0001140361-22-008662 | 10-Q | XBRL Viewer

Selling, general and administrative

^[1]

$ 189,827

$ 152,067

Cost of goods sold

129,964

121,538

Gross profit

59,863

30,529

Operating expenses:

15,727

14,053

Research and development

5,939

4,710

Total operating expenses

21,666

18,763

Operating income

38,197

11,766

Other income (expense):

Foreign currency transactions impact, net

5,268

1,382

Interest income and other income, net

334

121

Interest expense

(895)

(823)

Income before income tax provision

42,904

12,446

Income tax provision

11,178

2,937

Net income

31,726

9,509

Net income attributable to noncontrolling interests

8,662

1,473

Net income attributable to Photronics, Inc. shareholders

$ 23,064

$ 8,036

Earnings per share:

Basic (in dollars per share)

$ 0.38

$ 0.13

Diluted (in dollars per share)

$ 0.38

$ 0.13

Weighted-average number of common shares outstanding:

Basic (in shares)

60,158

62,475

Diluted (in shares)

60,936

63,005

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

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 31,726	$ 9,509
Other comprehensive (loss) income, net of tax of $0:
Foreign currency translation adjustments	(9,831)	18,289
Other	37	(1)
Net other comprehensive (loss) income	(9,794)	18,288
Comprehensive income	21,932	27,797
Less: comprehensive income attributable to noncontrolling interests	8,874	5,690
Comprehensive income attributable to Photronics, Inc. shareholders	$ 13,058	$ 22,107

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	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0

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

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PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income [Member]	Non-Controlling Interests [Member]	Total
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	8,036	0	0	1,473	9,509
Other comprehensive (loss) income	0	0	0	0	14,071	4,217	18,288
Shares issued under equity plans	$ 4	337	0	0	0	0	341
Shares issued under equity plans (in shares)	368
Share-based compensation expense	$ 0	1,301	0	0	0	0	1,301
Purchase of treasury stock	$ 0	0	0	(13,209)	0	0	(13,209)
Purchase of treasury stock (in shares)	0
Balance at Jan. 31, 2021	$ 635	508,974	287,073	(13,209)	32,029	162,994	978,496
Balance (in shares) at Jan. 31, 2021	63,506
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
Net income	$ 0	0	23,064	0	0	8,662	31,726
Other comprehensive (loss) income	0	0	0	0	(10,006)	212	(9,794)
Shares issued under equity plans	$ 7	2,733	0	0	0	0	2,740
Shares issued under equity plans (in shares)	728
Share-based compensation expense	$ 0	1,457	0	0	0	0	1,457
Contribution from noncontrolling interest	0	0	0	0	0	14,997	14,997
Purchase of treasury stock	$ 0	0	0	(2,522)	0	0	(2,522)
Purchase of treasury stock (in shares)	0
Retirement of treasury stock	$ (1)	(1,520)	(1,001)	2,522	0	0	0
Retirement of treasury stock (in shares)	(188)
Balance at Jan. 30, 2022	$ 606	$ 487,342	$ 339,912	$ 0	$ 10,565	$ 200,741	$ 1,039,166
Balance (in shares) at Jan. 30, 2022	60,564

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021
Cash flows from operating activities:
Net income	$ 31,726	$ 9,509
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,810	23,724
Share-based compensation	1,457	1,301
Changes in assets and liabilities:
Accounts receivable	3,269	(2,011)
Inventories	(7,020)	2,095
Other current assets	(6,730)	(824)
Accounts payable, accrued liabilities, and other	15,618	(7,507)
Net cash provided by operating activities	59,130	26,287
Cash flows from investing activities:
Purchases of property, plant and equipment	(19,175)	(17,532)
Government incentives	0	397
Other	(43)	(61)
Net cash used in investing activities	(19,218)	(17,196)
Cash flows from financing activities:
Repayments of debt	(15,192)	(7,796)
Purchases of treasury stock	(2,522)	(13,209)
Contribution from noncontrolling interest	14,997	0
Proceeds from debt	0	6,205
Proceeds from share-based arrangements	3,840	765
Net settlements of restricted stock awards	(1,458)	(315)
Net cash used in financing activities	(335)	(14,350)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	(2,057)	5,195
Net increase (decrease) in cash, cash equivalents, and restricted cash	37,520	(64)
Cash, cash equivalents, and restricted cash at beginning of period	279,680	281,602
Cash, cash equivalents, and restricted cash at end of period	317,200	281,538
Less: Ending restricted cash	3,005	2,999
Cash and cash equivalents at end of period	314,195	278,539
Supplemental disclosure of non-cash information:
Accruals for property, plant and equipment purchased during the period	$ 7,092	$ 4,938

BASIS OF FINANCIAL STATEMENT PRESENTATION	3 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION	Jan. 30, 2022
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract]
BASIS OF FINANCIAL STATEMENT PRESENTATION	NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION Photronics, Inc. (“Photronics”, “the Company”, “we”, “our”, or “us”) is one of the world’s leading manufacturers of photomasks, which are high-precision photographic quartz or glass plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of semiconductors and flat-panel displays (“FPDs” or “displays”), and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of integrated circuits (“ICs” or “semiconductors”), a variety of FPDs and, to a lesser extent, other types of electrical and optical components. We currently have eleven manufacturing facilities, which are located in Taiwan (3), Korea, China (2), the United States (3), and Europe (2). The accompanying unaudited condensed consolidated financial statements (“the financial statements”) have been prepared in accordance with U.S. GAAP for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, adjustments, all of which are of a normal recurring nature, considered necessary for a fair presentation have been included. The financial statements include the accounts of Photronics, its wholly owned subsidiaries, and the majority-owned subsidiaries which it controls. All intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Form 10-K for the fiscal year ended October 31, 2021, where we discuss and provide additional information about our accounting policies and the methods and assumptions used in our estimates. 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, including those on the impact of COVID-19, are based on historical experience and on various assumptions that we believe to be reasonable under the circumstances. Our estimates are based on the facts and circumstances available at the time they are made. Subsequent actual results may differ from such estimates. We review these estimates periodically and reflect any effects of revisions in the period in which they are determined. Our business is typically impacted during the first quarter of our fiscal year by the North American, European, and Asian holiday periods, as some customers reduce their development and buying activities during this period. Operating results for the interim period are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2022. For further information, refer to the consolidated financial statements, and notes thereto, included in our Annual Report on Form 10-K for the year ended October 31, 2021.

INVENTORIES

3 Months Ended

Jan. 30, 2022

INVENTORIES [Abstract]

INVENTORIES

NOTE 2 - INVENTORIES

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

	January 30, 2022		October 31, 2021

Raw materials	$	60,243	$	54,019
Work in process		1,544		1,121
Finished goods		184		109

	$	61,971	$	55,249

PROPERTY, PLANT AND EQUIPMENT, NET

3 Months Ended

Jan. 30, 2022

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 3 - PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment consists of the following:

	January 30, 2022			October 31, 2021

Land	$	12,279		$	12,442
Buildings and improvements		181,174			181,922
Machinery and equipment		1,950,583			1,961,474
Leasehold improvements		21,709			21,751
Furniture, fixtures and office equipment		15,770			15,534
Construction in progress		47,008			35,009

		2,228,523			2,228,132
Accumulated depreciation and amortization		(1,536,234	)		(1,531,579	)

	$	692,289		$	696,553

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

	January 30, 2022			October 31, 2021

Machinery and equipment	$	42,760		$	42,760
Accumulated amortization		(2,644	)		(1,933	)

	$	40,116		$	40,827

Depreciation and amortization expense for property, plant and equipment (including amortization expense for ROU assets) was $20.7 million and $22.6 million for the three-month periods ended January 30, 2022, and January 31, 2021.

PDMCX JOINT VENTURE

3 Months Ended

Jan. 30, 2022

PDMCX JOINT VENTURE [Abstract]

PDMCX JOINT VENTURE

NOTE 4 - 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. In 2020, in combination with local financing obtained by PDMCX, Photronics and DNP fulfilled their investment obligations under the PDMCX operating agreement (“the Agreement”). As discussed in Note 5, liens were granted to the local financing entity on property, plant and equipment with a January 30, 2022, total carrying value of $88.4 million, as collateral for the loans.

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

We recorded net income from the operations of PDMCX of $1.9 million during the three-month period ended January 30, 2022, and a loss of $0.1 million during the three-month period ended January 31, 2021, respectively. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the net assets of PDMCX), and our maximum exposure to loss from PDMCX at January 30, 2022, was $81.3 million.

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

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

	January 30, 2022				October 31, 2021
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest
Current assets	$	80,953	$	40,485	$	59,745	$	29,879
Noncurrent assets		143,353		71,690		137,799		68,913

Total assets		224,306		112,175		197,544		98,792

Current liabilities		28,209		14,107		26,559		13,282
Noncurrent liabilities		33,542		16,774		42,917		21,463

Total liabilities		61,751		30,881		69,476		34,745

Net assets	$	162,555	$	81,294	$	128,068	$	64,047

DEBT

3 Months Ended

Jan. 30, 2022

DEBT [Abstract]

DEBT

NOTE 5 - DEBT

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

As of January 30, 2022	Xiamen Project Loans			Xiamen Working Capital Loans			Hefei Equipment Loan			Finance Leases			Total
Principal due:
Next 12 months	$	5,708		$	1,006		$	4,717		$	6,876		$	18,307
Months 13 – 24	$	9,277		$	3,523		$	4,717		$	6,537		$	24,054
Months 25 – 36		10,221			-			6,290			20,308			36,819
Months 37 – 48		9,434			-			5,613			2,620			17,667
Long-term debt	$	28,932		$	3,523		$	16,620		$	29,465		$	78,540
Total	$	34,640		$	4,529		$	21,337		$	36,341		$	96,847

Interest rate at balance sheet date		4.65	%		4.61	%		4.20	%			⁽³⁾
Basis spread on interest rates		0.00			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	Varies 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)	$	88,356			N/A		$	85,558		$	40,116	⁽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 7 for periodic payment amounts.

⁽⁴⁾Amount represents the carrying amount of the related right-of-use asset, in which the lessors have a secured interest.

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
Total	$	39,891		$	12,202		$	21,229		$	38,372		$	111,694

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	Varies 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 7 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.

Xiamen Project Loans

In November 2018, PDMCX obtained approval to borrow 345.0 million RMB from the Industrial and Commercial Bank of China. From November 2018 through July 2020, PDMCX entered into separate loan agreements (the “Project Loans”) for the entire approved amount and, as of January 30, 2022, 220.3 million RMB ($34.6 million) remained outstanding. The Project Loans were used to finance certain capital expenditures at the PDMCX facility and are collateralized by liens granted on the land use right, building, and certain equipment located at the facility. The interest rates on the Project Loans are variable (based on the RMB Loan Prime Rate of the National Interbank Funding Center), and interest incurred on the loans is eligible for reimbursement through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provide for such reimbursements up to a prescribed limit and duration. The Project Loans are subject to covenants and provisions, certain of which relate to the assets pledged as security for the loans, all of which we were in compliance with at January 30, 2022.

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 January 30, 2022, PDMCX had 28.8 million RMB ($4.5 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 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.

Hefei Equipment Loan

In October 2020, our Hefei, China, facility was approved to borrow 200 million RMB (approximately $31.4 million, at the balance sheet date) from the China Construction Bank Corporation. This credit facility is subject to annual reviews and extension, with the most recent extension set to expire in August 2022. The loan proceeds were used to fund the purchase of two lithography tools at the Hefei facility. As of January 30, 2022, we had borrowed 135.7 million RMB ($21.3 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 January 30, 2022.

Finance Leases

In February 2021, we entered into a five-year $7.2 million finance lease for a high-end inspection tool and, in December 2020, we entered into a $35.5 million lease for a high-end lithography tool. See Note 7 for additional information on these leases.

Corporate Credit Agreement

In September 2018, we entered into a five-year amended and restated credit agreement (the “Credit Agreement”), which has a $50 million borrowing limit, with an expansion capacity to $100 million. The Credit Agreement is secured by substantially all of our assets located in the United States and common stock we own in certain subsidiaries. The Credit Agreement includes covenants around minimum interest coverage ratio, total leverage ratio, and minimum unrestricted cash balance (all of which we were in compliance with at January 30, 2022), and limits the amount of cash dividends, distributions, and redemptions we can pay on our common stock to an aggregate annual amount of $50 million. We had no outstanding borrowings against the Credit Agreement at January 30, 2022. The interest rate on the Credit Agreement (1.11% at January 30, 2022) is based on our total leverage ratio at 1-month LIBOR plus a spread, as defined in the Credit Agreement.

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

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REVENUE

3 Months Ended

Jan. 30, 2022

REVENUE [Abstract]

REVENUE

NOTE 6 - REVENUE

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

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

Contract Assets, Contract Liabilities, and Accounts Receivable

We recognize a contract asset when our performance under a contract precedes our receipt of consideration from a customer, or before payment is due, and our receipt of consideration is conditional upon factors other than the passage of time. Contract assets reflect our transfer of control of photomasks that are in process or completed but not yet shipped to customers. A receivable is recognized when we have an unconditional right to payment for our performance, which generally occurs when we ship the photomasks. Our contract assets primarily consist of a significant amount of our in-process production orders and fully manufactured photomasks which have not yet shipped, for which we have an enforceable right to collect consideration (including a reasonable profit) in the event the in-process orders are cancelled by customers. On an individual contract basis, we net contract assets with contract liabilities (deferred revenue) for financial reporting purposes. Contract assets of $11.8 million are included in Other current assets, and contract liabilities of $19.5 million and $5.2 million are included in Accrued liabilities and Other liabilities, respectively, in our January 30, 2022, condensed consolidated balance sheet. Our October 31, 2021, condensed consolidated balance sheet includes contract assets of $9.9 million, 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. We did not impair any contract assets during the three-month periods ended January 30, 2022, or January 31, 2021. We recognized $4.2 million of revenue from the settlement of contract liabilities that existed at the beginning of the three-month period ended January 30, 2022, and recognized $2.5 million of revenue in the respective prior year period, that related to the settlement of contract liabilities that existed at the beginning of that period.

We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectibility during, and at the end of, every reporting period. To the extent we believe a loss on the collection of a customer invoice is probable, we record the loss and credit 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. We did not incur any credit losses on our accounts receivable during the three-month periods ended January 30, 2022, or January 31, 2021.

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

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

Disaggregation of Revenue

The following tables present our revenue for the three-month periods ended January 30, 2022, and January 31, 2021, disaggregated by product type, geographic origin, and timing of recognition.

	Three Months Ended
	January 30, 2022		January 31, 2021
Revenue by Product Type
IC
High-end	$	46,534	$	36,780
Mainstream		83,227		68,176

Total IC	$	129,761	$	104,956


FPD
High-end	$	46,276	$	34,645
Mainstream		13,790		12,466

Total FPD	$	60,066	$	47,111

	$	189,827	$	152,067

	Three Months Ended
	January 30, 2022		January 31, 2021
Revenue by Geographic Origin*
Taiwan	$	67,841	$	56,590
China		45,953		20,997
Korea		39,515		38,783
United States		27,176		26,604
Europe		8,914		8,575
Other		428		518

	$	189,827	$	152,067

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

	Three Months Ended
	January 30, 2022		January 31, 2021
Revenue by Timing of Recognition
Over time	$	170,264	$	141,284
At a point in time		19,563		10,783
	$	189,827	$	152,067

Contract Costs

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

Remaining Performance Obligations

As we are typically required to fulfill customer orders within a short period of time, our backlog of orders has historically been two to three weeks for FPD photomasks and one to two weeks of backlog for IC photomasks. However, the demand for some IC photomasks has expanded beyond the industry’s capacity to supply them within the traditional time period, thus the backlog in some cases can expand to as long as 2 to 3 months. As allowed under Topic 606, we have elected not to disclose our remaining performance obligations, which represent the costs associated with the completion of the manufacturing process of in-process photomasks related to contracts that have an original duration of one year or less.

Product Warranties

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

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

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

3 Months Ended

Jan. 30, 2022

LEASES [Abstract]

LEASES

NOTE 7 - LEASES

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

We recognize leases on our consolidated balance sheet when a lessor makes an asset underlying a lease having a term in excess of twelve months available for our use. As allowed under ASC Topic 842 – “Leases” (“Topic 842”), we have elected not to apply the recognition requirements to leases that, at their commencement dates, have lease terms of twelve months or less and do not include options to purchase their underlying assets that we are reasonably certain to exercise. The present value of lease payments over the term of the lease provides the basis for the initial measurement of ROU assets and their related lease liabilities. We measure finance lease liabilities using the rates implicit in the leases; operating lease liabilities are measured using our incremental borrowing rates, for collateralized loans, at the commencement date. Variable lease payments, other than those that are dependent on an index or on a rate, are not included in the measurement of ROU assets and their related lease liabilities. Lease terms include extension periods if the lease agreement includes an option to extend the lease that we are reasonably certain to exercise. As allowed under Topic 842, we have elected, for all classes of assets, the practical expedient to not separate lease components of a contract from nonlease components of a contract.

In February 2021, we entered into a five-year $7.2 million finance lease for a high-end inspection tool. Monthly payments on the lease, which commenced in February 2021, are $0.1 million per month. Upon the payment of the fiftieth monthly payment and prior to payment of the fifty-first monthly payment, we may exercise an early buyout option to purchase the tool 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 terms; at our option, after the original term or any renewal periods, we may return the tool, elect to extend the lease, or purchase the tool at its fair market value. Since we are reasonably certain that we will exercise the early buyout option, our lease liability reflects such exercise and we have classified the lease as a finance lease. The interest rate implicit in the lease is 1.08%.

In December 2020, we entered into a five-year $35.5 million finance lease for a high-end lithography tool. Monthly payments on the lease, which commenced in January 2021, increased from $0.04 million during the first three months to $0.6 million for the following nine months, 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 5, 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	January 30, 2022		October 31, 2021

ROU Assets – Operating Leases
Other assets	$	4,977	$	5,581

ROU Assets – Finance Leases
Property, plant and equipment, net	$	40,116	$	40,827

Lease Liabilities – Operating Leases
Accrued liabilities	$	2,233	$	2,273
Other liabilities		2,690		3,246
	$	4,923	$	5,519

Lease Liabilities – Finance Leases
Current portion of long-term debt	$	6,876	$	7,289
Long-term debt		29,465		31,083
	$	36,341	$	38,372

The following table presents future lease payments under noncancelable operating and finance leases as of January 30, 2022. Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.

	Operating Leases			Finance Lease
Remainder of fiscal year 2022	$	1,741		$	7,117
2023		1,367			6,938
2024		817			20,592
2025		643			2,924
2026		394			-
Thereafter		154			-
Total lease payments		5,116			37,571
Imputed interest		(193	)		(1,230	)
Lease liabilities	$	4,923		$	36,341

The following table presents lease costs for the three month periods ended January 30, 2022, and January 31, 2021.

	Three Months Ended
	January 30, 2022		January 31, 2021
Operating lease costs	$	589	$	664
Short-term lease costs	$	120	$	46
Variable lease costs	$	123	$	144
Interest on lease liabilities	$	97	$	35
Amortization of ROU assets	$	711	$	-

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

	January 30, 2022					October 31, 2021
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		3.4		2.4	%		3.5		2.4	%
Finance leases		3.8		1.5	%		3.3		1.5	%

The following table presents the effects on our condensed consolidated statements of cash flows, and provides leases-related non-cash information for the periods presented.

	Three Months Ended
	January 30, 2022		January 31, 2021
Operating cash flows used for operating leases	$	561	$	603
Operating cash flows used for finance leases	$	143	$	35
Financing cash flows used for finance leases	$	2,031	$	-
ROU assets obtained in exchange for operating lease obligations	$	31	$	267
ROU assets obtained in exchange for finance lease obligations	$	-	$	35,560

SHARE-BASED COMPENSATION

3 Months Ended

Jan. 30, 2022

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

NOTE 8 - 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-month periods ended January 30, 2022, and January 31, 2021.

	Three Months Ended
	January 30, 2022		January 31, 2021

Expense reported in:
Cost of goods sold	$	143	$	112
Selling, general and administrative		1,180		1,097
Research and development		134		92

Total expense incurred	$	1,457	$	1,301


Expense by award type:
Restricted stock awards	$	1,367	$	1,171
Stock options		38		84
ESPP		52		46

Total expense incurred	$	1,457	$	1,301


Income tax benefits of share-based compensation (in millions)	$	0.1	$	-
Share-based compensation cost capitalized	$	-	$	-

Restricted Stock

We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one to four years. The fair value of the awards is determined on the date of grant, based on the closing price of our common stock. The table below presents information on our restricted stock awards for the three-months ended January 30, 2022, and January 31, 2021.

	Three Months Ended
	January 30, 2022		January 31, 2021
Number of shares granted in period		535,400		541,200
Weighted-average grant-date fair value of awards (in dollars per share)	$	19.28	$	11.13
Compensation cost not yet recognized	$	15,106	$	10,564
Weighted-average amortization period for cost not yet recognized (in years)		3.0		3.0
Shares outstanding at balance sheet date		1,128,179		1,059,001

Stock Options

Option awards generally vest in one to four years, and have a ten-year contractual term. All incentive and non-qualified stock option grants must have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant-date fair values of options are based on closing prices of our common stock on the dates of grant and are calculated using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of our common stock. We use historical option exercise behavior and employee termination data to estimate expected term, which represents the period of time that options are expected to remain outstanding. The risk-free rate of return for the estimated term of an option is based on the U.S. Treasury yield curve in effect at the date of grant. The table below presents information on our stock options for the three-months ended January 30, 2022, and January 31, 2021.

	Three Months Ended
	January 30, 2022		January 31, 2021
Number of options granted in period		-		-
Cash received from option exercised	$	3,714	$	658
Compensation cost not yet recognized	$	71	$	282
Weighted-average amortization period for cost not yet recognized (in years)		1.0		1.6

Information on outstanding and exercisable option awards as of January 30, 2022, is presented below.

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

Outstanding at January 30, 2022		769,513	$	9.81	4.0	$	5,797
Exercisable at January 30, 2022		745,287	$	9.81	3.9	$	5,613

INCOME TAXES

3 Months Ended

Jan. 30, 2022

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 9 - INCOME TAXES

We calculate our provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period.

The effective tax rate of 26.1% differs from the U.S. statutory rate of 21.0% in the three-month period ended January 30, 2022, primarily due to the non-recognition of the tax benefit of losses that, in certain jurisdictions, have been offset by valuation allowances, non-U.S. pre-tax income being taxed at higher statutory rates in the non-U.S. jurisdictions, and the establishment of uncertain tax positions in non-U.S. jurisdiction.

The effective tax rate of 23.6% in the three-month period ended January 31, 2021, differs from the U.S. statutory rate of 21.0% primarily due to the non-recognition of the tax benefit of losses that, in certain jurisdictions, have been offset by valuation allowances and non-U.S. pre-tax income being taxed at higher statutory rates in the non-U.S. jurisdictions that were partially offset by the benefits of investment credits in a foreign jurisdiction.

Although the timing of the expirations of statutes of limitations may be uncertain, as they can be dependent upon the settlement of tax audits, we believe that the amount of uncertain tax positions (including interest and penalties, and net of tax benefits) that may be resolved over the next twelve months is immaterial. Resolution of these uncertain tax positions may result from either or both the lapses of statutes of limitations and tax settlements. We are no longer subject to tax authority examinations in the U.S. and major foreign or state jurisdictions for years prior to fiscal year 2016. The table below presents information on our unrecognized tax benefits as of the balance sheet dates.

	January 30, 2022		October 31, 2021

Unrecognized tax benefits related to uncertain tax positions	$	3,854	$	3,758
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	3,854	$	3,758
Accrued interest and penalties related to uncertain tax positions	$	271	$	223

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]

EARNINGS PER SHARE

3 Months Ended

Jan. 30, 2022

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 10 - EARNINGS PER SHARE

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

	Three Months Ended
	January 30, 2022		January 31, 2021

Net income attributable to Photronics, Inc. shareholders	$	23,064	$	8,036
Effect of dilutive securities		-		-

Earnings used for diluted earnings per share	$	23,064	$	8,036

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		60,158		62,475
Effect of dilutive securities:
Share-based payment awards		778		530

Potentially dilutive common shares		778		530

Weighted-average common shares used for diluted earnings per share		60,936		63,005

Basic earnings per share	$	0.38	$	0.13
Diluted earnings per share	$	0.38	$	0.13

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

	Three Months Ended
	January 30, 2022		January 31, 2021
Share-based payment awards		165		826

Total potentially dilutive shares excluded		165		826

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Jan. 30, 2022
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11 - COMMITMENTS AND CONTINGENCIES As of January 30, 2022, the Company had commitments outstanding for capital expenditures of approximately $108.2 million, primarily for purchases of high-end equipment. We are subject to various other claims that arise in the ordinary course of business. We believe that our potential liability under such claims, individually or in the aggregate, will not have a material effect on our consolidated financial statements.

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

3 Months Ended

Jan. 30, 2022

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

NOTE 12 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT

The following tables set forth the changes in our accumulated other comprehensive income by component (net of tax of $0) for the three-month periods ended January 30, 2022 and January 31, 2021.

	Three Months Ended January 30, 2022
	Foreign Currency Translation Adjustments			Other			Total

Balance at October 31, 2021	$	21,476		$	(905	)	$	20,571
Other comprehensive (loss) income, net of tax of $0		(9,831	)		37			(9,794	)
Less: other comprehensive income attributable to noncontrolling interests		194			18			212

Balance at January 30, 2022	$	11,451		$	(886	)	$	10,565

	Three Months Ended January 31, 2021
	Foreign Currency Translation Adjustments		Other			Total

Balance at October 31, 2020	$	18,828	$	(870	)	$	17,958
Other comprehensive (loss) income, net of tax of $0		18,289		(1	)		18,288
Less: other comprehensive income attributable to noncontrolling interests		4,217		-			4,217

Balance at January 31, 2021	$	32,900	$	(871	)	$	32,029

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Jan. 30, 2022
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 13 - FAIR VALUE MEASUREMENTS The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1, defined as quoted market prices (unadjusted) in active markets for identical securities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly; and Level 3, defined as unobservable inputs that are not corroborated by market data. The fair values of our cash and cash equivalents (Level 1 measurements), accounts receivable, accounts payable, and certain other current assets and current liabilities (Level 2 measurements) approximate their carrying values due to their short-term maturities. The fair values of our variable rate debt instruments are a Level 2 measurement and approximate their carrying values due to the variable nature of the underlying interest rates. We did not have any assets or liabilities measured at fair value, on a recurring or a nonrecurring basis, at January 30, 2022, or October 31, 2021.

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

3 Months Ended

Jan. 30, 2022

SHARE REPURCHASE PROGRAMS

NOTE 14 - SHARE REPURCHASE PROGRAMS

In September 2020, the Company’s board of directors authorized the repurchase of up to $100 million of its common stock, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Act. We commenced repurchasing shares under this authorization on September 16, 2020. All of the shares repurchased under this authorization prior to January 30, 2022, were retired prior to that date. As of January 30, 2022, $31.7 million was available under this authorization for the purchase of additional shares. The table below presents information on this repurchase program.

	Three Months Ended January 30, 2022		Three Months Ended January 31, 2021
Number of shares repurchased (in thousands)		188		1,222
Cost of shares repurchased	$	2,522	$	13,209
Average price paid per share	$	13.43	$	10.81

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Jan. 30, 2022
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 15 - RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Updates Adopted In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. The FASB’s amendments primarily impact ASC 740, Income Taxes, and may impact both interim and annual reporting periods. We adopted ASU 2019-12 on November 1, 2021; 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.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)(2)
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BASIS OF FINANCIAL STATEMENT PRESENTATION (Policies)	3 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION (Policies)	Jan. 30, 2022
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract]
Consolidation	The accompanying unaudited condensed consolidated financial statements (“the financial statements”) have been prepared in accordance with U.S. GAAP for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, adjustments, all of which are of a normal recurring nature, considered necessary for a fair presentation have been included. The financial statements include the accounts of Photronics, its wholly owned subsidiaries, and the majority-owned subsidiaries which it controls. All intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Form 10-K for the fiscal year ended October 31, 2021, where we discuss and provide additional information about our accounting policies and the methods and assumptions used in our estimates.
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, including those on the impact of COVID-19, are based on historical experience and on various assumptions that we believe to be reasonable under the circumstances. Our estimates are based on the facts and circumstances available at the time they are made. Subsequent actual results may differ from such estimates. We review these estimates periodically and reflect any effects of revisions in the period in which they are determined.

INVENTORIES (Policies)	3 Months Ended
INVENTORIES (Policies)	Jan. 30, 2022
INVENTORIES [Abstract]
Inventories	Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value.

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

PDMCX JOINT VENTURE (Policies)	3 Months Ended
PDMCX JOINT VENTURE (Policies)	Jan. 30, 2022
PDMCX JOINT VENTURE [Abstract]
Variable Interest Entities	As required by the guidance in Topic 810 - “Consolidation” of the Accounting Standards Codification (“ASC”), we evaluated our involvement in PDMCX for the purpose of determining whether we should consolidate its results in our financial statements. The initial step of our evaluation was to determine whether PDMCX was a variable interest entity (“VIE”). Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, we determined that it was a VIE. Having made this determination, we then assessed whether we were the primary beneficiary of the VIE, and concluded that we were the primary beneficiary during the current and prior year reporting periods; thus, as required, the PDMCX financial results have been consolidated with Photronics. Our conclusion was based on the facts that we held a controlling financial interest in PDMCX (which resulted from our having the power to direct the activities that most significantly impacted its economic performance) and had the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX. Our conclusions that we had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current and prior year reporting periods were based on our right to appoint the majority of its board of directors, which has, among others, the powers to manage the business (through its rights to appoint and evaluate PDMCX’s management), incur indebtedness, enter into agreements and commitments, and acquire and dispose of PDMCX’s assets. In addition, as a result of the 50.01% variable interest we held during the current and prior-year periods, we had the obligation to absorb losses, and the right to receive benefits, that could potentially be significant to PDMCX.

REVENUE (Policies)	3 Months Ended
REVENUE (Policies)	Jan. 30, 2022
REVENUE [Abstract]
Revenue	We recognize revenue when, or as, control of a good or service transfers to a customer, in an amount that reflects the consideration to which we expect to be entitled in exchange for transferring those goods or services. We account for an arrangement as a revenue contract when each party has approved and is committed to perform under the contract, the rights of the contracting parties regarding the goods or services to be transferred and the payment terms are identifiable, the arrangement has commercial substance, and collection of consideration is probable. Substantially all of our revenue comes from the sales of photomasks. We typically contract with our customers to sell sets of photomasks, which are comprised of multiple layers, the predominance of which we invoice as they ship to customers. As the photomasks are manufactured to customer specifications, they have no alternative use to us and, as our contracts generally provide us with the right to payment for work completed to date, we recognize revenue as we perform, or “over time”, on most of our contracts. We measure our performance to date using an input method, which is based on our estimated costs to complete the various manufacturing phases of a photomask. At the end of a reporting period, there 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 government entities. As stated above, photomasks are manufactured to customer specifications in accordance with their proprietary designs; thus, they are individually unique. Due to their uniqueness and other factors, their transaction prices are individually established through negotiations with customers; consequently, our photomasks do not have standard or “list” prices. The transaction prices of the vast majority of our revenue contracts include only fixed amounts of consideration. In certain instances, such as when we offer a customer an early payment discount, an estimate of variable consideration would be included in the transaction price, but only to the extent that a significant reversal of revenue would not occur when the uncertainty related to the variability was resolved. Contract Assets, Contract Liabilities, and Accounts Receivable We recognize a contract asset when our performance under a contract precedes our receipt of consideration from a customer, or before payment is due, and our receipt of consideration is conditional upon factors other than the passage of time. Contract assets reflect our transfer of control of photomasks that are in process or completed but not yet shipped to customers. A receivable is recognized when we have an unconditional right to payment for our performance, which generally occurs when we ship the photomasks. Our contract assets primarily consist of a significant amount of our in-process production orders and fully manufactured photomasks which have not yet shipped, for which we have an enforceable right to collect consideration (including a reasonable profit) in the event the in-process orders are cancelled by customers. On an individual contract basis, we net contract assets with contract liabilities (deferred revenue) for financial reporting purposes. Contract assets of $11.8 million are included in Other current assets, and contract liabilities of $19.5 million and $5.2 million are included in Accrued liabilities and Other liabilities, respectively, in our January 30, 2022, condensed consolidated balance sheet. Our October 31, 2021, condensed consolidated balance sheet includes contract assets of $9.9 million, 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. We did not impair any contract assets during the three-month periods ended January 30, 2022, or January 31, 2021. We recognized $4.2 million of revenue from the settlement of contract liabilities that existed at the beginning of the three-month period ended January 30, 2022, and recognized $2.5 million of revenue in the respective prior year period, that related to the settlement of contract liabilities that existed at the beginning of that period. We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectibility during, and at the end of, every reporting period. To the extent we believe a loss on the collection of a customer invoice is probable, we record the loss and credit 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. We did not incur any credit losses on our accounts receivable during the three-month periods ended January 30, 2022, or January 31, 2021. Our invoice terms generally range from net thirty to ninety days, depending on both the geographic market in which the transaction occurs and our payment agreements with specific customers. In the event that our evaluation of a customer’s business prospects and financial condition indicate that the customer presents a collectibility risk, we modify terms of sale, which may require payment in advance of performance. At the time of adoption, we elected the practical expedient allowed under ASC Topic 606 “Revenue from Contracts with Customers” (“Topic 606”) that permits us not to adjust a contract’s promised amount of consideration to reflect a financing component when the period between when we transfer control of goods or services to customers and when we are paid is one year or less. In instances when we are paid in advance of our performance, we record a contract liability and, as allowed under the practical expedient in Topic 606, recognize interest expense only if the period between when we receive payment from the customer and the date when we expect to be entitled to the payment is greater than one year. Historically, advance payments we have received from customers have generally not preceded the completion of our performance obligations by more than one year. Contract Costs We pay commissions to third-party sales agents for certain sales they procure on our behalf. However, the bases of the commissions are the transaction prices of the sales, which are completed in less than one year; thus, no relationship is established with a customer that will result in future business. Therefore, we do not recognize any portion of these sales commissions as costs of obtaining a contract, nor do we currently foresee other circumstances under which we would recognize contract obtainment costs as assets. Remaining Performance Obligations As we are typically required to fulfill customer orders within a short period of time, our backlog of orders has historically been two to three weeks for FPD photomasks and one to two weeks of backlog for IC photomasks. However, the demand for some IC photomasks has expanded beyond the industry’s capacity to supply them within the traditional time period, thus the backlog in some cases can expand to as long as 2 to 3 months. As allowed under Topic 606, we have elected not to disclose our remaining performance obligations, which represent the costs associated with the completion of the manufacturing process of in-process photomasks related to contracts that have an original duration of one year or less. Product Warranties Our photomasks are sold under warranties that generally range from one to twenty-four months. We warrant that our photomasks conform to customer specifications and will typically repair, replace, or issue a refund for (at our option) any photomasks that fail to do so. The warranties do not represent separate performance obligations in our revenue contracts. Historically, customer claims under warranties have been immaterial.

Disclosure of accounting policy for revenue from contract with customer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Name Accounting Standards Codification
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LEASES (Policies)	3 Months Ended
LEASES (Policies)	Jan. 30, 2022
LEASES [Abstract]
Leases	Our involvement in lease arrangements has typically been as a lessee. We determine if an agreement is or contains a lease on the earlier of the date of the agreement or the date on which we commit to entering the agreement. Our evaluation considers whether the agreement includes an identified asset and whether it affords us the right to control the asset. Our having the right to control the identified asset is determined by whether we are entitled to substantially all of its economic benefits and can direct its use. We recognize leases on our consolidated balance sheet when a lessor makes an asset underlying a lease having a term in excess of twelve months available for our use. As allowed under ASC Topic 842 – “Leases” (“Topic 842”), we have elected not to apply the recognition requirements to leases that, at their commencement dates, have lease terms of twelve months or less and do not include options to purchase their underlying assets that we are reasonably certain to exercise. The present value of lease payments over the term of the lease provides the basis for the initial measurement of ROU assets and their related lease liabilities. We measure finance lease liabilities using the rates implicit in the leases; operating lease liabilities are measured using our incremental borrowing rates, for collateralized loans, at the commencement date. Variable lease payments, other than those that are dependent on an index or on a rate, are not included in the measurement of ROU assets and their related lease liabilities. Lease terms include extension periods if the lease agreement includes an option to extend the lease that we are reasonably certain to exercise. As allowed under Topic 842, we have elected, for all classes of assets, the practical expedient to not separate lease components of a contract from nonlease components of a contract.

SHARE-BASED COMPENSATION (Policies)	3 Months Ended
SHARE-BASED COMPENSATION (Policies)	Jan. 30, 2022
Restricted Stock [Member]
Stock Options [Abstract]
Share-Based Compensation	Restricted Stock We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one to four years. The fair value of the awards is determined on the date of grant, based on the closing price of our common stock.
Employee Stock Option [Member]
Stock Options [Abstract]
Share-Based Compensation	Stock Options Option awards generally vest in one to four years, and have a ten-year contractual term. All incentive and non-qualified stock option grants must have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant-date fair values of options are based on closing prices of our common stock on the dates of grant and are calculated using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of our common stock. We use historical option exercise behavior and employee termination data to estimate expected term, which represents the period of time that options are expected to remain outstanding. The risk-free rate of return for the estimated term of an option is based on the U.S. Treasury yield curve in effect at the date of grant.

INCOME TAXES (Policies)	3 Months Ended
INCOME TAXES (Policies)	Jan. 30, 2022
INCOME TAXES [Abstract]
Income Taxes	We calculate our provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period.

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

PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]

FAIR VALUE MEASUREMENTS (Policies)	3 Months Ended
FAIR VALUE MEASUREMENTS (Policies)	Jan. 30, 2022
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)	3 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Jan. 30, 2022
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recent Accounting Pronouncements	Accounting Standards Updates Adopted In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. The FASB’s amendments primarily impact ASC 740, Income Taxes, and may impact both interim and annual reporting periods. We adopted ASU 2019-12 on November 1, 2021; 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.

INVENTORIES (Tables)

3 Months Ended

Jan. 30, 2022

INVENTORIES [Abstract]

Inventories

	January 30, 2022		October 31, 2021

Raw materials	$	60,243	$	54,019
Work in process		1,544		1,121
Finished goods		184		109

	$	61,971	$	55,249

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

3 Months Ended

Jan. 30, 2022

Property, Plant and Equipment

Property, plant and equipment consists of the following:

	January 30, 2022			October 31, 2021

Land	$	12,279		$	12,442
Buildings and improvements		181,174			181,922
Machinery and equipment		1,950,583			1,961,474
Leasehold improvements		21,709			21,751
Furniture, fixtures and office equipment		15,770			15,534
Construction in progress		47,008			35,009

		2,228,523			2,228,132
Accumulated depreciation and amortization		(1,536,234	)		(1,531,579	)

	$	692,289		$	696,553

Finance Lease, ROU Assets

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

	January 30, 2022			October 31, 2021

Machinery and equipment	$	42,760		$	42,760
Accumulated amortization		(2,644	)		(1,933	)

	$	40,116		$	40,827

PDMCX JOINT VENTURE (Tables)

3 Months Ended

Jan. 30, 2022

PDMCX JOINT VENTURE [Abstract]

Carrying Amounts and Exposure to Loss Related to Assets and Liabilities

	January 30, 2022				October 31, 2021
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest
Current assets	$	80,953	$	40,485	$	59,745	$	29,879
Noncurrent assets		143,353		71,690		137,799		68,913

Total assets		224,306		112,175		197,544		98,792

Current liabilities		28,209		14,107		26,559		13,282
Noncurrent liabilities		33,542		16,774		42,917		21,463

Total liabilities		61,751		30,881		69,476		34,745

Net assets	$	162,555	$	81,294	$	128,068	$	64,047

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

Disaggregation of Revenue

DEBT (Tables)

3 Months Ended

Jan. 30, 2022

DEBT [Abstract]

Long-term Debt

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

As of January 30, 2022	Xiamen Project Loans			Xiamen Working Capital Loans			Hefei Equipment Loan			Finance Leases			Total
Principal due:
Next 12 months	$	5,708		$	1,006		$	4,717		$	6,876		$	18,307
Months 13 – 24	$	9,277		$	3,523		$	4,717		$	6,537		$	24,054
Months 25 – 36		10,221			-			6,290			20,308			36,819
Months 37 – 48		9,434			-			5,613			2,620			17,667
Long-term debt	$	28,932		$	3,523		$	16,620		$	29,465		$	78,540
Total	$	34,640		$	4,529		$	21,337		$	36,341		$	96,847

Interest rate at balance sheet date		4.65	%		4.61	%		4.20	%			⁽³⁾
Basis spread on interest rates		0.00			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	Varies 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)	$	88,356			N/A		$	85,558		$	40,116	⁽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 7 for periodic payment amounts.

⁽⁴⁾Amount represents the carrying amount of the related right-of-use asset, in which the lessors have a secured interest.

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
Total	$	39,891		$	12,202		$	21,229		$	38,372		$	111,694

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	Varies 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 7 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.

REVENUE (Tables)

3 Months Ended

Jan. 30, 2022

REVENUE [Abstract]

The following tables present our revenue for the three-month periods ended January 30, 2022, and January 31, 2021, disaggregated by product type, geographic origin, and timing of recognition.

	Three Months Ended
	January 30, 2022		January 31, 2021
Revenue by Product Type
IC
High-end	$	46,534	$	36,780
Mainstream		83,227		68,176

Total IC	$	129,761	$	104,956


FPD
High-end	$	46,276	$	34,645
Mainstream		13,790		12,466

Total FPD	$	60,066	$	47,111

	$	189,827	$	152,067

	Three Months Ended
	January 30, 2022		January 31, 2021
Revenue by Geographic Origin*
Taiwan	$	67,841	$	56,590
China		45,953		20,997
Korea		39,515		38,783
United States		27,176		26,604
Europe		8,914		8,575
Other		428		518

	$	189,827	$	152,067

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

	Three Months Ended
	January 30, 2022		January 31, 2021
Revenue by Timing of Recognition
Over time	$	170,264	$	141,284
At a point in time		19,563		10,783
	$	189,827	$	152,067

LEASES (Tables)

3 Months Ended

Jan. 30, 2022

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	January 30, 2022		October 31, 2021

ROU Assets – Operating Leases
Other assets	$	4,977	$	5,581

ROU Assets – Finance Leases
Property, plant and equipment, net	$	40,116	$	40,827

Lease Liabilities – Operating Leases
Accrued liabilities	$	2,233	$	2,273
Other liabilities		2,690		3,246
	$	4,923	$	5,519

Lease Liabilities – Finance Leases
Current portion of long-term debt	$	6,876	$	7,289
Long-term debt		29,465		31,083
	$	36,341	$	38,372

Future Lease Payments under Noncancelable Operating and Finance Leases

	Operating Leases			Finance Lease
Remainder of fiscal year 2022	$	1,741		$	7,117
2023		1,367			6,938
2024		817			20,592
2025		643			2,924
2026		394			-
Thereafter		154			-
Total lease payments		5,116			37,571
Imputed interest		(193	)		(1,230	)
Lease liabilities	$	4,923		$	36,341

Lease Costs

The following table presents lease costs for the three month periods ended January 30, 2022, and January 31, 2021.

	Three Months Ended
	January 30, 2022		January 31, 2021
Operating lease costs	$	589	$	664
Short-term lease costs	$	120	$	46
Variable lease costs	$	123	$	144
Interest on lease liabilities	$	97	$	35
Amortization of ROU assets	$	711	$	-

Weighted-Average Lease Terms and Weighted-Average Discount Rates

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

	January 30, 2022					October 31, 2021
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		3.4		2.4	%		3.5		2.4	%
Finance leases		3.8		1.5	%		3.3		1.5	%

Supplemental Cash Flow Information Related to Leases

The following table presents the effects on our condensed consolidated statements of cash flows, and provides leases-related non-cash information for the periods presented.

	Three Months Ended
	January 30, 2022		January 31, 2021
Operating cash flows used for operating leases	$	561	$	603
Operating cash flows used for finance leases	$	143	$	35
Financing cash flows used for finance leases	$	2,031	$	-
ROU assets obtained in exchange for operating lease obligations	$	31	$	267
ROU assets obtained in exchange for finance lease obligations	$	-	$	35,560

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Jan. 30, 2022

SHARE-BASED COMPENSATION [Abstract]

Share-based Compensation Expenses

The table below presents information on our share-based compensation expenses for the three-month periods ended January 30, 2022, and January 31, 2021.

	Three Months Ended
	January 30, 2022		January 31, 2021

Expense reported in:
Cost of goods sold	$	143	$	112
Selling, general and administrative		1,180		1,097
Research and development		134		92

Total expense incurred	$	1,457	$	1,301


Expense by award type:
Restricted stock awards	$	1,367	$	1,171
Stock options		38		84
ESPP		52		46

Total expense incurred	$	1,457	$	1,301


Income tax benefits of share-based compensation (in millions)	$	0.1	$	-
Share-based compensation cost capitalized	$	-	$	-

Restricted Stock Awards Activity

The table below presents information on our restricted stock awards for the three-months ended January 30, 2022, and January 31, 2021.

	Three Months Ended
	January 30, 2022		January 31, 2021
Number of shares granted in period		535,400		541,200
Weighted-average grant-date fair value of awards (in dollars per share)	$	19.28	$	11.13
Compensation cost not yet recognized	$	15,106	$	10,564
Weighted-average amortization period for cost not yet recognized (in years)		3.0		3.0
Shares outstanding at balance sheet date		1,128,179		1,059,001

Stock Options Activity

The table below presents information on our stock options for the three-months ended January 30, 2022, and January 31, 2021.

	Three Months Ended
	January 30, 2022		January 31, 2021
Number of options granted in period		-		-
Cash received from option exercised	$	3,714	$	658
Compensation cost not yet recognized	$	71	$	282
Weighted-average amortization period for cost not yet recognized (in years)		1.0		1.6

Information on Outstanding and Exercisable Option

Information on outstanding and exercisable option awards as of January 30, 2022, is presented below.

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

Outstanding at January 30, 2022		769,513	$	9.81	4.0	$	5,797
Exercisable at January 30, 2022		745,287	$	9.81	3.9	$	5,613

INCOME TAXES (Tables)

3 Months Ended

Jan. 30, 2022

INCOME TAXES [Abstract]

Unrecognized Tax Benefits

The table below presents information on our unrecognized tax benefits as of the balance sheet dates.

	January 30, 2022		October 31, 2021

Unrecognized tax benefits related to uncertain tax positions	$	3,854	$	3,758
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	3,854	$	3,758
Accrued interest and penalties related to uncertain tax positions	$	271	$	223

EARNINGS PER SHARE (Tables)

3 Months Ended

Jan. 30, 2022

EARNINGS PER SHARE [Abstract]

Calculation of Basic and Diluted Earnings Per Share

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

	Three Months Ended
	January 30, 2022		January 31, 2021

Net income attributable to Photronics, Inc. shareholders	$	23,064	$	8,036
Effect of dilutive securities		-		-

Earnings used for diluted earnings per share	$	23,064	$	8,036

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		60,158		62,475
Effect of dilutive securities:
Share-based payment awards		778		530

Potentially dilutive common shares		778		530

Weighted-average common shares used for diluted earnings per share		60,936		63,005

Basic earnings per share	$	0.38	$	0.13
Diluted earnings per share	$	0.38	$	0.13

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

	Three Months Ended
	January 30, 2022		January 31, 2021
Share-based payment awards		165		826

Total potentially dilutive shares excluded		165		826

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)

3 Months Ended

Jan. 30, 2022

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]

Changes in Accumulated Other Comprehensive Income by Component

The following tables set forth the changes in our accumulated other comprehensive income by component (net of tax of $0) for the three-month periods ended January 30, 2022 and January 31, 2021.

	Three Months Ended January 30, 2022
	Foreign Currency Translation Adjustments			Other			Total

Balance at October 31, 2021	$	21,476		$	(905	)	$	20,571
Other comprehensive (loss) income, net of tax of $0		(9,831	)		37			(9,794	)
Less: other comprehensive income attributable to noncontrolling interests		194			18			212

Balance at January 30, 2022	$	11,451		$	(886	)	$	10,565

	Three Months Ended January 31, 2021
	Foreign Currency Translation Adjustments		Other			Total

Balance at October 31, 2020	$	18,828	$	(870	)	$	17,958
Other comprehensive (loss) income, net of tax of $0		18,289		(1	)		18,288
Less: other comprehensive income attributable to noncontrolling interests		4,217		-			4,217

Balance at January 31, 2021	$	32,900	$	(871	)	$	32,029

SHARE REPURCHASE PROGRAMS (Tables)

3 Months Ended

Jan. 30, 2022

SHARE REPURCHASE PROGRAMS [Abstract]

Shares Repurchase Programs

	Three Months Ended January 30, 2022		Three Months Ended January 31, 2021
Number of shares repurchased (in thousands)		188		1,222
Cost of shares repurchased	$	2,522	$	13,209
Average price paid per share	$	13.43	$	10.81

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	3 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	Jan. 30, 2022 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
China [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2
United States [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	3
Europe [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2

INVENTORIES (Details) - USD ($) $ in Thousands	Jan. 30, 2022	Oct. 31, 2021
INVENTORIES [Abstract]
Raw materials	$ 60,243	$ 54,019
Work in process	1,544	1,121
Finished goods	184	109
Inventories	$ 61,971	$ 55,249

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Oct. 31, 2021
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 2,228,523		$ 2,228,132
Accumulated depreciation and amortization	(1,536,234)		(1,531,579)
Property, plant and equipment, net	692,289		696,553
Depreciation and amortization expense	20,700	$ 22,600
Finance lease, Right-of-use asset [Abstract]
Finance lease, right-of-use asset, net	40,116		40,827
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	12,279		12,442
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	181,174		181,922
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,950,583		1,961,474
Finance lease, Right-of-use asset [Abstract]
Finance lease, right-of-use asset, gross	42,760		42,760
Accumulated amortization	(2,644)		(1,933)
Finance lease, right-of-use asset, net	40,116		40,827
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	21,709		21,751
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	15,770		15,534
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 47,008		$ 35,009

PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Millions	Jan. 31, 2018	Jan. 30, 2022	Jan. 31, 2021
Photronics and DNP [Member]
Variable Interest Entity [Abstract]
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)		$ 1.9	$ (0.1)
Photronics and DNP [Member] \| Minimum [Member]
Variable Interest Entity [Abstract]
Ownership percentage		20.00%
PDMCX [Member]
Variable Interest Entity [Abstract]
Collateral amount		$ 88.4
Photronics Interest [Member]
Variable Interest Entity [Abstract]
Ownership percentage		50.01%
Maximum exposure to loss		$ 81.3
DNP [Member]
Variable Interest Entity [Abstract]
Ownership percentage	49.99%

PDMCX JOINT VENTURE, Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 30, 2022	Oct. 31, 2021
Carrying amounts of assets and liabilities [Abstract]
Current assets	$ 597,779	$ 550,616
Total assets	1,335,248	1,294,202
Current liabilities	191,094	176,148
Total liabilities	296,082	293,640
Carrying Amount [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	80,953	59,745
Noncurrent assets	143,353	137,799
Total assets	224,306	197,544
Current liabilities	28,209	26,559
Noncurrent liabilities	33,542	42,917
Total liabilities	61,751	69,476
Net assets	162,555	128,068
Photronics Interest [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	40,485	29,879
Noncurrent assets	71,690	68,913
Total assets	112,175	98,792
Current liabilities	14,107	13,282
Noncurrent liabilities	16,774	21,463
Total liabilities	30,881	34,745
Net assets	$ 81,294	$ 64,047

DEBT (Details)
$ in Thousands, ¥ in Millions

3 Months Ended

12 Months Ended

Jan. 30, 2022

USD ($)

Oct. 31, 2021

USD ($)

Oct. 31, 2020

USD ($)

Tool

Jan. 30, 2022

CNY (¥)

Oct. 31, 2021

CNY (¥)

Feb. 28, 2021

USD ($)

Dec. 31, 2020

USD ($)

Oct. 31, 2020

CNY (¥)

Nov. 30, 2018

CNY (¥)

Sep. 30, 2018

USD ($)

$ 18,307

$ 22,248

24,054

25,281

36,819

23,145

17,667

33,448

7,572

78,540

89,446

Xiamen Project Loans [Member]

96,847

111,694

Finance lease amount

36,341

38,372

5,708

2,068

9,277

10,071

10,221

10,278

9,434

9,902

7,572

28,932

37,823

$ 34,640

$ 39,891

4.65%

0.00%

Dec. 01, 2025

Varies as loans mature

Loan collateral (carrying amount)

Semiannual, on individual loans

$ 88,356

$ 90,096

Maximum borrowing capacity | ¥

¥ 345.0

Amount outstanding

34,600

¥ 220.3

Xiamen Working Capital Loans [Member]

1,006

8,197

3,523

4,005

3,523

4,005

$ 4,529

$ 12,202

4.61%

0.76%

Jul. 01, 2023

Increases as loans mature

Maximum borrowing capacity

Semiannual, on individual loans

$ 25,000

Expiration date

Oct. 31, 2022

Amount outstanding

$ 4,500

28.8

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

4.53%

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

0.6775%

4.61%

Hefei Equipment Loan [Member]

0.76%

4,717

$ 4,694

4,717

4,693

6,290

6,257

5,613

5,585

16,620

16,535

$ 21,337

$ 21,229

4.20%

(0.45%)

Sep. 01, 2025

^[1]

Varies

Loan collateral (carrying amount)

^[2]

Semiannual

$ 85,558

$ 86,487

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

7.50%

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

12.50%

Maximum borrowing capacity

$ 31,400

200.0

¥ 200.0

Expiration date

Aug. 31, 2022

Proceeds from line of credit

$ 21,300

135.7

Available borrowing capacity

10,100

¥ 64.3

Number of lithography tools to be purchased | Tool

Finance Leases [Member]

6,876

$ 7,289

6,537

6,512

20,308

6,610

2,620

17,961

29,465

31,083

$ 36,341

$ 38,372

^[3]

^[4]

^[3]

^[4]

^[3]

^[4]

Loan collateral (carrying amount)

Monthly

$ 40,116

^[5]

$ 40,826

^[6]

Finance lease contract term

5 years

Finance lease amount

$ 7,200

$ 35,500

Amended and Restated Credit Agreement [Member]

Maximum borrowing capacity

$ 100,000

Amount outstanding

$ 0

Term of loan

5 years

Current borrowing capacity

50,000

Cash limit for dividends, distributions and redemption on equity

$ 50,000

Effective interest rate

1.11%

[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 7 for periodic payment amounts.
[4]	See Note 7 for interest rates on lease liabilities, maturity dates, and periodic payment amounts.
[5]	Amount represents the carrying amount of the related right-of-use asset, in which the lessors have a secured interest.
[6]	Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.

REVENUE, Contract Assets, Liabilities and Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Oct. 31, 2021
Contract with Customer, Asset and Liability [Abstract]
Contract assets	$ 11,800		$ 9,900
Contract liabilities current	19,500		14,700
Contract liabilities non-current	5,200		$ 5,200
Credit losses on accounts receivable	0	$ 0
Change in Contract with Customer, Liability [Abstract]
Revenue from settlement of contract liabilities	$ 4,200	$ 2,500
Minimum [Member]
Revenue, Performance Obligation [Abstract]
Product invoice term	30 days
Product warranty period	1 month
Maximum [Member]
Revenue, Performance Obligation [Abstract]
Product invoice term	90 days
Product warranty period	24 months
IC [Member] \| Minimum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period	7 days
Customer order, extended satisfaction period	2 months
IC [Member] \| Maximum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period	14 days
Customer order, extended satisfaction period	3 months
FPD [Member] \| Minimum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period	14 days
FPD [Member] \| Maximum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period	21 days

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

3 Months Ended

Jan. 30, 2022

Jan. 31, 2021

^[1]

$ 189,827

$ 152,067

IC [Member]

129,761

104,956

High-end [Member]

46,534

36,780

Mainstream [Member]

83,227

68,176

FPD [Member]

60,066

47,111

High-end [Member]

46,276

34,645

Mainstream [Member]

13,790

12,466

Taiwan [Member]

^[1]

67,841

56,590

China [Member]

^[1]

45,953

20,997

Korea [Member]

^[1]

39,515

38,783

United States [Member]

^[1]

27,176

26,604

Europe [Member]

^[1]

8,914

8,575

Other [Member]

^[1]

428

518

Over Time [Member]

At a Point in Time [Member]

170,264

141,284