SELECTED FINANCIAL STATEMENT INFORMATION

Accounts Receivable



(in thousands)	January 31, 2014			October 31, 2013
Accounts receivable		$153,386			$160,118
Less: Allowance for doubtful accounts	(3,172		)	(3,096		)
Accounts receivable, net		$150,214			$157,022

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



(in thousands)	January 31, 2014			October 31, 2013
Costs incurred on uncompleted contracts		$23,236			$22,548
Estimated earnings	24,998			25,391
	48,234			47,939
Less: Billings to date	(37,683		)	(40,676		)
		$10,551			$7,263
Included in the accompanying Condensed Consolidated Balance Sheets under the following captions:
Accounts receivable, net (costs and estimated earnings in excess of billings)		$12,948			$9,540
Accrued expenses and other current liabilities (billings in excess of costs and estimated earnings)	(2,397		)	(2,277		)
		$10,551			$7,263

Changes in estimates pertaining to percentage-of-completion contracts did not have a material effect on net income from consolidated operations for the three months ended January 31, 2014 and 2013.

Inventories



(in thousands)	January 31, 2014			October 31, 2013
Finished products		$106,886			$103,234
Work in process	27,662			26,810
Materials, parts, assemblies and supplies	81,767			79,863
Contracts in process	8,241			9,941
Less: Billings to date	(447		)	(955		)
Inventories, net of valuation reserves		$224,109			$218,893

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



(in thousands)	January 31, 2014			October 31, 2013
Land		$4,513			$4,515
Buildings and improvements	60,133			60,105
Machinery, equipment and tooling	134,152			131,855
Construction in progress	5,556			4,932
	204,354			201,407
Less: Accumulated depreciation and amortization	(107,552		)	(103,670		)
Property, plant and equipment, net		$96,802			$97,737

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 $15.5 million and $14.8 million as of January 31, 2014 and October 31, 2013, respectively. The total customer rebates and credits deducted within net sales for the three months ended January 31, 2014 and 2013 was $1.7 million and $1.4 million, respectively.

Employee Retirement Plan

In connection with an acquisition during the third quarter of fiscal 2013, the Company assumed a frozen qualified defined benefit pension plan. The components of net pension income for the three months ended January 31, 2014 that were recorded within the Company's Condensed Consolidated Statement of Operations are as follows (in thousands):



Expected return on plan assets		$185
Interest cost	153
Net pension income		$32

Redeemable Noncontrolling Interests

The holders of equity interests in certain of the Company's subsidiaries have put rights that may be exercised on varying dates causing the Company to give cash consideration to purchase their equity interests based on 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 at varying dates through fiscal 2022 is as follows (in thousands):



	January 31, 2014		October 31, 2013
Redeemable at fair value		$47,867		$47,839
Redeemable based on a multiple of future earnings	10,136		11,379
Redeemable noncontrolling interests		$58,003		$59,218

The decrease in the aggregate redemption amount since the prior fiscal year end represents a payment made in the first quarter of fiscal 2014 by the Company, through its HEICO Aerospace Holdings Corp. subsidiary, of a purchase price adjustment for the portion of the redeemable noncontrolling interests acquired in December 2012 that was based on the acquired entity's actual fiscal 2013 earnings.

Accumulated Other Comprehensive Income (Loss)

Changes in the components of accumulated other comprehensive income (loss) for the three months ended January 31, 2014 are as follows (in thousands):



	Foreign Currency Translation			Pension Benefit Obligation		Accumulated Other Comprehensive Income (Loss)
Balances at October 31, 2013		($466	)		$610		$144
Unrealized loss	(2,462		)	—		(2,462		)
Balances at January 31, 2014		($2,928	)		$610		($2,318	)