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Royalty Obligation | 9 Months Ended
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Nov. 02, 2024
Royalty Obligation Disclosure [Abstract] |
Royalty Obligation | Note 11 – Royalty Obligation In fiscal 2018, we entered into an Asset Purchase and License Agreement with Honeywell International, Inc. (“Honeywell”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s narrow-format flight deck printers for two aircraft families along with certain inventory used in the manufacturing of the licensed printers. The purchase price included a guaranteed minimum royalty payment of $15.0 million, to be paid over ten years, based on gross revenues from the sales of the printers, paper and repair services of the licensed products. The royalty rates vary based on the year in which they are paid or earned, the product sold or service provided, and range from single-digit to mid double-digit percentages of gross revenue. The guaranteed minimum royalty payment obligation was recorded at the present value of the minimum annual royalty payments. As of November 2, 2024, we had paid an aggregate of $12.6 million of the guaranteed minimum royalty obligation. At November 2, 2024, the current portion of the outstanding guaranteed minimum royalty obligation of $1.3 million is to be paid over the next twelve months and is reported as a current liability and the remainder of $1.0 million is reported as a long-term liability on our condensed consolidated balance sheet. For the three and nine months ended November 2, 2024, we incurred $0.6 million and $1.9 million, respectively, in excess royalty expense which is included in cost of revenue in our consolidated statements of income for all periods presented. A total of $2.2 million in excess royalties was paid through the third quarter of the current fiscal year, and there are $0.6 million in excess royalty payables due as a result of this agreement for the quarter ended November 2, 2024. In fiscal 2023, we entered into an Asset Purchase and License Agreement with Honeywell International Inc. (the “New HW Agreement”) to acquire an exclusive, perpetual, world-wide license to manufacture Honeywell’s flight deck printers for the Boeing 787 aircraft. The New HW Agreement provides for royalty payments to Honeywell based on gross revenues from the sales of the printers, paper and repair services of the licensed products in perpetuity. The royalty rates vary based on the year in which they are paid or earned and as products are sold or as services are provided and range from single-digit to mid-double-digit percentages of gross revenue. The New HW Agreement includes a provision for guaranteed minimum royalty payments to be paid in the event that the royalties earned by Honeywell do not meet the minimum for the preceding calendar year as follows: $100,000 in 2024, $200,000 in 2025, $233,000 in each of 2026 and 2027, and $234,000 in 2028. As of January 31, 2024, the total outstanding royalty obligation under the New HW Agreement was $0.6 million, including $0.2 million recorded as a current liability in the accompanying condensed consolidated balance sheet. During the first nine months of fiscal 2025, we incurred and paid $0.1 million in royalty expense. As of November 2, 2024, the total outstanding royalty obligation on the New HW Agreement is $0.9 million, including $0.5 million recorded as a current liability in the accompanying condensed consolidated balance sheet.

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