
	As of	As of
(in thousands)	April 30, 2026	October 31, 2025
Accounts receivable	$746,429	$647,864
Less: Allowance for doubtful accounts	(11,474)	(10,249)
Accounts receivable, net	$734,955	$637,615


	As of	As of
(in thousands)	April 30, 2026	October 31, 2025
Finished products	$747,912	$715,286
Work in process	142,901	119,611
Materials, parts, assemblies and supplies	519,714	460,439
Inventories, net of valuation reserves	$1,410,527	$1,295,336


	As of	As of
(in thousands)	April 30, 2026	October 31, 2025
Land	$96,935	$85,134
Buildings and improvements	258,355	255,776
Machinery, equipment and tooling	513,844	476,735
Construction in progress	29,609	21,812
	898,743	839,457
Less: Accumulated depreciation and amortization	(435,912)	(407,747)
Property, plant and equipment, net	$462,831	$431,710

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 $34.4 million as of April 30, 2026 and $30.7 million as of October 31, 2025. The total customer rebates and credits deducted within net sales for the six months ended April 30, 2026 and 2025 was $10.9 million and $7.9 million, respectively. The total customer rebates and credits deducted within net sales for the three months ended April 30, 2026 and 2025 was $4.5 million and $3.6 million, respectively.

The amount of new product research and development ("R&D") expenses included in cost of sales for the six and three months ended April 30, 2026 and 2025 is as follows (in thousands):

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 2036. 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 a formula that management intended to reasonably approximate fair value based solely on a multiple of future earnings over a measurement period. Management's estimate of the aggregate Redemption Amount of all Put Rights that the Company could be required to pay is as follows (in thousands):


	As of	As of
	April 30, 2026	October 31, 2025
Redeemable at fair value	$433,581	$356,850
Redeemable based on a multiple of future earnings	103,073	110,508
Redeemable noncontrolling interests	$536,654	$467,358

During fiscal 2022, the holder of a 19.9% noncontrolling equity interest in a subsidiary of HFSC that was acquired in fiscal 2015 exercised their option to cause the Company to purchase their noncontrolling interest over a four-year period ending in fiscal 2026. Accordingly, the Company acquired the remaining equity interest in December 2025.

During fiscal 2024, the holders of a 15% noncontrolling equity interest in a subsidiary of the ETG that was acquired in fiscal 2019 exercised their option to cause the Company to purchase their noncontrolling interest over a four-year period ending in fiscal 2027. In March 2026, the Company acquired an additional one-fourth of such interest, which increased the Company's ownership interest in the subsidiary to 96.25%.

As discussed in Note 2, Acquisitions, the Company, through a subsidiary of HFSC, acquired 80% of the stock of Sherwood in April 2026. As part of the shareholders' agreement, the noncontrolling interest holders have the right to cause the Company to purchase their equity interest over a four-year period beginning in fiscal 2031, or sooner under certain conditions, and the Company has the right to purchase the same equity interest over the same period.

As discussed in Note 2, Acquisitions, the Company, through a subsidiary of HEICO Electronic, acquired 90% of the stock of SWA in April 2026. As part of the shareholders' agreement, the noncontrolling interest holder has the right to cause the Company to purchase their equity interest over a four-year period beginning in fiscal 2033, or sooner under certain conditions, and the Company has the right to purchase the same equity interest over the same period.

During fiscal 2025, the holder of a 19.9% noncontrolling equity interest in a subsidiary of HFSC that was acquired in fiscal 2006 exercised their option to cause the Company to purchase their noncontrolling interest over a four-year period ending in fiscal 2028. In April 2026, the Company acquired an additional one-fourth of such interest, which increased the Company's ownership interest in the subsidiary to 90.05%.

During fiscal 2026, the holder of a 10% noncontrolling equity interest in a subsidiary of HEICO Electronic that was acquired in fiscal 2023 exercised their option to cause the Company to purchase a portion of their noncontrolling interest. In April 2026, the Company acquired 9% of such interest, which increased the Company's ownership interest in the subsidiary to 99%.


	Foreign Currency Translation	Defined Benefit Pension Plan	Accumulated Other Comprehensive Income
Balances as of October 31, 2025	$6,187	($606)	$5,581
Unrealized gain (loss)	1,896	(15)	1,881
Amortization of unrealized loss	—	10	10
Balances as of April 30, 2026	$8,083	($611)	$7,472