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 25, 2024 | |||||||
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, 2024 (Unaudited) | December 31, 2023 (Note) | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Accounts receivable, net | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other | |||||||||||
Total current assets | |||||||||||
PLANT AND EQUIPMENT—NET | |||||||||||
OTHER ASSETS | |||||||||||
Goodwill | |||||||||||
Long-term investments | |||||||||||
Intangible assets, net | |||||||||||
Deferred tax asset | |||||||||||
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 | ( | ( | |||||||||
Total shareholders’ investment | |||||||||||
Total liabilities and shareholders’ investment | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
NET SALES | $ | $ | $ | $ | |||||||||||||||||||
COST OF GOODS SOLD | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||
Engineering, research and development | |||||||||||||||||||||||
Selling, general & administrative | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
OTHER INCOME | |||||||||||||||||||||||
Investment income, net | |||||||||||||||||||||||
Other income (loss), net | ( | ( | |||||||||||||||||||||
Total other income | |||||||||||||||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | |||||||||||||||||||||||
PROVISION FOR INCOME TAXES | |||||||||||||||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||||||||
EARNINGS PER SHARE: (1) | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Cash Dividends Declared per Share | $ | $ | $ | $ | |||||||||||||||||||
(1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive (loss) income before tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||
Unrealized gains on debt securities, net | |||||||||||||||||||||||
Other comprehensive (loss) income, before tax | ( | ||||||||||||||||||||||
Income tax impact related to components of other comprehensive (loss) income | |||||||||||||||||||||||
Other comprehensive (loss) income, 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, 2024 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
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, 2024 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
BALANCE AS OF JULY 1, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
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, 2023 | $ | $ | $ | $ | ( | $ |
Common Stock Shares | Common Stock Amount | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders’ Investment | ||||||||||||||||||||||||||||||
BALANCE AS OF JANUARY 1, 2024 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
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, 2024 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
BALANCE AS OF JANUARY 1, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Issuance of common stock from stock plan transactions | — | — | |||||||||||||||||||||||||||||||||
Issuance of common stock related to acquisitions | — | — | — | — | — | ||||||||||||||||||||||||||||||
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, 2023 | $ | $ | $ | $ | ( | $ |
2024 | 2023 | ||||||||||
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 and technology investment income | ( | ( | |||||||||
Loss on sale of investments and technology investment losses | |||||||||||
Deferred tax expense | ( | ( | |||||||||
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 | |||||||||||
Net cash provided by operating activities | |||||||||||
CASH FLOWS USED FOR INVESTING ACTIVITIES: | |||||||||||
Activity in investments: | |||||||||||
Sales proceeds | |||||||||||
Maturities and calls | |||||||||||
Purchases | ( | ( | |||||||||
Plant and equipment additions | ( | ( | |||||||||
Proceeds from sale of plant and equipment | |||||||||||
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 INCREASE IN CASH AND CASH EQUIVALENTS | ( | ||||||||||
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, beginning of period | |||||||||||
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, end of period | $ | $ |
Nine Months Ended September 30 | |||||||||||
SUPPLEMENTAL CASH FLOW DATA | 2024 | 2023 | |||||||||
Non-cash investing and financing activities: | |||||||||||
Change in property and equipment in accounts payable and accrued expenses and other current liabilities | $ | ( | $ |
Carrying Amount | |||||
Balance as of December 31, 2023 | $ | ||||
Acquisitions | |||||
Divestitures | |||||
Impairments | |||||
Other | |||||
Balance as of September 30, 2024 | $ |
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life | ||||||||||
Gentex Patents | $ | $ | ( | $ | Various | |||||||||
Other Intangible Assets | ||||||||||||||
HomeLink® Trade Names and Trademarks | $ | $ | — | $ | Indefinite | |||||||||
HomeLink® Technology | ( | |||||||||||||
Existing Customer Platforms | ( | |||||||||||||
Exclusive Licensing Agreement | — | Indefinite | ||||||||||||
eSight Technology | ( | |||||||||||||
eSight Trade Names and Trademarks | ( | |||||||||||||
Vaporsens In-Process R&D | — | Indefinite | ||||||||||||
Argil In-Process R&D | — | Indefinite | ||||||||||||
Air-Craftglass In-Process R&D | — | Indefinite | ||||||||||||
Guardian Trade Names | ( | |||||||||||||
Guardian Technology | ( | |||||||||||||
Total Other Intangible Assets | $ | $ | ( | $ | ||||||||||
Total Patents & Other Intangible Assets | $ | $ | ( | $ |
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life | ||||||||||
Gentex Patents | $ | $ | ( | $ | Various | |||||||||
Other Intangible Assets | ||||||||||||||
HomeLink® Trade Names and Trademarks | $ | $ | — | $ | Indefinite | |||||||||
HomeLink® Technology | ( | |||||||||||||
Existing Customer Platforms | ( | |||||||||||||
Exclusive Licensing Agreement | — | Indefinite | ||||||||||||
eSight Technology | — | |||||||||||||
eSight Trade Names and Trademarks | — | |||||||||||||
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, 2024 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Cash & Cash Equivalents | $ | $ | $ | $ | |||||||||||||||||||
Short-Term Investments: | |||||||||||||||||||||||
Asset-backed Securities | |||||||||||||||||||||||
Certificate of Deposit | |||||||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Government Securities | |||||||||||||||||||||||
Municipal Bonds | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Long-Term Investments: | |||||||||||||||||||||||
Asset-backed Securities | |||||||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Government Securities | |||||||||||||||||||||||
Municipal Bonds | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
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, 2023 | (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 | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | Market Value | ||||||||||||||||||||
Short-Term Investments: | |||||||||||||||||||||||
Asset-backed Securities | ( | ||||||||||||||||||||||
Certificate of Deposit | $ | $ | $ | $ | |||||||||||||||||||
Corporate Bonds | ( | ||||||||||||||||||||||
Government Securities | |||||||||||||||||||||||
Municipal Bonds | ( | ||||||||||||||||||||||
Other | |||||||||||||||||||||||
Long-Term Investments: | |||||||||||||||||||||||
Asset-backed Securities | ( | ||||||||||||||||||||||
Corporate Bonds | ( | ||||||||||||||||||||||
Government 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 | ( | ||||||||||||||||||||||
Common Stock | ( | ||||||||||||||||||||||
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, 2024 | December 31, 2023 | ||||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Total Inventory | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
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, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
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, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||
Balance at beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||
Other Comprehensive loss before reclassifications | ( | ( | |||||||||||||||
Net current-period change | ( | ( | |||||||||||||||
Balance at end of period | ( | ( | ( | ( | |||||||||||||
Unrealized (losses) 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, end of period | $ | ( | $ | ( | $ | ( | $ | ( |
Details about Accumulated Other Comprehensive Loss Components | Amounts Reclassified from Other Comprehensive Loss | Affected Line item in the Consolidated Statements of Income | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Unrealized gains (losses) on available-for-sale debt securities | ||||||||||||||||||||||||||
Realized (loss) on sale of securities | $ | ( | $ | ( | $ | ( | $ | ( | Other income (loss), net | |||||||||||||||||
Provision for income taxes | Provision for income taxes | |||||||||||||||||||||||||
Total net reclassifications for the period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Automotive Products | $ | $ | $ | $ | |||||||||||||||||||
Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Income (Loss) from operations: | |||||||||||||||||||||||
Automotive Products | $ | $ | $ | $ | |||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Revenue | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Automotive Products | |||||||||||||||||||||||
U.S. | $ | $ | $ | $ | |||||||||||||||||||
Japan | |||||||||||||||||||||||
Germany | |||||||||||||||||||||||
Korea | |||||||||||||||||||||||
Mexico | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total Automotive Products | $ | $ | $ | $ | |||||||||||||||||||
Other Products (U.S.) | $ | $ | |||||||||||||||||||||
Total Revenue | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Revenue | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Automotive Segment | |||||||||||||||||||||||
Automotive Mirrors & Electronics | $ | $ | $ | $ | |||||||||||||||||||
HomeLink Modules* | |||||||||||||||||||||||
Total Automotive Products | $ | $ | $ | $ | |||||||||||||||||||
Other Segment | |||||||||||||||||||||||
Fire Protection Products | |||||||||||||||||||||||
Aerospace Products | |||||||||||||||||||||||
Medical Products | $ | $ | |||||||||||||||||||||
Total Other | $ | $ | $ | $ | |||||||||||||||||||
*Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors. |
Year ending December 31, | ||||||||
2024 (excluding the nine months ended September 30, 2024) | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
Total future minimum lease payments | ||||||||
Less imputed interest | ( | |||||||
Total | $ |
Reported as of September 30, 2024 | ||||||||
$ | ||||||||
Total | $ |
Fair Value | |||||
Current Assets | $ | ||||
Personal Property | |||||
Right of Use Asset (Lease) | |||||
ESight Technology | |||||
Trade Names and Trademarks | |||||
Goodwill | |||||
Total Assets | $ | ||||
Lease Liability | $ | ||||
Contingent Earn Out Liability | |||||
Total Liabilities | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||||||||||||||||
North American Interior Mirrors | 2,291 | 2,366 | (3)% | 6,899 | 7,192 | (4)% | |||||||||||||||||||||||||||||
North American Exterior Mirrors | 1,532 | 1,614 | (5)% | 4,858 | 5,033 | (3)% | |||||||||||||||||||||||||||||
Total North American Mirror Units | 3,823 | 3,980 | (4)% | 11,757 | 12,224 | (4)% | |||||||||||||||||||||||||||||
International Interior Mirrors | 5,569 | 5,708 | (2)% | 16,313 | 17,099 | (5)% | |||||||||||||||||||||||||||||
International Exterior Mirrors | 2,830 | 2,915 | (3)% | 8,808 | 8,918 | (1)% | |||||||||||||||||||||||||||||
Total International Mirror Units | 8,399 | 8,623 | (3)% | 25,120 | 26,017 | (3)% | |||||||||||||||||||||||||||||
Total Interior Mirrors | 7,860 | 8,075 | (3)% | 23,211 | 24,291 | (4)% | |||||||||||||||||||||||||||||
Total Exterior Mirrors | 4,362 | 4,529 | (4)% | 13,665 | 13,950 | (2)% | |||||||||||||||||||||||||||||
Total Auto-Dimming Mirror Units | 12,221 | 12,604 | (3)% | 36,877 | 38,242 | (4)% |
September 30, 2024 | December 31, 2023 | ||||||||||
Working Capital | $ | 762,519,565 | $ | 726,129,177 | |||||||
Fixed Income Long-Term Investments | 140,578,453 | 155,863,252 | |||||||||
Total | $ | 903,098,018 | $ | 881,992,429 |
Light Vehicle Production (per S&P Global Mobility mid-October light vehicle production forecast) | ||||||||||||||||||||||||||||||||
(in Millions) | ||||||||||||||||||||||||||||||||
Region | Q4 2024 | Q4 2023 | % Change | Calendar Year 2025 | Calendar Year 2024 | Calendar Year 2023 | 2025 vs 2024 % Change | 2024 vs 2023 % Change | ||||||||||||||||||||||||
North America | 3.64 | 3.76 | (3) | % | 15.29 | 15.47 | 15.68 | (1) | % | (1) | % | |||||||||||||||||||||
Europe | 4.24 | 4.66 | (9) | % | 17.00 | 17.07 | 17.97 | — | % | (5) | % | |||||||||||||||||||||
Japan and Korea | 3.20 | 3.38 | (5) | % | 12.02 | 12.00 | 12.80 | — | % | (6) | % | |||||||||||||||||||||
China | 8.69 | 8.81 | (1) | % | 30.02 | 29.34 | 29.04 | 2 | % | 1 | % | |||||||||||||||||||||
Total Light Vehicle Production | 19.77 | 20.61 | (4) | % | 74.33 | 73.88 | 75.49 | 1 | % | (2) | % |
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 2024 | 90,006 | 33.81 | 90,006 | 15,761,173 | ||||||||||
February 2024 | 510,247 | 35.31 | 510,247 | 15,250,926 | ||||||||||
March 2024 | 600,650 | 36.59 | 600,650 | 14,650,276 | ||||||||||
1st Quarter 2024 Total | 1,200,903 | 35.84 | 1,200,903 | |||||||||||
April 2024 | 60,087 | 34.80 | 60,087 | 14,590,189 | ||||||||||
May 2024 | 661,221 | 34.72 | 661,221 | 13,928,968 | ||||||||||
June 2024 | 681,359 | 34.12 | 681,359 | 13,247,609 | ||||||||||
2nd Quarter 2024 Total | 1,402,667 | 34.43 | 1,402,667 | |||||||||||
July 2024 | 150,258 | 31.52 | 150,258 | 13,097,351 | ||||||||||
August 2024 | 1,792,167 | 30.01 | 1,792,167 | 11,305,184 | ||||||||||
September 2024 | 1,252,390 | 30.20 | 1,252,390 | 10,052,794 | ||||||||||
3rd Quarter 2024 Total | 3,194,815 | 30.16 | 3,194,815 | |||||||||||
2024 Total | 5,798,385 | 5,798,385 | 10,052,794 |
See Exhibit Index on Page 38 |
GENTEX CORPORATION | |||||||||||
Date: | November 1, 2024 | /s/ Steven R. Downing | |||||||||
Steven R. Downing | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) on behalf of Gentex Corporation | |||||||||||
Date: | November 1, 2024 | /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, 2024 |
Dec. 31, 2023 |
[1] | ||
---|---|---|---|---|---|
CURRENT ASSETS | |||||
Cash and cash equivalents | $ 179,639,743 | $ 226,435,019 | |||
Short-term investments | 20,462,581 | 14,356,476 | |||
Accounts receivable, net | 356,338,008 | 321,809,868 | |||
Inventories, net | 449,311,020 | 402,473,028 | |||
Prepaid expenses and other | 39,932,866 | 32,663,762 | |||
Total current assets | 1,045,684,218 | 997,738,153 | |||
PLANT AND EQUIPMENT—NET | 703,583,489 | 652,877,672 | |||
OTHER ASSETS | |||||
Goodwill | 340,105,631 | 340,105,631 | |||
Long-term investments | 325,561,578 | 299,080,876 | |||
Intangible assets, net | 201,604,035 | 214,005,910 | |||
Deferred tax asset | 50,192,359 | 41,113,759 | |||
Patents and other assets, net | 68,565,533 | 66,515,551 | |||
Total other assets | 986,029,136 | 960,821,727 | |||
Total assets | 2,735,296,843 | 2,611,437,552 | |||
CURRENT LIABILITIES | |||||
Accounts payable | 182,606,296 | 184,398,820 | |||
Accrued liabilities | 100,558,357 | 87,210,156 | |||
Total current liabilities | 283,164,653 | 271,608,976 | |||
OTHER NON-CURRENT LIABILITIES | 34,504,848 | 27,311,507 | |||
Total liabilities | 317,669,501 | 298,920,483 | |||
SHAREHOLDERS’ INVESTMENT | |||||
Common stock | 13,646,597 | 13,887,326 | |||
Additional paid-in capital | 1,000,948,512 | 968,245,875 | |||
Retained earnings | 1,405,918,157 | 1,336,940,990 | |||
Accumulated other comprehensive loss | (2,885,924) | (6,557,122) | |||
Total shareholders’ investment | 2,417,627,342 | 2,312,517,069 | |||
Total liabilities and shareholders’ investment | $ 2,735,296,843 | $ 2,611,437,552 | |||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|||
Income Statement [Abstract] | ||||||
NET SALES | $ 608,525,777 | $ 575,848,490 | $ 1,771,676,766 | $ 1,710,082,647 | ||
COST OF GOODS SOLD | 404,462,142 | 384,407,857 | 1,176,812,215 | 1,150,821,744 | ||
Gross profit | 204,063,635 | 191,440,633 | 594,864,551 | 559,260,903 | ||
OPERATING EXPENSES: | ||||||
Engineering, research and development | 48,225,968 | 40,197,517 | 134,411,948 | 112,825,054 | ||
Selling, general & administrative | 30,109,515 | 28,826,587 | 90,494,117 | 83,479,285 | ||
Total operating expenses | 78,335,483 | 69,024,104 | 224,906,065 | 196,304,339 | ||
Income from operations | 125,728,152 | 122,416,529 | 369,958,486 | 362,956,564 | ||
OTHER INCOME | ||||||
Investment income, net | 18,982,629 | 3,851,967 | 3,220,333 | 9,682,096 | ||
Other income (loss), net | 744,569 | (1,788,335) | 1,255,438 | (3,559,613) | ||
Total other income | 19,727,198 | 2,063,632 | 4,475,771 | 6,122,483 | ||
INCOME BEFORE PROVISION FOR INCOME TAXES | 145,455,350 | 124,480,161 | 374,434,257 | 369,079,047 | ||
PROVISION FOR INCOME TAXES | 22,906,309 | 19,754,749 | 57,614,063 | 57,619,971 | ||
NET INCOME | $ 122,549,041 | $ 104,725,412 | $ 316,820,194 | $ 311,459,076 | ||
EARNINGS PER SHARE: | ||||||
Basic (in dollars per share) | [1] | $ 0.54 | $ 0.45 | $ 1.38 | $ 1.33 | |
Diluted (in dollars per share) | [1] | 0.53 | 0.45 | 1.38 | 1.33 | |
Cash Dividends Declared per Share (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.36 | $ 0.36 | ||
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 122,549,041 | $ 104,725,412 | $ 316,820,194 | $ 311,459,076 |
Other comprehensive (loss) income before tax: | ||||
Foreign currency translation adjustments | 1,776,813 | (717,457) | 317,059 | (2,295,001) |
Unrealized gains on debt securities, net | 4,193,565 | 363,905 | 4,245,746 | 3,500,247 |
Other comprehensive (loss) income, before tax | 5,970,378 | (353,552) | 4,562,805 | 1,205,246 |
Income tax impact related to components of other comprehensive (loss) income | 880,649 | 76,420 | 891,607 | 735,052 |
Other comprehensive (loss) income, net of tax | 5,089,729 | (429,972) | 3,671,198 | 470,194 |
Comprehensive income | $ 127,638,770 | $ 104,295,440 | $ 320,491,392 | $ 311,929,270 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT - USD ($) |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | $ 2,400,299,527 | $ 2,195,949,326 | $ 2,312,517,069 | [1] | $ 2,065,792,821 | ||
Issuance of common stock from stock plan transactions (in shares) | 1,800,000 | ||||||
Issuance of common stock from stock plan transactions | 3,782,044 | 10,422,050 | $ 24,024,353 | 24,304,861 | |||
Issuance of common stock related to acquisitions | 0 | ||||||
Repurchases of common stock (in shares) | (5,800,000) | ||||||
Repurchases of common stock | (96,339,949) | (25,169,378) | $ (187,678,611) | (78,735,501) | |||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | 9,540,105 | 10,948,031 | 30,936,895 | 29,212,236 | |||
Dividends declared | (27,293,155) | (27,991,662) | (82,663,756) | (84,049,880) | |||
Net income | 122,549,041 | 104,725,412 | 316,820,194 | 311,459,076 | |||
Other comprehensive income (loss) | 5,089,729 | (429,972) | 3,671,198 | 470,194 | |||
Balance at end of period | $ 2,417,627,342 | $ 2,268,453,807 | $ 2,417,627,342 | $ 2,268,453,807 | |||
Common Stock | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period (in shares) | 230,229,539 | 233,429,994 | 231,455,443 | 234,169,335 | |||
Balance at beginning of period | $ 13,813,772 | $ 14,005,799 | $ 13,887,326 | $ 14,050,160 | |||
Issuance of common stock from stock plan transactions (in shares) | 408,566 | 605,637 | 1,786,232 | 1,833,596 | |||
Issuance of common stock from stock plan transactions | $ 24,514 | $ 36,338 | $ 107,174 | $ 110,016 | |||
Repurchases of common stock (in shares) | (3,194,815) | (776,488) | (5,798,385) | (2,743,788) | |||
Repurchases of common stock | $ (191,689) | $ (46,589) | $ (347,903) | $ (164,628) | |||
Balance at end of period (in shares) | 227,443,290 | 233,259,143 | 227,443,290 | 233,259,143 | |||
Balance at end of period | $ 13,646,597 | $ 13,995,548 | $ 13,646,597 | $ 13,995,548 | |||
Additional Paid-In Capital | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | 1,000,014,813 | 942,660,764 | 968,245,875 | 917,499,323 | |||
Issuance of common stock from stock plan transactions | 3,757,530 | 10,385,712 | 23,917,179 | 24,194,845 | |||
Repurchases of common stock | (12,363,936) | (2,795,358) | (22,151,437) | (9,707,255) | |||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | 9,540,105 | 10,948,031 | 30,936,895 | 29,212,236 | |||
Balance at end of period | 1,000,948,512 | 961,199,149 | 1,000,948,512 | 961,199,149 | |||
Retained Earnings | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | 1,394,446,595 | 1,252,525,531 | 1,336,940,990 | 1,148,386,272 | |||
Repurchases of common stock | (83,784,324) | (22,327,431) | (165,179,271) | (68,863,618) | |||
Dividends declared | (27,293,155) | (27,991,662) | (82,663,756) | (84,049,880) | |||
Net income | 122,549,041 | 104,725,412 | 316,820,194 | 311,459,076 | |||
Balance at end of period | 1,405,918,157 | 1,306,931,850 | 1,405,918,157 | 1,306,931,850 | |||
Accumulated Other Comprehensive Income (Loss) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | (7,975,653) | (13,242,768) | (6,557,122) | (14,142,934) | |||
Other comprehensive income (loss) | 5,089,729 | (429,972) | 3,671,198 | 470,194 | |||
Balance at end of period | $ (2,885,924) | $ (13,672,740) | $ (2,885,924) | $ (13,672,740) | |||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.36 | $ 0.36 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The 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 2023 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, 2024, and the results of operations and cash flows for the interim periods presented.
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Adoption of New Accounting Standards |
9 Months Ended |
---|---|
Sep. 30, 2024 | |
Accounting Policies [Abstract] | |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2023-07, Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. The Company will likely include additional disclosures when this ASU is adopted by the Company. The Company is currently evaluating the provisions of this ASU and expects to adopt the ASU for the year ending December 31, 2024. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. Under this ASU, public benefit entities must annually “(1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate).” This ASU is effective on a prospective basis for the Company in the fiscal year ending December 31, 2025. This ASU will result in additional disclosures being included in the consolidated financial statements once adopted.
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Goodwill and Other Intangible Assets |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 2020; $0.2 million as part of the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in 2020; $1.0 million as a part of the acquisition of Argil, Inc. ("Argil") in 2020; $2.0 million as part of the acquisition of Guardian Optical Technologies ("Guardian") in 2021; and $26.7 million as part of the acquisition of eSight in the fourth quarter of 2023. The carrying value of Goodwill as of both September 30, 2024 and December 31, 2023 was $340.1 million, 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. No such events or circumstances that might negatively impact the key assumptions were observed in the third quarter of 2024 and, as such, nothing indicated 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, 2024:
As of December 31, 2023:
Amortization expense on patents and intangible assets was approximately $4.5 million and $13.4 million during the three and nine months ended September 30, 2024, respectively, compared to approximately $5.2 million and $15.6 million for the same periods ended September 30, 2023, respectively. Excluding the impact of any future acquisitions, the Company estimates amortization expense for the year ending December 31, 2024 to be approximately $18 million, for the year ending December 31, 2025 to be approximately $14 million, and for each of the years ending December 31, 2026, December 31, 2027, and December 31, 2028 to be approximately $3 million.
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Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Available for sale securities 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. On October 4, 2023, the Company entered into a Stock Purchase Agreement to acquire up to 3,137,500 shares of VOXX International Corporation ("VOXX") Class A Common Stock for investment purposes. The Company agreed to purchase the shares in two tranches: (1) on October 6, 2023, the Company purchased 1,568,750 shares of Class A Common Stock at a price of $10 per share, and (2) on January 5, 2024, the Company purchased 1,568,750 shares of Class A Common Stock at a price of $10 per share. On August 23, 2024, the Company entered into another Stock Purchase Agreement and acquired an additional 3,152,500 shares of Class A Common Stock on that date at $5 per share for investment purposes. The VOXX shares held by the Company are publicly traded and have a readily determinable fair market value and are considered Level 1 assets. The Company has the intention and current ability to hold the VOXX investment, and therefore has recorded the investment within Long-term Investments in the consolidated balance sheet. As of September 30, 2024, the Company holds a total of 6,463,808 shares of VOXX. As a result of the August 2024 purchase, the Company began accounting for the VOXX investment in accordance with ASC 323 – Investments – Equity Method and Joint Venture, with the election to use the Fair Value Option under ASC 825 - Fair Value. As a result of this election, changes in fair value of the shares are recorded in Investment income, net in the condensed consolidated statements of income. The Company recorded $14.9 million of gain during the three months ended September 30, 2024, and $9.0 million of loss during the nine months ended September 30, 2024 relating to mark to market adjustments in investment income related to VOXX. Technology Investments The Company also periodically makes strategic investments in the non-marketable debt or equity securities of other non-consolidated third parties ("Technology Investments"). Such Technology Investments totaled approximately $149.9 million as of September 30, 2024, of which $144.9 million and $5.0 million are recorded in long-term investments and short-term investments, respectively, on the consolidated balance sheet, and $128.0 million as of December 31, 2023, of which $124.6 million and $3.4 million are recorded in long-term investments and short-term investments, respectively, on the consolidated balance sheet. Depending on the form of investment, and the degree of influence the Company has over the investee, the Company primarily accounts for the Technology Investments in accordance with ASC 321, Investments- Equity Securities or ASC 323 – Investments – Equity Method and Joint Venture. The Company accounts for equity securities in non-controlled affiliates through which the Company exercises significant influence but do not have control over the investee under the equity method, with the Company’s share of the earnings or losses of non-controlled affiliates recognized within Other income (loss), net in the Company's condensed consolidated statement of income. All other Technology Investments that the Company holds are primarily accounted for under the measurement alternative of ASC 321. Under the measurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2024 and December 31, 2023: As of September 30, 2024:
As of December 31, 2023:
The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of September 30, 2024 and December 31, 2023: As of September 30, 2024:
As of December 31, 2023:
Unrealized losses on available-for-sale securities as of September 30, 2024, are as follows:
Unrealized losses on available-for-sale securities as of December 31, 2023, 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, 2024 have contractual maturities as follows:
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Inventories, net |
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net | Inventories, net Inventories consisted of the following at the respective balance sheet dates:
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Earnings Per Share |
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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, 2024 and September 30, 2023:
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Stock-Based Compensation Plans |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plans | Stock-Based Compensation Plans As of September 30, 2024, 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, 2023, for additional information related to the Prior Plans. The Company recognized total compensation expense for share-based payments of $9,590,588 and $31,042,268 for the three and nine months ended September 30, 2024, respectively. The Company recognized compensation expense for share-based payments of $10,948,031 and $29,212,236 for the three and nine months ended September 30, 2023, respectively. A portion of the compensation cost for share based payment awards is capitalized as part of inventory. 2019 Omnibus Incentive Plan The purpose of the 2019 Omnibus Plan is to attract and retain employees, officers, and directors of the Company and its subsidiaries and to motivate and provide such persons incentives and rewards for performance. Pursuant to the terms of the 2019 Omnibus Plan, each type of award counts against the available shares based on a predetermined conversion rate (shown in the table below). As of September 30, 2024, 11,109,647 share awards have been made under the Plan, resulting in 29,672,008 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, 2024, there was $5,834,690 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, 2024, the Company had unearned stock-based compensation of $52,836,541 associated with the restricted stock grants issued under the 2019 Omnibus Plan and the Second Restricted Stock Plan. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable restriction periods. Compensation expense from restricted stock grants in the three and nine months ended September 30, 2024 was $5,915,930 and $19,487,110, respectively. Compensation expense from restricted stock grants in the three and nine months ended September 30, 2023 was $6,369,348 and $18,178,157, respectively. 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, 2024, the Company had unearned stock-based compensation of $15,768,739 associated with these performance share grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable performance periods. Compensation expense related to these performance share grants in the three and nine months ended September 30, 2024 was $1,573,201 and $5,369,466, respectively. Compensation expense related to these performance share grants in the three and nine months ended September 30, 2023 was $2,463,158 and $4,600,386, respectively. As part of its objective of attracting and retaining management to fulfill the Company's strategic goals, the Compensation Committee recommended and the Board approved on February 16, 2023, a retention grant of performance share awards ("PSAs"). In addition to the retention of management, the PSAs have been granted to further align management goals with those of the Company's shareholders. For that reason, the PSAs have been granted with performance criteria and will be based upon achievement of the Company's relative total shareholder return ("TSR") over a four year period (2023-2026), against a predetermined peer group. The grant date fair value of PSAs with TSR targets was determined using a Monte Carlo simulation. Compensation expense related to these retention grants in the three and nine months ended September 30, 2024 was $453,393 and $1,342,032, respectively. Compensation expense related to these retention grants in the three and nine months ended September 30, 2023 was $441,115 and $1,082,333, respectively. Employee Stock Purchase Plan Prior to July 1, 2022, the Company had in place an employee stock purchase plan covering 2,000,000 shares of common stock. Under that plan, the Company sold shares at 85% of the stock’s market price at date of purchase. Under ASC 718, Compensation - Stock Compensation, the 15% discounted value was recognized as compensation expense. As of September 30, 2024, 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, 2024, the Company has issued 442,718 shares under this plan.
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Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on certain debt investments and foreign currency translation adjustments. The following table presents the net changes in the Company's accumulated other comprehensive loss by component (all amounts shown are net of tax):
The following table presents details of reclassifications out of accumulated other comprehensive loss for the three and nine months ended September 30, 2024 and 2023:
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Debt and Financing Arrangements |
9 Months Ended |
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Sep. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | Debt and Financing Arrangements On October 15, 2018, the Company entered into a credit agreement with PNC as the administrative agent and sole lender, which has now been amended and restated as discussed below. On February 21, 2023, as previously disclosed, the Company entered into an amended and restated credit agreement ("Credit Agreement") that provides for, among other things, a three-year unsecured revolving credit facility with a borrowing capacity of up to $250.0 million ("Revolver") that matures on February 21, 2026, replacing in its entirety the Company's above referenced prior $150.0 million revolving credit facility scheduled to mature on October 15, 2023. Included in the Revolver is a $20.0 million sublimit for standby letters of credit and a $35.0 million sublimit for swingline loans, each subject to certain conditions. Funds are available under the Revolver for working capital, capital expenditures, and other lawful corporate purposes, including, but not limited to, acquisitions and common stock repurchases, subject in each case to compliance with certain financial covenants, as defined in the Credit Agreement. As of September 30, 2024, there was no outstanding balance on the Revolver. As of September 30, 2024, the Company is in compliance with its covenants under the Credit Agreement.
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Equity |
9 Months Ended |
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Sep. 30, 2024 | |
Equity [Abstract] | |
Equity | Equity The decrease in common stock during the nine months ended September 30, 2024, was primarily due to the repurchases of 5.8 million shares, partially offset by the issuance of 1.8 million shares of the Company’s common stock, net of cancellations, under the Company’s stock-based compensation plans. The total net decrease was 4.0 million shares. The Company recorded a cash dividend of $0.120 per share during the third quarter of 2024 as compared to a cash dividend of $0.120 per share during the third quarter of 2023. The third quarter 2024 dividend of $27.3 million was declared on August 30, 2024 and was paid on October 23, 2024.
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Contingencies |
9 Months Ended |
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Sep. 30, 2024 | |
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, for example, product liability, intellectual property, safety and health, employment, regulatory, and other matters. Such matters are subject to many uncertainties and outcomes are not predictable. The Company does not believe, however, that at the current time any of these matters constitute material pending legal proceedings that will have a material adverse effect on the financial position or future results of operations or cash flows of the Company. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The Company's automotive segment develops and manufactures digital vision and connected car products and electronics, including: automatic-dimming rearview mirrors with and without electronic features; non-auto dimming rearview mirrors with and without electronic features; and other electronics. The Company also develops and manufactures variably dimming windows and laminate products for the aerospace industry and fire protection products for the commercial construction industry. In 2020, the Company acquired Vaporsens, which specializes in nanofiber chemical sensing. In 2023, the Company acquired certain technology assets from eSight, which provides advanced and versatile low-vision smart glasses for those with visual impairments and is compatible with more than 20 eye conditions including Macular Degeneration, Diabetic Retinopathy, and Stargardt disease. These four non-automotive segments are combined into the "Other" segment as shown below.
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Income Taxes |
9 Months Ended |
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Sep. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe effective tax rate was 15.4% in the nine months ended September 30, 2024, compared to an effective tax rate of 15.6% for the same period in 2023. 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 |
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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, 2024 and September 30, 2023, respectively:
Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political, and labor conditions; global supply chain constraints; unexpected changes in laws, regulations, trade or monetary or fiscal policy, including interest rates, foreign currency exchange rates and changes in the rate of inflation in the U.S. and other foreign countries; labor strikes, armed conflicts and acts of terrorism and war; and tariffs, quotas, customs and other import or export restrictions and other trade barriers. The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three and nine month periods ended September 30, 2024 and September 30, 2023:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company has operating leases for certain sales, manufacturing, and engineering offices, as well as other vehicles and equipment, which are included within "Plant and Equipment - Net" section of the condensed consolidated balance sheets. The leases have remaining lease terms of 1 year to 5 years. The weighted average remaining lease term for operating leases as of September 30, 2024 was 4 years, with a weighted average discount rate of 6.0%. Future minimum lease payments for operating leases as of September 30, 2024 were as follows:
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Acquisition |
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Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Acquisition On November 2, 2023, the Company, in the ordinary course of business, acquired certain technology assets from eSight for approximately $18.9 million in cash, the assumption of a $9.4 million promissory note given in exchange for the 20% equity the Company previously held in the assets, as well as an earn out provision over a ten year period. The earn out provision consists of multiple potential payments based on the revenue over the next calendar years, with the total earn out not to exceed $70 million. The Company funded the acquisition with cash on hand. The technology acquired from eSight provides advanced and versatile low-vision smart glasses for those with visual impairments and is compatible with more than 20 eye conditions including Macular Degeneration, Diabetic Retinopathy, and Stargardt disease. These assets are classified within the Company's Other segment. The Company accounted for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations. The valuation process was completed during the third quarter of 2024. Approximately $0.8 million of revenue of the business of eSight was included in the Company's consolidated statements of income and comprehensive income for the period ended September 30, 2024. The following table summarizes the fair values of the assets acquired, and the liabilities assumed, as of the acquisition date of November 2, 2023:
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Adoption of New Accounting Standards (Policies) |
9 Months Ended |
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Sep. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The 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 2023 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, 2024, and the results of operations and cash flows for the interim periods presented.
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Adoption of New Accounting Standards | Adoption of New Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2023-07, Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. The Company will likely include additional disclosures when this ASU is adopted by the Company. The Company is currently evaluating the provisions of this ASU and expects to adopt the ASU for the year ending December 31, 2024. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. Under this ASU, public benefit entities must annually “(1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate).” This ASU is effective on a prospective basis for the Company in the fiscal year ending December 31, 2025. This ASU will result in additional disclosures being included in the consolidated financial statements once adopted.
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Goodwill and Other Intangible Assets (Tables) |
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The carrying value of Goodwill as of both September 30, 2024 and December 31, 2023 was $340.1 million, as set forth in the table below:
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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, 2024:
As of December 31, 2023:
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Investments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment Securities Stated at Fair Value | Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2024 and December 31, 2023: As of September 30, 2024:
As of December 31, 2023:
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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, 2024 and December 31, 2023: As of September 30, 2024:
As of December 31, 2023:
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Schedule of Unrealized Loss on available-for-sale securities | Unrealized losses on available-for-sale securities as of September 30, 2024, are as follows:
Unrealized losses on available-for-sale securities as of December 31, 2023, are as follows:
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Schedule of Investments Classified by Contractual Maturity Date | Fixed income securities as of September 30, 2024 have contractual maturities as follows:
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Inventories, net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories consisted of the following at the respective balance sheet dates:
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Earnings Per Share (Tables) |
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024 and September 30, 2023:
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Stock-Based Compensation Plans (Tables) |
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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Schedule of Weighted-Average Assumptions For The Employee Stock Option Plan | The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods:
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.
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Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of AOCI | The following table presents the net changes in the Company's accumulated other comprehensive loss by component (all amounts shown are net of tax):
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Schedule of Reclassifications Out of Other Comprehensive Income | The following table presents details of reclassifications out of accumulated other comprehensive loss for the three and nine months ended September 30, 2024 and 2023:
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segments | These four non-automotive segments are combined into the "Other" segment as shown below.
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Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following table shows the Company’s Automotive revenue and Other Products revenue disaggregated by geographical location for Automotive Products for the three and nine month periods ended September 30, 2024 and September 30, 2023, respectively:
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, 2024 and September 30, 2023:
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments | Future minimum lease payments for operating leases as of September 30, 2024 were as follows:
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Schedule of Lease Liabilities |
|
Acquisition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired, and the liabilities assumed, as of the acquisition date of November 2, 2023:
|
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Nov. 02, 2023 |
Dec. 31, 2013 |
||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Goodwill | $ 340,105,631 | $ 340,105,631 | [1] | $ 340,105,631 | ||||||||
Acquisitions | 0 | |||||||||||
Amortization of intangible assets | 4,500,000 | $ 5,200,000 | 13,400,000 | $ 15,600,000 | ||||||||
Total Patents & Other Intangible Assets | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Amortization expense, remainder of 2024 | 18,000,000 | 18,000,000 | ||||||||||
Amortization expense, year 2025 | 14,000,000 | 14,000,000 | ||||||||||
Amortization expense, year 2026 | 3,000,000 | 3,000,000 | ||||||||||
Amortization expense, year 2027 | 3,000,000 | 3,000,000 | ||||||||||
Amortization expense, year 2028 | $ 3,000,000 | $ 3,000,000 | ||||||||||
HomeLink® | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Goodwill | $ 307,400,000 | |||||||||||
Vaporsens | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Acquisitions | $ 3,700,000 | |||||||||||
Air-CraftGlass | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Acquisitions | 200,000 | |||||||||||
Argil | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Acquisitions | $ 1,000,000 | |||||||||||
Guardian | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Acquisitions | $ 2,000,000 | |||||||||||
eSight | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Goodwill | $ 26,696,012 | |||||||||||
Acquisitions | $ 26,700,000 | |||||||||||
|
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2024
USD ($)
| ||||
Carrying Amount | ||||
Balance at beginning of period | $ 340,105,631 | [1] | ||
Acquisitions | 0 | |||
Divestitures | 0 | |||
Impairments | 0 | |||
Other | 0 | |||
Balance at end of period | $ 340,105,631 | |||
|
Investments - Narrative (Details) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2024
USD ($)
shares
|
Sep. 30, 2024
USD ($)
shares
|
Aug. 23, 2024
$ / shares
shares
|
Jan. 05, 2024
$ / shares
shares
|
Dec. 31, 2023
USD ($)
|
Oct. 06, 2023
$ / shares
shares
|
Oct. 04, 2023
tranche
shares
|
|
Debt and Equity Securities, FV-NI [Line Items] | |||||||
Technology investments | $ 149.9 | $ 149.9 | $ 128.0 | ||||
Long-term Investments | |||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||
Technology investments | 144.9 | 144.9 | 124.6 | ||||
Short-Term Investments | |||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||
Technology investments | $ 5.0 | $ 5.0 | $ 3.4 | ||||
VOXX International Corporation | |||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||
Shares of investment held (in shares) | shares | 6,463,808 | 6,463,808 | |||||
Gain (loss) relating to mark to market adjustment in investment income | $ 14.9 | $ (9.0) | |||||
VOXX International Corporation | |||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||
Number of tranches | tranche | 2 | ||||||
VOXX International Corporation | Common Class A | |||||||
Debt and Equity Securities, FV-NI [Line Items] | |||||||
Number of shares acquired (in shares) | shares | 3,152,500 | 1,568,750 | 1,568,750 | 3,137,500 | |||
Shares purchased, price per share (in dollars per share) | $ / shares | $ 5 | $ 10 | $ 10 |
Investments - Schedule of Assets or Liabilities, Recurring Fair Value Measurements (Details) - USD ($) |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | $ 179,639,743 | $ 226,435,019 |
Total | 376,759,544 | 411,798,242 |
Short-Term Investments | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 2,784,681 | |
Short-Term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 752,133 | 994,013 |
Short-Term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 3,960,920 | 1,943,886 |
Short-Term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 2,479,975 | 4,759,507 |
Short-Term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 4,380,400 | 1,726,658 |
Short-Term Investments | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,073,419 | 1,465,388 |
Long-Term Investments | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 40,069,030 | 27,146,504 |
Long-Term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 748,358 | |
Long-Term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 57,754,563 | 65,404,340 |
Long-Term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,671,215 | 6,227,129 |
Long-Term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 41,083,645 | 56,336,921 |
Long-Term Investments | Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 41,109,820 | 18,610,519 |
(Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 179,639,743 | 226,435,019 |
Total | 222,575,115 | 248,253,297 |
(Level 1) | Short-Term Investments | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
(Level 1) | Short-Term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 752,133 | 994,013 |
(Level 1) | Short-Term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 1) | Short-Term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 1) | Short-Term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 1) | Short-Term Investments | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,073,419 | 1,465,388 |
(Level 1) | Long-Term Investments | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 1) | Long-Term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 748,358 | |
(Level 1) | Long-Term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 1) | Long-Term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 1) | Long-Term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 1) | Long-Term Investments | Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 41,109,820 | 18,610,519 |
(Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 0 | 0 |
Total | 154,184,429 | 163,544,945 |
(Level 2) | Short-Term Investments | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 2,784,681 | |
(Level 2) | Short-Term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 2) | Short-Term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 3,960,920 | 1,943,886 |
(Level 2) | Short-Term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 2,479,975 | 4,759,507 |
(Level 2) | Short-Term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 4,380,400 | 1,726,658 |
(Level 2) | Short-Term Investments | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 2) | Long-Term Investments | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 40,069,030 | 27,146,504 |
(Level 2) | Long-Term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
(Level 2) | Long-Term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 57,754,563 | 65,404,340 |
(Level 2) | Long-Term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,671,215 | 6,227,129 |
(Level 2) | Long-Term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 41,083,645 | 56,336,921 |
(Level 2) | Long-Term Investments | Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 0 | 0 |
Total | 0 | 0 |
(Level 3) | Short-Term Investments | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
(Level 3) | Short-Term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 3) | Short-Term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 3) | Short-Term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 3) | Short-Term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 3) | Short-Term Investments | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 3) | Long-Term Investments | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 3) | Long-Term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
(Level 3) | Long-Term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 3) | Long-Term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
(Level 3) | Long-Term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
(Level 3) | Long-Term Investments | Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 0 | $ 0 |
Investments - Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities (Details) - USD ($) |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 151,489,527 | $ 186,637,592 |
Unrealized Gains | 3,300,912 | 3,251,708 |
Unrealized Losses | (1,565,139) | (4,526,077) |
Market Value | 153,225,300 | 185,363,223 |
Short-Term Investments | Asset-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 2,834,713 | |
Unrealized Gains | 0 | |
Unrealized Losses | (50,032) | |
Market Value | 2,784,681 | |
Short-Term Investments | Certificate of Deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 750,000 | 1,000,000 |
Unrealized Gains | 2,133 | 0 |
Unrealized Losses | 0 | (5,987) |
Market Value | 752,133 | 994,013 |
Short-Term Investments | Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 4,019,696 | 1,976,195 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (58,776) | (32,309) |
Market Value | 3,960,920 | 1,943,886 |
Short-Term Investments | Government Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 2,474,160 | 4,754,495 |
Unrealized Gains | 5,815 | 21,141 |
Unrealized Losses | 0 | (16,129) |
Market Value | 2,479,975 | 4,759,507 |
Short-Term Investments | Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 4,393,568 | 1,749,038 |
Unrealized Gains | 1,697 | 0 |
Unrealized Losses | (14,865) | (22,380) |
Market Value | 4,380,400 | 1,726,658 |
Short-Term Investments | Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,073,419 | 1,465,388 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Market Value | 1,073,419 | 1,465,388 |
Long-Term Investments | Asset-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 39,109,728 | 26,923,803 |
Unrealized Gains | 1,032,389 | 331,847 |
Unrealized Losses | (73,087) | (109,146) |
Market Value | 40,069,030 | 27,146,504 |
Long-Term Investments | Certificate of Deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 750,000 | |
Unrealized Gains | 0 | |
Unrealized Losses | (1,642) | |
Market Value | 748,358 | |
Long-Term Investments | Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 56,889,910 | 66,214,398 |
Unrealized Gains | 1,273,030 | 748,471 |
Unrealized Losses | (408,377) | (1,558,529) |
Market Value | 57,754,563 | 65,404,340 |
Long-Term Investments | Government Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,603,846 | 6,217,774 |
Unrealized Gains | 67,369 | 10,675 |
Unrealized Losses | 0 | (1,320) |
Market Value | 1,671,215 | 6,227,129 |
Long-Term Investments | Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 41,175,200 | 58,261,615 |
Unrealized Gains | 918,479 | 811,128 |
Unrealized Losses | (1,010,034) | (2,735,822) |
Market Value | $ 41,083,645 | 56,336,921 |
Long-Term Investments | Common Stock | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 17,324,886 | |
Unrealized Gains | 1,328,446 | |
Unrealized Losses | (42,813) | |
Market Value | $ 18,610,519 |
Investments - Schedule of Unrealized Loss on available-for-sale securities (Details) - USD ($) |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Aggregate Unrealized Losses | ||
Loss duration of less than one year | $ 80,165 | $ 126,074 |
Loss duration of greater than one year | 1,535,006 | 4,400,003 |
Total | 1,615,171 | 4,526,077 |
Aggregate Fair Value of Investments | ||
Loss duration of less than one year | 7,363,296 | 13,449,592 |
Loss duration of greater than one year | 46,320,380 | 76,966,258 |
Total | $ 53,683,676 | $ 90,415,850 |
Investments - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Total | $ 153,225,300 | $ 185,363,223 |
Fixed Income Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due within one year | 14,358,108 | |
Due between one and five years | 76,534,624 | |
Due over five years | 64,043,830 | |
Total | $ 154,936,562 |
Inventories, net (Details) - USD ($) |
Sep. 30, 2024 |
Dec. 31, 2023 |
|||
---|---|---|---|---|---|
Inventory Disclosure [Abstract] | |||||
Raw materials | $ 317,505,698 | $ 283,126,566 | |||
Work-in-process | 47,856,981 | 46,343,955 | |||
Finished goods | 83,948,341 | 73,002,507 | |||
Total Inventory | $ 449,311,020 | $ 402,473,028 | [1] | ||
|
Earnings Per Share (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|||
Basic Earnings Per Share | ||||||
Net income | $ 122,549,041 | $ 104,725,412 | $ 316,820,194 | $ 311,459,076 | ||
Less: Dividends and undistributed earnings allocated to participating securities | 1,604,095 | 1,537,105 | 4,418,133 | 4,636,523 | ||
Net Income available to common shareholders | $ 120,944,946 | $ 103,188,307 | $ 312,402,061 | $ 306,822,553 | ||
Basic weighted average shares outstanding (in shares) | 226,002,347 | 230,047,014 | 226,646,541 | 229,866,008 | ||
Net income per share - Basic (in dollars per share) | [1] | $ 0.54 | $ 0.45 | $ 1.38 | $ 1.33 | |
Diluted Earnings Per Share | ||||||
Allocation of Net Income used in basic computation | $ 120,944,946 | $ 103,188,307 | $ 312,402,061 | $ 306,822,553 | ||
Reallocation of undistributed earnings | 1,288 | 1,978 | 5,183 | 4,577 | ||
Net Income available to common shareholders - Diluted | $ 120,946,234 | $ 103,190,285 | $ 312,407,244 | $ 306,827,130 | ||
Number of shares used in basic computation (in shares) | 226,002,347 | 230,047,014 | 226,646,541 | 229,866,008 | ||
Additional weighted average dilutive common stock equivalents (in shares) | 239,337 | 410,397 | 363,391 | 315,666 | ||
Diluted weighted average shares outstanding (in shares) | 226,241,684 | 230,457,411 | 227,009,932 | 230,181,674 | ||
Net Income per share - Diluted (in dollars per share) | [1] | $ 0.53 | $ 0.45 | $ 1.38 | $ 1.33 | |
Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive (in shares) | 1,619,446 | 1,384,066 | 625,410 | 1,410,341 | ||
|
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, 2024
USD ($)
plan
shares
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
plan
shares
|
Sep. 30, 2023
USD ($)
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expense for share-based payments | $ | $ 9,590,588 | $ 10,948,031 | $ 31,042,268 | $ 29,212,236 | ||
Employee Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued under the omnibus plan (in shares) | 1,624,122 | |||||
Number of shares authorized (in shares) | 2,000,000 | |||||
ESPP discount rate | 85.00% | |||||
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) | 11,109,647 | |||||
Shares issued under the omnibus plan (in shares) | 29,672,008 | |||||
Number of shares authorized (in shares) | 45,000,000 | 45,000,000 | ||||
Employee Stock Option Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ | $ 5,834,690 | $ 5,834,690 | ||||
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 | $ | 52,836,541 | $ 52,836,541 | ||||
Restricted period, maximum | 10 years | |||||
Amortization expense | $ | $ 5,915,930 | 6,369,348 | $ 19,487,110 | 18,178,157 | ||
Gentex Corporation Employee Stock Purchase Plan | Employee Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued under the omnibus plan (in shares) | 442,718 | |||||
Number of shares authorized (in shares) | 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] | ||||||
Compensation expense for share-based payments | $ | $ 1,573,201 | 2,463,158 | $ 5,369,466 | 4,600,386 | ||
Unrecognized compensation cost | $ | 15,768,739 | $ 15,768,739 | ||||
Performance Shares | Omnibus Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued under the omnibus plan (in shares) | 4,127,603 | |||||
Performance Share Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expense for share-based payments | $ | $ 453,393 | $ 441,115 | $ 1,342,032 | $ 1,082,333 | ||
Option vesting period | 4 years |
Stock-Based Compensation Plans - Schedule of Shares Issued Net of Shares Canceled/Expired (Details) - Omnibus Incentive Plan |
9 Months Ended |
---|---|
Sep. 30, 2024
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total grants in period (in shares) | 11,109,647 |
Shares issued under the omnibus plan (in shares) | 29,672,008 |
Non-Qualified Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted, options (in shares) | 5,043,516 |
Conversion rate, options | 1.00 |
Shares issued under the omnibus plan (in shares) | 5,043,516 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted (in shares) | 5,049,480 |
Conversion rate, shares | 4.06 |
Shares issued under the omnibus plan (in shares) | 20,500,889 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted (in shares) | 1,016,651 |
Conversion rate, shares | 4.06 |
Shares issued under the omnibus plan (in shares) | 4,127,603 |
Stock-Based Compensation Plans - Schedule of Weighted-Average Assumptions for the ESOP (Details) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Share-Based Payment Arrangement [Abstract] | ||||
Dividend yield | 1.62% | 1.72% | 1.63% | 1.74% |
Expected volatility | 27.92% | 28.66% | 28.07% | 28.89% |
Risk-free interest rate | 3.58% | 4.60% | 4.04% | 4.11% |
Expected term of options (years) | 4 years 1 month 20 days | 4 years 1 month 20 days | 4 years 1 month 20 days | 4 years 1 month 24 days |
Weighted-avg. grant date fair value (in dollars per share) | $ 7.11 | $ 8.40 | $ 8.23 | $ 7.54 |
Comprehensive Income (Loss) - Schedule of AOCI (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance at beginning of period | $ 2,400,299,527 | $ 2,195,949,326 | $ 2,312,517,069 | [1] | $ 2,065,792,821 | ||
Other comprehensive (loss) income, net of tax | 5,089,729 | (429,972) | 3,671,198 | 470,194 | |||
Balance at end of period | 2,417,627,342 | 2,268,453,807 | 2,417,627,342 | 2,268,453,807 | |||
Accumulated Other Comprehensive Income | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance at beginning of period | (7,975,653) | (13,242,768) | (6,557,122) | (14,142,934) | |||
Balance at end of period | (2,885,924) | (13,672,740) | (2,885,924) | (13,672,740) | |||
Foreign currency translation adjustments: | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance at beginning of period | (5,994,473) | (5,609,783) | (4,534,719) | (4,032,239) | |||
Other Comprehensive (loss) income before reclassifications | 1,776,813 | (717,457) | 317,059 | (2,295,001) | |||
Other comprehensive (loss) income, net of tax | 1,776,813 | (717,457) | 317,059 | (2,295,001) | |||
Balance at end of period | (4,217,660) | (6,327,240) | (4,217,660) | (6,327,240) | |||
Unrealized gains (losses) on available-for-sale debt securities | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Balance at beginning of period | (1,981,180) | (7,632,985) | (2,022,403) | (10,110,695) | |||
Other Comprehensive (loss) income before reclassifications | 3,294,853 | (1,293,419) | 2,465,099 | (468,359) | |||
Amounts reclassified from accumulated other comprehensive income | 18,063 | 1,580,904 | 889,040 | 3,233,554 | |||
Other comprehensive (loss) income, net of tax | 3,312,916 | 287,485 | 3,354,139 | 2,765,195 | |||
Balance at end of period | $ 1,331,736 | $ (7,345,500) | $ 1,331,736 | $ (7,345,500) | |||
|
Comprehensive Income (Loss) - Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized (loss) on sale of securities | $ 744,569 | $ (1,788,335) | $ 1,255,438 | $ (3,559,613) |
Provision for income taxes | (22,906,309) | (19,754,749) | (57,614,063) | (57,619,971) |
Total net reclassifications for the period | 122,549,041 | 104,725,412 | 316,820,194 | 311,459,076 |
Amounts Reclassified from Other Comprehensive Loss | Unrealized gains (losses) on available-for-sale debt securities | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized (loss) on sale of securities | (22,864) | (2,001,144) | (1,125,367) | (4,093,106) |
Provision for income taxes | 4,801 | 420,240 | 236,327 | 859,552 |
Total net reclassifications for the period | $ (18,063) | $ (1,580,904) | $ (889,040) | $ (3,233,554) |
Debt and Financing Arrangements (Details) - USD ($) |
Feb. 21, 2023 |
Sep. 30, 2024 |
---|---|---|
Revolving Facility | ||
Debt Instrument [Line Items] | ||
Debt instrument, term | 3 years | |
Principal amount | $ 250,000,000 | |
Additional borrowings available | 150,000,000 | |
Long-term debt | $ 0 | |
Letter of Credit | ||
Debt Instrument [Line Items] | ||
Additional borrowings available | 20,000,000 | |
Swing Loans | ||
Debt Instrument [Line Items] | ||
Additional borrowings available | $ 35,000,000 |
Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Equity [Abstract] | ||||
Stock repurchased (in shares) | 5.8 | |||
Common stock issued under stock compensation plan (in shares) | 1.8 | |||
Net increase (decrease) in common stock (in shares) | (4.0) | |||
Dividends declared (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.36 | $ 0.36 |
Value of dividends declared | $ 27.3 |
Segment Reporting (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
segment
|
Sep. 30, 2023
USD ($)
|
|
Segment Reporting Information [Line Items] | ||||
Revenue: | $ 608,525,777 | $ 575,848,490 | $ 1,771,676,766 | $ 1,710,082,647 |
Income (Loss) from operations: | 125,728,152 | 122,416,529 | $ 369,958,486 | 362,956,564 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Number of non-automotive segments | segment | 4 | |||
Revenue: | 12,006,379 | 11,338,213 | $ 38,265,077 | 34,039,634 |
Income (Loss) from operations: | (2,647,483) | 541,353 | (2,615,462) | 912,532 |
Automotive Products | ||||
Segment Reporting Information [Line Items] | ||||
Revenue: | 596,519,398 | 564,510,277 | 1,733,411,689 | 1,676,043,013 |
Income (Loss) from operations: | $ 128,375,635 | $ 121,875,176 | $ 372,573,948 | $ 362,044,032 |
Income Taxes (Details) |
9 Months Ended | |
---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 15.40% | 15.60% |
Revenue (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 608,525,777 | $ 575,848,490 | $ 1,771,676,766 | $ 1,710,082,647 |
Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 596,519,398 | 564,510,277 | 1,733,411,689 | 1,676,043,013 |
Automotive Products | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 596,519,398 | 564,510,277 | 1,733,411,689 | 1,676,043,013 |
Automotive Products | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 170,939,124 | 171,312,177 | 501,028,383 | 520,034,256 |
Automotive Products | Japan | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 100,415,089 | 73,330,091 | 271,681,510 | 229,664,642 |
Automotive Products | Germany | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 69,610,212 | 72,169,634 | 216,815,930 | 226,739,945 |
Automotive Products | Korea | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 41,644,963 | 44,257,034 | 126,797,525 | 101,655,653 |
Automotive Products | Mexico | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 57,803,114 | 38,494,969 | 143,380,199 | 109,585,767 |
Automotive Products | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 156,106,896 | 164,946,372 | 473,708,142 | 488,362,750 |
Automotive Mirrors & Electronics | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 559,477,924 | 531,423,832 | 1,640,221,054 | 1,577,792,206 |
HomeLink Modules | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 37,041,474 | 33,086,445 | 93,190,635 | 98,250,807 |
Other Products | Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 12,006,379 | 11,338,213 | 38,265,077 | 34,039,634 |
Other Products | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 12,006,379 | 11,338,213 | 38,265,077 | 34,039,634 |
Fire Protection Products | Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 6,924,748 | 5,151,785 | 21,114,450 | 20,471,868 |
Aerospace Products | Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 4,272,033 | 6,186,428 | 16,329,426 | 13,567,766 |
Medical Products | Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 809,598 | $ 0 | $ 821,201 | $ 0 |
Leases - Narrative (Details) |
Sep. 30, 2024 |
---|---|
Lessee, Lease, Description [Line Items] | |
Weighted average remaining lease term | 4 years |
Weighted average discount rate | 6.00% |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 5 years |
Leases - Schedule of Future Minimum Lease Payments and Liabilities (Details) |
Sep. 30, 2024
USD ($)
|
---|---|
Leases [Abstract] | |
2024 (excluding the nine months ended September 30, 2024) | $ 617,160 |
2025 | 1,913,864 |
2026 | 1,365,479 |
2027 | 1,018,929 |
2028 | 746,956 |
Thereafter | 86,923 |
Total future minimum lease payments | 5,749,311 |
Less imputed interest | (385,941) |
Total | 5,363,370 |
Accrued Liabilities | $ 2,079,966 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities |
Other Non-Current Liabilities | $ 3,283,404 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | OTHER NON-CURRENT LIABILITIES |
Acquisition - Narrative (Details) - eSight Corporation - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Nov. 02, 2023 |
Sep. 30, 2024 |
|
Business Acquisition [Line Items] | ||
Cash paid to acquire business | $ 18.9 | |
Assumption of promissory note | $ 9.4 | |
Equity interest percentage in acquiree previously held | 20.00% | |
Earn out provision period | 10 years | |
Total earn out, maximum potential payment | $ 70.0 | |
Revenue from business included in statement of income and comprehensive income | $ 0.8 |
Acquisition - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) |
Sep. 30, 2024 |
Dec. 31, 2023 |
[1] | Nov. 02, 2023 |
||
---|---|---|---|---|---|---|
Fair Value | ||||||
Goodwill | $ 340,105,631 | $ 340,105,631 | ||||
eSight Corporation | ||||||
Fair Value | ||||||
Current Assets | $ 441,228 | |||||
Personal Property | 75,000 | |||||
Right of Use Asset (Lease) | 116,562 | |||||
Goodwill | 26,696,012 | |||||
Total Assets | 40,198,802 | |||||
Lease Liability | 116,562 | |||||
Contingent Earn Out Liability | 12,000,000 | |||||
Total Liabilities | 12,116,562 | |||||
eSight Corporation | ESight Technology | ||||||
Fair Value | ||||||
Intangible assets | 12,000,000 | |||||
eSight Corporation | Trade Names and Trademarks | ||||||
Fair Value | ||||||
Intangible assets | $ 870,000 | |||||
|
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