Company: HEI-A
Filing Date: 2025-02-28
Form Type: 10-Q
Source: 0000046619-25-000015
Chunk: 33

Company: HEICO CORP
Filing Date: 2025-02-28
Form: 10-Q
Item: Item 8
Chunk 33
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").  As of January 31, 2025, the Company was in compliance with all covenants related to the Notes.The following table sets forth the carrying value and estimated fair value of the Company’s Notes, which are classified as Level 1 financial instruments in the fair value hierarchy (in thousands).  The Company estimated the fair value of the Notes by taking the weighted average of market quotes for the exact security that was actively traded on January 31, 2025 and October 31, 2024.January 31, 2025October 31, 2024Carrying ValueFair ValueCarrying ValueFair Value2028 Notes$595,552 $607,777 $595,267 $609,376 2033 Notes593,130 599,848 592,974 605,917 Total $1,188,682 $1,207,625 $1,188,241 $1,215,293 

6.     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 and other long-term liabilities in the Company’s Condensed Consolidated Balance Sheets.        

14

Changes in the Company’s contract assets and liabilities for the three months ended January 31, 2025 are as follows (in thousands):January 31, 2025October 31, 2024ChangeContract assets, current $118,213 $112,235 $5,978 Contract liabilities, current 77,42983,903 (6,474)Contract liabilities, long-term77,858 61,843 16,015 Total contract liabilities 155,287 145,746 9,541 Net contract (liabilities) assets ($37,074)($33,511)($3,563)    The increase in the Company's total contract liabilities during the first quarter of fiscal 2025 principally reflects the receipt of advance deposits on certain customer contracts, mainly at the FSG.The amount of revenue that the Company recognized during the first quarter of fiscal 2025 that was included in contract liabilities as of the beginning of fiscal 2025 was $35.8 million.Remaining Performance Obl