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Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill represents the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company recorded Goodwill of: $307.4 million as part of the HomeLink® acquisition in 2013; $3.7 million as part of the acquisition of Vaporsens, Inc. ("Vaporsens") in the second quarter of 2020; $0.2 million as part of the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in the third quarter of 2020; $1.0 million as a part of the acquisition of Argil, Inc. ("Argil") in the fourth quarter of 2020; and $2.0 million as part of the acquisition of Guardian Optical Technologies ("Guardian") in the first quarter of 2021. The carrying value of Goodwill as of both September 30, 2022 and December 31, 2021 was $313.9 million and $314.0 million, respectively, as set forth in the table below:

Carrying Amount
Balance as of December 31, 2021$313,960,209 
Acquisitions— 
Divestitures— 
Impairments— 
Other(108,265)
Balance as of September 30, 2022$313,851,944 

In addition to annual impairment testing, which is performed as of the first day of the fourth quarter, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining fair value of goodwill or other intangible assets thus resulting in the need for interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. The impact of COVID-19, the recent microchip shortage, supply chain constraints, inflation, and labor shortages were again considered in the most recently completed quarter, but did not indicate the need for interim impairment testing.

The Company also acquired In-Process Research & Development ("In-Process R & D") as part of the acquisitions of: Vaporsens; Air-Craftglass; Argil; and Guardian, each of which has been previously disclosed.

The patents and intangible assets and related change in carrying values are set forth in the tables below:
As of September 30, 2022:
Other Intangible AssetsGrossAccumulated AmortizationNetAssumed Useful Life
Gentex Patents$39,510,640 $(27,796,894)$11,713,746 Various
Vaporsens Technology Licenses351,290 (81,911)269,379 Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000 $— $52,000,000 Indefinite
HomeLink® Technology
180,000,000 (135,000,000)45,000,000 12 years
Existing Customer Platforms43,000,000 (38,700,000)4,300,000 10 years
Exclusive Licensing Agreement96,000,000 — 96,000,000 Indefinite
Vaporsens In-Process R&D11,000,000 — 11,000,000 Indefinite
Argil In-Process R&D6,278,132 — 6,278,132 Indefinite
Air-Craftglass In-Process R&D1,507,778 — 1,507,778 Indefinite
Guardian Trade Names1,300,000 — 1,300,000 Indefinite
Guardian In-Process R&D6,800,000 — 6,800,000 Indefinite
Total Other Intangible Assets$397,885,910 $(173,700,000)$224,185,910 
Total Patents & Other Intangible Assets$437,747,840 $(201,578,805)$236,169,035 

As of December 31, 2021:
Other Intangible Assets
Gross
Accumulated Amortization
Net
Assumed Useful Life
Gentex Patents
$39,362,187 $(26,506,155)$12,856,032 Various
Vaporsens Technology Licenses351,290 (50,107)301,183 Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000 $— $52,000,000 Indefinite
HomeLink® Technology
180,000,000 (123,750,000)56,250,000 12 years
Existing Customer Platforms43,000,000 (35,475,000)7,525,000 10 years
Exclusive Licensing Agreement
96,000,000 — 96,000,000 Indefinite
    Vaporsens In-Process R&D11,000,000 — 11,000,000 Indefinite
    Argil In-Process R&D6,278,132 — 6,278,132 Indefinite
    Air-Craftglass In-Process R&D1,507,778 — 1,507,778 Indefinite
    Guardian Trade Names1,384,857 — 1,384,857 Indefinite
    Guardian In-Process R&D7,243,860 — 7,243,860 Indefinite
Total Other Intangible Assets$398,414,627 $(159,225,000)$239,189,627 
Total Patents & Other Intangible Assets$438,128,104 $(185,781,262)$252,346,842 

Amortization expense on patents and intangible assets was approximately $5.5 million and $16.6 million during the three and nine months ended September 30, 2022, respectively, and approximately $5.5 million and $16.7 million for the same periods ended September 30, 2021, respectively.
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.