QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☑ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Class | Shares Outstanding, October 28, 2022 | |||||||
Common Stock, $.06 Par Value |
Part I - Financial Information | Page | |||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II - Other Information | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
September 30, 2022 (Unaudited) | December 31, 2021 (Note) | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Accounts receivable, net | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other | |||||||||||
Total current assets | |||||||||||
PLANT AND EQUIPMENT—NET | |||||||||||
OTHER ASSETS | |||||||||||
Goodwill | |||||||||||
Long-term investments | |||||||||||
Equity method investments | |||||||||||
Intangible assets, net | |||||||||||
Patents and other assets, net | |||||||||||
Total other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ INVESTMENT | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
OTHER NON-CURRENT LIABILITIES | |||||||||||
Total liabilities | |||||||||||
SHAREHOLDERS’ INVESTMENT | |||||||||||
Common stock | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive (loss) income | |||||||||||
Total shareholders’ investment | |||||||||||
Total liabilities and shareholders’ investment | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
NET SALES | $ | $ | $ | $ | |||||||||||||||||||
COST OF GOODS SOLD | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||
Engineering, research and development | |||||||||||||||||||||||
Selling, general & administrative | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
OTHER (LOSS) INCOME | |||||||||||||||||||||||
Investment income | |||||||||||||||||||||||
Other (loss) income, net | ( | ( | |||||||||||||||||||||
Total other (loss) income | ( | ( | |||||||||||||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | |||||||||||||||||||||||
PROVISION FOR INCOME TAXES | |||||||||||||||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||||||||
EARNINGS PER SHARE: (1) | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Cash Dividends Declared per Share | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive (loss) income before tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||
Unrealized losses on debt securities, net | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive income (loss), before tax | ( | ( | ( | ||||||||||||||||||||
Income tax impact related to components of other comprehensive (loss) income | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | |||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
Common Stock Shares | Common Stock Amount | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Investment | ||||||||||||||||||||||||||||||
BALANCE AS OF JULY 1, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Issuance of common stock from stock plan transactions | — | — | |||||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
BALANCE AS OF JULY 1, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Issuance of common stock from stock plan transactions | — | — | |||||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2021 | $ | $ | $ | $ | $ |
Common Stock Shares | Common Stock Amount | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total Shareholders’ Investment | ||||||||||||||||||||||||||||||
BALANCE AS OF JANUARY 1, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Issuance of common stock from stock plan transactions | — | — | |||||||||||||||||||||||||||||||||
Issuance of common stock for equity investment purchases | — | — | |||||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
BALANCE AS OF JANUARY 1, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Issuance of common stock from stock plan transactions | — | — | |||||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2021 | $ | $ | $ | $ | $ |
2022 | 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
(Gain) on disposal of assets | ( | ( | |||||||||
Loss on disposal of assets | |||||||||||
(Gain) on sale of investments | ( | ( | |||||||||
Loss on sale of investments | |||||||||||
Change in deferred income taxes | ( | ||||||||||
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock | |||||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable, net | ( | ||||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other | ( | ( | |||||||||
Accounts payable | |||||||||||
Accrued liabilities, excluding dividends declared and short-term debt | |||||||||||
Net cash provided by operating activities | |||||||||||
CASH FLOWS USED FOR INVESTING ACTIVITIES: | |||||||||||
Activity in available-for-sale securities: | |||||||||||
Sales proceeds | |||||||||||
Maturities and calls | |||||||||||
Purchases | ( | ( | |||||||||
Purchase of equity method investments | ( | ||||||||||
Plant and equipment additions | ( | ( | |||||||||
Proceeds from sale of plant and equipment | |||||||||||
Acquisition of businesses, net of cash acquired | ( | ||||||||||
Increase in other assets | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
CASH FLOWS USED FOR FINANCING ACTIVITIES: | |||||||||||
Issuance of common stock from stock plan transactions | |||||||||||
Cash dividends paid | ( | ( | |||||||||
Repurchases of common stock | ( | ( | |||||||||
Net cash used for financing activities | ( | ( | |||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | ( | ( | |||||||||
CASH AND CASH EQUIVALENTS, beginning of period | |||||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | $ |
Carrying Amount | |||||
Balance as of December 31, 2021 | $ | ||||
Acquisitions | |||||
Divestitures | |||||
Impairments | |||||
Other | ( | ||||
Balance as of September 30, 2022 | $ |
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life | ||||||||||
Gentex Patents | $ | $ | ( | $ | Various | |||||||||
Vaporsens Technology Licenses | ( | Various | ||||||||||||
Other Intangible Assets | ||||||||||||||
HomeLink® Trade Names and Trademarks | $ | $ | — | $ | Indefinite | |||||||||
HomeLink® Technology | ( | |||||||||||||
Existing Customer Platforms | ( | |||||||||||||
Exclusive Licensing Agreement | — | Indefinite | ||||||||||||
Vaporsens In-Process R&D | — | Indefinite | ||||||||||||
Argil In-Process R&D | — | Indefinite | ||||||||||||
Air-Craftglass In-Process R&D | — | Indefinite | ||||||||||||
Guardian Trade Names | — | Indefinite | ||||||||||||
Guardian In-Process R&D | — | Indefinite | ||||||||||||
Total Other Intangible Assets | $ | $ | ( | $ | ||||||||||
Total Patents & Other Intangible Assets | $ | $ | ( | $ |
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life | ||||||||||
Gentex Patents | $ | $ | ( | $ | Various | |||||||||
Vaporsens Technology Licenses | ( | Various | ||||||||||||
Other Intangible Assets | ||||||||||||||
HomeLink® Trade Names and Trademarks | $ | $ | — | $ | Indefinite | |||||||||
HomeLink® Technology | ( | |||||||||||||
Existing Customer Platforms | ( | |||||||||||||
Exclusive Licensing Agreement | — | Indefinite | ||||||||||||
Vaporsens In-Process R&D | — | Indefinite | ||||||||||||
Argil In-Process R&D | — | Indefinite | ||||||||||||
Air-Craftglass In-Process R&D | — | Indefinite | ||||||||||||
Guardian Trade Names | — | Indefinite | ||||||||||||
Guardian In-Process R&D | — | Indefinite | ||||||||||||
Total Other Intangible Assets | $ | $ | ( | $ | ||||||||||
Total Patents & Other Intangible Assets | $ | $ | ( | $ |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
Total as of | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||
Description | September 30, 2022 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Cash & Cash Equivalents | $ | $ | $ | $ | |||||||||||||||||||
Short-Term Investments: | |||||||||||||||||||||||
Certificate of Deposit | |||||||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Government Securities | |||||||||||||||||||||||
Municipal Bonds | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Long-Term Investments: | |||||||||||||||||||||||
Asset Backed Securities | |||||||||||||||||||||||
Certificate of Deposit | |||||||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Government Securities | |||||||||||||||||||||||
Municipal Bonds | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
Total as of | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||
Description | December 31, 2021 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Cash & Cash Equivalents | $ | $ | $ | $ | |||||||||||||||||||
Short-Term Investments: | |||||||||||||||||||||||
Certificate of Deposit | |||||||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Government Securities | |||||||||||||||||||||||
Municipal Bonds | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Long-Term Investments: | |||||||||||||||||||||||
Asset-backed Securities | |||||||||||||||||||||||
Certificate of Deposit | |||||||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Governmental Securities | |||||||||||||||||||||||
Municipal Bonds | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | Market Value | ||||||||||||||||||||
Short-Term Investments: | |||||||||||||||||||||||
Certificate of Deposit | $ | $ | $ | ( | $ | ||||||||||||||||||
Corporate Bonds | ( | ||||||||||||||||||||||
Government Securities | ( | ||||||||||||||||||||||
Municipal Bonds | ( | ||||||||||||||||||||||
Other | |||||||||||||||||||||||
Long-Term Investments: | |||||||||||||||||||||||
Asset Backed Securities | ( | ||||||||||||||||||||||
Certificate of Deposit | ( | ||||||||||||||||||||||
Corporate Bonds | ( | ||||||||||||||||||||||
Government Securities | ( | ||||||||||||||||||||||
Municipal Bonds | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | Market Value | ||||||||||||||||||||
Short-Term Investments: | |||||||||||||||||||||||
Certificate of Deposit | $ | $ | $ | $ | |||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Long-Term Investments: | |||||||||||||||||||||||
Asset-backed Securities | ( | ||||||||||||||||||||||
Certificate of Deposit | |||||||||||||||||||||||
Corporate Bonds | ( | ||||||||||||||||||||||
Government Securities | ( | ||||||||||||||||||||||
Municipal Bonds | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
Aggregate Unrealized Losses | Aggregate Fair Value of Investments | ||||||||||
Loss duration of less than one year | $ | $ | |||||||||
Loss duration of greater than one year | |||||||||||
Total | $ | $ |
Aggregate Unrealized Losses | Aggregate Fair Value of Investments | ||||||||||
Loss duration of less than one year | $ | $ | |||||||||
Loss duration of greater than one year | |||||||||||
Total | $ | $ |
Due within one year | $ | ||||
Due between one and five years | |||||
Due over five years | |||||
$ |
September 30, 2022 | December 31, 2021 | ||||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Total Inventory | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Basic Earnings Per Share | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating securities | |||||||||||||||||||||||
Net Income available to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Basic weighted average shares outstanding | |||||||||||||||||||||||
Net Income per share - Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted Earnings Per Share | |||||||||||||||||||||||
Allocation of Net Income used in basic computation | $ | $ | $ | $ | |||||||||||||||||||
Reallocation of undistributed earnings | |||||||||||||||||||||||
Net Income available to common shareholders - Diluted | $ | $ | $ | $ | |||||||||||||||||||
Number of shares used in basic computation | |||||||||||||||||||||||
Additional weighted average dilutive common stock equivalents | |||||||||||||||||||||||
Diluted weighted average shares outstanding | |||||||||||||||||||||||
Net Income per share - Diluted | $ | $ | $ | $ | |||||||||||||||||||
Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive |
Shares Granted | Conversion Rate | Total Shares Under 2019 Omnibus Plan | ||||||||||||||||||
Non-Qualified Stock Options | ||||||||||||||||||||
Restricted Stock | ||||||||||||||||||||
Performance Shares | ||||||||||||||||||||
Total |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Dividend Yield (1) | % | % | % | % | |||||||||||||||||||
Expected volatility (2) | % | % | % | % | |||||||||||||||||||
Risk-free interest rate (3) | % | % | % | % | |||||||||||||||||||
Expected term of options (years) (4) | |||||||||||||||||||||||
Weighted-avg. grant date fair value | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||||||||
Balance at beginning of period | $ | ( | $ | $ | $ | ||||||||||||||||||
Other Comprehensive (loss) income before reclassifications | ( | ( | |||||||||||||||||||||
Net current-period change | ( | ( | |||||||||||||||||||||
Balance at end of period | |||||||||||||||||||||||
Unrealized gains on available-for-sale debt securities: | |||||||||||||||||||||||
Balance at beginning of period | ( | ||||||||||||||||||||||
Other Comprehensive (loss) income before reclassifications | ( | ( | ( | ( | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ||||||||||||||||||||||
Net current-period change | ( | ( | ( | ( | |||||||||||||||||||
Balance at end of period | ( | ( | |||||||||||||||||||||
Accumulated other comprehensive (loss) income, end of period | $ | $ | $ | $ |
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Other Comprehensive (Loss) Income | Affected Line item in the Consolidated Statements of Income | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Unrealized (losses) gains on available-for-sale debt securities | ||||||||||||||||||||||||||||||||
Realized (loss) gain on sale of securities | $ | ( | $ | $ | ( | $ | Investment income | |||||||||||||||||||||||||
Provision for income taxes | ( | Provision for income taxes | ||||||||||||||||||||||||||||||
Total net reclassifications for the period | $ | ( | $ | $ | ( | $ | Net of tax | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Automotive Products | $ | $ | $ | $ | |||||||||||||||||||
Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Income (Loss) from operations: | |||||||||||||||||||||||
Automotive Products | $ | $ | $ | $ | |||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Revenue | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Automotive Products | |||||||||||||||||
U.S. | $ | $ | $ | $ | |||||||||||||
Germany | |||||||||||||||||
Japan | |||||||||||||||||
Mexico | |||||||||||||||||
Other | |||||||||||||||||
Total Automotive Products | $ | $ | $ | $ | |||||||||||||
Other Products (U.S.) | |||||||||||||||||
Total Revenue | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Revenue | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Automotive Segment | |||||||||||||||||
Automotive Mirrors & Electronics | $ | $ | $ | $ | |||||||||||||
HomeLink Modules* | |||||||||||||||||
Total Automotive Products | $ | $ | $ | $ | |||||||||||||
Other Segment | |||||||||||||||||
Fire Protection Products | |||||||||||||||||
Aerospace Products | |||||||||||||||||
Total Other | $ | $ | $ | $ | |||||||||||||
*Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors. |
Year ending December 31, | ||||||||
2022 (excluding the nine months ended September 30, 2022) | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total future minimum lease payments | ||||||||
Less imputed interest | ( | |||||||
Total | $ |
Reported as of September 30, 2022 | ||||||||
$ | ||||||||
Total | $ | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||||||||||||||
North American Interior Mirrors | 2,156 | 1,897 | 14% | 6,444 | 5,843 | 10% | |||||||||||||||||||||||||||||
North American Exterior Mirrors | 1,602 | 1,355 | 18% | 4,532 | 4,345 | 4% | |||||||||||||||||||||||||||||
Total North American Mirror Units | 3,758 | 3,252 | 16% | 10,976 | 10,188 | 8% | |||||||||||||||||||||||||||||
International Interior Mirrors | 5,287 | 4,629 | 14% | 15,282 | 15,219 | —% | |||||||||||||||||||||||||||||
International Exterior Mirrors | 2,444 | 1,928 | 27% | 6,926 | 6,605 | 5% | |||||||||||||||||||||||||||||
Total International Mirror Units | 7,731 | 6,557 | 18% | 22,208 | 21,823 | 2% | |||||||||||||||||||||||||||||
Total Interior Mirrors | 7,443 | 6,526 | 14% | 21,727 | 21,062 | 3% | |||||||||||||||||||||||||||||
Total Exterior Mirrors | 4,046 | 3,283 | 23% | 11,457 | 10,949 | 5% | |||||||||||||||||||||||||||||
Total Auto-Dimming Mirror Units | 11,489 | 9,809 | 17% | 33,184 | 32,011 | 4% |
September 30, 2022 | December 31, 2021 | ||||||||||
Working Capital | $ | 724,158,632 | $ | 691,319,649 | |||||||
Long-Term Investments | 154,429,190 | 207,693,147 | |||||||||
Total | $ | 878,587,822 | $ | 899,012,796 |
Light Vehicle Production (per S&P Global Mobility mid-October light vehicle production forecast) | ||||||||||||||||||||||||||||||||||||||||||||
(in Millions) | ||||||||||||||||||||||||||||||||||||||||||||
Region | Q4 2022 | Q4 2021 | % Change | Calendar Year 2023 | Calendar Year 2022 | Calendar Year 2021 | 2023 vs 2022 % Change | 2022 vs 2021 % Change | ||||||||||||||||||||||||||||||||||||
North America | 3.68 | 3.29 | 12 | % | 15.39 | 14.47 | 13.05 | 6 | % | 11 | % | |||||||||||||||||||||||||||||||||
Europe | 4.16 | 4.02 | 3 | % | 16.65 | 15.63 | 15.89 | 7 | % | (2) | % | |||||||||||||||||||||||||||||||||
Japan and Korea | 3.03 | 2.77 | 9 | % | 11.88 | 11.06 | 10.87 | 7 | % | 2 | % | |||||||||||||||||||||||||||||||||
China | 7.39 | 7.69 | (4) | % | 26.65 | 26.41 | 24.84 | 1 | % | 6 | % | |||||||||||||||||||||||||||||||||
Total Light Vehicle Production | 18.26 | 17.77 | 3 | % | 70.57 | 67.57 | 64.65 | 4 | % | 5 | % |
Issuer Purchase of Equity Securities | ||||||||||||||
Period | Total Number of Shares Purchased | Weighted Average Price Paid Per Share | Total Number of Shares Purchased As Part of a Publicly Announced Plan or Program | Maximum Number of Shares That May Yet Be Purchased Under the Plan or Program | ||||||||||
January 2022 | — | — | — | 24,824,068 | ||||||||||
February 2022 | 490,021 | 30.63 | 490,021 | 24,334,047 | ||||||||||
March 2022 | 1,950,169 | 28.84 | 1,950,169 | 22,383,878 | ||||||||||
1st Quarter 2022 Total | 2,440,190 | 29.20 | 2,440,190 | |||||||||||
2nd Quarter 2022 Total | — | — | — | 22,383,878 | ||||||||||
July 2022 | 150,110 | 27.80 | 150,110 | 22,233,768 | ||||||||||
August 2022 | 300,135 | 28.04 | 300,135 | 21,933,633 | ||||||||||
September 2022 | 400,061 | 24.17 | 400,061 | 21,533,572 | ||||||||||
3rd Quarter 2022 Total | 850,306 | 26.18 | 850,306 | |||||||||||
2022 Total | 3,290,496 | 28.42 | 3,290,496 | 21,533,572 |
See Exhibit Index on Page 40 |
GENTEX CORPORATION | |||||||||||
Date: | November 4, 2022 | /s/ Steven R. Downing | |||||||||
Steven R. Downing | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) on behalf of Gentex Corporation | |||||||||||
Date: | November 4, 2022 | /s/ Kevin C. Nash | |||||||||
Kevin C. Nash | |||||||||||
Vice President, Finance, Chief Financial Officer and Treasurer | |||||||||||
(Principal Financial Officer and Principal Accounting Officer) on behalf of Gentex Corporation |
Exhibit No. | Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase |
Unaudited Condensed Consolidated Balance Sheets - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
[1] | ||
---|---|---|---|---|---|
CURRENT ASSETS | |||||
Cash and cash equivalents | $ 222,933,723 | $ 262,311,670 | |||
Short-term investments | 16,122,519 | 5,423,612 | |||
Accounts receivable, net | 292,413,491 | 249,794,906 | |||
Inventories | 418,286,161 | 316,267,442 | |||
Prepaid expenses and other | 39,567,381 | 39,178,119 | |||
Total current assets | 989,323,275 | 872,975,749 | |||
PLANT AND EQUIPMENT—NET | 526,680,787 | 464,121,676 | |||
OTHER ASSETS | |||||
Goodwill | 313,851,944 | 313,960,209 | |||
Long-term investments | 154,429,190 | 207,693,147 | |||
Equity method investments | 39,680,791 | 0 | |||
Intangible assets, net | 224,185,910 | 239,189,627 | |||
Patents and other assets, net | 63,171,166 | 33,450,758 | |||
Total other assets | 795,319,001 | 794,293,741 | |||
Total assets | 2,311,323,063 | 2,131,391,166 | |||
CURRENT LIABILITIES | |||||
Accounts payable | 171,436,605 | 98,342,928 | |||
Accrued liabilities | 93,728,038 | 83,313,172 | |||
Total current liabilities | 265,164,643 | 181,656,100 | |||
OTHER NON-CURRENT LIABILITIES | 12,112,756 | 11,746,599 | |||
Total liabilities | 277,277,399 | 193,402,699 | |||
SHAREHOLDERS’ INVESTMENT | |||||
Common stock | 14,075,843 | 14,186,450 | |||
Additional paid-in capital | 908,622,409 | 879,413,385 | |||
Retained earnings | 1,108,061,455 | 1,042,461,388 | |||
Accumulated other comprehensive (loss) income | 3,285,957 | 1,927,244 | |||
Total shareholders’ investment | 2,034,045,664 | 1,937,988,467 | |||
Total liabilities and shareholders’ investment | $ 2,311,323,063 | $ 2,131,391,166 | |||
|
Unaudited Condensed Consolidated Statements of Income - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||
Income Statement [Abstract] | ||||||
NET SALES | $ 493,636,695 | $ 399,598,744 | $ 1,425,310,472 | $ 1,311,328,609 | ||
COST OF GOODS SOLD | 346,435,670 | 258,698,723 | 969,330,474 | 835,531,679 | ||
Gross profit | 147,201,025 | 140,900,021 | 455,979,998 | 475,796,930 | ||
OPERATING EXPENSES: | ||||||
Engineering, research and development | 33,541,331 | 29,750,973 | 98,373,737 | 86,462,112 | ||
Selling, general & administrative | 26,868,154 | 22,984,108 | 81,717,848 | 67,511,555 | ||
Total operating expenses | 60,409,485 | 52,735,081 | 180,091,585 | 153,973,667 | ||
Income from operations | 86,791,540 | 88,164,940 | 275,888,413 | 321,823,263 | ||
OTHER (LOSS) INCOME | ||||||
Investment income | 1,496,852 | 856,351 | 3,205,452 | 2,782,900 | ||
Other (loss) income, net | (2,126,039) | 872,943 | (4,828,119) | 2,370,527 | ||
Total other (loss) income | (629,187) | 1,729,294 | (1,622,667) | 5,153,427 | ||
INCOME BEFORE PROVISION FOR INCOME TAXES | 86,162,353 | 89,894,234 | 274,265,746 | 326,976,690 | ||
PROVISION FOR INCOME TAXES | 13,506,358 | 13,233,686 | 41,676,723 | 50,358,854 | ||
NET INCOME | $ 72,655,995 | $ 76,660,548 | $ 232,589,023 | $ 276,617,836 | ||
EARNINGS PER SHARE: | ||||||
Basic (in dollars per share) | [1] | $ 0.31 | $ 0.32 | $ 0.99 | $ 1.15 | |
Diluted (in dollars per share) | [1] | 0.31 | 0.32 | 0.99 | 1.15 | |
Cash Dividends Declared per Share (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.36 | $ 0.360 | ||
|
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 72,655,995 | $ 76,660,548 | $ 232,589,023 | $ 276,617,836 |
Other comprehensive (loss) income before tax: | ||||
Foreign currency translation adjustments | 17,751,603 | (349,165) | 13,723,857 | (238,378) |
Unrealized losses on debt securities, net | (4,442,743) | (816,801) | (15,652,081) | (4,230,473) |
Other comprehensive income (loss), before tax | 13,308,860 | (1,165,966) | (1,928,224) | (4,468,851) |
Income tax impact related to components of other comprehensive (loss) income | (932,976) | (171,528) | (3,286,937) | (888,399) |
Other comprehensive income (loss), net of tax | 14,241,836 | (994,438) | 1,358,713 | (3,580,452) |
Comprehensive income | $ 86,897,831 | $ 75,666,110 | $ 233,947,736 | $ 273,037,384 |
Unaudited Condensed Consolidated Statements of Shareholders' Investment - USD ($) |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | $ 1,986,574,480 | $ 1,916,318,989 | $ 1,937,988,467 | [1] | $ 1,963,943,128 | ||
Issuance of common stock from stock plan transactions | 3,369,936 | 7,116,990 | 12,365,103 | 20,773,874 | |||
Issuance of common stock for equity investment purchases | $ 5,000,012 | ||||||
Repurchases of common stock (in shares) | (3,300,000) | ||||||
Repurchases of common stock | (22,256,782) | (90,581,913) | $ (93,508,804) | (304,195,755) | |||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | 7,611,546 | 7,492,763 | 22,973,113 | 20,114,921 | |||
Dividends declared | (28,151,347) | (28,382,653) | (84,719,963) | (86,043,266) | |||
Net income | 72,655,995 | 76,660,548 | 232,589,023 | 276,617,836 | |||
Other comprehensive (loss) income | 14,241,836 | (994,438) | 1,358,713 | (3,580,452) | |||
Balance at end of period | $ 2,034,045,664 | $ 1,887,630,286 | $ 2,034,045,664 | $ 1,887,630,286 | |||
Common Stock | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning balance (in shares) | 235,132,265 | 238,966,589 | 236,440,840 | 243,692,869 | |||
Balance at beginning of period | $ 14,107,936 | $ 14,337,995 | $ 14,186,450 | $ 14,621,572 | |||
Issuance of common stock from stock plan transactions (in shares) | 315,433 | 398,873 | 1,284,615 | 1,838,789 | |||
Issuance of common stock from stock plan transactions | $ 18,926 | $ 23,932 | $ 77,077 | $ 110,327 | |||
Issuance of common stock for equity investment purchases (in shares) | 162,433 | ||||||
Issuance of common stock for equity investment purchases | $ 9,746 | ||||||
Repurchases of common stock (in shares) | (850,306) | (2,830,850) | (3,290,496) | (8,997,046) | |||
Repurchases of common stock | $ (51,019) | $ (169,851) | $ (197,430) | $ (539,823) | |||
Ending balance (in shares) | 234,597,392 | 236,534,612 | 234,597,392 | 236,534,612 | |||
Balance at end of period | $ 14,075,843 | $ 14,192,076 | $ 14,075,843 | $ 14,192,076 | |||
Additional Paid-In Capital | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | 900,576,404 | 859,678,392 | 879,413,385 | 852,771,508 | |||
Issuance of common stock from stock plan transactions | 3,351,010 | 7,093,058 | 12,288,026 | 20,663,547 | |||
Issuance of common stock for equity investment purchases | 4,990,266 | ||||||
Repurchases of common stock | (2,916,551) | (9,200,264) | (11,042,381) | (28,486,027) | |||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | 7,611,546 | 7,492,763 | 22,973,113 | 20,114,921 | |||
Balance at end of period | 908,622,409 | 865,063,949 | 908,622,409 | 865,063,949 | |||
Retained Earnings | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | 1,082,846,019 | 1,038,037,564 | 1,042,461,388 | 1,089,698,996 | |||
Repurchases of common stock | (19,289,212) | (81,211,798) | (82,268,993) | (275,169,905) | |||
Dividends declared | (28,151,347) | (28,382,653) | (84,719,963) | (86,043,266) | |||
Net income | 72,655,995 | 76,660,548 | 232,589,023 | 276,617,836 | |||
Balance at end of period | 1,108,061,455 | 1,005,103,661 | 1,108,061,455 | 1,005,103,661 | |||
Accumulated Other Comprehensive (Loss) Income | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | (10,955,879) | 4,265,038 | 1,927,244 | 6,851,052 | |||
Other comprehensive (loss) income | 14,241,836 | (994,438) | 1,358,713 | (3,580,452) | |||
Balance at end of period | $ 3,285,957 | $ 3,270,600 | $ 3,285,957 | $ 3,270,600 | |||
|
Unaudited Condensed Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.36 | $ 0.360 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationThe unaudited condensed consolidated financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 2021 annual report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only a normal and recurring nature, necessary to present fairly the financial position of the Company as of September 30, 2022, and the results of operations and cash flows for the interim periods presented. |
Goodwill and Other Intangible Assets |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company recorded Goodwill of: $307.4 million as part of the HomeLink® acquisition in 2013; $3.7 million as part of the acquisition of Vaporsens, Inc. ("Vaporsens") in the second quarter of 2020; $0.2 million as part of the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in the third quarter of 2020; $1.0 million as a part of the acquisition of Argil, Inc. ("Argil") in the fourth quarter of 2020; and $2.0 million as part of the acquisition of Guardian Optical Technologies ("Guardian") in the first quarter of 2021. The carrying value of Goodwill as of both September 30, 2022 and December 31, 2021 was $313.9 million and $314.0 million, respectively, as set forth in the table below:
In addition to annual impairment testing, which is performed as of the first day of the fourth quarter, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining fair value of goodwill or other intangible assets thus resulting in the need for interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. The impact of COVID-19, the recent microchip shortage, supply chain constraints, inflation, and labor shortages were again considered in the most recently completed quarter, but did not indicate the need for interim impairment testing. The Company also acquired In-Process Research & Development ("In-Process R & D") as part of the acquisitions of: Vaporsens; Air-Craftglass; Argil; and Guardian, each of which has been previously disclosed. The patents and intangible assets and related change in carrying values are set forth in the tables below: As of September 30, 2022:
As of December 31, 2021:
Amortization expense on patents and intangible assets was approximately $5.5 million and $16.6 million during the three and nine months ended September 30, 2022, respectively, and approximately $5.5 million and $16.7 million for the same periods ended September 30, 2021, respectively. Excluding the impact of any future acquisitions, the Company estimates amortization expense for the year ending December 31, 2022 to be approximately $22 million, for the year ending December 31, 2023 to be approximately $20 million, for the year ending December 31, 2024 to be approximately $16 million, and for each of the years ending December 31, 2025 and December 31, 2026 to be approximately $12 million.
|
Investments |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The Company follows the provisions of Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, and for its non-financial assets and liabilities subject to fair value measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements with respect to a company’s use of fair-value measurements, including the effect of such measurements on earnings. The cost of securities sold is based on the specific identification method. The Company determines the fair value of its government securities, asset-backed securities, municipal bonds, and corporate bonds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets. The Company's certificates of deposit are classified as available for sale and are considered as Level 1 assets. These investments are carried at cost, which approximates fair value. The Company also periodically makes technology investments in certain non-consolidated third parties. These equity investments are accounted for in accordance with ASC 323, Investments - Equity Method and Joint Ventures. The Company's share of the earnings or losses of non-controlled affiliates, over which the Company exercises significant influence (generally a 20% to 50% ownership interest), is included in the consolidated operating results using the equity method of accounting. These equity method investments, over which the Company exercises significant influence, totaled approximately $39.7 million as of September 30, 2022 (including approximately $11.1 million of investments accounted for under ASC 321, Investments - Equity Securities, as of December 31, 2021, for which the Company obtained significant influence during 2022). On June 3, 2022, the Company purchased an equity investment in GreenMarbles for $20.0 million, in addition to an issuance of $5.0 million worth of common stock. GreenMarbles is a leading provider of sustainable solutions for integration into properties. The Company did not have equity method investments as of December 31, 2021. These investments are classified within Equity Method Investments in the condensed consolidated balance sheets. The Company has made technology investments in certain non-consolidated affiliates for ownership interests of less than 20% (where the Company does not have the ability to exercise significant influence). These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities. For these equity investments that do not have readily determinable fair values, and where the Company has not identified any observable events that would cause adjustment of the valuation to date, are then held at cost. These technology investments totaled approximately $14.1 million and $16.8 million as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, $1.6 million of these investments are classified within Short-Term Investments in the condensed consolidated balance sheets. $12.5 million and $16.8 million of these investments are classified within Long-Term Investments in the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2022 and December 31, 2021: As of September 30, 2022:
As of December 31, 2021:
The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of September 30, 2022 and December 31, 2021: As of September 30, 2022:
As of December 31, 2021:
Unrealized losses on investments as of September 30, 2022, are as follows:
Unrealized losses on investments as of December 31, 2021, are as follows:
Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The guidance modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The Company utilized the guidance provided by ASC 326 to determine whether any of the available-for-sale debt securities held by the Company were impaired. No investments were considered to be impaired during the periods presented. The Company has the intention and current ability to hold its debt investments until any amortized cost basis has been recovered. Fixed income securities as of September 30, 2022 have contractual maturities as follows:
|
Inventories |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | InventoriesInventories consisted of the following at the respective balance sheet dates:
|
Earnings Per Share |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC 260, Earnings Per Share. The Company allocates earnings to participating securities and computes earnings per share using the two-class method. Under the two-class method, net income per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. For a period of net loss, net loss is not allocated to participating securities. The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the three and nine months ended September 30, 2022 and September 30, 2021:
|
Stock-Based Compensation Plans |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plans | Stock-Based Compensation Plans As of September 30, 2022, the Company had two equity incentive plans, which include the Gentex Corporation 2019 Omnibus Incentive Plan ("2019 Omnibus Plan"), and an employee stock purchase plan. Those plans and any prior material amendments thereto have previously been approved by shareholders. The 2019 Omnibus Plan provides for the potential awards to: i) employees; and ii) non-employee directors of the Company or its subsidiaries, which potential awards may be stock options (both incentive stock options and non-qualified stock options), appreciation rights, restricted stock awards and restricted stock units, performance share awards and performance units, and other awards that are stock-based, cash-based or a combination of both. The 2019 Omnibus Plan replaced the Company's Employee Stock Option Plan, Second Restricted Stock Plan, and Amended and Restated Non-Employee Director Stock Option Plan (the "Prior Plans"), which were also approved by shareholders. Any existing awards previously granted under the Prior Plans remain outstanding in accordance with their terms and are governed by the Prior Plans as applicable. Readers should refer to Note 5 of the consolidated financial statements in the Company's Annual Report on Form 10-K for the calendar year ended December 31, 2021, for additional information related to the Prior Plans. The Company recognized total compensation expense for share-based payments of $7,611,545 for the three months ended September 30, 2022, and total compensation expense for share-based payments of $22,973,113 for the nine months ended September 30, 2022. The Company recognized compensation expense for share-based payments of $7,492,763 and $20,114,921 for the three and nine months ended September 30, 2021, respectively. A portion of the compensation cost for share based payment awards is capitalized as part of inventory. 2019 Omnibus Incentive Plan The purpose of the 2019 Omnibus Incentive Plan is to attract and retain employees, officers, and directors of the Company and its subsidiaries and to motivate and provide such persons incentives and rewards for performance. Pursuant to the terms of the Plan, each type of award counts against the available shares based on a predetermined conversion rate (shown in the table below). As of September 30, 2022, 7,994,761 share awards have been made under the Plan, resulting in 19,523,865 shares granted of the 45,000,000 total shares available to be issued under the Plan. The shares issued are presented net of shares from canceled/expired options and shares.
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 to five years and expire after to ten years. As of September 30, 2022, there was $9,723,678 of unearned compensation cost associated with stock options granted under the 2019 Omnibus Incentive Plan and the Employee Stock Option Plan, which is expected to be recognized over the remaining vesting periods. 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:
1.Represents the Company’s estimated cash dividend yield over the expected term of option grant. 2.Amount is determined based on analysis of historical price volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant. 3.Represents the U.S. Treasury yield over the expected term of the option grant. 4.Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior. Restricted Shares Restricted shares awarded under the 2019 Omnibus Plan and the Second Restricted Stock Plan entitle the shareholder to all rights of common stock ownership, except that the shares may not be sold, transferred, pledged, exchanged or otherwise disposed of during the restriction period. The restriction period is determined by the Compensation Committee, appointed by the Board of Directors, but may not exceed ten years under the terms of such plans. As of September 30, 2022, the Company had unearned stock-based compensation of $45,827,137 associated with the restricted stock grants issued under the 2019 Omnibus Plan and the Prior Plan. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable restriction periods. Compensation expense from restricted stock grants in the three and nine months ended September 30, 2022 was $5,504,462 and $16,130,339, respectively. Compensation expense from restricted stock grants in the three and nine months ended September 30, 2021 was $5,215,981 and $13,978,358, respectively. Performance Shares Performance shares awarded under the 2019 Omnibus Plan are considered performance condition awards as attainment is based on the Company's performance relative to pre-established metrics. The fair value of such performance share awards was determined using the Company's average closing stock price on the twenty days preceding the date of grant. The expected attainment of the metrics for these awards is then analyzed each reporting period, and the related expense is adjusted based on expected attainment, if the then expected attainment differs from previous expectations. The cumulative effect on current and prior periods of a change in expected attainment is recognized in the period of change. As of September 30, 2022, the Company had unearned stock-based compensation of $8,480,588 associated with these performance share grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable performance periods. Employee Stock Purchase Plan Prior to July 1, 2022, the Company had in place an employee stock purchase plan covering 2,000,000 shares of common stock. Under that plan, the Company sold shares at 85% of the stock’s market price at date of purchase. Under ASC 718, Compensation - Stock Compensation, the 15% discounted value was recognized as compensation expense. As of September 30, 2022, the Company has issued 1,624,122 shares under this prior plan. In May 2022, the 2022 Gentex Corporation Employee Stock Purchase Plan covering 2,000,000 shares of common stock was approved by shareholders replacing the above referenced prior plan effective July 1, 2022. Under the plan, the Company sells shares at 85% of the stock's market price at date of purchase. Under ASC 718, the 15% discounted value is recognized as compensation expense. As of September 30, 2022, the Company has issued 54,977 shares under this plan.
|
Comprehensive Income |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income | Comprehensive Income Comprehensive income reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on certain debt investments and foreign currency translation adjustments. The following table presents the net changes in the Company's accumulated other comprehensive income by component (all amounts shown are net of tax):
The following table presents details of reclassifications out of accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2022 and 2021:
|
Debt and Financing Arrangements |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | Debt and Financing Arrangements On October 15, 2018, the Company entered into a Credit Agreement (“Credit Agreement”) with PNC as the administrative agent and sole lender. Pursuant to this Credit Agreement, the Company has access to a $150 million senior revolving credit facility (“Revolver”). Under the terms of the Credit Agreement, the Company is entitled to further request an additional aggregate principal amount of up to $100 million, subject to the satisfaction of certain conditions. In addition, the Company is entitled to the benefit of swing loans from amounts otherwise available under the Revolver in the aggregate principal amount of up to $20 million and to request Letters of Credit from amounts otherwise available under the Revolver in the aggregate principle amount up to $20 million, both subject to certain conditions. The obligations of the Company under the Credit Agreement are not secured, but are subject to certain covenants. As of September 30, 2022, there was no outstanding balance on the Revolver. The Revolver expires on October 15, 2023. The Credit Agreement contains customary representations and warranties and certain covenants that place certain limitations on the Company. As of September 30, 2022, the Company is in compliance with its covenants under the Credit Agreement.
|
Equity |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Equity [Abstract] | |
Equity | Equity The decrease in common stock during the nine months ended September 30, 2022, was primarily due to the repurchases of 3.3 million shares, partially offset by the issuance of 1.4 million shares of the Company’s common stock, net of cancellations, under the Company’s stock-based compensation plans and the issuance of 0.2 million shares of common stock as partial consideration for an investment in Green Marbles. The total net decrease was 1.8 million shares. The Company recorded a cash dividend of $0.120 per share during the third quarter of 2022 as compared to a cash dividend of $0.120 per share during the third quarter of 2021. The third quarter 2022 dividend of $28.2 million was declared on August 31, 2022 and was paid on October 19, 2022.
|
Contingencies |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | ContingenciesThe Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment, regulatory, and other matters. Such matters are subject to many uncertainties and outcomes are not predictable. The Company does not believe, however, that at the current time any of these matters constitute material pending legal proceedings that will have a material adverse effect on the financial position or future results of operations or cash flows of the Company.The Company is responding to a subpoena issued by the staff of the Division of Enforcement of the SEC for records from approximately 2015-2019. The Company has been informed that the SEC staff may be reviewing certain accounting determinations, including determinations that the staff believes could have impacted the Company’s reported earnings per share for certain periods during that time frame. The Company has continued to assert that its financial statements filed with the SEC in Forms 10-K and 10-Q in 2015-2019 present fairly, in all material respects, its financial condition, results of operations and cash flows as of or for the periods ending on their respective dates. The Company maintains that its actions were appropriate; however, the Company remains open to resolving this matter with the SEC, and therefore, the Company has an amount accrued as of September 30, 2022 for an estimated liability. The Company does not believe the accrued liability is material to the financial statements. |
Segment Reporting |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. In first quarter of 2021, the Company acquired Guardian, which is combined in the Automotive Segment below. Further information in regards to the Guardian transaction is included in Note 15 of the financial statements.
|
Income Taxes |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe effective tax rate was 15.2% in the nine months ended September 30, 2022, compared to an effective tax rate of 15.4% for the same period in 2021. Generally, effective tax rates for these periods differ from statutory federal income tax rates, due to provisions for state and local income taxes, permanent tax differences, the foreign-derived intangible income tax deduction, and research and development tax credits. |
Revenue |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue The following table shows the Company’s Automotive revenue and Other Products revenue disaggregated by geographical location for Automotive Products for the three and nine month periods ended September 30, 2022 and September 30, 2021:
Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political, and labor conditions; a pandemic; global supply chain constraints; unexpected changes in laws, regulations, trade or monetary or fiscal policy, including interest rates, foreign currency exchange rates and changes in the rate of inflation in the U.S. and other foreign countries; and tariffs, quotas, customs and other import or export restrictions and other trade barriers. The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three and nine month periods ended September 30, 2022 and September 30, 2021:
|
Leases |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company has operating leases for certain sales and engineering offices, as well as other vehicles and equipment, which are included within "Plant and Equipment - Net" section of the Condensed Consolidated Balance Sheets. The leases have remaining lease terms of 1 year to 5 years. The weighted average remaining lease term for operating leases as of September 30, 2022 was 2 years, with a weighted average discount rate of 5.7%. Future minimum lease payments for operating leases as of September 30, 2022 were as follows:
|
Acquisition |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | Acquisition On March 3, 2021, the Company acquired Guardian for approximately $12.0 million. Guardian is an Israeli research and development company that specializes in in-cabin sensing technologies for the automotive industry. The Company funded the acquisition with cash on hand. The valuation process was completed during the fourth quarter of 2021. Guardian is now a 100% owned subsidiary of the Company as Gentex Technologies (Israel), LTD, and is classified within the Automotive segment. The Company accounted for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations.
|
Goodwill and Other Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The carrying value of Goodwill as of both September 30, 2022 and December 31, 2021 was $313.9 million and $314.0 million, respectively, as set forth in the table below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets | The patents and intangible assets and related change in carrying values are set forth in the tables below: As of September 30, 2022:
As of December 31, 2021:
|
Investments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities Stated at Fair Value | Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2022 and December 31, 2021: As of September 30, 2022:
As of December 31, 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost, Unrealized Gains and Losses, And Market Value of Investment Securities | The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of September 30, 2022 and December 31, 2021: As of September 30, 2022:
As of December 31, 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments | Unrealized losses on investments as of September 30, 2022, are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date | Fixed income securities as of September 30, 2022 have contractual maturities as follows:
|
Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories consisted of the following at the respective balance sheet dates:
|
Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share Basic and Diluted | The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the three and nine months ended September 30, 2022 and September 30, 2021:
|
Stock-Based Compensation Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Shares Issued, Net of Shares from Canceled/Expired Options and Shares | The shares issued are presented net of shares from canceled/expired options and shares.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
1.Represents the Company’s estimated cash dividend yield over the expected term of option grant. 2.Amount is determined based on analysis of historical price volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant. 3.Represents the U.S. Treasury yield over the expected term of the option grant. 4.Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior.
|
Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of AOCI | The following table presents the net changes in the Company's accumulated other comprehensive income by component (all amounts shown are net of tax):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications Out of Other Comprehensive Income | The following table presents details of reclassifications out of accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2022 and 2021:
|
Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Automotive and Other Segment Reporting | These three non-automotive segments are combined into the "Other" segment as shown below. In first quarter of 2021, the Company acquired Guardian, which is combined in the Automotive Segment below. Further information in regards to the Guardian transaction is included in Note 15 of the financial statements.
|
Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table shows the Company’s Automotive revenue and Other Products revenue disaggregated by geographical location for Automotive Products for the three and nine month periods ended September 30, 2022 and September 30, 2021:
|
Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Lease Payments | Future minimum lease payments for operating leases as of September 30, 2022 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Liabilities |
|
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
[1] | Dec. 31, 2013 |
|||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Goodwill | $ 313,851,944 | $ 313,851,944 | $ 313,960,209 | ||||||||||
Acquisitions | 0 | ||||||||||||
Amortization of intangible assets | 5,500,000 | $ 5,500,000 | 16,600,000 | $ 16,700,000 | |||||||||
Amortization expense, remainder of fiscal year | 22,000,000 | 22,000,000 | |||||||||||
Amortization expense, year one | 20,000,000 | 20,000,000 | |||||||||||
Amortization expense, year two | 16,000,000 | 16,000,000 | |||||||||||
Amortization expense, year three | 12,000,000 | 12,000,000 | |||||||||||
Amortization expense, year four | $ 12,000,000 | $ 12,000,000 | |||||||||||
HomeLink® | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Goodwill | $ 307,400,000 | ||||||||||||
Vaporsens Inc | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Acquisitions | $ 3,700,000 | ||||||||||||
Air-CraftGlass | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Acquisitions | $ 200,000 | ||||||||||||
Argil, Inc. | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Acquisitions | $ 1,000,000 | ||||||||||||
Guardian Optical Technologies | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Acquisitions | $ 2,000,000 | ||||||||||||
|
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2022
USD ($)
| ||||
Goodwill [Roll Forward] | ||||
Balance as of December 31, 2021 | $ 313,960,209 | [1] | ||
Acquisitions | 0 | |||
Divestitures | 0 | |||
Impairments | 0 | |||
Other | (108,265) | |||
Balance as of September 30, 2022 | $ 313,851,944 | |||
|
Investments (Narrative) (Details) - USD ($) |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 03, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Equity method investments | $ 39,700,000 | $ 0 | |||||
Equity securities, FV-NI | 11,100,000 | ||||||
Purchase of equity method investments | 24,250,000 | $ 0 | |||||
Common stock issued, value | $ 5,000,000 | 14,075,843 | 14,186,450 | [1] | |||
Short-term investments | 16,122,519 | 5,423,612 | [1] | ||||
Long-term investments | 154,429,190 | 207,693,147 | [1] | ||||
GreenMarbles | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Purchase of equity method investments | $ 20,000,000 | ||||||
Short-Term Investments | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Short-term investments | 1,600,000 | ||||||
Long-term Investments | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Equity securities, FV-NI | 14,100,000 | 16,800,000 | |||||
Long-term investments | $ 12,500,000 | $ 16,800,000 | |||||
Minimum | Gentex Corporation | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Equity method investment, ownership percentage | 20.00% | ||||||
Maximum | Gentex Corporation | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Equity method investment, ownership percentage | 50.00% | ||||||
|
Investments (Schedule of Assets or Liabilities, Recurring Fair Value Measurements) (Details) - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | $ 222,933,723 | $ 262,311,670 |
Market Value | 156,472,546 | 196,299,280 |
Total | 379,406,269 | 458,610,950 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 222,933,723 | 262,311,670 |
Total | 226,135,243 | 267,773,552 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 0 | 0 |
Total | 153,271,026 | 190,837,398 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 0 | 0 |
Total | 0 | 0 |
Short-Term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 1,732,547 | 1,507,770 |
Short-Term Investments | Certificate of Deposit | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 1,732,547 | 1,507,770 |
Short-Term Investments | Certificate of Deposit | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Certificate of Deposit | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 5,446,048 | 2,018,440 |
Short-Term Investments | Corporate Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Corporate Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 5,446,048 | 2,018,440 |
Short-Term Investments | Corporate Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 2,209,331 | 0 |
Short-Term Investments | Government Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Government Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 2,209,331 | 0 |
Short-Term Investments | Government Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 3,509,688 | 0 |
Short-Term Investments | Municipal Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Municipal Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 3,509,688 | 0 |
Short-Term Investments | Municipal Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 1,230,180 | 1,897,402 |
Short-Term Investments | Other | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 1,230,180 | 1,897,402 |
Short-Term Investments | Other | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Other | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Asset Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 20,942,859 | 25,799,513 |
Long-Term Investments | Asset Backed Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Asset Backed Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 20,942,859 | 25,799,513 |
Long-Term Investments | Asset Backed Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 238,793 | 2,056,710 |
Long-Term Investments | Certificate of Deposit | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 238,793 | 2,056,710 |
Long-Term Investments | Certificate of Deposit | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Certificate of Deposit | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 34,522,617 | 40,354,929 |
Long-Term Investments | Corporate Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Corporate Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 34,522,617 | 40,354,929 |
Long-Term Investments | Corporate Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 37,693,740 | 47,944,036 |
Long-Term Investments | Government Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Government Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 37,693,740 | 47,944,036 |
Long-Term Investments | Government Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 48,946,743 | 74,720,480 |
Long-Term Investments | Municipal Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Municipal Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 48,946,743 | 74,720,480 |
Long-Term Investments | Municipal Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | $ 0 | $ 0 |
Investments (Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities) (Details) - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 170,850,381 | $ 195,025,034 |
Unrealized Gains | 186,625 | 3,093,114 |
Unrealized Losses | (14,564,460) | (1,818,868) |
Market Value | 156,472,546 | 196,299,280 |
Short-Term Investments | Certificate of Deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,750,623 | 1,500,543 |
Unrealized Gains | 0 | 7,227 |
Unrealized Losses | (18,076) | 0 |
Market Value | 1,732,547 | 1,507,770 |
Short-Term Investments | Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 5,600,869 | 1,994,639 |
Unrealized Gains | 0 | 23,801 |
Unrealized Losses | (154,821) | 0 |
Market Value | 5,446,048 | 2,018,440 |
Short-Term Investments | Government Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 2,211,230 | |
Unrealized Gains | 0 | |
Unrealized Losses | (1,899) | |
Market Value | 2,209,331 | |
Short-Term Investments | Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 3,549,066 | |
Unrealized Gains | 0 | |
Unrealized Losses | (39,378) | |
Market Value | 3,509,688 | |
Short-Term Investments | Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,230,180 | 1,897,402 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Market Value | 1,230,180 | 1,897,402 |
Long-Term Investments | Asset Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 21,716,039 | 26,352,630 |
Unrealized Gains | 0 | 34,771 |
Unrealized Losses | (773,180) | (587,888) |
Market Value | 20,942,859 | 25,799,513 |
Long-Term Investments | Certificate of Deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 250,000 | 2,001,714 |
Unrealized Gains | 0 | 54,996 |
Unrealized Losses | (11,207) | 0 |
Market Value | 238,793 | 2,056,710 |
Long-Term Investments | Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 39,223,627 | 40,716,866 |
Unrealized Gains | 0 | 168,416 |
Unrealized Losses | (4,701,010) | (530,353) |
Market Value | 34,522,617 | 40,354,929 |
Long-Term Investments | Government Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 41,116,603 | 48,385,672 |
Unrealized Gains | 0 | 55,939 |
Unrealized Losses | (3,422,863) | (497,575) |
Market Value | 37,693,740 | 47,944,036 |
Long-Term Investments | Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 54,202,144 | 72,175,568 |
Unrealized Gains | 186,625 | 2,747,964 |
Unrealized Losses | (5,442,026) | (203,052) |
Market Value | $ 48,946,743 | $ 74,720,480 |
Investments (Schedule of Unrealized Loss on Investments) (Details) - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Investments [Abstract] | ||
Aggregate Unrealized Losses, Loss duration less than one year | $ 8,189,761 | $ 1,244,053 |
Aggregate Unrealized Losses, Loss duration greater than one year | 6,374,699 | 574,815 |
Aggregate Unrealized Losses, Total | 14,564,460 | 1,818,868 |
Aggregate Fair Value of Investments, Loss duration less than one year | 112,298,649 | 94,417,123 |
Aggregate Fair Value of Investments, Loss duration greater than one year | 42,011,693 | 6,875,230 |
Aggregate Fair Value of Investments, Total | $ 154,310,342 | $ 101,292,353 |
Investments (Investments Classified by Contractual Maturity Date) (Details) - Fixed Income Securities |
Sep. 30, 2022
USD ($)
|
---|---|
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | $ 12,897,614 |
Due between one and five years | 90,409,878 |
Due over five years | 51,934,874 |
Total | $ 155,242,366 |
Inventories (Schedule of Inventories) (Details) - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
|||
---|---|---|---|---|---|
Inventory Disclosure [Abstract] | |||||
Raw materials | $ 315,110,961 | $ 235,014,277 | |||
Work-in-process | 39,805,042 | 34,032,164 | |||
Finished goods | 63,370,158 | 47,221,001 | |||
Total Inventory | $ 418,286,161 | $ 316,267,442 | [1] | ||
|
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||
Basic Earnings Per Share | ||||||
Net income | $ 72,655,995 | $ 76,660,548 | $ 232,589,023 | $ 276,617,836 | ||
Less: Dividends and undistributed earnings allocated to participating securities | 1,096,274 | 1,240,581 | 3,563,605 | 4,240,503 | ||
Net Income available to common shareholders | $ 71,559,721 | $ 75,419,967 | $ 229,025,418 | $ 272,377,333 | ||
Basic weighted average shares outstanding | 231,316,879 | 234,005,573 | 231,072,421 | 236,628,999 | ||
Net income per share - Basic (in dollars per share) | [1] | $ 0.31 | $ 0.32 | $ 0.99 | $ 1.15 | |
Diluted Earnings Per Share | ||||||
Allocation of Net Income used in basic computation | $ 71,559,721 | $ 75,419,967 | $ 229,025,418 | $ 272,377,333 | ||
Reallocation of undistributed earnings | 848 | 2,943 | 4,412 | 13,289 | ||
Net Income available to common shareholders - Diluted | $ 71,560,569 | $ 75,422,910 | $ 229,029,830 | $ 272,390,622 | ||
Number of shares used in basic computation | 231,316,879 | 234,005,573 | 231,072,421 | 236,628,999 | ||
Additional weighted average dilutive common stock equivalents (in shares) | 300,138 | 897,636 | 457,032 | 1,108,216 | ||
Diluted weighted average shares outstanding | 231,617,017 | 234,903,209 | 231,529,453 | 237,737,215 | ||
Net Income per share - Diluted (in dollars per share) | [1] | $ 0.31 | $ 0.32 | $ 0.99 | $ 1.15 | |
Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive | 2,456,463 | 987,757 | 1,526,986 | 180,669 | ||
|
Stock-Based Compensation Plans (Narrative) (Details) |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2022
shares
|
May 31, 2022
shares
|
Sep. 30, 2022
USD ($)
plan
shares
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
plan
shares
|
Sep. 30, 2021
USD ($)
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expense for share-based payments | $ | $ 7,611,545 | $ 7,492,763 | $ 22,973,113 | $ 20,114,921 | ||
Employee Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued under the Omnibus plan | 1,624,122 | |||||
Number of shares authorized | 2,000,000 | |||||
ESPP discount rate | 85.00% | |||||
ESPP discount rate recognized as compensation expense | 15.00% | |||||
Omnibus Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total grants in period (in shares) | 7,994,761 | |||||
Shares issued under the Omnibus plan | 19,523,865 | |||||
Number of shares authorized | 45,000,000 | 45,000,000 | ||||
Employee Stock Option Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ | $ 9,723,678 | $ 9,723,678 | ||||
Employee Stock Option Plan | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Option vesting period | 1 year | |||||
Option expiration period | 5 years | |||||
Employee Stock Option Plan | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Option vesting period | 5 years | |||||
Option expiration period | 10 years | |||||
Restricted Stock Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ | 45,827,137 | $ 45,827,137 | ||||
Restricted period, maximum | 10 years | |||||
Amortization expense | $ | $ (5,504,462) | $ (5,215,981) | $ (16,130,339) | $ (13,978,358) | ||
Gentex Corporation Employee Stock Purchase Plan | Employee Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued under the Omnibus plan | 54,977 | |||||
Number of shares authorized | 2,000,000 | |||||
ESPP discount rate | 85.00% | |||||
ESPP discount rate recognized as compensation expense | 15.00% | |||||
Equity Incentive Plans | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of plans | plan | 2 | 2 | ||||
Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ | $ 8,480,588 | $ 8,480,588 | ||||
Performance Shares | Omnibus Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued under the Omnibus plan | 2,271,456 |
Stock-Based Compensation Plans (Shares Issued Net of Shares Canceled/Expired) (Details) - Omnibus Incentive Plan |
9 Months Ended |
---|---|
Sep. 30, 2022
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total grants in period (in shares) | 7,994,761 |
Shares issued under the Omnibus plan | 19,523,865 |
Non-Qualified Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options granted (in shares) | 4,227,080 |
Conversion rate, options | 100.00% |
Shares issued under the Omnibus plan | 4,227,080 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted (in shares) | 3,208,209 |
Conversion rate, shares | 406.00% |
Shares issued under the Omnibus plan | 13,025,329 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted (in shares) | 559,472 |
Conversion rate, shares | 406.00% |
Shares issued under the Omnibus plan | 2,271,456 |
Stock-Based Compensation Plans (Weighted-Average Assumptions for the ESOP) (Details) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-Based Payment Arrangement [Abstract] | ||||
Dividend yield | 1.78% | 1.83% | 1.79% | 1.86% |
Expected volatility | 29.02% | 27.47% | 28.62% | 27.67% |
Risk-free interest rate | 4.06% | 0.98% | 3.16% | 0.92% |
Expected term of options (years) | 4 years 1 month 24 days | 4 years 1 month 20 days | 4 years 1 month 24 days | 4 years 1 month 24 days |
Weighted average grant-date fair value (in dollars per share) | $ 5.97 | $ 6.32 | $ 6.28 | $ 6.49 |
Comprehensive Income (AOCI Rollforward) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
[1] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | $ 1,986,574,480 | $ 1,916,318,989 | $ 1,937,988,467 | [1] | $ 1,963,943,128 | ||||
Net current-period change | 14,241,836 | (994,438) | 1,358,713 | (3,580,452) | |||||
Balance at end of period | 2,034,045,664 | 1,887,630,286 | 2,034,045,664 | 1,887,630,286 | |||||
Accumulated other comprehensive (loss) income, end of period | 3,285,957 | 3,285,957 | $ 1,927,244 | ||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | (10,955,879) | 4,265,038 | 1,927,244 | 6,851,052 | |||||
Net current-period change | 14,241,836 | (994,438) | 1,358,713 | (3,580,452) | |||||
Balance at end of period | 3,285,957 | 3,270,600 | 3,285,957 | 3,270,600 | |||||
Accumulated other comprehensive (loss) income, end of period | 3,285,957 | 3,270,600 | 3,285,957 | 3,270,600 | |||||
Foreign currency translation adjustments | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | (3,107,157) | 879,832 | 920,589 | 769,045 | |||||
Other Comprehensive (loss) income before reclassifications | 17,751,603 | (349,165) | 13,723,857 | (238,378) | |||||
Net current-period change | 17,751,603 | (349,165) | 13,723,857 | (238,378) | |||||
Balance at end of period | 14,644,446 | 530,667 | 14,644,446 | 530,667 | |||||
Unrealized gains on available-for-sale debt securities | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | (7,848,722) | 3,385,206 | 1,006,655 | 6,082,007 | |||||
Other Comprehensive (loss) income before reclassifications | (3,714,578) | (645,273) | (13,042,231) | (2,727,750) | |||||
Amounts reclassified from accumulated other comprehensive income | 204,811 | 0 | 677,087 | (614,324) | |||||
Net current-period change | (3,509,767) | (645,273) | (12,365,144) | (3,342,074) | |||||
Balance at end of period | $ (11,358,489) | $ 2,739,933 | $ (11,358,489) | $ 2,739,933 | |||||
|
Comprehensive Income (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Provision for income taxes | $ (13,506,358) | $ (13,233,686) | $ (41,676,723) | $ (50,358,854) |
Unrealized gains on available-for-sale debt securities | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total net reclassifications for the period | (204,811) | 0 | (677,087) | 614,324 |
Amounts Reclassified from Other Comprehensive Income | Unrealized gains on available-for-sale debt securities | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized (loss) gain on sale of securities | (259,254) | 0 | (857,072) | 777,625 |
Provision for income taxes | 54,443 | 0 | 179,985 | (163,301) |
Total net reclassifications for the period | $ (204,811) | $ 0 | $ (677,087) | $ 614,324 |
Debt and Financing Arrangements (Details) - USD ($) |
Sep. 30, 2022 |
Oct. 15, 2018 |
---|---|---|
Revolving Facility | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 150,000,000 | |
Long-term debt | $ 0 | |
Credit Agreement | ||
Debt Instrument [Line Items] | ||
Additional borrowings available | 100,000,000 | |
Swing Loans | ||
Debt Instrument [Line Items] | ||
Additional borrowings available | 20,000,000 | |
Letter of Credit | ||
Debt Instrument [Line Items] | ||
Additional borrowings available | $ 20,000,000 |
Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Aug. 31, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Equity [Abstract] | |||||
Stock repurchased (in shares) | 3.3 | ||||
Common stock issued under stock compensation plan (in shares) | 1.4 | ||||
Issuance of common shares as partial consideration for an investment in Green Marbles | 0.2 | ||||
Net decrease in period (in shares) | 1.8 | ||||
Dividends declared (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.36 | $ 0.360 | |
Dividends declared | $ 28.2 |
Segment Reporting (Schedule of Automotive and Other Segment Reporting) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Segment Reporting Information [Line Items] | ||||
Revenue | $ 493,636,695 | $ 399,598,744 | $ 1,425,310,472 | $ 1,311,328,609 |
Income (loss) from operations | 86,791,540 | 88,164,940 | 275,888,413 | 321,823,263 |
Automotive Products | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 480,937,253 | 391,338,185 | 1,391,840,835 | 1,287,578,273 |
Income (loss) from operations | 87,109,317 | 89,121,170 | 277,492,945 | 325,579,533 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 12,699,442 | 8,260,559 | 33,469,637 | 23,750,336 |
Income (loss) from operations | $ (317,777) | $ (956,230) | $ (1,604,532) | $ (3,756,270) |
Income Taxes (Details) |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 15.20% | 15.40% |
Revenue (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 493,636,695 | $ 399,598,744 | $ 1,425,310,472 | $ 1,311,328,609 |
Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 480,937,253 | 391,338,185 | 1,391,840,835 | 1,287,578,273 |
Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12,699,442 | 8,260,559 | 33,469,637 | 23,750,336 |
Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 480,937,253 | 391,338,185 | 1,391,840,835 | 1,287,578,273 |
Automotive Mirrors & Electronics | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 448,773,060 | 360,415,449 | 1,291,891,664 | 1,185,997,034 |
HomeLink Modules | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 32,164,193 | 30,922,736 | 99,949,171 | 101,581,239 |
Fire Protection Products | Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10,484,680 | 5,886,227 | 28,577,916 | 18,010,048 |
Aerospace Products | Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,214,762 | 2,374,332 | 4,891,721 | 5,740,288 |
U.S. | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 147,865,393 | 128,570,314 | 435,877,621 | 410,852,689 |
U.S. | Other Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12,699,442 | 8,260,559 | 33,469,637 | 23,750,336 |
Germany | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 65,508,444 | 55,162,289 | 204,653,773 | 183,513,145 |
Japan | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 63,797,497 | 53,750,242 | 165,215,741 | 161,814,352 |
Mexico | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 32,024,141 | 25,239,690 | 93,951,398 | 85,574,821 |
Other | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 171,741,778 | $ 128,615,650 | $ 492,142,302 | $ 445,823,266 |
Leases (Details) |
Sep. 30, 2022
USD ($)
|
---|---|
Lessee, Lease, Description [Line Items] | |
Weighted average remaining lease term | 2 years |
Weighted average discount rate | 5.70% |
2022 (excluding the nine months ended September 30, 2022) | $ 337,069 |
2023 | 1,039,840 |
2024 | 297,208 |
2025 | 97,778 |
2026 | 18,388 |
Thereafter | 888 |
Total future minimum lease payments | 1,791,171 |
Less imputed interest | (44,590) |
Total | 1,746,581 |
Accrued Liabilities | 1,145,538 |
Other Non-Current Liabilities | $ 601,043 |
Operating lease, liability, current, statement of financial position | Accrued liabilities |
Operating lease, liability, noncurrent, statement of financial position | OTHER NON-CURRENT LIABILITIES |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 5 years |
Acquisition (Details) - Guardian Optical Technologies $ in Millions |
Mar. 03, 2021
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Purchase price of acquisition | $ 12.0 |
Ownership percentage of business acquisition | 100.00% |
?O$EMWW
MR#6;E#5=:T_$(_\O:.O93J$9\?(-U)1X9DFRV#0LKY:;M(-\:[)5/5[L\'[@
M9L!,22@6$.J<7\ 73Q6;IL6)EDF^[SB76LLH/UP)[@ME'H#["RGU[L2\H-RZ
M[O\+4$L#!!0 ( *U-9%7L;FB2O0< * = 8 >&PO=V]R:W-H965T
MXDI/PQP>% [F/(2)]2IL<@J\I2S&4:^XIPY"
MR@D5(>^5K(,08)0+=\'R3@Q^48QG!5NX//L'NFE5IA(ZJ8+-S-PB(T&@S&;2
MW" EK4L-?CHGQACAK*^& RAP) +<4\.!PV$4DD#TD#.7:T(#QJE;#]'I(2[J
MX5K [BVT(H>L-N\M!/=;B/_G,B,?VP!\G1$#H@N-"/# 2B.&]"XU
M\KT-7=,ML714PUE!*\8$<2T( M5*DF9+COM"]'C6^"C6H1"]$>%^(_+)U@E<
M6G1IYVU2-M,D'M0F76F9E"V:E"V>BFW8)[TCXM]SI85/NM(R*5LT*5L\%=NP
MVWH/Q[^QTG)ROLG'*QV4Z.;]]OCM!HKEFO!0CN
N:[^2
MC[K]<;=%/L%Q5TVGO_35K+RE:L6$)AR6:"KH7&('5M7\J39&EJ[!+J3!=NV6
M.8YL4%8!SY=2FMW&&FC^!"1_ %!+ P04 " "M3615&^,EX>X' N'P
M& 'AL+W=O
[0
M99E:^587OZK<;5X/Y@.1RU7:%.Z]WOY>!GVFQ"_3A>5/L?6TD_% 9(UUN@R+
M(4&I*O^=/@0[]!;,1T\L2,*"A.7V&[&4[U*7OGEE]%88H@8WNF!5>36$4Q4Y
MY#X/CV(V] '@Q'2YFXL75<)S0
M9S*GS\D"NE)?Y$'"]BM"%XS["*%V&A4D&'''1J3VCI?)T]*W\8I&X+HD'*>B
MU8/G/6ZCH=I9Q0B\09NJ$5K(5)\#/0\