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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gentex Corporation | NASDAQ:GNTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 34.13 | 33.90 | 34.80 | 34.48 | 33.945 | 34.43 | 1,086,218 | 21:02:00 |
(x)
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended
December 31, 2018
or
|
( )
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Michigan
|
|
38-2030505
|
State or other jurisdiction of
incorporation or organization
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
600 N. Centennial Street, Zeeland, Michigan
|
|
49464
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of each Class
|
|
Name of each exchange on which registered
|
Common Stock, par value $.06 per share
|
|
Nasdaq Global Select Market
|
Large accelerated filer
|
ü
|
|
Accelerated filer
|
|
Non-accelerated filer
|
|
|
Smaller reporting company
|
|
|
|
|
Emerging growth company
|
|
Part I
|
Page
|
|
|
|
|
Part II
|
|
|
|
|
|
Part III
|
|
|
|
|
|
Part IV
|
|
|
|
||
|
(a)
|
General Development of Business
|
(b)
|
[Reserved]
|
(c)
|
Narrative Description of Business
|
|
2018
|
|
2017
|
|
2016
|
|
2008
|
||||
Domestic
|
19
|
%
|
|
19
|
%
|
|
23
|
%
|
|
24
|
%
|
Transplants
(1)
|
12
|
%
|
|
12
|
%
|
|
13
|
%
|
|
14
|
%
|
North America
|
31
|
%
|
|
31
|
%
|
|
36
|
%
|
|
38
|
%
|
Europe
|
45
|
%
|
|
46
|
%
|
|
44
|
%
|
|
45
|
%
|
Asia-Pacific
|
24
|
%
|
|
23
|
%
|
|
20
|
%
|
|
17
|
%
|
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
(d)
|
[Reserved]
|
(e)
|
Available Information
|
•
|
Exposure to local economic, political and labor conditions;
|
•
|
Unexpected changes in laws, regulations, trade or monetary or fiscal policy, including interest rates, foreign currency exchange rates and changes in the rate of inflation in the U.S. and other foreign countries;
|
•
|
Tariffs(as discussed above), quotas, customs and other import or export restrictions and other trade barriers;
|
•
|
Brexit, and particularly, an uncontrolled Brexit
|
•
|
Expropriation and nationalization;
|
•
|
Difficulty of enforcing agreements, collecting receivables and protecting assets through non-U.S. legal systems;
|
•
|
Reduced intellectual property protection;
|
•
|
Withholding and other taxes on remittances and other payments by subsidiaries;
|
•
|
Investment restrictions or requirements;
|
•
|
Export and import restrictions;
|
•
|
Violence and civil unrest in local countries;
|
•
|
Compliance with the requirements of an increasing body of applicable anti-bribery laws, including the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and similar laws of various other countries; and
|
•
|
Exposure related to buying, selling and financing in currencies other than the local currencies of the countries in which we operate.
|
•
|
Volatility in commodity prices may adversely affect our business, financial condition and/or results of operations. If commodity prices rise, and if we are unable to recover these cost increases from our customers, such increases could have an adverse effect on our business, financial condition and/or results of operations;
|
•
|
Increasing interest rates impact our financial performance due to an increase in realized losses on the sale of fixed income investments and/or recognized losses due to an Other-Than-Temporary Impairment adjustment on held-to-maturity securities;
|
•
|
General economic conditions continue to be of concern in many of the regions in which we do business, given that our primary industry is greatly impacted by overall general economic conditions. Any continued adverse worldwide economic conditions, currency exchange rates, trade war, war or significant terrorist acts, could each affect worldwide automotive sales and production levels;
|
•
|
Manufacturing yield issues may negatively impact our business, financial condition and/or results of operations; and
|
•
|
Obligations and costs associated with addressing quality issues or warranty claims may adversely affect our business, financial condition and/or results of operations.
|
•
|
Variations in our anticipated or actual operating results or the results of our competitors;
|
•
|
Changes in investors’ or analysts’ perceptions of the risks and conditions of our business and in particular our primary industry;
|
•
|
Intellectual property litigation and infringement claims;
|
•
|
The size of the public float of our common stock;
|
•
|
Market conditions, including the industry in which we operate; and
|
•
|
General macroeconomic conditions.
|
(c)
|
The Company has in place and has announced a share repurchase plan. Additionally, on January 16, 2018, the Company repurchased and retired approximately 5.5 million shares of common stock from the former CEO pursuant to his retirement agreement, which was effective December 31, 2017, as previously announced. These share repurchases were approved by the Company's Board of Directors and were not repurchased as part of the Company’s existing share repurchase plan. On March 9, 2018, the Company announced that the Company's Board of Directors had authorized the repurchase of an additional 20,000,000 shares under the share repurchase plan. As previously disclosed, the Company may purchase authorized shares of its common
|
Issuer Purchase of Equity Securities
|
|||||||||
Period
|
Total Number of Shares Purchased
|
Average Price Paid Per Share
|
Total Number of Shares Purchased As Part of a Publicly Announced Plan*
|
Maximum Number of Shares That May Yet Be Purchased Under the Plan*
|
|||||
January 2018
|
6,649,731
|
|
$
|
21.33
|
|
6,649,731
|
|
8,640,893
|
|
February 2018
|
1,944,826
|
|
22.60
|
|
1,944,826
|
|
6,696,067
|
|
|
March 2018
|
736,942
|
|
22.81
|
|
736,942
|
|
25,959,125
|
|
|
April 2018
|
1,531,711
|
|
22.59
|
|
1,531,711
|
|
24,427,414
|
|
|
May 2018
|
2,121,554
|
|
23.18
|
|
2,121,554
|
|
22,305,860
|
|
|
June 2018
|
2,631,552
|
|
23.88
|
|
2,631,552
|
|
19,674,308
|
|
|
July 2018
|
2,079,020
|
|
22.47
|
|
2,079,020
|
|
17,595,288
|
|
|
August 2018
|
3,303,809
|
|
23.59
|
|
3,303,809
|
|
14,291,479
|
|
|
September 2018
|
2,125,420
|
|
22.53
|
|
2,125,420
|
|
12,166,059
|
|
|
October 2018
|
928,097
|
|
20.56
|
|
928,097
|
|
11,237,962
|
|
|
November 2018
|
1,050,870
|
|
22.16
|
|
1,050,870
|
|
10,187,092
|
|
|
December 2018
|
1,345,835
|
|
20.60
|
|
1,345,835
|
|
8,841,257
|
|
|
Total
|
26,449,367
|
|
|
26,449,367
|
|
|
Item 6.
|
Selected Financial Data.
|
(dollars in thousands, except per share data)
|
|||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Net Sales
|
$
|
1,834,064
|
|
|
$1,794,873
|
|
$1,678,925
|
|
$1,543,618
|
|
$1,375,501
|
||||||||
Net Income
|
437,883
|
|
|
406,792
|
|
|
347,591
|
|
|
318,470
|
|
|
288,605
|
|
|||||
Earnings Per Share (Fully Diluted)
|
$
|
1.62
|
|
|
$
|
1.41
|
|
|
$
|
1.19
|
|
|
$
|
1.08
|
|
|
$
|
0.98
|
|
Gross Profit Margin
|
37.6
|
%
|
|
38.7
|
%
|
|
39.8
|
%
|
|
39.1
|
%
|
|
39.2
|
%
|
|||||
Cash Dividends per Common Share
|
$
|
0.440
|
|
|
$
|
0.390
|
|
|
$
|
0.355
|
|
|
$
|
0.335
|
|
|
$
|
0.31
|
|
Total Assets
|
$
|
2,085,434
|
|
|
$
|
2,352,054
|
|
|
$
|
2,309,620
|
|
|
$
|
2,148,673
|
|
|
$
|
2,022,540
|
|
Long-Term Debt Outstanding at Year End
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
178,125
|
|
|
$
|
225,625
|
|
|
$
|
258,125
|
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
|
Percentage of Net Sales
|
|
Percentage Change
|
|||||||||||
|
|
|
|
|
|
|
2018
|
|
2017
|
|||||
|
Year Ended December 31,
|
|
Vs
|
|
Vs
|
|||||||||
|
2018
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||
Net Sales
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
2.2
|
%
|
|
6.9
|
%
|
Cost of Goods Sold
|
62.4
|
|
|
61.3
|
|
|
60.2
|
|
|
3.9
|
|
|
8.9
|
|
Gross Profit
|
37.6
|
|
|
38.7
|
|
|
39.8
|
|
|
(0.6
|
)
|
|
3.9
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|||||
Engineering, Research and Development
|
5.8
|
|
|
5.6
|
|
|
5.6
|
|
|
7.4
|
|
|
5.8
|
|
Selling, General and Administrative
|
4.1
|
|
|
4.0
|
|
|
3.7
|
|
|
5.3
|
|
|
14.4
|
|
Total Operating Expenses:
|
9.9
|
|
|
9.5
|
|
|
9.3
|
|
|
6.5
|
|
|
9.2
|
|
Operating Income
|
27.7
|
|
|
29.2
|
|
|
30.5
|
|
|
(2.9
|
)
|
|
2.3
|
|
Other Income/(Expense)
|
0.8
|
|
|
0.5
|
|
|
(0.1
|
)
|
|
65.0
|
|
|
(813.8
|
)
|
Income Before Provision for Income Taxes
|
28.5
|
|
|
29.6
|
|
|
30.4
|
|
|
(1.8
|
)
|
|
4.2
|
|
Provision for Income Taxes
|
4.6
|
|
|
7.0
|
|
|
9.7
|
|
|
(32.7
|
)
|
|
(23.3
|
)
|
Net Income
|
23.9
|
%
|
|
22.7
|
%
|
|
20.7
|
%
|
|
7.6
|
%
|
|
17.0
|
%
|
|
2018
|
2017
|
2016
|
||||||
Working Capital
|
$
|
681,769,335
|
|
$
|
940,916,816
|
|
$
|
1,005,131,050
|
|
Long Term Investments
|
137,979,082
|
|
57,782,418
|
|
49,894,363
|
|
|||
Total
|
$
|
819,748,417
|
|
$
|
998,699,234
|
|
$
|
1,055,025,413
|
|
|
Total
|
|
Less than 1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More than 5 Years
|
|||||
Operating leases
|
2.2
|
|
|
1.4
|
|
|
0.8
|
|
|
|
|
|
||
Purchase obligations
|
136.9
|
|
|
136.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Dividends payable
|
28.5
|
|
|
28.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
167.6
|
|
|
166.8
|
|
|
0.8
|
|
|
|
|
|
Document
|
Page
|
Quarterly Results of Operations
(in thousands, except per share data)
|
|||||||||||||||||||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Net Sales
|
$
|
465,420
|
|
|
$
|
453,535
|
|
|
$
|
454,981
|
|
|
$
|
443,139
|
|
|
$
|
460,253
|
|
|
$
|
438,628
|
|
|
$
|
453,409
|
|
|
$
|
459,570
|
|
Gross Profit
|
172,628
|
|
|
175,801
|
|
|
172,804
|
|
|
167,208
|
|
|
172,990
|
|
|
171,230
|
|
|
172,044
|
|
|
180,290
|
|
||||||||
Operating Income
|
128,515
|
|
|
134,427
|
|
|
126,683
|
|
|
125,865
|
|
|
127,428
|
|
|
129,073
|
|
|
125,499
|
|
|
133,994
|
|
||||||||
Net Income
|
111,249
|
|
|
97,557
|
|
|
109,024
|
|
|
88,536
|
|
|
111,336
|
|
|
90,230
|
|
|
106,275
|
|
|
130,469
|
|
||||||||
Basic Earnings per share
|
$
|
0.40
|
|
|
$
|
0.34
|
|
|
$
|
0.40
|
|
|
$
|
0.31
|
|
|
$
|
0.42
|
|
|
$
|
0.32
|
|
|
$
|
0.41
|
|
|
$
|
0.46
|
|
Diluted Earnings per share
|
$
|
0.40
|
|
|
$
|
0.33
|
|
|
$
|
0.40
|
|
|
$
|
0.31
|
|
|
$
|
0.42
|
|
|
$
|
0.31
|
|
|
$
|
0.41
|
|
|
$
|
0.46
|
|
NAME
|
|
AGE
|
|
POSITION
|
|
CURRENT POSITION HELD SINCE
|
Steve Downing
|
|
41
|
|
President and Chief Executive Officer
|
|
January 2018
|
Kevin Nash
|
|
44
|
|
Vice President, Finance, Chief Financial Officer and Treasurer
|
|
February 2018
|
Scott Ryan
|
|
38
|
|
Vice President, General Counsel and Corporate Secretary
|
|
August 2018
|
Neil Boehm
|
|
47
|
|
Chief Technology Officer and Vice President, Engineering
|
|
February 2018
|
Matthew Chiodo
|
|
54
|
|
Vice President, Sales
|
|
February 2018
|
Executive Officer
|
Position
|
2018 Base Salary
|
2019 Base Salary
|
||||
Steve Downing
|
President and CEO
|
$
|
650,000
|
|
$
|
750,000
|
|
Kevin Nash
|
VP, Finance, CFO and Treasurer
|
$
|
340,000
|
|
$
|
400,000
|
|
Neil Boehm
|
VP, Engineering and CTO
|
$
|
333,000
|
|
$
|
407,000
|
|
Matt Chiodo
|
VP, Sales
|
$
|
336,000
|
|
$
|
380,000
|
|
Scott Ryan
|
VP, General Counsel and Corporate Secretary
|
$
|
315,000
|
|
$
|
350,000
|
|
Executive Officer
|
Weight
|
Threshold*
|
Target*
|
Maximum*
|
Actual Performance*
|
|
Revenue
|
33.33
|
%
|
$1,794,873
|
$1,930,000
|
$2,065,000
|
$1,834,064
|
Operating Income
|
33.33
|
%
|
$523,359
|
$554,000
|
$597,000
|
$515,001
|
Earnings per Diluted Share
|
33.33
|
%
|
$1.410
|
$1.640
|
$1.780
|
$1.644
|
Executive Officer
|
2018 Annual Plan Performance Bonus
|
2018 Annual Plan Discretionary Bonus
|
Steve Downing
|
$323,989
|
$180,000
|
Kevin Nash
|
$132,132
|
$90,000
|
Neil Boehm
|
$129,412
|
$80,000
|
Matt Chiodo
|
$130,578
|
$80,000
|
Scott Ryan
|
$122,417
|
$80,000
|
Executive Officer
|
Long-Term Plan Target Opportunity Percentage of Base Salary for 2019-2021
|
|
Steve Downing
|
200
|
%
|
Kevin Nash
|
100
|
%
|
Neil Boehm
|
100
|
%
|
Matt Chiodo
|
100
|
%
|
Scott Ryan
|
100
|
%
|
Executive Officer
|
Number of RS Awarded in 2019 (Target) for 2019-2021
|
|
Steve Downing
|
21,246
|
|
Kevin Nash
|
5,666
|
|
Neil Boehm
|
5,765
|
|
Matt Chiodo
|
5,382
|
|
Scott Ryan
|
4,958
|
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
Item 15.
|
Exhibits, Financial Statement Schedules.
|
(a)
|
(b)
|
See (a) above.
|
(c)
|
See (a) above.
|
|
GENTEX CORPORATION
|
|
|
|
|
|
By:
|
/s/ Steven R. Downing
|
|
|
Steven R. Downing, President and Chief Executive Officer
|
|
Date:
|
February 22, 2019
|
|
By:
|
/s/ Steven R. Downing
|
|
|
Steven R. Downing, President and Chief Executive Officer
|
|
|
(Principal Executive Officer) on behalf of Gentex Corporation
|
|
By:
|
/s/ Kevin C. Nash
|
|
|
Kevin C. Nash, Vice President, Finance, Chief Financial Officer and Treasurer
|
|
|
(Principal Financial Officer and Principal Accounting Officer) on behalf of Gentex Corporation
|
/s/ Leslie Brown
|
|
Director
|
Leslie Brown
|
|
|
|
|
|
/s/ Gary Goode
|
|
Director
|
Gary Goode
|
|
|
|
|
|
/s/ James Hollars
|
|
Director
|
James Hollars
|
|
|
|
|
|
/s/ John Mulder
|
|
Director
|
John Mulder
|
|
|
|
|
|
/s/ Richard Schaum
|
|
Director
|
Richard Schaum
|
|
|
|
|
|
/s/ Fred Sotok
|
|
Director
|
Fred Sotok
|
|
|
|
|
|
/s/ Kathleen Starkoff
|
|
Director
|
Kathleen Starkoff
|
|
|
|
|
|
/s/ Brian Walker
|
|
Director
|
Brian Walker
|
|
|
|
|
|
/s/ James Wallace
|
|
Director
|
James Wallace
|
|
|
|
2018
|
|
2017
|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
217,025,278
|
|
|
$
|
569,734,496
|
|
Short-term investments
|
169,412,999
|
|
|
152,538,054
|
|
||
Accounts receivable, net
|
213,537,799
|
|
|
231,121,788
|
|
||
Inventories, net
|
225,281,599
|
|
|
216,765,583
|
|
||
Prepaid expenses and other
|
25,672,579
|
|
|
14,403,902
|
|
||
Total current assets
|
850,930,254
|
|
|
1,184,563,823
|
|
||
PLANT AND EQUIPMENT:
|
|
|
|
||||
Land, buildings and improvements
|
340,910,332
|
|
|
317,600,833
|
|
||
Machinery and equipment
|
838,887,032
|
|
|
790,833,278
|
|
||
Construction-in-process
|
18,156,423
|
|
|
35,828,403
|
|
||
Total Plant and Equipment
|
1,197,953,787
|
|
|
1,144,262,514
|
|
||
Less- Accumulated depreciation
|
(699,480,021
|
)
|
|
(651,783,184
|
)
|
||
Net Plant and Equipment
|
498,473,766
|
|
|
492,479,330
|
|
||
OTHER ASSETS:
|
|
|
|
||||
Goodwill
|
307,365,845
|
|
|
307,365,845
|
|
||
Long-term investments
|
137,979,082
|
|
|
57,782,418
|
|
||
Intangible assets, net
|
269,675,000
|
|
|
288,975,000
|
|
||
Patents and other assets, net
|
21,010,121
|
|
|
20,887,496
|
|
||
Total Other Assets
|
736,030,048
|
|
|
675,010,759
|
|
||
TOTAL ASSETS
|
$
|
2,085,434,068
|
|
|
$
|
2,352,053,912
|
|
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable
|
$
|
92,810,316
|
|
|
$
|
89,898,467
|
|
Accrued liabilities:
|
|
|
|
||||
Salaries, wages and vacation
|
15,860,073
|
|
|
18,502,209
|
|
||
Income taxes
|
4,293,608
|
|
|
360,014
|
|
||
Royalties
|
16,174,041
|
|
|
14,660,864
|
|
||
Dividends payable
|
28,526,147
|
|
|
28,028,132
|
|
||
Current portion of long term debt
|
—
|
|
|
78,000,000
|
|
||
Other
|
11,496,734
|
|
|
14,197,321
|
|
||
Total current liabilities
|
169,160,919
|
|
|
243,647,007
|
|
||
DEFERRED INCOME TAXES
|
54,521,489
|
|
|
58,888,644
|
|
||
|
|
|
|
||||
TOTAL LIABILITIES
|
223,682,408
|
|
|
302,535,651
|
|
||
|
|
|
|
||||
SHAREHOLDERS’ INVESTMENT:
|
|
|
|
||||
Preferred stock, no par value, 5,000,000 shares authorized; none issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock, par value $.06 per share; 400,000,000 shares authorized; 259,328,613 and 280,281,321 shares issued and outstanding in 2018 and 2017 respectively.
|
15,559,717
|
|
|
16,816,879
|
|
||
Additional paid-in capital
|
745,324,144
|
|
|
723,510,672
|
|
||
Retained earnings
|
1,102,468,137
|
|
|
1,301,997,327
|
|
||
Accumulated other comprehensive income:
|
|
|
|
||||
Unrealized gain on investments
|
74,549
|
|
|
6,626,379
|
|
||
Unrealized gain (loss) on derivatives
|
—
|
|
|
(78,026
|
)
|
||
Cumulative translation adjustment
|
(1,674,887
|
)
|
|
645,030
|
|
||
Total shareholders’ investment
|
1,861,751,660
|
|
|
2,049,518,261
|
|
||
TOTAL LIABILITES AND SHAREHOLDERS' INVESTMENT
|
$
|
2,085,434,068
|
|
|
$
|
2,352,053,912
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
NET SALES
|
$
|
1,834,063,697
|
|
|
$
|
1,794,872,578
|
|
|
$
|
1,678,924,756
|
|
|
|
|
|
|
|
||||||
COST OF GOODS SOLD
|
1,143,597,005
|
|
|
1,100,344,312
|
|
|
1,010,472,512
|
|
|||
|
|
|
|
|
|
||||||
Gross profit
|
690,466,692
|
|
|
694,528,266
|
|
|
668,452,244
|
|
|||
|
|
|
|
|
|
||||||
OPERATING EXPENSES:
|
|
|
|
|
|
||||||
Engineering, research and development
|
107,134,862
|
|
|
99,726,438
|
|
|
94,238,032
|
|
|||
Selling, general and administrative
|
75,206,283
|
|
|
71,443,476
|
|
|
62,471,277
|
|
|||
Total operating expenses
|
182,341,145
|
|
|
171,169,914
|
|
|
156,709,309
|
|
|||
|
|
|
|
|
|
||||||
Income from operations
|
508,125,547
|
|
|
523,358,352
|
|
|
511,742,935
|
|
|||
|
|
|
|
|
|
||||||
OTHER INCOME:
|
|
|
|
|
|
||||||
Investment income
|
11,262,385
|
|
|
9,442,387
|
|
|
4,787,128
|
|
|||
Other, net
|
2,659,015
|
|
|
(1,004,035
|
)
|
|
(5,969,290
|
)
|
|||
Total other income (expense)
|
13,921,400
|
|
|
8,438,352
|
|
|
(1,182,162
|
)
|
|||
|
|
|
|
|
|
||||||
Income before provision for income taxes
|
522,046,947
|
|
|
531,796,704
|
|
|
510,560,773
|
|
|||
|
|
|
|
|
|
||||||
PROVISION FOR INCOME TAXES
|
84,163,850
|
|
|
125,004,782
|
|
|
162,969,497
|
|
|||
|
|
|
|
|
|
||||||
NET INCOME
|
$
|
437,883,097
|
|
|
$
|
406,791,922
|
|
|
$
|
347,591,276
|
|
|
|
|
|
|
|
||||||
EARNINGS PER SHARE:
|
|
|
|
|
|
||||||
Basic
|
$
|
1.64
|
|
|
$
|
1.42
|
|
|
$
|
1.21
|
|
Diluted
|
$
|
1.62
|
|
|
$
|
1.41
|
|
|
$
|
1.19
|
|
|
|
|
|
|
|
||||||
Cash Dividends Declared per Share
|
$
|
0.440
|
|
|
$
|
0.390
|
|
|
$
|
0.355
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net income
|
$
|
437,883,097
|
|
|
$
|
406,791,922
|
|
|
$
|
347,591,276
|
|
|
|
|
|
|
|
||||||
Other comprehensive income (loss) before tax:
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
(2,319,917
|
)
|
|
3,508,029
|
|
|
(2,818,090
|
)
|
|||
Unrealized gains on derivatives
|
98,767
|
|
|
1,721,933
|
|
|
1,105,468
|
|
|||
Unrealized gains on available-for-sale securities, net
|
115,059
|
|
|
5,903,699
|
|
|
3,013,951
|
|
|||
|
|
|
|
|
|
||||||
Other comprehensive income (loss), before tax
|
(2,106,091
|
)
|
|
11,133,661
|
|
|
1,301,328
|
|
|||
|
|
|
|
|
|
||||||
Expense for income taxes related to components of other comprehensive income (loss)
|
44,903
|
|
|
2,668,973
|
|
|
1,441,798
|
|
|||
|
|
|
|
|
|
||||||
Other comprehensive income (loss), net of tax
|
(2,150,994
|
)
|
|
8,464,688
|
|
|
(140,469
|
)
|
|||
|
|
|
|
|
|
||||||
Comprehensive income
|
$
|
435,732,103
|
|
|
$
|
415,256,610
|
|
|
$
|
347,450,807
|
|
|
Common
Stock
Shares
|
|
Common
Stock
Amount
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
Shareholders’
Investment
|
|||||||||||
BALANCE AS OF JANUARY 1, 2016
|
291,338,011
|
|
|
$
|
17,480,281
|
|
|
$
|
596,782,695
|
|
|
$
|
1,109,384,621
|
|
|
$
|
(1,130,836
|
)
|
|
$
|
1,722,516,761
|
|
Issuance of common stock
|
6,705,632
|
|
|
402,338
|
|
|
86,491,101
|
|
|
—
|
|
|
—
|
|
|
86,893,439
|
|
|||||
Repurchases of common stock
|
(10,306,127
|
)
|
|
(618,368
|
)
|
|
(19,020,032
|
)
|
|
(143,722,821
|
)
|
|
—
|
|
|
(163,361,221
|
)
|
|||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock
|
—
|
|
|
—
|
|
|
19,192,699
|
|
|
—
|
|
|
—
|
|
|
19,192,699
|
|
|||||
Dividends declared ($.355 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(102,268,251
|
)
|
|
—
|
|
|
(102,268,251
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
347,591,276
|
|
|
—
|
|
|
347,591,276
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(140,469
|
)
|
|
(140,469
|
)
|
|||||
BALANCE AS OF DECEMBER 31, 2016
|
287,737,516
|
|
|
$
|
17,264,251
|
|
|
$
|
683,446,463
|
|
|
$
|
1,210,984,825
|
|
|
$
|
(1,271,305
|
)
|
|
$
|
1,910,424,234
|
|
Issuance of common stock
|
4,498,729
|
|
|
269,923
|
|
|
47,500,544
|
|
|
—
|
|
|
—
|
|
|
47,770,467
|
|
|||||
Repurchases of common stock
|
(11,954,924
|
)
|
|
(717,295
|
)
|
|
(25,813,300
|
)
|
|
(204,832,621
|
)
|
|
—
|
|
|
(231,363,216
|
)
|
|||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock
|
—
|
|
|
—
|
|
|
18,376,965
|
|
|
—
|
|
|
—
|
|
|
18,376,965
|
|
|||||
Dividends declared ($.39 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(110,946,799
|
)
|
|
—
|
|
|
(110,946,799
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
406,791,922
|
|
|
—
|
|
|
406,791,922
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,464,688
|
|
|
8,464,688
|
|
|||||
BALANCE AS OF DECEMBER 31, 2017
|
280,281,321
|
|
|
$
|
16,816,879
|
|
|
$
|
723,510,672
|
|
|
$
|
1,301,997,327
|
|
|
$
|
7,193,383
|
|
|
$
|
2,049,518,261
|
|
Issuance of common stock
|
5,496,659
|
|
|
329,801
|
|
|
66,508,019
|
|
|
—
|
|
|
—
|
|
|
66,837,820
|
|
|||||
Repurchases of common stock
|
(26,449,367
|
)
|
|
(1,586,963
|
)
|
|
(63,000,528
|
)
|
|
(526,990,360
|
)
|
|
—
|
|
|
(591,577,851
|
)
|
|||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock
|
—
|
|
|
—
|
|
|
18,305,981
|
|
|
—
|
|
|
—
|
|
|
18,305,981
|
|
|||||
Impact of ASU 2016-01 adoption
|
|
|
|
|
|
|
6,642,727
|
|
|
(6,642,727
|
)
|
|
|
|||||||||
Dividends declared ($.44 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(117,064,654
|
)
|
|
—
|
|
|
(117,064,654
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
437,883,097
|
|
|
—
|
|
|
437,883,097
|
|
|||||
Other comprehensive (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,150,994
|
)
|
|
(2,150,994
|
)
|
|||||
BALANCE AS OF DECEMBER 31, 2018
|
259,328,613
|
|
|
$
|
15,559,717
|
|
|
$
|
745,324,144
|
|
|
$
|
1,102,468,137
|
|
|
$
|
(1,600,338
|
)
|
|
$
|
1,861,751,660
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
437,883,097
|
|
|
$
|
406,791,922
|
|
|
$
|
347,591,276
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
102,186,814
|
|
|
99,570,908
|
|
|
88,587,430
|
|
|||
Gain on disposal of assets
|
(577,200
|
)
|
|
(188,150
|
)
|
|
(146,261
|
)
|
|||
Loss on disposal of assets
|
108,927
|
|
|
299,174
|
|
|
1,080,486
|
|
|||
Gain on sale of investments
|
(2,538,729
|
)
|
|
(1,309,166
|
)
|
|
(4,239,895
|
)
|
|||
Loss on sale of investments
|
532,494
|
|
|
375,388
|
|
|
3,919,698
|
|
|||
Deferred income taxes
|
(4,414,739
|
)
|
|
(14,996,179
|
)
|
|
22,498,361
|
|
|||
Stock based compensation expense related to employee stock options, employee stock purchases and restricted stock
|
18,305,981
|
|
|
18,376,965
|
|
|
19,192,699
|
|
|||
Change in operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable
|
17,583,989
|
|
|
(19,530,043
|
)
|
|
(15,622,345
|
)
|
|||
Inventories
|
(8,516,016
|
)
|
|
(27,454,146
|
)
|
|
(14,616,026
|
)
|
|||
Prepaid expenses and other
|
(11,268,677
|
)
|
|
16,183,673
|
|
|
4,399,366
|
|
|||
Accounts payable
|
2,911,849
|
|
|
9,934,837
|
|
|
13,609,856
|
|
|||
Accrued liabilities
|
220,856
|
|
|
12,947,597
|
|
|
10,793,540
|
|
|||
Net cash flows from operating activities
|
552,418,646
|
|
|
501,002,780
|
|
|
477,048,185
|
|
|||
CASH FLOWS USED FOR INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Activity in available-for-sale securities:
|
|
|
|
|
|
||||||
Sales proceeds
|
55,248,551
|
|
|
30,207,523
|
|
|
87,293,155
|
|
|||
Maturities and calls
|
181,892,136
|
|
|
23,100,000
|
|
|
5,500,000
|
|
|||
Purchases
|
(332,106,362
|
)
|
|
(29,874,960
|
)
|
|
(216,670,674
|
)
|
|||
Plant and equipment additions
|
(85,990,570
|
)
|
|
(104,040,919
|
)
|
|
(120,955,614
|
)
|
|||
Proceeds from sale of plant and equipment
|
738,093
|
|
|
249,757
|
|
|
665,191
|
|
|||
(Increase) Decrease in other assets
|
(5,603,042
|
)
|
|
2,646,029
|
|
|
(7,278,166
|
)
|
|||
Net cash used for investing activities
|
(185,821,194
|
)
|
|
(77,712,570
|
)
|
|
(251,446,108
|
)
|
|||
CASH FLOWS USED FOR FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Repayment of long-term debt
|
(78,000,000
|
)
|
|
(107,625,000
|
)
|
|
(47,500,000
|
)
|
|||
Issuance of common stock from stock plan transactions
|
66,837,820
|
|
|
47,770,467
|
|
|
81,310,048
|
|
|||
Cash dividends paid
|
(116,566,639
|
)
|
|
(108,815,040
|
)
|
|
(101,131,356
|
)
|
|||
Repurchases of common stock
|
(591,577,851
|
)
|
|
(231,363,216
|
)
|
|
(163,361,221
|
)
|
|||
Net cash used for financing activities
|
(719,306,670
|
)
|
|
(400,032,789
|
)
|
|
(230,682,529
|
)
|
|||
|
|
|
|
|
|
||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(352,709,218
|
)
|
|
23,257,421
|
|
|
(5,080,452
|
)
|
|||
|
|
|
|
|
|
||||||
CASH AND CASH EQUIVALENTS, Beginning of year
|
569,734,496
|
|
|
546,477,075
|
|
|
551,557,527
|
|
|||
|
|
|
|
|
|
||||||
CASH AND CASH EQUIVALENTS, End of year
|
$
|
217,025,278
|
|
|
$
|
569,734,496
|
|
|
$
|
546,477,075
|
|
|
Beginning
Balance
|
|
Net
Additions/
(Reductions)
to Costs and
Expenses
|
|
Deductions
and Other
Adjustments
|
|
Ending
Balance
|
||||||||
Year Ended December 31, 2018:
|
|
|
|
|
|
|
|
||||||||
Allowance for Doubtful Accounts
|
$
|
2,714,533
|
|
|
$
|
—
|
|
|
$
|
32,114
|
|
|
$
|
2,746,647
|
|
Year Ended December 31, 2017:
|
|
|
|
|
|
|
|
||||||||
Allowance for Doubtful Accounts
|
$
|
2,917,424
|
|
|
$
|
—
|
|
|
$
|
(202,891
|
)
|
|
$
|
2,714,533
|
|
Year Ended December 31, 2016:
|
|
|
|
|
|
|
|
||||||||
Allowance for Doubtful Accounts
|
$
|
2,663,477
|
|
|
$
|
—
|
|
|
$
|
253,947
|
|
|
$
|
2,917,424
|
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||
|
Total as of
|
|
Quoted Prices in
Active Markets
for Identical
Assets
|
|
Significant Other
Observable
Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
Description
|
December 31, 2018
|
|
(Level I)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
Cash & Cash Equivalents
|
$
|
217,025,278
|
|
|
$
|
217,025,278
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-Term Investments:
|
|
|
|
|
|
|
|
||||||||
Certificate of Deposit
|
150,299,384
|
|
|
150,299,384
|
|
|
—
|
|
|
—
|
|
||||
Government Securities
|
9,176,227
|
|
|
—
|
|
|
9,176,227
|
|
|
—
|
|
||||
Mutual Funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Corporate Bonds
|
6,967,700
|
|
|
—
|
|
|
6,967,700
|
|
|
—
|
|
||||
Other
|
2,219,688
|
|
|
2,219,688
|
|
|
—
|
|
|
—
|
|
||||
Long-Term Investments:
|
|
|
|
|
|
|
|
||||||||
Corporate Bonds
|
60,369,930
|
|
|
—
|
|
|
60,369,930
|
|
|
—
|
|
||||
Government Securities
|
56,483,720
|
|
|
—
|
|
|
56,483,720
|
|
|
—
|
|
||||
Municipal Bonds
|
18,025,432
|
|
|
—
|
|
|
18,025,432
|
|
|
—
|
|
||||
Total
|
$
|
520,567,359
|
|
|
$
|
369,544,350
|
|
|
$
|
151,023,009
|
|
|
$
|
—
|
|
|
|
|
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, 2017
|
|
(Level I)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
Cash & Cash Equivalents
|
$
|
569,734,496
|
|
|
$
|
569,734,496
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-Term Investments:
|
|
|
|
|
|
|
|
||||||||
Certificate of Deposit
|
130,000,000
|
|
|
130,000,000
|
|
|
—
|
|
|
—
|
|
||||
Government Securities
|
9,011,130
|
|
|
—
|
|
|
9,011,130
|
|
|
—
|
|
||||
Mutual Funds
|
393,581
|
|
|
—
|
|
|
393,581
|
|
|
—
|
|
||||
Corporate Bonds
|
12,944,999
|
|
|
—
|
|
|
12,944,999
|
|
|
—
|
|
||||
Other
|
188,344
|
|
|
188,344
|
|
|
—
|
|
|
—
|
|
||||
Long-Term Investments:
|
—
|
|
|
|
|
|
|
|
|||||||
Corporate Bonds
|
3,018,720
|
|
|
—
|
|
|
3,018,720
|
|
|
—
|
|
||||
Common Stocks
|
15,703,371
|
|
|
15,703,371
|
|
|
—
|
|
|
—
|
|
||||
Mutual Funds
|
34,681,337
|
|
|
34,681,337
|
|
|
—
|
|
|
—
|
|
||||
Preferred Stock
|
1,178,991
|
|
|
1,178,991
|
|
|
—
|
|
|
—
|
|
||||
Government Securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
776,854,969
|
|
|
$
|
751,486,539
|
|
|
$
|
25,368,430
|
|
|
$
|
—
|
|
|
Unrealized
|
||||||||||||||
2018
|
Cost
|
|
Gains
|
|
Losses
|
|
Market Value
|
||||||||
Short-Term Investments:
|
|
|
|
|
|
|
|
||||||||
Certificate of Deposit
|
$
|
150,299,384
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
150,299,384
|
|
Government Securities
|
9,186,586
|
|
|
—
|
|
|
(10,359
|
)
|
|
9,176,227
|
|
||||
Corporate Bonds
|
6,981,305
|
|
|
—
|
|
|
(13,605
|
)
|
|
6,967,700
|
|
||||
Other
|
2,219,688
|
|
|
—
|
|
|
—
|
|
|
2,219,688
|
|
||||
Long-Term Investments:
|
|
|
|
|
|
|
|
||||||||
Corporate Bonds
|
60,659,498
|
|
|
50,340
|
|
|
(339,908
|
)
|
|
60,369,930
|
|
||||
Common Stocks
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Government Securities
|
56,280,552
|
|
|
205,553
|
|
|
(2,385
|
)
|
|
56,483,720
|
|
||||
Municipal Bonds
|
17,840,518
|
|
|
184,914
|
|
|
—
|
|
|
18,025,432
|
|
||||
Government Securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
303,467,531
|
|
|
$
|
440,807
|
|
|
$
|
(366,257
|
)
|
|
$
|
303,542,081
|
|
|
Unrealized
|
||||||||||||||
2017
|
Cost
|
|
Gains
|
|
Losses
|
|
Market Value
|
||||||||
Short-Term Investments:
|
|
|
|
|
|
|
|
||||||||
Certificate of Deposit
|
$
|
130,000,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
130,000,000
|
|
Government Securities
|
9,024,777
|
|
|
—
|
|
|
(13,647
|
)
|
|
9,011,130
|
|
||||
Mutual Funds
|
392,482
|
|
|
1,575
|
|
|
(476
|
)
|
|
393,581
|
|
||||
Corporate Bonds
|
12,952,229
|
|
|
—
|
|
|
(7,230
|
)
|
|
12,944,999
|
|
||||
Other
|
188,344
|
|
|
—
|
|
|
—
|
|
|
188,344
|
|
||||
Long-Term Investments:
|
|
|
|
|
|
|
|
||||||||
Corporate Bonds
|
3,022,994
|
|
|
—
|
|
|
(4,274
|
)
|
|
3,018,720
|
|
||||
Common Stocks
|
10,897,219
|
|
|
5,079,815
|
|
|
(273,663
|
)
|
|
15,703,371
|
|
||||
Mutual Funds
|
29,306,540
|
|
|
5,440,344
|
|
|
(65,547
|
)
|
|
34,681,337
|
|
||||
Preferred Stock
|
1,141,458
|
|
|
40,533
|
|
|
(3,000
|
)
|
|
1,178,991
|
|
||||
Total
|
$
|
196,926,043
|
|
|
$
|
10,562,267
|
|
|
$
|
(367,837
|
)
|
|
$
|
207,120,473
|
|
|
Aggregate Unrealized Losses
|
|
Aggregate Fair Value
|
||||
Less than one year
|
$
|
365,824
|
|
|
$
|
68,722,980
|
|
Greater than one year
|
433
|
|
|
3,000,000
|
|
||
Total
|
$
|
366,257
|
|
|
$
|
71,722,980
|
|
|
Aggregate Unrealized Losses
|
|
Aggregate Fair Value
|
||||
Less than one year
|
$
|
263,655
|
|
|
$
|
31,223,557
|
|
Greater than one year
|
104,182
|
|
|
285,077
|
|
||
Total
|
$
|
367,837
|
|
|
$
|
31,508,634
|
|
Due within one year
|
$
|
166,443,311
|
|
Due between one and five years
|
113,806,135
|
|
|
Due over five years
|
21,072,946
|
|
|
|
$
|
301,322,392
|
|
|
2018
|
|
2017
|
||||
Raw materials
|
$
|
139,058,541
|
|
|
$
|
139,272,129
|
|
Work-in-process
|
35,386,615
|
|
|
30,481,192
|
|
||
Finished goods
|
50,836,443
|
|
|
47,012,262
|
|
||
Total Inventory
|
$
|
225,281,599
|
|
|
$
|
216,765,583
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Numerators:
|
|
|
|
|
|
||||||
Numerator for both basic and diluted EPS, net income
|
$
|
437,883,097
|
|
|
$
|
406,791,922
|
|
|
$
|
347,591,276
|
|
Denominators:
|
|
|
|
|
|
||||||
Denominator for basic EPS, weighted-average common shares outstanding
|
267,794,786
|
|
|
285,864,997
|
|
|
288,433,772
|
|
|||
Potentially dilutive shares resulting from stock option plans
|
2,082,563
|
|
|
2,361,092
|
|
|
2,638,544
|
|
|||
Denominator for diluted EPS
|
269,877,349
|
|
|
288,226,089
|
|
|
291,072,316
|
|
(2)
|
DEBT AND FINANCING ARRANGEMENTS
|
(3)
|
INCOME TAXES
|
|
2018
|
|
2017
|
|
2016
|
||||||
Currently payable:
|
|
|
|
|
|
||||||
Federal
|
$
|
83,010,387
|
|
|
$
|
133,166,194
|
|
|
$
|
136,124,497
|
|
State
|
3,743,781
|
|
|
3,984,000
|
|
|
3,805,000
|
|
|||
Foreign
|
1,776,837
|
|
|
2,440,000
|
|
|
540,000
|
|
|||
Total
|
88,531,005
|
|
|
139,590,194
|
|
|
140,469,497
|
|
|||
Deferred income tax (benefit) expense:
|
|
|
|
|
|
||||||
Primarily federal
|
(4,367,155
|
)
|
|
(14,585,412
|
)
|
|
22,500,000
|
|
|||
Provision for income taxes
|
$
|
84,163,850
|
|
|
$
|
125,004,782
|
|
|
$
|
162,969,497
|
|
|
2018
|
|
2017
|
|
2016
|
|||
Statutory federal income tax rate
|
21.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
State income taxes, net of federal income tax benefit
|
0.6
|
|
|
0.5
|
|
|
0.5
|
|
Domestic production exclusion
|
—
|
|
|
(2.8
|
)
|
|
(2.7
|
)
|
Research tax credit
|
(0.8
|
)
|
|
(0.8
|
)
|
|
(0.8
|
)
|
Increase (reduction) in reserve for uncertain tax provisions
|
0.1
|
|
|
0.1
|
|
|
(0.2
|
)
|
Change in tax rate on deferred taxes
|
0.5
|
|
|
(7.2
|
)
|
|
—
|
|
Foreign tax credit
|
(0.1
|
)
|
|
(0.8
|
)
|
|
—
|
|
Foreign derived intangible income deduction
|
(4.6
|
)
|
|
—
|
|
|
—
|
|
Stock compensation
|
(1.0
|
)
|
|
(1.0
|
)
|
|
—
|
|
Other
|
0.4
|
|
|
0.5
|
|
|
0.1
|
|
Effective income tax rate
|
16.1
|
%
|
|
23.5
|
%
|
|
31.9
|
%
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Assets:
|
|
|
|
||||
Accruals not currently deductible
|
$
|
5,111,242
|
|
|
$
|
4,546,767
|
|
Stock based compensation
|
9,586,372
|
|
|
8,594,640
|
|
||
Other
|
356,039
|
|
|
3,679,680
|
|
||
Total deferred income tax assets
|
$
|
15,053,653
|
|
|
$
|
16,821,087
|
|
Liabilities:
|
|
|
|
||||
Excess tax over book depreciation
|
(39,835,025
|
)
|
|
(46,123,681
|
)
|
||
Goodwill
|
(23,341,226
|
)
|
|
(18,972,334
|
)
|
||
Intangible assets
|
(5,089,042
|
)
|
|
(4,172,726
|
)
|
||
Other
|
(1,309,849
|
)
|
|
(6,440,990
|
)
|
||
Total deferred income tax liability
|
$
|
(69,575,142
|
)
|
|
$
|
(75,709,731
|
)
|
Net deferred income taxes
|
$
|
(54,521,489
|
)
|
|
$
|
(58,888,644
|
)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning of year
|
$
|
4,435,000
|
|
|
$
|
3,408,000
|
|
|
$
|
5,375,000
|
|
Additions based on tax positions related to the current year
|
1,677,000
|
|
|
941,000
|
|
|
756,000
|
|
|||
Additions for tax positions in prior years
|
283,000
|
|
|
289,000
|
|
|
487,000
|
|
|||
Reductions for tax positions in prior years
|
(163,000
|
)
|
|
(63,000
|
)
|
|
(2,949,000
|
)
|
|||
Reductions as a result of completed audit examinations
|
(1,554,000
|
)
|
|
—
|
|
|
—
|
|
|||
Reductions as a result of a lapse of the applicable statute of limitations
|
—
|
|
|
(140,000
|
)
|
|
(261,000
|
)
|
|||
End of year
|
$
|
4,678,000
|
|
|
$
|
4,435,000
|
|
|
$
|
3,408,000
|
|
(4)
|
EMPLOYEE BENEFIT PLAN
|
(5)
|
STOCK-BASED COMPENSATION PLANS
|
|
2018
|
|
2017
|
|
2016
|
||||||
Dividend yield
(1)
|
2.1
|
%
|
|
2.1
|
%
|
|
2.2
|
%
|
|||
Expected volatility
(2)
|
26.0
|
%
|
|
26.7
|
%
|
|
33.2
|
%
|
|||
Risk-free interest rate
(3)
|
2.7
|
%
|
|
2.0
|
%
|
|
1.4
|
%
|
|||
Expected term of options (in years)
(4)
|
4.2
|
|
|
4.2
|
|
|
4.7
|
|
|||
Weighted-average grant-date fair value
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
4
|
|
(5)
|
STOCK-BASED COMPENSATION PLANS, continued
|
(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.
|
(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.
|
|
2018
|
|||||||||||
|
Shares
(000)
|
|
Wtd. Avg.
Ex. Price
|
|
Wtd. Avg.
Remaining
Contract Life
|
|
Aggregate
Intrinsic
Value
(000)
|
|||||
Outstanding at Beginning of Year
|
11,837
|
|
|
$
|
16
|
|
|
|
|
|
||
Granted
|
1,613
|
|
|
22
|
|
|
|
|
|
|||
Exercised
|
(4,278
|
)
|
|
15
|
|
|
|
|
$
|
38,097
|
|
|
Forfeited
|
(228
|
)
|
|
18
|
|
|
|
|
|
|||
Outstanding at End of Year
|
8,944
|
|
|
18
|
|
|
2.8 Yrs
|
|
$
|
24,881
|
|
|
Exercisable at End of Year
|
4,101
|
|
|
$
|
16
|
|
|
1.7 Yrs
|
|
$
|
16,162
|
|
|
2017
|
|||||||||||
|
Shares
(000)
|
|
Wtd. Avg.
Ex. Price
|
|
Wtd. Avg.
Remaining
Contract Life
|
|
Aggregate
Intrinsic
Value
(000)
|
|||||
Outstanding at Beginning of Year
|
14,252
|
|
|
$
|
15
|
|
|
|
|
|
||
Granted
|
1,295
|
|
|
20
|
|
|
|
|
|
|||
Exercised
|
(3,476
|
)
|
|
13
|
|
|
|
|
$
|
25,156
|
|
|
Forfeited
|
(234
|
)
|
|
16
|
|
|
|
|
|
|||
Outstanding at End of Year
|
11,837
|
|
|
16
|
|
|
2.7 Yrs
|
|
$
|
58,202
|
|
|
Exercisable at End of Year
|
5,297
|
|
|
$
|
15
|
|
|
2 Yrs
|
|
$
|
32,152
|
|
|
2016
|
|||||||||||
|
Shares
(000)
|
|
Wtd. Avg.
Ex. Price
|
|
Wtd. Avg.
Remaining
Contract Life
|
|
Aggregate
Intrinsic
Value
(000)
|
|||||
Outstanding at Beginning of Year
|
17,692
|
|
|
$
|
14
|
|
|
|
|
|
||
Granted
|
3,227
|
|
|
17
|
|
|
|
|
|
|||
Exercised
|
(6,291
|
)
|
|
12
|
|
|
|
|
$
|
31,790
|
|
|
Forfeited
|
(376
|
)
|
|
15
|
|
|
|
|
|
|||
Outstanding at End of Year
|
14,252
|
|
|
15
|
|
|
3 Yrs
|
|
$
|
67,763
|
|
|
Exercisable at End of Year
|
4,855
|
|
|
$
|
14
|
|
|
2.3 Yrs
|
|
$
|
30,021
|
|
(5)
|
STOCK-BASED COMPENSATION PLANS, continued
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||
|
Shares
(000)
|
|
Wtd. Avg
Grant
Date
Fair Value
|
|
Shares
(000)
|
|
Wtd. Avg
Grant
Date
Fair Value
|
|
Shares
(000)
|
|
Wtd. Avg
Grant
Date
Fair Value
|
|||||||||
Nonvested Stock Options at Beginning of Year
|
6,540
|
|
|
$
|
4
|
|
|
9,397
|
|
|
$
|
4
|
|
|
10,835
|
|
|
$
|
4
|
|
Granted
|
1,613
|
|
|
5
|
|
|
1,295
|
|
|
4
|
|
|
3,227
|
|
|
4
|
|
|||
Vested
|
(3,089
|
)
|
|
4
|
|
|
(3,941
|
)
|
|
4
|
|
|
(4,343
|
)
|
|
4
|
|
|||
Forfeited
|
(222
|
)
|
|
4
|
|
|
(211
|
)
|
|
4
|
|
|
(322
|
)
|
|
4
|
|
|||
Nonvested Stock Options at End of Year
|
4,842
|
|
|
$
|
4
|
|
|
6,540
|
|
|
$
|
4
|
|
|
9,397
|
|
|
$
|
4
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Dividend yield
(1)
|
2.0
|
%
|
|
2.2
|
%
|
|
2.2
|
%
|
|||
Expected volatility
(2)
|
23.4
|
%
|
|
28.3
|
%
|
|
34.1
|
%
|
|||
Risk-free interest rate
(3)
|
3.1
|
%
|
|
2.2
|
%
|
|
1.9
|
%
|
|||
Expected term of options (in years)
(4)
|
5.8
|
|
|
6.4
|
|
|
6.2
|
|
|||
Weighted-average grant-date fair value
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
4
|
|
(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.
|
(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 non-employee directors exhibit similar exercise and post-vesting termination behavior.
|
(5)
|
STOCK-BASED COMPENSATION PLANS, continued
|
|
2018
|
|||||||||||
|
Shares
(000)
|
|
Wtd. Avg.
Ex. Price
|
|
Wtd. Avg.
Remaining
Contract Life
|
|
Aggregate
Intrinsic
Value
(000)
|
|||||
Outstanding at Beginning of Year
|
406
|
|
|
$
|
15
|
|
|
|
|
|
||
Granted
|
57
|
|
|
24
|
|
|
|
|
|
|||
Exercised
|
(101
|
)
|
|
13
|
|
|
|
|
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
|
|
|
|||
Outstanding at End of Year
|
362
|
|
|
16
|
|
|
6 Yrs
|
|
$
|
1,582
|
|
|
Exercisable at End of Year
|
354
|
|
|
$
|
16
|
|
|
6 Yrs
|
|
$
|
1,582
|
|
|
2017
|
|||||||||||
|
Shares
(000)
|
|
Wtd. Avg.
Ex. Price
|
|
Wtd. Avg.
Remaining
Contract Life
|
|
Aggregate
Intrinsic
Value
(000)
|
|||||
Outstanding at Beginning of Year
|
381
|
|
|
$
|
14
|
|
|
|
|
|
||
Granted
|
56
|
|
|
19
|
|
|
|
|
|
|||
Exercised
|
(31
|
)
|
|
14
|
|
|
|
|
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
|
|
|
|||
Outstanding at End of Year
|
406
|
|
|
15
|
|
|
6.1 Yrs
|
|
$
|
2,565
|
|
|
Exercisable at End of Year
|
406
|
|
|
$
|
15
|
|
|
6.1 Yrs
|
|
$
|
2,565
|
|
|
2016
|
|||||||||||
|
Shares
(000)
|
|
Wtd. Avg.
Ex. Price
|
|
Wtd. Avg.
Remaining
Contract Life
|
|
Aggregate
Intrinsic
Value
(000)
|
|||||
Outstanding at Beginning of Year
|
373
|
|
|
$
|
13
|
|
|
|
|
|
||
Granted
|
56
|
|
|
16
|
|
|
|
|
|
|||
Exercised
|
(36
|
)
|
|
10
|
|
|
|
|
|
|
||
Forfeited
|
(12
|
)
|
|
16
|
|
|
|
|
|
|||
Outstanding at End of Year
|
381
|
|
|
14
|
|
|
6.4 Yrs
|
|
$
|
2,180
|
|
|
Exercisable at End of Year
|
381
|
|
|
$
|
14
|
|
|
6.4 Yrs
|
|
$
|
2,180
|
|
(5)
|
STOCK-BASED COMPENSATION PLANS, continued
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||
|
Shares
(000)
|
|
Wtd. Avg
Grant Date
Fair Value
|
|
Shares
(000)
|
|
Wtd. Avg
Grant Date
Fair Value
|
|
Shares
(000)
|
|
Wtd. Avg
Grant Date
Fair Value
|
|||||||||
Nonvested Stock Options at Beginning of Year
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Granted
|
57
|
|
|
5
|
|
|
56
|
|
|
5
|
|
|
56
|
|
|
4
|
|
|||
Vested
|
(49
|
)
|
|
5
|
|
|
(56
|
)
|
|
5
|
|
|
(56
|
)
|
|
4
|
|
|||
Forfeited
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Nonvested stock options at End of Year
|
8
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Plan
|
2018
|
|
2017
|
|
2016
|
Cumulative Shares Issued in 2018
|
Weighted Average Fair Value 2018
|
||||||
2013 Employee Stock Purchase Plan
|
177,846
|
|
|
175,479
|
|
|
177,781
|
|
972,843
|
|
$
|
18.38
|
|
(6)
|
CONTINGENCIES
|
(7)
|
SEGMENT REPORTING
|
|
2018
|
|
2017
|
|
2016
|
||||||
Revenue:
|
|
|
|
|
|
||||||
Automotive Products
|
|
|
|
|
|
||||||
United States
|
$
|
583,672,971
|
|
|
$
|
567,492,812
|
|
|
$
|
554,945,912
|
|
Germany
|
333,002,878
|
|
|
351,123,204
|
|
|
328,208,190
|
|
|||
Japan
|
209,311,790
|
|
|
185,261,067
|
|
|
154,005,299
|
|
|||
Other Countries
|
665,210,657
|
|
|
654,250,385
|
|
|
602,532,841
|
|
|||
Other
|
42,865,401
|
|
|
36,745,110
|
|
|
39,232,514
|
|
|||
Total
|
$
|
1,834,063,697
|
|
|
$
|
1,794,872,578
|
|
|
$
|
1,678,924,756
|
|
Income (Loss) from Operations:
|
|
|
|
|
|
||||||
Automotive Products
|
$
|
495,471,799
|
|
|
$
|
512,895,699
|
|
|
$
|
497,753,966
|
|
Other
|
12,653,748
|
|
|
10,462,653
|
|
|
13,988,969
|
|
|||
Total
|
$
|
508,125,547
|
|
|
$
|
523,358,352
|
|
|
$
|
511,742,935
|
|
Assets:
|
|
|
|
|
|
||||||
Automotive Products
|
$
|
1,449,910,935
|
|
|
$
|
1,472,061,650
|
|
|
$
|
1,457,989,335
|
|
Other
|
14,333,098
|
|
|
9,576,514
|
|
|
9,384,154
|
|
|||
Corporate
|
621,190,035
|
|
|
870,415,748
|
|
|
842,246,344
|
|
|||
Total
|
$
|
2,085,434,068
|
|
|
$
|
2,352,053,912
|
|
|
$
|
2,309,619,833
|
|
Depreciation & Amortization:
|
|
|
|
|
|
||||||
Automotive Products
|
$
|
97,279,052
|
|
|
$
|
95,378,100
|
|
|
$
|
86,567,248
|
|
Other
|
422,844
|
|
|
300,935
|
|
|
290,296
|
|
|||
Corporate
|
4,484,918
|
|
|
3,891,873
|
|
|
1,729,886
|
|
|||
Total
|
$
|
102,186,814
|
|
|
$
|
99,570,908
|
|
|
$
|
88,587,430
|
|
Capital Expenditures:
|
|
|
|
|
|
||||||
Automotive Products
|
$
|
84,337,455
|
|
|
$
|
82,703,576
|
|
|
$
|
99,811,083
|
|
Other
|
1,447,494
|
|
|
170,357
|
|
|
200,262
|
|
|||
Corporate
|
205,621
|
|
|
21,166,986
|
|
|
20,944,269
|
|
|||
Total
|
$
|
85,990,570
|
|
|
$
|
104,040,919
|
|
|
$
|
120,955,614
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Automotive Products
|
|
|
|
|
|
||||||
Automotive Mirrors
|
$
|
1,598,589,777
|
|
|
$
|
1,573,222,820
|
|
|
$
|
1,456,963,758
|
|
HomeLink
®
Modules*
|
192,608,519
|
|
|
184,904,648
|
|
|
182,728,485
|
|
|||
Total Automotive Products
|
$
|
1,791,198,296
|
|
|
$
|
1,758,127,468
|
|
|
$
|
1,639,692,243
|
|
|
|
|
|
|
|
||||||
Other Products Revenue
|
$
|
42,865,401
|
|
|
$
|
36,745,110
|
|
|
$
|
39,232,513
|
|
|
|
|
|
|
|
||||||
Total Revenue
|
$
|
1,834,063,697
|
|
|
$
|
1,794,872,578
|
|
|
$
|
1,678,924,756
|
|
|
Toyota Motor Company
|
|
Volkswagen Group
|
|
Ford Motor Company
|
|
Daimler Group
|
||||
2018
|
13
|
%
|
|
15
|
%
|
|
#
|
|
|
10
|
%
|
2017
|
12
|
%
|
|
15
|
%
|
|
10
|
%
|
|
10
|
%
|
2016
|
11
|
%
|
|
14
|
%
|
|
11
|
%
|
|
#
|
|
|
|||||||||||||||||||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Net Sales
|
$
|
465,420
|
|
|
$
|
453,535
|
|
|
$
|
454,981
|
|
|
$
|
443,139
|
|
|
$
|
460,253
|
|
|
$
|
438,628
|
|
|
$
|
453,409
|
|
|
$
|
459,570
|
|
Gross Profit
|
172,628
|
|
|
175,801
|
|
|
172,804
|
|
|
167,208
|
|
|
172,990
|
|
|
171,230
|
|
|
172,044
|
|
|
180,290
|
|
||||||||
Operating Income
|
128,515
|
|
|
134,427
|
|
|
126,683
|
|
|
125,865
|
|
|
127,428
|
|
|
129,073
|
|
|
125,499
|
|
|
133,994
|
|
||||||||
Net Income
|
111,249
|
|
|
97,557
|
|
|
109,024
|
|
|
88,536
|
|
|
111,336
|
|
|
90,230
|
|
|
106,275
|
|
|
130,469
|
|
||||||||
Earnings Per Share (Basic)
|
$
|
0.40
|
|
|
$
|
0.34
|
|
|
$
|
0.40
|
|
|
$
|
0.31
|
|
|
$
|
0.42
|
|
|
$
|
0.32
|
|
|
$
|
0.41
|
|
|
$
|
0.46
|
|
Earnings Per Share (Diluted)
|
$
|
0.40
|
|
|
$
|
0.33
|
|
|
$
|
0.40
|
|
|
$
|
0.31
|
|
|
$
|
0.42
|
|
|
$
|
0.31
|
|
|
$
|
0.41
|
|
|
$
|
0.46
|
|
|
For the Twelve Months ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Foreign currency translation adjustments:
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
645,030
|
|
|
$
|
(2,862,999
|
)
|
|
$
|
(44,909
|
)
|
Other comprehensive loss before reclassifications
|
(2,319,917
|
)
|
|
3,508,029
|
|
|
(2,818,090
|
)
|
|||
Net current-period change
|
(2,319,917
|
)
|
|
3,508,029
|
|
|
(2,818,090
|
)
|
|||
Balance at end of period
|
(1,674,887
|
)
|
|
645,030
|
|
|
(2,862,999
|
)
|
|||
Unrealized gains (losses) on available-for-sale securities:
|
|
|
|
|
|
||||||
Balance at beginning of period
|
6,626,379
|
|
|
2,788,975
|
|
|
829,907
|
|
|||
ASU 2016-01 adoption impact
|
(6,642,727
|
)
|
|
—
|
|
|
—
|
|
|||
Other comprehensive income before reclassifications
|
1,675,823
|
|
|
4,444,360
|
|
|
2,167,196
|
|
|||
Amounts reclassified from accumulated other comprehensive income
|
(1,584,926
|
)
|
|
(606,956
|
)
|
|
(208,128
|
)
|
|||
Net current-period change
|
(6,551,830
|
)
|
|
3,837,404
|
|
|
1,959,068
|
|
|||
Balance at end of period
|
74,549
|
|
|
6,626,379
|
|
|
2,788,975
|
|
|||
Unrealized gains (losses) on derivatives:
|
|
|
|
|
|
||||||
Balance at beginning of period
|
(78,026
|
)
|
|
(1,197,281
|
)
|
|
(1,915,834
|
)
|
|||
Other comprehensive income (loss) before reclassifications
|
175,308
|
|
|
248,042
|
|
|
(672,419
|
)
|
|||
Amounts reclassified from accumulated other comprehensive income
|
(97,282
|
)
|
|
871,213
|
|
|
1,390,972
|
|
|||
Net current-period change
|
78,026
|
|
|
1,119,255
|
|
|
718,553
|
|
|||
Balance at end of period
|
—
|
|
|
(78,026
|
)
|
|
(1,197,281
|
)
|
|||
|
|
|
|
|
|
||||||
Accumulated other comprehensive income (loss), end of period
|
$
|
(1,600,338
|
)
|
|
$
|
7,193,383
|
|
|
$
|
(1,271,305
|
)
|
Details about Accumulated Other Comprehensive Income Components
|
|
|
|
Affected Line item in the Statement of Consolidated Income
|
||||||||||
|
|
For the Twelve Months ended December 31,
|
|
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
|
||||||
Unrealized gains and (losses) on available-for-sale securities
|
|
|
|
|
|
|
|
|
||||||
Realized gain on sale of securities
|
|
$
|
2,006,235
|
|
|
$
|
933,778
|
|
|
$
|
320,197
|
|
|
Other, net
|
Provision for income taxes
|
|
(421,309
|
)
|
|
(326,822
|
)
|
|
(112,069
|
)
|
|
Provision for Income Taxes
|
|||
Total reclassifications for the period
|
|
$
|
1,584,926
|
|
|
$
|
606,956
|
|
|
$
|
208,128
|
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
||||||
Unrealized gains (losses) on derivatives
|
|
|
|
|
|
|
|
|
||||||
Realized loss on interest rate swap
|
|
$
|
123,142
|
|
|
$
|
(1,340,329
|
)
|
|
$
|
(2,139,958
|
)
|
|
Other, net
|
Provision for income taxes
|
|
(25,860
|
)
|
|
469,116
|
|
|
748,986
|
|
|
Provision for Income Taxes
|
|||
|
|
$
|
97,282
|
|
|
$
|
(871,213
|
)
|
|
$
|
(1,390,972
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
||||||
Total reclassifications for the period
|
|
$
|
1,682,208
|
|
|
$
|
(264,257
|
)
|
|
$
|
(1,182,844
|
)
|
|
Net of tax
|
|
Carrying Amount
|
||
Balance as of December 31, 2017
|
$
|
307,365,845
|
|
Acquisitions
|
—
|
|
|
Divestitures
|
—
|
|
|
Impairments
|
—
|
|
|
Other
|
—
|
|
|
Balance as of December 31, 2018
|
$
|
307,365,845
|
|
Other Intangible Assets
|
Gross
|
Accumulated Amortization
|
Net
|
Assumed Useful Life
|
||||||
HomeLink
®
Trade Names and Trademarks
|
$
|
52,000,000
|
|
$
|
—
|
|
$
|
52,000,000
|
|
Indefinite
|
HomeLink
®
Technology
|
180,000,000
|
|
(78,750,000
|
)
|
$
|
101,250,000
|
|
12 years
|
||
Existing Customer Platforms
|
43,000,000
|
|
(22,575,000
|
)
|
$
|
20,425,000
|
|
10 years
|
||
Exclusive Licensing Agreement
|
96,000,000
|
|
—
|
|
$
|
96,000,000
|
|
Indefinite
|
||
Total other identifiable intangible assets
|
371,000,000
|
|
(101,325,000
|
)
|
269,675,000
|
|
|
|||
|
|
|
|
|
Other Intangible Assets
|
Gross
|
Accumulated Amortization
|
Net
|
Assumed Useful Life
|
||||||
HomeLink
®
Trade Names and Trademarks
|
$
|
52,000,000
|
|
$
|
—
|
|
$
|
52,000,000
|
|
Indefinite
|
HomeLink
®
Technology
|
180,000,000
|
|
(63,750,000
|
)
|
$
|
116,250,000
|
|
12 years
|
||
Existing Customer Platforms
|
43,000,000
|
|
(18,275,000
|
)
|
$
|
24,725,000
|
|
10 years
|
||
Exclusive Licensing Agreement
|
96,000,000
|
|
—
|
|
$
|
96,000,000
|
|
Indefinite
|
||
Total other identifiable intangible assets
|
371,000,000
|
|
(82,025,000
|
)
|
288,975,000
|
|
|
|
For the Twelve Months ended December 31,
|
||||||
Revenue
|
2018
|
|
2017
|
||||
Automotive Products
|
|
|
|
||||
U.S.
|
$
|
583,672,971
|
|
|
$
|
567,492,812
|
|
Germany
|
333,002,878
|
|
|
351,123,204
|
|
||
Japan
|
209,311,790
|
|
|
185,261,067
|
|
||
Other
|
665,210,657
|
|
|
654,250,385
|
|
||
Total Automotive Products
|
$
|
1,791,198,296
|
|
|
$
|
1,758,127,468
|
|
Other Products (U.S.)
|
42,865,401
|
|
|
36,745,110
|
|
||
Total Revenue
|
$
|
1,834,063,697
|
|
|
$
|
1,794,872,578
|
|
|
|
|
|
|
For the Twelve Months Ended December 31,
|
||||||
Revenue
|
2018
|
|
2017
|
||||
Automotive Segment
|
|
|
|
||||
Automotive Mirrors & Electronics
|
$
|
1,598,589,777
|
|
|
$
|
1,573,222,820
|
|
HomeLink Modules*
|
192,608,519
|
|
|
184,904,648
|
|
||
Total Automotive Products
|
$
|
1,791,198,296
|
|
|
$
|
1,758,127,468
|
|
|
|
|
|
||||
Other Segment
|
|
|
|
||||
Fire Protection Products
|
$
|
22,109,784
|
|
|
$
|
18,790,474
|
|
Windows Products
|
20,755,617
|
|
|
17,954,636
|
|
||
Total Other
|
$
|
42,865,401
|
|
|
$
|
36,745,110
|
|
|
|
|
|
||||
*Excludes HomeLink revenue related to HomeLink modules integrated into automotive mirrors
|
10.11
|
|
|
|
|
|
*10.12
|
|
|
|
|
|
*10.13
|
|
|
|
|
|
*10.14
|
|
|
|
|
|
*10.15
|
|
|
|
|
|
10.16
|
|
|
|
|
|
*10.17
|
|
|
|
|
|
*10.18
|
|
|
|
|
|
*10.19
|
|
|
|
|
|
*10.20
|
|
|
|
|
|
*10.21
|
|
|
|
|
|
*10.22
|
|
|
|
|
|
*10.23
|
|
|
|
|
|
*10.24
|
|
|
|
|
|
*10.25
|
|
|
|
|
|
*10.26
|
|
|
|
|
|
21
|
|
|
|
|
|
23.1
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32
|
|
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
1 Year Gentex Chart |
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