0001140361-24-049881 | 10-K | XBRL Viewer

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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT [Abstract]
Other comprehensive (loss) income, tax	$ 0	$ 0	$ 0
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	975,008
Ending Balance	1,120,864	975,008
Accumulated Other Comprehensive Income (Loss) [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(88,734)	(98,456)
Ending Balance	(86,319)	(88,734)	(98,456)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(88,044)	(97,790)
Ending Balance	(85,587)	(88,044)	(97,790)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(690)	(666)
Ending Balance	(732)	(690)	$ (666)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	8,549	5,612
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	8,630	5,615
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	(81)	(3)
AOCI Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss) attributable to noncontrolling interests	(6,134)	4,110
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss) attributable to noncontrolling interests	(6,173)	4,131
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss) attributable to noncontrolling interests	$ 39	$ (21)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Business (Details)	12 Months Ended
	Oct. 31, 2024 Facility
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	11
Taiwan [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	3
China [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2
Korea [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	1
United States [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	3
Europe [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2

FAIR VALUE MEASUREMENTS

12 Months Ended

Oct. 31, 2024

FAIR VALUE MEASUREMENTS [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 20 - FAIR VALUE MEASUREMENTS

The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows:

Level 1- 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.

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):

	October 31, 2024								October 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
U.S. Government Securities	$	-	$	-	$	-	$	-	$	12,915	$	-	$	-	$	12,915
Time deposits		-		42,184		-		42,184		-		-		-		-
Money market funds		36,322		-		-		36,322		19,187		-		-		19,187
Total	$	36,322	$	42,184	$	-	$	78,506	$	32,102	$	-	$	-	$	32,102

- Definition

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

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+ Details

INVENTORIES (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
INVENTORIES [Abstract]
Raw materials	$ 56,128	$ 48,948
Work in process	398	1,010
Finished goods	1	5
Inventories	$ 56,527	$ 49,963

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Restricted Cash (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Restricted Cash [Abstract]
Restricted cash	$ 2,758	$ 2,575	$ 2,729

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Variable Interest Entities (Details)	12 Months Ended
	Oct. 31, 2024
Minimum [Member] \| Photronics and DNP [Member]
Variable Interest Entities [Abstract]
Ownership percentage	20.00%

SHARE REPURCHASE PROGRAMS

12 Months Ended

Oct. 31, 2024

SHARE REPURCHASE PROGRAMS [Abstract]

SHARE REPURCHASE PROGRAMS

NOTE 21 - SHARE REPURCHASE PROGRAMS

In September 2020, the Company’s Board of Directors authorized the repurchase of up to $100 million of its common stock, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Act. The 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. Share repurchases under this authorization commenced on September 16, 2020. The most recent 10b5-1 plan expired on September 15, 2022, and has not been renewed. In 2022, we repurchased 0.2 million shares at a cost of $2.5 million (an average of $13.43 per share) and, since the program’s inception, we have repurchased 5.8 million shares at a cost of $68.3 million (an average of $11.70 per share). All shares repurchased under the program have been retired prior to the end of the fiscal year in which they were purchased. 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 under the Board of Director authorization. In 2024, we did not repurchase any further shares as part of this program.

The table below presents information on the repurchase programs for the three most recent fiscal years.

	2024 Purchases		2023 Purchases		2022 Purchases
Number of shares repurchased		-		-		187

Cost of shares repurchased	$	-	$	-	$	2,522

Average price paid per share	$	-	$	-	$	13.43

DEBT, Corporate Credit Agreement (Details) - Corporate Credit Agreement [Member] - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2024	Sep. 30, 2018
Debt Instruments [Abstract]
Term of loan	5 years
Current borrowing capacity		$ 50
Maximum borrowing capacity		100
Cash limit for dividends, distributions and redemption on equity		$ 50
Amount outstanding	$ 0

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Oct. 31, 2024

SHARE-BASED COMPENSATION [Abstract]

Share-based Compensation Expenses

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

	Year Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Expense reported in:
Cost of goods sold	$	2,704	$	1,259	$	868
Selling, general, and administrative		10,124		5,962		4,803
Research and development		1,062		780		637
Total expense incurred	$	13,890	$	8,001	$	6,308

Expense by award type:
Restricted stock awards *	$	13,868	$	7,909	$	5,800
Stock options		-		1		298
Employee stock purchase plan		22		91		210
Total expense incurred	$	13,890	$	8,001	$	6,308

Income tax benefits of share-based compensation	$	1,156	$	715	$	449

* During the year ended October 31, 2024, upon the departure of two executives from the Company and in accordance with the terms of their separation agreements, previously granted time-vesting restricted stock awards accelerated vesting. The Company accounted for the effects of the accelerated vesting of these stock awards as a modification, and recognized $1.2 million of incremental stock-based compensation for the acceleration of restricted stock awards, within selling, general and administrative expenses on the Consolidated Statements of Income for the year ended October 31, 2024.

Restricted Stock Awards Activity

A summary of restricted stock award activity during 2024 and the status of the Company’s restricted stock awards as of October 31, 2024, is presented below.

Restricted Stock	Shares			Weighted-Average Fair Value at Grant Date
Outstanding at October 31, 2023		1,238,297		$	16.27
Granted		865,050			29.50
Vested		(550,069	)		17.74
Cancelled		(129,676	)		21.90
Outstanding at October 31, 2024		1,423,602			23.23
Expected to vest as of October 31, 2024		1,292,883			23.14

Additional Information on Restricted Stock Awards

The table below presents additional information on the Company’s restricted stock awards for the three most recent fiscal years.

	Year Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Number of shares granted		865,050		791,925		654,224
Weighted-average grant-date fair value of awards (in dollars per share)	$	29.50	$	16.84	$	18.73
Compensation costs not yet recognized	$	21,303	$	12,760	$	8,949
Weighted-average amortization period (in years)		2.8		2.8		2.7
Fair value of awards for which restrictions lapsed	$	9,755	$	6,256	$	5,212
Shares outstanding at balance sheet date		1,423,602		1,238,297		893,704

Stock Options Activity

The table below presents a summary of stock options activity during 2024 and information on stock options outstanding at October 31, 2024.

	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at October 31, 2023		472,275		$	10.18
Granted		-		$	-
Exercised		(191,650	)	$	9.86
Cancellations, forfeitures, and adjustments		(3,000	)	$	10.43
Outstanding at October 31, 2024		277,625		$	10.39	1.94 years	$	3,445
Exercisable at October 31, 2024		277,625		$	10.39	1.94 years	$	3,445
Expected to vest as of October 31, 2024		-		$	-	- years	$	-

Additional Information on Stock Option Awards

The table below presents additional information on stock option awards for the three most recent fiscal years.

	Year Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Number of options granted in period		-		-		-
Total intrinsic value of options exercised	$	2,981	$	1,654	$	5,108
Cash received from option exercises	$	1,888	$	1,101	$	5,275
Compensation cost not yet recognized	$	-	$	-	$	13
Weighted-average amortization period for cost not yet recognized (in years)		-		-		0.2

REVENUE (Policies)	12 Months Ended
REVENUE (Policies)	Oct. 31, 2024
REVENUE [Abstract]
Revenue	The Company’s invoice terms generally range from net thirty to ninety days, depending on both the geographic market in which the transaction occurs and the Company’s payment agreements with specific customers. In the event that the Company’s evaluation of a customer’s business prospects and financial condition indicate that the customer presents a collectability risk, the Company will modify terms of sale, which may require payment in advance of performance. At the time of adoption, the Company elected the practical expedient allowed under ASC Topic 606 “Revenue from Contracts with Customers” (“Topic 606”) that permits the Company not to adjust a contract’s promised amount of consideration to reflect a financing component when the period between when the Company transfers control of goods or services to customers and when the Company is paid is one year or less. In instances when the Company is paid in advance of the Company’s performance, the Company records a contract liability and, as allowed under the practical expedient in Topic 606, recognize interest expense only if the period between when the Company receives payment from the customer and the date when the Company expects to be entitled to the payment is greater than one year. Historically, advance payments the Company has received from customers have generally not preceded the completion of the Company’s performance obligations by more than one year.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

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

12 Months Ended

Oct. 31, 2024

Oct. 31, 2023

Oct. 31, 2022

Related Party Agreement [Abstract]

Revenue

^[1]

$ 866,946

$ 892,076

$ 824,549

Accounts receivable

200,830

194,927

Customer One [Member]

Related Party Agreement [Abstract]

Revenue

127,000

126,500

$ 119,000

Accounts receivable

$ 38,800

$ 41,500

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

- Definition

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

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+ Details

SHARE-BASED COMPENSATION

12 Months Ended

Oct. 31, 2024

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

NOTE 12 - SHARE-BASED COMPENSATION

In March 2016, shareholders approved the Company’s 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 the Company (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) or at the discretion of the compensation committee; the vesting of awards may be accelerated. The Plan, aspects of which are more fully described below, prohibits further awards from being issued under prior plans.

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

	Year Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Expense reported in:
Cost of goods sold	$	2,704	$	1,259	$	868
Selling, general, and administrative		10,124		5,962		4,803
Research and development		1,062		780		637
Total expense incurred	$	13,890	$	8,001	$	6,308

Expense by award type:
Restricted stock awards *	$	13,868	$	7,909	$	5,800
Stock options		-		1		298
Employee stock purchase plan		22		91		210
Total expense incurred	$	13,890	$	8,001	$	6,308

Income tax benefits of share-based compensation	$	1,156	$	715	$	449

Restricted Stock Awards

We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one to four years. The fair values of the awards are determined on the date of grant, based on the closing stock price of the Company’s common stock. A summary of restricted stock award activity during 2024 and the status of the Company’s restricted stock awards as of October 31, 2024, is presented below.

Restricted Stock	Shares			Weighted-Average Fair Value at Grant Date
Outstanding at October 31, 2023		1,238,297		$	16.27
Granted		865,050			29.50
Vested		(550,069	)		17.74
Cancelled		(129,676	)		21.90
Outstanding at October 31, 2024		1,423,602			23.23
Expected to vest as of October 31, 2024		1,292,883			23.14

The table below presents additional information on the Company’s restricted stock awards for the three most recent fiscal years.

	Year Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Number of shares granted		865,050		791,925		654,224
Weighted-average grant-date fair value of awards (in dollars per share)	$	29.50	$	16.84	$	18.73
Compensation costs not yet recognized	$	21,303	$	12,760	$	8,949
Weighted-average amortization period (in years)		2.8		2.8		2.7
Fair value of awards for which restrictions lapsed	$	9,755	$	6,256	$	5,212
Shares outstanding at balance sheet date		1,423,602		1,238,297		893,704

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 the Company’s 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 the Company’s common stock. The Company uses historical option exercise behavior and employee termination data to estimate expected term, which represents the period of time that options granted are expected to remain outstanding. The risk-free rate of return for the estimated term of an option is based on the U.S. Treasury yield curve in effect at the date of grant.

The table below presents a summary of stock options activity during 2024 and information on stock options outstanding at October 31, 2024.

	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at October 31, 2023		472,275		$	10.18
Granted		-		$	-
Exercised		(191,650	)	$	9.86
Cancellations, forfeitures, and adjustments		(3,000	)	$	10.43
Outstanding at October 31, 2024		277,625		$	10.39	1.94 years	$	3,445
Exercisable at October 31, 2024		277,625		$	10.39	1.94 years	$	3,445
Expected to vest as of October 31, 2024		-		$	-	- years	$	-

The table below presents additional information on stock option awards for the three most recent fiscal years.

	Year Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Number of options granted in period		-		-		-
Total intrinsic value of options exercised	$	2,981	$	1,654	$	5,108
Cash received from option exercises	$	1,888	$	1,101	$	5,275
Compensation cost not yet recognized	$	-	$	-	$	13
Weighted-average amortization period for cost not yet recognized (in years)		-		-		0.2

Employee Stock Purchase Plan

The Company’s Employee Stock Purchase Plan (“ESPP”) permits employees to purchase Photronics, Inc. common shares at 85% of the lower of the closing market price at the commencement or ending date of the Plan year (which is approximately one year from the commencement date). The Company recognizes the ESPP expense over that same period. As of October 31, 2024, the maximum number of shares of common stock approved by the Company’s shareholders to be purchased under the ESPP was 1.85 million shares, of which approximately 1.6 million shares had been issued through October 31, 2024. As of October 31, 2024, there is unrecognized compensation cost of $0.2 million.

DEBT (Tables)

12 Months Ended

Oct. 31, 2024

DEBT [Abstract]

Long-term Debt

As of October 31, 2024, the Current portion of long-term debt and the Long-term debt balances were comprised of finance leases as described below:

As of October 31, 2024	Finance Leases
Principal due:
Next 12 months	$	17,972
Months 13 – 24	$	12
Months 25 – 36		12
Months 37 – 48		1
Months 49 – 60		-
Long-term debt		25
Total debt	$	17,997

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)	$	32,293	⁽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 the Company’s 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.

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

12 Months Ended

Oct. 31, 2024

Oct. 31, 2023

Oct. 31, 2022

Disaggregation of Revenue [Abstract]

Revenue

^[1]

$ 866,946

$ 892,076

$ 824,549

IC [Member]

Disaggregation of Revenue [Abstract]

Revenue

638,151

651,279

593,026

High-end [Member]

Disaggregation of Revenue [Abstract]

Revenue

228,469

194,939

195,332

Mainstream [Member]

Disaggregation of Revenue [Abstract]

Revenue

409,682

456,340

397,694

FPD [Member]

Disaggregation of Revenue [Abstract]

Revenue

228,795

240,797

231,523

High-end [Member]

Disaggregation of Revenue [Abstract]

Revenue

195,365

200,842

186,988

Mainstream [Member]

Disaggregation of Revenue [Abstract]

Revenue

33,430

39,955

44,535

Taiwan [Member]

Disaggregation of Revenue [Abstract]

Revenue

^[1]

288,275

316,889

291,342

China [Member]

Disaggregation of Revenue [Abstract]

Revenue

^[1]

232,941

245,378

212,598

Korea [Member]

Disaggregation of Revenue [Abstract]

Revenue

^[1]

158,017

162,235

156,139

United States [Member]

Disaggregation of Revenue [Abstract]

Revenue

^[1]

146,652

128,879

126,205

Europe [Member]

Disaggregation of Revenue [Abstract]

Revenue

^[1]

39,244

36,579

36,402

Other [Member]

Disaggregation of Revenue [Abstract]

Revenue

^[1]

1,817

2,116

1,863

Over Time [Member]

Disaggregation of Revenue [Abstract]

Revenue

831,500

838,628

758,359

At a Point in Time [Member]

Disaggregation of Revenue [Abstract]

Revenue

$ 35,446

$ 53,448

$ 66,190

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

OTHER CURRENT ASSETS (Tables)

12 Months Ended

Oct. 31, 2024

OTHER CURRENT ASSETS [Abstract]

Other Current Assets

Presented below are the components of Other current assets at the balance sheet dates.

	October 31, 2024		October 31, 2023
Contract assets	$	11,532	$	10,984
Prepaid expenses		5,770		10,031
Recoverable value added taxes		2,684		2,312
Prepaid and refundable income taxes		1,875		2,489
Other⁽¹⁾		11,175		2,537
	$	33,036	$	28,353

⁽¹⁾	The Company expects to receive refundable federal investment tax credits of $5 million through CHIPS Act in connection with the Company’s ongoing expansion projects.

ACCOUNTS RECEIVABLE

12 Months Ended

Oct. 31, 2024

ACCOUNTS RECEIVABLE [Abstract]

ACCOUNTS RECEIVABLE

NOTE 2 – ACCOUNTS RECEIVABLE

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

	October 31, 2024			October 31, 2023
Accounts Receivable	$	172,741		$	171,433
Unbilled Receivable		29,215			24,593
Allowance for Credit Losses		(1,126	)		(1,099	)
	$	200,830		$	194,927

DEBT, Xiamen Project Loans (Details) - Xiamen Project Loans [Member] ¥ in Millions, $ in Millions	1 Months Ended
	Feb. 28, 2023 USD ($)	Feb. 28, 2023 CNY (¥)	Oct. 31, 2024 USD ($)	Nov. 30, 2018 CNY (¥)
Project Loans [Abstract]
Maximum borrowing capacity \| ¥				¥ 345.0
Repayments of long-term debt	$ 3.9	¥ 26.4
Amount outstanding \| $			$ 0.0

INCOME TAXES (Policies)	12 Months Ended
INCOME TAXES (Policies)	Oct. 31, 2024
INCOME TAXES [Abstract]
Unremitted Earnings in Foreign Investment	Due to the Tax Cuts and Jobs Act, which was signed into law in December 2017, as of fiscal year end 2018, U.S. deferred taxes were no longer provided on the undistributed earnings of non-U.S. subsidiaries. Our policy to indefinitely reinvest these earnings in non-U.S. operations remains unchanged for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding taxes. Therefore, should we elect in the future to repatriate the remaining foreign earnings deemed to be indefinitely reinvested, we may incur additional state and foreign withholding tax expense on those earnings, the amount of which is not practicable to compute.
Interest and Penalties Related to Uncertain Tax Positions	We include unrecognized tax benefits in Other liabilities, and we include any applicable interest and penalties related to uncertain tax positions in our income tax provision.

INVENTORIES

12 Months Ended

Oct. 31, 2024

INVENTORIES [Abstract]

INVENTORIES

NOTE 4 - INVENTORIES

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

	October 31, 2024		October 31, 2023
Raw materials	$	56,128	$	48,948
Work in process		398		1,010
Finished goods		1		5
	$	56,527	$	49,963

FAIR VALUE MEASUREMENTS (Policies)	12 Months Ended
FAIR VALUE MEASUREMENTS (Policies)	Oct. 31, 2024
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value Financial Instruments	The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1- 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.

SHARE REPURCHASE PROGRAMS (Tables)

12 Months Ended

Oct. 31, 2024

SHARE REPURCHASE PROGRAMS [Abstract]

Shares Repurchase Programs

The table below presents information on the repurchase programs for the three most recent fiscal years.

	2024 Purchases		2023 Purchases		2022 Purchases
Number of shares repurchased		-		-		187

Cost of shares repurchased	$	-	$	-	$	2,522

Average price paid per share	$	-	$	-	$	13.43

ACCOUNTS RECEIVABLE (Tables)

12 Months Ended

Oct. 31, 2024

ACCOUNTS RECEIVABLE [Abstract]

Accounts Receivable

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

	October 31, 2024			October 31, 2023
Accounts Receivable	$	172,741		$	171,433
Unbilled Receivable		29,215			24,593
Allowance for Credit Losses		(1,126	)		(1,099	)
	$	200,830		$	194,927

LEASES, Information on Operating and Finance Leases included on Balance Sheet (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
Operating and Finance Leases included in Consolidated Balance Sheets [Abstract]
ROU Assets - Operating Leases	$ 5,010	$ 6,189
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
ROU Assets - Finance Leases	$ 32,293	$ 35,165
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Operating Lease Liability [Abstract]
Operating Lease Liability - Current	$ 1,925	$ 1,912
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating Lease Liability, Noncurrent	$ 3,037	$ 4,218
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Lease Liabilities - Operating Leases	$ 4,962	$ 6,130
Finance Lease Liability [Abstract]
Finance Lease Liability, Current	$ 17,972	$ 6,621
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-Term Debt and Lease Obligation, Current	Long-Term Debt and Lease Obligation, Current
Finance Lease Liability, Noncurrent	$ 25	$ 17,998
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-Term Debt and Lease Obligation	Long-Term Debt and Lease Obligation
Lease Liabilities - Finance Leases	$ 17,997	$ 24,619

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Oct. 31, 2024

FAIR VALUE MEASUREMENTS [Abstract]

Assets Measured at Fair Value on Recurring Basis

	October 31, 2024								October 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
U.S. Government Securities	$	-	$	-	$	-	$	-	$	12,915	$	-	$	-	$	12,915
Time deposits		-		42,184		-		42,184		-		-		-		-
Money market funds		36,322		-		-		36,322		19,187		-		-		19,187
Total	$	36,322	$	42,184	$	-	$	78,506	$	32,102	$	-	$	-	$	32,102

OTHER CURRENT ASSETS

12 Months Ended

Oct. 31, 2024

OTHER CURRENT ASSETS [Abstract]

OTHER CURRENT ASSETS

NOTE 3 - OTHER CURRENT ASSETS

Presented below are the components of Other current assets at the balance sheet dates.

	October 31, 2024		October 31, 2023
Contract assets	$	11,532	$	10,984
Prepaid expenses		5,770		10,031
Recoverable value added taxes		2,684		2,312
Prepaid and refundable income taxes		1,875		2,489
Other⁽¹⁾		11,175		2,537
	$	33,036	$	28,353

⁽¹⁾	The Company expects to receive refundable federal investment tax credits of $5 million through CHIPS Act in connection with the Company’s ongoing expansion projects.

EARNINGS PER SHARE

12 Months Ended

Oct. 31, 2024

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 15 - EARNINGS PER SHARE

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

	Year Ended
	October 31,		October 31,		October 31,
(in thousands, except for per share data)	2024		2023		2022
Net income attributable to Photronics, Inc. shareholders	$	130,688	$	125,485	$	118,786
Effect of dilutive securities		-		-		-
Earnings used for diluted earnings per share	$	130,688	$	125,485	$	118,786

Weighted-average common shares outstanding:
Basic		61,726		61,139		60,559
Effect of dilutive securities:
Share-based payment awards		665		616		630
Potentially dilutive common shares		665		616		630

Weighted-average common shares-Diluted		62,391		61,755		61,189

Earnings per share:
Net Income attributable to Photronics shareholders - Basic	$	2.12	$	2.05	$	1.96
Net Income attributable to Photronics shareholders - Diluted	$	2.09	$	2.03	$	1.94

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

	Year Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Share based payment awards		371		136		314
Total potentially dilutive shares excluded		371		136		314

LEASES, Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES, Lease Cost (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Lease, Cost [Abstract]
Operating lease costs	$ 2,255	$ 2,278	$ 2,253
Short-term lease costs	1,273	462	469
Variable lease costs	595	656	603
Interest on finance lease	330	426	522
Amortization of ROU assets	$ 2,950	$ 2,870	$ 2,917

RISKS AND CONCENTRATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
RISKS AND CONCENTRATIONS (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Geographical Areas [Abstract]
Long-lived Assets	$ 745,257	$ 716,135
Net Assets	1,480,759	1,275,609
China [Member]
Geographical Areas [Abstract]
Long-lived Assets	256,072	249,357
Net Assets	379,460	317,409
Europe and Other [Member]
Geographical Areas [Abstract]
Long-lived Assets	7,010	7,294
Net Assets	(420)	(2,175)
United States [Member]
Geographical Areas [Abstract]
Long-lived Assets	144,634	140,733
Net Assets	217,890	188,712
Korea [Member]
Geographical Areas [Abstract]
Long-lived Assets	123,631	119,438
Net Assets	315,597	281,941
Taiwan [Member]
Geographical Areas [Abstract]
Long-lived Assets	213,910	199,313
Net Assets	$ 568,232	$ 489,722
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer A [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable/revenue	19.20%	21.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer B [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable/revenue	14.60%	10.00%
Revenue [Member] \| Customer Concentration Risk [Member] \| Customer A [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable/revenue	15.00%	14.00%	15.00%
Revenue [Member] \| Customer Concentration Risk [Member] \| Customer B [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable/revenue	12.00%	10.00%	11.00%
Revenue [Member] \| Customer Concentration Risk [Member] \| Customer C [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable/revenue	9.00%	13.00%	5.00%

EARNINGS PER SHARE (Tables)

12 Months Ended

Oct. 31, 2024

EARNINGS PER SHARE [Abstract]

Calculation of Basic and Diluted Earnings Per Share

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

	Year Ended
	October 31,		October 31,		October 31,
(in thousands, except for per share data)	2024		2023		2022
Net income attributable to Photronics, Inc. shareholders	$	130,688	$	125,485	$	118,786
Effect of dilutive securities		-		-		-
Earnings used for diluted earnings per share	$	130,688	$	125,485	$	118,786

Weighted-average common shares outstanding:
Basic		61,726		61,139		60,559
Effect of dilutive securities:
Share-based payment awards		665		616		630
Potentially dilutive common shares		665		616		630

Weighted-average common shares-Diluted		62,391		61,755		61,189

Earnings per share:
Net Income attributable to Photronics shareholders - Basic	$	2.12	$	2.05	$	1.96
Net Income attributable to Photronics shareholders - Diluted	$	2.09	$	2.03	$	1.94

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

	Year Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Share based payment awards		371		136		314
Total potentially dilutive shares excluded		371		136		314

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

12 Months Ended

Oct. 31, 2024

Oct. 31, 2023

Oct. 31, 2022

Consolidated Statements of Income [Abstract]

Revenue

^[1]

$ 866,946

$ 892,076

$ 824,549

Cost of goods sold

551,000

555,914

530,336

Gross profit

315,946

336,162

294,213

Operating expenses:

Selling, general and administrative

77,760

69,458

63,989

Research and development

16,576

13,654

18,341

Total operating expenses

94,336

83,112

82,330

Other operating expense

(92)

(17)

Operating income

221,518

253,050

211,866

Non-operating income (expense):

Foreign currency transactions impacts, net

2,168

2,466

27,344

Interest income and other income, net

24,063

14,863

1,680

Interest expense, net of subsidies

(334)

(433)

(1,857)

Income before income tax provision

247,415

269,946

239,033

Income tax provision

63,567

70,312

59,791

Net income

183,848

199,634

179,242

Net income attributable to noncontrolling interests

53,160

74,149

60,456

Net income attributable to Photronics, Inc. shareholders

$ 130,688

$ 125,485

$ 118,786

Earnings per share:

Basic (in dollars per share)

$ 2.12

$ 2.05

$ 1.96

Diluted (in dollars per share)

$ 2.09

$ 2.03

$ 1.94

Weighted-average number of common shares outstanding:

Basic (in shares)

61,726

61,139

60,559

Diluted (in shares)

62,391

61,755

61,189

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Oct. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business and Basis of Presentation

Description of Business

Photronics, Inc. (“Photronics”, “the Company”, “we”, “our”, or “us”) is one of the world’s leading manufacturers of photomasks, which are high-precision photographic quartz or glass plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of ICs and FPDs, and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of integrated circuits, a variety of FPDs and, to a lesser extent, other types of electrical and optical components. The Company currently has eleven manufacturing facilities, located in Taiwan (3), China (2), Korea (1), the United States (3), and Europe (2).

The Company operates as a single operating segment as a manufacturer of photomasks, which are high precision quartz or glass plates containing microscopic images of electronic circuits for use in the fabrication of IC’s and FPDs. In accordance with ASC 280 – “Segment Reporting”, the Company’s chief operating decision maker has been identified as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. Since the Company operates in one segment, all financial information required by “Segment Reporting” can be found in the accompanying notes to consolidated financial statements.

Basis of Presentation

The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accounting policies used to prepare these financial statements are the same as those used to prepare the consolidated financial statements in prior years, except as described in these notes or for the adoption of new standards as outlined below.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Photronics, Inc., its wholly owned subsidiaries, in which Photronics is considered the primary beneficiary, and the majority-owned subsidiaries which it controls.

All intercompany balances and transactions have been eliminated in consolidation.

Noncontrolling interests in subsidiaries related to Photronics ownership interests of less than 100% are reported as Noncontrolling interests in the consolidated balance sheets. The results of noncontrolling ownership interests held by Photronics, net of tax, are reported as Net (income) attributable to noncontrolling interests in the consolidated statements of income.

Estimates and Assumptions

The preparation of financial statements in conformity with U.S. GAAP requires Photronics to make estimates and assumptions that affect amounts reported in them. The Company’s estimates are based on historical experience and on various assumptions that are believed to be reasonable, based on the facts and circumstances available at the time they are made. Subsequent actual results may differ from such estimates. The Company reviews these estimates periodically and reflect any effects of revisions in the period in which they are determined.

Translation of Foreign Currency Financial Statements

Photronics reporting currency is the U.S. dollar. The functional currency of the majority of Photronics foreign subsidiaries is their local currency. As such, amounts included in the consolidated statements of income, comprehensive income, cash flows, and changes in equity are translated using average exchange rates during each period. Assets and liabilities are translated at period-end exchange rates and resulting foreign currency translation adjustments are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss.

Foreign Currency Transactions

Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into their respective functional currencies at exchange rates in effect at the balance sheet date. The resulting exchange gain or loss is included in Photronics’ consolidated statements of income as Foreign currency transactions impacts, net.

Cash and Cash Equivalents

Cash and cash equivalents include cash and highly liquid investments with an original maturity of three months or less, readily convertible to known amounts of cash, and so near to their maturity that they present insignificant risk of changes in value because of changes in interest rates. Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. The carrying values of cash equivalents approximate their fair values, due to the short-term maturities of these instruments.

Restricted Cash

Restricted cash in the amounts of $2.8 million and $2.6 million are included in Other assets on the Company’s October 31, 2024 and October 31, 2023, consolidated balance sheets, respectively. The restrictions on these amounts are primarily related to land lease agreements and customs requirements.

Investments

The Company invests in various bank time deposits, money markets and U.S. Government Securities. The Company’s 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 October 31, 2024 and 2023, all of the Company’s 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.

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. Money markets are classified as cash and cash equivalents. 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 (loss). In the event of a sale of these securities, the Company 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 the Company also reports periodic interest earned and the amortization (accretion) of discounts (premiums) related to these investments.

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

	October 31, 2024								October 31, 2023
	Amortized		Unrealized		Unrealized		Carrying		Amortized		Unrealized		Unrealized			Carrying
	Cost		Gains		Losses		Value		Cost		Gains		Losses			Value
U.S. Government Securities⁽¹⁾	$	-	$	-	$	-	$	-	$	12,913	$	4	$	(2	)	$	12,915
Time deposits		42,184		-		-		42,184		-		-		-			-
Total	$	42,184	$	-	$	-	$	42,184	$	12,913	$	4	$	(2	)	$	12,915

⁽¹⁾

Matured during 2024

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.

Accounts Receivable, Unbilled Receivables and Allowance for Credit Losses

We generally record the Company’s accounts receivable at their billed amounts. The Company recognizes unbilled receivables when the Company has satisfied its performance obligations, has an unconditional right to consideration, but has not yet issued an invoice. All outstanding past due customer invoices are reviewed for collectability during, and at the end of, every reporting period. To the extent that the Company believes a loss on the collection of a customer invoice is probable, the Company records the loss and credits an allowance for credit losses. In the event that an amount is determined to be uncollectible, the Company charges the allowance for credit losses and derecognizes the related receivable. Refer to the Company’s revenue recognition policy, below, for additional information on the Company’s accounting for accounts receivable.

Inventories

Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value. Please refer to Note 4 for additional information on the Company’s inventories. Inventory reserves are established when conditions indicate that the net realizable value is less than costs due to assigned expiration dates or other causes based on individual facts and circumstances. If net realizable value is less than cost at the balance sheet date, the carrying amount is reduced to the realizable value, and the difference is recognized as a loss on valuation of inventories within cost of sales.

Property, Plant and Equipment, Net

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

Depreciation and amortization, essentially all of which are included in Cost of goods sold in the Company’s consolidated statements of income, are computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over 10 to 39 years, machinery and equipment over 5 to 15 years, and furniture, fixtures, and office equipment over 3 to 5 years. Leasehold improvements are amortized over the lesser of the life of the lease or the estimated useful life of the improvement. The Company employs judgment when making assumptions about the estimated useful lives and depreciation periods the Company assigns to property, plant and equipment, and when events or changes in circumstances such as a significant industry downturn, plant closures, technological obsolescence, or other occurrences indicate that their carrying amounts may not be recoverable.

Impairment of Long-Lived Assets

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

Property, plant and equipment and other long-lived assets to be sold or otherwise disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Treasury Stock

The Company records treasury stock purchases under the cost method, recording the entire cost of the acquired stock as treasury stock. Gains and losses on subsequent reissuances would be credited or charged to additional paid-in capital, and the Company would employ the average cost method (with average cost being determined separately for each share repurchase program), in the event that the Company subsequently reissues shares. When the Company retires the Company’s treasury stock, any excess of the repurchase price paid over par value is allocated between additional paid-in capital and retained earnings.

Revenue Recognition

The Company recognizes revenue when, or as, control of a good or service transfers to a customer, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring those goods or services. The Company accounts 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 the Company’s revenue comes from the sales of photomasks. The Company typically contracts with the Company’s customers to sell sets of photomasks, which are comprised of multiple layers, the predominance of which the Company invoices as they ship to customers. As the photomasks are manufactured to customer specifications, they have no alternative use to the Company and, as the Company’s contracts generally provide the Company with the right to payment for work completed to date, the Company recognizes revenue as the Company performs, or “over time,” on most of the Company’s contracts. The Company measures the Company’s performance to date using an input method, which is based on the Company’s 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 the Company has performed; for any such contracts under which the Company is entitled to be compensated for the Company’s costs incurred plus a reasonable profit, the Company recognizes revenue and a corresponding contract asset for such performance. The Company accounts for shipping and handling activities that the Company performs after a customer obtains control of a good as being activities to fulfill the Company’s promise to transfer the good to the customer, rather than as promised services, or performance obligations, under the contract. The Company reports the Company’s revenue net of any sales or similar taxes the Company collects on behalf of governmental entities.

As stated above, photomasks are manufactured to customer specifications in accordance with their proprietary designs; thus, they are individually unique. Due to their uniqueness and other factors, their transaction prices are individually established through negotiations with customers; consequently, the Company’s photomasks do not have standard or “list” prices. The transaction prices of the vast majority of the Company’s revenue contracts include only fixed amounts of consideration. In certain instances, such as when the Company offers 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 and Contract Liabilities

The Company recognizes a contract asset when the Company’s performance under a contract precedes the Company’s receipt of consideration from a customer, or before payment is due, and the Company’s receipt of consideration is conditional upon factors other than the passage of time. Contract assets reflect the Company’s transfer of control to customers of photomasks that are in process or completed but not yet shipped to customers. A receivable is recognized when the Company has an unconditional right to payment for the Company’s performance, which generally occurs when the Company ships the photomasks. The Company’s contract assets primarily consist of a significant amount of the Company’s in-process production orders and fully manufactured photomasks which have not yet shipped, for which the Company has 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, the Company nets contract assets with contract liabilities (deferred revenue) for financial reporting purposes. The Company’s net credit losses on the accounts receivable during 2024 were insignificant. The Company did not impair any contract assets or accounts receivable in 2024 or 2023.

Contract Costs

The Company pays commissions to third-party sales agents for certain sales that they procure on the Company’s 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, the Company would not recognize any portion of these sales commissions as costs of obtaining a contract, nor does the Company currently foresee other circumstances under which the Company would recognize such assets.

Remaining Performance Obligations

As the Company is typically required to fulfill customer orders within a short time period, the Company’s backlog of orders is generally not in excess of one to two weeks for IC photomasks and two to three weeks for FPD photomasks. However, the demand for some IC photomasks can extend beyond the traditional time period; thus the backlog, in some individual cases, can extend 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 ASC 606 – Revenue Contracts with Customers, the Company has elected not to disclose the Company’s 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

The Company’s photomasks are sold under warranties that generally range from one to twenty-four months. The Company warrants that the Company’s photomasks conform to customer specifications, and the Company 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 the Company’s revenue contracts. Historically, customer claims under warranties have been immaterial.

Leases

The Company determines if an agreement is, or contains, a lease on the earlier of the date of the agreement or the date on which the Company commits to entering the agreement and evaluates at that time whether the lease is an operating lease or a finance lease. The Company recognizes right-of-use assets and lease liabilities for operating and finance leases with terms greater than 12 months. Please refer to Note 11 – Leases for additional information.

The Company’s involvement in lease arrangements has typically been as a lessee. The Company determines if an agreement is, or contains, a lease on the earlier of the date of the agreement or the date on which the Company commits to entering the agreement. An arrangement is determined to be a lease when it conveys to the Company the right to control the use of an identified asset for a period of time in exchange for consideration. The Company’s having the right to control an identified asset is determined by whether the Company is entitled to substantially all of its economic benefits and can direct its use. The Company recognizes leases on the Company’s consolidated balance sheet when a lessor makes an asset underlying a lease having a term in excess of twelve months available for the Company’s use. As allowed under ASC Topic 842 – “Leases” (“Topic 842”), the Company has elected 1) not to apply the recognition requirements to leases that, at their commencement dates, have lease terms of twelve months or less and do not include options to purchase their underlying assets that the Company is reasonably certain to exercise and 2) for all classes of assets, the practical expedient to not separate lease components of a contract from non-lease components of a contract.

If an arrangement is determined to be, or includes a lease, the Company then applies the classification criteria in ASC 842 - Leases to determine whether the lease is a finance lease or an operating lease. For both types of leases, at their commencement dates (which are the dates on which a lessor makes an underlying asset available for the Company’s use), the Company recognizes Right-of-Use (“ROU”) assets, which represent the Company’s rights to use the underlying assets, and lease liabilities which represent the Company’s obligation to make payments for such rights. The present value of lease payments over the term of the lease provides the basis for the initial measurement of ROU assets and their related lease liabilities. Variable lease payments, other than those that are dependent on an index or on a rate (at which they are measured on their commencement dates), are not included in the measurement of ROU assets and their related lease liabilities. Lease terms include extension periods if the lease agreement includes an option to extend the lease that the Company is reasonably certain to exercise.

The initial measurement process for finance leases and operating leases is the same, except that, for operating leases, the Company generally applies the Company’s incremental borrowing rates for collateralized borrowings over terms similar to those of the leases to determine the lease liability while, for finance leases, the Company uses the interest rates implicit in the leases. The initial measurement of ROU assets may require further adjustments for lease prepayments and initial direct costs the Company incurs.

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

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

Share-Based Compensation

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

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

Research and Development

Research and development costs are expensed as incurred and consist primarily of development efforts related to high-end process technologies for advanced subwavelength reticle solutions for IC and FPD photomask technologies. Research and development expenses were $16.6 million, $13.7 million, and $18.3 million for the years ended October 31, 2024, 2023 and 2022, respectively.

Government Grants

The Company receives or expects to receive in the future, various types of government assistance, primarily in the form of grants or refundable tax credits. Government assistance is recognized when there is reasonable assurance that: (1) the Company will comply with the relevant conditions and (2) the assistance will be received. Government assistance related to reimbursing fixed asset purchases, such as reimbursement grants and refundable federal investment tax credits, are recorded as a reduction to the related asset(s), which then reduces depreciation expense over the expected useful life of the asset on a straight-line basis. If some, or all, of the amount of government assistance becomes repayable (e.g. due to non-fulfillment of the grant conditions) or there is no longer reasonable assurance the amount will be received (e.g. due to additional interpretive guidance) then the adjustment is accounted for prospectively as a change in accounting estimate. The effect of the change in estimate is recognized in the period in which management concludes that it is no longer reasonably assured that all of the grant conditions will be met. A corresponding financial liability is recognized for the amount of the repayment, if any.

The Company accounts for funds the Company receives from government grants by either reducing the costs of the assets (if the grant relates to capital expenditures) or expenses which could be Cost of goods sold, Selling, general and administrative, or Research and development expenses in the consolidated statements of income. If the funds the Company receives cannot be attributed to specific assets or expenses, they would be recognized as other income, and included in Interest income and other income, net in the consolidated statements of income. Funds the Company receive from government grants are classified in the Company’s consolidated statements of cash flows as either Net cash provided by operating activities or Net cash provided by investing activities, in accordance with how the Company expends the funds. When a grant is received before conditions of the grant have been met, the grant is recorded in Accrued liabilities or Other liabilities in the Consolidated Balance Sheets. For the years ended October 31, 2024, October 31, 2023, and October 31, 2022, grants recorded in the Company’s Consolidated Financial Statements were not material.

The Company expects to receive refundable federal investment tax credits through the CHIPS Act in connection with ongoing expansion projects. As of October 31, 2024, the Company has reduced property, plant and equipment, net by $5.0 million as a result of expected refundable tax credits in connection with the CHIPS Act. The Company has also applied for direct capital grants through the CHIPS Act in connection with proposed projects.

Income Taxes

The income tax provision is computed on the basis of the income or loss before income taxes for each entity in its respective tax jurisdiction. Deferred income taxes reflect the tax effects of differences between the carrying amounts of assets and liabilities for financial reporting purposes and their amounts used for income tax purposes, as well as the tax effects of net operating losses and tax credit carryforwards. We employ judgment and make assumptions when establishing valuation allowances for deferred income tax assets, if their realization is not deemed to be more likely than not, by considering future market growth, operating forecasts, future taxable income, and the mix of earnings among the tax jurisdictions in which we operate. Accordingly, income taxes charged against earnings may have been impacted by changes in the valuation allowances. We are eligible for investment tax credits in U.S. and non-U.S. tax jurisdictions. We account for investment tax credits under the “flow-through” method of accounting. As permitted in ASC 740 “Income Taxes”, under the flow-through method of accounting, the tax benefit from an investment tax credit is recorded as a reduction of income taxes in the period in which the credit is generated.

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

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

Earnings Per Share

Basic earnings per share (“EPS”) attributed to Photronics shareholders for both basic and diluted is computed independently for each period presented and is based on the weighted-average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution that could occur if certain share-based payment awards were exercised or earned.

Variable Interest Entities

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

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

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

Recent Accounting Pronouncements

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. The Company is currently evaluating the effect the adoption of this ASU may have on the Company’s 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. The Company is currently evaluating the effect the adoption of this ASU may have on the Company’s disclosures.

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Oct. 31, 2024	Dec. 12, 2024	Apr. 28, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Oct. 31, 2024
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,729,553,783
Entity Common Stock, Shares Outstanding		63,335,388
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
ACCRUED LIABILITIES [Abstract]
Compensation related expenses	$ 31,188	$ 37,218
Income taxes	24,200	24,080
Contract liabilities	12,375	9,965
Value added and other taxes	2,837	3,523
Property, plant, and equipment	2,670	6,624
Operating leases	1,925	1,912
Telecommunications and utilities	1,040	1,311
Service Contracts	1,448	2,613
Other	9,439	7,332
Accrued liabilities	$ 87,122	$ 94,578

OTHER LIABILITIES

12 Months Ended

Oct. 31, 2024

OTHER LIABILITIES [Abstract]

OTHER LIABILITIES

NOTE 9 - OTHER LIABILITIES

Presented below are the components of Other liabilities at the balance sheet dates.

	October 31, 2024		October 31, 2023
Unrecognized tax benefit	$	14,720	$	8,908
Post employment benefit		12,993		11,994
Contract liabilities		8,910		12,454
Tax payable		4,310		6,622
Operating lease		3,037		4,218
Other		3,494		3,195
Other liabilities	$	47,464	$	47,391

PDMCX JOINT VENTURE, Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
Carrying amounts of assets and liabilities [Abstract]
Current assets	$ 931,062	$ 785,450
Total assets	1,712,059	1,526,221
Current liabilities	183,811	185,223
Total liabilities	231,300	250,612
Net assets	1,480,759	1,275,609
Carrying Amount [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	174,059	135,960
Noncurrent assets	151,039	136,334
Total assets	325,098	272,294
Current liabilities	40,691	36,305
Noncurrent liabilities	3,320	1,873
Total liabilities	44,011	38,178
Net assets	281,087	234,116
Photronics Interest [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	87,047	67,994
Noncurrent assets	75,535	68,181
Total assets	162,582	136,175
Current liabilities	20,350	18,156
Noncurrent liabilities	1,660	937
Total liabilities	22,010	19,093
Net assets	$ 140,572	$ 117,082

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0	$ 0

- Definition

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

+ References

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-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, Finance Leases (Details) - USD ($) $ in Thousands	1 Months Ended
DEBT, Finance Leases (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Jan. 31, 2021	Oct. 31, 2024	Oct. 31, 2023	Dec. 31, 2020
Debt Instruments [Abstract]
Finance lease amount			$ 17,997	$ 24,619
$7.2 Million Finance Lease [Member]
Debt Instruments [Abstract]
Finance lease contract term			5 years
Finance lease amount	$ 7,200
Early buyout option to purchase tool	2,400
$7.2 Million Finance Lease [Member] \| Monthly [Member]
Debt Instruments [Abstract]
Finance lease monthly payments	$ 100
$35.5 Million Finance Lease [Member]
Debt Instruments [Abstract]
Finance lease contract term			5 years
Finance lease amount					$ 35,500
Early buyout option to purchase tool		$ 14,100
$35.5 Million Finance Lease [Member] \| First Three Months [Member]
Debt Instruments [Abstract]
Finance lease monthly payments		40
$35.5 Million Finance Lease [Member] \| Following Nine Months [Member]
Debt Instruments [Abstract]
Finance lease monthly payments		600
$35.5 Million Finance Lease [Member] \| Forty Eight Months [Member]
Debt Instruments [Abstract]
Finance lease monthly payments		500
$35.5 Million Finance Lease [Member] \| Minimum [Member]
Debt Instruments [Abstract]
Outstanding committed balance for cross default provision		$ 5,000

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 2,319,357	$ 2,209,453
Accumulated depreciation and amortization	(1,574,100)	(1,500,209)
Property, plant and equipment, net	745,257	709,244
Finance lease, Right-of-use asset [Abstract]
Finance lease, right-of-use asset, gross	42,815	42,820
Accumulated amortization	(10,522)	(7,655)
Finance lease, right-of-use asset, net	32,293	35,165
Depreciation Expense [Abstract]
Depreciation and amortization expense	82,433	80,472	$ 79,971
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	11,419	11,378
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	188,756	185,850
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,990,610	1,922,041
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	19,268	18,894
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	18,091	15,856
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 91,213	$ 55,434

INCOME TAXES

12 Months Ended

Oct. 31, 2024

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 14 - INCOME TAXES

On December 15, 2022, the European Union (EU) Member States formally adopted the EU’s Pillar Two Directive, which generally provides for a minimum effective tax rate of 15%, as established by the Organization for Economic Co-operation and Development (OECD) Pillar Two Framework. The EU effective dates are January 1, 2024, and January 1, 2025, for different aspects of the directive. A significant number of other countries are expected to also implement similar legislation with varying effective dates. The Company is currently not subject to Pillar Two but is continuously evaluating the potential impact of the Pillar Two Framework to ensure we are compliant in the future.

Income before the income tax provisions consists of the following:

	Year Ended
	October 31, 2024		October 31, 2023			October 31, 2022
United States	$	20,145	$	(1,737	)	$	1,813
Foreign		227,270		271,683			237,220
	$	247,415	$	269,946		$	239,033

Income Tax Provision

The components of our income tax provisions are presented below.

	Year Ended
	October 31, 2024			October 31, 2023			October 31, 2022
Current:
Federal	$	-		$	-		$	-
State		95			14			1
Foreign		64,861			71,225			58,981
		64,956			71,239			58,982

Deferred:
Federal		-			-			-
State		13			12			10
Foreign		(1,402	)		(939	)		799
		(1,389	)		(927	)		809
Total	$	63,567		$	70,312		$	59,791

The table below presents a reconciliation of income taxes calculated by applying the statutory U.S. federal income tax rate to our income tax provisions of the reporting periods.

	Year Ended
	October 31, 2024			October 31, 2023			October 31, 2022
U.S. federal income tax at statutory rate	$	51,957		$	56,689		$	50,197
Changes in valuation allowance		(1,986	)		(256	)		(1,462	)
Foreign rate differential		10,695			11,394			7,941
Tax credits		(5,209	)		(2,425	)		(1,368	)
Uncertain tax positions, including reserves, settlements and resolutions		6,226			3,328			3,214
Other, net		1,884			1,582			1,269
Income tax provision	$	63,567		$	70,312		$	59,791

Reporting Period	U.S. Statutory Tax Rates		Photronics Effective Tax Rates		Primary Reasons for Differences
2024		21.0%		25.7%	Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions, the establishment of uncertain tax positions in non-U.S. jurisdiction and loss jurisdiction pre-tax losses not being benefited due to valuation allowances.
2023		21.0%		26.0%	Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions, the establishment of uncertain tax positions in non-U.S. jurisdiction and loss jurisdiction pre-tax losses not being benefited due to valuation allowances.
2022		21.0%		25.0%	Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions; and the establishment of uncertain tax positions in non-U.S. jurisdiction.

Deferred Income Tax Assets and Liabilities

The net deferred income tax assets consist of the following:

	As of
	October 31, 2024			October 31, 2023
Deferred income tax assets
Net operating losses	$	18,941		$	26,377
Reserves not currently deductible		9,892			8,776
Tax credit carryforwards		12,550			10,442
Share-based compensation		3,102			1,892
Property, plant and equipment		10,710			9,844
Research intangibles		2,721			-
Lease liabilities		4,116			5,743
		62,032			63,074
Valuation allowances		(30,633	)		(32,619	)
		31,399			30,455
Deferred income tax liabilities
ROU assets		(7,351	)		(8,193	)
Other		(1,458	)		(1,200	)
		(8,809	)		(9,393	)
Net deferred income tax assets	$	22,590		$	21,062

Classification
Deferred income tax assets	$	23,059		$	21,297
Other liabilities		(469	)		(235	)
	$	22,590		$	21,062

We have established a valuation allowance for a portion of our deferred tax assets because we believe, based on the weight of all available evidence, that it is more likely than not that a portion of our deferred tax assets will expire prior to utilization. In 2024 the valuation allowance decreased as a result of management’s determination that tax benefits on deferred tax assets would more likely than not be realized and, therefore, decreased the valuation allowance to include these deferred tax assets.

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

Tax Credits and Carryforwards

The following tables present our available operating loss and credit carryforwards as of October 31, 2024, and their related expiration periods.

Operating Loss Carryforwards	Amount		Expiration Period
Federal	$	55,729	2030-Indefinite

State	$	135,736		2025-Indefinite

Foreign	$	165		2025-2034

Tax Credit Carryforwards	Amount		Expiration Period
Federal research and development	$	6,042		2025-2044

Federal 48D credit	$	2,276		2043-2044

State	$	5,357		2025-2038

Uncertain Tax Positions

We include unrecognized tax benefits in Other liabilities, and we include any applicable interest and penalties related to uncertain tax positions in our income tax provision.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is presented below. The amounts in the table include settlements of non-U.S. audits.

	Year Ended
	October 31, 2024			October 31, 2023			October 31, 2022
Balance at beginning of year before interest and penalties	$	8,332		$	5,204		$	3,534
(Reductions) additions of tax positions in prior years		86			209			(355	)
Additions based on current year tax positions		6,139			3,361			2,892
Settlements		(835	)		(423	)		(848	)
Lapses of statutes of limitations		(30	)		(19	)		(19	)
Balance at end of year before interest and penalties		13,692			8,332			5,204
Interest and penalties		1,028			576			395
Balance at end of year including interest and penalties	$	14,720		$	8,908		$	5,599

The following table presents additional information on our uncertain tax positions, as of the balance sheet dates.

	October 31, 2024		October 31, 2023
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	14,720	$	8,908
Accrued interest and penalties related to uncertain tax positions	$	1,028	$	576

Although the timing of the reversal of uncertain tax positions may be uncertain, as they can be dependent upon the settlement of tax audits or expirations of statutes of limitations, the Company believes that the amount of uncertain tax positions (including accrued interest and penalties, and net of tax benefits) that may be resolved over the next twelve months is $0.4 million. Resolution of these uncertain tax positions may result from either or both the lapses of statutes of limitations and tax settlements. The Company is no longer subject to tax authority examinations in the U.S., major foreign, or state tax jurisdictions for years prior to fiscal year 2019.

Income Tax Payments and Refunds

The table below presents income taxes paid and refunds of income taxes received during the reporting periods.

	Year Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Income taxes paid	$	62,520	$	70,362	$	37,770
Income tax refunds received	$	2,519	$	485	$	388

- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

INSIDER TRADING ARRANGEMENTS	3 Months Ended
INSIDER TRADING ARRANGEMENTS	Oct. 31, 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

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
Fair Value, Assets [Abstract]
Assets, fair value disclosure	$ 78,506	$ 32,102
Time Deposits [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	42,184	0
Money Market Funds [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	36,322	19,187
U.S. Government Securities [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	12,915
Level 1 [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	36,322	32,102
Level 1 [Member] \| Time Deposits [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	0
Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	36,322	19,187
Level 1 [Member] \| U.S. Government Securities [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	12,915
Level 2 [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	42,184	0
Level 2 [Member] \| Time Deposits [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	42,184	0
Level 2 [Member] \| Money Market Funds [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	0
Level 2 [Member] \| U.S. Government Securities [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	0
Level 3 [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	0
Level 3 [Member] \| Time Deposits [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	0
Level 3 [Member] \| Money Market Funds [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	0
Level 3 [Member] \| U.S. Government Securities [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	$ 0	$ 0

INCOME TAXES, Unrecognized Tax Benefits and Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Unrecognized Tax Benefits [Abstract]
Balance at beginning of year before interest and penalties	$ 8,332	$ 5,204	$ 3,534
Reductions of tax positions in prior years	86	209
Additions of tax positions in prior years			(355)
Additions based on current year tax positions	6,139	3,361	2,892
Settlements	(835)	(423)	(848)
Lapses of statutes of limitations	(30)	(19)	(19)
Balance at end of year before interest and penalties	13,692	8,332	5,204
Interest and penalties	1,028	576	395
Balance at end of year including interest and penalties	14,720	8,908	5,599
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	14,720	8,908
Accrued interest and penalties related to uncertain tax positions	1,028	576	395
Uncertain tax positions that may be resolved over next twelve months	400
Income Tax Payments and Refunds [Abstract]
Income taxes paid	62,520	70,362	37,770
Income tax refunds received	2,519	$ 485	$ 388
Federal Research and Development [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount	$ 6,042
Federal Research and Development [Member] \| Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2025
Federal Research and Development [Member] \| Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2044
Federal 48D credit [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount	$ 2,276
Federal 48D credit [Member] \| Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2043
Federal 48D credit [Member] \| Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2044
State [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount	$ 5,357
State [Member] \| Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2025
State [Member] \| Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2038
Federal [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 55,729
Federal [Member] \| Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2030
State [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 135,736
State [Member] \| Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2025
Foreign [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 165
Foreign [Member] \| Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2025
Foreign [Member] \| Maximum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2034

SHARE-BASED COMPENSATION (Details)
$ / shares in Units, $ in Thousands

12 Months Ended

Mar. 16, 2023

Oct. 31, 2024

USD ($)

Executive

$ / shares

Oct. 31, 2023

USD ($)

$ / shares

Oct. 31, 2022

USD ($)

$ / shares

Mar. 15, 2023

Share-based Compensation [Abstract]

Maximum number of shares of common stock that may be issued (in shares) | shares

5,000,000

4,000,000

Additional shares available for issuance (in shares) | shares

1,000,000

Number of executives departed from company | Executive

Expense incurred

$ 13,890

$ 8,001

$ 6,308

Income tax benefits of share-based compensation

1,156

715

449

Cost of Goods Sold [Member]

Share-based Compensation [Abstract]

Expense incurred

2,704

1,259

868

Selling, General and Administrative [Member]

Share-based Compensation [Abstract]

Expense incurred

10,124

5,962

4,803

Research and Development [Member]

Share-based Compensation [Abstract]

Expense incurred

1,062

780

637

Restricted Stock [Member]

Share-based Compensation [Abstract]

Expense incurred

^[1]

$ 13,868

$ 7,909

$ 5,800

Shares [Roll Forward]

Outstanding at beginning of period (in shares) | shares

1,238,297

893,704

Granted (in shares) | shares

865,050

791,925

654,224

Vested (in shares) | shares

(550,069)

Cancelled (in shares) | shares

(129,676)

Outstanding at end of period (in shares) | shares

1,423,602

1,238,297

893,704

Expected to vest (in shares) | shares

1,292,883

Weighted-Average Fair Value at Grant Date [Abstract]

Outstanding at beginning of period (in dollars per share) | $ / shares

$ 16.27

Granted (in dollars per share) | $ / shares

29.5

$ 16.84

$ 18.73

Vested (in dollars per share) | $ / shares

17.74

Cancelled (in dollars per share) | $ / shares

21.9

Outstanding at end of period (in dollars per share) | $ / shares

23.23

$ 16.27

Expected to vest (in dollars per share) | $ / shares

$ 23.14

Fair value of awards for which restrictions lapsed

$ 9,755

$ 6,256

$ 5,212

Estimated Expenses Not Yet Incurred [Abstract]

Compensation cost not yet recognized

$ 21,303

$ 12,760

$ 8,949

Weighted-average amortization period (in years)

2 years 9 months 18 days

2 years 8 months 12 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

Restricted Stock [Member] | Selling, General and Administrative [Member] | Executive [Member]

Share-based Compensation [Abstract]

Expense incurred

$ 1,200

Stock Options [Member]

Share-based Compensation [Abstract]

Expense incurred

$ 1

$ 298

Estimated Expenses Not Yet Incurred [Abstract]

Compensation cost not yet recognized

$ 0

$ 13

Weighted-average amortization period (in years)

2 months 12 days

Stock Options Activity [Abstract]

Contractual term

10 years

Shares [Roll Forward]

Outstanding at beginning of period (in shares) | shares

472,275

Granted (in shares) | shares

Exercised (in shares) | shares

(191,650)

Cancellations, forfeitures, and adjustments (in shares) | shares

(3,000)

Outstanding at end of period (in shares) | shares

277,625

472,275

Exercisable at end of period (in shares) | shares

277,625

Expected to vest (in shares) | shares

Weighted-Average Exercise Price [Abstract]

Outstanding at beginning of period (in dollars per share) | $ / shares

$ 10.18

Granted (in dollars per share) | $ / shares

Exercised (in dollars per share) | $ / shares

9.86

Cancellations, forfeitures, and adjustments (in dollars per share) | $ / shares

10.43

Outstanding at end of period (in dollars per share) | $ / shares

10.39

$ 10.18

Exercisable at end of period (in dollars per share) | $ / shares

10.39

Expected to vest (in dollars per share) | $ / shares

$ 0

Weighted-Average Remaining Contractual Life [Abstract]

Outstanding at end of period

1 year 11 months 8 days

Exercisable at end of period

1 year 11 months 8 days

Aggregate Intrinsic Value [Abstract]

Outstanding at end of period

$ 3,445

Exercisable at end of period

3,445

Expected to vest

Options Exercised [Abstract]

Total intrinsic value of options exercised

2,981

$ 1,654

$ 5,108

Cash received from options exercises

$ 1,888

1,101

5,275

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]

Maximum number of shares of common stock that may be issued (in shares) | shares

1,850,000

Expense incurred

$ 22

$ 91

$ 210

Award vesting period

1 year

Options Exercised [Abstract]

Percent of market price that participants pay for shares subscribed

85.00%

Total shares issued since inception (in shares) | shares

1,600,000

Unrecognized compensation cost

$ 200

[1]

During the year ended October 31, 2024, upon the departure of two executives from the Company and in accordance with the terms of their separation agreements, previously granted time-vesting restricted stock awards accelerated vesting. The Company accounted for the effects of the accelerated vesting of these stock awards as a modification, and recognized $1.2 million of incremental stock-based compensation for the acceleration of restricted stock awards, within selling, general and administrative expenses on the Consolidated Statements of Income for the year ended October 31, 2024.

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-controlling Interests [Member]	Total
Balance at Oct. 31, 2021	$ 600	$ 484,672	$ 317,849	$ 0	$ 20,571	$ 176,870	$ 1,000,562
Balance (in shares) at Oct. 31, 2021	60,024
Net income	$ 0	0	118,786	0	0	60,456	179,242
Other comprehensive income (loss)	0	0	0	0	(119,027)	(31,759)	(150,786)
Shares issued under equity plans	$ 10	4,280	0	0	0	0	4,290
Shares issued under equity plans (in shares)	954
Share-based compensation expense	$ 0	6,308	0	0	0	0	6,308
Contribution from noncontrolling interest	0	0	0	0	0	24,995	24,995
Purchases of treasury stock	$ 0	0	0	(2,522)	0	0	(2,522)
Purchases of treasury stock (in shares)	0
Retirement of treasury stock	$ (2)	(1,519)	(1,001)	2,522	0	0	0
Retirement of treasury stock (in shares)	(187)
Balance at Oct. 31, 2022	$ 608	493,741	435,634	0	(98,456)	230,562	1,062,089
Balance (in shares) at Oct. 31, 2022	60,791
Net income	$ 0	0	125,485	0	0	74,149	199,634
Other comprehensive income (loss)	0	0	0	0	9,722	(4,110)	5,612
Shares issued under equity plans	$ 5	268	0	0	0	0	273
Shares issued under equity plans (in shares)	519
Share-based compensation expense	$ 0	8,001	0	0	0	0	8,001
Balance at Oct. 31, 2023	$ 613	502,010	561,119	0	(88,734)	300,601	1,275,609
Balance (in shares) at Oct. 31, 2023	61,310
Net income	$ 0	0	130,688	0	0	53,160	183,848
Other comprehensive income (loss)	0	0	0	0	2,415	6,134	8,549
Shares issued under equity plans	$ 6	(1,143)	0	0	0	0	(1,137)
Shares issued under equity plans (in shares)	639
Share-based compensation expense	$ 0	13,890	0	0	0	0	13,890
Balance at Oct. 31, 2024	$ 619	$ 514,757	$ 691,807	$ 0	$ (86,319)	$ 359,895	$ 1,480,759
Balance (in shares) at Oct. 31, 2024	61,949

LEASES, Future Lease Payments Under Noncancelable Operating and Finance Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
Future Lease Payments Under Noncancelable Operating Leases [Abstract]
2025	$ 2,039
2026	1,651
2027	1,228
2028	267
2029 and thereafter	6
Total lease payments	5,191
Imputed interest	(229)
Operating lease liabilities	4,962	$ 6,130
Future Lease Payments Under Noncancelable Finance Leases [Abstract]
2025	18,027
2026	13
2027	13
2028	1
2029 and thereafter	0
Total lease payments	18,054
Imputed interest	(57)
Finance lease liabilities	$ 17,997	$ 24,619

EMPLOYEE RETIREMENT PLANS	12 Months Ended
EMPLOYEE RETIREMENT PLANS	Oct. 31, 2024
EMPLOYEE RETIREMENT PLANS [Abstract]
EMPLOYEE RETIREMENT PLANS	NOTE 13 - EMPLOYEE RETIREMENT PLANS We maintain a 401(k) Savings and Profit-Sharing Plan (“401(k) Plan”) which covers all full and certain part-time U.S. employees who have completed three months of service and are 18 years of age or older. Under the terms of the 401(k) Plan, employees may contribute up to 50% of their salary, subject to certain maximum amounts, which will be matched by the Company at 100% of the employee’s contributions that are up to 4% of the employee’s compensation. Employee and employer contributions vest immediately upon contribution. The total employer contributions for all of the Company’s defined contribution plans were $1.2 million, $0.8 million and $0.7 million in 2024, 2023, and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

ACCRUED LIABILITIES

12 Months Ended

Oct. 31, 2024

ACCRUED LIABILITIES [Abstract]

ACCRUED LIABILITIES

NOTE 7 - ACCRUED LIABILITIES

Presented below are the components of Accrued liabilities at the balance sheet dates.

	October 31, 2024		October 31, 2023
Compensation related expenses	$	31,188	$	37,218
Income taxes		24,200		24,080
Contract liabilities		12,375		9,965
Value added and other taxes		2,837		3,523
Property, plant, and equipment		2,670		6,624
Operating leases		1,925		1,912
Telecommunications and utilities		1,040		1,311
Service Contracts		1,448		2,613
Other		9,439		7,332
Accrued liabilities	$	87,122	$	94,578

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Oct. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of Presentation

Principles of Consolidation

Estimates and Assumptions

Translation of Foreign Currency Financial Statements

Foreign Currency Transactions

Cash and Cash Equivalents

Restricted Cash

Investments

The Company invests in various bank time deposits, money markets and U.S. Government Securities. The Company’s 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

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

	October 31, 2024								October 31, 2023
	Amortized		Unrealized		Unrealized		Carrying		Amortized		Unrealized		Unrealized			Carrying
	Cost		Gains		Losses		Value		Cost		Gains		Losses			Value
U.S. Government Securities⁽¹⁾	$	-	$	-	$	-	$	-	$	12,913	$	4	$	(2	)	$	12,915
Time deposits		42,184		-		-		42,184		-		-		-			-
Total	$	42,184	$	-	$	-	$	42,184	$	12,913	$	4	$	(2	)	$	12,915

⁽¹⁾

Matured during 2024

Accounts Receivable, Unbilled Receivables and Allowance for Credit Losses

Inventories

Property, Plant and Equipment, Net

Impairment of Long-Lived Assets

Property, plant and equipment and other long-lived assets to be sold or otherwise disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Treasury Stock

Revenue Recognition

Contract Assets and Contract Liabilities

Contract Costs

Remaining Performance Obligations

Product Warranties

Leases

Share-Based Compensation

Research and Development

Government Grants

Income Taxes

Earnings Per Share

Variable Interest Entities

Recent Accounting Pronouncements

INCOME TAXES (Tables)

12 Months Ended

Oct. 31, 2024

INCOME TAXES [Abstract]

Income Before Income Tax Provision for Domestic and Foreign

Income before the income tax provisions consists of the following:

	Year Ended
	October 31, 2024		October 31, 2023			October 31, 2022
United States	$	20,145	$	(1,737	)	$	1,813
Foreign		227,270		271,683			237,220
	$	247,415	$	269,946		$	239,033

Income Tax Provision

The components of our income tax provisions are presented below.

	Year Ended
	October 31, 2024			October 31, 2023			October 31, 2022
Current:
Federal	$	-		$	-		$	-
State		95			14			1
Foreign		64,861			71,225			58,981
		64,956			71,239			58,982

Deferred:
Federal		-			-			-
State		13			12			10
Foreign		(1,402	)		(939	)		799
		(1,389	)		(927	)		809
Total	$	63,567		$	70,312		$	59,791

Income Tax Rate Reconciliation

The table below presents a reconciliation of income taxes calculated by applying the statutory U.S. federal income tax rate to our income tax provisions of the reporting periods.

	Year Ended
	October 31, 2024			October 31, 2023			October 31, 2022
U.S. federal income tax at statutory rate	$	51,957		$	56,689		$	50,197
Changes in valuation allowance		(1,986	)		(256	)		(1,462	)
Foreign rate differential		10,695			11,394			7,941
Tax credits		(5,209	)		(2,425	)		(1,368	)
Uncertain tax positions, including reserves, settlements and resolutions		6,226			3,328			3,214
Other, net		1,884			1,582			1,269
Income tax provision	$	63,567		$	70,312		$	59,791

Reporting Period	U.S. Statutory Tax Rates		Photronics Effective Tax Rates		Primary Reasons for Differences
2024		21.0%		25.7%	Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions, the establishment of uncertain tax positions in non-U.S. jurisdiction and loss jurisdiction pre-tax losses not being benefited due to valuation allowances.
2023		21.0%		26.0%	Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions, the establishment of uncertain tax positions in non-U.S. jurisdiction and loss jurisdiction pre-tax losses not being benefited due to valuation allowances.
2022		21.0%		25.0%	Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions; and the establishment of uncertain tax positions in non-U.S. jurisdiction.

Net Deferred Income Tax Assets

The net deferred income tax assets consist of the following:

	As of
	October 31, 2024			October 31, 2023
Deferred income tax assets
Net operating losses	$	18,941		$	26,377
Reserves not currently deductible		9,892			8,776
Tax credit carryforwards		12,550			10,442
Share-based compensation		3,102			1,892
Property, plant and equipment		10,710			9,844
Research intangibles		2,721			-
Lease liabilities		4,116			5,743
		62,032			63,074
Valuation allowances		(30,633	)		(32,619	)
		31,399			30,455
Deferred income tax liabilities
ROU assets		(7,351	)		(8,193	)
Other		(1,458	)		(1,200	)
		(8,809	)		(9,393	)
Net deferred income tax assets	$	22,590		$	21,062

Classification
Deferred income tax assets	$	23,059		$	21,297
Other liabilities		(469	)		(235	)
	$	22,590		$	21,062

Operating Loss Carryforwards

The following tables present our available operating loss and credit carryforwards as of October 31, 2024, and their related expiration periods.

Operating Loss Carryforwards	Amount		Expiration Period
Federal	$	55,729	2030-Indefinite

State	$	135,736		2025-Indefinite

Foreign	$	165		2025-2034

Tax Credit Carryforwards

Tax Credit Carryforwards	Amount		Expiration Period
Federal research and development	$	6,042		2025-2044

Federal 48D credit	$	2,276		2043-2044

State	$	5,357		2025-2038

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is presented below. The amounts in the table include settlements of non-U.S. audits.

	Year Ended
	October 31, 2024			October 31, 2023			October 31, 2022
Balance at beginning of year before interest and penalties	$	8,332		$	5,204		$	3,534
(Reductions) additions of tax positions in prior years		86			209			(355	)
Additions based on current year tax positions		6,139			3,361			2,892
Settlements		(835	)		(423	)		(848	)
Lapses of statutes of limitations		(30	)		(19	)		(19	)
Balance at end of year before interest and penalties		13,692			8,332			5,204
Interest and penalties		1,028			576			395
Balance at end of year including interest and penalties	$	14,720		$	8,908		$	5,599

Unrecognized Tax Benefits

The following table presents additional information on our uncertain tax positions, as of the balance sheet dates.

	October 31, 2024		October 31, 2023
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	14,720	$	8,908
Accrued interest and penalties related to uncertain tax positions	$	1,028	$	576

Income Tax Payments and Refunds

The table below presents income taxes paid and refunds of income taxes received during the reporting periods.

	Year Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Income taxes paid	$	62,520	$	70,362	$	37,770
Income tax refunds received	$	2,519	$	485	$	388

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
Current assets:
Accounts receivable, allowance	$ 1,126	$ 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)	61,949	61,310
Common stock, shares outstanding (in shares)	61,949	61,310

DEBT, Xiamen Working Capital Loans (Details) - Xiamen Working Capital Loans [Member] ¥ in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Oct. 31, 2024 USD ($)	Oct. 31, 2024 CNY (¥)	Nov. 30, 2018 USD ($)	Nov. 30, 2018 CNY (¥)
Debt Instruments [Abstract]
Maximum borrowing capacity			$ 28.1	¥ 200.0	$ 25.0	¥ 200.0
Expiration date			Jul. 31, 2025
Repayments of long-term debt	$ 3.6	¥ 25.6
Amount outstanding			$ 0.0

PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Thousands	Jan. 31, 2018	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Variable Interest Entity [Abstract]
Long-term debt		$ 25	$ 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		$ 20,074	25,098	$ 16,714
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%

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
Current assets:
Cash and cash equivalents	$ 598,485	$ 499,292
Short-term investments	42,184	12,915
Accounts receivable, net of allowance of $1,126 in 2024 and $1,099 in 2023	200,830	194,927
Inventories	56,527	49,963
Other current assets	33,036	28,353
Total current assets	931,062	785,450
Property, plant and equipment, net	745,257	709,244
Deferred income taxes	23,059	21,297
Other assets	12,681	10,230
Total assets	1,712,059	1,526,221
Current liabilities:
Current portion of long-term debt	17,972	6,621
Accounts payable	78,717	84,024
Accrued liabilities	87,122	94,578
Total current liabilities	183,811	185,223
Long-term debt	25	17,998
Other liabilities	47,464	47,391
Total liabilities	231,300	250,612
Commitments and contingencies (Note 16)
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, 61,949 shares issued and outstanding at October 31, 2024, and 61,310 shares issued and outstanding at October 31, 2023	619	613
Additional paid-in capital	514,757	502,010
Retained earnings	691,807	561,119
Accumulated other comprehensive loss	(86,319)	(88,734)
Total Photronics, Inc. shareholders' equity	1,120,864	975,008
Noncontrolling interests	359,895	300,601
Total equity	1,480,759	1,275,609
Total liabilities and equity	$ 1,712,059	$ 1,526,221

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
OTHER LIABILITIES [Abstract]
Unrecognized tax benefit	$ 14,720	$ 8,908
Post employment benefit	12,993	11,994
Contract liabilities	8,910	12,454
Tax payable	4,310	6,622
Operating lease	3,037	4,218
Other	3,494	3,195
Other liabilities	$ 47,464	$ 47,391

REVENUE

12 Months Ended

Oct. 31, 2024

REVENUE [Abstract]

REVENUE

NOTE 10 - REVENUE

The following tables present the Company’s revenue for the years ended October 31, 2024, October 31, 2023, and October 31, 2022, disaggregated by product type, geographic origin, and timing of recognition.

	Year Ended
Revenue by Product Type	October 31, 2024		October 31, 2023		October 31, 2022
IC
High-end	$	228,469	$	194,939	$	195,332
Mainstream		409,682		456,340		397,694
Total IC	$	638,151	$	651,279	$	593,026

FPD
High-end	$	195,365	$	200,842	$	186,988
Mainstream		33,430		39,955		44,535
Total FPD	$	228,795	$	240,797	$	231,523
	$	866,946	$	892,076	$	824,549

	Year Ended
Revenue by Geographic Origin*	October 31, 2024		October 31, 2023		October 31, 2022
Taiwan	$	288,275	$	316,889	$	291,342
China		232,941		245,378		212,598
Korea		158,017		162,235		156,139
United States		146,652		128,879		126,205
Europe		39,244		36,579		36,402
Other		1,817		2,116		1,863
	$	866,946	$	892,076	$	824,549

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

	Year Ended
Revenue by Timing of Recognition	October 31, 2024		October 31, 2023		October 31, 2022
Over time	$	831,500	$	838,628	$	758,359
At a point in time		35,446		53,448		66,190
	$	866,946	$	892,076	$	824,549

Contract Assets and Contract Liabilities

The following table provides information about the Company’s contract balances at the balance sheet dates.

Classification	October 31, 2024		October 31, 2023
Contract Assets
Other current assets	$	11,532	$	10,984

Contract Liabilities
Accrued liabilities	$	12,375	$	9,965
Other liabilities		8,910		12,454
	$	21,285	$	22,419

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

		October 31, 2024				October 31, 2023				October 31, 2022
Revenue recognized from beginning liability		$	12,222			$	13,966			$	8,934

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

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

- 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
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

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

12 Months Ended

Oct. 31, 2024

Oct. 31, 2023

Long-term debt [Abstract]

Long-term debt

$ 25

$ 17,998

Finance Leases [Member]

Long Term Debt Maturing In Year One [Abstract]

Next 12 months

17,972

6,621

Long-term debt [Abstract]

17,972

17,998

$ 17,997

$ 24,619

Periodic payment amount

Varies as Lease matures

Periodic payment frequency

Monthly

Loan collateral (carrying amount)

^[1]

$ 32,293

$ 35,165

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

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

12 Months Ended

Oct. 31, 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 the Company’s accumulated other comprehensive (loss) income by component (net of tax of $0) for the years ended October 31, 2024, and October 31, 2023.

	Year Ended October 31, 2024
	Foreign Currency Translation Adjustments			Other			Total
Balance at October 31, 2023	$	(88,044	)	$	(690	)	$	(88,734	)
Other comprehensive income (loss)		8,630			(81	)		8,549
Other comprehensive (loss) income attributable to noncontrolling interests		(6,173	)		39			(6,134	)

Balance at October 31, 2024	$	(85,587	)	$	(732	)	$	(86,319	)

	Year Ended October 31, 2023
	Foreign Currency Translation Adjustments			Other			Total
Balance at October 31, 2022	$	(97,790	)	$	(666	)	$	(98,456	)
Other comprehensive income (loss)		5,615			(3	)		5,612
Other comprehensive income (loss) attributable to noncontrolling interests		4,131			(21	)		4,110

Balance at October 31, 2023	$	(88,044	)	$	(690	)	$	(88,734	)

EMPLOYEE RETIREMENT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE RETIREMENT PLANS (Details) - USD ($) $ in Millions	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
EMPLOYEE RETIREMENT PLANS [Abstract]
Number of months of service completed to come under retirement plan	3 months
Minimum age of employees to come under retirement plan	18 years
Percentage of salary that can be contributed by the employee	50.00%
Maximum percentage of employees' contributions that Company will match	100.00%
Maximum percentage of employees' gross pay that Company will match	4.00%
Company's contribution to defined contribution retirement plans	$ 1.2	$ 0.8	$ 0.7

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Oct. 31, 2024
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 19 - RELATED PARTY TRANSACTIONS Our chief executive officer is related to an individual in a position of authority at one of the Company’s largest customers. The Company recorded revenue from this customer of $127.0 million, $126.5 million and $119.0 million, in 2024, 2023, and 2022, respectively. As of October 31, 2024, and October 31, 2023, the Company had accounts receivable of $38.8 million and $41.5 million, respectively, from this customer. The Company believes that the terms of the transaction described above was negotiated at arm’s length and were no less favorable to the Company than terms the Company could have obtained from unrelated third parties.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Oct. 31, 2024

PROPERTY, PLANT, AND EQUIPMENT, NET [Abstract]

Property, Plant and Equipment, Net

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

	October 31, 2024			October 31, 2023
Land	$	11,419		$	11,378
Buildings and improvements		188,756			185,850
Machinery and equipment		1,990,610			1,922,041
Leasehold improvements		19,268			18,894
Furniture, fixtures, and office equipment		18,091			15,856
Construction in progress		91,213			55,434
		2,319,357			2,209,453
Accumulated depreciation and amortization		(1,574,100	)		(1,500,209	)
	$	745,257		$	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.

	October 31, 2024			October 31, 2023
Machinery and equipment	$	42,815		$	42,820
Accumulated amortization		(10,522	)		(7,655	)
	$	32,293		$	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.

	Years Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Depreciation and amortization expense	$	82,433	$	80,472	$	79,971

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Calculation of Basic and Diluted Earnings Per Share [Abstract]
Net income attributable to Photronics, Inc. shareholders	$ 130,688	$ 125,485	$ 118,786
Effect of dilutive securities	0	0	0
Earnings used for diluted earnings per share	$ 130,688	$ 125,485	$ 118,786
Weighted-average common shares outstanding [Abstract]
Basic (in shares)	61,726	61,139	60,559
Effect of Dilutive Securities [Abstract]
Share-based payment awards (in shares)	665	616	630
Potentially dilutive common shares (in shares)	665	616	630
Weighted-average common shares-Diluted (in shares)	62,391	61,755	61,189
Net Income attributable to Photronics shareholders - Basic (in dollars per share)	$ 2.12	$ 2.05	$ 1.96
Net Income attributable to Photronics shareholders - Diluted (in dollars per share)	$ 2.09	$ 2.03	$ 1.94
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	371	136	314
Share-based Payment Awards [Member]
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	371	136	314

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT

12 Months Ended

Oct. 31, 2024

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

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT

NOTE 17 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT

The following tables set forth the changes in the Company’s accumulated other comprehensive (loss) income by component (net of tax of $0) for the years ended October 31, 2024, and October 31, 2023.

	Year Ended October 31, 2024
	Foreign Currency Translation Adjustments			Other			Total
Balance at October 31, 2023	$	(88,044	)	$	(690	)	$	(88,734	)
Other comprehensive income (loss)		8,630			(81	)		8,549
Other comprehensive (loss) income attributable to noncontrolling interests		(6,173	)		39			(6,134	)

Balance at October 31, 2024	$	(85,587	)	$	(732	)	$	(86,319	)

	Year Ended October 31, 2023
	Foreign Currency Translation Adjustments			Other			Total
Balance at October 31, 2022	$	(97,790	)	$	(666	)	$	(98,456	)
Other comprehensive income (loss)		5,615			(3	)		5,612
Other comprehensive income (loss) attributable to noncontrolling interests		4,131			(21	)		4,110

Balance at October 31, 2023	$	(88,044	)	$	(690	)	$	(88,734	)

RISKS AND CONCENTRATIONS (Tables)

12 Months Ended

Oct. 31, 2024

Concentration Risk [Line Items]

Long-Lived Assets by Geographic Area

As of the balance sheet dates, the Company’s long-lived assets and net assets were, by geographic area, as presented below.

	October 31, 2024					October 31, 2023
	Long-lived Assets		Net Assets			Long-lived Assets		Net Assets
China	$	256,072	$	379,460		$	249,357	$	317,409
Europe and Other		7,010		(420	)		7,294		(2,175	)
United States		144,634		217,890			140,733		188,712
Korea		123,631		315,597			119,438		281,941
Taiwan		213,910		568,232			199,313		489,722
	$	745,257	$	1,480,759		$	716,135	$	1,275,609

Accounts Receivable [Member]

Concentration Risk [Line Items]

Concentration of Risk Factor

The following table presents the percentages of the Company’s net accounts receivable attributable to customers that accounted for more than ten percent of the total balance as of the balance sheet dates.

	October 31, 2024			October 31, 2023
Customer A		19.2	%		21	%
Customer B		14.6	%		10	%

Revenue [Member]

Concentration Risk [Line Items]

Concentration of Risk Factor

The following table presents the percentages of the Company’s revenue attributable to customers that accounted for more than ten percent of the total revenue during the reporting periods.

	Year Ended
	October 31, 2024			October 31, 2023			October 31, 2022
Customer A		15	%		14	%		15	%
Customer B		12	%		10	%		11	%
Customer C		9	%		13	%		5	%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Principles of Consolidation (Details)	Oct. 31, 2024
Principles of Consolidation [Abstract]
Percentage of ownership interest in subsidiaries	100.00%

LEASES

12 Months Ended

Oct. 31, 2024

LEASES [Abstract]

LEASES

NOTE 11 - LEASES

The following table provides information on operating and finance leases included in the Company’s consolidated balance sheets.

Classification	October 31, 2024		October 31, 2023

ROU Assets – Operating Leases
Other assets	$	5,010	$	6,189

ROU Assets – Finance Leases
Property, plant and equipment, net	$	32,293	$	35,165

Lease Liabilities – Operating Leases
Accrued liabilities	$	1,925	$	1,912
Other liabilities		3,037		4,218
	$	4,962	$	6,130

Lease Liabilities – Finance Leases
Current portion of long-term debt	$	17,972	$	6,621
Long-term debt		25		17,998
	$	17,997	$	24,619

The following table presents future lease payments under noncancelable operating and finance leases as of October 31, 2024. Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.

Fiscal Year	Operating Leases			Finance Leases
2025	$	2,039			18,027
2026		1,651			13
2027		1,228			13
2028		267			1
2029 and thereafter		6			-
Total lease payments	$	5,191			18,054
Imputed interest		(229	)		(57	)
Lease liabilities	$	4,962			17,997

The following table presents lease costs for 2024, 2023, and 2022.

	Year Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Operating lease costs	$	2,255	$	2,278	$	2,253
Short-term lease costs	$	1,273	$	462	$	469
Variable lease costs	$	595	$	656	$	603
Interest on finance lease	$	330	$	426	$	522
Amortization of ROU assets	$	2,950	$	2,870	$	2,917

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

	October 31, 2024					October 31, 2023
Classification	Weighted- average remaining lease term (in years)		Weighted- average discount rate			Weighted- average remaining lease term (in years)		Weighted- average discount rate
Operating leases		2.8		3.2	%		3.7		2.4	%
Finance leases		0.2		1.5	%		1.2		1.5	%

The following table presents the effects of leases on the Company’s 2024, 2023, and 2022 consolidated statements of cash flows, and provides leases-related non-cash information for those years.

	Year Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Operating cash flows used for operating leases	$	2,241	$	2,271	$	2,259
Operating cash flows used for finance leases	$	330	$	429	$	566
Financing cash flows used for finance leases	$	6,621	$	6,521	$	7,289
ROU assets obtained in exchange for operating lease obligations	$	842	$	5,116	$	513

OTHER CURRENT ASSETS (Details) - USD ($)
$ in Thousands

Oct. 31, 2024

Oct. 31, 2023

OTHER CURRENT ASSETS [Abstract]

Contract assets

$ 11,532

$ 10,984

Prepaid expenses

5,770

10,031

Recoverable value added taxes

2,684

2,312

Prepaid and refundable income taxes

1,875

2,489

Other

^[1]

11,175

2,537

Total other current assets

33,036

$ 28,353

Expected tax credits receivable

$ 5,000

[1]	The Company expects to receive refundable federal investment tax credits of $5 million through CHIPS Act in connection with the Company’s ongoing expansion projects.

REVENUE (Tables)

12 Months Ended

Oct. 31, 2024

REVENUE [Abstract]

Disaggregation of Revenue

	Year Ended
Revenue by Product Type	October 31, 2024		October 31, 2023		October 31, 2022
IC
High-end	$	228,469	$	194,939	$	195,332
Mainstream		409,682		456,340		397,694
Total IC	$	638,151	$	651,279	$	593,026

FPD
High-end	$	195,365	$	200,842	$	186,988
Mainstream		33,430		39,955		44,535
Total FPD	$	228,795	$	240,797	$	231,523
	$	866,946	$	892,076	$	824,549

	Year Ended
Revenue by Geographic Origin*	October 31, 2024		October 31, 2023		October 31, 2022
Taiwan	$	288,275	$	316,889	$	291,342
China		232,941		245,378		212,598
Korea		158,017		162,235		156,139
United States		146,652		128,879		126,205
Europe		39,244		36,579		36,402
Other		1,817		2,116		1,863
	$	866,946	$	892,076	$	824,549

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

	Year Ended
Revenue by Timing of Recognition	October 31, 2024		October 31, 2023		October 31, 2022
Over time	$	831,500	$	838,628	$	758,359
At a point in time		35,446		53,448		66,190
	$	866,946	$	892,076	$	824,549

Contract Balances

The following table provides information about the Company’s contract balances at the balance sheet dates.

Classification	October 31, 2024		October 31, 2023
Contract Assets
Other current assets	$	11,532	$	10,984

Contract Liabilities
Accrued liabilities	$	12,375	$	9,965
Other liabilities		8,910		12,454
	$	21,285	$	22,419

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

		October 31, 2024				October 31, 2023				October 31, 2022
Revenue recognized from beginning liability		$	12,222			$	13,966			$	8,934

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Investments (Details) - USD ($)
$ in Thousands

Oct. 31, 2024

Oct. 31, 2023

Available-for-sale [Abstract]

Amortized cost

$ 42,184

$ 12,913

Unrealized gains

Unrealized losses

(2)

Carrying Value

42,184

12,915

Time Deposits [Member]

Available-for-sale [Abstract]

42,184

42,184

U.S. Government Securities [Member]

Available-for-sale [Abstract]

Amortized cost

^[1]

12,913

Unrealized gains

^[1]

Unrealized losses

^[1]

(2)

Carrying Value

^[1]

$ 0

$ 12,915

[1]	Matured during 2024

- Definition

Amount 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/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (aa)
-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 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

RISKS AND CONCENTRATIONS

12 Months Ended

Oct. 31, 2024

RISKS AND CONCENTRATIONS [Abstract]

RISKS AND CONCENTRATIONS

NOTE 18 - RISKS AND CONCENTRATIONS

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

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

	October 31, 2024			October 31, 2023
Customer A		19.2	%		21	%
Customer B		14.6	%		10	%

The following table presents the percentages of the Company’s revenue attributable to customers that accounted for more than ten percent of the total revenue during the reporting periods.

	Year Ended
	October 31, 2024			October 31, 2023			October 31, 2022
Customer A		15	%		14	%		15	%
Customer B		12	%		10	%		11	%
Customer C		9	%		13	%		5	%

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

As of the balance sheet dates, the Company’s long-lived assets and net assets were, by geographic area, as presented below.

	October 31, 2024					October 31, 2023
	Long-lived Assets		Net Assets			Long-lived Assets		Net Assets
China	$	256,072	$	379,460		$	249,357	$	317,409
Europe and Other		7,010		(420	)		7,294		(2,175	)
United States		144,634		217,890			140,733		188,712
Korea		123,631		315,597			119,438		281,941
Taiwan		213,910		568,232			199,313		489,722
	$	745,257	$	1,480,759		$	716,135	$	1,275,609

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Contract with Customer, Asset and Liability [Abstract]
Impairment loss on contract assets	$ 0	$ 0
Impairment loss on accounts receivable	$ 0	$ 0
Minimum [Member]
Product Warranty [Abstract]
Product warranty period	1 month
Maximum [Member]
Product Warranty [Abstract]
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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Research and Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Research and Development Expense [Abstract]
Research and development expenses	$ 16,576	$ 13,654	$ 18,341

LEASES (Tables)

12 Months Ended

Oct. 31, 2024

LEASES [Abstract]

Information on Operating and Finance Leases Included in Consolidated Balance Sheets

The following table provides information on operating and finance leases included in the Company’s consolidated balance sheets.

Classification	October 31, 2024		October 31, 2023

ROU Assets – Operating Leases
Other assets	$	5,010	$	6,189

ROU Assets – Finance Leases
Property, plant and equipment, net	$	32,293	$	35,165

Lease Liabilities – Operating Leases
Accrued liabilities	$	1,925	$	1,912
Other liabilities		3,037		4,218
	$	4,962	$	6,130

Lease Liabilities – Finance Leases
Current portion of long-term debt	$	17,972	$	6,621
Long-term debt		25		17,998
	$	17,997	$	24,619

Future Lease Payments under Noncancelable Operating and Finance Leases

Fiscal Year	Operating Leases			Finance Leases
2025	$	2,039			18,027
2026		1,651			13
2027		1,228			13
2028		267			1
2029 and thereafter		6			-
Total lease payments	$	5,191			18,054
Imputed interest		(229	)		(57	)
Lease liabilities	$	4,962			17,997

Lease Costs

The following table presents lease costs for 2024, 2023, and 2022.

	Year Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Operating lease costs	$	2,255	$	2,278	$	2,253
Short-term lease costs	$	1,273	$	462	$	469
Variable lease costs	$	595	$	656	$	603
Interest on finance lease	$	330	$	426	$	522
Amortization of ROU assets	$	2,950	$	2,870	$	2,917

Weighted-Average Remaining Lease Terms And Weighted-Average Discount Rates

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

	October 31, 2024					October 31, 2023
Classification	Weighted- average remaining lease term (in years)		Weighted- average discount rate			Weighted- average remaining lease term (in years)		Weighted- average discount rate
Operating leases		2.8		3.2	%		3.7		2.4	%
Finance leases		0.2		1.5	%		1.2		1.5	%

Cash and Non-cash Information Related to Leases

The following table presents the effects of leases on the Company’s 2024, 2023, and 2022 consolidated statements of cash flows, and provides leases-related non-cash information for those years.

	Year Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Operating cash flows used for operating leases	$	2,241	$	2,271	$	2,259
Operating cash flows used for finance leases	$	330	$	429	$	566
Financing cash flows used for finance leases	$	6,621	$	6,521	$	7,289
ROU assets obtained in exchange for operating lease obligations	$	842	$	5,116	$	513

LEASES, Operating and Finance Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Weighted Average Remaining Lease Terms, Discount Rates [Abstract]
Operating leases, Weighted-average remaining lease term	2 years 9 months 18 days	3 years 8 months 12 days
Operating leases, Weighted-average discount rate	3.20%	2.40%
Finance leases, Weighted-average remaining lease term	2 months 12 days	1 year 2 months 12 days
Finance leases, Weighted-average discount rate	1.50%	1.50%
Cash and Non-cash Information Related to Leases [Abstract]
Operating cash flows used for operating leases	$ 2,241	$ 2,271	$ 2,259
Operating cash flows used for finance leases	330	429	566
Financing cash flows used for finance leases	6,621	6,521	7,289
ROU assets obtained in exchange for operating lease obligations	$ 842	$ 5,116	$ 513

PDMCX JOINT VENTURE (Policies)	12 Months Ended
PDMCX JOINT VENTURE (Policies)	Oct. 31, 2024
PDMCX JOINT VENTURE [Abstract]
Variable Interest Entities	As required by the guidance in ASC Topic 810 - “Consolidation”, the Company evaluated the Company’s involvement in PDMCX for the purpose of determining whether the Company should consolidate its results in the Company’s financial statements. The initial step of the Company’s evaluation was to determine whether PDMCX was a VIE. Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, the Company determined that it is a VIE. Having made this determination, the Company then assessed whether the Company was the primary beneficiary of the VIE, and concluded that the Company was the primary beneficiary during the current and prior years reporting periods; thus, as required, the PDMCX financial results have been consolidated with Photronics. The Company’s conclusion was based on the fact that the Company held a controlling financial interest in PDMCX (which resulted from the Company’s having the power to direct the activities that most significantly impacted its economic performance) and had both the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX. The Company’s conclusion that the Company had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current and prior year periods were based on the Company’s 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 the Company held during the current and prior year periods, the Company had the obligation to absorb losses, and the right to receive benefits, that could potentially be significant to PDMCX.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income	$ 183,848	$ 199,634	$ 179,242
Other comprehensive income (loss), net of tax of $0:
Foreign currency translation adjustments	8,630	5,615	(151,209)
Other	(81)	(3)	423
Net other comprehensive income (loss)	8,549	5,612	(150,786)
Comprehensive income	192,397	205,246	28,456
Less: comprehensive income attributable to noncontrolling interests	59,293	70,039	28,697
Comprehensive income (loss) attributable to Photronics, Inc. shareholders	$ 133,104	$ 135,207	$ (241)

- 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

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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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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-2

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

+ Details

REVENUE, Contract Assets, Liabilities and Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Contract with Customer, Asset and Liability [Abstract]
Contract liabilities	$ 21,285	$ 22,419
Change in Contract with Customer, Liability [Abstract]
Revenue recognized from beginning liability	12,222	13,966	$ 8,934
Other Current Assets [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract assets	11,532	10,984
Accrued Liabilities [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract liabilities	12,375	9,965
Other Liabilities [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract liabilities	$ 8,910	$ 12,454
Minimum [Member]
Revenue, Performance Obligation [Abstract]
Product invoice term	30 days
Maximum [Member]
Revenue, Performance Obligation [Abstract]
Product invoice term	90 days

PDMCX JOINT VENTURE (Tables)

12 Months Ended

Oct. 31, 2024

PDMCX JOINT VENTURE [Abstract]

Net Income Recorded from Operations

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

	Years Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Net income from PDMCX	$	20,074	$	25,098	$	16,714

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 the Company’s consolidated balance sheets. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the net assets of PDMCX); therefore, the Company’s maximum exposure to loss from PDMCX is the Company’s interest in the carrying amount of the net assets of the joint venture.

	October 31, 2024				October 31, 2023
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest
Current assets	$	174,059	$	87,047	$	135,960	$	67,994
Noncurrent assets		151,039		75,535		136,334		68,181
Total assets		325,098		162,582		272,294		136,175
Current liabilities		40,691		20,350		36,305		18,156
Noncurrent liabilities		3,320		1,660		1,873		937
Total liabilities		44,011		22,010		38,178		19,093
Net assets	$	281,087	$	140,572	$	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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Property, Plant and Equipment, Net (Details)	Oct. 31, 2024
Buildings and Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	10 years
Buildings and Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	39 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	15 years
Furniture, Fixtures and Office Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	3 years
Furniture, Fixtures and Office Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	5 years

INVENTORIES (Tables)

12 Months Ended

Oct. 31, 2024

INVENTORIES [Abstract]

Inventories

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

	October 31, 2024		October 31, 2023
Raw materials	$	56,128	$	48,948
Work in process		398		1,010
Finished goods		1		5
	$	56,527	$	49,963

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Oct. 31, 2024 USD ($)
Commitment and Contingencies [Abstract]
Minimum remaining term of plant and equipment	1 year
Unrecognized Commitments [Abstract]
2025	$ 70,992
2026	3,052
2027	1
2028	1
2029	0
Thereafter	0
Total	$ 74,046

INCOME TAXES, Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Components of Income Before Income Tax Provision [Abstract]
United States	$ 20,145	$ (1,737)	$ 1,813
Foreign	227,270	271,683	237,220
Income before income tax provision	247,415	269,946	239,033
Current [Abstract]
Federal	0	0	0
State	95	14	1
Foreign	64,861	71,225	58,981
Current income tax provision	64,956	71,239	58,982
Deferred [Abstract]
Federal	0	0	0
State	13	12	10
Foreign	(1,402)	(939)	799
Deferred income tax provision	(1,389)	(927)	809
Income tax provision, Total	63,567	70,312	59,791
Income Tax Provision Reconciliation [Abstract]
U.S. federal income tax at statutory rate	51,957	56,689	50,197
Changes in valuation allowance	(1,986)	(256)	(1,462)
Foreign rate differential	10,695	11,394	7,941
Tax credits	(5,209)	(2,425)	(1,368)
Uncertain tax positions, including reserves, settlements and resolutions	6,226	3,328	3,214
Other, net	1,884	1,582	1,269
Income tax provision, Total	$ 63,567	$ 70,312	$ 59,791
U.S. statutory tax rates	21.00%	21.00%	21.00%
Photronics effective tax rates	25.70%	26.00%	25.00%
Deferred Income Tax Assets [Abstract]
Net operating losses	$ 18,941	$ 26,377
Reserves not currently deductible	9,892	8,776
Tax credit carryforwards	12,550	10,442
Share-based compensation	3,102	1,892
Property, plant and equipment	10,710	9,844
Lease liabilities	4,116	5,743
Research intangibles	2,721	0
Deferred tax assets	62,032	63,074
Valuation allowances	(30,633)	(32,619)
Deferred tax assets net of valuation allowance	31,399	30,455
Deferred Income Tax Liabilities [Abstract]
ROU assets	(7,351)	(8,193)
Other	(1,458)	(1,200)
Deferred income taxes liabilities	(8,809)	(9,393)
Net deferred income tax assets	22,590	21,062
Classification [Abstract]
Deferred income tax assets	23,059	21,297
Other liabilities	(469)	(235)
Net deferred income tax assets	$ 22,590	$ 21,062

SHARE-BASED COMPENSATION (Policies)	12 Months Ended
SHARE-BASED COMPENSATION (Policies)	Oct. 31, 2024
Stock Options [Abstract]
Share-Based Compensation	Share-Based Compensation We recognize share-based compensation expense on a straight-line basis over the requisite service period during which the awards are expected to vest. Share-based compensation expense includes the estimated effects of forfeitures, which are adjusted over the requisite service period to the extent actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized in the period of change and will impact the amount of expense to be recognized in future periods. Determining the appropriate option pricing model, calculating the grant date fair value of share-based awards, and estimating forfeiture rates requires considerable judgment, including estimations of stock price volatility and the expected term of options granted. We use the Black-Scholes option pricing model to value employee stock options. The Company estimates stock price volatility based on daily averages of the Company’s common stock’s historical volatility over a term approximately equal to the estimated time period the grant will remain outstanding. The expected term of options and forfeiture rate assumptions are derived from historical data.
Employee Stock Purchase Plan	Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan (“ESPP”) permits employees to purchase Photronics, Inc. common shares at 85% of the lower of the closing market price at the commencement or ending date of the Plan year (which is approximately one year from the commencement date). The Company recognizes the ESPP expense over that same period. As of October 31, 2024, the maximum number of shares of common stock approved by the Company’s shareholders to be purchased under the ESPP was 1.85 million shares, of which approximately 1.6 million shares had been issued through October 31, 2024. As of October 31, 2024, there is unrecognized compensation cost of $0.2 million.
Restricted Stock [Member]
Stock Options [Abstract]
Share-Based Compensation	Restricted Stock Awards We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one to four years. The fair values of the awards are determined on the date of grant, based on the closing stock price of the Company’s 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 the Company’s 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 the Company’s common stock. The Company uses historical option exercise behavior and employee termination data to estimate expected term, which represents the period of time that options granted are expected to remain outstanding. The risk-free rate of return for the estimated term of an option is based on the U.S. Treasury yield curve in effect at the date of grant.

- 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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

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

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.C.Q3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.D.1.Q5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Subparagraph (SAB Topic 14.D.2.Q6)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

OTHER LIABILITIES (Tables)

12 Months Ended

Oct. 31, 2024

OTHER LIABILITIES [Abstract]

Other Liabilities

Presented below are the components of Other liabilities at the balance sheet dates.

	October 31, 2024		October 31, 2023
Unrecognized tax benefit	$	14,720	$	8,908
Post employment benefit		12,993		11,994
Contract liabilities		8,910		12,454
Tax payable		4,310		6,622
Operating lease		3,037		4,218
Other		3,494		3,195
Other liabilities	$	47,464	$	47,391

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Oct. 31, 2024

COMMITMENTS AND CONTINGENCIES [Abstract]

Unrecognized Commitments

Presented below are the Company’s unrecognized unconditional purchase obligations, which are mainly payments for the acquisition of property, plant and equipment, with a remaining term in excess of one year as of October 31, 2024. The amounts below do not include the Company’s commitments under the Company’s debt and lease arrangements, which are presented in Notes 8 and 11, respectively.

Fiscal Year	Unrecognized Commitments
2025	$	70,992
2026		3,052
2027		1
2028		1
2029		-
Thereafter		-
Total	$	74,046

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Oct. 31, 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.

	October 31, 2024			October 31, 2023
Land	$	11,419		$	11,378
Buildings and improvements		188,756			185,850
Machinery and equipment		1,990,610			1,922,041
Leasehold improvements		19,268			18,894
Furniture, fixtures, and office equipment		18,091			15,856
Construction in progress		91,213			55,434
		2,319,357			2,209,453
Accumulated depreciation and amortization		(1,574,100	)		(1,500,209	)
	$	745,257		$	709,244

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

	October 31, 2024			October 31, 2023
Machinery and equipment	$	42,815		$	42,820
Accumulated amortization		(10,522	)		(7,655	)
	$	32,293		$	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.

	Years Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Depreciation and amortization expense	$	82,433	$	80,472	$	79,971

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
ACCOUNTS RECEIVABLE [Abstract]
Accounts Receivable	$ 172,741	$ 171,433
Unbilled Receivable	29,215	24,593
Allowance for Credit Losses	(1,126)	(1,099)
Total	$ 200,830	$ 194,927

DEBT

12 Months Ended

Oct. 31, 2024

DEBT [Abstract]

DEBT

NOTE 8 - DEBT

As of October 31, 2024, the Current portion of long-term debt and the Long-term debt balances were comprised of finance leases as described below:

As of October 31, 2024	Finance Leases
Principal due:
Next 12 months	$	17,972
Months 13 – 24	$	12
Months 25 – 36		12
Months 37 – 48		1
Months 49 – 60		-
Long-term debt		25
Total debt	$	17,997

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)	$	32,293	⁽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 the Company’s 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, the Company 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, the Company may exercise an early buyout option to purchase the tool for $2.4 million. After the original term or any renewal periods, the Company may return the tool, elect to extend the lease, or purchase the tool at its fair market value. Management has determined that the Company will exercise its early buyout option during the first half of 2025.

In December 2020, the Company entered into a five-year $35.5 million finance lease for a high-end lithography tool. Monthly payments on the lease, which commenced in January 2021, increased from $0.04 million during the first three months to $0.6 million for the following nine months, followed by forty-eight monthly payments of $0.5 million. As of the due date of the forty-eighth monthly payment, the Company may exercise an early buyout option to purchase the tool for $14.1 million. At the Company’s option, after the original term, the Company 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. The lease agreement incorporates the covenants included in the Company’s Credit Agreement, as defined below (expired in September 2023), which are detailed below, and includes a cross-default provision for any agreement or instrument with an outstanding, committed balance greater than $5.0 million in which the Company is the indebted party. Management has determined that the Company will exercise its early buyout option during the first half of 2025.

Xiamen Project Loans

In November 2018, PDMCX obtained approval to borrow RMB 345.0 million from the Industrial and Commercial Bank of China. From November 2018 through July 2020, PDMCX entered into separate loan agreements (the “Project Loans”) for the entire approved amount. In February 2023, PDMCX repaid the entire outstanding balance of RMB 26.4 million ($3.9 million). As of October 31, 2024, PDMCX had no amount outstanding and the amounts may not be re-borrowed. The Project Loans were used to finance certain capital expenditures at the PDMCX facility and were collateralized by liens granted on the land use right, building, and certain equipment located at the facility. The interest rates on the Project Loans were variable (based on the RMB Loan Prime Rate of the National Interbank Funding Center), and interest incurred on the loans was eligible for reimbursement through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provided for such reimbursements up to a prescribed limit and duration. The Project Loans were subject to covenants and provisions, certain of which related to the assets pledged as security for the loans, all of which the Company were in compliance with at the time of repayment.

Xiamen Working Capital Loans

In November 2018, PDMCX obtained approval for revolving, unsecured credit of RMB 200 million ($25 million), pursuant to which PDMCX may enter into separate loan agreements with varying terms to maturity. In December 2022, the Company repaid the Company’s 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. In August 2024, the Company was issued an extension to the revolving, unsecured credit agreement for RMB 200 million (approximately $28.1 million) with an expiration date of July 31, 2025. As of October 31, 2024, PDMCX had no outstanding borrowings against the approval.

Corporate Credit Agreement

In September 2018, the Company entered into a five-year amended and restated credit agreement (the “Credit Agreement”), which had a $50 million borrowing limit, with an expansion capacity to $100 million. The Credit Agreement was secured by substantially all of the Company’s assets located in the United States and common stock the Company owns in certain subsidiaries. The Credit Agreement was subject to covenants around minimum interest coverage ratio, total leverage ratio, and minimum unrestricted cash balance (all of which the Company were in compliance with at the termination of the agreement in September 2023), and limited the amount of cash dividends, distributions, and redemptions the Company could pay on the Company’s common stock to an aggregate annual amount of $50 million. The Credit Agreement expired and was not renewed as of October 31, 2023. There were no outstanding borrowings against the Credit Agreement at its expiration.

Interest Paid for Debt

Interest payments were $0.3 million in 2024, $0.5 million in 2023, and $2.8 million in 2022. The weighted-average interest rate on the Company’s current portion of long-term debt for the periods ended October 31, 2024 and October 31, 2023 was 1.5% and 1.5%, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

PDMCX JOINT VENTURE

12 Months Ended

Oct. 31, 2024

PDMCX JOINT VENTURE [Abstract]

PDMCX JOINT VENTURE

NOTE 6 - PDMCX JOINT VENTURE

In January 2018, Photronics, Inc., through its wholly owned Photronics Singapore PTE. LTD. 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 the Company’s IC business in Xiamen, China. The joint venture, which the Company refers to as “PDMCX”, was established to develop and manufacture photomasks for semiconductors. The Company entered into this joint venture to enable the Company to compete more effectively for the merchant photomask business in China, and to benefit from the additional resources and investment that DNP provides to enable the Company 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 8, 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 the Company recorded from the operations of PDMCX during the reporting periods.

	Years Ended
	October 31, 2024		October 31, 2023		October 31, 2022
Net income from PDMCX	$	20,074	$	25,098	$	16,714

As required by the guidance in ASC Topic 810 - “Consolidation”, the Company evaluated the Company’s involvement in PDMCX for the purpose of determining whether the Company should consolidate its results in the Company’s financial statements. The initial step of the Company’s evaluation was to determine whether PDMCX was a VIE. Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, the Company determined that it is a VIE. Having made this determination, the Company then assessed whether the Company was the primary beneficiary of the VIE, and concluded that the Company was the primary beneficiary during the current and prior years reporting periods; thus, as required, the PDMCX financial results have been consolidated with Photronics. The Company’s conclusion was based on the fact that the Company held a controlling financial interest in PDMCX (which resulted from the Company’s having the power to direct the activities that most significantly impacted its economic performance) and had both the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX. The Company’s conclusion that the Company had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current and prior year periods were based on the Company’s 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 the Company held during the current and prior year periods, the Company had the obligation to absorb losses, and the right to receive benefits, that could potentially be significant to PDMCX.

	October 31, 2024				October 31, 2023
Classification	Carrying Amount		Photronics Interest		Carrying Amount		Photronics Interest
Current assets	$	174,059	$	87,047	$	135,960	$	67,994
Noncurrent assets		151,039		75,535		136,334		68,181
Total assets		325,098		162,582		272,294		136,175
Current liabilities		40,691		20,350		36,305		18,156
Noncurrent liabilities		3,320		1,660		1,873		937
Total liabilities		44,011		22,010		38,178		19,093
Net assets	$	281,087	$	140,572	$	234,116	$	117,082

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Oct. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Available-for-Sale Debt Securities and Time Deposits

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

	October 31, 2024								October 31, 2023
	Amortized		Unrealized		Unrealized		Carrying		Amortized		Unrealized		Unrealized			Carrying
	Cost		Gains		Losses		Value		Cost		Gains		Losses			Value
U.S. Government Securities⁽¹⁾	$	-	$	-	$	-	$	-	$	12,913	$	4	$	(2	)	$	12,915
Time deposits		42,184		-		-		42,184		-		-		-			-
Total	$	42,184	$	-	$	-	$	42,184	$	12,913	$	4	$	(2	)	$	12,915

⁽¹⁾

Matured during 2024

- 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
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-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
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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

+ Details

ACCRUED LIABILITIES (Tables)

12 Months Ended

Oct. 31, 2024

ACCRUED LIABILITIES [Abstract]

Accrued Liabilities

Presented below are the components of Accrued liabilities at the balance sheet dates.

	October 31, 2024		October 31, 2023
Compensation related expenses	$	31,188	$	37,218
Income taxes		24,200		24,080
Contract liabilities		12,375		9,965
Value added and other taxes		2,837		3,523
Property, plant, and equipment		2,670		6,624
Operating leases		1,925		1,912
Telecommunications and utilities		1,040		1,311
Service Contracts		1,448		2,613
Other		9,439		7,332
Accrued liabilities	$	87,122	$	94,578

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Oct. 31, 2024

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 16 - COMMITMENTS AND CONTINGENCIES

Fiscal Year	Unrecognized Commitments
2025	$	70,992
2026		3,052
2027		1
2028		1
2029		-
Thereafter		-
Total	$	74,046

We are subject to various claims that arise in the ordinary course of business. The Company believes that the Company’s potential liability under such claims, individually and in the aggregate, will not have a material effect on the Company’s consolidated financial statements. As of October 31, 2024, and October 31, 2023, the Company was not involved in environmental litigation to which a government was a party.

DEBT, Interest Paid for Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Interest Paid [Abstract]
Interest payments	$ 0.3	$ 0.5	$ 2.8
Weighted-average interest rate	1.50%	1.50%

SHARE REPURCHASE PROGRAMS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended			38 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Aug. 28, 2024	Sep. 30, 2020
Share Repurchase Program [Abstract]
Cost of shares repurchased			$ 2,522
September 2020 Announced Program [Member]
Share Repurchase Program [Abstract]
Stock repurchased authorized amount						$ 100,000
Stock repurchase program - commencement date	Sep. 16, 2020
Stock repurchase program - expiration and termination date	Sep. 15, 2022
Amount remaining under authorization for purchase of additional shares	$ 31,700
Share Repurchase Programs [Member]
Share Repurchase Program [Abstract]
Stock repurchased authorized amount					$ 100,000
Number of shares repurchased (in shares)	0	0	187	5,800
Cost of shares repurchased	$ 0	$ 0	$ 2,522	$ 68,300
Average price paid per share (in dollars per share)	$ 0	$ 0	$ 13.43	$ 11.7
Number of additional shares repurchased (in shares)	0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Government Grants (Details) $ in Millions	12 Months Ended
	Oct. 31, 2024 USD ($)
Government Grants [Abstract]
Decrease in property and equipment, net	$ (5.0)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Cash flows from operating activities:
Net income	$ 183,848	$ 199,634	$ 179,242
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, plant and equipment	82,433	80,473	79,971
Amortization of intangible assets	372	362	359
Share-based compensation	13,890	8,001	6,308
Deferred income taxes	(1,389)	(927)	809
Changes in assets, liabilities, and other:
Accounts receivable	(2,541)	4,026	(51,233)
Inventories	(6,154)	1,236	(2,039)
Other current assets	628	9,665	1,204
Accounts payable, accrued liabilities and other	(9,643)	(294)	60,566
Net cash provided by operating activities	261,444	302,176	275,187
Cash flows used in investing activities:
Purchases of property, plant and equipment	(130,942)	(131,295)	(112,338)
Purchases of short-term investments	(100,558)	(20,192)	(38,854)
Proceeds from maturities of short-term investments	72,836	47,537	0
Government incentives	2,229	2,522	3,615
Purchases of intangible assets	(89)	(117)	(205)
Other	59	0	25
Net cash used in investing activities	(156,465)	(101,545)	(147,757)
Cash flows used in financing activities:
Repayments of debt	(6,621)	(18,439)	(65,440)
Purchases of treasury stock	0	0	(2,522)
Contributions from noncontrolling interests	0	0	24,995
Proceeds from share-based arrangements	1,916	1,248	5,749
Net settlements of restricted stock awards	(3,025)	(1,302)	(1,471)
Net cash used in financing activities	(7,730)	(18,493)	(38,689)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	2,127	(2,680)	(46,012)
Net increase in cash, cash equivalents, and restricted cash	99,376	179,458	42,729
Cash, cash equivalents, and restricted cash at beginning of year	501,867	322,409	279,680
Cash, cash equivalents, and restricted cash at end of year	601,243	501,867	322,409
Less: Ending restricted cash	2,758	2,575	2,729
Cash and cash equivalents at end of year	598,485	499,292	319,680
Supplemental disclosure of non-cash information:
Accruals for property, plant and equipment not yet paid	5,217	18,607	3,266
Expected refundable federal investment tax credit	$ 5,013	$ 0	$ 0