0001140361-24-040177 | 10-Q | XBRL Viewer

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

9 Months Ended

Jul. 28, 2024

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

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 nine-month periods ended July 28, 2024 and July 30, 2023.

	Three Months Ended July 28, 2024
	Foreign Currency Translation Adjustments			Other			Total

Balance at April 28, 2024	$	(95,271	)	$	(661	)	$	(95,932	)
Other comprehensive (loss) income		(6,114	)		48			(6,066	)
Other comprehensive (loss) income attributable to noncontrolling interests		1,534			(16	)		1,518

Balance at July 28, 2024	$	(99,851	)	$	(629	)	$	(100,480	)

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

Balance at April 30, 2023	$	(58,790	)	$	(715	)	$	(59,505	)
Other comprehensive (loss) income		(3,639	)		80			(3,559	)
Other comprehensive (loss) income attributable to noncontrolling interests		7,293			(24	)		7,269

Balance at July 30, 2023	$	(55,136	)	$	(659	)	$	(55,795	)

	Nine Months Ended July 28, 2024
	Foreign Currency Translation Adjustments			Other			Total

Balance at October 31, 2023	$	(88,044	)	$	(690	)	$	(88,734	)
Other comprehensive (loss) income		(13,819	)		103			(13,716	)
Other comprehensive (loss) income attributable to noncontrolling interests		2,012			(42	)		1,970

Balance at July 28, 2024	$	(99,851	)	$	(629	)	$	(100,480	)

	Nine Months Ended July 30, 2023
	Foreign Currency Translation Adjustments			Other			Total

Balance at October 31, 2022	$	(97,790	)	$	(666	)	$	(98,456	)
Other comprehensive income		47,068			91			47,159
Other comprehensive (loss) income attributable to noncontrolling interests		(4,414	)		(84	)		(4,498	)

Balance at July 30, 2023	$	(55,136	)	$	(659	)	$	(55,795	)

INSIDER TRADING ARRANGEMENTS	3 Months Ended
INSIDER TRADING ARRANGEMENTS	Jul. 28, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DEBT

9 Months Ended

Jul. 28, 2024

DEBT [Abstract]

DEBT

NOTE 7 - DEBT

As of July 28, 2024, the Current portion of long-term debt and the long-term debt balances were comprised of finance leases as described below:

As of July 28, 2024	Finance Leases
Principal due:
Next 12 months	$	20,090
Months 13 – 24	$	12
Months 25 – 36		12
Months 37 – 48		4
Months 49 – 60		-
Long-term debt		28
Total debt	$	20,118

Interest rate at balance sheet date		N/A
Basis spread on interest rates		N/A
Interest rate reset		N/A
Maturity date		N/A
Periodic payment amount		Varies as Lease matures
Periodic payment frequency	Monthly
Loan collateral (carrying amount)	$	33,038	⁽¹⁾

⁽¹⁾

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, 2023.

As of October 31, 2023	Finance Leases
Principal due:
Next 12 months	$	6,621
Months 13 – 24	$	17,972
Months 25 – 36		12
Months 37 – 48		13
Months 49 – 60		1
Long-term debt		17,998
Total debt	$	24,619

Interest rate at balance sheet date		N/A
Basis spread on interest rates		N/A
Interest rate reset		N/A
Maturity date		N/A
Periodic payment amount		Varies as Lease matures
Periodic payment frequency		Monthly
Loan collateral (carrying amount)	$	35,165	⁽¹⁾

⁽¹⁾

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. 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%. Management has determined that the Company will exercise its early buyout option during the first half of 2025 in order to take advantage of the favorable early buyout price.

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. The lease agreement contains covenants around minimum interest coverage ratio, total leverage ratio, and minimum unrestricted cash balance, 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 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. 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. At our option, after the original term, 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 Company notified the lender in June 2024 that it will exercise the early buyout option in the first half of 2025 in order to take advantage of the favorable early buyout price.

Xiamen Working Capital Loans

In November 2018, PDMCX obtained approval for revolving, unsecured credit in an aggregate principal amount equivalent to $25.0 million, pursuant to which PDMCX may enter into separate loan agreements with varying terms to maturity. In December 2022, we repaid our entire outstanding balance of RMB 25.6 million ($3.6 million). 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. This facility is subject to annual reviews and extensions. As of July 28, 2024, PDMCX had no outstanding borrowings against the approval.

In August 2024, the Company was issued an extension to the revolving, unsecured credit agreement for RMB 200,000,000 (approximately $27.6 million) with an expiration date of July 31, 2025. As of the date of this report, there were no draw downs on this extension.

- 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.

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+ Details

INVESTMENTS (Details) - USD ($) $ in Thousands	Jul. 28, 2024	Oct. 31, 2023
Assets, Fair Value Disclosure [Abstract]
Maturity of time deposits	12 months
Available-for-sale [Abstract]
Amortized Cost	$ 69,026	$ 12,913
Unrealized Gains	20	4
Unrealized Losses	0	(2)
Carrying Value	69,046	12,915
Time Deposits [Member]
Available-for-sale [Abstract]
Amortized Cost	64,891	0
Unrealized Gains	0	0
Unrealized Losses	0	0
Carrying Value	64,891	0
U.S. Government Securities [Member]
Available-for-sale [Abstract]
Amortized Cost	4,135	12,913
Unrealized Gains	20	4
Unrealized Losses	0	(2)
Carrying Value	4,155	12,915
Fair Value, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	69,046	12,915
Fair Value, Recurring [Member] \| Time Deposits [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	64,891	0
Fair Value, Recurring [Member] \| U.S. Government Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	4,155	12,915
Fair Value, Recurring [Member] \| Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	4,155	12,915
Fair Value, Recurring [Member] \| Level 1 [Member] \| Time Deposits [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	0	0
Fair Value, Recurring [Member] \| Level 1 [Member] \| U.S. Government Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	4,155	12,915
Fair Value, Recurring [Member] \| Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	64,891	0
Fair Value, Recurring [Member] \| Level 2 [Member] \| Time Deposits [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	64,891	0
Fair Value, Recurring [Member] \| Level 2 [Member] \| U.S. Government Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	0	0
Fair Value, Recurring [Member] \| Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	0	0
Fair Value, Recurring [Member] \| Level 3 [Member] \| Time Deposits [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	0	0
Fair Value, Recurring [Member] \| Level 3 [Member] \| U.S. Government Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	$ 0	$ 0

INVENTORIES

9 Months Ended

Jul. 28, 2024

INVENTORIES [Abstract]

INVENTORIES

NOTE 4 - 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.

	July 28, 2024		October 31, 2023
Raw materials	$	54,658	$	48,948
Work in process		814		1,010
Finished goods		-		5
	$	55,472	$	49,963

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 48,169	$ 48,255	$ 143,623	$ 136,478
Other comprehensive (loss) income, net of tax of $0:
Foreign currency translation adjustments	(6,114)	(3,639)	(13,819)	47,068
Other	48	80	103	91
Net other comprehensive (loss) income	(6,066)	(3,559)	(13,716)	47,159
Comprehensive income	42,103	44,696	129,907	183,637
Less: comprehensive income attributable to noncontrolling interests	12,263	14,027	44,834	60,102
Comprehensive income attributable to Photronics, Inc. shareholders	$ 29,840	$ 30,669	$ 85,073	$ 123,535

- Definition

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

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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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- Definition

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

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+ Details

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	9 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	Jul. 28, 2024 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

EARNINGS PER SHARE

9 Months Ended

Jul. 28, 2024

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 11 - EARNINGS PER SHARE

The following sets forth the computation of basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Net income attributable to Photronics, Inc. shareholders	$	34,388	$	26,959	$	96,819	$	80,874
Effect of dilutive securities		-		-		-		-
Earnings used for diluted earnings per share	$	34,388	$	26,959	$	96,819	$	80,874

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		61,815		61,233		61,681		61,089
Effect of dilutive securities:
Share-based payment awards		599		741		688		561
Potentially dilutive common shares		599		741		688		561

Weighted-average common shares used for diluted earnings per share		62,414		61,974		62,369		61,650

Basic earnings per share	$	0.56	$	0.44	$	1.57	$	1.32
Diluted earnings per share	$	0.55	$	0.44	$	1.55	$	1.31

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				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Share-based payment awards		551		-		264		178
Total potentially dilutive shares excluded		551		-		264		178

SHARE-BASED COMPENSATION

9 Months Ended

Jul. 28, 2024

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

NOTE 9 - 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 prohibits further awards from being issued under prior plans. The table below presents information on our share-based compensation expenses for the three and nine-month periods ended July 28, 2024 and July 30, 2023.

	Three Months Ended				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Expense reported in:
Cost of goods sold	$	683	$	322	$	1,946	$	892
Selling, general, and administrative		2,388		1,499		7,126		4,407
Research and development		271		222		769		575
Total expense incurred	$	3,342	$	2,043	$	9,841	$	5,874

Expense by award type:
Restricted stock awards	$	3,342	$	2,043	$	9,841	$	5,782
Stock options		-		-		-		1
Employee stock purchase plan		-		-		-		91
Total expense incurred	$	3,342	$	2,043	$	9,841	$	5,874

Income tax benefits of share-based compensation	$	323	$	152	$	745	$	513

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 nine-month periods ended July 28, 2024 and July 30, 2023.

	Three Months Ended				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Number of shares granted in period		-		-		825,050		786,500
Weighted-average grant-date fair value of awards (in dollars per share)	$	-	$	-	$	29.77	$	16.77
Compensation cost not yet recognized	$	25,750	$	14,511	$	25,750	$	14,511
Weighted-average amortization period for cost not yet recognized (in years)		2.9		2.9		2.9		2.9
Shares outstanding at balance sheet date		1,513,827		1,267,247		1,513,827		1,267,247

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 three and nine-month periods ended July 28, 2024 and July 30, 2023.

	Three Months Ended				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Number of options granted in period		-		-		-		-
Cash received from option exercised	$	20	$	512	$	1,074	$	1,094
Compensation cost not yet recognized	$	-	$	-	$	-	$	-
Weighted-average amortization period for cost not yet recognized (in years)		-		-		-		-

Information respecting outstanding and exercisable option awards as of July 28, 2024, is presented below.

Options		Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value
Outstanding and exercisable at July 28, 2024			358,125			$	10.33				2.08			$	5,476

REVENUE, Contract Assets, Liabilities and Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023	Oct. 31, 2023
Contract with Customer, Asset and Liability [Abstract]
Impairment of credit losses on accounts receivable	$ 0	$ 0	$ 0	$ 0
Credit losses on accounts receivable	100	100	100	100
Contract liabilities	23,633		23,633		$ 22,419
Change in Contract with Customer, Liability [Abstract]
Revenue from performance obligation	0		0
Revenue recognized from beginning liability	7,057	$ 10,755	11,072	$ 10,524
Other Current Assets [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract assets	12,292		12,292		10,984
Accrued Liabilities [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract liabilities	13,660		13,660		9,965
Other Liabilities [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract liabilities	$ 9,973		$ 9,973		$ 12,454
Minimum [Member]
Revenue, Performance Obligation [Abstract]
Product invoice term			30 days
Product warranty period			1 month
Maximum [Member]
Revenue, Performance Obligation [Abstract]
Product invoice term			90 days
Product warranty period			24 months
IC [Member] \| Minimum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period			7 days
Customer order, extended satisfaction period			2 months
IC [Member] \| Maximum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period			14 days
Customer order, extended satisfaction period			3 months
FPD [Member] \| Minimum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period			14 days
FPD [Member] \| Maximum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period			21 days

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

3 Months Ended

9 Months Ended

Jul. 28, 2024

Jul. 30, 2023

Jul. 28, 2024

Jul. 30, 2023

Disaggregation of Revenue [Abstract]

Revenue

^[1]

$ 210,984

$ 224,206

$ 644,318

$ 664,603

IC [Member]

Disaggregation of Revenue [Abstract]

Revenue

155,884

163,140

474,401

486,783

High-end [Member]

Disaggregation of Revenue [Abstract]

Revenue

49,499

45,324

168,417

137,247

Mainstream [Member]

Disaggregation of Revenue [Abstract]

Revenue

106,385

117,816

305,984

349,536

FPD [Member]

Disaggregation of Revenue [Abstract]

Revenue

55,100

61,066

169,917

177,820

High-end [Member]

Disaggregation of Revenue [Abstract]

Revenue

48,394

49,981

146,987

147,560

Mainstream [Member]

Disaggregation of Revenue [Abstract]

Revenue

6,706

11,085

22,930

30,260

Taiwan [Member]

Disaggregation of Revenue [Abstract]

Revenue

^[1]

68,182

81,594

218,557

237,610

China [Member]

Disaggregation of Revenue [Abstract]

Revenue

^[1]

55,301

62,042

172,131

186,191

Korea [Member]

Disaggregation of Revenue [Abstract]

Revenue

^[1]

38,412

40,833

118,033

120,037

United States [Member]

Disaggregation of Revenue [Abstract]

Revenue

^[1]

38,833

29,696

104,880

92,073

Europe [Member]

Disaggregation of Revenue [Abstract]

Revenue

^[1]

9,759

9,535

29,390

27,257

Other [Member]

Disaggregation of Revenue [Abstract]

Revenue

^[1]

497

506

1,327

1,435

Over Time [Member]

Disaggregation of Revenue [Abstract]

Revenue

202,177

214,647

616,893

627,188

At a Point in Time [Member]

Disaggregation of Revenue [Abstract]

Revenue

$ 8,807

$ 9,559

$ 27,425

$ 37,415

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

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Jul. 28, 2024

SHARE-BASED COMPENSATION [Abstract]

Share-based Compensation Expenses

The table below presents information on our share-based compensation expenses for the three and nine-month periods ended July 28, 2024 and July 30, 2023.

	Three Months Ended				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Expense reported in:
Cost of goods sold	$	683	$	322	$	1,946	$	892
Selling, general, and administrative		2,388		1,499		7,126		4,407
Research and development		271		222		769		575
Total expense incurred	$	3,342	$	2,043	$	9,841	$	5,874

Expense by award type:
Restricted stock awards	$	3,342	$	2,043	$	9,841	$	5,782
Stock options		-		-		-		1
Employee stock purchase plan		-		-		-		91
Total expense incurred	$	3,342	$	2,043	$	9,841	$	5,874

Income tax benefits of share-based compensation	$	323	$	152	$	745	$	513

Restricted Stock Awards Activity

The table below presents information on our restricted stock awards for the three and nine-month periods ended July 28, 2024 and July 30, 2023.

	Three Months Ended				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Number of shares granted in period		-		-		825,050		786,500
Weighted-average grant-date fair value of awards (in dollars per share)	$	-	$	-	$	29.77	$	16.77
Compensation cost not yet recognized	$	25,750	$	14,511	$	25,750	$	14,511
Weighted-average amortization period for cost not yet recognized (in years)		2.9		2.9		2.9		2.9
Shares outstanding at balance sheet date		1,513,827		1,267,247		1,513,827		1,267,247

Stock Options Activity

The table below presents information on our stock options for three and nine-month periods ended July 28, 2024 and July 30, 2023.

	Three Months Ended				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Number of options granted in period		-		-		-		-
Cash received from option exercised	$	20	$	512	$	1,074	$	1,094
Compensation cost not yet recognized	$	-	$	-	$	-	$	-
Weighted-average amortization period for cost not yet recognized (in years)		-		-		-		-

Outstanding and Exercisable Option

Information respecting outstanding and exercisable option awards as of July 28, 2024, is presented below.

Options		Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value
Outstanding and exercisable at July 28, 2024			358,125			$	10.33				2.08			$	5,476

PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023	Oct. 31, 2023
Variable Interest Entity [Abstract]
Long-term debt		$ 28		$ 28		$ 17,998
Photronics and DNP [Member]
Variable Interest Entity [Abstract]
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		$ 4,369	$ 7,130	$ 16,296	$ 19,700
Photronics and DNP [Member] \| Minimum [Member]
Variable Interest Entity [Abstract]
Ownership percentage				20.00%
PDMCX [Member]
Variable Interest Entity [Abstract]
Long-term debt						$ 0
Photronics Interest [Member]
Variable Interest Entity [Abstract]
Ownership percentage				50.01%
DNP [Member]
Variable Interest Entity [Abstract]
Ownership percentage	49.99%

SHARE REPURCHASE PROGRAMS (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023	Aug. 28, 2024	Sep. 30, 2020
September 2020 Announced Program [Member]
Share Repurchase Program [Abstract]
Stock repurchased authorized amount						$ 100.0
Amount remaining under authorization for purchase of additional shares	$ 31.7		$ 31.7
Share Repurchase Programs [Member]
Share Repurchase Program [Abstract]
Stock repurchased authorized amount					$ 100.0
Number of shares repurchased (in shares)	0	0	0	0

INCOME TAXES (Policies)	9 Months Ended
INCOME TAXES (Policies)	Jul. 28, 2024
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 nine-month periods ended July 28, 2024 and July 30, 2023.

- 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

DEBT, Finance Leases (Details) - USD ($) $ in Thousands	1 Months Ended
DEBT, Finance Leases (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Jan. 31, 2021	Jul. 28, 2024	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
Cash limit for dividends, distributions and redemption on equity		$ 50,000
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

DEBT (Tables)

9 Months Ended

Jul. 28, 2024

DEBT [Abstract]

Long-term Debt

As of July 28, 2024, the Current portion of long-term debt and the long-term debt balances were comprised of finance leases as described below:

As of July 28, 2024	Finance Leases
Principal due:
Next 12 months	$	20,090
Months 13 – 24	$	12
Months 25 – 36		12
Months 37 – 48		4
Months 49 – 60		-
Long-term debt		28
Total debt	$	20,118

Interest rate at balance sheet date		N/A
Basis spread on interest rates		N/A
Interest rate reset		N/A
Maturity date		N/A
Periodic payment amount		Varies as Lease matures
Periodic payment frequency	Monthly
Loan collateral (carrying amount)	$	33,038	⁽¹⁾

⁽¹⁾

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, 2023.

As of October 31, 2023	Finance Leases
Principal due:
Next 12 months	$	6,621
Months 13 – 24	$	17,972
Months 25 – 36		12
Months 37 – 48		13
Months 49 – 60		1
Long-term debt		17,998
Total debt	$	24,619

Interest rate at balance sheet date		N/A
Basis spread on interest rates		N/A
Interest rate reset		N/A
Maturity date		N/A
Periodic payment amount		Varies as Lease matures
Periodic payment frequency		Monthly
Loan collateral (carrying amount)	$	35,165	⁽¹⁾

⁽¹⁾

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

ACCOUNT RECEIVABLES

9 Months Ended

Jul. 28, 2024

ACCOUNT RECEIVABLES [Abstract]

ACCOUNT RECEIVABLES

NOTE 2 - ACCOUNT RECEIVABLES

The components of Accounts Receivable at the balance sheet dates are presented below.

	July 28,			October 31,
	2024			2023
Accounts Receivable	$	173,731		$	171,433
Unbilled Receivable		27,391			24,593
Allowance for Credit Losses		(1,196	)		(1,099	)
	$	199,926		$	194,927

PDMCX JOINT VENTURE (Policies)	9 Months Ended
PDMCX JOINT VENTURE (Policies)	Jul. 28, 2024
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.

ACCOUNT RECEIVABLES (Tables)

9 Months Ended

Jul. 28, 2024

ACCOUNT RECEIVABLES [Abstract]

Accounts Receivable

The components of Accounts Receivable at the balance sheet dates are presented below.

	July 28,			October 31,
	2024			2023
Accounts Receivable	$	173,731		$	171,433
Unbilled Receivable		27,391			24,593
Allowance for Credit Losses		(1,196	)		(1,099	)
	$	199,926		$	194,927

PDMCX JOINT VENTURE, Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jul. 28, 2024	Oct. 31, 2023
Carrying Amounts of Assets and Liabilities [Abstract]
Current assets	$ 892,640	$ 785,450
Total assets	1,645,101	1,526,221
Current liabilities	191,126	185,223
Total liabilities	231,672	250,612
Carrying Amount [Member]
Carrying Amounts of Assets and Liabilities [Abstract]
Current assets	164,333	135,960
Noncurrent assets	144,873	136,334
Total assets	309,206	272,294
Current liabilities	38,674	36,305
Noncurrent liabilities	1,895	1,873
Total liabilities	40,569	38,178
Net assets	268,637	234,116
Photronics Interest [Member]
Carrying Amounts of Assets and Liabilities [Abstract]
Current assets	82,183	67,994
Noncurrent assets	72,451	68,181
Total assets	154,634	136,175
Current liabilities	19,341	18,156
Noncurrent liabilities	948	937
Total liabilities	20,289	19,093
Net assets	$ 134,345	$ 117,082

REVENUE (Tables)

9 Months Ended

Jul. 28, 2024

REVENUE [Abstract]

Contract Balances

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

Classification	July 28, 2024		October 31, 2023
Contract Assets
Other current assets	$	12,292	$	10,984

Contract Liabilities
Accrued liabilities	$	13,660	$	9,965
Other liabilities		9,973		12,454
	$	23,633	$	22,419

The Company did not recognize any revenue from performance obligations satisfied in the previous periods. The following table presents revenue recognized from contract liabilities that existed at the beginning of the reporting periods.

	Three Months Ended				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Revenue recognized from beginning liability	$	7,057	$	10,755	$	11,072	$	10,524

Disaggregation of Revenue

The following tables present our revenue for the three and nine-month periods ended July 28, 2024, and July 30, 2023, disaggregated by product type, geographic origin, and timing of recognition.

	Three Months Ended				Nine Months Ended
Revenue by Product Type	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
IC
High-end	$	49,499	$	45,324	$	168,417	$	137,247
Mainstream		106,385		117,816		305,984		349,536
Total IC	$	155,884	$	163,140	$	474,401	$	486,783


FPD
High-end	$	48,394	$	49,981	$	146,987	$	147,560
Mainstream		6,706		11,085		22,930		30,260
Total FPD	$	55,100	$	61,066	$	169,917	$	177,820

	$	210,984	$	224,206	$	644,318	$	664,603

	Three Months Ended				Nine Months Ended
Revenue by Geographic Origin^*	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Taiwan	$	68,182	$	81,594	$	218,557	$	237,610
China		55,301		62,042		172,131		186,191
Korea		38,412		40,833		118,033		120,037
United States		38,833		29,696		104,880		92,073
Europe		9,759		9,535		29,390		27,257
Other		497		506		1,327		1,435
	$	210,984	$	224,206	$	644,318	$	664,603

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

	Three Months Ended				Nine Months Ended
Revenue by Timing of Recognition	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Over time	$	202,177	$	214,647	$	616,893	$	627,188
At a point in time		8,807		9,559		27,425		37,415
		210,984		224,206		644,318		664,603

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 28, 2024	Oct. 31, 2023
Current assets:
Cash and cash equivalents	$ 537,331	$ 499,292
Short-term investments	69,046	12,915
Accounts receivable, net of allowance of $1,196 in 2024 and $1,099 in 2023	199,926	194,927
Inventories	55,472	49,963
Other current assets	30,865	28,353
Total current assets	892,640	785,450
Property, plant and equipment, net	722,638	709,244
Deferred income taxes	20,242	21,297
Other assets	9,581	10,230
Total assets	1,645,101	1,526,221
Current liabilities:
Current portion of long-term debt	20,090	6,621
Accounts payable	89,013	84,024
Accrued liabilities	82,023	94,578
Total current liabilities	191,126	185,223
Long-term debt	28	17,998
Other liabilities	40,518	47,391
Total liabilities	231,672	250,612
Commitments and contingencies (Note 12)
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, 61,839 shares issued and outstanding as of July 28, 2024, and 61,310 shares issued and outstanding as of October 31, 2023	618	613
Additional paid-in capital	509,918	502,010
Retained earnings	657,938	561,119
Accumulated other comprehensive loss	(100,480)	(88,734)
Total Photronics, Inc. shareholders' equity	1,067,994	975,008
Noncontrolling interests	345,435	300,601
Total equity	1,413,429	1,275,609
Total liabilities and equity	$ 1,645,101	$ 1,526,221

PDMCX JOINT VENTURE (Tables)

9 Months Ended

Jul. 28, 2024

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				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Net income from PDMCX	$	4,369	$	7,130	$	16,296	$	19,700

Carrying Amounts and Exposure to Loss Related to Assets and Liabilities

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.

	July 28, 2024				October 31, 2023
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest
Current assets	$	164,333	$	82,183	$	135,960	$	67,994
Noncurrent assets		144,873		72,451		136,334		68,181
Total assets		309,206		154,634		272,294		136,175

Current liabilities		38,674		19,341		36,305		18,156
Noncurrent liabilities		1,895		948		1,873		937
Total liabilities		40,569		20,289		38,178		19,093

Net assets	$	268,637	$	134,345	$	234,116	$	117,082

- Definition

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

+ References + Details

SHARE-BASED COMPENSATION (Policies)	9 Months Ended
SHARE-BASED COMPENSATION (Policies)	Jul. 28, 2024
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 three and nine-month periods ended July 28, 2024 and July 30, 2023.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(1)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

EARNINGS PER SHARE (Tables)

9 Months Ended

Jul. 28, 2024

EARNINGS PER SHARE [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following sets forth the computation of basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Net income attributable to Photronics, Inc. shareholders	$	34,388	$	26,959	$	96,819	$	80,874
Effect of dilutive securities		-		-		-		-
Earnings used for diluted earnings per share	$	34,388	$	26,959	$	96,819	$	80,874

Weighted-average common shares computations:
Weighted-average common shares used for basic earnings per share		61,815		61,233		61,681		61,089
Effect of dilutive securities:
Share-based payment awards		599		741		688		561
Potentially dilutive common shares		599		741		688		561

Weighted-average common shares used for diluted earnings per share		62,414		61,974		62,369		61,650

Basic earnings per share	$	0.56	$	0.44	$	1.57	$	1.32
Diluted earnings per share	$	0.55	$	0.44	$	1.55	$	1.31

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

	Three Months Ended				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Share-based payment awards		551		-		264		178
Total potentially dilutive shares excluded		551		-		264		178

ACCOUNT RECEIVABLES (Details) - USD ($) $ in Thousands	Jul. 28, 2024	Oct. 31, 2023
ACCOUNT RECEIVABLES [Abstract]
Accounts Receivable	$ 173,731	$ 171,433
Unbilled Receivable	27,391	24,593
Allowance for Credit Losses	(1,196)	(1,099)
Total	$ 199,926	$ 194,927

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Jul. 28, 2024
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recent Accounting Pronouncements	Accounting Standards Updates to be Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this Update related to the rate reconciliation and income taxes paid disclosures to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. The guidance in this Update will be effective for Photronics in its fiscal year 2026 Form 10-K, with early application of the amendments allowed. We are currently evaluating the effect the adoption of this ASU may have on our disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance in this Update is effective for Photronics in its fiscal year 2025 Form 10-K, with early adoption permitted. We are currently evaluating the effect the adoption of this ASU may have on our disclosures.

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT

9 Months Ended

Jul. 28, 2024

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

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT

NOTE 13 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT

	Three Months Ended July 28, 2024
	Foreign Currency Translation Adjustments			Other			Total

Balance at April 28, 2024	$	(95,271	)	$	(661	)	$	(95,932	)
Other comprehensive (loss) income		(6,114	)		48			(6,066	)
Other comprehensive (loss) income attributable to noncontrolling interests		1,534			(16	)		1,518

Balance at July 28, 2024	$	(99,851	)	$	(629	)	$	(100,480	)

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

Balance at April 30, 2023	$	(58,790	)	$	(715	)	$	(59,505	)
Other comprehensive (loss) income		(3,639	)		80			(3,559	)
Other comprehensive (loss) income attributable to noncontrolling interests		7,293			(24	)		7,269

Balance at July 30, 2023	$	(55,136	)	$	(659	)	$	(55,795	)

	Nine Months Ended July 28, 2024
	Foreign Currency Translation Adjustments			Other			Total

Balance at October 31, 2023	$	(88,044	)	$	(690	)	$	(88,734	)
Other comprehensive (loss) income		(13,819	)		103			(13,716	)
Other comprehensive (loss) income attributable to noncontrolling interests		2,012			(42	)		1,970

Balance at July 28, 2024	$	(99,851	)	$	(629	)	$	(100,480	)

	Nine Months Ended July 30, 2023
	Foreign Currency Translation Adjustments			Other			Total

Balance at October 31, 2022	$	(97,790	)	$	(666	)	$	(98,456	)
Other comprehensive income		47,068			91			47,159
Other comprehensive (loss) income attributable to noncontrolling interests		(4,414	)		(84	)		(4,498	)

Balance at July 30, 2023	$	(55,136	)	$	(659	)	$	(55,795	)

INCOME TAXES

9 Months Ended

Jul. 28, 2024

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 10 - INCOME TAXES

We calculate our provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. The 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 nine-month periods ended July 28, 2024 and July 30, 2023.

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

Three months ended July 28, 2024		21.0%		22.7%	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 July 30, 2023		21.0%		25.0%	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.

Nine Months ended July 28, 2024		21.0%		25.4%	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.

Nine Months ended July 30, 2023		21.0%		26.8%	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.

Uncertain Tax Positions

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 2018. The table below presents information on our unrecognized tax benefits as of the balance sheet dates.

	July 28, 2024		October 31, 2023
Unrecognized tax benefits related to uncertain tax positions	$	11,773	$	8,908
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	11,773	$	8,908
Accrued interest and penalties related to uncertain tax positions	$	922	$	576

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUE

9 Months Ended

Jul. 28, 2024

REVENUE [Abstract]

REVENUE

NOTE 8 - 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 nine-month periods ended July 28, 2024 or July 30, 2023.

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

Classification	July 28, 2024		October 31, 2023
Contract Assets
Other current assets	$	12,292	$	10,984

Contract Liabilities
Accrued liabilities	$	13,660	$	9,965
Other liabilities		9,973		12,454
	$	23,633	$	22,419

	Three Months Ended				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Revenue recognized from beginning liability	$	7,057	$	10,755	$	11,072	$	10,524

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 recorded $0.1 million related credit losses on our accounts receivable during each the three and nine-month periods ended July 28, 2024, and July 30, 2023.

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 nine-month periods ended July 28, 2024, and July 30, 2023, disaggregated by product type, geographic origin, and timing of recognition.

	Three Months Ended				Nine Months Ended
Revenue by Product Type	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
IC
High-end	$	49,499	$	45,324	$	168,417	$	137,247
Mainstream		106,385		117,816		305,984		349,536
Total IC	$	155,884	$	163,140	$	474,401	$	486,783


FPD
High-end	$	48,394	$	49,981	$	146,987	$	147,560
Mainstream		6,706		11,085		22,930		30,260
Total FPD	$	55,100	$	61,066	$	169,917	$	177,820

	$	210,984	$	224,206	$	644,318	$	664,603

	Three Months Ended				Nine Months Ended
Revenue by Geographic Origin^*	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Taiwan	$	68,182	$	81,594	$	218,557	$	237,610
China		55,301		62,042		172,131		186,191
Korea		38,412		40,833		118,033		120,037
United States		38,833		29,696		104,880		92,073
Europe		9,759		9,535		29,390		27,257
Other		497		506		1,327		1,435
	$	210,984	$	224,206	$	644,318	$	664,603

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

	Three Months Ended				Nine Months Ended
Revenue by Timing of Recognition	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Over time	$	202,177	$	214,647	$	616,893	$	627,188
At a point in time		8,807		9,559		27,425		37,415
		210,984		224,206		644,318		664,603

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. More recently however, backlogs for most high demand products have returned to historical levels of less than a month. 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PROPERTY, PLANT, AND EQUIPMENT, NET (Tables)

9 Months Ended

Jul. 28, 2024

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.

	July 28, 2024			October 31, 2023
Land	$	11,346		$	11,378
Buildings and improvements		187,129			185,850
Machinery and equipment		1,971,632			1,922,041
Leasehold improvements		18,781			18,894
Furniture, fixtures, and office equipment		16,926			15,856
Construction in progress		61,360			55,434
		2,267,174			2,209,453
Accumulated depreciation and amortization		(1,544,536	)		(1,500,209	)
	$	722,638		$	709,244

Information on ROU Assets from Finance Leases

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

	July 28, 2024			October 31, 2023
Machinery and equipment	$	42,815		$	42,820
Accumulated amortization		(9,777	)		(7,655	)
	$	33,038		$	35,165

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				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Depreciation Expense	$	20,036	$	20,346	$	61,332	$	59,255

SHARE REPURCHASE PROGRAMS	9 Months Ended
SHARE REPURCHASE PROGRAMS	Jul. 28, 2024
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 one or more repurchase plans under Rule 10b5-1 of the Securities Act. The most recent 10b5-1 plan expired on September 15, 2022, and has not been renewed. The repurchase authorization by the board of directors has no expiration date, does not obligate us to acquire any common stock, and is subject to market conditions. There have been no shares repurchased for the three and nine-month periods ended July 28, 2024 and July 30, 2023. As of July 28, 2024, $31.7 million was available under this authorization for the purchase of additional shares. All shares repurchased under the program have been retired. On August 28, 2024, the board of directors authorized an increase to the Company’s existing share repurchase program from the remaining $31.7 million up to $100 million. As of the date of this report, there were no additional shares repurchased under this program.

INVENTORIES (Tables)

9 Months Ended

Jul. 28, 2024

INVENTORIES [Abstract]

Inventories

	July 28, 2024		October 31, 2023
Raw materials	$	54,658	$	48,948
Work in process		814		1,010
Finished goods		-		5
	$	55,472	$	49,963

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Calculation of Basic and Diluted Earnings Per Share [Abstract]
Net income attributable to Photronics, Inc. shareholders	$ 34,388	$ 26,959	$ 96,819	$ 80,874
Effect of dilutive securities	0	0	0	0
Earnings used for diluted earnings per share	$ 34,388	$ 26,959	$ 96,819	$ 80,874
Weighted-average Common Shares Computations [Abstract]
Weighted-average common shares used for basic earnings per share (in shares)	61,815	61,233	61,681	61,089
Effect of Dilutive Securities [Abstract]
Share-based payment awards (in shares)	599	741	688	561
Potentially dilutive common shares (in shares)	599	741	688	561
Weighted-average common shares used for diluted earnings per share (in shares)	62,414	61,974	62,369	61,650
Basic earnings per share (in dollars per share)	$ 0.56	$ 0.44	$ 1.57	$ 1.32
Diluted earnings per share (in dollars per share)	$ 0.55	$ 0.44	$ 1.55	$ 1.31
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	551	0	264	178
Share-based Payment Awards [Member]
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	551	0	264	178

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Jul. 28, 2024
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 12 - COMMITMENTS AND CONTINGENCIES As of July 28, 2024, we had commitments outstanding for capital expenditures of approximately $129.7 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-month period 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.

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Non-controlling Interests [Member]	Total
Balance at Oct. 31, 2022	$ 608	$ 493,741	$ 435,634	$ (98,456)	$ 230,562	$ 1,062,089
Balance (in shares) at Oct. 31, 2022	60,791
Net income	$ 0	0	80,874	0	55,604	136,478
Other comprehensive income (loss)	0	0	0	42,661	4,498	47,159
Shares issued under equity plans	$ 5	271	0	0	0	276
Shares issued under equity plans (in shares)	493
Share-based compensation expense	$ 0	5,874	0	0	0	5,874
Balance at Jul. 30, 2023	$ 613	499,886	516,508	(55,795)	290,664	1,251,876
Balance (in shares) at Jul. 30, 2023	61,284
Balance at Apr. 30, 2023	$ 612	497,391	489,549	(59,505)	276,637	1,204,684
Balance (in shares) at Apr. 30, 2023	61,185
Net income	$ 0	0	26,959	0	21,296	48,255
Other comprehensive income (loss)	0	0	0	3,710	(7,269)	(3,559)
Shares issued under equity plans	$ 1	452	0	0	0	453
Shares issued under equity plans (in shares)	99
Share-based compensation expense	$ 0	2,043	0	0	0	2,043
Balance at Jul. 30, 2023	$ 613	499,886	516,508	(55,795)	290,664	1,251,876
Balance (in shares) at Jul. 30, 2023	61,284
Balance at Oct. 31, 2023	$ 613	502,010	561,119	(88,734)	300,601	1,275,609
Balance (in shares) at Oct. 31, 2023	61,310
Net income	$ 0	0	96,819	0	46,804	143,623
Other comprehensive income (loss)	0	0	0	(11,746)	(1,970)	(13,716)
Shares issued under equity plans	$ 5	(1,933)	0	0	0	(1,928)
Shares issued under equity plans (in shares)	529
Share-based compensation expense	$ 0	9,841	0	0	0	9,841
Balance at Jul. 28, 2024	$ 618	509,918	657,938	(100,480)	345,435	1,413,429
Balance (in shares) at Jul. 28, 2024	61,839
Balance at Apr. 28, 2024	$ 618	506,621	623,550	(95,932)	333,172	1,368,029
Balance (in shares) at Apr. 28, 2024	61,799
Net income	$ 0	0	34,388	0	13,781	48,169
Other comprehensive income (loss)	0	0	0	(4,548)	(1,518)	(6,066)
Shares issued under equity plans	$ 0	(45)	0	0	0	(45)
Shares issued under equity plans (in shares)	40
Share-based compensation expense	$ 0	3,342	0	0	0	3,342
Balance at Jul. 28, 2024	$ 618	$ 509,918	$ 657,938	$ (100,480)	$ 345,435	$ 1,413,429
Balance (in shares) at Jul. 28, 2024	61,839

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

DEBT, Xiamen Working Capital Loans (Details) - Xiamen Working Capital Loans [Member] ¥ in Millions, $ in Millions	1 Months Ended		9 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Jul. 28, 2024 USD ($)	Jul. 28, 2024 CNY (¥)	Nov. 30, 2018 USD ($)
Debt Instruments [Abstract]
Maximum borrowing capacity			$ 27.6	¥ 200.0	$ 25.0
Expiration date			Jul. 31, 2025
Repayments of long-term debt	$ 3.6	¥ 25.6
Amount outstanding			$ 0.0

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Nov. 30, 2022 USD ($)	May 01, 2022 USD ($) Operation	Jul. 28, 2024 USD ($)
Commitment and Contingencies [Abstract]
Outstanding commitments for capital expenditure			$ 129.7
Period of audit			3 years
Contingency loss recorded		$ 2.2
Reversal of loss contingency accrual	$ 1.0
Minimum [Member]
Commitment and Contingencies [Abstract]
Range of estimated contingency loss		2.2
Maximum [Member]
Commitment and Contingencies [Abstract]
Range of estimated contingency loss		$ 3.7
China [Member]
Commitment and Contingencies [Abstract]
Number of operations \| Operation		1

REVENUE (Policies)	9 Months Ended
REVENUE (Policies)	Jul. 28, 2024
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 nine-month periods ended July 28, 2024 or July 30, 2023. 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 recorded $0.1 million related credit losses on our accounts receivable during each the three and nine-month periods ended July 28, 2024, and July 30, 2023. 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.

+ References

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Other comprehensive (loss) income, tax	$ 0	$ 0	$ 0	$ 0

- Definition

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

+ References

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-Section 45
-Paragraph 12
-SubTopic 10
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

+ Details

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

9 Months Ended

12 Months Ended

Jul. 28, 2024

Oct. 31, 2023

Long-term Debt [Abstract]

Long-term debt

$ 28

$ 17,998

Finance Leases [Member]

Long Term Debt Maturing In Year One [Abstract]

Next 12 months

20,090

6,621

Long-term Debt [Abstract]

17,972

17,998

$ 20,118

$ 24,619

Periodic payment amount

Varies as Lease matures

Periodic payment frequency

Monthly

Loan collateral (carrying amount)

^[1]

$ 33,038

$ 35,165

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

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023	Oct. 31, 2023
Effective Income and Statutory Tax Rates [Abstract]
U.S. statutory tax rates	21.00%	21.00%	21.00%	21.00%
Effective tax rates	22.70%	25.00%	25.40%	26.80%
Income Tax Examination [Abstract]
Earliest open tax year			2018
Unrecognized Tax Benefits [Abstract]
Unrecognized tax benefits related to uncertain tax positions	$ 11,773		$ 11,773		$ 8,908
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	11,773		11,773		8,908
Accrued interest and penalties related to uncertain tax positions	$ 922		$ 922		$ 576

INVESTMENTS (Tables)

9 Months Ended

Jul. 28, 2024

INVESTMENTS [Abstract]

Assets Measured at Fair Value on Recurring Basis

The following are the major categories of assets measured at fair value on a recurring basis using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2) and significant unobservable inputs (Level 3):

	July 28, 2024								October 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
U.S. Government Securities	$	4,155	$	-	$	-	$	4,155	$	12,915	$	-	$	-	$	12,915
Time deposits	$	-	$	64,891	$	-	$	64,891	$	-	$	-	$	-	$	-
Total	$	4,155	$	64,891	$	-	$	69,046	$	12,915	$	-	$	-	$	12,915

Available-for-Sale Debt Securities and Time Deposits

The table below provides information on our available-for-sale debt securities and time deposits classified as short-term investments.

	July 28, 2024								October 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Carrying Value		Amortized Cost		Unrealized Gains		Unrealized Losses			Carrying Value
U.S. Government Securities	$	4,135	$	20	$	-	$	4,155	$	12,913	$	4	$	(2	)	$	12,915
Time deposits		64,891		-		-		64,891		-		-		-			-
Total	$	69,026	$	20	$	-	$	69,046	$	12,913	$	4	$	(2	)	$	12,915

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

INVENTORIES (Policies)	9 Months Ended
INVENTORIES (Policies)	Jul. 28, 2024
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

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 16, 2023	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023	Mar. 23, 2016
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		$ 3,342	$ 2,043	$ 9,841	$ 5,874
Income tax benefits of share-based compensation		323	152	745	513
Cost of Goods Sold [Member]
Share-based Compensation [Abstract]
Expense incurred		683	322	1,946	892
Selling, General and Administrative [Member]
Share-based Compensation [Abstract]
Expense incurred		2,388	1,499	7,126	4,407
Research and Development [Member]
Share-based Compensation [Abstract]
Expense incurred		271	222	769	575
Restricted Stock [Member]
Share-based Compensation [Abstract]
Expense incurred		$ 3,342	$ 2,043	$ 9,841	$ 5,782
Restricted Stock [Abstract]
Number of shares granted in period (in shares)		0	0	825,050	786,500
Weighted-average grant-date fair value of awards (in dollars per share)		$ 0	$ 0	$ 29.77	$ 16.77
Shares outstanding at balance sheet date (in shares)		1,513,827	1,267,247	1,513,827	1,267,247
Estimated Expenses Not Yet Incurred [Abstract]
Compensation cost not yet recognized		$ 25,750	$ 14,511	$ 25,750	$ 14,511
Weighted-average amortization period for cost not yet recognized (in years)		2 years 10 months 24 days	2 years 10 months 24 days	2 years 10 months 24 days	2 years 10 months 24 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	$ 0	$ 0	$ 1
Stock options activity [Abstract]
Contractual term				10 years
Number of options granted in period (in shares)		0	0	0	0
Cash received from option exercised		$ 20	$ 512	$ 1,074	$ 1,094
Estimated Expenses Not Yet Incurred [Abstract]
Compensation cost not yet recognized		$ 0	0	$ 0	0
Outstanding and exercisable option awards [Roll Forward]
Outstanding at end of period (in shares)		358,125		358,125
Exercisable at end of period (in shares)		358,125		358,125
Weighted-Average Exercise Price [Abstract]
Outstanding at end of period (in dollars per share)		$ 10.33		$ 10.33
Exercisable at end of period (in dollars per share)		$ 10.33		$ 10.33
Weighted-Average Remaining Contractual Life (in years) [Abstract]
Outstanding at end of period				2 years 29 days
Exercisable at end of period				2 years 29 days
Aggregate Intrinsic Value [Abstract]
Outstanding at end of period		$ 5,476		$ 5,476
Exercisable at end of period		5,476		$ 5,476
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		$ 0	$ 0	$ 0	$ 91

PROPERTY, PLANT, AND EQUIPMENT, NET

9 Months Ended

Jul. 28, 2024

PROPERTY, PLANT, AND EQUIPMENT, NET [Abstract]

PROPERTY, PLANT, AND EQUIPMENT, NET

NOTE 5 - PROPERTY, PLANT, AND EQUIPMENT, NET

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

	July 28, 2024			October 31, 2023
Land	$	11,346		$	11,378
Buildings and improvements		187,129			185,850
Machinery and equipment		1,971,632			1,922,041
Leasehold improvements		18,781			18,894
Furniture, fixtures, and office equipment		16,926			15,856
Construction in progress		61,360			55,434
		2,267,174			2,209,453
Accumulated depreciation and amortization		(1,544,536	)		(1,500,209	)
	$	722,638		$	709,244

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

	July 28, 2024			October 31, 2023
Machinery and equipment	$	42,815		$	42,820
Accumulated amortization		(9,777	)		(7,655	)
	$	33,038		$	35,165

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				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Depreciation Expense	$	20,036	$	20,346	$	61,332	$	59,255

BASIS OF FINANCIAL STATEMENT PRESENTATION	9 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION	Jul. 28, 2024
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 (1), 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 significant 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, 2023, 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 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, 2024.

PDMCX JOINT VENTURE

9 Months Ended

Jul. 28, 2024

PDMCX JOINT VENTURE [Abstract]

PDMCX JOINT VENTURE

NOTE 6 - 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 help further 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 7, liens were granted to the local financing entity on property, plant, and equipment and were paid off during fiscal year 2023 and there was no remaining debt at October 31, 2023.

Under the Agreement, should either Photronics’ or DNP’s ownership interest fall below 20.0% for a period of more than six consecutive months, such party (an “exiting party”) has the option to sell to the other party, and the other party has the option to purchase from such exiting party, the exiting party’s remaining ownership interest. In either case, 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				Nine Months Ended
	July 28, 2024		July 30, 2023		July 28, 2024		July 30, 2023
Net income from PDMCX	$	4,369	$	7,130	$	16,296	$	19,700

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.

	July 28, 2024				October 31, 2023
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest
Current assets	$	164,333	$	82,183	$	135,960	$	67,994
Noncurrent assets		144,873		72,451		136,334		68,181
Total assets		309,206		154,634		272,294		136,175

Current liabilities		38,674		19,341		36,305		18,156
Noncurrent liabilities		1,895		948		1,873		937
Total liabilities		40,569		20,289		38,178		19,093

Net assets	$	268,637	$	134,345	$	234,116	$	117,082

INCOME TAXES (Tables)

9 Months Ended

Jul. 28, 2024

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 nine-month periods ended July 28, 2024 and July 30, 2023.

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

Three months ended July 28, 2024		21.0%		22.7%	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 July 30, 2023		21.0%		25.0%	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.

Nine Months ended July 28, 2024		21.0%		25.4%	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.

Nine Months ended July 30, 2023		21.0%		26.8%	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.

Unrecognized Tax Benefits

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

	July 28, 2024		October 31, 2023
Unrecognized tax benefits related to uncertain tax positions	$	11,773	$	8,908
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	11,773	$	8,908
Accrued interest and penalties related to uncertain tax positions	$	922	$	576

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023
Cash flows from operating activities:
Net income	$ 143,623	$ 136,478
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	61,613	59,523
Share-based compensation	9,841	5,874
Changes in assets and liabilities:
Accounts receivable	(5,181)	(1,482)
Inventories	(5,788)	(2,693)
Other current assets	(2,778)	4,053
Accounts payable, accrued liabilities, and other	(8,256)	(6,197)
Net cash provided by operating activities	193,074	195,556
Cash flows from investing activities:
Purchases of property, plant and equipment	(87,733)	(78,813)
Purchases of short-term investments	(100,558)	(9,837)
Proceeds from maturities of short-term investments	44,696	22,500
Government incentives	1,541	2,033
Other	(4)	(116)
Net cash used in investing activities	(142,058)	(64,233)
Cash flows from financing activities:
Repayments of debt	(4,500)	(16,351)
Proceeds from share-based arrangements	1,074	1,241
Net settlements of restricted stock awards	(3,002)	(1,292)
Net cash used in financing activities	(6,428)	(16,402)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	(6,454)	13,813
Net increase in cash, cash equivalents, and restricted cash	38,134	128,734
Cash, cash equivalents, and restricted cash at beginning of period	501,867	322,409
Cash, cash equivalents, and restricted cash at end of period	540,001	451,143
Less: Ending restricted cash	2,670	2,664
Cash and cash equivalents at end of period	537,331	448,479
Supplemental disclosure of non-cash information:
Accruals for property, plant and equipment purchased during the period	$ 9,163	$ 22,578

BASIS OF FINANCIAL STATEMENT PRESENTATION (Policies)	9 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION (Policies)	Jul. 28, 2024
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 significant 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, 2023, 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 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.

Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Jul. 28, 2024

Jul. 30, 2023

Jul. 28, 2024

Jul. 30, 2023

Condensed Consolidated Statements of Income [Abstract]

Revenue

^[1]

$ 210,984

$ 224,206

$ 644,318

$ 664,603

Cost of goods sold

135,846

137,405

410,674

413,323

Gross profit

75,138

86,801

233,644

251,280

Operating expenses:

Selling, general, and administrative

19,436

18,032

56,753

52,728

Research and development

3,555

3,505

11,291

10,287

Total operating expenses

22,991

21,537

68,044

63,015

Other operating income, net

Operating income

52,148

65,264

165,690

188,265

Other income (expense):

Foreign currency transactions impact, net

4,068

(4,543)

9,926

(10,769)

Interest income and other income, net

6,135

3,758

17,263

9,329

Interest expense

(58)

(126)

(258)

(324)

Income before income tax provision

62,293

64,353

192,621

186,501

Income tax provision

14,124

16,098

48,998

50,023

Net income

48,169

48,255

143,623

136,478

Net income attributable to noncontrolling interests

13,781

21,296

46,804

55,604

Net income attributable to Photronics, Inc. shareholders

$ 34,388

$ 26,959

$ 96,819

$ 80,874

Earnings per share:

Basic (in dollars per share)

$ 0.56

$ 0.44

$ 1.57

$ 1.32

Diluted (in dollars per share)

$ 0.55

$ 0.44

$ 1.55

$ 1.31

Weighted-average number of common shares outstanding:

Basic (in shares)

61,815

61,233

61,681

61,089

Diluted (in shares)

62,414

61,974

62,369

61,650

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

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jul. 28, 2024	Aug. 29, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jul. 28, 2024
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		63,353,762

INVESTMENTS

9 Months Ended

Jul. 28, 2024

INVESTMENTS [Abstract]

INVESTMENTS

NOTE 3 - INVESTMENTS

The Company invests in various bank time deposits and U.S. Government Securities. Our classification of investments is 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 July 28, 2024, all of our investments from their dates of purchase, had remaining maturities of more than three months, but less than one year, and have been classified as short-term investments. 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 - These are investments where values are based on unadjusted quoted prices for identical assets in an active market the Company has the ability to access.

Level 2 - These are investments where values are based on quoted market prices that are not active or model derived valuations in which all significant inputs are observable in active markets.

Level 3 - These are investments where values are derived from techniques in which one or more significant inputs are unobservable.

	July 28, 2024								October 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
U.S. Government Securities	$	4,155	$	-	$	-	$	4,155	$	12,915	$	-	$	-	$	12,915
Time deposits	$	-	$	64,891	$	-	$	64,891	$	-	$	-	$	-	$	-
Total	$	4,155	$	64,891	$	-	$	69,046	$	12,915	$	-	$	-	$	12,915

Based upon the Company’s intent and ability to hold its time deposits to maturity (which maturities range up to twelve months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates market value. The Company’s U.S. Government Securities are classified as available-for-sale. Available-for-sale investments are reported at fair value, with unrealized gains or losses (net of tax) reported in Accumulated other comprehensive income. In the event of a sale of these securities, 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 and time deposits classified as short-term investments.

	July 28, 2024								October 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Carrying Value		Amortized Cost		Unrealized Gains		Unrealized Losses			Carrying Value
U.S. Government Securities	$	4,135	$	20	$	-	$	4,155	$	12,913	$	4	$	(2	)	$	12,915
Time deposits		64,891		-		-		64,891		-		-		-			-
Total	$	69,026	$	20	$	-	$	69,046	$	12,913	$	4	$	(2	)	$	12,915

The Company’s investments in marketable securities consist primarily of investments in time deposits and U.S. Government Securities. Market values were determined for each individual security in the investment portfolio. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, and the Company’s ability and intent to hold the investment for a period of time, which may be sufficient for anticipated recovery in market values.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jul. 28, 2024	Oct. 31, 2023
Current assets:
Accounts receivable, allowance	$ 1,196	$ 1,099
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)	61,839	61,310
Common stock, shares outstanding (in shares)	61,839	61,310

PROPERTY, PLANT, AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023	Oct. 31, 2023
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 2,267,174		$ 2,267,174		$ 2,209,453
Accumulated depreciation and amortization	(1,544,536)		(1,544,536)		(1,500,209)
Property, plant and equipment, net	722,638		722,638		709,244
Finance lease, Right-of-use asset [Abstract]
Finance lease, right-of-use asset, gross	42,815		42,815		42,820
Accumulated amortization	(9,777)		(9,777)		(7,655)
Finance lease, right-of-use asset, net	33,038		33,038		35,165
Depreciation Expense [Abstract]
Depreciation Expense	20,036	$ 20,346	61,332	$ 59,255
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	11,346		11,346		11,378
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	187,129		187,129		185,850
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,971,632		1,971,632		1,922,041
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	18,781		18,781		18,894
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	16,926		16,926		15,856
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 61,360		$ 61,360		$ 55,434

INVENTORIES (Details) - USD ($) $ in Thousands	Jul. 28, 2024	Oct. 31, 2023
INVENTORIES [Abstract]
Raw materials	$ 54,658	$ 48,948
Work in process	814	1,010
Finished goods	0	5
Inventories	$ 55,472	$ 49,963

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Jul. 28, 2024
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 15 - RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Updates to be Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this Update related to the rate reconciliation and income taxes paid disclosures to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. The guidance in this Update will be effective for Photronics in its fiscal year 2026 Form 10-K, with early application of the amendments allowed. We are currently evaluating the effect the adoption of this ASU may have on our disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance in this Update is effective for Photronics in its fiscal year 2025 Form 10-K, with early adoption permitted. We are currently evaluating the effect the adoption of this ASU may have on our disclosures.

- Definition

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

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+ Details

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
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			975,008
Ending Balance	1,067,994		1,067,994
Accumulated Other Comprehensive Income [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(95,932)	(59,505)	(88,734)	(98,456)
Ending Balance	(100,480)	(55,795)	(100,480)	(55,795)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(95,271)	(58,790)	(88,044)	(97,790)
Ending Balance	(99,851)	(55,136)	(99,851)	(55,136)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(661)	(715)	(690)	(666)
Ending Balance	(629)	(659)	(629)	(659)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income	(6,066)	(3,559)	(13,716)	47,159
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income	(6,114)	(3,639)	(13,819)	47,068
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income	48	80	103	91
AOCI Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income attributable to noncontrolling interests	1,518	7,269	1,970	(4,498)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income attributable to noncontrolling interests	1,534	7,293	2,012	(4,414)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income attributable to noncontrolling interests	$ (16)	$ (24)	$ (42)	$ (84)