0001140361-21-030912 | 10-Q | XBRL Viewer

Selling, general and administrative

^[1]

$ 170,643

$ 157,895

$ 482,473

$ 460,405

Cost of goods sold

125,318

120,161

367,370

357,636

Gross profit

45,325

37,734

115,103

102,769

Operating expenses:

15,083

13,306

43,203

40,792

Research and development

5,305

4,492

14,390

13,034

Total operating expenses

20,388

17,798

57,593

53,826

Other operating income, net

3,525

Operating income

28,462

19,936

61,035

48,943

Other non-operating income (expense):

Foreign currency transactions impact, net

4,301

(1,565)

3,627

1,739

Interest expense, net

(1,060)

(586)

(637)

(1,609)

Interest income and other income (expense), net

494

653

480

Income before income tax provision

32,197

17,801

64,678

49,553

Income tax provision

7,842

4,937

14,493

17,789

Net income

24,355

12,864

50,185

31,764

Net income attributable to noncontrolling interests

7,279

2,088

14,547

4,404

Net income attributable to Photronics, Inc. shareholders

$ 17,076

$ 10,776

$ 35,638

$ 27,360

Earnings per share:

Basic (in dollars per share)

$ 0.28

$ 0.17

$ 0.58

$ 0.42

Diluted (in dollars per share)

$ 0.28

$ 0.17

$ 0.57

$ 0.42

Weighted-average number of common shares outstanding:

Basic (in shares)

60,884

64,780

61,804

65,090

Diluted (in shares)

61,515

65,247

62,362

65,704

[1]	This table disaggregates revenue by the location in which it was earned.

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 01, 2021	Aug. 02, 2020	Aug. 01, 2021	Aug. 02, 2020
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 24,355	$ 12,864	$ 50,185	$ 31,764
Other comprehensive (loss) income, net of tax of $0:
Foreign currency translation adjustments	(10,482)	10,659	11,584	6,689
Other	37	4	58	23
Net other comprehensive (loss) income	(10,445)	10,663	11,642	6,712
Comprehensive income	13,910	23,527	61,827	38,476
Less: comprehensive income attributable to noncontrolling interests	7,144	3,979	19,265	8,539
Comprehensive income attributable to Photronics, Inc. shareholders	$ 6,766	$ 19,548	$ 42,562	$ 29,937

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

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

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=124507222&loc=d3e1436-108581

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3000-108585

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=123454820&loc=SL4569616-111683

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 01, 2021	Aug. 02, 2020	Aug. 01, 2021	Aug. 02, 2020
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Other comprehensive (loss) income, tax	$ 0	$ 0	$ 0	$ 0

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123586238&loc=d3e39076-109324

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123586238&loc=d3e38679-109324

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32672-109319

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=124509347&loc=d3e640-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

CASH, CASH EQUIVALENTS AND RESTRICTED CASH [Abstract]

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-Controlling Interests [Member]	Total
Balance at Oct. 31, 2019	$ 656	$ 524,319	$ 253,922	$ 0	$ (9,005)	$ 141,200	$ 911,092
Balance (in shares) at Oct. 31, 2019	65,595
Net income	$ 0	0	27,360	0	0	4,404	31,764
Other comprehensive income (loss)	0	0	0	0	2,577	4,135	6,712
Shares issued under equity plans	$ 7	3,272	0	0	0	0	3,279
Shares issued under equity plans (in shares)	681
Share-based compensation expense	$ 0	3,773	0	0	0	0	3,773
Purchase of treasury stock	0	0	0	(16,894)	0	0	(16,894)
Contribution from noncontrolling interest	0	0	0	0	0	17,596	17,596
Repurchase of common stock of subsidiary	0	255	0	0	0	(892)	(637)
Balance at Aug. 02, 2020	$ 663	531,619	281,282	(16,894)	(6,428)	166,443	956,685
Balance (in shares) at Aug. 02, 2020	66,276
Balance at May. 03, 2020	$ 662	530,117	270,506	(16,894)	(15,200)	152,467	921,658
Balance (in shares) at May. 03, 2020	66,215
Net income	$ 0	0	10,776	0	0	2,088	12,864
Other comprehensive income (loss)	0	0	0	0	8,772	1,891	10,663
Shares issued under equity plans	$ 1	306	0	0	0	0	307
Shares issued under equity plans (in shares)	61
Share-based compensation expense	$ 0	1,196	0	0	0	0	1,196
Contribution from noncontrolling interest	0	0	0	0	0	9,997	9,997
Balance at Aug. 02, 2020	$ 663	531,619	281,282	(16,894)	(6,428)	166,443	956,685
Balance (in shares) at Aug. 02, 2020	66,276
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
Net income	$ 0	0	35,638	0	0	14,547	50,185
Other comprehensive income (loss)	0	0	0	0	6,924	4,718	11,642
Shares issued under equity plans	$ 7	2,077	0	0	0	0	2,084
Shares issued under equity plans (in shares)	603
Share-based compensation expense	$ 0	4,034	0	0	0	0	4,034
Purchase of treasury stock	$ 0	0	0	(35,750)	0	0	(35,750)
Purchase of treasury stock (in shares)	0
Retirement of treasury stock	$ (30)	(24,016)	(11,704)	35,750	0	0	0
Retirement of treasury stock (in shares)	(2,983)
Balance at Aug. 01, 2021	$ 608	489,431	302,971	0	24,882	176,569	994,461
Balance (in shares) at Aug. 01, 2021	60,758
Balance at May. 02, 2021	$ 636	511,215	297,599	(23,250)	35,192	169,425	990,817
Balance (in shares) at May. 02, 2021	63,606
Net income	$ 0	0	17,076	0	0	7,279	24,355
Other comprehensive income (loss)	0	0	0	0	(10,310)	(135)	(10,445)
Shares issued under equity plans	$ 2	921	0	0	0	0	923
Shares issued under equity plans (in shares)	135
Share-based compensation expense	$ 0	1,311	0	0	0	0	1,311
Purchase of treasury stock	$ 0	0	0	(12,500)	0	0	(12,500)
Purchase of treasury stock (in shares)	0
Retirement of treasury stock	$ (30)	(24,016)	(11,704)	35,750	0	0	0
Retirement of treasury stock (in shares)	(2,983)
Balance at Aug. 01, 2021	$ 608	$ 489,431	$ 302,971	$ 0	$ 24,882	$ 176,569	$ 994,461
Balance (in shares) at Aug. 01, 2021	60,758

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Cash flows from operating activities:
Net income	$ 50,185	$ 31,764
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,305	71,120
Share-based compensation	4,034	3,773
Changes in assets and liabilities:
Accounts receivable	(13,854)	(9,476)
Inventories	5,073	(6,155)
Other current assets	(12,280)	(12,381)
Accounts payable, accrued liabilities, and other	10,633	(381)
Net cash provided by operating activities	113,096	78,264
Cash flows from investing activities:
Purchases of property, plant and equipment	(92,301)	(36,693)
Government incentives	5,775	5,263
Purchases of intangible assets	(170)	(139)
Net cash used in investing activities	(86,696)	(31,569)
Cash flows from financing activities:
Proceeds from debt	20,858	5,699
Purchases of treasury stock	(35,750)	(16,894)
Repayments of debt	(13,311)	(5,929)
Contribution from noncontrolling interest	0	17,596
Proceeds from share-based arrangements	2,251	3,869
Net settlements of restricted stock awards	(403)	(248)
Net cash (used in) provided by financing activities	(26,355)	4,093
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	4,602	3,486
Net increase in cash, cash equivalents, and restricted cash	4,647	54,274
Cash, cash equivalents, and restricted cash at beginning of period	281,602	209,291
Cash, cash equivalents, and restricted cash at end of period	286,249	263,565
Supplemental disclosures of non-cash information:
Accruals for property, plant and equipment purchased during the period	$ 7,367	$ 34,356

BASIS OF FINANCIAL STATEMENT PRESENTATION	9 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION	Aug. 01, 2021
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract]
BASIS OF FINANCIAL STATEMENT PRESENTATION	NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION Photronics, Inc. (“Photronics”, “the Company”, “we”, “our”, or “us”) is one of the world's leading manufacturers of photomasks, which are high-precision photographic quartz or glass plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of ICs and FPDs, and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of integrated circuits, 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 China (2). Our FPD facility in Hefei, China, commenced production in the second quarter of fiscal 2019, and our IC facility in Xiamen, China, commenced production in the third quarter of fiscal 2019. The accompanying unaudited condensed consolidated financial statements (“the financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, adjustments, all of which are of a normal recurring nature, considered necessary for a fair presentation have been included. The financial statements include the accounts of Photronics, its wholly owned subsidiaries, and the majority-owned subsidiaries that it controls. All intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect amounts reported in them. Estimates are based on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Our estimates are based on the facts and circumstances available at the time they are made. Subsequent actual results may differ from such estimates. We review these estimates periodically and reflect any effects of revisions in the period in which they are determined. In fiscal year 2021, we segregated share-based compensation activity into the two categories of Shares issued under equity plans and Share-based compensation expense in the condensed consolidated statements of equity; in previous reports, we segregated this activity into three categories. Reclassified prior period amounts have been conformed to the current period presentation. Our business is typically impacted during the first quarter of our fiscal year by the North American, European, and Asian holiday periods, as some customers reduce their development and buying activities during those periods; consequently, operating results for interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2021. For further information, refer to the consolidated financial statements, and notes thereto, included in our Form 10-K for the year ended October 31, 2020.

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

9 Months Ended

Aug. 01, 2021

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

NOTE 2 - CASH, CASH EQUIVALENTS AND RESTRICTED CASH

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.

Restricted cash is included in Other assets in our August 1, 2021 and October 31, 2020, condensed consolidated balance sheets, respectively. The restrictions on these amounts are primarily related to land lease agreements and customs requirements.

The following table presents cash and cash equivalents as reported in our condensed consolidated balance sheets, as well as the sum of cash, cash equivalents and restricted cash, as reported in our condensed consolidated statements of cash flows.

	August 1, 2021		October 31, 2020

Cash and cash equivalents	$	283,249	$	278,665
Restricted Cash		3,000		2,937

	$	286,249	$	281,602

INVENTORIES

9 Months Ended

Aug. 01, 2021

INVENTORIES [Abstract]

INVENTORIES

NOTE 3 - INVENTORIES

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

	August 1, 2021		October 31, 2020

Raw materials	$	51,713	$	56,389
Work in process		1,223		767
Finished goods		229		113

	$	53,165	$	57,269

PROPERTY, PLANT AND EQUIPMENT, NET

9 Months Ended

Aug. 01, 2021

PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 4 - PROPERTY, PLANT AND EQUIPMENT, NET

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

	August 1, 2021			October 31, 2020
Land	$	12,518		$	12,422
Buildings and improvements		181,842			179,162
Machinery and equipment		1,966,038			1,812,791
Leasehold improvements		21,672			21,157
Furniture, fixtures and office equipment		15,811			15,665
Construction in progress		31,839			70,915

		2,229,720			2,112,112
Accumulated depreciation and amortization		(1,530,111	)		(1,480,637	)

	$	699,609		$	631,475

ROU assets resulting from finance leases are included in the table above as follows:

	August 1, 2021			October 31, 2020
Machinery and equipment	$	42,760		$	-
Accumulated amortization		(1,223	)		-

	$	41,537		$	-

Depreciation and amortization expense for property, plant and equipment (including amortization expense for ROU assets) was $21.7 million and $66.6 million for the three and nine-month periods ended August 1, 2021, respectively, and $22.1 million and $67.6 million for the three and nine-month periods ended August 2, 2020, respectively.

In the third quarter of fiscal 2021, we recorded a $3.5 million gain on the trade-in of a lithography tool with a tool vendor as partial compensation for a more advanced tool.

PDMCX JOINT VENTURE

9 Months Ended

Aug. 01, 2021

PDMCX JOINT VENTURE [Abstract]

PDMCX JOINT VENTURE

NOTE 5 - PDMCX JOINT VENTURE

In January 2018, Photronics, Inc. through its wholly owned Singapore subsidiary (hereinafter, within this Note “we”, “Photronics”, “us”, or “our”), and DNP, through its wholly owned subsidiary “DNP Asia Pacific PTE, Ltd.” entered into a joint venture under which DNP obtained a 49.99% interest in our IC business in Xiamen, China. The joint venture, which we refer to as “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 minimum combined investment per the PDMCX operating agreement (the “Agreement”), was $160 million. As of August 1, 2021, Photronics and DNP had each contributed cash of approximately $65 million, and PDMCX had obtained local financing of approximately $50 million. As discussed in Note 6, liens were granted to the local financing entity on assets with an August 1, 2021, total carrying value of $91.3 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 income from the operations of PDMCX of $1.8 million, and $4.0 million during the three and nine-month periods ended August 1, 2021, respectively, and losses of $0.8 million and $4.8 million during the three and nine-month periods ended August 2, 2020, respectively. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the net assets of PDMCX), and our maximum exposure to loss from PDMCX at August 1, 2021, was $60.9 million.

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

The carrying amounts of PDMCX assets and liabilities included in our condensed consolidated balance sheets are presented in the following table, together with our exposure to loss related to these assets and liabilities.

	August 1, 2021				October 31, 2020
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest
Current assets	$	56,060	$	28,036	$	56,095	$	28,053
Non-current assets		138,072		69,050		141,097		70,562

Total assets		194,132		97,086		197,192		98,615

Current liabilities		30,233		15,119		31,922		15,964
Non-current liabilities		42,080		21,044		55,676		27,844

Total liabilities		72,313		36,163		87,598		43,808

Net assets	$	121,819	$	60,923	$	109,594	$	54,807

DEBT

9 Months Ended

Aug. 01, 2021

DEBT [Abstract]

DEBT

NOTE 6 - DEBT

Short-term debt was $0.0 million, and $4.7 million as of August 1, 2021 and October 31, 2020, respectively. The 2020 amount represents an advance payment under an MLA to fund equipment purchased or leased in the U.S., and short duration borrowings in Xiamen, China, to fund operations. See below for further information. The weighted-average interest rate on our short-term debt as of October 31, 2020 was 2.02%.

The tables below provide information on our long-term debt.

As of August 1, 2021	Xiamen Project Loans			Xiamen Working Capital Loans			Hefei Equipment Loan			Finance Leases			Total
Principal due:
Next 12 months	$	7,615		$	8,108		$	2,321		$	7,119		$	25,163
Months 13 – 24	$	9,961		$	3,961		$	4,642		$	6,487		$	25,051
Months 25 – 36		10,165			-			4,642			6,585			21,392
Months 37 – 48		9,794			-			7,736			19,623			37,153
Months 49 – 60		7,489			-			1,655			-			9,144
Long-term debt	$	37,409		$	3,961		$	18,675		$	32,695		$	92,740

Interest rate at balance sheet date		4.65	%		4.53% - 4.61	%		4.20	%			⁽³⁾
Basis spread on interest rates		0.00			67.75 - 76.00			(45.00	)		N/A
Interest rate reset	Quarterly			Monthly/Annually			Annually				N/A
Maturity date	December 2025			July 2023			September 2026					⁽³⁾
Periodic payment amount	Increases as loans mature			Increases as loans mature			Varies ⁽¹⁾					⁽³⁾
Periodic payment frequency	Semiannual, on individual loans			Semiannual, on individual loans			Semiannual⁽²⁾			Monthly
Loan collateral (carrying amount)	$	91,277			N/A		$	86,892		$	41,537	⁽⁴⁾

⁽¹⁾First five loan repayments will each be for 7.5 percent of the approved 200 million RMB loan principal; last five installments will each be for 12.5 percent of the original approved loan amount.

⁽²⁾Semiannual repayments commence in March 2022.

⁽³⁾See Note 8 for interest rates on lease liabilities, maturity dates, and periodic payment amounts.

⁽⁴⁾Represents the carrying amount at the balance sheet date of the related right-of-use assets, in which the lessors have secured interests.

As of October 31, 2020	Xiamen Project Loans			Xiamen Working Capital Loans			Total
Principal due:
Next 12 months	$	6,705		$	2,265		$	8,970
Months 13 – 24	$	7,334		$	7,808		$	15,142
Months 25 – 36		9,592			3,814			13,406
Months 37 – 48		9,789			-			9,789
Months 49 – 60		9,432			-			9,432
Thereafter		7,211			-			7,211
Long-term debt	$	43,358		$	11,622		$	54,980

Interest rate at balance sheet date		4.90	%		4.53% - 4.61	%
Basis spread on interest rates		25.00			40.00 - 76.00
Loan collateral (carrying amount)	$	94,459			N/A

Xiamen Project Loans

In November 2018, PDMCX obtained approval to borrow 345.0 million RMB from the Industrial and Commercial Bank of China. From November 2018 through July 2020, PDMCX entered into separate loan agreements (the “Project Loans”) for the entire approved amount and, as of August 1, 2021, 291.0 million RMB ($45.0 million) remained outstanding. The Project Loans were used to finance certain capital expenditures at the PDMCX facility and are collateralized by liens granted on the land use right, building, and certain equipment located at the facility. The interest rates on the Project Loans are variable (based on the RMB Loan Prime Rate of the National Interbank Funding Center), and 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 and duration. The Project Loans are subject to covenants and provisions, certain of which relate to the assets pledged as security for the loans, all of which we were in compliance with at August 1, 2021.

Xiamen Working Capital Loans

In November 2018, PDMCX obtained approval for revolving, unsecured credit of the equivalent of $25.0 million, pursuant to which PDMCX may enter into separate loan agreements with varying terms to maturity. This facility is subject to annual reviews and extension. Unless extended, this facility will expire in October 2021. As of August 1, 2021, PDMCX had 78.0 million RMB ($12.1 million) outstanding against the approval. The interest rates are variable, based on the RMB Loan Prime Rate of the National Interbank Funding Center. Interest incurred on the 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 and duration.

Hefei Equipment Loan

In October 2020, our Hefei, China, facility was approved to borrow 200 million RMB (approximately $30.9 million, at the balance sheet date) from the China Construction Bank Corporation. This credit facility is subject to annual reviews and extension, with the most recent extension set to expire in August 2022. The loan proceeds were used to fund purchases of two lithography tools at the Hefei facility. As of August 1, 2021, we had borrowed 135.7 million RMB ($21.0 million) against this approval (all of which was then outstanding), and 62.5 million RMB ($9.9 million) remained available to borrow. The interest rate on the loan is variable and based on the RMB Loan Prime Rate of the National Interbank Funding Center. The borrowings are secured by the Hefei facility, its related land use right, and certain manufacturing equipment. The Hefei Equipment Loan is subject to covenants and provisions, certain of which relate to the assets pledged as security for the loan, including covenants for the ratio of total liabilities to total assets and the ratio of current assets to current liabilities, all of which we were in compliance with at August 1, 2021.

Finance Leases

In February 2021, we entered into a five-year $7.2 million finance lease for a high-end inspection tool and, in December 2020, under an MLA which we entered into effective July 2019, we entered into a $35.5 million lease for a high-end lithography tool. Upon entering into the latter lease, our prior $3.5 million short-term obligation to the lessor became a portion of the lease liability. See Note 8 for additional information on these leases.

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 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 August 1, 2021), and limits the amount of cash dividends, distributions, and redemptions we can pay on our common stock to an aggregate annual amount of $50 million. We had no outstanding borrowings against the Credit Agreement at August 1, 2021. The interest rate on the Credit Agreement (1.09% at August 1, 2021) is based on our total leverage ratio at LIBOR plus a spread, as defined in the Credit Agreement.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

REVENUE

9 Months Ended

Aug. 01, 2021

REVENUE [Abstract]

REVENUE

NOTE 7 - REVENUE

We recognize revenue when, or as, control of a good or service transfers to a customer, in an amount that reflects the consideration to which we expect to be entitled in exchange for transferring those goods or services. We account for an arrangement as a revenue contract when each party has approved and is committed to perform under the contract, the rights of the contracting parties regarding the goods or services to be transferred and the payment terms are identifiable, the arrangement has commercial substance, and collection of consideration is probable. Substantially all of our revenue comes from the sales of photomasks. We typically contract with our customers to sell sets of photomasks, which are comprised of multiple layers, the predominance of which we invoice as they ship to customers. As the photomasks are manufactured to customer specifications, they have no alternative use to us and, as our contracts generally provide us with the right to payment for work completed to date, we recognize revenue as we perform, or “over time”, on most of our contracts. We measure our performance to date using an input method, which is based on our estimated costs to complete the various manufacturing phases of a photomask. At the end of a reporting period, there will be a number of uncompleted revenue contracts on which we have performed; for any such contracts under which we are entitled to be compensated for our costs incurred plus a reasonable profit, we recognize revenue and a corresponding contract asset for such performance. We account for shipping and handling activities that we perform after a customer obtains control of a good as being activities to fulfill our promise to transfer the good to the customer, rather than as promised services, or performance obligations, under the contract. We report our revenue net of any sales or similar taxes we collect on behalf of government 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 was 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 of photomasks that are in process or completed but not yet shipped to customers. 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 $8.9 million are included in Other current assets, and contract liabilities of $15.4 million and $5.2 million are included in Accrued liabilities and Other liabilities, respectively, in our August 1, 2021, condensed consolidated balance sheet. Our October 31, 2020 condensed consolidated balance sheet includes contract assets of $6.3 million, 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. We did not impair any contract assets during the three or nine-month periods ended August 1, 2021 or August 2, 2020. We recognized $1.7 million and $5.0 million of revenue from the settlement of contract liabilities that existed at the beginning of the three and nine-month periods ended August 1, 2021, and recognized $1.9 million and $2.3 million of revenue in the respective prior year periods, that related to the settlement of contract liabilities that existed at the beginning of those periods.

We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectibility during, and at the end of, every reporting period. To the extent we believe a loss on the collection of a customer invoice is probable, we record the loss and credit the allowance for credit losses. In the event that an amount is determined to be uncollectible, we charge the allowance for credit losses and derecognize the related receivable. We did not incur any credit losses on our accounts receivable during the nine-month period ended August 1, 2021, and credit losses on our accounts receivable were immaterial during the three and nine-month periods ended August 2, 2020.

Our invoice terms generally range from net thirty to ninety days, depending on both the geographic market in which the transaction occurs and our payment agreements with specific customers. In the event that our evaluation of a customer’s business prospects and financial condition indicate that the customer presents a collectibility risk, we modify terms of sale, which may require payment in advance of performance. 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 have received from customers have generally not preceded the completion of our performance obligations by more than one year.

Disaggregation of Revenue

The following tables present our revenue for the three and nine-month periods ended August 1, 2021 and August 2, 2020, disaggregated by product type, geographic origin, and timing of recognition.

	Three Months Ended				Nine Months Ended
	August 1, 2021		August 2, 2020		August 1, 2021		August 2, 2020

Revenue by Product Type
IC
High-end	$	42,351	$	38,665	$	120,390	$	117,974
Mainstream		75,423		70,001		214,332		194,517
Total IC	$	117,774	$	108,666	$	334,722	$	312,491

FPD
High-end	$	40,640	$	36,670	$	114,685	$	108,248
Mainstream		12,229		12,559		33,066		39,666
Total FPD	$	52,869	$	49,229	$	147,751	$	147,914
	$	170,643	$	157,895	$	482,473	$	460,405

	Three Months Ended				Nine Months Ended
	August 1, 2021		August 2, 2020		August 1, 2021		August 2, 2020

Revenue by Geography *
Taiwan	$	63,849	$	60,836	$	179,441	$	182,463
Korea		39,575		39,488		118,597		116,485
United States		24,693		28,351		78,447		78,276
China		32,664		20,988		77,391		58,374
Europe		9,437		7,688		27,269		23,562
Other		425		544		1,328		1,245
	$	170,643	$	157,895	$	482,473	$	460,405

* This table disaggregates revenue by the location in which it was earned.

	Three Months Ended				Nine Months Ended
	August 1, 2021		August 2, 2020		August 1, 2021		August 2, 2020

Revenue by Timing of Recognition
Over time	$	157,941	$	137,442	$	443,923	$	401,347
At a point in time		12,702		20,453		38,550		59,058
	$	170,643	$	157,895	$	482,473	$	460,405

Contract Costs

We pay commissions to third-party sales agents for certain sales they procure on our behalf. 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 do 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 contract obtainment costs as assets.

Remaining Performance Obligations

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

Product Warranties

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

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.

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

LEASES

9 Months Ended

Aug. 01, 2021

LEASES [Abstract]

LEASES

NOTE 8 - LEASES

Our involvement in lease arrangements has typically been as a lessee. We determine if an agreement is or contains a lease on the earlier of the date of the agreement or the date on which we commit to entering the agreement. Our evaluation considers whether the agreement 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. As allowed under ASC Topic 842 – “Leases” (“Topic 842”), we have elected not to apply the recognition requirements to leases that, at their commencement dates, have lease terms of twelve months or less and do not include options to purchase their underlying assets that we are reasonably certain to exercise. The present value of lease payments over the term of the lease provides the basis for the initial measurement of ROU assets and their related lease liabilities. We measure finance lease liabilities using the rates implicit in the leases; operating lease liabilities are measured using our incremental borrowing rate, for collateralized loans, at the commencement date. 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 include extension periods if the lease agreement includes an option to extend the lease that we are reasonably certain to exercise. As allowed under Topic 842, we have elected, for all classes of assets, the practical expedient to not separate lease components of a contract from nonlease components of a contract.

In February 2021, we entered into a five-year $7.2 million finance lease for a high-end inspection tool. Monthly payments on the lease, which commenced in February 2021, are $0.1 million per month. Upon the payment of the fiftieth monthly payment and prior to payment of the fifty-first monthly payment, we may exercise an early buyout option to purchase the tool at 33.684638% of its original cost. If we do not exercise the early buyout option, then at the end of the five-year lease term, the lease shall continue to renew on a month-to-month basis at the same rental; at our option, after the original term or any renewal periods, we may return the tool, elect to extend the lease, or purchase the tool at its fair market value. Since we are reasonably certain that we will exercise the early buyout option, our lease liability reflects such exercise and we have classified the lease as a finance lease. The interest rate implicit in the lease is 1.08%.

In December 2020, we entered into a five-year $35.5 million finance lease for a high-end lithography tool. Monthly payments on the lease, which commenced in January 2021, increased from $0.04 million during the first three months to $0.6 million for the following nine months, followed by forty-eight monthly payments of $0.5 million. As of the due date of the forty-eighth monthly payment, we may exercise an early buyout option to purchase the tool at 39.84% of the initial lease liability. If we do not exercise the early buyout option, then at the end of the five-year lease term, at our option, we may return the tool, elect to extend the lease term for a period and a lease payment to be agreed with lessor at the time, or purchase the tool for its then-fair market value as determined by the lessor. Since we are reasonably certain that we will exercise the early buyout option, our lease liability reflects such exercise and we have classified the lease as a finance lease. The interest rate implicit in the lease is 1.58%. The lease agreement incorporates the covenants included in our Corporate Credit Agreement, which are detailed in Note 6, and includes a cross-default provision for any agreement or instrument with an outstanding, committed balance greater than $5.0 million in which we are the indebted party.

The following table provides information on operating and finance leases included in our consolidated balance sheets.

Classification	August 1, 2021		October 31, 2020
ROU Assets – Operating Leases
Other assets	$	6,238	$	7,706

ROU Assets – Finance Leases
Property, plant and equipment, net	$	41,537	$	-

Lease Liabilities – Operating Leases
Accrued liabilities	$	2,258	$	2,175
Other liabilities		3,786		5,008
	$	6,044	$	7,183

Lease Liabilities – Finance Leases
Current portion of long-term debt	$	7,119	$	-
Long-term debt		32,695		-
	$	39,814	$	-

The following table presents future lease payments under noncancelable operating and finance leases as of August 1, 2021. Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.

	Operating Leases		Finance Leases
Remainder of fiscal year 2021	$	585	$	2,174
2022		2,338		7,231
2023		1,363		6,938
2024		810		6,938
2025		647		18,013
Thereafter		559		-
Total lease payments		6,302		41,294
Imputed interest		258		1,480
Lease liabilities	$	6,044	$	39,814

The following table presents lease costs for the three and nine-month periods ended August 1, 2021 and August 2, 2020.

	Three Months Ended				Nine Months Ended
	August 1, 2021		August 2, 2020		August 1, 2021		August 2, 2020
Operating lease costs	$	802	$	663	$	2,190	$	2,459
Short-term lease costs	$	80	$	43	$	166	$	255
Variable lease costs	$	54	$	131	$	355	$	259
Interest on lease liabilities	$	160	$	-	$	361	$	-
Amortization of ROU assets	$	711	$	-	$	1,156	$	-

The following table presents statistical information related to our operating and finance leases. The information presented is as of the balance sheet dates.

	August 1, 2021					October 31, 2020
Classification	Weighted-average remaining lease term (in years)		Weighted-average discount rate			Weighted-average remaining lease term (in years)		Weighted-average discount rate
Operating leases		3.6		2.35	%		4.1		2.37	%
Finance leases		3.7		1.50	%		-		-

Supplemental cash flows information

	Three Months Ended				Nine Months Ended
	August 1, 2021		August 2, 2020		August 1, 2021		August 2, 2020
Operating cash flows used for operating leases	$	615	$	621	$	1,844	$	3,008
Operating cash flows used for finance leases	$	168	$	-	$	344	$	-
Financing cash flows used for finance leases	$	2,018	$	-	$	2,882	$	-
ROU assets obtained in exchange for operating lease obligations	$	50	$	2,098	$	417	$	2,438
ROU assets obtained in exchange for finance lease obligations	$	-	$	-	$	42,672	$	-

SHARE-BASED COMPENSATION

9 Months Ended

Aug. 01, 2021

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

NOTE 9 - SHARE-BASED COMPENSATION

In March 2016, shareholders approved an 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. Total share-based compensation costs for the three and nine-month periods ended August 1, 2021, were $1.3 million and $4.0 million, respectively, and $1.2 million and $3.8 million for the three and nine-month periods ended August 2, 2020, respectively. No share-based compensation cost was capitalized as part of an asset during the periods presented, and related income tax benefits were $0.1 million and $0.2 million, respectively, in the three and nine-month periods ended August 1, 2021, and immaterial in the prior year periods.

Restricted Stock

We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one to four years. The fair value of the awards is determined on the date of grant, based on the closing price of our common stock. There were 556,200 restricted stock awards granted during the nine-month period ended August 1, 2021, with a weighted-average grant-date fair value of $11.17 per share, and there were no restricted stock awards granted during the three-month period ended August 1, 2021. There were 527,000 restricted stock awards granted during the nine-month period ended August 2, 2020, with a grant-date fair value of $15.21 per share; no restricted stock awards were granted during the three-month period ended August 2, 2020. As of August 1, 2021, the total compensation cost not yet recognized related to unvested restricted stock awards was approximately $8.5 million. That cost is expected to be recognized over a weighted-average amortization period of 2.7 years. As of August 1, 2021, there were 973,309 shares of restricted stock outstanding.

Stock Options

Option awards generally vest in one to four years, and have a ten-year contractual term. All incentive and non-qualified stock option grants 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 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 share options granted during the nine-month periods ended August 1, 2021 or August 2, 2020. The Company received cash from option exercises of $1.0 million and $1.9 million for the three and nine-month periods ended August 1, 2021, respectively, and $0.3 million and $3.5 million for the three and nine-month periods ended August 2, 2020, respectively. As of August 1, 2021, the total unrecognized compensation cost related to unvested option awards was approximately $0.2 million. That cost is expected to be recognized over a weighted-average amortization period of 1.2 years.

Information on outstanding and exercisable option awards as of August 1, 2021, is presented below.

Options	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value

Outstanding at August 1, 2021	1,345,495	$	9.42	4.1	$	5,309
Exercisable at August 1, 2021	1,246,806	$	9.44	3.9	$	4,899

INCOME TAXES	9 Months Ended
INCOME TAXES	Aug. 01, 2021
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 10 - INCOME TAXES We calculate our provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. The effective tax rate of 24.4% in the three-month period end August 1, 2021, differs from the U.S. statutory rate of 21.0% primarily due to changes in forecasted jurisdictional earnings. The effective tax rate of 22.4% in the nine-month period ended August 1, 2021, differs from the U.S. statutory rate of 21.0% primarily due to changes in forecasted jurisdictional earnings, the benefits of investment credits in certain foreign jurisdictions, which were partially offset by the non-recognition of taxes or benefits that, in certain jurisdictions, have been offset by valuation allowances. The effective tax rate of 27.7% in the three-month period ended August 2, 2020, exceeds the U.S. statutory rate of 21.0% primarily due to the non-recognition of the tax benefit of losses that, in certain jurisdictions, have been offset by valuation allowances, which were partially offset by the benefit of tax holidays and investment credits in certain foreign jurisdictions. The effective tax rate of 35.9% in the nine-month period ended August 2, 2020, exceeds the U.S. statutory rate of 21.0% primarily due to the non-recognition of the tax benefit of losses that, in certain jurisdictions, have been offset by valuation allowances, and the establishment of a valuation allowance for a loss carryforward in a non-U.S. jurisdiction, which were partially offset by the benefits of tax holidays and investment credits in certain foreign jurisdictions. Valuation allowances, in jurisdictions with historic losses, eliminate the current tax benefit of losses in these jurisdictions where, based on the weight of information available to us, we determined that it is not more likely than not that the tax benefits will be realized. In the nine-month period ended August 2, 2020, as a result of the reassessment of the aforementioned available information, we established a valuation allowance of $2.1 million against a non-U.S. based loss-carryforward deferred tax asset that is not more likely than not to be realized. Unrecognized tax benefits related to uncertain tax positions were $3.3 million at August 1, 2021, of which $2.6 million, if recognized, would have a favorable impact on our effective tax rate. Unrecognized tax benefits related to uncertain tax positions were $2.7 million at October 31, 2020, of which $2.0 million, if recognized, would have a favorable impact on the Company’s effective tax rate. Accrued interest and penalties related to unrecognized tax benefits was $0.2 million and $0.1 million at August 1, 2021 and October 31, 2020, respectively. 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 the amount of uncertain tax positions (including interest and penalties, and net of tax benefits) that may be resolved over the next twelve months is immaterial. Resolution of these uncertain tax positions may result from either or both the lapses of statutes of limitations and tax settlements. The Company is no longer subject to tax authority examinations in the U.S. and major foreign or state jurisdictions for years prior to fiscal year 2015.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]

EARNINGS PER SHARE

9 Months Ended

Aug. 01, 2021

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 11 - EARNINGS PER SHARE

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

	Three Months Ended				Nine Months Ended
	August 1, 2021		August 2, 2020		August 1, 2021		August 2, 2020

Net income attributable to Photronics, Inc. shareholders	$	17,076	$	10,776	$	35,638	$	27,360

Effect of dilutive securities		-		-		-		-
Earnings used for diluted earnings per share	$	17,076	$	10,776	$	35,638	$	27,360

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		60,884		64,780		61,804		65,090
Effect of dilutive securities:
Share-based payment awards		631		467		558		614

Potentially dilutive common shares		631		467		558		614

Weighted-average common shares used for diluted earnings per share		61,515		65,247		62,362		65,704

Basic earnings per share	$	0.28	$	0.17	$	0.58	$	0.42
Diluted earnings per share	$	0.28	$	0.17	$	0.57	$	0.42

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 prices exceeded the average market value of the common shares for the period or, under application of the treasury stock method, they were otherwise determined to be antidilutive.

	Three Months Ended				Nine Months Ended
	August 1, 2021		August 2, 2020		August 1, 2021		August 2, 2020

Share-based payment awards		206		985		442		723

Total potentially dilutive shares excluded		206		985		442		723

Subsequent to August 1, 2021, our outstanding common stock was reduced by a net 0.6 million shares, primarily as a result of share repurchases. Please refer to Note 14 for information on our share repurchase programs.

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

9 Months Ended

Aug. 01, 2021

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

NOTE 12 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

The following tables set forth the changes in our accumulated other comprehensive income by component (net of tax of $0) for the three and nine-month periods ended August 1, 2021 and August 2, 2020.

	Three Months Ended August 1, 2021
	Foreign Currency Translation Adjustments			Other			Total

Balance at May 2, 2021	$	36,052		$	(860	)	$	35,192
Other comprehensive income		(10,482	)		37			(10,445	)
Less: other comprehensive income attributable to noncontrolling interests		(153	)		18			(135	)

Balance at August 1, 2021	$	25,723		$	(841	)	$	24,882

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

Balance at May 3, 2020	$	(14,535	)	$	(665	)	$	(15,200	)
Other comprehensive income		10,659			4			10,663
Less: other comprehensive income attributable to noncontrolling interests		1,889			2			1,891

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

	Nine Months Ended August 1, 2021
	Foreign Currency Translation Adjustments		Other			Total

Balance at October 31, 2020	$	18,828	$	(870	)	$	17,958
Other comprehensive income		11,584		58			11,642
Less: other comprehensive income attributable to noncontrolling interests		4,689		29			4,718

Balance at August 1, 2021	$	25,723	$	(841	)	$	24,882

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

Balance at October 31, 2019	$	(8,331	)	$	(674	)	$	(9,005	)
Other comprehensive income		6,689			23			6,712
Less: other comprehensive income attributable to noncontrolling interests		4,123			12			4,135

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

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Aug. 01, 2021
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 13 - 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 August 1, 2021 or October 31, 2020.

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.

SHARE REPURCHASE PROGRAMS [Abstract]

SHARE REPURCHASE PROGRAMS

9 Months Ended

Aug. 01, 2021

SHARE REPURCHASE PROGRAMS

NOTE 14 - 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. The company commenced repurchasing shares under this authorization on September 16, 2020. All of the shares repurchased under this authorization as of August 1, 2021, have been retired. The table below presents information on this repurchase program.

	Three Months Ended August 1, 2021		Nine Months Ended August 1, 2021		From Inception Date of September 16, 2020
Number of shares repurchased		964		2,983		4,713

Cost of shares repurchased	$	12,500	$	35,750	$	53,250

Average price paid per share	$	12.97	$	11.98	$	11.30

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. This repurchase program was terminated in March of 2020. All of the shares repurchased under this authorization have been retired. The table below presents information on this repurchase program.

	Nine Months Ended August 2, 2020		From Inception Date of September 25, 2019
Number of shares repurchased		1,464		2,460

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

Average price paid per share	$	11.54	$	11.34

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Aug. 01, 2021
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 15 - COMMITMENTS AND CONTINGENCIES As of August 1, 2021, the Company had commitments outstanding for capital expenditures of approximately $56.9 million, primarily for purchases of high-end equipment. See Note 8 for our outstanding lease commitments. The Company’s wholly owned subsidiary in South Korea has been involved in litigation regarding a 2016 informational tax filing for its wholly owned subsidiary’s 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, and the civil matter was 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. On August 26, 2021, the appellate court rendered the decision not to impose the $0.03 million fine. We are subject to various claims that arise in the ordinary course of business. We believe that our potential liability under such claims, individually and in the aggregate, will not have a material effect on our consolidated financial statements.

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Aug. 01, 2021
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 16 - RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Updates Adopted 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 replaced the incurred loss impairment methodology, found in previous guidance, 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. 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 LIBOR, 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 may have on our consolidated financial statements.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=122038215&loc=SL108384541-122693

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)(2)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=123338486&loc=SL49131195-203048

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-URI http://asc.fasb.org/extlink&oid=122038215&loc=d3e31137-122693

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=122150657&loc=SL122150809-237846

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (c)

BASIS OF FINANCIAL STATEMENT PRESENTATION (Policies)	9 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION (Policies)	Aug. 01, 2021
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract]
Consolidation	The accompanying unaudited condensed consolidated financial statements (“the financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, adjustments, all of which are of a normal recurring nature, considered necessary for a fair presentation have been included. The financial statements include the accounts of Photronics, its wholly owned subsidiaries, and the majority-owned subsidiaries that it controls. All intercompany balances and transactions have been eliminated in consolidation.
Estimates and Assumptions	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect amounts reported in them. Estimates are based on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Our estimates are based on the facts and circumstances available at the time they are made. 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	In fiscal year 2021, we segregated share-based compensation activity into the two categories of Shares issued under equity plans and Share-based compensation expense in the condensed consolidated statements of equity; in previous reports, we segregated this activity into three categories. Reclassified prior period amounts have been conformed to the current period presentation.

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Policies)	9 Months Ended
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Policies)	Aug. 01, 2021
CASH, CASH EQUIVALENTS AND RESTRICTED CASH [Abstract]
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.

INVENTORIES (Policies)	9 Months Ended
INVENTORIES (Policies)	Aug. 01, 2021
INVENTORIES [Abstract]
Inventories	Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value.

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

PDMCX JOINT VENTURE (Policies)	9 Months Ended
PDMCX JOINT VENTURE (Policies)	Aug. 01, 2021
PDMCX JOINT VENTURE [Abstract]
Variable Interest Entities	As required by the guidance in Topic 810 - “Consolidation” of the ASC, we evaluated our involvement in PDMCX for the purpose of determining whether we should consolidate its results in our financial statements. The initial step of our evaluation was to determine whether PDMCX was a variable interest entity (“VIE”). Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, we determined that it was a VIE. Having made this determination, we then assessed whether we were the primary beneficiary of the VIE, and concluded that we were the primary beneficiary during the current and prior year reporting periods; thus, as required, the PDMCX financial results have been consolidated with Photronics. Our conclusion was based on the facts that we held a controlling financial interest in PDMCX (which resulted from our having the power to direct the activities that most significantly impacted its economic performance) and had the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX. Our conclusions that we had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current and prior year reporting periods were based on our right to appoint the majority of its board of directors, which has, among others, the powers to manage the business (through its rights to appoint and evaluate PDMCX’s management), incur indebtedness, enter into agreements and commitments, and acquire and dispose of PDMCX’s assets. In addition, as a result of the 50.01% variable interest we held during the current and prior-year periods, we had the obligation to absorb losses, and the right to receive benefits, that could potentially be significant to PDMCX.

REVENUE (Policies)	9 Months Ended
REVENUE (Policies)	Aug. 01, 2021
REVENUE [Abstract]
Revenue	We recognize revenue when, or as, control of a good or service transfers to a customer, in an amount that reflects the consideration to which we expect to be entitled in exchange for transferring those goods or services. We account for an arrangement as a revenue contract when each party has approved and is committed to perform under the contract, the rights of the contracting parties regarding the goods or services to be transferred and the payment terms are identifiable, the arrangement has commercial substance, and collection of consideration is probable. Substantially all of our revenue comes from the sales of photomasks. We typically contract with our customers to sell sets of photomasks, which are comprised of multiple layers, the predominance of which we invoice as they ship to customers. As the photomasks are manufactured to customer specifications, they have no alternative use to us and, as our contracts generally provide us with the right to payment for work completed to date, we recognize revenue as we perform, or “over time”, on most of our contracts. We measure our performance to date using an input method, which is based on our estimated costs to complete the various manufacturing phases of a photomask. At the end of a reporting period, there will be a number of uncompleted revenue contracts on which we have performed; for any such contracts under which we are entitled to be compensated for our costs incurred plus a reasonable profit, we recognize revenue and a corresponding contract asset for such performance. We account for shipping and handling activities that we perform after a customer obtains control of a good as being activities to fulfill our promise to transfer the good to the customer, rather than as promised services, or performance obligations, under the contract. We report our revenue net of any sales or similar taxes we collect on behalf of government 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 was 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 of photomasks that are in process or completed but not yet shipped to customers. 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 $8.9 million are included in Other current assets, and contract liabilities of $15.4 million and $5.2 million are included in Accrued liabilities and Other liabilities, respectively, in our August 1, 2021, condensed consolidated balance sheet. Our October 31, 2020 condensed consolidated balance sheet includes contract assets of $6.3 million, 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. We did not impair any contract assets during the three or nine-month periods ended August 1, 2021 or August 2, 2020. We recognized $1.7 million and $5.0 million of revenue from the settlement of contract liabilities that existed at the beginning of the three and nine-month periods ended August 1, 2021, and recognized $1.9 million and $2.3 million of revenue in the respective prior year periods, that related to the settlement of contract liabilities that existed at the beginning of those periods. We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectibility during, and at the end of, every reporting period. To the extent we believe a loss on the collection of a customer invoice is probable, we record the loss and credit the allowance for credit losses. In the event that an amount is determined to be uncollectible, we charge the allowance for credit losses and derecognize the related receivable. We did not incur any credit losses on our accounts receivable during the nine-month period ended August 1, 2021, and credit losses on our accounts receivable were immaterial during the three and nine-month periods ended August 2, 2020. Our invoice terms generally range from net thirty to ninety days, depending on both the geographic market in which the transaction occurs and our payment agreements with specific customers. In the event that our evaluation of a customer’s business prospects and financial condition indicate that the customer presents a collectibility risk, we modify terms of sale, which may require payment in advance of performance. 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 have 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 they procure on our behalf. 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 do 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 contract obtainment costs as assets. Remaining Performance Obligations As we are typically required to fulfill customer orders within a short time period, our backlog of orders is generally not in excess of one to two weeks for IC photomasks and two to three weeks for FPD photomasks. As allowed under Topic 606, we have elected not to disclose our remaining performance obligations, which represent the costs associated with the completion of the manufacturing process of in-process photomasks related to contracts that have an original duration of one year or less. Product Warranties Our photomasks are sold under warranties that generally range from one to twenty-four months. We warrant that our photomasks conform to customer specifications, and will typically repair, replace, or issue a refund for any photomasks that fail to do so. The warranties do not represent separate performance obligations in our revenue contracts. Historically, customer claims under warranties have been immaterial.

Disclosure of accounting policy for revenue from contract with customer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130563-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130563-203045

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123372394&loc=d3e18823-107790

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

LEASES (Policies)	9 Months Ended
LEASES (Policies)	Aug. 01, 2021
LEASES [Abstract]
Leases	Our involvement in lease arrangements has typically been as a lessee. We determine if an agreement is or contains a lease on the earlier of the date of the agreement or the date on which we commit to entering the agreement. Our evaluation considers whether the agreement 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. As allowed under ASC Topic 842 – “Leases” (“Topic 842”), we have elected not to apply the recognition requirements to leases that, at their commencement dates, have lease terms of twelve months or less and do not include options to purchase their underlying assets that we are reasonably certain to exercise. The present value of lease payments over the term of the lease provides the basis for the initial measurement of ROU assets and their related lease liabilities. We measure finance lease liabilities using the rates implicit in the leases; operating lease liabilities are measured using our incremental borrowing rate, for collateralized loans, at the commencement date. 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 include extension periods if the lease agreement includes an option to extend the lease that we are reasonably certain to exercise. As allowed under Topic 842, we have elected, for all classes of assets, the practical expedient to not separate lease components of a contract from nonlease components of a contract.

SHARE-BASED COMPENSATION (Policies)	9 Months Ended
SHARE-BASED COMPENSATION (Policies)	Aug. 01, 2021
Restricted Stock [Member]
Stock Options [Abstract]
Share-Based Compensation	Restricted Stock We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one to four years. The fair value of the awards is determined on the date of grant, based on the closing price of our common stock. There were 556,200 restricted stock awards granted during the nine-month period ended August 1, 2021, with a weighted-average grant-date fair value of $11.17 per share, and there were no restricted stock awards granted during the three-month period ended August 1, 2021. There were 527,000 restricted stock awards granted during the nine-month period ended August 2, 2020, with a grant-date fair value of $15.21 per share; no restricted stock awards were granted during the three-month period ended August 2, 2020. As of August 1, 2021, the total compensation cost not yet recognized related to unvested restricted stock awards was approximately $8.5 million. That cost is expected to be recognized over a weighted-average amortization period of 2.7 years. As of August 1, 2021, there were 973,309 shares of restricted stock outstanding.
Employee Stock Option [Member]
Stock Options [Abstract]
Share-Based Compensation	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 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)	9 Months Ended
INCOME TAXES (Policies)	Aug. 01, 2021
INCOME TAXES [Abstract]
Income Taxes	We calculate our provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. Unrecognized tax benefits related to uncertain tax positions were $3.3 million at August 1, 2021, of which $2.6 million, if recognized, would have a favorable impact on our effective tax rate. Unrecognized tax benefits related to uncertain tax positions were $2.7 million at October 31, 2020, of which $2.0 million, if recognized, would have a favorable impact on the Company’s effective tax rate. Accrued interest and penalties related to unrecognized tax benefits was $0.2 million and $0.1 million at August 1, 2021 and October 31, 2020, respectively. 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 the amount of uncertain tax positions (including interest and penalties, and net of tax benefits) that may be resolved over the next twelve months is immaterial. Resolution of these uncertain tax positions may result from either or both the lapses of statutes of limitations and tax settlements. The Company is no longer subject to tax authority examinations in the U.S. and major foreign or state jurisdictions for years prior to fiscal year 2015.

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

CASH, CASH EQUIVALENTS AND RESTRICTED CASH [Abstract]

FAIR VALUE MEASUREMENTS (Policies)	9 Months Ended
FAIR VALUE MEASUREMENTS (Policies)	Aug. 01, 2021
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value Financial Instruments	The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1, defined as quoted market prices (unadjusted) in active markets for identical securities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly; and Level 3, defined as unobservable inputs that are not corroborated by market data.

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Aug. 01, 2021
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recent Accounting Pronouncements	Accounting Standards Updates Adopted 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 replaced the incurred loss impairment methodology, found in previous guidance, 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. 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 LIBOR, 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 may have on our consolidated financial statements.

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)

9 Months Ended

Aug. 01, 2021

Cash, Cash Equivalents and Restricted Cash

	August 1, 2021		October 31, 2020

Cash and cash equivalents	$	283,249	$	278,665
Restricted Cash		3,000		2,937

	$	286,249	$	281,602

INVENTORIES (Tables)

9 Months Ended

Aug. 01, 2021

INVENTORIES [Abstract]

Inventories

	August 1, 2021		October 31, 2020

Raw materials	$	51,713	$	56,389
Work in process		1,223		767
Finished goods		229		113

	$	53,165	$	57,269

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

9 Months Ended

Aug. 01, 2021

PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]

Property, Plant and Equipment

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

	August 1, 2021			October 31, 2020
Land	$	12,518		$	12,422
Buildings and improvements		181,842			179,162
Machinery and equipment		1,966,038			1,812,791
Leasehold improvements		21,672			21,157
Furniture, fixtures and office equipment		15,811			15,665
Construction in progress		31,839			70,915

		2,229,720			2,112,112
Accumulated depreciation and amortization		(1,530,111	)		(1,480,637	)

	$	699,609		$	631,475

Finance Lease, Right-of-use Assets

ROU assets resulting from finance leases are included in the table above as follows:

	August 1, 2021			October 31, 2020
Machinery and equipment	$	42,760		$	-
Accumulated amortization		(1,223	)		-

	$	41,537		$	-

PDMCX JOINT VENTURE (Tables)

9 Months Ended

Aug. 01, 2021

PDMCX JOINT VENTURE [Abstract]

Carrying Amounts and Exposure to Loss Related to Assets and Liabilities

	August 1, 2021				October 31, 2020
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest
Current assets	$	56,060	$	28,036	$	56,095	$	28,053
Non-current assets		138,072		69,050		141,097		70,562

Total assets		194,132		97,086		197,192		98,615

Current liabilities		30,233		15,119		31,922		15,964
Non-current liabilities		42,080		21,044		55,676		27,844

Total liabilities		72,313		36,163		87,598		43,808

Net assets	$	121,819	$	60,923	$	109,594	$	54,807

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.

Disaggregation of Revenue

DEBT (Tables)

9 Months Ended

Aug. 01, 2021

DEBT [Abstract]

Long-term Debt

The tables below provide information on our long-term debt.

As of August 1, 2021	Xiamen Project Loans			Xiamen Working Capital Loans			Hefei Equipment Loan			Finance Leases			Total
Principal due:
Next 12 months	$	7,615		$	8,108		$	2,321		$	7,119		$	25,163
Months 13 – 24	$	9,961		$	3,961		$	4,642		$	6,487		$	25,051
Months 25 – 36		10,165			-			4,642			6,585			21,392
Months 37 – 48		9,794			-			7,736			19,623			37,153
Months 49 – 60		7,489			-			1,655			-			9,144
Long-term debt	$	37,409		$	3,961		$	18,675		$	32,695		$	92,740

Interest rate at balance sheet date		4.65	%		4.53% - 4.61	%		4.20	%			⁽³⁾
Basis spread on interest rates		0.00			67.75 - 76.00			(45.00	)		N/A
Interest rate reset	Quarterly			Monthly/Annually			Annually				N/A
Maturity date	December 2025			July 2023			September 2026					⁽³⁾
Periodic payment amount	Increases as loans mature			Increases as loans mature			Varies ⁽¹⁾					⁽³⁾
Periodic payment frequency	Semiannual, on individual loans			Semiannual, on individual loans			Semiannual⁽²⁾			Monthly
Loan collateral (carrying amount)	$	91,277			N/A		$	86,892		$	41,537	⁽⁴⁾

⁽²⁾Semiannual repayments commence in March 2022.

⁽³⁾See Note 8 for interest rates on lease liabilities, maturity dates, and periodic payment amounts.

⁽⁴⁾Represents the carrying amount at the balance sheet date of the related right-of-use assets, in which the lessors have secured interests.

As of October 31, 2020	Xiamen Project Loans			Xiamen Working Capital Loans			Total
Principal due:
Next 12 months	$	6,705		$	2,265		$	8,970
Months 13 – 24	$	7,334		$	7,808		$	15,142
Months 25 – 36		9,592			3,814			13,406
Months 37 – 48		9,789			-			9,789
Months 49 – 60		9,432			-			9,432
Thereafter		7,211			-			7,211
Long-term debt	$	43,358		$	11,622		$	54,980

Interest rate at balance sheet date		4.90	%		4.53% - 4.61	%
Basis spread on interest rates		25.00			40.00 - 76.00
Loan collateral (carrying amount)	$	94,459			N/A

REVENUE (Tables)

9 Months Ended

Aug. 01, 2021

REVENUE [Abstract]

The following tables present our revenue for the three and nine-month periods ended August 1, 2021 and August 2, 2020, disaggregated by product type, geographic origin, and timing of recognition.

	Three Months Ended				Nine Months Ended
	August 1, 2021		August 2, 2020		August 1, 2021		August 2, 2020

Revenue by Product Type
IC
High-end	$	42,351	$	38,665	$	120,390	$	117,974
Mainstream		75,423		70,001		214,332		194,517
Total IC	$	117,774	$	108,666	$	334,722	$	312,491

FPD
High-end	$	40,640	$	36,670	$	114,685	$	108,248
Mainstream		12,229		12,559		33,066		39,666
Total FPD	$	52,869	$	49,229	$	147,751	$	147,914
	$	170,643	$	157,895	$	482,473	$	460,405

	Three Months Ended				Nine Months Ended
	August 1, 2021		August 2, 2020		August 1, 2021		August 2, 2020

Revenue by Geography *
Taiwan	$	63,849	$	60,836	$	179,441	$	182,463
Korea		39,575		39,488		118,597		116,485
United States		24,693		28,351		78,447		78,276
China		32,664		20,988		77,391		58,374
Europe		9,437		7,688		27,269		23,562
Other		425		544		1,328		1,245
	$	170,643	$	157,895	$	482,473	$	460,405

* This table disaggregates revenue by the location in which it was earned.

	Three Months Ended				Nine Months Ended
	August 1, 2021		August 2, 2020		August 1, 2021		August 2, 2020

Revenue by Timing of Recognition
Over time	$	157,941	$	137,442	$	443,923	$	401,347
At a point in time		12,702		20,453		38,550		59,058
	$	170,643	$	157,895	$	482,473	$	460,405

LEASES (Tables)

9 Months Ended

Aug. 01, 2021

LEASES [Abstract]

Information on Operating and Finance Leases Included in Consolidated Balance Sheets

The following table provides information on operating and finance leases included in our consolidated balance sheets.

Classification	August 1, 2021		October 31, 2020
ROU Assets – Operating Leases
Other assets	$	6,238	$	7,706

ROU Assets – Finance Leases
Property, plant and equipment, net	$	41,537	$	-

Lease Liabilities – Operating Leases
Accrued liabilities	$	2,258	$	2,175
Other liabilities		3,786		5,008
	$	6,044	$	7,183

Lease Liabilities – Finance Leases
Current portion of long-term debt	$	7,119	$	-
Long-term debt		32,695		-
	$	39,814	$	-

Future Lease Payments under Noncancelable Operating and Finance Leases

	Operating Leases		Finance Leases
Remainder of fiscal year 2021	$	585	$	2,174
2022		2,338		7,231
2023		1,363		6,938
2024		810		6,938
2025		647		18,013
Thereafter		559		-
Total lease payments		6,302		41,294
Imputed interest		258		1,480
Lease liabilities	$	6,044	$	39,814

Lease Costs

The following table presents lease costs for the three and nine-month periods ended August 1, 2021 and August 2, 2020.

	Three Months Ended				Nine Months Ended
	August 1, 2021		August 2, 2020		August 1, 2021		August 2, 2020
Operating lease costs	$	802	$	663	$	2,190	$	2,459
Short-term lease costs	$	80	$	43	$	166	$	255
Variable lease costs	$	54	$	131	$	355	$	259
Interest on lease liabilities	$	160	$	-	$	361	$	-
Amortization of ROU assets	$	711	$	-	$	1,156	$	-

Weighted-Average Lease Terms and Weighted-Average Discount Rates

The following table presents statistical information related to our operating and finance leases. The information presented is as of the balance sheet dates.

	August 1, 2021					October 31, 2020
Classification	Weighted-average remaining lease term (in years)		Weighted-average discount rate			Weighted-average remaining lease term (in years)		Weighted-average discount rate
Operating leases		3.6		2.35	%		4.1		2.37	%
Finance leases		3.7		1.50	%		-		-

Supplemental Cash Flow Information Related to Leases

Supplemental cash flows information

	Three Months Ended				Nine Months Ended
	August 1, 2021		August 2, 2020		August 1, 2021		August 2, 2020
Operating cash flows used for operating leases	$	615	$	621	$	1,844	$	3,008
Operating cash flows used for finance leases	$	168	$	-	$	344	$	-
Financing cash flows used for finance leases	$	2,018	$	-	$	2,882	$	-
ROU assets obtained in exchange for operating lease obligations	$	50	$	2,098	$	417	$	2,438
ROU assets obtained in exchange for finance lease obligations	$	-	$	-	$	42,672	$	-

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Aug. 01, 2021

SHARE-BASED COMPENSATION [Abstract]

Information on Outstanding and Exercisable Option

Information on outstanding and exercisable option awards as of August 1, 2021, is presented below.

Options	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value

Outstanding at August 1, 2021	1,345,495	$	9.42	4.1	$	5,309
Exercisable at August 1, 2021	1,246,806	$	9.44	3.9	$	4,899

EARNINGS PER SHARE (Tables)

9 Months Ended

Aug. 01, 2021

EARNINGS PER SHARE [Abstract]

Calculation of Basic and Diluted Earnings Per Share

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

	Three Months Ended				Nine Months Ended
	August 1, 2021		August 2, 2020		August 1, 2021		August 2, 2020

Net income attributable to Photronics, Inc. shareholders	$	17,076	$	10,776	$	35,638	$	27,360

Effect of dilutive securities		-		-		-		-
Earnings used for diluted earnings per share	$	17,076	$	10,776	$	35,638	$	27,360

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		60,884		64,780		61,804		65,090
Effect of dilutive securities:
Share-based payment awards		631		467		558		614

Potentially dilutive common shares		631		467		558		614

Weighted-average common shares used for diluted earnings per share		61,515		65,247		62,362		65,704

Basic earnings per share	$	0.28	$	0.17	$	0.58	$	0.42
Diluted earnings per share	$	0.28	$	0.17	$	0.57	$	0.42

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

	Three Months Ended				Nine Months Ended
	August 1, 2021		August 2, 2020		August 1, 2021		August 2, 2020

Share-based payment awards		206		985		442		723

Total potentially dilutive shares excluded		206		985		442		723

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)

9 Months Ended

Aug. 01, 2021

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]

Changes in Accumulated Other Comprehensive Income by Component

The following tables set forth the changes in our accumulated other comprehensive income by component (net of tax of $0) for the three and nine-month periods ended August 1, 2021 and August 2, 2020.

	Three Months Ended August 1, 2021
	Foreign Currency Translation Adjustments			Other			Total

Balance at May 2, 2021	$	36,052		$	(860	)	$	35,192
Other comprehensive income		(10,482	)		37			(10,445	)
Less: other comprehensive income attributable to noncontrolling interests		(153	)		18			(135	)

Balance at August 1, 2021	$	25,723		$	(841	)	$	24,882

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

Balance at May 3, 2020	$	(14,535	)	$	(665	)	$	(15,200	)
Other comprehensive income		10,659			4			10,663
Less: other comprehensive income attributable to noncontrolling interests		1,889			2			1,891

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

	Nine Months Ended August 1, 2021
	Foreign Currency Translation Adjustments		Other			Total

Balance at October 31, 2020	$	18,828	$	(870	)	$	17,958
Other comprehensive income		11,584		58			11,642
Less: other comprehensive income attributable to noncontrolling interests		4,689		29			4,718

Balance at August 1, 2021	$	25,723	$	(841	)	$	24,882

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

Balance at October 31, 2019	$	(8,331	)	$	(674	)	$	(9,005	)
Other comprehensive income		6,689			23			6,712
Less: other comprehensive income attributable to noncontrolling interests		4,123			12			4,135

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

SHARE REPURCHASE PROGRAMS (Tables)

9 Months Ended

Aug. 01, 2021

SHARE REPURCHASE PROGRAMS [Abstract]

Shares Repurchase Programs

	Three Months Ended August 1, 2021		Nine Months Ended August 1, 2021		From Inception Date of September 16, 2020
Number of shares repurchased		964		2,983		4,713

Cost of shares repurchased	$	12,500	$	35,750	$	53,250

Average price paid per share	$	12.97	$	11.98	$	11.30

	Nine Months Ended August 2, 2020		From Inception Date of September 25, 2019
Number of shares repurchased		1,464		2,460

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

Average price paid per share	$	11.54	$	11.34

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	9 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	Aug. 01, 2021 Facility
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	11
Taiwan [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	3
Korea [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	1
United States [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	3
Europe [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2
China [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Aug. 01, 2021	Oct. 31, 2020	Aug. 02, 2020	Oct. 31, 2019
CASH, CASH EQUIVALENTS AND RESTRICTED CASH [Abstract]
Cash and cash equivalents	$ 283,249	$ 278,665
Restricted Cash	3,000	2,937
Total cash, cash equivalents and restricted cash	$ 286,249	$ 281,602	$ 263,565	$ 209,291

INVENTORIES (Details) - USD ($) $ in Thousands	Aug. 01, 2021	Oct. 31, 2020
INVENTORIES [Abstract]
Raw materials	$ 51,713	$ 56,389
Work in process	1,223	767
Finished goods	229	113
Inventories	$ 53,165	$ 57,269

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 01, 2021	Aug. 02, 2020	Aug. 01, 2021	Aug. 02, 2020	Oct. 31, 2020
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 2,229,720		$ 2,229,720		$ 2,112,112
Accumulated depreciation and amortization	(1,530,111)		(1,530,111)		(1,480,637)
Property, plant and equipment, net	699,609		699,609		631,475
Depreciation and amortization expense	21,700	$ 22,100	66,600	$ 67,600
Gain on trade-in of lithography tool	3,525	$ 0	3,525	$ 0
Finance lease, Right-of-use asset [Abstract]
Finance lease, right-of-use asset, net	41,537		41,537		0
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	12,518		12,518		12,422
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	181,842		181,842		179,162
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,966,038		1,966,038		1,812,791
Finance lease, Right-of-use asset [Abstract]
Finance lease, right-of-use asset, gross	42,760		42,760		0
Accumulated amortization	(1,223)		(1,223)		0
Finance lease, right-of-use asset, net	41,537		41,537		0
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	21,672		21,672		21,157
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	15,811		15,811		15,665
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 31,839		$ 31,839		$ 70,915

PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Millions	Jan. 31, 2018	Aug. 01, 2021	Aug. 02, 2020	Aug. 01, 2021	Aug. 02, 2020
Photronics and DNP [Member]
Variable Interest Entity [Abstract]
Financial or other support, amount				$ 50.0
Number of business days for obtaining required approvals and clearance for exiting party				3 days
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 income (loss)		$ 1.8	$ (0.8)	$ 4.0	$ (4.8)
Photronics and DNP [Member] \| Minimum [Member]
Variable Interest Entity [Abstract]
Ownership percentage				20.00%
Financial or other support, amount				$ 160.0
PDMCX [Member]
Variable Interest Entity [Abstract]
Collateral amount		91.3		$ 91.3
Photronics Interest [Member]
Variable Interest Entity [Abstract]
Gain (loss) on consolidation	$ 0.0
Ownership percentage				50.01%
Financial or other support, amount				$ 65.0
Maximum exposure to loss		$ 60.9		60.9
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	Aug. 01, 2021	Oct. 31, 2020
Carrying amounts of assets and liabilities [Abstract]
Current assets	$ 530,464	$ 500,139
Total assets	1,281,757	1,188,182
Current liabilities	167,617	142,939
Total liabilities	287,296	225,916
Carrying Amount [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	56,060	56,095
Noncurrent assets	138,072	141,097
Total assets	194,132	197,192
Current liabilities	30,233	31,922
Noncurrent liabilities	42,080	55,676
Total liabilities	72,313	87,598
Net assets	121,819	109,594
Photronics Interest [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	28,036	28,053
Noncurrent assets	69,050	70,562
Total assets	97,086	98,615
Current liabilities	15,119	15,964
Noncurrent liabilities	21,044	27,844
Total liabilities	36,163	43,808
Net assets	$ 60,923	$ 54,807

DEBT (Details)
$ in Thousands, ¥ in Millions

9 Months Ended

12 Months Ended

Aug. 01, 2021

USD ($)

Tool

Oct. 31, 2020

USD ($)

Aug. 01, 2021

CNY (¥)

Feb. 28, 2021

USD ($)

Dec. 31, 2020

USD ($)

Nov. 30, 2018

CNY (¥)

Debt Instruments [Abstract]

Short-term debt

$ 0

$ 4,708

Weighted-average interest rate of short -term debt

2.02%

25,163

$ 8,970

Xiamen Project Loans [Member]

Months 13 - 24

25,051

15,142

Months 25 - 36

21,392

13,406

Months 37 - 48

37,153

9,789

Months 49 - 60

9,144

9,432

Thereafter

7,211

Long-term debt

92,740

54,980

Finance lease amount

39,814

7,615

6,705

Months 13 - 24

9,961

7,334

Months 25 - 36

10,165

9,592

Months 37 - 48

9,794

9,789

Months 49 - 60

7,489

9,432

Thereafter

7,211

Long-term debt

$ 37,409

$ 43,358

4.65%

4.90%

0.00%

0.25%

Dec. 31, 2025

Increases as loans mature

Loan collateral (carrying amount)

Semiannual, on individual loans

$ 91,277

$ 94,459

Maximum borrowing capacity | ¥

¥ 345.0

Amount outstanding

45,000

¥ 291.0

Xiamen Working Capital Loans [Member]

8,108

2,265

Months 13 - 24

3,961

7,808

3,814

$ 3,961

$ 11,622

Jul. 31, 2023

Increases as loans mature

Maximum borrowing capacity

Semiannual, on individual loans

$ 25,000

Expiration date

Oct. 31, 2021

Amount outstanding

$ 12,100

78.0

Xiamen Working Capital Loans [Member] | Minimum [Member]

4.53%

Xiamen Working Capital Loans [Member] | Maximum [Member]

0.6775%

0.40%

4.61%

Hefei Equipment Loan [Member]

0.76%

$ 2,321

4,642

4,642

7,736

1,655

$ 18,675

4.20%

(0.45%)

Sep. 30, 2026

^[1]

Varies

Loan collateral (carrying amount)

^[2]

Semiannual

$ 86,892

Percent of repayment on approved loan principal in each first five semiannual loan repayments

7.50%

Percent of repayment on original approved loan amount in each last five semiannual loan repayments

12.50%

Maximum borrowing capacity

$ 30,900

200.0

Expiration date

Aug. 31, 2022

Proceeds from line of credit

$ 21,000

135.7

Available borrowing capacity

$ 9,900

¥ 62.5

Number of lithography tools to be purchased | Tool

Finance Leases [Member]

$ 7,119

6,487

6,585

19,623

$ 32,695

^[3]

^[3]

^[3]

Loan collateral (carrying amount)

Monthly

^[4]

$ 41,537

Finance lease contract term

5 years

Finance lease amount

$ 7,200

$ 35,500

Short-term obligation

$ 3,500

Amended and Restated Credit Agreement [Member]

Maximum borrowing capacity

100,000

Amount outstanding

$ 0

Term of loan

5 years

Current borrowing capacity

$ 50,000

Cash limit for dividends, distributions and redemption on equity

$ 50,000

Effective interest rate

1.09%

[1]	First five loan repayments will each be for 7.5 percent of the approved 200 million RMB loan principal; last five installments will each be for 12.5 percent of the original approved loan amount.
[2]	Semiannual repayments commence in March 2022.
[3]	See Note 8 for interest rates on lease liabilities, maturity dates, and periodic payment amounts.
[4]	Represents the carrying amount at the balance sheet date of the related right-of-use assets, in which the lessors have secured interests.

REVENUE, Contract Assets, Liabilities and Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 01, 2021	Aug. 02, 2020	Aug. 01, 2021	Aug. 02, 2020	Oct. 31, 2020
Contract with Customer, Asset and Liability [Abstract]
Contract assets	$ 8,900		$ 8,900		$ 6,300
Contract liabilities current	15,400		15,400		8,000
Contract liabilities non-current	5,200		5,200		$ 5,200
Credit losses on accounts receivable	0	$ 0	0	$ 0
Change in Contract with Customer, Liability [Abstract]
Revenue from settlement of contract liabilities	$ 1,700	$ 1,900	$ 5,000	$ 2,300
Minimum [Member]
Revenue, Performance Obligation [Abstract]
Product invoice term			30 days
Product warranty period			1 month
Maximum [Member]
Revenue, Performance Obligation [Abstract]
Product invoice term			90 days
Product warranty period			24 months
IC [Member] \| Minimum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period			7 days
IC [Member] \| Maximum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period			14 days
FPD [Member] \| Minimum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period			14 days
FPD [Member] \| Maximum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period			21 days

REVENUE, Disaggregation of Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Aug. 01, 2021

Aug. 02, 2020

Aug. 01, 2021

Aug. 02, 2020

^[1]

$ 170,643

$ 157,895

$ 482,473

$ 460,405

IC [Member]

117,774

108,666

334,722

312,491

High-end [Member]

42,351

38,665

120,390

117,974

Mainstream [Member]

75,423

70,001

214,332

194,517

FPD [Member]

52,869

49,229

147,751

147,914

High-end [Member]

40,640

36,670

114,685

108,248

Mainstream [Member]

12,229

12,559

33,066

39,666

Taiwan [Member]

^[1]

63,849

60,836

179,441

182,463

Korea [Member]

^[1]

39,575

39,488

118,597

116,485

United States [Member]

^[1]

24,693

28,351

78,447

78,276

China [Member]

^[1]

32,664

20,988

77,391

58,374

Europe [Member]

^[1]

9,437

7,688

27,269

23,562

Other [Member]

^[1]

425

544

1,328

1,245

Over Time [Member]

At a Point in Time [Member]

157,941

137,442

443,923

401,347