<SEC-DOCUMENT>0000046619-24-000033.txt : 20240621
<SEC-HEADER>0000046619-24-000033.hdr.sgml : 20240621
<ACCEPTANCE-DATETIME>20240520154438
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000046619-24-000033
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HEICO CORP
		CENTRAL INDEX KEY:			0000046619
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT ENGINES & ENGINE PARTS [3724]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				650341002
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3000 TAFT ST
		CITY:			HOLLYWOOD
		STATE:			FL
		ZIP:			33021
		BUSINESS PHONE:		954-987-4000

	MAIL ADDRESS:	
		STREET 1:		3000 TAFT STREET
		CITY:			HOLLYWOOD
		STATE:			FL
		ZIP:			33021

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEINICKE INSTRUMENTS CO
		DATE OF NAME CHANGE:	19860417
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="i0824bc88a8974563ba4eb9ad5d4a95b8_1"></div><div style="min-height:74.88pt;width:100%"><div style="margin-bottom:0.75pt;padding-left:0.5pt;text-indent:-0.5pt"><font><br></font></div></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 20, 2024 </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Via EDGAR </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Mr. Charles Eastman </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">United States Securities and Exchange Commission </font></div><div style="margin-bottom:0.75pt;padding-right:311.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Division of Corporation Finance Office of Manufacturing 100 F Street, N.E. </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Washington, D.C. 20549 </font></div><div style="margin-bottom:0.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160;Re&#58; &#160;&#160;&#160;&#160;HEICO Corporation </font></div><div style="margin-bottom:0.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;Form 10-K for the Fiscal Year Ended October 31, 2023 (&#8220;Form 10-K&#8221;) </font></div><div style="margin-bottom:0.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;Filed December 20, 2023 </font></div><div style="margin-bottom:0.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;File Number 001-04604 </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Dear Mr. Eastman&#58; </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">This letter is in response to your letter to me, dated May 7, 2024. </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">I have reproduced your comments below, followed by our responses on behalf of HEICO Corporation (&#8220;the Company&#8221;). </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.5pt;padding-right:152.35pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">Form 10-K for the fiscal year ended October 31, 2023</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">Critical Accounting Estimates, page 44</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"> </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.&#160;&#160;&#160;&#160;In future filings, please enhance your disclosures to provide qualitative and quantitative information necessary to understand the estimation uncertainty and the impact your critical accounting estimates have had or are reasonably likely to have on your financial condition and results of operations. In addition, discuss how much each estimate and&#47;or assumption has changed over a relevant period and the sensitivity of reported amounts to the underlying methods, assumptions and estimates used. The disclosures should supplement, not duplicate, the description of accounting policies or other disclosures in the notes to the financial statements. Refer to Item 303(b)(3) of Regulation S-K and SEC Release No. 33-8350. </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">Company Response to Comment #1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:2.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160;The Company acknowledges the Staff&#8217;s comment and will enhance its disclosures in future filings to provide the responsive qualitative and quantitative information, as and to the extent required or otherwise material.  Based on its recent assessment, the Company no longer deems revenue recognition to be a critical accounting estimate and proposes to remove it from the Critical Accounting Estimates section in its future Form 10-K filings.  Historically, the </font></div><div style="height:79.2pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:125%"> &#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">1</font></div></div></div><hr style="page-break-after:always"><div style="min-height:74.88pt;width:100%"><div style="margin-bottom:0.75pt;padding-left:0.5pt;text-indent:-0.5pt"><font><br></font></div></div><div style="margin-bottom:0.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">majority of the Company&#8217;s revenue was recognized at a point-in-time and involved minimal estimates to determine when control had transferred.  The Company now recognizes an even greater portion of its revenues at a point-in-time as a result of its two significant acquisitions in fiscal 2023.  Additionally, the Company does not believe that the factors involving estimation uncertainty that are used when it recognizes revenue using an over-time recognition model for certain contracts are reasonably likely to have a material impact on the Company&#8217;s financial position or results of operations.  This conclusion is supported by the fact that changes in estimates did not have a material effect on the Company&#8217;s net income from consolidated operations in fiscal 2023, 2022, and 2021. </font></div><div style="margin-bottom:2.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160;As an example of how the Company intends to enhance its disclosures to better highlight the accounting areas where significant management judgment and estimation continue to be imperative, please see below the disclosure that will be provided in the Company&#8217;s future annual filings to address the requirements of Item 303(b)(3) of Regulation S-K and SEC Release No. </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">33-8350. </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%">Critical Accounting Estimates </font></div><div style="margin-bottom:2.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">We believe that the following are our most critical accounting estimates, which require management to make judgments about matters that are inherently uncertain. </font></div><div style="margin-bottom:0.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160;Assumptions utilized to determine fair value in connection with business combinations, contingent consideration arrangements and in goodwill and intangible assets impairment tests are highly judgmental.  If there is a material change in such assumptions or if there is a material change in the conditions or circumstances influencing fair value, we could be required to recognize a material impairment charge.  See Item 1A., Risk Factors, for a list of factors which may cause our actual results to differ materially from anticipated results. </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:125%"> </font></div><div style="text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:125%">Valuation of Inventory </font></div><div style="padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Inventory is </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">stated</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">reported</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> at the lower of cost or net realizable value, </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">with cost being</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">determined </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">on</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">using either</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> the first-in, first-out </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">method </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">or the average cost basis.  </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">Losses, if</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">any,</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Any losses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> are recognized </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">fully</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">entirely</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> in the period </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">when identified.</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">of identification.</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font></div><div style="margin-bottom:0.25pt;padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:1.45pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%">We </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:line-through">periodically evaluate</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:underline">regularly assess</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> the carrying value of inventory, </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:line-through">giving</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:line-through">consideration to</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:underline">considering</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> factors such as its physical condition, sales </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:line-through">patterns</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:underline">trends,</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> and </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:line-through">expected</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:underline">anticipated</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> future demand </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:line-through">in order </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%">to estimate </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:line-through">the amount necessary to write down</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:line-through">any</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:underline">provisions for</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> slow</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:underline">-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%">moving, obsolete</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:underline">,</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> or damaged inventory.  </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:line-through">These estimates could vary</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:line-through">significantly from actual amounts based upon future economic conditions, customer</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:underline">Our</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> inventory </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:line-through">levels, or competitive</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:underline">valuation reserves are established through analysis and estimates</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:underline">that consider many</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> factors </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%;text-decoration:line-through">that were not foreseen or did not exist when the estimated write-downs were made.</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:116%"> </font></div><div><font><br></font></div><div style="height:79.2pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:125%"> &#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">2</font></div></div></div><hr style="page-break-after:always"><div style="min-height:74.88pt;width:100%"><div style="margin-bottom:0.75pt;padding-left:0.5pt;text-indent:-0.5pt"><font><br></font></div></div><div style="text-indent:17.5pt"><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">In accordance with industry practice, all inventories are classified</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">such</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> as </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">a</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">current </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">asset</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">including portions with long production</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">order levels, forecasted demand, market conditions, and</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">expected product life</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> cycles</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">, some of which</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">.  Changes in business or economic conditions,</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">consumer confidence, market dynamics, demand fluctuations, evolving technology, or inaccurate</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">demand projections</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> may </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">not </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">necessitate adjustments to these reserves.  Should actual market</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">conditions deviate from management's expectations, additional provisions for excess and</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">obsolete inventory could </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">be </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">realized within one year</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">required and may be material to our results</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">of operations.  Changes in estimates did not have a material effect on net income from</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">consolidated operations in fiscal 2023, 2022 and 2021</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">. </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:125%">Business Combinations </font></div><div style="margin-bottom:0.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160;We allocate the purchase price of acquired entities to the underlying tangible and identifiable intangible assets acquired and liabilities and any noncontrolling interests assumed based on their estimated fair values, with any excess recorded as goodwill.  Determining the fair value of assets acquired and liabilities and noncontrolling interests assumed requires management&#8217;s judgment and often involves the use of significant estimates and assumptions</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">,</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">including assumptions with respect to</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">.  For example, the fair value of intangible assets acquired</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">considers forecasts of</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> future cash </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">inflows and outflows, </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">flows, revenue, earnings, royalty rates,</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">discount rates</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">,</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline"> and</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> asset lives</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through"> and market multiples, among other items</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.  We determine the fair values of intangible assets acquired generally in consultation with third-party valuation advisors. </font></div><div style="margin-bottom:0.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160;As part of the agreement to acquire certain subsidiaries, we may be obligated to pay contingent consideration should the acquired entity meet certain earnings objectives subsequent to the date of acquisition.  As of the acquisition date, contingent consideration is recorded at fair value as determined through the use of a probability-based scenario analysis approach.  Under this method, a set of discrete potential future subsidiary earnings is determined using internal estimates based on various revenue growth rate assumptions for each scenario.  A probability of likelihood is then assigned to each discrete potential future earnings estimate and the resultant contingent consideration is calculated and discounted using a weighted average discount rate reflecting the credit risk of HEICO.  </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">Subsequent to the acquisition date, the fair value of such</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">contingent consideration is measured each reporting period and any changes are recorded to</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">SG&#38;A expenses within our Consolidated Statements of Operations.  </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Changes in either the revenue growth rates, related earnings or the discount rate could result in a material change to the amount of contingent consideration accrued.  As of October 31, 2023 and 2022, $71.1 million and $82.8 million of contingent consideration was accrued within our Consolidated Balance Sheets, respectively.  During fiscal 2023, 2022 and 2021, such fair value measurement adjustments resulted in net (decreases) increases to SG&#38;A expenses of ($.7) million, ($7.6) million and $1.2 million, respectively.  For further information regarding our contingent consideration arrangements, see Note 8, Fair Value Measurements, of the Notes to Consolidated Financial Statements.  </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:125%"> </font></div><div style="height:79.2pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:125%"> &#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">3</font></div></div></div><hr style="page-break-after:always"><div style="min-height:74.88pt;width:100%"><div style="margin-bottom:0.75pt;padding-left:0.5pt;text-indent:-0.5pt"><font><br></font></div></div><div style="text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:125%">Valuation of Goodwill and Other Intangible Assets </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">We test goodwill for impairment annually as of October 31, or more frequently if events or changes in circumstances indicate that the carrying amount of goodwill may exceed its fair value.  When testing goodwill for impairment, we </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">have</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">may perform a qualitative assessment as</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> the </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">option</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">initial step for all or selected reporting units.  We are also allowed</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> to </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:line-through">first assess</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">bypass</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">the</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> qualitative</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline"> analysis and perform a quantitative analysis if desired.</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">   </font></div><div style="margin-bottom:0.75pt;padding-left:0.5pt;text-indent:-0.5pt"><font><br></font></div><div style="text-indent:36pt"><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">When performing the qualitative test, we consider</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> factors </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">including, but not limited </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">to</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">determine whether the existence of events or circumstances leads to a determination</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">,</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">macroeconomic conditions, industry conditions, the competitive environment, changes in the</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">market for our products and services, regulatory and political developments, entity specific</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">factors such as strategy and changes in key personnel, and overall financial performance.  If,</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">after completing this assessment, it is determined</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> that it is more</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">-</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">likely</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">-</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">than</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">-</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">not that the </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">estimated </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">fair value of a reporting unit is less than its carrying </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">amount.  If we elect to perform a</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">qualitative assessment and determine that an impairment is more-likely-than-not</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">value</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">, we </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">are</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">then required to perform a quantitative impairment test, otherwise no further analysis is required.</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">We also may elect not to perform a qualitative assessment and, instead, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">proceed </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">directly </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">to a quantitative impairment test.  When performing the quantitative impairment test, we compare the fair value of each of our reporting units to its carrying value to determine potential impairment and an impairment loss is recognized in the amount by which the carrying value of a reporting unit&#8217;s goodwill exceeds its fair value.  The fair values of our reporting units are determined using a weighted average of a market approach and an income approach.  </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">Under the market approach,</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">fair values are estimated using published market multiples for comparable companies.  We</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:line-through">calculate fair values under the income approach</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">The market approach estimates the value of</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">reporting units by comparing to guideline public companies or guideline transactions.  Various</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">valuation multiples are calculated utilizing financial data of companies that are economically and</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">operationally similar resulting in ranges of multiples.  Judgmental adjustments are often</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">necessary to ensure comparability.  The selection of the appropriate multiple within a range</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">requires judgement, considering various qualitative and quantitative factors.  Changes in</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">assumptions or estimates could materially affect the estimated fair value of our reporting units</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">and the potential for impairment.  The income approach estimates fair value</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> by taking estimated future cash flows that are based on internal projections and other assumptions deemed reasonable by management and discounting them using an estimated weighted average cost of capital.  </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">Assumptions used in the analysis include estimated future revenues and expenses, the weighted</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">average cost of working capital, capital expenditures, and other variables.  The discount rate</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">utilized for each reporting unit is indicative of the return an investor would expect to receive for</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;text-decoration:underline">investing in such a business.  </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Based on the annual goodwill impairment test as of October 31, 2023, 2022 and 2021, we determined there was no impairment of our goodwill.  The fair value of each of our reporting units calculated as part of our quantitative impairment test significantly exceeded its carrying value as of October 31, 2023.   </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">We test each non-amortizing intangible asset (principally trade names) for impairment annually as of October 31, or more frequently if events or changes in circumstances indicate that the asset might be impaired.  To derive the fair value of our trade names, we utilize an income </font></div><div style="height:79.2pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:125%"> &#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">4</font></div></div></div><hr style="page-break-after:always"><div style="min-height:74.88pt;width:100%"><div style="margin-bottom:0.75pt;padding-left:0.5pt;text-indent:-0.5pt"><font><br></font></div></div><div style="margin-bottom:0.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">approach, which relies upon management's assumptions of royalty rates, projected revenues and discount rates.  We also test each amortizing intangible asset for impairment if events or circumstances indicate that the asset might be impaired.  The test consists of determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows.  If the total of the undiscounted future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets.  The determination of fair value requires us to make a number of estimates, assumptions and judgments of underlying factors such as projected revenues and related earnings as well as discount rates.  Based on the intangible asset impairment tests conducted, we incurred an immaterial impairment loss in fiscal 2023 and did not recognize any impairment losses in fiscal 2022 and 2021.</font><font style="color:#d13438;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%"> </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%"> </font></div><div style="margin-bottom:0.5pt;padding-right:152.35pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">Notes to Consolidated Financial Statements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"> </font></div><div style="margin-bottom:0.5pt;padding-right:152.35pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">4. Goodwill and Other Intangible Assets, page 85</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"> </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.&#160;&#160;&#160;&#160;Please disclose the weighted-average amortization period for your intangible assets subject to amortization in total and by major intangible asset class. See ASC 350-30-50- 1(a)(3). </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">Company Response to Comment #2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company respectfully acknowledges the Staff&#8217;s comment and, in response to the Staff's comment, the Company will disclose in future filings the weighted average amortization period for intangible assets subject to amortization in total and by major intangible asset class in the period of acquisition.  As an example, please see below the type of disclosure that will be disclosed in the Company&#8217;s future annual filings to address the requirements of ASC 350-30-501(a)(3). </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> &#160;&#160;&#160;&#160; </font></div><div style="margin-bottom:0.75pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">As further disclosed in Note 2, Acquisitions, the following table summarizes the weighted average amortization period of the definite-lived intangible assets acquired in total and by major asset class in connection with the Company's fiscal 2023, 2022 and 2021 acquisitions (in years)&#58; </font></div><div style="margin-bottom:7.9pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;padding-left:0.5pt;text-indent:-0.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:50.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.260%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.600%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.260%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.920%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.260%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:10pt"><font><br></font></div></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:125%">Year ended October 31,</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:125%">2023</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:125%">2022</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:125%">2021</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Customer relationships </font></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">13</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">15</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">12</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Intellectual property</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">14</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">13</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">13</font></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">Total </font></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">13</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">14</font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">12</font></td></tr></table></div><div style="margin-bottom:0.75pt;padding-left:0.5pt;text-indent:-0.5pt"><font><br></font></div><div style="margin-bottom:0.75pt;padding-left:0.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:1pt;font-weight:400;line-height:120%"> </font></div><div style="height:79.2pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:125%"> &#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">5</font></div></div></div><hr style="page-break-after:always"><div style="min-height:74.88pt;width:100%"><div style="margin-bottom:0.75pt;padding-left:0.5pt;text-indent:-0.5pt"><font><br></font></div></div><div style="margin-bottom:0.5pt;padding-right:152.35pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;text-decoration:underline">Schedule II - Valuation and Qualifying Accounts, page 127</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"> </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.&#160;&#160;&#160;&#160;We note that you partially attribute the increases in your allowance for doubtful accounts and inventory valuation reserves to &#34;addition from acquisitions.&#34; Tell us how your accounting treatment complies with ASC 805-20-30-4, which indicates that acquirers shall not recognize a separate valuation allowance as of the acquisition date for assets acquired in a business combination that are measured at their acquisition-date fair values because the effects of uncertainty about future cash flows are included in the fair value measure. In doing so, tell us how you determined the acquisition-date fair values of accounts receivable and inventory acquired in business combinations. </font></div><div style="margin-bottom:0.25pt;padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%">  &#160;&#160;&#160;&#160; </font></div><div style="text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">Company Response to Comment #3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Company respectfully acknowledges the Staff&#8217;s comment and, in response to the Staff's comment, the Company notes that acquired Accounts Receivables and Inventory are recorded at fair value in its consolidated balance sheet in accordance with ASC 805.  For acquired Accounts Receivable, the Company estimated their fair value by identifying the historical cost and evaluating their collectability.  This evaluation was based on factors such as prior experience, an appraisal of the customers&#8217; ability to pay, the age of the outstanding receivables, and the economic conditions within and outside the aviation, defense, space, medical, telecommunications, and electronics industries.  For acquired Inventory, the Company estimated its fair value by assessing the market value or replacement cost and adjusting for factors such as physical condition, sales patterns, and expected future demand.  This process was used to estimate the necessary amount to write down any slow-moving, obsolete, or damaged inventory.  For its internal records, the Company tracks acquired Accounts Receivable and Inventory balances on a gross basis to maintain the historical amounts to be collected in the case of Accounts Receivable and to track gross inventory balances as part of its existence controls and to monitor its location for potential future usage, which can be years later.  Schedule II reflects these reserves on a gross basis based on the Company&#8217;s tracking of inventory for internal purposes.  The Company will not include a separate valuation allowance as of the acquisition date for assets acquired in a business combination for prospective acquisitions in its Schedule II &#8211; Valuation and Qualifying accounts. </font></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="height:79.2pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:125%"> &#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">6</font></div></div></div><hr style="page-break-after:always"><div style="min-height:74.88pt;width:100%"><div style="margin-bottom:0.75pt;padding-left:0.5pt;text-indent:-0.5pt"><font><br></font></div></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">If you have any questions or comments on the material provided, please contact me. </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Sincerely, </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">&#47;s&#47; CARLOS L. MACAU, JR.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Carlos L. Macau, Jr. </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Executive Vice President &#8211; Chief </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Financial Officer and Treasurer </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">cc&#58; United States Securities and Exchange Commission </font></div><div style="margin-bottom:0.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160;Andrew Blume </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> </font></div><div style="margin-bottom:0.75pt;padding-left:18.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Akerman LLP </font></div><div style="margin-bottom:0.75pt;padding-left:18.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Jonathan Awner, Esq. </font></div><div style="margin-bottom:0.75pt;padding-left:18.5pt;text-indent:-0.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Christina C. Russo, Esq. </font></div><div style="height:79.2pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:125%"> &#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:125%">7</font></div></div></div></body></html>
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</DOCUMENT>
</SEC-DOCUMENT>
