Company: HEI-A
Filing Date: 2025-05-29
Form Type: 10-Q
Source: 0000046619-25-000046
Chunk: 34

Company: HEICO CORP
Filing Date: 2025-05-29
Form: 10-Q
Item: Item 8
Chunk 34
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 Inventories, net of valuation reserves$1,244,497 $1,170,949 Property, Plant and Equipment(in thousands)April 30, 2025October 31, 2024Land$20,147 $19,974 Buildings and improvements228,099 217,554 Machinery, equipment and tooling455,611 422,500 Construction in progress40,887 35,432 744,744 695,460 Less:  Accumulated depreciation and amortization(385,424)(356,426)Property, plant and equipment, net$359,320 $339,034 Accrued Customer Rebates and CreditsThe aggregate amount of accrued customer rebates and credits included within accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheets was $28.1 million as of April 30, 2025 and $24.3 million as of October 31, 2024.  The total customer rebates and credits deducted within net sales for the six months ended April 30, 2025 and 2024 was $7.9 million and $5.8 million, respectively.  The total customer rebates and credits deducted within net sales for the three months ended April 30, 2025 and 2024 was $3.6 million and $2.3 million, respectively.

11

Research and Development ExpensesThe amount of new product research and development ("R&D") expenses included in cost of sales for the six and three months ended April 30, 2025 and 2024 is as follows (in thousands):Six months ended April 30,Three months ended April 30,2025202420252024R&D expenses$56,346 $53,031 $28,741 $27,935 Redeemable Noncontrolling InterestsThe 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 2034.  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