[1]The condensed consolidated balance sheet at December 31, 2022 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 (Loss) -_2
Comprehensive Income (Loss) - Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Provision for income taxes | $ (19,754,749) | $ (13,506,358) | $ (57,619,971) | $ (41,676,723) |
Total net reclassifications for the period | 104,725,412 | 72,655,995 | 311,459,076 | 232,589,023 |
Amounts Reclassified from Other Comprehensive Loss | Unrealized (losses) gains on available-for-sale debt securities: | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized gain (loss) on sale of securities | (2,001,144) | (259,254) | (4,093,106) | (857,072) |
Provision for income taxes | 420,240 | 54,443 | 859,552 | 179,985 |
Total net reclassifications for the period | $ (1,580,904) | $ (204,811) | $ (3,233,554) | $ (677,087) |
Debt and Financing Arrangemen_2
Debt and Financing Arrangements (Details) - USD ($) | Feb. 21, 2023 | Sep. 30, 2023 |
Revolving Facility | ||
Debt Instrument [Line Items] | ||
Debt instrument, term | 3 years | |
Principal amount | $ 250,000,000 | |
Additional borrowings available | 150,000,000 | |
Long-term debt | $ 0 | |
Letter of Credit | ||
Debt Instrument [Line Items] | ||
Additional borrowings available | 20,000,000 | |
Swing Loans | ||
Debt Instrument [Line Items] | ||
Additional borrowings available | $ 35,000,000 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 01, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity [Abstract] | |||||
Stock repurchased (in shares) | 2.7 | ||||
Common stock issued under stock compensation plan (in shares) | 1.8 | ||||
Net decrease in period (in shares) | 0.9 | ||||
Dividends declared (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.360 | $ 0.360 | |
Dividends | $ 28 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 9 Months Ended |
Sep. 30, 2023 segment | |
Other | |
Segment Reporting Information [Line Items] | |
Number of non-automotive segments | 3 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Reporting (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenue: | $ 575,848,490 | $ 493,636,695 | $ 1,710,082,647 | $ 1,425,310,472 |
Income (Loss) from operations: | 122,416,529 | 86,791,540 | 362,956,564 | 275,888,413 |
Automotive Products | ||||
Segment Reporting Information [Line Items] | ||||
Revenue: | 564,510,277 | 480,937,253 | 1,676,043,013 | 1,391,840,835 |
Income (Loss) from operations: | 121,875,176 | 87,109,317 | 362,044,032 | 277,492,945 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue: | 11,338,213 | 12,699,442 | 34,039,634 | 33,469,637 |
Income (Loss) from operations: | $ 541,353 | $ (317,777) | $ 912,532 | $ (1,604,532) |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 15.60% | 15.20% |
Revenue (Details)
Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue: | $ 575,848,490 | $ 493,636,695 | $ 1,710,082,647 | $ 1,425,310,472 |
Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue: | 564,510,277 | 480,937,253 | 1,676,043,013 | 1,391,840,835 |
Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue: | 11,338,213 | 12,699,442 | 34,039,634 | 33,469,637 |
Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue: | 564,510,277 | 480,937,253 | 1,676,043,013 | 1,391,840,835 |
Automotive Mirrors & Electronics | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue: | 531,423,832 | 448,773,060 | 1,577,792,206 | 1,291,891,664 |
HomeLink Modules | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue: | 33,086,445 | 32,164,193 | 98,250,807 | 99,949,171 |
Fire Protection Products | Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue: | 5,151,785 | 10,484,680 | 20,471,868 | 28,577,916 |
Aerospace Products | Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue: | 6,186,428 | 2,214,762 | 13,567,766 | 4,891,721 |
U.S. | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue: | 171,312,177 | 147,865,393 | 520,034,256 | 435,877,621 |
U.S. | Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue: | 12,699,442 | 33,469,637 | ||
Germany | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue: | 72,169,634 | 65,508,444 | 226,739,945 | 204,653,773 |
Japan | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue: | 73,330,091 | 63,797,497 | 229,664,642 | 165,215,741 |
Mexico | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue: | 38,494,969 | 32,024,141 | 109,585,767 | 93,951,398 |
Other | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue: | $ 209,203,406 | $ 171,741,778 | $ 590,018,403 | $ 492,142,302 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Sep. 30, 2023 |
Lessee, Lease, Description [Line Items] | |
Weighted average remaining lease term | 3 years |
Weighted average discount rate | 6.30% |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 5 years |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Details) | Sep. 30, 2023 USD ($) |
Leases [Abstract] | |
2023 (excluding the nine months ended September 30, 2023) | $ 499,620 |
2024 | 1,526,098 |
2025 | 1,058,401 |
2026 | 455,548 |
2027 | 215,734 |
Thereafter | 0 |
Total future minimum lease payments | 3,755,401 |
Less imputed interest | (189,042) |
Total | 3,566,359 |
Accrued Liabilities | 1,633,120 |
Other Non-Current Liabilities | $ 1,933,239 |
Operating lease, liability, current, statement of financial position | Accrued liabilities |
Operating lease, liability, noncurrent, statement of financial position | OTHER NON-CURRENT LIABILITIES |
Subsequent Event (Details)
Subsequent Event (Details) - eSight Corporation - Subsequent Event $ in Millions | Nov. 02, 2023 USD ($) |
Business Acquisition [Line Items] | |
Purchase price of acquisition | $ 18.9 |
Ownership percentage of business acquisition | 20% |
Provision earn out period | 10 years |