Company: HEI-A
Filing Date: 2025-12-22
Form Type: 10-K
Source: 0000046619-25-000082
Chunk: 105

Company: HEICO CORP
Filing Date: 2025-12-22
Form: 10-K
Item: Item 8
Chunk 105
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5, 2024 and 2023, respectively.Depreciation and amortization expense, exclusive of tooling, on property, plant and equipment was $54.4 million, $49.1 million and $40.3 million in fiscal 2025, 2024 and 2023, respectively.Accrued Expenses and Other Current LiabilitiesAs of October 31,(in thousands)20252024Accrued employee compensation and related payroll taxes$240,546 $196,503 Leadership Compensation Plan short-term liabilities103,520 5,770 Contract liabilities 79,529 83,903 Accrued customer rebates and credits30,695 24,291 Current operating lease liabilities25,736 23,422 Accrued interest16,690 17,462 Other80,908 76,430 Accrued expenses and other current liabilities$577,624 $427,781 

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The increase in accrued employee compensation and related payroll taxes principally reflects higher employer payroll tax obligations arising from withholding requirements on stock option exercises and a higher level of accrued performance-based compensation resulting from improved consolidated operating results.  The increase in the HEICO Corporation Leadership Compensation Plan (the "LCP") short-term liabilities primarily reflects the reclassification from other long-term liabilities of amounts expected to be distributed to certain participants in fiscal 2026 as a result of participant-related events during fiscal 2025 and prior participant distribution elections.  See “Other Long-Term Assets and Liabilities” below for additional information regarding the LCP.  The total customer rebates and credits deducted within net sales for fiscal 2025, 2024, and 2023 were $15.9 million, $12.0 million, and $9.4 million, respectively.Other Long-Term Assets and LiabilitiesThe Company provides eligible employees, officers and directors of the Company the opportunity to voluntarily defer base salary, bonus payments, commissions, long-term incentive awards and director fees, as applicable, on a pre-tax basis through the LCP, a nonqualified deferred compensation plan that conforms to Section 409A of the Internal Revenue Code.  The Company matches 50% of the first 6% of base salary deferred by each participant.  Director fees that would otherwise be payable in Company common stock may be deferred into the LCP, and, when distributable, are distributed in actual shares of Company common stock.  The deferred compensation obligation associated with