XML 21 R10.htm IDEA: XBRL DOCUMENT v3.24.2.u1
ACQUISITIONS
9 Months Ended
Jul. 31, 2024
Business Combinations [Abstract]  
Acquisitions [Text Block] ACQUISITIONS
In December 2023, the Company, through a subsidiary of HFSC, entered into an exclusive license and acquired certain assets for the capability to support the Boeing 737NG/777 Cockpit Display and Legacy Displays product lines from Honeywell International. The transaction provides the HFSC subsidiary with the exclusive capability to produce, sell, and repair Boeing 737NG/777 Cockpit Displays as well as other Legacy Displays for Boeing 717, ATR, and select business and general aviation aircraft. The purchase price of this acquisition was paid in cash using proceeds from the Company's revolving credit facility and is not material or significant to the Company's condensed consolidated financial statements.

In May 2024, the Company, through the same subsidiary of HFSC that completed the above referenced acquisition in December 2023, completed a second arrangement with Honeywell International under which it acquired licenses and certain assets to further enhance the manufacturing of new products, including screens for a military variant of the Boeing 737NG/777 Cockpit Display and Legacy Displays product lines. The purchase price was paid in cash using cash provided by operating activities and is not material or significant to the Company's condensed consolidated financial statements.

The allocation of the total consideration for the fiscal 2024 acquisitions to the tangible and identifiable intangible assets acquired is preliminary until the Company obtains final information regarding their fair values. However, the Company does not expect any adjustment to such allocations to be material to the Company's consolidated financial statements. The operating results of the fiscal 2024 acquisitions were included in the Company’s results of operations as of each effective acquisition date. The amount of net sales and earnings of the fiscal 2024 acquisitions included in the Condensed Consolidated Statements of Operations for the nine and three months ended July 31, 2024, is not material. Had the fiscal 2024 acquisitions occurred as of November 1, 2022, net sales, net income from consolidated operations, net income attributable to HEICO, and basic and diluted net income per share attributable to HEICO
shareholders on a pro forma basis for the nine and three months ended July 31, 2024, and 2023 would not have been materially different from the reported amounts.