0001140361-20-020149 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Aug. 02, 2020	Sep. 07, 2020
Cover page.
Entity Registrant Name	PHOTRONICS, INC.
Entity Central Index Key	0000810136
Current Fiscal Year End Date	--10-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		65,663,609
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 02, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-15451
Entity Tax Identification Number	06-0854886
Entity Incorporation, State or Country Code	CT
Entity Address, Address Line One	15 Secor Road
Entity Address, City or Town	Brookfield
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06804
City Area Code	203
Local Phone Number	775-9000
Title of 12(b) Security	COMMON
Trading Symbol	PLAB
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Aug. 02, 2020	Oct. 31, 2019
Current assets:
Cash and cash equivalents	$ 260,597	$ 206,530
Accounts receivable, net of allowance of $1,300 in 2020 and $1,334 in 2019	146,843	134,454
Inventories	54,733	48,155
Other current assets	48,468	38,388
Total current assets	510,641	427,527
Property, plant and equipment, net	623,247	632,441
Intangible assets, net	4,535	7,870
Deferred income taxes	22,261	20,779
Other assets	35,158	30,048
Total assets	1,195,842	1,118,665
Current liabilities:
Short-term debt	6,087	8,731
Current portion of long-term debt	8,596	2,142
Accounts payable	94,530	91,379
Accrued liabilities	66,096	49,702
Total current liabilities	175,309	151,954
Long-term debt	38,183	41,887
Other liabilities	25,665	13,732
Total liabilities	239,157	207,573
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value, 2,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value, 150,000 shares authorized, 66,276 shares issued and 64,812 outstanding at August 2, 2020 and 65,595 shares issued and outstanding at October 31, 2019	663	656
Additional paid-in capital	531,619	524,319
Retained earnings	281,282	253,922
Treasury stock, 1,464 shares at August 2, 2020	(16,894)	0
Accumulated other comprehensive loss	(6,428)	(9,005)
Total Photronics, Inc. shareholders' equity	790,242	769,892
Noncontrolling interests	166,443	141,200
Total equity	956,685	911,092
Total liabilities and equity	$ 1,195,842	$ 1,118,665

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Aug. 02, 2020	Oct. 31, 2019
Current assets:
Accounts receivable, allowance	$ 1,300	$ 1,334
Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000	2,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000	150,000
Common stock, shares issued (in shares)	66,276	65,595
Common stock, shares outstanding (in shares)	64,812	65,595
Treasury stock, shares (in shares)	1,464

Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2020	Jul. 28, 2019	Aug. 02, 2020	Jul. 28, 2019
Condensed Consolidated Statements of Income (unaudited) [Abstract]
Revenue	$ 157,895	$ 138,112	$ 460,405	$ 394,404
Cost of goods sold	120,161	107,542	357,636	311,721
Gross profit	37,734	30,570	102,769	82,683
Operating expenses:
Selling, general and administrative	13,306	13,124	40,792	40,186
Research and development	4,492	4,046	13,034	11,852
Total operating expenses	17,798	17,170	53,826	52,038
Operating income	19,936	13,400	48,943	30,645
Other income (expense):
Foreign currency transaction (losses) gains, net	(1,565)	(76)	1,739	4,976
Interest expense, net	(586)	(377)	(1,609)	(1,263)
Interest income and other income (expense), net	16	105	480	979
Income before income taxes	17,801	13,052	49,553	35,337
Income tax provision	4,937	3,218	17,789	7,883
Net income	12,864	9,834	31,764	27,454
Net income attributable to noncontrolling interests	2,088	3,487	4,404	7,361
Net income attributable to Photronics, Inc. shareholders	$ 10,776	$ 6,347	$ 27,360	$ 20,093
Earnings per share:
Basic (in dollars per share)	$ 0.17	$ 0.10	$ 0.42	$ 0.30
Diluted (in dollars per share)	$ 0.17	$ 0.10	$ 0.42	$ 0.30
Weighted-average number of common shares outstanding:
Basic (in shares)	64,780	66,313	65,090	66,386
Diluted (in shares)	65,247	66,570	65,704	69,919

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2020	Jul. 28, 2019	Aug. 02, 2020	Jul. 28, 2019
Condensed Consolidated Statements of Comprehensive Income (unaudited) [Abstract]
Net income	$ 12,864	$ 9,834	$ 31,764	$ 27,454
Other comprehensive income (loss), net of tax of $0:
Foreign currency translation adjustments	10,659	(8,882)	6,689	(9,364)
Other	4	28	23	72
Net other comprehensive income (loss)	10,663	(8,854)	6,712	(9,292)
Comprehensive income	23,527	980	38,476	18,162
Less: comprehensive income attributable to noncontrolling interests	3,979	2,232	8,539	7,530
Comprehensive income (loss) attributable to Photronics, Inc. shareholders	$ 19,548	$ (1,252)	$ 29,937	$ 10,632

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2020	Jul. 28, 2019	Aug. 02, 2020	Jul. 28, 2019
Condensed Consolidated Statements of Comprehensive Income (unaudited) [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0	$ 0	$ 0

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Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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Condensed Consolidated Statements of Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss [Member]	Non-Controlling Interests [Member]	Total	Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Accumulated Other Comprehensive Loss [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Non-Controlling Interests [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance at Oct. 31, 2018	$ 697	$ 555,606	$ 231,445	$ (23,111)	$ (4,966)	$ 144,898	$ 904,569
Balance (ASU 2014-09 [Member]) at Oct. 31, 2018								$ 0	$ 0	$ 1,083	$ 0	$ 0	$ 121	$ 1,204
Balance (ASU 2016-16 [Member]) at Oct. 31, 2018								$ 0	$ 0	$ (1,130)	$ 0	$ 0	$ (3)	$ (1,133)
Balance (in shares) at Oct. 31, 2018	69,700
Net income	$ 0	0	20,093	0	0	7,361	27,454
Other comprehensive income (loss)	0	0	0	0	(9,461)	169	(9,292)
Sale of common stock through employee stock option and purchase plans	$ 2	961	0	0	0	0	963
Sale of common stock through employee stock option and purchase plans (in shares)	174
Restricted stock awards vesting and expense	$ 1	1,853	0	0	0	0	1,854
Restricted stock awards vesting and expense (in shares)	170
Share-based compensation expense	$ 0	1,017	0	0	0	0	1,017
Contribution from noncontrolling interest	0	0	0	0	0	29,394	29,394
Dividends to noncontrolling interest	0	0	0	0	0	(44,939)	(44,939)
Repurchase of common stock of subsidiary	0	0	0	0	0	(57)	(57)
Purchase of treasury stock	0	0	0	(10,696)	0	0	(10,696)
Balance at Jul. 28, 2019	$ 700	559,437	251,491	(33,807)	(14,427)	136,944	900,338
Balance (in shares) at Jul. 28, 2019	70,044
Balance at Apr. 28, 2019	$ 700	558,359	245,144	(33,807)	(6,828)	134,760	898,328
Balance (in shares) at Apr. 28, 2019	69,984
Net income	$ 0	0	6,347	0	0	3,487	9,834
Other comprehensive income (loss)	0	0	0	0	(7,599)	(1,255)	(8,854)
Sale of common stock through employee stock option and purchase plans	$ 0	169	0	0	0	0	169
Sale of common stock through employee stock option and purchase plans (in shares)	38
Restricted stock awards vesting and expense	$ 0	636	0	0	0	0	636
Restricted stock awards vesting and expense (in shares)	22
Share-based compensation expense	$ 0	273	0	0	0	0	273
Repurchase of common stock of subsidiary	0	0	0	0	0	(48)	(48)
Balance at Jul. 28, 2019	$ 700	559,437	251,491	(33,807)	(14,427)	136,944	900,338
Balance (in shares) at Jul. 28, 2019	70,044
Balance at Oct. 31, 2019	$ 656	524,319	253,922	0	(9,005)	141,200	911,092
Balance (in shares) at Oct. 31, 2019	65,595
Net income	$ 0	0	27,360	0	0	4,404	31,764
Other comprehensive income (loss)	0	0	0	0	2,577	4,135	6,712
Sale of common stock through employee stock option and purchase plans	$ 5	3,523	0	0	0	0	3,528
Sale of common stock through employee stock option and purchase plans (in shares)	448
Restricted stock awards vesting and expense	$ 2	2,869	0	0	0	0	2,871
Restricted stock awards vesting and expense (in shares)	233
Share-based compensation expense	$ 0	653	0	0	0	0	653
Contribution from noncontrolling interest	0	0	0	0	0	17,596	17,596
Repurchase of common stock of subsidiary	0	255	0	0	0	(892)	(637)
Purchase of treasury stock	0	0	0	(16,894)	0	0	(16,894)
Balance at Aug. 02, 2020	$ 663	531,619	281,282	(16,894)	(6,428)	166,443	956,685
Balance (in shares) at Aug. 02, 2020	66,276
Balance at May. 03, 2020	$ 662	530,117	270,506	(16,894)	(15,200)	152,467	921,658
Balance (in shares) at May. 03, 2020	66,215
Net income	$ 0	0	10,776	0	0	2,088	12,864
Other comprehensive income (loss)	0	0	0	0	8,772	1,891	10,663
Sale of common stock through employee stock option and purchase plans	$ 1	306	0	0	0	0	307
Sale of common stock through employee stock option and purchase plans (in shares)	45
Restricted stock awards vesting and expense	$ 0	1,042	0	0	0	0	1,042
Restricted stock awards vesting and expense (in shares)	16
Share-based compensation expense	$ 0	154	0	0	0	0	154
Contribution from noncontrolling interest	0	0	0	0	0	9,997	9,997
Balance at Aug. 02, 2020	$ 663	$ 531,619	$ 281,282	$ (16,894)	$ (6,428)	$ 166,443	$ 956,685
Balance (in shares) at Aug. 02, 2020	66,276

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Aug. 02, 2020	Jul. 28, 2019
Cash flows from operating activities:
Net income	$ 31,764	$ 27,454
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	71,120	60,387
Share-based compensation	3,773	2,871
Changes in assets and liabilities:
Accounts receivable	(9,476)	(14,185)
Inventories	(6,155)	(15,083)
Other current assets	(12,381)	(9,406)
Accounts payable, accrued liabilities, and other	(381)	(28,534)
Net cash provided by operating activities	78,264	23,504
Cash flows from investing activities:
Purchases of property, plant and equipment	(36,693)	(160,149)
Government incentives	5,263	17,694
Other	(139)	(24)
Net cash used in investing activities	(31,569)	(142,479)
Cash flows from financing activities:
Proceeds from debt	5,699	53,227
Contribution from noncontrolling interest	17,596	29,394
Purchase of treasury stock	(16,894)	(10,696)
Repayments of debt	(5,929)	(61,319)
Proceeds from share-based arrangements	3,869	1,314
Dividends paid to noncontrolling interest	0	(26,102)
Other	(248)	(92)
Net cash provided by (used in) financing activities	4,093	(14,274)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	3,486	1,206
Net increase (decrease) in cash, cash equivalents, and restricted cash	54,274	(132,043)
Cash, cash equivalents, and restricted cash at beginning of period	209,291	331,989
Cash, cash equivalents, and restricted cash at end of period	263,565	199,946
Supplemental disclosure of non-cash information:
Accrual for property, plant and equipment purchased during the period	34,356	20,015
Accrual for property, plant and equipment purchased with funds receivable from government incentives	0	11,686
Subsidiary dividend payable	$ 0	$ 18,760

BASIS OF FINANCIAL STATEMENT PRESENTATION	9 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION	Aug. 02, 2020
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract]
BASIS OF FINANCIAL STATEMENT PRESENTATION	NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION Photronics, Inc. (“Photronics”, “the Company”, “we”, “our”, or “us”) is one of the world’s leading manufacturers of photomasks, which are high-precision photographic quartz or glass 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 FPD substrates during the fabrication of integrated circuits (“ICs” or “semiconductors”), a variety of FPDs and, to a lesser extent, other types of electrical and optical components. We currently have eleven manufacturing facilities, which are located in Taiwan (3), Korea, the United States (3), Europe (2), and two recently constructed facilities in China. Our FPD facility in Hefei, China, commenced production in the second quarter of fiscal 2019, and our IC facility in Xiamen, China, commenced production in the third quarter of fiscal 2019. The accompanying unaudited condensed consolidated financial statements (“the financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, adjustments, all of which are of a normal recurring nature, considered necessary for a fair presentation have been included. The financial statements include the accounts of Photronics, its wholly owned subsidiaries, and the majority-owned subsidiaries which it controls. All intercompany balances and transactions have been eliminated in consolidation. 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. Subsequent actual results may differ from such estimates. We review these estimates periodically and reflect any effects of revisions in the period in which they are determined. Certain reclassifications of prior period amounts have been made to conform to the current period presentation. These reclassifications included separating, as its own line item, Foreign currency transaction (losses) gains, net, from Interest income and other income (expense), net, on the condensed consolidated statements of income, and separating Share-based compensation from Accounts payable, accrued liabilities, and other, in the condensed consolidated statements of cash flows. Our business is typically impacted during the first, and sometimes the second, quarters of our fiscal year by the North American, European, and Asian holiday periods, as some customers reduce their development and buying activities during those periods. Operating results for the interim period are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2020. For further information, refer to the consolidated financial statements, and notes thereto, included in our Annual Report on Form 10-K for the year ended October 31, 2019.

INVENTORIES

9 Months Ended

Aug. 02, 2020

INVENTORIES [Abstract]

INVENTORIES

NOTE 2 - 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:

	August 2, 2020		October 31, 2019

Raw materials	$	53,455	$	46,027
Work in process		1,278		2,122
Finished goods		-		6

	$	54,733	$	48,155

PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Aug. 02, 2020

PROPERTY, PLANT AND EQUIPMENT [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 3 - PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consists of the following:

	August 2, 2020			October 31, 2019

Land	$	12,090		$	12,085
Buildings and improvements		173,918			172,340
Machinery and equipment		1,767,245			1,748,483
Leasehold improvements		20,660			19,921
Furniture, fixtures and office equipment		14,745			14,404
Construction in progress		61,277			28,135

		2,049,935			1,995,368
Accumulated depreciation and amortization		(1,426,688	)		(1,362,927	)

	$	623,247		$	632,441

Depreciation and amortization expense for property, plant and equipment was $22.1 million and $67.6 million for the three and nine-month periods ended August 2, 2020, respectively, and $20.7 million and $56.9 million for the three and nine-month periods ended July 28, 2019, respectively.

PDMCX JOINT VENTURE

9 Months Ended

Aug. 02, 2020

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”, “Photronics”, or “our”), and Dai Nippon Printing Co., Ltd., through its wholly owned subsidiary “DNP Asia Pacific PTE, Ltd.” (“DNP”) entered into a joint venture under which DNP obtained a 49.99% interest in our IC business in Xiamen, China. The joint venture, known as “Xiamen American Japan Photronics Mask Co., Ltd.” (“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 provides to enable us to offer advanced-process technology to our customers. No gain or loss was recorded upon the formation of this joint venture.

The total investment per the PDMCX operating agreement (“the Agreement”) is $160 million. As of August 2, 2020, Photronics and DNP had each contributed cash of approximately $65 million, and PDMCX obtained local financing of approximately $35 million; thus both parties have fulfilled their initial investment commitments under the Agreement. As discussed in Note 5, liens were granted to the local financing entity on assets with a total carrying value of $92.8 million, as collateral for the loans.

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. As of the date of issuance of these financial statements, DNP had not indicated its intention to exercise this right. 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 twenty percent 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 PDMCX of $0.8 million, and $4.8 million during the three and nine-month periods ended August 2, 2020, respectively, and losses of $1.3 million and $3.2 million during the three and nine-month periods ended July 28, 2019, respectively. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the net assets of PDMCX), and our maximum exposure to loss from PDMCX at August 2, 2020, was $52.4 million.

As required by the guidance in Topic 810 - “Consolidation” of the Accounting Standards Codification (“ASC”), 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 was 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 and prior year reporting periods; thus, as required, the PDMCX financial results have been consolidated with those of Photronics. Our conclusion was based on the facts 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) and had the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX. Our conclusions that we had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current and prior year reporting periods were 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 and prior-year periods, 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 sheets are presented in the following table, together with our exposure to loss related to these assets and liabilities.

	August 2, 2020				October 31, 2019
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest

Current assets	$	64,616	$	32,315	$	24,142	$	12,074
Non-current assets		140,065		70,046		114,015		57,019

Total assets		204,681		102,361		138,157		69,093

Current liabilities		61,704		30,858		16,889		8,446
Non-current liabilities		38,224		19,116		42,094		21,051

Total liabilities		99,928		49,974		58,983		29,497

Net assets	$	104,753	$	52,387	$	79,174	$	39,596

LONG-TERM DEBT

9 Months Ended

Aug. 02, 2020

LONG-TERM DEBT [Abstract]

LONG-TERM DEBT

NOTE 5 - LONG-TERM DEBT

Long-term debt consists of the following:

	August 2, 2020			October 31, 2019

Project Loans	$	33,471		$	34,490
Working Capital Loans (value added tax component)		13,308			9,539

		46,779			44,029
Current portion of long-term debt		(8,596	)		(2,142	)

Long-term debt	$	38,183		$	41,887

At August 2, 2020, maturities of our long-term debt over the next five fiscal years and thereafter were as follows:

2020 (remainder of)	$	-
2021		8,596
2022		13,211
2023		7,123
2024		6,640
Thereafter		11,209
	$	46,779

As of August 2, 2020 and October 31, 2019, the weighted-average interest rates of our short-term debt were 2.60% and 3.84%, respectively.

Project Loans

In November 2018, PDMCX was approved for credit of the equivalent of $50 million, subject to certain limitations related to PDMCX registered capital at the time of the initial approval, pursuant to which PDMCX has and will enter into separate loan agreements (“the Project Loans”) for intermittent borrowings. The Project Loans, which are denominated in Chinese renminbi (RMB), are being used to finance certain capital expenditures in China. PDMCX granted liens on its interest in land, building, and certain equipment, which had a combined carrying value of $92.8 million as of August 2, 2020, as collateral for the Project Loans. As of August 2, 2020, PDMCX had outstanding borrowings of 234.4 million RMB ($33.5 million) against this approval. Payments on these borrowings are due semiannually through December 2025; an initial payment of 9.0 million RMB ($1.3 million) was made in June 2020. The table below presents, in U.S. dollars, the timing of future payments against the borrowings.

	Fiscal Year
	2021		2022		2023		2024		2025		2026

Principal payments	$	6,426	$	5,729	$	3,467	$	6,640	$	6,354	$	4,855

The interest rates on the Project Loans are based on the loan prime rate of the National Interbank Funding Center (4.9% at August 2, 2020). Interest incurred on the loans will be reimbursed through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provide for such reimbursements up to a prescribed limit.

Working Capital Loans

In November 2018, PDMCX received approval for unsecured credit of the equivalent of $25.0 million, pursuant to which PDMCX may enter into separate loan agreements. Under this credit agreement (the “Working Capital Loans”), PDMCX can borrow up to 140.0 million RMB to pay value-added taxes (“VAT”), and up to 60.0 million RMB to fund operations; combined total borrowings are limited to the equivalent of $25.0 million. As of August 2, 2020, PDMCX had 93.2 million RMB ($13.3 million) outstanding against the approval to pay VAT. Payments on these borrowings are due semiannually, in increasing amounts, through July 2023. The table below presents, in U.S. dollars, the timing of future payments against these borrowings.

	Fiscal Year
	2021		2022		2023

Principal payments	$	2,170	$	7,482	$	3,656

As of August 2, 2020, PDMCX had 18.0 million RMB ($2.6 million) outstanding against the approval to fund operations; repayments are due one year from the borrowing dates.

At August 2, 2020, the interest rates on borrowings to fund operations are approximately 4.37% to 4.60%, and interest rates on borrowings to pay VAT are approximately 4.53% to 4.61%; both rates are based on the RMB Loan Prime Rate of the National Interbank Funding Center, plus spreads that range from 31.75 to 76.00 basis points. Interest incurred on the VAT loans will be reimbursed through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provide for such reimbursements up to a prescribed limit.

Equipment Loan

Effective July 2019, the Company entered into a Master Lease Agreement (“MLA”) which enables us to request advance payments or other funds to finance equipment to be leased or purchased in the U.S. In connection with this MLA, we were approved for financing of $35 million for the purchase of a high-end lithography tool. In the fourth quarter of fiscal 2019, the financing entity, upon our request, made an advance payment of $3.5 million to the equipment vendor on our behalf. Interest on this borrowing is payable monthly at thirty-day LIBOR plus 1% (1.18% at August 2, 2020), and will continue to accrue until the borrowing is repaid or, as allowed under the MLA, we enter into a lease for the equipment. We intend to enter into a lease agreement for the related equipment in fiscal year 2020. All borrowings under the MLA are secured by the equipment to be leased or purchased.

Credit Agreement

In September 2018, we entered into a five-year amended and restated credit agreement (the “Credit Agreement”), which has a $50 million borrowing limit, with an expansion capacity to $100 million. The Credit Agreement is secured by substantially all of our assets located in the United States and common stock we own in certain foreign subsidiaries. The Credit Agreement includes minimum interest coverage ratio, total leverage ratio, and minimum unrestricted cash balance covenants (all of which we were in compliance with at August 2, 2020), and limits the amount of cash dividends, distributions, and redemptions we can pay on our common stock to an aggregate annual amount of $50 million. We had no outstanding borrowings against the Credit Agreement at August 2, 2020, and $50 million was available for borrowing. The interest rate on the Credit Agreement (1.55% at August 2, 2020) is based on our total leverage ratio at LIBOR plus a spread, as defined in the Credit Agreement.

REVENUE

9 Months Ended

Aug. 02, 2020

REVENUE [Abstract]

REVENUE

NOTE 6 - REVENUE

We recognize revenue when, or as, control of a good or service transfers to a customer, in an amount that reflects the consideration to which we expect to be entitled in exchange for transferring those goods or services. We account for an arrangement as a revenue contract when each party has approved and is committed to perform under the contract, the rights of the contracting parties regarding the goods or services to be transferred and the payment terms are identifiable, the arrangement has commercial substance, and collection of consideration is probable. Substantially all of our revenue comes from the sales of photomasks. We typically contract with our customers to sell sets of photomasks, which are comprised of multiple layers, the predominance of which we invoice as they ship to customers. As the photomasks are manufactured to customer specifications, they have no alternative use to us and, as our contracts generally provide us with the right to payment for work completed to date, we recognize revenue as we perform, or “over time,” on most of our contracts. We measure our performance to date using an input method, which is based on our estimated costs to complete the various manufacturing phases of a photomask. At the end of a reporting period, there will be a number of uncompleted revenue contracts on which we have performed; for any such contracts under which we are entitled to be compensated for our costs incurred plus a reasonable profit, we recognize revenue and a corresponding contract asset for such performance. We account for shipping and handling activities that we perform after a customer obtains control of a good as being activities to fulfill our promise to transfer the good to the customer, rather than as promised services, or performance obligations, under the contract.

As stated above, photomasks are manufactured to customer specifications in accordance with their proprietary designs; thus, they are individually unique. Due to their uniqueness and other factors, their transaction prices are individually established through negotiations with customers; consequently, our photomasks do not have standard or “list” prices. The transaction prices of the vast majority of our revenue contracts include only fixed amounts of consideration. In certain instances, such as when we offer a customer an early payment discount, an estimate of variable consideration would be included in the transaction price, but only to the extent that a significant reversal of revenue would not occur when the uncertainty related to the variability is resolved.

Contract Assets, Contract Liabilities, and Accounts Receivable

We recognize a contract asset when our performance under a contract precedes our receipt of consideration from a customer, or before payment is due, and our receipt of consideration is conditional upon factors other than the passage of time. Contract assets reflect our transfer of control to customers of photomasks that are in process or completed but not yet shipped. A receivable is recognized when we have an unconditional right to payment for our performance, which generally occurs when we ship the photomasks. Our contract assets primarily consist of a significant amount of our in-process production orders and fully manufactured photomasks which have not yet shipped, for which we have an enforceable right to collect consideration (including a reasonable profit) in the event the in-process orders are cancelled by customers. On an individual contract basis, we net contract assets with contract liabilities (deferred revenue) for financial reporting purposes. Our contract assets and liabilities are typically classified as current, as our production cycle and our lead times are both under one year. Contract assets of $5.6 million are included in Other current assets, and contract liabilities of $8.8 million and $5.2 million are included in Accrued liabilities and Other liabilities, respectively, in our August 2, 2020 condensed consolidated balance sheet. Our October 31, 2019 condensed consolidated balance sheet includes contract assets of $7.6 million, included in “Other” current assets, and contract liabilities of $11.5 million, included in Accrued liabilities. We did not impair any contract assets during the nine-month periods ended August 2, 2020 or July 28, 2019. We recognized $1.9 million and $2.3 million of revenue from the settlement of contract liabilities that existed at the beginning of the three and nine-month periods ended August 2, 2020, and recognized $0.8 million and $1.1 million of revenue in the respective prior year periods, that related to the settlement of contract liabilities that existed at the beginning of those periods.

We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectibility during, and at the end of, every reporting period. To the extent we believe a loss on the collection of a customer invoice is probable, we record the loss and credit the allowance for doubtful accounts. In the event that an amount is determined to be uncollectible, we charge the allowance for doubtful accounts and derecognize the related receivable. Credit losses incurred on our accounts receivable during the three and nine-month periods ended August 2, 2020, and July 28, 2019, were immaterial.

Our invoice terms generally range from net thirty to ninety days, depending on both the geographic market in which the transaction occurs and our payment agreements with specific customers. In the event that our evaluation of a customer’s business prospects and financial condition indicate that the customer presents a collectibility risk, we modify terms of sale, which may require payment in advance of performance. We have elected the practical expedient allowed under ASC Topic 606 “Revenue from Contracts with Customers” (“Topic 606”) that permits us not to adjust a contract’s promised amount of consideration to reflect a financing component when the period between when we transfer control of goods or services to customers and when we are paid is one year or less.

In instances when we are paid in advance of our performance, we record a contract liability and, as allowed under the practical expedient in Topic 606, recognize interest expense only if the period between when we receive payment from the customer and the date when we expect to be entitled to the payment is greater than one year. Historically, advance payments we’ve received from customers have generally not preceded the completion of our performance obligations by more than one year.

Disaggregation of Revenue

The following tables present our revenue for the three and nine-month periods ended August 2, 2020 and July 28, 2019, disaggregated by product type, geographic origin, and timing of recognition. At the beginning of fiscal year 2020, we changed the threshold for the definition of high-end FPD, from G8 and above and active matrix organic light-emitting diode (AMOLED) display screens, to G10.5 and above, AMOLED, and low-temperature polysilicon display screens (LTPS), to reflect the overall advancement of technology in the FPD industry. Our definition of high-end IC products remains as 28 nanometer or smaller. The revenue by product type for the three and nine-month periods ended July 28, 2019, presented below has been reclassified to conform to the current period presentation.

	Three Months Ended				Nine Months Ended
	August 2, 2020		July 28, 2019		August 2, 2020		July 28, 2019

Revenue by Product Type
IC
High-end	$	38,665	$	38,460	$	117,974	$	111,455
Mainstream		70,001		61,725		194,517		182,197
Total IC	$	108,666	$	100,185	$	312,491	$	293,652

FPD
High-end	$	36,670	$	23,088	$	108,248	$	60,490
Mainstream		12,559		14,839		39,666		40,262
Total FPD	$	49,229	$	37,927	$	147,914	$	100,752
	$	157,895	$	138,112	$	460,405	$	394,404

	Three Months Ended				Nine Months Ended
	August 2, 2020		July 28, 2019		August 2, 2020		July 28, 2019

Revenue by Geographic Origin
Taiwan	$	60,836	$	61,273	$	182,463	$	175,482
Korea		39,488		37,120		116,485		110,395
United States		28,351		25,364		78,276		74,579
China		20,988		5,963		58,374		7,693
Europe		7,688		7,937		23,562		24,725
Other		544		455		1,245		1,530
	$	157,895	$	138,112	$	460,405	$	394,404

Revenue by Timing of Recognition
Over time	$	137,442	$	122,938	$	401,347	$	362,078
At a point in time		20,453		15,174		59,058		32,326
	$	157,895	$	138,112	$	460,405	$	394,404

Contract Costs

We pay commissions to third-party sales agents for certain sales that they obtain for us. However, the bases of the commissions are the transaction prices of the sales, which are completed in less than one year; thus, no relationship is established with a customer that will result in future business. Therefore, we would not recognize any portion of these sales commissions as costs of obtaining a contract, nor do we currently foresee other circumstances under which we would recognize such assets.

Remaining Performance Obligations

As we are typically required to fulfill customer orders within a short time period, our backlog of orders is generally not in excess of one to two weeks for IC photomasks and two to three weeks for FPD photomasks. As allowed under Topic 606, we have elected not to disclose our remaining performance obligations, which represent the costs associated with the completion of the manufacturing process of in-process photomasks related to contracts that have an original duration of one year or less.

Sales and Similar Taxes

We report our revenue net of any sales or similar taxes we collect on behalf of governmental entities.

Product Warranties

Our photomasks are sold under warranties that generally range from one to twenty-four months. We warrant that our photomasks conform to customer specifications, and will typically repair, replace, or issue a refund for, at our option, any photomasks that fail to do so. The warranties do not represent separate performance obligations in our revenue contracts. Historically, customer claims under warranty have been immaterial.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 12
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

LEASES

9 Months Ended

Aug. 02, 2020

LEASES [Abstract]

LEASES

NOTE 7 - LEASES

We adopted Accounting Standards Update (“ASU”) 2016-02 and all subsequent amendments, collectively codified in ASC Topic 842 “Leases” (“Topic 842”), on November 1, 2019. The guidance requires modified retrospective adoption, either at the beginning of the earliest period presented or at the beginning of the period of adoption. We elected to apply the guidance at the beginning of the period of adoption and recorded, as of November 1, 2019, right-of-use (ROU) leased assets of $6.5 million. In conjunction with this, we recorded lease liabilities, which had been discounted at our incremental borrowing rates, of $6.5 million.

The guidance allows a number of elections and practical expedients, of which we elected the following:

Election not to recognize short-term leases on the balance sheet.

Practical expedient to not separate lease and non-lease components in a contract.

Practical expedient “package” for transitioning to the new guidance:

Not reassessing whether any expired or existing contracts are, or contain, leases.

Not reassessing lease classification for any existing or expired leases.

Not reassessing initial direct costs for any existing leases.

Our involvement in lease arrangements has typically been as a lessee. We determine if an agreement is or contains a lease on the date of the lease agreement or commitment, if earlier. Our evaluation considers whether the arrangement includes an identified asset and whether it affords us the right to control the asset. Our having the right to control the identified asset is determined by whether we are entitled to substantially all of its economic benefits and can direct its use.

We recognize leases on our consolidated balance sheet when a lessor makes an asset underlying a lease having a term in excess of twelve months available for our use. The present value of lease payments over the term of the lease, which is determined using our incremental borrowing rate for collateralized loans at the commencement date of the lease, provides the basis for the initial measurement of ROU assets and their related lease liabilities. Variable lease payments, other than those that are dependent on an index or on a rate, are not included in the measurement of ROU assets and their related lease liabilities. Lease terms will include extension periods if the lease agreement includes an option to extend the lease that we are reasonably certain to exercise.

ROU assets underlying our leases include the land and facilities of some of our operating facilities, other real property, and machinery and equipment. As of August 2, 2020, we had ROU assets under operating leases of $8.1 million, included in Other assets, and $2.2 million and $5.3 million of lease liabilities, included in Accrued liabilities and Other liabilities, respectively. The following tables present lease payments under non-cancellable leases as of August 2, 2020.

	Fiscal Year												Total Lease		Imputed
	2020		2021		2022		2023		2024		Thereafter		Payments		Interest*		Total
Lease payments	$	589	$	2,238	$	2,080	$	1,130	$	747	$	1,138	$	7,922	$	385	$	7,537

*Imputed interest represents difference between undiscounted cash flows and discounted cash flows.

The following table presents lease costs for the three and nine-month periods ended August 2, 2020.

	Three Months Ended		Nine Months Ended
	August 2, 2020		August 2, 2020

Operating lease costs	$	663	$	2,459
Short-tern lease costs	$	43	$	255
Variable lease costs	$	131	$	259

Presented below is other information related to our operating leases.

Supplemental cash flows information:
	Three Months Ended		Nine Months Ended
	August 2, 2020		August 2, 2020

Operating cash flows used for operating leases	$	621	$	3,008
ROU assets obtained in exchange for lease obligations	$	2,098	$	2,438

	As of
	August 2, 2020

Weighted-average remaining lease term	4.3 years
Weighted-average discount rate		2.37	%

Rent expense, as calculated under guidance in effect prior to our adoption of the new leases guidance, was $3.0 million in fiscal year 2019. At October 31, 2019, future minimum lease payments under non-cancelable operating leases with initial terms in excess of one year were as presented in the table below. The amounts are undiscounted and were calculated in accordance with guidance in effect prior to our adoption of the new leases guidance.

2020	$	1,885
2021		1,613
2022		1,535
2023		742
2024		424
Thereafter		377
	$	6,576

SHARE-BASED COMPENSATION

9 Months Ended

Aug. 02, 2020

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) and 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. Total share-based compensation costs for the three and nine-month periods ended August 2, 2020, were $1.2 million and $3.8 million, respectively, and $0.9 million and $2.9 million for the three and nine-month periods ended July 28, 2019, respectively. No share-based compensation cost was capitalized as part of an asset and no related income tax benefits were recorded during the periods presented.

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 is determined on the date of grant, based on the closing price of our common stock. There were 527,000 restricted stock awards granted during the nine-month period ended August 2, 2020, with a grant-date fair value of $15.21 per share, and there were 435,000 restricted stock awards granted during the nine-month period ended July 28, 2019, with a weighted-average grant-date fair value of $9.80 per share. As of August 2, 2020, the total compensation cost not yet recognized related to unvested restricted stock awards was approximately $7.9 million. That cost is expected to be recognized over a weighted-average amortization period of 2.9 years. As of August 2, 2020, there were 838,616 shares of restricted stock outstanding.

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 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 closing prices of our common stock on the dates 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 options 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.

There were no share options granted during the nine-month period ended August 2, 2020, or the three-month period ended July 28, 2019. There were 132,000 share options granted during the nine-month period ended July 28, 2019, with a weighted-average grant-date fair value of $3.31 per share. The Company received cash from option exercises of $0.3 million and $3.5 million for the three and nine-month periods ended August 2, 2020, respectively, and $0.2 million and $1.0 million for the three and nine-month periods ended July 28, 2019, respectively. As of August 2, 2020, the total unrecognized compensation cost related to unvested option awards was approximately $0.5 million. That cost is expected to be recognized over a weighted-average amortization period of 1.9 years.

The weighted-average inputs and risk-free rate of return ranges used to calculate the grant-date fair value of options issued during the nine-month period ended July 28, 2019, are presented in the following table.

	Nine Months Ended
	July 28, 2019

Volatility		33.1	%

Risk free rate of return		2.5-2.9	%

Dividend yield		0.0	%

Expected term	5.1 years

Information on outstanding and exercisable option awards as of August 2, 2020, is presented below.

Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value

Outstanding at August 2, 2020		1,674,582	$	9.22	4.9 years	$	4,523

Exercisable at August 2, 2020		1,402,704	$	9.15	4.4 years	$	3,909

INCOME TAXES	9 Months Ended
INCOME TAXES	Aug. 02, 2020
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 9 - INCOME TAXES We calculate our provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. The effective tax rate of 27.7% exceeds the U.S. statutory rate of 21.0% in the three-month period ended August 2, 2020, primarily due to higher tax rates in the non-U.S. jurisdictions where we operate, combined with the non-recognition of the tax benefit of losses that, in certain jurisdictions, have been offset by valuation allowances, which were partially offset by the benefit of investment tax credits in certain foreign jurisdictions. The effective tax rate of 35.9% exceeds the U.S. statutory rate of 21.0% in the nine-month period ended August 2, 2020, primarily due to the non-recognition of the tax benefit of losses that, in certain jurisdictions, have been offset by valuation allowances, and the establishment of a valuation allowance for a loss carryforward in a non-U.S. jurisdiction, which were partially offset by the benefits of tax holidays and investment tax credits in certain foreign jurisdictions. Valuation allowances, in jurisdictions with historic losses, eliminate the current tax benefit of losses in these jurisdictions where, based on the weight of information available to us, we determined that it is more likely than not that the tax benefits will not be realized. In the three-month period ended February 2, 2020, as a result of the reassessment of the aforementioned available information, we established a valuation allowance of $2.1 million against a non-U.S. based loss-carryforward deferred tax asset that is not more likely than not to be realized. Unrecognized tax benefits related to uncertain tax positions were $2.5 million at August 2, 2020, and $1.9 million at October 31, 2019, substantially all of which, if recognized, would favorably impact the Company’s effective tax rate. Accrued interest and penalties related to unrecognized tax benefits was $0.2 million at August 2, 2020 and October 31, 2019. 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 $0.8 million of uncertain tax positions (including 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 the lapses of statutes of limitations and tax settlements. The Company is no longer subject to tax authority examinations in the U.S. and major foreign or state jurisdictions for years prior to fiscal year 2015. We were granted a five-year tax holiday in Taiwan that expired on December 31, 2019. This tax holiday reduced foreign taxes by $0.1 million in the nine-month period ended August 2, 2020, and by $0.4 million and $1.5 million in the three and nine-month periods ended July 28, 2019, respectively. Per share impacts were immaterial in the nine-month period ended August 2, 2020, and the three-month period ended July 28, 2019; there was a one cent per share effect in the nine-month period ended July 28, 2019. The effective tax rate of 24.7% in the three-month period ended July 28, 2019, differs from the U.S. statutory rate of 21.0%, primarily due to the elimination of tax benefits in jurisdictions, including the U.S., in which it is not more likely than not that the benefit will be realized; the effects of these eliminations were partially offset by the benefits of tax holidays and investment tax credits in certain foreign jurisdictions. The effective tax rate of 22.3% in the nine-month period ended July 28, 2019, differs from the U.S. statutory rate of 21.0%, primarily due to the elimination of tax benefits in jurisdictions, including the U.S., in which it is not more likely than not that the benefit will be realized; the effects of these eliminations were partially offset by the benefits of the settlement of a tax audit, as well as a tax holiday and investment tax credits in certain foreign jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

EARNINGS PER SHARE

9 Months Ended

Aug. 02, 2020

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 10 - EARNINGS PER SHARE

The calculation of basic and diluted earnings per share is presented below.

	Three Months Ended				Nine Months Ended
	August 2, 2020		July 28, 2019		August 2, 2020		July 28, 2019

Net income attributable to Photronics, Inc. shareholders	$	10,776	$	6,347	$	27,360	$	20,093

Effect of dilutive securities:
Interest expense on convertible notes, net of tax		-		-		-		845

Earnings used for diluted earnings per share	$	10,776	$	6,347	$	27,360	$	20,938

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		64,780		66,313		65,090		66,386
Effect of dilutive securities:
Share-based payment awards		467		257		614		386
Convertible notes		-		-		-		3,147

Potentially dilutive common shares		467		257		614		3,533

Weighted-average common shares used for diluted earnings per share		65,247		66,570		65,704		69,919

Basic earnings per share	$	0.17	$	0.10	$	0.42	$	0.30
Diluted earnings per share	$	0.17	$	0.10	$	0.42	$	0.30

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.

Three Months Ended

Nine Months Ended

August 2,

2020

July 28,

2019

August 2,

2020

July 28,

2019

Potentially dilutive shares excluded

985

1,979

723

1,415

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

9 Months Ended

Aug. 02, 2020

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

NOTE 11 - 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 three and nine-month periods ended August 2, 2020 and July 28, 2019.

	Three Months Ended August 2, 2020
	Foreign Currency Translation Adjustments			Other			Total

Balance at May 4, 2020	$	(14,535	)	$	(665	)	$	(15,200	)
Other comprehensive income		10,659			4			10,663
Less: other comprehensive income attributable to noncontrolling interests		1,889			2			1,891

Balance at August 2, 2020	$	(5,765	)	$	(663	)	$	(6,428	)

	Three Months Ended July 28, 2019
	Foreign Currency Translation Adjustments			Other			Total

Balance at April 29, 2019	$	(6,212	)	$	(616	)	$	(6,828	)
Other comprehensive (loss) income		(8,882	)		28			(8,854	)
Less: other comprehensive (loss) income attributable to noncontrolling interests		(1,269	)		14			(1,255	)

Balance at July 28, 2019	$	(13,825	)	$	(602	)	$	(14,427	)

	Nine Months Ended August 2, 2020
	Foreign Currency Translation Adjustments			Other			Total

Balance at November 1, 2019	$	(8,331	)	$	(674	)	$	(9,005	)
Other comprehensive income		6,689			23			6,712
Less: other comprehensive income attributable to noncontrolling interests		4,123			12			4,135

Balance at August 2, 2020	$	(5,765	)	$	(663	)	$	(6,428	)

	Nine Months Ended July 28, 2019
	Foreign Currency Translation Adjustments			Other			Total

Balance at November 1, 2018	$	(4,328	)	$	(638	)	$	(4,966	)
Other comprehensive (loss) income		(9,364	)		72			(9,292	)
Less: other comprehensive income attributable to noncontrolling interests		133			36			169

Balance at July 28, 2019	$	(13,825	)	$	(602	)	$	(14,427	)

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Aug. 02, 2020
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 12 - 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 values due to their short-term maturities. The fair values of our variable rate debt instruments are a Level 2 measurement and approximates their carrying values due to the variable nature of the underlying interest rates. We did not have any assets or liabilities measured at fair value, on a recurring or a nonrecurring basis, at August 2, 2020 or October 31, 2019.

- Definition

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

SHARE REPURCHASE PROGRAMS

9 Months Ended

Aug. 02, 2020

SHARE REPURCHASE PROGRAMS [Abstract]

SHARE REPURCHASE PROGRAMS

NOTE 13 - SHARE REPURCHASE PROGRAMS

In August 2019, the Company’s board of directors authorized the repurchase of up to $100 million of its common stock, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Act of 1933 (as amended) (the “Securities Act”). The company commenced repurchasing shares under this authorization on September 25, 2019. All of the 0.9 million shares repurchased under this authorization prior to November 1, 2019, were retired in fiscal 2019; the repurchase program was terminated on March 20, 2020. The table below presents information on this repurchase program.

	Nine Months Ended August 2, 2020		From Inception Date of September 25, 2019

Number of shares repurchased		1,464		2,460

Cost of shares repurchased	$	16,894	$	27,894

Average price paid per share	$	11.54	$	11.34

In October 2018, the Company’s board of directors authorized the repurchase of up to $25 million of its common stock, to have been executed in open-market transactions or in accordance with a repurchase plan under Rule 10b5-1 of the Securities Act. The share repurchase program commenced on October 22, 2018, and was terminated on February 1, 2019. All of the shares repurchased under this program were retired in fiscal 2019. The table below presents information on this repurchase program.

	Three Months Ended January 27, 2019		From Inception Date of October 22, 2018

Number of shares repurchased		1,137		1,467

Cost of shares repurchased	$	10,694	$	13,807

Average price paid per share	$	9.40	$	9.41

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Aug. 02, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14 - COMMITMENTS AND CONTINGENCIES As of August 2, 2020, the Company had commitments outstanding for capital expenditures of approximately $103 million, primarily for purchases of high-end equipment. See Note 7 for information on our operating lease commitments. The Company’s wholly owned subsidiary in South Korea has been involved in litigation regarding a 2016 informational tax filing for its non-South Korean bank accounts that was not timely made under a then recently issued presidential decree. A fine (based solely on the amount in such accounts) in the amount of $2.2 million was assessed against our subsidiary. Our subsidiary appealed the fine on the grounds that it was not required to make the tax filing, and such appeal was pursued up to the Supreme Court in South Korea. Under South Korean law, the tax authorities were entitled to pursue the matter in both civil and criminal courts simultaneously, with the proviso that any criminal fine imposed would act to dismiss any civil fine. The prosecutor recommended a fine of $0.03 million. The civil matter has subsequently been dismissed. Photronics was notified on March 12, 2020, that the Supreme Court rendered a decision against our subsidiary on the issue of whether our subsidiary was required to make the tax filing and remanded the case to the appellate court for determination of the fine. We are awaiting a trial date from the appellate court. Prior to the Supreme Court decision, our assessment was that the possibility of a fine was deemed remote, based on advice of local counsel and the subsequent judgments in the lower courts having been in our favor. Our estimate of the possible range of loss is $0.03 million to $2.2 million with the most likely amount being $0.03 million (based on the prosecutor’s recommendation). Accordingly, during the three-month period ended May 3, 2020, we accrued a contingent loss of $0.03 million with a charge to Selling, general and administrative expense in the consolidated statements of income. It is reasonably possible that the estimated loss will change in the near term. Our maximum exposure to loss in excess of amounts accrued is $2.17 million. The imposition of the fine will not have a material impact on our financial position or financial performance. We are subject to various other claims that arise in the ordinary course of business. We believe that our potential liability under such claims, individually or in the aggregate, will not have a material effect on the consolidated financial statements.

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Aug. 02, 2020
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 15 - RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Updates Adopted We adopted ASU 2016-02 and all subsequent amendments, collectively codified in ASC Topic 842 “Leases” (“Topic 842”), on November 1, 2019. The guidance requires modified retrospective adoption, either at the beginning of the earliest period presented or at the beginning of the period of adoption. We elected to apply the guidance at the beginning of the period of adoption and recorded, as of November 1, 2019, right-of-use (ROU) leased assets of $6.5 million. In conjunction with this, we recorded lease liabilities, which had been discounted at our incremental borrowing rates, of $6.5 million. Our adoption of Topic 842 did not affect our cash flows or our ability to comply with covenants under our credit agreement. Please see Note 7 for our leases disclosure. Accounting Standards Updates to be Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, to simplify the accounting for transitioning from the London Interbank Offered Rate, and other interbank offered rates expected to be discontinued, to alternative reference rates. The guidance in this Update was effective upon its issuance; if elected, it is to be applied prospectively through December 31, 2022. We are currently evaluating the effect the potential adoption of 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 in its first quarter of fiscal year 2021, with early adoption permitted beginning in the first quarter of fiscal year 2019. We do not expect our adoption of this ASU to have a material effect on our consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 65
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-Paragraph 15
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-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 944
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+ Details

INVENTORIES (Policies)	9 Months Ended
INVENTORIES (Policies)	Aug. 02, 2020
INVENTORIES [Abstract]
Inventories	Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

PDMCX JOINT VENTURE (Policies)	9 Months Ended
PDMCX JOINT VENTURE (Policies)	Aug. 02, 2020
PDMCX JOINT VENTURE [Abstract]
Variable Interest Entities	As required by the guidance in Topic 810 - “Consolidation” of the Accounting Standards Codification (“ASC”), 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 was 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 and prior year reporting periods; thus, as required, the PDMCX financial results have been consolidated with those of Photronics. Our conclusion was based on the facts 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) and had the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX. Our conclusions that we had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current and prior year reporting periods were 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 and prior-year periods, we had the obligation to absorb losses, and the right to receive benefits, that could potentially be significant to PDMCX.

REVENUE (Policies)	9 Months Ended
REVENUE (Policies)	Aug. 02, 2020
REVENUE [Abstract]
Revenue	We recognize revenue when, or as, control of a good or service transfers to a customer, in an amount that reflects the consideration to which we expect to be entitled in exchange for transferring those goods or services. We account for an arrangement as a revenue contract when each party has approved and is committed to perform under the contract, the rights of the contracting parties regarding the goods or services to be transferred and the payment terms are identifiable, the arrangement has commercial substance, and collection of consideration is probable. Substantially all of our revenue comes from the sales of photomasks. We typically contract with our customers to sell sets of photomasks, which are comprised of multiple layers, the predominance of which we invoice as they ship to customers. As the photomasks are manufactured to customer specifications, they have no alternative use to us and, as our contracts generally provide us with the right to payment for work completed to date, we recognize revenue as we perform, or “over time,” on most of our contracts. We measure our performance to date using an input method, which is based on our estimated costs to complete the various manufacturing phases of a photomask. At the end of a reporting period, there will be a number of uncompleted revenue contracts on which we have performed; for any such contracts under which we are entitled to be compensated for our costs incurred plus a reasonable profit, we recognize revenue and a corresponding contract asset for such performance. We account for shipping and handling activities that we perform after a customer obtains control of a good as being activities to fulfill our promise to transfer the good to the customer, rather than as promised services, or performance obligations, under the contract. As stated above, photomasks are manufactured to customer specifications in accordance with their proprietary designs; thus, they are individually unique. Due to their uniqueness and other factors, their transaction prices are individually established through negotiations with customers; consequently, our photomasks do not have standard or “list” prices. The transaction prices of the vast majority of our revenue contracts include only fixed amounts of consideration. In certain instances, such as when we offer a customer an early payment discount, an estimate of variable consideration would be included in the transaction price, but only to the extent that a significant reversal of revenue would not occur when the uncertainty related to the variability is resolved. Contract Assets, Contract Liabilities, and Accounts Receivable We recognize a contract asset when our performance under a contract precedes our receipt of consideration from a customer, or before payment is due, and our receipt of consideration is conditional upon factors other than the passage of time. Contract assets reflect our transfer of control to customers of photomasks that are in process or completed but not yet shipped. A receivable is recognized when we have an unconditional right to payment for our performance, which generally occurs when we ship the photomasks. Our contract assets primarily consist of a significant amount of our in-process production orders and fully manufactured photomasks which have not yet shipped, for which we have an enforceable right to collect consideration (including a reasonable profit) in the event the in-process orders are cancelled by customers. On an individual contract basis, we net contract assets with contract liabilities (deferred revenue) for financial reporting purposes. Our contract assets and liabilities are typically classified as current, as our production cycle and our lead times are both under one year. Contract assets of $5.6 million are included in Other current assets, and contract liabilities of $8.8 million and $5.2 million are included in Accrued liabilities and Other liabilities, respectively, in our August 2, 2020 condensed consolidated balance sheet. Our October 31, 2019 condensed consolidated balance sheet includes contract assets of $7.6 million, included in “Other” current assets, and contract liabilities of $11.5 million, included in Accrued liabilities. We did not impair any contract assets during the nine-month periods ended August 2, 2020 or July 28, 2019. We recognized $1.9 million and $2.3 million of revenue from the settlement of contract liabilities that existed at the beginning of the three and nine-month periods ended August 2, 2020, and recognized $0.8 million and $1.1 million of revenue in the respective prior year periods, that related to the settlement of contract liabilities that existed at the beginning of those periods. We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectibility during, and at the end of, every reporting period. To the extent we believe a loss on the collection of a customer invoice is probable, we record the loss and credit the allowance for doubtful accounts. In the event that an amount is determined to be uncollectible, we charge the allowance for doubtful accounts and derecognize the related receivable. Credit losses incurred on our accounts receivable during the three and nine-month periods ended August 2, 2020, and July 28, 2019, were immaterial. Our invoice terms generally range from net thirty to ninety days, depending on both the geographic market in which the transaction occurs and our payment agreements with specific customers. In the event that our evaluation of a customer’s business prospects and financial condition indicate that the customer presents a collectibility risk, we modify terms of sale, which may require payment in advance of performance. We have elected the practical expedient allowed under ASC Topic 606 “Revenue from Contracts with Customers” (“Topic 606”) that permits us not to adjust a contract’s promised amount of consideration to reflect a financing component when the period between when we transfer control of goods or services to customers and when we are paid is one year or less. In instances when we are paid in advance of our performance, we record a contract liability and, as allowed under the practical expedient in Topic 606, recognize interest expense only if the period between when we receive payment from the customer and the date when we expect to be entitled to the payment is greater than one year. Historically, advance payments we’ve received from customers have generally not preceded the completion of our performance obligations by more than one year. Contract Costs We pay commissions to third-party sales agents for certain sales that they obtain for us. However, the bases of the commissions are the transaction prices of the sales, which are completed in less than one year; thus, no relationship is established with a customer that will result in future business. Therefore, we would not recognize any portion of these sales commissions as costs of obtaining a contract, nor do we currently foresee other circumstances under which we would recognize such assets. Remaining Performance Obligations As we are typically required to fulfill customer orders within a short time period, our backlog of orders is generally not in excess of one to two weeks for IC photomasks and two to three weeks for FPD photomasks. As allowed under Topic 606, we have elected not to disclose our remaining performance obligations, which represent the costs associated with the completion of the manufacturing process of in-process photomasks related to contracts that have an original duration of one year or less. Sales and Similar Taxes We report our revenue net of any sales or similar taxes we collect on behalf of governmental entities. Product Warranties Our photomasks are sold under warranties that generally range from one to twenty-four months. We warrant that our photomasks conform to customer specifications, and will typically repair, replace, or issue a refund for, at our option, any photomasks that fail to do so. The warranties do not represent separate performance obligations in our revenue contracts. Historically, customer claims under warranty have been immaterial.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

LEASES (Policies)

9 Months Ended

Aug. 02, 2020

LEASES [Abstract]

Leases

The guidance allows a number of elections and practical expedients, of which we elected the following:

Election not to recognize short-term leases on the balance sheet.

Practical expedient to not separate lease and non-lease components in a contract.

Practical expedient “package” for transitioning to the new guidance:

Not reassessing whether any expired or existing contracts are, or contain, leases.

Not reassessing lease classification for any existing or expired leases.

Not reassessing initial direct costs for any existing leases.

SHARE-BASED COMPENSATION (Policies)	9 Months Ended
SHARE-BASED COMPENSATION (Policies)	Aug. 02, 2020
Employee Stock Option [Member]
Stock Options [Abstract]
Share-Based Compensation	Option awards generally vest in one to four years, and have a ten-year contractual term. All incentive and non-qualified stock option grants 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 closing prices of our common stock on the dates 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 options 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)	9 Months Ended
INCOME TAXES (Policies)	Aug. 02, 2020
INCOME TAXES [Abstract]
Income Taxes	We calculate our provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. Unrecognized tax benefits related to uncertain tax positions were $2.5 million at August 2, 2020, and $1.9 million at October 31, 2019, substantially all of which, if recognized, would favorably impact the Company’s effective tax rate. Accrued interest and penalties related to unrecognized tax benefits was $0.2 million at August 2, 2020 and October 31, 2019. 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 $0.8 million of uncertain tax positions (including 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 the lapses of statutes of limitations and tax settlements. The Company is no longer subject to tax authority examinations in the U.S. and major foreign or state jurisdictions for years prior to fiscal year 2015.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319

+ Details

FAIR VALUE MEASUREMENTS (Policies)	9 Months Ended
FAIR VALUE MEASUREMENTS (Policies)	Aug. 02, 2020
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value Financial Instruments	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.

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Aug. 02, 2020
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recent Accounting Pronouncements	Accounting Standards Updates Adopted We adopted ASU 2016-02 and all subsequent amendments, collectively codified in ASC Topic 842 “Leases” (“Topic 842”), on November 1, 2019. The guidance requires modified retrospective adoption, either at the beginning of the earliest period presented or at the beginning of the period of adoption. We elected to apply the guidance at the beginning of the period of adoption and recorded, as of November 1, 2019, right-of-use (ROU) leased assets of $6.5 million. In conjunction with this, we recorded lease liabilities, which had been discounted at our incremental borrowing rates, of $6.5 million. Our adoption of Topic 842 did not affect our cash flows or our ability to comply with covenants under our credit agreement. Please see Note 7 for our leases disclosure. Accounting Standards Updates to be Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, to simplify the accounting for transitioning from the London Interbank Offered Rate, and other interbank offered rates expected to be discontinued, to alternative reference rates. The guidance in this Update was effective upon its issuance; if elected, it is to be applied prospectively through December 31, 2022. We are currently evaluating the effect the potential adoption of 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 in its first quarter of fiscal year 2021, with early adoption permitted beginning in the first quarter of fiscal year 2019. We do not expect our adoption of this ASU to have a material effect on our consolidated financial statements.

INVENTORIES (Tables)

9 Months Ended

Aug. 02, 2020

INVENTORIES [Abstract]

Inventories

	August 2, 2020		October 31, 2019

Raw materials	$	53,455	$	46,027
Work in process		1,278		2,122
Finished goods		-		6

	$	54,733	$	48,155

PROPERTY, PLANT AND EQUIPMENT (Tables)

9 Months Ended

Aug. 02, 2020

PROPERTY, PLANT AND EQUIPMENT [Abstract]

Property, Plant and Equipment

Property, plant and equipment consists of the following:

	August 2, 2020			October 31, 2019

Land	$	12,090		$	12,085
Buildings and improvements		173,918			172,340
Machinery and equipment		1,767,245			1,748,483
Leasehold improvements		20,660			19,921
Furniture, fixtures and office equipment		14,745			14,404
Construction in progress		61,277			28,135

		2,049,935			1,995,368
Accumulated depreciation and amortization		(1,426,688	)		(1,362,927	)

	$	623,247		$	632,441

PDMCX JOINT VENTURE (Tables)

9 Months Ended

Aug. 02, 2020

PDMCX JOINT VENTURE [Abstract]

Carrying Amounts and Exposure to Loss Related to Assets and Liabilities

	August 2, 2020				October 31, 2019
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest

Current assets	$	64,616	$	32,315	$	24,142	$	12,074
Non-current assets		140,065		70,046		114,015		57,019

Total assets		204,681		102,361		138,157		69,093

Current liabilities		61,704		30,858		16,889		8,446
Non-current liabilities		38,224		19,116		42,094		21,051

Total liabilities		99,928		49,974		58,983		29,497

Net assets	$	104,753	$	52,387	$	79,174	$	39,596

- Definition

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)

9 Months Ended

Aug. 02, 2020

LONG-TERM DEBT [Abstract]

Long-Term Debt

Long-term debt consists of the following:

	August 2, 2020			October 31, 2019

Project Loans	$	33,471		$	34,490
Working Capital Loans (value added tax component)		13,308			9,539

		46,779			44,029
Current portion of long-term debt		(8,596	)		(2,142	)

Long-term debt	$	38,183		$	41,887

LONG-TERM DEBT [Abstract]

Maturities of Long-term Debt

At August 2, 2020, maturities of our long-term debt over the next five fiscal years and thereafter were as follows:

2020 (remainder of)	$	-
2021		8,596
2022		13,211
2023		7,123
2024		6,640
Thereafter		11,209
	$	46,779

Project Loans [Member]

LONG-TERM DEBT [Abstract]

Maturities of Long-term Debt

	Fiscal Year
	2021		2022		2023		2024		2025		2026

Principal payments	$	6,426	$	5,729	$	3,467	$	6,640	$	6,354	$	4,855

Working Capital Loans [Member]

LONG-TERM DEBT [Abstract]

Maturities of Long-term Debt

	Fiscal Year
	2021		2022		2023

Principal payments	$	2,170	$	7,482	$	3,656

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

REVENUE (Tables)

9 Months Ended

Aug. 02, 2020

REVENUE [Abstract]

Disaggregation of Revenue

	Three Months Ended				Nine Months Ended
	August 2, 2020		July 28, 2019		August 2, 2020		July 28, 2019

Revenue by Product Type
IC
High-end	$	38,665	$	38,460	$	117,974	$	111,455
Mainstream		70,001		61,725		194,517		182,197
Total IC	$	108,666	$	100,185	$	312,491	$	293,652

FPD
High-end	$	36,670	$	23,088	$	108,248	$	60,490
Mainstream		12,559		14,839		39,666		40,262
Total FPD	$	49,229	$	37,927	$	147,914	$	100,752
	$	157,895	$	138,112	$	460,405	$	394,404

	Three Months Ended				Nine Months Ended
	August 2, 2020		July 28, 2019		August 2, 2020		July 28, 2019

Revenue by Geographic Origin
Taiwan	$	60,836	$	61,273	$	182,463	$	175,482
Korea		39,488		37,120		116,485		110,395
United States		28,351		25,364		78,276		74,579
China		20,988		5,963		58,374		7,693
Europe		7,688		7,937		23,562		24,725
Other		544		455		1,245		1,530
	$	157,895	$	138,112	$	460,405	$	394,404

Revenue by Timing of Recognition
Over time	$	137,442	$	122,938	$	401,347	$	362,078
At a point in time		20,453		15,174		59,058		32,326
	$	157,895	$	138,112	$	460,405	$	394,404

LEASES (Tables)

9 Months Ended

Aug. 02, 2020

LEASES [Abstract]

Lease Payments Under Non-cancelable Leases

	Fiscal Year												Total Lease		Imputed
	2020		2021		2022		2023		2024		Thereafter		Payments		Interest*		Total
Lease payments	$	589	$	2,238	$	2,080	$	1,130	$	747	$	1,138	$	7,922	$	385	$	7,537

*Imputed interest represents difference between undiscounted cash flows and discounted cash flows.

Lease Costs

The following table presents lease costs for the three and nine-month periods ended August 2, 2020.

	Three Months Ended		Nine Months Ended
	August 2, 2020		August 2, 2020

Operating lease costs	$	663	$	2,459
Short-tern lease costs	$	43	$	255
Variable lease costs	$	131	$	259

Supplemental Information Related to Leases

Presented below is other information related to our operating leases.

Supplemental cash flows information:
	Three Months Ended		Nine Months Ended
	August 2, 2020		August 2, 2020

Operating cash flows used for operating leases	$	621	$	3,008
ROU assets obtained in exchange for lease obligations	$	2,098	$	2,438

Weighted-Average Lease Terms And Weighted-Average Discount Rates

	As of
	August 2, 2020

Weighted-average remaining lease term	4.3 years
Weighted-average discount rate		2.37	%

Future Minimum Lease Payments Under Non-cancelable Operating Leases

2020	$	1,885
2021		1,613
2022		1,535
2023		742
2024		424
Thereafter		377
	$	6,576

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Aug. 02, 2020

SHARE-BASED COMPENSATION [Abstract]

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

	Nine Months Ended
	July 28, 2019

Volatility		33.1	%

Risk free rate of return		2.5-2.9	%

Dividend yield		0.0	%

Expected term	5.1 years

Information on Outstanding and Exercisable Option

Information on outstanding and exercisable option awards as of August 2, 2020, is presented below.

Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value

Outstanding at August 2, 2020		1,674,582	$	9.22	4.9 years	$	4,523

Exercisable at August 2, 2020		1,402,704	$	9.15	4.4 years	$	3,909

EARNINGS PER SHARE (Tables)

9 Months Ended

Aug. 02, 2020

EARNINGS PER SHARE [Abstract]

Calculation of Basic and Diluted Earnings Per Share

The calculation of basic and diluted earnings per share is presented below.

	Three Months Ended				Nine Months Ended
	August 2, 2020		July 28, 2019		August 2, 2020		July 28, 2019

Net income attributable to Photronics, Inc. shareholders	$	10,776	$	6,347	$	27,360	$	20,093

Effect of dilutive securities:
Interest expense on convertible notes, net of tax		-		-		-		845

Earnings used for diluted earnings per share	$	10,776	$	6,347	$	27,360	$	20,938

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		64,780		66,313		65,090		66,386
Effect of dilutive securities:
Share-based payment awards		467		257		614		386
Convertible notes		-		-		-		3,147

Potentially dilutive common shares		467		257		614		3,533

Weighted-average common shares used for diluted earnings per share		65,247		66,570		65,704		69,919

Basic earnings per share	$	0.17	$	0.10	$	0.42	$	0.30
Diluted earnings per share	$	0.17	$	0.10	$	0.42	$	0.30

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

Three Months Ended

Nine Months Ended

August 2,

2020

July 28,

2019

August 2,

2020

July 28,

2019

Potentially dilutive shares excluded

985

1,979

723

1,415

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)

9 Months Ended

Aug. 02, 2020

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 three and nine-month periods ended August 2, 2020 and July 28, 2019.

	Three Months Ended August 2, 2020
	Foreign Currency Translation Adjustments			Other			Total

Balance at May 4, 2020	$	(14,535	)	$	(665	)	$	(15,200	)
Other comprehensive income		10,659			4			10,663
Less: other comprehensive income attributable to noncontrolling interests		1,889			2			1,891

Balance at August 2, 2020	$	(5,765	)	$	(663	)	$	(6,428	)

	Three Months Ended July 28, 2019
	Foreign Currency Translation Adjustments			Other			Total

Balance at April 29, 2019	$	(6,212	)	$	(616	)	$	(6,828	)
Other comprehensive (loss) income		(8,882	)		28			(8,854	)
Less: other comprehensive (loss) income attributable to noncontrolling interests		(1,269	)		14			(1,255	)

Balance at July 28, 2019	$	(13,825	)	$	(602	)	$	(14,427	)

	Nine Months Ended August 2, 2020
	Foreign Currency Translation Adjustments			Other			Total

Balance at November 1, 2019	$	(8,331	)	$	(674	)	$	(9,005	)
Other comprehensive income		6,689			23			6,712
Less: other comprehensive income attributable to noncontrolling interests		4,123			12			4,135

Balance at August 2, 2020	$	(5,765	)	$	(663	)	$	(6,428	)

	Nine Months Ended July 28, 2019
	Foreign Currency Translation Adjustments			Other			Total

Balance at November 1, 2018	$	(4,328	)	$	(638	)	$	(4,966	)
Other comprehensive (loss) income		(9,364	)		72			(9,292	)
Less: other comprehensive income attributable to noncontrolling interests		133			36			169

Balance at July 28, 2019	$	(13,825	)	$	(602	)	$	(14,427	)

SHARE REPURCHASE PROGRAMS (Tables)

9 Months Ended

Aug. 02, 2020

SHARE REPURCHASE PROGRAMS [Abstract]

Shares Repurchase Programs

	Nine Months Ended August 2, 2020		From Inception Date of September 25, 2019

Number of shares repurchased		1,464		2,460

Cost of shares repurchased	$	16,894	$	27,894

Average price paid per share	$	11.54	$	11.34

	Three Months Ended January 27, 2019		From Inception Date of October 22, 2018

Number of shares repurchased		1,137		1,467

Cost of shares repurchased	$	10,694	$	13,807

Average price paid per share	$	9.40	$	9.41

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	9 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	Aug. 02, 2020 Facility
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	11
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
Europe [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2
China [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2

INVENTORIES (Details) - USD ($) $ in Thousands	Aug. 02, 2020	Oct. 31, 2019
INVENTORIES [Abstract]
Raw materials	$ 53,455	$ 46,027
Work in process	1,278	2,122
Finished goods	0	6
Inventory	$ 54,733	$ 48,155

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2020	Jul. 28, 2019	Aug. 02, 2020	Jul. 28, 2019	Oct. 31, 2019
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 2,049,935		$ 2,049,935		$ 1,995,368
Accumulated depreciation and amortization	(1,426,688)		(1,426,688)		(1,362,927)
Property, plant and equipment, net	623,247		623,247		632,441
Depreciation and amortization expense	22,100	$ 20,700	67,600	$ 56,900
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	12,090		12,090		12,085
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	173,918		173,918		172,340
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,767,245		1,767,245		1,748,483
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	20,660		20,660		19,921
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	14,745		14,745		14,404
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 61,277		$ 61,277		$ 28,135

PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Thousands	Aug. 02, 2020	Jul. 28, 2019	Aug. 02, 2020	Jul. 28, 2019	Oct. 31, 2019
Variable Interest Entity [Abstract]
Consolidated liabilities	$ 239,157		$ 239,157		$ 207,573
Consolidated assets	1,195,842		1,195,842		1,118,665
PDMCX [Member]
Variable Interest Entity [Abstract]
Gain (loss) on consolidation			0
Total committed investment	160,000		160,000
Consolidated liabilities	99,928		99,928		58,983
Consolidated assets	204,681		$ 204,681		138,157
Initial term of agreement			2 years
Period before put or purchase option can be exercised			6 months
Operating (loss)	(800)	$ (1,300)	$ (4,800)	$ (3,200)
PDMCX [Member] \| Minimum [Member]
Variable Interest Entity [Abstract]
Ownership percentage			20.00%
PDMCX [Member] \| Maximum [Member]
Variable Interest Entity [Abstract]
Number of business days for obtaining required approvals and clearance for exiting party			3 days
PDMCX [Member] \| Local Financing [Member]
Variable Interest Entity [Abstract]
Consolidated liabilities	35,000		$ 35,000
PDMCX [Member] \| Local Financing [Member] \| Assets Pledged as Collateral [Member]
Variable Interest Entity [Abstract]
Consolidated assets	92,800		$ 92,800
Photronics Interest [Member]
Variable Interest Entity [Abstract]
Ownership percentage			50.01%
Financial or other support, amount			$ 65,000
Consolidated liabilities	49,974		49,974		29,497
Consolidated assets	102,361		102,361		$ 69,093
Maximum exposure to loss	$ 52,400		$ 52,400
DNP [Member]
Variable Interest Entity [Abstract]
Ownership percentage			49.99%
Financial or other support, amount			$ 65,000

PDMCX JOINT VENTURE, Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Aug. 02, 2020	Oct. 31, 2019
Carrying amounts of assets and liabilities [Abstract]
Current assets	$ 510,641	$ 427,527
Total assets	1,195,842	1,118,665
Current liabilities	175,309	151,954
Total liabilities	239,157	207,573
Carrying Amount [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	64,616	24,142
Non-current assets	140,065	114,015
Total assets	204,681	138,157
Current liabilities	61,704	16,889
Non-current liabilities	38,224	42,094
Total liabilities	99,928	58,983
Net assets	104,753	79,174
Photronics Interest [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	32,315	12,074
Non-current assets	70,046	57,019
Total assets	102,361	69,093
Current liabilities	30,858	8,446
Non-current liabilities	19,116	21,051
Total liabilities	49,974	29,497
Net assets	$ 52,387	$ 39,596

LONG-TERM DEBT (Details) $ in Thousands, ¥ in Millions	1 Months Ended			9 Months Ended
LONG-TERM DEBT (Details) $ in Thousands, ¥ in Millions	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jul. 28, 2019 USD ($)	Aug. 02, 2020 USD ($)	Aug. 02, 2020 CNY (¥)	Oct. 31, 2019 USD ($)	Aug. 25, 2019 USD ($)
Long-term debt [Abstract]
Long-term debt				$ 46,779		$ 44,029
Current portion of long-term debt				(8,596)		(2,142)
Long-term debt				$ 38,183		$ 41,887
Weighted-average interest rate of short -term debt				2.60%	2.60%	3.84%
Consolidated assets				$ 1,195,842		$ 1,118,665
Short-term debt				6,087		8,731
Maturities of Long-term Debt [Abstract]
2020 (remainder of)				0
2021				8,596
2022				13,211
2023				7,123
2024				6,640
Thereafter				11,209
Project Loans [Member]
Long-term debt [Abstract]
Long-term debt				33,500	¥ 234.4	34,490
Maximum borrowing capacity				$ 50,000
Maturity date of debt				Dec. 31, 2025
Repayments of debt	$ 1,300	¥ 9.0
Interest rate percentage				4.90%	4.90%
Maturities of Long-term Debt [Abstract]
2021				$ 6,426
2022				5,729
2023				3,467
2024				6,640
2025				6,354
2026				4,855
Project Loans [Member] \| Assets Pledged as Collateral [Member]
Long-term debt [Abstract]
Consolidated assets				92,800
Working Capital Loans [Member]
Long-term debt [Abstract]
Maximum borrowing capacity				$ 25,000
Maturity date of debt				Jul. 31, 2023
Maturities of Long-term Debt [Abstract]
2021				$ 2,170
2022				7,482
2023				$ 3,656
Working Capital Loans [Member] \| Minimum [Member]
Long-term debt [Abstract]
Basis spread on variable rate				0.3175%
Working Capital Loans [Member] \| Maximum [Member]
Long-term debt [Abstract]
Basis spread on variable rate				0.76%
Working Capital Loans (value added tax component) [Member]
Long-term debt [Abstract]
Long-term debt				$ 13,300	¥ 93.2	$ 9,539
Maximum borrowing capacity \| ¥					¥ 140.0
Working Capital Loans (value added tax component) [Member] \| Minimum [Member]
Long-term debt [Abstract]
Interest rate percentage				4.53%	4.53%
Working Capital Loans (value added tax component) [Member] \| Maximum [Member]
Long-term debt [Abstract]
Interest rate percentage				4.61%	4.61%
Working Capital Loans, Fund Operations [Member]
Long-term debt [Abstract]
Maximum borrowing capacity \| ¥					¥ 60.0
Short-term debt				$ 2,600	¥ 18.0
Term of loan				1 year
Working Capital Loans, Fund Operations [Member] \| Minimum [Member]
Long-term debt [Abstract]
Interest rate percentage				4.37%	4.37%
Working Capital Loans, Fund Operations [Member] \| Maximum [Member]
Long-term debt [Abstract]
Interest rate percentage				4.60%	4.60%
Equipment Loan [Member]
Long-term debt [Abstract]
Maximum borrowing capacity			$ 35,000
Short-term debt							$ 3,500
Equipment Loan [Member] \| LIBOR [Member]
Long-term debt [Abstract]
Basis spread on variable rate				1.00%
Term of variable rate			30 days
Effective interest rate				1.18%	1.18%
Amended and Restated Credit Agreement [Member]
Long-term debt [Abstract]
Maximum borrowing capacity				$ 100,000
Term of loan				5 years
Current borrowing capacity				$ 50,000
Cash limit for dividends, distributions and redemption on equity				50,000
Amount outstanding under credit facility				0
Available borrowing capacity				$ 50,000
Effective interest rate				1.55%	1.55%

REVENUE, Contract Assets, Liabilities and Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2020	Jul. 28, 2019	Aug. 02, 2020	Jul. 28, 2019	Oct. 31, 2019
Contract with Customer, Asset and Liability [Abstract]
Contract assets	$ 5,600		$ 5,600		$ 7,600
Contract liabilities current	8,800		8,800		$ 11,500
Contract liabilities non-current	5,200		5,200
Impairment loss on contract assets			0	$ 0
Change in Contract with Customer, Liability [Abstract]
Revenue from settlement of contract liabilities	$ 1,900	$ 800	$ 2,300	$ 1,100
Minimum [Member]
Revenue, Performance Obligation [Abstract]
Product invoice term			30 days
Product warranty period			1 month
Maximum [Member]
Revenue, Performance Obligation [Abstract]
Product invoice term			90 days
Product warranty period			24 months
IC [Member] \| Minimum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period			7 days
IC [Member] \| Maximum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period			14 days
FPD [Member] \| Minimum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period			14 days
FPD [Member] \| Maximum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period			21 days

REVENUE, Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2020	Jul. 28, 2019	Aug. 02, 2020	Jul. 28, 2019
Disaggregation of Revenue [Abstract]
Revenue	$ 157,895	$ 138,112	$ 460,405	$ 394,404
IC [Member]
Disaggregation of Revenue [Abstract]
Revenue	108,666	100,185	312,491	293,652
High-end [Member]
Disaggregation of Revenue [Abstract]
Revenue	38,665	38,460	117,974	111,455
Mainstream [Member]
Disaggregation of Revenue [Abstract]
Revenue	70,001	61,725	194,517	182,197
FPD [Member]
Disaggregation of Revenue [Abstract]
Revenue	49,229	37,927	147,914	100,752
High-end [Member]
Disaggregation of Revenue [Abstract]
Revenue	36,670	23,088	108,248	60,490
Mainstream [Member]
Disaggregation of Revenue [Abstract]
Revenue	12,559	14,839	39,666	40,262
Taiwan [Member]
Disaggregation of Revenue [Abstract]
Revenue	60,836	61,273	182,463	175,482
Korea [Member]
Disaggregation of Revenue [Abstract]
Revenue	39,488	37,120	116,485	110,395
United States [Member]
Disaggregation of Revenue [Abstract]
Revenue	28,351	25,364	78,276	74,579
China [Member]
Disaggregation of Revenue [Abstract]
Revenue	20,988	5,963	58,374	7,693
Europe [Member]
Disaggregation of Revenue [Abstract]
Revenue	7,688	7,937	23,562	24,725
Other [Member]
Disaggregation of Revenue [Abstract]
Revenue	544	455	1,245	1,530
Over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	137,442	122,938	401,347	362,078
At a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	$ 20,453	$ 15,174	$ 59,058	$ 32,326

LEASES (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Aug. 02, 2020

Oct. 31, 2019

Lease Payments Under Non-cancellable Leases [Abstract]

$ 589

2,238

2,080

1,130

747

1,138

7,922

^[1]

385

Operating lease liabilities

7,537

Lease, Cost [Abstract]

Operating lease cost

663

2,459

Short-term lease costs

255

Variable lease costs

131

259

Supplemental Cash Flows Information: [Abstract]

Operating cash flows used for operating leases

621

3,008

ROU assets obtained in exchange for lease obligations

$ 2,098

$ 2,438

Weighted Average Lease Terms, Discount Rates [Abstract]

Weighted-average remaining lease term

4 years 3 months 18 days

Weighted-average discount rate

2.37%

Rent expense under operating leases

$ 3,000

Future minimum lease payments under non-cancelable operating leases [Abstract]

1,885

1,613

1,535

742

424

377

Total future minimum payments due

6,576

Other Assets [Member]

Leases [Abstract]

Right-of-use assets, operating leases

$ 8,100

Accrued Liabilities [Member]

Lease Payments Under Non-cancellable Leases [Abstract]

Operating lease liabilities

2,200

Other Liabilities [Member]

Lease Payments Under Non-cancellable Leases [Abstract]

Operating lease liabilities

$ 5,300

ASU 2016-02 [Member]

Leases [Abstract]

Right-of-use assets, operating leases

6,500

Lease Payments Under Non-cancellable Leases [Abstract]

Operating lease liabilities

$ 6,500

[1]	Imputed interest represents difference between undiscounted cash flows and discounted cash flows.

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2020	Jul. 28, 2019	Aug. 02, 2020	Jul. 28, 2019
Share-based Compensation [Abstract]
Maximum number of shares of common stock that may be issued (in shares)	4,000,000		4,000,000
Share-based compensation expense incurred	$ 1,200	$ 900	$ 3,800	$ 2,900
Share-based compensation cost capitalized	0	0	0	0
Income tax benefits realized from stock option exercises	0	0	$ 0	$ 0
Restricted Stock [Member]
Additional disclosures [Abstract]
Period for recognition of compensation cost not yet recognized			2 years 10 months 24 days
Restricted Stock [Abstract]
Restricted stock awards granted (in shares)			527,000	435,000
Weighted average grant date fair value of restricted stock awards (in dollars per share)			$ 15.21	$ 9.80
Compensation cost not yet recognized related to unvested restricted stock awards	$ 7,900		$ 7,900
Number of shares of restricted stock outstanding (in shares)	838,616		838,616
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
Stock Options [Member]
Share-based Compensation [Abstract]
Cash received from option exercises	$ 300	$ 200	$ 3,500	$ 1,000
Contractual term			10 years
Additional disclosures [Abstract]
Share options granted (in shares)		0	0	132,000
Weighted-average grant date fair value of options granted (in dollars per share)				$ 3.31
Unrecognized compensation cost related to unvested option awards	$ 500		$ 500
Period for recognition of compensation cost not yet recognized			1 year 10 months 24 days
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Volatility				33.10%
Dividend yield				0.00%
Expected term				5 years 1 month 6 days
Outstanding and exercisable option awards [Roll Forward]
Outstanding at end of period (in shares)	1,674,582		1,674,582
Exercisable at end of period (in shares)	1,402,704		1,402,704
Weighted-Average Exercise Price [Abstract]
Weighted average exercise price, Outstanding at end of period (in dollars per share)	$ 9.22		$ 9.22
Weighted average exercise price, Exercisable at end of period (in dollars per share)	$ 9.15		$ 9.15
Weighted-Average Remaining Contractual Life [Abstract]
Weighted average remaining contractual life, Outstanding at end of period			4 years 10 months 24 days
Weighted average remaining contractual life, Exercisable at end of period			4 years 4 months 24 days
Aggregate Intrinsic Value [Abstract]
Aggregate intrinsic value, Outstanding at end of period	$ 4,523		$ 4,523
Aggregate intrinsic value, Exercisable at end of period	$ 3,909		$ 3,909
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				2.50%
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				2.90%

INCOME TAXES (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended
	Aug. 02, 2020	Feb. 02, 2020	Jul. 28, 2019	Aug. 02, 2020	Jul. 28, 2019	Oct. 31, 2019
Effective Income and Statutory Tax Rate [Abstract]
Effective tax rate	27.70%		24.70%	35.90%	22.30%
U.S. statutory rate	21.00%		21.00%	21.00%	21.00%
Tax Credit Carryforward [Abstract]
Change in valuation allowance		$ 2.1
Unrecognized Tax Benefits [Abstract]
Unrecognized tax benefits	$ 2.5			$ 2.5		$ 1.9
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract]
Accrued interest and penalties related to unrecognized tax benefits	0.2			0.2		$ 0.2
Uncertain tax positions that may be resolved	$ 0.8			$ 0.8
Income Tax Examination [Abstract]
Earliest open tax year				2015
Taiwan Agency of the Ministry of Finance [Member]
Income Tax Holiday [Abstract]
Term of tax year holidays				5 years
Income tax holiday termination date				December 31, 2019
Dollar effect of income tax holiday			$ 0.4	$ 0.1	$ 1.5
Per share effect of income tax holiday (in dollars per share)					$ 0.01

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2020	Jul. 28, 2019	Aug. 02, 2020	Jul. 28, 2019
Calculation of basic and diluted earnings per share [Abstract]
Net income attributable to Photronics, Inc. shareholders	$ 10,776	$ 6,347	$ 27,360	$ 20,093
Effect of dilutive securities [Abstract]
Interest expense on convertible notes, net of tax	0	0	0	845
Earnings used for diluted earnings per share	$ 10,776	$ 6,347	$ 27,360	$ 20,938
Weighted-average common shares computations [Abstract]
Weighted-average common shares used for basic earnings per share (in shares)	64,780	66,313	65,090	66,386
Effect of dilutive securities [Abstract]
Share-based payment awards (in shares)	467	257	614	386
Convertible notes (in shares)	0	0	0	3,147
Potentially dilutive common shares (in shares)	467	257	614	3,533
Weighted-average common shares used for diluted earnings per share (in shares)	65,247	66,570	65,704	69,919
Basic earnings per share (in dollars per share)	$ 0.17	$ 0.10	$ 0.42	$ 0.30
Diluted earnings per share (in dollars per share)	$ 0.17	$ 0.10	$ 0.42	$ 0.30
Antidilutive Securities [Abstract]
Potentially dilutive shares excluded (in shares)	985	1,979	723	1,415

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2020	Jul. 28, 2019	Aug. 02, 2020	Jul. 28, 2019
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
Other comprehensive income, tax	$ 0	$ 0	$ 0	$ 0
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance			769,892
Ending Balance	790,242		790,242
Accumulated Other Comprehensive Income [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(15,200)	(6,828)	(9,005)	(4,966)
Ending Balance	(6,428)	(14,427)	(6,428)	(14,427)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(14,535)	(6,212)	(8,331)	(4,328)
Ending Balance	(5,765)	(13,825)	(5,765)	(13,825)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(665)	(616)	(674)	(638)
Ending Balance	(663)	(602)	(663)	(602)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income	10,663	(8,854)	6,712	(9,292)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income	10,659	(8,882)	6,689	(9,364)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income	4	28	23	72
AOCI Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income attributable to noncontrolling interests	1,891	(1,255)	4,135	169
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income attributable to noncontrolling interests	1,889	(1,269)	4,123	133
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income attributable to noncontrolling interests	$ 2	$ 14	$ 12	$ 36

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Aug. 02, 2020	Oct. 31, 2019
Fair Value, Assets and Liability [Abstract]
Total assets	$ 0	$ 0
Total liabilities	$ 0	$ 0

SHARE REPURCHASE PROGRAMS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended		10 Months Ended
	Oct. 31, 2018	Jan. 27, 2019	Jan. 27, 2019	Aug. 02, 2020	Jul. 28, 2019	Aug. 02, 2020	Aug. 31, 2019
Equity, Class of Treasury Stock [Line Items]
Cost of shares repurchased				$ 16,894	$ 10,696
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 - termination date				Feb. 01, 2019
Number of shares repurchased (in shares)		1,467	1,137
Cost of shares repurchased		$ 13,807	$ 10,694
Average price paid per share (in dollars per share)		$ 9.41	$ 9.40
August 2019 Announced Program [Member]
Equity, Class of Treasury Stock [Line Items]
Stock repurchased authorized amount							$ 100,000
Stock repurchase program - commencement date				Sep. 25, 2019
Stock repurchase program - termination date				Mar. 20, 2020
Number of shares repurchased (in shares)				1,464		2,460
Cost of shares repurchased				$ 16,894		$ 27,894
Average price paid per share (in dollars per share)				$ 11.54		$ 11.34
Shares repurchased and retired (in shares)	900

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Aug. 02, 2020 USD ($)
Commitment and Contingencies [Abstract]
Outstanding commitments for capital expenditure	$ 103,000
Subsidiary [Member]
Commitment and Contingencies [Abstract]
Loss contingency damages sought	2,200
Fine amount recommended by prosecutor	30
Contingent loss accrued	30
Subsidiary [Member] \| Maximum [Member]
Commitment and Contingencies [Abstract]
Estimated range of contingent loss	2,200
Contingent loss not accrued	2,170
Subsidiary [Member] \| Minimum [Member]
Commitment and Contingencies [Abstract]
Estimated range of contingent loss	$ 30

RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	Aug. 02, 2020	Oct. 31, 2019
Accounting Standards Updates Adopted [Abstract]
Lease liabilities	$ 7,537
ASU 2016-02 [Member]
Accounting Standards Updates Adopted [Abstract]
Right-of-use leased assets		$ 6,500
Lease liabilities		$ 6,500