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LEASES | 12 Months Ended
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Oct. 31, 2024
Leases [Abstract] |
Lessee, Operating Leases | LEASES HEICO’s lease ROU assets represent its right to use an underlying asset during the lease term and its lease liabilities represent the Company’s obligation to make lease payments arising from the lease. HEICO’s operating lease ROU assets are included within other assets and its operating lease liabilities are included within other long-term liabilities and accrued expenses and other current liabilities in the Company’s Consolidated Balance Sheets. HEICO's finance lease ROU assets are included within property, plant and equipment, net and its finance lease liabilities are included within long-term debt, net of current maturities and short-term debt and current maturities of long-term debt within the Company's Consolidated Balance Sheets. The following table presents the Company’s lease ROU assets and lease liabilities (in thousands):
| Operating Leases As of October 31, |  | Finance Leases As of October 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Right-of-use assets | $131,836 |  |  | $121,373 |  |  | $24,024 |  |  | $26,608 |
Current lease liabilities | $23,422 |  |  | $20,503 |  |  | $4,060 |  |  | $4,254 |
Long-term lease liabilities | 113,458 |  |  | 104,759 |  |  | 21,800 |  |  | 23,564 |
Total lease liabilities | $136,880 |  |  | $125,262 |  |  | $25,860 |  |  | $27,818 |
The Company’s operating lease expenses are recorded within cost of sales and/or SG&A expenses in the Company’s Consolidated Statements of Operations. The Company's finance lease expenses consist of amortization of ROU assets and interest on lease liabilities, which are included within cost of sales and/or SG&A expenses, and interest expense, respectively, in the Company's Consolidated Statements of Operations. Further, interest expense on finance leases is recognized using the effective interest method based on the discount rate determined at lease commencement. The following table presents the components of lease expense for fiscal 2024 and 2023 (in thousands):
|  | Year ended October 31,
|  | 2024 |  | 2023
Operating Leases: |  |  |  |
Operating lease expense |  | $32,655 |  |  | $24,192 |
Variable lease expense |  | 5,574 |  |  | 4,047 |
Total operating lease expense (1) |  | $38,229 |  |  | $28,239 |
Finance Leases: |  |  |  |
Amortization of finance lease ROU assets |  | $4,804 |  |  | $3,026 |
Interest on finance lease liabilities |  | 1,660 |  |  | 1,211 |
Variable lease expense |  | 839 |  |  | 617 |
Total finance lease expense |  | $7,303 |  |  | $4,854 |
(1) Excludes short-term lease expense, which is not material. The following table presents a maturity analysis of the Company's lease liabilities as of October 31, 2024 for the next five fiscal years and thereafter (in thousands):
| Operating Leases |  | Finance Leases
Year ending October 31, |  |  |
2025 | $31,153 |  |  | $5,497 |
2026 | 28,645 |  |  | 4,857 |
2027 | 25,006 |  |  | 4,760 |
2028 | 19,246 |  |  | 4,338 |
2029 | 14,843 |  |  | 3,786 |
Thereafter | 54,521 |  |  | 8,253 |
Total minimum lease payments | 173,414 |  |  | 31,491 |
Less: imputed interest | (36,534) |  |  | (5,631) |
Present value of minimum lease payments | $136,880 |  |  | $25,860 |
The Company does not have any material leases that have been signed but have yet to commence as of October 31, 2024. The following table presents the weighted average remaining lease term and discount rate of the Company’s leases:
| Operating Leases As of October 31, |  | Finance Leases As of October 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Weighted average remaining lease term (years) | 7.2 |  | 7.1 |  | 6.7 |  | 7.5
Weighted average discount rate | 6.7 | % |  | 6.2 | % |  | 6.2 | % |  | 6.1 | %
The following table presents supplemental disclosures of cash flow information associated with the Company's leases for fiscal 2024 and 2023 (in thousands):
| Operating Leases As of October 31, |  | Finance Leases As of October 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows | $31,045 |  |  | $22,058 |  |  | $1,660 |  |  | $1,211 |
Financing cash flows | — |  |  | — |  |  | 3,948 |  |  | 2,663 |
Right-of-use assets obtained in exchange for new lease liabilities, net of terminations | 33,232 |  |  | 26,271 |  |  | 1,037 |  |  | 5 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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