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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022 or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission File Number: 0-10235
GENTEX CORPORATION
(Exact name of registrant as specified in its charter)
Michigan
38-2030505
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
600 N. Centennial
Zeeland
Michigan49464
(Address of principal executive offices)
(Zip Code)
(616) 772-1800
(Registrant’s telephone number, including area code)
________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.06 per shareGNTXNASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes:  þ    No:  o 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes:  þ    No:  o 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes:    No:   þ
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes:  o No:  o
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Shares Outstanding, October 28, 2022
Common Stock, $.06 Par Value
234,582,146

1


GENTEX CORPORATION AND SUBSIDIARIES
For the Three and Nine Months Ended September 30, 2022
FORM 10-Q
Index
Part I - Financial Information
Page
Item 1.
Item 2.
Item 3.
Item 4.
Part II - Other Information
Item 1A.
Item 2.
Item 6.


2


PART I —FINANCIAL INFORMATION
Item 1. Unaudited Condensed Consolidated Financial Statements.
GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of September 30, 2022 and December 31, 2021
September 30, 2022 (Unaudited)
December 31, 2021
(Note)
ASSETS
CURRENT ASSETS
Cash and cash equivalents$222,933,723 $262,311,670 
Short-term investments16,122,519 5,423,612 
Accounts receivable, net292,413,491 249,794,906 
Inventories418,286,161 316,267,442 
Prepaid expenses and other39,567,381 39,178,119 
Total current assets989,323,275 872,975,749 
PLANT AND EQUIPMENT—NET526,680,787 464,121,676 
OTHER ASSETS
Goodwill313,851,944 313,960,209 
Long-term investments154,429,190 207,693,147 
Equity method investments39,680,791  
Intangible assets, net224,185,910 239,189,627 
Patents and other assets, net63,171,166 33,450,758 
Total other assets795,319,001 794,293,741 
Total assets$2,311,323,063 $2,131,391,166 
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
CURRENT LIABILITIES
Accounts payable$171,436,605 $98,342,928 
Accrued liabilities93,728,038 83,313,172 
Total current liabilities265,164,643 181,656,100 
OTHER NON-CURRENT LIABILITIES12,112,756 11,746,599 
Total liabilities277,277,399 193,402,699 
SHAREHOLDERS’ INVESTMENT
Common stock14,075,843 14,186,450 
Additional paid-in capital908,622,409 879,413,385 
Retained earnings1,108,061,455 1,042,461,388 
Accumulated other comprehensive (loss) income3,285,957 1,927,244 
Total shareholders’ investment2,034,045,664 1,937,988,467 
Total liabilities and shareholders’ investment$2,311,323,063 $2,131,391,166 

Note: The condensed consolidated balance sheet at December 31, 2021 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.
3


GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Three and Nine Months Ended September 30, 2022 and 2021
 
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
NET SALES
$493,636,695 $399,598,744 $1,425,310,472 $1,311,328,609 
COST OF GOODS SOLD
346,435,670 258,698,723 969,330,474 835,531,679 
Gross profit147,201,025 140,900,021 455,979,998 475,796,930 
OPERATING EXPENSES:
Engineering, research and development33,541,331 29,750,973 98,373,737 86,462,112 
Selling, general & administrative26,868,154 22,984,108 81,717,848 67,511,555 
Total operating expenses60,409,485 52,735,081 180,091,585 153,973,667 
Income from operations86,791,540 88,164,940 275,888,413 321,823,263 
OTHER (LOSS) INCOME
Investment income1,496,852 856,351 3,205,452 2,782,900 
Other (loss) income, net(2,126,039)872,943 (4,828,119)2,370,527 
Total other (loss) income(629,187)1,729,294 (1,622,667)5,153,427 
INCOME BEFORE PROVISION FOR INCOME TAXES86,162,353 89,894,234 274,265,746 326,976,690 
PROVISION FOR INCOME TAXES13,506,358 13,233,686 41,676,723 50,358,854 
NET INCOME$72,655,995 $76,660,548 $232,589,023 $276,617,836 
EARNINGS PER SHARE: (1)
Basic$0.31 $0.32 $0.99 $1.15 
Diluted$0.31 $0.32 $0.99 $1.15 
Cash Dividends Declared per Share$0.120 $0.120 $0.360 $0.360 
(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.

4


GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three and Nine Months Ended September 30, 2022 and 2021
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income$72,655,995 $76,660,548 $232,589,023 $276,617,836 
Other comprehensive (loss) income before tax:
Foreign currency translation adjustments17,751,603 (349,165)13,723,857 (238,378)
Unrealized losses on debt securities, net(4,442,743)(816,801)(15,652,081)(4,230,473)
Other comprehensive income (loss), before tax13,308,860 (1,165,966)(1,928,224)(4,468,851)
Income tax impact related to components of other comprehensive (loss) income(932,976)(171,528)(3,286,937)(888,399)
Other comprehensive income (loss), net of tax14,241,836 (994,438)1,358,713 (3,580,452)
Comprehensive income$86,897,831 $75,666,110 $233,947,736 $273,037,384 

5



GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT
For the Three Months Ended September 30, 2022 and 2021
Common 
Stock
Shares
Common 
Stock
Amount
Additional 
Paid-In
Capital
Retained 
Earnings
Accumulated 
Other
Comprehensive
Income (Loss)
Total 
Shareholders’
Investment
BALANCE AS OF JULY 1, 2022235,132,265 $14,107,936 $900,576,404 $1,082,846,019 $(10,955,879)$1,986,574,480 
Issuance of common stock from stock plan transactions315,433 18,926 3,351,010 — — 3,369,936 
Repurchases of common stock(850,306)(51,019)(2,916,551)(19,289,212)— (22,256,782)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock— — 7,611,546 — — 7,611,546 
Dividends declared ($0.12 per share)
— — — (28,151,347)— (28,151,347)
Net income— — — 72,655,995 — 72,655,995 
Other comprehensive income— — — — 14,241,836 14,241,836 
BALANCE AS OF SEPTEMBER 30, 2022234,597,392 $14,075,843 $908,622,409 $1,108,061,455 $3,285,957 $2,034,045,664 
BALANCE AS OF JULY 1, 2021238,966,589 $14,337,995 $859,678,392 $1,038,037,564 $4,265,038 $1,916,318,989 
Issuance of common stock from stock plan transactions398,873 23,932 7,093,058 — — 7,116,990 
Repurchases of common stock(2,830,850)(169,851)(9,200,264)(81,211,798)— (90,581,913)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock— — 7,492,763 — — 7,492,763 
Dividends declared ($0.12 per share)
— — — (28,382,653)— (28,382,653)
Net income— — — 76,660,548 — 76,660,548 
Other comprehensive loss— — — — (994,438)(994,438)
BALANCE AS OF SEPTEMBER 30, 2021236,534,612 $14,192,076 $865,063,949 $1,005,103,661 $3,270,600 $1,887,630,286 

6



GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT
For the Nine Months Ended September 30, 2022 and 2021
Common 
Stock
Shares
Common 
Stock
Amount
Additional 
Paid-In
Capital
Retained 
Earnings
Accumulated 
Other
Comprehensive
(Loss) Income
Total 
Shareholders’
Investment
BALANCE AS OF JANUARY 1, 2022236,440,840 $14,186,450 $879,413,385 $1,042,461,388 $1,927,244 $1,937,988,467 
Issuance of common stock from stock plan transactions1,284,615 77,077 12,288,026 — — 12,365,103 
Issuance of common stock for equity investment purchases162,433 9,7464,990,266 — — 5,000,012 
Repurchases of common stock(3,290,496)(197,430)(11,042,381)(82,268,993)— (93,508,804)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock— — 22,973,113 — — 22,973,113 
Dividends declared ($0.36 per share)
— — — (84,719,963)— (84,719,963)
Net income— — — 232,589,023 — 232,589,023 
Other comprehensive income— — — — 1,358,713 1,358,713 
BALANCE AS OF SEPTEMBER 30, 2022234,597,392 $14,075,843 $908,622,409 $1,108,061,455 $3,285,957 $2,034,045,664 
BALANCE AS OF JANUARY 1, 2021243,692,869 $14,621,572 $852,771,508 $1,089,698,996 $6,851,052 $1,963,943,128 
Issuance of common stock from stock plan transactions1,838,789 110,327 20,663,547 — — 20,773,874 
Repurchases of common stock(8,997,046)(539,823)(28,486,027)(275,169,905)— (304,195,755)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock— — 20,114,921 — — 20,114,921 
Dividends declared ($0.36 per share)
— — — (86,043,266)— (86,043,266)
Net income— — — 276,617,836 — 276,617,836 
Other comprehensive loss— — — — (3,580,452)(3,580,452)
BALANCE AS OF SEPTEMBER 30, 2021236,534,612 $14,192,076 $865,063,949 $1,005,103,661 $3,270,600 $1,887,630,286 

7


GENTEX CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2022 and 2021
20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$232,589,023 $276,617,836 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization73,289,065 75,105,881 
(Gain) on disposal of assets(56,257)(459,528)
Loss on disposal of assets22,096 213,430 
(Gain) on sale of investments(391,378)(969,971)
Loss on sale of investments1,248,450 192,346 
Change in deferred income taxes4,785,787 (20,269,706)
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock22,973,113 20,114,921 
Change in operating assets and liabilities:
Accounts receivable, net(42,618,585)43,704,625 
Inventories(102,018,719)(66,308,038)
Prepaid expenses and other(16,978,469)(45,504,501)
Accounts payable52,511,201 15,748,219 
Accrued liabilities, excluding dividends declared and short-term debt11,002,238 1,195,477 
Net cash provided by operating activities236,357,565 299,380,991 
CASH FLOWS USED FOR INVESTING ACTIVITIES:
Activity in available-for-sale securities:
Sales proceeds37,429,595 34,250,068 
Maturities and calls3,500,000 26,110,000 
Purchases(25,304,476)(86,228,584)
Purchase of equity method investments(24,250,000) 
Plant and equipment additions(108,475,787)(44,357,786)
Proceeds from sale of plant and equipment91,949 2,550,805 
Acquisition of businesses, net of cash acquired (12,023,440)
Increase in other assets(2,310,428)(2,763,847)
Net cash used for investing activities(119,319,147)(82,462,784)
CASH FLOWS USED FOR FINANCING ACTIVITIES:
Issuance of common stock from stock plan transactions12,365,103 20,773,874 
Cash dividends paid(84,941,178)(86,902,257)
Repurchases of common stock(83,840,290)(304,195,755)
Net cash used for financing activities(156,416,365)(370,324,138)
NET DECREASE IN CASH AND CASH EQUIVALENTS(39,377,947)(153,405,931)
CASH AND CASH EQUIVALENTS, beginning of period262,311,670 423,371,036 
CASH AND CASH EQUIVALENTS, end of period$222,933,723 $269,965,105 

8


GENTEX CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)



(1)    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 2021 annual report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only a normal and recurring nature, necessary to present fairly the financial position of the Company as of September 30, 2022, and the results of operations and cash flows for the interim periods presented.

(2)    Goodwill and Other Intangible Assets

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

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

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

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

The patents and intangible assets and related change in carrying values are set forth in the tables below:





9


GENTEX CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)



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

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

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

10


GENTEX CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


Excluding the impact of any future acquisitions, the Company estimates amortization expense for the year ending December 31, 2022 to be approximately $22 million, for the year ending December 31, 2023 to be approximately $20 million, for the year ending December 31, 2024 to be approximately $16 million, and for each of the years ending December 31, 2025 and December 31, 2026 to be approximately $12 million.


(3)    Investments
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.

The Company also periodically makes technology investments in certain non-consolidated third parties. These equity investments are accounted for in accordance with ASC 323, Investments - Equity Method and Joint Ventures. The Company's share of the earnings or losses of non-controlled affiliates, over which the Company exercises significant influence (generally a 20% to 50% ownership interest), is included in the consolidated operating results using the equity method of accounting. These equity method investments, over which the Company exercises significant influence, totaled approximately $39.7 million as of September 30, 2022 (including approximately $11.1 million of investments accounted for under ASC 321, Investments - Equity Securities, as of December 31, 2021, for which the Company obtained significant influence during 2022). On June 3, 2022, the Company purchased an equity investment in GreenMarbles for $20.0 million, in addition to an issuance of $5.0 million worth of common stock. GreenMarbles is a leading provider of sustainable solutions for integration into properties. The Company did not have equity method investments as of December 31, 2021. These investments are classified within Equity Method Investments in the condensed consolidated balance sheets. 

The Company has made technology investments in certain non-consolidated affiliates for ownership interests of less than 20% (where the Company does not have the ability to exercise significant influence). These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities. For these equity investments that do not have readily determinable fair values, and where the Company has not identified any observable events that would cause adjustment of the valuation to date, are then held at cost. These technology investments totaled approximately $14.1 million and $16.8 million as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, $1.6 million of these investments are classified within Short-Term Investments in the condensed consolidated balance sheets. $12.5 million and $16.8 million of these investments are classified within Long-Term Investments in the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. 
Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2022 and December 31, 2021:



11


GENTEX CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)





As of September 30, 2022:
Fair Value Measurements at Reporting Date Using
Total as of
Quoted Prices in
Active Markets for
Identical Assets
Significant Other
Observable
Inputs
Significant
Unobservable
Inputs
Description
September 30, 2022(Level 1)(Level 2)(Level 3)
Cash & Cash Equivalents$222,933,723 $222,933,723 $ $ 
Short-Term Investments:
Certificate of Deposit1,732,547 1,732,547   
Corporate Bonds5,446,048  5,446,048  
Government Securities2,209,331  2,209,331  
Municipal Bonds3,509,688  3,509,688  
Other1,230,180 1,230,180   
Long-Term Investments:
Asset Backed Securities20,942,859  20,942,859  
Certificate of Deposit238,793 238,793   
Corporate Bonds34,522,617  34,522,617  
Government Securities37,693,740  37,693,740  
Municipal Bonds48,946,743  48,946,743  
Total$379,406,269 $226,135,243 $153,271,026 $ 

As of December 31, 2021:
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, 2021(Level 1)(Level 2)(Level 3)
Cash & Cash Equivalents$262,311,670 $262,311,670 $ $ 
Short-Term Investments:
Certificate of Deposit1,507,770 1,507,770   
Corporate Bonds2,018,440  2,018,440  
Government Securities    
Municipal Bonds    
Other1,897,402 1,897,402   
Long-Term Investments:
Asset-backed Securities25,799,513  25,799,513  
Certificate of Deposit2,056,710 2,056,710   
Corporate Bonds40,354,929  40,354,929  
Governmental Securities47,944,036  47,944,036  
Municipal Bonds74,720,480  74,720,480  
Total$458,610,950 $267,773,552 $190,837,398 $ 

12


GENTEX CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of September 30, 2022 and December 31, 2021:

As of September 30, 2022:
Unrealized
Cost
Gains
Losses
Market Value
Short-Term Investments:
Certificate of Deposit$1,750,623 $ $(18,076)$1,732,547 
Corporate Bonds5,600,869  (154,821)5,446,048 
Government Securities2,211,230  (1,899)2,209,331 
Municipal Bonds3,549,066  (39,378)3,509,688 
Other1,230,180   1,230,180 
Long-Term Investments:
Asset Backed Securities21,716,039  (773,180)20,942,859 
Certificate of Deposit250,000  (11,207)238,793 
Corporate Bonds39,223,627  (4,701,010)34,522,617 
Government Securities41,116,603  (3,422,863)37,693,740 
Municipal Bonds54,202,144 186,625 (5,442,026)48,946,743 
Total$170,850,381 $186,625 $(14,564,460)$156,472,546 


As of December 31, 2021:    
Unrealized
CostGainsLossesMarket Value
Short-Term Investments:
Certificate of Deposit$1,500,543 $7,227 $ $1,507,770 
Corporate Bonds1,994,639 23,801  2,018,440 
Other1,897,402   1,897,402 
Long-Term Investments:
Asset-backed Securities26,352,630 34,771 (587,888)25,799,513 
Certificate of Deposit2,001,714 54,996  2,056,710 
Corporate Bonds40,716,866 168,416 (530,353)40,354,929 
Government Securities48,385,672 55,939 (497,575)47,944,036 
Municipal Bonds72,175,568 2,747,964 (203,052)74,720,480 
Total$195,025,034 $3,093,114 $(1,818,868)$196,299,280