Document and Entity Information	9 Months Ended
Document and Entity Information	Jul. 31, 2010	Aug. 27, 2010 Common Stock [Member]	Aug. 27, 2010 Common Stock Class A [Member]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2010
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	Q3
Entity Registrant Name	HEICO CORP
Entity Central Index Key	0000046619
Current Fiscal Year End Date	--10-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		13,126,005	19,817,872

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	9 Months Ended	12 Months Ended
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jul. 31, 2010	Oct. 31, 2009
ASSETS
Cash and cash equivalents	$ 11,037,000	$ 7,167,000
Accounts receivable, net	84,078,000	77,864,000
Inventories, net	140,712,000	137,585,000
Prepaid expenses and other current assets	5,364,000	4,290,000
Deferred income taxes	18,534,000	16,671,000
Total current assets	259,725,000	243,577,000
Property, plant and equipment, net	59,803,000	60,528,000
Goodwill	380,709,000	365,243,000
Intangible assets, net	51,949,000	41,588,000
Other assets	25,853,000	21,974,000
Total assets	778,039,000	732,910,000
LIABILITIES AND EQUITY
Current maturities of long-term debt	199,000	237,000
Trade accounts payable	28,290,000	26,978,000
Accrued expenses and other current liabilities	38,292,000	36,978,000
Income taxes payable	1,196,000	1,320,000
Total current liabilities	67,977,000	65,513,000
Long-term debt, net of current maturities	47,093,000	55,194,000
Deferred income taxes	43,126,000	41,340,000
Other long-term liabilities	27,836,000	23,268,000
Total liabilities	186,032,000	185,315,000
Commitments and contingencies (Note 11)
Redeemable noncontrolling interests (Note 12)	56,053,000	56,937,000
Shareholders' equity:
Preferred Stock, $.01 par value per share; 10,000,000 shares authorized; 300,000 shares designated as Series B Junior Participating Preferred Stock and 300,000 shares designated as Series C Junior Participating Preferred Stock; none issued
Capital in excess of par value	227,215,000	224,625,000
Accumulated other comprehensive loss	(498,000)	(1,381,000)
Retained earnings	225,206,000	189,485,000
Total HEICO shareholders' equity	452,252,000	412,990,000
Noncontrolling interests	83,702,000	77,668,000
Total shareholders' equity	535,954,000	490,658,000
Total liabilities and equity	778,039,000	732,910,000
Common Stock [Member]
Shareholders' equity:
Common Stock	131,000	104,000
Class A Common Stock [Member]
Shareholders' equity:
Common Stock	$ 198,000	$ 157,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jul. 31, 2010	Oct. 31, 2009
Preferred Stock, par value	$ 0.01	$ 0.01
Preferred Stock, shares authorized	10,000,000	10,000,000
Preferred Stock, shares issued	0	0
Series B Junior Participating Preferred Stock [Member]
Preferred Stock, shares authorized	300,000	300,000
Preferred Stock, shares issued	0	0
Series C Junior Participating Preferred Stock [Member]
Preferred Stock, shares authorized	300,000	300,000
Preferred Stock, shares issued	0	0
Common Stock [Member]
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	30,000,000	30,000,000
Common Stock, shares issued	13,126,005	13,011,426
Common stock, shares outstanding	13,126,005	13,011,426
Class A Common Stock [Member]
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	30,000,000	30,000,000
Common Stock, shares issued	19,815,122	19,641,543
Common stock, shares outstanding	19,815,122	19,641,543

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Jul. 31, 2010	Jul. 31, 2009	Jul. 31, 2010	Jul. 31, 2009
Net Sales	$ 158,270,000	$ 134,086,000	$ 447,650,000	$ 394,689,000
Operating costs and expenses:
Cost of sales	100,717,000	88,275,000	286,351,000	262,456,000
Selling, general and administrative expenses	28,560,000	24,389,000	81,805,000	68,039,000
Total operating costs and expenses	129,277,000	112,664,000	368,156,000	330,495,000
Operating income	28,993,000	21,422,000	79,494,000	64,194,000
Interest expense	(136,000)	(177,000)	(422,000)	(484,000)
Other income (expense)	(31,000)	184,000	392,000	186,000
Income before income taxes and noncontrolling interests	28,826,000	21,429,000	79,464,000	63,896,000
Income tax expense	9,300,000	6,511,000	27,000,000	19,331,000
Net income from consolidated operations	19,526,000	14,918,000	52,464,000	44,565,000
Less: Net income attributable to noncontrolling interests	4,596,000	3,786,000	13,168,000	11,575,000
Net income attributable to HEICO	$ 14,930,000	$ 11,132,000	$ 39,296,000	$ 32,990,000
Net income per share attributable to HEICO shareholders:
Basic	$ 0.45	$ 0.34	$ 1.2	$ 1.01
Diluted	$ 0.44	$ 0.33	$ 1.16	$ 0.98
Weighted average number of common shares outstanding:
Basic	32,917,530	32,603,643	32,793,137	32,799,101
Diluted	33,797,471	33,632,863	33,753,414	33,816,980
Cash dividends per share	$ 0.06	$ 0.048	$ 0.108	$ 0.096

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (USD $)	Total	Redeemable Noncontrolling Interests [Member]	Common Stock [Member]	Common Stock Class A [Member]	Capital in Excess of Par Value [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Noncontrolling Interests [Member]
Balances (as previously reported) at Oct. 31, 2007 (Previously Reported [Member])	$ 417,760,000		$ 106,000	$ 158,000	$ 229,443,000	$ (4,819,000)	$ 192,872,000
Retrospective adjustments related to adoption of accounting guidance for noncontrolling interests (Adjustment [Member])	35,242,000	48,736,000					(35,896,000)	71,138,000
Balances at Oct. 31, 2008	453,002,000	48,736,000	106,000	158,000	229,443,000	(4,819,000)	156,976,000	71,138,000
Comprehensive income:
Net income	38,627,000	5,938,000					32,990,000	5,637,000
Foreign currency translation adjustments	2,859,000					2,859,000
Total comprehensive income	41,486,000	5,938,000				2,859,000	32,990,000	5,637,000
Repurchases of common stock	(8,098,000)		(2,000)	(2,000)	(8,094,000)
Cash dividends	(3,150,000)						(3,150,000)
Proceeds from stock option exercises	822,000			1,000	821,000
Tax benefit from stock option exercises	1,889,000				1,889,000
Stock option compensation expense	15,000				15,000
Distributions to noncontrolling interests	(461,000)	(5,533,000)						(461,000)
Acquisitions of noncontrolling interests	6,845,000	(10,015,000)					6,845,000
Noncontrolling interests assumed related to acquisition	(4,202,000)	7,505,000					(4,202,000)
Adjustments to redemption amount of redeemable noncontrolling interests	(971,000)	971,000					(971,000)
Other	165,000					164,000	1,000
Balances at Jul. 31, 2009	487,342,000	47,602,000	104,000	157,000	224,074,000	(1,796,000)	188,489,000	76,314,000
Balances (as previously reported) at Oct. 31, 2008 (Previously Reported [Member])	457,853,000		104,000	157,000	224,625,000	(1,381,000)	234,348,000
Retrospective adjustments related to adoption of accounting guidance for noncontrolling interests (Adjustment [Member])	32,805,000	56,937,000					(44,863,000)	77,668,000
Balances at Oct. 31, 2009	490,658,000	56,937,000	104,000	157,000	224,625,000	(1,381,000)	189,485,000	77,668,000
Comprehensive income:
Net income	45,330,000	7,134,000					39,296,000	6,034,000
Foreign currency translation adjustments	877,000					877,000
Total comprehensive income	46,207,000	7,134,000				877,000	39,296,000	6,034,000
Cash dividends	(3,546,000)						(3,546,000)
Five-for-four common stock split	(68,000)		26,000	40,000	(66,000)		(68,000)
Proceeds from stock option exercises	1,467,000		1,000	1,000	1,465,000
Tax benefit from stock option exercises	951,000				951,000
Stock option compensation expense	921,000				921,000
Distributions to noncontrolling interests		(7,184,000)
Acquisitions of noncontrolling interests		(795,000)
Redemptions of common stock related to stock option exercises	(681,000)				(681,000)
Adjustments to redemption amount of redeemable noncontrolling interests	39,000	(39,000)					39,000
Other	6,000					6,000
Balances at Jul. 31, 2010	$ 535,954,000	$ 56,053,000	$ 131,000	$ 198,000	$ 227,215,000	$ (498,000)	$ 225,206,000	$ 83,702,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Jul. 31, 2010	Jul. 31, 2009
Operating Activities:
Net income from consolidated operations	$ 52,464,000	$ 44,565,000
Adjustments to reconcile net income from consolidated operations to net cash provided by operating activities:
Depreciation and amortization	13,578,000	10,951,000
Impairment of intangible assets	281,000
Deferred income tax benefit	(80,000)	(1,376,000)
Tax benefit from stock option exercises	951,000	1,889,000
Excess tax benefit from stock option exercises	(669,000)	(1,572,000)
Stock option compensation expense	921,000	15,000
Changes in operating assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	(2,988,000)	20,207,000
Decrease (increase) in inventories	3,625,000	(9,282,000)
Increase in prepaid expenses and other current assets	(1,051,000)	(2,271,000)
Decrease in trade accounts payable	(177,000)	(2,995,000)
Increase (decrease) in accrued expenses and other current liabilities	1,744,000	(15,776,000)
Decrease in income taxes payable	(794,000)	(1,080,000)
Other	116,000	444,000
Net cash provided by operating activities	67,921,000	43,719,000
Investing Activities:
Acquisitions, net of cash acquired	(39,061,000)	(34,562,000)
Capital expenditures	(6,743,000)	(7,784,000)
Other	(18,000)	73,000
Net cash used in investing activities	(45,822,000)	(42,273,000)
Financing Activities:
Payments on revolving credit facility	(45,000,000)	(49,000,000)
Borrowings on revolving credit facility	37,000,000	68,000,000
Acquisitions of noncontrolling interests	(795,000)	(11,268,000)
Repurchases of common stock		(8,098,000)
Distributions to noncontrolling interests	(7,184,000)	(5,994,000)
Cash dividends paid	(3,614,000)	(3,150,000)
Redemptions of common stock related to stock option exercises	(681,000)
Proceeds from stock option exercises	1,467,000	822,000
Excess tax benefit from stock option exercises	669,000	1,572,000
Other	(152,000)	(158,000)
Net cash used in financing activities	(18,290,000)	(7,274,000)
Effect of exchange rate changes on cash	61,000	214,000
Net increase (decrease) in cash and cash equivalents	3,870,000	(5,614,000)
Cash and cash equivalents at beginning of year	7,167,000	12,562,000
Cash and cash equivalents at end of period	$ 11,037,000	$ 6,948,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Jul. 31, 2010

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of HEICO Corporation and its subsidiaries (collectively, "HEICO," or the "Company") have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q. Therefore, the condensed consolidated financial statements do not include all information and footnotes normally included in annual consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended October 31, 2009. The October 31, 2009 Condensed Consolidated Balance Sheet has been derived from the Company's audited consolidated financial statements. In the opinion of management, the unaudited condensed consolidated financial statements contain all adjustments (consisting principally of normal recurring accruals) necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations and statements of cash flows for such interim periods presented. The results of operations for the nine months ended July 31, 2010 are not necessarily indicative of the results which may be expected for the entire fiscal year.

Stock Split

In March 2010, the Company's Board of Directors declared a 5-for-4 stock split on both classes of the Company's common stock. The stock split was effected as of April 27, 2010 in the form of a 25% stock dividend distributed to shareholders of record as of April 16, 2010. All applicable share and per share information has been adjusted retrospectively to give effect to the 5-for-4 stock split.

Noncontrolling Interests

Effective November 1, 2009, the Company adopted new accounting guidance that requires the recognition of certain noncontrolling interests (previously referred to as minority interests) as a separate component within equity in the consolidated balance sheet. It also requires the amount of consolidated net income attributable to the parent and the noncontrolling interests be clearly identified and presented within the consolidated statement of operations. The adoption of this new guidance has affected the presentation of noncontrolling interests in the Company's condensed consolidated financial statements on a retrospective basis. For example, under this guidance, "Net income from consolidated operations" is comparable to what was previously presented as "Income before minority interests" and "Net income attributable to HEICO" is comparable to what was previously presented as "Net income." Further, acquisitions of noncontrolling interests are considered a financing activity under the new accounting guidance and are no longer presented as an investing activity.

Effective November 1, 2009, the Company also adopted new accounting guidance that affects the financial statement classification and measurement of redeemable noncontrolling interests. As further detailed in Note 15, Commitments and Contingencies, of the Notes to Consolidated Financial Statements of the Company's Annual Report on Form 10-K for the year ended October 31, 2009, the holders of equity interests in certain of the Company's subsidiaries have rights ("Put Rights") that require the Company to provide cash consideration for their equity interests (the "Redemption Amount") at fair value or at a formula that management intended to reasonably approximate fair value based solely on a multiple of future earnings over a measurement period. The Put Rights are embedded in the shares owned by the noncontrolling interest holders and are not freestanding. Previously, the Company recorded such redeemable noncontrolling interests at historical cost plus an allocation of subsidiary earnings based on ownership interest, less dividends paid to the noncontrolling interest holders. Effective November 1, 2009, the Company adjusted its redeemable noncontrolling interests in accordance with this new accounting guidance to the higher of their carrying cost or management's estimate of the Redemption Amount with a corresponding decrease to retained earnings and classified such interests outside of permanent equity. Under this guidance, subsequent adjustments to the carrying amount of redeemable noncontrolling interests to reflect any changes in the Redemption Amount at the end of each reporting period will be recorded in the same manner. Such adjustments to Redemption Amounts based on fair value will have no effect on net income per share attributable to HEICO shareholders whereas the portion of periodic adjustments to the carrying amount of redeemable noncontrolling interests based solely on a multiple of future earnings that reflect a redemption amount in excess of fair value will effect net income per share attributable to HEICO shareholders under the two-class method.

As a result of adopting the new accounting guidance for noncontrolling interests and redeemable noncontrolling interests, the Company (i) reclassified approximately $78 million from temporary equity (previously labeled as "Minority interests in consolidated subsidiaries") to permanent equity (labeled as "Noncontrolling interests") pertaining to noncontrolling interests that do not contain a redemption feature; and (ii) renamed temporary equity as "Redeemable noncontrolling interests" and recorded an approximately $45 million increase to redeemable noncontrolling interests with a corresponding decrease to retained earnings in the Company's Condensed Consolidated Balance Sheet. The resulting $57 million of redeemable noncontrolling interests as of November 1, 2009 represents management's estimate of the aggregate Redemption Amount of all Put Rights that the Company would be required to pay of which approximately $25 million is redeemable at fair value and approximately $32 million is redeemable based solely on a multiple of future earnings. The actual Redemption Amount will likely be different. See Note 12, Redeemable Noncontrolling Interests, for additional information.

New Accounting Pronouncements

In September 2006, the Financial Accounting Standards Board ("FASB") issued new guidance which defines fair value, establishes a framework for measuring fair value, and requires expanded disclosures about fair value measurements. In February 2008, the FASB issued additional guidance which delayed the effective date by one year for nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a nonrecurring basis. These nonfinancial assets and liabilities include items such as goodwill, other intangible assets, and property, plant and equipment that are measured at fair value resulting from impairment, if deemed necessary. The portions of the new guidance that were delayed were adopted by the Company on a prospective basis as of the beginning of fiscal 2010, or November 1, 2009. The adoption did not have a material effect on the Company's results of operations, financial position or cash flows.

In December 2007, the FASB issued new guidance for business combinations that retains the fundamental requirements of previous guidance that the acquisition method of accounting (formerly the "purchase accounting" method) be used for all business combinations and for an acquirer to be identified for each business combination. However, the new guidance changes the approach of applying the acquisition method in a number of significant areas, including that acquisition costs will generally be expensed as incurred; noncontrolling interests will be valued at fair value as of the acquisition date; in-process research and development will be recorded at fair value as an indefinite-lived intangible asset as of the acquisition date; restructuring costs associated with a business combination will generally be expensed subsequent to the acquisition date; and changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. Further, any contingent consideration will be recognized as a liability at fair value as of the acquisition date with subsequent fair value adjustments recorded in operations. Contingent consideration was previously accounted for as an additional cost of the respective acquired entity when paid. The Company adopted the new guidance on a prospective basis as of the beginning of fiscal 2010 for all business combinations consummated on or after November 1, 2009. The adoption did not have a material effect on the Company's results of operations, financial position or cash flows.

In January 2010, the FASB issued Accounting Standards Update ("ASU") 2010-06, "Improving Disclosures About Fair Value Measurements," which requires new disclosures regarding transfers in and out of Level 1 and Level 2 fair value measurements and more detailed information of activity in Level 3 fair value measurements. The Company adopted ASU 2010-06 as of the beginning of the second quarter of fiscal 2010, except the additional Level 3 disclosures, which are effective in fiscal years beginning after December 15, 2010, or as of fiscal 2012 for HEICO. The adoption did not have a material effect on the Company's results of operations, financial position or cash flows.

ACQUISITIONS

9 Months Ended

Jul. 31, 2010

ACQUISITIONS

2. ACQUISITIONS

In February 2010, the Company, through its HEICO Electronic Technologies Corp. ("HEICO Electronic") subsidiary, acquired substantially all of the assets and assumed certain liabilities of dB Control. dB Control produces high-power devices used in both defense and commercial applications. The total consideration for this acquisition and related allocation to the tangible and identifiable intangible assets acquired and liabilities assumed is not material or significant to the Company's condensed consolidated financial statements. The purchase price (including a post closing purchase price adjustment of approximately $1.6 million accrued as of the acquisition date and paid during the third quarter of fiscal 2010) was paid in cash principally using proceeds from the Company's revolving credit facility. The total consideration includes an accrual of approximately $1.2 million representing the fair value of contingent consideration that the Company may be obligated to pay in fiscal 2013 should dB Control meet certain earnings objectives during the second and third years following the acquisition. The maximum amount of contingent consideration that the Company could be required to pay is $2.0 million. See Note 7, Fair Value Measurements, for additional information regarding the Company's contingent consideration obligation.

As part of the purchase agreements associated with certain prior year acquisitions, the Company may be obligated to pay additional purchase consideration based on the acquired subsidiary meeting certain earnings objectives following the acquisition. The Company accrues an estimate of additional purchase consideration when the earnings objectives are met. During the first quarter of fiscal 2010, the Company, through HEICO Electronic, paid $1.9 million of additional purchase consideration of which $1.8 million was accrued as of October 31, 2009. During the second and third quarters of fiscal 2010, the Company, through HEICO Electronic, paid $1.0 million and $1.3 million, respectively, of additional purchase consideration related to prior year acquisitions for which the earnings objectives were met during fiscal 2010. The aforementioned amounts paid were based on a multiple of each applicable subsidiary's earnings relative to target and were not contingent upon the former shareholders of the respective acquired entity remaining employed by the Company or providing future services to the Company. Accordingly, these amounts represent an additional cost of the respective entity recorded as additional goodwill. Information regarding additional purchase consideration related to prior year acquisitions may be found in Note 11, Commitments and Contingencies.

The operating results of the Company's fiscal 2010 acquisition were included in the Company's results of operations from the effective acquisition date. The amount of net sales and earnings of the 2010 acquisition included in the Condensed Consolidated Statements of Operations is not material. The following table presents unaudited pro forma financial information as if the fiscal 2010 acquisition had occurred as of November 1, 2008 for purposes of the information presented for the nine and three months ended July 31, 2009. Had the fiscal 2010 acquisition been consummated as of November 1, 2009, 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, 2010 would not have been materially different than the reported amounts. The pro forma financial information is presented for comparative purposes only and is not necessarily indicative of the results of operations that actually would have been achieved if the acquisition had taken place as of November 1, 2008. The unaudited pro forma financial information includes adjustments to historical amounts such as additional amortization expense related to intangible assets acquired and increased interest expense associated with borrowings to finance the acquisition.

	Nine months ended		Three months ended
	July 31, 2009		July 31, 2009
Net sales	$	412,717,000	$	139,023,000
Net income from consolidated operations	$	45,882,000	$	14,969,000
Net income attributable to HEICO	$	34,307,000	$	11,183,000
Net income per share attributable
to HEICO shareholders:
Basic	$	1.05	$	.34
Diluted	$	1.01	$	.33

SELECTED FINANCIAL STATEMENT INFORMATION

9 Months Ended

Jul. 31, 2010

SELECTED FINANCIAL STATEMENT INFORMATION

3. SELECTED FINANCIAL STATEMENT INFORMATION

Accounts Receivable

	July 31, 2010			October 31, 2009
Accounts receivable	$	86,962,000		$	80,399,000
Less: Allowance for doubtful accounts		(2,884,000	)		(2,535,000	)
Accounts receivable, net	$	84,078,000		$	77,864,000

Costs and Estimated Earnings on Uncompleted Percentage-of-Completion Contracts

	July 31, 2010			October 31, 2009
Costs incurred on uncompleted contracts	$	4,548,000		$	10,280,000
Estimated earnings		5,480,000			8,070,000
		10,028,000			18,350,000
Less: Billings to date		(7,251,000	)		(12,543,000	)
	$	2,777,000		$	5,807,000
Included in the accompanying Condensed Consolidated
Balance Sheets under the following captions:
Accounts receivable, net (costs and estimated
earnings in excess of billings)	$	2,958,000		$	5,832,000
Accrued expenses and other current liabilities
(billings in excess of costs and estimated earnings)		(181,000	)		(25,000	)
	$	2,777,000		$	5,807,000

Changes in estimates did not have a material effect on net income from consolidated operations for the nine months ended July 31, 2010 and 2009.

Inventories

	July 31, 2010		October 31, 2009
Finished products	$	74,609,000	$	79,665,000
Work in process		18,814,000		14,279,000
Materials, parts, assemblies and supplies		47,289,000		43,641,000
Inventories, net	$	140,712,000	$	137,585,000

Inventories related to long-term contracts were not significant as of July 31, 2010 and October 31, 2009.

Property, Plant and Equipment

	July 31, 2010			October 31, 2009
Land	$	3,656,000		$	3,656,000
Buildings and improvements		38,750,000			38,091,000
Machinery, equipment and tooling		86,276,000			80,697,000
Construction in progress		6,028,000			5,331,000
		134,710,000			127,775,000
Less: Accumulated depreciation and amortization		(74,907,000	)		(67,247,000	)
Property, plant and equipment, net	$	59,803,000		$	60,528,000

Accrued Customer Rebates and Credits

The aggregate amount of accrued customer rebates and credits included within accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheets was $7,692,000 and $9,689,000 as of July 31, 2010 and October 31, 2009, respectively. The total customer rebates and credits deducted within net sales for the nine months ended July 31, 2010 and 2009 was $6,642,000 and $6,757,000 respectively. The total customer rebates and credits deducted within net sales for the three months ended July 31, 2010 and 2009 was $2,244,000 and $2,023,000 respectively.

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Jul. 31, 2010

GOODWILL AND OTHER INTANGIBLE ASSETS

4. GOODWILL AND OTHER INTANGIBLE ASSETS

The Company has two operating segments: the Flight Support Group ("FSG") and the Electronic Technologies Group ("ETG"). Changes in the carrying amount of goodwill by operating segment for the nine months ended July 31, 2010 are as follows:

	Segment				Consolidated
	FSG		ETG		Totals
Balances as of October 31, 2009	$	188,459,000	$	176,784,000	$	365,243,000
Acquired goodwill		¾		12,920,000		12,920,000
Adjustments to goodwill		¾		1,960,000		1,960,000
Foreign currency translation adjustment		¾		586,000		586,000
Balances as of July 31, 2010	$	188,459,000	$	192,250,000	$	380,709,000

The goodwill acquired pertains to a current year acquisition and represents the residual value after the allocation of the total consideration to the tangible and identifiable intangible assets acquired and liabilities assumed (inclusive of contingent consideration). The adjustments to goodwill principally represent additional purchase consideration paid relating to prior year acquisitions for which the earnings objectives were met in fiscal 2010. See Note 2, Acquisitions, for additional information regarding the fiscal 2010 acquisition and additional purchase consideration. The foreign currency translation adjustment reflects unrealized translation gains on the goodwill recognized in connection with a foreign subsidiary.

Identifiable intangible assets consist of the following:

	As of July 31, 2010							As of October 31, 2009
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
Amortizing Assets:
Customer relationships	$	41,759,000	$	(14,360,000	)	$	27,399,000	$	33,237,000	$	(9,944,000	)	$	23,293,000
Intellectual property		7,303,000		(1,247,000	)		6,056,000		3,369,000		(628,000	)		2,741,000
Licenses		1,000,000		(603,000	)		397,000		1,000,000		(547,000	)		453,000
Non-compete agreements		1,166,000		(991,000	)		175,000		1,221,000		(969,000	)		252,000
Patents		558,000		(261,000	)		297,000		575,000		(246,000	)		329,000
Trade names		569,000		(84,000	)		485,000		569,000		¾			569,000
		52,355,000		(17,546,000	)		34,809,000		39,971,000		(12,334,000	)		27,637,000
Non-Amortizing Assets:
Trade names		17,140,000		¾			17,140,000		13,951,000		¾			13,951,000
	$	69,495,000	$	(17,546,000	)	$	51,949,000	$	53,922,000	$	(12,334,000	)	$	41,588,000

The increase in the gross carrying amount of customer relationships, intellectual property and non-amortizing trade names as of July 31, 2010 compared to October 31, 2009 principally relates to such intangible assets recognized in connection with an acquisition made during the second quarter of fiscal 2010 (see Note 2, Acquisitions). The weighted average amortization period of the customer relationships and intellectual property acquired during fiscal 2010 is eight years. Based on the final purchase price allocations during the allocation period for certain fiscal 2009 acquisitions, the weighted average amortization period of the customer relationships and intellectual property acquired in fiscal 2009 is now eight years and seven years, respectively.

Amortization expense related to intangible assets for the nine months ended July 31, 2010 and 2009 was $5,446,000 and $3,148,000, respectively. Amortization expense related to intangible assets for the three months ended July 31, 2010 and 2009 was $1,976,000 and $1,336,000, respectively. Amortization expense related to intangible assets for the fiscal year ending October 31, 2010 is estimated to be $6,795,000. Amortization expense for each of the next five fiscal years and thereafter is estimated to be $6,327,000 in fiscal 2011, $5,621,000 in fiscal 2012, $5,161,000 in fiscal 2013, $4,864,000 in fiscal 2014, $3,739,000 in fiscal 2015 and $7,748,000 thereafter.

- Definition

Discloses the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain or loss on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables.

+ References+ Details

LONG-TERM DEBT

9 Months Ended

Jul. 31, 2010

LONG-TERM DEBT

5. LONG-TERM DEBT

Long-term debt consists of the following:

	July 31, 2010			October 31, 2009
Borrowings under revolving credit facility	$	47,000,000		$	55,000,000
Notes payable, capital leases and equipment loans		292,000			431,000
		47,292,000			55,431,000
Less: Current maturities of long-term debt		(199,000	)		(237,000	)
	$	47,093,000		$	55,194,000

As of July 31, 2010 and October 31, 2009, the weighted average interest rate of borrowings under the Company's $300 million revolving credit facility was 1.0% and .9%, respectively. The revolving credit facility contains both financial and non-financial covenants. As of July 31, 2010, the Company was in compliance with all such covenants.

INCOME TAXES

9 Months Ended

Jul. 31, 2010

INCOME TAXES

6. INCOME TAXES

As of July 31, 2010, the Company's liability for gross unrecognized tax benefits related to uncertain tax positions was $2,596,000 of which $2,058,000 would decrease the Company's income tax expense and effective income tax rate if the tax benefits were recognized. A reconciliation of the activity related to the liability for gross unrecognized tax benefits for the nine months ended July 31, 2010 is as follows:

Balance as of October 31, 2009	$	3,328,000
Decreases related to prior year tax positions		(837,000	)
Increases related to current year tax positions		393,000
Lapse of statutes of limitations		(288,000	)
Balance as of July 31, 2010	$	2,596,000

The $732,000 net decrease in the liability for gross unrecognized tax benefits was principally related to the finalization of a study of qualifying research and development activities used to prepare the Company's fiscal 2009 U.S. federal and state income tax returns. The decrease in the liability reduced the Company's income tax expense by $801,000.

The accrual of interest and penalties related to the unrecognized tax benefits was not material for the nine months ended July 31, 2010. Further, the Company does not expect the total amount of unrecognized tax benefits to materially change in the next twelve months.

FAIR VALUE MEASUREMENTS

9 Months Ended

Jul. 31, 2010

FAIR VALUE MEASUREMENTS

7. FAIR VALUE MEASUREMENTS

The Company performs its fair value measurements according to accounting guidance that defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance also establishes a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. An asset or liability's level is based on the lowest level of input that is significant to the fair value measurement. The guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:

Level 1 —

Quoted prices in active markets for identical assets or liabilities;

Level 2 —

Inputs, other than quoted prices included within Level 1, that are observable for the asset or liability either directly or indirectly; or

Level 3 —

Unobservable inputs for the asset or liability where there is little or no market data, requiring management to develop its own assumptions.

The following tables set forth by level within the fair value hierarchy, the Company's assets and liabilities that were measured at fair value on a recurring basis:

	As of July 31, 2010
	Level 1		Level 2		Level 3		Total
Assets:
Deferred compensation plans:
Corporate owned life insurance	$	—	$	20,672,000	$	—	$	20,672,000
Equity securities		964,000		—		—		964,000
Mutual funds		961,000		—		—		961,000
Money market funds and cash		832,000		—		—		832,000
Other		—		525,000		—		525,000
Total assets	$	2,757,000	$	21,197,000	$	—	$	23,954,000

Liabilities:
Contingent consideration	$	—	$	—	$	1,150,000	$	1,150,000

	As of October 31, 2009
	Level 1		Level 2		Level 3		Total
Assets:
Deferred compensation plans:
Corporate owned life insurance	$	—	$	15,687,000	$	—	$	15,687,000
Equity securities		1,057,000		—		—		1,057,000
Mutual funds		614,000		—		—		614,000
Money market funds and cash		2,163,000		—		—		2,163,000
Other		—		243,000		—		243,000
Total assets	$	3,834,000	$	15,930,000	$	—	$	19,764,000

Liabilities		—		—		—		—

The Company maintains two non-qualified deferred compensation plans. The assets of the HEICO Corporation Leadership Compensation Plan (the "LCP") principally represent cash surrender values of life insurance policies, which derive their fair values from investments in mutual funds that are managed by an insurance company and are classified within Level 2. Certain other assets of the LCP represent investments in HEICO common stock and are classified within Level 1. The assets of the Company's other deferred compensation plan are principally invested in a life insurance policy that is classified within Level 2 and equity securities, mutual funds and money market funds that are classified within Level 1. The assets of both plans are held within irrevocable trusts and classified within other assets in the Company's Condensed Consolidated Balance Sheets. The related liabilities of the two deferred compensation plans are included within other long-term liabilities in the Company's Condensed Consolidated Balance Sheets and have an aggregate value of $23,667,000 as of July 31, 2010 and $19,505,000 as of October 31, 2009.

As part of the agreement to acquire a subsidiary by the ETG in the second quarter of fiscal 2010, the Company may be obligated to pay contingent consideration of up to $2.0 million in fiscal 2013 should the acquired entity meet certain earnings objectives during the second and third years following the acquisition. The $1,150,000 fair value of the contingent consideration as of the acquisition date was determined using a discounted cash flow model and probability adjusted internal estimates of the subsidiary's future earnings and is classified in Level 3. There have been no subsequent changes in the fair value of this contingent consideration as of July 31, 2010 and this obligation is included in other long-term liabilities in the Company's Condensed Consolidated Balance Sheet. Changes in the fair value of contingent consideration will be recorded in the Company's condensed consolidated statements of operations.

The carrying amounts of the Company's cash and cash equivalents, accounts receivable, trade accounts payable, and accrued expenses and other current liabilities approximate fair value as of July 31, 2010 due to the relatively short maturity of the respective instruments. The carrying amount of long-term debt approximates fair value due to its variable interest rates.

- Definition

This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details

RESEARCH AND DEVELOPMENT EXPENSES

9 Months Ended

Jul. 31, 2010

RESEARCH AND DEVELOPMENT EXPENSES

8. RESEARCH AND DEVELOPMENT EXPENSES

Cost of sales for the nine months ended July 31, 2010 and 2009 includes approximately $16.5 million and $14.8 million, respectively, of new product research and development expenses. Cost of sales for the three months ended July 31, 2010 and 2009 includes approximately $6.0 million and $5.1 million, respectively, of new product research and development expenses.

- Definition

Description, amount and terms involving research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period.

+ References+ Details

NET INCOME PER SHARE ATTRIBUTABLE TO HEICO SHAREHOLDERS

9 Months Ended

Jul. 31, 2010

NET INCOME PER SHARE ATTRIBUTABLE TO HEICO SHAREHOLDERS

9. NET INCOME PER SHARE ATTRIBUTABLE TO HEICO SHAREHOLDERS

The computation of basic and diluted net income per share attributable to HEICO shareholders is as follows:

	Nine months ended July 31,				Three months ended July 31,
	2010		2009		2010		2009
Numerator:
Net income attributable to HEICO	$	39,296,000	$	32,990,000	$	14,930,000	$	11,132,000

Denominator:
Weighted average common shares outstanding-basic		32,793,137		32,799,101		32,917,530		32,603,643
Effect of dilutive stock options		960,277		1,017,879		879,941		1,029,220
Weighted average common shares outstanding-diluted		33,753,414		33,816,980		33,797,471		33,632,863

Net income per share attributable to HEICO shareholders:
Basic	$	1.20	$	1.01	$	.45	$	.34
Diluted	$	1.16	$	.98	$	.44	$	.33

Anti-dilutive stock options excluded		432,292		3,193		431,250		9,579

No portion of the adjustments to the redemption amount of redeemable noncontrolling interests of ($39,000) and $272,000 for the nine months and three months ended July 31, 2010, respectively, reflect a redemption amount in excess of fair value and therefore no portion of the adjustments affect basic or diluted net income per share attributable to HEICO shareholders.

OPERATING SEGMENTS

9 Months Ended

Jul. 31, 2010

OPERATING SEGMENTS

10. OPERATING SEGMENTS

Information on the Company's two operating segments, the Flight Support Group ("FSG"), consisting of HEICO Aerospace Holdings Corp. and its subsidiaries, and the Electronic Technologies Group ("ETG"), consisting of HEICO Electronic Technologies Corp. and its subsidiaries, for the nine months and three months ended July 31, 2010 and 2009, respectively, is as follows:

					Other,
					Primarily
	Segment				Corporate and			Consolidated
	FSG		ETG		Intersegment			Totals
For the nine months ended July 31, 2010:
Net sales	$	301,145,000	$	147,231,000	$	(726,000	)	$	447,650,000
Depreciation and amortization		7,467,000		5,817,000		294,000			13,578,000
Operating income		50,332,000		39,961,000		(10,799,000	)		79,494,000
Capital expenditures		5,513,000		1,214,000		16,000			6,743,000

For the nine months ended July 31, 2009:
Net sales	$	297,543,000	$	97,523,000	$	(377,000	)	$	394,689,000
Depreciation and amortization		7,330,000		3,287,000		334,000			10,951,000
Operating income		46,297,000		26,508,000		(8,611,000	)		64,194,000
Capital expenditures		6,644,000		1,075,000		65,000			7,784,000

For the three months ended July 31, 2010:
Net sales	$	104,323,000	$	54,107,000	$	(160,000	)	$	158,270,000
Depreciation and amortization		2,493,000		2,111,000		96,000			4,700,000
Operating income		17,557,000		15,198,000		(3,762,000	)		28,993,000
Capital expenditures		1,696,000		434,000		13,000			2,143,000

For the three months ended July 31, 2009:
Net sales	$	97,236,000	$	37,054,000	$	(204,000	)	$	134,086,000
Depreciation and amortization		2,521,000		1,409,000		113,000			4,043,000
Operating income		14,759,000		9,935,000		(3,272,000	)		21,422,000
Capital expenditures		1,867,000		466,000		54,000			2,387,000

Total assets by operating segment as of July 31, 2010 and October 31, 2009 are as follows:

					Other,
	Segment				Primarily		Consolidated
	FSG		ETG		Corporate		Totals

Total assets as of July 31, 2010	$	413,551,000	$	324,822,000	$	39,666,000	$	778,039,000
Total assets as of October 31, 2009		414,030,000		285,602,000		33,278,000		732,910,000

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Jul. 31, 2010

COMMITMENTS AND CONTINGENCIES

11. COMMITMENTS AND CONTINGENCIES

Guarantees

The Company has arranged for a standby letter of credit for $1.5 million to meet the security requirement of its insurance company for potential workers' compensation claims, which is supported by the Company's revolving credit facility.

Product Warranty

Changes in the Company's product warranty liability for the nine months ended July 31, 2010 and 2009, respectively, are as follows:

	Nine months ended July 31,
	2010			2009
Balances as of beginning of fiscal year	$	1,022,000		$	671,000
Accruals for warranties		1,251,000			1,163,000
Warranty claims settled		(855,000	)		(645,000	)
Acquired warranty liabilities		80,000			—
Balances as of July 31	$	1,498,000		$	1,189,000

Additional Contingent Purchase Consideration

As part of the agreement to acquire a subsidiary by the ETG in fiscal 2007, the Company may be obligated to pay additional purchase consideration of up to 73 million Canadian dollars in aggregate, which translates to approximately $71 million U.S. dollars based on the July 31, 2010 exchange rate, should the subsidiary meet certain earnings objectives through fiscal 2012.

As part of the agreement to acquire a subsidiary by the ETG in fiscal 2009, the Company may be obligated to pay additional purchase consideration of up to approximately $1.3 million in fiscal 2011 and $10.1 million in fiscal 2012 should the subsidiary meet certain earnings objectives during the second and third years, respectively, following the acquisition.

As part of the agreement to acquire a subsidiary by the ETG in fiscal 2009, the Company may be obligated to pay additional purchase consideration of up to approximately $11.7 million should the subsidiary meet certain earnings objectives during the first two years following the acquisition.

The above referenced additional contingent purchase consideration will be accrued when the earnings objectives are met. Such additional contingent purchase consideration is based on a multiple of earnings above a threshold (subject to a cap in certain cases) and is not contingent upon the former shareholders of the acquired entities remaining employed by the Company or providing future services to the Company. Accordingly, such consideration will be recorded as an additional cost of the respective acquired entity when paid. The aggregate maximum amount of such contingent purchase consideration that the Company could be required to pay is approximately $94 million payable over future periods beginning in fiscal 2011 through fiscal 2012. Assuming the subsidiaries perform over their respective future measurement periods at the same earnings levels they have performed in the comparable historical measurement periods, the aggregate amount of such contingent purchase consideration that the Company would be required to pay is approximately $11 million. The actual contingent purchase consideration will likely be different.

Litigation

The Company is involved in various legal actions arising in the normal course of business. Based upon the Company's and its legal counsel's evaluations of any claims or assessments, management is of the opinion that the outcome of these matters will not have a material adverse effect on the Company's results of operations, financial position or cash flows.

REDEEMABLE NONCONTROLLING INTERESTS

9 Months Ended

Jul. 31, 2010

REDEEMABLE NONCONTROLLING INTERESTS

12. REDEEMABLE NONCONTROLLING INTERESTS

As further detailed in Note 15, Commitments and Contingencies, of the Notes to Consolidated Financial Statements of the Company's Annual Report on Form 10-K for the year ended October 31, 2009, the holders of equity interests in certain of the Company's subsidiaries have rights ("Put Rights") that may be exercised on varying dates causing the Company to purchase their equity interests beginning in fiscal 2011 through fiscal 2018. The Put Rights, all of which relate either to common shares or membership interests in limited liability companies, provide that the cash consideration to be paid for their equity interests (the "Redemption Amount") be at fair value or at a formula that management intended to reasonably approximate fair value based solely on a multiple of future earnings over a measurement period. As of July 31, 2010, management's estimate of the aggregate Redemption Amount of all Put Rights that the Company would be required to pay is approximately $56 million. The actual Redemption Amount will likely be different. The portion of the estimated Redemption Amount as of July 31, 2010 redeemable at fair value is $25 million and the portion redeemable based solely on a multiple of future earnings is $31 million. See Note 1, Summary of Significant Accounting Policies, for more information regarding how the Company accounts for its redeemable noncontrolling interests in accordance with new accounting guidance adopted as of the beginning of fiscal 2010 and the Condensed Consolidated Statements of Shareholders' Equity and Comprehensive Income for a summary of changes in redeemable noncontrolling interests for the nine months ended July 31, 2010 and 2009.

In April 2010, the Company, through HEICO Electronic, acquired an additional 3.4% equity interest in one of its subsidiaries, which increased the Company's ownership interest to 93.3%. In May 2010, the Company, through its HEICO Aerospace Holdings Corp. subsidiary, acquired an additional 2.2% equity interest in one of its subsidiaries, which increased the Company's ownership interest to 82.3%. The purchase prices of the redeemable noncontrolling interests acquired were paid using cash provided by operating activities. The acquisitions resulted in a decrease to redeemable noncontrolling interests and had no effect on HEICO shareholders' equity.

During the nine months ended July 31, 2009, the Company acquired certain redeemable noncontrolling interests and accounted for the transactions under the accounting guidance in effect at that time pertaining to step acquisitions. The excess of the purchase price paid over the carrying amount was allocated principally to goodwill under such guidance. As mentioned in Note 1, Summary of Significant Accounting Policies, the Condensed Consolidated Statement of Shareholders' Equity and Comprehensive Income for the nine months ended July 31, 2009 is presented on a retrospective basis to reflect the adoption of new accounting guidance as of November 1, 2009 pertaining to redeemable noncontrolling interests, which resulted in an increase to redeemable noncontrolling interests and a decrease to retained earnings. The subsequent acquisition of certain redeemable noncontrolling interests on a retrospective basis results in a reversal of any previously recorded decrease to retained earnings related to such redeemable noncontrolling interests recorded as part of the adoption of this new accounting guidance.