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SELECTED FINANCIAL STATEMENT INFORMATION | 12 Months Ended
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Oct. 31, 2023
Selected Financial Statement Information [Abstract] |
Additional Financial Information Disclosure [Text Block] | SELECTED FINANCIAL STATEMENT INFORMATION Accounts Receivable
|  | As of October 31,
(in thousands) |  | 2023 |  | 2022
Accounts receivable |  | $521,696 |  |  | $303,181 |
Less: Allowance for doubtful accounts |  | (12,621) |  |  | (8,333) |
Accounts receivable, net |  | $509,075 |  |  | $294,848 |
Inventories
|  | As of October 31,
(in thousands) |  | 2023 |  | 2022
Finished products |  | $622,395 |  |  | $285,024 |
Work in process |  | 79,789 |  |  | 59,739 |
Materials, parts, assemblies and supplies |  | 311,496 |  |  | 237,708 |
Inventories, net of valuation reserves |  | $1,013,680 |  |  | $582,471 |
Property, Plant and Equipment
|  | As of October 31,
(in thousands) |  | 2023 |  | 2022
Land |  | $19,706 |  |  | $17,579 |
Buildings and improvements |  | 202,499 |  |  | 148,598 |
Machinery, equipment and tooling |  | 386,602 |  |  | 322,252 |
Construction in progress |  | 25,867 |  |  | 14,533 |
|  | 634,674 |  |  | 502,962 |
Less: Accumulated depreciation and amortization |  | (312,826) |  |  | (277,083) |
Property, plant and equipment, net |  | $321,848 |  |  | $225,879 |
The amounts set forth above include tooling costs having a net book value of $6.5 million and $6.0 million as of October 31, 2023 and 2022, respectively. Amortization expense on capitalized tooling was $2.3 million, $2.5 million and $2.8 million in fiscal 2023, 2022 and 2021, respectively. Depreciation and amortization expense, exclusive of tooling, on property, plant and equipment was $40.3 million, $30.3 million and $27.8 million in fiscal 2023, 2022 and 2021, respectively. Accrued Expenses and Other Current Liabilities
|  | As of October 31,
(in thousands) |  | 2023 |  | 2022
Accrued employee compensation and related payroll taxes |  | $181,906 |  |  | $130,837 |
Contract liabilities |  | 87,556 |  |  | 58,757 |
Contingent consideration |  | 37,305 |  |  | 28,849 |
Accrued customer rebates and credits |  | 24,508 |  |  | 17,938 |
Current operating lease liabilities |  | 20,503 |  |  | 14,656 |
Accrued interest |  | 18,705 |  |  | 329 |
Other |  | 62,618 |  |  | 38,833 |
Accrued expenses and other current liabilities |  | $433,101 |  |  | $290,199 |
The increase in accrued employee compensation and related payroll taxes principally reflects a higher level of accrued performance-based compensation resulting from the improved consolidated operating results and the impact of our fiscal 2023 acquisitions. See Note 6, Revenue, for additional information pertaining to the increase in contract liabilities. See Note 8, Fair Value Measurements, for additional information regarding the Company's contingent consideration obligations. The increase in accrued interest principally reflects the issuance of senior unsecured notes (see Note 5, Short-Term and Long-Term Debt, for additional information). The total customer rebates and credits deducted within net sales in fiscal 2023, 2022 and 2021 was $9.4 million, $7.6 million and $3.3 million, respectively. Other Long-Term Assets and Liabilities The 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 directors fees, as applicable, on a pre-tax basis through the HEICO Corporation Leadership Compensation Plan (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 Company common stock is recorded as a component of shareholders’ equity at cost and subsequent changes in fair value are not reflected in operations or shareholders’ equity of the Company. Further, while the Company has no obligation to do so, the LCP also provides the Company the opportunity to make discretionary contributions. The Company’s matching contributions and any discretionary contributions are subject to vesting and forfeiture provisions set forth in the LCP. Company contributions to the LCP charged to income in fiscal 2023, 2022 and 2021 totaled $9.2 million, $7.2 million and $7.1 million, respectively. The aggregate liabilities of the LCP were $226.2 million and $203.0 million as of October 31, 2023 and 2022, respectively, and are classified within other long-term liabilities and accrued expenses and other current liabilities in the Company’s Consolidated Balance Sheets. The assets of the LCP, totaling $233.5 million and $204.7 million as of October 31, 2023 and 2022, respectively, are classified within other assets in the Company's Consolidated Balance Sheets and principally represent cash surrender values of life insurance policies that are held within an irrevocable trust that may be used to satisfy the obligations of the LCP. Additional information regarding the assets of the LCP may be found in Note 8, Fair Value Measurements. Research and Development Expenses The amount of new product research and development ("R&D") expenses included in cost of sales is as follows (in thousands):
| Year ended October 31,
| 2023 |  | 2022 |  | 2021
R&D expenses | $95,773 |  |  | $76,061 |  |  | $68,877 |
Accumulated Other Comprehensive Loss Changes in the components of accumulated other comprehensive loss during fiscal 2023 and 2022 are as follows (in thousands):
| Foreign Currency Translation |  | Defined Benefit Pension Plan |  | Accumulated Other Comprehensive Loss
Balances as of October 31, 2021 | ($6,989) |  |  | ($1,563) |  |  | ($8,552) |
Unrealized (loss) gain | (38,380) |  |  | 368 |  |  | (38,012) |
Amortization of unrealized loss | — |  |  | 65 |  |  | 65 |
Balances as of October 31, 2022 | (45,369) |  |  | (1,130) |  |  | (46,499) |
Unrealized gain | 6,204 |  |  | 59 |  |  | 6,263 |
Amortization of unrealized loss | — |  |  | 56 |  |  | 56 |
Balances as of October 31, 2023 | ($39,165) |  |  | ($1,015) |  |  | ($40,180) |

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