Gentex (GNTX) 10-Q3 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	0-10235
Entity Registrant Name	GENTEX CORPORATION
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-2030505
Entity Address, Address Line One	600 N. Centennial
Entity Address, City or Town	Zeeland
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49464
City Area Code	616
Local Phone Number	772-1800
Title of 12(b) Security	Common Stock, par value $0.06 per share
Trading Symbol	GNTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		231,184,476
Entity Central Index Key	0000355811
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2024	Dec. 31, 2023	[1]
CURRENT ASSETS
Cash and cash equivalents	$ 249,004,534	$ 226,435,019
Short-term investments	16,758,924	14,356,476
Accounts receivable, net	341,591,131	321,809,868
Inventories	436,537,244	402,473,028
Prepaid expenses and other	28,702,868	32,663,762
Total current assets	1,072,594,701	997,738,153
PLANT AND EQUIPMENT—NET	664,788,932	652,877,672
OTHER ASSETS
Goodwill	340,105,631	340,105,631
Long-term investments	311,028,408	299,080,876
Intangible assets, net	209,809,035	214,005,910
Deferred tax asset	44,741,075	41,113,759
Patents and other assets, net	70,146,788	66,515,551
Total other assets	975,830,937	960,821,727
Total assets	2,713,214,570	2,611,437,552
CURRENT LIABILITIES
Accounts payable	191,736,616	184,398,820
Accrued liabilities	112,674,602	87,210,156
Total current liabilities	304,411,218	271,608,976
OTHER NON-CURRENT LIABILITIES	32,439,563	27,311,507
Total liabilities	336,850,781	298,920,483
SHAREHOLDERS’ INVESTMENT
Common stock	13,871,933	13,887,326
Additional paid-in capital	991,053,652	968,245,875
Retained earnings	1,378,904,530	1,336,940,990
Accumulated other comprehensive loss	(7,466,326)	(6,557,122)
Total shareholders’ investment	2,376,363,789	2,312,517,069
Total liabilities and shareholders’ investment	$ 2,713,214,570	$ 2,611,437,552

[1]The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
NET SALES		$ 590,225,211	$ 550,761,311
COST OF GOODS SOLD		387,987,605	376,024,080
Gross profit		202,237,606	174,737,231
OPERATING EXPENSES:
Engineering, research and development		42,181,986	34,653,747
Selling, general & administrative		30,709,308	26,832,837
Total operating expenses		72,891,294	61,486,584
Income from operations		129,346,312	113,250,647
OTHER INCOME (LOSS)
Investment (loss) income		(3,368,524)	2,939,195
Other income (loss), net		1,670,139	(194,740)
Total other (loss) income		(1,698,385)	2,744,455
INCOME BEFORE PROVISION FOR INCOME TAXES		127,647,927	115,995,102
PROVISION FOR INCOME TAXES		19,417,213	18,416,841
NET INCOME		$ 108,230,714	$ 97,578,261
EARNINGS PER SHARE:
Basic (in dollars per share)	[1]	$ 0.47	$ 0.42
Diluted (in dollars per share)	[1]	0.47	0.42
Cash Dividends Declared per Share (in dollars per share)		$ 0.12	$ 0.12

[1] (1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards.

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 108,230,714	$ 97,578,261
Other comprehensive (loss) income before tax:
Foreign currency translation adjustments	(950,213)	(121,167)
Unrealized gains (losses) on debt securities, net	51,910	2,581,777
Other comprehensive (loss) income, before tax	(898,303)	2,460,610
Income tax impact related to components of other comprehensive income (loss)	10,901	542,173
Other comprehensive (loss) income, net of tax	(909,204)	1,918,437
Comprehensive income	$ 107,321,510	$ 99,496,698

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT - USD ($)	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 2,312,517,069	[1]	$ 2,065,792,821
Issuance of common stock from stock plan transactions	$ 16,833,986		5,956,022
Repurchases of common stock (in shares)	(1,200,000)
Repurchases of common stock	$ (43,039,087)		(28,462,632)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	10,473,792		8,519,535
Dividends declared	(27,743,481)		(28,046,798)
Net income	108,230,714		97,578,261
Other comprehensive loss	(909,204)		1,918,437
Ending Balance	$ 2,376,363,789		$ 2,123,255,646
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	231,455,443		234,169,335
Beginning Balance	$ 13,887,326		$ 14,050,160
Issuance of common stock from stock plan transactions (in shares)	944,345		603,636
Issuance of common stock from stock plan transactions	$ 56,661		$ 36,218
Repurchases of common stock (in shares)	(1,200,903)		(1,046,926)
Repurchases of common stock	$ (72,054)		$ (62,815)
Ending balance (in shares)	231,198,885		233,726,045
Ending Balance	$ 13,871,933		$ 14,023,563
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	968,245,875		917,499,323
Issuance of common stock from stock plan transactions	16,777,325		5,919,804
Repurchases of common stock	(4,443,340)		(3,653,772)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	10,473,792		8,519,535
Ending Balance	991,053,652		928,284,890
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,336,940,990		1,148,386,272
Repurchases of common stock	(38,523,693)		(24,746,045)
Dividends declared	(27,743,481)		(28,046,798)
Net income	108,230,714		97,578,261
Ending Balance	1,378,904,530		1,193,171,690
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(6,557,122)		(14,142,934)
Other comprehensive loss	(909,204)		1,918,437
Ending Balance	$ (7,466,326)		$ (12,224,497)

[1]The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.12	$ 0.12

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 108,230,714	$ 97,578,261
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23,953,768	24,041,648
(Gain) on disposal of assets	(25,671)	(106,743)
Loss on disposal of assets	6,838	41,843
(Gain) on sale of investments and technology investment income	(4,687,471)	(1,199,707)
Loss on sale of investments and technology investment losses	10,384,965	1,671,583
Change in deferred income taxes	(3,638,218)	141,959
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock	10,473,792	8,519,535
Change in operating assets and liabilities:
Accounts receivable, net	(19,781,263)	(56,373,376)
Inventories	(34,064,216)	2,590,294
Prepaid expenses and other	4,663,897	(629,502)
Accounts payable	6,080,702	11,112,425
Accrued liabilities, excluding dividends declared	28,279,293	33,525,890
Net cash provided by operating activities	129,877,130	120,914,110
Activity in investments:
Sales proceeds	16,121,684	3,128,110
Maturities and calls	1,420,000	1,465,000
Purchases	(37,537,250)	(32,178,155)
Plant and equipment additions	(31,871,370)	(42,819,075)
Proceeds from sale of plant and equipment	9,500	118,410
Increase in other assets	(3,285,058)	(2,110,935)
Net cash used for investing activities	(55,142,494)	(72,396,645)
CASH FLOWS USED FOR FINANCING ACTIVITIES:
Issuance of common stock from stock plan transactions	16,833,987	5,956,022
Cash dividends paid	(27,774,268)	(28,099,993)
Repurchases of common stock	(41,224,840)	(25,675,972)
Net cash used for financing activities	(52,165,121)	(47,819,943)
NET INCREASE IN CASH AND CASH EQUIVALENTS	22,569,515	697,522
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, beginning of period	226,435,019	218,754,638
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, end of period	249,004,534	219,452,160
Non-cash investing and financing activities:
Change in property and equipment in accounts payable and accrued expenses and other current liabilities	$ 557,154	$ (1,283,303)

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 2023 annual report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only a normal and recurring nature, necessary to present fairly the financial position of the Company as of March 31, 2024, and the results of operations and cash flows for the interim periods presented.

Adoption of New Accounting Stan

Adoption of New Accounting Standards	3 Months Ended
Adoption of New Accounting Standards	Mar. 31, 2024
Accounting Policies [Abstract]
Adoption of New Accounting Standards	Adoption of New Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2023-07, Improvements to Reportable Segment Disclosures . This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. The Company will likely include additional disclosures when this ASU is adopted. The Company is currently evaluating the provisions of this ASU and expects to adopt the ASU for the year ending December 31, 2024. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures . Under this ASU, public benefit entities must annually “(1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate).” This ASU is effective on a prospective basis for the Company in the fiscal year ending December 31, 2025. This ASU will result in additional disclosures being included in the consolidated financial statements once adopted.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
Goodwill and Other Intangible Assets	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company recorded Goodwill of: $307.4 million as part of the HomeLink ® acquisition in 2013; $3.7 million as part of the acquisition of Vaporsens, Inc. ("Vaporsens") in 2020; $0.2 million as part of the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in 2020; $1.0 million as a part of the acquisition of Argil, Inc. ("Argil") in 2020; $2.0 million as part of the acquisition of Guardian Optical Technologies ("Guardian") in 2021, and $26.7 million as part of the acquisition of eSight in the fourth quarter of 2023. The carrying value of Goodwill as of both March 31, 2024 and December 31, 2023 was $340.1 million, as set forth in the table below: Carrying Amount Balance as of December 31, 2023 $ 340,105,631 Acquisitions — Divestitures — Impairments — Other — Balance as of March 31, 2024 $ 340,105,631 In addition to annual impairment testing, which is performed as of the first day of the fourth quarter, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining fair value of goodwill or other intangible assets thus resulting in the need for interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. No such events or circumstances that might negatively impact the key assumptions were observed in the first quarter of 2024 and, as such, nothing indicated the need for interim impairment testing. The Company also acquired In-Process Research & Development ("In-Process R & D") as part of the acquisitions of: Vaporsens; Air-Craftglass; Argil; and Guardian, each of which has been previously disclosed. The patents and intangible assets and related change in carrying values are set forth in the tables below: As of March 31, 2024: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 39,396,881 $ (27,838,512) $ 11,558,369 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (157,500,000) 22,500,000 12 years Existing Customer Platforms 43,000,000 (43,000,000) — 10 years Exclusive Licensing Agreement 96,000,000 — 96,000,000 Indefinite eSight Technology 12,000,000 (416,667) 11,583,333 12 years eSight Trade Names and Trademarks 870,000 (30,208) 839,792 12 years Vaporsens In-Process R&D 11,000,000 — 11,000,000 Indefinite Argil In-Process R&D 6,278,132 — 6,278,132 Indefinite Air-Craftglass In-Process R&D 1,507,778 — 1,507,778 Indefinite Guardian Trade Names 1,300,000 — 1,300,000 Indefinite Guardian In-Process R&D 6,800,000 — 6,800,000 Indefinite Total Other Intangible Assets $ 410,755,910 $ (200,946,875) $ 209,809,035 Total Patents & Other Intangible Assets $ 450,152,791 $ (228,785,387) $ 221,367,404 As of December 31, 2023: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 39,199,107 $ (27,769,803) $ 11,429,304 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (153,750,000) 26,250,000 12 years Existing Customer Platforms 43,000,000 (43,000,000) — 10 years Exclusive Licensing Agreement 96,000,000 — 96,000,000 Indefinite eSight Technology 12,000,000 — 12,000,000 12 years eSight Trade Names and Trademarks 870,000 — 870,000 12 years Vaporsens In-Process R&D 11,000,000 — 11,000,000 Indefinite Argil In-Process R&D 6,278,132 — 6,278,132 Indefinite Air-Craftglass In-Process R&D 1,507,778 — 1,507,778 Indefinite Guardian Trade Names 1,300,000 — 1,300,000 Indefinite Guardian In-Process R&D 6,800,000 — 6,800,000 Indefinite Total Other Intangible Assets $ 410,755,910 $ (196,750,000) $ 214,005,910 Total Patents & Other Intangible Assets $ 449,955,017 $ (224,519,803) $ 225,435,214 Amortization expense on patents and intangible assets was approximately $4.5 million during the three months ended March 31, 2024, compared to approximately $5.3 million for the same period ended March 31, 2023. Excluding the impact of any future acquisitions, the Company estimates amortization expense for the year ending December 31, 2024 to be approximately $18 million, for the year ending December 31, 2025 to be approximately $15 million, and for each of the years ending December 31, 2026, December 31, 2027, and December 31, 2028 to be approximately $3 million.

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2024
Investments [Abstract]
Investments	Investments Available for sale securities The Company follows the provisions of Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures , for its financial assets and liabilities, and for its non-financial assets and liabilities subject to fair value measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements with respect to a company’s use of fair-value measurements, including the effect of such measurements on earnings. The cost of securities sold is based on the specific identification method. The Company determines the fair value of its government securities, asset-backed securities, municipal bonds, and corporate bonds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets. The Company's certificates of deposit are classified as available for sale and are considered as Level 1 assets. These investments are carried at cost, which approximates fair value. On October 4, 2023, the Company entered into a Stock Purchase Agreement to acquire up to 3,137,500 shares of VOXX International Corporation ("VOXX") Class A Common Stock. The Company agreed to purchase the shares in two tranches: (1) on October 6, 2023, the Company purchased 1,568,750 shares of Class A Common Stock at a price of $10 per share, and (2) on January 5, 2024, the Company purchased 1,568,750 shares of Class A Common Stock at a price of $10 per share. The VOXX shares held by the Company are publicly traded and have a readily determinable fair market value and are considered Level 1 assets. The investment is accounted for in accordance with ASC 321, Investments - Equity Securities , with changes in fair value recorded in Investment income, net in consolidated statements of income. Technology Investments The Company also periodically makes strategic investments in the non-marketable debt or equity securities of non-consolidated third parties ("technology investments"). Such technology investments totaled approximately $133.9 million as of March 31, 2024, of which $130.4 million and $3.5 million are recorded in long-term investments and short-term investments on the consolidated balance sheet, and $128.0 million as of December 31, 2023, of which $124.6 million and $3.4 million are recorded in long-term investments and short-term investments on the consolidated balance sheet. Depending on the form of investment, and the degree of influence the Company has over the investee, the Company primarily accounts for the technology investments in accordance with ASC 321, Investments- Equity Securities or ASC 323 – Investments – Equity Method and Joint Venture . The Company accounts for equity securities in non-controlled affiliates through which the Company exercises significant influence but do not have control over the investee under the equity method, with the Company’s share of the earnings or losses of non-controlled affiliates recognized within Other (loss) income, net in the Company's consolidated statement of income. All other technology investments that the Company holds are primarily accounted for under the measurement alternative of ASC 321. Under the measurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Assets or liabilities that have recurring fair value measurements are shown below as of March 31, 2024 and December 31, 2023: As of March 31, 2024: 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 March 31, 2024 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 249,004,534 $ 249,004,534 $ — $ — Short-Term Investments: Certificate of Deposit 746,125 746,125 — — Corporate Bonds 1,955,083 — 1,955,083 — Government Securities 7,382,970 — 7,382,970 — Municipal Bonds 1,730,433 — 1,730,433 — Other 1,477,288 1,477,288 — — Long-Term Investments: Asset Backed Securities 32,561,930 — 32,561,930 — Certificate of Deposit 748,245 748,245 — — Corporate Bonds 66,095,516 — 66,095,516 — Government Securities 6,781,490 — 6,781,490 — Municipal Bonds 47,375,455 — 47,375,455 — Common Stock 27,020,275 27,020,275 — — Total $ 442,879,344 $ 278,996,467 $ 163,882,877 $ — As of December 31, 2023: Fair Value Measurements at Reporting Date Using Total as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2023 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 226,435,019 $ 226,435,019 $ — $ — Short-Term Investments: Certificate of Deposit 994,013 994,013 — — Corporate Bonds 1,943,886 — 1,943,886 — Government Securities 4,759,507 — 4,759,507 — Municipal Bonds 1,726,658 — 1,726,658 — Other 1,465,388 1,465,388 — — Long-Term Investments: Asset-backed Securities 27,146,504 — 27,146,504 — Certificate of Deposit 748,358 748,358 — — Corporate Bonds 65,404,340 — 65,404,340 — Governmental Securities 6,227,129 — 6,227,129 — Municipal Bonds 56,336,921 — 56,336,921 Common Stock 18,610,519 18,610,519 — — Total $ 411,798,242 $ 248,253,297 $ 163,544,945 $ — The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of March 31, 2024 and December 31, 2023: As of March 31, 2024: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 750,000 $ — $ (3,875) $ 746,125 Corporate Bonds 1,970,327 — (15,244) 1,955,083 Government Securities 7,401,456 — (18,486) 7,382,970 Municipal Bonds 1,749,223 — (18,790) 1,730,433 Other 1,477,288 — — 1,477,288 Long-Term Investments: Asset Backed Securities 32,384,759 363,920 (186,749) 32,561,930 Certificate of Deposit 750,000 — (1,755) 748,245 Corporate Bonds 67,027,320 319,188 (1,250,992) 66,095,516 Government Securities 6,826,404 — (44,914) 6,781,490 Municipal Bonds 49,025,853 287,737 (1,938,135) 47,375,455 Common Stock 33,012,386 123,840 (6,115,951) 27,020,275 Total $ 202,375,016 $ 1,094,685 $ (9,594,891) $ 193,874,810 As of December 31, 2023: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,000,000 $ — $ (5,987) $ 994,013 Corporate Bonds 1,976,195 — (32,309) 1,943,886 Government Securities 4,754,495 21,141 (16,129) 4,759,507 Municipal Bonds 1,749,038 — (22,380) 1,726,658 Other 1,465,388 — — 1,465,388 Long-Term Investments: Asset-backed Securities 26,923,803 331,847 (109,146) 27,146,504 Certificate of Deposit 750,000 (1,642) 748,358 Corporate Bonds 66,214,398 748,471 (1,558,529) 65,404,340 Government Securities 6,217,774 10,675 (1,320) 6,227,129 Municipal Bonds 58,261,615 811,128 (2,735,822) 56,336,921 Common Stock 17,324,886 1,328,446 (42,813) 18,610,519 Total $ 186,637,592 $ 3,251,708 $ (4,526,077) $ 185,363,223 Unrealized losses on investments as of March 31, 2024, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 6,442,204 $ 67,460,003 Loss duration of greater than one year 3,152,687 60,198,609 Total $ 9,594,891 $ 127,658,612 Unrealized losses on investments as of December 31, 2023, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 126,074 $ 13,449,592 Loss duration of greater than one year 4,400,003 76,966,258 Total $ 4,526,077 $ 90,415,850 Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instrument s. The guidance modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The Company utilized the guidance provided by ASC 326 to determine whether any of the available-for-sale debt securities held by the Company were impaired. No investments were considered to be impaired during the periods presented. The Company has the intention and current ability to hold its debt investments until any amortized cost basis has been recovered. Due within one year $ 11,814,611 Due between one and five years 87,792,966 Due over five years 65,769,670 $ 165,377,247

Inventories

Inventories	3 Months Ended
Inventories	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following at the respective balance sheet dates: March 31, 2024 December 31, 2023 Raw materials $ 307,222,769 $ 283,126,566 Work-in-process 45,325,627 46,343,955 Finished goods 83,988,848 73,002,507 Total Inventory $ 436,537,244 $ 402,473,028

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC 260, Earnings Per Share . The Company allocates earnings to participating securities and computes earnings per share using the two-class method. Under the two-class method, net income per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. For a period of net loss, net loss is not allocated to participating securities. The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the three months ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, 2024 2023 Basic Earnings Per Share Net Income $ 108,230,714 $ 97,578,261 Less: Dividends and undistributed earnings allocated to participating securities 1,578,908 1,456,913 Net Income available to common shareholders $ 106,651,806 $ 96,121,348 Basic weighted average shares outstanding 227,929,048 230,605,626 Net Income per share - Basic $ 0.47 $ 0.42 Diluted Earnings Per Share Allocation of Net Income used in basic computation $ 106,651,806 $ 96,121,348 Reallocation of undistributed earnings 2,425 1,276 Net Income available to common shareholders - Diluted $ 106,654,231 $ 96,122,624 Number of shares used in basic computation 227,929,048 230,605,626 Additional weighted average dilutive common stock equivalents 479,090 290,220 Diluted weighted average shares outstanding 228,408,138 230,895,846 Net Income per share - Diluted $ 0.47 $ 0.42 Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive 409,297 1,810,685

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
Stock-Based Compensation Plans	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans As of March 31, 2024, the Company had two equity incentive plans, which include the Gentex Corporation 2019 Omnibus Incentive Plan ("2019 Omnibus Plan"), and an employee stock purchase plan. Those plans and any prior material amendments thereto have previously been approved by shareholders. The 2019 Omnibus Plan provides for the potential awards to: i) employees; and ii) non-employee directors of the Company or its subsidiaries, which potential awards may be stock options (both incentive stock options and non-qualified stock options), appreciation rights, restricted stock awards and restricted stock units, performance share awards and performance units, and other awards that are stock-based, cash-based or a combination of both. The 2019 Omnibus Plan replaced the Company's Employee Stock Option Plan, Second Restricted Stock Plan, and Amended and Restated Non-Employee Director Stock Option Plan (the "Prior Plans"), which were also approved by shareholders. Any existing awards previously granted under the Prior Plans remain outstanding in accordance with their terms and are governed by the Prior Plans as applicable. Readers should refer to Note 5 of the consolidated financial statements in the Company's Annual Report on Form 10-K for the calendar year ended December 31, 2023, for additional information related to the Prior Plans. The Company recognized total compensation expense for share-based payments of $10,487,261 for the three months ended March 31, 2024. The Company recognized compensation expense for share-based payments of $8,519,535 for the three months ended March 31, 2023. A portion of the compensation cost for share based payment awards is capitalized as part of inventory. 2019 Omnibus Incentive Plan The purpose of the 2019 Omnibus Plan is to attract and retain employees, officers, and directors of the Company and its subsidiaries and to motivate and provide such persons incentives and rewards for performance. Pursuant to the terms of the 2019 Omnibus Plan, each type of award counts against the available shares based on a predetermined conversion rate (shown in the table below). As of March 31, 2024, 10,390,056 share awards have been made under the Plan, resulting in 27,178,740 shares granted of the 45,000,000 total shares available to be issued under the Plan. The shares issued are presented net of shares from canceled/expired options and shares. Shares Granted Conversion Rate Total Shares Under 2019 Omnibus Plan Non-Qualified Stock Options 4,903,558 1.00 4,903,558 Restricted Stock 4,480,985 4.06 18,192,799 Performance Shares 1,005,513 4.06 4,082,383 Total 10,390,056 27,178,740 Employee Stock Options Under the 2019 Omnibus Plan and the Employee Stock Option Plan, the option exercise price equals the stock’s market price on the date of grant. The options vest after one five The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods: Three Months Ended March 31, 2024 2023 Dividend Yield (1) 1.64 % 1.76 % Expected volatility (2) 28.29 % 29.04 % Risk-free interest rate (3) 4.21 % 3.60 % Expected term of options (years) (4) 4.14 4.15 Weighted-avg. grant date fair value $9.08 $6.84 1. Represents the Company’s estimated cash dividend yield over the expected term of option grant. 2. Amount is determined based on analysis of historical price volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant. 3. Represents the U.S. Treasury yield over the expected term of the option grant. 4. Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior. Restricted shares awarded under the 2019 Omnibus Plan and the Second Restricted Stock Plan entitle the shareholder to all rights of common stock ownership, except that the shares may not be sold, transferred, pledged, exchanged or otherwise disposed of during the restriction period. The restriction period is determined by the Compensation Committee, appointed by the Board of Directors, but may not exceed ten years under the terms of such plans. As of March 31, 2024, the Company had unearned stock-based compensation of $48,288,792 associated with the restricted stock grants issued under the 2019 Omnibus Plan and the Second Restricted Stock Plan. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable restriction periods. Compensation expense from restricted stock grants in the three months ended March 31, 2024 was $6,687,341. Compensation expense from restricted stock grants in the three months ended March 31, 2023 was $5,946,054. Performance Shares Performance shares awarded under the 2019 Omnibus Plan are considered performance condition awards as attainment is based on the Company's performance relative to pre-established metrics. The fair value of such performance share awards was determined using the Company's average closing stock price on the twenty days preceding the date of grant. The expected attainment of the metrics for these awards is then analyzed each reporting period, and the related expense is adjusted based on expected attainment, if the then expected attainment differs from previous expectations. The cumulative effect on current and prior periods of a change in expected attainment is recognized in the period of change. As of March 31, 2024, the Company had unearned stock-based compensation of $20,603,455 associated with these performance share grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable performance periods. Compensation expense related to these performance share grants in the three months ended March 31, 2024 was $1,772,630. Compensation expense related to these performance share grants in the three months ended March 31, 2023 was $502,206. As part of its objective of attracting and retaining management to fulfill the Company's strategic goals, the Compensation Committee recommended and the Board approved on February 16, 2023, a retention grant of performance share awards ("PSAs"). In addition to the retention of management, the PSAs have been granted to further align management goals with those of the Company's shareholders. For that reason, the PSAs have been granted with performance criteria and will be based upon achievement of the Company's relative total shareholder return ("TSR") over a four year period (2023-2026), against a predetermined peer group. The grant date fair value of PSAs with TSR targets was determined using a Monte Carlo simulation. Compensation expense related to these retention grants in the three months ended March 31, 2024 was $422,846. Employee Stock Purchase Plan Prior to July 1, 2022, the Company had in place an employee stock purchase plan covering 2,000,000 shares of common stock. Under that plan, the Company sold shares at 85% of the stock’s market price at date of purchase. Under ASC 718, Compensation - Stock Compensation , the 15% discounted value was recognized as compensation expense. As of March 31, 2024, the Company has issued 1,624,122 shares under this prior plan. In May 2022, the 2022 Gentex Corporation Employee Stock Purchase Plan covering 2,000,000 shares of common stock was approved by shareholders replacing the above referenced prior plan effective July 1, 2022. Under the plan, the Company sells shares at 85% of the stock's market price at date of purchase. Under ASC 718, the 15% discounted value is recognized as compensation expense. As of March 31, 2024, the Company has issued 321,682 shares under this plan.

Comprehensive Income (Loss)

Comprehensive Income (Loss)	3 Months Ended
Comprehensive Income (Loss)	Mar. 31, 2024
Equity [Abstract]
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on certain debt investments and foreign currency translation adjustments. The following table presents the net changes in the Company's accumulated other comprehensive loss by component (all amounts shown are net of tax): Three Months Ended March 31, 2024 2023 Foreign currency translation adjustments: Balance at beginning of period $ (4,534,719) $ (4,032,239) Other Comprehensive loss before reclassifications (950,213) (121,167) Net current-period change (950,213) (121,167) Balance at end of period (5,484,932) (4,153,406) Unrealized (losses) gains on available-for-sale debt securities: Balance at beginning of period (2,022,403) (10,110,695) Other Comprehensive (loss) income before reclassifications (548,457) 277,718 Amounts reclassified from accumulated other comprehensive income 589,466 1,761,886 Net current-period change 41,009 2,039,604 Balance at end of period (1,981,394) (8,071,091) Accumulated other comprehensive loss, end of period $ (7,466,326) $ (12,224,497) The following table presents details of reclassifications out of accumulated other comprehensive loss for the three and three months ended March 31, 2024 and 2023: Details about Accumulated Other Comprehensive Loss Components Amounts Reclassified from Other Comprehensive Loss Affected Line item in the Consolidated Statements of Income Three Months Ended March 31, 2024 2023 Unrealized gains (losses) on available-for-sale debt securities Realized gain (loss) on sale of securities $ (746,159) $ (2,230,236) Investment income Provision for income taxes 156,693 468,350 Provision for income taxes Total net reclassifications for the period $ (589,466) $ (1,761,886)

Debt and Financing Arrangements

Debt and Financing Arrangements	3 Months Ended
Debt and Financing Arrangements	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt and Financing Arrangements	Debt and Financing Arrangements On October 15, 2018, the Company entered into a credit agreement with PNC as the administrative agent and sole lender, which has now been amended and restated as discussed below. On February 21, 2023, as previously disclosed, the Company entered into an amended and restated credit agreement ("Credit Agreement") that provides for, among other things, a three-year unsecured revolving credit facility with a borrowing capacity of up to $250.0 million ("Revolver") that matures on February 21, 2026, replacing in its entirety the Company's above referenced prior $150.0 million revolving credit facility scheduled to mature on October 15, 2023. Included in the Revolver is a $20.0 million sublimit for standby letters of credit and a $35.0 million sublimit for swingline loans, each subject to certain conditions. Funds are available under the Revolver for working capital, capital expenditures, and other lawful corporate purposes, including, but not limited to, acquisitions and common stock repurchases, subject in each case to compliance with certain financial covenants, as defined in the Credit Agreement. As of March 31, 2024, there was no outstanding balance on the Revolver. As of March 31, 2024, the Company is in compliance with its covenants under the Credit Agreement.

Equity

Equity	3 Months Ended
Equity	Mar. 31, 2024
Equity [Abstract]
Equity	Equity The decrease in common stock during the three months ended March 31, 2024, was primarily due to the repurchases of 1.2 million shares, partially offset by the issuance of 0.9 million shares of the Company’s common stock, net of cancellations, under the Company’s stock-based compensation plans. The total net decrease was 0.3 million shares. The Company recorded a cash dividend of $0.120 per share during the first quarter of 2024 as compared to a cash dividend of $0.120 per share during the first quarter of 2023. The first quarter 2024 dividend of $27.7 million was declared on March 5, 2024 and was paid on April 17, 2024.

Contingencies

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	ContingenciesThe Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment, regulatory, and other matters. Such matters are subject to many uncertainties and outcomes are not predictable. The Company does not believe, however, that at the current time any of these matters constitute material pending legal proceedings that will have a material adverse effect on the financial position or future results of operations or cash flows of the Company.

Segment Reporting

Segment Reporting	3 Months Ended
Segment Reporting	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company's automotive segment develops and manufactures digital vision and connected car products and electronics, including: automatic-dimming rearview mirrors with and without electronic features; non-auto dimming rearview mirrors with and without electronic features; and other electronics. The Company also develops and manufactures variably dimming windows and laminate products for the aerospace industry and fire protection products for the commercial construction industry. In 2020, the Company acquired Vaporsens, which specializes in nanofiber chemical sensing. In 2023, the Company acquired certain technology assets from eSight, which provides advanced and versatile low-vision smart glasses for those with visual impairments and is compatible with more than 20 eye conditions including Macular Degeneration, Diabetic Retinopathy, and Stargardt disease, These four non-automotive segments are combined into the "Other" segment as shown below. Three Months Ended March 31, 2024 2023 Revenue: Automotive Products $ 577,602,196 $ 537,422,988 Other 12,623,015 13,338,323 Total $ 590,225,211 $ 550,761,311 Income (Loss) from operations: Automotive Products $ 129,546,140 $ 111,439,798 Other (199,828) 1,810,849 Total $ 129,346,312 $ 113,250,647

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective tax rate was 15.2% in the three months ended March 31, 2024, compared to an effective tax rate of 15.9% for the same period in 2023. Generally, effective tax rates for these periods differ from statutory federal income tax rates, due to provisions for state and local income taxes, permanent tax differences, the foreign-derived intangible income tax deduction, and research and development tax credits.

Revenue

Revenue	3 Months Ended
Revenue	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table shows the Company’s Automotive revenue and Other Products revenue disaggregated by geographical location for Automotive Products for the three month periods ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, Revenue 2024 2023 Automotive Products U.S. $ 165,140,622 $ 170,781,604 Japan 89,004,628 72,155,984 Germany 75,694,888 80,579,465 Korea 53,695,112 23,478,469 Mexico 37,621,163 34,287,544 Other 156,445,783 156,139,922 Total Automotive Products $ 577,602,196 $ 537,422,988 Other Products (U.S.) 12,623,015 13,338,323 Total Revenue $ 590,225,211 $ 550,761,311 Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political, and labor conditions; global supply chain constraints; unexpected changes in laws, regulations, trade or monetary or fiscal policy, including interest rates, foreign currency exchange rates and changes in the rate of inflation in the U.S. and other foreign countries; labor strikes, armed conflicts and acts of terrorism and war; and tariffs, quotas, customs and other import or export restrictions and other trade barriers. The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three month periods ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, Revenue 2024 2023 Automotive Segment Automotive Mirrors & Electronics $ 550,184,430 $ 505,731,576 HomeLink Modules* 27,417,766 31,691,412 Total Automotive Products $ 577,602,196 $ 537,422,988 Other Segment Fire Protection Products 6,836,038 9,301,153 Aerospace Products 5,770,800 4,037,170 Medical Products 16,177 — Total Other $ 12,623,015 $ 13,338,323 *Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases [Abstract]
Leases	Leases The Company has operating leases for certain sales, manufacturing, and engineering offices, as well as other vehicles and equipment, which are included within "Plant and Equipment - Net" section of the condensed consolidated balance sheets. The leases have remaining lease terms of 1 year to 5 years. The weighted average remaining lease term for operating leases as of March 31, 2024 was 4 years, with a weighted average discount rate of 6.3%. Future minimum lease payments for operating leases as of March 31, 2024 were as follows: Year ending December 31, 2024 (excluding the three months ended March 31, 2024) $ 1,828,676 2025 1,743,522 2026 1,202,399 2027 901,441 2028 662,837 Thereafter 57,651 Total future minimum lease payments 6,396,526 Less imputed interest (482,318) Total $ 5,914,208 Reported as of March 31, 2024 Accrued Liabilities $ 2,310,126 Other Non-Current Liabilities 3,604,082 Total $ 5,914,208

Acquisition

Acquisition	3 Months Ended
Acquisition	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition On November 2, 2023, the Company, in the ordinary course of business, acquired certain technology assets from eSight for approximately $18.9 million in cash, the assumption of a $9.4 million promissory note given in exchange for the 20% equity the Company previously held in the assets, as well as an earn out provision over a ten year period. The earn out provision consists of multiple potential payments based on the revenue over the next ten The Company will account for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations . The Company is still in the process of verifying data and finalizing information related to the valuation and recording of identifiable intangible assets, net working capital, contingent liabilities, and the resulting effects on the amount of recorded goodwill. The Company expects to finalize these matters within the measurement period, which is currently expected to remain open through the third quarter of 2024. Less than $0.1 million of revenue of the business of eSight was included in the Company's consolidated statement of income and comprehensive income for the quarter ended March 31, 2024. The following table summarizes the fair values of the assets acquired, and the liabilities assumed, as of the acquisition date of November 2, 2023: Fair Value Current Assets $ 441,228 Personal Property 75,000 Right of Use Asset (Lease) 116,562 ESight Technology 12,000,000 Trade Names and Trademarks 870,000 Goodwill 26,696,012 Total Assets $ 40,198,802 Lease Liability $ 116,562 Contingent Earn Out Liability 12,000,000 Total Liabilities $ 12,116,562

Adoption of New Accounting St_2

Adoption of New Accounting Standards (Policies)	3 Months Ended
Adoption of New Accounting Standards (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Adoption of New Accounting Standards	Adoption of New Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2023-07, Improvements to Reportable Segment Disclosures . This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. The Company will likely include additional disclosures when this ASU is adopted. The Company is currently evaluating the provisions of this ASU and expects to adopt the ASU for the year ending December 31, 2024. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures . Under this ASU, public benefit entities must annually “(1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate).” This ASU is effective on a prospective basis for the Company in the fiscal year ending December 31, 2025. This ASU will result in additional disclosures being included in the consolidated financial statements once adopted.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
Goodwill and Other Intangible Assets (Tables)	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The carrying value of Goodwill as of both March 31, 2024 and December 31, 2023 was $340.1 million, as set forth in the table below: Carrying Amount Balance as of December 31, 2023 $ 340,105,631 Acquisitions — Divestitures — Impairments — Other — Balance as of March 31, 2024 $ 340,105,631
Schedule of Intangible Assets	The patents and intangible assets and related change in carrying values are set forth in the tables below: As of March 31, 2024: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 39,396,881 $ (27,838,512) $ 11,558,369 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (157,500,000) 22,500,000 12 years Existing Customer Platforms 43,000,000 (43,000,000) — 10 years Exclusive Licensing Agreement 96,000,000 — 96,000,000 Indefinite eSight Technology 12,000,000 (416,667) 11,583,333 12 years eSight Trade Names and Trademarks 870,000 (30,208) 839,792 12 years Vaporsens In-Process R&D 11,000,000 — 11,000,000 Indefinite Argil In-Process R&D 6,278,132 — 6,278,132 Indefinite Air-Craftglass In-Process R&D 1,507,778 — 1,507,778 Indefinite Guardian Trade Names 1,300,000 — 1,300,000 Indefinite Guardian In-Process R&D 6,800,000 — 6,800,000 Indefinite Total Other Intangible Assets $ 410,755,910 $ (200,946,875) $ 209,809,035 Total Patents & Other Intangible Assets $ 450,152,791 $ (228,785,387) $ 221,367,404 As of December 31, 2023: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life Gentex Patents $ 39,199,107 $ (27,769,803) $ 11,429,304 Various Other Intangible Assets HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (153,750,000) 26,250,000 12 years Existing Customer Platforms 43,000,000 (43,000,000) — 10 years Exclusive Licensing Agreement 96,000,000 — 96,000,000 Indefinite eSight Technology 12,000,000 — 12,000,000 12 years eSight Trade Names and Trademarks 870,000 — 870,000 12 years Vaporsens In-Process R&D 11,000,000 — 11,000,000 Indefinite Argil In-Process R&D 6,278,132 — 6,278,132 Indefinite Air-Craftglass In-Process R&D 1,507,778 — 1,507,778 Indefinite Guardian Trade Names 1,300,000 — 1,300,000 Indefinite Guardian In-Process R&D 6,800,000 — 6,800,000 Indefinite Total Other Intangible Assets $ 410,755,910 $ (196,750,000) $ 214,005,910 Total Patents & Other Intangible Assets $ 449,955,017 $ (224,519,803) $ 225,435,214

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2024
Investments [Abstract]
Schedule of Investment Securities Stated at Fair Value	As of March 31, 2024: 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 March 31, 2024 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 249,004,534 $ 249,004,534 $ — $ — Short-Term Investments: Certificate of Deposit 746,125 746,125 — — Corporate Bonds 1,955,083 — 1,955,083 — Government Securities 7,382,970 — 7,382,970 — Municipal Bonds 1,730,433 — 1,730,433 — Other 1,477,288 1,477,288 — — Long-Term Investments: Asset Backed Securities 32,561,930 — 32,561,930 — Certificate of Deposit 748,245 748,245 — — Corporate Bonds 66,095,516 — 66,095,516 — Government Securities 6,781,490 — 6,781,490 — Municipal Bonds 47,375,455 — 47,375,455 — Common Stock 27,020,275 27,020,275 — — Total $ 442,879,344 $ 278,996,467 $ 163,882,877 $ — As of December 31, 2023: Fair Value Measurements at Reporting Date Using Total as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description December 31, 2023 (Level 1) (Level 2) (Level 3) Cash & Cash Equivalents $ 226,435,019 $ 226,435,019 $ — $ — Short-Term Investments: Certificate of Deposit 994,013 994,013 — — Corporate Bonds 1,943,886 — 1,943,886 — Government Securities 4,759,507 — 4,759,507 — Municipal Bonds 1,726,658 — 1,726,658 — Other 1,465,388 1,465,388 — — Long-Term Investments: Asset-backed Securities 27,146,504 — 27,146,504 — Certificate of Deposit 748,358 748,358 — — Corporate Bonds 65,404,340 — 65,404,340 — Governmental Securities 6,227,129 — 6,227,129 — Municipal Bonds 56,336,921 — 56,336,921 Common Stock 18,610,519 18,610,519 — — Total $ 411,798,242 $ 248,253,297 $ 163,544,945 $ —
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 March 31, 2024 and December 31, 2023: As of March 31, 2024: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 750,000 $ — $ (3,875) $ 746,125 Corporate Bonds 1,970,327 — (15,244) 1,955,083 Government Securities 7,401,456 — (18,486) 7,382,970 Municipal Bonds 1,749,223 — (18,790) 1,730,433 Other 1,477,288 — — 1,477,288 Long-Term Investments: Asset Backed Securities 32,384,759 363,920 (186,749) 32,561,930 Certificate of Deposit 750,000 — (1,755) 748,245 Corporate Bonds 67,027,320 319,188 (1,250,992) 66,095,516 Government Securities 6,826,404 — (44,914) 6,781,490 Municipal Bonds 49,025,853 287,737 (1,938,135) 47,375,455 Common Stock 33,012,386 123,840 (6,115,951) 27,020,275 Total $ 202,375,016 $ 1,094,685 $ (9,594,891) $ 193,874,810 As of December 31, 2023: Unrealized Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,000,000 $ — $ (5,987) $ 994,013 Corporate Bonds 1,976,195 — (32,309) 1,943,886 Government Securities 4,754,495 21,141 (16,129) 4,759,507 Municipal Bonds 1,749,038 — (22,380) 1,726,658 Other 1,465,388 — — 1,465,388 Long-Term Investments: Asset-backed Securities 26,923,803 331,847 (109,146) 27,146,504 Certificate of Deposit 750,000 (1,642) 748,358 Corporate Bonds 66,214,398 748,471 (1,558,529) 65,404,340 Government Securities 6,217,774 10,675 (1,320) 6,227,129 Municipal Bonds 58,261,615 811,128 (2,735,822) 56,336,921 Common Stock 17,324,886 1,328,446 (42,813) 18,610,519 Total $ 186,637,592 $ 3,251,708 $ (4,526,077) $ 185,363,223
Schedule of Unrealized Loss on Investments	Unrealized losses on investments as of March 31, 2024, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 6,442,204 $ 67,460,003 Loss duration of greater than one year 3,152,687 60,198,609 Total $ 9,594,891 $ 127,658,612 Unrealized losses on investments as of December 31, 2023, are as follows: Aggregate Unrealized Losses Aggregate Fair Value of Investments Loss duration of less than one year $ 126,074 $ 13,449,592 Loss duration of greater than one year 4,400,003 76,966,258 Total $ 4,526,077 $ 90,415,850
Schedule of Investments Classified by Contractual Maturity Date	Due within one year $ 11,814,611 Due between one and five years 87,792,966 Due over five years 65,769,670 $ 165,377,247

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following at the respective balance sheet dates: March 31, 2024 December 31, 2023 Raw materials $ 307,222,769 $ 283,126,566 Work-in-process 45,325,627 46,343,955 Finished goods 83,988,848 73,002,507 Total Inventory $ 436,537,244 $ 402,473,028

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Basic and Diluted	The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the three months ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, 2024 2023 Basic Earnings Per Share Net Income $ 108,230,714 $ 97,578,261 Less: Dividends and undistributed earnings allocated to participating securities 1,578,908 1,456,913 Net Income available to common shareholders $ 106,651,806 $ 96,121,348 Basic weighted average shares outstanding 227,929,048 230,605,626 Net Income per share - Basic $ 0.47 $ 0.42 Diluted Earnings Per Share Allocation of Net Income used in basic computation $ 106,651,806 $ 96,121,348 Reallocation of undistributed earnings 2,425 1,276 Net Income available to common shareholders - Diluted $ 106,654,231 $ 96,122,624 Number of shares used in basic computation 227,929,048 230,605,626 Additional weighted average dilutive common stock equivalents 479,090 290,220 Diluted weighted average shares outstanding 228,408,138 230,895,846 Net Income per share - Diluted $ 0.47 $ 0.42 Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive 409,297 1,810,685

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
Stock-Based Compensation Plans (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Shares Issued, Net of Shares from Canceled/Expired Options and Shares	The shares issued are presented net of shares from canceled/expired options and shares. Shares Granted Conversion Rate Total Shares Under 2019 Omnibus Plan Non-Qualified Stock Options 4,903,558 1.00 4,903,558 Restricted Stock 4,480,985 4.06 18,192,799 Performance Shares 1,005,513 4.06 4,082,383 Total 10,390,056 27,178,740
Schedule of Weighted-Average Assumptions For The Employee Stock Option Plan	The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods: Three Months Ended March 31, 2024 2023 Dividend Yield (1) 1.64 % 1.76 % Expected volatility (2) 28.29 % 29.04 % Risk-free interest rate (3) 4.21 % 3.60 % Expected term of options (years) (4) 4.14 4.15 Weighted-avg. grant date fair value $9.08 $6.84 1. Represents the Company’s estimated cash dividend yield over the expected term of option grant. 2. Amount is determined based on analysis of historical price volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant. 3. Represents the U.S. Treasury yield over the expected term of the option grant. 4. Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior.

Comprehensive Income (Loss) (Ta

Comprehensive Income (Loss) (Tables)	3 Months Ended
Comprehensive Income (Loss) (Tables)	Mar. 31, 2024
Equity [Abstract]
Schedule of AOCI	The following table presents the net changes in the Company's accumulated other comprehensive loss by component (all amounts shown are net of tax): Three Months Ended March 31, 2024 2023 Foreign currency translation adjustments: Balance at beginning of period $ (4,534,719) $ (4,032,239) Other Comprehensive loss before reclassifications (950,213) (121,167) Net current-period change (950,213) (121,167) Balance at end of period (5,484,932) (4,153,406) Unrealized (losses) gains on available-for-sale debt securities: Balance at beginning of period (2,022,403) (10,110,695) Other Comprehensive (loss) income before reclassifications (548,457) 277,718 Amounts reclassified from accumulated other comprehensive income 589,466 1,761,886 Net current-period change 41,009 2,039,604 Balance at end of period (1,981,394) (8,071,091) Accumulated other comprehensive loss, end of period $ (7,466,326) $ (12,224,497)
Schedule of Reclassifications Out of Other Comprehensive Income	The following table presents details of reclassifications out of accumulated other comprehensive loss for the three and three months ended March 31, 2024 and 2023: Details about Accumulated Other Comprehensive Loss Components Amounts Reclassified from Other Comprehensive Loss Affected Line item in the Consolidated Statements of Income Three Months Ended March 31, 2024 2023 Unrealized gains (losses) on available-for-sale debt securities Realized gain (loss) on sale of securities $ (746,159) $ (2,230,236) Investment income Provision for income taxes 156,693 468,350 Provision for income taxes Total net reclassifications for the period $ (589,466) $ (1,761,886)

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
Segment Reporting (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Automotive and Other Segment Reporting	These four non-automotive segments are combined into the "Other" segment as shown below. Three Months Ended March 31, 2024 2023 Revenue: Automotive Products $ 577,602,196 $ 537,422,988 Other 12,623,015 13,338,323 Total $ 590,225,211 $ 550,761,311 Income (Loss) from operations: Automotive Products $ 129,546,140 $ 111,439,798 Other (199,828) 1,810,849 Total $ 129,346,312 $ 113,250,647

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table shows the Company’s Automotive revenue and Other Products revenue disaggregated by geographical location for Automotive Products for the three month periods ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, Revenue 2024 2023 Automotive Products U.S. $ 165,140,622 $ 170,781,604 Japan 89,004,628 72,155,984 Germany 75,694,888 80,579,465 Korea 53,695,112 23,478,469 Mexico 37,621,163 34,287,544 Other 156,445,783 156,139,922 Total Automotive Products $ 577,602,196 $ 537,422,988 Other Products (U.S.) 12,623,015 13,338,323 Total Revenue $ 590,225,211 $ 550,761,311 The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three month periods ended March 31, 2024 and March 31, 2023: Three Months Ended March 31, Revenue 2024 2023 Automotive Segment Automotive Mirrors & Electronics $ 550,184,430 $ 505,731,576 HomeLink Modules* 27,417,766 31,691,412 Total Automotive Products $ 577,602,196 $ 537,422,988 Other Segment Fire Protection Products 6,836,038 9,301,153 Aerospace Products 5,770,800 4,037,170 Medical Products 16,177 — Total Other $ 12,623,015 $ 13,338,323 *Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors.

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases [Abstract]
Schedule of Future Minimum Lease Payments	Future minimum lease payments for operating leases as of March 31, 2024 were as follows: Year ending December 31, 2024 (excluding the three months ended March 31, 2024) $ 1,828,676 2025 1,743,522 2026 1,202,399 2027 901,441 2028 662,837 Thereafter 57,651 Total future minimum lease payments 6,396,526 Less imputed interest (482,318) Total $ 5,914,208
Schedule of Lease Liabilities	Reported as of March 31, 2024 Accrued Liabilities $ 2,310,126 Other Non-Current Liabilities 3,604,082 Total $ 5,914,208

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
Acquisition (Tables)	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Assets Acquired and Liabilities Assumed	The following table summarizes the fair values of the assets acquired, and the liabilities assumed, as of the acquisition date of November 2, 2023: Fair Value Current Assets $ 441,228 Personal Property 75,000 Right of Use Asset (Lease) 116,562 ESight Technology 12,000,000 Trade Names and Trademarks 870,000 Goodwill 26,696,012 Total Assets $ 40,198,802 Lease Liability $ 116,562 Contingent Earn Out Liability 12,000,000 Total Liabilities $ 12,116,562

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended				12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023		Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2020	Nov. 02, 2023	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 340,105,631	$ 340,105,631	[1]
Acquisitions	0
Amortization of intangible assets	4,500,000			$ 5,300,000
Total Patents & Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization expense, remainder of fiscal year	18,000,000
Amortization expense, year 2025	15,000,000
Amortization expense, year 2026	3,000,000
Amortization expense, year 2027	3,000,000
Amortization expense, year 2028	$ 3,000,000
HomeLink®
Finite-Lived Intangible Assets [Line Items]
Goodwill								$ 307,400,000
Vaporsens
Finite-Lived Intangible Assets [Line Items]
Acquisitions						$ 3,700,000
Air-CraftGlass
Finite-Lived Intangible Assets [Line Items]
Acquisitions						200,000
Argil
Finite-Lived Intangible Assets [Line Items]
Acquisitions						$ 1,000,000
Guardian
Finite-Lived Intangible Assets [Line Items]
Acquisitions					$ 2,000,000
eSight
Finite-Lived Intangible Assets [Line Items]
Goodwill							$ 26,696,012
Acquisitions		$ 26,700,000

[1]The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 340,105,631	[1]
Acquisitions	0
Divestitures	0
Impairments	0
Other	0
Balance at end of period	$ 340,105,631

[1]The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 209,809,035	$ 214,005,910	[1]
Trademarks and Trade Names \| HomeLink®
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	52,000,000	52,000,000
Trademarks and Trade Names \| Guardian
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,300,000	1,300,000
Exclusive Licensing Agreement
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	96,000,000	96,000,000
In Process Research and Development \| Vaporsens
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	11,000,000	11,000,000
In Process Research and Development \| Argil
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	6,278,132	6,278,132
In Process Research and Development \| Air-CraftGlass
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,507,778	1,507,778
In Process Research and Development \| Guardian
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	6,800,000	6,800,000
Gentex Patents
Finite-Lived Intangible Assets [Line Items]
Gross	39,396,881	39,199,107
Accumulated Amortization	(27,838,512)	(27,769,803)
Net	11,558,369	11,429,304
Total Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	(200,946,875)	(196,750,000)
Intangible assets, gross	410,755,910	410,755,910
Intangible assets, net	209,809,035	214,005,910
Technology \| HomeLink®
Finite-Lived Intangible Assets [Line Items]
Gross	180,000,000	180,000,000
Accumulated Amortization	(157,500,000)	(153,750,000)
Net	$ 22,500,000	$ 26,250,000
Assumed Useful Life	12 years	12 years
Technology \| eSight
Finite-Lived Intangible Assets [Line Items]
Gross	$ 12,000,000	$ 12,000,000
Accumulated Amortization	(416,667)
Net	$ 11,583,333	$ 12,000,000
Assumed Useful Life	12 years	12 years
Existing Customer Platforms
Finite-Lived Intangible Assets [Line Items]
Gross	$ 43,000,000	$ 43,000,000
Accumulated Amortization	(43,000,000)	(43,000,000)
Net	$ 0	$ 0
Assumed Useful Life	10 years	10 years
Trademarks and Trade Names \| eSight
Finite-Lived Intangible Assets [Line Items]
Gross	$ 870,000	$ 870,000
Accumulated Amortization	(30,208)
Net	$ 839,792	$ 870,000
Assumed Useful Life	12 years	12 years
Total Patents & Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Total Patents & Other Intangible Assets, Gross	$ 450,152,791	$ 449,955,017
Total Patents & Other Intangible Assets, Accumulated Amortization	(228,785,387)	(224,519,803)
Total Patents & Other Intangible Assets, Net	$ 221,367,404	$ 225,435,214

[1]The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Investments - Narrative (Detail

Investments - Narrative (Details) $ / shares in Units, $ in Millions	Mar. 31, 2024 USD ($)	Jan. 05, 2024 $ / shares shares	Dec. 31, 2023 USD ($)	Oct. 06, 2023 $ / shares shares	Oct. 04, 2023 tranche shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Technology investments	$ 133.9		$ 128
Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Technology investments	130.4		124.6
Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Technology investments	$ 3.5		$ 3.4
VOXX International Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of tranches \| tranche					2
VOXX International Corporation \| Common Class A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares acquired (in shares) \| shares		1,568,750		1,568,750	3,137,500
Shares purchased, price per share (in dollars per share) \| $ / shares		$ 10		$ 10

Investments - Schedule of Asset

Investments - Schedule of Assets or Liabilities, Recurring Fair Value Measurements (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	$ 249,004,534	$ 226,435,019
Investments	193,874,810	185,363,223
Total	442,879,344	411,798,242
Short-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	746,125	994,013
Short-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,955,083	1,943,886
Short-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	7,382,970	4,759,507
Short-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,730,433	1,726,658
Short-Term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,477,288	1,465,388
Long-Term Investments \| Asset Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	32,561,930	27,146,504
Long-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	748,245	748,358
Long-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	66,095,516	65,404,340
Long-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	6,781,490	6,227,129
Long-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	47,375,455	56,336,921
Long-Term Investments \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	27,020,275	18,610,519
(Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	249,004,534	226,435,019
Total	278,996,467	248,253,297
(Level 1) \| Short-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	746,125	994,013
(Level 1) \| Short-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 1) \| Short-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 1) \| Short-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 1) \| Short-Term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,477,288	1,465,388
(Level 1) \| Long-Term Investments \| Asset Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 1) \| Long-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	748,245	748,358
(Level 1) \| Long-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 1) \| Long-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 1) \| Long-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 1) \| Long-Term Investments \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	27,020,275	18,610,519
(Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	0	0
Total	163,882,877	163,544,945
(Level 2) \| Short-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 2) \| Short-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,955,083	1,943,886
(Level 2) \| Short-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	7,382,970	4,759,507
(Level 2) \| Short-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,730,433	1,726,658
(Level 2) \| Short-Term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 2) \| Long-Term Investments \| Asset Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	32,561,930	27,146,504
(Level 2) \| Long-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 2) \| Long-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	66,095,516	65,404,340
(Level 2) \| Long-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	6,781,490	6,227,129
(Level 2) \| Long-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	47,375,455	56,336,921
(Level 2) \| Long-Term Investments \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	0	0
Total	0	0
(Level 3) \| Short-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Short-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Short-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Short-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Short-Term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Long-Term Investments \| Asset Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Long-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Long-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Long-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Long-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
(Level 3) \| Long-Term Investments \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0	$ 0

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Cost	$ 202,375,016	$ 186,637,592
Unrealized Gains	1,094,685	3,251,708
Unrealized Losses	(9,594,891)	(4,526,077)
Market Value	193,874,810	185,363,223
Short-Term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	750,000	1,000,000
Unrealized Gains	0	0
Unrealized Losses	(3,875)	(5,987)
Market Value	746,125	994,013
Short-Term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	1,970,327	1,976,195
Unrealized Gains	0	0
Unrealized Losses	(15,244)	(32,309)
Market Value	1,955,083	1,943,886
Short-Term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	7,401,456	4,754,495
Unrealized Gains	0	21,141
Unrealized Losses	(18,486)	(16,129)
Market Value	7,382,970
Short-Term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	1,749,223	1,749,038
Unrealized Gains	0	0
Unrealized Losses	(18,790)	(22,380)
Market Value	1,730,433
Short-Term Investments \| Other
Debt Securities, Available-for-sale [Line Items]
Cost	1,477,288	1,465,388
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	1,477,288	1,465,388
Long-Term Investments \| Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Cost	32,384,759	26,923,803
Unrealized Gains	363,920	331,847
Unrealized Losses	(186,749)	(109,146)
Market Value	32,561,930	27,146,504
Long-Term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	750,000	750,000
Unrealized Gains	0
Unrealized Losses	(1,755)	(1,642)
Market Value	748,245	748,358
Long-Term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	67,027,320	66,214,398
Unrealized Gains	319,188	748,471
Unrealized Losses	(1,250,992)	(1,558,529)
Market Value	66,095,516	65,404,340
Long-Term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	6,826,404	6,217,774
Unrealized Gains	0	10,675
Unrealized Losses	(44,914)	(1,320)
Market Value	6,781,490	6,227,129
Long-Term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	49,025,853	58,261,615
Unrealized Gains	287,737	811,128
Unrealized Losses	(1,938,135)	(2,735,822)
Market Value	47,375,455	56,336,921
Long-Term Investments \| Common Stock
Debt Securities, Available-for-sale [Line Items]
Cost	33,012,386	17,324,886
Unrealized Gains	123,840	1,328,446
Unrealized Losses	(6,115,951)	(42,813)
Market Value	$ 27,020,275	$ 18,610,519

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Loss on Investment (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Aggregate Unrealized Losses
Loss duration of less than one year	$ 6,442,204	$ 126,074
Loss duration of greater than one year	3,152,687	4,400,003
Total	9,594,891	4,526,077
Aggregate Fair Value of Investments
Loss duration of less than one year	67,460,003	13,449,592
Loss duration of greater than one year	60,198,609	76,966,258
Total	$ 127,658,612	$ 90,415,850

Investments - Schedule of Inves

Investments - Schedule of Investments Classified by Contractual Maturity Date (Details) - Fixed Income Securities	Mar. 31, 2024 USD ($)
Debt Securities, Available-for-sale [Line Items]
Due within one year	$ 11,814,611
Due between one and five years	87,792,966
Due over five years	65,769,670
Total	$ 165,377,247

Inventories (Details)

Inventories (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 307,222,769	$ 283,126,566
Work-in-process	45,325,627	46,343,955
Finished goods	83,988,848	73,002,507
Total Inventory	$ 436,537,244	$ 402,473,028	[1]

[1]The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)		3 Months Ended
Earnings Per Share (Details) - USD ($)		Mar. 31, 2024	Mar. 31, 2023
Basic Earnings Per Share
Net income		$ 108,230,714	$ 97,578,261
Less: Dividends and undistributed earnings allocated to participating securities		1,578,908	1,456,913
Net Income available to common shareholders		$ 106,651,806	$ 96,121,348
Basic weighted average shares outstanding (in shares)		227,929,048	230,605,626
Net income per share - Basic (in dollars per share)	[1]	$ 0.47	$ 0.42
Diluted Earnings Per Share
Allocation of Net Income used in basic computation		$ 106,651,806	$ 96,121,348
Reallocation of undistributed earnings		2,425	1,276
Net Income available to common shareholders - Diluted		$ 106,654,231	$ 96,122,624
Number of shares used in basic computation (in shares)		227,929,048	230,605,626
Additional weighted average dilutive common stock equivalents (in shares)		479,090	290,220
Diluted weighted average shares outstanding (in shares)		228,408,138	230,895,846
Net Income per share - Diluted (in dollars per share)	[1]	$ 0.47	$ 0.42
Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive (in shares)		409,297	1,810,685

[1] (1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards.

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Narrative (Details)		1 Months Ended	3 Months Ended
Stock-Based Compensation Plans - Narrative (Details)	Jun. 30, 2022 shares	May 31, 2022 shares	Mar. 31, 2024 USD ($) plan shares	Mar. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $			$ 10,487,261	$ 8,519,535
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the omnibus plan (in shares)			1,624,122
Number of shares authorized (in shares)	2,000,000
ESPP discount rate	85%
ESPP discount rate recognized as compensation expense	15%
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)			10,390,056
Shares issued under the omnibus plan (in shares)			27,178,740
Number of shares authorized (in shares)			45,000,000
Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 7,042,117
Employee Stock Option Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting period			1 year
Option expiration period			5 years
Employee Stock Option Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting period			5 years
Option expiration period			10 years
Restricted Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 48,288,792
Restricted period, maximum			10 years
Amortization expense \| $			$ 6,687,341	5,946,054
Gentex Corporation Employee Stock Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the omnibus plan (in shares)			321,682
Number of shares authorized (in shares)		2,000,000
ESPP discount rate		85%
ESPP discount rate recognized as compensation expense		15%
Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan			2
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $			$ 1,772,630	$ 502,206
Unrecognized compensation cost \| $			$ 20,603,455
Performance Shares \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the omnibus plan (in shares)			4,082,383
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $			$ 422,846
Option vesting period			4 years

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Schedule of Shares Issued Net of Shares Canceled/Expired (Details) - Omnibus Incentive Plan	3 Months Ended
	Mar. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)	10,390,056
Shares issued under the omnibus plan (in shares)	27,178,740
Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Shares, granted (in shares)	4,903,558
Conversion rate, options	1
Shares issued under the omnibus plan (in shares)	4,903,558
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	4,480,985
Conversion rate, shares	4.06
Shares issued under the omnibus plan (in shares)	18,192,799
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	1,005,513
Conversion rate, shares	4.06
Shares issued under the omnibus plan (in shares)	4,082,383

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Schedule of Weighted-Average Assumptions for the ESOP (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Dividend yield	1.64%	1.76%
Expected volatility	28.29%	29.04%
Risk-free interest rate	4.21%	3.60%
Expected term of options (years)	4 years 1 month 20 days	4 years 1 month 24 days
Weighted average grant-date fair value (in dollars per share)	$ 9.08	$ 6.84

Comprehensive Income (Loss) - S

Comprehensive Income (Loss) - Schedule of AOCI Rollforward (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 2,312,517,069	[1]	$ 2,065,792,821
Other comprehensive (loss) income, net of tax	(909,204)		1,918,437
Ending Balance	2,376,363,789		2,123,255,646
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(6,557,122)		(14,142,934)
Ending Balance	(7,466,326)		(12,224,497)
Foreign currency translation adjustments:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(4,534,719)		(4,032,239)
Other Comprehensive (loss) income before reclassifications	(950,213)		(121,167)
Other comprehensive (loss) income, net of tax	(950,213)		(121,167)
Ending Balance	(5,484,932)		(4,153,406)
Unrealized (losses) gains on available-for-sale debt securities:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(2,022,403)		(10,110,695)
Other Comprehensive (loss) income before reclassifications	(548,457)		277,718
Amounts reclassified from accumulated other comprehensive income	589,466		1,761,886
Other comprehensive (loss) income, net of tax	41,009		2,039,604
Ending Balance	$ (1,981,394)		$ (8,071,091)

[1]The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Comprehensive Income (Loss) -_2

Comprehensive Income (Loss) - Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Realized gain (loss) on sale of securities	$ 1,670,139	$ (194,740)
Provision for income taxes	(19,417,213)	(18,416,841)
Total net reclassifications for the period	108,230,714	97,578,261
Amounts Reclassified from Other Comprehensive Loss \| Unrealized (losses) gains on available-for-sale debt securities:
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Realized gain (loss) on sale of securities	(746,159)	(2,230,236)
Provision for income taxes	156,693	468,350
Total net reclassifications for the period	$ (589,466)	$ (1,761,886)

Debt and Financing Arrangemen_2

Debt and Financing Arrangements (Details) - USD ($)	Feb. 21, 2023	Mar. 31, 2024
Revolving Facility
Debt Instrument [Line Items]
Debt instrument, term	3 years
Principal amount	$ 250,000,000
Additional borrowings available	150,000,000
Long-term debt		$ 0
Letter of Credit
Debt Instrument [Line Items]
Additional borrowings available	20,000,000
Swing Loans
Debt Instrument [Line Items]
Additional borrowings available	$ 35,000,000

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Mar. 05, 2024	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Stock repurchased (in shares)		1.2
Common stock issued under stock compensation plan (in shares)		0.9
Net decrease in period (in shares)		0.3
Dividends declared (in dollars per share)		$ 0.12	$ 0.12
Dividends	$ 27.7

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2024 segment
Other
Segment Reporting Information [Line Items]
Number of non-automotive combined segments	4

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue:	$ 590,225,211	$ 550,761,311
Income (Loss) from operations:	129,346,312	113,250,647
Automotive Products
Segment Reporting Information [Line Items]
Revenue:	577,602,196	537,422,988
Income (Loss) from operations:	129,546,140	111,439,798
Other
Segment Reporting Information [Line Items]
Revenue:	12,623,015	13,338,323
Income (Loss) from operations:	$ (199,828)	$ 1,810,849

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	15.20%	15.90%

Revenue (Details)

Revenue (Details) - USD ($)	3 Months Ended
Revenue (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 590,225,211	$ 550,761,311
Other Segment
Disaggregation of Revenue [Line Items]
Total Revenue	12,623,015	13,338,323
Automotive Products
Disaggregation of Revenue [Line Items]
Total Revenue	577,602,196	537,422,988
Automotive Products \| Automotive Segment
Disaggregation of Revenue [Line Items]
Total Revenue	577,602,196	537,422,988
Automotive Products \| U.S.
Disaggregation of Revenue [Line Items]
Total Revenue	165,140,622	170,781,604
Automotive Products \| Japan
Disaggregation of Revenue [Line Items]
Total Revenue	89,004,628	72,155,984
Automotive Products \| Germany
Disaggregation of Revenue [Line Items]
Total Revenue	75,694,888	80,579,465
Automotive Products \| Korea
Disaggregation of Revenue [Line Items]
Total Revenue	53,695,112	23,478,469
Automotive Products \| Mexico
Disaggregation of Revenue [Line Items]
Total Revenue	37,621,163	34,287,544
Automotive Products \| Other
Disaggregation of Revenue [Line Items]
Total Revenue	156,445,783	156,139,922
Automotive Mirrors & Electronics \| Automotive Segment
Disaggregation of Revenue [Line Items]
Total Revenue	550,184,430	505,731,576
HomeLink Modules \| Automotive Segment
Disaggregation of Revenue [Line Items]
Total Revenue	27,417,766	31,691,412
Other Products \| U.S.
Disaggregation of Revenue [Line Items]
Total Revenue	12,623,015	13,338,323
Fire Protection Products \| Other Segment
Disaggregation of Revenue [Line Items]
Total Revenue	6,836,038	9,301,153
Aerospace Products \| Other Segment
Disaggregation of Revenue [Line Items]
Total Revenue	5,770,800	4,037,170
Medical Products \| Other Segment
Disaggregation of Revenue [Line Items]
Total Revenue	$ 16,177	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details)	Mar. 31, 2024
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	4 years
Weighted average discount rate	6.30%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	5 years

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details)	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (excluding the three months ended March 31, 2024)	$ 1,828,676
2025	1,743,522
2026	1,202,399
2027	901,441
2028	662,837
Thereafter	57,651
Total future minimum lease payments	6,396,526
Less imputed interest	(482,318)
Total	5,914,208
Accrued Liabilities	$ 2,310,126
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities
Other Non-Current Liabilities	$ 3,604,082
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	OTHER NON-CURRENT LIABILITIES

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - eSight Corporation $ in Millions	Nov. 02, 2023 USD ($)
Business Acquisition [Line Items]
Cash paid to acquire business	$ 18.9
Assumption of promissory note	$ 9.4
Equity interest percentage in acquiree previously held	20%
Earn out provision period	10 years
Total earn out, maximum potential payment	$ 70
Revenue from business included in statement of income and comprehensive income	$ 0.1

Acquisition - Schedule of Asset

Acquisition - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	[1]	Nov. 02, 2023
Business Acquisition [Line Items]
Goodwill	$ 340,105,631	$ 340,105,631
eSight Corporation
Business Acquisition [Line Items]
Current Assets				$ 441,228
Personal Property				75,000
Right of Use Asset (Lease)				116,562
Goodwill				26,696,012
Total Assets				40,198,802
Lease Liability				116,562
Contingent Earn Out Liability				12,000,000
Total Liabilities				12,116,562
eSight Corporation \| Technology
Business Acquisition [Line Items]
Intangible assets				12,000,000
eSight Corporation \| Trademarks and Trade Names
Business Acquisition [Line Items]
Intangible assets				$ 870,000

[1]The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.