0001140361-21-042251 | 10-K | XBRL Viewer

Selling, general and administrative

^[1]

$ 663,761

$ 609,691

$ 550,660

Cost of goods sold

496,717

475,037

429,819

Gross profit

167,044

134,654

120,841

Operating expenses:

57,525

53,582

52,326

Research and development

18,490

17,144

16,394

Total operating expenses

76,015

70,726

68,720

Other operating income, net

3,525

Operating income

94,554

63,928

52,121

Non-operating income (expense):

Foreign currency transactions' impacts, net

7,972

(501)

(1,266)

Interest expense

(1,685)

(2,367)

(1,425)

Interest income and other income, net

1,165

541

1,271

Income before income tax provision

102,006

61,601

50,701

Income tax provision

23,190

21,258

10,210

Net income

78,816

40,343

40,491

Net income attributable to noncontrolling interests

23,367

6,523

10,698

Net income attributable to Photronics, Inc. shareholders

$ 55,449

$ 33,820

$ 29,793

Earnings per share:

Basic (in dollars per share)

$ 0.90

$ 0.52

$ 0.45

Diluted (in dollars per share)

$ 0.89

$ 0.52

$ 0.44

Weighted-average number of common shares outstanding:

Basic (in shares)

61,407

64,866

66,347

Diluted (in shares)

61,999

65,470

69,155

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

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 78,816	$ 40,343	$ 40,491
Other comprehensive income (loss), net of tax of $0:
Foreign currency translation adjustments	8,478	36,381	(2,877)
Other	(69)	(390)	(74)
Net other comprehensive income (loss)	8,409	35,991	(2,951)
Comprehensive income	87,225	76,334	37,540
Less: comprehensive income attributable to noncontrolling interests	29,163	15,551	11,786
Comprehensive income attributable to Photronics, Inc. shareholders	$ 58,062	$ 60,783	$ 25,754

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).

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Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-Controlling Interests [Member]	Total	Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Accumulated Other Comprehensive Income (Loss) [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Non-Controlling Interests [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance at Oct. 31, 2018	$ 697	$ 555,606	$ 231,445	$ (23,111)	$ (4,966)	$ 144,898	$ 904,569
Balance (ASU 2014-09 [Member]) at Oct. 31, 2018								$ 0	$ 0	$ 1,083	$ 0	$ 0	$ 121	$ 1,204
Balance (ASU 2016-16 [Member]) at Oct. 31, 2018								$ 0	$ 0	$ (1,130)	$ 0	$ 0	$ (3)	$ (1,133)
Balance (in shares) at Oct. 31, 2018	69,700
Net income	$ 0	0	29,793	0	0	10,698	40,491
Other comprehensive (loss) income	0	0	0	0	(4,039)	1,088	(2,951)
Shares issued under equity plans	$ 6	2,524	0	0	0	0	2,530
Shares issued under equity plans (in shares)	586
Share-based compensation expense	$ 0	3,680	0	0	0	0	3,680
Contribution from noncontrolling interest	0	0	0	0	0	29,394	29,394
Dividends to noncontrolling interest	0	0	0	0	0	(44,939)	(44,939)
Repurchase of common stock of subsidiary	0	0	0	0	0	(57)	(57)
Purchase of treasury stock	$ 0	0	0	(21,696)	0	0	(21,696)
Purchase of treasury stock (in shares)	0
Retirement of treasury stock	$ (47)	(37,491)	(7,269)	44,807	0	0	0
Retirement of treasury stock (in shares)	(4,691)
Balance at Oct. 31, 2019	$ 656	524,319	253,922	0	(9,005)	141,200	911,092
Balance (in shares) at Oct. 31, 2019	65,595
Net income	$ 0	0	33,820	0	0	6,523	40,343
Other comprehensive (loss) income	0	0	0	0	26,963	9,028	35,991
Shares issued under equity plans	$ 7	3,492	0	0	0	0	3,499
Shares issued under equity plans (in shares)	737
Share-based compensation expense	$ 0	4,927	0	0	0	0	4,927
Contribution from noncontrolling interest	0	0	0	0	0	17,596	17,596
Dividends to noncontrolling interest	0	0	0	0	0	(16,151)	(16,151)
Repurchase of common stock of subsidiary	0	255	0	0	0	(892)	(637)
Purchase of treasury stock	$ 0	0	0	(34,394)	0	0	(34,394)
Purchase of treasury stock (in shares)	0
Retirement of treasury stock	$ (32)	(25,657)	(8,705)	34,394	0	0	0
Retirement of treasury stock (in shares)	(3,194)
Balance at Oct. 31, 2020	$ 631	507,336	279,037	0	17,958	157,304	962,266
Balance (in shares) at Oct. 31, 2020	63,138
Net income	$ 0	0	55,449	0	0	23,367	78,816
Other comprehensive (loss) income	0	0	0	0	2,613	5,796	8,409
Shares issued under equity plans	$ 8	3,561	0	0	0	0	3,569
Shares issued under equity plans (in shares)	805
Share-based compensation expense	$ 0	5,348	0	0	0	0	5,348
Dividends to noncontrolling interest	0	0	0	0	0	(9,597)	(9,597)
Purchase of treasury stock	$ 0	0	0	(48,249)	0	0	(48,249)
Purchase of treasury stock (in shares)	0
Retirement of treasury stock	$ (39)	(31,573)	(16,637)	48,249	0	0	0
Retirement of treasury stock (in shares)	(3,919)
Balance at Oct. 31, 2021	$ 600	$ 484,672	$ 317,849	$ 0	$ 20,571	$ 176,870	$ 1,000,562
Balance (in shares) at Oct. 31, 2021	60,024

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Cash flows from operating activities:
Net income	$ 78,816	$ 40,343	$ 40,491
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, plant and equipment	87,535	89,171	79,238
Amortization of intangible assets	2,861	4,643	4,641
Share-based compensation	5,348	4,927	3,680
Deferred income taxes	(2,110)	(444)	(3,662)
Changes in assets, liabilities, and other:
Accounts receivable	(36,620)	6,986	(12,321)
Inventories	2,987	(6,938)	(23,088)
Other current assets	(13,472)	7,849	(8,631)
Accounts payable, accrued liabilities, and other	25,427	(3,491)	(11,962)
Net cash provided by operating activities	150,772	143,046	68,386
Cash flows from investing activities:
Purchases of property, plant and equipment	(109,099)	(70,815)	(178,375)
Government incentives	5,775	5,263	27,003
Purchases of intangible assets	(170)	(159)	(95)
Other	0	0	61
Net cash used in investing activities	(103,494)	(65,711)	(151,406)
Cash flows from financing activities:
Proceeds from debt	20,858	20,340	54,633
Purchases of treasury stock	(48,249)	(34,394)	(21,696)
Repayments of debt	(20,352)	(7,392)	(61,319)
Dividends paid to noncontrolling interests	(9,597)	(16,151)	(45,050)
Proceeds from share-based arrangements	3,874	4,239	2,071
Contributions from noncontrolling interests	0	17,596	29,394
Other	(437)	(248)	(92)
Net cash used in financing activities	(53,903)	(16,010)	(42,059)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	4,703	10,986	2,381
Net (decrease) increase in cash, cash equivalents, and restricted cash	(1,922)	72,311	(122,698)
Cash, cash equivalents, and restricted cash at beginning of year	281,602	209,291	331,989
Cash, cash equivalents, and restricted cash at end of year	279,680	281,602	209,291
Less: Ending restricted cash	3,010	2,937	2,761
Cash and cash equivalents at end of year	276,670	278,665	206,530
Supplemental disclosure of non-cash information:
Accrual for property, plant and equipment purchased during year	$ 7,794	$ 13,062	$ 13,671

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Oct. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business

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 2019, and our IC facility in Xiamen, China, commenced production in the third quarter of 2019.

Consolidation

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

Estimates and Assumptions

The preparation of financial statements in conformity with U.S.GAAP requires us to make estimates and assumptions that affect amounts reported in them. Our estimates are based on historical experience and on various assumptions that are believed to be reasonable, including estimates of the impact of COVID 19, 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 2021, we separated share-based compensation activity into the two categories of Shares issued under equity plans and Share-based compensation expense in the consolidated statements of equity; in previous reports, we separated this activity into three categories. Reclassified prior period amounts have been made to conform to the current period presentation.

Cash and Cash Equivalents

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

Accounts Receivable and Allowance for Credit Losses

We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectability during, and at the end of, every reporting period. To the extent that we believe a loss on the collection of a customer invoice is probable, we record the loss and credit an 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. Refer to our revenue recognition policy, below, for additional information on our accounting for accounts receivable.

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

Inventories

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

	October 31, 2021		October 31, 2020

Raw materials	$	54,019	$	56,389
Work in process		1,121		767
Finished goods		109		113
	$	55,249	$	57,269

Property, Plant and Equipment

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

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

Impairment of Long-Lived Assets

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

Intangible Assets

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

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

Restricted Cash

Restricted cash in the amounts of $3.0 million and $2.9 million are included in Other assets on our October 31, 2021 and October 31, 2020, consolidated balance sheets, respectively. The restrictions on these amounts are primarily related to land lease agreements and customs requirements.

Treasury Stock

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

Revenue Recognition

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

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

Contract Assets, Contract Liabilities, and Accounts Receivable

We recognize a contract asset when our performance under a contract precedes our receipt of consideration from a customer, or before payment is due, and our receipt of consideration is conditional upon factors other than the passage of time. Contract assets reflect our transfer of control to customers of photomasks that are in process or completed but not yet shipped 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 $9.9 million are included in Other current assets, and contract liabilities of $14.7 million and $5.2 million are included in Accrued liabilities and Other liabilities, respectively, in our October 31, 2021, 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 and $5.2 million, included in Accrued liabilities and Other liabilities, respectively. We did not impair any contract assets in 2021, 2020, or 2019. In 2021, 2020, and 2019, we recognized revenue of $5.3 million, $2.8 million, and $1.3 million, respectively, from the settlement of contract liabilities that existed at the beginning of those years.

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

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

Contract Costs

We pay commissions to third-party sales agents for certain sales that they 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 would not recognize any portion of these sales commissions as costs of obtaining a contract, nor do we currently foresee other circumstances under which we would recognize such assets.

Remaining Performance Obligations

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

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 we 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.

Leases

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

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

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

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

Cash paid for operating leases and interest paid for finance leases are included in the consolidated statement of cash flows as operating activities in Accounts payable, accrued liabilities and other; cash paid for finance lease principal is included in Repayments of debt in the financing activities section of the consolidated statement of cash flows.

Share-Based Compensation

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

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

Research and Development

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

Foreign Currency Translation

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

Government Grants

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

Income Taxes

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

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

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

Earnings Per Share

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

Variable Interest Entities

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

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

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

OTHER CURRENT ASSETS

12 Months Ended

Oct. 31, 2021

OTHER CURRENT ASSETS [Abstract]

OTHER CURRENT ASSETS

NOTE 2 - OTHER CURRENT ASSETS

Other current assets consists of the following:

	October 31, 2021		October 31, 2020

Recoverable value added taxes	$	24,213	$	16,539
Contract assets		9,859		6,313
Prepaid expenses		7,999		6,153
Prepaid and refundable income taxes		1,550		122
Other		629		608
	$	44,250	$	29,735

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Oct. 31, 2021

PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 3 - PROPERTY, PLANT AND EQUIPMENT, NET

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

	October 31, 2021			October 31, 2020

Land	$	12,442		$	12,422
Buildings and improvements		181,922			179,162
Machinery and equipment		1,961,474			1,812,791
Leasehold improvements		21,751			21,157
Furniture, fixtures and office equipment		15,534			15,665
Construction in progress		35,009			70,915
		2,228,132			2,112,112
Accumulated depreciation and amortization		(1,531,579	)		(1,480,637	)
	$	696,553		$	631,475

Depreciation expense for property, plant and equipment (excluding amortization expense for ROU assets) was $85.7 million, $89.2 million and $79.2 million for 2021, 2020 and 2019, respectively.

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

	October 31, 2021			October 31, 2020

Machinery and equipment	$	42,760		$	-
Accumulated amortization		(1,933	)		-
	$	40,827		$	-

In the third quarter of 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.

INTANGIBLE ASSETS, NET

12 Months Ended

Oct. 31, 2021

INTANGIBLE ASSETS, NET [Abstract]

INTANGIBLE ASSETS, NET

NOTE 4 - INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following:

October 31, 2021	Gross Amount		Accumulated Amortization			Net Amount
Customer relationships	$	1,647	$	(1,041	)	$	606
Software and other		6,056		(5,888	)		168
	$	7,703	$	(6,929	)	$	774

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

Amortization expense of the Company’s finite-lived intangible assets was $2.9 million, $4.6 million and $4.6 million in 2021, 2020 and 2019, respectively.

The weighted-average amortization periods of intangible assets acquired in 2021 and 2020, which are comprised of software, is three years.

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

Fiscal Year
2022	$	269
2023	$	171
2024	$	136
2025	$	136
2026	$	62
Thereafter	$	-

PDMCX JOINT VENTURE

12 Months Ended

Oct. 31, 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 total investment per the PDMCX operating agreement (“the Agreement”) is $160 million. In 2020, in combination with local financing obtained by PDMCX, Photronics and DNP had fulfilled their investment obligations under the Agreement. As discussed in Note 7, liens were granted to the local financing entity on property, plant and equipment with an October 31, 2021, total carrying value of $90.1 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 that 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 (losses) from the operations of PDMCX of approximately $6.4 million, $(4.7) million and $(4.9) million in 2021, 2020 and 2019, respectively. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the assets of PDMCX), and our maximum exposure to loss from PDMCX at October 31, 2021, was $64.0 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 VIE. Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, we determined that it is a VIE. Having made this determination, we then assessed whether we were the primary beneficiary of the VIE, and concluded that we were the primary beneficiary during the current and prior years reporting periods; thus, as required, the PDMCX financial results have been consolidated with Photronics. Our conclusion was based on the fact that we held a controlling financial interest in PDMCX (which resulted from our having the power to direct the activities that most significantly impacted its economic performance) and had both the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX. Our conclusions that we had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current and prior year periods were based on our right to appoint the majority of its board of directors, which has, among others, the powers to manage the business (through its rights to appoint and evaluate PDMCX’s management), incur indebtedness, enter into agreements and commitments, and acquire and dispose of PDMCX’s assets. In addition, as a result of the 50.01% variable interest we held during the current and prior year periods, we had the obligation to absorb losses, and the right to receive benefits, that could potentially be significant to PDMCX.

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

	October 31, 2021				October 31, 2020
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest
Current assets	$	59,745	$	29,879	$	56,095	$	28,053
Noncurrent assets		137,799		68,913		141,097		70,562
Total assets		197,544		98,792		197,192		98,615
Current liabilities		26,559		13,282		31,922		15,964
Noncurrent liabilities		42,917		21,463		55,676		27,844
Total liabilities		69,476		34,745		87,598		43,808
Net assets	$	128,068	$	64,047	$	109,594	$	54,807

ACCRUED LIABILITIES

12 Months Ended

Oct. 31, 2021

ACCRUED LIABILITIES [Abstract]

ACCRUED LIABILITIES

NOTE 6 - ACCRUED LIABILITIES

Accrued liabilities consist of the following:

	October 31, 2021		October 31, 2020
Compensation related expenses	$	22,632	$	16,405
Income taxes		15,596		11,432
Contract liabilities		14,717		8,024
Property, plant, and equipment		3,331		2,355
Value added and other taxes		2,540		1,925
Operating leases		2,273		2,175
Contract manufacturing		1,210		1,275
Telecommunications and utilities		1,067		1,006
Professional fees		665		1,254
Inventory		605		1,026
Other		7,730		7,006
Accrued liabilities	$	72,366	$	53,883

DEBT

12 Months Ended

Oct. 31, 2021

DEBT [Abstract]

DEBT

NOTE 7 - DEBT

Short-term debt was $0.0 million, and $4.7 million as of October 31, 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%. Interest payments, including capitalized interest of $0.1 million in both 2021 and 2020, were $3.8 million in 2021, $2.6 million in 2020, and $2.6 million in 2019.

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

As of October 31, 2021	Xiamen Project Loans			Xiamen Working Capital Loans			Hefei Equipment Loan			Finance Leases			Total
Principal due:
Next 12 months	$	2,068		$	8,197		$	4,694		$	7,289		$	22,248
Months 13 – 24	$	10,071		$	4,005		$	4,693		$	6,512		$	25,281
Months 25 – 36		10,278			-			6,257			6,610			23,145
Months 37 – 48		9,902			-			5,585			17,961			33,448
Months 49 – 60		7,572			-			-			-			7,572
Long-term debt	$	37,823		$	4,005		$	16,535		$	31,083		$	89,446

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 2025					⁽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)	$	90,096			N/A		$	86,487		$	40,826	⁽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 approved loan principal.

⁽²⁾Semiannual repayments commence in March 2022.

⁽³⁾ See Note 9 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 ROU 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 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 October 31, 2021, 255.0 million RMB ($39.9 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 loan, all of which we were in compliance with at October 31, 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 2022. As of October 31, 2021, PDMCX had 78.0 million RMB ($12.2 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 $31.3 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 allowing us to borrow additional funds set to expire in August 2022. The loan proceeds were used to fund purchases of two lithography tools at the Hefei facility. As of October 31, 2021, we had borrowed 135.7 million RMB ($21.2 million) against this approval (all of which was then outstanding), and 64.3 million RMB ($10.1 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 October 31, 2021.

Finance Leases

In February 2021, under an MLA which we entered into effective October 2020, 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 9 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 certain of the common stock we own in certain foreign subsidiaries. The Credit Agreement includes covenants around minimum interest coverage ratio, total leverage ratio, and minimum unrestricted cash balance (all of which we were in compliance with at October 31, 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. The interest rate on the Credit Agreement (1.09% at October 31, 2021) is based on our total leverage ratio at LIBOR plus a spread, as defined in the Credit Agreement.We had no outstanding borrowings against the Credit Agreement at October 31, 2021.

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.

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REVENUE

12 Months Ended

Oct. 31, 2021

REVENUE [Abstract]

REVENUE

NOTE 8 - REVENUE

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

Disaggregation of Revenue

The following tables present our revenue for the years ended October 31, 2021, October 31, 2020 and October 31, 2019, disaggregated by product type, geographic origin, and timing of recognition.

	Year Ended
Revenue by Product Type	October 31, 2021		October 31, 2020		October 31, 2019
IC
High-end	$	162,973	$	156,129	$	156,418
Mainstream		297,198		262,281		249,773
Total IC	$	460,171	$	418,410	$	406,191

FPD
High-end	$	155,670	$	139,558	$	98,832
Mainstream		47,920		51,723		45,637
Total FPD	$	203,590	$	191,281		144,469
	$	663,761	$	609,691	$	550,660

Revenue by Geographic Origin*
Taiwan	$	248,597	$	239,101	$	244,377
Korea		156,391		153,052		147,734
China		115,732		79,374		19,010
United States		105,023		104,949		105,045
Europe		36,242		31,501		32,585
Other		1,776		1,714		1,909
	$	663,761	$	609,691	$	550,660

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

Revenue by Timing of Recognition
Over time	$	606,332	$	535,071	$	497,942
At a point in time		57,429		74,620		52,718
	$	663,761	$	609,691	$	550,660

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.

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LEASES

12 Months Ended

Oct. 31, 2021

LEASES [Abstract]

LEASES

NOTE 9 - LEASES

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

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

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

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

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

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

Not reassessing lease classification for any existing or expired leases.

Not reassessing initial direct costs for any existing leases.

Our involvement in lease arrangements has typically been as a lessee. We determine if an agreement is or contains a lease on the 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 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 non-lease components of a contract.

In February 2021, under an MLA which we entered into effective October 2020, 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 for $2.4 million. 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, under an MLA which we entered into effective July 2019, 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, to be 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 for $14.1 million. 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 7, 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	October 31, 2021		October 31, 2020

ROU Assets – Operating Leases
Other assets	$	5,581	$	7,706

ROU Assets – Finance Leases
Property, plant and equipment, net	$	40,827	$	-

Lease Liabilities – Operating Leases
Accrued liabilities	$	2,273	$	2,175
Other liabilities		3,246		5,008
	$	5,519	$	7,183

Lease Liabilities – Finance Leases
Current portion of long-term debt	$	7,289	$	-
Long-term debt		31,083		-
	$	38,372	$	-

The following table presents future lease payments under noncancelable operating and finance leases as of October 31, 2021. Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.

Fiscal Year	Operating Leases		Finance Leases
2022	$	2,351	$	7,856
2023		1,374		6,938
2024		819		6,938
2025		646		18,012
2026		398		-
Thereafter		157		-
Total lease payments		5,745		39,744
Imputed interest		226		1,372
Lease liabilities	$	5,519	$	38,372

The following table presents lease costs for 2021 and 2020. Rent expense, as calculated under guidance in effect prior to our adoption of Topic 842, was $3.0 million in 2019.

	Year Ended
	October 31, 2021		October 31, 2020
Operating lease costs	$	2,904	$	3,076
Short-term lease costs	$	232	$	359
Variable lease costs	$	498	$	378
Interest on lease liabilities	$	510	$	-
Amortization of ROU assets	$	1,867	$	-

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

	October 31, 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		3.5		2.4	%		4.1		2.37	%
Finance leases		3.3		1.5	%		-		-

The following table presents the effects of leases on our 2021 and 2020 consolidated statements of cash flows, and provides leases-related non-cash information for those years.

	Year Ended
	October 31, 2021		October 31, 2020
Operating cash flows used for operating leases	$	2,442	$	3,584
Operating cash flows used for finance leases	$	464	$	-
Financing cash flows used for finance leases	$	4,323	$	-
ROU assets obtained in exchange for operating lease obligations	$	457	$	2,681
ROU assets obtained in exchange for finance lease obligations	$	42,672	$	-

SHARE-BASED COMPENSATION

12 Months Ended

Oct. 31, 2021

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

NOTE 10 - SHARE-BASED COMPENSATION

In March 2016, shareholders approved our current 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. The table below presents information on our share-based compensation expenses for the three most recent fiscal years.

	Year Ended
	October 31, 2021		October 31, 2020		October 31, 2019
Expense reported in:
Cost of goods sold	$	446	$	337	$	250
Selling, general and administrative		4,446		4,590		3,430
Research and development		456		-		-

Total expense incurred	$	5,348	$	4,927	$	3,680

Income tax benefits of share-based compensation (in millions)	$	0.2	$	0.2	$	-
Share-based compensation cost capitalized	$	-	$	-	$	-

The table below presents information on estimated expenses not yet incurred on our share-based compensation awards.

	October 31, 2021
	Restricted Stock Awards		Stock Options
Compensation cost not yet recognized	$	7,300	$	109
Weighted-average amortization period (in years)		2.6		1.1

Restricted Stock Awards

We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one to four years. The fair values of the awards are determined on the date of grant, based on the closing stock price of our common stock. As of October 31, 2021, there were 929,147 shares of restricted stock outstanding.

A summary of restricted stock award activity during fiscal year 2021 and the status of our outstanding restricted stock awards as of October 31, 2021, is presented below:

Restricted Stock	Shares			Weighted-Average Fair Value at Grant Date

Outstanding at October 31, 2020		812,316		$	12.55
Granted		564,800		$	11.20
Vested		(383,177	)	$	11.72
Cancelled		(64,792	)	$	12.44
Outstanding at October 31, 2021		929,147		$	12.08
Expected to vest as of October 31, 2021		862,143		$	12.08

The table below presents information on restricted stock awards granted and lapsed in the three most recent fiscal years.

	Year Ended
	October 31, 2021		October 31, 2020		October 31, 2019

Number of shares granted		564,800		538,000		435,000
Weighted-average grant-date fair value of awards (in dollars per share)	$	11.20	$	15.08	$	9.80
Fair value of awards for which restrictions lapsed	$	4,491	$	2,957	$	1,888

Stock Options

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

There were no stock option awards granted during 2021 and 2020. The weighted-average grant date fair value of options granted during 2019 was $3.31. The weighted-average inputs and risk-free rate of return ranges used to calculate the grant-date fair value of stock options granted during 2019 are presented in the following table.

	Year Ended
	October 31, 2019

Expected volatility		33.1	%
Risk-free rate of return		2.5 – 2.9	%
Dividend yield		0.0	%
Expected term	5.1 years

The table below presents a summary of stock options activity during 2021 and information on stock options outstanding at October 31, 2021.

	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at October 31, 2020		1,621,117		$	9.27
Granted		-			-
Exercised		(401,114	)	$	8.58
Cancelled and forfeited		(46,900	)	$	9.74
Outstanding at October 31, 2021		1,173,103		$	9.49	4.0 years	$	4,109
Exercisable at October 31, 2021		1,077,914		$	9.51	3.8 years	$	3,750
Expected to vest as of October 31, 2021		93,500		$	9.20	6.7 years	$	353

The table below presents information on options exercised in the three most recent fiscal years.

	Year Ended
	October 31, 2021		October 31, 2020		October 31, 2019

Total intrinsic value of options exercised	$	1,910	$	3,184	$	1,262
Cash received from option exercises	$	3,441	$	3,746	$	2,071

Employee Stock Purchase Plan

Our Employee Stock Purchase Plan ("ESPP") permits employees to purchase Photronics, Inc. common shares at 85% of the lower of the closing market price at the commencement or ending date of the Plan year (which is approximately one year from the commencement date). We recognize the ESPP expense over that same period. As of October 31, 2021, the maximum number of shares of common stock approved by our shareholders to be purchased under the ESPP was 1.85 million shares, of which approximately 1.5 million shares had been issued through October 31, 2021. As of October 31, 2021, less than 0.1 million shares, with unrecognized compensation cost of less than $0.1 million (all of which will be recognized in the first quarter of fiscal 2022) were subject to outstanding subscriptions.

EMPLOYEE RETIREMENT PLANS	12 Months Ended
EMPLOYEE RETIREMENT PLANS	Oct. 31, 2021
EMPLOYEE RETIREMENT PLANS [Abstract]
EMPLOYEE RETIREMENT PLANS	NOTE 11 - EMPLOYEE RETIREMENT PLANS We maintain a 401(k) Savings and Profit-Sharing Plan ("401(k) Plan") which covers all full and certain part-time U.S. employees who have completed three months of service and are 18 years of age or older. Under the terms of the 401(k) Plan, employees may contribute up to 50% of their salary, subject to certain maximum amounts, which will be matched by the Company at 50% of the employee's contributions that are not in excess of 4% of the employee's compensation. Employee and employer contributions vest immediately upon contribution. The total employer contributions for all of our defined contribution plans were $0.8 million, $0.7 million and $0.7 million in 2021, 2020 and 2019, respectively.

The entire disclosure for retirement benefits.

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INCOME TAXES

12 Months Ended

Oct. 31, 2021

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 12 - INCOME TAXES

Income before the income tax provisions consists of the following:

	Year Ended
	October 31, 2021			October 31, 2020			October 31, 2019

United States	$	(19,447	)	$	(10,672	)	$	(8,379	)
Foreign		121,453			72,273			59,080
	$	102,006		$	61,601		$	50,701

The income tax provisions consist of the following:

	Year Ended
	October 31, 2021			October 31, 2020			October 31, 2019
Current:
Federal	$	-		$	-		$	(3,916	)
State		4			4			11
Foreign		25,296			21,698			17,777
		25,300			21,702			13,872

Deferred:
Federal		-			-			3,673
State		103			8			10
Foreign		(2,213	)		(452	)		(7,345	)
		(2,110	)		(444	)		(3,662	)
Total	$	23,190		$	21,258		$	10,210

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

	Year Ended
	October 31, 2021			October 31, 2020			October 31, 2019

U.S. federal income tax at statutory rate	$	21,421		$	12,936		$	10,647
Changes in valuation allowances		364			6,942			2,673
Foreign tax rate differentials		3,244			1,718			218
Tax credits		(3,942	)		(1,562	)		(1,268	)
Uncertain tax positions, including reserves, settlements and resolutions		1,037			1,637			134
Income tax holiday		-			(318	)		(2,234	)
Other, net		1,066			(95	)		40
	$	23,190		$	21,258		$	10,210
Effective tax rate		22.7	%		34.5	%		20.1	%

The 2021 effective tax rate differs from the U.S. federal blended rate of 21% primarily due to loss jurisdiction pre-tax losses not being benefited due to valuation allowances, non-U.S. pre-tax income being taxed at higher statutory rates in the non-U.S. jurisdictions, and investment credits in foreign jurisdictions.

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

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

We were granted a five-year tax holiday in Taiwan that expired on December 31, 2019. This tax holiday reduced foreign taxes by $0.1 million and $2.2 million in 2020 and 2019, respectively, with a two cents per share impact in 2019, and an immaterial per share effect in 2020.

The net deferred income tax assets consist of the following:

	As of
	October 31, 2021			October 31, 2020
Deferred income tax assets:
Net operating losses	$	31,657		$	34,457
Reserves not currently deductible		8,201			6,287
Tax credit carryforwards		9,877			9,481
Share-based compensation		1,500			1,306
Property, plant and equipment		7,566			3,887
Lease liabilities		9,134			-
Other		157			398
		68,092			55,816
Valuation allowances		(34,337	)		(33,973	)
		33,755			21,843
Deferred income tax liabilities:
ROU assets		(9,698	)		-
		(9,698	)		-
Net deferred income tax assets	$	24,057		$	21,843

Classification
Deferred income tax assets	$	24,353		$	22,070
Other liabilities		(296	)		(227	)
	$	24,057		$	21,843

We have established a valuation allowance for a portion of our deferred tax assets because we believe, based on the weight of all available evidence, that it is more likely than not that a portion of our deferred tax assets will expire prior to utilization. In 2021 the valuation allowance decreased as a result of management’s determination that tax benefits on deferred tax assets in a non-U.S. jurisdiction would more likely than not be realized and, therefore, decreased the valuation allowance to include these deferred tax assets.

Due to the Tax Cuts and Jobs Act, which was signed into law in December 2017, as of fiscal year end 2018, U.S. deferred taxes were no longer provided on the undistributed earnings of non-U.S. subsidiaries. Our policy to indefinitely reinvest these earnings in non-U.S. operations remains unchanged for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding taxes. Therefore, should we elect in the future to repatriate the remaining foreign earnings deemed to be indefinitely reinvested, we may incur additional state and foreign withholding tax expense on those earnings, the amount of which is not practicable to compute.

The following tables present our available operating loss and credit carryforwards as of October 31, 2021, and their related expiration periods:

Operating Loss Carryforwards	Amount		Expiration Period
Federal	$	99,636	2029-Indefinite
State		187,044		2022-Indefinite
Foreign		113		2024-2031

Tax Credit Carryforwards	Amount		Expiration Period
Federal research and development	$	5,204		2024-2041
State	$	5,915		2022-2035

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is presented below.

	Year Ended
	October 31, 2021			October 31, 2020			October 31, 2019
Balance at beginning of year before interest and penalties	$	2,550		$	1,758		$	1,775
Additions (reductions) for tax positions in prior years		181			227			(466	)
Additions based on current year tax positions		1,313			1,576			1,286
Settlements		(489	)		(992	)		(204	)
Lapses of statutes of limitations		(21	)		(19	)		(633	)
Balance at end of year before interest and penalties		3,534			2,550			1,758
Interest and penalties		223			131			177
Balance at end of year including interest and penalties	$	3,757		$	2,681		$	1,935

At October 31, 2021, October 31, 2020 and October 31, 2019, unrecognized tax benefits, which are included in Other liabilities, include $3.8 million, $2.0 million, and $1.9 million, respectively, that, if recognized, would impact the effective tax rates. We include any applicable interest and penalties related to uncertain tax positions in our income tax provision. The amounts reflected in the table above include settlements of non-U.S. audits.

Although the timing of the reversal of uncertain tax positions may be uncertain, as they can be dependent upon the settlement of tax audits or expirations of statutes of limitations, the Company believes that the amount of uncertain tax positions (including accrued interest and penalties, and net of tax benefits) that may be resolved over the next twelve months is $0.5 million. 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., major foreign, or state tax jurisdictions for years prior to fiscal year 2016.

Income tax payments were $22.7 million, $23.0 million and $15.9 million in 2021, 2020 and 2019, respectively. Cash received as refunds of income taxes paid in prior years amounted to $0.7 million in 2021, $4.3 million in 2020, and an immaterial amount in 2019.

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.

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COMMITMENTS AND CONTINGENCIES [Abstract]

EARNINGS PER SHARE

12 Months Ended

Oct. 31, 2021

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 13 - EARNINGS PER SHARE

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

	Year Ended
	October 31, 2021		October 31, 2020		October 31, 2019

Net income attributable to Photronics, Inc. shareholders	$	55,449	$	33,820	$	29,793
Effect of dilutive securities:
Interest expense on convertible notes, net of tax		-		-		845

Earnings used for diluted earnings per share	$	55,449	$	33,820	$	30,638

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		61,407		64,866		66,347
Effect of dilutive securities:
Share-based payment awards		592		604		448
Convertible notes		-		-		2,360

Potentially dilutive common shares		592		604		2,808

Weighted-average common shares used for diluted earnings per share		61,999		65,470		69,155

Basic earnings per share	$	0.90	$	0.52	$	0.45
Diluted earnings per share	$	0.89	$	0.52	$	0.44

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

	Year Ended
	October 31, 2021		October 31, 2020		October 31, 2019

Share based payment awards		331		795		1,250
Total potentially dilutive shares excluded		331		795		1,250

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Oct. 31, 2021

COMMITMENTS AND CONTINGENCIES

NOTE 14 - COMMITMENTS AND CONTINGENCIES

Presented below are our unrecognized commitments, as of October 31, 2021. Included in these are commitments of $73.7 million for the purchase of capital equipment. The amounts below do not include our commitments under our debt and lease arrangements, which are presented in Notes 7 and 9, respectively.

Fiscal Year	Unrecognized Commitments

2022	$	82,323
2023		25,630
2024		3,654
2025		-
2026		-
Thereafter		-
Total	$	111,607

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. As of October 31, 2021 and October 31, 2020, we were not involved in environmental litigation to which a government was a party.

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

12 Months Ended

Oct. 31, 2021

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

NOTE 15 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

The following tables set forth the changes in our accumulated other comprehensive income by component (net of tax of $0) for the years ended October 31, 2021 and October 31, 2020.

	Year Ended October 31, 2021
	Foreign Currency Translation Adjustments		Other			Total

Balance at October 31, 2020	$	18,828	$	(870	)	$	17,958
Other comprehensive income (loss)		8,478		(69	)		8,409
Less: other comprehensive income (loss) attributable to noncontrolling interests		5,830		(34	)		5,796

Balance at October 31, 2021	$	21,476	$	(905	)	$	20,571

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

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

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

RISK AND CONCENTRATIONS

12 Months Ended

Oct. 31, 2021

RISK AND CONCENTRATIONS [Abstract]

RISKS AND CONCENTRATIONS

NOTE 16 – RISKS AND CONCENTRATIONS

Financial instruments that potentially subject us to credit risk principally consist of trade accounts receivable and short-term cash investments. We sell our products primarily to semiconductor and FPD manufacturers in Asia, North America, and Europe. We believe that the concentration of credit risk in our trade receivables is substantially mitigated by our ongoing credit evaluation process and relatively short collection terms. We do not generally require collateral from customers. We establish an allowance for credit losses based upon factors surrounding the credit risk of specific customers, historical trends and other information.

Our cash and cash equivalents are deposited in several financial institutions, including institutions located within all of the countries in which we manufacture photomasks. Portions of deposits in some of these institutions may exceed the amount of insurance available for such deposits at these institutions. As these deposits are generally redeemable upon demand and are held by high quality, reputable institutions, we consider them to bear minimal credit risk. We further mitigate credit risks related to our cash and cash equivalents by spreading such risk among a number of institutions.

As of October 31, 2021 and October 31, 2020, one customer accounted for 20% and 24% of our net accounts receivable, respectively, and, as of October 31, 2021, another customer accounted for 12% of our net accounts receivable balance. One customer accounted for 17%, 16% and 15%, of our revenue in 2021, 2020 and 2019, respectively, and another customer accounted for 12%, 14% and 16% of our revenue in 2021, 2020 and 2019, respectively.

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

As of the balance sheet dates, our property, plant, and equipment, net and net assets were, by geographic area, as presented below.

	October 31, 2021				October 31, 2020
	October 31, 2021				October 31, 2020
	Property, Plant and Equipment		Net Assets		Property, Plant and Equipment		Net Assets


China	$	285,756	$	210,437	$	262,800	$	180,404
Taiwan		129,660		341,291		123,979		309,911
United States		137,049		173,062		130,164		225,411
Korea		140,380		254,357		110,815		228,579
Europe and Other		3,708		21,415		3,717		17,961

	$	696,553	$	1,000,562	$	631,475	$	962,266

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Oct. 31, 2021
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 17 - RELATED PARTY TRANSACTIONS On January 20, 2018, we entered into a four-year consulting agreement with DEMA Associates, LLC, of which the chairman of our board of directors is a member, for $0.4 million per year. In 2019, we incurred expenses for services provided by this entity of $0.4 million. Effective March 9, 2020, the agreement was amended to reduce the consideration under the contract to $0.1 million per year for its remaining term; in 2021 and 2020, we incurred expenses for services provided by this entity of $0.1 million and $0.2 million, respectively. An officer of our company is related to an individual in a position of authority at one of our largest customers. We recorded revenue from this customer of $111.0 million, $96.4 million and $87.0 million, in 2021, 2020 and 2019, respectively. As of October 31, 2021 and October 31, 2020, we had accounts receivable of $34.5 million and $32.7 million, respectively, from this customer. We believe that the terms of our transactions with the related parties described above were negotiated at arm’s length and were no less favorable to us than terms we could have obtained from unrelated third parties.

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Oct. 31, 2021
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 18 - FAIR VALUE MEASUREMENTS The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers, as follows: Level 1, defined as quoted market prices (unadjusted) in active markets for identical securities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly; and Level 3, defined as unobservable inputs that are not corroborated by market data. The fair values of our cash and cash equivalents (Level 1 measurements), accounts receivable, accounts payable, and certain other current assets and current liabilities (Level 2 measurements) approximate their carrying values due to their short-term maturities. The fair values of our variable rate debt instruments are a Level 2 measurement and approximate their carrying values due to the variable nature of the underlying interest rates. We did not have any assets or liabilities measured at fair value, on a recurring or a nonrecurring basis, at October 31, 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

12 Months Ended

Oct. 31, 2021

SHARE REPURCHASE PROGRAMS

NOTE 19 - 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.

In August 2019, the Company’s board of directors authorized the repurchase of up to $100 million of its common stock, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Act. The share repurchase program commenced on September 25, 2019, and was terminated on March 20, 2020.

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

All of the shares purchased under the above repurchase programs were retired prior to the end of the fiscal year in which they were purchased. The table below presents information on the repurchase programs.

	2021 Purchases		2020 Purchases		2019 Purchases

Number of shares repurchased		3,919		3,194		2,133

Cost of shares repurchased	$	48,249	$	34,394	$	21,696

Average price paid per share	$	12.31	$	10.77	$	10.17

SUBSIDIARY DIVIDENDS	12 Months Ended
SUBSIDIARY DIVIDENDS	Oct. 31, 2021
SUBSIDIARY DIVIDENDS [Abstract]
SUBSIDIARY DIVIDENDS	NOTE 20 - SUBSIDIARY DIVIDENDS In 2021, 2020 and 2019, PDMC, the Company’s majority owned subsidiary in Taiwan, paid dividends of which 49.99%, or approximately $9.6 million, $16.2 million and $45.1 million, respectively, were paid to noncontrolling interests.

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Oct. 31, 2021
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 21 - 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 2021. We adopted ASU 2016-13 on November 1, 2020; the effect of the adoption was immaterial. Accounting Standards Updates to Be Adopted In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, to increase the transparency of government assistance including the disclosure of the types of assistance an entity receives, an entity’s method of accounting for government assistance, and the effect of the assistance on an entity’s financial statements. The guidance in this Update will be effective for Photronics in its fiscal year 2023 Form 10-K, with early application of the amendments allowed. The amendments are to be applied prospectively to all transactions within the scope of the amendments that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application or, retrospectively to those transactions. We are currently evaluating the effect the adoption of this ASU may have on our disclosures. 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. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (ASC 740)—Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740, Income Taxes. The amendments also improve consistent application of and simplify US GAAP for other areas of ASC 740 by clarifying and amending existing guidance. This guidance is effective for Photronics in Q1 of fiscal year 2022. We are currently evaluating the effect the adoption of this ASU may have on our consolidated financial statements and disclosures.

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

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Oct. 31, 2021

Consolidation

Estimates and Assumptions

Reclassifications

Cash and Cash Equivalents

Accounts Receivable and Allowance for Credit Losses

Inventories

	October 31, 2021		October 31, 2020

Raw materials	$	54,019	$	56,389
Work in process		1,121		767
Finished goods		109		113
	$	55,249	$	57,269

Property, Plant and Equipment

Impairment of Long-Lived Assets

Contract Assets, Contract Liabilities, and Accounts Receivable

Contract Costs

Remaining Performance Obligations

Product Warranties

Leases

Share-Based Compensation

Research and Development

Foreign Currency Translation

Government Grants

Income Taxes

Earnings Per Share

Variable Interest Entities

PDMCX JOINT VENTURE (Policies)	12 Months Ended
PDMCX JOINT VENTURE (Policies)	Oct. 31, 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 VIE. Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, we determined that it is a VIE. Having made this determination, we then assessed whether we were the primary beneficiary of the VIE, and concluded that we were the primary beneficiary during the current and prior years reporting periods; thus, as required, the PDMCX financial results have been consolidated with Photronics. Our conclusion was based on the fact that we held a controlling financial interest in PDMCX (which resulted from our having the power to direct the activities that most significantly impacted its economic performance) and had both the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX. Our conclusions that we had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current and prior year periods were based on our right to appoint the majority of its board of directors, which has, among others, the powers to manage the business (through its rights to appoint and evaluate PDMCX’s management), incur indebtedness, enter into agreements and commitments, and acquire and dispose of PDMCX’s assets. In addition, as a result of the 50.01% variable interest we held during the current and prior year periods, we had the obligation to absorb losses, and the right to receive benefits, that could potentially be significant to PDMCX.

REVENUE (Policies)	12 Months Ended
REVENUE (Policies)	Oct. 31, 2021
REVENUE [Abstract]
Revenue	We adopted ASU 2014-09 and all subsequent amendments, which are collectively codified in ASC Topic 606 - “Revenue from Contracts with Customers” (“Topic 606”), on November 1, 2018, under the modified retrospective transition method, only with respect to contracts that were not complete as of the date of adoption. This approach required prospective application of the guidance with a cumulative effect adjustment to retained earnings to reflect the impact of the adoption on contracts that were not complete as of the date of the adoption. Please refer to Note 1 for information on our revenue recognition policies.

Disclosure of accounting policy for revenue from contract with customer.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

LEASES (Policies)

12 Months Ended

Oct. 31, 2021

LEASES [Abstract]

Leases

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

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

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

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

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

Not reassessing lease classification for any existing or expired leases.

Not reassessing initial direct costs for any existing leases.

SHARE-BASED COMPENSATION (Policies)	12 Months Ended
SHARE-BASED COMPENSATION (Policies)	Oct. 31, 2021
Stock Options [Abstract]
Share-Based Compensation	Share-Based Compensation We recognize share-based compensation expense over the service period during which the awards are expected to vest. Share-based compensation expense includes the estimated effects of forfeitures, which are adjusted over the requisite service period to the extent actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized in the period of change and will impact the amount of expense to be recognized in future periods. Determining the appropriate option pricing model, calculating the grant date fair value of share-based awards, and estimating forfeiture rates requires considerable judgment, including estimations of stock price volatility and the expected term of options granted. We use the Black-Scholes option pricing model to value employee stock options. We estimate stock price volatility based on daily averages of our common stock’s historical volatility over a term approximately equal to the estimated time period the grant will remain outstanding. The expected term of options and forfeiture rate assumptions are derived from historical data.
Restricted Stock [Member]
Stock Options [Abstract]
Share-Based Compensation	Restricted Stock Awards We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one to four years. The fair values of the awards are determined on the date of grant, based on the closing stock price of our common stock. As of October 31, 2021, there were 929,147 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 granted are expected to remain outstanding. The risk-free rate of return for the estimated term of an option is based on the U.S. Treasury yield curve in effect at the date of grant.

INCOME TAXES (Policies)	12 Months Ended
INCOME TAXES (Policies)	Oct. 31, 2021
INCOME TAXES [Abstract]
Unremitted Earnings in Foreign Investment	Due to the Tax Cuts and Jobs Act, which was signed into law in December 2017, as of fiscal year end 2018, U.S. deferred taxes were no longer provided on the undistributed earnings of non-U.S. subsidiaries. Our policy to indefinitely reinvest these earnings in non-U.S. operations remains unchanged for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding taxes. Therefore, should we elect in the future to repatriate the remaining foreign earnings deemed to be indefinitely reinvested, we may incur additional state and foreign withholding tax expense on those earnings, the amount of which is not practicable to compute.
Interest and Penalties Related to Uncertain Tax Positions	At October 31, 2021, October 31, 2020 and October 31, 2019, unrecognized tax benefits, which are included in Other liabilities, include $3.8 million, $2.0 million, and $1.9 million, respectively, that, if recognized, would impact the effective tax rates. We include any applicable interest and penalties related to uncertain tax positions in our income tax provision. The amounts reflected in the table above include settlements of non-U.S. audits. Although the timing of the reversal of uncertain tax positions may be uncertain, as they can be dependent upon the settlement of tax audits or expirations of statutes of limitations, the Company believes that the amount of uncertain tax positions (including accrued interest and penalties, and net of tax benefits) that may be resolved over the next twelve months is $0.5 million. 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., major foreign, or state tax jurisdictions for years prior to fiscal year 2016.

FAIR VALUE MEASUREMENTS (Policies)	12 Months Ended
FAIR VALUE MEASUREMENTS (Policies)	Oct. 31, 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)	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Oct. 31, 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 2021. We adopted ASU 2016-13 on November 1, 2020; the effect of the adoption was immaterial. Accounting Standards Updates to Be Adopted In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, to increase the transparency of government assistance including the disclosure of the types of assistance an entity receives, an entity’s method of accounting for government assistance, and the effect of the assistance on an entity’s financial statements. The guidance in this Update will be effective for Photronics in its fiscal year 2023 Form 10-K, with early application of the amendments allowed. The amendments are to be applied prospectively to all transactions within the scope of the amendments that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application or, retrospectively to those transactions. We are currently evaluating the effect the adoption of this ASU may have on our disclosures. 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. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (ASC 740)—Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740, Income Taxes. The amendments also improve consistent application of and simplify US GAAP for other areas of ASC 740 by clarifying and amending existing guidance. This guidance is effective for Photronics in Q1 of fiscal year 2022. We are currently evaluating the effect the adoption of this ASU may have on our consolidated financial statements and disclosures.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Oct. 31, 2021

Inventories

	October 31, 2021		October 31, 2020

Raw materials	$	54,019	$	56,389
Work in process		1,121		767
Finished goods		109		113
	$	55,249	$	57,269

OTHER CURRENT ASSETS (Tables)

12 Months Ended

Oct. 31, 2021

OTHER CURRENT ASSETS [Abstract]

Other Current Assets

Other current assets consists of the following:

	October 31, 2021		October 31, 2020

Recoverable value added taxes	$	24,213	$	16,539
Contract assets		9,859		6,313
Prepaid expenses		7,999		6,153
Prepaid and refundable income taxes		1,550		122
Other		629		608
	$	44,250	$	29,735

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Oct. 31, 2021

PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]

Property, Plant and Equipment

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

	October 31, 2021			October 31, 2020

Land	$	12,442		$	12,422
Buildings and improvements		181,922			179,162
Machinery and equipment		1,961,474			1,812,791
Leasehold improvements		21,751			21,157
Furniture, fixtures and office equipment		15,534			15,665
Construction in progress		35,009			70,915
		2,228,132			2,112,112
Accumulated depreciation and amortization		(1,531,579	)		(1,480,637	)
	$	696,553		$	631,475

Finance Lease, ROU Assets

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

	October 31, 2021			October 31, 2020

Machinery and equipment	$	42,760		$	-
Accumulated amortization		(1,933	)		-
	$	40,827		$	-

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Oct. 31, 2021

INTANGIBLE ASSETS, NET [Abstract]

Intangible Assets, Net

Intangible assets, net consist of the following:

October 31, 2021	Gross Amount		Accumulated Amortization			Net Amount
Customer relationships	$	1,647	$	(1,041	)	$	606
Software and other		6,056		(5,888	)		168
	$	7,703	$	(6,929	)	$	774

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

Intangible Asset Amortization Over the Next Five Years

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

Fiscal Year
2022	$	269
2023	$	171
2024	$	136
2025	$	136
2026	$	62
Thereafter	$	-

PDMCX JOINT VENTURE (Tables)

12 Months Ended

Oct. 31, 2021

PDMCX JOINT VENTURE [Abstract]

Carrying Amounts and Exposure to Loss Related to Assets and Liabilities

	October 31, 2021				October 31, 2020
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest
Current assets	$	59,745	$	29,879	$	56,095	$	28,053
Noncurrent assets		137,799		68,913		141,097		70,562
Total assets		197,544		98,792		197,192		98,615
Current liabilities		26,559		13,282		31,922		15,964
Noncurrent liabilities		42,917		21,463		55,676		27,844
Total liabilities		69,476		34,745		87,598		43,808
Net assets	$	128,068	$	64,047	$	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

ACCRUED LIABILITIES (Tables)

12 Months Ended

Oct. 31, 2021

ACCRUED LIABILITIES [Abstract]

Accrued Liabilities

Accrued liabilities consist of the following:

	October 31, 2021		October 31, 2020
Compensation related expenses	$	22,632	$	16,405
Income taxes		15,596		11,432
Contract liabilities		14,717		8,024
Property, plant, and equipment		3,331		2,355
Value added and other taxes		2,540		1,925
Operating leases		2,273		2,175
Contract manufacturing		1,210		1,275
Telecommunications and utilities		1,067		1,006
Professional fees		665		1,254
Inventory		605		1,026
Other		7,730		7,006
Accrued liabilities	$	72,366	$	53,883

DEBT (Tables)

12 Months Ended

Oct. 31, 2021

DEBT [Abstract]

Long-term Debt

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

As of October 31, 2021	Xiamen Project Loans			Xiamen Working Capital Loans			Hefei Equipment Loan			Finance Leases			Total
Principal due:
Next 12 months	$	2,068		$	8,197		$	4,694		$	7,289		$	22,248
Months 13 – 24	$	10,071		$	4,005		$	4,693		$	6,512		$	25,281
Months 25 – 36		10,278			-			6,257			6,610			23,145
Months 37 – 48		9,902			-			5,585			17,961			33,448
Months 49 – 60		7,572			-			-			-			7,572
Long-term debt	$	37,823		$	4,005		$	16,535		$	31,083		$	89,446

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 2025					⁽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)	$	90,096			N/A		$	86,487		$	40,826	⁽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 approved loan principal.

⁽²⁾Semiannual repayments commence in March 2022.

⁽³⁾ See Note 9 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 ROU 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)

12 Months Ended

Oct. 31, 2021

REVENUE [Abstract]

The following tables present our revenue for the years ended October 31, 2021, October 31, 2020 and October 31, 2019, disaggregated by product type, geographic origin, and timing of recognition.

	Year Ended
Revenue by Product Type	October 31, 2021		October 31, 2020		October 31, 2019
IC
High-end	$	162,973	$	156,129	$	156,418
Mainstream		297,198		262,281		249,773
Total IC	$	460,171	$	418,410	$	406,191

FPD
High-end	$	155,670	$	139,558	$	98,832
Mainstream		47,920		51,723		45,637
Total FPD	$	203,590	$	191,281		144,469
	$	663,761	$	609,691	$	550,660

Revenue by Geographic Origin*
Taiwan	$	248,597	$	239,101	$	244,377
Korea		156,391		153,052		147,734
China		115,732		79,374		19,010
United States		105,023		104,949		105,045
Europe		36,242		31,501		32,585
Other		1,776		1,714		1,909
	$	663,761	$	609,691	$	550,660

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

Revenue by Timing of Recognition
Over time	$	606,332	$	535,071	$	497,942
At a point in time		57,429		74,620		52,718
	$	663,761	$	609,691	$	550,660

LEASES (Tables)

12 Months Ended

Oct. 31, 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	October 31, 2021		October 31, 2020

ROU Assets – Operating Leases
Other assets	$	5,581	$	7,706

ROU Assets – Finance Leases
Property, plant and equipment, net	$	40,827	$	-

Lease Liabilities – Operating Leases
Accrued liabilities	$	2,273	$	2,175
Other liabilities		3,246		5,008
	$	5,519	$	7,183

Lease Liabilities – Finance Leases
Current portion of long-term debt	$	7,289	$	-
Long-term debt		31,083		-
	$	38,372	$	-

Future Lease Payments under Noncancelable Operating and Finance Leases

Fiscal Year	Operating Leases		Finance Leases
2022	$	2,351	$	7,856
2023		1,374		6,938
2024		819		6,938
2025		646		18,012
2026		398		-
Thereafter		157		-
Total lease payments		5,745		39,744
Imputed interest		226		1,372
Lease liabilities	$	5,519	$	38,372

Lease Costs

The following table presents lease costs for 2021 and 2020. Rent expense, as calculated under guidance in effect prior to our adoption of Topic 842, was $3.0 million in 2019.

	Year Ended
	October 31, 2021		October 31, 2020
Operating lease costs	$	2,904	$	3,076
Short-term lease costs	$	232	$	359
Variable lease costs	$	498	$	378
Interest on lease liabilities	$	510	$	-
Amortization of ROU assets	$	1,867	$	-

Weighted-Average Remaining 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.

	October 31, 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		3.5		2.4	%		4.1		2.37	%
Finance leases		3.3		1.5	%		-		-

Cash and Non-cash Information Related to Leases

The following table presents the effects of leases on our 2021 and 2020 consolidated statements of cash flows, and provides leases-related non-cash information for those years.

	Year Ended
	October 31, 2021		October 31, 2020
Operating cash flows used for operating leases	$	2,442	$	3,584
Operating cash flows used for finance leases	$	464	$	-
Financing cash flows used for finance leases	$	4,323	$	-
ROU assets obtained in exchange for operating lease obligations	$	457	$	2,681
ROU assets obtained in exchange for finance lease obligations	$	42,672	$	-

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Oct. 31, 2021

SHARE-BASED COMPENSATION [Abstract]

Share-based Compensation Expenses

The table below presents information on our share-based compensation expenses for the three most recent fiscal years.

	Year Ended
	October 31, 2021		October 31, 2020		October 31, 2019
Expense reported in:
Cost of goods sold	$	446	$	337	$	250
Selling, general and administrative		4,446		4,590		3,430
Research and development		456		-		-

Total expense incurred	$	5,348	$	4,927	$	3,680

Income tax benefits of share-based compensation (in millions)	$	0.2	$	0.2	$	-
Share-based compensation cost capitalized	$	-	$	-	$	-

Estimated Expenses not yet Incurred on Share-based Compensation Awards

The table below presents information on estimated expenses not yet incurred on our share-based compensation awards.

	October 31, 2021
	Restricted Stock Awards		Stock Options
Compensation cost not yet recognized	$	7,300	$	109
Weighted-average amortization period (in years)		2.6		1.1

Restricted Stock Awards Activity

A summary of restricted stock award activity during fiscal year 2021 and the status of our outstanding restricted stock awards as of October 31, 2021, is presented below:

Restricted Stock	Shares			Weighted-Average Fair Value at Grant Date

Outstanding at October 31, 2020		812,316		$	12.55
Granted		564,800		$	11.20
Vested		(383,177	)	$	11.72
Cancelled		(64,792	)	$	12.44
Outstanding at October 31, 2021		929,147		$	12.08
Expected to vest as of October 31, 2021		862,143		$	12.08

Restricted Stock Awards Granted and Lapsed

The table below presents information on restricted stock awards granted and lapsed in the three most recent fiscal years.

	Year Ended
	October 31, 2021		October 31, 2020		October 31, 2019

Number of shares granted		564,800		538,000		435,000
Weighted-average grant-date fair value of awards (in dollars per share)	$	11.20	$	15.08	$	9.80
Fair value of awards for which restrictions lapsed	$	4,491	$	2,957	$	1,888

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

The weighted-average inputs and risk-free rate of return ranges used to calculate the grant-date fair value of stock options granted during 2019 are presented in the following table.

	Year Ended
	October 31, 2019

Expected volatility		33.1	%
Risk-free rate of return		2.5 – 2.9	%
Dividend yield		0.0	%
Expected term	5.1 years

Stock Options Activity

The table below presents a summary of stock options activity during 2021 and information on stock options outstanding at October 31, 2021.

	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at October 31, 2020		1,621,117		$	9.27
Granted		-			-
Exercised		(401,114	)	$	8.58
Cancelled and forfeited		(46,900	)	$	9.74
Outstanding at October 31, 2021		1,173,103		$	9.49	4.0 years	$	4,109
Exercisable at October 31, 2021		1,077,914		$	9.51	3.8 years	$	3,750
Expected to vest as of October 31, 2021		93,500		$	9.20	6.7 years	$	353

Stock Options Exercised

The table below presents information on options exercised in the three most recent fiscal years.

	Year Ended
	October 31, 2021		October 31, 2020		October 31, 2019

Total intrinsic value of options exercised	$	1,910	$	3,184	$	1,262
Cash received from option exercises	$	3,441	$	3,746	$	2,071

INCOME TAXES (Tables)

12 Months Ended

Oct. 31, 2021

INCOME TAXES [Abstract]

Income Before Income Tax Provision for Domestic and Foreign

Income before the income tax provisions consists of the following:

	Year Ended
	October 31, 2021			October 31, 2020			October 31, 2019

United States	$	(19,447	)	$	(10,672	)	$	(8,379	)
Foreign		121,453			72,273			59,080
	$	102,006		$	61,601		$	50,701

Income Tax Provision

The income tax provisions consist of the following:

	Year Ended
	October 31, 2021			October 31, 2020			October 31, 2019
Current:
Federal	$	-		$	-		$	(3,916	)
State		4			4			11
Foreign		25,296			21,698			17,777
		25,300			21,702			13,872

Deferred:
Federal		-			-			3,673
State		103			8			10
Foreign		(2,213	)		(452	)		(7,345	)
		(2,110	)		(444	)		(3,662	)
Total	$	23,190		$	21,258		$	10,210

Income Tax Rate Reconciliation

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

	Year Ended
	October 31, 2021			October 31, 2020			October 31, 2019

U.S. federal income tax at statutory rate	$	21,421		$	12,936		$	10,647
Changes in valuation allowances		364			6,942			2,673
Foreign tax rate differentials		3,244			1,718			218
Tax credits		(3,942	)		(1,562	)		(1,268	)
Uncertain tax positions, including reserves, settlements and resolutions		1,037			1,637			134
Income tax holiday		-			(318	)		(2,234	)
Other, net		1,066			(95	)		40
	$	23,190		$	21,258		$	10,210
Effective tax rate		22.7	%		34.5	%		20.1	%

Net Deferred Income Tax Assets

The net deferred income tax assets consist of the following:

	As of
	October 31, 2021			October 31, 2020
Deferred income tax assets:
Net operating losses	$	31,657		$	34,457
Reserves not currently deductible		8,201			6,287
Tax credit carryforwards		9,877			9,481
Share-based compensation		1,500			1,306
Property, plant and equipment		7,566			3,887
Lease liabilities		9,134			-
Other		157			398
		68,092			55,816
Valuation allowances		(34,337	)		(33,973	)
		33,755			21,843
Deferred income tax liabilities:
ROU assets		(9,698	)		-
		(9,698	)		-
Net deferred income tax assets	$	24,057		$	21,843

Classification
Deferred income tax assets	$	24,353		$	22,070
Other liabilities		(296	)		(227	)
	$	24,057		$	21,843

Operating Loss Carryforwards

The following tables present our available operating loss and credit carryforwards as of October 31, 2021, and their related expiration periods:

Operating Loss Carryforwards	Amount		Expiration Period
Federal	$	99,636	2029-Indefinite
State		187,044		2022-Indefinite
Foreign		113		2024-2031

Tax Credit Carryforwards

Tax Credit Carryforwards	Amount		Expiration Period
Federal research and development	$	5,204		2024-2041
State	$	5,915		2022-2035

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is presented below.

	Year Ended
	October 31, 2021			October 31, 2020			October 31, 2019
Balance at beginning of year before interest and penalties	$	2,550		$	1,758		$	1,775
Additions (reductions) for tax positions in prior years		181			227			(466	)
Additions based on current year tax positions		1,313			1,576			1,286
Settlements		(489	)		(992	)		(204	)
Lapses of statutes of limitations		(21	)		(19	)		(633	)
Balance at end of year before interest and penalties		3,534			2,550			1,758
Interest and penalties		223			131			177
Balance at end of year including interest and penalties	$	3,757		$	2,681		$	1,935

EARNINGS PER SHARE (Tables)

12 Months Ended

Oct. 31, 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.

	Year Ended
	October 31, 2021		October 31, 2020		October 31, 2019

Net income attributable to Photronics, Inc. shareholders	$	55,449	$	33,820	$	29,793
Effect of dilutive securities:
Interest expense on convertible notes, net of tax		-		-		845

Earnings used for diluted earnings per share	$	55,449	$	33,820	$	30,638

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		61,407		64,866		66,347
Effect of dilutive securities:
Share-based payment awards		592		604		448
Convertible notes		-		-		2,360

Potentially dilutive common shares		592		604		2,808

Weighted-average common shares used for diluted earnings per share		61,999		65,470		69,155

Basic earnings per share	$	0.90	$	0.52	$	0.45
Diluted earnings per share	$	0.89	$	0.52	$	0.44

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

	Year Ended
	October 31, 2021		October 31, 2020		October 31, 2019

Share based payment awards		331		795		1,250
Total potentially dilutive shares excluded		331		795		1,250

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Oct. 31, 2021

COMMITMENTS AND CONTINGENCIES [Abstract]

Unrecognized Commitments

Fiscal Year	Unrecognized Commitments

2022	$	82,323
2023		25,630
2024		3,654
2025		-
2026		-
Thereafter		-
Total	$	111,607

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)

12 Months Ended

Oct. 31, 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 years ended October 31, 2021 and October 31, 2020.

	Year Ended October 31, 2021
	Foreign Currency Translation Adjustments		Other			Total

Balance at October 31, 2020	$	18,828	$	(870	)	$	17,958
Other comprehensive income (loss)		8,478		(69	)		8,409
Less: other comprehensive income (loss) attributable to noncontrolling interests		5,830		(34	)		5,796

Balance at October 31, 2021	$	21,476	$	(905	)	$	20,571

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

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

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

RISK AND CONCENTRATIONS (Tables)

12 Months Ended

Oct. 31, 2021

RISK AND CONCENTRATIONS [Abstract]

Concentrations by Geographic Areas

As of the balance sheet dates, our property, plant, and equipment, net and net assets were, by geographic area, as presented below.

	October 31, 2021				October 31, 2020
	October 31, 2021				October 31, 2020
	Property, Plant and Equipment		Net Assets		Property, Plant and Equipment		Net Assets


China	$	285,756	$	210,437	$	262,800	$	180,404
Taiwan		129,660		341,291		123,979		309,911
United States		137,049		173,062		130,164		225,411
Korea		140,380		254,357		110,815		228,579
Europe and Other		3,708		21,415		3,717		17,961

	$	696,553	$	1,000,562	$	631,475	$	962,266

SHARE REPURCHASE PROGRAMS (Tables)

12 Months Ended

Oct. 31, 2021

SHARE REPURCHASE PROGRAMS [Abstract]

Shares Repurchase Programs

	2021 Purchases		2020 Purchases		2019 Purchases

Number of shares repurchased		3,919		3,194		2,133

Cost of shares repurchased	$	48,249	$	34,394	$	21,696

Average price paid per share	$	12.31	$	10.77	$	10.17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Business (Details)	12 Months Ended
	Oct. 31, 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Inventories (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020
Inventories [Abstract]
Raw materials	$ 54,019	$ 56,389
Work in process	1,121	767
Finished goods	109	113
Inventories	$ 55,249	$ 57,269

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Property, Plant and Equipment (Details)	12 Months Ended
	Oct. 31, 2021
Buildings and Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	10 years
Buildings and Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	39 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	15 years
Furniture, Fixtures and Office Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	3 years
Furniture, Fixtures and Office Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Intangible Assets (Details)	12 Months Ended
	Oct. 31, 2021
Minimum [Member]
Intangible Assets [Abstract]
Estimated useful lives	3 years
Maximum [Member]
Intangible Assets [Abstract]
Estimated useful lives	15 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Restricted Cash (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Restricted Cash [Abstract]
Restricted cash	$ 3,010	$ 2,937	$ 2,761

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Revenue Recognition [Abstract]
Contract assets	$ 9,859	$ 6,313
Contract liabilities current	14,717	8,024
Contract liabilities non-current	5,200	5,200
Impairment loss on contract assets	0	0	$ 0
Revenue from settlement of contract liabilities	$ 5,300	$ 2,800	$ 1,300
Minimum [Member]
Revenue Recognition [Abstract]
Product invoice term	30 days
Maximum [Member]
Revenue Recognition [Abstract]
Product invoice term	90 days
IC [Member] \| Minimum [Member]
Revenue Recognition [Abstract]
Customer order, expected satisfaction period	7 days
IC [Member] \| Maximum [Member]
Revenue Recognition [Abstract]
Customer order, expected satisfaction period	14 days
FPD [Member] \| Minimum [Member]
Revenue Recognition [Abstract]
Customer order, expected satisfaction period	14 days
FPD [Member] \| Maximum [Member]
Revenue Recognition [Abstract]
Customer order, expected satisfaction period	21 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Product Warranties (Details)	12 Months Ended
	Oct. 31, 2021
Minimum [Member]
Product Warranty [Abstract]
Product warranty period	1 month
Maximum [Member]
Product Warranty [Abstract]
Product warranty period	24 months

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Leases [Abstract]
ROU assets	$ 5,581	$ 7,706
Lease liabilities	$ 5,519	$ 7,183
ASU 2016-02 [Member]
Leases [Abstract]
ROU assets			$ 6,500
Lease liabilities			$ 6,500

OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020
OTHER CURRENT ASSETS [Abstract]
Recoverable value added taxes	$ 24,213	$ 16,539
Contract assets	9,859	6,313
Prepaid expenses	7,999	6,153
Prepaid and refundable income taxes	1,550	122
Other	629	608
Total other current assets	$ 44,250	$ 29,735

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 2,228,132	$ 2,112,112
Accumulated depreciation and amortization	(1,531,579)	(1,480,637)
Property, plant and equipment, net	696,553	631,475
Finance lease, Right-of-use asset [Abstract]
Finance lease, right-of-use asset, gross	42,760	0
Accumulated amortization	(1,933)	0
Finance lease, right-of-use asset, net	40,827	0
Depreciation expense (excluding amortization expense for ROU assets)	85,700	89,200	$ 79,200
Gain on trade-in of lithography tool	3,525	0	$ 0
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	12,442	12,422
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	181,922	179,162
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,961,474	1,812,791
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	21,751	21,157
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	15,534	15,665
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 35,009	$ 70,915

INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	12 Months Ended
INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Intangible assets, net [Abstract]
Gross Amount	$ 7,703	$ 68,172
Accumulated Amortization	(6,929)	(64,735)
Net Amount	774	3,437
Intangible Asset [Abstract]
Amortization of intangible assets	2,861	4,643	$ 4,641
Intangible asset amortization over the next five years [Abstract]
2022	269
2023	171
2024	136
2025	136
2026	62
Thereafter	0
Technology License Agreement [Member]
Intangible assets, net [Abstract]
Gross Amount		59,616
Accumulated Amortization		(57,298)
Net Amount		2,318
Customer Relationships [Member]
Intangible assets, net [Abstract]
Gross Amount	1,647	2,060
Accumulated Amortization	(1,041)	(1,245)
Net Amount	606	815
Software and Other [Member]
Intangible assets, net [Abstract]
Gross Amount	6,056	6,496
Accumulated Amortization	(5,888)	(6,192)
Net Amount	$ 168	$ 304
Intangible Asset [Abstract]
Weighted-average amortization period for intangible assets acquired during the year	3 years	3 years

PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Millions	Jan. 31, 2018	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Photronics and DNP [Member]
Variable Interest Entity [Abstract]
Financial or other support, amount		$ 160.0
Term from inception after which interest holder may put their interest in the VIE		2 years
Period before put or purchase option can be exercised		6 months
Number of business days for obtaining required approvals and clearance for exiting party		3 days
Operating income (loss)		$ 6.4	$ (4.7)	$ (4.9)
Photronics and DNP [Member] \| Minimum [Member]
Variable Interest Entity [Abstract]
Ownership percentage		20.00%
PDMCX [Member]
Variable Interest Entity [Abstract]
Collateral amount		$ 90.1
Photronics Interest [Member]
Variable Interest Entity [Abstract]
Ownership percentage		50.01%
Gain (loss) on consolidation	$ 0.0
Maximum exposure to loss		$ 64.0
DNP [Member]
Variable Interest Entity [Abstract]
Ownership percentage	49.99%

PDMCX JOINT VENTURE, Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020
Carrying amounts of assets and liabilities [Abstract]
Current assets	$ 550,616	$ 500,139
Total assets	1,294,202	1,188,182
Current liabilities	176,148	142,939
Total liabilities	293,640	225,916
Net assets	1,000,562	962,266
Carrying Amount [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	59,745	56,095
Noncurrent assets	137,799	141,097
Total assets	197,544	197,192
Current liabilities	26,559	31,922
Noncurrent liabilities	42,917	55,676
Total liabilities	69,476	87,598
Net assets	128,068	109,594
Photronics Interest [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	29,879	28,053
Noncurrent assets	68,913	70,562
Total assets	98,792	98,615
Current liabilities	13,282	15,964
Noncurrent liabilities	21,463	27,844
Total liabilities	34,745	43,808
Net assets	$ 64,047	$ 54,807

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020
ACCRUED LIABILITIES [Abstract]
Compensation related expenses	$ 22,632	$ 16,405
Income taxes	15,596	11,432
Contract liabilities	14,717	8,024
Property, plant, and equipment	3,331	2,355
Value added and other taxes	2,540	1,925
Operating leases	2,273	2,175
Contract manufacturing	1,210	1,275
Telecommunications and utilities	1,067	1,006
Professional fees	665	1,254
Inventory	605	1,026
Other	7,730	7,006
Accrued liabilities	$ 72,366	$ 53,883

DEBT, Short-term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT, Short-term Debt (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Debt Instruments [Abstract]
Short-term debt	$ 0	$ 4,708
Weighted-average interest rate of short -term debt		2.02%
Capitalized interest	100	$ 100
Interest payments	$ 3,800	$ 2,600	$ 2,600

DEBT, Long-term Debt (Details)
$ in Thousands, ¥ in Millions

12 Months Ended

Oct. 31, 2021

USD ($)

Oct. 31, 2020

USD ($)

Oct. 31, 2020

CNY (¥)

Nov. 30, 2018

USD ($)

Nov. 30, 2018

CNY (¥)

$ 22,248

$ 8,970

Xiamen Project Loans [Member]

Months 13 - 24

25,281

15,142

Months 25 - 36

23,145

13,406

Months 37 - 48

33,448

9,789

Months 49 - 60

7,572

9,432

Thereafter

7,211

Long-term debt

89,446

54,980

2,068

6,705

Months 13 - 24

10,071

7,334

Months 25 - 36

10,278

9,592

Months 37 - 48

9,902

9,789

Months 49 - 60

7,572

9,432

Thereafter

7,211

Long-term debt

$ 37,823

$ 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

$ 90,096

$ 94,459

Maximum borrowing capacity | ¥

¥ 345

Xiamen Working Capital Loans [Member]

8,197

2,265

Months 13 - 24

4,005

7,808

3,814

$ 4,005

$ 11,622

Jul. 31, 2023

Increases as loans mature

Maximum borrowing capacity

Semiannual, on individual loans

$ 25,000

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%

$ 4,694

4,693

6,257

5,585

$ 16,535

4.20%

(0.45%)

Sep. 30, 2025

^[1]

Varies

Loan collateral (carrying amount)

^[2]

Semiannual

$ 86,487

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

7.50%

Maximum borrowing capacity

$ 31,300

¥ 200

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

12.50%

Finance Leases [Member]

7,289

6,512

6,610

17,961

$ 31,083

^[3]

^[3]

^[3]

Loan collateral (carrying amount)

Monthly

^[4]

$ 40,826

[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 approved loan principal.
[2]	Semiannual repayments commence in March 2022.
[3]	See Note 9 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 ROU assets, in which the lessors have secured interests.

DEBT, Xiamen Project Loans (Details) - Xiamen Project Loans [Member] ¥ in Millions, $ in Millions	Oct. 31, 2021 USD ($)	Oct. 31, 2021 CNY (¥)	Nov. 30, 2018 CNY (¥)
Project Loans [Abstract]
Maximum borrowing capacity			¥ 345.0
Amount outstanding	$ 39.9	¥ 255.0

DEBT, Xiamen Working Capital Loans (Details) - Xiamen Working Capital Loans [Member] ¥ in Millions, $ in Millions	12 Months Ended
	Oct. 31, 2021 USD ($)	Oct. 31, 2021 CNY (¥)	Nov. 30, 2018 USD ($)
Debt Instruments [Abstract]
Maximum borrowing capacity			$ 25.0
Expiration date	Oct. 31, 2022
Amount outstanding	$ 12.2	¥ 78.0

DEBT, Hefei Equipment Loan (Details) - Hefei Equipment Loan [Member] ¥ in Millions, $ in Millions	12 Months Ended
	Oct. 31, 2021 USD ($) Tool	Oct. 31, 2021 CNY (¥)	Oct. 31, 2020 USD ($)	Oct. 31, 2020 CNY (¥)
Debt Instruments [Abstract]
Maximum borrowing capacity			$ 31.3	¥ 200.0
Expiration date	Aug. 31, 2022
Number of lithography tools to be purchased	2
Proceeds from line of credit	$ 21.2	¥ 135.7
Available borrowing capacity	$ 10.1	¥ 64.3

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

DEBT, Finance Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Feb. 28, 2021	Dec. 31, 2020	Oct. 31, 2020
Debt Instruments [Abstract]
Finance lease amount	$ 38,372			$ 0
Finance Leases [Member]
Debt Instruments [Abstract]
Finance lease contract term	5 years
Finance lease amount		$ 7,200	$ 35,500
Short-term obligation			$ 3,500

DEBT, Corporate Credit Agreement (Details) - Corporate Credit Agreement [Member] - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2021	Sep. 30, 2018
Debt Instruments [Abstract]
Term of loan	5 years
Current borrowing capacity		$ 50
Maximum borrowing capacity		100
Cash limit for dividends, distributions and redemption on equity		$ 50
Effective interest rate	1.09%
Amount outstanding	$ 0

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

12 Months Ended

Oct. 31, 2021

Oct. 31, 2020

Oct. 31, 2019

^[1]

$ 663,761

$ 609,691

$ 550,660

IC [Member]

460,171

418,410

406,191

High-end [Member]

162,973

156,129

156,418

Mainstream [Member]

297,198

262,281

249,773

FPD [Member]

203,590

191,281

144,469

High-end [Member]

155,670

139,558

98,832

Mainstream [Member]

47,920

51,723

45,637

Taiwan [Member]

^[1]

248,597

239,101

244,377

Korea [Member]

^[1]

156,391

153,052

147,734

China [Member]

^[1]

115,732

79,374

19,010

United States [Member]

^[1]

105,023

104,949

105,045

Europe [Member]

^[1]

36,242

31,501

32,585

Other [Member]

^[1]

1,776

1,714

1,909

Over Time [Member]

At a Point in Time [Member]

606,332

535,071

497,942

$ 57,429

$ 74,620

$ 52,718

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

LEASES, Operating Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Leases [Abstract]
Right-of-use assets, operating leases	$ 5,581	$ 7,706
Lease Payments Under Non-cancellable Leases [Abstract]
Operating lease liabilities	$ 5,519	$ 7,183
ASU 2016-02 [Member]
Leases [Abstract]
Right-of-use assets, operating leases			$ 6,500
Lease Payments Under Non-cancellable Leases [Abstract]
Operating lease liabilities			$ 6,500

LEASES, Finance Leases (Details) - USD ($) $ in Thousands	1 Months Ended
LEASES, Finance Leases (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Jan. 31, 2021	Oct. 31, 2021	Oct. 31, 2020
Finance Leases [Abstract]
Finance lease amount			$ 38,372	$ 0
$7.2 Million Finance Lease [Member]
Finance Leases [Abstract]
Finance lease contract term			5 years
Finance lease amount	$ 7,200
Early buyout option to purchase tool	$ 2,400
Finance lease interest implicit rate	1.08%
$35.5 Million Finance Lease [Member]
Finance Leases [Abstract]
Finance lease contract term			5 years
Finance lease amount		$ 35,500
Early buyout option to purchase tool		$ 14,100
Finance lease interest implicit rate		1.58%
$35.5 Million Finance Lease [Member] \| Minimum [Member]
Finance Leases [Abstract]
Outstanding committed balance for cross default provision		$ 5,000
Monthly [Member] \| $7.2 Million Finance Lease [Member]
Finance Leases [Abstract]
Finance lease monthly payments	$ 100
First Three Months [Member] \| $35.5 Million Finance Lease [Member]
Finance Leases [Abstract]
Finance lease monthly payments		40
Following Nine Months [Member] \| $35.5 Million Finance Lease [Member]
Finance Leases [Abstract]
Finance lease monthly payments		600
Forty Eight Months [Member] \| $35.5 Million Finance Lease [Member]
Finance Leases [Abstract]
Finance lease monthly payments		$ 500

LEASES, Information on Operating and Finance Leases included on Balance Sheet (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020
Operating and Finance Leases included in Consolidated Balance Sheets [Abstract]
ROU Assets - Operating Leases	$ 5,581	$ 7,706
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
ROU Assets - Finance Leases	$ 40,827	$ 0
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Operating Lease Liability [Abstract]
Operating Lease Liability - Current	$ 2,273	$ 2,175
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating Lease Liability, Noncurrent	$ 3,246	$ 5,008
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Lease Liabilities - Operating Leases	$ 5,519	$ 7,183
Finance Lease Liability [Abstract]
Finance Lease Liability, Current	$ 7,289	$ 0
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-term Debt, Current Maturities	Long-term Debt, Current Maturities
Finance Lease Liability, Noncurrent	$ 31,083	$ 0
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term Debt, Excluding Current Maturities	Long-term Debt, Excluding Current Maturities
Lease Liabilities - Finance Leases	$ 38,372	$ 0

LEASES, Future Lease Payments Under Noncancelable Operating and Finance Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020
Future Lease Payments Under Noncancelable Operating Leases [Abstract]
2022	$ 2,351
2023	1,374
2024	819
2025	646
2026	398
Thereafter	157
Total lease payments	5,745
Imputed interest	226
Operating lease liabilities	5,519	$ 7,183
Future Lease Payments Under Noncancelable Finance Leases [Abstract]
2022	7,856
2023	6,938
2024	6,938
2025	18,012
2026	0
Thereafter	0
Total lease payments	39,744
Imputed interest	1,372
Finance lease liabilities	$ 38,372	$ 0

LEASES, Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES, Lease Cost (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
LEASES [Abstract]
Rent expense under operating leases			$ 3,000
Lease, Cost [Abstract]
Operating lease costs	$ 2,904	$ 3,076
Short-term lease costs	232	359
Variable lease costs	498	378
Interest on lease liabilities	510	0
Amortization of ROU assets	$ 1,867	$ 0

LEASES, Operating and Finance Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Weighted Average Remaining Lease Terms, Discount Rates [Abstract]
Operating leases, Weighted-average remaining lease term	3 years 6 months	4 years 1 month 6 days
Operating leases, Weighted-average discount rate	2.40%	2.37%
Finance leases, Weighted-average remaining lease term	3 years 3 months 18 days
Finance leases, Weighted-average discount rate	1.50%	0.00%
Cash and Non-cash Information Related to Leases [Abstract]
Operating cash flows used for operating leases	$ 2,442	$ 3,584
Operating cash flows used for finance leases	464	0
Financing cash flows used for finance leases	4,323	0
ROU assets obtained in exchange for operating lease obligations	457	2,681
ROU assets obtained in exchange for finance lease obligations	$ 42,672	$ 0

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Share-based Compensation [Abstract]
Maximum number of shares of common stock that may be issued (in shares)	4,000,000
Expense reported in:
Expense incurred	$ 5,348	$ 4,927	$ 3,680
Income tax benefits of share-based compensation	200	200	0
Share-based compensation cost capitalized	0	0	0
Cost of Goods Sold [Member]
Expense reported in:
Expense incurred	446	337	250
Selling, General and Administrative [Member]
Expense reported in:
Expense incurred	4,446	4,590	3,430
Research and Development [Member]
Expense reported in:
Expense incurred	456	$ 0	$ 0
Stock Options [Member]
Estimated Expenses Not Yet Incurred [Abstract]
Compensation cost not yet recognized	$ 109
Weighted-average amortization period (in years)	1 year 1 month 6 days
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Weighted-average grant date fair value of options granted (in dollars per share)			$ 3.31
Expected volatility			33.10%
Dividend yield			0.00%
Expected term			5 years 1 month 6 days
Stock options [Abstract]
Contractual term	10 years
Shares [Roll Forward]
Outstanding at beginning of period (in shares)	1,621,117
Granted (in shares)	0
Exercised (in shares)	(401,114)
Cancelled and forfeited (in shares)	(46,900)
Outstanding at end of period (in shares)	1,173,103	1,621,117
Exercisable at end of period (in shares)	1,077,914
Expected to vest (in shares)	93,500
Weighted-Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 9.27
Granted (in dollars per share)	0
Exercised (in dollars per share)	8.58
Cancelled and forfeited (in dollars per share)	9.74
Outstanding at end of period (in dollars per share)	9.49	$ 9.27
Exercisable at end of period (in dollars per share)	9.51
Expected to vest (in dollars per share)	$ 9.20
Weighted-Average Remaining Contractual Life [Abstract]
Outstanding at end of period	4 years
Exercisable at end of period	3 years 9 months 18 days
Expected to vest	6 years 8 months 12 days
Aggregate Intrinsic Value [Abstract]
Outstanding at end of period	$ 4,109
Exercisable at end of period	3,750
Expected to vest	353
Options Exercised [Abstract]
Total intrinsic value of options exercised	1,910	$ 3,184	$ 1,262
Cash received from options exercises	$ 3,441	$ 3,746	$ 2,071
Stock Options [Member] \| Minimum [Member]
Estimated Expenses Not Yet Incurred [Abstract]
Award vesting period	1 year
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Risk-free rate of return			2.50%
Stock Options [Member] \| Maximum [Member]
Estimated Expenses Not Yet Incurred [Abstract]
Award vesting period	4 years
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Risk-free rate of return			2.90%
Restricted Stock [Member]
Estimated Expenses Not Yet Incurred [Abstract]
Compensation cost not yet recognized	$ 7,300
Weighted-average amortization period (in years)	2 years 7 months 6 days
Shares [Rollforward]
Outstanding at beginning of period (in shares)	812,316
Granted (in shares)	564,800	538,000	435,000
Vested (in shares)	(383,177)
Cancelled (in shares)	(64,792)
Outstanding at end of period (in shares)	929,147	812,316
Expected to vest (in shares)	862,143
Weighted-Average Fair Value at Grant Date [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 12.55
Granted (in dollars per share)	11.20	$ 15.08	$ 9.80
Vested (in dollars per share)	11.72
Cancelled (in dollars per share)	12.44
Outstanding at end of period (in dollars per share)	12.08	$ 12.55
Expected to vest (in dollars per share)	$ 12.08
Fair value of awards for which restrictions lapsed	$ 4,491	$ 2,957	$ 1,888
Restricted Stock [Member] \| Minimum [Member]
Estimated Expenses Not Yet Incurred [Abstract]
Award vesting period	1 year
Restricted Stock [Member] \| Maximum [Member]
Estimated Expenses Not Yet Incurred [Abstract]
Award vesting period	4 years
Employee Stock Purchase Plan [Member]
Share-based Compensation [Abstract]
Maximum number of shares of common stock that may be issued (in shares)	1,850,000
Estimated Expenses Not Yet Incurred [Abstract]
Award vesting period	1 year
Options Exercised [Abstract]
Percent of market price that participants pay for shares subscribed	85.00%
Total shares issued since inception (in shares)	1,500,000
Employee Stock Purchase Plan [Member] \| Minimum [Member]
Shares [Rollforward]
Outstanding at end of period (in shares)	100,000
Options Exercised [Abstract]
Unrecognized compensation cost	$ 100

EMPLOYEE RETIREMENT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE RETIREMENT PLANS (Details) - USD ($) $ in Millions	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
EMPLOYEE RETIREMENT PLANS [Abstract]
Number of months of service completed to come under retirement plan	3 months
Minimum age of employees to come under retirement plan	18 years
Percentage of salary that can be contributed by the employee	50.00%
Maximum percentage of employees' contributions that Company will match	50.00%
Maximum percentage of employees' gross pay that Company will match	4.00%
Company's contribution to defined contribution retirement plans	$ 0.8	$ 0.7	$ 0.7

INCOME TAXES, Components of Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Components of Income Before Income Tax Provision [Abstract]
United States	$ (19,447)	$ (10,672)	$ (8,379)
Foreign	121,453	72,273	59,080
Income before income tax provision	102,006	61,601	50,701
Current [Abstract]
Federal	0	0	(3,916)
State	4	4	11
Foreign	25,296	21,698	17,777
Current income tax provision	25,300	21,702	13,872
Deferred [Abstract]
Federal	0	0	3,673
State	103	8	10
Foreign	(2,213)	(452)	(7,345)
Deferred income tax provision	(2,110)	(444)	(3,662)
Income tax provision, Total	23,190	21,258	10,210
Income Tax Provision Reconciliation [Abstract]
U.S. federal income tax at statutory rate	21,421	12,936	10,647
Changes in valuation allowances	364	6,942	2,673
Foreign tax rate differentials	3,244	1,718	218
Tax credits	(3,942)	(1,562)	(1,268)
Uncertain tax positions, including reserves, settlements and resolutions	1,037	1,637	134
Income tax holiday	0	(318)	(2,234)
Other, net	1,066	(95)	40
Income tax provision, Total	$ 23,190	$ 21,258	$ 10,210
Effective tax rate	22.70%	34.50%	20.10%
U.S. statutory rate	21.00%	21.00%	21.00%
Income Tax Holiday [Abstract]
Term of tax year holidays	5 years
Dollar effect of income tax holiday		$ 100	$ 2,200
Per share effect of income tax holiday (in dollars per share)			$ 0.02
Deferred Income Tax Assets [Abstract]
Net operating losses	$ 31,657	34,457
Reserves not currently deductible	8,201	6,287
Tax credit carryforwards	9,877	9,481
Share-based compensation	1,500	1,306
Property, plant and equipment	7,566	3,887
Lease liabilities	9,134	0
Other	157	398
Deferred tax assets	68,092	55,816
Valuation allowances	(34,337)	(33,973)
Deferred tax assets net of valuation allowance	33,755	21,843
Deferred Income Tax Liabilities [Abstract]
ROU assets	(9,698)	0
Deferred income taxes liabilities	(9,698)	0
Net deferred income tax assets	24,057	21,843
Classification [Abstract]
Deferred income tax assets	24,353	22,070
Other liabilities	(296)	(227)
Net deferred income tax assets	$ 24,057	$ 21,843
Foreign [Member] \| Maximum [Member]
Income Tax Holiday [Abstract]
Income tax holiday termination date	December 31, 2019

INCOME TAXES, Unrecognized Tax Benefits and Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Unrecognized Tax Benefits [Abstract]
Balance at beginning of year before interest and penalties	$ 2,550	$ 1,758	$ 1,775
Additions for tax positions in prior years	181	227
Reductions for tax positions in prior years			(466)
Additions based on current year tax positions	1,313	1,576	1,286
Settlements	(489)	(992)	(204)
Lapses of statutes of limitations	(21)	(19)	(633)
Balance at end of year before interest and penalties	3,534	2,550	1,758
Interest and penalties	223	131	177
Balance at end of year including interest and penalties	3,757	2,681	1,935
Income Tax Uncertainties [Abstract]
Uncertain tax positions that may be resolved over next twelve months	500
Income Taxes, Additional Disclosures [Abstract]
Income taxes paid	22,700	23,000	15,900
Cash received for refunds of income taxes	700	4,300
Recorded in Other Liabilities [Member]
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits that would impact effective tax rate	3,800	$ 2,000	$ 1,900
Federal Research and Development [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount	$ 5,204
Federal Research and Development [Member] \| Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2024
Federal Research and Development [Member] \| Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2041
State [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount	$ 5,915
State [Member] \| Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2022
State [Member] \| Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2035
Federal [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 99,636
Federal [Member] \| Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2029
State [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 187,044
Expiration periods	Oct. 31, 2022
Foreign [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 113
Foreign [Member] \| Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2024
Foreign [Member] \| Maximum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2031

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Calculation of Basic and Diluted Earnings Per Share [Abstract]
Net income attributable to Photronics, Inc. shareholders	$ 55,449	$ 33,820	$ 29,793
Effect of Dilutive Securities [Abstract]
Interest expense on convertible notes, net of tax	0	0	845
Earnings used for diluted earnings per share	$ 55,449	$ 33,820	$ 30,638
Weighted-average Common Shares Computations [Abstract]
Weighted-average common shares used for basic earnings per share (in shares)	61,407	64,866	66,347
Effect of Dilutive Securities [Abstract]
Share-based payment awards (in shares)	592	604	448
Convertible notes (in shares)	0	0	2,360
Potentially dilutive common shares (in shares)	592	604	2,808
Weighted-average common shares used for diluted earnings per share (in shares)	61,999	65,470	69,155
Basic earnings per share (in dollars per share)	$ 0.90	$ 0.52	$ 0.45
Diluted earnings per share (in dollars per share)	$ 0.89	$ 0.52	$ 0.44
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	331	795	1,250
Share-based Payment Awards [Member]
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	331	795	1,250

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Oct. 31, 2021 USD ($)
Commitment and Contingencies [Abstract]
Commitments for purchase of capital equipment	$ 73,700
Unrecognized Commitments [Abstract]
2022	82,323
2023	25,630
2024	3,654
2025	0
2026	0
Thereafter	0
Total	$ 111,607

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
Other comprehensive income, tax	$ 0	$ 0	$ 0
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	804,962
Ending Balance	823,692	804,962
Accumulated Other Comprehensive Income (Loss) [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	17,958	(9,005)
Ending Balance	20,571	17,958	(9,005)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	18,828	(8,331)
Ending Balance	21,476	18,828	(8,331)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(870)	(674)
Ending Balance	(905)	(870)	$ (674)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	8,409	35,991
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	8,478	36,381
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	(69)	(390)
AOCI Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income (loss) attributable to noncontrolling interests	5,796	9,028
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income (loss) attributable to noncontrolling interests	5,830	9,222
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income (loss) attributable to noncontrolling interests	$ (34)	$ (194)

RISK AND CONCENTRATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
RISK AND CONCENTRATIONS (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 31, 2020	Oct. 31, 2019
Geographical Areas [Abstract]
Property, Plant and Equipment	$ 696,553	$ 631,475
Net Assets	1,000,562	962,266
China [Member]
Geographical Areas [Abstract]
Property, Plant and Equipment	285,756	262,800
Net Assets	210,437	180,404
Taiwan [Member]
Geographical Areas [Abstract]
Property, Plant and Equipment	129,660	123,979
Net Assets	341,291	309,911
United States [Member]
Geographical Areas [Abstract]
Property, Plant and Equipment	137,049	130,164
Net Assets	173,062	225,411
Korea [Member]
Geographical Areas [Abstract]
Property, Plant and Equipment	140,380	110,815
Net Assets	254,357	228,579
Europe and Other [Member]
Geographical Areas [Abstract]
Property, Plant and Equipment	3,708	3,717
Net Assets	$ 21,415	$ 17,961
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| One Customer [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable/revenue	20.00%	24.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| 2nd Customer [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable/revenue	12.00%
Revenue [Member] \| Customer Concentration Risk [Member] \| One Customer [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable/revenue	17.00%	16.00%	15.00%
Revenue [Member] \| Customer Concentration Risk [Member] \| 2nd Customer [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable/revenue	12.00%	14.00%	16.00%

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

12 Months Ended

Mar. 09, 2020

Jan. 20, 2018

Oct. 31, 2021

Oct. 31, 2020

Oct. 31, 2019

Related Party Agreement [Abstract]

^[1]

$ 663,761

$ 609,691

$ 550,660

Accounts receivable

174,447

134,470

Customer One [Member]

Related Party Agreement [Abstract]

DEMA Associates, LLC [Member]

111,000

96,400

87,000

Accounts receivable

$ 34,500

32,700

Related Party Agreement [Abstract]

Consulting agreement period

4 years

Annual cost of consulting contract

$ 100

$ 400

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

$ 100

$ 200

$ 400

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

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

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