Selling, general and administrative

$ 535,276

^[1]

$ 450,678

^[1]

$ 483,456

Cost of goods sold

(403,773)

(359,363)

(364,750)

Gross profit

131,503

^[1]

91,315

^[1]

118,706

Operating expenses:

(51,395)

(43,585)

(44,577)

Research and development

(14,481)

(15,862)

(21,654)

Total operating expenses

(65,876)

(59,447)

(66,231)

Operating income

65,627

31,868

52,475

Other income (expense):

Interest income and other income (expense)

5,206

(3,068)

2,424

Interest expense

(2,262)

(2,235)

(3,365)

Gain on sale of investment

8,940

Income before income tax provision

68,571

26,565

60,474

Income tax provision

(7,335)

(5,276)

(4,798)

Net income attributable to noncontrolling interests

61,236

^[1]

21,289

^[1]

55,676

(19,181)

(8,159)

(9,476)

Net income attributable to Photronics, Inc. shareholders

$ 42,055

^[1]

$ 13,130

^[1]

$ 46,200

Earnings per share:

Basic (in dollars per share)

$ 0.61

^[1]

$ 0.19

^[1]

$ 0.68

Diluted (in dollars per share)

$ 0.59

^[1]

$ 0.19

^[1]

$ 0.64

Weighted-average number of common shares outstanding:

Basic (in shares)

68,829

68,436

67,539

Diluted (in shares)

74,821

69,288

76,354

[1]	Includes $0.6 million gain on sale of assets.

Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands

12 Months Ended

Oct. 31, 2018

Oct. 29, 2017

Oct. 30, 2016

Consolidated Statements of Comprehensive Income [Abstract]

Other comprehensive (loss) income, net of tax:

$ 61,236

^[1]

$ 21,289

^[1]

$ 55,676

Foreign currency translation adjustments

(16,672)

19,799

6,334

Amortization of cash flow hedge

129

Other

101

478

(589)

Net other comprehensive (loss) income

(16,523)

20,406

5,874

Comprehensive income

44,713

41,695

61,550

Less: comprehensive income attributable to noncontrolling interests

14,515

14,003

12,448

Comprehensive income attributable to Photronics, Inc. shareholders

$ 30,198

$ 27,692

$ 49,102

[1]	Includes $0.6 million gain on sale of assets.

Consolidated Statements of Equity - USD ($)
shares in Thousands, $ in Thousands

Common Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Treasury Stock [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Non-Controlling Interests [Member]

Total

Balance at Nov. 01, 2015

$ 666

$ 526,402

$ 130,060

$ 0

$ (10,573)

$ 115,511

$ 762,066

Balance (in shares) at Nov. 01, 2015

66,602

Other comprehensive income

$ 0

46,200

9,476

55,676

2,902

2,972

5,874

Sales of common stock through employee stock option and purchase plan

$ 6

3,441

3,447

Sales of common stock through employee stock option and purchase plan (in shares)

618

Restricted stock awards vesting and expense

$ 2

1,190

1,192

Restricted stock awards vesting and expense (in shares)

143

Share-based compensation expense

$ 0

2,637

Conversion of debt to common stock

$ 7

7,431

7,438

Conversion of debt to common stock (in shares)

717

Dividends to noncontrolling interests

$ 0

(11,901)

Return of capital to noncontrolling interests

(955)

Repurchase of common stock by subsidiary

(8)

Balance at Oct. 30, 2016

$ 681

541,093

176,260

(7,671)

115,111

825,474

Balance (in shares) at Oct. 30, 2016

68,080

Other comprehensive income

$ 0

13,130

8,159

21,289

^[1]

14,562

5,844

20,406

Sales of common stock through employee stock option and purchase plan

$ 5

2,877

2,882

Sales of common stock through employee stock option and purchase plan (in shares)

459

Restricted stock awards vesting and expense

$ 1

1,508

1,509

Restricted stock awards vesting and expense (in shares)

127

Share-based compensation expense

$ 0

2,118

Dividends to noncontrolling interests

(8,383)

Balance at Oct. 29, 2017

$ 687

547,596

189,390

6,891

120,731

865,295

Balance (in shares) at Oct. 29, 2017

68,666

Other comprehensive income

$ 0

42,055

19,181

61,236

^[1]

(11,857)

(4,666)

(16,523)

Sales of common stock through employee stock option and purchase plan

$ 9

4,683

4,692

Sales of common stock through employee stock option and purchase plan (in shares)

870

Restricted stock awards vesting and expense

$ 1

1,747

1,748

Restricted stock awards vesting and expense (in shares)

164

Share-based compensation expense

$ 0

1,432

Contribution from noncontrolling interest

148

17,848

17,996

Dividends to noncontrolling interests

(8,196)

Purchase of treasury stock

$ 0

(23,111)

Purchase of treasury stock (in shares)

Balance at Oct. 31, 2018

$ 697

$ 555,606

$ 231,445

$ (23,111)

$ (4,966)

$ 144,898

$ 904,569

Balance (in shares) at Oct. 31, 2018

69,700

[1]	Includes $0.6 million gain on sale of assets.

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Oct. 31, 2018

Oct. 29, 2017

Oct. 30, 2016

Cash flows from operating activities:

Adjustments to reconcile net income to net cash provided by operating activities:

$ 61,236

^[1]

$ 21,289

^[1]

$ 55,676

Depreciation and amortization of property, plant and equipment

79,536

81,699

77,613

Amortization of intangible assets

4,797

4,874

5,228

Gains on sales of investments

(8,940)

Share-based compensation

3,180

3,627

3,827

Deferred income taxes

(273)

1,633

(3,816)

Changes in assets, liabilities, and other:

Accounts receivable

(18,553)

(9,625)

18,807

Inventories

(6,162)

(602)

2,268

Other current assets

(11,731)

1,127

7,936

Accounts payable, accrued liabilities, and other

18,537

(7,189)

(36,462)

Net cash provided by operating activities

130,567

96,833

122,137

Cash flows from investing activities:

Purchases of property, plant and equipment

(92,585)

(91,965)

(50,147)

Purchases of intangible assets

(218)

(834)

(13)

Acquisition of business

(5,400)

Proceeds from sales of investments

167

101,853

Other

2,074

(34)

597

Net cash (used in) provided by investing activities

(90,729)

(98,066)

52,290

Cash flows from financing activities:

Purchase of treasury stock

(23,111)

Dividend paid to noncontrolling interest

(8,166)

(8,298)

(11,890)

Repayments of long-term debt

(4,639)

(5,428)

(57,609)

Contribution from noncontrolling interest

17,996

Proceeds from share-based arrangements

4,634

2,830

3,463

Return of capital to noncontrolling interests

(966)

Other

(519)

(32)

(20)

Net cash used in financing activities

(13,805)

(10,928)

(67,022)

Effects of exchange rate changes on cash and cash equivalents

(4,777)

6,108

802

Net increase (decrease) in cash and cash equivalents

21,256

(6,053)

108,207

Cash and cash equivalents at beginning of year

308,021

314,074

205,867

Cash and cash equivalents at end of year

329,277

308,021

314,074

Supplemental disclosure of non-cash information:

Accrual for property, plant and equipment purchased during year

29,602

2,767

7,866

Conversion of debt to common stock

$ 0

$ 7,439

[1]	Includes $0.6 million gain on sale of assets.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Oct. 31, 2018

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business

Photronics, Inc. and its subsidiaries ("Photronics", the "Company", “we”, “our”, or “us”) is one of the world's leading manufacturers of photomasks, which are high precision photographic quartz plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of semiconductors and flat panel displays ("FPDs"), and are used as masters to transfer circuit patterns onto semiconductor wafers and flat panel display substrates during the fabrication of integrated circuits ("ICs" or semiconductors) and a variety of FPDs and, to a lesser extent, other types of electrical and optical components. The Company currently operates principally from nine manufacturing facilities, two of which are located in Europe, three in Taiwan, one in Korea, and three in the United States. We have commenced construction of two manufacturing facilities in China.

Consolidation

The accompanying consolidated financial statements include the accounts of Photronics, Inc. and majority-owned subsidiaries that it controls. All intercompany balances and transactions have been eliminated in consolidation.

Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect amounts reported in them. Estimates are based on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Our estimates are based on the facts and circumstances available at the time they are made. Actual results we report may differ from such estimates. We review these estimates periodically and reflect any effects of revisions in the period in which they are determined.

Fiscal Year

Commencing with our 2018 fiscal year, our fiscal year ends on October 31. In prior years, our fiscal years ended on the Sunday closest to October 31. Prior year results in this Form 10-K have not been restated to reflect yearend dates of October 31.

Cash and Cash Equivalents

Cash and cash equivalents include cash and highly liquid investments purchased with an original maturity of 3 months or less. The carrying values of cash equivalents approximate their fair values, due to the short-term maturities of these instruments.

Accounts Receivable and Allowance for Doubtful Accounts

We generally record our trade accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed during and at the end of every reporting period for collectability. When, in the judgment of management, a loss on the collection of a customer invoice is probable, the amount is charged to expense and credited to the allowance for doubtful accounts. When the amount is determined to be uncollectible, the amount is charged to the allowance for doubtful accounts, and the related receivable is eliminated.

Inventories

Inventories are stated at the lower of cost, determined under the first-in, first-out ("FIFO") method, or net realizable value. Presented below are the components of inventory at the balance sheet dates:

	October 31 2018		October 29 2017

Finished goods	$	668	$	664
Work in process		3,402		2,957
Raw materials		25,110		20,082
	$	29,180	$	23,703

Property, Plant and Equipment

Property, plant and equipment, except as explained below under "Impairment of Long-Lived Assets," is stated at cost less accumulated depreciation and amortization. Repairs and maintenance, as well as renewals and replacements of a routine nature, are charged to operations as incurred, while those that improve, or extend the lives of, existing assets are capitalized. Upon sale or other disposition, the cost of the asset and its related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in earnings.

Depreciation and amortization, substantially all of which are included in cost of goods sold, are computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over 10 to 39 years, machinery and equipment over 5 to 15 years, and furniture, fixtures and office equipment over 3 to 5 years. Leasehold improvements are amortized over the life of the lease or the estimated useful life of the improvement, whichever is less. We employ judgment and assumptions when we establish estimated useful lives and depreciation periods, as well as when we periodically review property, plant and equipment for any potential impairment in carrying values, whenever events such as a significant industry downturn, plant closures, technological obsolescence, or other change in circumstances indicate that their carrying amounts may not be recoverable.

Intangible Assets

Intangible assets consist primarily of a technology license agreement and acquisition-related intangibles. These assets, except as explained below, are stated at fair value as of the date acquired, less accumulated amortization. Amortization is calculated based on the estimated useful lives of the assets, which range from 3 to 15 years, using the straight-line method or another method that more fairly represents the utilization of the assets.

We periodically evaluate the remaining useful lives of our intangible assets to determine whether events or circumstances warrant a revision to the remaining periods of amortization. In the event that the estimate of an intangible asset’s remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. If it is determined that an intangible asset has an indefinite useful life, that intangible asset would be subject to impairment testing annually or whenever events or circumstances indicate that its carrying value may not, based on future undiscounted cash flows or market factors, be recoverable; and an impairment loss would be recorded in the period in which the impairment determination is made. The amount of the impairment loss recorded would be based on the fair value of the intangible asset at the measurement date.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determinations of recoverability are based upon our judgment and estimates of undiscounted future cash flows resulting from the use of the assets and their eventual disposition. Measurement of an impairment loss for long-lived assets that we expect to hold and use is based on the fair value of the assets determined using a market or income approach compared to the carrying value of the asset. The carrying values of assets determined to be impaired are reduced to their estimated fair values.

Business Combinations

When acquiring other businesses, or participating in mergers or joint ventures in which we are deemed to be the acquirer, we generally recognize identifiable assets acquired, liabilities assumed and any noncontrolling interests at their acquisition date fair values, separately from any goodwill that may be required to be recognized. Goodwill, when recognizable, would be measured as the excess amount of any consideration transferred, which is generally measured at fair value, over the acquisition date fair values of the identifiable assets acquired and liabilities assumed.

Accounting for such transactions requires us to make significant assumptions and estimates and, although we believe any estimates and assumptions we make to be reasonable and appropriate at the time they are made, unanticipated events and circumstances may arise that affect their accuracy, which may cause actual results to differ from those we estimated. When required, we will adjust the values of the assets acquired and liabilities assumed against the acquisition gain or goodwill, as initially recorded, for a period of up to one year after the transaction.

Costs incurred to effect a merger or acquisition, such as legal, accounting, valuation and other third party costs, as well as internal general and administrative costs incurred are charged to expense in the periods incurred. Costs incurred to issue any debt and equity securities are recognized in accordance with other applicable generally accepted accounting principles.

Investments in Joint Ventures

The financial results of investments in joint ventures in which we have a controlling financial interest are included in our consolidated financial statements. Investments in joint ventures over which we have the ability to exercise significant influence and that, in general, are at least 20 percent-owned are accounted for under the equity method. An impairment loss would be recognized whenever a decrease in the fair value of such an investment below its carrying amount is determined to be other than temporary. In judging "other than temporary," we would consider the length of time and the extent to which the fair value of the investment has been less than the carrying amount of the investment, the near-term and longer-term operating and financial prospects of the investee, and our longer-term intent of retaining our investment in the investee.

Variable Interest Entities

We account for the investments we make in certain legal entities in which equity investors do not have 1) sufficient equity at risk for the legal entity to finance its activities without additional subordinated financial support or, 2) as a group, the holders of the equity investment at risk do not have either the power, through voting or similar rights, to direct the activities of the legal entity that most significantly impact the entity’s economic performance or, 3) the obligation to absorb the expected losses of the legal entity or the right to receive expected residual returns of the legal entity as “variable interest entities”, or “VIEs”.

We consolidate the results of any such entity in which we have determined that we have a controlling financial interest. We would have a “controlling financial interest” (and thus be considered the "primary beneficiary" of the entity) in such an entity when we have both the power to direct the activities that most significantly affect the VIE’s economic performance and the obligation to absorb the losses of, or right to receive the benefits from, the VIE that could be potentially significant to the VIE. On a quarterly basis, we reassess whether we have a controlling financial interest in any investments we have in these certain legal entities.

We account for investments we make in VIEs in which we have determined that we do not have a controlling financial interest but have a significant influence over, and hold at least a 20 percent ownership interest in, using the equity method. Any such investment not meeting the parameters to be accounted for under the equity method would be accounted for using the cost method, unless the investment had a readily determinable fair value, at which value it would then be reported.

Income Taxes

The income tax provision is computed on the basis of the various tax jurisdictions' income or loss before income taxes. Deferred income taxes reflect the tax effects of differences between the carrying amounts of assets and liabilities for financial reporting purposes and their amounts used for income tax purposes, as well as the tax effects of net operating losses and tax credit carryforwards. We use judgment and make assumptions to determine if valuation allowances for deferred income tax assets are required, if their realization is not more likely than not, by considering future market growth, operating forecasts, future taxable income, and the mix of earnings among the tax jurisdictions in which we operate. Accordingly, income taxes charged against earnings may have been impacted by changes in the valuation allowances.

We consider income taxes in each of the tax jurisdictions in which we operate in order to determine our effective income tax rate. Our current income tax expense is thus identified, and temporary differences resulting from differing treatments of items for tax and financial reporting purposes are assessed. These differences result in deferred tax assets and liabilities, which are included in our consolidated balance sheets.

We account for uncertain tax positions by recording a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in our tax returns. We include any applicable interest and penalties related to uncertain tax positions in our income tax provision.

Treasury Stock

We record treasury stock purchases under the cost method, recording the entire cost of the acquired stock as treasury stock. Gains and losses on subsequent reissuances would be credited or charged to additional paid-in capital, and we would employ the average cost method (with average cost being determined separately for each share repurchase program), in the event that we subsequently reissue shares.

Earnings Per Share

Basic earnings per share ("EPS") is based on the weighted-average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution that could occur if certain share-based payment awards or financial instruments were exercised, earned or converted.

Share-Based Compensation

We recognize share-based compensation expense over the service period that the awards are expected to vest. Share-based compensation expense includes the estimated effects of forfeitures, which are adjusted over the requisite service period to the extent actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized in the period of change, and will impact the amount of expense to be recognized in future periods. Determining the appropriate option pricing model, calculating the grant date fair value of share-based awards and estimating forfeiture rates requires considerable judgment, including estimations of stock price volatility and the expected term of options granted.

We use the Black-Scholes option pricing model to value employee stock options. We estimate stock price volatility based on daily averages of our common stock’s historical volatility over a term approximately equal to the estimated time period the grant will remain outstanding. The expected term of options and forfeiture rate assumptions are derived from historical data.

Research and Development

Research and development costs are expensed as incurred, and consist primarily of development efforts related to high-end process technologies for advanced sub-wavelength reticle solutions for IC and FPD photomask technologies.

Foreign Currency Translation

Our non-US subsidiaries maintain their accounts in their respective local currencies. Assets and liabilities of such subsidiaries are translated to U.S. dollars at year-end exchange rates. Income and expenses are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are accumulated and reported in accumulated other comprehensive income, a component of equity. The effects of changes in exchange rates on foreign currency transactions, which are included in interest income and other income (expense) were a net gain/(loss) of $0.4 million, $(5.2) million and $(0.3) million in fiscal years 2018, 2017 and 2016, respectively.

Noncontrolling Interests

Substantially all of noncontrolling interests represents the minority shareholders' proportionate share in the equity of two of the Company's majority-owned subsidiaries: Photronics DNP Mask Corporation ("PDMC") in Taiwan, and Photronics DNP Mask Corporation Xiamen (“PDMCX”) in China, of which noncontrolling interests owned 49.99% as of October 31, 2018 and October 29, 2017. In addition, noncontrolling shareholders owned approximately 0.2% and 0.3% of PK Ltd. (“PKL”) in Korea as of October 31, 2018 and October 29, 2017, respectively.

Derivative Instruments and Hedging Activities

We record derivatives in the consolidated balance sheets as assets or liabilities, measured at fair value. We do not engage in derivative instruments for speculative purposes. Gains or losses resulting from changes in the values of derivatives are reflected in earnings, or as accumulated other comprehensive income or loss, a separate component of equity, depending on the use of the derivatives and whether they qualify for hedge accounting. In order to qualify for hedge accounting, among other criteria, a derivative must be a hedge of an interest rate, price, foreign currency exchange rate, or credit risk that is expected to be highly effective at the inception of the hedge, be highly effective in achieving offsetting changes in the fair value or cash flows of the hedged item during the term of the hedge and formally documented at the inception of the hedge. In general, the types of risks we would hedge are those related to the variability of future cash flows caused by movements in foreign currency exchange and interest rates. We would document our risk management strategy and hedge effectiveness at the inception of, and during the term of, each hedge.

Revenue Recognition

We recognize revenue when there is persuasive evidence that an arrangement exists, delivery has occurred, the sales price of the transaction is fixed or determinable, and collectability is reasonably assured. Delivery is determined by the shipping terms of the individual revenue transactions. For transactions with FOB destination or similar shipping terms, delivery occurs when our product reaches its destination and is received by the customer. For transactions with FOB shipping point terms, delivery occurs when our product is received by the common carrier. We use judgment when estimating the effect on revenue of discounts and sales incentives, both of which are accrued when the related revenue is recognized. Our revenue is reported net of any sales taxes billed to customers.

Product Warranty

We warrant that items sold will conform to customer specifications for a 30-day period. However, our liability generally is limited to the repair, replacement, or refund of the cost of the photomasks at our sole option. We inspect photomasks for conformity to customer specifications prior to shipment. Accordingly, customer claims related to items under warranty have historically been insignificant. Our warranty policy includes accepting returns of products with defects, or products that have not been produced to precise customer specifications.

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Oct. 31, 2018

PROPERTY, PLANT AND EQUIPMENT [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 2 - PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consists of the following:

	October 31, 2018			October 29, 2017

Land	$	11,139		$	9,959
Buildings and improvements		124,771			125,290
Machinery and equipment		1,566,163			1,547,870
Leasehold improvements		19,577			20,050
Furniture, fixtures and office equipment		12,415			12,989
Construction in progress		128,649			72,045
		1,862,714			1,788,203
Accumulated depreciation and amortization		(1,290,933	)		(1,253,006	)
	$	571,781		$	535,197

Equipment under capital leases is included in the property, plant and equipment amount, above, as follows:

	October 31, 2018		October 29, 2017

Machinery and equipment	$	-	$	34,917
Less accumulated amortization		-		13,843
	$	-	$	21,074

In January 2017, we acquired a business comprised of manufacturing assets and certain intellectual property that enabled us to expand our manufacturing capability, primarily in large area masks for IC, for approximately $5.7 million, including $0.3 million paid one year after the acquisition date. The transaction was accounted for in accordance with ASC 805, “Business Combinations”, with substantially all of the purchase price being allocated to long-lived assets that are being depreciated over five years.

In January 2017, we entered into a noncash transaction with a customer which resulted in the acquisition of equipment with a fair value of approximately $6.7 million and $9.0 million in fiscal years 2018 and 2017, respectively.

PDMCX JOINT VENTURE

12 Months Ended

Oct. 31, 2018

PDMCX JOINT VENTURE [Abstract]

PDMCX JOINT VENTURE

NOTE 4 - PDMCX JOINT VENTURE

In January 2018, Photronics, through its wholly-owned Singapore subsidiary (hereinafter, within this Note “we”, or “Photronics”), and Dai Nippon Printing Co., Ltd., through its wholly owned subsidiary “DNP Asia Pacific PTE, Ltd.” (hereinafter, within this Note “DNP”) entered into a joint venture under which DNP obtained a 49.99% interest in our recently established IC business in Xiamen, China, which includes the facility currently under construction. The joint venture, known as “Photronics DNP Mask Corporation Xiamen” (hereinafter, “PDMCX”), was established to develop and manufacture photomasks for leading edge and advanced generation semiconductors. We entered into this joint venture to enable us to compete more effectively for the merchant photomask business in China and to benefit from the additional resources and investment that DNP will provide to enable us to offer advanced process technology to our customers. No gain or loss was recorded upon the formation of the joint venture.

As of October 31, 2018, Photronics and DNP have each contributed cash of approximately $18.0 million to the joint venture. We estimate that, over the next several years and per the PDMCX joint venture operating agreement (“the Agreement”), DNP and Photronics will each contribute an additional $62 million of cash and additional amounts to be obtained through local borrowings.

Under the Agreement, DNP is afforded, under certain circumstances, the right to put its interest in PDMCX to Photronics. These circumstances include disputes regarding the strategic direction of PDMCX that may arise after the initial two year term of the Agreement and cannot be resolved between the two parties. In addition, both Photronics and DNP have the option to purchase, or put, their interest from, or to, the other party, should their ownership interest fall below 20% for a period of more than six consecutive months. Under all such circumstances, the sales of ownership interests would be at the exiting party’s ownership percentage of the joint venture’s net book value, with closing to take place within three business days of obtaining required approvals and clearance.

We recorded net losses from the operations of the PDMCX joint venture of approximately $0.7 million in fiscal 2018. General creditors of PDMCX do not have recourse to the assets of Photronics, Inc., and the maximum exposure to loss for Photronics from PDMCX at October 31, 2018, was $15.9 million.

As required by the guidance in Topic 810 - “Consolidation” of the Accounting Codification Standards, we evaluated our involvement in PDMCX for the purpose of determining whether we should consolidate its results in our financial statements. The initial step of our evaluation was to determine whether PDMCX was a variable interest entity (“VIE”). Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, we determined that it is a VIE. Having made this determination, we then assessed whether we were the primary beneficiary of the VIE, and concluded that we were the primary beneficiary during the current reporting period; thus, as required, the PDMCX financial results should be consolidated with Photronics, Inc. Our conclusion was based on the fact that we held a controlling financial interest in PDMCX, which resulted from our having the power to direct the activities that most significantly impacted its economic performance, the obligation to absorb losses, and the right to receive benefits that could potentially be significant to PDMCX. Our conclusion that we had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current period was based on our right to appoint the majority of its board of directors, which has, among others, the powers to manage the business (through its rights to appoint and evaluate PDMCX’s management), incur indebtedness, enter into agreements and commitments, and acquire and dispose of PDMCX’s assets. In addition, as a result of the 50.01% variable interest we held during the current period, we had the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX.

The carrying amounts of PDMCX assets and liabilities included in our condensed consolidated balance sheet as of October 31, 2018, are presented in the following table, together with the maximum exposure to loss of Photronics due to its interests in the net assets of this joint venture.

Classification	Carrying Amount		Photronics Interest
Current assets	$	9,625	$	4,813
Non-current assets		43,415		21,708
Total assets		53,040		26,521
Current liabilities		21,205		10,603
Non-current liabilities		20		10
Total liabilities		21,225		10,613
Net assets	$	31,815	$	15,908

LONG-TERM DEBT

12 Months Ended

Oct. 31, 2018

LONG-TERM DEBT [Abstract]

LONG-TERM DEBT

NOTE 6 - LONG-TERM DEBT

Long-term debt consists of the following:

	October 31, 2018		October 29, 2017

3.25% convertible senior notes due in April 2019	$	57,453	$	57,337

2.77% capital lease obligation payable through July 2018		-		4,639

		57,453		61,976
Less: current portion		57,453		4,639
	$	-	$	57,337

In April 2016, $57.5 million of our senior convertible notes matured. We repaid $50.1 million to noteholders and issued approximately 0.7 million shares to noteholders that elected to convert their notes to common stock. The notes were exchanged at the rate of approximately 96 shares per $1,000 note principle, equivalent to a conversion rate of $10.37 per share.

In January 2015, we privately exchanged $57.5 million in aggregate principal amount of our 3.25% convertible senior notes with a maturity date of April 1, 2016, for new 3.25% convertible senior notes with an aggregate principal amount of $57.5 million with a maturity date of April 1, 2019. The conversion rate of the new notes is the same as that of the exchanged notes, which were issued in March 2011 with a conversion rate of approximately 96 shares of common stock per $1,000 note principal, equivalent to a conversion price of $10.37 per share of common stock, and is subject to adjustment upon the occurrence of certain events, which are described in the indenture dated January 22, 2015. Note holders may convert each $1,000 principal amount of notes at any time prior to the close of business on the second scheduled trading day immediately preceding April 1, 2019, and we are not required to redeem the notes prior to their maturity date. Interest on the notes accrues in arrears, and is paid semiannually through the notes’ maturity date.

In November FY2019, Xiamen American Japan Photronics Mask Co., Ltd. (“PDMCX”), an indirect majority owned joint venture subsidiary of Photronics, Inc., entered into a commitment letter for an 8-year term loan agreement under which it can borrow up to approximately $50.0 million (“the Project Loan”). PDMCX will use the Project Loan to finance certain capital expenditures in China. PDMCX will grant a lien on the land, building and equipment owned by PDMCX as collateral for the Project Loan. The interest rate of the Project Loan is based on the benchmark lending rate (as defined in the Project Loan agreement) plus a floating rate spread, of the People’s Bank of China on the date of borrowings. We anticipate that interest incurred on this loan will be reimbursed through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, up to a certain cap.

On November 7, 2018, PDMCX entered into a working capital loan agreement with a maximum borrowing limit of approximately $25.0 million, (“the Working Capital Loan”). In November 2018, we borrowed $2.2 million against this loan. PDMCX will use the Working Capital Loan for general financing purposes including for the payment of import and value added taxes. The term of the Working Capital Loan will not exceed three years, and no guarantees were required under the terms of the Working Capital Loan. The interest rate of the Working Capital Loan is based on the benchmark lending rate (as defined in the Working Capital Loan agreement) plus a floating rate spread, of the People’s Bank of China on the date of borrowings. We anticipate that interest incurred on this loan will be reimbursed through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, up to a certain cap.

In August 2018, we entered into an amendment to our credit facility which allows us to sell, transfer, lease, or otherwise dispose of our assets to a subsidiary guarantor. In September 2018, we entered into an amended and restated credit agreement (“the new agreement”) that expires in September 2023. The new agreement, which replaced our prior credit facility, has a $50 million borrowing limit, with an expansion capacity to $100 million, and is secured by substantially all of our assets located in the United States and common stock we own in certain of our foreign subsidiaries. The new agreement limits the amount we can pay in cash dividends on Photronics, Inc. stock, and contains the following financial covenants: minimum interest coverage ratio, total leverage ratio and minimum unrestricted cash balance, all of which we were in compliance with at October 31, 2018. We had no outstanding borrowings against the new agreement at October 31, 2018, and $50 million was available for borrowing. The interest rate on the new agreement (2.3% at October 31, 2018) is based on our total leverage ratio at LIBOR plus a spread, as defined in the credit facility.

In August 2013, a $26.4 million principal amount, five year capital lease commenced to fund the purchase of a high-end lithography tool. Payments under the capital lease, which bore interest at 2.77%, were $0.5 million per month through July 2018.

Interest payments were $1.9 million, $2.1 million, and $3.2 million, in fiscal years 2018, 2017 and 2016, respectively.

OPERATING LEASES

12 Months Ended

Oct. 31, 2018

OPERATING LEASES [Abstract]

OPERATING LEASES

NOTE 7 - OPERATING LEASES

We lease various real estate and equipment under non-cancelable operating leases, for which rent expense was $2.9 million, $3.0 million, and $2.8 million in fiscal 2018, 2017, and 2016, respectively.

At October 31, 2018, future minimum lease payments under non-cancelable operating leases with initial terms in excess of one year were as follows:

2019	$	1,850
2020		1,547
2021		1,375
2022		1,345
2023		618
Thereafter		667

	$	7,402

See Note 6 for disclosures related to capital lease obligations.

SHARE-BASED COMPENSATION

12 Months Ended

Oct. 31, 2018

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

NOTE 8 – SHARE-BASED COMPENSATION

In March 2016, shareholders approved a new equity incentive compensation plan (“the Plan”), under which incentive stock options, non-qualified stock options, stock grants, stock-based awards, restricted stock, restricted stock units, stock appreciation rights, performance units, performance stock, and other stock or cash awards may be granted. Shares to be issued under the Plan may be authorized and unissued shares, issued shares that have been reacquired by us (in the open-market or in private transactions), shares that are being held in the treasury, or a combination thereof. The maximum number of shares of common stock approved that may be issued under the Plan is four million shares. Awards may be granted to officers, employees, directors, consultants, advisors, and independent contractors of Photronics or its subsidiaries. In the event of a change in control (as defined in the Plan), the vesting of awards may be accelerated. The Plan, aspects of which are more fully described below, prohibits further awards from being issued under prior plans. We incurred total share-based compensation expenses of $3.2 million, $3.6 million, and $3.8 million in fiscal years 2018, 2017, and 2016, respectively. No share-based compensation cost was capitalized as part of an asset and no related income tax benefits were recorded during the fiscal years presented.

Stock Options

Option awards generally vest in one-to-four years, and have a ten year contractual term. All incentive and non-qualified stock option grants must have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant date fair values of options are based on the closing price of our common stock on the date of grant, and are calculated using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of our common stock. We use historical option exercise behavior and employee termination data to estimate expected term, which represents the period of time that the options granted are expected to remain outstanding. The risk-free rate of return for the estimated term of the option is based on the U.S. Treasury yield curve in effect at the date of grant.

The weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair values of stock options issued during fiscal years 2018, 2017 and 2016 are presented in the following table:

	Year Ended
	October 31, 2018			October 29, 2017			October 30, 2016

Expected volatility		31.7	%		32.2	%		48.4	%

Risk-free rate of return		2.2 – 2.8	%		1.9 – 2.0	%		1.2 – 1.7	%

Dividend yield		0.0	%		0.0	%		0.0	%

Expected term	5.0 years			5.0 years			5.1 years

The table below presents a summary of stock options activity during fiscal year 2018 and information on stock options outstanding at October 31, 2018.

Options	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at October 29, 2017		3,345,235		$	8.01
Granted		269,000			8.62
Exercised		(823,311	)		5.27
Cancelled and forfeited		(367,364	)		10.19
Outstanding at October 31, 2018		2,423,560		$	8.68	5.8 years	$	3,977
Exercisable at October 31, 2018		1,612,945		$	7.93	4.8 years	$	3,524
Vested and expected to vest as of October 31, 2018		2,315,890		$	8.59	5.7 years	$	3,930

The weighted-average grant date fair value of options granted during fiscal years 2018, 2017 and 2016 were $2.76, $3.59 and $4.51, respectively. The total intrinsic value of options exercised during fiscal years 2018, 2017 and 2016 was $2.5 million, $1.9 million and $3.5 million, respectively.

We received cash from option exercises of $4.3 million, $2.4 million and $3.1 million in fiscal years 2018, 2017 and 2016, respectively. As of October 31, 2018, the total unrecognized compensation cost of unvested option awards was approximately $1.5 million. That cost is expected to be recognized over a weighted-average amortization period of 1.9 years.

Restricted Stock

We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one-to-four years. The fair value of the awards are our closing stock prices on the dates of grant. There were 290,000, 317,750, and 115,225 restricted stock awards granted during fiscal years, 2018, 2017 and 2016. The weighted-average grant date fair values of restricted stock awards issued during fiscal years 2018, 2017 and 2016 were $8.62, $10.94 and $12.13, respectively. The total fair value of awards for which restrictions lapsed was $1.4 million, $1.2 million and $1.7 million during fiscal years 2018, 2017 and 2016, respectively. As of October 31, 2018, the total compensation cost for restricted stock awards not yet recognized was approximately $2.8 million. That cost is expected to be recognized over a weighted-average amortization period of 2.6 years.

A summary of restricted stock award activity during fiscal year 2018 and the status of our outstanding restricted stock awards as of October 31, 2018, is presented below:

Restricted Stock	Shares			Weighted-Average Fair Value at Grant Date

Outstanding at October 29, 2017		339,181		$	10.74
Granted		290,000			8.62
Vested		(163,664	)		9.88
Cancelled		(46,220	)		11.07
Outstanding at October 31, 2018		419,297		$	9.58
Expected to vest as of October 31, 2018		383,413		$	9.53

Employee Stock Purchase Plan

Our Employee Stock Purchase Plan ("ESPP") permits employees to purchase Photronics, Inc. common shares at 85% of the lower of the closing market price at the commencement or ending date of the Plan year (which is approximately one year). We recognize the ESPP expense during that same period. As of October 31, 2018, the maximum number of shares of common stock approved by our shareholders to be purchased under the ESPP was 1.5 million shares; approximately 1.4 million shares had been issued through October 31, 2018, and approximately 0.1 million shares were subject to outstanding subscriptions. As of October 31, 2018, the total compensation cost related to the ESPP not yet recognized was $0.1 million, which is expected to be recognized in fiscal 2019.

INCOME TAXES

12 Months Ended

Oct. 31, 2018

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 10 - INCOME TAXES

On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Act”), was signed into law, enacting significant changes to the United States Internal Revenue Code of 1986, as amended. For fiscal 2018, the most significant impacts include: the reduction of the U.S. federal corporate income tax rate; remeasurement of certain net deferred tax assets; phased refund of alternative minimum tax credit carryforward and requirement of a transition tax on the deemed repatriation of certain foreign earnings. The phase-in of the lower corporate income tax rate resulted in a blended income tax rate of 23.42% for fiscal 2018, as compared to the previous rate of 35%. The tax rate has been reduced to 21% for subsequent fiscal years, which impacted the remeasurement of our year end deferred tax balances.

In December 2017, in response to the Act, the Securities and Exchange Commission released Staff Accounting Bulletin No. 118 (“SAB 118”) to address situations in which the accounting under ASC 740 is incomplete for certain income tax effects of the Act. We adopted SAB 118 in our first quarter of fiscal year 2018. SAB 118 summarizes a three-step process to be applied at each reporting period to account for and qualitatively disclose: (1) the effects of the change in tax law for which accounting is complete; (2) provisional amounts (or adjustments to provisional amounts) for the effects of the tax law where accounting is not complete, but for which reasonable estimates have been determined; and (3) reasonable estimates cannot yet be made and, therefore, taxes are reflected in accordance with law prior to the enactment of the Act. The effects of the Act provisions and the application of SAB 118 included in the fiscal 2018 results are summarized as follows:

The accounting for the net income tax change for the remeasurement of certain deferred taxes is complete, and resulted in an increase of $1.6 million (provisional estimate of $2.5 million) reflecting the remeasurement of the final year end deferred taxes to the fiscal 2019 tax rate, all of which was offset by the remeasurement adjustment of $1.6 million (provisional estimate of $2.5 million) of the related valuation allowance, resulting in a net zero change in the income tax provision.

As a result of the Act our determination regarding the realization of the benefit of the alternative minimum tax credit carryforwards changed; accordingly, the related valuation allowance has been reversed, and a $3.7 million, net of sequestration, tax benefit has been recorded (our original provisional estimate of $3.9 million, was reduced to $3.7 million in FY 2018 Q3 to reflect sequestration). The accounting for this item is now complete.

Additionally, the accounting of the transition tax, for the year ended October 31, 2018 is complete. We recorded income tax expense of $29.6 million (provisional estimate of $28.4 million reported in the previous three quarters of FY 2018, changed based on the most current available information). The entire amount of transition tax was offset by the current year loss, current year credits and available credit carryforwards.

Based on our current interpretation of the Act, we have completed the accounting for all items that impact our fiscal 2018 financial statements. Collectively, these items and the changes in measurement did not have a material impact to our consolidated effective tax rate or financial statements.

On January 18, 2018, the Taiwan Legislature Yuan approved amendments to the Income Tax Act, enacting an increase in the corporate tax rate from 17% to 20%. Under generally accepted accounting principles, we are required to revalue our deferred tax assets and liabilities, utilizing the rate applicable to the period, when a temporary difference will reverse. Our analysis indicates that our Taiwan deferred tax asset will be increased and, accordingly, we have recognized a net benefit of $0.2 million.

Income before the income tax provisions consists of the following:

	Year Ended
	October 31, 2018			October 29, 2017			October 30, 2016

United States	$	(9,859	)	$	(11,544	)	$	6,270
Foreign		78,430			38,109			54,204
	$	68,571		$	26,565		$	60,474

The income tax provisions consist of the following:

	Year Ended
	October 31, 2018			October 29, 2017			October 30, 2016
Current:
Federal	$	(30	)	$	173		$	492
State		(0	)		(4	)		(2	)
Foreign		11,584			3,474			8,115

Deferred:
Federal		(3,673	)		-			-
State		(24	)		15			10
Foreign		(522	)		1,618			(3,817	)
Total	$	7,335		$	5,276		$	4,798

The income tax provisions differ from the amount computed by applying the statutory U.S. federal income tax rate to income before income taxes as a result of the following:

	Year Ended
	October 31, 2018			October 29, 2017			October 30, 2016
U.S. federal income tax at statutory rate	$	16,059		$	9,298		$	21,166
Changes in valuation allowances		4,554			(3,632	)		(9,516	)
Distributions from foreign subsidiaries		-			6,471			3,438
Foreign tax rate differentials		(2,078	)		(5,230	)		(9,620	)
Tax credits		(1,530	)		(1,925	)		(944	)
Uncertain tax positions, including reserves, settlements and resolutions		(1,791	)		(932	)		134
Employee stock option		(1,433	)		512			452
Income tax holiday		(2,648	)		(743	)		(507	)
Tax reform		(3,736	)		-			-
Tax on foreign subsidiary earnings		-			1,712			225
Other, net		(62	)		(255	)		(30	)
	$	7,335		$	5,276		$	4,798

The fiscal year 2018 effective tax rate differs from the U.S. federal blended rate of 23.42% primarily due to the impact of the Act allowing for the refund of AMT credits that caused a corresponding reversal of the related valuation allowance, the recognition of a benefit related to previously unrecognized tax positions, earnings being taxed at lower statutory rates in foreign jurisdictions, the benefits of tax holiday, and investment credits in foreign jurisdictions.

The fiscal years 2017 and 2016 effective tax rates differ from the U.S. statutory rate of 35% primarily due to earnings being taxed at lower statutory rates in foreign jurisdictions, changes in deferred tax asset valuation allowances, including the reversals noted below, together with the benefit of various investment credits in a foreign jurisdiction. In addition, the lower rate in fiscal year 2016 was partially driven by a benefit that resulted from the reversal of a previously recorded undistributed earnings tax liability in a foreign jurisdiction for which we are no longer liable. We were granted two five-year tax holidays in Taiwan, one that expired unused in 2017 and the other that expires in 2019. The latter tax holiday reduced foreign taxes by $2.6 million, $0.7 million and $0.5 million in fiscal years 2018, 2017 and 2016, respectively, with a $0.035 cents per share impact in fiscal 2018 and a de minimis per share effect in the fiscal 2017 and 2016 periods.

The net deferred income tax assets consist of the following:

	As of
	October 31, 2018			October 29, 2017
Deferred income tax assets:
Net operating losses	$	30,805		$	40,942
Reserves not currently deductible		4,703			4,196
Alternative minimum tax credits		3,673			3,946
Tax credit carryforwards		9,159			10,037
Share-based compensation		767			2,335
Other		1,210			1,503
		50,317			62,959
Valuation allowances		(24,383	)		(25,590	)
		25,934			37,369
Deferred income tax liabilities:
Undistributed earnings of foreign subsidiaries		(0	)		(4,335	)
Property, plant and equipment		(8,020	)		(19,280	)
Other		(448	)		(322	)
		(8,468	)		(23,937	)
Net deferred income tax assets	$	17,466		$	13,432
Reported as:
Deferred income tax assets	$	18,109		$	15,481
Deferred income tax liabilities		(643	)		(2,049	)
	$	17,466		$	13,432

We have established a valuation allowance for a portion of our deferred tax assets because we believe, based on the weight of all available evidence, that it is more likely than not that a portion of our net operating loss carryforwards will expire prior to utilization. During fiscal year 2018, the valuation allowance decrease primarily resulted from the reversal of the valuation allowance related to alternative minimum tax credits of $(3.9) million as the result of the Act, prior year additional NOL utilization of $(1.8) million, credit utilization of $(1.3) million, other impacts of $(0.4) million, changes in the deferred tax liability of $2.8 million, $1.8 million from the adoption of ASU 2016-09 related to stock compensation, and $1.6 million from the corporate tax rate reduction. During fiscal year 2016, we determined that sufficient positive evidence existed in certain foreign jurisdictions that it was more likely than not that additional deferred tax assets were realizable and, therefore, we reduced the valuation allowance by $4.3 million. Fiscal years 2017 and 2016 also changed as a result of loss utilizations and deferred tax liability changes of $3.7 million and $5.2 million, respectively.

Due to the Act, as of fiscal year end 2018, U.S. deferred taxes are no longer provided on the undistributed earnings of non-U.S. subsidiaries. Our policy to indefinitely reinvest these earnings in non-U.S. operations remains unchanged for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding taxes. During fiscal year 2017, the permanent reinvestment assertion was partially changed due to changes in circumstances within one of our non-U.S. subsidiary entities, and a U.S. tax liability was recognized for the related undistributed earnings. Outside of the Act, should we elect in the future to repatriate the remaining foreign earnings deemed to be indefinitely reinvested, we may incur additional state and withholding tax expense on those foreign earnings, the amount of which is not practicable to compute.

The following tables present our available operating loss and credit carryforwards at October 31, 2018, and their related expiration periods:

Operating Loss Carryforwards	Amount		Expiration Periods
Federal	$	78,902		2028-2033

State		208,411		2018-2038

Foreign		9,761		2021-2027

Tax Credit Carryforwards	Amount		Expiration Period
Federal research and development	$	4,314		2019-2038

Federal alternative minimum		3,673	Refundable

State		5,819		2020-2032

Foreign		246		2019-2020

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, is as follows:

	Year Ended
	October 31, 2018			October 29, 2017			October 30, 2016
Balance at beginning of year	$	3,384		$	4,606		$	4,029

Additions (reductions) for tax positions in prior years		(44	)		207			744

Additions based on current year tax positions		498			323			268

Settlements		(56	)		(922	)		(378	)

Lapses of statutes of limitations		(2,007	)		(830	)		(57	)
Balance at end of year	$	1,775		$	3,384		$	4,606

As of October 31, 2018, October 29, 2017 and October 30, 2016, the balance of unrecognized tax benefits includes $1.9 million, $3.4 million, and $4.6 million, respectively, recorded in other liabilities in the consolidated balance sheets that, if recognized, would impact the effective tax rate. Included in these amounts in each of fiscal years 2018, 2017 and 2016 were $0.1 million of interest and penalties. We include any applicable interest and penalties related to uncertain tax positions in our income tax provision. The amounts reflected in the table above for the fiscal years 2018, 2017 and 2016 include settlements of non-U.S. audits.

Although the timing of the expirations of statutes of limitations may be uncertain, as they can be dependent upon the settlement of tax audits, the Company believes that it is reasonably possible that up to $0.9 million of its uncertain tax positions (including accrued interest and penalties, and net of tax benefits) may be resolved over the next twelve months. Resolution of these uncertain tax positions may result from either or both of the lapses of statutes of limitations and tax settlements. The Company is no longer subject to tax authority examinations in the U.S., major foreign, or state tax jurisdictions for years prior to fiscal year 2014.

Income tax payments were $6.1 million, $9.3 million and $11.4 million in fiscal years 2018, 2017 and 2016, respectively. Cash received as refunds of income taxes paid in prior years amounted to $1.1 million, $0.1 million and $0.2 million in fiscal years 2018, 2017 and 2016, respectively.

EARNINGS PER SHARE

12 Months Ended

Oct. 31, 2018

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 11 - EARNINGS PER SHARE

The calculation of basic and diluted earnings per share is presented as follows:

	Year Ended
	October 31, 2018		October 29, 2017		October 30, 2016

Net income attributable to Photronics, Inc. shareholders	$	42,055	$	13,130	$	46,200
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		1,999		-		2,938
Earnings for diluted earnings per share	$	44,054	$	13,130	$	49,138
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		68,829		68,436		67,539
Effect of dilutive securities:
Convertible notes		5,542		-		7,841
Share-based payment awards		450		852		974
Potentially dilutive common shares		5,992		852		8,815
Weighted-average common shares used for diluted earnings per share		74,821		69,288		76,354

Basic earnings per share	$	0.61	$	0.19	$	0.68
Diluted earnings per share	$	0.59	$	0.19	$	0.64

The table below shows the outstanding weighted-average share-based payment awards that were excluded from the calculation of diluted earnings per share because their exercise price exceeded the average market value of the common shares for the period or, under application of the treasury stock method, they were otherwise determined to be antidilutive. The table also shows convertible notes that, if converted, would have been antidilutive.

	Year Ended
	October 31, 2018		October 29, 2017		October 30, 2016

Share based payment awards		1,627		1,308		1,635
Convertible notes		-		5,542		-
Total potentially dilutive shares excluded		1,627		6,850		1,635

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION

12 Months Ended

Oct. 31, 2018

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION [Abstract]

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION

NOTE 13 - GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION

We operate as a single operating segment as a manufacturer of photomasks, which are high precision quartz or glass plates containing microscopic images of electronic circuits for use in the fabrication of IC's and FPDs. Geographic revenues (shown below) are based primarily on where our manufacturing facility is located.

Our 2018, 2017 and 2016 revenue by geographic area and by IC and FPD products, and long-lived assets by geographic area were as follows:

	Year Ended
	October 31, 2018		October 29, 2017		October 30, 2016
Net revenue
Taiwan	$	237,039	$	187,818	$	193,216
Korea		147,066		122,165		141,017
United States		112,648		102,040		113,670
Europe		35,540		36,081		33,384
All other Asia		2,983		2,574		2,169
	$	535,276	$	450,678	$	483,456

IC	$	416,064	$	350,260	$	364,531
FPD		119,212		100,418		118,925
	$	535,276	$	450,678	$	483,456


	As of
	October 31, 2018		October 29, 2017		October 30, 2016
Long-lived assets
Taiwan	$	177,626	$	186,192	$	176,644
United States		156,948		180,095		173,658
Korea		127,764		147,265		146,515
China		102,985		8,273		-
Europe		6,458		13,372		9,617
	$	571,781	$	535,197	$	506,434

One customer accounted for 16%, 16% and 19% of our revenue in fiscal years 2018, 2017 and 2016, respectively, and another customer accounted for 15%, 16% and 17% of our revenue in fiscal years 2018, 2017 and 2016, respectively.

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

12 Months Ended

Oct. 31, 2018

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

NOTE 14 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

The following tables set forth the changes in our accumulated other comprehensive income by component (net of tax of $0) for the years ended October 31, 2018 and October 29, 2017:

	Year Ended October 31, 2018
	Foreign Currency Translation Adjustments			Amortization of Cash Flow Hedge			Other			Total

Balance at October 29, 2017	$	7,627		$	(48	)	$	(688	)	$	6,891
Other comprehensive income before reclassifications		(16,672	)		-			101			(16,571	)
Amounts reclassified from other accumulated comprehensive income		-			48			-			48
Net current period other comprehensive income		(16,672	)		48			101			(16,523	)
Less: other comprehensive loss (income) attributable to noncontrolling interests		4,717			-			(51	)		4,666
Balance at October 31, 2018	$	(4,328	)	$	-		$	(638	)	$	(4,966	)

	Year Ended October 29, 2017
	Foreign Currency Translation Adjustments			Amortization of Cash Flow Hedge			Other			Total

Balance at October 31, 2016	$	(6,567	)	$	(177	)	$	(927	)	$	(7,671	)
Other comprehensive income before reclassifications		19,799			-			478			20,277
Amounts reclassified from other accumulated comprehensive income		-			129			-			129
Net current period other comprehensive income		19,799			129			478			20,406
Less: other comprehensive income attributable to noncontrolling interests		(5,605	)		-			(239	)		(5,844	)
Balance at October 29, 2017	$	7,627		$	(48	)	$	(688	)	$	6,891

Amortization of the cash flow hedge is included in cost of goods sold in the consolidated statements of income in all periods presented.

CONCENTRATIONS OF CREDIT RISK	12 Months Ended
CONCENTRATIONS OF CREDIT RISK	Oct. 31, 2018
CONCENTRATIONS OF CREDIT RISK [Abstract]
CONCENTRATIONS OF CREDIT RISK	NOTE 15 – CONCENTRATIONS OF CREDIT RISK Financial instruments that potentially subject us to credit risk principally consist of trade accounts receivables and short-term cash investments. We sell our products primarily to semiconductor and FPD manufacturers in Asia, North America, and Europe. We believe that the concentration of credit risk in our trade receivables is substantially mitigated by our ongoing credit evaluation process and relatively short collection terms. We do not generally require collateral from customers. We establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Our cash and cash equivalents are deposited in several financial institutions, including institutions located within all of the countries in which we manufacture photomasks. Portions of deposits in some of these institutions may exceed the amount of insurance available for such deposits at these institutions. As these deposits are generally redeemable upon demand and are held by high quality, reputable institutions, we consider them to bear minimal credit risk. We further mitigate credit risks related to our cash and cash equivalents by spreading such risk among a number of institutions. One customer accounted for 20% and 23% of our net accounts receivable in fiscal years 2018 and 2017, respectively, and another customer accounted for 10% of our net accounts receivables in fiscal year 2018 and less than 10% in fiscal year 2017.

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Oct. 31, 2018
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 16 - RELATED PARTY TRANSACTIONS On January 20, 2018, Photronics, Inc. entered into a four-year consulting agreement with DEMA Associates, LLC, for $0.4 million per year. Two members of our board of directors, including the chairman, and a member of the chairman's immediate family, are members of DEMA Associates, LLC. In FY 2018, we incurred expenses for services provided by this entity of $0.3 million. Our chairman of the board of directors was also a director of an entity that provided secure managed information technology services to Photronics in fiscal year 2016. Another member of our board of directors was the chief executive officer and chairman of the board of this entity. We had contracted with this entity since 2002 for services it provided to all of our facilities. In fiscal year 2016, we incurred expenses for services provided by this entity of $0.2 million. As of January 30, 2018, no members of our board of directors were executive officers, directors or shareholders of this entity. In July 2016, we entered into a contract for information technology services with a parent entity for which members of our board of directors served as the executive chairman of the board and a director of a wholly owned subsidiary of that entity. In fiscal year 2018, we incurred expenses for services provided by the parent entity of $0.1 million during the period in which our board members served on the board of directors of this entity and, in 2017 and 2016, we incurred expenses of $0.5 million and $0.3 million, respectively with the parent entity. As of October 29, 2017, we had payables outstanding to the parent entity of $0.1 million . As of January 30, 2018, no members of our board of directors were executive officers, directors or shareholders of the wholly owned subsidiary. An officer of one of our foreign subsidiaries is related to an individual in a position of authority at one of our largest customers. We recorded revenue from this customer of $78.4 million, $73.6 million and $80.5 million, in fiscal years 2018, 2017 and 2016, respectively. At October 31, 2018 and October 29, 2017, we had accounts receivable of $23.5 million and $24.3 million, respectively, from this customer. We purchase photomask blanks from an entity of which a former officer of ours is a significant shareholder. The Company purchased $4.5 million of photomask blanks from this entity during the period in 2017 when the former officer was employed by us, and $16.3 million in fiscal year 2016. This former officer's employment with the Company ended in February 2017. We believe that the terms of our transactions with the related parties described above were negotiated at arm's length and were no less favorable to us than terms we could have obtained from unrelated third parties. See Note 19 for additional related party transactions.

FAIR VALUE MEASUREMENTS

12 Months Ended

Oct. 31, 2018

FAIR VALUE MEASUREMENTS [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 17 - FAIR VALUE MEASUREMENTS

The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1, defined as quoted market prices (unadjusted) in active markets for identical securities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly; and Level 3, defined as unobservable inputs that are not corroborated by market data.

The fair values of our cash and cash equivalents (Level 1 measurements), accounts receivable, accounts payable, and certain other current assets and current liabilities (Level 2 measurements) approximate their carrying value due to their short-term maturities. We did not have any assets or liabilities measured at fair value, on a recurring or a nonrecurring basis, at October 31, 2018 and October 29, 2017.

Fair Value of Financial Instruments Not Recorded at Fair Value

The fair value of our convertible senior notes is a Level 2 measurement, as it was determined using inputs that were either observable market data or could be derived from or corroborated with observable market data. These inputs included our stock price and interest rates offered on debt issued by entities with credit ratings similar to ours. The table below presents the fair and carrying values of our convertible senior notes at October 31, 2018 and October 29, 2017.

	October 31, 2018				October 29, 2017
	Fair Value		Carrying Value		Fair Value		Carrying Value

3.25% convertible senior notes due 2019	$	62,094	$	57,453	$	67,396	$	57,337

JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC. [Abstract]

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

+ References + Details

JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC.

12 Months Ended

Oct. 31, 2018

JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC.

NOTE 19 - JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC.

In May 2006, Photronics and Micron Technology, Inc. ("Micron") entered into the MP Mask joint venture (“MP Mask”), which developed and produced photomasks for leading-edge and advanced next generation semiconductors. At the time of the formation of the joint venture, we also entered into an agreement to license photomask technology developed by Micron and certain supply agreements. In May 2016, we sold our investment in MP Mask to Micron for $93.1 million and recorded a gain on the sale of $0.1 million, which is included in interest income and other income (expense) in our 2016 consolidated statement of income. On that same date, a supply agreement commenced between Photronics and Micron, which provided that we would be the majority outsourced supplier of Micron’s photomasks and related services. The supply agreement had a one year term and expired in May 2017. However, we have the unlimited rights to use technology under the prior technology license agreement.

This joint venture was a variable interest entity ("VIE") (as that term is defined in ASC 810), because all costs of the joint venture were passed on to Photronics and Micron through purchase agreements they had entered into with the joint venture, and it was dependent upon Photronics and Micron for any additional cash requirements. On a quarterly basis, we reassessed whether our interest in MP Mask gave us a controlling financial interest in this VIE. The purpose of this quarterly reassessment was to identify the primary beneficiary (which is defined in ASC 810 as the entity that consolidates a VIE) of the VIE. As a result of the reassessments in fiscal year 2016, we determined that Micron remained the primary beneficiary of the VIE, by virtue of its tie-breaking voting rights within MP Mask’s Board of Managers, thereby having given it the power to direct the activities of MP Mask that most significantly impacted its economic performance, including its decision making authority in the ordinary course of business and its purchase of the majority of products produced by the VIE.

We utilized MP Mask for both high-end IC photomask production and research and development purposes. MP Mask charged its variable interest holders based on their actual usage of its facility and charged separately for any research and development activities it engaged in at the requests of its owners.

MP Mask was governed by a Board of Managers appointed by Micron and Photronics. Throughout MP Mask's existence, Micron, as a result of its majority ownership, held majority voting power on the Board of Managers. Under the MP Mask joint venture operating agreement, we may have been required to make additional capital contributions to MP Mask. MP Mask did not request, and we did not make, any contributions to MP Mask in fiscal year 2016, and we did not receive any distributions (other than upon the sale of our investment to Micron in fiscal year 2016) from MP Mask during 2016.

We recorded a loss from operations from our investment in MP Mask of $0.1 million in fiscal year 2016, which is included in Interest income and other income (expense) in our consolidated statements of income.

In fiscal 2016, we recorded $0.4 million of commission revenue earned under the supply agreements with Micron and MP Mask, and amortization of $0.1 million of the related supply agreement intangible asset. In 2016, we also recorded cost of goods sold in the amount of $5.7 million for photomasks produced by MP Mask for Photronics customers, and incurred expenses of $0.5 million for research and development activities and other goods and services purchased from MP Mask by Photronics.

Summarized financial information of MP Mask is presented below. The financial results of 2016 represent activities through May 5, 2016, the date of the sale of the joint venture.

	Fiscal Year 2016


Revenue	$	49,626
Gross profit		2,736
Net income		-

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Oct. 31, 2018
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 23 - RECENT ACCOUNTING PRONOUNCEMENTS In December 2017, the Securities and Exchange Commission released Staff Accounting Bulletin No. 118 (“SAB 118”) to address situations where the accounting under ASC Topic 740 – “Income Taxes” is incomplete for certain income tax effects of the Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, and changed existing U.S. tax law. We adopted this guidance in our first quarter of fiscal year 2018. Please see Note 10 for a discussion of the effects of adopting this guidance. In November 2016, the FASB issued ASU 2016-18 “Restricted Cash”, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for Photronics, Inc. in its first quarter of fiscal year 2019 and should be applied on a retrospective transition basis. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the effect that this ASU will have on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16 “Intra-Entity Transfers of Assets Other Than Inventory”, which eliminates the exception of recognizing, at the time of transfer, current and deferred income taxes for intra-entity asset transfers other than inventory. ASU 2016-16 is effective for Photronics, Inc. in the first quarter of fiscal year 2019 and should be applied on a modified retrospective transition basis. Early adoption is permitted as of the beginning of an annual reporting period for which interim or annual financial statements have not been issued or made available for issuance. We are currently evaluating the effect this ASU will have on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 “Measurement of Credit Losses”, the main objective of which is to provide more useful information about expected credit losses on financial instruments and other commitments of an entity to extend credit. In support of this objective, the ASU replaces the incurred loss impairment methodology, found in current GAAP, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU requires a cumulative-effect adjustment as of the beginning of the first reporting period in which the guidance is adopted. ASU 2016-13 is effective for Photronics, Inc. in its first quarter of fiscal year 2021, with early adoption permitted beginning in the first quarter of fiscal year 2019. We are currently evaluating the effect that this ASU will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016 – 09 “Improvements to Employee Share-Based Payment Accounting”, which simplifies the accounting for share-based payment transactions including their income tax consequences, classification as either equity or liability awards, classification on the statement of cash flows, and other areas. The method of adoption varies with the different aspects of the Update. Adoption of this guidance in the first quarter of our fiscal year 2018 did not have a material impact on our financial statements. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)”, which requires lessees to recognize right-of-use assets and corresponding liabilities for all leases with an initial term in excess of twelve months. ASU 2016-02 was required to be adopted using a modified retrospective approach, which includes a number of practical expedients, that requires leases to be measured and recognized under the new guidance at the beginning of the earliest period presented. In July 2018, the FASB issued ASU 2018-11 “Targeted Improvements”, which allows the new leases standard to be initially applied at the adoption date through a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. These Updates are effective for Photronics, Inc. in the first quarter of fiscal year 2020, with early application permitted. We are currently evaluating the effect that these Updates will have on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers”, which will supersede nearly all existing revenue recognition guidance under accounting principles generally accepted in the United States. The core principle of this ASU is that revenue should be recognized for the amount of consideration expected to be received for promised goods or services transferred to customers. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments, and assets recognized for costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year and allows entities to early adopt, but no earlier than the original effective date. ASU 2014-09 will now be effective for Photronics, Inc. in the first quarter of our fiscal year 2019. This update allows for either full retrospective or modified retrospective adoption. In April 2016, the FASB issued ASU 2016-10 “Identifying Performance Obligations and Licensing” which amends guidance previously issued on these matters in ASU 2014-09. The effective date and transition requirements of ASU 2016-10 are the same as those for ASU 2014-09. We adopted the new revenue and related guidance on November 1, 2018, using the modified retrospective approach, under which we will increase our accounts receivable by $0.6 million, record a contract asset of $4.6 million, and reduce our inventories balance by $3.7 million. The recognition and adjustments to these assets will be reflected in increases to our retained earnings and noncontrolling interest balances of $1.4 million and $0.2 million, respectively. The most significant impact of the new guidance is its requirement for us to recognize revenue as we manufacture products for which, in the event that the customer cancels the contract, we are entitled to reasonable compensation for work we have completed prior to cancellation. The guidance allows for a number of accounting policy elections and practical expedients. In addition to our above mentioned election to use the modified retrospective application method for adopting the guidance, those we have employed that are most significant to us are summarized below. Shipping and handling activities performed after control of a good is transferred to a customer We have elected to treat shipping and handling activities that occur after control of a good is transferred to a customer as activities to fulfill our promise to transfer goods to the customer. Thus, such activities will not be considered to be separate performance obligations under contracts with our customers. Non-recognition of financing component when we transfer goods to a customer and the period between when we transfer and when we are paid will be less than one year. We have elected the practical expedient that allows for the non-recognition, as a component of a customer contract, of a financing component when the period between when we transfer a good and when we are paid will be less than one year. Exclusion of sales and similar taxes collected from customers in the transaction price. Consistent with our practice before adoption of the new guidance, we will not recognize the sales tax and similar taxes we collect from customers as revenue. Use of an “input method” to measure our progress towards the transfer of control of performance obligations to customers As, in our judgment, an input method based on our efforts to satisfy our performance obligations will best serve to depict the transfer of control of our performance obligations to our customers, we have adopted an accounting policy to employ such a method. Our decision was based primarily on the facts that our photomasks are not physically transferred to customers until they are complete, and that we can employ our internal cost accumulation systems and methods, which are input-based to measure our progress towards the transfer of control of our performance obligations to customers. Non-disclosure of the transaction prices of unsatisfied or partially satisfied performance obligations For contracts that have an original expected duration of one year or less, we have elected the practical expedient that allows us not to disclose the aggregate transaction prices of unsatisfied or partially satisfied performance obligations that exist at the end of a reporting period.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Oct. 31, 2018

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Consolidation

Estimates and Assumptions

Fiscal Year

Cash and Cash Equivalents

Accounts Receivable and Allowance for Doubtful Accounts

Inventories

	October 31 2018		October 29 2017

Finished goods	$	668	$	664
Work in process		3,402		2,957
Raw materials		25,110		20,082
	$	29,180	$	23,703

Property, Plant and Equipment

Intangible Assets

Impairment of Long-Lived Assets

Business Combinations

Investments in Joint Ventures

Variable Interest Entities

Income Taxes

Treasury Stock

Earnings Per Share

Share-Based Compensation

Research and Development

Foreign Currency Translation

Noncontrolling Interests

Derivative Instruments and Hedging Activities

Revenue Recognition

Product Warranty

SHARE-BASED COMPENSATION (Policies)	12 Months Ended
SHARE-BASED COMPENSATION (Policies)	Oct. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options Accounting Policy	Share-Based Compensation We recognize share-based compensation expense over the service period that the awards are expected to vest. Share-based compensation expense includes the estimated effects of forfeitures, which are adjusted over the requisite service period to the extent actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized in the period of change, and will impact the amount of expense to be recognized in future periods. Determining the appropriate option pricing model, calculating the grant date fair value of share-based awards and estimating forfeiture rates requires considerable judgment, including estimations of stock price volatility and the expected term of options granted. We use the Black-Scholes option pricing model to value employee stock options. We estimate stock price volatility based on daily averages of our common stock’s historical volatility over a term approximately equal to the estimated time period the grant will remain outstanding. The expected term of options and forfeiture rate assumptions are derived from historical data.
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options Accounting Policy	Option awards generally vest in one-to-four years, and have a ten year contractual term. All incentive and non-qualified stock option grants must have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant date fair values of options are based on the closing price of our common stock on the date of grant, and are calculated using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of our common stock. We use historical option exercise behavior and employee termination data to estimate expected term, which represents the period of time that the options granted are expected to remain outstanding. The risk-free rate of return for the estimated term of the option is based on the U.S. Treasury yield curve in effect at the date of grant.

INCOME TAXES (Policies)	12 Months Ended
INCOME TAXES (Policies)	Oct. 31, 2018
INCOME TAXES [Abstract]
Unremitted Earnings in Foreign Investment	Due to the Act, as of fiscal year end 2018, U.S. deferred taxes are no longer provided on the undistributed earnings of non-U.S. subsidiaries. Our policy to indefinitely reinvest these earnings in non-U.S. operations remains unchanged for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding taxes. During fiscal year 2017, the permanent reinvestment assertion was partially changed due to changes in circumstances within one of our non-U.S. subsidiary entities, and a U.S. tax liability was recognized for the related undistributed earnings. Outside of the Act, should we elect in the future to repatriate the remaining foreign earnings deemed to be indefinitely reinvested, we may incur additional state and withholding tax expense on those foreign earnings, the amount of which is not practicable to compute.
Interest and Penalties Related to Uncertain Tax Positions	As of October 31, 2018, October 29, 2017 and October 30, 2016, the balance of unrecognized tax benefits includes $1.9 million, $3.4 million, and $4.6 million, respectively, recorded in other liabilities in the consolidated balance sheets that, if recognized, would impact the effective tax rate. Included in these amounts in each of fiscal years 2018, 2017 and 2016 were $0.1 million of interest and penalties. We include any applicable interest and penalties related to uncertain tax positions in our income tax provision. The amounts reflected in the table above for the fiscal years 2018, 2017 and 2016 include settlements of non-U.S. audits. Although the timing of the expirations of statutes of limitations may be uncertain, as they can be dependent upon the settlement of tax audits, the Company believes that it is reasonably possible that up to $0.9 million of its uncertain tax positions (including accrued interest and penalties, and net of tax benefits) may be resolved over the next twelve months. Resolution of these uncertain tax positions may result from either or both of the lapses of statutes of limitations and tax settlements. The Company is no longer subject to tax authority examinations in the U.S., major foreign, or state tax jurisdictions for years prior to fiscal year 2014.

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Oct. 31, 2018
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recent Accounting Pronouncements	In December 2017, the Securities and Exchange Commission released Staff Accounting Bulletin No. 118 (“SAB 118”) to address situations where the accounting under ASC Topic 740 – “Income Taxes” is incomplete for certain income tax effects of the Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, and changed existing U.S. tax law. We adopted this guidance in our first quarter of fiscal year 2018. Please see Note 10 for a discussion of the effects of adopting this guidance. In November 2016, the FASB issued ASU 2016-18 “Restricted Cash”, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for Photronics, Inc. in its first quarter of fiscal year 2019 and should be applied on a retrospective transition basis. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the effect that this ASU will have on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16 “Intra-Entity Transfers of Assets Other Than Inventory”, which eliminates the exception of recognizing, at the time of transfer, current and deferred income taxes for intra-entity asset transfers other than inventory. ASU 2016-16 is effective for Photronics, Inc. in the first quarter of fiscal year 2019 and should be applied on a modified retrospective transition basis. Early adoption is permitted as of the beginning of an annual reporting period for which interim or annual financial statements have not been issued or made available for issuance. We are currently evaluating the effect this ASU will have on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 “Measurement of Credit Losses”, the main objective of which is to provide more useful information about expected credit losses on financial instruments and other commitments of an entity to extend credit. In support of this objective, the ASU replaces the incurred loss impairment methodology, found in current GAAP, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU requires a cumulative-effect adjustment as of the beginning of the first reporting period in which the guidance is adopted. ASU 2016-13 is effective for Photronics, Inc. in its first quarter of fiscal year 2021, with early adoption permitted beginning in the first quarter of fiscal year 2019. We are currently evaluating the effect that this ASU will have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016 – 09 “Improvements to Employee Share-Based Payment Accounting”, which simplifies the accounting for share-based payment transactions including their income tax consequences, classification as either equity or liability awards, classification on the statement of cash flows, and other areas. The method of adoption varies with the different aspects of the Update. Adoption of this guidance in the first quarter of our fiscal year 2018 did not have a material impact on our financial statements. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)”, which requires lessees to recognize right-of-use assets and corresponding liabilities for all leases with an initial term in excess of twelve months. ASU 2016-02 was required to be adopted using a modified retrospective approach, which includes a number of practical expedients, that requires leases to be measured and recognized under the new guidance at the beginning of the earliest period presented. In July 2018, the FASB issued ASU 2018-11 “Targeted Improvements”, which allows the new leases standard to be initially applied at the adoption date through a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. These Updates are effective for Photronics, Inc. in the first quarter of fiscal year 2020, with early application permitted. We are currently evaluating the effect that these Updates will have on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers”, which will supersede nearly all existing revenue recognition guidance under accounting principles generally accepted in the United States. The core principle of this ASU is that revenue should be recognized for the amount of consideration expected to be received for promised goods or services transferred to customers. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments, and assets recognized for costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year and allows entities to early adopt, but no earlier than the original effective date. ASU 2014-09 will now be effective for Photronics, Inc. in the first quarter of our fiscal year 2019. This update allows for either full retrospective or modified retrospective adoption. In April 2016, the FASB issued ASU 2016-10 “Identifying Performance Obligations and Licensing” which amends guidance previously issued on these matters in ASU 2014-09. The effective date and transition requirements of ASU 2016-10 are the same as those for ASU 2014-09. We adopted the new revenue and related guidance on November 1, 2018, using the modified retrospective approach, under which we will increase our accounts receivable by $0.6 million, record a contract asset of $4.6 million, and reduce our inventories balance by $3.7 million. The recognition and adjustments to these assets will be reflected in increases to our retained earnings and noncontrolling interest balances of $1.4 million and $0.2 million, respectively. The most significant impact of the new guidance is its requirement for us to recognize revenue as we manufacture products for which, in the event that the customer cancels the contract, we are entitled to reasonable compensation for work we have completed prior to cancellation. The guidance allows for a number of accounting policy elections and practical expedients. In addition to our above mentioned election to use the modified retrospective application method for adopting the guidance, those we have employed that are most significant to us are summarized below. Shipping and handling activities performed after control of a good is transferred to a customer We have elected to treat shipping and handling activities that occur after control of a good is transferred to a customer as activities to fulfill our promise to transfer goods to the customer. Thus, such activities will not be considered to be separate performance obligations under contracts with our customers. Non-recognition of financing component when we transfer goods to a customer and the period between when we transfer and when we are paid will be less than one year. We have elected the practical expedient that allows for the non-recognition, as a component of a customer contract, of a financing component when the period between when we transfer a good and when we are paid will be less than one year. Exclusion of sales and similar taxes collected from customers in the transaction price. Consistent with our practice before adoption of the new guidance, we will not recognize the sales tax and similar taxes we collect from customers as revenue. Use of an “input method” to measure our progress towards the transfer of control of performance obligations to customers As, in our judgment, an input method based on our efforts to satisfy our performance obligations will best serve to depict the transfer of control of our performance obligations to our customers, we have adopted an accounting policy to employ such a method. Our decision was based primarily on the facts that our photomasks are not physically transferred to customers until they are complete, and that we can employ our internal cost accumulation systems and methods, which are input-based to measure our progress towards the transfer of control of our performance obligations to customers. Non-disclosure of the transaction prices of unsatisfied or partially satisfied performance obligations For contracts that have an original expected duration of one year or less, we have elected the practical expedient that allows us not to disclose the aggregate transaction prices of unsatisfied or partially satisfied performance obligations that exist at the end of a reporting period.

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Oct. 31, 2018

PROPERTY, PLANT AND EQUIPMENT [Abstract]

Property, Plant and Equipment

Property, plant and equipment consists of the following:

	October 31, 2018			October 29, 2017

Land	$	11,139		$	9,959
Buildings and improvements		124,771			125,290
Machinery and equipment		1,566,163			1,547,870
Leasehold improvements		19,577			20,050
Furniture, fixtures and office equipment		12,415			12,989
Construction in progress		128,649			72,045
		1,862,714			1,788,203
Accumulated depreciation and amortization		(1,290,933	)		(1,253,006	)
	$	571,781		$	535,197

Equipment Under Capital Leases Included in Property, Plant and Equipment

Equipment under capital leases is included in the property, plant and equipment amount, above, as follows:

	October 31, 2018		October 29, 2017

Machinery and equipment	$	-	$	34,917
Less accumulated amortization		-		13,843
	$	-	$	21,074

INTANGIBLE ASSETS (Tables)

12 Months Ended

Oct. 31, 2018

INTANGIBLE ASSETS [Abstract]

Intangible Assets

Intangible assets consist of:

As of October 31, 2018	Gross Amount		Accumulated Amortization			Net Amount
Technology license agreement	$	59,616	$	(49,349	)	$	10,267
Customer relationships		9,147		(7,959	)		1,188
Software and other		6,519		(5,606	)		913
	$	75,282	$	(62,914	)	$	12,368
As of October 29, 2017

Technology license agreement	$	59,616	$	(45,374	)	$	14,242
Customer relationships		9,375		(7,793	)		1,582
Software and other		8,195		(6,897	)		1,298
	$	77,186	$	(60,064	)	$	17,122

Intangible Asset Amortization Over the Next Five Years

Intangible asset amortization over the next five years is estimated to be as follows:

Fiscal Years:

2019	$	4,588
2020		4,539
2021		2,706
2022		129
2023		126

PDMCX JOINT VENTURE (Tables)

12 Months Ended

Oct. 31, 2018

PDMCX JOINT VENTURE [Abstract]

Carrying Amounts and Exposure to Loss Related to Assets and Liabilities

Classification	Carrying Amount		Photronics Interest
Current assets	$	9,625	$	4,813
Non-current assets		43,415		21,708
Total assets		53,040		26,521
Current liabilities		21,205		10,603
Non-current liabilities		20		10
Total liabilities		21,225		10,613
Net assets	$	31,815	$	15,908

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

LONG-TERM DEBT (Tables)

12 Months Ended

Oct. 31, 2018

LONG-TERM DEBT [Abstract]

Long-Term Debt

Long-term debt consists of the following:

	October 31, 2018		October 29, 2017

3.25% convertible senior notes due in April 2019	$	57,453	$	57,337

2.77% capital lease obligation payable through July 2018		-		4,639

		57,453		61,976
Less: current portion		57,453		4,639
	$	-	$	57,337

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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-SubTopic 10
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Assumptions Used to Calculate Weighted-Average Grant Date Fair Value of Options

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Oct. 31, 2018

SHARE-BASED COMPENSATION [Abstract]

	Year Ended
	October 31, 2018			October 29, 2017			October 30, 2016

Expected volatility		31.7	%		32.2	%		48.4	%

Risk-free rate of return		2.2 – 2.8	%		1.9 – 2.0	%		1.2 – 1.7	%

Dividend yield		0.0	%		0.0	%		0.0	%

Expected term	5.0 years			5.0 years			5.1 years

Summary of Stock Options Activity

The table below presents a summary of stock options activity during fiscal year 2018 and information on stock options outstanding at October 31, 2018.

Options	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at October 29, 2017		3,345,235		$	8.01
Granted		269,000			8.62
Exercised		(823,311	)		5.27
Cancelled and forfeited		(367,364	)		10.19
Outstanding at October 31, 2018		2,423,560		$	8.68	5.8 years	$	3,977
Exercisable at October 31, 2018		1,612,945		$	7.93	4.8 years	$	3,524
Vested and expected to vest as of October 31, 2018		2,315,890		$	8.59	5.7 years	$	3,930

Summary of Restricted Stock Awards Activity

A summary of restricted stock award activity during fiscal year 2018 and the status of our outstanding restricted stock awards as of October 31, 2018, is presented below:

Restricted Stock	Shares			Weighted-Average Fair Value at Grant Date

Outstanding at October 29, 2017		339,181		$	10.74
Granted		290,000			8.62
Vested		(163,664	)		9.88
Cancelled		(46,220	)		11.07
Outstanding at October 31, 2018		419,297		$	9.58
Expected to vest as of October 31, 2018		383,413		$	9.53

INCOME TAXES (Tables)

12 Months Ended

Oct. 31, 2018

INCOME TAXES [Abstract]

Income Before Income Tax Provision for Domestic and Foreign

Income before the income tax provisions consists of the following:

	Year Ended
	October 31, 2018			October 29, 2017			October 30, 2016

United States	$	(9,859	)	$	(11,544	)	$	6,270
Foreign		78,430			38,109			54,204
	$	68,571		$	26,565		$	60,474

Income Tax Provision

The income tax provisions consist of the following:

	Year Ended
	October 31, 2018			October 29, 2017			October 30, 2016
Current:
Federal	$	(30	)	$	173		$	492
State		(0	)		(4	)		(2	)
Foreign		11,584			3,474			8,115

Deferred:
Federal		(3,673	)		-			-
State		(24	)		15			10
Foreign		(522	)		1,618			(3,817	)
Total	$	7,335		$	5,276		$	4,798

Income Tax Rate Reconciliation

The income tax provisions differ from the amount computed by applying the statutory U.S. federal income tax rate to income before income taxes as a result of the following:

	Year Ended
	October 31, 2018			October 29, 2017			October 30, 2016
U.S. federal income tax at statutory rate	$	16,059		$	9,298		$	21,166
Changes in valuation allowances		4,554			(3,632	)		(9,516	)
Distributions from foreign subsidiaries		-			6,471			3,438
Foreign tax rate differentials		(2,078	)		(5,230	)		(9,620	)
Tax credits		(1,530	)		(1,925	)		(944	)
Uncertain tax positions, including reserves, settlements and resolutions		(1,791	)		(932	)		134
Employee stock option		(1,433	)		512			452
Income tax holiday		(2,648	)		(743	)		(507	)
Tax reform		(3,736	)		-			-
Tax on foreign subsidiary earnings		-			1,712			225
Other, net		(62	)		(255	)		(30	)
	$	7,335		$	5,276		$	4,798

Net Deferred Income Tax Assets

The net deferred income tax assets consist of the following:

	As of
	October 31, 2018			October 29, 2017
Deferred income tax assets:
Net operating losses	$	30,805		$	40,942
Reserves not currently deductible		4,703			4,196
Alternative minimum tax credits		3,673			3,946
Tax credit carryforwards		9,159			10,037
Share-based compensation		767			2,335
Other		1,210			1,503
		50,317			62,959
Valuation allowances		(24,383	)		(25,590	)
		25,934			37,369
Deferred income tax liabilities:
Undistributed earnings of foreign subsidiaries		(0	)		(4,335	)
Property, plant and equipment		(8,020	)		(19,280	)
Other		(448	)		(322	)
		(8,468	)		(23,937	)
Net deferred income tax assets	$	17,466		$	13,432
Reported as:
Deferred income tax assets	$	18,109		$	15,481
Deferred income tax liabilities		(643	)		(2,049	)
	$	17,466		$	13,432

Operating Loss Carryforwards

The following tables present our available operating loss and credit carryforwards at October 31, 2018, and their related expiration periods:

Operating Loss Carryforwards	Amount		Expiration Periods
Federal	$	78,902		2028-2033

State		208,411		2018-2038

Foreign		9,761		2021-2027

Tax Credit Carryforwards

Tax Credit Carryforwards	Amount		Expiration Period
Federal research and development	$	4,314		2019-2038

Federal alternative minimum		3,673	Refundable

State		5,819		2020-2032

Foreign		246		2019-2020

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Interest and Penalties

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, is as follows:

	Year Ended
	October 31, 2018			October 29, 2017			October 30, 2016
Balance at beginning of year	$	3,384		$	4,606		$	4,029

Additions (reductions) for tax positions in prior years		(44	)		207			744

Additions based on current year tax positions		498			323			268

Settlements		(56	)		(922	)		(378	)

Lapses of statutes of limitations		(2,007	)		(830	)		(57	)
Balance at end of year	$	1,775		$	3,384		$	4,606

EARNINGS PER SHARE (Tables)

12 Months Ended

Oct. 31, 2018

EARNINGS PER SHARE [Abstract]

Calculation of Basic and Diluted Earnings Per Share

The calculation of basic and diluted earnings per share is presented as follows:

	Year Ended
	October 31, 2018		October 29, 2017		October 30, 2016

Net income attributable to Photronics, Inc. shareholders	$	42,055	$	13,130	$	46,200
Effect of dilutive securities:
Interest expense on convertible notes, net of related tax effects		1,999		-		2,938
Earnings for diluted earnings per share	$	44,054	$	13,130	$	49,138
Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		68,829		68,436		67,539
Effect of dilutive securities:
Convertible notes		5,542		-		7,841
Share-based payment awards		450		852		974
Potentially dilutive common shares		5,992		852		8,815
Weighted-average common shares used for diluted earnings per share		74,821		69,288		76,354

Basic earnings per share	$	0.61	$	0.19	$	0.68
Diluted earnings per share	$	0.59	$	0.19	$	0.64

Outstanding Securities Excluded from Calculation of Diluted Earnings or Loss Per Share

	Year Ended
	October 31, 2018		October 29, 2017		October 30, 2016

Share based payment awards		1,627		1,308		1,635
Convertible notes		-		5,542		-
Total potentially dilutive shares excluded		1,627		6,850		1,635

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION (Tables)

12 Months Ended

Oct. 31, 2018

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION [Abstract]

Geographic Information

Our 2018, 2017 and 2016 revenue by geographic area and by IC and FPD products, and long-lived assets by geographic area were as follows:

	Year Ended
	October 31, 2018		October 29, 2017		October 30, 2016
Net revenue
Taiwan	$	237,039	$	187,818	$	193,216
Korea		147,066		122,165		141,017
United States		112,648		102,040		113,670
Europe		35,540		36,081		33,384
All other Asia		2,983		2,574		2,169
	$	535,276	$	450,678	$	483,456

IC	$	416,064	$	350,260	$	364,531
FPD		119,212		100,418		118,925
	$	535,276	$	450,678	$	483,456


	As of
	October 31, 2018		October 29, 2017		October 30, 2016
Long-lived assets
Taiwan	$	177,626	$	186,192	$	176,644
United States		156,948		180,095		173,658
Korea		127,764		147,265		146,515
China		102,985		8,273		-
Europe		6,458		13,372		9,617
	$	571,781	$	535,197	$	506,434

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)

12 Months Ended

Oct. 31, 2018

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]

Changes in Accumulated Other Comprehensive Income by Component

The following tables set forth the changes in our accumulated other comprehensive income by component (net of tax of $0) for the years ended October 31, 2018 and October 29, 2017:

	Year Ended October 31, 2018
	Foreign Currency Translation Adjustments			Amortization of Cash Flow Hedge			Other			Total

Balance at October 29, 2017	$	7,627		$	(48	)	$	(688	)	$	6,891
Other comprehensive income before reclassifications		(16,672	)		-			101			(16,571	)
Amounts reclassified from other accumulated comprehensive income		-			48			-			48
Net current period other comprehensive income		(16,672	)		48			101			(16,523	)
Less: other comprehensive loss (income) attributable to noncontrolling interests		4,717			-			(51	)		4,666
Balance at October 31, 2018	$	(4,328	)	$	-		$	(638	)	$	(4,966	)

	Year Ended October 29, 2017
	Foreign Currency Translation Adjustments			Amortization of Cash Flow Hedge			Other			Total

Balance at October 31, 2016	$	(6,567	)	$	(177	)	$	(927	)	$	(7,671	)
Other comprehensive income before reclassifications		19,799			-			478			20,277
Amounts reclassified from other accumulated comprehensive income		-			129			-			129
Net current period other comprehensive income		19,799			129			478			20,406
Less: other comprehensive income attributable to noncontrolling interests		(5,605	)		-			(239	)		(5,844	)
Balance at October 29, 2017	$	7,627		$	(48	)	$	(688	)	$	6,891

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Oct. 31, 2018 USD ($) Facility Subsidiary	Oct. 29, 2017 USD ($)	Oct. 30, 2016 USD ($)
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	9
Inventories [Abstract]
Finished goods \| $	$ 668	$ 664
Work in process \| $	3,402	2,957
Raw materials \| $	25,110	20,082
Inventory \| $	$ 29,180	23,703
Property, Plant and Equipment [Abstract]
Estimated useful lives	5 years
Foreign Currency Translation [Abstract]
Foreign currency transaction gain (loss) \| $	$ 400	$ (5,200)	$ (300)
Noncontrolling Interests [Abstract]
Number of majority owned subsidiaries \| Subsidiary	3
Product Warranty [Abstract]
Period of warranty	30 days
Minimum [Member]
Intangible Assets [Abstract]
Estimated useful lives	3 years
Maximum [Member]
Intangible Assets [Abstract]
Estimated useful lives	15 years
Buildings and Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	10 years
Buildings and Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	39 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	15 years
Furniture, Fixtures and Office Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	3 years
Furniture, Fixtures and Office Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	5 years
PDMC [Member]
Noncontrolling Interests [Abstract]
Ownership percentage of noncontrolling interests	49.99%	49.99%
PK Ltd [Member]
Noncontrolling Interests [Abstract]
Ownership percentage of noncontrolling interests	0.20%	0.30%
Europe [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2
Taiwan [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	3
Korea [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	1
United States [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	3
China [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2018	Oct. 29, 2017	Jan. 29, 2017	Oct. 30, 2016
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 1,862,714	$ 1,788,203
Accumulated depreciation and amortization	(1,290,933)	(1,253,006)
Property, plant and equipment, net	571,781	535,197		$ 506,434
Property under capital leases included in property, plant and equipment [Abstract]
Machinery and equipment	0	34,917
Accumulated amortization	0	13,843
Capital leased assets, net	$ 0	21,074
Acquired assets recognized and measured at fair value			$ 5,700
Payment held back on asset acquisition			$ 300
Useful life of long-lived assets	5 years
Equipment acquired in exchange for product	$ 6,700	9,000
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	11,139	9,959
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	124,771	125,290
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,566,163	1,547,870
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	19,577	20,050
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	12,415	12,989
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 128,649	$ 72,045

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Oct. 31, 2018	Oct. 29, 2017	Oct. 30, 2016
Intangible Asset [Abstract]
Amortization of intangible assets	$ 4,800	$ 4,900	$ 4,800
Intangible assets, net [Abstract]
Gross Amount	75,282	77,186
Accumulated Amortization	(62,914)	(60,064)
Net Amount	12,368	$ 17,122
Weighted-average amortization period for intangible assets acquired during the year		4 years 6 months
Intangible asset amortization over the next five years [Abstract]
2019	4,588
2020	4,539
2021	2,706
2022	129
2023	126
Technology License Agreement [Member]
Intangible assets, net [Abstract]
Gross Amount	59,616	$ 59,616
Accumulated Amortization	(49,349)	(45,374)
Net Amount	10,267	$ 14,242
Weighted-average amortization period for intangible assets acquired during the year		5 years
Customer Relationships [Member]
Intangible assets, net [Abstract]
Gross Amount	9,147	$ 9,375
Accumulated Amortization	(7,959)	(7,793)
Net Amount	1,188	$ 1,582
Weighted-average amortization period for intangible assets acquired during the year		5 years
Software and Other [Member]
Intangible assets, net [Abstract]
Gross Amount	6,519	$ 8,195
Accumulated Amortization	(5,606)	(6,897)
Net Amount	$ 913	$ 1,298
Weighted-average amortization period for intangible assets acquired during the year	3 years	3 years

PDMCX JOINT VENTURE (Details) $ in Thousands	12 Months Ended
PDMCX JOINT VENTURE (Details) $ in Thousands	Oct. 31, 2018 USD ($)
Variable Interest Entity [Abstract]
Initial consolidation, gain (loss)	$ 0
Initial term of agreement	2 years
Trigger period for option to purchase, or put, their interest from, or to, other party if ownership interest falls below 20%	6 months
Operating loss	$ (700)
Consolidation liabilities, recourse	0
Maximum loss exposure, amount	$ 15,900
Methodology use for determining whether enterprise is primary beneficiary	As required by the guidance in Topic 810 - “Consolidation” of the Accounting Codification Standards, we evaluated our involvement in PDMCX for the purpose of determining whether we should consolidate its results in our financial statements. The initial step of our evaluation was to determine whether PDMCX was a variable interest entity (“VIE”). Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, we determined that it is a VIE. Having made this determination, we then assessed whether we were the primary beneficiary of the VIE, and concluded that we were the primary beneficiary during the current reporting period; thus, as required, the PDMCX financial results should be consolidated with Photronics, Inc. Our conclusion was based on the fact that we held a controlling financial interest in PDMCX, which resulted from our having the power to direct the activities that most significantly impacted its economic performance, the obligation to absorb losses, and the right to receive benefits that could potentially be significant to PDMCX. Our conclusion that we had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current period was based on our right to appoint the majority of its board of directors, which has, among others, the powers to manage the business (through its rights to appoint and evaluate PDMCX’s management), incur indebtedness, enter into agreements and commitments, and acquire and dispose of PDMCX’s assets. In addition, as a result of the 50.01% variable interest we held during the current period, we had the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX.
Minimum [Member]
Variable Interest Entity [Abstract]
Ownership percentage	20.00%
Maximum [Member]
Variable Interest Entity [Abstract]
Number of business days for obtaining required approvals and clearance for exiting party	3 days
DNP [Member]
Variable Interest Entity [Abstract]
Ownership percentage	49.99%
Photronics Singapore Pte, Ltd [Member]
Variable Interest Entity [Abstract]
Ownership percentage	50.01%
Carrying Amount [Member]
Carrying amounts of assets and liabilities along with exposure to loss related to assets and liabilities [Abstract]
Current assets	$ 9,625
Non-current assets	43,415
Total assets	53,040
Current liabilities	21,205
Non-current liabilities	20
Total liabilities	21,225
Net assets	31,815
Photronics Interest [Member]
Carrying amounts of assets and liabilities along with exposure to loss related to assets and liabilities [Abstract]
Current assets	4,813
Non-current assets	21,708
Total assets	26,521
Current liabilities	10,603
Non-current liabilities	10
Total liabilities	10,613
Net assets	15,908
Primary Beneficiary [Member]
Variable Interest Entity [Abstract]
Financial or other support, amount	18,000
Future support to be provided	62,000
Not Primary Beneficiary [Member]
Variable Interest Entity [Abstract]
Financial or other support, amount	18,000
Future support to be provided	$ 62,000

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Oct. 31, 2018	Oct. 29, 2017
ACCRUED LIABILITIES [Abstract]
Compensation related expenses	$ 15,359	$ 9,981
Income taxes	10,369	2,305
Unearned revenue	7,834	5,659
Value added and other taxes	3,683	3,064
Professional fees	1,257	1,011
Other	5,972	4,283
Accrued liabilities	$ 44,474	$ 26,303

LONG-TERM DEBT (Details)		1 Months Ended				12 Months Ended
LONG-TERM DEBT (Details)	Nov. 07, 2018 USD ($)	Nov. 30, 2018 USD ($)	Nov. 30, 2018 USD ($)	Apr. 30, 2016 USD ($) shares $ / shares	Jan. 31, 2015 USD ($) shares $ / shares	Oct. 31, 2018 USD ($)	Oct. 29, 2017 USD ($)	Oct. 30, 2016 USD ($)	Mar. 31, 2011 USD ($)
Long-term debt [Abstract]
Long-term debt and capital lease obligations						$ 57,453,000	$ 61,976,000
Less: current portion						57,453,000	4,639,000
Long-term debt and capital lease obligations non current						0	57,337,000
Interest payments						1,900,000	2,100,000	$ 3,200,000
3.25% Convertible Senior Notes due in April 2019 [Member]
Long-term debt [Abstract]
Convertible debt						$ 57,453,000	57,337,000
Interest rate percentage						3.25%
Maturity date of debt						Apr. 01, 2019
Face amount of debt						$ 57,500,000
Number of shares each note is convertible to (in shares) \| shares					96
Face amount of each note converted					$ 1,000
Conversion price per share (in dollars per share) \| $ / shares					$ 10.37
3.25% Convertible Senior Notes due in April 2016 [Member]
Long-term debt [Abstract]
Interest rate percentage				3.25%
Maturity date of debt				Apr. 01, 2016
Face amount of debt									$ 57,500,000
Repayments of convertible debt				$ 50,100,000
Conversion of debt to common stock (in shares) \| shares				700,000
Number of shares each note is convertible to (in shares) \| shares				96
Face amount of each note converted				$ 1,000
Conversion price per share (in dollars per share) \| $ / shares				$ 10.37
2.77% Capital Lease Obligation Payable through July 2018 [Member]
Long-term debt [Abstract]
Long-term debt and capital lease obligations						$ 0	$ 4,639,000
Interest rate percentage						2.77%
Maturity date of debt						Jul. 31, 2018
Face amount of debt						$ 26,400,000
Term of loan agreement						5 years
Periodic payments						$ 500,000
Frequency of periodic payment						per month
Project Loan Agreement [Member] \| Subsequent Event [Member]
Long-term debt [Abstract]
Maximum borrowing capacity		$ 50,000,000	$ 50,000,000
Term of loan agreement		8 years
Working Capital Loan Agreement [Member] \| Subsequent Event [Member]
Long-term debt [Abstract]
Date of loan agreement	Nov. 07, 2018
Maximum borrowing capacity	$ 25,000,000
Proceeds from line of credit			$ 2,200,000
Working Capital Loan Agreement [Member] \| Subsequent Event [Member] \| Maximum [Member]
Long-term debt [Abstract]
Term of loan agreement	3 years
Amended and Restated Credit Agreement [Member]
Long-term debt [Abstract]
Maturity date of debt						Sep. 30, 2023
Maximum borrowing capacity						$ 100,000,000
Current borrowing capacity						50,000,000
Amount outstanding under credit facility						0
Available borrowing capacity						$ 50,000,000
Effective interest rate						2.30%

OPERATING LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
OPERATING LEASES (Details) - USD ($) $ in Thousands	Oct. 31, 2018	Oct. 29, 2017	Oct. 30, 2016
OPERATING LEASES [Abstract]
Rent expense under operating leases	$ 2,900	$ 3,000	$ 2,800
Future minimum lease payments under non-cancelable operating leases [Abstract]
2019	1,850
2020	1,547
2021	1,375
2022	1,345
2023	618
Thereafter	667
Total future minimum payments due	$ 7,402

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 31, 2018	Oct. 29, 2017	Oct. 30, 2016
Share-based Compensation [Abstract]
Date and terms of plan modification	In March 2016, shareholders approved a new equity incentive compensation plan (“the Plan”), under which incentive stock options, non-qualified stock options, stock grants, stock-based awards, restricted stock, restricted stock units, stock appreciation rights, performance units, performance stock, and other stock or cash awards may be granted.
Maximum number of shares of common stock that may be issued (in shares)	4,000,000
Share-based compensation costs incurred	$ 3,200	$ 3,600	$ 3,800
Share-based compensation cost capitalized	0	0	0
Income tax benefits realized from stock option exercises	$ 0	$ 0	$ 0
Stock Options [Member]
Share-based Compensation [Abstract]
Contractual term	10 years
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Expected volatility	31.70%	32.20%	48.40%
Dividend yield	0.00%	0.00%	0.00%
Expected term	5 years	5 years	5 years 1 month 6 days
Outstanding and exercisable option awards [Roll Forward]
Outstanding at beginning of period (in shares)	3,345,235
Granted (in shares)	269,000
Exercised (in shares)	(823,311)
Cancelled and forfeited (in shares)	(367,364)
Outstanding at end of period (in shares)	2,423,560	3,345,235
Exercisable at end of period (in shares)	1,612,945
Vested and expected to vest (in shares)	2,315,890
Weighted-Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 8.01
Granted (in dollars per share)	8.62
Exercised (in dollars per share)	5.27
Cancelled and forfeited (in dollars per share)	10.19
Outstanding at end of period (in dollars per share)	8.68	$ 8.01
Exercisable at end of period (in dollars per share)	7.93
Vested and expected to vest (in dollars per share)	$ 8.59
Weighted-Average Remaining Contractual Life [Abstract]
Outstanding at end of period	5 years 9 months 18 days
Exercisable at end of period	4 years 9 months 18 days
Vested and expected to vest	5 years 8 months 12 days
Aggregate Intrinsic Value [Abstract]
Outstanding at end of period	$ 3,977
Exercisable at end of period	3,524
Vested and expected to vest	$ 3,930
Stock Options Additional Disclosures [Abstract]
Weighted-average grant date fair value of options granted (in dollars per share)	$ 2.76	$ 3.59	$ 4.51
Total intrinsic value of options exercised	$ 2,500	$ 1,900	$ 3,500
Cash received from options exercises	4,300	$ 2,400	$ 3,100
Unrecognized compensation cost related to unvested option awards	$ 1,500
Period for recognition of compensation cost not yet recognized	1 year 10 months 24 days
Stock Options [Member] \| Minimum [Member]
Share-based Compensation [Abstract]
Award vesting period	1 year
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Risk-free rate of return	2.20%	1.90%	1.20%
Stock Options [Member] \| Maximum [Member]
Share-based Compensation [Abstract]
Award vesting period	4 years
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Risk-free rate of return	2.80%	2.00%	1.70%
Restricted Stock [Member]
Stock Options Additional Disclosures [Abstract]
Period for recognition of compensation cost not yet recognized	2 years 7 months 6 days
Total fair value of awards for which restrictions lapsed	$ 1,400	$ 1,200	$ 1,700
Compensation cost not yet recognized related to share based payment awards other than options	$ 2,800
Shares [Rollforward]
Outstanding at beginning of period (in shares)	339,181
Granted (in shares)	290,000	317,750	115,225
Vested (in shares)	(163,664)
Cancelled (in shares)	(46,220)
Outstanding at end of period (in shares)	419,297	339,181
Expected to vest (in shares)	383,413
Weighted-Average Fair Value at Grant Date [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 10.74
Granted (in dollars per share)	8.62	$ 10.94	$ 12.13
Vested (in dollars per share)	9.88
Cancelled (in dollars per share)	11.07
Outstanding at end of period (in dollars per share)	9.58	$ 10.74
Expected to vest (in dollars per share)	$ 9.53
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation [Abstract]
Award vesting period	1 year
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation [Abstract]
Award vesting period	4 years
Employee Stock Purchase Plan [Member]
Share-based Compensation [Abstract]
Maximum number of shares of common stock that may be issued (in shares)	1,500,000
Award vesting period	1 year
Stock Options Additional Disclosures [Abstract]
Compensation cost not yet recognized related to share based payment awards other than options	$ 100
Shares [Rollforward]
Outstanding at end of period (in shares)	100,000
Weighted-Average Fair Value at Grant Date [Abstract]
Percent of market price that participants pay for shares subscribed	85.00%
Total shares issued since inception (in shares)	1,400,000

EMPLOYEE RETIREMENT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE RETIREMENT PLANS (Details) - USD ($) $ in Millions	Oct. 31, 2018	Oct. 29, 2017	Oct. 30, 2016
EMPLOYEE RETIREMENT PLANS [Abstract]
Number of months of service completed to come under retirement plan	3 months
Minimum age of employees to come under retirement plan	18 years
Percentage of salary that can be contributed by the employee	50.00%
Maximum percentage of employees' contributions that Company will match	50.00%
Maximum percentage of employees' gross pay that Company will match	4.00%
Company's contribution to defined contribution retirement plans	$ 0.7	$ 0.6	$ 0.6

INCOME TAXES (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	10 Months Ended	12 Months Ended
	Jul. 29, 2018	Oct. 31, 2018	Oct. 31, 2018	Oct. 29, 2017	Oct. 30, 2016
Effect of Tax Cuts and Jobs Act of 2017 [Abstract]
Change in tax rate, deferred tax asset, actual income tax expense			$ (1,600)
Change in tax rate, deferred tax asset, actual valuation allowance change			1,600
Change in tax rate, deferred tax asset, provisional income tax expense			2,500
Change in tax rate, deferred tax asset, valuation allowance			(2,500)
Income tax (benefit)			(3,700)
Estimated provisional income tax (benefit)	$ (3,900)
Deemed repatriation transition tax			29,600
Estimated deemed repatriation transition tax	$ 28,400
Components of income before income tax provision [Abstract]
United States			(9,859)	$ (11,544)	$ 6,270
Foreign			78,430	38,109	54,204
Income before income tax provision			68,571	26,565	60,474
Current [Abstract]
Federal			(30)	173	492
State			0	(4)	(2)
Foreign			11,584	3,474	8,115
Deferred [Abstract]
Federal			(3,673)	0	0
State			(24)	15	10
Foreign			(522)	1,618	(3,817)
Income Tax Expense, Total			7,335	5,276	4,798
Income tax provision reconciliation [Abstract]
U.S. federal income tax at statutory rate			16,059	9,298	21,166
Changes in valuation allowances			4,554	(3,632)	(9,516)
Distributions from foreign subsidiaries			0	6,471	3,438
Foreign tax rate differentials			(2,078)	(5,230)	(9,620)
Tax credits			(1,530)	(1,925)	(944)
Uncertain tax positions, including reserves, settlements and resolutions			(1,791)	(932)	134
Employee stock option			(1,433)	512	452
Income tax holiday			(2,648)	(743)	(507)
Tax reform			(3,736)	0	0
Tax on foreign subsidiary earnings			0	1,712	225
Other, net			(62)	(255)	(30)
Income Tax Expense, Total			$ 7,335	$ 5,276	$ 4,798
U.S. statutory rate		21.00%	23.42%	35.00%	35.00%
Income Tax Holiday [Line Items]
Term of tax year holidays			5 years
Dollar effect of income tax holiday			$ 2,600	$ 700	$ 500
Per share effect of income tax holiday (in dollars per share)			$ 0.035
Deferred income tax assets [Abstract]
Net operating losses		$ 30,805	$ 30,805	40,942
Reserves not currently deductible		4,703	4,703	4,196
Alternative minimum tax credits		3,673	3,673	3,946
Tax credit carryforwards		9,159	9,159	10,037
Share-based compensation		767	767	2,335
Other		1,210	1,210	1,503
Deferred tax assets		50,317	50,317	62,959
Valuation allowances		(24,383)	(24,383)	(25,590)
Deferred tax assets net of valuation allowance		25,934	25,934	37,369
Deferred income tax liabilities [Abstract]
Undistributed earnings of foreign subsidiaries		0	0	(4,335)
Property, plant and equipment		(8,020)	(8,020)	(19,280)
Other		(448)	(448)	(322)
Deferred income taxes liabilities		(8,468)	(8,468)	(23,937)
Net deferred income tax assets		17,466	17,466	13,432
Reported as [Abstract]
Deferred income tax assets		18,109	18,109	15,481
Deferred income tax liabilities		(643)	(643)	(2,049)
Net deferred income tax assets		$ 17,466	$ 17,466	$ 13,432
Taiwan Agency of the Ministry of Finance [Member]
Foreign Tax [Abstract]
Foreign statutory rate			20.00%	17.00%
Foreign income tax expense (benefit)			$ (200)
Foreign [Member] \| Minimum [Member]
Income Tax Holiday [Line Items]
Income tax holiday termination date			October 31, 2017
Foreign [Member] \| Maximum [Member]
Income Tax Holiday [Line Items]
Income tax holiday termination date			December 31, 2019

INCOME TAXES, UNRECOGNIZED TAX BENEFITS AND CARRYFORWARDS (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2018	Oct. 29, 2017	Oct. 30, 2016
Valuation Allowance [Abstract]
Valuation allowance change - AMT credits	$ (3,900)
Valuation allowance change - NOL Utilization	(1,800)
Valuation allowance change - Credit Utilization	(1,300)
Valuation allowance change - impact of other factors	(400)
Valuation allowance change - change in deferred tax liability	2,800
Valuation allowance change - adoption of ASU 2016-09	1,800
Valuation allowance change - corporate tax rate reduction	1,600
Valuation allowance change		$ (3,700)	$ (5,200)
Unrecognized Tax Benefits [Abstract]
Balance at beginning of year	3,384	4,606	4,029
Additions for tax positions in prior years		207	744
Reductions for tax positions in prior years	(44)
Additions based on current year tax positions	498	323	268
Settlements	(56)	(922)	(378)
Lapses of statutes of limitations	(2,007)	(830)	(57)
Balance at end of year	1,775	3,384	4,606
Income Tax Uncertainties [Abstract]
Interest and penalties accrued related to uncertain tax positions	100	100	100
Income taxes, additional disclosures [Abstract]
Amount of reasonably possible decrease in uncertain tax positions	900
Income taxes paid	6,100	9,300	11,400
Cash received for refunds of income taxes	1,100	100	200
Federal Research and Development [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount	$ 4,314
Federal Research and Development [Member] \| Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2019
Federal Research and Development [Member] \| Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2038
Federal Alternate Minimum [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount	$ 3,673
State [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount	$ 5,819
State [Member] \| Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2020
State [Member] \| Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2032
Foreign [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount	$ 246
Foreign [Member] \| Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2019
Foreign [Member] \| Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2020
Federal [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 78,902
Federal [Member] \| Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2028
Federal [Member] \| Maximum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2033
State [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 208,411
State [Member] \| Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2018
State [Member] \| Maximum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2038
Foreign [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 9,761
Foreign [Member] \| Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2021
Foreign [Member] \| Maximum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2027
Foreign Jurisdictions [Member]
Valuation Allowance [Abstract]
Valuation allowance change			(4,300)
Recorded in Other Liabilities [Member]
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits that would impact effective tax rate	$ 1,900	$ 3,400	$ 4,600

EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Oct. 31, 2018

Jul. 29, 2018

Apr. 29, 2018

^[1]

Jan. 28, 2018

Oct. 29, 2017

Jul. 30, 2017

Apr. 30, 2017

^[1]

Jan. 29, 2017

Oct. 31, 2018

Oct. 29, 2017

Oct. 30, 2016

Calculation of basic and diluted earnings per share [Abstract]

Net income attributable to Photronics, Inc. shareholders

$ 12,487

$ 13,005

$ 10,665

$ 5,898

$ 5,386

$ 4,001

$ 1,797

$ 1,946

$ 42,055

^[1]

$ 13,130

^[1]

$ 46,200

Effect of dilutive securities [Abstract]

Interest expense on convertible notes, net of tax

1,999

2,938

Earnings used for diluted earnings per share

$ 44,054

$ 13,130

$ 49,138

Weighted-average common shares computations [Abstract]

Weighted-average common shares used for basic earnings per share (in shares)

68,829

68,436

67,539

Effect of dilutive securities [Abstract]

Convertible notes (in shares)

5,542

7,841

Share-based payment awards (in shares)

450

852

974

Potentially dilutive common shares (in shares)

5,992

852

8,815

Weighted-average common shares used for diluted earnings per share (in shares)

74,821

69,288

76,354

Basic earnings per share (in dollars per share)

$ 0.18

$ 0.19

$ 0.15

$ 0.09

$ 0.08

$ 0.06

$ 0.03

$ 0.61

^[1]

$ 0.19

^[1]

$ 0.68

Diluted earnings per share (in dollars per share)

$ 0.18

$ 0.15

$ 0.09

$ 0.08

$ 0.06

$ 0.03

$ 0.59

^[1]

$ 0.19

^[1]

$ 0.64

Antidilutive Securities [Abstract]

Total potentially dilutive shares excluded (in shares)

1,627

6,850

1,635

Share based Payment Awards [Member]

Antidilutive Securities [Abstract]

Total potentially dilutive shares excluded (in shares)

1,627

1,308

1,635

Convertible Notes [Member]

Antidilutive Securities [Abstract]

Total potentially dilutive shares excluded (in shares)

5,542

[1]	Includes $0.6 million gain on sale of assets.

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Oct. 31, 2018

Jul. 29, 2018

Apr. 29, 2018

^[1]

Jan. 28, 2018

Oct. 29, 2017

Jul. 30, 2017

Apr. 30, 2017

^[1]

Jan. 29, 2017

Oct. 31, 2018

Oct. 29, 2017

Oct. 30, 2016

Revenues from External Customers and Long-Lived Assets [Line Items]

$ 144,660

$ 136,391

$ 130,779

$ 123,446

$ 120,971

$ 111,579

$ 108,297

$ 109,831

$ 535,276

^[1]

$ 450,678

^[1]

$ 483,456

Revenues from External Customers and Long-Lived Assets [Line Items]

571,781

535,197

571,781

535,197

506,434

Customer One [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

78,400

73,600

80,500

IC [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

416,064

350,260

364,531

FPD [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

119,212

100,418

118,925

Taiwan [Member]

237,039

187,818

193,216

Revenues from External Customers and Long-Lived Assets [Line Items]

177,626

186,192

177,626

186,192

176,644

Korea [Member]

147,066

122,165

141,017

Revenues from External Customers and Long-Lived Assets [Line Items]

127,764

147,265

127,764

147,265

146,515

United States [Member]

112,648

102,040

113,670

Revenues from External Customers and Long-Lived Assets [Line Items]

156,948

180,095

156,948

180,095

173,658

Europe [Member]

35,540

36,081

33,384

Revenues from External Customers and Long-Lived Assets [Line Items]

6,458

13,372

6,458

13,372

9,617

China [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

$ 102,985

$ 8,273

102,985

8,273

All Other Asia [Member]

Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer One [Member]

$ 2,983

$ 2,574

$ 2,169

Customer Account [Abstract]

Percent of net sales accounted for by significant customer

16.00%

19.00%

Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer Two [Member]

Customer Account [Abstract]

Percent of net sales accounted for by significant customer

15.00%

16.00%

17.00%

[1]	Includes $0.6 million gain on sale of assets.

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2018	Oct. 29, 2017	Oct. 30, 2016
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
Other comprehensive income, tax	$ 0	$ 0
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	744,564
Net other comprehensive (loss) income	(16,523)	20,406	$ 5,874
Ending Balance	759,671	744,564
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	6,891	(7,671)
Net other comprehensive (loss) income	(11,857)	14,562	2,902
Ending Balance	(4,966)	6,891	(7,671)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	7,627	(6,567)
Ending Balance	(4,328)	7,627	(6,567)
Amortization of Cash Flow Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(48)	(177)
Ending Balance	0	(48)	(177)
Other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(688)	(927)
Ending Balance	(638)	(688)	$ (927)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income before reclassifications	(16,571)	20,277
Amounts reclassified from other accumulated comprehensive income	48	129
Net other comprehensive (loss) income	(16,523)	20,406
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income before reclassifications	(16,672)	19,799
Amounts reclassified from other accumulated comprehensive income	0	0
Net other comprehensive (loss) income	(16,672)	19,799
Amortization of Cash Flows Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income before reclassifications	0	0
Amounts reclassified from other accumulated comprehensive income	48	129
Net other comprehensive (loss) income	48	129
Other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income before reclassifications	101	478
Amounts reclassified from other accumulated comprehensive income	0	0
Net other comprehensive (loss) income	101	478
AOCI Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: other comprehensive income attributable to noncontrolling interests	4,666	(5,844)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: other comprehensive income attributable to noncontrolling interests	4,717	(5,605)
Amortization of Cash Flows Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: other comprehensive income attributable to noncontrolling interests	0	0
Other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: other comprehensive income attributable to noncontrolling interests	$ (51)	$ (239)

CONCENTRATIONS OF CREDIT RISK (Details) - Accounts Receivable [Member] - Credit Concentration Risk [Member]	12 Months Ended
	Oct. 31, 2018	Oct. 29, 2017
Customer One [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable	20.00%	23.00%
Customer Two [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable	10.00%
Customer Two [Member] \| Maximum [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable		10.00%

RELATED PARTY TRANSACTIONS (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jan. 20, 2018

Oct. 31, 2018

Jul. 29, 2018

Apr. 29, 2018

^[1]

Jan. 28, 2018

Oct. 29, 2017

Jul. 30, 2017

Apr. 30, 2017

^[1]

Jan. 29, 2017

Oct. 31, 2018

Oct. 29, 2017

Oct. 30, 2016

$ 144,660

$ 136,391

$ 130,779

$ 123,446

$ 120,971

$ 111,579

$ 108,297

$ 109,831

$ 535,276

^[1]

$ 450,678

^[1]

$ 483,456

Accounts receivable

120,515

105,320

120,515

105,320

Customer One [Member]

Information Technology Services Provider One [Member]

78,400

73,600

80,500

Accounts receivable

$ 23,500

24,300

23,500

24,300

Expenses incurred for goods or services provided by related party during the period

200

Information Technology Services Provider Two [Member]

Expenses incurred for goods or services provided by related party during the period

100

500

300

Amount due currently to related party at end of period

$ 100

100

Photomask Blank Supplier [Member]

Expenses incurred for goods or services provided by related party during the period

$ 4,500

$ 16,300

DEMA Associates, LLC [Member]

Consulting agreement period

4 years

Annual cost of consulting contract

$ 400

Expenses incurred for goods or services provided by related party during the period

$ 300

[1]	Includes $0.6 million gain on sale of assets.

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Oct. 31, 2018	Oct. 29, 2017
Fair Value, Assets and Liability [Abstract]
Total assets	$ 0	$ 0
Total liabilities	$ 0	$ 0
3.25% Convertible Senior Notes due in April 2019 [Member]
Fair and carrying values of the Company's convertible senior notes [Abstract]
Interest rate percentage	3.25%	3.25%
Maturity date of debt	Apr. 01, 2019	Apr. 01, 2019
Fair Value [Member] \| 3.25% Convertible Senior Notes due in April 2019 [Member]
Fair and carrying values of the Company's convertible senior notes [Abstract]
Convertible senior notes	$ 62,094	$ 67,396
Carrying Value [Member] \| 3.25% Convertible Senior Notes due in April 2019 [Member]
Fair and carrying values of the Company's convertible senior notes [Abstract]
Convertible senior notes	$ 57,453	$ 57,337

SHARE REPURCHASE PROGRAM (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended
	Oct. 31, 2018	Jul. 31, 2018	Oct. 29, 2017
Equity, Class of Treasury Stock [Line Items]
Treasury stock repurchased - shares (in shares)	2,558
Treasury stock repurchased - amount	$ 23,111		$ 0
July 2018 Announced Program [Member]
Equity, Class of Treasury Stock [Line Items]
Stock repurchased authorized amount		$ 20,000
Stock repurchase program - commencement date		Jul. 10, 2018
Stock repurchase program - expiration date		Oct. 31, 2018
Treasury stock repurchased - shares (in shares)		2,200
Treasury stock repurchased - amount		$ 20,000
Treasury stock repurchased - average price per share (in dollars per share)		$ 8.97
October 2018 Announced Program [Member]
Equity, Class of Treasury Stock [Line Items]
Stock repurchased authorized amount	$ 25,000
Stock repurchase program - commencement date	Oct. 22, 2018
Stock repurchase program - expiration date	Oct. 21, 2019
Treasury stock repurchased - shares (in shares)	300
Treasury stock repurchased - amount	$ 3,100
Treasury stock repurchased - average price per share (in dollars per share)	$ 9.45

JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC. (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

May 31, 2016

Oct. 31, 2018

Jul. 29, 2018

Apr. 29, 2018

^[1]

Jan. 28, 2018

Oct. 29, 2017

Jul. 30, 2017

Apr. 30, 2017

^[1]

Jan. 29, 2017

Oct. 31, 2018

Oct. 29, 2017

Oct. 30, 2016

Variable Interest Entity [Abstract]

Operating loss

$ (700)

Commission revenue earned under supply agreement

$ 144,660

$ 136,391

$ 130,779

$ 123,446

$ 120,971

$ 111,579

$ 108,297

$ 109,831

535,276

^[1]

$ 450,678

^[1]

$ 483,456

Amortization of supply agreement

4,800

4,900

4,800

Cost of goods sold

403,773

359,363

364,750

Research and development expenses

$ 14,481

$ 15,862

21,654

Summarized financial information of MP Mask [Abstract]

49,626

2,736

Variable Interest Entity [Abstract]

Proceeds from sale of equity method investment

$ 93,100

Gain on sale of equity method investment

$ 100

Additional investment in joint venture

Distributions from joint venture

Operating loss

(100)

Commission revenue earned under supply agreement

400

Amortization of supply agreement

100

Cost of goods sold

5,700

Research and development expenses

$ 500

Co-venturer [Member]

Variable Interest Entity [Abstract]

Supply agreement term subject to mutually agreeable renewals

1 year

[1]	Includes $0.6 million gain on sale of assets.

GAINS ON SALE OF INVESTMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2018	Oct. 29, 2017	Oct. 30, 2016	Oct. 30, 2016
Schedule of Investments [Line Items]
Gain on sale of investments	$ 0	$ 0		$ 8,940
Investment in Foreign Entity [Member]
Schedule of Investments [Line Items]
Gain on sale of investments			$ 8,800

SUBSIDIARY DIVIDEND (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
SUBSIDIARY DIVIDEND (Details) - USD ($) $ in Thousands	Nov. 30, 2018	Oct. 31, 2018	Oct. 29, 2017	Oct. 30, 2016
Noncontrolling Interest [Abstract]
Dividend paid to noncontrolling interest		$ 8,166	$ 8,298	$ 11,890
PDMC [Member]
Noncontrolling Interest [Abstract]
Ownership percentage of noncontrolling interests		49.99%	49.99%
PDMC [Member] \| Subsequent Event [Member]
Noncontrolling Interest [Abstract]
Ownership percentage of noncontrolling interests	49.99%
Dividend paid to noncontrolling interest	$ 26,000

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Oct. 31, 2018

Jul. 29, 2018

Apr. 29, 2018

Jan. 28, 2018

Oct. 29, 2017

Jul. 30, 2017

Apr. 30, 2017

^[1]

Jan. 29, 2017

Oct. 31, 2018

Oct. 29, 2017

^[1]

Oct. 30, 2016

Selected Quarterly Financial Data (Unaudited) [Abstract]

$ 144,660

$ 136,391

$ 130,779

^[1]

$ 123,446

$ 120,971

$ 111,579

$ 108,297

$ 109,831

$ 535,276

^[1]

$ 450,678

$ 483,456

Gross profit

35,425

35,597

32,819

^[1]

27,662

26,442

21,717

20,157

22,999

131,503

^[1]

91,315

118,706

Net income attributable to Photronics, Inc. shareholders

16,769

19,797

15,189

^[1]

9,481

10,496

4,799

1,484

4,510

61,236

^[1]

21,289

55,676

$ 12,487

$ 13,005

$ 10,665

^[1]

$ 5,898

$ 5,386

$ 4,001

$ 1,797

$ 1,946

$ 42,055

^[1]

$ 13,130

$ 46,200

Earnings per share [Abstract]

Basic (in dollars per share)

$ 0.18

$ 0.19

$ 0.15

^[1]

$ 0.09

$ 0.08

$ 0.06

$ 0.03

$ 0.61

^[1]

$ 0.19

$ 0.68

Diluted (in dollars per share)

$ 0.18

$ 0.15

^[1]

$ 0.09

$ 0.08

$ 0.06

$ 0.03

$ 0.59

^[1]

$ 0.19

$ 0.64

Gain on sale of assets

$ 600

[1]	Includes $0.6 million gain on sale of assets.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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