0001140361-23-028864 | 10-Q | XBRL Viewer

SHARE REPURCHASE PROGRAMS (Tables)

6 Months Ended

Apr. 30, 2023

SHARE REPURCHASE PROGRAMS [Abstract]

The table below presents information on this repurchase program for the three and six-month periods ended April 30, 2023, and May 1, 2022.

	Three Months Ended						Six Months Ended
	April 30, 2023			May 1, 2022			April 30, 2023		May 1, 2022

Number of shares repurchased			-			-		-		188
Cost of shares repurchased		$	-		$	-	$	-	$	2,522
Average price paid per share		$	-		$	-	$	-	$	13.43

REVENUE

6 Months Ended

Apr. 30, 2023

REVENUE [Abstract]

REVENUE

NOTE 7 - REVENUE

We recognize revenue when, or as, control of a good or service transfers to a customer, in an amount that reflects the consideration to which we expect to be entitled in exchange for transferring those goods or services. We account for an arrangement as a revenue contract when each party has approved and is committed to perform under the contract, the rights of the contracting parties regarding the goods or services to be transferred and the payment terms are identifiable, the arrangement has commercial substance, and collection of consideration is probable. Substantially all of our revenue comes from the sales of photomasks. We typically contract with our customers to sell sets of photomasks, which are comprised of multiple layers, the predominance of which we invoice as they ship to customers. As the photomasks are manufactured to customer specifications, they have no alternative use to us and, as our contracts generally provide us with the right to payment for work completed to date, we recognize revenue as we perform, or “over time”, on most of our contracts. We measure our performance to date using an input method, which is based on our estimated costs to complete the various manufacturing phases of a photomask. At the end of a reporting period, there 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. We did not identify impairment indicators for any outstanding contract assets during the three or six-month periods ended April 30, 2023, or May 1, 2022.

The following table provides information about our contract balances at the balance sheet dates.

Classification	April 30, 2023		October 31, 2022
Contract Assets
Other current assets	$	21,385	$	15,752

Contract Liabilities
Accrued liabilities	$	19,224	$	18,872
Other liabilities		13,189		4,989
	$	32,413	$	23,861

The following table presents revenue recognized from contract liabilities that existed at the beginning of the reporting periods.

	Three Months Ended				Six Months Ended
	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022

Revenue recognized from beginning liability	$	11,228	$	11,460	$	7,875	$	7,278

We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectability during, and at the end of, every reporting period. To the extent 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 incurred credit losses on our accounts receivable of $0.1 million during the three and six-month periods ended April 30, 2023, and there were no charges for the three and six-month periods ended May 1, 2022.

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

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

Disaggregation of Revenue

The following tables present our revenue for the three and six-month periods ended April 30, 2023, and May 1, 2022, disaggregated by product type, geographic origin, and timing of recognition.

	Three Months Ended				Six Months Ended
Revenue by Product Type	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
IC
High-end	$	43,920	$	51,362	$	91,923	$	98,285
Mainstream		123,134		94,437		231,720		177,275
Total IC	$	167,054	$	145,799	$	323,643	$	275,560

FPD
High-end	$	51,888	$	46,610	$	97,579	$	92,886
Mainstream		10,364		12,100		19,175		25,890
Total FPD	$	62,252	$	58,710	$	116,754	$	118,776
	$	229,306	$	204,509	$	440,397	$	394,336

	Three Months Ended				Six Months Ended
Revenue by Geographic Origin*	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
Taiwan	$	80,448	$	69,852	$	156,017	$	137,693
China		65,215		53,691		124,148		99,645
Korea		41,372		40,769		79,204		80,283
United States		32,495		30,335		62,377		57,511
Europe		9,276		9,506		17,722		18,420
Other		500		356		929		784
	$	229,306	$	204,509	$	440,397	$	394,336

	Three Months Ended				Six Months Ended
Revenue by Timing of Recognition	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
Over time	$	215,376	$	192,770	$	412,541	$	363,034
At a point in time		13,930		11,739		27,856		31,302
	$	229,306	$	204,509	$	440,397	$	394,336

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 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 two to three 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 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.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

BASIS OF FINANCIAL STATEMENT PRESENTATION	6 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION	Apr. 30, 2023
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract]
BASIS OF FINANCIAL STATEMENT PRESENTATION	NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION Photronics, Inc. (“Photronics”, “the Company”, “we”, “our”, or “us”) is one of the world’s leading manufacturers of photomasks, which are high-precision photographic quartz or glass plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of ICs and FPDs and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of ICs, a variety of FPDs and, to a lesser extent, other types of electrical and optical components. We operate 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, 2022, 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 facts and circumstances 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 periods are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2023.

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Apr. 30, 2023
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 certain 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 Short-term investments are Level 1 measurements. (Please refer to “Investments” within Note 2 for additional fair value information on our Short-term investments.) The fair values of certain cash equivalents are Level 2 measurements that are provided by independent third-party pricing services or other independent entities, which may use matrix pricing, valuation models, or other methods which utilize observable market data. The fair values of our variable-rate debt instruments are Level 2 measurements and approximate their carrying values due to the variable nature of their underlying interest rates. Other than our Short-term investments, we did not have any assets or liabilities measured at fair value, on a recurring or a nonrecurring basis, at April 30, 2023, or October 31, 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Nov. 30, 2022 USD ($)	May 01, 2022 USD ($) Operation	Apr. 30, 2023 USD ($)	May 01, 2022 USD ($)
Commitment and Contingencies [Abstract]
Outstanding commitments for capital expenditure			$ 113.1
Period of audit			3 years
Contingency loss recorded		$ 2.2		$ 2.2
Reversal of loss contingency accrual	$ 1.0
Minimum [Member]
Commitment and Contingencies [Abstract]
Range of estimated contingency loss		2.2		2.2
Maximum [Member]
Commitment and Contingencies [Abstract]
Range of estimated contingency loss		$ 3.7		$ 3.7
China [Member]
Commitment and Contingencies [Abstract]
Number of operations \| Operation		1

INCOME TAXES (Tables)

6 Months Ended

Apr. 30, 2023

INCOME TAXES [Abstract]

Reconciliation of Effective Income Tax Rates from U.S. Statutory Tax Rates

The table below sets forth the primary reasons that our effective income tax rates differed from the U.S. statutory tax rates in effect during the three and six-month periods ended April 30, 2023, and May 1, 2022.

Reporting Period	U.S. Statutory Tax Rates	Photronics Effective Tax Rates	Primary Reasons for Differences

Three months ended April 30, 2023	21.0%	26.5%	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. jurisdictions.

Three months ended May 1, 2022	21.0%	25.1%	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. jurisdictions.

Six months ended April 30, 2023	21.0%	27.8%	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. jurisdictions.

Six months ended May 1, 2022	21.0%	25.5%	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. jurisdictions.

Unrecognized Tax Benefits

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

	April 30, 2023		October 31, 2022
Unrecognized tax benefits related to uncertain tax positions	$	7,128	$	5,599
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	7,128	$	5,599
Accrued interest and penalties related to uncertain tax positions	$	549	$	395

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2023	May 01, 2022
Cash flows from operating activities:
Net income	$ 88,223	$ 74,755
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	39,085	41,405
Share-based compensation	3,830	3,041
Changes in assets and liabilities:
Accounts receivable	(5,952)	(25,122)
Inventories	(1,905)	(5,081)
Other current assets	1,382	(10,858)
Accounts payable, accrued liabilities, and other	(14,986)	25,149
Net cash provided by operating activities	109,677	103,289
Cash flows from investing activities:
Purchases of property, plant and equipment	(57,728)	(34,809)
Purchases of available-for-sale debt securities	(9,837)	0
Proceeds from maturities of available-for-sale debt securities	4,000	0
Government incentives	1,393	1,394
Other	(88)	(199)
Net cash used in investing activities	(62,260)	(33,614)
Cash flows from financing activities:
Repayments of debt	(14,720)	(27,571)
Purchases of treasury stock	0	(2,522)
Contribution from noncontrolling interest	0	24,995
Proceeds from share-based arrangements	730	4,384
Net settlements of restricted stock awards	(1,252)	(1,452)
Net cash used in financing activities	(15,242)	(2,166)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	15,621	(14,917)
Net increase in cash, cash equivalents, and restricted cash	47,796	52,592
Cash, cash equivalents, and restricted cash at beginning of period	322,409	279,680
Cash, cash equivalents, and restricted cash at end of period	370,205	332,272
Less: Ending restricted cash	2,720	2,990
Cash and cash equivalents at end of period	367,485	329,282
Supplemental disclosure of non-cash information:
Accruals for property, plant and equipment purchased during the period	$ 14,420	$ 5,737

SHORT-TERM INVESTMENTS (Details) - Government securities [Member] - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Available-for-sale [Abstract]
Amortized Cost	$ 45,492	$ 38,911
Unrealized Gains	0	0
Unrealized Losses	(61)	(91)
Carrying Value	$ 45,431	$ 38,820

PROPERTY, PLANT, AND EQUIPMENT, NET

6 Months Ended

Apr. 30, 2023

PROPERTY, PLANT, AND EQUIPMENT, NET [Abstract]

PROPERTY, PLANT, AND EQUIPMENT, NET

NOTE 4 - PROPERTY, PLANT, AND EQUIPMENT, NET

Presented below are the components of Property, plant, and equipment, net at the balance sheet dates.

	April 30, 2023			October 31, 2022
Land	$	11,620		$	11,134
Buildings and improvements		190,134			168,024
Machinery and equipment		1,884,235			1,769,478
Leasehold improvements		19,835			18,802
Furniture, fixtures, and office equipment		15,523			14,355
Construction in progress		91,204			90,846
		2,212,551			2,072,639
Accumulated depreciation and amortization		(1,512,634	)		(1,428,766	)
	$	699,917		$	643,873

Information on ROU assets resulting from finance leases, at the balance sheet dates, is presented below.

	April 30, 2023			October 31, 2022
Machinery and equipment	$	42,817		$	42,760
Accumulated amortization		(6,206	)		(4,784	)
	$	36,611		$	37,976

The following table presents depreciation expense (including the amortization of ROU assets) related to property, plant, and equipment incurred during the reporting periods.

	Three Months Ended						Six Months Ended
	April 30, 2023			May 1, 2022			April 30, 2023		May 1, 2022
Depreciation Expense		$	19,880		$	20,506	$	38,908	$	41,229

PROPERTY, PLANT, AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	May 01, 2022	Apr. 30, 2023	May 01, 2022	Oct. 31, 2022
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 2,212,551		$ 2,212,551		$ 2,072,639
Accumulated depreciation and amortization	(1,512,634)		(1,512,634)		(1,428,766)
Property, plant and equipment, net	699,917		699,917		643,873
Finance lease, Right-of-use asset [Abstract]
Finance lease, right-of-use asset, gross	42,817		42,817		42,760
Accumulated amortization	(6,206)		(6,206)		(4,784)
Finance lease, right-of-use asset, net	36,611		36,611		37,976
Depreciation Expense [Abstract]
Depreciation Expense	19,880	$ 20,506	38,908	$ 41,229
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	11,620		11,620		11,134
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	190,134		190,134		168,024
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,884,235		1,884,235		1,769,478
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	19,835		19,835		18,802
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	15,523		15,523		14,355
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 91,204		$ 91,204		$ 90,846

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	May 01, 2022	Apr. 30, 2023	May 01, 2022
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0	$ 0	$ 0

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
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+ Details

REVENUE (Tables)

6 Months Ended

Apr. 30, 2023

REVENUE [Abstract]

Contract Balances

The following table provides information about our contract balances at the balance sheet dates.

Classification	April 30, 2023		October 31, 2022
Contract Assets
Other current assets	$	21,385	$	15,752

Contract Liabilities
Accrued liabilities	$	19,224	$	18,872
Other liabilities		13,189		4,989
	$	32,413	$	23,861

The following table presents revenue recognized from contract liabilities that existed at the beginning of the reporting periods.

	Three Months Ended				Six Months Ended
	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022

Revenue recognized from beginning liability	$	11,228	$	11,460	$	7,875	$	7,278

Disaggregation of Revenue

The following tables present our revenue for the three and six-month periods ended April 30, 2023, and May 1, 2022, disaggregated by product type, geographic origin, and timing of recognition.

	Three Months Ended				Six Months Ended
Revenue by Product Type	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
IC
High-end	$	43,920	$	51,362	$	91,923	$	98,285
Mainstream		123,134		94,437		231,720		177,275
Total IC	$	167,054	$	145,799	$	323,643	$	275,560

FPD
High-end	$	51,888	$	46,610	$	97,579	$	92,886
Mainstream		10,364		12,100		19,175		25,890
Total FPD	$	62,252	$	58,710	$	116,754	$	118,776
	$	229,306	$	204,509	$	440,397	$	394,336

	Three Months Ended				Six Months Ended
Revenue by Geographic Origin*	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
Taiwan	$	80,448	$	69,852	$	156,017	$	137,693
China		65,215		53,691		124,148		99,645
Korea		41,372		40,769		79,204		80,283
United States		32,495		30,335		62,377		57,511
Europe		9,276		9,506		17,722		18,420
Other		500		356		929		784
	$	229,306	$	204,509	$	440,397	$	394,336

	Three Months Ended				Six Months Ended
Revenue by Timing of Recognition	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
Over time	$	215,376	$	192,770	$	412,541	$	363,034
At a point in time		13,930		11,739		27,856		31,302
	$	229,306	$	204,509	$	440,397	$	394,336

PDMCX JOINT VENTURE (Policies)	6 Months Ended
PDMCX JOINT VENTURE (Policies)	Apr. 30, 2023
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.

BASIS OF FINANCIAL STATEMENT PRESENTATION (Policies)	6 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION (Policies)	Apr. 30, 2023
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, 2022, 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 facts and circumstances 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.

PROPERTY, PLANT, AND EQUIPMENT, NET (Tables)

6 Months Ended

Apr. 30, 2023

PROPERTY, PLANT, AND EQUIPMENT, NET [Abstract]

Components of Property, Plant and Equipment, Net

Presented below are the components of Property, plant, and equipment, net at the balance sheet dates.

	April 30, 2023			October 31, 2022
Land	$	11,620		$	11,134
Buildings and improvements		190,134			168,024
Machinery and equipment		1,884,235			1,769,478
Leasehold improvements		19,835			18,802
Furniture, fixtures, and office equipment		15,523			14,355
Construction in progress		91,204			90,846
		2,212,551			2,072,639
Accumulated depreciation and amortization		(1,512,634	)		(1,428,766	)
	$	699,917		$	643,873

Information on ROU Assets from Finance Leases

Information on ROU assets resulting from finance leases, at the balance sheet dates, is presented below.

	April 30, 2023			October 31, 2022
Machinery and equipment	$	42,817		$	42,760
Accumulated amortization		(6,206	)		(4,784	)
	$	36,611		$	37,976

Depreciation Expense

The following table presents depreciation expense (including the amortization of ROU assets) related to property, plant, and equipment incurred during the reporting periods.

	Three Months Ended						Six Months Ended
	April 30, 2023			May 1, 2022			April 30, 2023		May 1, 2022
Depreciation Expense		$	19,880		$	20,506	$	38,908	$	41,229

INCOME TAXES

6 Months Ended

Apr. 30, 2023

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 table below sets forth the primary reasons that our effective income tax rates differed from the U.S. statutory tax rates in effect during the three and six-month periods ended April 30, 2023, and May 1, 2022.

Reporting Period	U.S. Statutory Tax Rates	Photronics Effective Tax Rates	Primary Reasons for Differences

Three months ended April 30, 2023	21.0%	26.5%	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. jurisdictions.

Three months ended May 1, 2022	21.0%	25.1%	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. jurisdictions.

Six months ended April 30, 2023	21.0%	27.8%	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. jurisdictions.

Six months ended May 1, 2022	21.0%	25.5%	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. jurisdictions.

Uncertain Tax Positions

We include unrecognized tax benefits in Other liabilities, and we include any applicable interests and penalties related to uncertain tax positions in our income tax provision. Although the timing of reversal of uncertain tax positions 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., major foreign, or state tax jurisdictions for years prior to fiscal year 2017. The table below presents information on our unrecognized tax benefits as of the balance sheet dates.

	April 30, 2023		October 31, 2022
Unrecognized tax benefits related to uncertain tax positions	$	7,128	$	5,599
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	7,128	$	5,599
Accrued interest and penalties related to uncertain tax positions	$	549	$	395

- Definition

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

+ References

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+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Apr. 30, 2023	Jun. 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2023
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	001-39063
Entity Registrant Name	PHOTRONICS, INC.
Entity Central Index Key	0000810136
Entity Incorporation, State or Country Code	CT
Entity Tax Identification Number	06-0854886
Entity Address, Address Line One	15 Secor Road
Entity Address, City or Town	Brookfield
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06804
City Area Code	203
Local Phone Number	775-9000
Title of 12(b) Security	COMMON
Trading Symbol	PLAB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		62,518,181

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Current assets:
Cash and cash equivalents	$ 367,485	$ 319,680
Short-term investments	45,431	38,820
Accounts receivable, net of allowance of $1,172 in 2023 and $1,002 in 2022	214,464	198,147
Inventories	54,940	50,753
Other current assets	37,796	37,252
Total current assets	720,116	644,652
Property, plant and equipment, net	699,917	643,873
Deferred income taxes	19,302	19,816
Other assets	11,690	7,489
Total assets	1,451,025	1,315,830
Current liabilities:
Current portion of long-term debt	7,017	10,024
Accounts payable	92,672	79,566
Accrued liabilities	85,479	104,207
Total current liabilities	185,168	193,797
Long-term debt	21,322	32,310
Other liabilities	39,851	27,634
Total liabilities	246,341	253,741
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value, 2,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value, 150,000 shares authorized, 61,185 shares issued and outstanding at April 30, 2023, and 60,791 shares issued and outstanding at October 31, 2022	612	608
Additional paid-in capital	497,391	493,741
Retained earnings	489,549	435,634
Accumulated other comprehensive loss	(59,505)	(98,456)
Total Photronics, Inc. shareholders' equity	928,047	831,527
Noncontrolling interests	276,637	230,562
Total equity	1,204,684	1,062,089
Total liabilities and equity	$ 1,451,025	$ 1,315,830

DEBT

6 Months Ended

Apr. 30, 2023

DEBT [Abstract]

DEBT

NOTE 6 - DEBT

Due to the Q2 FY23 payoff of the Xiamen Project loans, as of April 30, 2023, the Current portion of long-term debt and the Long-term debt balances were comprised of finance leases as described below:

As of April 30, 2023	Xiamen Project Loans			Finance Leases			Total
Principal due:
Next 12 months	$	-		$	7,017		$	7,017
Months 13 – 24	$	-		$	21,290		$	21,290
Months 25 – 36		-			12			12
Months 37 – 48		-			12			12
Months 49 – 60		-			8			8
Long-term debt		-			21,322			21,322
Total debt	$	-		$	28,339		$	28,339

Interest rate at balance sheet date		N/A	%		N/A
Basis spread on interest rates		0.00			N/A
Interest rate reset	Quarterly				N/A
Maturity date	December 2025				N/A
Periodic payment amount	Varies as loans mature⁽¹⁾			Varies as leases mature
Periodic payment frequency	Semiannual, on individual loans			Monthly
Loan collateral (carrying amount)	$	N/A		$	36,611	⁽²⁾

⁽¹⁾

During the three-month period ended April 30, 2023, we repaid the entire balance of 26.4 million RMB (approximately $3.9 million) remaining on the loan, of which, 2.0 million RMB was due to be paid in June 2025 and 24.4 million RMB was due to be paid in December 2025.

⁽²⁾

Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.

The table below provides information on our long-term debt as of October 31, 2022.

As of October 31, 2022	Xiamen Project Loans			Xiamen Working Capital Loans			Finance Leases			Total
Principal due:
Next 12 months	$	-		$	3,512		$	6,512		$	10,024
Months 13 – 24	$	-		$	-		$	6,610		$	6,610
Months 25 – 36		1,098			-			17,961			19,059
Months 37 – 48		6,641			-			-			6,641
Long-term debt	$	7,739		$	-		$	24,571		$	32,310

Interest rate at balance sheet date		4.30% - 4.45	%		4.46	%		N/A
Basis spread on interest rates		0.00			76			N/A
Interest rate reset	Quarterly			Monthly/Annually				N/A
Maturity date	December 2025			July 2023				N/A
Periodic payment amount	Varies as loans mature ⁽¹⁾			Increases as loans mature			Varies as leases mature
Periodic payment frequency	Semiannual, on individual loans			Semiannual, on individual loans			Monthly
Loan collateral (carrying amount)	$	70,705			N/A		$	37,976	⁽²⁾

⁽¹⁾

During the three-month period ended October 31, 2022, we repaid 81.0 million RMB (approximately $11.5 million) that had contractual maturity dates ranging from December 2023 through June 2025.

⁽²⁾

Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.

Finance Leases

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, 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 below, 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.

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. In February 2023, PDMCX repaid the entire outstanding balance of 26.4 million RMB ($3.9 million). As of April 30, 2023, PDMCX had no amount outstanding. The Project Loans were used to finance certain capital expenditures at the PDMCX facility and were collateralized by liens granted on the land use right, building, and certain equipment located at the facility. The interest rates on the Project Loans were variable (based on the RMB Loan Prime Rate of the National Interbank Funding Center), and interest incurred on the loans was eligible for reimbursement through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provided for such reimbursements up to a prescribed limit and duration. The Project Loans were subject to covenants and provisions, certain of which related to the assets pledged as security for the loans, all of which we were in compliance with as of April 30, 2023.

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 extensions, with the most recent extension set to expire in November 2023. In December 2022, we repaid our entire outstanding balance of 25.6 million RMB ($3.6 million). As of April 30, 2023, PDMCX had no amount 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 related to the amount borrowed was eligible for reimbursement through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provided for such reimbursements up to a prescribed limit and duration.

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 April 30, 2023), 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 April 30, 2023. The interest rate on the Credit Agreement (6.02% at April 30, 2023) is based on our total leverage ratio at one-month LIBOR plus a spread, as defined in the Credit Agreement.

Hefei Equipment Loan

In October 2020, our Hefei, China, facility was approved to borrow 200 million RMB from the China Construction Bank Corporation. In July 2022, we repaid our entire outstanding balance of 120.7 million RMB ($18.0 million). This credit facility was subject to annual reviews and extension; the most recent extension expired in August 2022 and we did not apply for an extension. The loan proceeds were used to fund purchases of two lithography tools at the Hefei facility. The interest rate on the loan was variable and based on the RMB Loan Prime Rate of the National Interbank Funding Center. The borrowings were secured by the Hefei facility, its related land use right, and certain manufacturing equipment. The Hefei Equipment Loan was 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 the time of repayment.

- Definition

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.

+ References

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

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

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Apr. 30, 2023
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11 - COMMITMENTS AND CONTINGENCIES As of April 30, 2023, we had commitments outstanding for capital expenditures of approximately $113.1 million, primarily for purchases of high-end equipment. In May 2022, we were informed of a customs audit in one of our China operations. We estimated a contingency ranging from $2.2 million to $3.7 million, which included unpaid additional customs duties and related interest and penalties for the previous three years (the period under audit). In the three and six-month periods ended May 1, 2022, we recorded a contingent loss of $2.2 million, as we believed this was the most likely outcome. The $2.2 million amount was recorded with a charge to Cost of goods sold in the condensed consolidated statements of income and Accrued liabilities in the condensed consolidated balance sheets. In November 2022, upon settlement of the audit, we reversed $1.0 million of the accrual. 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.

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	May 01, 2022	Apr. 30, 2023	May 01, 2022
Calculation of Basic and Diluted Earnings Per Share [Abstract]
Net income attributable to Photronics, Inc. shareholders	$ 39,929	$ 27,432	$ 53,915	$ 50,496
Effect of dilutive securities	0	0	0	0
Earnings used for diluted earnings per share	$ 39,929	$ 27,432	$ 53,915	$ 50,496
Weighted-average Common Shares Computations [Abstract]
Weighted-average common shares used for basic earnings per share (in shares)	61,138	60,606	61,016	60,382
Effect of Dilutive Securities [Abstract]
Share-based payment awards (in shares)	369	539	473	659
Potentially dilutive common shares (in shares)	369	539	473	659
Weighted-average common shares used for diluted earnings per share (in shares)	61,507	61,145	61,489	61,041
Basic earnings per share (in dollars per share)	$ 0.65	$ 0.45	$ 0.88	$ 0.84
Diluted earnings per share (in dollars per share)	$ 0.65	$ 0.45	$ 0.88	$ 0.83
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	267	427	535	626
Share-based Payment Awards [Member]
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	267	427	535	626

REVENUE, Contract Assets, Liabilities and Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	May 01, 2022	Apr. 30, 2023	May 01, 2022	Oct. 31, 2022
Contract with Customer, Asset and Liability [Abstract]
Impairment of credit losses on accounts receivable	$ 0	$ 0	$ 0	$ 0
Credit losses on accounts receivable	100	0	100	0
Contract liabilities	32,413		32,413		$ 23,861
Change in Contract with Customer, Liability [Abstract]
Revenue recognized from beginning liability	11,228	$ 11,460	7,875	$ 7,278
Other Current Assets [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract assets	21,385		21,385		15,752
Accrued Liabilities [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract liabilities	19,224		19,224		18,872
Other Liabilities [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract liabilities	$ 13,189		$ 13,189		$ 4,989
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

INVENTORIES (Tables)

6 Months Ended

Apr. 30, 2023

INVENTORIES [Abstract]

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 Inventories at the balance sheet dates.

	April 30, 2023		October 31, 2022
Raw materials	$	53,642	$	49,326
Work in process		1,203		1,408
Finished goods		95		19
	$	54,940	$	50,753

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Fair Value, Assets and Liability [Abstract]
Total assets	$ 0	$ 0
Total liabilities	$ 0	$ 0

EARNINGS PER SHARE (Tables)

6 Months Ended

Apr. 30, 2023

EARNINGS PER SHARE [Abstract]

Calculation of Basic and Diluted Earnings Per Share

The calculations of basic and diluted earnings per share are presented below.

	Three Months Ended				Six Months Ended
	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
Net income attributable to Photronics, Inc. shareholders	$	39,929	$	27,432	$	53,915	$	50,496
Effect of dilutive securities		-		-		-		-
Earnings used for diluted earnings per share	$	39,929	$	27,432	$	53,915	$	50,496

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		61,138		60,606		61,016		60,382
Effect of dilutive securities:
Share-based payment awards		369		539		473		659
Potentially dilutive common shares		369		539		473		659

Weighted-average common shares used for diluted earnings per share		61,507		61,145		61,489		61,041

Basic earnings per share	$	0.65	$	0.45	$	0.88	$	0.84
Diluted earnings per share	$	0.65	$	0.45	$	0.88	$	0.83

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

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				Six Months Ended
	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
Share-based payment awards		267		427		535		626
Total potentially dilutive shares excluded		267		427		535		626

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-Controlling Interests [Member]	Total
Balance at Oct. 31, 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	50,496	0	0	24,259	74,755
Other comprehensive (loss) income	0	0	0	0	(43,490)	(10,293)	(53,783)
Shares issued under equity plans	$ 7	3,175	0	0	0	0	3,182
Shares issued under equity plans (in shares)	801
Share-based compensation expense	$ 0	3,041	0	0	0	0	3,041
Contribution from noncontrolling interest	0	0	0	0	0	24,995	24,995
Purchase of treasury stock	$ 0	0	0	(2,522)	0	0	$ (2,522)
Purchase of treasury stock (in shares)	0						188
Retirement of treasury stock	$ (1)	(1,520)	(1,001)	2,522	0	0	$ 0
Retirement of treasury stock (in shares)	(188)
Balance at May. 01, 2022	$ 606	489,368	367,344	0	(22,919)	215,831	1,050,230
Balance (in shares) at May. 01, 2022	60,637
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
Net income	$ 0	0	27,432	0	0	15,597	43,029
Other comprehensive (loss) income	0	0	0	0	(33,484)	(10,505)	(43,989)
Shares issued under equity plans	$ 0	442	0	0	0	0	442
Shares issued under equity plans (in shares)	73
Share-based compensation expense	$ 0	1,584	0	0	0	0	1,584
Contribution from noncontrolling interest	0	0	0	0	0	9,998	9,998
Purchase of treasury stock							$ 0
Purchase of treasury stock (in shares)							0
Balance at May. 01, 2022	$ 606	489,368	367,344	0	(22,919)	215,831	$ 1,050,230
Balance (in shares) at May. 01, 2022	60,637
Balance at Oct. 31, 2022	$ 608	493,741	435,634	0	(98,456)	230,562	1,062,089
Balance (in shares) at Oct. 31, 2022	60,791
Net income	$ 0	0	53,915	0	0	34,308	88,223
Other comprehensive (loss) income	0	0	0	0	38,951	11,767	50,718
Shares issued under equity plans	$ 4	(180)	0	0	0	0	(176)
Shares issued under equity plans (in shares)	394
Share-based compensation expense	$ 0	3,830	0	0	0	0	3,830
Purchase of treasury stock							$ 0
Purchase of treasury stock (in shares)							0
Balance at Apr. 30, 2023	$ 612	497,391	489,549	0	(59,505)	276,637	$ 1,204,684
Balance (in shares) at Apr. 30, 2023	61,185
Balance at Jan. 29, 2023	$ 611	494,954	449,620	0	(24,420)	261,955	1,182,720
Balance (in shares) at Jan. 29, 2023	61,102
Net income	$ 0	0	39,929	0	0	19,344	59,273
Other comprehensive (loss) income	0	0	0	0	(35,085)	(4,662)	(39,747)
Shares issued under equity plans	$ 1	428	0	0	0	0	429
Shares issued under equity plans (in shares)	83
Share-based compensation expense	$ 0	2,009	0	0	0	0	2,009
Purchase of treasury stock							$ 0
Purchase of treasury stock (in shares)							0
Balance at Apr. 30, 2023	$ 612	$ 497,391	$ 489,549	$ 0	$ (59,505)	$ 276,637	$ 1,204,684
Balance (in shares) at Apr. 30, 2023	61,185

SHORT-TERM INVESTMENTS (Tables)

6 Months Ended

Apr. 30, 2023

SHORT-TERM INVESTMENTS [Abstract]

Available-for-Sale Debt Securities

The table below provides information on our available-for-sale debt securities.

	April 30, 2023									October 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Carrying Value		Amortized Cost		Unrealized Gains		Unrealized Losses			Carrying Value
Government securities	$	45,492	$	-	$	(61	)	$	45,431	$	38,911	$	-	$	(91	)	$	38,820

INVENTORIES

6 Months Ended

Apr. 30, 2023

INVENTORIES [Abstract]

INVENTORIES

NOTE 3 - INVENTORIES

	April 30, 2023		October 31, 2022
Raw materials	$	53,642	$	49,326
Work in process		1,203		1,408
Finished goods		95		19
	$	54,940	$	50,753

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	May 01, 2022	Apr. 30, 2023	May 01, 2022
Condensed Consolidated Statements of Income [Abstract]
Revenue	$ 229,306	$ 204,509	$ 440,397	$ 394,336
Cost of goods sold	140,904	134,289	275,918	264,253
Gross profit	88,402	70,220	164,479	130,083
Operating expenses:
Selling, general, and administrative	17,878	16,613	34,696	32,340
Research and development	3,479	4,206	6,781	10,145
Total operating expenses	21,357	20,819	41,477	42,485
Operating income	67,045	49,401	123,002	87,598
Other income (expense):
Foreign currency transactions impact, net	10,718	7,844	(6,226)	13,112
Interest income and other income, net	2,987	162	5,570	496
Interest expense	(134)	15	(198)	(880)
Income before income tax provision	80,616	57,422	122,148	100,326
Income tax provision	21,343	14,393	33,925	25,571
Net income	59,273	43,029	88,223	74,755
Net income attributable to noncontrolling interests	19,344	15,597	34,308	24,259
Net income attributable to Photronics, Inc. shareholders	$ 39,929	$ 27,432	$ 53,915	$ 50,496
Earnings per share:
Basic (in dollars per share)	$ 0.65	$ 0.45	$ 0.88	$ 0.84
Diluted (in dollars per share)	$ 0.65	$ 0.45	$ 0.88	$ 0.83
Weighted-average number of common shares outstanding:
Basic (in shares)	61,138	60,606	61,016	60,382
Diluted (in shares)	61,507	61,145	61,489	61,041

DEBT, Corporate Credit Agreement (Details) - USD ($) $ in Thousands	6 Months Ended
	Apr. 30, 2023	Sep. 30, 2018
Debt Instruments [Abstract]
Amount outstanding	$ 28,339
Amended and Restated Credit Agreement [Member]
Debt Instruments [Abstract]
Term of loan	5 years
Current borrowing capacity		$ 50,000
Maximum borrowing capacity		100,000
Cash limit for dividends, distributions and redemption on equity		$ 50,000
Amount outstanding	$ 0
Effective interest rate	6.02%

DEBT (Tables)

6 Months Ended

Apr. 30, 2023

DEBT [Abstract]

Long-term Debt

Due to the Q2 FY23 payoff of the Xiamen Project loans, as of April 30, 2023, the Current portion of long-term debt and the Long-term debt balances were comprised of finance leases as described below:

As of April 30, 2023	Xiamen Project Loans			Finance Leases			Total
Principal due:
Next 12 months	$	-		$	7,017		$	7,017
Months 13 – 24	$	-		$	21,290		$	21,290
Months 25 – 36		-			12			12
Months 37 – 48		-			12			12
Months 49 – 60		-			8			8
Long-term debt		-			21,322			21,322
Total debt	$	-		$	28,339		$	28,339

Interest rate at balance sheet date		N/A	%		N/A
Basis spread on interest rates		0.00			N/A
Interest rate reset	Quarterly				N/A
Maturity date	December 2025				N/A
Periodic payment amount	Varies as loans mature⁽¹⁾			Varies as leases mature
Periodic payment frequency	Semiannual, on individual loans			Monthly
Loan collateral (carrying amount)	$	N/A		$	36,611	⁽²⁾

⁽¹⁾

⁽²⁾

Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.

The table below provides information on our long-term debt as of October 31, 2022.

As of October 31, 2022	Xiamen Project Loans			Xiamen Working Capital Loans			Finance Leases			Total
Principal due:
Next 12 months	$	-		$	3,512		$	6,512		$	10,024
Months 13 – 24	$	-		$	-		$	6,610		$	6,610
Months 25 – 36		1,098			-			17,961			19,059
Months 37 – 48		6,641			-			-			6,641
Long-term debt	$	7,739		$	-		$	24,571		$	32,310

Interest rate at balance sheet date		4.30% - 4.45	%		4.46	%		N/A
Basis spread on interest rates		0.00			76			N/A
Interest rate reset	Quarterly			Monthly/Annually				N/A
Maturity date	December 2025			July 2023				N/A
Periodic payment amount	Varies as loans mature ⁽¹⁾			Increases as loans mature			Varies as leases mature
Periodic payment frequency	Semiannual, on individual loans			Semiannual, on individual loans			Monthly
Loan collateral (carrying amount)	$	70,705			N/A		$	37,976	⁽²⁾

⁽¹⁾

During the three-month period ended October 31, 2022, we repaid 81.0 million RMB (approximately $11.5 million) that had contractual maturity dates ranging from December 2023 through June 2025.

⁽²⁾

Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 16, 2023	Apr. 30, 2023	May 01, 2022	Apr. 30, 2023	May 01, 2022	Mar. 15, 2023
Share-based Compensation [Abstract]
Maximum number of shares of common stock that may be issued (in shares)	5,000,000					4,000,000
Additional shares available for issuance (in shares)	1,000,000
Expense incurred		$ 2,009	$ 1,584	$ 3,830	$ 3,041
Income tax benefits of share-based compensation		207	104	361	188
Share-based compensation cost capitalized		0	0	0	0
Cost of Goods Sold [Member]
Share-based Compensation [Abstract]
Expense incurred		288	182	570	324
Selling, General and Administrative [Member]
Share-based Compensation [Abstract]
Expense incurred		1,531	1,243	2,908	2,424
Research and Development [Member]
Share-based Compensation [Abstract]
Expense incurred		190	159	352	293
Restricted Stock [Member]
Share-based Compensation [Abstract]
Expense incurred		$ 1,974	$ 1,316	$ 3,738	$ 2,683
Restricted Stock [Abstract]
Number of shares granted in period (in shares)		0	0	786,500	535,400
Weighted-average grant-date fair value of awards (in dollars per share)		$ 0	$ 0	$ 16.77	$ 19.28
Shares outstanding at balance sheet date (in shares)		1,328,572	891,429	1,328,572	891,429
Estimated Expenses Not Yet Incurred [Abstract]
Compensation cost not yet recognized		$ 16,419	$ 10,779	$ 16,419	$ 10,779
Weighted-average amortization period for cost not yet recognized (in years)		3 years	2 years 9 months 18 days	3 years	2 years 9 months 18 days
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation [Abstract]
Award vesting period				1 year
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation [Abstract]
Award vesting period				4 years
Stock Options [Member]
Share-based Compensation [Abstract]
Expense incurred		$ 0	$ 221	$ 1	$ 259
Stock options activity [Abstract]
Contractual term				10 years
Number of options granted in period (in shares)		0	0	0	0
Cash received from options exercised		$ 20	$ 438	$ 583	$ 4,149
Estimated Expenses Not Yet Incurred [Abstract]
Compensation cost not yet recognized		$ 0	$ 52	$ 0	$ 52
Weighted-average amortization period for cost not yet recognized (in years)			8 months 12 days		8 months 12 days
Outstanding and exercisable option awards [Roll Forward]
Outstanding at end of period (in shares)		526,926		526,926
Exercisable at end of period (in shares)		526,926		526,926
Weighted-Average Exercise Price [Abstract]
Outstanding at end of period (in dollars per share)		$ 10.11		$ 10.11
Exercisable at end of period (in dollars per share)		$ 10.11		$ 10.11
Weighted-Average Remaining Contractual Life (in years) [Abstract]
Outstanding at end of period				2 years 11 months 26 days
Exercisable at end of period				2 years 11 months 26 days
Aggregate Intrinsic Value [Abstract]
Outstanding at end of period		$ 2,293		$ 2,293
Exercisable at end of period		2,293		$ 2,293
Stock Options [Member] \| Minimum [Member]
Share-based Compensation [Abstract]
Award vesting period				1 year
Stock Options [Member] \| Maximum [Member]
Share-based Compensation [Abstract]
Award vesting period				4 years
Employee Stock Purchase Plan [Member]
Share-based Compensation [Abstract]
Expense incurred		$ 35	$ 47	$ 91	$ 99

INVENTORIES (Policies)	6 Months Ended
INVENTORIES (Policies)	Apr. 30, 2023
INVENTORIES [Abstract]
Inventories	Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value.

- Definition

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

+ References + Details

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Apr. 30, 2023
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recent Accounting Pronouncements	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 was to be applied prospectively from December 31, 2022. In December 2022, the FASB issued ASU 2022-06 “Deferral of the Sunset Date of Topic 848” which extended the time that the optional expedients and exceptions may be adopted to December 31, 2024. We do not expect the impact of this ASU to be material to our consolidated financial statements.

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT

6 Months Ended

Apr. 30, 2023

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT [Abstract]

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT

NOTE 12 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT

The following tables set forth the changes in our accumulated other comprehensive (loss) income by component (net of tax of $0) for the three and six-month periods ended April 30, 2023, and May 1, 2022.

	Three Months Ended April 30, 2023
	Foreign Currency Translation Adjustments			Other			Total

Balance at January 29, 2023	$	(23,737	)	$	(683	)	$	(24,420	)
Other comprehensive (loss) income		(39,813	)		66			(39,747	)
Less: Other comprehensive (loss) income attributable to noncontrolling interests		(4,760	)		98			(4,662	)

Balance at April 30, 2023	$	(58,790	)	$	(715	)	$	(59,505	)

	Three Months Ended May 1, 2022
	Foreign Currency Translation Adjustments			Other			Total

Balance at January 30, 2022	$	11,451		$	(886	)	$	10,565
Other comprehensive (loss) income		(44,118	)		129			(43,989	)
Less: Other comprehensive (loss) income attributable to noncontrolling interests		(10,570	)		65			(10,505	)

Balance at May 1, 2022	$	(22,097	)	$	(822	)	$	(22,919	)

	Six Months Ended April 30, 2023
	Foreign Currency Translation Adjustments			Other			Total

Balance at October 31, 2022	$	(97,790	)	$	(666	)	$	(98,456	)
Other comprehensive income		50,707			11			50,718
Less: Other comprehensive income attributable to noncontrolling interests		11,707			60			11,767

Balance at April 30, 2023	$	(58,790	)	$	(715	)	$	(59,505	)

	Six Months Ended May 1, 2022
	Foreign Currency Translation Adjustments			Other			Total

Balance at October 31, 2021	$	21,476		$	(905	)	$	20,571
Other comprehensive (loss) income		(53,949	)		166			(53,783	)
Less: Other comprehensive (loss) income attributable to noncontrolling interests		(10,376	)		83			(10,293	)

Balance at May 1, 2022	$	(22,097	)	$	(822	)	$	(22,919	)

PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Apr. 30, 2023	May 01, 2022	Apr. 30, 2023	May 01, 2022	Oct. 31, 2022
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
Net Income (Loss) from Operations [Abstract]
Net income from PDMCX		$ 6,652	$ 4,895	$ 12,569	$ 6,772
Photronics and DNP [Member] \| Minimum [Member]
Variable Interest Entity [Abstract]
Ownership percentage				20.00%
PDMCX [Member]
Variable Interest Entity [Abstract]
Collateral amount						$ 70,700
Photronics Interest [Member]
Variable Interest Entity [Abstract]
Ownership percentage				50.01%
DNP [Member]
Variable Interest Entity [Abstract]
Ownership percentage	49.99%

DEBT, Finance Leases (Details) - USD ($) $ in Thousands	1 Months Ended
DEBT, Finance Leases (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Jan. 31, 2021	Apr. 30, 2023	Dec. 31, 2020
$7.2 Million Finance Lease [Member]
Finance Lease, [Abstract]
Finance lease contract term			5 years
Finance lease amount	$ 7,200
Early buyout option to purchase tool	$ 2,400
Finance lease interest implicit rate	1.08%
$7.2 Million Finance Lease [Member] \| Monthly [Member]
Finance Lease, [Abstract]
Finance lease monthly payments	$ 100
$35.5 Million Finance Lease [Member]
Finance Lease, [Abstract]
Finance lease contract term			5 years
Finance lease amount				$ 35,500
Early buyout option to purchase tool		$ 14,100
Finance lease interest implicit rate		1.58%
$35.5 Million Finance Lease [Member] \| First Three Months [Member]
Finance Lease, [Abstract]
Finance lease monthly payments		$ 40
$35.5 Million Finance Lease [Member] \| Following Nine Months [Member]
Finance Lease, [Abstract]
Finance lease monthly payments		600
$35.5 Million Finance Lease [Member] \| Forty Eight Months [Member]
Finance Lease, [Abstract]
Finance lease monthly payments		500
$35.5 Million Finance Lease [Member] \| Minimum [Member]
Finance Lease, [Abstract]
Outstanding committed balance for cross default provision		$ 5,000

REVENUE, Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	May 01, 2022	Apr. 30, 2023	May 01, 2022
Disaggregation of Revenue [Abstract]
Revenue	$ 229,306	$ 204,509	$ 440,397	$ 394,336
IC [Member]
Disaggregation of Revenue [Abstract]
Revenue	167,054	145,799	323,643	275,560
High-end [Member]
Disaggregation of Revenue [Abstract]
Revenue	43,920	51,362	91,923	98,285
Mainstream [Member]
Disaggregation of Revenue [Abstract]
Revenue	123,134	94,437	231,720	177,275
FPD [Member]
Disaggregation of Revenue [Abstract]
Revenue	62,252	58,710	116,754	118,776
High-end [Member]
Disaggregation of Revenue [Abstract]
Revenue	51,888	46,610	97,579	92,886
Mainstream [Member]
Disaggregation of Revenue [Abstract]
Revenue	10,364	12,100	19,175	25,890
Taiwan [Member]
Disaggregation of Revenue [Abstract]
Revenue	80,448	69,852	156,017	137,693
China [Member]
Disaggregation of Revenue [Abstract]
Revenue	65,215	53,691	124,148	99,645
Korea [Member]
Disaggregation of Revenue [Abstract]
Revenue	41,372	40,769	79,204	80,283
United States [Member]
Disaggregation of Revenue [Abstract]
Revenue	32,495	30,335	62,377	57,511
Europe [Member]
Disaggregation of Revenue [Abstract]
Revenue	9,276	9,506	17,722	18,420
Other [Member]
Disaggregation of Revenue [Abstract]
Revenue	500	356	929	784
Over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	215,376	192,770	412,541	363,034
At a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	$ 13,930	$ 11,739	$ 27,856	$ 31,302

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Current assets:
Accounts receivable, allowance	$ 1,172	$ 1,002
Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000	2,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000	150,000
Common stock, shares issued (in shares)	61,185	60,791
Common stock, shares outstanding (in shares)	61,185	60,791

SHORT-TERM INVESTMENTS

6 Months Ended

Apr. 30, 2023

SHORT-TERM INVESTMENTS [Abstract]

SHORT-TERM INVESTMENTS

NOTE 2 - SHORT-TERM INVESTMENTS

Short-term investments consist of U.S. government securities and are classified as available-for-sale. We classify available-for-sale securities on our consolidated balance sheet as follows:

-	Maturing within three months or less from the date of purchase	Cash and cash equivalents
-	Maturing, as of the date of purchase, more than three months, but with remaining maturities of less than one year, from the balance sheet date	Short-term investments
-	Maturing one year or more from the balance sheet date	Long-term marketable investments

As of April 30, 2023, all of our available-for-sale securities had, at their dates of purchase, remaining maturities of more than three months, but less than one year, and have been classified as Short-term investments.

Available-for-sale debt investments are reported at fair value, with unrealized gains or losses (net of tax) reported in Accumulated other comprehensive income. The fair values of our available-for-sale securities are Level 1 measurements, based on quoted prices from active markets for identical assets. In the event of a sale of an available-for-sale debt investment, we would determine the cost of the investment sold at the specific individual security level, and would include any gain or loss in Interest income and other income, net, where we also report periodic interest earned and the amortization (accretion) of discounts (premiums) related to these investments. The table below provides information on our available-for-sale debt securities.

	April 30, 2023									October 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Carrying Value		Amortized Cost		Unrealized Gains		Unrealized Losses			Carrying Value
Government securities	$	45,492	$	-	$	(61	)	$	45,431	$	38,911	$	-	$	(91	)	$	38,820

SHARE-BASED COMPENSATION

6 Months Ended

Apr. 30, 2023

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 was four million shares. On March 16, 2023, at its annual meeting of shareholders, the shareholders of Photronics, Inc., approved amendments to the Plan to increase the number of shares available for issuance by an additional one million shares, thereby increasing the shares available for issuance under the Plan from four million to five million. 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 and six-month periods ended April 30, 2023, and May 1, 2022.

	Three Months Ended				Six Months Ended
	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
Expense reported in:
Cost of goods sold	$	288	$	182	$	570	$	324
Selling, general, and administrative		1,531		1,243		2,908		2,424
Research and development		190		159		352		293
Total expense incurred	$	2,009	$	1,584	$	3,830	$	3,041

Expense by award type:
Restricted stock awards	$	1,974	$	1,316	$	3,738	$	2,683
Stock options		-		221		1		259
Employee stock purchase plan		35		47		91		99
Total expense incurred	$	2,009	$	1,584	$	3,830	$	3,041

Income tax benefits of share-based compensation	$	207	$	104	$	361	$	188
Share-based compensation cost capitalized	$	-	$	-	$	-	$	-

Restricted Stock Awards

We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one to four years. The fair 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 and six-month periods ended April 30, 2023, and May 1, 2022.

	Three Months Ended				Six Months Ended
	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
Number of shares granted in period		-		-		786,500		535,400
Weighted-average grant-date fair value of awards (in dollars per share)	$	-	$	-	$	16.77	$	19.28
Compensation cost not yet recognized	$	16,419	$	10,779	$	16,419	$	10,779
Weighted-average amortization period for cost not yet recognized (in years)		3.0		2.8		3.0		2.8
Shares outstanding at balance sheet date		1,328,572		891,429		1,328,572		891,429

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 and six-month periods ended April 30, 2023, and May 1, 2022.

	Three Months Ended				Six Months Ended
	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
Number of options granted in period		-		-		-		-
Cash received from options exercised	$	20	$	438	$	583	$	4,149
Compensation cost not yet recognized	$	-	$	52	$	-	$	52
Weighted-average amortization period for cost not yet recognized (in years)		-		0.7		-		0.7

Information on outstanding and exercisable option awards as of April 30, 2023, is presented below.

Options		Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value
Outstanding and exercisable at April 30, 2023			526,926			$	10.11				2.99			$	2,293

PDMCX JOINT VENTURE

6 Months Ended

Apr. 30, 2023

PDMCX JOINT VENTURE [Abstract]

PDMCX JOINT VENTURE

NOTE 5 - PDMCX JOINT VENTURE

In January 2018, Photronics, Inc., through its wholly owned Singapore subsidiary (hereinafter, within this Note “we”, “Photronics”, “us”, or “our”), and DNP, through its wholly owned subsidiary “DNP Asia Pacific PTE, Ltd.”, entered into a joint venture under which DNP obtained a 49.99% interest in our IC business in Xiamen, China. The joint venture, which we refer to as “PDMCX”, was established to develop and manufacture photomasks for 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 6, liens were granted to the local financing entity on property, plant, and equipment and were paid off during fiscal year 2023. These liens had an October 31, 2022, total carrying value of $70.7 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.

The following table presents net income we recorded from the operations of PDMCX during the reporting periods.

	Three Months Ended						Six Months Ended
	April 30, 2023			May 1, 2022			April 30, 2023		May 1, 2022
Net income from PDMCX		$	6,652		$	4,895	$	12,569	$	6,772

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 following table presents the carrying amounts of PDMCX assets and liabilities included in our condensed consolidated balance sheets. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the net assets of PDMCX); therefore, our maximum exposure to loss from PDMCX is our interest in the carrying amount of the net assets of the joint venture.

	April 30, 2023				October 31, 2022
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest
Current assets	$	128,626	$	64,326	$	127,542	$	63,784
Noncurrent assets		145,471		72,750		119,392		59,708
Total assets		274,097		137,076		246,934		123,492

Current liabilities		50,925		25,468		51,274		25,643
Noncurrent liabilities		1,484		742		9,161		4,581
Total liabilities		52,409		26,210		60,435		30,224

Net assets	$	221,688	$	110,866	$	186,499	$	93,268

SHARE REPURCHASE PROGRAMS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	May 01, 2022	Apr. 30, 2023	May 01, 2022	Sep. 30, 2020
Shares Repurchase Programs and Preferred Stock Purchase Rights [Abstract]
Stock repurchased authorized amount					$ 100,000
Stock repurchase program - commencement date			Sep. 16, 2020
Amount remaining under authorization for purchase of additional shares	$ 31,700		$ 31,700
Number of shares repurchased (in shares)	0	0	0	188
Cost of shares repurchased	$ 0	$ 0	$ 0	$ 2,522
Average price paid per share (in dollars per share)	$ 0	$ 0	$ 0	$ 13.43

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT (Tables)

6 Months Ended

Apr. 30, 2023

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT [Abstract]

Changes in Accumulated Other Comprehensive (Loss) Income by Component

	Three Months Ended April 30, 2023
	Foreign Currency Translation Adjustments			Other			Total

Balance at January 29, 2023	$	(23,737	)	$	(683	)	$	(24,420	)
Other comprehensive (loss) income		(39,813	)		66			(39,747	)
Less: Other comprehensive (loss) income attributable to noncontrolling interests		(4,760	)		98			(4,662	)

Balance at April 30, 2023	$	(58,790	)	$	(715	)	$	(59,505	)

	Three Months Ended May 1, 2022
	Foreign Currency Translation Adjustments			Other			Total

Balance at January 30, 2022	$	11,451		$	(886	)	$	10,565
Other comprehensive (loss) income		(44,118	)		129			(43,989	)
Less: Other comprehensive (loss) income attributable to noncontrolling interests		(10,570	)		65			(10,505	)

Balance at May 1, 2022	$	(22,097	)	$	(822	)	$	(22,919	)

	Six Months Ended April 30, 2023
	Foreign Currency Translation Adjustments			Other			Total

Balance at October 31, 2022	$	(97,790	)	$	(666	)	$	(98,456	)
Other comprehensive income		50,707			11			50,718
Less: Other comprehensive income attributable to noncontrolling interests		11,707			60			11,767

Balance at April 30, 2023	$	(58,790	)	$	(715	)	$	(59,505	)

	Six Months Ended May 1, 2022
	Foreign Currency Translation Adjustments			Other			Total

Balance at October 31, 2021	$	21,476		$	(905	)	$	20,571
Other comprehensive (loss) income		(53,949	)		166			(53,783	)
Less: Other comprehensive (loss) income attributable to noncontrolling interests		(10,376	)		83			(10,293	)

Balance at May 1, 2022	$	(22,097	)	$	(822	)	$	(22,919	)

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	May 01, 2022	Apr. 30, 2023	May 01, 2022
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT [Abstract]
Other comprehensive income, tax	$ 0	$ 0	$ 0	$ 0
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance			831,527
Ending Balance	928,047		928,047
Accumulated Other Comprehensive Income [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(24,420)	10,565	(98,456)	20,571
Ending Balance	(59,505)	(22,919)	(59,505)	(22,919)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(23,737)	11,451	(97,790)	21,476
Ending Balance	(58,790)	(22,097)	(58,790)	(22,097)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(683)	(886)	(666)	(905)
Ending Balance	(715)	(822)	(715)	(822)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income	(39,747)	(43,989)	50,718	(53,783)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income	(39,813)	(44,118)	50,707	(53,949)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income	66	129	11	166
AOCI Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive loss (income) attributable to noncontrolling interests	(4,662)	(10,505)	11,767	(10,293)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive loss (income) attributable to noncontrolling interests	(4,760)	(10,570)	11,707	(10,376)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive loss (income) attributable to noncontrolling interests	$ 98	$ 65	$ 60	$ 83

INCOME TAXES (Policies)	6 Months Ended
INCOME TAXES (Policies)	Apr. 30, 2023
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. The table below sets forth the primary reasons that our effective income tax rates differed from the U.S. statutory tax rates in effect during the three and six-month periods ended April 30, 2023, and May 1, 2022.

- Definition

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

+ References + Details

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Apr. 30, 2023	May 01, 2022	Apr. 30, 2023	May 01, 2022	Oct. 31, 2022
Effective Income and Statutory Tax Rates [Abstract]
U.S. statutory tax rates	21.00%	21.00%	21.00%	21.00%
Effective tax rates	26.50%	25.10%	27.80%	25.50%
Income Tax Examination [Abstract]
Earliest open tax year			2017
Unrecognized Tax Benefits [Abstract]
Unrecognized tax benefits related to uncertain tax positions	$ 7,128		$ 7,128		$ 5,599
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	7,128		7,128		5,599
Accrued interest and penalties related to uncertain tax positions	$ 549		$ 549		$ 395

SHARE REPURCHASE PROGRAMS

6 Months Ended

Apr. 30, 2023

SHARE REPURCHASE PROGRAMS [Abstract]

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, have been retired prior to that date. As of April 30, 2023, $31.7 million was available under this authorization for the purchase of additional shares. The table below presents information on this repurchase program for the three and six-month periods ended April 30, 2023, and May 1, 2022.

	Three Months Ended						Six Months Ended
	April 30, 2023			May 1, 2022			April 30, 2023		May 1, 2022

Number of shares repurchased			-			-		-		188
Cost of shares repurchased		$	-		$	-	$	-	$	2,522
Average price paid per share		$	-		$	-	$	-	$	13.43

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Apr. 30, 2023
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 15 - RECENT ACCOUNTING PRONOUNCEMENTS 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 was to be applied prospectively from December 31, 2022. In December 2022, the FASB issued ASU 2022-06 “Deferral of the Sunset Date of Topic 848” which extended the time that the optional expedients and exceptions may be adopted to December 31, 2024. We do not expect the impact of this ASU to be material to our consolidated financial statements.

- Definition

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

+ References

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+ Details

DEBT, Xiamen Working Capital Loans (Details) $ in Thousands, ¥ in Millions	1 Months Ended		6 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Apr. 30, 2023 USD ($)	Nov. 30, 2018 USD ($)
Debt Instruments [Abstract]
Amount outstanding			$ 28,339
Xiamen Working Capital Loans [Member]
Debt Instruments [Abstract]
Maximum borrowing capacity				$ 25,000
Expiration date			Nov. 30, 2023
Repayments of Long-Term Debt	$ 3,600	¥ 25.6
Amount outstanding			$ 0

INVENTORIES (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
INVENTORIES [Abstract]
Raw materials	$ 53,642	$ 49,326
Work in process	1,203	1,408
Finished goods	95	19
Inventories	$ 54,940	$ 50,753

EARNINGS PER SHARE

6 Months Ended

Apr. 30, 2023

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 10 - EARNINGS PER SHARE

The calculations of basic and diluted earnings per share are presented below.

	Three Months Ended				Six Months Ended
	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
Net income attributable to Photronics, Inc. shareholders	$	39,929	$	27,432	$	53,915	$	50,496
Effect of dilutive securities		-		-		-		-
Earnings used for diluted earnings per share	$	39,929	$	27,432	$	53,915	$	50,496

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		61,138		60,606		61,016		60,382
Effect of dilutive securities:
Share-based payment awards		369		539		473		659
Potentially dilutive common shares		369		539		473		659

Weighted-average common shares used for diluted earnings per share		61,507		61,145		61,489		61,041

Basic earnings per share	$	0.65	$	0.45	$	0.88	$	0.84
Diluted earnings per share	$	0.65	$	0.45	$	0.88	$	0.83

	Three Months Ended				Six Months Ended
	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
Share-based payment awards		267		427		535		626
Total potentially dilutive shares excluded		267		427		535		626

FAIR VALUE MEASUREMENTS (Policies)	6 Months Ended
FAIR VALUE MEASUREMENTS (Policies)	Apr. 30, 2023
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.

DEBT, Hefei Equipment Loan (Details) - Hefei Equipment Loan [Member] ¥ in Millions, $ in Millions	1 Months Ended
	Jul. 31, 2022 USD ($)	Jul. 31, 2022 CNY (¥)	Oct. 31, 2020 CNY (¥) Tool
Debt Instruments [Abstract]
Maximum borrowing capacity \| ¥			¥ 200.0
Repayment of long term debt	$ 18.0	¥ 120.7
Number of lithography tools purchased \| Tool			2

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

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Feb. 28, 2023

USD ($)

Feb. 28, 2023

CNY (¥)

Dec. 31, 2022

USD ($)

Dec. 31, 2022

CNY (¥)

Apr. 30, 2023

USD ($)

Apr. 30, 2023

CNY (¥)

Apr. 30, 2023

USD ($)

Oct. 31, 2022

USD ($)

Oct. 31, 2022

CNY (¥)

Long Term Debt Maturing In Year One [Abstract]

Next 12 months

$ 7,017

$ 10,024

Long-term Debt [Abstract]

Months 13 - 24

21,290

6,610

19,059

6,641

21,322

32,310

Total debt

28,339

Xiamen Project Loans [Member]

Long Term Debt Maturing In Year One [Abstract]

Next 12 months

Long-term Debt [Abstract]

1,098

6,641

$ 7,739

$ 0

Basis spread on interest rates

0.00%

Maturity date

Dec. 01, 2025

Periodic payment amount

Varies as loans mature

^[1]

Varies as loans mature

^[2]

Varies as loans mature

^[2]

Periodic payment frequency

Semiannual, on individual loans

Loan collateral (carrying amount)

$ 70,705

Repayment of long term debt

$ 3,900

¥ 26.4

3,900

¥ 26.4

$ 11,500

¥ 81.0

Xiamen Project Loans [Member] | Minimum [Member]

Long-term Debt [Abstract]

Interest rate at balance sheet date

4.30%

Xiamen Project Loans [Member] | Maximum [Member]

Long-term Debt [Abstract]

Interest rate at balance sheet date

4.45%

Xiamen Project Loans [Member] | Due Date June 2025 [Member]

Long-term Debt [Abstract]

Repayment of long term debt | ¥

2.0

Xiamen Project Loans [Member] | Due Date December 2025 [Member]

Long-term Debt [Abstract]

Repayment of long term debt | ¥

¥ 24.4

Xiamen Working Capital Loans [Member]

Long Term Debt Maturing In Year One [Abstract]

Next 12 months

$ 3,512

Long-term Debt [Abstract]

$ 0

$ 0

Interest rate at balance sheet date

4.46%

Basis spread on interest rates

0.76%

Maturity date

Jul. 01, 2023

Periodic payment amount

Increases as loans mature

Periodic payment frequency

Semiannual, on individual loans

Repayment of long term debt

$ 3,600

¥ 25.6

Finance Leases [Member]

Long Term Debt Maturing In Year One [Abstract]

Next 12 months

7,017

$ 6,512

Long-term Debt [Abstract]

Months 13 - 24

21,290

6,610

17,961

21,322

$ 24,571

Total debt

28,339

$ 28,339

Periodic payment amount

Varies as leases mature

Periodic payment frequency

Monthly

Loan collateral (carrying amount)

^[3]

$ 36,611

$ 37,976

[1]	During the three-month period ended April 30, 2023, we repaid the entire balance of 26.4 million RMB (approximately $3.9 million) remaining on the loan, of which, 2.0 million RMB was due to be paid in June 2025 and 24.4 million RMB was due to be paid in December 2025.
[2]	During the three-month period ended October 31, 2022, we repaid 81.0 million RMB (approximately $11.5 million) that had contractual maturity dates ranging from December 2023 through June 2025.
[3]	Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.

PDMCX JOINT VENTURE, Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Oct. 31, 2022
Carrying amounts of assets and liabilities [Abstract]
Current assets	$ 720,116	$ 644,652
Total assets	1,451,025	1,315,830
Current liabilities	185,168	193,797
Total liabilities	246,341	253,741
Carrying Amount [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	128,626	127,542
Noncurrent assets	145,471	119,392
Total assets	274,097	246,934
Current liabilities	50,925	51,274
Noncurrent liabilities	1,484	9,161
Total liabilities	52,409	60,435
Net assets	221,688	186,499
Photronics Interest [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	64,326	63,784
Noncurrent assets	72,750	59,708
Total assets	137,076	123,492
Current liabilities	25,468	25,643
Noncurrent liabilities	742	4,581
Total liabilities	26,210	30,224
Net assets	$ 110,866	$ 93,268

SHARE-BASED COMPENSATION (Policies)	6 Months Ended
SHARE-BASED COMPENSATION (Policies)	Apr. 30, 2023
Restricted Stock [Member]
Stock Options [Abstract]
Share-Based Compensation	Restricted Stock Awards We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one to four years. The fair 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. The table below presents information on our stock options for the three and six-month periods ended April 30, 2023, and May 1, 2022.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References + Details

DEBT, Xiamen Project Loans (Details) $ in Thousands, ¥ in Millions	1 Months Ended		3 Months Ended		12 Months Ended
	Feb. 28, 2023 USD ($)	Feb. 28, 2023 CNY (¥)	Apr. 30, 2023 USD ($)	Apr. 30, 2023 CNY (¥)	Oct. 31, 2022 USD ($)	Oct. 31, 2022 CNY (¥)	Nov. 30, 2018 CNY (¥)
Project Loans [Abstract]
Amount outstanding			$ 28,339
Xiamen Project Loans [Member]
Project Loans [Abstract]
Maximum borrowing capacity \| ¥							¥ 345.0
Amount outstanding			0
Repayments of Long-Term Debt	$ 3,900	¥ 26.4	$ 3,900	¥ 26.4	$ 11,500	¥ 81.0

SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Apr. 30, 2023

SHARE-BASED COMPENSATION [Abstract]

Share-based Compensation Expenses

The table below presents information on our share-based compensation expenses for the three and six-month periods ended April 30, 2023, and May 1, 2022.

	Three Months Ended				Six Months Ended
	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
Expense reported in:
Cost of goods sold	$	288	$	182	$	570	$	324
Selling, general, and administrative		1,531		1,243		2,908		2,424
Research and development		190		159		352		293
Total expense incurred	$	2,009	$	1,584	$	3,830	$	3,041

Expense by award type:
Restricted stock awards	$	1,974	$	1,316	$	3,738	$	2,683
Stock options		-		221		1		259
Employee stock purchase plan		35		47		91		99
Total expense incurred	$	2,009	$	1,584	$	3,830	$	3,041

Income tax benefits of share-based compensation	$	207	$	104	$	361	$	188
Share-based compensation cost capitalized	$	-	$	-	$	-	$	-

Restricted Stock Awards Activity

The table below presents information on our restricted stock awards for the three and six-month periods ended April 30, 2023, and May 1, 2022.

	Three Months Ended				Six Months Ended
	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
Number of shares granted in period		-		-		786,500		535,400
Weighted-average grant-date fair value of awards (in dollars per share)	$	-	$	-	$	16.77	$	19.28
Compensation cost not yet recognized	$	16,419	$	10,779	$	16,419	$	10,779
Weighted-average amortization period for cost not yet recognized (in years)		3.0		2.8		3.0		2.8
Shares outstanding at balance sheet date		1,328,572		891,429		1,328,572		891,429

Stock Options Activity

The table below presents information on our stock options for the three and six-month periods ended April 30, 2023, and May 1, 2022.

	Three Months Ended				Six Months Ended
	April 30, 2023		May 1, 2022		April 30, 2023		May 1, 2022
Number of options granted in period		-		-		-		-
Cash received from options exercised	$	20	$	438	$	583	$	4,149
Compensation cost not yet recognized	$	-	$	52	$	-	$	52
Weighted-average amortization period for cost not yet recognized (in years)		-		0.7		-		0.7

Information on Outstanding and Exercisable Option

Information on outstanding and exercisable option awards as of April 30, 2023, is presented below.

Options		Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value
Outstanding and exercisable at April 30, 2023			526,926			$	10.11				2.99			$	2,293

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	6 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	Apr. 30, 2023 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

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 30, 2023	May 01, 2022	Apr. 30, 2023	May 01, 2022
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 59,273	$ 43,029	$ 88,223	$ 74,755
Other comprehensive (loss) income, net of tax of $0:
Foreign currency translation adjustments	(39,813)	(44,118)	50,707	(53,949)
Other	66	129	11	166
Net other comprehensive (loss) income	(39,747)	(43,989)	50,718	(53,783)
Comprehensive income (loss)	19,526	(960)	138,941	20,972
Less: comprehensive income attributable to noncontrolling interests	14,682	5,092	46,075	13,966
Comprehensive income (loss) attributable to Photronics, Inc. shareholders	$ 4,844	$ (6,052)	$ 92,866	$ 7,006

- Definition

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

+ References + Details

- Definition

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

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- Definition

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

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+ Details

REVENUE (Policies)	6 Months Ended
REVENUE (Policies)	Apr. 30, 2023
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. We did not identify impairment indicators for any outstanding contract assets during the three or six-month periods ended April 30, 2023, or May 1, 2022. We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectability during, and at the end of, every reporting period. To the extent 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 incurred credit losses on our accounts receivable of $0.1 million during the three and six-month periods ended April 30, 2023, and there were no charges for the three and six-month periods ended May 1, 2022. Our invoice terms generally range from net-thirty to ninety days, depending on both the geographic market in which the transaction occurs and our payment agreements with specific customers. In the event that our evaluation of a customer’s business prospects and financial condition indicate that the customer presents a collectability risk, we modify terms of sale, which may require payment in advance of performance. At the time of adoption, we elected the practical expedient allowed under ASC Topic 606 “Revenue from Contracts with Customers” (“Topic 606”) that permits us not to adjust a contract’s promised amount of consideration to reflect a financing component when the period between when we transfer control of goods or services to customers and when we are paid is one year or less. In instances when we are paid in advance of our performance, we record a contract liability and, as allowed under the practical expedient in Topic 606, recognize interest expense only if the period between when we receive payment from the customer and the date when we expect to be entitled to the payment is greater than one year. Historically, advance payments we have received from customers have generally not preceded the completion of our performance obligations by more than one year.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

PDMCX JOINT VENTURE (Tables)

6 Months Ended

Apr. 30, 2023

PDMCX JOINT VENTURE [Abstract]

Net Income (Loss) Recorded from Operations

The following table presents net income we recorded from the operations of PDMCX during the reporting periods.

	Three Months Ended						Six Months Ended
	April 30, 2023			May 1, 2022			April 30, 2023		May 1, 2022
Net income from PDMCX		$	6,652		$	4,895	$	12,569	$	6,772

Carrying Amounts and Exposure to Loss Related to Assets and Liabilities

	April 30, 2023				October 31, 2022
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest
Current assets	$	128,626	$	64,326	$	127,542	$	63,784
Noncurrent assets		145,471		72,750		119,392		59,708
Total assets		274,097		137,076		246,934		123,492

Current liabilities		50,925		25,468		51,274		25,643
Noncurrent liabilities		1,484		742		9,161		4,581
Total liabilities		52,409		26,210		60,435		30,224

Net assets	$	221,688	$	110,866	$	186,499	$	93,268

- Definition

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

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