QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the quarterly period ended | ||||||||
OR | ||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the transition period from ______ to _______ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $ | shares | |||||||
Class A Common Stock, $ | shares |
Page | |||||||||||
Part I. | Financial Information | ||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Part II. | Other Information | ||||||||||
Item 6. | |||||||||||
July 31, 2022 | October 31, 2021 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable, net | ||||||||||||||
Contract assets | ||||||||||||||
Inventories, net | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Goodwill | ||||||||||||||
Intangible assets, net | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Current maturities of long-term debt | $ | $ | ||||||||||||
Trade accounts payable | ||||||||||||||
Accrued expenses and other current liabilities | ||||||||||||||
Income taxes payable | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt, net of current maturities | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 11) | ||||||||||||||
Redeemable noncontrolling interests (Note 3) | ||||||||||||||
Shareholders’ equity: | ||||||||||||||
Preferred Stock, $ | ||||||||||||||
Common Stock, $ | ||||||||||||||
Class A Common Stock, $ | ||||||||||||||
Capital in excess of par value | ||||||||||||||
Deferred compensation obligation | ||||||||||||||
HEICO stock held by irrevocable trust | ( | ( | ||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Retained earnings | ||||||||||||||
Total HEICO shareholders’ equity | ||||||||||||||
Noncontrolling interests | ||||||||||||||
Total shareholders’ equity | ||||||||||||||
Total liabilities and equity | $ | $ |
Nine months ended July 31, | Three months ended July 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Total operating costs and expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other income | |||||||||||||||||||||||
Income before income taxes and noncontrolling interests | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income from consolidated operations | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | |||||||||||||||||||||||
Net income attributable to HEICO | $ | $ | $ | $ | |||||||||||||||||||
Net income per share attributable to HEICO shareholders: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Nine months ended July 31, | Three months ended July 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income from consolidated operations | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ||||||||||||||||||||
Amortization of unrealized loss on defined benefit pension plan, net of tax | |||||||||||||||||||||||
Total other comprehensive (loss) income | ( | ( | ( | ||||||||||||||||||||
Comprehensive income from consolidated operations | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||||||||||
Foreign currency translation adjustments attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | |||||||||||||||||||||||
Comprehensive income attributable to HEICO | $ | $ | $ | $ |
HEICO Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Common Stock | Class A Common Stock | Capital in Excess of Par Value | Deferred Compensation Obligation | HEICO Stock Held by Irrevocable Trust | Accumulated Other Comprehensive Loss | Retained Earnings | Noncontrolling Interests | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of October 31, 2021 | $ | $ | $ | $ | $ | ($ | ($ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($ | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to HEICO Savings and Investment Plan | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from stock option exercises | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of common stock related to stock option exercises | — | ( | ( | ( | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of noncontrolling interests | ( | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests assumed related to acquisitions | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to redemption amount of redeemable noncontrolling interests | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of July 31, 2022 | $ | $ | $ | $ | $ | ($ | ($ | $ | $ | $ |
HEICO Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Common Stock | Class A Common Stock | Capital in Excess of Par Value | Deferred Compensation Obligation | HEICO Stock Held by Irrevocable Trust | Accumulated Other Comprehensive Loss | Retained Earnings | Noncontrolling Interests | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of October 31, 2020 | $ | $ | $ | $ | $ | ($ | ($ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($ | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to HEICO Savings and Investment Plan | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from stock option exercises | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of common stock related to stock option exercises | — | — | — | ( | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of noncontrolling interests | ( | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests assumed related to acquisitions | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to redemption amount of redeemable noncontrolling interests | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contributions from noncontrolling interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | — | — | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of July 31, 2021 | $ | $ | $ | $ | $ | ($ | ($ | $ | $ | $ |
HEICO Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Common Stock | Class A Common Stock | Capital in Excess of Par Value | Deferred Compensation Obligation | HEICO Stock Held by Irrevocable Trust | Accumulated Other Comprehensive Loss | Retained Earnings | Noncontrolling Interests | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of April 30, 2022 | $ | $ | $ | $ | $ | ($ | ($ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($ | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to HEICO Savings and Investment Plan | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from stock option exercises | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of common stock related to stock option exercises | — | — | — | ( | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of noncontrolling interests | ( | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests assumed related to acquisitions | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to redemption amount of redeemable noncontrolling interests | ( | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of July 31, 2022 | $ | $ | $ | $ | $ | ($ | ($ | $ | $ | $ |
HEICO Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Common Stock | Class A Common Stock | Capital in Excess of Par Value | Deferred Compensation Obligation | HEICO Stock Held by Irrevocable Trust | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of April 30, 2021 | $ | $ | $ | $ | $ | ($ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends ($ | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to HEICO Savings and Investment Plan | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from stock option exercises | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of common stock related to stock option exercises | — | — | — | ( | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions of noncontrolling interests | ( | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests assumed related to acquisitions | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to redemption amount of redeemable noncontrolling interests | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contributions from noncontrolling interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | ( | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of July 31, 2021 | $ | $ | $ | $ | $ | ($ | ($ | $ | $ | $ |
Nine months ended July 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating Activities: | |||||||||||
Net income from consolidated operations | $ | $ | |||||||||
Adjustments to reconcile net income from consolidated operations to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Share-based compensation expense | |||||||||||
Employer contributions to HEICO Savings and Investment Plan | |||||||||||
Deferred income tax provision (benefit) | ( | ||||||||||
(Decrease) increase in accrued contingent consideration, net | ( | ||||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
(Increase) decrease in accounts receivable | ( | ||||||||||
Increase in contract assets | ( | ( | |||||||||
(Increase) decrease in inventories | ( | ||||||||||
Increase in prepaid expenses and other current assets | ( | ( | |||||||||
Increase in trade accounts payable | |||||||||||
Increase in accrued expenses and other current liabilities | |||||||||||
(Decrease) increase in income taxes payable | ( | ||||||||||
Net changes in other long-term liabilities and assets related to HEICO Leadership Compensation Plan | |||||||||||
Other | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing Activities: | |||||||||||
Acquisitions, net of cash acquired | ( | ( | |||||||||
Capital expenditures | ( | ( | |||||||||
Investments related to HEICO Leadership Compensation Plan | ( | ( | |||||||||
Other | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing Activities: | |||||||||||
Borrowings on revolving credit facility | — | ||||||||||
Payments on revolving credit facility | ( | ( | |||||||||
Redemptions of common stock related to stock option exercises | ( | ( | |||||||||
Cash dividends paid | ( | ( | |||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Acquisitions of noncontrolling interests | ( | ( | |||||||||
Revolving credit facility issuance costs | ( | ( | |||||||||
Proceeds from stock option exercises | |||||||||||
Capital contributions from noncontrolling interests | — | ||||||||||
Other | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash | ( | ||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of year | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
(in thousands) | July 31, 2022 | October 31, 2021 | ||||||||||||
Accounts receivable | $ | $ | ||||||||||||
Less: Allowance for doubtful accounts | ( | ( | ||||||||||||
Accounts receivable, net | $ | $ |
(in thousands) | July 31, 2022 | October 31, 2021 | ||||||||||||
Finished products | $ | $ | ||||||||||||
Work in process | ||||||||||||||
Materials, parts, assemblies and supplies | ||||||||||||||
Inventories, net of valuation reserves | $ | $ |
(in thousands) | July 31, 2022 | October 31, 2021 | ||||||||||||
Land | $ | $ | ||||||||||||
Buildings and improvements | ||||||||||||||
Machinery, equipment and tooling | ||||||||||||||
Construction in progress | ||||||||||||||
Less: Accumulated depreciation and amortization | ( | ( | ||||||||||||
Property, plant and equipment, net | $ | $ |
Nine months ended July 31, | Three months ended July 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
R&D expenses | $ | $ | $ | $ |
July 31, 2022 | October 31, 2021 | ||||||||||
Redeemable at fair value | $ | $ | |||||||||
Redeemable based on a multiple of future earnings | |||||||||||
Redeemable noncontrolling interests | $ | $ |
Foreign Currency Translation | Defined Benefit Pension Plan | Accumulated Other Comprehensive Loss | |||||||||||||||
Balances as of October 31, 2021 | ($ | ($ | ($ | ||||||||||||||
Unrealized loss | ( | — | ( | ||||||||||||||
Amortization of unrealized loss | — | ||||||||||||||||
Balances as of July 31, 2022 | ($ | ($ | ($ |
Segment | Consolidated Totals | ||||||||||||||||
FSG | ETG | ||||||||||||||||
Balances as of October 31, 2021 | $ | $ | $ | ||||||||||||||
Goodwill acquired | |||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ||||||||||||||
Adjustments to goodwill | ( | ( | ( | ||||||||||||||
Balances as of July 31, 2022 | $ | $ | $ |
As of July 31, 2022 | As of October 31, 2021 | |||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||
Amortizing Assets: | ||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | ($ | $ | $ | ($ | $ | ||||||||||||||||||||||||||||||||
Intellectual property | ( | ( | ||||||||||||||||||||||||||||||||||||
Licenses | ( | ( | ||||||||||||||||||||||||||||||||||||
Patents | ( | ( | ||||||||||||||||||||||||||||||||||||
Non-compete agreements | ( | ( | ||||||||||||||||||||||||||||||||||||
Trade names | ( | ( | ||||||||||||||||||||||||||||||||||||
( | ( | |||||||||||||||||||||||||||||||||||||
Non-Amortizing Assets: | ||||||||||||||||||||||||||||||||||||||
Trade names | — | — | ||||||||||||||||||||||||||||||||||||
$ | ($ | $ | $ | ($ | $ |
July 31, 2022 | October 31, 2021 | ||||||||||
Borrowings under revolving credit facility | $ | $ | |||||||||
Finance leases and notes payable | |||||||||||
Less: Current maturities of long-term debt | ( | ( | |||||||||
$ | $ |
July 31, 2022 | October 31, 2021 | Change | |||||||||||||||
Contract assets | $ | $ | $ | ||||||||||||||
Contract liabilities | |||||||||||||||||
Net contract assets | $ | $ | ($ |
Nine months ended July 31, | Three months ended July 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Flight Support Group: | |||||||||||||||||||||||
Aftermarket replacement parts (1) | $ | $ | $ | $ | |||||||||||||||||||
Repair and overhaul parts and services (2) | |||||||||||||||||||||||
Specialty products (3) | |||||||||||||||||||||||
Total net sales | |||||||||||||||||||||||
Electronic Technologies Group: | |||||||||||||||||||||||
Electronic component parts primarily for defense, space and aerospace equipment (4) | |||||||||||||||||||||||
Electronic component parts for equipment in various other industries (5) | |||||||||||||||||||||||
Total net sales | |||||||||||||||||||||||
Intersegment sales | ( | ( | ( | ( | |||||||||||||||||||
Total consolidated net sales | $ | $ | $ | $ | |||||||||||||||||||
Nine months ended July 31, | Three months ended July 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Flight Support Group: | |||||||||||||||||||||||
Aerospace | $ | $ | $ | $ | |||||||||||||||||||
Defense and Space | |||||||||||||||||||||||
Other (1) | |||||||||||||||||||||||
Total net sales | |||||||||||||||||||||||
Electronic Technologies Group: | |||||||||||||||||||||||
Defense and Space | |||||||||||||||||||||||
Other (2) | |||||||||||||||||||||||
Aerospace | |||||||||||||||||||||||
Total net sales | |||||||||||||||||||||||
Intersegment sales | ( | ( | ( | ( | |||||||||||||||||||
Total consolidated net sales | $ | $ | $ | $ | |||||||||||||||||||
As of July 31, 2022 | ||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Deferred compensation plan: | ||||||||||||||||||||||||||
Corporate-owned life insurance | $ | $ | $ | $ | ||||||||||||||||||||||
Money market fund | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Contingent consideration | $ | $ | $ | $ |
As of October 31, 2021 | ||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Deferred compensation plan: | ||||||||||||||||||||||||||
Corporate-owned life insurance | $ | $ | $ | $ | ||||||||||||||||||||||
Money market fund | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Contingent consideration | $ | $ | $ | $ |
Unobservable | Weighted | |||||||||||||||||||||||||
Acquisition Date | Fair Value | Input | Range | Average (1) | ||||||||||||||||||||||
7-18-2022 | $ | Compound annual revenue growth rate | ||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||
3-17-2022 | Compound annual revenue growth rate | ( | ||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||
8-4-2021 | Compound annual revenue growth rate | ( | ||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||
8-18-2020 | Compound annual revenue growth rate | |||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||
8-11-2020 | Compound annual revenue growth rate | ( | ||||||||||||||||||||||||
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9-15-2017 | Compound annual revenue growth rate | ( | ||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||
Liabilities | ||||||||
Balance as of October 31, 2021 | $ | |||||||
Contingent consideration related to acquisitions | ||||||||
Decrease in accrued contingent consideration, net | ( | |||||||
Foreign currency transaction adjustments | ( | |||||||
Balance as of July 31, 2022 | $ | |||||||
Included in the accompanying Condensed Consolidated Balance Sheet under the following captions: | ||||||||
Accrued expenses and other current liabilities | $ | |||||||
Other long-term liabilities | ||||||||
$ | ||||||||
Nine months ended July 31, | Three months ended July 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to HEICO | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares outstanding - basic | |||||||||||||||||||||||
Effect of dilutive stock options | |||||||||||||||||||||||
Weighted average common shares outstanding - diluted | |||||||||||||||||||||||
Net income per share attributable to HEICO shareholders: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Anti-dilutive stock options excluded |
Other, Primarily Corporate and Intersegment (1) | Consolidated Totals | |||||||||||||||||||||||||
Segment | ||||||||||||||||||||||||||
FSG | ETG | |||||||||||||||||||||||||
Nine months ended July 31, 2022: | ||||||||||||||||||||||||||
Net sales | $ | $ | ($ | $ | ||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||||
Operating income | ( | |||||||||||||||||||||||||
Capital expenditures | ||||||||||||||||||||||||||
Nine months ended July 31, 2021: | ||||||||||||||||||||||||||
Net sales | $ | $ | ($ | $ | ||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||||
Operating income | ( | |||||||||||||||||||||||||
Capital expenditures | ||||||||||||||||||||||||||
Three months ended July 31, 2022: | ||||||||||||||||||||||||||
Net sales | $ | $ | ($ | $ | ||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||||
Operating income | ( | |||||||||||||||||||||||||
Capital expenditures | ||||||||||||||||||||||||||
Three months ended July 31, 2021: | ||||||||||||||||||||||||||
Net sales | $ | $ | ($ | $ | ||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||||
Operating income | ( | |||||||||||||||||||||||||
Capital expenditures | ||||||||||||||||||||||||||
Other, Primarily Corporate | Consolidated Totals | |||||||||||||||||||||||||
Segment | ||||||||||||||||||||||||||
FSG | ETG | |||||||||||||||||||||||||
Total assets as of July 31, 2022 | $ | $ | $ | $ | ||||||||||||||||||||||
Total assets as of October 31, 2021 |
Nine months ended July 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Balances as of beginning of fiscal year | $ | $ | ||||||||||||
Accruals for warranties | ||||||||||||||
Acquired warranty liabilities | — | |||||||||||||
Warranty claims settled | ( | ( | ||||||||||||
Balances as of July 31 | $ | $ |
Nine months ended July 31, | Three months ended July 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net sales | $1,598,684 | $1,356,260 | $569,528 | $471,707 | |||||||||||||||||||
Cost of sales | 976,308 | 833,336 | 348,591 | 286,990 | |||||||||||||||||||
Selling, general and administrative expenses | 272,030 | 245,053 | 92,190 | 83,879 | |||||||||||||||||||
Total operating costs and expenses | 1,248,338 | 1,078,389 | 440,781 | 370,869 | |||||||||||||||||||
Operating income | $350,346 | $277,871 | $128,747 | $100,838 | |||||||||||||||||||
Net sales by segment: | |||||||||||||||||||||||
Flight Support Group | $909,253 | $666,732 | $330,259 | $237,118 | |||||||||||||||||||
Electronic Technologies Group | 703,932 | 706,182 | 244,203 | 239,543 | |||||||||||||||||||
Intersegment sales | (14,501) | (16,654) | (4,934) | (4,954) | |||||||||||||||||||
$1,598,684 | $1,356,260 | $569,528 | $471,707 | ||||||||||||||||||||
Operating income by segment: | |||||||||||||||||||||||
Flight Support Group | $189,329 | $103,357 | $70,756 | $42,059 | |||||||||||||||||||
Electronic Technologies Group | 189,605 | 200,419 | 68,029 | 68,997 | |||||||||||||||||||
Other, primarily corporate | (28,588) | (25,905) | (10,038) | (10,218) | |||||||||||||||||||
$350,346 | $277,871 | $128,747 | $100,838 | ||||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Gross profit | 38.9 | % | 38.6 | % | 38.8 | % | 39.2 | % | |||||||||||||||
Selling, general and administrative expenses | 17.0 | % | 18.1 | % | 16.2 | % | 17.8 | % | |||||||||||||||
Operating income | 21.9 | % | 20.5 | % | 22.6 | % | 21.4 | % | |||||||||||||||
Interest expense | .2 | % | .5 | % | .2 | % | .4 | % | |||||||||||||||
Other income | — | % | .1 | % | — | % | — | % | |||||||||||||||
Income tax expense | 4.2 | % | 2.7 | % | 6.0 | % | 3.3 | % | |||||||||||||||
Net income attributable to noncontrolling interests | 1.6 | % | 1.3 | % | 1.9 | % | 1.4 | % | |||||||||||||||
Net income attributable to HEICO | 15.9 | % | 16.1 | % | 14.5 | % | 16.3 | % |
Exhibit | Description | |||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL Document. * | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. * | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. * | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. * | |||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document. * | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. * | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). * | |||||||
HEICO CORPORATION | |||||||||||
Date: | August 31, 2022 | By: | /s/ CARLOS L. MACAU, JR. | ||||||||
Carlos L. Macau, Jr. Executive Vice President - Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||||||
By: | /s/ STEVEN M. WALKER | ||||||||||
Steven M. Walker Chief Accounting Officer and Assistant Treasurer (Principal Accounting Officer) |
Date: | August 31, 2022 | /s/ LAURANS A. MENDELSON | ||||||
Laurans A. Mendelson | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: | August 31, 2022 | /s/ CARLOS L. MACAU, JR. | ||||||
Carlos L. Macau, Jr. | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: | August 31, 2022 | /s/ LAURANS A. MENDELSON | ||||||
Laurans A. Mendelson | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: | August 31, 2022 | /s/ CARLOS L. MACAU, JR. | ||||||
Carlos L. Macau, Jr. | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED [PARENTHETICAL] - $ / shares shares in Thousands |
Jul. 31, 2022 |
Oct. 31, 2021 |
---|---|---|
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 10,000 | 10,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000 | 150,000 |
Common stock, shares issued | 54,511 | 54,264 |
Common stock, shares outstanding | 54,511 | 54,264 |
Class A Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000 | 150,000 |
Common stock, shares issued | 81,491 | 81,224 |
Common stock, shares outstanding | 81,491 | 81,224 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2022 |
Jul. 31, 2021 |
Jul. 31, 2022 |
Jul. 31, 2021 |
|
Net sales | $ 569,528 | $ 471,707 | $ 1,598,684 | $ 1,356,260 |
Operating costs and expenses: | ||||
Cost of sales | 348,591 | 286,990 | 976,308 | 833,336 |
Selling, general and administrative expenses | 92,190 | 83,879 | 272,030 | 245,053 |
Total operating costs and expenses | 440,781 | 370,869 | 1,248,338 | 1,078,389 |
Operating income | 128,747 | 100,838 | 350,346 | 277,871 |
Interest expense | (1,406) | (1,717) | (3,181) | (6,248) |
Other (expense) income | 145 | 162 | 685 | 1,179 |
Income before income taxes and noncontrolling interests | 127,486 | 99,283 | 347,850 | 272,802 |
Income tax expense | 34,400 | 15,600 | 67,400 | 36,400 |
Net income from consolidated operations | 93,086 | 83,683 | 280,450 | 236,402 |
Less: Net income attributable to noncontrolling interests | 10,546 | 6,794 | 25,979 | 18,244 |
Net income attributable to HEICO | $ 82,540 | $ 76,889 | $ 254,471 | $ 218,158 |
Net income per share attributable to HEICO shareholders: | ||||
Basic (in dollars per share) | $ 0.61 | $ 0.57 | $ 1.87 | $ 1.61 |
Diluted (in dollars per share) | $ 0.60 | $ 0.56 | $ 1.85 | $ 1.58 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 135,978 | 135,370 | 135,835 | 135,291 |
Diluted (in shares) | 137,837 | 137,957 | 137,890 | 137,837 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2022 |
Jul. 31, 2021 |
Jul. 31, 2022 |
Jul. 31, 2021 |
|
Net income from consolidated operations | $ 93,086 | $ 83,683 | $ 280,450 | $ 236,402 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (7,744) | (5,145) | (30,772) | 5,964 |
Amortization of unrealized loss on defined benefit pension plan, net of tax | 16 | 33 | 49 | 101 |
Total other comprehensive income (loss) | (7,728) | (5,112) | (30,723) | 6,065 |
Comprehensive income from consolidated operations | 85,358 | 78,571 | 249,727 | 242,467 |
Less: Comprehensive income attributable to noncontrolling interests | 10,546 | 6,794 | 25,979 | 18,244 |
Less: Foreign currency translation adjustments attributable to noncontrolling interests | (355) | (173) | (1,348) | 181 |
Comprehensive income attributable to noncontrolling interests | 10,191 | 6,621 | 24,631 | 18,425 |
Comprehensive income attributable to HEICO | $ 75,167 | $ 71,950 | $ 225,096 | $ 224,042 |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME - UNAUDITED [PARENTHETICAL] - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2022 |
Jul. 31, 2021 |
Jul. 31, 2022 |
Jul. 31, 2021 |
|
Cash dividends per share (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.18 | $ 0.17 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
9 Months Ended |
---|---|
Jul. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements of HEICO Corporation and its subsidiaries (collectively, “HEICO,” or the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q. Therefore, the condensed consolidated financial statements do not include all information and footnotes normally included in annual consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended October 31, 2021. The October 31, 2021 Condensed Consolidated Balance Sheet has been derived from the Company’s audited consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements contain all adjustments (consisting principally of normal recurring accruals) necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive income, statements of shareholders' equity and statements of cash flows for such interim periods presented. The results of operations for the nine months ended July 31, 2022 are not necessarily indicative of the results which may be expected for the entire fiscal year. The Company has two operating segments: the Flight Support Group (“FSG”), consisting of HEICO Aerospace Holdings Corp. and HEICO Flight Support Corp. ("HFSC") and their respective subsidiaries; and the Electronic Technologies Group (“ETG”), consisting of HEICO Electronic Technologies Corp. (“HEICO Electronic”) and its subsidiaries. The Company's results of operations in fiscal 2022 continue to reflect the adverse impact from the COVID-19 global pandemic (the “Pandemic”), including its impact on the Company’s supply chain. Despite the aforementioned, the Company experienced continued improvement in operating results in the first nine months and third quarter of fiscal 2022 as compared to the first nine months and third quarter of fiscal 2021 principally reflecting improved demand for its commercial aerospace products. The Flight Support Group has reported eight consecutive quarters of improvement in net sales and operating income resulting from signs of commercial air travel recovery in certain domestic travel markets, moderated by a slower recovery in international travel markets. New Accounting Pronouncement In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, "Revenue from Contracts with Customers," as if the acquirer had originated the contracts. ASU 2021-08 is effective for fiscal years and interim reporting periods within those fiscal years beginning after December 15, 2022, or in fiscal 2024 for HEICO. Early adoption is permitted and ASU 2021-08 shall be applied on a prospective basis to business combinations that occur on or after the adoption date. The Company is currently evaluating the effect, if any, the adoption of this guidance will have on its consolidated results of operations, financial position and cash flows.
|
ACQUISITIONS |
9 Months Ended |
---|---|
Jul. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions [Text Block] | ACQUISITIONS In July 2022, the Company, through a subsidiary of HFSC, acquired 96% of the stock of Accurate Metal Machining, Inc. ("Accurate"). Accurate is a manufacturer of high-reliability components and assemblies. The remaining 4% interest continues to be owned by certain members of Accurate’s management team (see Note 3, Selected Financial Statement Information - Redeemable Noncontrolling Interests, for additional information). The total consideration includes an accrual of $13.1 million as of the acquisition date representing the estimated fair value of contingent consideration the Company may be obligated to pay should Accurate meet certain earnings objectives following the acquisition. See Note 8, Fair Value Measurements, for additional information regarding the Company’s contingent consideration obligation. The purchase price of this acquisition was paid in cash, principally using proceeds from the Company's revolving credit facility. In March 2022, the Company, through a subsidiary of HFSC, acquired 74% of the membership interests of Pioneer Industries, LLC ("Pioneer"). Pioneer is a specialty distributor of spares for military aviation, marine, and ground platforms. The remaining 26% interest continues to be owned by certain members of Pioneer's management team (see Note 3, Selected Financial Statement Information - Redeemable Noncontrolling Interests, for additional information). The total consideration includes an accrual of $9.8 million as of the acquisition date representing the estimated fair value of contingent consideration the Company may be obligated to pay should Pioneer meet a certain earnings objective following the acquisition. See Note 8, Fair Value Measurements, for additional information regarding the Company’s contingent consideration obligation. The purchase price of this acquisition was paid in cash, principally using proceeds from the Company's revolving credit facility. In March 2022, the Company, through a subsidiary of HEICO Electronic, acquired 100% of the stock of Flight Microwave Corporation ("Flight Microwave"). Flight Microwave is a designer and manufacturer of custom high power filters and filter assemblies used in space and defense applications. The purchase price of this acquisition was paid in cash using cash provided by operating activities. The individual purchase price of Accurate, Pioneer and Flight Microwave is not material or significant to the Company's condensed consolidated financial statements. The allocation of the total consideration for the fiscal 2022 acquisitions to the tangible and identifiable intangible assets acquired and liabilities and noncontrolling interests assumed is preliminary until the Company obtains final information regarding their fair values. However, the Company does not expect any adjustment to such allocations to be material to the Company's consolidated financial statements. The operating results of the fiscal 2022 acquisitions were included in the Company’s results of operations as of each effective acquisition date. The amount of net sales and earnings of the fiscal 2022 acquisitions included in the Condensed Consolidated Statements of Operations for the nine and three months ended July 31, 2022 is not material. Had the fiscal 2022 acquisitions occurred as of November 1, 2020, net sales and net income from consolidated operations on a pro forma basis for the nine and three months ended July 31, 2022 would not have been materially different than the reported amounts, and net sales on a pro forma basis for the nine and three months ended July 31, 2021 would have been $1,448.0 million and $504.1 million, respectively, and net income from consolidated operations on a pro forma basis for the nine and three months ended July 31, 2021 would have been $248.5 million and $88.1 million, respectively. Had the fiscal 2022 acquisitions occurred as of November 1, 2020, net income attributable to HEICO, and basic and diluted net income per share attributable to HEICO shareholders on a pro forma basis for the nine and three months ended July 31, 2022 and 2021 would not have been materially different than the reported amounts. The pro forma financial information is presented for comparative purposes only and is not necessarily indicative of the results of operations that actually would have been achieved if the acquisitions had taken place as of November 1, 2020. The unaudited pro forma financial information includes adjustments to historical amounts such as additional amortization expense related to the intangible assets acquired and increased interest expense associated with borrowings to finance the acquisitions.
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SELECTED FINANCIAL STATEMENT INFORMATION |
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Selected Financial Statement Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Financial Statement Information [Text Block] | SELECTED FINANCIAL STATEMENT INFORMATION Accounts Receivable
Inventories
Property, Plant and Equipment
Accrued Customer Rebates and Credits The aggregate amount of accrued customer rebates and credits included within accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheets was $17.5 million as of July 31, 2022 and $13.2 million as of October 31, 2021. The total customer rebates and credits deducted within net sales for the nine months ended July 31, 2022 and 2021 was $5.9 million and $2.5 million, respectively. The total customer rebates and credits deducted within net sales for the three months ended July 31, 2022 and 2021 was $2.2 million and $.7 million, respectively. Research and Development Expenses The amount of new product research and development ("R&D") expenses included in cost of sales for the nine and three months ended July 31, 2022 and 2021 is as follows (in thousands):
Redeemable Noncontrolling Interests The holders of equity interests in certain of the Company's subsidiaries have rights ("Put Rights") that may be exercised on varying dates causing the Company to purchase their equity interests through fiscal 2032. The Put Rights, all of which relate either to common shares or membership interests in limited liability companies, provide that the cash consideration to be paid for their equity interests (the "Redemption Amount") be at fair value or a formula that management intended to reasonably approximate fair value based solely on a multiple of future earnings over a measurement period. Management's estimate of the aggregate Redemption Amount of all Put Rights that the Company could be required to pay is as follows (in thousands):
As discussed in Note 2, Acquisitions, the Company, through a subsidiary of HFSC, acquired 96% of the stock of Accurate in July 2022. As part of the operating agreement, the noncontrolling interest holders have the right to cause the Company to purchase their membership interest over a four-year period beginning in fiscal 2029, or sooner under certain conditions, and the Company has the right to purchase the same membership interest over the same period. As discussed in Note 2, Acquisitions, the Company, through a subsidiary of HFSC, acquired 74% of the membership interests of Pioneer in March 2022. As part of the operating agreement, the noncontrolling interest holders have the right to cause the Company to purchase their membership interest over a four-year period beginning in fiscal 2029, or sooner under certain conditions, and the Company has the right to purchase the same membership interest over the same period. During fiscal 2022, the holder of a 19.9% noncontrolling equity interest in a subsidiary of the FSG that was acquired in fiscal 2017 exercised its option to cause the Company to purchase one-half of the noncontrolling interest in fiscal 2022 and the remaining one-half in fiscal 2024. Accordingly, the Company acquired an additional 9.95% equity interest in May 2022, which increased the Company's ownership interest in the subsidiary to 90.05%. During fiscal 2022, the Company sold a 3% equity interest in a subsidiary of the FSG that was acquired in fiscal 2015, which decreased the Company's ownership interest in the subsidiary to 82%. As part of the operating agreement, the noncontrolling interest holder has the right to cause the Company to purchase one-fifth of its equity interest beginning in fiscal 2028, or sooner under certain conditions, and each remaining one-fifth equity interest following the first anniversary of the most recent put option exercise. The Company has the right to purchase the same equity interest over the same period. During fiscal 2022, the Company sold 10% of the membership interests of a subsidiary of the FSG that was acquired in fiscal 2018, which decreased the Company's ownership interest in the subsidiary to 90%. As part of the operating agreement, the noncontrolling interest holder has the right to cause the Company to purchase its membership interest over a four-year period beginning in fiscal 2027, or sooner under certain conditions, and the Company has the right to purchase the same membership interest over the same period. Accumulated Other Comprehensive Loss Changes in the components of accumulated other comprehensive loss for the nine months ended July 31, 2022 are as follows (in thousands):
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GOODWILL AND OTHER INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill by operating segment for the nine months ended July 31, 2022 are as follows (in thousands):
The goodwill acquired pertains to the fiscal 2022 acquisitions described in Note 2, Acquisitions, and represents the residual value after the allocation of the total consideration to the tangible and identifiable intangible assets acquired and liabilities and noncontrolling interests assumed. Foreign currency translation adjustments are included in other comprehensive income (loss) in the Company's Condensed Consolidated Statements of Comprehensive Income. The adjustments to goodwill principally reflect a measurement period adjustment of the write-up to fair value of property, plant and equipment associated with a fiscal 2021 acquisition. The Company estimates that $108 million of the goodwill acquired in fiscal 2022 will be deductible for income tax purposes. Identifiable intangible assets consist of the following (in thousands):
Amortization expense related to intangible assets for the nine months ended July 31, 2022 and 2021 was $45.4 million and $45.5 million, respectively. Amortization expense related to intangible assets for the three months ended July 31, 2022 and 2021 was $15.2 million. Amortization expense related to intangible assets for the remainder of fiscal 2022 is estimated to be $15.5 million. Amortization expense for each of the next five fiscal years and thereafter is estimated to be $58.3 million in fiscal 2023, $53.3 million in fiscal 2024, $48.9 million in fiscal 2025, $44.4 million in fiscal 2026, $41.5 million in fiscal 2027, and $180.3 million thereafter.
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LONG-TERM DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt [Text Block] | LONG-TERM DEBT Long-term debt consists of the following (in thousands):
The Company's borrowings under its revolving credit facility mature in fiscal 2025 as discussed further below. As of July 31, 2022 and October 31, 2021, the weighted average interest rate on borrowings under the Company's revolving credit facility was 3.3% and 1.1%, respectively. The revolving credit facility contains both financial and non-financial covenants. As of July 31, 2022, the Company was in compliance with all such covenants. On April 7, 2022, the Company entered into an amendment to extend the maturity date of its Revolving Credit Facility Agreement ("Credit Facility") by one year to November 2024 and to replace the Eurocurrency Rate with Adjusted Term SOFR as an election in which borrowings under the Credit Facility accrue interest, as such capitalized terms are defined in the Credit Facility.
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REVENUE |
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Revenue from Contract with Customer [Text Block] | REVENUE Contract Balances Contract assets (unbilled receivables) represent revenue recognized on contracts using an over-time recognition model in excess of amounts invoiced to the customer. Contract liabilities (deferred revenue) represent customer advances and billings in excess of revenue recognized and are included within accrued expenses and other current liabilities in the Company’s Condensed Consolidated Balance Sheets. Changes in the Company’s contract assets and liabilities for the nine months ended July 31, 2022 are as follows (in thousands):
The increase in the Company's contract liabilities during the first nine months of fiscal 2022 principally reflects the receipt of advance deposits on certain customer contracts at both the ETG and FSG. The amount of revenue that the Company recognized during the nine and three months ended July 31, 2022 that was included in contract liabilities as of the beginning of fiscal 2022 was $22.7 million and $3.1 million, respectively. Remaining Performance Obligations As of July 31, 2022, the Company had $451.3 million of remaining performance obligations associated with contracts with an original duration of greater than one year pertaining to the majority of the products offered by the ETG as well as certain products of the FSG's specialty products product line. The Company will recognize net sales as these obligations are satisfied. The Company expects to recognize $123.8 million of this amount during the remainder of fiscal 2022 and $327.5 million thereafter, of which the majority is expected to occur in fiscal 2023. Disaggregation of Revenue The following table summarizes the Company’s net sales by product line for each operating segment (in thousands):
(1) Includes primarily various jet engine and aircraft component replacement parts. (2) Includes primarily the sale of parts consumed in various repair and overhaul services on selected jet engine and aircraft components, avionics, instruments, composites and flight surfaces of commercial and military aircraft. (3) Includes primarily the sale of specialty components such as thermal insulation blankets, renewable/reusable insulation systems, advanced niche components, complex composite assemblies, and expanded foil mesh as well as machining, brazing, fabricating and welding services generally to original equipment manufacturers. (4) Includes various component parts such as electro-optical infrared simulation and test equipment, electro-optical laser products, electro-optical, microwave and other power equipment, high-speed interface products, power conversion products, underwater locator beacons, emergency locator transmission beacons, traveling wave tube amplifiers, microwave power modules, a wide variety of memory products and radio frequency (RF) and microwave products, crashworthy and ballistically self-sealing auxiliary fuel systems, high performance communications and electronic intercept receivers and tuners, high performance active antenna systems and technical surveillance countermeasures (TSCM) equipment. (5) Includes various component parts such as electromagnetic and radio frequency interference shielding, high voltage interconnection devices, high voltage advanced power electronics, harsh environment connectivity products, custom molded cable assemblies, silicone material for a variety of demanding applications and rugged small form-factor embedded computing solutions. The following table summarizes the Company’s net sales by industry for each operating segment (in thousands):
(1) Principally industrial products. (2) Principally other electronics and medical products.
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INCOME TAXES |
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Jul. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The Company's effective tax rate was 19.4% in the first nine months of fiscal 2022, as compared to 13.3% in the first nine months of fiscal 2021. The increase in the Company's effective tax rate principally reflects a 4.9% unfavorable impact from tax-exempt unrealized losses in the cash surrender values of life insurance policies related to the HEICO Leadership Compensation Plan ("the LCP") recognized in the first nine months of fiscal 2022 as compared to the tax-exempt unrealized gains recognized on such policies in the first nine months of fiscal 2021. The Company's effective tax rate was 27.0% in the third quarter of fiscal 2022, as compared to 15.7% in the third quarter of fiscal 2021. The increase in the Company's effective tax rate principally reflects a 5.3% unfavorable impact from tax-exempt unrealized losses in the cash surrender values of life insurance policies related to the LCP recognized in the third quarter of fiscal 2022 as compared to the tax-exempt unrealized gains recognized on such policies in the third quarter of fiscal 2021. The increase also reflects a 2.6% unfavorable impact as the third quarter of fiscal 2021 benefited from a larger income tax credit due to higher qualifying R&D expenditures.
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS The Company's assets and liabilities that were measured at fair value on a recurring basis are set forth by level within the fair value hierarchy in the following tables (in thousands):
The Company maintains the HEICO Corporation Leadership Compensation Plan (the "LCP"), which is a non-qualified deferred compensation plan. The assets of the LCP principally represent cash surrender values of life insurance policies, which derive their fair values from investments in mutual funds that are managed by an insurance company, and are classified within Level 2 and valued using a market approach. Certain other assets of the LCP represent investments in money market funds that are classified within Level 1. The assets of the LCP are held within an irrevocable trust and classified within other assets in the Company’s Condensed Consolidated Balance Sheets. The related liabilities of the LCP are included within other long-term liabilities and accrued expenses and other current liabilities in the Company’s Condensed Consolidated Balance Sheets and have an aggregate value of $218.2 million as of July 31, 2022 and $244.3 million as of October 31, 2021. As part of the agreement to acquire 96% of the stock of a subsidiary by the FSG in fiscal 2022, the Company may be obligated to pay contingent consideration of up to $27.4 million in fiscal 2027 based on the earnings of the acquired entity during fiscal years 2025 and 2026 provided the entity meets certain earnings objectives during each of fiscal years 2022 to 2024. As of July 31, 2022, the estimated fair value of the contingent consideration was $13.1 million. As part of the agreement to acquire 74% of the membership interests of a subsidiary by the FSG in fiscal 2022, the Company may be obligated to pay contingent consideration of $14.1 million in fiscal 2027 should the acquired entity meet a certain earnings objective during the five-year period following the acquisition. As of July 31, 2022, the estimated fair value of the contingent consideration was $9.7 million. As part of the agreement to acquire 89% of the membership interests of a subsidiary by the FSG in fiscal 2021, the Company may be obligated to pay contingent consideration of $8.9 million as early as in fiscal 2024 should the acquired entity meet a certain earnings objective during the three-year period following the acquisition. Additionally, the Company may be obligated to pay contingent consideration of up to $17.8 million as early as in fiscal 2026 should the acquired entity meet a certain earnings objective during the three-year period following the second anniversary of the acquisition. As of July 31, 2022, the estimated fair value of the contingent consideration was $17.4 million. As part of the agreement to acquire 89.99% of the equity interests of a subsidiary by the ETG in fiscal 2020, the Company may be obligated to pay contingent consideration of up to CAD $27.0 million, or $21.1 million, in fiscal 2025 should the acquired entity meet certain earnings objectives during fiscal 2023 and 2024. However, should the acquired entity achieve a certain earnings objective over any two consecutive fiscal years beginning in fiscal 2021 and ending in fiscal 2023, half of the contingent consideration obligation, or CAD $13.5 million, would be payable in the following year. As of July 31, 2022, the estimated fair value of the contingent consideration was CAD $18.5 million, or $14.4 million, of which $10.4 million was included in accrued expenses and other current liabilities in the Company's Condensed Consolidated Balance Sheet. As part of the agreement to acquire a subsidiary by the ETG in fiscal 2020, the Company may be obligated to pay contingent consideration of up to $35.0 million in fiscal 2025 based on the earnings of the acquired entity during calendar years 2023 and 2024 provided the entity meets certain earnings objectives during each of calendar years 2021 to 2024. As of July 31, 2022, the estimated fair value of the contingent consideration was $7.4 million as compared to $13.3 million as of October 31, 2021. The decrease in the fair value of the contingent consideration is principally attributable to an increased probability that the required earnings objective for each of calendar years 2022 to 2024 is not met as forecasted sales and earnings growth is delayed reflecting the lower demand that the subsidiary is currently experiencing for its defense products. The obligation to pay any contingent consideration would be payable by a consolidated subsidiary of HEICO that is 75% owned by HEICO Electronic. As part of the agreement to acquire a subsidiary by the ETG in fiscal 2017, the Company may be obligated to pay contingent consideration of $20.0 million in fiscal 2023 should the acquired entity meet a certain earnings objective during the first six years following the acquisition. As of July 31, 2022, the estimated fair value of the contingent consideration was $18.6 million. The following unobservable inputs were used to derive the estimated fair value of the Company's Level 3 contingent consideration liabilities as of July 31, 2022 ($ in thousands):
(1) Unobservable inputs were weighted by the relative fair value of the contingent consideration liability. Changes in the Company’s contingent consideration liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the nine months ended July 31, 2022 are as follows (in thousands):
The Company records changes in accrued contingent consideration and foreign currency transaction adjustments within in its Condensed Consolidated Statement of Operations. The carrying amounts of the Company’s cash and cash equivalents, accounts receivable, trade accounts payable and accrued expenses and other current liabilities approximate fair value as of July 31, 2022 due to the relatively short maturity of the respective instruments. The carrying amount of long-term debt approximates fair value due to its variable interest rates.
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NET INCOME PER SHARE ATTRIBUTABLE TO HEICO SHAREHOLDERS |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | NET INCOME PER SHARE ATTRIBUTABLE TO HEICO SHAREHOLDERS The computation of basic and diluted net income per share attributable to HEICO shareholders is as follows (in thousands, except per share data):
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OPERATING SEGMENTS |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | OPERATING SEGMENTS Information on the Company’s two operating segments, the FSG and the ETG, for the nine and three months ended July 31, 2022 and 2021, respectively, is as follows (in thousands):
(1) Intersegment activity principally consists of net sales from the ETG to the FSG. Total assets by operating segment are as follows (in thousands):
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COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES Guarantees As of July 31, 2022, the Company has arranged for standby letters of credit aggregating $21.3 million, which are supported by its revolving credit facility and principally pertain to performance guarantees related to customer contracts entered into by certain of the Company's subsidiaries as well as payment guarantees related to potential workers' compensation claims and a facility lease. Product Warranty Changes in the Company’s product warranty liability for the nine months ended July 31, 2022 and 2021, respectively, are as follows (in thousands):
Litigation On April 20, 2021, an indirect subsidiary of HFSC, which was acquired in June 2020, received a grand jury subpoena from the United States District Court for the Southern District of California requiring the production of documents for the time period December 1, 2017 through February 4, 2019 related to the subsidiary's employment of a certain individual and its performance of work on certain Navy vessels during that time period. The Company is cooperating with the investigation. The Company has completed its production of documents responsive to the subpoena, although the Company has a continuing obligation to produce such documents should any be located. At this early stage in the investigation, the Company cannot predict the outcome of the investigation or when the investigation will ultimately be resolved; nor can the Company reasonably estimate the possible range of loss or impact to its business, if any, that may result from this matter. With the exception of the matter noted above, the Company is involved in various legal actions arising in the normal course of business. Based upon the Company’s and its legal counsel’s evaluations of any claims or assessments, management is of the opinion that the outcome of these matters will not have a material adverse effect on the Company’s results of operations, financial position or cash flows.
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SUBSEQUENT EVENTS |
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Jul. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS In August 2022, the Company, through a subsidiary of HEICO Electronic, acquired 100% of the stock of Charter Engineering, Inc. ("Charter"). Charter designs and manufactures a complete line of RF and Microwave coaxial switches for the aerospace, defense, commercial, Automated Test Equipment ("ATE"), and instrumentation markets. The purchase price of this acquisition was paid in cash using cash provided by operating activities and is not material or significant to the Company's condensed consolidated financial statements. In August 2022, the Company acquired 100% of the stock of Sensor Systems, Inc. ("Sensor"). Sensor designs and manufactures airborne antennas for commercial and military applications. The purchase price of this acquisition was paid for with a proportional combination of cash using proceeds from the Company's revolving credit facility and 576,338 shares of HEICO Class A Common Stock. The purchase price is not material or significant to the Company's condensed consolidated financial statements.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Jul. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation [Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of HEICO Corporation and its subsidiaries (collectively, “HEICO,” or the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q. Therefore, the condensed consolidated financial statements do not include all information and footnotes normally included in annual consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended October 31, 2021. The October 31, 2021 Condensed Consolidated Balance Sheet has been derived from the Company’s audited consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements contain all adjustments (consisting principally of normal recurring accruals) necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive income, statements of shareholders' equity and statements of cash flows for such interim periods presented. The results of operations for the nine months ended July 31, 2022 are not necessarily indicative of the results which may be expected for the entire fiscal year. The Company has two operating segments: the Flight Support Group (“FSG”), consisting of HEICO Aerospace Holdings Corp. and HEICO Flight Support Corp. ("HFSC") and their respective subsidiaries; and the Electronic Technologies Group (“ETG”), consisting of HEICO Electronic Technologies Corp. (“HEICO Electronic”) and its subsidiaries. The Company's results of operations in fiscal 2022 continue to reflect the adverse impact from the COVID-19 global pandemic (the “Pandemic”), including its impact on the Company’s supply chain. Despite the aforementioned, the Company experienced continued improvement in operating results in the first nine months and third quarter of fiscal 2022 as compared to the first nine months and third quarter of fiscal 2021 principally reflecting improved demand for its commercial aerospace products. The Flight Support Group has reported eight consecutive quarters of improvement in net sales and operating income resulting from signs of commercial air travel recovery in certain domestic travel markets, moderated by a slower recovery in international travel markets.
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New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncement In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, "Revenue from Contracts with Customers," as if the acquirer had originated the contracts. ASU 2021-08 is effective for fiscal years and interim reporting periods within those fiscal years beginning after December 15, 2022, or in fiscal 2024 for HEICO. Early adoption is permitted and ASU 2021-08 shall be applied on a prospective basis to business combinations that occur on or after the adoption date. The Company is currently evaluating the effect, if any, the adoption of this guidance will have on its consolidated results of operations, financial position and cash flows. |
SELECTED FINANCIAL STATEMENT INFORMATION (Tables) |
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Selected Financial Statement Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable [Table Text Block] | Accounts Receivable
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Schedule of Inventories [Table Text Block] | Inventories
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Schedule of Property, Plant and Equipment [Table Text Block] | Property, Plant and Equipment
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Schedule of Research and Development Expenses [Table Text Block] | The amount of new product research and development ("R&D") expenses included in cost of sales for the nine and three months ended July 31, 2022 and 2021 is as follows (in thousands):
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Schedule of Redeemable Noncontrolling Interests [Table Text Block] | Management's estimate of the aggregate Redemption Amount of all Put Rights that the Company could be required to pay is as follows (in thousands):
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in the components of accumulated other comprehensive loss for the nine months ended July 31, 2022 are as follows (in thousands):
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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill by operating segment for the nine months ended July 31, 2022 are as follows (in thousands):
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Schedule Of Identifiable Intangible Assets [Table Text Block] | Identifiable intangible assets consist of the following (in thousands):
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LONG-TERM DEBT (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following (in thousands):
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REVENUE (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with Customer, Asset and Liability [Table Text Block] | Changes in the Company’s contract assets and liabilities for the nine months ended July 31, 2022 are as follows (in thousands):
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Disaggregation of Revenue [Table Text Block] | The following table summarizes the Company’s net sales by product line for each operating segment (in thousands):
(1) Includes primarily various jet engine and aircraft component replacement parts. (2) Includes primarily the sale of parts consumed in various repair and overhaul services on selected jet engine and aircraft components, avionics, instruments, composites and flight surfaces of commercial and military aircraft. (3) Includes primarily the sale of specialty components such as thermal insulation blankets, renewable/reusable insulation systems, advanced niche components, complex composite assemblies, and expanded foil mesh as well as machining, brazing, fabricating and welding services generally to original equipment manufacturers. (4) Includes various component parts such as electro-optical infrared simulation and test equipment, electro-optical laser products, electro-optical, microwave and other power equipment, high-speed interface products, power conversion products, underwater locator beacons, emergency locator transmission beacons, traveling wave tube amplifiers, microwave power modules, a wide variety of memory products and radio frequency (RF) and microwave products, crashworthy and ballistically self-sealing auxiliary fuel systems, high performance communications and electronic intercept receivers and tuners, high performance active antenna systems and technical surveillance countermeasures (TSCM) equipment. (5) Includes various component parts such as electromagnetic and radio frequency interference shielding, high voltage interconnection devices, high voltage advanced power electronics, harsh environment connectivity products, custom molded cable assemblies, silicone material for a variety of demanding applications and rugged small form-factor embedded computing solutions.
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Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] | The following table summarizes the Company’s net sales by industry for each operating segment (in thousands):
(1) Principally industrial products. (2) Principally other electronics and medical products.
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FAIR VALUE MEASUREMENTS (Tables) |
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Jul. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The Company's assets and liabilities that were measured at fair value on a recurring basis are set forth by level within the fair value hierarchy in the following tables (in thousands):
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Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The following unobservable inputs were used to derive the estimated fair value of the Company's Level 3 contingent consideration liabilities as of July 31, 2022 ($ in thousands):
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Changes in the Company’s contingent consideration liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the nine months ended July 31, 2022 are as follows (in thousands):
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NET INCOME PER SHARE ATTRIBUTABLE TO HEICO SHAREHOLDERS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The computation of basic and diluted net income per share attributable to HEICO shareholders is as follows (in thousands, except per share data):
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OPERATING SEGMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Segment Reporting Information By Segment [Table Text Block] | Information on the Company’s two operating segments, the FSG and the ETG, for the nine and three months ended July 31, 2022 and 2021, respectively, is as follows (in thousands):
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Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Total assets by operating segment are as follows (in thousands):
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COMMITMENTS AND CONTINGENCIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | Changes in the Company’s product warranty liability for the nine months ended July 31, 2022 and 2021, respectively, are as follows (in thousands):
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SELECTED FINANCIAL STATEMENT INFORMATION (Accounts Receivable) (Details) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Oct. 31, 2021 |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 282,693 | $ 255,793 |
Less: Allowance for doubtful accounts | (9,542) | (10,874) |
Accounts receivable, net | $ 273,151 | $ 244,919 |
SELECTED FINANCIAL STATEMENT INFORMATION (Inventories) (Details) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Oct. 31, 2021 |
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Inventory [Line Items] | ||
Finished products | $ 267,839 | $ 238,867 |
Work in process | 58,738 | 44,887 |
Materials, parts, assemblies and supplies | 219,366 | 194,296 |
Inventories, net of valuation reserves | $ 545,943 | $ 478,050 |
SELECTED FINANCIAL STATEMENT INFORMATION (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Oct. 31, 2021 |
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Property, Plant and Equipment [Line Items] | ||
Land | $ 11,200 | $ 11,363 |
Buildings and improvements | 139,777 | 134,150 |
Machinery, equipment and tooling | 311,102 | 297,297 |
Construction in progress | 13,320 | 7,784 |
Property, plant and equipment, gross | 475,399 | 450,594 |
Less: Accumulated depreciation and amortization | (272,555) | (256,956) |
Property, plant and equipment, net | $ 202,844 | $ 193,638 |
SELECTED FINANCIAL STATEMENT INFORMATION (Research and Development Expenses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Jul. 31, 2022 |
Jul. 31, 2021 |
Jul. 31, 2022 |
Jul. 31, 2021 |
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Selected Financial Statement Information (Details) [Abstract] | ||||
R&D expenses | $ 18,657 | $ 17,976 | $ 55,804 | $ 52,179 |
SELECTED FINANCIAL STATEMENT INFORMATION (Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Oct. 31, 2021 |
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Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable at fair value | $ 274,854 | $ 217,416 |
Redeemable based on a multiple of future earnings | 22,140 | 35,171 |
Redeemable noncontrolling interests | $ 296,994 | $ 252,587 |
GOODWILL AND OTHER INTANGIBLE ASSETS (Goodwill) (Details) $ in Thousands |
9 Months Ended |
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Jul. 31, 2022
USD ($)
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Goodwill [Line Items] | |
Opening Balance | $ 1,450,395 |
Goodwill acquired | 109,917 |
Foreign currency translation adjustments | (11,815) |
Adjustments to goodwill | (7,020) |
Ending Balance | 1,541,477 |
Flight Support Group [Member] | |
Goodwill [Line Items] | |
Opening Balance | 468,288 |
Goodwill acquired | 107,265 |
Foreign currency translation adjustments | (5,288) |
Adjustments to goodwill | (6,911) |
Ending Balance | 563,354 |
Electronic Technologies Group [Member] | |
Goodwill [Line Items] | |
Opening Balance | 982,107 |
Goodwill acquired | 2,652 |
Foreign currency translation adjustments | (6,527) |
Adjustments to goodwill | (109) |
Ending Balance | $ 978,123 |
GOODWILL AND OTHER INTANGIBLE ASSETS (Details Textuals) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Jul. 31, 2022 |
Jul. 31, 2021 |
Jul. 31, 2022 |
Jul. 31, 2021 |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 108,000 | $ 108,000 | ||
Amortization expense related to intangible assets | 15,200 | $ 15,200 | 45,400 | $ 45,500 |
Estimated Amortization Expense, remainder of fiscal year | 15,500 | 15,500 | ||
Estimated Amortization Expense, for fiscal 2023 | 58,300 | 58,300 | ||
Estimated Amortization Expense, for fiscal 2024 | 53,300 | 53,300 | ||
Estimated Amortization Expense, for fiscal 2025 | 48,900 | 48,900 | ||
Estimated Amortization Expense, for fiscal 2026 | 44,400 | 44,400 | ||
Estimated Amortization Expense, for fiscal 2027 | 41,500 | 41,500 | ||
Estimated Amortization Expense, thereafter | $ 180,300 | $ 180,300 |
LONG-TERM DEBT (Details) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Oct. 31, 2021 |
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Borrowings under revolving credit facility | $ 230,000 | $ 225,000 |
Finance leases and note payable | 15,757 | 11,498 |
Total debt and capital leases | 245,757 | 236,498 |
Current maturities of long-term debt | (1,734) | (1,515) |
Long-term debt, net of current maturities | $ 244,023 | $ 234,983 |
LONG-TERM DEBT (Details Textuals) |
Jul. 31, 2022 |
Oct. 31, 2021 |
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Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.30% | 1.10% |
REVENUE (Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
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Jul. 31, 2022 |
Oct. 31, 2021 |
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Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Contract assets | $ 86,534 | $ 80,073 |
Contract liabilities | 58,366 | 32,738 |
Net contract assets | 28,168 | $ 47,335 |
Increase in contract assets, net | 6,461 | |
Increase (Decrease) in Customer Deposits | 25,628 | |
Contract with Customer, Billings in Excess of Unbilled Receivable and New Deposits in Excess of Deposits Recognized as Revenue | $ (19,167) |
REVENUE (Disaggregation of Revenue, by Product Line) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2022 |
Jul. 31, 2021 |
Jul. 31, 2022 |
Jul. 31, 2021 |
|||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 569,528 | $ 471,707 | $ 1,598,684 | $ 1,356,260 | ||||||||||
Flight Support Group [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 330,259 | 237,118 | 909,253 | 666,732 | ||||||||||
Flight Support Group [Member] | Aftermarket Replacement Parts [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | [1] | 187,453 | 136,357 | 512,335 | 390,685 | |||||||||
Flight Support Group [Member] | Repair and Overhaul Parts and Services [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | [2] | 66,440 | 54,591 | 193,973 | 147,709 | |||||||||
Flight Support Group [Member] | Specialty Products [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | [3] | 76,366 | 46,170 | 202,945 | 128,338 | |||||||||
Electronic Technologies Group [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 244,203 | 239,543 | 703,932 | 706,182 | ||||||||||
Electronic Technologies Group [Member] | Electronic Components for Defense, Space and Aerospace [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | [4] | 165,871 | 176,238 | 485,780 | 521,586 | |||||||||
Electronic Technologies Group [Member] | Other Electronic Components [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | [5] | 78,332 | 63,305 | 218,152 | 184,596 | |||||||||
Corporate And Eliminations [Member] | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (4,934) | $ (4,954) | $ (14,501) | $ (16,654) | ||||||||||
|
REVENUE (Details Textuals) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Jul. 31, 2022
USD ($)
|
Jul. 31, 2022
USD ($)
|
|
REVENUE [Abstract] | ||
Contract with Customer, Liability, Revenue Recognized | $ 3,100 | $ 22,700 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 451,300 | $ 451,300 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-02 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 123,800 | $ 123,800 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-11-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 327,500 | $ 327,500 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months 1 day | 3 months 1 day |
INCOME TAXES (Details Textuals) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2022 |
Jul. 31, 2021 |
Jul. 31, 2022 |
Jul. 31, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 27.00% | 15.70% | 19.40% | 13.30% |
Tax-Exempt Losses on Corporate Owned Life Insurance Policies | 5.30% | 4.90% | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent | 2.60% |
FAIR VALUE MEASUREMENTS (Fair Value Hierarchy, by Category) (Details) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Oct. 31, 2021 |
---|---|---|
Deferred Compensation Plans [Abstract] | ||
Deferred compensation plans | $ 219,479 | $ 245,584 |
Liabilities: | ||
Contingent consideration | 80,632 | 62,286 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Deferred Compensation Plans [Abstract] | ||
Deferred compensation plans | 8,484 | 4 |
Liabilities: | ||
Contingent consideration | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Deferred Compensation Plans [Abstract] | ||
Deferred compensation plans | 210,995 | 245,580 |
Liabilities: | ||
Contingent consideration | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Deferred Compensation Plans [Abstract] | ||
Deferred compensation plans | 0 | 0 |
Liabilities: | ||
Contingent consideration | 80,632 | 62,286 |
Corporate Owned Life Insurance [Member] | ||
Deferred Compensation Plans [Abstract] | ||
Deferred compensation plans | 210,995 | 245,580 |
Corporate Owned Life Insurance [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Deferred Compensation Plans [Abstract] | ||
Deferred compensation plans | 0 | 0 |
Corporate Owned Life Insurance [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Deferred Compensation Plans [Abstract] | ||
Deferred compensation plans | 210,995 | 245,580 |
Corporate Owned Life Insurance [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Deferred Compensation Plans [Abstract] | ||
Deferred compensation plans | 0 | 0 |
Money Market Funds [Member] | ||
Deferred Compensation Plans [Abstract] | ||
Deferred compensation plans | 8,484 | 4 |
Money Market Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Deferred Compensation Plans [Abstract] | ||
Deferred compensation plans | 8,484 | 4 |
Money Market Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Deferred Compensation Plans [Abstract] | ||
Deferred compensation plans | 0 | 0 |
Money Market Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Deferred Compensation Plans [Abstract] | ||
Deferred compensation plans | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Level 3 Valuation Inputs) (Details) - Fair Value, Inputs, Level 3 [Member] $ in Thousands |
Jul. 31, 2022
USD ($)
|
Oct. 31, 2021
USD ($)
|
||
---|---|---|---|---|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 80,632 | $ 62,286 | ||
FY2022 Acquisition Subsidiary 1 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 13,145 | |||
FY2022 Acquisition Subsidiary 2 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 9,653 | |||
FY2021 Acquisition Subsidiary 1 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 17,394 | |||
FY2020 Acquisition Subsidiary 1 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 14,450 | |||
FY2020 Acquisition Subsidiary 2 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 7,386 | |||
FY 2017 Acquisition [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 18,604 | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2022 Acquisition Subsidiary 1 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | [1] | 0.03 | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2022 Acquisition Subsidiary 1 | Minimum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0 | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2022 Acquisition Subsidiary 1 | Maximum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.05 | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2022 Acquisition Subsidiary 2 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | [1] | 0.03 | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2022 Acquisition Subsidiary 2 | Minimum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | (0.03) | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2022 Acquisition Subsidiary 2 | Maximum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.08 | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2021 Acquisition Subsidiary 1 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | [1] | 0.07 | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2021 Acquisition Subsidiary 1 | Minimum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | (0.01) | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2021 Acquisition Subsidiary 1 | Maximum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.09 | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2020 Acquisition Subsidiary 1 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | [1] | 0.15 | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2020 Acquisition Subsidiary 1 | Minimum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.12 | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2020 Acquisition Subsidiary 1 | Maximum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.21 | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2020 Acquisition Subsidiary 2 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | [1] | 0.06 | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2020 Acquisition Subsidiary 2 | Minimum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | (0.02) | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY2020 Acquisition Subsidiary 2 | Maximum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.13 | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY 2017 Acquisition [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | [1] | 0.03 | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY 2017 Acquisition [Member] | Minimum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | (0.01) | |||
Measurement Input, Long-term Revenue Growth Rate [Member] | FY 2017 Acquisition [Member] | Maximum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.05 | |||
Measurement Input, Discount Rate [Member] | FY2022 Acquisition Subsidiary 1 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | [1] | 0.072 | ||
Measurement Input, Discount Rate [Member] | FY2022 Acquisition Subsidiary 1 | Minimum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.072 | |||
Measurement Input, Discount Rate [Member] | FY2022 Acquisition Subsidiary 1 | Maximum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.072 | |||
Measurement Input, Discount Rate [Member] | FY2022 Acquisition Subsidiary 2 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | [1] | 0.058 | ||
Measurement Input, Discount Rate [Member] | FY2022 Acquisition Subsidiary 2 | Minimum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.058 | |||
Measurement Input, Discount Rate [Member] | FY2022 Acquisition Subsidiary 2 | Maximum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.058 | |||
Measurement Input, Discount Rate [Member] | FY2021 Acquisition Subsidiary 1 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | [1] | 0.070 | ||
Measurement Input, Discount Rate [Member] | FY2021 Acquisition Subsidiary 1 | Minimum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.069 | |||
Measurement Input, Discount Rate [Member] | FY2021 Acquisition Subsidiary 1 | Maximum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.073 | |||
Measurement Input, Discount Rate [Member] | FY2020 Acquisition Subsidiary 1 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | [1] | 0.047 | ||
Measurement Input, Discount Rate [Member] | FY2020 Acquisition Subsidiary 1 | Minimum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.037 | |||
Measurement Input, Discount Rate [Member] | FY2020 Acquisition Subsidiary 1 | Maximum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.073 | |||
Measurement Input, Discount Rate [Member] | FY2020 Acquisition Subsidiary 2 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | [1] | 0.070 | ||
Measurement Input, Discount Rate [Member] | FY2020 Acquisition Subsidiary 2 | Minimum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.070 | |||
Measurement Input, Discount Rate [Member] | FY2020 Acquisition Subsidiary 2 | Maximum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.070 | |||
Measurement Input, Discount Rate [Member] | FY 2017 Acquisition [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | [1] | 0.062 | ||
Measurement Input, Discount Rate [Member] | FY 2017 Acquisition [Member] | Minimum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.062 | |||
Measurement Input, Discount Rate [Member] | FY 2017 Acquisition [Member] | Maximum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.062 | |||
|
FAIR VALUE MEASUREMENTS (Contingent Consideration Liability) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Jul. 31, 2022 |
Oct. 31, 2021 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Accrued Liabilities, Current | $ 233,812 | $ 206,857 |
Other Liabilities, Noncurrent | 359,713 | $ 378,257 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Opening balance, Liabilities | 62,286 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | 22,980 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | (4,253) | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | (381) | |
Ending balance, Liabilities | 80,632 | |
Accrued Liabilities, Current | 10,421 | |
Other Liabilities, Noncurrent | $ 70,211 |
FAIR VALUE MEASUREMENTS (Details Textuals) $ in Thousands, $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Jul. 31, 2022
USD ($)
|
Jul. 31, 2022
CAD ($)
|
May 31, 2022 |
Oct. 31, 2021
USD ($)
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total liabilities | $ 80,632 | $ 62,286 | ||
Accrued Liabilities, Current | $ 233,812 | 206,857 | ||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, General and Administrative Expense | |||
FY2022 Acquisition Subsidiary 1 | Flight Support Group [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 96.00% | 96.00% | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 27,400 | |||
Total liabilities | $ 13,100 | |||
FY2021 Acquisition Subsidiary 1 | Flight Support Group [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 89.00% | 89.00% | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 8,900 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 17,800 | |||
Total liabilities | $ 17,400 | |||
FY2020 Acquisition Subsidiary 1 | Heico Electronic Technologies Corp | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 89.99% | 89.99% | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 21,100 | |||
Total liabilities | 14,400 | |||
Accrued Liabilities, Current | 10,400 | |||
FY2020 Acquisition Subsidiary 1 | Heico Electronic Technologies Corp | Canada, Dollars | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 13,500 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 27,000 | |||
Total liabilities | $ 18,500 | |||
FY2020 Acquisition Subsidiary 2 | Heico Electronic Technologies Corp | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 35,000 | |||
Total liabilities | $ 7,400 | 13,300 | ||
FY2020 Acquisition Subsidiary 2 | Heico Electronic Technologies Corp | FY2020 Acquisition Subsidiary 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | 75.00% | ||
FY 2017 Acquisition [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 9.95% | |||
FY 2017 Acquisition [Member] | Heico Electronic Technologies Corp | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 20,000 | |||
Total liabilities | $ 18,600 | |||
FY2022 Acquisition Subsidiary 2 | Flight Support Group [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 74.00% | 74.00% | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 14,100 | |||
Total liabilities | 9,700 | |||
Aggregate LCP Liability [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Related liabilities of deferred compensation plans, specified as other long-term liabilities | $ 218,200 | $ 244,300 |
NET INCOME PER SHARE ATTRIBUTABLE TO HEICO SHAREHOLDERS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2022 |
Jul. 31, 2021 |
Jul. 31, 2022 |
Jul. 31, 2021 |
|
Numerator: | ||||
Net income attributable to HEICO | $ 82,540 | $ 76,889 | $ 254,471 | $ 218,158 |
Denominator: | ||||
Weighted Average Number of Shares Outstanding, Basic | 135,978 | 135,370 | 135,835 | 135,291 |
Effect of dilutive stock options | 1,859 | 2,587 | 2,055 | 2,546 |
Weighted Average Number of Shares Outstanding, Diluted | 137,837 | 137,957 | 137,890 | 137,837 |
Earnings Per Share, Basic | $ 0.61 | $ 0.57 | $ 1.87 | $ 1.61 |
Earnings Per Share, Diluted | $ 0.60 | $ 0.56 | $ 1.85 | $ 1.58 |
Anti-dilutive stock options excluded | 767 | 0 | 748 | 13 |
OPERATING SEGMENTS (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 31, 2022 |
Jul. 31, 2021 |
Jul. 31, 2022 |
Jul. 31, 2021 |
|||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 569,528 | $ 471,707 | $ 1,598,684 | $ 1,356,260 | ||
Depreciation | 7,693 | 6,810 | 22,389 | 20,344 | ||
Amortization | 16,126 | 16,087 | 48,137 | 48,472 | ||
Operating Income (Loss) | 128,747 | 100,838 | 350,346 | 277,871 | ||
Capital expenditures | 8,146 | 8,186 | 24,357 | 30,124 | ||
Corporate And Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | [1] | (4,934) | (4,954) | (14,501) | (16,654) | |
Depreciation | [1] | 250 | 242 | 743 | 728 | |
Amortization | [1] | 274 | 287 | 844 | 848 | |
Operating Income (Loss) | [1] | (10,038) | (10,218) | (28,588) | (25,905) | |
Capital expenditures | [1] | 296 | 473 | 399 | 490 | |
Flight Support Group [Member] | Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 330,259 | 237,118 | 909,253 | 666,732 | ||
Depreciation | 4,082 | 3,330 | 11,493 | 10,159 | ||
Amortization | 6,281 | 4,929 | 17,543 | 15,036 | ||
Operating Income (Loss) | 70,756 | 42,059 | 189,329 | 103,357 | ||
Capital expenditures | 3,971 | 1,792 | 12,084 | 5,885 | ||
Electronic Technologies Group [Member] | Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 244,203 | 239,543 | 703,932 | 706,182 | ||
Depreciation | 3,361 | 3,238 | 10,153 | 9,457 | ||
Amortization | 9,571 | 10,871 | 29,750 | 32,588 | ||
Operating Income (Loss) | 68,029 | 68,997 | 189,605 | 200,419 | ||
Capital expenditures | $ 3,879 | $ 5,921 | $ 11,874 | $ 23,749 | ||
|
OPERATING SEGMENTS (Assets) (Details) - USD ($) $ in Thousands |
Jul. 31, 2022 |
Oct. 31, 2021 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 3,787,351 | $ 3,498,407 |
Other Primarily Corporate and Intersegment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 253,402 | 271,532 |
Flight Support Group [Member] | Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,595,356 | 1,274,462 |
Electronic Technologies Group [Member] | Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 1,938,593 | $ 1,952,413 |
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Jul. 31, 2022 |
Jul. 31, 2021 |
|
Schedule of Product Warranties [Line Items] | ||
Balances as of beginning of fiscal year | $ 3,379 | $ 3,015 |
Accruals for warranties | 1,352 | 1,486 |
Standard and Extended Product Warranty Accrual, Additions from Business Acquisition | 33 | |
Warranty claims settled | (1,719) | (1,209) |
Balances as of end of period | $ 3,012 | $ 3,325 |
COMMITMENTS AND CONTINGENCIES (Details Textuals) $ in Millions |
Jul. 31, 2022
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 21.3 |
SUBSEQUENT EVENTS (Details Textuals) - shares |
1 Months Ended | 9 Months Ended | |
---|---|---|---|
Aug. 31, 2022 |
Jul. 31, 2022 |
Aug. 01, 2022 |
|
Charter | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Name of Acquired Entity | Charter Engineering, Inc. | ||
Description of Acquired Entity | Charter designs and manufactures a complete line of RF and Microwave coaxial switches for the aerospace, defense, commercial, Automated Test Equipment ("ATE"), and instrumentation markets. | ||
Sensor | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Name of Acquired Entity | Sensor Systems, Inc. | ||
Description of Acquired Entity | Sensor designs and manufactures airborne antennas for commercial and military applications. | ||
Stock Issued During Period, Shares, Acquisitions | 576,338 | ||
Exxelia | Heico Electronic Technologies Corp | |||
Subsequent Event [Line Items] | |||
Name of Acquired Entity | Exxelia International | ||
Description of Acquired Entity | Exxelia designs, manufactures and sells high-reliability (“Hi-Rel”), complex, passive electronic components and rotary joint assemblies for mostly aerospace and defense applications, in addition to other high-end applications, such as medical and energy uses, including emerging “clean energy” and electrification applications. |
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