DOCUMENT AND ENTITY INFORMATION
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9 Months Ended | ||
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Jul. 31, 2013
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Aug. 28, 2013
HEICO Common Stock [Member]
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Aug. 28, 2013
Class A Common Stock [Member]
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Entity Registrant Name | HEICO CORP | ||
Entity Central Index Key | 0000046619 | ||
Current Fiscal Year End Date | --10-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | hei | ||
Entity Common Stock, Shares Outstanding | 21,429,392 | 31,661,632 | |
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Jul. 31, 2013 | ||
Document Fiscal Period Focus | Q3 | ||
Document Fiscal Year Focus | 2013 |
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Aggregate par or stated value of issued nonredeemable Class A common stock (or Class A common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. No definition available.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Jul. 31, 2013
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Jul. 31, 2012
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Jul. 31, 2013
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Jul. 31, 2012
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Net sales | $ 267,133 | $ 225,969 | $ 721,331 | $ 654,938 |
Operating costs and expenses: | ||||
Cost of sales | 169,593 | 141,717 | 456,754 | 417,240 |
Selling, general and administrative expenses | 49,134 | 41,797 | 136,544 | 120,010 |
Total operating costs and expenses | 218,727 | 183,514 | 593,298 | 537,250 |
Operating income | 48,406 | 42,455 | 128,033 | 117,688 |
Interest expense | (1,097) | (552) | (2,540) | (1,816) |
Other income (expense) | 59 | (131) | 505 | 190 |
Income before income taxes and noncontrolling interests | 47,368 | 41,772 | 125,998 | 116,062 |
Income tax expense | 12,600 | 13,100 | 37,200 | 38,700 |
Net income from consolidated operations | 34,768 | 28,672 | 88,798 | 77,362 |
Less: Net income attributable to noncontrolling interests | 5,821 | 5,544 | 16,193 | 16,006 |
Net income attributable to HEICO | $ 28,947 | $ 23,128 | $ 72,605 | $ 61,356 |
Net income per share attributable to HEICO shareholders: | ||||
Basic (in dollars per share) | $ 0.55 | $ 0.44 | $ 1.37 | $ 1.17 |
Diluted (in dollars per share) | $ 0.54 | $ 0.43 | $ 1.36 | $ 1.15 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 53,074 | 52,695 | 53,020 | 52,651 |
Diluted (in shares) | 53,612 | 53,288 | 53,516 | 53,290 |
Cash dividends per share (in dollars per share) | $ 0.070 | $ 0.060 | $ 2.270 | $ 0.108 |
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Jul. 31, 2013
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Jul. 31, 2012
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Jul. 31, 2013
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Jul. 31, 2012
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Net income from consolidated operations | $ 34,768 | $ 28,672 | $ 88,798 | $ 77,362 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 598 | (6,028) | 842 | (10,264) |
Total other comprehensive income (loss) | 598 | (6,028) | 842 | (10,264) |
Comprehensive income from consolidated operations | 35,366 | 22,644 | 89,640 | 67,098 |
Less: Comprehensive income attributable to noncontrolling interests | 5,821 | 5,544 | 16,193 | 16,006 |
Comprehensive income attributable to HEICO | $ 29,545 | $ 17,100 | $ 73,447 | $ 51,092 |
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CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (USD $)
In Thousands |
Total
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Redeemable Noncontrolling Interests [Member]
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HEICO Common Stock [Member]
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Class A Common Stock [Member]
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Capital In Excess Of Par Value [Member]
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Deferred Compensation Obligation [Member]
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HEICO Stock Held By Irrevocable Trust [Member]
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Accumulated Other Comprehensive Income (Loss) [Member]
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Retained Earnings [Member]
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Noncontrolling Interest [Member]
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Total Shareholders Equity [Member]
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Opening Balance at Oct. 31, 2011 | $ 65,430 | $ 171 | $ 250 | $ 226,120 | $ 522 | $ (522) | $ 3,033 | $ 299,497 | $ 91,083 | $ 620,154 | |
Comprehensive income | 67,098 | 6,945 | 0 | 0 | 0 | 0 | 0 | (10,264) | 61,356 | 9,061 | 60,153 |
Cash dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5,689) | 0 | (5,689) | |
Five-for-four common stock split | 0 | 42 | 63 | (105) | 0 | 0 | 0 | (16) | 0 | (16) | |
Tax benefit from stock option exercises | 0 | 0 | 0 | 13,144 | 0 | 0 | 0 | 0 | 0 | 13,144 | |
Stock option compensation expense | 0 | 0 | 0 | 2,888 | 0 | 0 | 0 | 0 | 0 | 2,888 | |
Proceeds from stock option exercises | 0 | 0 | 1 | 386 | 0 | 0 | 0 | 0 | 0 | 387 | |
Redemptions of common stock related to stock option exercises | (307) | 0 | 0 | 0 | (307) | 0 | 0 | 0 | 0 | 0 | (307) |
Acquisitions of noncontrolling interests | (7,616) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Distributions to noncontrolling interests | (6,794) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Adjustments to redemption amount of redeemable noncontrolling interests | (93) | 0 | 0 | 0 | 0 | 0 | 0 | 93 | 0 | 93 | |
Other | 1,224 | 0 | 0 | (1) | 0 | 0 | (149) | (78) | 0 | (228) | |
Ending Balance at Jul. 31, 2012 | 59,096 | 213 | 314 | 242,125 | 522 | (522) | (7,380) | 355,163 | 100,144 | 690,579 | |
Opening Balance at Apr. 30, 2012 | |||||||||||
Comprehensive income | 22,644 | ||||||||||
Adjustments to redemption amount of redeemable noncontrolling interests | (600) | ||||||||||
Ending Balance at Jul. 31, 2012 | 59,096 | ||||||||||
Opening Balance at Oct. 31, 2012 | 719,759 | 67,166 | 213 | 315 | 244,632 | 823 | (823) | (3,572) | 375,085 | 103,086 | 719,759 |
Comprehensive income | 89,640 | 6,127 | 0 | 0 | 0 | 0 | 0 | 842 | 72,605 | 10,066 | 83,513 |
Cash dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (120,361) | 0 | (120,361) | |
Issuance of common stock to HEICO Savings and Investment Plan | 0 | 0 | 0 | 2,625 | 0 | 0 | 0 | 0 | 0 | 2,625 | |
Tax benefit from stock option exercises | 0 | 0 | 0 | 5,180 | 0 | 0 | 0 | 0 | 0 | 5,180 | |
Stock option compensation expense | 0 | 0 | 0 | 3,455 | 0 | 0 | 0 | 0 | 0 | 3,455 | |
Proceeds from stock option exercises | 0 | 1 | 1 | 344 | 0 | 0 | 0 | 0 | 0 | 346 | |
Redemptions of common stock related to stock option exercises | (2,364) | 0 | 0 | 0 | (2,364) | 0 | 0 | 0 | 0 | 0 | (2,364) |
Acquisitions of noncontrolling interests | (16,610) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Distributions to noncontrolling interests | (5,968) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Adjustments to redemption amount of redeemable noncontrolling interests | 1,327 | 0 | 0 | 0 | 0 | 0 | 0 | (1,327) | 0 | (1,327) | |
Deferred compensation obligation | 0 | 0 | 0 | 0 | 105 | (105) | 0 | 0 | 0 | 0 | |
Other | 402 | 0 | 1 | 0 | 0 | 0 | 3 | (2) | 24 | 26 | |
Ending Balance at Jul. 31, 2013 | 690,852 | 52,444 | 214 | 317 | 253,872 | 928 | (928) | (2,727) | 326,000 | 113,176 | 690,852 |
Opening Balance at Apr. 30, 2013 | |||||||||||
Comprehensive income | 35,366 | ||||||||||
Adjustments to redemption amount of redeemable noncontrolling interests | 300 | ||||||||||
Ending Balance at Jul. 31, 2013 | $ 690,852 | $ 52,444 |
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CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME [PARENTHETICAL] (USD $)
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Jul. 31, 2013
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Jul. 31, 2012
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Jul. 31, 2013
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Jul. 31, 2012
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Cash dividends per share (in dollars per share) | $ 0.070 | $ 0.060 | $ 2.270 | $ 0.108 |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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9 Months Ended |
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Jul. 31, 2013
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Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 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, 2012. The October 31, 2012 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, statements of comprehensive income, statements of shareholders' equity and statements of cash flows for such interim periods presented. The results of operations for the nine months ended July 31, 2013 are not necessarily indicative of the results which may be expected for the entire fiscal year. New Accounting Pronouncements In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2011-05, “Presentation of Comprehensive Income,” which requires the presentation of total comprehensive income, the components of net income and the components of other comprehensive income in either a single continuous statement of comprehensive income or in two separate, but consecutive statements. ASU 2011-05 eliminates the option to present other comprehensive income and its components in the statement of shareholders’ equity. The Company adopted ASU 2011-05 in the first quarter of fiscal 2013 and elected to make the presentation in two separate, but consecutive statements, which had no impact on the Company's consolidated results of operations, financial position or cash flows. In September 2011, the FASB issued ASU 2011-08, “Testing Goodwill for Impairment,” which is intended to reduce the complexity and cost of performing a quantitative test for impairment of goodwill by permitting an entity the option to perform a qualitative evaluation about the likelihood of goodwill impairment in order to determine whether it should calculate the fair value of a reporting unit. The update also improves previous guidance by expanding upon the examples of events and circumstances that an entity should consider between annual impairment tests in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. ASU 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, or in fiscal 2013 for HEICO's annual impairment test. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company's consolidated results of operations, financial position or cash flows. In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires disclosure about changes in and amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement of operations or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 is effective prospectively for fiscal years and interim periods within those fiscal years beginning after December 15, 2012, or in fiscal 2014 for HEICO. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company's consolidated results of operations, financial position or cash flows. In March 2013, the FASB issued ASU 2013-05, “Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” which clarifies the applicable guidance for the release of any cumulative translation adjustments into net earnings. ASU 2013-05 specifies that the entire amount of cumulative translation adjustments should be released into earnings when an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a consolidated foreign entity and the sale or transfer results in the complete or substantially complete liquidation of the investment in the foreign entity. ASU 2013-05 is effective prospectively for fiscal years and interim reporting periods within those years beginning after December 15, 2013, or in fiscal 2015 for HEICO. Early adoption is permitted. The Company is currently evaluating the effect, if any, the adoption of this guidance will have on its consolidated results of operations, financial position or cash flows. |
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ACQUISITIONS
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2013
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Business Combination Disclosure [Text Block] | ACQUISITIONS Reinhold Acquisition On May 31, 2013, the Company, through its HEICO Flight Support Corp. subsidiary, acquired Reinhold Industries, Inc. ("Reinhold") through the acquisition of all of the outstanding stock of Reinhold's parent company for approximately $133.0 million, net of $8.0 million of cash acquired, in a transaction carried out by means of a merger. The purchase price of this acquisition was paid in cash, principally using proceeds from the Company’s revolving credit facility. Reinhold is a leading manufacturer of advanced niche components and complex composite assemblies for commercial aviation, defense and space applications. This acquisition is consistent with HEICO’s practice of acquiring outstanding, niche designers and manufacturers of critical components in the aerospace and defense industries and will further enable the Company to broaden its product offerings, technologies and customer base. The following table summarizes the allocation of the purchase price of Reinhold to the estimated fair values of the tangible and identifiable intangible assets acquired and liabilities assumed (in thousands):
The allocation of the purchase price to the tangible and identifiable assets acquired and liabilities assumed is preliminary until the Company obtains final information regarding their fair values. The primary items that generated the goodwill recognized were the premiums paid by the Company for the future earnings potential of Reinhold and the value of its assembled workforce that do not qualify for separate recognition. The operating results of Reinhold were included in the Company’s results of operations from the effective acquisition date. The Company’s consolidated net sales and net income attributable to HEICO for the nine and three months ended July 31, 2013, includes approximately $12.6 million and $1.2 million, respectively, from the acquisition of Reinhold. The following table presents unaudited pro forma financial information for the nine and three months ended July 31, 2012 as if the acquisition of Reinhold had occurred as of November 1, 2011 (in thousands):
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, 2011. The unaudited pro forma financial information includes adjustments to historical amounts such as additional amortization expense related to intangible assets acquired, increased interest expense associated with borrowings to finance the acquisition and inventory purchase accounting adjustments charged to cost of sales as the inventory is sold. Had the acquisition been consummated as of November 1, 2011, 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, 2013 would not have been materially different than the reported amounts. Additional Purchase Consideration Pursuant to the terms of the purchase agreements related to certain fiscal 2012 acquisitions, the Company was obligated to pay additional purchase consideration representing the difference between the actual net assets of the acquired entity as of the acquisition date and the amount estimated in the purchase agreement. During the first quarter of fiscal 2013, the Company paid $1.2 million of such additional purchase consideration, which was accrued as of October 31, 2012. |
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Selected Financial Statement Information [Text Block] | SELECTED FINANCIAL STATEMENT INFORMATION Accounts Receivable
Costs and Estimated Earnings on Uncompleted Percentage-of-Completion Contracts
The percentage of the Company’s net sales recognized under the percentage-of-completion method was not material for the nine and three months ended July 31, 2013 and 2012. Changes in estimates pertaining to percentage-of-completion contracts did not have a material effect on net income from consolidated operations for the nine and three months ended July 31, 2013 and 2012. Inventories
Contracts in process represents accumulated capitalized costs associated with fixed price contracts for which revenue is recognized on the completed-contract method. Related progress billings and customer advances (“billings to date”) are classified as a reduction to contracts in process, if any, and any excess is included in accrued expenses and other liabilities. Property, Plant and Equipment
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 $14.5 million and $10.8 million as of July 31, 2013 and October 31, 2012, respectively. The total customer rebates and credits deducted within net sales for the nine months ended July 31, 2013 and 2012 was $6.0 million and $2.1 million, respectively. The total customer rebates and credits deducted within net sales for the three months ended July 31, 2013 and 2012 was $2.5 million and $1.0 million, respectively. The increase in customer rebates and credits is principally due to the fact that the first nine months and third quarter of fiscal 2012 reflected a reduction in the net sales volume of certain customers eligible for rebates as well as a reduction in the associated rebate percentages. |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | 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, 2013 are as follows (in thousands):
The goodwill acquired principally pertains to the current year acquisition described in Note 2, Acquisitions, and represents the residual value after the allocation of the total consideration to the tangible and identifiable intangible assets acquired and liabilities assumed. The adjustments to goodwill during fiscal 2013 represent immaterial measurement period adjustments to the purchase price allocations of certain fiscal 2012 acquisitions. The Company estimates that approximately $4 million of the goodwill recognized in fiscal 2013 will be deductible for income tax purposes. Identifiable intangible assets consist of the following (in thousands):
The increase in the gross carrying amount of customer relationships, intellectual property and non-amortizing trade names as of July 31, 2013 compared to October 31, 2012 principally relates to such intangible assets recognized in connection with the acquisition made during fiscal 2013 (see Note 2, Acquisitions). The amortization period of the customer relationships and intellectual property acquired is 10 years and 12 years, respectively. Amortization expense related to intangible assets for the nine months ended July 31, 2013 and 2012 was $14.3 million and $11.7 million, respectively. Amortization expense related to intangible assets for the three months ended July 31, 2013 and 2012 was $5.4 million and $4.2 million, respectively. Amortization expense related to intangible assets for the remainder of fiscal 2013 is estimated to be $5.9 million. Amortization expense for each of the next five fiscal years and thereafter is estimated to be $22.8 million in fiscal 2014, $21.2 million in fiscal 2015, $19.6 million in fiscal 2016, $18.9 million in fiscal 2017, $17.2 million in fiscal 2018 and $54.2 million thereafter. |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt [Text Block] | LONG-TERM DEBT Long-term debt consists of the following (in thousands):
As of July 31, 2013 and October 31, 2012, the weighted average interest rate on borrowings under the Company’s revolving credit facility was 1.3% and 1.2%, respectively. The revolving credit facility contains both financial and non-financial covenants. As of July 31, 2013, the Company was in compliance with all such covenants. In December 2012, the Company entered into an amendment to extend the maturity date of its revolving credit facility by one year to December 2017. The Company also amended certain covenants contained within the revolving credit facility agreement to accommodate payment of a special and extraordinary cash dividend paid in December 2012. See Note 8, Shareholders' Equity, for additional information. Costs aggregating $.6 million were incurred in connection with the amendments and are included in other assets within the Company's Condensed Consolidated Balance Sheets, and are being amortized to selling, general and administrative expenses within the Company's Condensed Consolidated Statements of Operations over the remaining term of the revolving credit facility. |
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Income Tax Disclosure [Text Block] | INCOME TAXES As of July 31, 2013, the Company’s liability for gross unrecognized tax benefits related to uncertain tax positions was $2.0 million of which $1.3 million 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, 2013 is as follows (in thousands):
The settlements and decreases related to prior year tax positions pertain to a state income tax position regarding nexus that was originally recognized in fiscal 2012 and resolved through the filing of state income tax returns in fiscal 2013. The accrual of interest and penalties related to unrecognized tax benefits was not material for the nine months ended July 31, 2013. Further, the Company does not expect the total amount of unrecognized tax benefits to materially change in the next twelve months. In January 2013, Section 41 of the Internal Revenue Code, "Credit for Increasing Research Activities," was retroactively extended to cover a two-year period from January 1, 2012 to December 31, 2013. As a result, an income tax credit for qualified research and development activities for the last ten months of fiscal 2012 was recognized by the Company in the first quarter of fiscal 2013. The tax credit, net of expenses, increased net income attributable to HEICO by approximately $1.0 million. During the third quarter of fiscal 2013, the Company filed its fiscal 2012 U.S. federal and state tax returns. As a result, the Company recognized an aggregate benefit, net of expenses, which increased net income attributable to HEICO by approximately $1.6 million from higher research and development tax credits and a credit for foreign taxes paid on earnings that were repatriated by one of the Company's foreign subsidiaries. The Company's effective tax rate for the first nine months of fiscal 2013 decreased to 29.5% from 33.3% for the first nine months of fiscal 2012. The decrease is partially due to the previously mentioned income tax credit for qualified research and development activities for the last ten months of fiscal 2012 that was recognized in the first quarter of fiscal 2013. The decrease in the effective tax rate was also attributed to an income tax deduction under Section 404(k) of the Internal Revenue Code for the one-time special and extraordinary cash dividend paid in December 2012 to participants of the HEICO Savings and Investment Plan holding HEICO common stock and the benefit from higher tax-exempt unrealized gains in the cash surrender values of life insurance policies related to the HEICO Corporation Leadership Compensation Plan (the "LCP"). Furthermore, the Company recognized an additional tax benefit upon the filing of its fiscal 2012 U.S. federal income tax return in the third quarter of fiscal 2013 associated with the previously mentioned credit for foreign taxes paid on earnings that were repatriated by one of the Company's foreign subsidiaries that also contributed to the lower effective tax rate. The Company's effective tax rate in the third quarter of fiscal 2013 decreased to 26.6% from 31.4% in the third quarter of fiscal 2012. The decrease is partially due to the aforementioned benefit associated with a credit for foreign taxes paid on earnings that were repatriated by one of the Company's foreign subsidiaries. The decrease in the effective tax rate was also attributed to the previously mentioned benefit from higher tax-exempt unrealized gains in the cash surrender values of life insurance policies related to the LCP and for the income tax deduction for the one-time special and extraordinary cash dividend paid in December 2012 to participants of the HEICO Savings and Investment Plan holding HEICO common stock. |
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Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS 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 (in thousands):
The Company maintains two non-qualified deferred compensation plans. The assets of the HEICO Corporation Leadership Compensation Plan (the “LCP”) 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 and valued using a market approach. The assets of the Company’s other deferred compensation plan are invested in 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 and have an aggregate value of $54.2 million as of July 31, 2013 and $41.3 million as of October 31, 2012, of which the LCP related assets were $49.6 million and $37.1 million as of July 31, 2013 and October 31, 2012, respectively. 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 $53.6 million as of July 31, 2013 and $40.8 million as of October 31, 2012, of which the LCP related liability was $49.0 million and $36.5 million as of July 31, 2013 and October 31, 2012, respectively. As part of the agreement to acquire a subsidiary by the ETG in fiscal 2012, the Company may be obligated to pay contingent consideration of up to $12.9 million in aggregate should the acquired entity meet certain earnings objectives during each of the next four years following the first anniversary date of the acquisition. The $9.1 million estimated fair value of the contingent consideration as of July 31, 2013 is classified within Level 3 and was determined using a probability-based scenario analysis approach. Under this method, a set of discrete potential future subsidiary earnings was determined using internal estimates based on various revenue growth rate assumptions for each scenario that ranged from a compound annual growth rate of negative 4% to positive 20%. A probability of likelihood was assigned to each discrete potential future earnings estimate and the resultant contingent consideration was calculated. The resulting probability-weighted contingent consideration amounts were discounted using a weighted average discount rate of 3.0% reflecting the credit risk of a market participant. Significant changes to either the revenue growth rates, related earnings or the discount rate could result in a material change to the amount of contingent consideration accrued and such changes will be recorded in the Company's condensed consolidated statements of operations. The $1.2 million decrease in the fair value of the contingent consideration since October 31, 2012 is principally attributed to lower year one actual earnings and year two forecasted earnings of the subsidiary due to reductions in United States defense spending and was recorded to selling, general and administrative expenses in the Company's Condensed Consolidated Statement of Operations. As of July 31, 2013, the estimated amount of such contingent consideration to be paid within the next twelve months of $1.4 million is included in accrued expenses and other current liabilities and the remaining $7.7 million is included in other long-term liabilities in the Company's Condensed Consolidated Balance Sheet. Changes in the Company’s assets and liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the nine months ended July 31, 2013 are as follows (in thousands):
The Company did not have any transfers between Level 1 and Level 2 fair value measurements during the nine months ended July 31, 2013. 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, 2013 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. |
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SHAREHOLDERS' EQUITY STOCKHOLDERS' EQUITY
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Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | SHAREHOLDERS' EQUITY During the nine months ended July 31, 2013, the Company repurchased an aggregate 29,083 shares of Common Stock at a total cost of $1.3 million and an aggregate 31,972 shares of Class A Common Stock at a total cost of $1.1 million. The transactions occurred as settlement for employee taxes due pertaining to exercises of non-qualified stock options and did not impact the number of shares authorized for future purchase under the Company’s share repurchase program. In December 2012, the Company paid a special and extraordinary $2.14 per share cash dividend on both classes of HEICO common stock as well as a regular semi-annual $.06 per share cash dividend that was accelerated from January 2013. The dividends, which aggregated $116.6 million, were funded from borrowings under the Company's revolving credit facility. |
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EMPLOYEE RETIREMENT PLAN EMPLOYEE RETIREMENT PLAN
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Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | EMPLOYEE RETIREMENT PLAN In connection with the acquisition of Reinhold (see Note 2, Acquisitions), the Company assumed Reinhold's frozen qualified defined benefit pension plan (the "Plan"). The Plan's benefits are based on employee compensation and years of service. However, since the Plan was closed to new participants effective December 31, 2004, the accrued benefit for Plan participants was fixed as of the date of acquisition. The acquired projected benefit obligation and plan assets were recorded at fair value as of the acquisition date. Changes in the Plan's projected benefit obligation and plan assets since the acquisition are as follows (in thousands):
The $2.8 million difference between the projected benefit obligation and plan assets as of July 31, 2013 was included in other long-term liabilities within the Company's Condensed Consolidated Balance Sheet. Components of net benefit income since the acquisition within the Company's Condensed Statement of Operations are as follows (in thousands):
The Company has not made any contributions to the Plan since the acquisition and does not expect to be required to make contributions to the Plan during the remainder of fiscal 2013. Estimated future benefit payments for the remainder of fiscal 2013 are $.2 million. Estimated future benefit payments to be made from fiscal 2014 to fiscal 2023 are as follows (in thousands):
As of July 31, 2013, 80% of the Plan's assets were invested in fixed-income securities and 20% were invested in equity securities, which match the Plan's current investment target allocations. The Company is currently evaluating the Plan's asset allocation policy which was established prior to the acquisition. The Company's objective is to maximize long-term investment return while maintaining an acceptable level of risk that is accomplished through broad diversification of the Plan's assets. |
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RESEARCH AND DEVELOPMENT EXPENSES
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Research and Development [Abstract] | |
Research, Development, and Computer Software Disclosure [Text Block] | RESEARCH AND DEVELOPMENT EXPENSES Cost of sales for the nine months ended July 31, 2013 and 2012 includes approximately $23.5 million and $22.4 million, respectively, of new product research and development expenses. Cost of sales for the three months ended July 31, 2013 and 2012 includes approximately $8.5 million and $7.5 million, respectively, of new product research and development expenses. |
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REDEEMABLE NONCONTROLLING INTERESTS
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Temporary Equity Disclosure [Abstract] | |
Temporary Equity Redeemable Noncontrolling Interests [Text Block] | REDEEMABLE NONCONTROLLING INTERESTS 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 through fiscal 2022. 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, 2013, management’s estimate of the aggregate Redemption Amount of all Put Rights that the Company would be required to pay is approximately $52 million. The actual Redemption Amount will likely be different. The aggregate Redemption Amount of all Put Rights was determined using probability adjusted internal estimates of future earnings of the Company’s subsidiaries with Put Rights while considering the earliest exercise date, the measurement period and any applicable fair value adjustments. The portion of the estimated Redemption Amount as of July 31, 2013 redeemable at fair value is approximately $42 million and the portion redeemable based solely on a multiple of future earnings is approximately $10 million. Adjustments to Redemption Amounts based on fair value will have no affect 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 affect net income per share attributable to HEICO shareholders. In December 2012, the Company, through its HEICO Aerospace Holdings Corp. ("HEICO Aerospace") subsidiary, acquired the remaining 13.3% interest in one of its subsidiaries. The purchase price of the redeemable noncontrolling interest acquired was paid using proceeds from the Company's revolving credit facility. |
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NET INCOME PER SHARE ATTRIBUTABLE TO HEICO SHAREHOLDERS
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Earnings Per Share [Text Block] | 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 (in thousands, except per share data):
No portion of the adjustments to the redemption amount of redeemable noncontrolling interests of $1.3 million and ($.1) million for the nine months ended July 31, 2013 and 2012, respectively, and $.3 million and ($.6) million for the three months ended July 31, 2013 and 2012, 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. |
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OPERATING SEGMENTS
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Segment Reporting Disclosure [Text Block] | OPERATING SEGMENTS Information on the Company’s two operating segments, the Flight Support Group ("FSG"), consisting of HEICO Aerospace and HEICO Flight Support Corp. and their collective subsidiaries; and the Electronic Technologies Group ("ETG"), consisting of HEICO Electronic Technologies Corp. and its subsidiaries, for the nine and three months ended July 31, 2013 and 2012, respectively, is as follows (in thousands):
Total assets by operating segment as of July 31, 2013 and October 31, 2012 are as follows (in thousands):
Amortization expense related to intangible assets and debt issuance costs by operating segment for the nine and three months ended July 31, 2013 and 2012 is as follows (in thousands):
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COMMITMENTS AND CONTINGENCIES
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Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES Guarantees The Company has arranged for a standby letter of credit in the amount of $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, 2013 and 2012, respectively, are as follows (in thousands):
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. |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
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Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 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, 2012. The October 31, 2012 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, statements of comprehensive income, statements of shareholders' equity and statements of cash flows for such interim periods presented. The results of operations for the nine months ended July 31, 2013 are not necessarily indicative of the results which may be expected for the entire fiscal year. |
New Accounting Pronouncements and Changes In Accounting Principles [Text Block] | New Accounting Pronouncements In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2011-05, “Presentation of Comprehensive Income,” which requires the presentation of total comprehensive income, the components of net income and the components of other comprehensive income in either a single continuous statement of comprehensive income or in two separate, but consecutive statements. ASU 2011-05 eliminates the option to present other comprehensive income and its components in the statement of shareholders’ equity. The Company adopted ASU 2011-05 in the first quarter of fiscal 2013 and elected to make the presentation in two separate, but consecutive statements, which had no impact on the Company's consolidated results of operations, financial position or cash flows. In September 2011, the FASB issued ASU 2011-08, “Testing Goodwill for Impairment,” which is intended to reduce the complexity and cost of performing a quantitative test for impairment of goodwill by permitting an entity the option to perform a qualitative evaluation about the likelihood of goodwill impairment in order to determine whether it should calculate the fair value of a reporting unit. The update also improves previous guidance by expanding upon the examples of events and circumstances that an entity should consider between annual impairment tests in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. ASU 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, or in fiscal 2013 for HEICO's annual impairment test. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company's consolidated results of operations, financial position or cash flows. In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires disclosure about changes in and amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement of operations or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 is effective prospectively for fiscal years and interim periods within those fiscal years beginning after December 15, 2012, or in fiscal 2014 for HEICO. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company's consolidated results of operations, financial position or cash flows. In March 2013, the FASB issued ASU 2013-05, “Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” which clarifies the applicable guidance for the release of any cumulative translation adjustments into net earnings. ASU 2013-05 specifies that the entire amount of cumulative translation adjustments should be released into earnings when an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a consolidated foreign entity and the sale or transfer results in the complete or substantially complete liquidation of the investment in the foreign entity. ASU 2013-05 is effective prospectively for fiscal years and interim reporting periods within those years beginning after December 15, 2013, or in fiscal 2015 for HEICO. Early adoption is permitted. The Company is currently evaluating the effect, if any, the adoption of this guidance will have on its consolidated results of operations, financial position or cash flows. |
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ACQUISITIONS ACQUISITIONS (Tables)
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the allocation of the purchase price of Reinhold to the estimated fair values of the tangible and identifiable intangible assets acquired and liabilities assumed (in thousands):
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Business Acquisition, Pro Forma Information [Table Text Block] | The following table presents unaudited pro forma financial information for the nine and three months ended July 31, 2012 as if the acquisition of Reinhold had occurred as of November 1, 2011 (in thousands):
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SELECTED FINANCIAL STATEMENT INFORMATION (Tables)
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Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts Receivable
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Costs and Estimated Earnings On Uncompleted Percentage Of Completion Contracts [Table Text Block] | Costs and Estimated Earnings on Uncompleted Percentage-of-Completion Contracts
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Schedule of Inventory, Current [Table Text Block] | Inventories
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Property, Plant and Equipment [Table Text Block] | Property, Plant and Equipment
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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill by operating segment for the nine months ended July 31, 2013 are as follows (in thousands):
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Schedule Of Identifiable Intangible Assets [Table Text Block] | Identifiable intangible assets consist of the following (in thousands):
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- Definition
Tabular disclosure of the carrying value of intangible assets both subject to and not subject to amortization, excluding goodwill, in total and by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of the company. No definition available.
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LONG-TERM DEBT (Tables)
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Long Term Debt (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following (in thousands):
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INCOME TAXES (Tables)
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Income Taxes (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of the activity related to the liability for gross unrecognized tax benefits for the nine months ended July 31, 2013 is as follows (in thousands):
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FAIR VALUE MEASUREMENTS (Tables)
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 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 (in thousands):
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Changes in the Company’s assets and liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the nine months ended July 31, 2013 are as follows (in thousands):
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EMPLOYEE RETIREMENT PLAN EMPLOYEE RETIREMENT PLAN (Tables)
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Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Projected Benefit Obligation and Plan Assets [Table Text Block] | Changes in the Plan's projected benefit obligation and plan assets since the acquisition are as follows (in thousands):
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Schedule of Net Benefit Costs [Table Text Block] | Components of net benefit income since the acquisition within the Company's Condensed Statement of Operations are as follows (in thousands):
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Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit payments to be made from fiscal 2014 to fiscal 2023 are as follows (in thousands):
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Tabular disclosure of the changes in the Plan's projected benefit obligation and plan assets [Table Text Block] No definition available.
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NET INCOME PER SHARE ATTRIBUTABLE TO HEICO SHAREHOLDERS (Tables)
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Net Income Per Share Attributable To Heico Shareholders (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | The computation of basic and diluted net income per share attributable to HEICO shareholders is as follows (in thousands, except per share data):
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OPERATING SEGMENTS (Tables)
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Segment Reporting Information By Segment [Table Text Block] | Information on the Company’s two operating segments, the Flight Support Group ("FSG"), consisting of HEICO Aerospace and HEICO Flight Support Corp. and their collective subsidiaries; and the Electronic Technologies Group ("ETG"), consisting of HEICO Electronic Technologies Corp. and its subsidiaries, for the nine and three months ended July 31, 2013 and 2012, respectively, is as follows (in thousands):
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Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Total assets by operating segment as of July 31, 2013 and October 31, 2012 are as follows (in thousands):
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Amortization Expense [Table Text Block] | Amortization expense related to intangible assets and debt issuance costs by operating segment for the nine and three months ended July 31, 2013 and 2012 is as follows (in thousands):
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COMMITMENTS AND CONTINGENCIES (Tables)
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Commitments and Contingencies (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | Changes in the Company’s product warranty liability for the nine months ended July 31, 2013 and 2012, respectively, are as follows (in thousands):
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ACQUISITIONS ACQUISITIONS (Details) (USD $)
In Thousands, unless otherwise specified |
Jul. 31, 2013
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Oct. 31, 2012
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May 31, 2013
Reinhold Industries [Member]
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Assets acquired: | |||
Goodwill | $ 619,571 | $ 542,114 | $ 76,792 |
Identifiable intangible assets | 66,500 | ||
Inventories | 10,753 | ||
Accounts receivable | 8,830 | ||
Property, plant and equipment | 7,994 | ||
Other assets | 1,342 | ||
Total assets acquired, excluding cash | 172,211 | ||
Liabilities assumed: | |||
Deferred income taxes | 25,625 | ||
Accrued expenses | 6,994 | ||
Accounts payable | 2,923 | ||
Other liabilities | 3,697 | ||
Total liabilities assumed | 39,239 | ||
Net assets acquired, excluding cash | $ 132,972 |
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Amount of accrued expenses assumed at the acquisition date. No definition available.
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Identifiable assets acquired, excluding cash, Goodwill, and Liabilitites assumed No definition available.
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ACQUISITIONS ACQUISITIONS (Details 1) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended |
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Jul. 31, 2013
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Jul. 31, 2013
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Business Acquisition, Pro Forma Information [Abstract] | ||
Net sales | $ 240,940 | $ 695,641 |
Net income from consolidated operations | 29,963 | 79,579 |
Net income per share attributable to HEICO shareholders: | ||
Basic | $ 0.46 | $ 1.21 |
Diluted | $ 0.46 | $ 1.19 |
Parent [Member]
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Business Acquisition, Pro Forma Information [Abstract] | ||
Net income from consolidated operations | $ 24,414 | $ 63,563 |
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ACQUISITIONS (Details Textuals) (USD $)
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3 Months Ended | 9 Months Ended | 7 Months Ended | 9 Months Ended | |||
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Jul. 31, 2013
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Jan. 31, 2013
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Jul. 31, 2012
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Jul. 31, 2013
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Jul. 31, 2012
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May 31, 2013
Reinhold Industries [Member]
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Jul. 31, 2013
Reinhold Industries [Member]
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Business Acquisition [Line Items] | |||||||
Name of Acquired Entity | Reinhold Industries, Inc. | ||||||
Description of Acquired Entity | Reinhold is a leading manufacturer of advanced niche components and complex composite assemblies for commercial aviation, defense and space applications. | ||||||
Effective Date of Acquisition | May 31, 2013 | ||||||
Purchase price, net of cash | $ 132,972,000 | ||||||
Cash and Equivalents | 8,000,000 | ||||||
Revenue, Net | 267,133,000 | 225,969,000 | 721,331,000 | 654,938,000 | 12,600,000 | ||
Net Income (Loss) Attributable to Parent | 28,947,000 | 23,128,000 | 72,605,000 | 61,356,000 | 1,200,000 | ||
Payments for Previous Acquisition | $ 1,200,000 |
X | ||||||||||
- Definition
Identifiable assets acquired, excluding cash, Goodwill, and Liabilitites assumed No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
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X | ||||||||||
- Definition
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X | ||||||||||
- Definition
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X | ||||||||||
- Definition
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X | ||||||||||
- Definition
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
SELECTED FINANCIAL STATEMENT INFORMATION (Details) (USD $)
In Thousands, unless otherwise specified |
Jul. 31, 2013
|
Oct. 31, 2012
|
---|---|---|
Accounts receivable | $ 142,478 | $ 124,548 |
Less: Allowance for doubtful accounts | (3,077) | (2,334) |
Accounts receivable, net | $ 139,401 | $ 122,214 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
SELECTED FINANCIAL STATEMENT INFORMATION (Details 1) (USD $)
In Thousands, unless otherwise specified |
Jul. 31, 2013
|
Oct. 31, 2012
|
---|---|---|
Costs incurred on uncompleted contracts | $ 6,501 | $ 6,673 |
Estimated earnings | 6,790 | 6,235 |
Total cost incurred and estimated earnings on uncompleted percentage-of completed contracts | 13,291 | 12,908 |
Less: Billings to date | (11,309) | (7,426) |
Cost and estimated earnings on uncompleted contracts, net | 1,982 | 5,482 |
Included in the accompanying Condensed Consolidated Balance Sheets under the following captions: | ||
Accounts receivable, net (costs and estimated earnings in excess of billings) | 2,092 | 5,482 |
Accrued expenses and other current liabilities (billings in excess of costs and estimated earnings) | $ (110) | $ 0 |
X | ||||||||||
- Definition
Billings to date on uncompleted percentage of completion contracts. No definition available.
|
X | ||||||||||
- Definition
Total costs and estimated earnings on uncompleted contracts net of billings to date. No definition available.
|
X | ||||||||||
- Definition
Costs incurred on uncompleted percentage-of-completion contracts. No definition available.
|
X | ||||||||||
- Definition
Estimated earnings on uncompleted percentage-of-completion contracts. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
SELECTED FINANCIAL STATEMENT INFORMATION (Details 2) (USD $)
In Thousands, unless otherwise specified |
Jul. 31, 2013
|
Oct. 31, 2012
|
---|---|---|
Finished products | $ 102,497 | $ 93,873 |
Work in process | 26,550 | 18,887 |
Materials, parts, assemblies and supplies | 78,206 | 69,042 |
Contracts in process | 9,993 | 8,299 |
Less: Billings to date | (990) | (397) |
Inventories, net of valuation reserves | $ 216,256 | $ 189,704 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
SELECTED FINANCIAL STATEMENT INFORMATION (Details 3) (USD $)
In Thousands, unless otherwise specified |
Jul. 31, 2013
|
Oct. 31, 2012
|
---|---|---|
Land | $ 4,509 | $ 4,505 |
Buildings and improvements | 57,254 | 54,322 |
Machinery, equipment and tooling | 125,169 | 109,041 |
Construction in progress | 6,274 | 5,599 |
Property, plant and equipment, gross | 193,206 | 173,467 |
Less: Accumulated depreciation and amortization | (102,343) | (92,949) |
Property, plant and equipment, net | $ 90,863 | $ 80,518 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
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|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
SELECTED FINANCIAL STATEMENT INFORMATION (Details Textuals) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jul. 31, 2013
|
Jul. 31, 2012
|
Jul. 31, 2013
|
Jul. 31, 2012
|
Oct. 31, 2012
|
|
Accrued customer rebates and credits | $ 14.5 | $ 14.5 | $ 10.8 | ||
Total customer rebates and credits deducted within net sales | $ 2.5 | $ 1.0 | $ 6.0 | $ 2.1 |
X | ||||||||||
- Definition
Carrying value as of the balance sheet date of accrued customer rebates and credits. No definition available.
|
X | ||||||||||
- Definition
The total customer rebates and credits expense deducted within net sales. No definition available.
|
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended |
---|---|
Jul. 31, 2013
|
|
Goodwill [Line Items] | |
Opening Balance | $ 542,114 |
Goodwill acquired | 76,914 |
Adjustments to goodwill | (109) |
Foreign currency translation adjustments | 652 |
Ending Balance | 619,571 |
Flight Support Group [Member]
|
|
Goodwill [Line Items] | |
Opening Balance | 203,539 |
Goodwill acquired | 76,792 |
Adjustments to goodwill | (109) |
Foreign currency translation adjustments | 0 |
Ending Balance | 280,222 |
Electronic Technologies Group [Member]
|
|
Goodwill [Line Items] | |
Opening Balance | 338,575 |
Goodwill acquired | 122 |
Adjustments to goodwill | 0 |
Foreign currency translation adjustments | 652 |
Ending Balance | $ 339,349 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
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|
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|
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- Details
|
X | ||||||||||
- Definition
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|
X | ||||||||||
- Definition
Sum of the gross carrying amounts of all intangible assets, excluding goodwill and before accumulated amortization, as of the balance sheet date. No definition available.
|
X | ||||||||||
- Definition
Gross carrying amount before accumulated amortization as of the balance sheet date of capitalized intellectual property having a finite beneficial life. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
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|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
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- Definition
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- Definition
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- Definition
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|
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- Details
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- Definition
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- Definition
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- Definition
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- Definition
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- Definition
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- Definition
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X | ||||||||||
- Definition
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|
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- Definition
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X | ||||||||||
- Definition
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|
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- Definition
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|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
LONG-TERM DEBT (Details) (USD $)
In Thousands, unless otherwise specified |
Jul. 31, 2013
|
Oct. 31, 2012
|
---|---|---|
Borrowings under revolving credit facility | $ 315,000 | $ 127,000 |
Capital lease and notes payable | 4,539 | 4,820 |
Total debt and capital leases | 319,539 | 131,820 |
Less: Current maturities of long-term debt | (663) | (626) |
Long-term debt, net of current maturities | $ 318,876 | $ 131,194 |
X | ||||||||||
- Definition
Carrying value as of the balance sheet date of notes payable and capital leases including current maturities. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
LONG-TERM DEBT (Details Textuals) (USD $)
In Millions, unless otherwise specified |
Jul. 31, 2013
|
Jan. 31, 2013
|
Oct. 31, 2012
|
---|---|---|---|
Long Term Debt (Textuals) [Abstract] | |||
Weighted average interest rate | 1.30% | 1.20% | |
Deferred Finance Costs, Noncurrent, Gross | $ 0.6 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INCOME TAXES (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended |
---|---|
Jul. 31, 2013
|
|
Opening Balance | $ 2,527 |
Settlements | (570) |
Decrease related to prior year tax positions | (151) |
Lapse of statutes of limitations | (65) |
Increases related to current year tax positions | 224 |
Ending Balance | $ 1,965 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INCOME TAXES (Details Textuals) (USD $)
|
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 31, 2013
|
Jan. 31, 2013
|
Jul. 31, 2012
|
Jul. 31, 2013
|
Jul. 31, 2012
|
Oct. 31, 2012
|
|
Unrecognized tax benefits on uncertain tax position | $ 1,965,000 | $ 1,965,000 | $ 2,527,000 | |||
Unrecognized tax benefits that would impact effective tax rate | 1,300,000 | 1,300,000 | ||||
Effective Income Tax Rate, Continuing Operations | 26.60% | 31.40% | 29.50% | 33.30% | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ 1,000,000 | $ 1,600,000 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
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- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
FAIR VALUE MEASUREMENTS (Details 1) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |
---|---|---|
Jul. 31, 2013
|
Jul. 31, 2012
|
|
Liabilities, Fair Value Disclosure [Abstract] | ||
Payment of contingent consideration | $ (601) | $ 0 |
Fair Value, Inputs, Level 3 [Member]
|
||
Assets, Fair Value Disclosure [Abstract] | ||
Opening Balance, Assets | 538 | |
Decrease in value of contingent consideration | 0 | |
Total realized gains | 48 | |
Sales | (586) | |
Ending Balance, Assets | 0 | |
Liabilities, Fair Value Disclosure [Abstract] | ||
Opening Balances, Liabilities | 10,897 | |
Decrease in value of contingent consideration | (1,195) | |
Payment of contingent consideration | 601 | |
Total realized gains | 0 | |
Sales | 0 | |
Ending Balances, Liabilities | $ 9,101 |
X | ||||||||||
- Definition
Payment of acquisition related purchase contingent consideration No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
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|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
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|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
SHAREHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Details) (USD $)
|
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jul. 31, 2013
|
Jan. 31, 2013
|
Jul. 31, 2012
|
Jul. 31, 2013
|
Jul. 31, 2012
|
|
Class of Stock [Line Items] | |||||
Payments of Ordinary Dividends, Common Stock | $ 116,600,000 | $ 120,361,000 | $ 5,689,000 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.070 | $ 0.060 | $ 2.270 | $ 0.108 | |
Special Dividend [Member]
|
|||||
Class of Stock [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 2.14 | ||||
Regular Semi-Annual Dividend [Member]
|
|||||
Class of Stock [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.06 | ||||
HEICO Common Stock [Member]
|
|||||
Class of Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | 29,083 | ||||
Stock Repurchased During Period, Value | 1,300,000 | ||||
Class A Common Stock [Member]
|
|||||
Class of Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | 31,972 | ||||
Stock Repurchased During Period, Value | $ 1,100,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
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- Definition
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|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
EMPLOYEE RETIREMENT PLAN EMPLOYEE RETIREMENT PLAN (Details) (USD $)
In Thousands, unless otherwise specified |
2 Months Ended |
---|---|
Jul. 31, 2013
|
|
Change in Projected Benefit Obligation [Roll Forward] | |
Acquired projected benefit obligation | $ 14,539 |
Interest cost | 95 |
Benefits paid | (160) |
Projected benefit obligation as of period end | 14,474 |
Change in Fair Value of Plan Assets [Roll Forward] | |
Acquired plan assets | 11,674 |
Expected return on plan assets | 128 |
Benefits paid | (160) |
Plan assets as of period end | $ 11,642 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
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|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
EMPLOYEE RETIREMENT PLAN EMPLOYEE RETIREMENT PLAN (Details 1) (USD $)
In Thousands, unless otherwise specified |
2 Months Ended |
---|---|
Jul. 31, 2013
|
|
Compensation and Retirement Disclosure [Abstract] | |
Expected return on plan assets | $ 128 |
Interest cost | 95 |
Net benefit income | $ (33) |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
EMPLOYEE RETIREMENT PLAN EMPLOYEE RETIREMENT PLAN (Details 2) (USD $)
In Thousands, unless otherwise specified |
Jul. 31, 2013
|
---|---|
Year ending October 31, | |
2014 | $ 965 |
2015 | 936 |
2016 | 920 |
2017 | 904 |
2018 | 892 |
2019-2023 | $ 4,280 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
EMPLOYEE RETIREMENT PLAN EMPLOYEE RETIREMENT PLAN (Details Textuals) (USD $)
In Millions, unless otherwise specified |
Jul. 31, 2013
|
---|---|
Defined Benefit Plan Disclosure [Line Items] | |
Funded Status of Plan | $ (2.8) |
Expected Future Benefit Payments, Remainder of Fiscal Year | $ 0.2 |
Fixed Income Securities [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Plan Asset Allocations | 80.00% |
Equity Securities [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Plan Asset Allocations | 20.00% |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
RESEARCH AND DEVELOPMENT EXPENSES (Details Textuals) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2013
|
Jul. 31, 2012
|
Jul. 31, 2013
|
Jul. 31, 2012
|
|
Research and Development Expense [Abstract] | ||||
New product research and development expenses | $ 8.5 | $ 7.5 | $ 23.5 | $ 22.4 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
REDEEMABLE NONCONTROLLING INTERESTS (Details Textuals) (USD $)
|
1 Months Ended | ||
---|---|---|---|
Jul. 31, 2013
|
Oct. 31, 2012
|
Dec. 31, 2012
Flight Support Group [Member]
|
|
Redeemable Noncontrolling Interests [Line Items] | |||
Management's estimate of the aggregate redemption amount of all put rights | $ 52,444,000 | $ 67,166,000 | |
Estimated Redemption Amount of equity interest redeemable at fair value | 42,000,000 | ||
Estimated Redemption Amount of equity interest redeemable based on a multiple of future earnings | $ 10,000,000 | ||
Business Acquisition Percentage Of Voting Interests Acquired From Minority | 13.30% |
X | ||||||||||
- Definition
Percentage of minority interest purchased by the entity on exercise of options by the Noncontrolling interest holders during the period. No definition available.
|
X | ||||||||||
- Definition
The portion of the estimated redemption amount based solely on a multiple of future earnings. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
NET INCOME PER SHARE ATTRIBUTABLE TO HEICO SHAREHOLDERS (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2013
|
Jul. 31, 2012
|
Jul. 31, 2013
|
Jul. 31, 2012
|
|
Numerator: | ||||
Net income attributable to HEICO | $ 28,947 | $ 23,128 | $ 72,605 | $ 61,356 |
Denominator: | ||||
Weighted average common shares outstanding - basic (in shares) | 53,074 | 52,695 | 53,020 | 52,651 |
Effect of dilutive stock options (in shares) | 538 | 593 | 496 | 639 |
Weighted average common shares outstanding - diluted (in shares) | 53,612 | 53,288 | 53,516 | 53,290 |
Net income per share attributable to HEICO shareholders: | ||||
Basic (in dollars per share) | $ 0.55 | $ 0.44 | $ 1.37 | $ 1.17 |
Diluted (in dollars per share) | $ 0.54 | $ 0.43 | $ 1.36 | $ 1.15 |
Anti-dilutive stock options excluded (in shares) | 639 | 720 | 661 | 667 |
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
NET INCOME PER SHARE ATTRIBUTABLE TO HEICO SHAREHOLDERS (Details Textuals) (Redeemable Noncontrolling Interests [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2013
|
Jul. 31, 2012
|
Jul. 31, 2013
|
Jul. 31, 2012
|
|
Redeemable Noncontrolling Interests [Member]
|
||||
Adjustments to redemption amount of redeemable noncontrolling interests | $ 300 | $ (600) | $ 1,327 | $ (93) |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
OPERATING SEGMENTS (Details 1) (USD $)
In Thousands, unless otherwise specified |
Jul. 31, 2013
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Oct. 31, 2012
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---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 1,386,665 | $ 1,192,846 |
Flight Support Group [Member]
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||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 673,638 | 487,188 |
Electronic Technologies Group [Member]
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||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 625,150 | 636,660 |
Other Primarily Corporate and Inter Segment [Member]
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||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 87,877 | $ 68,998 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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OPERATING SEGMENTS OPERATING SEGMENTS (Details 2) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2013
|
Jul. 31, 2012
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Jul. 31, 2013
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Jul. 31, 2012
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|
Segment Reporting Information [Line Items] | ||||
Amortization | $ 5,537 | $ 4,361 | $ 14,754 | $ 12,241 |
Flight Support Group [Member]
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Segment Reporting Information [Line Items] | ||||
Amortization | 1,689 | 438 | 3,212 | 1,584 |
Electronic Technologies Group [Member]
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Segment Reporting Information [Line Items] | ||||
Amortization | 3,685 | 3,755 | 11,053 | 10,090 |
Other Primarily Corporate and Inter Segment [Member]
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||||
Segment Reporting Information [Line Items] | ||||
Amortization | $ 163 | $ 168 | $ 489 | $ 567 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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COMMITMENTS AND CONTINGENCIES (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |
---|---|---|
Jul. 31, 2013
|
Jul. 31, 2012
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|
Balances as of beginning of fiscal year | $ 2,571 | $ 2,231 |
Accruals for warranties | 795 | 1,136 |
Acquired warranty liabilities | 526 | 0 |
Warranty claims settled | (866) | (923) |
Ending Balance | $ 3,026 | $ 2,444 |
X | ||||||||||
- Definition
Represents the aggregate Increase or Decrease in the liability during the reporting period for accruals related to standard and extended product warranties (including adjustments for changes in estimates). No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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COMMITMENTS AND CONTINGENCIES (Details Textuals) (USD $)
In Millions, unless otherwise specified |
9 Months Ended |
---|---|
Jul. 31, 2013
|
|
Loss Contingencies [Line Items] | |
Standby letter of credit to meet the security requirement of its insurance company for potential workers'compensation claims | $ 1.5 |
X | ||||||||||
- Definition
Standby letter of credit to meet the security requirement of its insurance company for potential workers' compensation claims. No definition available.
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X | ||||||||||
- Details
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