Company: HEI-A
Filing Date: 2025-05-29
Form Type: 10-Q
Source: 0000046619-25-000046
Chunk: 24

Company: HEICO CORP
Filing Date: 2025-05-29
Form: 10-Q
Item: Item 1
Chunk 24
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,264 342,167 319,322 Intersegment sales (24,684)(19,454)(11,417)(11,159)Total consolidated net sales$2,128,042 $1,851,758 $1,097,820 $955,395 (1)    Principally industrial products.(2)    Principally other electronics and medical products.

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7.     INCOME TAXES

The Company's effective tax rate decreased to 14.4% in the first six months of fiscal 2025, down from 16.9% in the first six months of fiscal 2024.  The decrease in the Company's effective tax rate principally reflects a larger tax benefit from stock option exercises recognized in the first quarter of fiscal 2025.  The Company recognized a discrete tax benefit from stock option exercises in the first quarter of fiscal 2025 and 2024 of $27.2 million and $13.6 million, respectively.The Company's effective tax rate decreased to 21.0% in the second quarter of fiscal 2025, down from 21.2% in the second quarter of fiscal 2024.

8.    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):As of April 30, 2025Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs(Level 2)Significant Unobservable Inputs(Level 3)TotalAssets:Deferred compensation plan:Corporate-owned life insurance$— $318,547 $— $318,547 Money market fund11,236 — — 11,236 Total assets$11,236 $318,547 $— $329,783 Liabilities:Contingent consideration $— $— $40,044 $40,044 As of October 31, 2024Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs(Level 2)Significant Unobservable Inputs(Level 3)TotalAssets:Deferred compensation plan:Corporate-owned life insurance$— $313,794 $— $313,794 Money market fund3,365 — — 3,365 Total assets$3