Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 01, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 000-10235 | ||
Entity Registrant Name | GENTEX CORPORATION | ||
Entity Incorporation, State or Country Code | MI | ||
Entity Tax Identification Number | 38-2030505 | ||
Entity Address, Address Line One | 600 N. Centennial Street, | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 49464 | ||
Entity Address, City or Town | Zeeland, | ||
City Area Code | 616 | ||
Local Phone Number | 772-1800 | ||
Title of 12(b) Security | Common Stock, par value $.06 per share | ||
Trading Symbol | GNTX | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 6,258,471,128 | ||
Entity Common Stock, Shares Outstanding | 251,274,340 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Central Index Key | 0000355811 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 296,321,622 | $ 217,025,278 |
Short-term investments | 140,384,053 | 169,412,999 |
Accounts receivable, net | 235,410,326 | 213,537,799 |
Inventories, net | 248,941,855 | 225,281,599 |
Prepaid expenses and other | 29,319,036 | 25,672,579 |
Total current assets | 950,376,892 | 850,930,254 |
PLANT AND EQUIPMENT: | ||
Land, buildings and improvements | 344,231,180 | 340,910,332 |
Machinery and equipment | 843,439,691 | 838,887,032 |
Construction-in-process | 39,456,490 | 18,156,423 |
Total Plant and Equipment | 1,227,127,361 | 1,197,953,787 |
Less- Accumulated depreciation | (728,811,261) | (699,480,021) |
Net Plant and Equipment | 498,316,100 | 498,473,766 |
OTHER ASSETS: | ||
Goodwill | 307,365,845 | 307,365,845 |
Long-term investments | 139,909,323 | 137,979,082 |
Intangible assets, net | 250,375,000 | 269,675,000 |
Patents and other assets, net | 22,460,033 | 21,010,121 |
Total Other Assets | 720,110,201 | 736,030,048 |
TOTAL ASSETS | 2,168,803,193 | 2,085,434,068 |
CURRENT LIABILITIES: | ||
Accounts payable | 97,553,917 | 92,810,316 |
Accrued liabilities: | ||
Salaries, wages and vacation | 16,385,833 | 15,860,073 |
Income taxes | 24,952 | 4,293,608 |
Royalties | 17,371,829 | 16,174,041 |
Dividends payable | 28,896,914 | 28,526,147 |
Other | 11,613,355 | 11,496,734 |
Total current liabilities | 171,846,800 | 169,160,919 |
OTHER NON-CURRENT LIABILITIES | 7,414,424 | 0 |
DEFERRED INCOME TAXES | 51,454,149 | 54,521,489 |
TOTAL LIABILITIES | 230,715,373 | 223,682,408 |
SHAREHOLDERS’ INVESTMENT: | ||
Common stock, par value $.06 per share; 400,000,000 shares authorized; 251,277,515 and 259,328,613 shares issued and outstanding in 2019 and 2018 respectively. | 15,076,651 | 15,559,717 |
Additional paid-in capital | 807,928,139 | 745,324,144 |
Retained earnings | 1,116,372,133 | 1,102,468,137 |
Accumulated other comprehensive income: | ||
Unrealized gain on investments | 1,095,486 | 74,549 |
Cumulative translation adjustment | (2,384,589) | (1,674,887) |
Total shareholders’ investment | 1,938,087,820 | 1,861,751,660 |
TOTAL LIABILITES AND SHAREHOLDERS' INVESTMENT | $ 2,168,803,193 | $ 2,085,434,068 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.06 | $ 0.06 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 251,277,515 | 259,328,613 |
Common stock, shares outstanding (in shares) | 251,277,515 | 259,328,613 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
NET SALES | $ 1,858,897,406 | $ 1,834,063,697 | $ 1,794,872,578 |
COST OF GOODS SOLD | 1,170,589,437 | 1,143,597,005 | 1,100,344,312 |
Gross profit | 688,307,969 | 690,466,692 | 694,528,266 |
OPERATING EXPENSES: | |||
Engineering, research and development | 114,687,309 | 107,134,862 | 99,726,438 |
Selling, general and administrative | 85,083,056 | 75,206,283 | 71,443,476 |
Total operating expenses | 199,770,365 | 182,341,145 | 171,169,914 |
Income from operations | 488,537,604 | 508,125,547 | 523,358,352 |
OTHER INCOME: | |||
Investment income | 11,230,696 | 11,262,385 | 9,442,387 |
Other income (expense), net | 647,034 | 2,659,015 | (1,004,035) |
Total other income | 11,877,730 | 13,921,400 | 8,438,352 |
Income before provision for income taxes | 500,415,334 | 522,046,947 | 531,796,704 |
PROVISION FOR INCOME TAXES | 75,731,395 | 84,163,850 | 125,004,782 |
NET INCOME | $ 424,683,939 | $ 437,883,097 | $ 406,791,922 |
EARNINGS PER SHARE: | |||
Basic (in dollars per share) | $ 1.67 | $ 1.64 | $ 1.42 |
Diluted (in dollars per share) | 1.66 | 1.62 | 1.41 |
Cash Dividends Declared per Share (in dollars per share) | $ 0.460 | $ 0.440 | $ 0.390 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 424,683,939 | $ 437,883,097 | $ 406,791,922 |
Other comprehensive income (loss) before tax: | |||
Foreign currency translation adjustments | (709,702) | (2,319,917) | 3,508,029 |
Unrealized gains on derivatives | 0 | 98,767 | 1,721,933 |
Unrealized gains on available-for-sale securities, net | 1,292,325 | 115,059 | 5,903,699 |
Other comprehensive income (loss), before tax | 582,623 | (2,106,091) | 11,133,661 |
Expense for income taxes related to components of other comprehensive income (loss) | 271,388 | 44,903 | 2,668,973 |
Other comprehensive income (loss), net of tax | 311,235 | (2,150,994) | 8,464,688 |
Comprehensive income | $ 424,995,174 | $ 435,732,103 | $ 415,256,610 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Investment - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning balance (in shares) | 259,328,613 | 259,328,613 | |||||
Beginning balance | $ 1,861,751,660 | $ 2,049,518,261 | $ 1,861,751,660 | $ 2,049,518,261 | $ 1,910,424,234 | ||
Issuance of common stock | 77,821,151 | 66,837,820 | 47,770,467 | ||||
Repurchases of common stock | (331,471,392) | (591,577,851) | (231,363,216) | ||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | 21,671,192 | 18,305,981 | 18,376,965 | ||||
Impact of ASU 2016-01 adoption | 0 | ||||||
Dividends declared | (116,679,965) | (117,064,654) | (110,946,799) | ||||
Net income | $ 99,547,000 | $ 104,280,000 | $ 106,275,000 | $ 111,249,000 | 424,683,939 | 437,883,097 | 406,791,922 |
Other comprehensive income | $ 311,235 | $ (2,150,994) | 8,464,688 | ||||
Ending balance (in shares) | 251,277,515 | 259,328,613 | 251,277,515 | 259,328,613 | |||
Ending balance | $ 1,938,087,820 | $ 1,861,751,660 | $ 1,938,087,820 | $ 1,861,751,660 | $ 2,049,518,261 | ||
Common Stocks | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning balance (in shares) | 259,328,613 | 280,281,321 | 259,328,613 | 280,281,321 | 287,737,516 | ||
Beginning balance | $ 15,559,717 | $ 16,816,879 | $ 15,559,717 | $ 16,816,879 | $ 17,264,251 | ||
Issuance of common stock (in shares) | 5,724,840 | 5,496,659 | 4,498,729 | ||||
Issuance of common stock | $ 343,490 | $ 329,801 | $ 269,923 | ||||
Repurchases of common stock (in shares) | (13,775,938) | (26,449,367) | (11,954,924) | ||||
Repurchases of common stock | $ (826,556) | $ (1,586,963) | $ (717,295) | ||||
Ending balance (in shares) | 251,277,515 | 259,328,613 | 251,277,515 | 259,328,613 | 280,281,321 | ||
Ending balance | $ 15,076,651 | $ 15,559,717 | $ 15,076,651 | $ 15,559,717 | $ 16,816,879 | ||
Additional Paid-In Capital | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning balance | 745,324,144 | 723,510,672 | 745,324,144 | 723,510,672 | 683,446,463 | ||
Issuance of common stock | 77,477,661 | 66,508,019 | 47,500,544 | ||||
Repurchases of common stock | (36,544,858) | (63,000,528) | (25,813,300) | ||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | 21,671,192 | 18,305,981 | 18,376,965 | ||||
Ending balance | 807,928,139 | 745,324,144 | 807,928,139 | 745,324,144 | 723,510,672 | ||
Retained Earnings | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning balance | 1,102,468,137 | 1,301,997,327 | 1,102,468,137 | 1,301,997,327 | 1,210,984,825 | ||
Repurchases of common stock | (294,099,978) | (526,990,360) | (204,832,621) | ||||
Impact of ASU 2016-01 adoption | 6,642,727 | ||||||
Dividends declared | (116,679,965) | (117,064,654) | (110,946,799) | ||||
Net income | 424,683,939 | 437,883,097 | 406,791,922 | ||||
Ending balance | 1,116,372,133 | 1,102,468,137 | 1,116,372,133 | 1,102,468,137 | 1,301,997,327 | ||
Accumulated Other Comprehensive Income (Loss) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning balance | $ (1,600,338) | $ 7,193,383 | (1,600,338) | 7,193,383 | (1,271,305) | ||
Impact of ASU 2016-01 adoption | (6,642,727) | ||||||
Other comprehensive income | 311,235 | (2,150,994) | 8,464,688 | ||||
Ending balance | $ (1,289,103) | $ (1,600,338) | $ (1,289,103) | $ (1,600,338) | $ 7,193,383 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per share (in dollars per share) | $ 0.460 | $ 0.440 | $ 0.390 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income | $ 424,683,939 | $ 437,883,097 | $ 406,791,922 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 104,702,974 | 102,186,814 | 99,570,908 |
Gain on disposal of assets | (155,150) | (577,200) | (188,150) |
Loss on disposal of assets | 588,941 | 108,927 | 299,174 |
Gain on sale of investments | (660,643) | (2,538,729) | (1,309,166) |
Loss on sale of investments | 176,360 | 532,494 | 375,388 |
Deferred income taxes | (3,358,537) | (4,414,739) | (14,996,179) |
Stock based compensation expense related to employee stock options, employee stock purchases and restricted stock | 21,671,192 | 18,305,981 | 18,376,965 |
Change in operating assets and liabilities: | |||
Accounts receivable | (21,872,527) | 17,583,989 | (19,530,043) |
Inventories | (23,660,256) | (8,516,016) | (27,454,146) |
Prepaid expenses and other | (3,646,457) | (11,268,677) | 16,183,673 |
Accounts payable | 4,743,601 | 2,911,849 | 9,934,837 |
Accrued liabilities | 2,753,427 | 220,856 | 12,947,597 |
Net cash flows from operating activities | 505,966,864 | 552,418,646 | 501,002,780 |
Activity in available-for-sale securities: | |||
Sales proceeds | 57,139,135 | 55,248,551 | 30,207,523 |
Maturities and calls | 125,013,589 | 181,892,136 | 23,100,000 |
Purchases | (153,257,603) | (332,106,362) | (29,874,960) |
Plant and equipment additions | (84,580,255) | (85,990,570) | (104,040,919) |
Proceeds from sale of plant and equipment | 2,001,315 | 738,093 | 249,757 |
(Increase) Decrease in other assets | (3,027,263) | (5,603,042) | 2,646,029 |
Net cash used for investing activities | (56,711,082) | (185,821,194) | (77,712,570) |
CASH FLOWS USED FOR FINANCING ACTIVITIES: | |||
Repayment of long-term debt | 0 | (78,000,000) | (107,625,000) |
Issuance of common stock from stock plan transactions | 77,821,151 | 66,837,820 | 47,770,467 |
Cash dividends paid | (116,309,197) | (116,566,639) | (108,815,040) |
Repurchases of common stock | (331,471,392) | (591,577,851) | (231,363,216) |
Net cash used for financing activities | (369,959,438) | (719,306,670) | (400,032,789) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 79,296,344 | (352,709,218) | 23,257,421 |
CASH AND CASH EQUIVALENTS, Beginning of year | 217,025,278 | 569,734,496 | 546,477,075 |
CASH AND CASH EQUIVALENTS, End of year | $ 296,321,622 | $ 217,025,278 | $ 569,734,496 |
Summary of Significant Accounti
Summary of Significant Accounting and Reporting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting And Reporting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES The Company Gentex Corporation including its wholly-owned subsidiaries (the "Company") is a leading supplier of digital vision, connected car, dimmable glass, and fire protection products. The Company’s largest business segment involves designing, developing, manufacturing, marketing, and supplying automatic-dimming rearview and non-dimming mirrors and various electronic modules for the automotive industry. The Company ships its product to all of the major automotive producing regions worldwide, which it supports with numerous sales, engineering and distribution locations worldwide. A substantial portion of the Company’s net sales and accounts receivable result from transactions with domestic and foreign automotive manufacturers and Tier 1 suppliers. The Company also designs, develops, manufactures, markets, and supplies dimmable aircraft windows for the aviation industry and commercial smoke alarms and signaling devices for the fire protection products industry. The Company does not require collateral or other security for trade accounts receivable. Significant accounting policies of the Company not described elsewhere are as follows: Consolidation The consolidated financial statements include the accounts of Gentex Corporation and all of its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Cash Equivalents Cash equivalents consist of funds invested in bank accounts and money market funds that have daily liquidity. Allowance For Doubtful Accounts The Company reviews a monthly aging report of all accounts receivable balances starting with invoices outstanding over sixty days. In addition, the Company monitors information about its customers through a variety of sources including the media, and information obtained through on-going interaction between Company personnel and the customer. Based on the evaluation of the above information, the Company estimates its allowances related to customer receivables on historical credit and collections experience, customers current financial condition and the specific identification of other potential problems, including the economic climate. Actual collections can differ, requiring adjustments to the allowances, but historically such adjustments have not been material. The following table presents the activity in the Company’s allowance for doubtful accounts: Beginning Balance Net Additions/ (Reductions) to Costs and Expenses Deductions and Other Adjustments Ending Balance Year Ended December 31, 2019: Allowance for Doubtful Accounts $ 2,746,647 $ — $ (295,354 ) $ 2,451,293 Year Ended December 31, 2018: Allowance for Doubtful Accounts $ 2,714,533 $ — $ 32,114 $ 2,746,647 Year Ended December 31, 2017: Allowance for Doubtful Accounts $ 2,917,424 $ — $ (202,891 ) $ 2,714,533 The Company’s allowance for doubtful accounts primarily relates to financially distressed automotive customers. The Company continues to work with these financially distressed customers in collecting past due balances. Investments The Company follows the provisions of 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 about a company’s use of fair-value measurements, including the effect of such measurement 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, corporate bonds, and certain mutual funds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets. The Company's certificates of deposit are classified as available for sale, and are considered as Level 1 assets. These investments are carried at cost, which approximates fair value. The Company will also periodically make technology investments in certain non-consolidated third-parties. These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities . Equity investments that do not have readily determinable fair values, and where the Company has not identified any observable events that would cause adjustment of the valuation to date, are held at cost. These technology investments totaled $9.0 million and $3.9 million as of December 31, 2019 and December 31, 2018, respectively. These investments are classified within Long-Term Investments in the consolidated balance sheet and are not included within the tables below. Assets or liabilities that have recurring fair value measurements are shown below as of December 31, 2019 and December 31, 2018 : 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, 2019 (Level I) (Level 2) (Level 3) Cash & Cash Equivalents $ 296,321,622 $ 296,321,622 $ — $ — Short-Term Investments: Certificate of Deposit 50,099,795 50,099,795 — — Corporate Bonds 29,219,685 — 29,219,685 — Government Securities 58,432,823 — 58,432,823 — Other 2,631,750 2,631,750 — — Long-Term Investments: Asset-backed Securities 25,791,029 — 25,791,029 — Certificate of Deposit 3,557,798 3,557,798 — — Corporate Bonds 22,815,998 — 22,815,998 — Government Securities 6,088,190 — 6,088,190 — Municipal Bonds 72,638,690 — 72,638,690 — Total $ 567,597,380 $ 352,610,965 $ 214,986,415 $ — 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, 2018 (Level I) (Level 2) (Level 3) Cash & Cash Equivalents 217,025,278 $ 217,025,278 $ — $ — Short-Term Investments: Certificate of Deposit 150,299,384 150,299,384 — — Corporate Bonds 6,967,700 — 6,967,700 — Government Securities 9,176,227 — 9,176,227 — Other 2,219,688 2,219,688 — — Long-Term Investments: Corporate Bonds 60,369,930 — 60,369,930 — Municipal Bonds 18,025,432 — 18,025,432 — Government Securities 56,483,720 — 56,483,720 — Total $ 520,567,359 $ 369,544,350 $ 151,023,009 $ — The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of December 31, 2019 and 2018 : Unrealized 2019 Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 50,099,795 $ — $ — $ 50,099,795 Corporate Bonds 29,025,624 194,061 — 29,219,685 Government Securities 58,343,911 99,917 (11,005 ) 58,432,823 Other 2,631,750 — — 2,631,750 Long-Term Investments: Asset-backed Securities 25,971,156 — (180,127 ) 25,791,029 Certificate of Deposit 3,500,000 58,808 (1,010 ) 3,557,798 Corporate Bonds 22,306,130 509,868 — 22,815,998 Government Securities 6,012,705 75,485 — 6,088,190 Municipal Bonds 71,997,996 1,036,116 (395,422 ) 72,638,690 Total $ 269,889,067 $ 1,974,255 $ (587,564 ) $ 271,275,758 Unrealized 2018 Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 150,299,384 $ — $ — $ 150,299,384 Government Securities 9,186,586 — (10,359 ) 9,176,227 Corporate Bonds 6,981,305 — (13,605 ) 6,967,700 Other 2,219,688 — — 2,219,688 Long-Term Investments: Corporate Bonds 60,659,498 50,340 (339,908 ) 60,369,930 Common Stocks — — — — Municipal Bonds 17,840,518 184,914 — 18,025,432 Government Securities 56,280,552 205,553 (2,385 ) 56,483,720 Total $ 303,467,531 $ 440,807 $ (366,257 ) $ 303,542,081 Unrealized losses on investments as of December 31, 2019 are as follows: Aggregate Unrealized Losses Aggregate Fair Value Less than one year $ 587,564 $ 90,721,081 Greater than one year — — Total $ 587,564 $ 90,721,081 Unrealized losses on investments as of December 31, 2018 are as follows: Aggregate Unrealized Losses Aggregate Fair Value Less than one year $ 365,824 $ 68,722,980 Greater than one year 433 3,000,000 Total $ 366,257 $ 71,722,980 ASC 320, Accounting for Certain Investments in Debt and Equity Securities , as amended and interpreted, provides guidance on determining when an investment is other-than-temporarily impaired. The Company reviews its fixed income investments for any unrealized losses that would be deemed other-than-temporary and require the recognition of an impairment loss in income. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and the Company’s intent and ability to hold the investments. Management also considers the type of security, related-industry and sector performance, as well as published investment ratings and analyst reports, to evaluate its portfolio. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded and new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments. No investments were considered to be other-than-temporarily impaired in 2019 and 2018 . Fixed income securities as of December 31, 2019 , have contractual maturities as follows: Due within one year $ 137,752,302 Due between one and five years 43,125,222 Due over five years 87,766,483 $ 268,644,007 Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, investments, accounts receivable, accounts payable, and short and long-term debt. The Company’s estimate of the fair values of these financial instruments approximates their carrying amounts at December 31, 2019 and 2018 . Inventories Inventories include material, direct labor and manufacturing overhead and are valued at the lower of first-in, first-out (FIFO) cost or net realizable value. Inventories consisted of the following as of December 31, 2019 and 2018 : 2019 2018 Raw materials $ 164,974,553 $ 139,058,541 Work-in-process 33,069,255 35,386,615 Finished goods 50,898,047 50,836,443 Total Inventory $ 248,941,855 $ 225,281,599 Estimated inventory allowances for slow-moving and obsolete inventories are based on current assessments of future demands, market conditions, evaluation of longer lead times for certain electronic components and related management initiatives. If market conditions or customer requirements change and are less favorable than those projected by management, inventory allowances are adjusted accordingly. Allowances for slow-moving and obsolete inventories (which are included, net, in the above inventory values) were $7.6 million and $7.8 million at December 31, 2019 and 2018 , respectively. Plant and Equipment Plant and equipment is stated at cost. Depreciation and amortization are computed for financial reporting purposes using the straight-line method, with estimated useful lives of 7 to 30 years for buildings and improvements, and 3 to 10 years for machinery and equipment. Depreciation expense was approximately $82.3 million , $79.7 million and $77.0 million in 2019 , 2018 and 2017 , respectively. Impairment or Disposal of Long-Lived Assets The Company reviews long-lived assets, including property, plant and equipment and other intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets . ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals. Patents The Company’s policy is to capitalize costs incurred to obtain patents. The cost of patents is amortized over their useful lives. The cost of patents in process is not amortized until issuance. The Company periodically obtains intellectual property rights, in the ordinary course of business, and the cost of the rights are amortized over their useful lives. Goodwill and Intangible Assets Goodwill reflects the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company reviews goodwill for impairment during the fourth quarter on an annual basis or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The Company performs an impairment review for its automotive reporting unit, which has been determined to be one of the Company’s reportable segments, using either a qualitative approach or quantitative approach which utilizes a fair value method that incorporates certain assumptions and judgments. The fair value of a reporting unit refers to the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. The Company performs a qualitative assessment (step 0) to determine whether it is more likely than not that a reporting unit's fair value is less than its carrying amount. If not, no further goodwill impairment testing is performed. If so, we determine the fair value of the reporting unit using step 1 and step 2 tests. If the fair value of the reporting unit is greater than its carrying amount, goodwill is not considered to be impaired. However, if the fair value of the reporting unit is less than its carrying amount, an impairment change is recorded as the excess of the reporting units carrying value over its fair value. The assumptions included in the impairment tests require judgment and changes to these inputs could impact the results of the calculations which could result in an impairment charge in future periods if the carrying amount of the reporting unit exceeds its calculated fair value. For the qualitative assessment performed, management considers factors such as macro-economic conditions, industry and market considerations, overall financial performance, and other company-specific events, amongst other factors, in making the determination as to whether it is more likely than not that a reporting unit's fair value is less than its carrying amount. Other than management's internal projections of future cash flows, the primary assumptions used in the step 1 and step 2 impairment tests are the weighted-average cost of capital and long-term growth rates. Although the Company's cash flow forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management is using to operate the underlying business, there are significant judgments in determining the expected future cash flows attributable to a reporting unit. There have been no impairment charges recorded currently or in prior periods in which goodwill existed. Indefinite lived intangible assets are also subject to annual impairment testing or more frequently if indicators of impairment are identified. Management judgment and assumptions are required in determining the underlying fair value of the indefinite lived intangible assets. While the Company believes the judgments and assumptions used in determining fair value are reasonable, different assumptions could change the estimated fair values and, therefore, impairment charges could be required, which could be material to the consolidated financial statements. The indefinite lived intangible assets were not impaired as a result of the annual test prepared by management for either period presented. Refer to Note 10, "Goodwill and Intangible Assets" for information regarding the impairment testing performed in calendar year 2019. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers . Accordingly, revenue is recognized in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services when it transfers those goods or services to customers. Sales are shown net of returns, which have not historically been significant. The Company does not generate sales from arrangements with multiple deliverables. The Company generally receives purchase orders from customers on an annual basis. Typically, such purchase order provide the annual terms, including pricing, related to a particular vehicle model. Purchase orders generally do not specify quantities. The Company recognizes revenue based on the pricing terms included in our annual purchase orders. As part of certain agreements, entered into in the ordinary course of business, the Company is asked to provide customers with annual price reductions. Such amounts are subject to estimate and are accrued as a reduction of revenue as products are shipped to those customers. For any shipments of product that may be subject to retroactive price adjustments that are then being negotiated, the Company records revenue based on the Company’s best estimate of the amount of consideration to which the entity will be entitled in exchange for transferring the promised goods to the customer. The Company's best estimate requires significant judgment based on historical results and expected outcomes of ongoing negotiations with customers. The Company's approach is to consider these adjustments to the contract price as variable consideration which is estimated based on the then most likely price amount. In addition, the Company has ongoing adjustments to our pricing arrangements with customers based on the related content, the cost of our products and other commercial factors. Such pricing accruals are adjusted as they are settled with our customers. Refer to Note 11, "Revenue" , for further information. Advertising and Promotional Materials All advertising and promotional costs are expensed as incurred and amounted to approximately $3.0 million , $2.5 million and $2.6 million , in 2019 , 2018 and 2017 , respectively. Repairs and Maintenance Major renewals and improvements of property and equipment are capitalized, and repairs and maintenance are expensed as incurred. The Company incurred expenses relating to the repair and maintenance of plant and equipment of approximately $28.9 million , $28.9 million and $24.6 million , in 2019 , 2018 and 2017 , respectively. Self-Insurance The Company is self-insured for a portion of its risk on workers’ compensation and employee medical costs. The arrangements provide for stop loss insurance to manage the Company’s risk. Such costs are accrued based on known claims and an estimate of incurred, but not reported (IBNR) claims. IBNR claims are estimated using historical lag information and other data provided by claims administrators. This estimation process is subjective, and to the extent that future results differ from original estimates, adjustments to recorded accruals may be necessary. Product Warranty The Company periodically incurs product warranty costs. Any liabilities associated with product warranty are estimated based on known facts and circumstances and are not significant at December 31, 2019 , 2018 and 2017 . The Company does not offer extended warranties on its products. Income Taxes The provision for income taxes is based on the earnings reported in the consolidated financial statements. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in deductible or taxable amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates. The Company applies the provisions of ASC 740, Income Taxes , as it relates to uncertainty in income taxes recognized in the Company’s consolidated financial statements. A threshold of more likely than not to be sustained upon examination is applied to uncertain tax positions. The Company deems the estimates related to this provision to be reasonable, however, no assurance can be given that the final outcome of these matters will not vary from what is reflected in the historical income tax provisions and accruals. Leases The Company has operating leases for corporate offices, warehouses, vehicles, and other equipment, which are included within "Plant and Equipment" section of the 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 December 31, 2019 was 2 years , with a weighted average discount rate of 2.9% . Future minimum lease payments for operating leases as of December 31, 2019 were as follows: Year ending December 31, 2020 $ 786,807 2021 297,316 2022 145,154 2023 19,296 Thereafter 15,105 Total future minimum lease payments $ 1,263,678 Less imputed interest (84,964 ) Total $ 1,178,714 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. The following table sets forth the computation of basic and diluted net income per common share under the two-class method for each of the last three years: 2019 2018 2017 Basic Earnings Per Share Net Income $ 424,683,939 $ 437,883,097 $ 406,791,922 Less: Allocated to participating securities (1) 5,028,813 — — Net Income available to common shareholders $ 419,655,126 $ 437,883,097 $ 406,791,922 Basic weighted average shares outstanding 251,766,382 267,794,786 285,864,997 Net Income per share - Basic $ 1.67 $ 1.64 $ 1.42 Diluted Earnings Per Share Allocation of Net Income used in basic computation $ 419,655,126 $ 437,883,097 $ 406,791,922 Reallocation of undistributed earnings 21,104 21,007 19,398 Net Income available to common shareholders - Diluted $ 419,676,230 $ 437,904,104 $ 406,811,320 Number of shares used in basic computation 251,766,382 267,794,786 285,864,997 Additional weighted average dilutive common stock equivalents 1,506,608 2,082,563 2,361,092 Diluted weighted average shares outstanding 253,272,990 269,877,349 288,226,089 Net income per share - Diluted $ 1.66 $ 1.62 $ 1.41 (1) While there were participating securities in 2018 and 2017, they did not have a material impact on the two-class EPS calculation. Net income allocated to participating securities in 2018 and 2017 was $3,836,536 and $2,562,473 , respectively. For the years ended December 31, 2019 , 2018 and 2017 , 247,855 shares, 698,019 shares, and 910,105 shares, respectively, related to stock option plans were not included in diluted average common shares outstanding because they were anti-dilutive. Other 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 investments, derivatives, and foreign currency translation adjustments that are further detailed in Note 9 to the Consolidated Financial Statements. Foreign Currency Translation The financial position and results of operations of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at the exchange rate in effect at year-end. Income statement accounts are translated at the average rate of exchange in effect during the year. The resulting translation adjustment is recorded as a separate component of shareholders’ investment. Gains and losses arising from re-measuring foreign currency transactions into the appropriate currency are included in the determination of net income. Stock-Based Compensation Plans The Company accounts for stock-based compensation using the fair value recognition provisions of ASC 718, Compensation - Stock Compensation . As described more fully in Note 5, the Company provides compensation benefits under an omnibus incentive plan, two other stock option plans, another restricted stock plan, and an employee stock purchase plan. The Company utilizes the Black-Scholes model, which requires the input of subjective assumptions. These assumptions include estimating (a) the length of time employees will retain their vested stock options before exercising them (“expected term”), (b) the volatility of the Company’s common stock price over the expected term, (c) the number of options that will ultimately not complete their vesting requirements (“forfeitures”) and (d) expected dividends. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation and consequently, the related amounts recognized on the consolidated condensed statements of operations. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Standards Effective January 1, 2019, the Company adopted Accounting Standards Update ("ASU") 2016-02, Leases , which provides guidance for lease accounting. The new guidance contained in the ASU stipulates that lessees will need to recognize a right-of-use ("ROU") asset and a lease liability for substantially all leases (other than leases that meet the definition of a short-term lease). The liability will be equal to the present value of lease payments. Treatment in the consolidated statements of income will be similar to the historical treatment of operating and capital leases. The adoption of this standard did not have a material impact on the Company's consolidated balance sheet or consolidated income statement. Disclosures are now required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires a change in the measurement approach for credit losses on financial assets measured on an amortized cost basis from an incurred loss method to an expected loss method, thereby eliminating the requirement that a credit loss be |
Debt and Financing Arrangements
Debt and Financing Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | DEBT AND FINANCING ARRANGEMENTS On October 15, 2018, the Company entered into a Credit Agreement ("Credit Agreement") with PNC as the administrative agent and sole lender. Pursuant to this Credit Agreement, the Company has access to a $150 million senior revolving credit facility (“Revolver”). Under the terms of the Credit Agreement, the Company is entitled to further request an additional aggregate principal amount of up to $100 million , subject to the satisfaction of certain conditions. In addition, the Company is entitled to the benefit of Swing Loans from amounts otherwise available under the Revolver in the aggregate principal amount of up to $20 million and to request Letters of Credit from amounts otherwise available under the Revolver in the aggregate principle amount up to $20 million , both subject to certain conditions. The obligations of the Company under the Credit Agreement are not secured, but are subject to certain covenants. As of December 31, 2019 and 2018, there were no outstanding balances on the Revolver. The Revolver expires on October 15, 2023. The Credit Agreement contains customary representations and warranties and certain covenants that place certain limitations on the Company. As of December 31, 2019 , the Company was in compliance with its covenants under the Credit Agreement. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision for income taxes is based on the earnings reported in the accompanying consolidated financial statements. The Company recognizes deferred income tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred income tax liabilities and assets are determined based on the cumulative temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates expected to be applied to taxable income in years which those temporary differences are expected to be recovered or settled. Deferred income tax expense is measured by the net change in deferred income tax assets and liabilities during the year. The Tax Cuts and Jobs Act (the “Act”), a tax reform bill signed into law in 2017, reduced the current federal income tax rate for corporations to 21% from 35%, among other things. The rate reduction was effective as of January 1, 2018, and as written is permanent. The Act caused the Company’s deferred income taxes to be revalued during calendar year 2017, resulting in a reduction to income tax expense of $38.4 million in that period. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. The one time transition tax calculation, a separate provision of the Act, was also competed and was not material. The foreign components of income before the provision for income taxes were not material for the year ended December 31, 2019 , 2018 and 2017 . The components of the provision for income taxes are as follows: 2019 2018 2017 Currently payable: Federal $ 73,563,685 $ 83,010,387 $ 133,166,194 State 3,765,929 3,743,781 3,984,000 Foreign 1,468,018 1,776,837 2,440,000 Total 78,797,632 88,531,005 139,590,194 Deferred income tax (benefit) expense: Primarily federal (3,066,237 ) (4,367,155 ) (14,585,412 ) Provision for income taxes $ 75,731,395 $ 84,163,850 $ 125,004,782 The effective income tax rates are different from the statutory federal income tax rates for the following reasons: 2019 2018 2017 Statutory federal income tax rate 21.0 % 21.0 % 35.0 % State income taxes, net of federal income tax benefit 0.6 0.6 0.5 Domestic production exclusion — — (2.8 ) Research tax credit (1.1 ) (0.8 ) (0.8 ) Increase in reserve for uncertain tax provisions 0.3 0.1 0.1 Change in tax rate on deferred taxes — 0.5 (7.2 ) Foreign tax credit (0.1 ) (0.1 ) (0.8 ) Foreign derived intangible income deduction (4.8 ) (4.6 ) — Stock compensation (1.1 ) (1.0 ) (1.0 ) Other 0.3 0.4 0.5 Effective income tax rate 15.1 % 16.1 % 23.5 % The tax effect of temporary differences which give rise to deferred income tax assets and liabilities at December 31, 2019 and 2018 , are as follows: December 31, 2019 2018 Assets: Accruals not currently deductible $ 6,478,146 $ 5,111,242 Stock based compensation 9,100,745 9,586,372 Other 66,830 356,039 Total deferred income tax assets $ 15,645,721 $ 15,053,653 Liabilities: Excess tax over book depreciation (30,725,471 ) (39,835,025 ) Goodwill (27,799,640 ) (23,341,226 ) Intangible assets (6,171,628 ) (5,089,042 ) Other (2,403,131 ) (1,309,849 ) Total deferred income tax liability $ (67,099,870 ) $ (69,575,142 ) Net deferred income taxes $ (51,454,149 ) $ (54,521,489 ) Income taxes paid in cash were approximately $74.9 million , $86.9 million and $126.0 million in 2019 , 2018 and 2017 , respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2019 2018 2017 Beginning of year $ 4,678,000 $ 4,435,000 $ 3,408,000 Additions based on tax positions related to the current year 1,695,000 1,677,000 941,000 Additions for tax positions in prior years 657,000 283,000 289,000 Reductions for tax positions in prior years (38,000 ) (163,000 ) (63,000 ) Reductions as a result of completed audit examinations — (1,554,000 ) — Reductions as a result of a lapse of the applicable statute of limitations (600,000 ) — (140,000 ) End of year $ 6,392,000 $ 4,678,000 $ 4,435,000 If recognized, unrecognized tax benefits would affect the effective tax rate. The Company recognizes interest and penalties related to unrecognized tax benefits through the provision for income taxes. The Company has accrued approximately $574,000 , $315,000 , and $433,000 for interest as of December 31, 2019 , 2018 , and 2017, respectively. Interest recorded during 2019 , 2018 and 2017 was not considered significant. The Company is also subject to periodic and routine audits in both domestic and foreign tax jurisdictions, and it is reasonably possible that the amounts of unrecognized tax benefits could change as a result of an audit. Based on the current audits in process, the payment of taxes as a result of audit settlements, and the completion of tax examinations, the Company does not expect these to have a material impact on the Company’s financial position or results of operations. For the majority of tax jurisdictions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2015. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | EMPLOYEE BENEFIT PLAN The Company has a 401(k) retirement savings plan in which substantially all of its employees may participate. The plan includes a provision for the Company to match a percentage of the employee’s contributions at a rate determined by the Company’s Board of Directors. In 2019 , 2018 and 2017 the Company’s contributions were approximately $8.7 million , $8.2 million and $7.7 million , respectively. The increase in each of the years was due to increased employee participation in the plan. The Company does not provide health care benefits to retired employees. The Gentex Corporation Non-Qualified Deferred Compensation Plan (the "Deferred Compensation Plan") is intended to enhance retirement savings among a select group of management or highly compensated employees who contribute significantly to the success of the Company. It is also intended to constitute an unfunded non-qualified deferred compensation plan described in Sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Only select management and highly compensated employees, including executive officers, are eligible to participate. The Deferred Compensation Plan is administered by a committee who shall approve designation of any participants and may also remove participants. Participants may elect, on a pre-tax basis, to defer receipt of compensation by making an election in accordance with the terms of the Deferred Compensation Plan. Participants are immediately vested in their own deferrals and related earnings. The Company may, but is not required, to match participant deferrals. Participants are generally vested in any such matching contributions 50% after two years but before three years of service and 100% after three years |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | STOCK-BASED COMPENSATION PLANS At December 31, 2019 , the Company had two equity incentive plans under which awards are made, which include the Gentex Corporation 2019 Omnibus Incentive Plan ("2019 Omnibus Plan"), and an employee stock purchase plan. Those plans and any 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, 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. 2019 Omnibus Incentive Plan The 2019 Omnibus Plan covers 45,000,000 shares of common stock. 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. As of December 31, 2019, 4,919,256 shares (net of shares from canceled/expired options) have been issued under the 2019 Omnibus Plan, which includes stock options (at a set conversion rate), restricted shares, and performance share awards. Employee Stock Options The Employee Stock Option Plan allowed the Company to grant up to 24,000,000 shares of common stock under the plan, prior to its replacement by the 2019 Omnibus Plan. The Company has granted options on 796,635 shares (net of shares from canceled/expired options) under the 2019 Omnibus Plan and 12,903,592 shares (net of shares from canceled/expired options) under the prior plan through December 31, 2019 . Under each of such plans, the option exercise price equals the stock’s market price on date of grant. The options vest after one to five years , and expire after five to ten years . 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: 2019 2018 2017 Dividend yield (1) 2.0 % 2.1 % 2.1 % Expected volatility (2) 23.9 % 26.0 % 26.7 % Risk-free interest rate (3) 1.8 % 2.7 % 2.0 % Expected term of options (in years) (4) 4.2 4.2 4.2 Weighted-average grant-date fair value $ 4 $ 5 $ 4 (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. As of December 31, 2019 , there was $6,316,567 of unrecognized compensation cost related to stock option awards which is expected to be recognized over the remaining vesting periods, with a weighted-average period of 1.90 years. A summary of the status of the Company’s employee stock option plan at December 31, 2019 , 2018 and 2017 , and changes during the same periods are presented in the tables below. 2019 Shares (000) Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contract Life Aggregate Intrinsic Value (000) Outstanding at Beginning of Year 8,944 $ 18 Granted 1,049 25 Exercised (4,402 ) 16 $ 36,294 Forfeited (156 ) 20 Outstanding at End of Year 5,435 20 3.1 Yrs $ 47,170 Exercisable at End of Year 1,859 $ 18 2.2 Yrs $ 20,484 2018 Shares (000) Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contract Life Aggregate Intrinsic Value (000) Outstanding at Beginning of Year 11,837 $ 16 Granted 1,613 22 Exercised (4,278 ) 15 $ 38,097 Forfeited (228 ) 18 Outstanding at End of Year 8,944 18 2.8 Yrs $ 24,881 Exercisable at End of Year 4,101 $ 16 1.7 Yrs $ 16,162 2017 Shares (000) Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contract Life Aggregate Intrinsic Value (000) Outstanding at Beginning of Year 14,252 $ 15 Granted 1,295 20 Exercised (3,476 ) 13 $ 25,156 Forfeited (234 ) 16 Outstanding at End of Year 11,837 16 2.7 Yrs $ 58,202 Exercisable at End of Year 5,297 $ 15 2 Yrs $ 32,152 A summary of the status of the Company’s non-vested employee stock option activity for the years ended December 31, 2019 , 2018 , and 2017 , are presented in the table below: 2019 2018 2017 Shares (000) Wtd. Avg Grant Date Fair Value Shares (000) Wtd. Avg Grant Date Fair Value Shares (000) Wtd. Avg Grant Date Fair Value Nonvested Stock Options at Beginning of Year 4,842 $ 4 6,540 $ 4 9,397 $ 4 Granted 1,049 4 1,613 5 1,295 4 Vested (2,165 ) 4 (3,089 ) 4 (3,941 ) 4 Forfeited (151 ) 4 (222 ) 4 (211 ) 4 Nonvested Stock Options at End of Year 3,575 $ 4 4,842 $ 4 6,540 $ 4 Restricted Shares The Company’s Second Restricted Stock Plan provided for a maximum number of shares that may be subject to awards of 9,000,000 shares, prior to its replacement by the 2019 Omnibus Plan. Restricted shares awarded under either that plan or the 2019 Omnibus 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 a committee, appointed by the Board of Directors, but may not exceed ten years . The Company has issued 854,633 shares under the 2019 Omnibus Plan and 5,762,672 shares under the prior plan as of December 31, 2019 , and has 3,315,482 shares outstanding under such plans. 2019 2018 2017 Vesting Period (1) Shares Granted Market Price at Vesting Date Shares Granted Market Price at Vesting Date Shares Granted Market Price at Vesting Date 1 Year 39,627 $ 22.19 — $ — — $ — 3 Years 64,718 20.40 — — — — 4 Years 773,698 20.68 - 28.98 762,749 20.21 - 23.14 628,015 18.97 - 21.33 5 Years 254,988 20.68 - 28.98 279,420 20.21 - 23.14 228,630 18.97 - 21.33 1,133,031 $20.40 - 28.98 1,042,169 $20.21 - 23.14 856,645 $18.97 - 21.33 (1) Each of these awards cliff vest after the restriction period with no additional restrictions. As of December 31, 2019, there was unearned stock-based compensation of $47,139,370 associated with these restricted stock grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable restriction periods. Amortization expense of restricted stock for the years ended December 31, 2019 , 2018 and 2017 was $13,770,917 , $8,841,985 , and $5,353,339 respectively. Performance Shares Performance shares awarded under the 2019 Omnibus Plan are considered performance condition awards as attainment is based on the Company's performance relative to pre-established metrics. The fair value of such performance share awards was determined using the Company's closing stock price on 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 December 31, 2019, the Company had unearned stock-based compensation of $2,224,328 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. Amortization expense from performance share grants for the year ended December 31, 2019 was $897,136 . No amortization expense for performance share grants was incurred in 2018 or 2017, as no such awards were issued or outstanding. Employee Stock Purchase Plan In 2013, the Gentex Corporation Employee Stock Purchase Plan covering 2,000,000 shares of common stock was approved by the shareholders, replacing a prior plan. Under such plan, the Company sells shares at 85% of the stock’s market price at the date of purchase. Under ASC 718, the 15% discounted value is recognized as compensation expense. The following table summarizes shares sold to employees under the 2013 Plan in the years ended December 31, 2019 , 2018 and 2017 : Plan 2019 2018 2017 Cumulative Shares Issued in 2019 Weighted Average Fair Value 2019 2013 Employee Stock Purchase Plan 173,013 177,846 175,479 1,145,856 $ 21.40 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES The Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment 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 there are matters that constitute material pending legal proceedings that will have a material adverse effect on the financial position, future results of operations, or cash flows of the Company. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING ASC 280, Segment Reporting, requires that a public enterprise report financial and descriptive information about its reportable operating segments subject to certain aggregation criteria and quantitative thresholds. Operating segments are defined by ASC 280 as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-makers in deciding how to allocate resources and in assessing performance. 2019 2018 2017 Revenue: Automotive Products United States $ 569,939,756 $ 583,672,971 $ 567,492,812 Germany 296,276,971 333,002,878 351,123,204 Japan 225,577,146 209,311,790 185,261,067 Mexico 160,967,900 106,111,515 93,603,796 Other Countries 557,775,114 559,099,142 560,646,589 Other 48,360,519 42,865,401 36,745,110 Total $ 1,858,897,406 $ 1,834,063,697 $ 1,794,872,578 Income (Loss) from Operations: Automotive Products $ 473,546,112 $ 495,471,799 $ 512,895,699 Other 14,991,492 12,653,748 10,462,653 Total $ 488,537,604 $ 508,125,547 $ 523,358,352 Assets: Automotive Products $ 1,463,030,286 $ 1,449,910,935 $ 1,472,061,650 Other 16,000,669 14,333,098 9,576,514 Corporate 689,772,238 621,190,035 870,415,748 Total $ 2,168,803,193 $ 2,085,434,068 $ 2,352,053,912 Depreciation & Amortization: Automotive Products $ 97,520,972 $ 97,279,052 $ 95,378,100 Other 481,861 422,844 300,935 Corporate 6,700,141 4,484,918 3,891,873 Total $ 104,702,974 $ 102,186,814 $ 99,570,908 Capital Expenditures: Automotive Products $ 63,537,512 $ 84,337,455 $ 82,703,576 Other 1,704,045 1,447,494 170,357 Corporate 19,338,698 205,621 21,166,986 Total $ 84,580,255 $ 85,990,570 $ 104,040,919 Other includes Dimmable Aircraft Windows and Fire Protection Products. Major product line revenues included within these segments are as follows: 2019 2018 2017 Automotive Products Automotive Mirrors $ 1,638,600,272 $ 1,598,589,777 $ 1,573,222,820 HomeLink ® Modules* 171,936,615 192,608,519 184,904,648 Total Automotive Products $ 1,810,536,887 $ 1,791,198,296 $ 1,758,127,468 Other Products Revenue $ 48,360,519 $ 42,865,401 $ 36,745,110 Total Revenue $ 1,858,897,406 $ 1,834,063,697 $ 1,794,872,578 *Excludes HomeLink ® revenue integrated into automotive mirrors. Corporate assets are principally cash and cash equivalents, investments, deferred income taxes and corporate fixed assets. Depreciation & Amortization on corporate fixed assets are allocated as appropriate to the Automotive and Other segments when reviewing operating results. Substantially all long-lived assets are located in the U.S. Automotive Products revenues in the “Other countries” category are sales to customer automotive manufacturing plants in Korea, Mexico, Canada, Hungary, China, and the United Kingdom as well as other foreign automotive customers. Most of the Company’s non-U.S. sales are invoiced and paid in U.S. dollars. During the years ended December 31, 2019 , 2018 and 2017 , approximately 7% , 8% and 8% of the Company’s net sales were invoiced and paid in foreign currencies, respectively. In 2019 , the Company had three automotive customers (including direct sales to OEM customers and sales through their Tier 1 suppliers), which individually accounted for 10% or more of net sales as follows: Toyota Motor Company Volkswagen Group General Motors Daimler Group Ford Motor Company 2019 13 % 14 % 11 % # # 2018 13 % 15 % # 10 % # 2017 12 % 15 % # 10 % 10 % # - Less than 10 percent. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table sets forth selected financial information for all of the quarters during the years ended December 31, 2019 and 2018 (in thousands, except per share data): First Second Third Fourth 2019 2018 2019 2018 2019 2018 2019 2018 Net Sales $ 468,589 $ 465,420 $ 468,711 $ 454,981 $ 477,761 $ 460,253 $ 443,836 $ 453,409 Gross Profit 169,645 172,628 176,538 172,804 180,321 172,990 161,805 172,044 Operating Income 121,596 128,515 127,905 126,683 128,136 127,428 110,901 125,499 Net Income 104,280 111,249 108,959 109,024 111,898 111,336 99,547 106,275 Earnings Per Share (Basic) (1) $ 0.40 $ 0.40 $ 0.42 $ 0.40 $ 0.44 $ 0.42 $ 0.39 $ 0.41 Earnings Per Share (Diluted) (1) $ 0.40 $ 0.40 $ 0.42 $ 0.40 $ 0.44 $ 0.42 $ 0.39 $ 0.41 (1) Basic and diluted earnings per share are computed independently for each quarter presented. Therefore the sum of quarterly basic and diluted per share information may not equal annual basis and diluted earnings per share. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Comprehensive Income | COMPREHENSIVE INCOME Comprehensive income reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on certain investments, foreign currency translation adjustments, and unrealized movement in derivative financial instruments designated as hedges. For the Twelve Months ended December 31, 2019 2018 2017 Foreign currency translation adjustments: Balance at beginning of period $ (1,674,887 ) $ 645,030 $ (2,862,999 ) Other comprehensive (loss) income before reclassifications (709,702 ) (2,319,917 ) 3,508,029 Net current-period change (709,702 ) (2,319,917 ) 3,508,029 Balance at end of period (2,384,589 ) (1,674,887 ) 645,030 Unrealized gains (losses) on available-for-sale securities: Balance at beginning of period 74,549 6,626,379 2,788,975 ASU 2016-01 adoption impact — (6,642,727 ) — Other comprehensive income before reclassifications 1,403,521 1,675,823 4,444,360 Amounts reclassified from accumulated other comprehensive income (382,584 ) (1,584,926 ) (606,956 ) Net current-period change 1,020,937 (6,551,830 ) 3,837,404 Balance at end of period 1,095,486 74,549 6,626,379 Unrealized gains (losses) on derivatives: Balance at beginning of period — (78,026 ) (1,197,281 ) Other comprehensive income before reclassifications — 175,308 248,042 Amounts reclassified from accumulated other comprehensive income — (97,282 ) 871,213 Net current-period change — 78,026 1,119,255 Balance at end of period — — (78,026 ) Accumulated other comprehensive (loss) income, end of period $ (1,289,103 ) $ (1,600,338 ) $ 7,193,383 All amounts are shown net of tax. Amounts in parentheses indicate debits. The following table presents details of reclassifications out of other comprehensive income for the twelve months ended December 31, 2019 , 2018 and 2017 . Details about Accumulated Other Comprehensive Income Components Affected Line item in the Statement of Consolidated Income For the Twelve Months ended December 31, 2019 2018 2017 Unrealized gains on available-for-sale debt securities Realized gain on sale of securities $ 484,283 $ 2,006,235 $ 933,778 Other income (expense), net Provision for income taxes (101,699 ) (421,309 ) (326,822 ) Provision for Income Taxes Total reclassifications for the period $ 382,584 $ 1,584,926 $ 606,956 Net of tax Unrealized gains (losses) on derivatives Realized loss on interest rate swap $ — $ 123,142 $ (1,340,329 ) Other income (expense), net Provision for income taxes — (25,860 ) 469,116 Provision for Income Taxes $ — $ 97,282 $ (871,213 ) Net of tax Total reclassifications for the period $ 382,584 $ 1,682,208 $ (264,257 ) Net of tax |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The Company recorded Goodwill of $307.4 million related to the HomeLink ® acquisition, which occurred in September 2013. The carrying value of Goodwill as of both December 31, 2019 and December 31, 2018 was $307.4 million as set forth in the table below. Carrying Amount Balance as of December 31, 2018 $ 307,365,845 Acquisitions — Divestitures — Impairments — Other — Balance as of December 31, 2019 $ 307,365,845 The Intangible Assets and related change in carrying values are set forth in the table below as of December 31, 2019 and December 31, 2018 . As of December 31, 2019 : Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (93,750,000 ) $ 86,250,000 12 years Existing Customer Platforms 43,000,000 (26,875,000 ) $ 16,125,000 10 years Exclusive Licensing Agreement 96,000,000 — $ 96,000,000 Indefinite Total other identifiable intangible assets 371,000,000 (120,625,000 ) 250,375,000 As of December 31, 2018 : Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (78,750,000 ) $ 101,250,000 12 years Existing Customer Platforms 43,000,000 (22,575,000 ) $ 20,425,000 10 years Exclusive Licensing Agreement 96,000,000 — $ 96,000,000 Indefinite Total other identifiable intangible assets 371,000,000 (101,325,000 ) 269,675,000 Accumulated amortization on patents and intangible assets was approximately $143.1 million and $122.3 million at December 31, 2019 and 2018 , respectively. Amortization expense on patents and other intangible assets was approximately $22.4 million , $22.5 million , and $22.5 million in calendar years 2019 , 2018 and 2017, respectively. At December 31, 2019 , patents had a weighted average amortized life of 10 years . Excluding the impact of any future acquisitions, the Company anticipates amortization expense including patents and other intangible assets for each of the years ended December 31, 2020 and 2021 to be approximately $22 million annually, approximately $21 million for the year ended December 31, 2022, approximately $19 million for the year ended December 31, 2023, and approximately $16 million for the year ended December 31, 2024. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE The following table shows the Company’s Automotive and Other Products revenue disaggregated by geographical location for Automotive Products for the twelve month periods ended December 31, 2019, 2018, and 2017: For the Twelve Months ended December 31, Revenue 2019 2018 2017 Automotive Products U.S. $ 569,939,756 $ 583,672,971 $ 567,492,812 Germany 296,276,971 333,002,878 351,123,204 Japan 225,577,146 209,311,790 185,261,067 Mexico 160,967,900 106,111,515 93,603,796 Other 557,775,114 559,099,142 560,646,589 Total Automotive Products $ 1,810,536,887 $ 1,791,198,296 $ 1,758,127,468 Other Products (U.S.) 48,360,519 42,865,401 36,745,110 Total Revenue $ 1,858,897,406 $ 1,834,063,697 $ 1,794,872,578 Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political and labor conditions; unexpected changes in laws, regulations, trade or monetary or fiscal policy, including interest rates, foreign currency exchange rates and changes in the rate of inflation in the U.S. and other foreign countries; and tariffs, quotas, customs and other import or export restrictions and other trade barriers. The following table disaggregates the Company’s Automotive and Other revenue by major source for the twelve month periods ended December 31, 2019 and 2018: For the Twelve Months Ended December 31, Revenue 2019 2018 Automotive Segment Automotive Mirrors & Electronics $ 1,638,600,272 $ 1,598,589,777 HomeLink Modules* 171,936,615 192,608,519 Total Automotive Products $ 1,810,536,887 $ 1,791,198,296 Other Segment Fire Protection Products $ 23,740,261 $ 22,109,784 Windows Products 24,620,258 20,755,617 Total Other $ 48,360,519 $ 42,865,401 *Excludes HomeLink revenue related to HomeLink modules integrated into automotive mirrors. Revenue is recognized when obligations under the terms of a contract with the customer are satisfied. Such recognition generally occurs with the transfer of control of the products at a point in time. The Company's automotive OEM contracts generally include Long Term Supply Agreements ("LTSA") entered into in the ordinary course of business and Purchase Orders ("PO") whereby the LTSA sometimes stipulates the pricing and delivery terms and is evaluated together with a PO, which identifies the quantity, timing, and the type of product to be transferred. Certain customer contracts do not always have an LTSA, in which case, the contracts are governed by the PO from the customer in conjunction with other mutually agreed upon terms and conditions. The Company does not generate revenue from arrangements with multiple deliverables. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods excluding revenue amounts that are transferred to third parties, such as sales, value add, and other taxes the Company collects concurrently with revenue-producing activities. The Company does not incur any incremental cost to obtain contracts. Costs are incurred to fulfill contracts with the OEM. However, such costs are accounted for under ASC 340-10, and are not treated as fulfillment costs under ASC 340-40. Automotive Products Segment Automotive Rearview Mirrors and Electronics The Company manufactures interior electrochromic automatic-dimming rearview mirrors that darken to reduce glare and improve visibility for the driver. These electronic interior mirrors can also include additional electronic features such as compass, microphones, HomeLink ® , lighting assist and driver assist forward safety camera systems, various lighting systems, various telematics systems, ITM ® systems, and a wide variety of displays. The Company also ships interior non-automatic-dimming rearview mirrors with features. The Company’s interior electrochromic automatic-dimming rearview mirrors also power the application of the Company’s exterior electrochromic automatic-dimming rearview mirrors that darken to reduce glare and improve visibility for the driver. These electronic exterior mirrors typically range in size and shape per automaker specification, but also include additional features such as turn signal indicators, side blind zone indicators, and courtesy lighting. The Company also ships exterior non-automatic-dimming rearview mirrors with similar electronic features as what is available in its automatic-dimming applications. The Company manufactures other automotive electronics products both inside and outside of the rearview mirror through HomeLink ® applications in the vehicle including the rearview mirror, interior visor, overhead console, or center console. For the majority of automotive products, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. The Company generally receives payment equal to the price that applies at the time of invoice for most automotive product sales. For any shipments of product that may be subject to retroactive price adjustments that are then being negotiated, the Company records revenue based on the Company’s best estimate of the amount of consideration to which the entity will be entitled in exchange for transferring the promised goods to the customer. The Company's best estimate requires significant judgment based on historical results and expected outcomes of ongoing negotiations with customers. The Company's approach is to consider these adjustments to the contract price as variable consideration which is estimated based on the then most likely price amount. Payment terms on automotive part sales to customers range from 15 days to 90 days. Estimated revenue is adjusted at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. HomeLink ® Modules The Company manufactures and sells HomeLink® Modules individually, as well as in combination with the automotive mirrors and other advanced features, as described above. For the majority of automotive products, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. Other Segment Dimmable Aircraft Windows The Company supplies variable dimmable windows for the passenger compartment on the Boeing 787 Dreamliner Series of Aircraft. For dimmable aircraft windows, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. Payment terms on dimmable aircraft window sales range from 30 days to 45 days. Fire Protection Products The Company manufactures photoelectric smoke detectors and alarms, visual signaling alarms, electrochemical carbon monoxide detectors and alarms, audible and visual signaling alarms, and bells and speakers for use in fire detection systems in office buildings, hotels, and other commercial and residential buildings. For fire protection parts, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. Payment terms on fire protection part sales to customers range from 30 days to 75 days. |
Summary of Significant Accoun_2
Summary of Significant Accounting and Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include the accounts of Gentex Corporation and all of its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. |
Cash Equivalents | Cash Equivalents Cash equivalents consist of funds invested in bank accounts and money market funds that have daily liquidity. |
Allowance For Doubtful Accounts | Allowance For Doubtful Accounts The Company’s allowance for doubtful accounts primarily relates to financially distressed automotive customers. The Company continues to work with these financially distressed customers in collecting past due balances. |
Investments | ASC 320, Accounting for Certain Investments in Debt and Equity Securities Investments The Company follows the provisions of 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 about a company’s use of fair-value measurements, including the effect of such measurement 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, corporate bonds, and certain mutual funds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets. The Company's certificates of deposit are classified as available for sale, and are considered as Level 1 assets. These investments are carried at cost, which approximates fair value. The Company will also periodically make technology investments in certain non-consolidated third-parties. These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities . Equity investments that do not have readily determinable fair values, and where the Company has not identified any observable events that would cause adjustment of the valuation to date, are held at cost. These technology investments totaled $9.0 million and $3.9 million as of December 31, 2019 and December 31, 2018, respectively. These investments are classified within Long-Term Investments in the consolidated balance sheet and are not included within the tables below. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, investments, accounts receivable, accounts payable, and short and long-term debt. The Company’s estimate of the fair values of these financial instruments approximates their carrying amounts at December 31, 2019 and 2018 . |
Inventories | Estimated inventory allowances for slow-moving and obsolete inventories are based on current assessments of future demands, market conditions, evaluation of longer lead times for certain electronic components and related management initiatives. If market conditions or customer requirements change and are less favorable than those projected by management, inventory allowances are adjusted accordingly. Inventories |
Plant and Equipment | Plant and Equipment Plant and equipment is stated at cost. Depreciation and amortization are computed for financial reporting purposes using the straight-line method, with estimated useful lives of 7 to 30 years for buildings and improvements, and 3 to 10 |
Impairment or Disposal of Long-Lived Assets | Impairment or Disposal of Long-Lived Assets The Company reviews long-lived assets, including property, plant and equipment and other intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets . ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals. |
Patents | Patents The Company’s policy is to capitalize costs incurred to obtain patents. The cost of patents is amortized over their useful lives. The cost of patents in process is not amortized until issuance. The Company periodically obtains intellectual property rights, in the ordinary course of business, and the cost of the rights are amortized over their useful lives. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill reflects the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company reviews goodwill for impairment during the fourth quarter on an annual basis or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The Company performs an impairment review for its automotive reporting unit, which has been determined to be one of the Company’s reportable segments, using either a qualitative approach or quantitative approach which utilizes a fair value method that incorporates certain assumptions and judgments. The fair value of a reporting unit refers to the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. The Company performs a qualitative assessment (step 0) to determine whether it is more likely than not that a reporting unit's fair value is less than its carrying amount. If not, no further goodwill impairment testing is performed. If so, we determine the fair value of the reporting unit using step 1 and step 2 tests. If the fair value of the reporting unit is greater than its carrying amount, goodwill is not considered to be impaired. However, if the fair value of the reporting unit is less than its carrying amount, an impairment change is recorded as the excess of the reporting units carrying value over its fair value. The assumptions included in the impairment tests require judgment and changes to these inputs could impact the results of the calculations which could result in an impairment charge in future periods if the carrying amount of the reporting unit exceeds its calculated fair value. For the qualitative assessment performed, management considers factors such as macro-economic conditions, industry and market considerations, overall financial performance, and other company-specific events, amongst other factors, in making the determination as to whether it is more likely than not that a reporting unit's fair value is less than its carrying amount. Other than management's internal projections of future cash flows, the primary assumptions used in the step 1 and step 2 impairment tests are the weighted-average cost of capital and long-term growth rates. Although the Company's cash flow forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management is using to operate the underlying business, there are significant judgments in determining the expected future cash flows attributable to a reporting unit. There have been no impairment charges recorded currently or in prior periods in which goodwill existed. Indefinite lived intangible assets are also subject to annual impairment testing or more frequently if indicators of impairment are identified. Management judgment and assumptions are required in determining the underlying fair value of the indefinite lived intangible assets. While the Company believes the judgments and assumptions used in determining fair value are reasonable, different assumptions could change the estimated fair values and, therefore, impairment charges could be required, which could be material to the consolidated financial statements. The indefinite lived intangible assets were not impaired as a result of the annual test prepared by management for either period presented. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers . Accordingly, revenue is recognized in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services when it transfers those goods or services to customers. Sales are shown net of returns, which have not historically been significant. The Company does not generate sales from arrangements with multiple deliverables. The Company generally receives purchase orders from customers on an annual basis. Typically, such purchase order provide the annual terms, including pricing, related to a particular vehicle model. Purchase orders generally do not specify quantities. The Company recognizes revenue based on the pricing terms included in our annual purchase orders. As part of certain agreements, entered into in the ordinary course of business, the Company is asked to provide customers with annual price reductions. Such amounts are subject to estimate and are accrued as a reduction of revenue as products are shipped to those customers. For any shipments of product that may be subject to retroactive price adjustments that are then being negotiated, the Company records revenue based on the Company’s best estimate of the amount of consideration to which the entity will be entitled in exchange for transferring the promised goods to the customer. The Company's best estimate requires significant judgment based on historical results and expected outcomes of ongoing negotiations with customers. The Company's approach is to consider these adjustments to the contract price as variable consideration which is estimated based on the then most likely price amount. In addition, the Company has ongoing adjustments to our pricing arrangements with customers based on the related content, the cost of our products and other commercial |
Advertising and Promotional Materials | Advertising and Promotional Materials |
Repairs and Maintenance | Repairs and Maintenance |
Self-Insurance | Self-Insurance The Company is self-insured for a portion of its risk on workers’ compensation and employee medical costs. The arrangements provide for stop loss insurance to manage the Company’s risk. Such costs are accrued based on known claims and an estimate of incurred, but not reported (IBNR) claims. IBNR claims are estimated using historical lag information and other data provided by claims administrators. This estimation process is subjective, and to the extent that future results differ from original estimates, adjustments to recorded accruals may be necessary. |
Product Warranty | Product Warranty The Company periodically incurs product warranty costs. Any liabilities associated with product warranty are estimated based on known facts and circumstances and are not significant at December 31, 2019 , 2018 and 2017 . The Company does not offer extended warranties on its products. |
Income Taxes | Income Taxes The provision for income taxes is based on the earnings reported in the consolidated financial statements. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in deductible or taxable amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates. The Company applies the provisions of ASC 740, Income Taxes , as it relates to uncertainty in income taxes recognized in the Company’s consolidated financial statements. A threshold of more likely than not to be sustained upon examination is applied to uncertain tax positions. The Company deems the estimates related to this provision to be reasonable, however, no assurance can be given that the final outcome of these matters will not vary from what is reflected in the historical income tax provisions and accruals. |
Leases | Leases The Company has operating leases for corporate offices, warehouses, vehicles, and other equipment, which are included within "Plant and Equipment" section of the 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 December 31, 2019 was 2 years , with a weighted average discount rate of 2.9% |
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. |
Other Comprehensive Income (Loss) | Other 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 investments, derivatives, and foreign currency translation adjustments that are further detailed in Note 9 to the Consolidated Financial Statements. |
Foreign Currency Translation | Foreign Currency Translation The financial position and results of operations of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at the exchange rate in effect at year-end. Income statement accounts are translated at the average rate of exchange in effect during the year. The resulting translation adjustment is recorded as a separate component of shareholders’ investment. Gains and losses arising from re-measuring foreign currency transactions into the appropriate currency are included in the determination of net income. |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company accounts for stock-based compensation using the fair value recognition provisions of ASC 718, Compensation - Stock Compensation . As described more fully in Note 5, the Company provides compensation benefits under an omnibus incentive plan, two other stock option plans, another restricted stock plan, and an employee stock purchase plan. The Company utilizes the Black-Scholes model, which requires the input of subjective assumptions. These assumptions include estimating (a) the length of time employees will retain their vested stock options before exercising them (“expected term”), (b) the volatility of the Company’s common stock price over the expected term, (c) the number of options that will ultimately not complete their vesting requirements (“forfeitures”) and (d) expected dividends. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation and consequently, the related amounts recognized on the consolidated condensed statements of operations. |
Estimates | Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Recent Accounting Standards | Recent Accounting Standards Effective January 1, 2019, the Company adopted Accounting Standards Update ("ASU") 2016-02, Leases , which provides guidance for lease accounting. The new guidance contained in the ASU stipulates that lessees will need to recognize a right-of-use ("ROU") asset and a lease liability for substantially all leases (other than leases that meet the definition of a short-term lease). The liability will be equal to the present value of lease payments. Treatment in the consolidated statements of income will be similar to the historical treatment of operating and capital leases. The adoption of this standard did not have a material impact on the Company's consolidated balance sheet or consolidated income statement. Disclosures are now required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires a change in the measurement approach for credit losses on financial assets measured on an amortized cost basis from an incurred loss method to an expected loss method, thereby eliminating the requirement that a credit loss be |
Summary of Significant Accoun_3
Summary of Significant Accounting and Reporting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Allowance For Doubtful Accounts | The following table presents the activity in the Company’s allowance for doubtful accounts: Beginning Balance Net Additions/ (Reductions) to Costs and Expenses Deductions and Other Adjustments Ending Balance Year Ended December 31, 2019: Allowance for Doubtful Accounts $ 2,746,647 $ — $ (295,354 ) $ 2,451,293 Year Ended December 31, 2018: Allowance for Doubtful Accounts $ 2,714,533 $ — $ 32,114 $ 2,746,647 Year Ended December 31, 2017: Allowance for Doubtful Accounts $ 2,917,424 $ — $ (202,891 ) $ 2,714,533 |
Schedule of Assets or Liabilities Having Recurring Measurements | Assets or liabilities that have recurring fair value measurements are shown below as of December 31, 2019 and December 31, 2018 : 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, 2019 (Level I) (Level 2) (Level 3) Cash & Cash Equivalents $ 296,321,622 $ 296,321,622 $ — $ — Short-Term Investments: Certificate of Deposit 50,099,795 50,099,795 — — Corporate Bonds 29,219,685 — 29,219,685 — Government Securities 58,432,823 — 58,432,823 — Other 2,631,750 2,631,750 — — Long-Term Investments: Asset-backed Securities 25,791,029 — 25,791,029 — Certificate of Deposit 3,557,798 3,557,798 — — Corporate Bonds 22,815,998 — 22,815,998 — Government Securities 6,088,190 — 6,088,190 — Municipal Bonds 72,638,690 — 72,638,690 — Total $ 567,597,380 $ 352,610,965 $ 214,986,415 $ — 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, 2018 (Level I) (Level 2) (Level 3) Cash & Cash Equivalents 217,025,278 $ 217,025,278 $ — $ — Short-Term Investments: Certificate of Deposit 150,299,384 150,299,384 — — Corporate Bonds 6,967,700 — 6,967,700 — Government Securities 9,176,227 — 9,176,227 — Other 2,219,688 2,219,688 — — Long-Term Investments: Corporate Bonds 60,369,930 — 60,369,930 — Municipal Bonds 18,025,432 — 18,025,432 — Government Securities 56,483,720 — 56,483,720 — Total $ 520,567,359 $ 369,544,350 $ 151,023,009 $ — |
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 December 31, 2019 and 2018 : Unrealized 2019 Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 50,099,795 $ — $ — $ 50,099,795 Corporate Bonds 29,025,624 194,061 — 29,219,685 Government Securities 58,343,911 99,917 (11,005 ) 58,432,823 Other 2,631,750 — — 2,631,750 Long-Term Investments: Asset-backed Securities 25,971,156 — (180,127 ) 25,791,029 Certificate of Deposit 3,500,000 58,808 (1,010 ) 3,557,798 Corporate Bonds 22,306,130 509,868 — 22,815,998 Government Securities 6,012,705 75,485 — 6,088,190 Municipal Bonds 71,997,996 1,036,116 (395,422 ) 72,638,690 Total $ 269,889,067 $ 1,974,255 $ (587,564 ) $ 271,275,758 Unrealized 2018 Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 150,299,384 $ — $ — $ 150,299,384 Government Securities 9,186,586 — (10,359 ) 9,176,227 Corporate Bonds 6,981,305 — (13,605 ) 6,967,700 Other 2,219,688 — — 2,219,688 Long-Term Investments: Corporate Bonds 60,659,498 50,340 (339,908 ) 60,369,930 Common Stocks — — — — Municipal Bonds 17,840,518 184,914 — 18,025,432 Government Securities 56,280,552 205,553 (2,385 ) 56,483,720 Total $ 303,467,531 $ 440,807 $ (366,257 ) $ 303,542,081 |
Schedule of Unrealized Losses on Investments | Unrealized losses on investments as of December 31, 2019 are as follows: Aggregate Unrealized Losses Aggregate Fair Value Less than one year $ 587,564 $ 90,721,081 Greater than one year — — Total $ 587,564 $ 90,721,081 Unrealized losses on investments as of December 31, 2018 are as follows: Aggregate Unrealized Losses Aggregate Fair Value Less than one year $ 365,824 $ 68,722,980 Greater than one year 433 3,000,000 Total $ 366,257 $ 71,722,980 |
Investments Classified by Contractual Maturity Date | Fixed income securities as of December 31, 2019 , have contractual maturities as follows: Due within one year $ 137,752,302 Due between one and five years 43,125,222 Due over five years 87,766,483 $ 268,644,007 |
Schedule of Inventories | Inventories consisted of the following as of December 31, 2019 and 2018 : 2019 2018 Raw materials $ 164,974,553 $ 139,058,541 Work-in-process 33,069,255 35,386,615 Finished goods 50,898,047 50,836,443 Total Inventory $ 248,941,855 $ 225,281,599 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments for operating leases as of December 31, 2019 were as follows: Year ending December 31, 2020 $ 786,807 2021 297,316 2022 145,154 2023 19,296 Thereafter 15,105 Total future minimum lease payments $ 1,263,678 Less imputed interest (84,964 ) Total $ 1,178,714 |
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 each of the last three years: 2019 2018 2017 Basic Earnings Per Share Net Income $ 424,683,939 $ 437,883,097 $ 406,791,922 Less: Allocated to participating securities (1) 5,028,813 — — Net Income available to common shareholders $ 419,655,126 $ 437,883,097 $ 406,791,922 Basic weighted average shares outstanding 251,766,382 267,794,786 285,864,997 Net Income per share - Basic $ 1.67 $ 1.64 $ 1.42 Diluted Earnings Per Share Allocation of Net Income used in basic computation $ 419,655,126 $ 437,883,097 $ 406,791,922 Reallocation of undistributed earnings 21,104 21,007 19,398 Net Income available to common shareholders - Diluted $ 419,676,230 $ 437,904,104 $ 406,811,320 Number of shares used in basic computation 251,766,382 267,794,786 285,864,997 Additional weighted average dilutive common stock equivalents 1,506,608 2,082,563 2,361,092 Diluted weighted average shares outstanding 253,272,990 269,877,349 288,226,089 Net income per share - Diluted $ 1.66 $ 1.62 $ 1.41 (1) While there were participating securities in 2018 and 2017, they did not have a material impact on the two-class EPS calculation. Net income allocated to participating securities in 2018 and 2017 was $3,836,536 and $2,562,473 , respectively. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Provision For Income Taxes | The components of the provision for income taxes are as follows: 2019 2018 2017 Currently payable: Federal $ 73,563,685 $ 83,010,387 $ 133,166,194 State 3,765,929 3,743,781 3,984,000 Foreign 1,468,018 1,776,837 2,440,000 Total 78,797,632 88,531,005 139,590,194 Deferred income tax (benefit) expense: Primarily federal (3,066,237 ) (4,367,155 ) (14,585,412 ) Provision for income taxes $ 75,731,395 $ 84,163,850 $ 125,004,782 |
Schedule of Effective Income Tax Rates Different From Statutory Federal Income Tax Rates | The effective income tax rates are different from the statutory federal income tax rates for the following reasons: 2019 2018 2017 Statutory federal income tax rate 21.0 % 21.0 % 35.0 % State income taxes, net of federal income tax benefit 0.6 0.6 0.5 Domestic production exclusion — — (2.8 ) Research tax credit (1.1 ) (0.8 ) (0.8 ) Increase in reserve for uncertain tax provisions 0.3 0.1 0.1 Change in tax rate on deferred taxes — 0.5 (7.2 ) Foreign tax credit (0.1 ) (0.1 ) (0.8 ) Foreign derived intangible income deduction (4.8 ) (4.6 ) — Stock compensation (1.1 ) (1.0 ) (1.0 ) Other 0.3 0.4 0.5 Effective income tax rate 15.1 % 16.1 % 23.5 % |
Schedule of Deferred Income Tax Assets And Liabilities | The tax effect of temporary differences which give rise to deferred income tax assets and liabilities at December 31, 2019 and 2018 , are as follows: December 31, 2019 2018 Assets: Accruals not currently deductible $ 6,478,146 $ 5,111,242 Stock based compensation 9,100,745 9,586,372 Other 66,830 356,039 Total deferred income tax assets $ 15,645,721 $ 15,053,653 Liabilities: Excess tax over book depreciation (30,725,471 ) (39,835,025 ) Goodwill (27,799,640 ) (23,341,226 ) Intangible assets (6,171,628 ) (5,089,042 ) Other (2,403,131 ) (1,309,849 ) Total deferred income tax liability $ (67,099,870 ) $ (69,575,142 ) Net deferred income taxes $ (51,454,149 ) $ (54,521,489 ) |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2019 2018 2017 Beginning of year $ 4,678,000 $ 4,435,000 $ 3,408,000 Additions based on tax positions related to the current year 1,695,000 1,677,000 941,000 Additions for tax positions in prior years 657,000 283,000 289,000 Reductions for tax positions in prior years (38,000 ) (163,000 ) (63,000 ) Reductions as a result of completed audit examinations — (1,554,000 ) — Reductions as a result of a lapse of the applicable statute of limitations (600,000 ) — (140,000 ) End of year $ 6,392,000 $ 4,678,000 $ 4,435,000 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Weighted-Average Assumptions | 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: 2019 2018 2017 Dividend yield (1) 2.0 % 2.1 % 2.1 % Expected volatility (2) 23.9 % 26.0 % 26.7 % Risk-free interest rate (3) 1.8 % 2.7 % 2.0 % Expected term of options (in years) (4) 4.2 4.2 4.2 Weighted-average grant-date fair value $ 4 $ 5 $ 4 (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. |
Summary of Stock Option Activity | A summary of the status of the Company’s employee stock option plan at December 31, 2019 , 2018 and 2017 , and changes during the same periods are presented in the tables below. 2019 Shares (000) Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contract Life Aggregate Intrinsic Value (000) Outstanding at Beginning of Year 8,944 $ 18 Granted 1,049 25 Exercised (4,402 ) 16 $ 36,294 Forfeited (156 ) 20 Outstanding at End of Year 5,435 20 3.1 Yrs $ 47,170 Exercisable at End of Year 1,859 $ 18 2.2 Yrs $ 20,484 2018 Shares (000) Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contract Life Aggregate Intrinsic Value (000) Outstanding at Beginning of Year 11,837 $ 16 Granted 1,613 22 Exercised (4,278 ) 15 $ 38,097 Forfeited (228 ) 18 Outstanding at End of Year 8,944 18 2.8 Yrs $ 24,881 Exercisable at End of Year 4,101 $ 16 1.7 Yrs $ 16,162 2017 Shares (000) Wtd. Avg. Ex. Price Wtd. Avg. Remaining Contract Life Aggregate Intrinsic Value (000) Outstanding at Beginning of Year 14,252 $ 15 Granted 1,295 20 Exercised (3,476 ) 13 $ 25,156 Forfeited (234 ) 16 Outstanding at End of Year 11,837 16 2.7 Yrs $ 58,202 Exercisable at End of Year 5,297 $ 15 2 Yrs $ 32,152 |
Schedule of Non-Vested Stock Option Activity | A summary of the status of the Company’s non-vested employee stock option activity for the years ended December 31, 2019 , 2018 , and 2017 , are presented in the table below: 2019 2018 2017 Shares (000) Wtd. Avg Grant Date Fair Value Shares (000) Wtd. Avg Grant Date Fair Value Shares (000) Wtd. Avg Grant Date Fair Value Nonvested Stock Options at Beginning of Year 4,842 $ 4 6,540 $ 4 9,397 $ 4 Granted 1,049 4 1,613 5 1,295 4 Vested (2,165 ) 4 (3,089 ) 4 (3,941 ) 4 Forfeited (151 ) 4 (222 ) 4 (211 ) 4 Nonvested Stock Options at End of Year 3,575 $ 4 4,842 $ 4 6,540 $ 4 |
Schedule of Restricted Shares | 2019 2018 2017 Vesting Period (1) Shares Granted Market Price at Vesting Date Shares Granted Market Price at Vesting Date Shares Granted Market Price at Vesting Date 1 Year 39,627 $ 22.19 — $ — — $ — 3 Years 64,718 20.40 — — — — 4 Years 773,698 20.68 - 28.98 762,749 20.21 - 23.14 628,015 18.97 - 21.33 5 Years 254,988 20.68 - 28.98 279,420 20.21 - 23.14 228,630 18.97 - 21.33 1,133,031 $20.40 - 28.98 1,042,169 $20.21 - 23.14 856,645 $18.97 - 21.33 (1) Each of these awards cliff vest after the restriction period with no additional restrictions. |
Schedule of Employee Stock Purchase Plan | The following table summarizes shares sold to employees under the 2013 Plan in the years ended December 31, 2019 , 2018 and 2017 : Plan 2019 2018 2017 Cumulative Shares Issued in 2019 Weighted Average Fair Value 2019 2013 Employee Stock Purchase Plan 173,013 177,846 175,479 1,145,856 $ 21.40 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Automotive and Other Segment Reporting | 2019 2018 2017 Revenue: Automotive Products United States $ 569,939,756 $ 583,672,971 $ 567,492,812 Germany 296,276,971 333,002,878 351,123,204 Japan 225,577,146 209,311,790 185,261,067 Mexico 160,967,900 106,111,515 93,603,796 Other Countries 557,775,114 559,099,142 560,646,589 Other 48,360,519 42,865,401 36,745,110 Total $ 1,858,897,406 $ 1,834,063,697 $ 1,794,872,578 Income (Loss) from Operations: Automotive Products $ 473,546,112 $ 495,471,799 $ 512,895,699 Other 14,991,492 12,653,748 10,462,653 Total $ 488,537,604 $ 508,125,547 $ 523,358,352 Assets: Automotive Products $ 1,463,030,286 $ 1,449,910,935 $ 1,472,061,650 Other 16,000,669 14,333,098 9,576,514 Corporate 689,772,238 621,190,035 870,415,748 Total $ 2,168,803,193 $ 2,085,434,068 $ 2,352,053,912 Depreciation & Amortization: Automotive Products $ 97,520,972 $ 97,279,052 $ 95,378,100 Other 481,861 422,844 300,935 Corporate 6,700,141 4,484,918 3,891,873 Total $ 104,702,974 $ 102,186,814 $ 99,570,908 Capital Expenditures: Automotive Products $ 63,537,512 $ 84,337,455 $ 82,703,576 Other 1,704,045 1,447,494 170,357 Corporate 19,338,698 205,621 21,166,986 Total $ 84,580,255 $ 85,990,570 $ 104,040,919 |
Schedule of Major Product Line Revenues | Other includes Dimmable Aircraft Windows and Fire Protection Products. Major product line revenues included within these segments are as follows: 2019 2018 2017 Automotive Products Automotive Mirrors $ 1,638,600,272 $ 1,598,589,777 $ 1,573,222,820 HomeLink ® Modules* 171,936,615 192,608,519 184,904,648 Total Automotive Products $ 1,810,536,887 $ 1,791,198,296 $ 1,758,127,468 Other Products Revenue $ 48,360,519 $ 42,865,401 $ 36,745,110 Total Revenue $ 1,858,897,406 $ 1,834,063,697 $ 1,794,872,578 *Excludes HomeLink ® revenue integrated into automotive mirrors. |
Schedule of Automotive Customers Individually Accounted For 10% or More of Net Sales | In 2019 , the Company had three automotive customers (including direct sales to OEM customers and sales through their Tier 1 suppliers), which individually accounted for 10% or more of net sales as follows: Toyota Motor Company Volkswagen Group General Motors Daimler Group Ford Motor Company 2019 13 % 14 % 11 % # # 2018 13 % 15 % # 10 % # 2017 12 % 15 % # 10 % 10 % # - Less than 10 percent. |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table sets forth selected financial information for all of the quarters during the years ended December 31, 2019 and 2018 (in thousands, except per share data): First Second Third Fourth 2019 2018 2019 2018 2019 2018 2019 2018 Net Sales $ 468,589 $ 465,420 $ 468,711 $ 454,981 $ 477,761 $ 460,253 $ 443,836 $ 453,409 Gross Profit 169,645 172,628 176,538 172,804 180,321 172,990 161,805 172,044 Operating Income 121,596 128,515 127,905 126,683 128,136 127,428 110,901 125,499 Net Income 104,280 111,249 108,959 109,024 111,898 111,336 99,547 106,275 Earnings Per Share (Basic) (1) $ 0.40 $ 0.40 $ 0.42 $ 0.40 $ 0.44 $ 0.42 $ 0.39 $ 0.41 Earnings Per Share (Diluted) (1) $ 0.40 $ 0.40 $ 0.42 $ 0.40 $ 0.44 $ 0.42 $ 0.39 $ 0.41 (1) Basic and diluted earnings per share are computed independently for each quarter presented. Therefore the sum of quarterly basic and diluted per share information may not equal annual basis and diluted earnings per share. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | For the Twelve Months ended December 31, 2019 2018 2017 Foreign currency translation adjustments: Balance at beginning of period $ (1,674,887 ) $ 645,030 $ (2,862,999 ) Other comprehensive (loss) income before reclassifications (709,702 ) (2,319,917 ) 3,508,029 Net current-period change (709,702 ) (2,319,917 ) 3,508,029 Balance at end of period (2,384,589 ) (1,674,887 ) 645,030 Unrealized gains (losses) on available-for-sale securities: Balance at beginning of period 74,549 6,626,379 2,788,975 ASU 2016-01 adoption impact — (6,642,727 ) — Other comprehensive income before reclassifications 1,403,521 1,675,823 4,444,360 Amounts reclassified from accumulated other comprehensive income (382,584 ) (1,584,926 ) (606,956 ) Net current-period change 1,020,937 (6,551,830 ) 3,837,404 Balance at end of period 1,095,486 74,549 6,626,379 Unrealized gains (losses) on derivatives: Balance at beginning of period — (78,026 ) (1,197,281 ) Other comprehensive income before reclassifications — 175,308 248,042 Amounts reclassified from accumulated other comprehensive income — (97,282 ) 871,213 Net current-period change — 78,026 1,119,255 Balance at end of period — — (78,026 ) Accumulated other comprehensive (loss) income, end of period $ (1,289,103 ) $ (1,600,338 ) $ 7,193,383 |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents details of reclassifications out of other comprehensive income for the twelve months ended December 31, 2019 , 2018 and 2017 . Details about Accumulated Other Comprehensive Income Components Affected Line item in the Statement of Consolidated Income For the Twelve Months ended December 31, 2019 2018 2017 Unrealized gains on available-for-sale debt securities Realized gain on sale of securities $ 484,283 $ 2,006,235 $ 933,778 Other income (expense), net Provision for income taxes (101,699 ) (421,309 ) (326,822 ) Provision for Income Taxes Total reclassifications for the period $ 382,584 $ 1,584,926 $ 606,956 Net of tax Unrealized gains (losses) on derivatives Realized loss on interest rate swap $ — $ 123,142 $ (1,340,329 ) Other income (expense), net Provision for income taxes — (25,860 ) 469,116 Provision for Income Taxes $ — $ 97,282 $ (871,213 ) Net of tax Total reclassifications for the period $ 382,584 $ 1,682,208 $ (264,257 ) Net of tax |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying value of Goodwill as of both December 31, 2019 and December 31, 2018 was $307.4 million as set forth in the table below. Carrying Amount Balance as of December 31, 2018 $ 307,365,845 Acquisitions — Divestitures — Impairments — Other — Balance as of December 31, 2019 $ 307,365,845 |
Schedule of Intangible Assets | The Intangible Assets and related change in carrying values are set forth in the table below as of December 31, 2019 and December 31, 2018 . As of December 31, 2019 : Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (93,750,000 ) $ 86,250,000 12 years Existing Customer Platforms 43,000,000 (26,875,000 ) $ 16,125,000 10 years Exclusive Licensing Agreement 96,000,000 — $ 96,000,000 Indefinite Total other identifiable intangible assets 371,000,000 (120,625,000 ) 250,375,000 As of December 31, 2018 : Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (78,750,000 ) $ 101,250,000 12 years Existing Customer Platforms 43,000,000 (22,575,000 ) $ 20,425,000 10 years Exclusive Licensing Agreement 96,000,000 — $ 96,000,000 Indefinite Total other identifiable intangible assets 371,000,000 (101,325,000 ) 269,675,000 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table disaggregates the Company’s Automotive and Other revenue by major source for the twelve month periods ended December 31, 2019 and 2018: For the Twelve Months Ended December 31, Revenue 2019 2018 Automotive Segment Automotive Mirrors & Electronics $ 1,638,600,272 $ 1,598,589,777 HomeLink Modules* 171,936,615 192,608,519 Total Automotive Products $ 1,810,536,887 $ 1,791,198,296 Other Segment Fire Protection Products $ 23,740,261 $ 22,109,784 Windows Products 24,620,258 20,755,617 Total Other $ 48,360,519 $ 42,865,401 *Excludes HomeLink revenue related to HomeLink modules integrated into automotive mirrors. The following table shows the Company’s Automotive and Other Products revenue disaggregated by geographical location for Automotive Products for the twelve month periods ended December 31, 2019, 2018, and 2017: For the Twelve Months ended December 31, Revenue 2019 2018 2017 Automotive Products U.S. $ 569,939,756 $ 583,672,971 $ 567,492,812 Germany 296,276,971 333,002,878 351,123,204 Japan 225,577,146 209,311,790 185,261,067 Mexico 160,967,900 106,111,515 93,603,796 Other 557,775,114 559,099,142 560,646,589 Total Automotive Products $ 1,810,536,887 $ 1,791,198,296 $ 1,758,127,468 Other Products (U.S.) 48,360,519 42,865,401 36,745,110 Total Revenue $ 1,858,897,406 $ 1,834,063,697 $ 1,794,872,578 |
Summary of Significant Accoun_4
Summary of Significant Accounting and Reporting Policies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)planshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | |
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Technology investments | $ 9,000,000 | $ 3,900,000 | |
Equity Investment losses were considered to be other than temporary | 0 | 0 | |
Allowance for obsolete and slow moving inventories | 7,600,000 | 7,800,000 | |
Depreciation expense | 82,300,000 | 79,700,000 | $ 77,000,000 |
Advertising and promotional costs | 3,000,000 | 2,500,000 | 2,600,000 |
Repair and maintenance of plant and equipment | $ 28,900,000 | $ 28,900,000 | $ 24,600,000 |
Weighted average remaining lease term | 2 years | ||
Weighted average discount rate | 2.90% | ||
Shares related to stock plans not included in diluted average common shares outstanding because their effect would be antidilutive | shares | 247,855 | 698,019 | 910,105 |
Minimum | |||
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Remaining lease term | 1 year | ||
Maximum | |||
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Remaining lease term | 5 years | ||
Buildings and improvements | Minimum | |||
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Minimum estimated useful life, in years | 7 years | ||
Buildings and improvements | Maximum | |||
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Minimum estimated useful life, in years | 30 years | ||
Machinery and equipment | Minimum | |||
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Minimum estimated useful life, in years | 3 years | ||
Machinery and equipment | Maximum | |||
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Minimum estimated useful life, in years | 10 years | ||
Employee Stock Option | |||
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Number of plans | plan | 2 |
Summary of Significant Accoun_5
Summary of Significant Accounting and Reporting Policies (Schedule Of Allowance For Doubtful Accounts) (Details) - Allowance for Doubtful Accounts - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Activity in the Company’s allowance for doubtful accounts | |||
Beginning Balance | $ 2,746,647 | $ 2,714,533 | $ 2,917,424 |
Net Additions/ (Reductions) to Costs and Expenses | 0 | 0 | 0 |
Deductions and Other Adjustments | (295,354) | 32,114 | (202,891) |
Ending Balance | $ 2,451,293 | $ 2,746,647 | $ 2,714,533 |
Summary of Significant Accoun_6
Summary of Significant Accounting and Reporting Policies (Schedule of Assets or Liabilities Having Recurring Measurements) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | $ 296,321,622 | $ 217,025,278 |
Total | 567,597,380 | 520,567,359 |
Certificates of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 50,099,795 | 150,299,384 |
Market Value | 3,557,798 | |
Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 25,791,029 | |
Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 58,432,823 | 9,176,227 |
Market Value | 6,088,190 | 56,483,720 |
Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 29,219,685 | 6,967,700 |
Market Value | 22,815,998 | 60,369,930 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 2,631,750 | 2,219,688 |
Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 72,638,690 | 18,025,432 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 296,321,622 | 217,025,278 |
Total | 352,610,965 | 369,544,350 |
Level 1 | Certificates of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 50,099,795 | 150,299,384 |
Market Value | 3,557,798 | |
Level 1 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | |
Level 1 | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Market Value | 0 | 0 |
Level 1 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | |
Market Value | 0 | 0 |
Level 1 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 2,631,750 | 2,219,688 |
Level 1 | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 0 | 0 |
Total | 214,986,415 | 151,023,009 |
Level 2 | Certificates of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Market Value | 0 | |
Level 2 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 25,791,029 | |
Level 2 | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 58,432,823 | 9,176,227 |
Market Value | 6,088,190 | 56,483,720 |
Level 2 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 29,219,685 | |
Market Value | 22,815,998 | 60,369,930 |
Level 2 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Level 2 | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 72,638,690 | 18,025,432 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 0 | 0 |
Level 3 | Certificates of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Market Value | 0 | |
Level 3 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | |
Level 3 | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Market Value | 0 | 0 |
Level 3 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | |
Market Value | 0 | 0 |
Level 3 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Level 3 | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | $ 0 | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting and Reporting Policies (Schedule of Amortized Cost, Unrealized Gains And Losses, And Market Value Of Investment Securities) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Long-Term Investments: | ||
Cost | $ 269,889,067 | $ 303,467,531 |
Unrealized gains | 1,974,255 | 440,807 |
Unrealized losses | (587,564) | (366,257) |
Total | 271,275,758 | 303,542,081 |
Certificates of Deposit | ||
Short-Term Investments: | ||
Cost | 50,099,795 | 150,299,384 |
Gains | 0 | 0 |
Losses | 0 | 0 |
Market Value | 50,099,795 | 150,299,384 |
Long-Term Investments: | ||
Cost | 3,500,000 | |
Gains | 58,808 | |
Losses | (1,010) | |
Market Value | 3,557,798 | |
Asset-backed Securities | ||
Long-Term Investments: | ||
Cost | 25,971,156 | |
Gains | 0 | |
Losses | (180,127) | |
Market Value | 25,791,029 | |
Government Securities | ||
Short-Term Investments: | ||
Cost | 58,343,911 | 9,186,586 |
Gains | 99,917 | 0 |
Losses | (11,005) | (10,359) |
Market Value | 58,432,823 | 9,176,227 |
Long-Term Investments: | ||
Cost | 6,012,705 | 56,280,552 |
Gains | 75,485 | 205,553 |
Losses | 0 | (2,385) |
Market Value | 6,088,190 | 56,483,720 |
Municipal Bonds | ||
Long-Term Investments: | ||
Cost | 71,997,996 | 17,840,518 |
Gains | 1,036,116 | 184,914 |
Losses | (395,422) | 0 |
Market Value | 72,638,690 | 18,025,432 |
Corporate Bonds | ||
Short-Term Investments: | ||
Cost | 29,025,624 | 6,981,305 |
Gains | 194,061 | 0 |
Losses | 0 | (13,605) |
Market Value | 29,219,685 | 6,967,700 |
Long-Term Investments: | ||
Cost | 22,306,130 | 60,659,498 |
Gains | 509,868 | 50,340 |
Losses | 0 | (339,908) |
Market Value | 22,815,998 | 60,369,930 |
Other | ||
Short-Term Investments: | ||
Cost | 2,631,750 | 2,219,688 |
Gains | 0 | 0 |
Losses | 0 | 0 |
Market Value | $ 2,631,750 | 2,219,688 |
Common Stocks | ||
Long-Term Investments: | ||
Cost | 0 | |
Gains | 0 | |
Losses | 0 | |
Market Value | $ 0 |
Summary of Significant Accoun_8
Summary of Significant Accounting and Reporting Policies (Schedule of Unrealized Losses on Investments) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Aggregate Unrealized Losses, Less than one year | $ 587,564 | $ 365,824 |
Aggregate Fair Value, Less than one year | 90,721,081 | 68,722,980 |
Aggregate Unrealized Losses, Greater than one year | 0 | 433 |
Aggregate Fair Value, Greater than one year | 0 | 3,000,000 |
Aggregate Unrealized Losses, Total | 587,564 | 366,257 |
Aggregate Fair Value, Total | $ 90,721,081 | $ 71,722,980 |
Summary of Significant Accoun_9
Summary of Significant Accounting and Reporting Policies (Fixed Income Securities Contractual Maturity) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Total | $ 271,275,758 | $ 303,542,081 |
Fixed Income Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due within one year | 137,752,302 | |
Due between one and five years | 43,125,222 | |
Due over five years | 87,766,483 | |
Total | $ 268,644,007 |
Summary of Significant Accou_10
Summary of Significant Accounting and Reporting Policies (Inventories) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Raw materials | $ 164,974,553 | $ 139,058,541 |
Work-in-process | 33,069,255 | 35,386,615 |
Finished goods | 50,898,047 | 50,836,443 |
Total Inventory | $ 248,941,855 | $ 225,281,599 |
Summary of Significant Accou_11
Summary of Significant Accounting and Reporting Policies (Leases) (Details) | Dec. 31, 2019USD ($) |
Accounting Policies [Abstract] | |
2020 | $ 786,807 |
2021 | 297,316 |
2022 | 145,154 |
2023 | 19,296 |
Thereafter | 15,105 |
Total future minimum lease payments | 1,263,678 |
Less imputed interest | (84,964) |
Total | $ 1,178,714 |
Summary of Significant Accou_12
Summary of Significant Accounting and Reporting Policies (Schedule of Earnings Per Share, Basic And Diluted) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic Earnings Per Share | |||||||||||
Net income | $ 99,547,000 | $ 111,898,000 | $ 108,959,000 | $ 104,280,000 | $ 106,275,000 | $ 111,336,000 | $ 109,024,000 | $ 111,249,000 | $ 424,683,939 | $ 437,883,097 | $ 406,791,922 |
Less: Allocated to participating securities | 5,028,813 | 3,836,536 | 2,562,473 | ||||||||
Net Income available to common shareholders | $ 419,655,126 | $ 437,883,097 | $ 406,791,922 | ||||||||
Basic weighted average shares outstanding (in shares) | 251,766,382 | 267,794,786 | 285,864,997 | ||||||||
Net Income per share - Basic (in dollars per share) | $ 0.39 | $ 0.44 | $ 0.42 | $ 0.40 | $ 0.41 | $ 0.42 | $ 0.40 | $ 0.40 | $ 1.67 | $ 1.64 | $ 1.42 |
Diluted Earnings Per Share | |||||||||||
Allocation of Net Income used in basic computation | $ 419,655,126 | $ 437,883,097 | $ 406,791,922 | ||||||||
Reallocation of undistributed earnings | 21,104 | 21,007 | 19,398 | ||||||||
Net Income available to common shareholders - Diluted | $ 419,676,230 | $ 437,904,104 | $ 406,811,320 | ||||||||
Basic weighted average shares outstanding (in shares) | 251,766,382 | 267,794,786 | 285,864,997 | ||||||||
Additional weighted average dilutive common stock equivalents (in shares) | 1,506,608 | 2,082,563 | 2,361,092 | ||||||||
Diluted weighted average shares outstanding (in shares) | 253,272,990 | 269,877,349 | 288,226,089 | ||||||||
Net income per share - Diluted (in dollars per share) | $ 0.39 | $ 0.44 | $ 0.42 | $ 0.40 | $ 0.41 | $ 0.42 | $ 0.40 | $ 0.40 | $ 1.66 | $ 1.62 | $ 1.41 |
Debt and Financing Arrangemen_2
Debt and Financing Arrangements (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 15, 2018 |
Revolver | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 150,000,000 | ||
Additional principal amount available (up to) | 100,000,000 | ||
Amount outstanding | $ 0 | $ 0 | |
Swing loans | |||
Debt Instrument [Line Items] | |||
Additional principal amount available (up to) | 20,000,000 | ||
Letters of Credit | |||
Debt Instrument [Line Items] | |||
Additional principal amount available (up to) | $ 20,000,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
TCJA, provision reduction to income tax expense | $ 38,400 | ||
Income taxes paid | $ 74,900 | $ 86,900 | 126,000 |
Unrecognized tax benefits accrued interest | $ 574 | $ 315 | $ 433 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Provision For Income Taxes) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Currently payable: | |||
Federal | $ 73,563,685 | $ 83,010,387 | $ 133,166,194 |
State | 3,765,929 | 3,743,781 | 3,984,000 |
Foreign | 1,468,018 | 1,776,837 | 2,440,000 |
Total | 78,797,632 | 88,531,005 | 139,590,194 |
Deferred income tax (benefit) expense: | |||
Primarily federal | (3,066,237) | (4,367,155) | (14,585,412) |
Provision for income taxes | $ 75,731,395 | $ 84,163,850 | $ 125,004,782 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rates Different From Statutory Federal Income Tax Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 35.00% |
State income taxes, net of federal income tax benefit | 0.60% | 0.60% | 0.50% |
Domestic production exclusion | 0.00% | 0.00% | (2.80%) |
Research tax credit | (1.10%) | (0.80%) | (0.80%) |
Increase in reserve for uncertain tax provisions | 0.30% | 0.10% | 0.10% |
Change in tax rate on deferred taxes | 0.00% | 0.50% | (7.20%) |
Foreign tax credit | (0.10%) | (0.10%) | (0.80%) |
Foreign derived intangible income deduction | (4.80%) | (4.60%) | 0.00% |
Stock compensation | (1.10%) | (1.00%) | (1.00%) |
Other | 0.30% | 0.40% | 0.50% |
Effective income tax rate | 15.10% | 16.10% | 23.50% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Income Tax Assets And Liabilities) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Accruals not currently deductible | $ 6,478,146 | $ 5,111,242 |
Stock based compensation | 9,100,745 | 9,586,372 |
Other | 66,830 | 356,039 |
Total deferred income tax assets | 15,645,721 | 15,053,653 |
Liabilities: | ||
Excess tax over book depreciation | (30,725,471) | (39,835,025) |
Goodwill | (27,799,640) | (23,341,226) |
Intangible assets | (6,171,628) | (5,089,042) |
Other | (2,403,131) | (1,309,849) |
Total deferred income tax liability | (67,099,870) | (69,575,142) |
Net deferred income taxes | $ (51,454,149) | $ (54,521,489) |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits ) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | |||
Beginning of year | $ 4,678,000 | $ 4,435,000 | $ 3,408,000 |
Additions based on tax positions related to the current year | 1,695,000 | 1,677,000 | 941,000 |
Additions for tax positions in prior years | 657,000 | 283,000 | 289,000 |
Reductions for tax positions in prior years | (38,000) | (163,000) | (63,000) |
Reductions as a result of completed audit examinations | 0 | (1,554,000) | 0 |
Reductions as a result of a lapse of the applicable statute of limitations | (600,000) | 0 | (140,000) |
End of year | $ 6,392,000 | $ 4,678,000 | $ 4,435,000 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Company's contributions under 401(k) retirement savings plan | $ 8.7 | $ 8.2 | $ 7.7 |
Deferred Compensation Arrangement With Individual, Tranche Two | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation arrangement vesting percentage | 100.00% | ||
Deferred compensation arrangement, service period | 3 years | ||
Deferred Compensation Arrangement With Individual, Tranche One | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation arrangement vesting percentage | 50.00% | ||
Deferred Compensation Arrangement With Individual, Tranche One | Minimum | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation arrangement, service period | 2 years | ||
Deferred Compensation Arrangement With Individual, Tranche One | Maximum | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation arrangement, service period | 3 years |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) | 11 Months Ended | 12 Months Ended | 60 Months Ended | 72 Months Ended | 84 Months Ended | |||
Dec. 31, 2019USD ($)planshares | Dec. 31, 2019USD ($)planshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2019USD ($)planshares | Dec. 31, 2019USD ($)planshares | Dec. 31, 2019USD ($)planshares | Dec. 31, 2013shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares, granted (in shares) | 1,049,000 | 1,613,000 | 1,295,000 | |||||
Stock Compensation Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of plans | plan | 2 | 2 | 2 | 2 | 2 | |||
Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unrecognized compensation cost | $ | $ 2,224,328 | $ 2,224,328 | $ 2,224,328 | $ 2,224,328 | $ 2,224,328 | |||
Amortization expense | $ | $ 897,136 | $ 0 | $ 0 | |||||
Omnibus Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares approved (in shares) | 45,000,000 | 45,000,000 | 45,000,000 | 45,000,000 | 45,000,000 | |||
Shares issued under plan (in shares) | 4,919,256 | 4,919,256 | 4,919,256 | 4,919,256 | 4,919,256 | |||
Options granted net of shares from canceled/expired options (in shares) | 796,635 | |||||||
Restricted period, maximum, in years | 10 years | |||||||
Shares granted with restriction period (in shares) | 3,315,482 | |||||||
Shares, granted (in shares) | 854,633 | |||||||
Omnibus Incentive Plan | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Option vesting period | 1 year | |||||||
Award expiration period | 5 years | |||||||
Omnibus Incentive Plan | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Option vesting period | 5 years | |||||||
Award expiration period | 10 years | |||||||
Restricted Stock Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares approved (in shares) | 9,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | |||
Shares granted with restriction period (in shares) | 3,315,482 | |||||||
Shares, granted (in shares) | 5,762,672 | |||||||
Unearned stock-based compensation | $ | $ 47,139,370 | $ 47,139,370 | $ 47,139,370 | $ 47,139,370 | $ 47,139,370 | |||
Amortization expense | $ | $ 13,770,917 | $ 8,841,985 | $ 5,353,339 | |||||
Employee Stock Option Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares approved (in shares) | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | |||
Options granted net of shares from canceled/expired options (in shares) | 12,903,592 | |||||||
Unrecognized compensation cost | $ | $ 6,316,567 | $ 6,316,567 | $ 6,316,567 | $ 6,316,567 | $ 6,316,567 | |||
Weighted-average period for unrecognized compensation cost expected to be recognized | 1 year 10 months 24 days | |||||||
Employee Stock Purchase Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares approved (in shares) | 2,000,000 | |||||||
Shares, granted (in shares) | 173,013 | 177,846 | 175,479 | 1,145,856 | ||||
ESPP discount rate | 85.00% | |||||||
Discount recognized as compensation expense | 15.00% |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Schedule of Weighted-Average Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Dividend yield | 2.00% | 2.10% | 2.10% |
Expected volatility | 23.90% | 26.00% | 26.70% |
Risk-free interest rate | 1.80% | 2.70% | 2.00% |
Expected term of options (in years) | 4 years 2 months 12 days | 4 years 2 months 12 days | 4 years 2 months 12 days |
Weighted-average grant-date fair value (in dollars per share) | $ 4 | $ 5 | $ 4 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares (000) | |||
Shares, Outstanding at Beginning of Year (in shares) | 8,944 | 11,837 | 14,252 |
Shares, Granted (in shares) | 1,049 | 1,613 | 1,295 |
Shares, Exercised (in shares) | (4,402) | (4,278) | (3,476) |
Shares, Forfeited (in shares) | (156) | (228) | (234) |
Shares, Outstanding at End of Year (in shares) | 5,435 | 8,944 | 11,837 |
Shares, Exercisable at End of Year (in shares) | 1,859 | 4,101 | 5,297 |
Wtd. Avg Grant Date Fair Value | |||
Wtd. Avg. Ex. Price, Outstanding at Beginning of Year (in dollars per share) | $ 18 | $ 16 | $ 15 |
Wtd. Avg. Ex. Price, Granted (in dollars per share) | 25 | 22 | 20 |
Wtd. Avg. Ex. Price, Exercised (in dollars per share) | 16 | 15 | 13 |
Wtd. Avg. Ex. Price, Forfeited (in dollars per share) | 20 | 18 | 16 |
Wtd. Avg. Ex. Price, Outstanding at End of Year (in dollars per share) | 20 | 18 | 16 |
Wtd. Avg. Ex. Price, Exercisable at End of Year (in dollars per share) | $ 18 | $ 16 | $ 15 |
Option expiration period, years | 3 years 1 month 6 days | 2 years 9 months 18 days | 2 years 8 months 12 days |
Wtd. Avg. Remaining Contract Life, Exercisable at End of Year | 2 years 2 months 12 days | 1 year 8 months 12 days | 2 years |
Aggregate Intrinsic Value, Exercised | $ 36,294 | $ 38,097 | $ 25,156 |
Aggregate Intrinsic Value, Outstanding at End of Year | 47,170 | 24,881 | 58,202 |
Aggregate Intrinsic Value, Exercisable at End of Year | $ 20,484 | $ 16,162 | $ 32,152 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Schedule of Non-Vested Stock Option Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares (000) | |||
Shares, Nonvested stock options at Beginning of Year (in shares) | 4,842 | 6,540 | 9,397 |
Shares, Granted (in shares) | 1,049 | 1,613 | 1,295 |
Shares, Vested (in shares) | (2,165) | (3,089) | (3,941) |
Shares, Forfeited (in shares) | (151) | (222) | (211) |
Shares, Nonvested stock options at End of Year (in shares) | 3,575 | 4,842 | 6,540 |
Wtd. Avg Grant Date Fair Value | |||
Wtd. Avg Grant Date Fair Value, Nonvested stock options at Beginning of Year (in dollars per share) | $ 4 | $ 4 | $ 4 |
Wtd. Avg Grant Date Fair Value, Granted (in dollars per share) | 4 | 5 | 4 |
Wtd. Avg Grant Date Fair Value, Vested (in dollars per share) | 4 | 4 | 4 |
Wtd. Avg Grant Date Fair Value, Forfeited (in dollars per share) | 4 | 4 | 4 |
Wtd. Avg Grant Date Fair Value, Nonvested stock options at End of Year (in dollars per share) | $ 4 | $ 4 | $ 4 |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans (Vested Restricted Stocks) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market Price at Vesting Date (in shares) | $ 25 | $ 22 | $ 20 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 1,133,031 | 1,042,169 | 856,645 |
Restricted Stock | 1 Year | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 39,627 | 0 | 0 |
Market Price at Vesting Date (in shares) | $ 22.19 | ||
Restricted Stock | 3 Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 64,718 | 0 | 0 |
Market Price at Vesting Date (in shares) | $ 20.40 | ||
Restricted Stock | 3 Years | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market Price at Vesting Date (in shares) | 20.40 | $ 20.21 | $ 18.97 |
Restricted Stock | 3 Years | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market Price at Vesting Date (in shares) | $ 28.98 | $ 23.14 | $ 21.33 |
Restricted Stock | 4 Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 773,698 | 762,749 | 628,015 |
Restricted Stock | 4 Years | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market Price at Vesting Date (in shares) | $ 20.68 | $ 20.21 | $ 18.97 |
Restricted Stock | 4 Years | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market Price at Vesting Date (in shares) | $ 28.98 | $ 23.14 | $ 21.33 |
Restricted Stock | 5 Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 254,988 | 279,420 | 228,630 |
Restricted Stock | 5 Years | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market Price at Vesting Date (in shares) | $ 20.68 | $ 20.21 | $ 18.97 |
Restricted Stock | 5 Years | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market Price at Vesting Date (in shares) | $ 28.98 | $ 23.14 | $ 21.33 |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans (Employee Stock Purchase Plan) (Details) - $ / shares | 12 Months Ended | 84 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares, granted (in shares) | 1,049,000 | 1,613,000 | 1,295,000 | |
Wtd. Avg Grant Date Fair Value, Granted (in dollars per share) | $ 4 | $ 5 | $ 4 | |
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares, granted (in shares) | 173,013 | 177,846 | 175,479 | 1,145,856 |
Wtd. Avg Grant Date Fair Value, Granted (in dollars per share) | $ 21.40 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Automotive and Other Segment Reporting) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 443,836,000 | $ 477,761,000 | $ 468,711,000 | $ 468,589,000 | $ 453,409,000 | $ 460,253,000 | $ 454,981,000 | $ 465,420,000 | $ 1,858,897,406 | $ 1,834,063,697 | $ 1,794,872,578 |
Income (Loss) from Operations | 110,901,000 | $ 128,136,000 | $ 127,905,000 | $ 121,596,000 | 125,499,000 | $ 127,428,000 | $ 126,683,000 | $ 128,515,000 | 488,537,604 | 508,125,547 | 523,358,352 |
Assets | 2,168,803,193 | 2,085,434,068 | 2,168,803,193 | 2,085,434,068 | 2,352,053,912 | ||||||
Depreciation & Amortization | 104,702,974 | 102,186,814 | 99,570,908 | ||||||||
Capital Expenditures | 84,580,255 | 85,990,570 | 104,040,919 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 689,772,238 | 621,190,035 | 689,772,238 | 621,190,035 | 870,415,748 | ||||||
Depreciation & Amortization | 6,700,141 | 4,484,918 | 3,891,873 | ||||||||
Capital Expenditures | 19,338,698 | 205,621 | 21,166,986 | ||||||||
Automotive Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,810,536,887 | 1,791,198,296 | 1,758,127,468 | ||||||||
Income (Loss) from Operations | 473,546,112 | 495,471,799 | 512,895,699 | ||||||||
Automotive Products | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 1,463,030,286 | 1,449,910,935 | 1,463,030,286 | 1,449,910,935 | 1,472,061,650 | ||||||
Depreciation & Amortization | 97,520,972 | 97,279,052 | 95,378,100 | ||||||||
Capital Expenditures | 63,537,512 | 84,337,455 | 82,703,576 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 48,360,519 | 42,865,401 | 36,745,110 | ||||||||
Income (Loss) from Operations | 14,991,492 | 12,653,748 | 10,462,653 | ||||||||
Other | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | $ 16,000,669 | $ 14,333,098 | 16,000,669 | 14,333,098 | 9,576,514 | ||||||
Depreciation & Amortization | 481,861 | 422,844 | 300,935 | ||||||||
Capital Expenditures | 1,704,045 | 1,447,494 | 170,357 | ||||||||
United States | Automotive Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 569,939,756 | 583,672,971 | 567,492,812 | ||||||||
Germany | Automotive Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 296,276,971 | 333,002,878 | 351,123,204 | ||||||||
Japan | Automotive Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 225,577,146 | 209,311,790 | 185,261,067 | ||||||||
Mexico | Automotive Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 160,967,900 | 106,111,515 | 93,603,796 | ||||||||
Other Countries | Automotive Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 557,775,114 | $ 559,099,142 | $ 560,646,589 |
Segment Reporting (Schedule o_2
Segment Reporting (Schedule of Major Product Line Revenues) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 443,836,000 | $ 477,761,000 | $ 468,711,000 | $ 468,589,000 | $ 453,409,000 | $ 460,253,000 | $ 454,981,000 | $ 465,420,000 | $ 1,858,897,406 | $ 1,834,063,697 | $ 1,794,872,578 |
Automotive Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,810,536,887 | 1,791,198,296 | 1,758,127,468 | ||||||||
Automotive Products | Automotive Mirrors | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,638,600,272 | 1,598,589,777 | 1,573,222,820 | ||||||||
Automotive Products | HomeLink Modules | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 171,936,615 | 192,608,519 | 184,904,648 | ||||||||
Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 48,360,519 | 42,865,401 | |||||||||
Other | Other Products Revenue | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 48,360,519 | $ 42,865,401 | $ 36,745,110 |
Segment Reporting (Schedule o_3
Segment Reporting (Schedule of Automotive Customers Individually Accounted For 10% or More of Net Sales) (Details) - automotive_customer | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Major Customer [Line Items] | |||
Percentage net sales invoiced and paid in foreign currencies | 7.00% | 8.00% | 8.00% |
Number of customers which individually accounted for 10% or more of net sales | 3 | ||
Customer concentration risk | Toyota Motor Company | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenue individually accounted by customers (less than 10% for General Motor Company in 2018 and 2017, Daimler Group in 2019, and Ford in 2019 and 2017) | 13.00% | 13.00% | 12.00% |
Customer concentration risk | Volkswagen Group | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenue individually accounted by customers (less than 10% for General Motor Company in 2018 and 2017, Daimler Group in 2019, and Ford in 2019 and 2017) | 14.00% | 15.00% | 15.00% |
Customer concentration risk | General Motors | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenue individually accounted by customers (less than 10% for General Motor Company in 2018 and 2017, Daimler Group in 2019, and Ford in 2019 and 2017) | 11.00% | 10.00% | 10.00% |
Customer concentration risk | Daimler Group | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenue individually accounted by customers (less than 10% for General Motor Company in 2018 and 2017, Daimler Group in 2019, and Ford in 2019 and 2017) | 10.00% | 10.00% | 10.00% |
Customer concentration risk | Ford Motor Company | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenue individually accounted by customers (less than 10% for General Motor Company in 2018 and 2017, Daimler Group in 2019, and Ford in 2019 and 2017) | 10.00% | 10.00% |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net Sales | $ 443,836,000 | $ 477,761,000 | $ 468,711,000 | $ 468,589,000 | $ 453,409,000 | $ 460,253,000 | $ 454,981,000 | $ 465,420,000 | $ 1,858,897,406 | $ 1,834,063,697 | $ 1,794,872,578 |
Gross Profit | 161,805,000 | 180,321,000 | 176,538,000 | 169,645,000 | 172,044,000 | 172,990,000 | 172,804,000 | 172,628,000 | 688,307,969 | 690,466,692 | 694,528,266 |
Operating Income | 110,901,000 | 128,136,000 | 127,905,000 | 121,596,000 | 125,499,000 | 127,428,000 | 126,683,000 | 128,515,000 | 488,537,604 | 508,125,547 | 523,358,352 |
Net income | $ 99,547,000 | $ 111,898,000 | $ 108,959,000 | $ 104,280,000 | $ 106,275,000 | $ 111,336,000 | $ 109,024,000 | $ 111,249,000 | $ 424,683,939 | $ 437,883,097 | $ 406,791,922 |
Earnings Per Share (Basic) (in dollars per share) | $ 0.39 | $ 0.44 | $ 0.42 | $ 0.40 | $ 0.41 | $ 0.42 | $ 0.40 | $ 0.40 | $ 1.67 | $ 1.64 | $ 1.42 |
Earnings Per Share (Diluted) (in dollars per share) | $ 0.39 | $ 0.44 | $ 0.42 | $ 0.40 | $ 0.41 | $ 0.42 | $ 0.40 | $ 0.40 | $ 1.66 | $ 1.62 | $ 1.41 |
Comprehensive Income (AOCI Roll
Comprehensive Income (AOCI Rollforward) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ 1,861,751,660 | $ 2,049,518,261 | $ 1,910,424,234 |
Other comprehensive income (loss), net of tax | 311,235 | (2,150,994) | 8,464,688 |
Ending balance | 1,938,087,820 | 1,861,751,660 | 2,049,518,261 |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (1,600,338) | 7,193,383 | (1,271,305) |
Ending balance | (1,289,103) | (1,600,338) | 7,193,383 |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (1,674,887) | 645,030 | (2,862,999) |
Other comprehensive income before reclassifications | (709,702) | (2,319,917) | 3,508,029 |
Other comprehensive income (loss), net of tax | (709,702) | (2,319,917) | 3,508,029 |
Ending balance | (2,384,589) | (1,674,887) | 645,030 |
Unrealized gains(losses) on available-for-sale securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 74,549 | 6,626,379 | 2,788,975 |
ASU 2016-01 adoption impact | 0 | (6,642,727) | 0 |
Other comprehensive income before reclassifications | 1,403,521 | 1,675,823 | 4,444,360 |
Amounts reclassified from accumulated other comprehensive income | (382,584) | (1,584,926) | (606,956) |
Other comprehensive income (loss), net of tax | 1,020,937 | (6,551,830) | 3,837,404 |
Ending balance | 1,095,486 | 74,549 | 6,626,379 |
Unrealized gains (losses) on derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 0 | (78,026) | (1,197,281) |
Other comprehensive income before reclassifications | 0 | 175,308 | 248,042 |
Amounts reclassified from accumulated other comprehensive income | 0 | (97,282) | 871,213 |
Other comprehensive income (loss), net of tax | 0 | 78,026 | 1,119,255 |
Ending balance | $ 0 | $ 0 | $ (78,026) |
Comprehensive Income (Reclassif
Comprehensive Income (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Provision for income taxes | $ (75,731,395) | $ (84,163,850) | $ (125,004,782) | ||||||||
Total reclassifications for the period | $ 99,547,000 | $ 111,898,000 | $ 108,959,000 | $ 104,280,000 | $ 106,275,000 | $ 111,336,000 | $ 109,024,000 | $ 111,249,000 | 424,683,939 | 437,883,097 | 406,791,922 |
Amounts Reclassified from Other Comprehensive Income | |||||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassifications for the period | 382,584 | 1,682,208 | (264,257) | ||||||||
Amounts Reclassified from Other Comprehensive Income | Unrealized gains on available-for-sale debt securities | |||||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Realized gain (loss) | 484,283 | 2,006,235 | 933,778 | ||||||||
Provision for income taxes | (101,699) | (421,309) | (326,822) | ||||||||
Total reclassifications for the period | 382,584 | 1,584,926 | 606,956 | ||||||||
Amounts Reclassified from Other Comprehensive Income | Unrealized gains (losses) on derivatives | |||||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Realized gain (loss) | 0 | 123,142 | (1,340,329) | ||||||||
Provision for income taxes | 0 | (25,860) | 469,116 | ||||||||
Total reclassifications for the period | $ 0 | $ 97,282 | $ (871,213) |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2013 | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 307,365,845 | $ 307,365,845 | ||
Amortization expense | 22,400,000 | 22,500,000 | $ 22,500,000 | |
Patents and Other Intangible Assets | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Accumulated amortization | $ 143,100,000 | 122,300,000 | ||
Finite-lived intangible asset, useful life | 10 years | |||
Amortization expense, 2020 | $ 22,000,000 | |||
Amortization expense, 2021 | 22,000,000 | |||
Amortization expense, 2022 | 21,000,000 | |||
Amortization expense, 2023 | 19,000,000 | |||
Amortization expense, 2024 | 16,000,000 | |||
HomeLink® | ||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 307,400,000 | |||
Accumulated amortization | $ 120,625,000 | $ 101,325,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2018 | $ 307,365,845 |
Acquisitions | 0 |
Divestitures | 0 |
Impairments | 0 |
Other | 0 |
Balance as of December 31, 2019 | $ 307,365,845 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible assets, net | $ 250,375,000 | $ 269,675,000 |
HomeLink® | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, accumulated amortization | (120,625,000) | (101,325,000) |
Intangible assets, gross | 371,000,000 | 371,000,000 |
Intangible assets, net | 250,375,000 | 269,675,000 |
HomeLink® | Homelink Technology | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 180,000,000 | 180,000,000 |
Finite-lived intangible assets, accumulated amortization | (93,750,000) | (78,750,000) |
Finite-lived intangible assets, net | $ 86,250,000 | $ 101,250,000 |
Finite-lived intangible asset, useful life | 12 years | 12 years |
HomeLink® | Existing Customer Platforms | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 43,000,000 | $ 43,000,000 |
Finite-lived intangible assets, accumulated amortization | (26,875,000) | (22,575,000) |
Finite-lived intangible assets, net | $ 16,125,000 | $ 20,425,000 |
Finite-lived intangible asset, useful life | 10 years | 10 years |
HomeLink® | HomeLink Trade Names and Trademarks | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 52,000,000 | $ 52,000,000 |
HomeLink® | Exclusive Licensing Agreement | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 96,000,000 | $ 96,000,000 |
Revenue (Details)
Revenue (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 443,836,000 | $ 477,761,000 | $ 468,711,000 | $ 468,589,000 | $ 453,409,000 | $ 460,253,000 | $ 454,981,000 | $ 465,420,000 | $ 1,858,897,406 | $ 1,834,063,697 | $ 1,794,872,578 |
Automotive Segment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,810,536,887 | 1,791,198,296 | |||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 48,360,519 | 42,865,401 | |||||||||
Automotive Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,810,536,887 | 1,791,198,296 | 1,758,127,468 | ||||||||
Automotive Mirrors & Electronics | Automotive Segment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 1,638,600,272 | 1,598,589,777 | |||||||||
Automotive Mirrors & Electronics | Automotive Segment | Minimum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms | 15 days | ||||||||||
Automotive Mirrors & Electronics | Automotive Segment | Maximum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms | 90 days | ||||||||||
HomeLink Modules | Automotive Segment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 171,936,615 | 192,608,519 | |||||||||
Other Products (U.S.) | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 48,360,519 | 42,865,401 | 36,745,110 | ||||||||
Fire Protection Products | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 23,740,261 | 22,109,784 | |||||||||
Fire Protection Products | Other | Minimum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms | 30 days | ||||||||||
Fire Protection Products | Other | Maximum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms | 75 days | ||||||||||
Windows Products | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 24,620,258 | 20,755,617 | |||||||||
Dimmable Aircraft Windows | Other | Minimum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms | 30 days | ||||||||||
Dimmable Aircraft Windows | Other | Maximum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms | 45 days | ||||||||||
United States | Automotive Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 569,939,756 | 583,672,971 | 567,492,812 | ||||||||
United States | Other Products (U.S.) | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 48,360,519 | 42,865,401 | 36,745,110 | ||||||||
Germany | Automotive Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 296,276,971 | 333,002,878 | 351,123,204 | ||||||||
Japan | Automotive Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 225,577,146 | 209,311,790 | 185,261,067 | ||||||||
Mexico | Automotive Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 160,967,900 | 106,111,515 | 93,603,796 | ||||||||
Other Countries | Automotive Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 557,775,114 | $ 559,099,142 | $ 560,646,589 |