0001140361-21-001225 | 10-K | XBRL Viewer

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Oct. 31, 2020	Dec. 11, 2020	May 03, 2020
Cover [Abstract]
Entity Registrant Name	PHOTRONICS, INC.
Entity Central Index Key	0000810136
Current Fiscal Year End Date	--10-31
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Oct. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	0-15451
Entity Incorporation, State or Country Code	CT
Entity Tax Identification Number	06-0854886
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
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 727,752,716
Entity Common Stock, Shares Outstanding		63,916,262

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
Current assets:
Cash and cash equivalents	$ 278,665	$ 206,530
Accounts receivable, net of allowance of $1,324 in 2020 and $1,334 in 2019	134,470	134,454
Inventories	57,269	48,155
Other current assets	29,735	38,388
Total current assets	500,139	427,527
Property, plant and equipment, net	631,475	632,441
Intangible assets, net	3,437	7,870
Deferred income taxes	22,070	20,779
Other assets	31,061	30,048
Total assets	1,188,182	1,118,665
Current liabilities:
Short-term debt	4,708	8,731
Current portion of long-term debt	8,970	2,142
Accounts payable	75,378	91,379
Accrued liabilities	53,883	49,702
Total current liabilities	142,939	151,954
Long-term debt	54,980	41,887
Other liabilities	27,997	13,732
Total liabilities	225,916	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, 63,138 shares issued and outstanding at October 31, 2020, and 65,595 shares issued and outstanding at October 31, 2019	631	656
Additional paid-in capital	507,336	524,319
Retained earnings	279,037	253,922
Accumulated other comprehensive (loss) income	17,958	(9,005)
Total Photronics, Inc. shareholders' equity	804,962	769,892
Noncontrolling interests	157,304	141,200
Total equity	962,266	911,092
Total liabilities and equity	$ 1,188,182	$ 1,118,665

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
Current assets:
Accounts receivable, allowance	$ 1,324	$ 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)	63,138	65,595
Common stock, shares outstanding (in shares)	63,138	65,595

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Consolidated Statements of Income [Abstract]
Revenue	$ 609,691	$ 550,660	$ 535,276
Cost of goods sold	475,037	429,819	403,773
Gross profit	134,654	120,841	131,503
Operating expenses:
Selling, general and administrative	53,582	52,326	51,395
Research and development	17,144	16,394	14,481
Total operating expenses	70,726	68,720	65,876
Operating income	63,928	52,121	65,627
Other income (expense):
Interest expense	(2,367)	(1,425)	(2,262)
Interest income and other income (expense), net	541	1,271	4,829
Foreign currency transaction (losses) gains, net	(501)	(1,266)	377
Income before income tax provision	61,601	50,701	68,571
Income tax provision	21,258	10,210	7,335
Net income	40,343	40,491	61,236
Net income attributable to noncontrolling interests	6,523	10,698	19,181
Net income attributable to Photronics, Inc. shareholders	$ 33,820	$ 29,793	$ 42,055
Earnings per share:
Basic (in dollars per share)	$ 0.52	$ 0.45	$ 0.61
Diluted (in dollars per share)	$ 0.52	$ 0.44	$ 0.59
Weighted-average number of common shares outstanding:
Basic (in shares)	64,866	66,347	68,829
Diluted (in shares)	65,470	69,155	74,821

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Condensed Statements of Comprehensive Income [Abstract]
Net income	$ 40,343	$ 40,491	$ 61,236
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	36,381	(2,877)	(16,672)
Amortization of cash flow hedge	0	0	48
Other	(390)	(74)	101
Net other comprehensive income (loss)	35,991	(2,951)	(16,523)
Comprehensive income	76,334	37,540	44,713
Less: comprehensive income attributable to noncontrolling interests	15,551	11,786	14,515
Comprehensive income attributable to Photronics, Inc. shareholders	$ 60,783	$ 25,754	$ 30,198

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-Controlling Interests [Member]	Total	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 Income (Loss) [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Non-Controlling Interests [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance at Oct. 29, 2017	$ 687	$ 547,596	$ 189,390	$ 0	$ 6,891	$ 120,731	$ 865,295
Balance (in shares) at Oct. 29, 2017	68,666
Net income	$ 0	0	42,055	0	0	19,181	61,236
Other comprehensive (loss) income	0	0	0	0	(11,857)	(4,666)	(16,523)
Sale of common stock through employee stock option and purchase plans	$ 9	4,683	0	0	0	0	4,692
Sale of common stock through employee stock option and purchase plans (in shares)	870
Restricted stock awards vesting and expense	$ 1	1,747	0	0	0	0	1,748
Restricted stock awards vesting and expense (in shares)	164
Share-based compensation expense	$ 0	1,432	0	0	0	0	1,432
Contribution from noncontrolling interest	0	148	0	0	0	17,848	17,996
Dividends to noncontrolling interest	0	0	0	0	0	(8,196)	(8,196)
Purchase of treasury stock	$ 0	0	0	(23,111)	0	0	(23,111)
Purchase of treasury stock (in shares)	0
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
Balance at Oct. 29, 2017	$ 687	547,596	189,390	0	6,891	120,731	865,295
Balance (in shares) at Oct. 29, 2017	68,666
Balance at Oct. 31, 2020	$ 631	507,336	279,037	0	17,958	157,304	962,266
Balance (in shares) at Oct. 31, 2020	63,138
Balance at Oct. 31, 2018	$ 697	555,606	231,445	(23,111)	(4,966)	144,898	904,569
Balance (in shares) at Oct. 31, 2018	69,700
Net income	$ 0	0	29,793	0	0	10,698	40,491
Other comprehensive (loss) income	0	0	0	0	(4,039)	1,088	(2,951)
Sale of common stock through employee stock option and purchase plans	$ 4	2,524	0	0	0	0	2,528
Sale of common stock through employee stock option and purchase plans (in shares)	390
Restricted stock awards vesting and expense	$ 2	2,497	0	0	0	0	2,499
Restricted stock awards vesting and expense (in shares)	196
Share-based compensation expense	$ 0	1,183	0	0	0	0	1,183
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	(21,696)	0	0	(21,696)
Purchase of treasury stock (in shares)	0
Retirement of treasury stock	$ (47)	(37,491)	(7,269)	44,807	0	0	0
Retirement of treasury stock (in shares)	(4,691)
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	33,820	0	0	6,523	40,343
Other comprehensive (loss) income	0	0	0	0	26,963	9,028	35,991
Sale of common stock through employee stock option and purchase plans	$ 5	3,742	0	0	0	0	3,747
Sale of common stock through employee stock option and purchase plans (in shares)	482
Restricted stock awards vesting and expense	$ 2	3,890	0	0	0	0	3,892
Restricted stock awards vesting and expense (in shares)	255
Share-based compensation expense	$ 0	787	0	0	0	0	787
Contribution from noncontrolling interest	0	0	0	0	0	17,596	17,596
Dividends to noncontrolling interest	0	0	0	0	0	(16,151)	(16,151)
Repurchase of common stock of subsidiary	0	255	0	0	0	(892)	(637)
Purchase of treasury stock	$ 0	0	0	(34,394)	0	0	(34,394)
Purchase of treasury stock (in shares)	0
Retirement of treasury stock	$ (32)	(25,657)	(8,705)	34,394	0	0	0
Retirement of treasury stock (in shares)	(3,194)
Balance at Oct. 31, 2020	$ 631	$ 507,336	$ 279,037	$ 0	$ 17,958	$ 157,304	$ 962,266
Balance (in shares) at Oct. 31, 2020	63,138

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Cash flows from operating activities:
Net income	$ 40,343	$ 40,491	$ 61,236
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, plant and equipment	89,171	79,238	79,536
Amortization of intangible assets	4,643	4,641	4,797
Share-based compensation	4,927	3,680	3,180
Deferred income taxes	(445)	(3,662)	(273)
Changes in assets, liabilities, and other:
Accounts receivable	6,986	(12,321)	(18,553)
Inventories	(6,938)	(23,088)	(6,162)
Other current assets	7,849	(8,631)	(11,731)
Accounts payable, accrued liabilities, and other	(3,490)	(11,962)	18,537
Net cash provided by operating activities	143,046	68,386	130,567
Cash flows from investing activities:
Purchases of property, plant and equipment	(70,815)	(178,375)	(92,585)
Government incentives	5,263	27,003	1,005
Purchases of intangible assets	(159)	(95)	(218)
Other	0	61	929
Net cash used in investing activities	(65,711)	(151,406)	(90,869)
Cash flows from financing activities:
Proceeds from debt	20,340	54,633	0
Contributions from noncontrolling interests	17,596	29,394	17,996
Purchase of treasury stock	(34,394)	(21,696)	(23,111)
Dividends paid to noncontrolling interests	(16,151)	(45,050)	(8,166)
Repayments of debt	(7,392)	(61,319)	(4,639)
Proceeds from share-based arrangements	4,239	2,071	4,634
Other	(248)	(92)	(519)
Net cash used in financing activities	(16,010)	(42,059)	(13,805)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	10,986	2,381	(4,840)
Net increase (decrease) in cash, cash equivalents, and restricted cash	72,311	(122,698)	21,053
Cash, cash equivalents, and restricted cash at beginning of year	209,291	331,989	310,936
Cash, cash equivalents, and restricted cash at end of year	281,602	209,291	331,989
Supplemental disclosure of non-cash information:
Accrual for property, plant and equipment purchased during year	$ 13,062	$ 13,671	$ 29,602

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Oct. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business

Photronics, Inc. (“Photronics”, “the Company”, “we”, “our”, or “us”) is the world’s leading manufacturer 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.

Consolidation

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

Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect amounts reported in them. Estimates are based on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Our estimates are based on the facts and circumstances available at the time they are made. 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.

Reclassifications

During fiscal 2020, we modified our consolidated statements of income to present foreign currency transaction (losses) gain, net as a separate line item. Previously, the results of our foreign currency transactions were included in Interest income and other income (expense), net. In addition, we modified our classifications of certain accrued liabilities presented in Note 6; prior period amounts have been conformed to the current period presentation.

Cash and Cash Equivalents

Cash and cash equivalents include cash and highly liquid investments with an original maturity of three months or less, readily convertible to known amounts of cash, and so near to their maturity that they present insignificant risk of changes in value because of changes in interest rates. The carrying values of cash equivalents approximate their fair values, due to the short-term maturities of these instruments.

Accounts Receivable and Allowance for Doubtful Accounts

We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectability during, and at the end of, every period. To the extent that 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 eliminate the related receivable.

On November 1, 2020, we adopted Accounting Standards Update 2016-13 – “Measurement of Credit Losses” (“ASU 2016-13) which replaced the incurred loss model (which was required to be used to measure credit losses under previous accounting guidance) with an expected credit loss model. Our adoption of ASU 2016-13 did not have a material effect on our financial statements.

Inventories

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

	October 31 2020		October 31 2019

Raw materials	$	56,389	$	46,027
Work in process		767		2,122
Finished goods		113		6
	$	57,269	$	48,155

Property, Plant and Equipment

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

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

Impairment of Long-Lived Assets

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

Intangible Assets

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

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

Restricted Cash

Restricted cash in the amounts of $2.9 million and $2.8 million are included in Other assets on our October 31, 2020 and October 31, 2019, consolidated balance sheets, respectively. The restrictions on these amounts are primarily related to land lease agreements and customs requirements.

Treasury Stock

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

Revenue Recognition

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

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. Contract assets of $6.3 million are included in Other current assets, and contract liabilities of $8.0 million and $5.2 million are included in Accrued liabilities and Other liabilities, respectively, in our October 31, 2020 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 in fiscal years 2020 or 2019. In fiscal 2020 and 2019, we recognized revenue of $2.8 million and $1.3 million, respectively, from the settlement of contract liabilities that existed at the beginning of those years.

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 collectability risk, we modify terms of sale, which may require payment in advance of performance. At the time of adoption, we 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 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.

Product Warranty

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 we 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.

Share-Based Compensation

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

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

Research and Development

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

Foreign Currency Translation

Our non-U.S. subsidiaries maintain their accounts in their respective local currencies. Assets and liabilities of such subsidiaries are translated to U.S. dollars at year-end exchange rates. Income and expenses are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are accumulated and reported in accumulated other comprehensive income, a component of equity.

Government Grants

We account for funds we receive from government grants by reducing the costs of the assets or expenses to which we apply the funds. Funds we receive that cannot be attributed to specific assets or expenses would be recognized as other income, and included in Interest income and other income (expense), net in the consolidated statements of income. Funds we receive from government grants are classified in our consolidated statements of cash flows as either cash flows from operating activities or cash flows from investing activities, in accordance with how we expend the funds.

Income Taxes

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

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

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

Earnings Per Share

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

Variable Interest Entities

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

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

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

Leases

We adopted ASU 2016-02 - “Leases (Topic 842)” (“ASU 2016-02”) on November 1, 2019. As allowed by the guidance, we elected to adopt ASU 2016-02 using the modified retrospective method at the beginning of the period of adoption; our adoption resulted in our recognition of $6.5 million of right-of-use (“ROU”) assets and $6.5 million of lease liabilities on our opening fiscal 2020 balance sheet. At the time of transition, we elected a number of practical expedients offered by the guidance, which are described in Notes 9 and 23. The following discussion is germane to our accounting for leases under Topic 842.

We determine if an arrangement is, or contains a lease, at the inception of the arrangement. An arrangement is determined to be a lease when it conveys to us the right to control the use of an identified asset for a period of time in exchange for consideration. Our determination as to whether we have the right to control the use of an identified asset centers on whether the arrangement conveys to us the rights to 1) obtain substantially all of the economic benefits of the identified asset and 2) direct the use of the identified asset.

If an arrangement is determined to be, or include, a lease, we then apply the classification criteria in Topic 842 to determine whether the lease is a finance lease or an operating lease. For both types of leases, at their commencement dates (which are the dates on which a lessor makes an underlying asset available for our use), we recognize ROU assets, which represent our use of the underlying assets, and lease liabilities which represent our obligation to make payments for our right to use the related assets. The initial measurement of both types of leases are the same and, in most cases, are determined by applying our incremental borrowing rate for collateralized borrowings over terms similar to the leases terms. The initial measurement of ROU assets may require further adjustments for lease prepayments and initial direct costs we incur. As allowed under Topic 842, we elected to not recognize short-term leases, which are defined as leases that have a term (at their commencement dates) of twelve months or less and do not include an option to purchase the underlying asset that we are reasonably certain to exercise.

Operating leases are expensed on a straight-line basis over the terms of the leases, and are included in the consolidated statement of income in Cost of goods sold, Selling, general and administrative, or Research and development expense in accordance with the use of the underlying asset. Finance lease ROU assets are amortized over the estimated useful life of the underlying asset; the expense is included in the consolidated statement of income on the line item associated with the underlying asset (similar to operating lease expenses). Finance lease liabilities are subsequently remeasured by increasing the liability to reflect interest accrued during a period and decreasing the liability to reflect payments made during the period. Interest expense incurred on finance leases are included in Interest expense on the consolidated statements of income.

Operating lease ROU assets are included in the fiscal year 2020 consolidated balance sheet in Other assets. Operating lease liabilities due within one year are predominantly included in the consolidated balance sheets in Accrued liabilities; noncurrent operating lease liabilities are included in Other liabilities. Finance lease ROU assets are included in the consolidated balance sheets in Property, plant and equipment. Finance lease liabilities are included in the fiscal year 2020 consolidated balance sheet in Current portion of long-term debt or Long-term debt, in accordance with the timing of their related lease payments.

OTHER CURRENT ASSETS

12 Months Ended

Oct. 31, 2020

OTHER CURRENT ASSETS [Abstract]

OTHER CURRENT ASSETS

NOTE 2 – OTHER CURRENT ASSETS

Other current assets consists of the following:

	October 31, 2020		October 31, 2019

Recoverable value added taxes	$	16,539	$	16,494
Contract assets		6,313		7,596
Prepaid expenses		6,153		6,506
Prepaid and refundable income taxes		122		2,642
Other		608		5,150
	$	29,735	$	38,388

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Oct. 31, 2020

PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 3 - PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consists of the following:

	October 31, 2020			October 31, 2019

Land	$	12,422		$	12,085
Buildings and improvements		179,162			172,340
Machinery and equipment		1,812,791			1,748,483
Leasehold improvements		21,157			19,921
Furniture, fixtures and office equipment		15,665			14,404
Construction in progress		70,915			28,135
		2,112,112			1,995,368
Accumulated depreciation and amortization		(1,480,637	)		(1,362,927	)
	$	631,475		$	632,441

INTANGIBLE ASSETS

12 Months Ended

Oct. 31, 2020

INTANGIBLE ASSETS [Abstract]

INTANGIBLE ASSETS

NOTE 4 - INTANGIBLE ASSETS

Amortization expense of the Company’s finite-lived intangible assets was $4.6 million, $4.6 million and $4.8 million in fiscal years 2020, 2019 and 2018, respectively.

Intangible assets consist of:

As of October 31, 2020	Gross Amount		Accumulated Amortization			Net Amount
Technology license agreement	$	59,616	$	(57,298	)	$	2,318
Customer relationships		2,060		(1,245	)		815
Software and other		6,496		(6,192	)		304
	$	68,172	$	(64,735	)	$	3,437

As of October 31, 2019
Technology license agreement	$	59,616	$	(53,323	)	$	6,293
Customer relationships		9,174		(8,186	)		988
Software and other		6,537		(5,948	)		589
	$	75,327	$	(67,457	)	$	7,870

The weighted-average amortization periods of intangible assets acquired in fiscal years 2020 and 2019, which are comprised of software, is three years.

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

Fiscal Years:

2021	$	2,839
2022	$	131
2023	$	129
2024	$	128
2025	$	128
Thereafter	$	82

PDMCX JOINT VENTURE

12 Months Ended

Oct. 31, 2020

PDMCX JOINT VENTURE [Abstract]

PDMCX JOINT VENTURE

NOTE 5 - 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.” (hereinafter, within this Note “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.” (hereinafter, “PDMCX”), was established to develop and manufacture photomasks for leading edge and advanced generation semiconductors. We entered into this joint venture to enable us to compete more effectively for the merchant photomask business in China, and to benefit from the additional resources and investment that DNP 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 October 31, 2020, Photronics and DNP had each contributed cash of approximately $65 million, and PDMCX obtained local financing of approximately $50 million; thus both parties have fulfilled and exceeded their initial investment commitments under the Agreement. As discussed in Note 7, liens were granted to the local financing entity on property, plant and equipment with a total carrying value of $94.5 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 approximately $4.7 million, $4.9 million and $0.7 million in fiscal 2020, 2019 and 2018, respectively. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the assets of PDMCX), and our maximum exposure to loss respectively from PDMCX at October 31, 2020, was $54.8 million.

As required by the guidance in Topic 810 - “Consolidation” of the Accounting Codification Standards, we evaluated our involvement in PDMCX for the purpose of determining whether we should consolidate its results in our financial statements. The initial step of our evaluation was to determine whether PDMCX was a variable interest entity (“VIE”). Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, we determined that it is a VIE. Having made this determination, we then assessed whether we were the primary beneficiary of the VIE, and concluded that we were the primary beneficiary during the current and prior years reporting periods; thus, as required, the PDMCX financial results have been consolidated with Photronics. Our conclusion was based on the fact that we held a controlling financial interest in PDMCX (which resulted from our having the power to direct the activities that most significantly impacted its economic performance) and had both 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 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 consolidated balance sheets are presented in the following table, together with our maximum exposures to loss related to these assets and liabilities.

	October 31, 2020				October 31, 2019
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest
Current assets	$	56,095	$	28,053	$	24,142	$	12,074
Noncurrent assets		141,097		70,562		114,015		57,019
Total assets		197,192		98,615		138,157		69,093
Current liabilities		31,922		15,964		16,889		8,446
Noncurrent liabilities		55,676		27,844		42,094		21,051
Total liabilities		87,598		43,808		58,983		29,497
Net assets	$	109,594	$	54,807	$	79,174	$	39,596

ACCRUED LIABILITIES

12 Months Ended

Oct. 31, 2020

ACCRUED LIABILITIES [Abstract]

ACCRUED LIABILITIES

NOTE 6 - ACCRUED LIABILITIES

Accrued liabilities consist of the following:

	October 31, 2020		October 31, 2019
Compensation related expenses	$	16,405	$	14,011
Income taxes		11,432		13,227
Contract liabilities		8,024		11,542
Property, plant, and equipment		2,355		288
Operating leases		2,175		-
Value added and other taxes		1,925		3,761
Contract manufacturing		1,275		422
Professional fees		1,254		537
Inventory		1,026		224
Telecommunications and utilities		1,006		710
Other		7,006		4,980
Accrued liabilities	$	53,883	$	49,702

LONG-TERM DEBT

12 Months Ended

Oct. 31, 2020

LONG-TERM DEBT [Abstract]

LONG-TERM DEBT

NOTE 7 - LONG-TERM DEBT

Long-term debt consists of the following:

	October 31, 2020			October 31, 2019

Project Loans	$	50,063		$	34,490
Working Capital Loans (value added tax component)		13,887			9,539

		63,950			44,029
Current portion of long-term debt		(8,970	)		(2,142	)

Long-term debt	$	54,980		$	41,887

At October 31, 2020, maturities of our long-term debt over the next five fiscal years and thereafter were as follows:

2021	$	8,970
2022		15,142
2023		13,406
2024		9,789
2025		9,432
Thereafter		7,211
	$	63,950

As of October 31, 2020 and October 31, 2019, the weighted-average interest rates of our short-term debt were 2.02% and 3.84%, respectively. Interest payments, including capitalized interest of $0.1 million in fiscal 2020, were $2.6 million in fiscal 2020 and 2019, and $1.9 million in fiscal 2018.

Xiamen Project Loans

In November 2018, PDMCX was approved for credit of 345 million RMB (approximately $51.4 million, at the balance sheet date), 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 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 $94.5 million as of October 31, 2020, as collateral for the Project Loans. As of October 31, 2020, PDMCX had outstanding borrowings of 336.0 million RMB ($50.1 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	$	6,705	$	7,334	$	9,592	$	9,789	$	9,432	$	7,211

The interest rates on the Project Loans are variable and are based on the RMB Loan Prime Rate of the National Interbank Funding Center (4.9% at October 31, 2020). Interest incurred on the loans is eligible for reimbursement through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provide for such reimbursements up to a prescribed limit.

The Company has covenants and provisions in its Project loans, certain of which relate to the assets pledged as security for these agreements; the Company was not in compliance with those provisions as of October 31, 2020. The Company obtained waivers for all specified noncompliance.

Hefei Equipment Loan

In October 2020, we were approved to borrow 200 million RMB (approximately $29.8 million) from the China Construction Bank Corporation. We received initial proceeds of 41 million RMB (approximately $6.2 million) against this approval in November 2020. Loan proceeds have been, and will be, used for the purchase of two lithography tools at our facility in Hefei, China. The interest rate on the loan is variable and based on the RMB Loan Prime Rate of the National Interbank Funding Center less 0.45% (adjusted annually), and is to be repaid semiannually, over five years, commencing on March 5, 2022. The interest rate on the loan was 4.2% at the borrowing date. The first five semiannual loan repayments will each be for 7.5 percent of the approved 200 million RMB loan principal; the last five installments will each be for 12.5 percent of the approved loan principal, with the final installment due on September 30, 2026. Semiannual repayments of the initial $6.2 million borrowed will commence on March 5, 2022, with a repayment of $2.3 million; subsequent semiannual repayments will be in the amounts of $2.3 million and $1.6 million. The borrowings are secured by the Hefei facility, its related land use right, and certain manufacturing equipment, which had a combined carrying value of $87.8 million as of October 31, 2020.

Xiamen 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 October 31, 2020, PDMCX had 93.2 million RMB ($13.9 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	$	2,265	$	7,808	$	3,814

As of October 31, 2020, PDMCX had 8.0 million RMB ($1.2 million) outstanding against the approval to fund operations; repayments are due one year from the borrowing dates; as such, we have classified this borrowing as short-term debt.

At October 31, 2020, the interest rate on the borrowing to fund operations is 4.6%, and interest rates on borrowings to pay VAT are approximately 4.53 to 4.61%; both rates are variable and are based on the RMB Loan Prime Rate of the National Interbank Funding Center, plus spreads that range from 40.00 to 76.00 basis points. Interest incurred on the VAT loans are eligible for reimbursement through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provide for such reimbursements up to a prescribed limit.

U.S. Equipment Loan #1

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 variable and payable monthly at thirty-day LIBOR plus 1% (1.15% at October 31, 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 2021; as such, we have classified this borrowing as short-term debt. All borrowings under the MLA are secured by the equipment to be leased or purchased. During the first quarter of fiscal 2021, this financing entity made an additional payment of $28 million to the equipment vendor on our behalf.

U.S. Equipment Loan #2

In October 2020, we entered into a Master Lease Agreement with a financing entity for the lease of an inspection tool with a maximum value of $10 million. The tool was delivered during the fourth quarter of fiscal year 2020, and the financing entity made a progress payment to the vendor of $6.5 million in the first quarter of fiscal year 2021. The progress payment will accrue interest at 1.56% payable monthly until the final payment for the tool is made, at which time the lease will begin.

Corporate 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 covenants around minimum interest coverage ratio, total leverage ratio, and minimum unrestricted cash balance (all of which we were in compliance with at October 31, 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 October 31, 2020, and $50 million was available for borrowing. The interest rate on the Credit Agreement (1.14% at October 31, 2020) is based on our total leverage ratio at LIBOR plus a spread, as defined in the Credit Agreement.

3.25% Convertible Senior Notes

In January 2015, we privately exchanged $57.5 million in aggregate principal amount of our 3.25% convertible senior notes with a maturity date of April 1, 2016, for new 3.25% convertible senior notes with an aggregate principal amount of $57.5 million with a maturity date of April 1, 2019. In April 2019, the entire $57.5 million principal amount was repaid upon maturity.

REVENUE

12 Months Ended

Oct. 31, 2020

REVENUE [Abstract]

REVENUE

NOTE 8 - REVENUE

We adopted Accounting Standards Update 2014-09 and all subsequent amendments which are collectively codified in Accounting Standards Codification Topic 606 - “Revenue from Contracts with Customers” (“Topic 606”) - on November 1, 2018, under the modified retrospective transition method, only with respect to contracts that were not complete as of the date of adoption. This approach required prospective application of the guidance with a cumulative effect adjustment to retained earnings to reflect the impact of the adoption on contracts that were not complete as of the date of the adoption. In accordance with the modified retrospective transition method, the results of fiscal 2018 presented have not been adjusted for the effects of Topic 606. Please refer to Note 1 for information on our revenue recognition policies.

Disaggregation of Revenue

The following tables present our revenue for the years ended October 31, 2020 and October 31, 2019, disaggregated by product type, geographic origin, and timing of recognition.

	Year Ended		Year Ended
Revenue by Product Type	October 31, 2020		October 31, 2019
IC
High-end	$	156,129	$	156,418
Mainstream		262,281		249,773
Total IC	$	418,410	$	406,191

FPD
High-end	$	139,558	$	98,832
Mainstream		51,723		45,637
Total FPD	$	191,281	$	144,469
	$	609,691	$	550,660

Revenue by Geographic Origin
Taiwan	$	239,101	$	244,377
Korea		153,052		147,734
United States		104,949		105,045
China		79,374		19,010
Europe		31,501		32,585
All other Asia		1,714		1,909
	$	609,691	$	550,660

Revenue by Timing of Recognition
Over time	$	535,071	$	497,942
At a point in time		74,620		52,718
	$	609,691	$	550,660

- 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
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Section 50
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-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
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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
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

LEASES

12 Months Ended

Oct. 31, 2020

LEASES [Abstract]

LEASES

NOTE 9 - 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 impact of our adoption of Topic 842 on our current and deferred income taxes was immaterial.

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. Please refer to Note 1 for additional information on our leases accounting policies.

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 October 31, 2020, we had ROU assets under operating leases of $7.7 million, included in Other Assets, and $2.2 million and $5.0 million of lease liabilities, included in Accrued liabilities and Other liabilities, respectively, on the consolidated balance sheet. The following tables present lease payments under non-cancellable leases as of October 31, 2020.

	Fiscal Year												Total Lease		Imputed
	2021		2022		2023		2024		2025		Thereafter		Payments		Interest*		Total
Lease payments	$	2,275	$	2,157	$	1,205	$	756	$	618	$	524	$	7,535	$	352	$	7,183

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

As of October 31, 2020, we had entered into operating leases, which had not yet commenced, with aggregate underlying ROU assets and corresponding lease liabilities of $0.1 million.

The following table presents lease costs for the year ended October 31, 2020.

	Year Ended
	October 31, 2020

Operating lease costs	$	3,076
Short-term lease costs	$	359
Variable lease costs	$	378

Presented below is other information related to our operating leases.

Supplemental cash flows information:
	Year Ended
	October 31, 2020

Operating cash flows used for operating leases	$	3,584
ROU assets obtained in exchange for operating lease obligations	$	2,681

	As of
	October 31, 2020

Weighted-average remaining lease term	4.1 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

12 Months Ended

Oct. 31, 2020

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

NOTE 10 – 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), or a combination thereof. The maximum number of shares of common stock approved that may be issued under the Plan is four million shares. Awards may be granted to officers, employees, directors, consultants, advisors, and independent contractors of Photronics or its subsidiaries. In the event of a change in control (as defined in the Plan), the vesting of awards may be accelerated. The Plan, aspects of which are more fully described below, prohibits further awards from being issued under prior plans. We incurred total share-based compensation expenses of $4.9 million, $3.7 million, and $3.2 million in fiscal years 2020, 2019, and 2018, respectively. No share-based compensation cost was capitalized as part of an asset, and $0.2 million of related income tax benefits were recorded during the fiscal years 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 values of the awards are determined on the date of grant, based on the closing stock price of our common stock. There were 538,000, 435,000, and 290,000 restricted stock awards granted during fiscal years, 2020, 2019 and 2018, respectively. The weighted-average grant-date fair values of those awards were $15.08, $9.80 and $8.62. The total fair value of awards for which restrictions lapsed was $3.0 million, $1.9 million and $1.4 million during fiscal years 2020, 2019 and 2018, respectively. As of October 31, 2020, the total compensation cost for restricted stock awards not yet recognized was approximately $6.9 million. That cost is expected to be recognized over a weighted-average amortization period of 2.8 years.

A summary of restricted stock award activity during fiscal year 2020 and the status of our outstanding restricted stock awards as of October 31, 2020, is presented below:

Restricted Stock	Shares			Weighted-Average Fair Value at Grant Date

Outstanding at October 31, 2019		640,113		$	9.70
Granted		538,000		$	15.08
Vested		(271,347	)	$	10.90
Cancelled		(94,450	)	$	12.41
Outstanding at October 31, 2020		812,316		$	12.55
Expected to vest as of October 31, 2020		770,778		$	12.48

Stock Options

Option awards generally vest in one to four years, and have a ten-year contractual term. All incentive and non-qualified stock option grants must have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant-date fair values of options are based on 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 granted are expected to remain outstanding. The risk-free rate of return for the estimated term of an option is based on the U.S. Treasury yield curve in effect at the date of grant.

There were no stock option awards granted during fiscal year 2020. The weighted-average inputs and risk-free rate of return ranges used to calculate the grant-date fair value of stock options granted during fiscal years 2019 and 2018 are presented in the following table:

	Year Ended
	October 31, 2019	October 31, 2018
Expected volatility	33.1%	31.7%
Risk-free rate of return	2.5 – 2.9%	2.2 – 2.8%
Dividend yield	0.0%	0.0%
Expected term	5.1 years	5.0 years

The table below presents a summary of stock options activity during fiscal year 2020 and information on stock options outstanding at October 31, 2020.

Options	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at October 31, 2019		2,170,767		$	9.00
Granted		-			-
Exercised		(493,450	)	$	7.94
Cancelled and forfeited		(56,200	)	$	10.33
Outstanding at October 31, 2020		1,621,117		$	9.27	4.6 years	$	1,778
Exercisable at October 31, 2020		1,366,864		$	9.21	4.2 years	$	1,651
Vested and expected to vest as of October 31, 2020		246,055		$	9.61	7.3 years	$	123

The weighted-average grant date fair value of options granted during fiscal years 2019 and 2018 were $3.31 and $2.76, respectively. The total intrinsic value of options exercised during fiscal years 2020, 2019 and 2018 was $3.2 million, $1.3 million and $2.5 million, respectively.

We received cash from option exercises of $3.7 million, $2.1 million and $4.3 million in fiscal years 2020, 2019 and 2018, respectively. As of October 31, 2020, the total unrecognized compensation cost of unvested option awards was approximately $0.4 million. That cost is expected to be recognized over a weighted-average amortization period of 1.7 years.

Employee Stock Purchase Plan

Our Employee Stock Purchase Plan (“ESPP”) permits employees to purchase Photronics, Inc. common shares at 85% of the lower of the closing market price at the commencement or ending date of the Plan year (which is approximately one year). We recognize the ESPP expense during that same period. As of October 31, 2020, the maximum number of shares of common stock approved by our shareholders to be purchased under the ESPP was 1.85 million shares, of which approximately 1.5 million shares had been issued through October 31, 2020. As of October 31, 2020, 0.1 million shares were subject to outstanding subscriptions.

EMPLOYEE RETIREMENT PLANS	12 Months Ended
EMPLOYEE RETIREMENT PLANS	Oct. 31, 2020
EMPLOYEE RETIREMENT PLANS [Abstract]
EMPLOYEE RETIREMENT PLANS	NOTE 11 - EMPLOYEE RETIREMENT PLANS We maintain a 401(k) Savings and Profit Sharing Plan (“401(k) Plan”) which covers all full and certain part time U.S. employees who have completed three months of service and are 18 years of age or older. Under the terms of the 401(k) Plan, employees may contribute up to 50% of their salary, subject to certain maximum amounts, which will be matched by the Company at 50% of the employee’s contributions that are not in excess of 4% of the employee’s compensation. Employee and employer contributions vest immediately upon contribution. The total employer contributions for all of our defined contribution plans were $0.7 million, $0.7 million and $0.7 million in fiscal years 2020, 2019 and 2018, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

INCOME TAXES

12 Months Ended

Oct. 31, 2020

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 12 - INCOME TAXES

Income before the income tax provisions consists of the following:

	Year Ended
	October 31, 2020			October 31, 2019			October 31, 2018

United States	$	(10,672	)	$	(8,379	)	$	(9,859	)
Foreign		72,273			59,080			78,430
	$	61,601		$	50,701		$	68,571

The income tax provisions consist of the following:

	Year Ended
	October 31, 2020			October 31, 2019			October 31, 2018
Current:
Federal	$	-		$	(3,916	)	$	(30	)
State		4			11			-
Foreign		21,698			17,777			11,584

Deferred:
Federal		-			3,673			(3,673	)
State		8			10			(24	)
Foreign		(452	)		(7,345	)		(522	)
Total	$	21,258		$	10,210		$	7,335

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

	Year Ended
	October 31, 2020			October 31, 2019			October 31, 2018

U.S. federal income tax at statutory rate	$	12,936		$	10,647		$	16,059
Changes in valuation allowances		6,942			2,673			4,554
Foreign tax rate differentials		1,718			218			(2,078	)
Tax credits		(1,562	)		(1,268	)		(1,530	)
Uncertain tax positions, including reserves, settlements and resolutions		1,637			134			(1,791	)
Employee stock option		-			-			(1,433	)
Income tax holiday		(318	)		(2,234	)		(2,648	)
Tax reform		-			-			(3,736	)
Distributions from foreign subsidiaries		-			-			-
Tax on foreign subsidiary earnings		-			-			-
Other, net		(95	)		40			(62	)
	$	21,258		$	10,210		$	7,335
Effective tax rate		34.5	%		20.1	%		10.7	%

The fiscal year 2020 effective tax rate differs from the U.S. statutory rate of 21% primarily due to loss jurisdiction pre-tax losses not being benefited due to valuation allowances, non-U.S. pre-tax income being taxed at higher statutory rates in the non-U.S. jurisdictions (partially offset by the benefits of a tax holiday), and investment credits in foreign jurisdictions.

The fiscal year 2019 effective tax rate differs from the U.S. statutory rate of 21% due to the recognition of a benefit related to previously unrecognized tax positions, loss jurisdiction pre-tax losses being benefited at higher statutory rates than pre-tax income in income jurisdictions was taxed, changes in deferred tax asset valuation allowance, the benefits of a tax holiday, and investment credits in foreign jurisdictions.

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

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, $2.2 million and $2.6 million in fiscal years 2020, 2019 and 2018, respectively, with an $0.02 and $0.035 cents per share impact in fiscal 2019 and 2018, respectively, and an immaterial per share effect in fiscal 2020.

On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Act”), was signed into law, enacting significant changes to the United States Internal Revenue Code of 1986, as amended. Based on the enactment date, we accounted for the Act in our interim period ended January 28, 2018. In December 2017, the Securities and Exchange Commission released Staff Accounting Bulletin No. 118 (“SAB 118”) to address situations in which the accounting under Accounting Standards Codification Topic 740 – “Income Taxes” is incomplete for certain income tax effects of the Act. We adopted SAB 118 in our first quarter of fiscal year 2018, and finalized its effects in our fourth quarter of fiscal 2018. In the period ended January 28, 2018, we recognized the following effects in our provision for income taxes:

•

The Act repealed the corporate alternative minimum tax (“AMT”) for tax years beginning after December 31, 2017, and provided that existing AMT credit carryforwards are fully refundable. We recognized a $3.9 million benefit on AMT credit carryforwards that we previously determined were not more likely than not going to be realized and reversed the previously recorded valuation allowance.

•

As of January 1, 2018, the Act reduced the corporate income tax rate from a maximum 35% to a flat 21%, requiring us to revalue our deferred tax assets and liabilities utilizing the rate applicable to the period when a temporary difference will reverse. Our net deferred tax asset is fully offset by a valuation allowance, and the revaluation of the deferred tax assets and liabilities resulted in a net-zero impact for the period.

•

The Act imposed a transition tax for a one-time deemed repatriation of the accumulated earnings of foreign subsidiaries. The entire amount of transition tax was fully offset by tax credits (including carryforwards) that resulted in a provisional net-zero impact on the period.

On January 18, 2018, the Taiwan Legislature Yuan approved amendments to the Income Tax Act, enacting an increase in the corporate tax rate from 17% to 20%, which required us to revalue our deferred tax assets and liabilities utilizing the rate applicable to the period when a temporary difference will reverse. Accordingly, a net benefit of $0.2 million is reflected in our tax provision in fiscal year 2018.

The net deferred income tax assets consist of the following:

	As of
	October 31, 2020			October 31, 2019
Deferred income tax assets:
Net operating losses	$	34,457		$	32,229
Reserves not currently deductible		6,287			5,013
Tax credit carryforwards		9,481			9,164
Share-based compensation		1,306			860
Property, plant and equipment		3,887			-
Other		398			434
		55,816			47,700
Valuation allowances		(33,973	)		(27,032	)
		21,843			20,668
Deferred income tax liabilities:
Property, plant and equipment		-			(251	)
Other		-			-
		-			(251	)
Net deferred income tax assets	$	21,843		$	20,417

Reported as:
Deferred income tax assets	$	22,070		$	20,779
Deferred income tax liabilities		(227	)		(362	)
	$	21,843		$	20,417

We have established a valuation allowance for a portion of our deferred tax assets because we believe, based on the weight of all available evidence, that it is more likely than not that a portion of our net operating loss carryforwards will expire prior to utilization. In fiscal 2020 the valuation allowance increased as a result of management’s determination that tax benefits on losses incurred in a non-U.S. jurisdiction would not more likely than not be realized and, therefore, increased the valuation allowance to include these net operating losses. In fiscal 2019, the valuation allowance increased as a result of an increase in fully valued net operating losses.

Due to the Act, as of fiscal year end 2018, U.S. deferred taxes were no longer provided on the undistributed earnings of non-U.S. subsidiaries. Our policy to indefinitely reinvest these earnings in non-U.S. operations remains unchanged for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding taxes. Therefore, should we elect in the future to repatriate the remaining foreign earnings deemed to be indefinitely reinvested, we may incur additional state and withholding tax expense on those foreign earnings, the amount of which is not practicable to compute.

The following tables present our available operating loss and credit carryforwards as of October 31, 2020, and their related expiration periods:

Operating Loss Carryforwards	Amount		Expiration Periods
Federal	$	90,125	2028-Indefinite
State		205,649		2020-2040
Foreign		14,895		2022-2030

Tax Credit Carryforwards	Amount		Expiration Period
Federal research and development	$	4,796		2024-2040
State		5,928		2020-2034

In September 2019, we entered into a Section 382 Rights Agreement with Computershare Trust Company, N.A., a federally chartered trust company, as rights agent. The purpose of the Rights Agreement is to deter trading of our common stock that would result in a change in control (as defined in Internal Revenue Control Section 382), thereby preserving our future ability to use our historical federal net operating losses and other Tax Attributes (as defined in the Rights Agreement). In connection with our entry into the Rights Agreement, our board of directors declared a dividend of one preferred stock purchase right, for each share of the Company’s common stock, par value $0.01 per share, outstanding on September 30, 2019, to the stockholders of record on that date.

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

	Year Ended
	October 31, 2020			October 31, 2019			October 31, 2018
Balance at beginning of year	$	1,758		$	1,775		$	3,384
Additions (reductions) for tax positions in prior years		227			(466	)		(44	)
Additions based on current year tax positions		1,576			1,286			498
Settlements		(992	)		(204	)		(56	)
Lapses of statutes of limitations		(19	)		(633	)		(2,007	)
Balance at end of year	$	2,550		$	1,758		$	1,775

At October 31, 2020, October 31, 2019 and October 31, 2018, unrecognized tax benefits, which are included in Other liabilities, include $2.0 million $1.9 million, and $1.9 million, respectively, that, if recognized, would impact the effective tax rates. Included in each of these amounts were interest and penalties of $0.1 million, $0.2 million, and $0.1 million, at the end of fiscal years 2020, 2019, and 2018, respectively. We include any applicable interest and penalties related to uncertain tax positions in our income tax provision. The amounts reflected in the table above include settlements of non-U.S. audits.

Although the timing of the expirations of statutes of limitations may be uncertain, as they can be dependent upon the settlement of tax audits, the Company believes that the amount of uncertain tax positions (including accrued interest and penalties, and net of tax benefits) that may be resolved over the next twelve months is $0.4 million. Resolution of these uncertain tax positions may result from either or both the lapses of statutes of limitations and/or tax settlements. The Company is no longer subject to tax authority examinations in the U.S., major foreign, or state tax jurisdictions for years prior to fiscal year 2015.

Income tax payments were $23.0 million, $15.9 million and $6.1 million in fiscal 2020, 2019 and 2018, respectively. Cash received as refunds of income taxes paid in prior years amounted to $4.3 million in fiscal 2020, $1.1 million in fiscal 2018, and an immaterial amount in fiscal 2019.

- 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

12 Months Ended

Oct. 31, 2020

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 13 - EARNINGS PER SHARE

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

	Year Ended
	October 31, 2020		October 31, 2019		October 31, 2018

Net income attributable to Photronics, Inc. shareholders	$	33,820	$	29,793	$	42,055
Effect of dilutive securities:
Interest expense on convertible notes, net of tax		-		845		1,999

Earnings used for diluted earnings per share	$	33,820	$	30,638	$	44,054

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		64,866		66,347		68,829
Effect of dilutive securities:
Share-based payment awards		604		448		450
Convertible notes		-		2,360		5,542

Potentially dilutive common shares		604		2,808		5,992

Weighted-average common shares used for diluted earnings per share		65,470		69,155		74,821

Basic earnings per share	$	0.52	$	0.45	$	0.61
Diluted earnings per share	$	0.52	$	0.44	$	0.59

The table below illustrates 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.

	Year Ended
	October 31, 2020		October 31, 2019		October 31, 2018

Share based payment awards		795		1,250		1,627
Total potentially dilutive shares excluded		795		1,250		1,627

Subsequent to October 31, 2020, we repurchased 0.1 million shares of our common stock. See Note 20 for information on our share repurchase programs.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Oct. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14 - COMMITMENTS AND CONTINGENCIES As of October 31, 2020, we had outstanding purchase commitments of $130 million, $112 million of which was for capital equipment. As of October 31, 2020, we had recorded liabilities for the purchase of equipment of $15 million. 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 claims that arise in the ordinary course of business. We believe such claims, individually and in the aggregate, will not have a material effect on our consolidated financial statements.

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION

12 Months Ended

Oct. 31, 2020

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION [Abstract]

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION

NOTE 15 - GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION

We operate as a single operating segment as a manufacturer of photomasks, which are high precision quartz or glass plates containing microscopic images of electronic circuits for use in the fabrication of IC’s and FPDs.

Our fiscal 2020, 2019 and 2018 revenue by geographic origin and by IC and FPD products are presented below.

	Year Ended
	October 31, 2020		October 31, 2019		October 31, 2018
Net revenue
Taiwan	$	239,101	$	244,377	$	237,039
Korea		153,052		147,734		147,066
United States		104,949		105,045		112,648
China		79,374		19,010		1,157
Europe		31,501		32,585		35,540
All other Asia		1,714		1,909		1,826

	$	609,691	$	550,660	$	535,276

IC	$	418,410	$	406,191	$	416,064
FPD		191,281		144,469		119,212

	$	609,691	$	550,660	$	535,276

Our 2020 and 2019 long-lived assets by geographic area are presented below.

	As of
	October 31, 2020		October 31, 2019
Long-lived assets
China	$	262,800	$	232,394
Taiwan		123,979		146,467
United States		130,164		130,935
Korea		110,815		117,755
Europe		3,717		4,890

	$	631,475	$	632,441

One customer accounted for 16%, 15%, and 15% of our revenue in fiscal years 2020, 2019 and 2018, respectively, and another customer accounted for 14%, 16% and 16% of our revenue in fiscal years 2020, 2019 and 2018, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

12 Months Ended

Oct. 31, 2020

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

NOTE 16 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

The following tables set forth the changes in our accumulated other comprehensive income by component (net of tax of $0) for the years ended October 31, 2020 and October 31, 2019:

	Year Ended October 31, 2020
	Foreign Currency Translation Adjustments			Other			Total

Balance at October 31, 2019	$	(8,331	)	$	(674	)	$	(9,005	)
Other comprehensive income (loss)		36,381			(390	)		35,991
Less: other comprehensive income (loss) attributable to noncontrolling interests		9,222			(194	)		9,028

Balance at October 31, 2020	$	18,828		$	(870	)	$	17,958

	Year Ended October 31, 2019
	Foreign Currency Translation Adjustments			Other			Total

Balance at October 31, 2018	$	(4,328	)	$	(638	)	$	(4,966	)
Other comprehensive loss		(2,877	)		(74	)		(2,951	)
Less: other comprehensive income (loss) attributable to noncontrolling interests		1,126			(38	)		1,088

Balance at October 31, 2019	$	(8,331	)	$	(674	)	$	(9,005	)

CONCENTRATIONS OF CREDIT RISK	12 Months Ended
CONCENTRATIONS OF CREDIT RISK	Oct. 31, 2020
CONCENTRATIONS OF CREDIT RISK [Abstract]
CONCENTRATIONS OF CREDIT RISK	NOTE 17 – CONCENTRATIONS OF CREDIT RISK Financial instruments that potentially subject us to credit risk principally consist of trade accounts receivable and short-term cash investments. We sell our products primarily to semiconductor and FPD manufacturers in Asia, North America, and Europe. We believe that the concentration of credit risk in our trade receivables is substantially mitigated by our ongoing credit evaluation process and relatively short collection terms. We do not generally require collateral from customers. We establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Our cash and cash equivalents are deposited in several financial institutions, including institutions located within all of the countries in which we manufacture photomasks. Portions of deposits in some of these institutions may exceed the amount of insurance available for such deposits at these institutions. As these deposits are generally redeemable upon demand and are held by high quality, reputable institutions, we consider them to bear minimal credit risk. We further mitigate credit risks related to our cash and cash equivalents by spreading such risk among a number of institutions. As of October 31, 2020 and October 31, 2019, one of our customers accounted for 24% and 17% of our net accounts receivable, respectively.

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Oct. 31, 2020
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 18 - RELATED PARTY TRANSACTIONS On January 20, 2018, we entered into a four-year consulting agreement with DEMA Associates, LLC, of which the chairman of our board of directors is a member, for $0.4 million per year. We incurred expenses for services provided by this entity of $0.4 million and $0.3 million in fiscal years 2019 and 2018, respectively. Effective March 9, 2020, the agreement was amended to reduce the consideration under the contract to $0.1 million per year for its remaining term; in fiscal 2020, we incurred expenses for services provided by this entity of $0.2 million. An officer of our company is related to an individual in a position of authority at one of our largest customers. We recorded revenue from this customer of $96.4 million, $87.0 million and $78.4 million, in fiscal years 2020, 2019 and 2018, respectively. As of October 31, 2020 and October 31, 2019, we had accounts receivable of $32.7 million and $22.2 million, respectively, from this customer. We believe that the terms of our transactions with the related parties described above were negotiated at arm’s length and were no less favorable to us than terms we could have obtained from unrelated third parties.

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Oct. 31, 2020
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 19 - 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 approximate 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 October 31, 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

12 Months Ended

Oct. 31, 2020

SHARE REPURCHASE PROGRAMS [Abstract]

SHARE REPURCHASE PROGRAMS

NOTE 20 – SHARE REPURCHASE PROGRAMS

In September 2020, 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”). Repurchases under the program commenced on September 16, 2020.

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. The share repurchase program commenced on September 25, 2019, and was terminated on March 20, 2020.

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.

In July 2018, the Company’s Board of Directors authorized the repurchase of up to $20 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 July 10, 2018, and was completed in October 2018, when the authorized amount was exhausted.

All of the shares purchased under the above repurchase programs in fiscal 2020 were retired prior to the end of the fiscal year. All of the shares purchased under prior year repurchase programs were retired in fiscal year 2019. The Table below presents information on the repurchase programs.

	Fiscal Year 2020 Purchases		Fiscal Year 2019 Purchases		Fiscal Year 2018 Purchases		Total Purchases Under Programs

Number of shares repurchased		3,194		2,133		2,558		7,885

Cost of shares repurchased	$	34,394	$	21,696	$	23,111	$	79,201

Average price paid per share	$	10.77	$	10.17	$	9.04	$	10.04

SUBSIDIARY DIVIDEND	12 Months Ended
SUBSIDIARY DIVIDEND	Oct. 31, 2020
SUBSIDIARY DIVIDEND [Abstract]
SUBSIDIARY DIVIDEND	NOTE 21 – SUBSIDIARY DIVIDEND In fiscal years 2020, 2019 and 2018, PDMC, the Company’s majority owned subsidiary in Taiwan, paid dividends of which 49.99%, or approximately $16.2 million, $45.1 million and $8.2 million, respectively, were paid to noncontrolling interests.

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Oct. 31, 2020

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) [Abstract]

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

NOTE 22 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The following table sets forth certain unaudited quarterly financial data:

	First		Second		Third		Fourth		Year
Fiscal 2020:

Revenue	$	159,736	$	142,774	$	157,895	$	149,286	$	609,691
Gross profit		34,602		30,433		37,734		31,885		134,654
Net income		10,928		7,972		12,864		8,579		40,343
Net income attributable to Photronics, Inc. shareholders		10,300		6,284		10,776		6,460		33,820

Earnings per share:
Basic	$	0.16	$	0.10	$	0.17	$	0.10	$	0.52
Diluted	$	0.16	$	0.10	$	0.17	$	0.10	$	0.52

	First		Second		Third		Fourth		Year
Fiscal 2019:

Revenue	$	124,712	$	131,580	$	138,112	$	156,256	$	550,660
Gross profit		26,102		26,010		30,570		38,159		120,841
Net income		7,768		9,852		9,834		13,037		40,491
Net income attributable to Photronics, Inc. shareholders		5,267		8,479		6,347		9,700		29,793

Earnings per share:
Basic	$	0.08	$	0.13	$	0.10	$	0.15	$	0.45
Diluted	$	0.08	$	0.13	$	0.10	$	0.15	$	0.44

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Oct. 31, 2020
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 23 - RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Updates Implemented 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 9 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 was effective for Photronics in its first quarter of fiscal year 2021. We adopted ASU 2016-13 on November 1, 2020; the effect of the adoption was immaterial, and did not warrant our recording a cumulative-effect adjustment.

- 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.

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+ Details

Schedule II-Valuation and Qualifying Accounts

12 Months Ended

Oct. 31, 2020

Schedule II-Valuation and Qualifying Accounts [Abstract]

Schedule II-Valuation and Qualifying Accounts

Schedule II

Valuation and Qualifying Accounts

for the Years Ended October 31, 2020, October 31, 2019

and October 31, 2018

(in $ thousands)

	Balance at Beginning of Year		Charged to Costs and Expenses			Deductions			Balance at End of Year
Allowance for Doubtful Accounts

Year-ended October 31, 2020	$	1,334	$	(22	)	$	12	(a)	$	1,324
Year-ended October 31, 2019	$	1,526	$	(18	)	$	(174	)(a)	$	1,334
Year ended October 31, 2018	$	2,319	$	(809	)	$	16	(a)	$	1,526

_________________

(a)	Uncollectible accounts written off, net, and impact of foreign currency translation.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Oct. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Consolidation

Estimates and Assumptions

Reclassifications

Cash and Cash Equivalents

Accounts Receivable and Allowance for Doubtful Accounts

Inventories

	October 31 2020		October 31 2019

Raw materials	$	56,389	$	46,027
Work in process		767		2,122
Finished goods		113		6
	$	57,269	$	48,155

Property, Plant and Equipment

Impairment of Long-Lived Assets

Contract Assets, Contract Liabilities, and Accounts Receivable

Contract Costs

Remaining Performance Obligations

Product Warranty

Share-Based Compensation

Research and Development

Foreign Currency Translation

Government Grants

Income Taxes

Earnings Per Share

Variable Interest Entities

Leases

PDMCX JOINT VENTURE (Policies)	12 Months Ended
PDMCX JOINT VENTURE (Policies)	Oct. 31, 2020
PDMCX JOINT VENTURE [Abstract]
Variable Interest Entities	As required by the guidance in Topic 810 - “Consolidation” of the Accounting Codification Standards, we evaluated our involvement in PDMCX for the purpose of determining whether we should consolidate its results in our financial statements. The initial step of our evaluation was to determine whether PDMCX was a variable interest entity (“VIE”). Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, we determined that it is a VIE. Having made this determination, we then assessed whether we were the primary beneficiary of the VIE, and concluded that we were the primary beneficiary during the current and prior years reporting periods; thus, as required, the PDMCX financial results have been consolidated with Photronics. Our conclusion was based on the fact that we held a controlling financial interest in PDMCX (which resulted from our having the power to direct the activities that most significantly impacted its economic performance) and had both 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 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)	12 Months Ended
REVENUE (Policies)	Oct. 31, 2020
REVENUE [Abstract]
Revenue	We adopted Accounting Standards Update 2014-09 and all subsequent amendments which are collectively codified in Accounting Standards Codification Topic 606 - “Revenue from Contracts with Customers” (“Topic 606”) - on November 1, 2018, under the modified retrospective transition method, only with respect to contracts that were not complete as of the date of adoption. This approach required prospective application of the guidance with a cumulative effect adjustment to retained earnings to reflect the impact of the adoption on contracts that were not complete as of the date of the adoption. In accordance with the modified retrospective transition method, the results of fiscal 2018 presented have not been adjusted for the effects of Topic 606. Please refer to Note 1 for information on our revenue recognition policies.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

LEASES (Policies)

12 Months Ended

Oct. 31, 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)	12 Months Ended
SHARE-BASED COMPENSATION (Policies)	Oct. 31, 2020
Stock Options [Abstract]
Stock Options Accounting Policy	Share-Based Compensation We recognize share-based compensation expense over the service period that the awards are expected to vest. Share-based compensation expense includes the estimated effects of forfeitures, which are adjusted over the requisite service period to the extent actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized in the period of change, and will impact the amount of expense to be recognized in future periods. Determining the appropriate option pricing model, calculating the grant date fair value of share-based awards, and estimating forfeiture rates requires considerable judgment, including estimations of stock price volatility and the expected term of options granted. We use the Black-Scholes option pricing model to value employee stock options. We estimate stock price volatility based on daily averages of our common stock’s historical volatility over a term approximately equal to the estimated time period the grant will remain outstanding. The expected term of options and forfeiture rate assumptions are derived from historical data.
Employee Stock Option [Member]
Stock Options [Abstract]
Stock Options Accounting Policy	Option awards generally vest in one to four years, and have a ten-year contractual term. All incentive and non-qualified stock option grants must have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant-date fair values of options are based on 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 granted are expected to remain outstanding. The risk-free rate of return for the estimated term of an option is based on the U.S. Treasury yield curve in effect at the date of grant.

INCOME TAXES (Policies)	12 Months Ended
INCOME TAXES (Policies)	Oct. 31, 2020
INCOME TAXES [Abstract]
Unremitted Earnings in Foreign Investment	Due to the Act, as of fiscal year end 2018, U.S. deferred taxes were no longer provided on the undistributed earnings of non-U.S. subsidiaries. Our policy to indefinitely reinvest these earnings in non-U.S. operations remains unchanged for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding taxes. Therefore, should we elect in the future to repatriate the remaining foreign earnings deemed to be indefinitely reinvested, we may incur additional state and withholding tax expense on those foreign earnings, the amount of which is not practicable to compute.
Interest and Penalties Related to Uncertain Tax Positions	At October 31, 2020, October 31, 2019 and October 31, 2018, unrecognized tax benefits, which are included in Other liabilities, include $2.0 million $1.9 million, and $1.9 million, respectively, that, if recognized, would impact the effective tax rates. Included in each of these amounts were interest and penalties of $0.1 million, $0.2 million, and $0.1 million, at the end of fiscal years 2020, 2019, and 2018, respectively. We include any applicable interest and penalties related to uncertain tax positions in our income tax provision. The amounts reflected in the table above include settlements of non-U.S. audits. Although the timing of the expirations of statutes of limitations may be uncertain, as they can be dependent upon the settlement of tax audits, the Company believes that the amount of uncertain tax positions (including accrued interest and penalties, and net of tax benefits) that may be resolved over the next twelve months is $0.4 million. Resolution of these uncertain tax positions may result from either or both the lapses of statutes of limitations and/or tax settlements. The Company is no longer subject to tax authority examinations in the U.S., major foreign, or state tax jurisdictions for years prior to fiscal year 2015.

FAIR VALUE MEASUREMENTS (Policies)	12 Months Ended
FAIR VALUE MEASUREMENTS (Policies)	Oct. 31, 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)	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Oct. 31, 2020
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recent Accounting Pronouncements	Accounting Standards Updates Implemented 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 9 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 was effective for Photronics in its first quarter of fiscal year 2021. We adopted ASU 2016-13 on November 1, 2020; the effect of the adoption was immaterial, and did not warrant our recording a cumulative-effect adjustment.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Oct. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Inventories

	October 31 2020		October 31 2019

Raw materials	$	56,389	$	46,027
Work in process		767		2,122
Finished goods		113		6
	$	57,269	$	48,155

OTHER CURRENT ASSETS (Tables)

12 Months Ended

Oct. 31, 2020

OTHER CURRENT ASSETS [Abstract]

Other Current Assets

Other current assets consists of the following:

	October 31, 2020		October 31, 2019

Recoverable value added taxes	$	16,539	$	16,494
Contract assets		6,313		7,596
Prepaid expenses		6,153		6,506
Prepaid and refundable income taxes		122		2,642
Other		608		5,150
	$	29,735	$	38,388

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Oct. 31, 2020

PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]

Property, Plant and Equipment

Property, plant and equipment, net consists of the following:

	October 31, 2020			October 31, 2019

Land	$	12,422		$	12,085
Buildings and improvements		179,162			172,340
Machinery and equipment		1,812,791			1,748,483
Leasehold improvements		21,157			19,921
Furniture, fixtures and office equipment		15,665			14,404
Construction in progress		70,915			28,135
		2,112,112			1,995,368
Accumulated depreciation and amortization		(1,480,637	)		(1,362,927	)
	$	631,475		$	632,441

INTANGIBLE ASSETS (Tables)

12 Months Ended

Oct. 31, 2020

INTANGIBLE ASSETS [Abstract]

Intangible Assets

Intangible assets consist of:

As of October 31, 2020	Gross Amount		Accumulated Amortization			Net Amount
Technology license agreement	$	59,616	$	(57,298	)	$	2,318
Customer relationships		2,060		(1,245	)		815
Software and other		6,496		(6,192	)		304
	$	68,172	$	(64,735	)	$	3,437

As of October 31, 2019
Technology license agreement	$	59,616	$	(53,323	)	$	6,293
Customer relationships		9,174		(8,186	)		988
Software and other		6,537		(5,948	)		589
	$	75,327	$	(67,457	)	$	7,870

Intangible Asset Amortization Over the Next Five Years

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

Fiscal Years:

2021	$	2,839
2022	$	131
2023	$	129
2024	$	128
2025	$	128
Thereafter	$	82

PDMCX JOINT VENTURE (Tables)

12 Months Ended

Oct. 31, 2020

PDMCX JOINT VENTURE [Abstract]

Carrying Amounts and Exposure to Loss Related to Assets and Liabilities

	October 31, 2020				October 31, 2019
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest
Current assets	$	56,095	$	28,053	$	24,142	$	12,074
Noncurrent assets		141,097		70,562		114,015		57,019
Total assets		197,192		98,615		138,157		69,093
Current liabilities		31,922		15,964		16,889		8,446
Noncurrent liabilities		55,676		27,844		42,094		21,051
Total liabilities		87,598		43,808		58,983		29,497
Net assets	$	109,594	$	54,807	$	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

ACCRUED LIABILITIES (Tables)

12 Months Ended

Oct. 31, 2020

ACCRUED LIABILITIES [Abstract]

Accrued Liabilities

Accrued liabilities consist of the following:

	October 31, 2020		October 31, 2019
Compensation related expenses	$	16,405	$	14,011
Income taxes		11,432		13,227
Contract liabilities		8,024		11,542
Property, plant, and equipment		2,355		288
Operating leases		2,175		-
Value added and other taxes		1,925		3,761
Contract manufacturing		1,275		422
Professional fees		1,254		537
Inventory		1,026		224
Telecommunications and utilities		1,006		710
Other		7,006		4,980
Accrued liabilities	$	53,883	$	49,702

LONG-TERM DEBT (Tables)

12 Months Ended

Oct. 31, 2020

LONG-TERM DEBT [Abstract]

Long-Term Debt

Long-term debt consists of the following:

	October 31, 2020			October 31, 2019

Project Loans	$	50,063		$	34,490
Working Capital Loans (value added tax component)		13,887			9,539

		63,950			44,029
Current portion of long-term debt		(8,970	)		(2,142	)

Long-term debt	$	54,980		$	41,887

Debt Instrument [Line Items]

Maturities of Long-term Debt

At October 31, 2020, maturities of our long-term debt over the next five fiscal years and thereafter were as follows:

2021	$	8,970
2022		15,142
2023		13,406
2024		9,789
2025		9,432
Thereafter		7,211
	$	63,950

Xiamen Project Loans [Member]

Debt Instrument [Line Items]

Maturities of Long-term Debt

	Fiscal Year
	2021		2022		2023		2024		2025		2026
Principal payments	$	6,705	$	7,334	$	9,592	$	9,789	$	9,432	$	7,211

Xiamen Working Capital Loans [Member]

Debt Instrument [Line Items]

Maturities of Long-term Debt

	Fiscal Year
	2021		2022		2023
Principal payments	$	2,265	$	7,808	$	3,814

- 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
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+ Details

REVENUE (Tables)

12 Months Ended

Oct. 31, 2020

REVENUE [Abstract]

Disaggregation of Revenue

The following tables present our revenue for the years ended October 31, 2020 and October 31, 2019, disaggregated by product type, geographic origin, and timing of recognition.

	Year Ended		Year Ended
Revenue by Product Type	October 31, 2020		October 31, 2019
IC
High-end	$	156,129	$	156,418
Mainstream		262,281		249,773
Total IC	$	418,410	$	406,191

FPD
High-end	$	139,558	$	98,832
Mainstream		51,723		45,637
Total FPD	$	191,281	$	144,469
	$	609,691	$	550,660

Revenue by Geographic Origin
Taiwan	$	239,101	$	244,377
Korea		153,052		147,734
United States		104,949		105,045
China		79,374		19,010
Europe		31,501		32,585
All other Asia		1,714		1,909
	$	609,691	$	550,660

Revenue by Timing of Recognition
Over time	$	535,071	$	497,942
At a point in time		74,620		52,718
	$	609,691	$	550,660

LEASES (Tables)

12 Months Ended

Oct. 31, 2020

LEASES [Abstract]

Lease Payments Under Non-cancelable Leases

	Fiscal Year												Total Lease		Imputed
	2021		2022		2023		2024		2025		Thereafter		Payments		Interest*		Total
Lease payments	$	2,275	$	2,157	$	1,205	$	756	$	618	$	524	$	7,535	$	352	$	7,183

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

Lease Costs

The following table presents lease costs for the year ended October 31, 2020.

	Year Ended
	October 31, 2020

Operating lease costs	$	3,076
Short-term lease costs	$	359
Variable lease costs	$	378

Supplemental Information Related to Leases

Presented below is other information related to our operating leases.

Supplemental cash flows information:
	Year Ended
	October 31, 2020

Operating cash flows used for operating leases	$	3,584
ROU assets obtained in exchange for operating lease obligations	$	2,681

Weighted-Average Lease Terms And Weighted-Average Discount Rates

	As of
	October 31, 2020

Weighted-average remaining lease term	4.1 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)

12 Months Ended

Oct. 31, 2020

SHARE-BASED COMPENSATION [Abstract]

Summary of Restricted Stock Awards Activity

A summary of restricted stock award activity during fiscal year 2020 and the status of our outstanding restricted stock awards as of October 31, 2020, is presented below:

Restricted Stock	Shares			Weighted-Average Fair Value at Grant Date

Outstanding at October 31, 2019		640,113		$	9.70
Granted		538,000		$	15.08
Vested		(271,347	)	$	10.90
Cancelled		(94,450	)	$	12.41
Outstanding at October 31, 2020		812,316		$	12.55
Expected to vest as of October 31, 2020		770,778		$	12.48

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

	Year Ended
	October 31, 2019	October 31, 2018
Expected volatility	33.1%	31.7%
Risk-free rate of return	2.5 – 2.9%	2.2 – 2.8%
Dividend yield	0.0%	0.0%
Expected term	5.1 years	5.0 years

Summary of Stock Options Activity

The table below presents a summary of stock options activity during fiscal year 2020 and information on stock options outstanding at October 31, 2020.

Options	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at October 31, 2019		2,170,767		$	9.00
Granted		-			-
Exercised		(493,450	)	$	7.94
Cancelled and forfeited		(56,200	)	$	10.33
Outstanding at October 31, 2020		1,621,117		$	9.27	4.6 years	$	1,778
Exercisable at October 31, 2020		1,366,864		$	9.21	4.2 years	$	1,651
Vested and expected to vest as of October 31, 2020		246,055		$	9.61	7.3 years	$	123

INCOME TAXES (Tables)

12 Months Ended

Oct. 31, 2020

INCOME TAXES [Abstract]

Income Before Income Tax Provision for Domestic and Foreign

Income before the income tax provisions consists of the following:

	Year Ended
	October 31, 2020			October 31, 2019			October 31, 2018

United States	$	(10,672	)	$	(8,379	)	$	(9,859	)
Foreign		72,273			59,080			78,430
	$	61,601		$	50,701		$	68,571

Income Tax Provision

The income tax provisions consist of the following:

	Year Ended
	October 31, 2020			October 31, 2019			October 31, 2018
Current:
Federal	$	-		$	(3,916	)	$	(30	)
State		4			11			-
Foreign		21,698			17,777			11,584

Deferred:
Federal		-			3,673			(3,673	)
State		8			10			(24	)
Foreign		(452	)		(7,345	)		(522	)
Total	$	21,258		$	10,210		$	7,335

Income Tax Rate Reconciliation

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

	Year Ended
	October 31, 2020			October 31, 2019			October 31, 2018

U.S. federal income tax at statutory rate	$	12,936		$	10,647		$	16,059
Changes in valuation allowances		6,942			2,673			4,554
Foreign tax rate differentials		1,718			218			(2,078	)
Tax credits		(1,562	)		(1,268	)		(1,530	)
Uncertain tax positions, including reserves, settlements and resolutions		1,637			134			(1,791	)
Employee stock option		-			-			(1,433	)
Income tax holiday		(318	)		(2,234	)		(2,648	)
Tax reform		-			-			(3,736	)
Distributions from foreign subsidiaries		-			-			-
Tax on foreign subsidiary earnings		-			-			-
Other, net		(95	)		40			(62	)
	$	21,258		$	10,210		$	7,335
Effective tax rate		34.5	%		20.1	%		10.7	%

Net Deferred Income Tax Assets

The net deferred income tax assets consist of the following:

	As of
	October 31, 2020			October 31, 2019
Deferred income tax assets:
Net operating losses	$	34,457		$	32,229
Reserves not currently deductible		6,287			5,013
Tax credit carryforwards		9,481			9,164
Share-based compensation		1,306			860
Property, plant and equipment		3,887			-
Other		398			434
		55,816			47,700
Valuation allowances		(33,973	)		(27,032	)
		21,843			20,668
Deferred income tax liabilities:
Property, plant and equipment		-			(251	)
Other		-			-
		-			(251	)
Net deferred income tax assets	$	21,843		$	20,417

Reported as:
Deferred income tax assets	$	22,070		$	20,779
Deferred income tax liabilities		(227	)		(362	)
	$	21,843		$	20,417

Operating Loss Carryforwards

The following tables present our available operating loss and credit carryforwards as of October 31, 2020, and their related expiration periods:

Operating Loss Carryforwards	Amount		Expiration Periods
Federal	$	90,125	2028-Indefinite
State		205,649		2020-2040
Foreign		14,895		2022-2030

Tax Credit Carryforwards

Tax Credit Carryforwards	Amount		Expiration Period
Federal research and development	$	4,796		2024-2040
State		5,928		2020-2034

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

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

	Year Ended
	October 31, 2020			October 31, 2019			October 31, 2018
Balance at beginning of year	$	1,758		$	1,775		$	3,384
Additions (reductions) for tax positions in prior years		227			(466	)		(44	)
Additions based on current year tax positions		1,576			1,286			498
Settlements		(992	)		(204	)		(56	)
Lapses of statutes of limitations		(19	)		(633	)		(2,007	)
Balance at end of year	$	2,550		$	1,758		$	1,775

EARNINGS PER SHARE (Tables)

12 Months Ended

Oct. 31, 2020

EARNINGS PER SHARE [Abstract]

Calculation of Basic and Diluted Earnings Per Share

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

	Year Ended
	October 31, 2020		October 31, 2019		October 31, 2018

Net income attributable to Photronics, Inc. shareholders	$	33,820	$	29,793	$	42,055
Effect of dilutive securities:
Interest expense on convertible notes, net of tax		-		845		1,999

Earnings used for diluted earnings per share	$	33,820	$	30,638	$	44,054

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		64,866		66,347		68,829
Effect of dilutive securities:
Share-based payment awards		604		448		450
Convertible notes		-		2,360		5,542

Potentially dilutive common shares		604		2,808		5,992

Weighted-average common shares used for diluted earnings per share		65,470		69,155		74,821

Basic earnings per share	$	0.52	$	0.45	$	0.61
Diluted earnings per share	$	0.52	$	0.44	$	0.59

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

	Year Ended
	October 31, 2020		October 31, 2019		October 31, 2018

Share based payment awards		795		1,250		1,627
Total potentially dilutive shares excluded		795		1,250		1,627

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION (Tables)

12 Months Ended

Oct. 31, 2020

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION [Abstract]

Geographic Information

Our fiscal 2020, 2019 and 2018 revenue by geographic origin and by IC and FPD products are presented below.

	Year Ended
	October 31, 2020		October 31, 2019		October 31, 2018
Net revenue
Taiwan	$	239,101	$	244,377	$	237,039
Korea		153,052		147,734		147,066
United States		104,949		105,045		112,648
China		79,374		19,010		1,157
Europe		31,501		32,585		35,540
All other Asia		1,714		1,909		1,826

	$	609,691	$	550,660	$	535,276

IC	$	418,410	$	406,191	$	416,064
FPD		191,281		144,469		119,212

	$	609,691	$	550,660	$	535,276

Our 2020 and 2019 long-lived assets by geographic area are presented below.

	As of
	October 31, 2020		October 31, 2019
Long-lived assets
China	$	262,800	$	232,394
Taiwan		123,979		146,467
United States		130,164		130,935
Korea		110,815		117,755
Europe		3,717		4,890

	$	631,475	$	632,441

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)

12 Months Ended

Oct. 31, 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 years ended October 31, 2020 and October 31, 2019:

	Year Ended October 31, 2020
	Foreign Currency Translation Adjustments			Other			Total

Balance at October 31, 2019	$	(8,331	)	$	(674	)	$	(9,005	)
Other comprehensive income (loss)		36,381			(390	)		35,991
Less: other comprehensive income (loss) attributable to noncontrolling interests		9,222			(194	)		9,028

Balance at October 31, 2020	$	18,828		$	(870	)	$	17,958

	Year Ended October 31, 2019
	Foreign Currency Translation Adjustments			Other			Total

Balance at October 31, 2018	$	(4,328	)	$	(638	)	$	(4,966	)
Other comprehensive loss		(2,877	)		(74	)		(2,951	)
Less: other comprehensive income (loss) attributable to noncontrolling interests		1,126			(38	)		1,088

Balance at October 31, 2019	$	(8,331	)	$	(674	)	$	(9,005	)

SHARE REPURCHASE PROGRAMS (Tables)

12 Months Ended

Oct. 31, 2020

SHARE REPURCHASE PROGRAMS [Abstract]

Shares Repurchase Programs

	Fiscal Year 2020 Purchases		Fiscal Year 2019 Purchases		Fiscal Year 2018 Purchases		Total Purchases Under Programs

Number of shares repurchased		3,194		2,133		2,558		7,885

Cost of shares repurchased	$	34,394	$	21,696	$	23,111	$	79,201

Average price paid per share	$	10.77	$	10.17	$	9.04	$	10.04

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)

12 Months Ended

Oct. 31, 2020

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) [Abstract]

Quarterly Financial Data

The following table sets forth certain unaudited quarterly financial data:

	First		Second		Third		Fourth		Year
Fiscal 2020:

Revenue	$	159,736	$	142,774	$	157,895	$	149,286	$	609,691
Gross profit		34,602		30,433		37,734		31,885		134,654
Net income		10,928		7,972		12,864		8,579		40,343
Net income attributable to Photronics, Inc. shareholders		10,300		6,284		10,776		6,460		33,820

Earnings per share:
Basic	$	0.16	$	0.10	$	0.17	$	0.10	$	0.52
Diluted	$	0.16	$	0.10	$	0.17	$	0.10	$	0.52

	First		Second		Third		Fourth		Year
Fiscal 2019:

Revenue	$	124,712	$	131,580	$	138,112	$	156,256	$	550,660
Gross profit		26,102		26,010		30,570		38,159		120,841
Net income		7,768		9,852		9,834		13,037		40,491
Net income attributable to Photronics, Inc. shareholders		5,267		8,479		6,347		9,700		29,793

Earnings per share:
Basic	$	0.08	$	0.13	$	0.10	$	0.15	$	0.45
Diluted	$	0.08	$	0.13	$	0.10	$	0.15	$	0.44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Oct. 31, 2020 USD ($) Facility	Oct. 31, 2019 USD ($)
Manufacturing Facilities [Abstract]
Number of manufacturing facilities \| Facility	11
Inventories [Abstract]
Raw materials	$ 56,389	$ 46,027
Work in process	767	2,122
Finished goods	113	6
Inventory	57,269	48,155
Restricted Cash [Abstract]
Restricted cash	2,900	2,800
Revenue Recognition [Abstract]
Contract assets	6,313	7,596
Contract liabilities current	8,024	11,542
Contract liabilities non-current	5,200
Impairment loss on contract assets	0	0
Revenue from settlement of contract liabilities	$ 2,800	1,300
Minimum [Member]
Intangible Assets [Abstract]
Estimated useful lives	3 years
Revenue Recognition [Abstract]
Product invoice term	30 days
Product warranty period	1 month
Maximum [Member]
Intangible Assets [Abstract]
Estimated useful lives	15 years
Revenue Recognition [Abstract]
Product invoice term	90 days
Product warranty period	24 months
Buildings and Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	10 years
Buildings and Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	39 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	15 years
Furniture, Fixtures and Office Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	3 years
Furniture, Fixtures and Office Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	5 years
IC [Member] \| Minimum [Member]
Revenue Recognition [Abstract]
Customer order, expected satisfaction period	7 days
IC [Member] \| Maximum [Member]
Revenue Recognition [Abstract]
Customer order, expected satisfaction period	14 days
FPD [Member] \| Minimum [Member]
Revenue Recognition [Abstract]
Customer order, expected satisfaction period	14 days
FPD [Member] \| Maximum [Member]
Revenue Recognition [Abstract]
Customer order, expected satisfaction period	21 days
Taiwan [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities \| Facility	3
Korea [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities \| Facility	1
United States [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities \| Facility	3
Europe [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities \| Facility	2
China [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities \| Facility	2
ASU 2016-02 [Member]
Leases [Abstract]
Right-of-use leased assets		6,500
Lease liabilities		$ 6,500

OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
OTHER CURRENT ASSETS [Abstract]
Recoverable value added taxes	$ 16,539	$ 16,494
Contract assets	6,313	7,596
Prepaid expenses	6,153	6,506
Prepaid and refundable income taxes	122	2,642
Other	608	5,150
Total other current assets	$ 29,735	$ 38,388

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 2,112,112	$ 1,995,368
Accumulated depreciation and amortization	(1,480,637)	(1,362,927)
Property, plant and equipment, net	631,475	632,441
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	12,422	12,085
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	179,162	172,340
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,812,791	1,748,483
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	21,157	19,921
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	15,665	14,404
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 70,915	$ 28,135

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Intangible Asset [Abstract]
Amortization of intangible assets	$ 4,643	$ 4,641	$ 4,797
Intangible assets, net [Abstract]
Gross Amount	68,172	75,327
Accumulated Amortization	(64,735)	(67,457)
Net Amount	3,437	7,870
Intangible asset amortization over the next five years [Abstract]
2021	2,839
2022	131
2023	129
2024	128
2025	128
Thereafter	82
Technology License Agreement [Member]
Intangible assets, net [Abstract]
Gross Amount	59,616	59,616
Accumulated Amortization	(57,298)	(53,323)
Net Amount	2,318	6,293
Customer Relationships [Member]
Intangible assets, net [Abstract]
Gross Amount	2,060	9,174
Accumulated Amortization	(1,245)	(8,186)
Net Amount	815	988
Software and Other [Member]
Intangible assets, net [Abstract]
Gross Amount	6,496	6,537
Accumulated Amortization	(6,192)	(5,948)
Net Amount	$ 304	$ 589
Weighted-average amortization period for intangible assets acquired during the year	3 years	3 years

PDMCX JOINT VENTURE (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
PDMCX JOINT VENTURE (Details) - USD ($) $ in Millions	Jan. 31, 2018	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
PDMCX [Member]
Variable Interest Entity [Abstract]
Gain (loss) on consolidation	$ 0.0
Total committed investment		$ 160.0
Term from inception after which interest holder may put their interest in the VIE		2 years
Period before put or purchase option can be exercised		6 months
Operating (loss)		$ (4.7)	$ (4.9)	$ (0.7)
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]
Local financing		$ 50.0
PDMCX [Member] \| Local Financing [Member] \| Assets Pledged as Collateral [Member]
Variable Interest Entity [Abstract]
Collateral amount		$ 94.5
Photronics Interest [Member]
Variable Interest Entity [Abstract]
Ownership percentage		50.01%
Financial or other support, amount		$ 65.0
Maximum exposure to loss		54.8
DNP [Member]
Variable Interest Entity [Abstract]
Ownership percentage	49.99%
Financial or other support, amount		$ 65.0

PDMCX JOINT VENTURE, Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
Carrying amounts of assets and liabilities [Abstract]
Current assets	$ 500,139	$ 427,527
Total assets	1,188,182	1,118,665
Current liabilities	142,939	151,954
Total liabilities	225,916	207,573
Carrying Amount [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	56,095	24,142
Noncurrent assets	141,097	114,015
Total assets	197,192	138,157
Current liabilities	31,922	16,889
Noncurrent liabilities	55,676	42,094
Total liabilities	87,598	58,983
Net assets	109,594	79,174
Photronics Interest [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	28,053	12,074
Noncurrent assets	70,562	57,019
Total assets	98,615	69,093
Current liabilities	15,964	8,446
Noncurrent liabilities	27,844	21,051
Total liabilities	43,808	29,497
Net assets	$ 54,807	$ 39,596

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
ACCRUED LIABILITIES [Abstract]
Compensation related expenses	$ 16,405	$ 14,011
Income taxes	11,432	13,227
Contract liabilities	8,024	11,542
Property, plant, and equipment	2,355	288
Operating leases	2,175	0
Value added and other taxes	1,925	3,761
Contract manufacturing	1,275	422
Professional fees	1,254	537
Inventory	1,026	224
Telecommunications and utilities	1,006	710
Other	7,006	4,980
Accrued liabilities	$ 53,883	$ 49,702

LONG-TERM DEBT (Details) $ in Thousands, ¥ in Millions						1 Months Ended							2 Months Ended	12 Months Ended
LONG-TERM DEBT (Details) $ in Thousands, ¥ in Millions	Mar. 05, 2023 USD ($)	Sep. 05, 2022 USD ($)	Mar. 05, 2022 USD ($)	Dec. 07, 2020 USD ($)	Aug. 25, 2019 USD ($)	Nov. 30, 2020 USD ($) Tool	Nov. 30, 2020 CNY (¥) Tool	Jun. 30, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Jul. 28, 2019 USD ($)	Apr. 30, 2019 USD ($)	Jan. 31, 2015 USD ($)	Dec. 30, 2020 USD ($)	Oct. 31, 2020 USD ($)	Oct. 31, 2019 USD ($)	Oct. 31, 2018 USD ($)	Oct. 31, 2020 CNY (¥)
Long-term debt [Abstract]
Long-term debt														$ 63,950	$ 44,029
Current portion of long-term debt														(8,970)	(2,142)
Long-term debt														54,980	$ 41,887
Maturities of Long-term Debt [Abstract]
2021														8,970
2022														15,142
2023														13,406
2024														9,789
2025														9,432
Thereafter														$ 7,211
Debt Instruments [Abstract]
Weighted-average interest rate of short -term debt														2.02%	3.84%		2.02%
Capitalized interest														$ 100
Interest payments														2,600	$ 2,600	$ 1,900
Short-term debt														4,708	8,731
Proceeds from debt														20,340	54,633	0
Repayments of debt														7,392	61,319	$ 4,639
Xiamen Project Loans [Member]
Long-term debt [Abstract]
Long-term debt														50,100	34,490		¥ 336.0
Maturities of Long-term Debt [Abstract]
2021														6,705
2022														7,334
2023														9,592
2024														9,789
2025														9,432
2026														$ 7,211
Debt Instruments [Abstract]
Interest rate percentage														4.90%			4.90%
Maturity date of debt														Dec. 31, 2025
Maximum borrowing capacity														$ 51,400			¥ 345.0
Repayments of secured debt								$ 1,300	¥ 9.0
Xiamen Project Loans [Member] \| Assets Pledged as Collateral [Member]
Debt Instruments [Abstract]
Collateral amount														94,500
Hefei Equipment Loan [Member]
Debt Instruments [Abstract]
Maximum borrowing capacity														29,800			200.0
Collateral amount														87,800
Hefei Equipment Loan [Member] \| Forecast [Member]
Debt Instruments [Abstract]
Periodic principal payment	$ 1,600	$ 2,300	$ 2,300
Hefei Equipment Loan [Member] \| Subsequent Event [Member]
Debt Instruments [Abstract]
Maturity date of debt						Sep. 30, 2026	Sep. 30, 2026
Proceeds from debt						$ 6,200	¥ 41.0
Term of loan						5 years	5 years
Number of lithography tools to be purchased \| Tool						2	2
Frequency of periodic payment						semiannual	semiannual
Percentage repayment of approved loan principal in each first five semiannual loan repayments						7.50%	7.50%
Percentage repayment of approved loan principal in each last five semiannual loan repayments						12.50%	12.50%
Hefei Equipment Loan [Member] \| Prime Rate [Member] \| Subsequent Event [Member]
Debt Instruments [Abstract]
Basis spread on variable rate						(0.45%)	(0.45%)
Effective interest rate						4.20%	4.20%
Xiamen Working Capital Loans [Member]
Maturities of Long-term Debt [Abstract]
2021														2,265
2022														7,808
2023														$ 3,814
Debt Instruments [Abstract]
Maturity date of debt														Jul. 31, 2023
Maximum borrowing capacity														$ 25,000
Xiamen Working Capital Loans [Member] \| Minimum [Member]
Debt Instruments [Abstract]
Basis spread on variable rate														0.40%
Xiamen Working Capital Loans [Member] \| Maximum [Member]
Debt Instruments [Abstract]
Basis spread on variable rate														0.76%
Xiamen Working Capital Loans (value added tax component) [Member]
Long-term debt [Abstract]
Long-term debt														$ 13,887	$ 9,539
Debt Instruments [Abstract]
Maximum borrowing capacity \| ¥																	140.0
Amount outstanding under credit facility														$ 13,900			¥ 93.2
Xiamen Working Capital Loans (value added tax component) [Member] \| Minimum [Member]
Debt Instruments [Abstract]
Interest rate percentage														4.53%			4.53%
Xiamen Working Capital Loans (value added tax component) [Member] \| Maximum [Member]
Debt Instruments [Abstract]
Interest rate percentage														4.61%			4.61%
Xiamen Working Capital Loans, Fund Operations [Member]
Debt Instruments [Abstract]
Interest rate percentage														4.60%			4.60%
Maximum borrowing capacity \| ¥																	¥ 60.0
Short-term debt														$ 1,200			¥ 8.0
Term of loan														1 year
U.S. Equipment Loan #1 [Member]
Debt Instruments [Abstract]
Maximum borrowing capacity										$ 35,000
Proceeds from debt					$ 3,500
U.S. Equipment Loan #1 [Member] \| Subsequent Event [Member]
Debt Instruments [Abstract]
Proceeds from debt				$ 28,000
U.S. Equipment Loan #1 [Member] \| LIBOR [Member]
Debt Instruments [Abstract]
Basis spread on variable rate										1.00%
Term of variable rate										30 days
Effective interest rate														1.15%			1.15%
U.S. Equipment Loan #2 [Member] \| Subsequent Event [Member]
Debt Instruments [Abstract]
Interest rate percentage													1.56%
Proceeds from debt													$ 6,500
U.S. Equipment Loan #2 [Member] \| Maximum [Member]
Debt Instruments [Abstract]
Maximum borrowing capacity														$ 10,000
Amended and Restated Credit Agreement [Member]
Debt Instruments [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														1.14%			1.14%
3.25% Convertible Senior Notes due in April 2016 [Member]
Debt Instruments [Abstract]
Interest rate percentage												3.25%
Maturity date of debt												Apr. 01, 2016
Face amount of debt												$ 57,500
3.25% Convertible Senior Notes Matured April 2019 [Member]
Debt Instruments [Abstract]
Interest rate percentage														3.25%			3.25%
Maturity date of debt														Apr. 01, 2019
Face amount of debt														$ 57,500
Repayments of debt											$ 57,500

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Aug. 02, 2020	May 03, 2020	Feb. 02, 2020	Oct. 31, 2019	Jul. 28, 2019	Apr. 28, 2019	Jan. 27, 2019	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Disaggregation of Revenue [Abstract]
Revenue	$ 149,286	$ 157,895	$ 142,774	$ 159,736	$ 156,256	$ 138,112	$ 131,580	$ 124,712	$ 609,691	$ 550,660	$ 535,276
Over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue									535,071	497,942
At a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue									74,620	52,718
Taiwan [Member]
Disaggregation of Revenue [Abstract]
Revenue									239,101	244,377	237,039
Korea [Member]
Disaggregation of Revenue [Abstract]
Revenue									153,052	147,734	147,066
United States [Member]
Disaggregation of Revenue [Abstract]
Revenue									104,949	105,045	112,648
China [Member]
Disaggregation of Revenue [Abstract]
Revenue									79,374	19,010	1,157
Europe [Member]
Disaggregation of Revenue [Abstract]
Revenue									31,501	32,585	35,540
All Other Asia [Member]
Disaggregation of Revenue [Abstract]
Revenue									1,714	1,909	1,826
IC [Member]
Disaggregation of Revenue [Abstract]
Revenue									418,410	406,191	416,064
High-end [Member]
Disaggregation of Revenue [Abstract]
Revenue									156,129	156,418
Mainstream [Member]
Disaggregation of Revenue [Abstract]
Revenue									262,281	249,773
FPD [Member]
Disaggregation of Revenue [Abstract]
Revenue									191,281	144,469	$ 119,212
High-end [Member]
Disaggregation of Revenue [Abstract]
Revenue									139,558	98,832
Mainstream [Member]
Disaggregation of Revenue [Abstract]
Revenue									$ 51,723	$ 45,637

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

12 Months Ended

Oct. 31, 2020

Oct. 31, 2019

Lease Payments Under Non-cancellable Leases [Abstract]

Right-of-use assets, not yet commenced

$ 100

Lease liabilities, not yet commenced

100

Lease, Cost [Abstract]

Operating lease costs

3,076

Short-term lease costs

359

Variable lease costs

378

Supplemental Cash Flows Information: [Abstract]

Operating cash flows used for operating leases

3,584

ROU assets obtained in exchange for operating lease obligations

$ 2,681

Weighted Average Lease Terms, Discount Rates [Abstract]

Weighted-average remaining lease term

4 years 1 month 6 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

$ 7,700

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

5,000

Accrued and Other Liabilities [Member]

Lease Payments Under Non-cancellable Leases [Abstract]

2,275

2,157

1,205

756

618

524

7,535

^[1]

352

Operating lease liabilities

$ 7,183

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	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Share-based Compensation [Abstract]
Maximum number of shares of common stock that may be issued (in shares)	4,000,000
Share-based compensation expense incurred	$ 4,900	$ 3,700	$ 3,200
Share-based compensation cost capitalized	0	0	0
Income tax benefits realized from stock option exercises	$ 200	$ 200	$ 200
Stock Options [Member]
Share-based Compensation [Abstract]
Contractual term	10 years
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Expected volatility		33.10%	31.70%
Dividend yield		0.00%	0.00%
Expected term		5 years 1 month 6 days	5 years
Outstanding and exercisable option awards [Roll Forward]
Outstanding at beginning of period (in shares)	2,170,767
Granted (in shares)	0
Exercised (in shares)	(493,450)
Cancelled and forfeited (in shares)	(56,200)
Outstanding at end of period (in shares)	1,621,117	2,170,767
Exercisable at end of period (in shares)	1,366,864
Vested and expected to vest (in shares)	246,055
Weighted-Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 9.00
Granted (in dollars per share)	0
Exercised (in dollars per share)	7.94
Cancelled and forfeited (in dollars per share)	10.33
Outstanding at end of period (in dollars per share)	9.27	$ 9.00
Exercisable at end of period (in dollars per share)	9.21
Vested and expected to vest (in dollars per share)	$ 9.61
Weighted-Average Remaining Contractual Life [Abstract]
Outstanding at end of period	4 years 7 months 6 days
Exercisable at end of period	4 years 2 months 12 days
Vested and expected to vest	7 years 3 months 18 days
Aggregate Intrinsic Value [Abstract]
Outstanding at end of period	$ 1,778
Exercisable at end of period	1,651
Vested and expected to vest	123
Additional disclosures [Abstract]
Weighted-average grant date fair value of options granted (in dollars per share)		$ 3.31	$ 2.76
Total intrinsic value of options exercised	3,200	$ 1,300	$ 2,500
Cash received from options exercises	3,700	$ 2,100	$ 4,300
Unrecognized compensation cost related to unvested option awards	$ 400
Period for recognition of compensation cost not yet recognized	1 year 8 months 12 days
Stock Options [Member] \| Minimum [Member]
Share-based Compensation [Abstract]
Award vesting period	1 year
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Risk-free rate of return		2.50%	2.20%
Stock Options [Member] \| Maximum [Member]
Share-based Compensation [Abstract]
Award vesting period	4 years
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Risk-free rate of return		2.90%	2.80%
Restricted Stock [Member]
Shares [Rollforward]
Outstanding at beginning of period (in shares)	640,113
Granted (in shares)	538,000	435,000	290,000
Vested (in shares)	(271,347)
Cancelled (in shares)	(94,450)
Outstanding at end of period (in shares)	812,316	640,113
Expected to vest (in shares)	770,778
Weighted-Average Fair Value at Grant Date [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 9.70
Granted (in dollars per share)	15.08	$ 9.80	$ 8.62
Vested (in dollars per share)	10.90
Cancelled (in dollars per share)	12.41
Outstanding at end of period (in dollars per share)	12.55	$ 9.70
Expected to vest (in dollars per share)	$ 12.48
Additional disclosures [Abstract]
Period for recognition of compensation cost not yet recognized	2 years 9 months 18 days
Total fair value of awards for which restrictions lapsed	$ 3,000	$ 1,900	$ 1,400
Compensation cost not yet recognized related to share based payment awards other than options	$ 6,900
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation [Abstract]
Award vesting period	1 year
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation [Abstract]
Award vesting period	4 years
Employee Stock Purchase Plan [Member]
Share-based Compensation [Abstract]
Maximum number of shares of common stock that may be issued (in shares)	1,850,000
Award vesting period	1 year
Shares [Rollforward]
Outstanding at end of period (in shares)	100,000
Additional disclosures [Abstract]
Percent of market price that participants pay for shares subscribed	85.00%
Total shares issued since inception (in shares)	1,500,000

EMPLOYEE RETIREMENT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE RETIREMENT PLANS (Details) - USD ($) $ in Millions	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
EMPLOYEE RETIREMENT PLANS [Abstract]
Number of months of service completed to come under retirement plan	3 months
Minimum age of employees to come under retirement plan	18 years
Percentage of salary that can be contributed by the employee	50.00%
Maximum percentage of employees' contributions that Company will match	50.00%
Maximum percentage of employees' gross pay that Company will match	4.00%
Company's contribution to defined contribution retirement plans	$ 0.7	$ 0.7	$ 0.7

INCOME TAXES (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Foreign Tax [Abstract]
U.S. statutory rate	21.00%	21.00%	23.42%	35.00%
Components of income before income tax provision [Abstract]
United States	$ (10,672)	$ (8,379)	$ (9,859)
Foreign	72,273	59,080	78,430
Income before income tax provision	61,601	50,701	68,571
Current [Abstract]
Federal	0	(3,916)	(30)
State	4	11	0
Foreign	21,698	17,777	11,584
Deferred [Abstract]
Federal	0	3,673	(3,673)
State	8	10	(24)
Foreign	(452)	(7,345)	(522)
Income Tax Expense, Total	21,258	10,210	7,335
Income tax provision reconciliation [Abstract]
U.S. federal income tax at statutory rate	12,936	10,647	16,059
Changes in valuation allowances	6,942	2,673	4,554
Foreign tax rate differentials	1,718	218	(2,078)
Tax credits	(1,562)	(1,268)	(1,530)
Uncertain tax positions, including reserves, settlements and resolutions	1,637	134	(1,791)
Employee stock option	0	0	(1,433)
Income tax holiday	(318)	(2,234)	(2,648)
Tax reform	0	0	(3,736)
Distributions from foreign subsidiaries	0	0	0
Tax on foreign subsidiary earnings	0	0	0
Other, net	(95)	40	(62)
Income Tax Expense, Total	$ 21,258	$ 10,210	$ 7,335
Effective tax rate	34.50%	20.10%	10.70%
Income Tax Holiday [Abstract]
Term of tax year holidays	5 years
Dollar effect of income tax holiday	$ 100	$ 2,200	$ 2,600
Per share effect of income tax holiday (in dollars per share)	$ 0.02	$ 0.035
Deferred income tax assets [Abstract]
Net operating losses	$ 34,457	$ 32,229
Reserves not currently deductible	6,287	5,013
Tax credit carryforwards	9,481	9,164
Share-based compensation	1,306	860
Property, plant and equipment	3,887	0
Other	398	434
Deferred tax assets	55,816	47,700
Valuation allowances	(33,973)	(27,032)
Deferred tax assets net of valuation allowance	21,843	20,668
Deferred income tax liabilities [Abstract]
Property, plant and equipment	0	(251)
Other	0	0
Deferred income taxes liabilities	0	(251)
Net deferred income tax assets	21,843	20,417
Reported as [Abstract]
Deferred income tax assets	22,070	20,779
Deferred income tax liabilities	(227)	(362)
Net deferred income tax assets	$ 21,843	20,417
Taiwan Agency of the Ministry of Finance [Member]
Foreign Tax [Abstract]
Foreign statutory rate	20.00%		17.00%
Foreign income tax expense (benefit)		$ (200)
Federal Alternate Minimum [Member]
Foreign Tax [Abstract]
Change in valuation allowance	$ 3,900
Foreign [Member] \| Maximum [Member]
Income Tax Holiday [Abstract]
Income tax holiday termination date	December 31, 2019

INCOME TAXES, UNRECOGNIZED TAX BENEFITS AND CARRYFORWARDS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2019	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Rights Agreement [Abstract]
Dividend declared, preferred stock for each share of common stock outstanding (in shares)	1
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Unrecognized Tax Benefits [Abstract]
Balance at beginning of year		$ 1,758	$ 1,775	$ 3,384
Additions for tax positions in prior years		227
Reductions for tax positions in prior years			(466)	(44)
Additions based on current year tax positions		1,576	1,286	498
Settlements		(992)	(204)	(56)
Lapses of statutes of limitations		(19)	(633)	(2,007)
Balance at end of year		2,550	1,758	1,775
Income Tax Uncertainties [Abstract]
Accrued interest and penalties related to unrecognized tax benefits		100	200	100
Uncertain tax positions that may be resolved over next twelve months		400
Income taxes, additional disclosures [Abstract]
Income taxes paid		23,000	15,900	6,100
Cash received for refunds of income taxes		4,300		1,100
Recorded in Other Liabilities [Member]
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits that would impact effective tax rate		2,000	$ 1,900	$ 1,900
Federal Research and Development [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount		$ 4,796
Federal Research and Development [Member] \| Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period		Oct. 31, 2024
Federal Research and Development [Member] \| Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period		Oct. 31, 2040
State [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount		$ 5,928
State [Member] \| Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period		Oct. 31, 2020
State [Member] \| Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period		Oct. 31, 2034
Federal [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount		$ 90,125
Federal [Member] \| Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods		Oct. 31, 2028
State [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount		$ 205,649
State [Member] \| Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods		Oct. 31, 2020
State [Member] \| Maximum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods		Oct. 31, 2040
Foreign [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount		$ 14,895
Foreign [Member] \| Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods		Oct. 31, 2022
Foreign [Member] \| Maximum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods		Oct. 31, 2030

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	2 Months Ended	3 Months Ended								12 Months Ended
	Dec. 17, 2020	Oct. 31, 2020	Aug. 02, 2020	May 03, 2020	Feb. 02, 2020	Oct. 31, 2019	Jul. 28, 2019	Apr. 28, 2019	Jan. 27, 2019	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Calculation of basic and diluted earnings per share [Abstract]
Net income attributable to Photronics, Inc. shareholders		$ 6,460	$ 10,776	$ 6,284	$ 10,300	$ 9,700	$ 6,347	$ 8,479	$ 5,267	$ 33,820	$ 29,793	$ 42,055
Effect of dilutive securities [Abstract]
Interest expense on convertible notes, net of tax										0	845	1,999
Earnings used for diluted earnings per share										$ 33,820	$ 30,638	$ 44,054
Weighted-average common shares computations [Abstract]
Weighted-average common shares used for basic earnings per share (in shares)										64,866	66,347	68,829
Effect of dilutive securities [Abstract]
Share-based payment awards (in shares)										604	448	450
Convertible notes (in shares)										0	2,360	5,542
Potentially dilutive common shares (in shares)										604	2,808	5,992
Weighted-average common shares used for diluted earnings per share (in shares)										65,470	69,155	74,821
Basic earnings per share (in dollars per share)		$ 0.10	$ 0.17	$ 0.10	$ 0.16	$ 0.15	$ 0.10	$ 0.13	$ 0.08	$ 0.52	$ 0.45	$ 0.61
Diluted earnings per share (in dollars per share)		$ 0.10	$ 0.17	$ 0.10	$ 0.16	$ 0.15	$ 0.10	$ 0.13	$ 0.08	$ 0.52	$ 0.44	$ 0.59
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)										795	1,250	1,627
Subsequent Event [Member]
Antidilutive Securities [Abstract]
Repurchased common stock (in shares)	100
Share-based Payment Awards [Member]
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)										795	1,250	1,627

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2020	May 03, 2020
Commitment and Contingencies [Abstract]
Outstanding purchase commitments	$ 130,000
Outstanding commitments for capital expenditure	112,000
Purchase commitments	15,000
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

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Oct. 31, 2020	Aug. 02, 2020	May 03, 2020	Feb. 02, 2020	Oct. 31, 2019	Jul. 28, 2019	Apr. 28, 2019	Jan. 27, 2019	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 149,286	$ 157,895	$ 142,774	$ 159,736	$ 156,256	$ 138,112	$ 131,580	$ 124,712	$ 609,691	$ 550,660	$ 535,276
Long-lived assets	631,475				632,441				631,475	632,441
IC [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									418,410	406,191	416,064
FPD [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									191,281	144,469	119,212
Taiwan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									239,101	244,377	237,039
Long-lived assets	123,979				146,467				123,979	146,467
Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									153,052	147,734	147,066
Long-lived assets	110,815				117,755				110,815	117,755
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									104,949	105,045	112,648
Long-lived assets	130,164				130,935				130,164	130,935
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									79,374	19,010	1,157
Long-lived assets	262,800				232,394				262,800	232,394
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									31,501	32,585	35,540
Long-lived assets	$ 3,717				$ 4,890				3,717	4,890
All Other Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									$ 1,714	$ 1,909	$ 1,826
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Customer Account [Abstract]
Percent of net sales accounted for by significant customer									16.00%	15.00%	15.00%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| Customer Two [Member]
Customer Account [Abstract]
Percent of net sales accounted for by significant customer									14.00%	16.00%	16.00%

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
Other comprehensive income, tax	$ 0	$ 0
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	769,892
Ending Balance	804,962	769,892
Accumulated Other Comprehensive Income (Loss) [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(9,005)	(4,966)
Ending Balance	17,958	(9,005)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(8,331)	(4,328)
Ending Balance	18,828	(8,331)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(674)	(638)
Ending Balance	(870)	(674)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	35,991	(2,951)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	36,381	(2,877)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	(390)	(74)
AOCI Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income (loss) attributable to noncontrolling interests	9,028	1,088
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income (loss) attributable to noncontrolling interests	9,222	1,126
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income (loss) attributable to noncontrolling interests	$ (194)	$ (38)

CONCENTRATIONS OF CREDIT RISK (Details) - Customer	12 Months Ended
CONCENTRATIONS OF CREDIT RISK (Details) - Customer	Oct. 31, 2020	Oct. 31, 2019
Customer Account [Abstract]
Number of customers concentration risk in accounts receivable	1
Accounts Receivable [Member] \| Credit Concentration Risk [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable	24.00%	17.00%

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands			3 Months Ended								12 Months Ended
	Mar. 09, 2020	Jan. 20, 2018	Oct. 31, 2020	Aug. 02, 2020	May 03, 2020	Feb. 02, 2020	Oct. 31, 2019	Jul. 28, 2019	Apr. 28, 2019	Jan. 27, 2019	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Related Party Agreement [Abstract]
Revenue			$ 149,286	$ 157,895	$ 142,774	$ 159,736	$ 156,256	$ 138,112	$ 131,580	$ 124,712	$ 609,691	$ 550,660	$ 535,276
Accounts receivable			134,470				134,454				134,470	134,454
Customer One [Member]
Related Party Agreement [Abstract]
Revenue											96,400	87,000	78,400
Accounts receivable			$ 32,700				$ 22,200				$ 32,700	22,200
DEMA Associates, LLC [Member]
Related Party Agreement [Abstract]
Consulting agreement period											4 years
Annual cost of consulting contract	$ 100	$ 400
Expenses incurred for goods or services provided by related party during the period											$ 200	$ 400	$ 300

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Oct. 31, 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	12 Months Ended			36 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2020	Sep. 30, 2020	Aug. 31, 2019	Jul. 31, 2018
Shares Repurchase Programs and Preferred Stock Purchase Rights [Abstract]
Cost of shares repurchased	$ 34,394	$ 21,696	$ 23,111
September 2020 Announced Program [Member]
Shares Repurchase Programs and Preferred Stock Purchase Rights [Abstract]
Stock repurchased authorized amount					$ 100,000
Stock repurchase program - commencement date	Sep. 16, 2020
August 2019 Announced Program [Member]
Shares Repurchase Programs and Preferred Stock Purchase Rights [Abstract]
Stock repurchased authorized amount						$ 100,000
Stock repurchase program - commencement date	Sep. 25, 2019
Stock repurchase program - expiration date	Mar. 20, 2020
July 2018 Announced Program [Member]
Shares Repurchase Programs and Preferred Stock Purchase Rights [Abstract]
Stock repurchased authorized amount							$ 20,000
Stock repurchase program - commencement date	Jul. 10, 2018
Stock repurchase program - expiration date	Oct. 31, 2018
October 2018 Announced Program [Member]
Shares Repurchase Programs and Preferred Stock Purchase Rights [Abstract]
Stock repurchased authorized amount			$ 25,000
Stock repurchase program - commencement date	Oct. 22, 2018
Stock repurchase program - expiration date	Feb. 01, 2019
Share Repurchase Programs [Member]
Shares Repurchase Programs and Preferred Stock Purchase Rights [Abstract]
Number of shares repurchased (in shares)	3,194	2,133	2,558	7,885
Cost of shares repurchased	$ 34,394	$ 21,696	$ 23,111	$ 79,201
Average price paid per share (in dollars per share)	$ 10.77	$ 10.17	$ 9.04	$ 10.04

SUBSIDIARY DIVIDEND (Details) - USD ($) $ in Thousands	12 Months Ended
SUBSIDIARY DIVIDEND (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Noncontrolling Interest [Abstract]
Dividend paid to noncontrolling interest	$ 16,151	$ 45,050	$ 8,166
PDMC [Member]
Noncontrolling Interest [Abstract]
Ownership percentage of noncontrolling interests	49.99%	49.99%	49.99%
Dividend paid to noncontrolling interest	$ 16,200	$ 45,100	$ 8,200

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Oct. 31, 2020	Aug. 02, 2020	May 03, 2020	Feb. 02, 2020	Oct. 31, 2019	Jul. 28, 2019	Apr. 28, 2019	Jan. 27, 2019	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Selected Quarterly Financial Data (Unaudited) [Abstract]
Revenue	$ 149,286	$ 157,895	$ 142,774	$ 159,736	$ 156,256	$ 138,112	$ 131,580	$ 124,712	$ 609,691	$ 550,660	$ 535,276
Gross profit	31,885	37,734	30,433	34,602	38,159	30,570	26,010	26,102	134,654	120,841	131,503
Net income	8,579	12,864	7,972	10,928	13,037	9,834	9,852	7,768	40,343	40,491	61,236
Net income attributable to Photronics, Inc. shareholders	$ 6,460	$ 10,776	$ 6,284	$ 10,300	$ 9,700	$ 6,347	$ 8,479	$ 5,267	$ 33,820	$ 29,793	$ 42,055
Earnings per share [Abstract]
Basic (in dollars per share)	$ 0.10	$ 0.17	$ 0.10	$ 0.16	$ 0.15	$ 0.10	$ 0.13	$ 0.08	$ 0.52	$ 0.45	$ 0.61
Diluted (in dollars per share)	$ 0.10	$ 0.17	$ 0.10	$ 0.16	$ 0.15	$ 0.10	$ 0.13	$ 0.08	$ 0.52	$ 0.44	$ 0.59

- Definition

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

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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