Photronics (PLAB) 10-Q9 Sep 152015 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Aug. 02, 2015	Sep. 01, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	PHOTRONICS INC
Entity Central Index Key	810,136
Current Fiscal Year End Date	--11-01
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		66,768,764
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 2, 2015

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Aug. 02, 2015	Nov. 02, 2014
Current assets:
Cash and cash equivalents	$ 191,562	$ 192,929
Accounts receivable, net of allowance of $3,375 in 2015 and $3,078 in 2014	104,701	94,515
Inventories	23,266	22,478
Other current assets	21,037	26,570
Total current assets	340,566	336,492
Property, plant and equipment, net	568,921	550,069
Investment in joint venture	93,040	93,122
Intangible assets, net	26,280	30,294
Deferred income taxes	11,801	11,036
Other assets	5,483	8,170
Total assets	1,046,091	1,029,183
Current liabilities:
Current portion of long-term borrowings	16,577	10,381
Accounts payable	110,945	86,495
Accrued liabilities	34,014	42,241
Total current liabilities	161,536	139,117
Long-term borrowings	118,457	131,805
Other liabilities	20,051	18,767
Total liabilities	$ 300,044	$ 289,689
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value, 2,000 shares authorized, none issued and outstanding	$ 0	$ 0
Common stock, $0.01 par value, 150,000 shares authorized, 66,507 shares issued and outstanding at August 2, 2015 and 65,930 shares issued and outstanding at November 2, 2014	665	659
Additional paid-in capital	524,924	520,182
Retained earnings	111,438	85,435
Accumulated other comprehensive income (loss)	(8,256)	21,774
Total Photronics, Inc. shareholders' equity	628,771	628,050
Noncontrolling interests	117,276	111,444
Total equity	746,047	739,494
Total liabilities and equity	$ 1,046,091	$ 1,029,183

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Aug. 02, 2015	Nov. 02, 2014
Current assets:
Accounts receivable, allowance	$ 3,375	$ 3,078
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)	66,507	65,930
Common stock, shares outstanding (in shares)	66,507	65,930

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2015	Aug. 03, 2014	Aug. 02, 2015	Aug. 03, 2014
Condensed Consolidated Statements of Income (unaudited) [Abstract]
Net sales	$ 131,699	$ 124,852	$ 382,513	$ 331,276
Cost and expenses:
Cost of sales	(94,456)	(96,202)	(283,991)	(257,554)
Selling, general and administrative	(12,430)	(12,394)	(36,795)	(38,092)
Research and development	(6,253)	(5,199)	(16,743)	(16,111)
Operating income	18,560	11,057	44,984	19,519
Other income (expense):
Gain on acquisition	0	0	0	16,372
Interest expense	(1,209)	(1,809)	(3,812)	(5,610)
Interest and other income (expense), net	1,449	641	1,312	2,346
Income before income tax provision	18,800	9,889	42,484	32,627
Income tax provision	(3,390)	(2,545)	(7,775)	(7,291)
Net income	15,410	7,344	34,709	25,336
Net income attributable to noncontrolling interests	(3,304)	(3,158)	(8,706)	(3,617)
Net income attributable to Photronics, Inc. shareholders	$ 12,106	$ 4,186	$ 26,003	$ 21,719
Earnings per share:
Basic (in dollars per share)	$ 0.18	$ 0.07	$ 0.39	$ 0.35
Diluted (in dollars per share)	$ 0.17	$ 0.07	$ 0.37	$ 0.34
Weighted-average number of common shares outstanding:
Basic (in shares)	66,454	61,436	66,250	61,336
Diluted (in shares)	78,569	62,432	78,300	77,706

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2015	Aug. 03, 2014	Aug. 02, 2015	Aug. 03, 2014
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) [Abstract]
Net income	$ 15,410	$ 7,344	$ 34,709	$ 25,336
Other comprehensive income (loss), net of tax of $0:
Foreign currency translation adjustments	(25,326)	2,088	(32,894)	5,194
Amortization of cash flow hedge	32	32	96	96
Total other comprehensive income (loss)	(25,294)	2,120	(32,798)	5,290
Comprehensive income (loss)	(9,884)	9,464	1,911	30,626
Less: comprehensive income attributable to noncontrolling interests	1,105	3,703	5,939	4,116
Comprehensive income (loss) attributable to Photronics, Inc. shareholders	$ (10,989)	$ 5,761	$ (4,028)	$ 26,510

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2015	Aug. 03, 2014	Aug. 02, 2015	Aug. 03, 2014
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) [Abstract]
Other comprehensive income, tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Aug. 02, 2015	Aug. 03, 2014
Cash flows from operating activities:
Net income	$ 34,709	$ 25,336
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	61,465	58,412
Gain on acquisition	0	(16,372)
Changes in assets and liabilities:
Accounts receivable	(13,744)	(1,479)
Inventories	(1,814)	(3,339)
Other current assets	1,496	1,657
Accounts payable, accrued liabilities and other	9,715	(2,377)
Net cash provided by operating activities	91,827	61,838
Cash flows from investing activities:
Purchases of property, plant and equipment	(80,107)	(58,278)
Cash from acquisition	0	4,508
Other	(283)	(759)
Net cash used in investing activities	(80,390)	(54,529)
Cash flows from financing activities:
Repayments of long-term borrowings	(7,152)	(27,432)
Payments of deferred financing fees	0	(336)
Proceeds from share-based arrangements	2,375	1,043
Other	(171)	(597)
Net cash used in financing activities	(4,948)	(27,322)
Effect of exchange rate changes on cash and cash equivalents	(7,856)	736
Net decrease in cash and cash equivalents	(1,367)	(19,277)
Cash and cash equivalents at beginning of period	192,929	215,615
Cash and cash equivalents at end of period	191,562	196,338
Supplemental disclosure of noncash information:
Accrual for property, plant and equipment purchased during the period	40,632	30,795
Noncash net assets from acquisition	$ 0	$ 110,211

BASIS OF FINANCIAL STATEMENT PR

BASIS OF FINANCIAL STATEMENT PRESENTATION	9 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION	Aug. 02, 2015
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract]
BASIS OF FINANCIAL STATEMENT PRESENTATION	NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION Photronics, Inc. and its subsidiaries ("Photronics" or “the Company") is one of the world's leading manufacturers of photomasks, which are high precision photographic quartz plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of semiconductors and flat panel displays ("FPDs"), and are used as masters to transfer circuit patterns onto semiconductor wafers and flat panel substrates during the fabrication of integrated circuits ("ICs") and a variety of FPDs and, to a lesser extent, other types of electrical and optical components. The Company currently operates principally from nine manufacturing facilities, two of which are located in Europe, three in Taiwan, one in Korea, and three in the United States. On April 4, 2014, DNP Photomask Technology Taiwan Co., Ltd. (“DPTT”), a wholly owned subsidiary of Dai Nippon Printing Co., Ltd. (“DNP”), merged into Photronics Semiconductor Mask Corporation (“PSMC”), a wholly owned subsidiary of Photronics. All of the assets and liabilities of DPTT existing prior to the merger were assumed by the renamed surviving entity of the merger, Photronics DNP Mask Corporation (“PDMC”). Photronics and DNP own 50.01 percent and 49.99 percent of PDMC, respectively. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, adjustments, all of which are of a normal recurring nature, considered necessary for a fair presentation have been included. The Company is typically impacted during its first fiscal quarter by the North American and European holiday periods, as some customers reduce their effective workdays and orders during these periods. Additionally, the Company can be impacted during its first or second quarter by the Asian New Year holiday period, which may also reduce customer orders. Operating results for the interim period are not necessarily indicative of the results that may be expected for the fiscal year ending November 1, 2015. For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended November 2, 2014.

ACQUISITION OF DNP PHOTOMASK TE

ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD.	9 Months Ended
ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD.	Aug. 02, 2015
ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD. [Abstract]
ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD.	NOTE 2 – ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD. On April 4, 2014, DPTT merged into PSMC, the Company’s IC manufacturing subsidiary located in Taiwan, to form PDMC. Throughout this report the merger of DPTT into PSMC is referred to as the “DPTT Acquisition.” In connection with the DPTT Acquisition, the Company transferred consideration with a fair value of $98.3 million. The Company owns 50.01 percent of PDMC and includes its financial results in its consolidated financial statements, while DNP owns the remaining 49.99 percent of PDMC. The Company also has the ability to appoint the majority of the directors of PDMC, including the chairman of its board of directors, select its management responsible for implementing its policies and procedures, and establish its operating and capital decisions and policies. Photronics determined it has control of PDMC by virtue of its tie-breaking voting rights within PDMC’s Board of Directors, thereby giving it the power to direct the activities of PDMC that most significantly impact its economic performance, including its decision making authority in the ordinary course of business. The DPTT Acquisition was the result of the Company’s desire to combine the strengths in logic and memory photomask technologies of PSMC and DPTT in order to enhance its capability with customers in the region. The DPTT Acquisition met the conditions of a business combination as defined by Accounting Standards Codification (“ASC”) 805 and, as such, is accounted for under ASC 805 using the acquisition method of accounting. ASC 805 defines the three elements of a business as Input, Process and Output. As a result of the DPTT Acquisition, Photronics acquired the machinery and equipment utilized in the processes to manufacture product, the building that houses the entire operation and the processes needed to manufacture the product, all previously owned by DPTT. The former DPTT employees hired by Photronics in connection with the acquisition brought with them the skills, experience and know-how necessary to provide the operational processes that, when applied to the acquired assets, represent processes being applied to inputs to create outputs. Having met all three elements of a business as defined in ASC 805, the Company determined that the DPTT Acquisition should be accounted for as a business combination. The following table summarizes the fair values of assets acquired and liabilities assumed of DPTT, the fair value of the noncontrolling interests and consideration for DPTT at the acquisition date. Cash and cash equivalents $ 4,508 Accounts receivable (gross amount of $28,560, of which $500 is estimated to be uncollectable) 28,060 Inventory 1,279 Deferred tax asset 9,787 Other current assets 11,517 Property, plant and equipment 95,431 Identifiable intangible assets 1,552 Other long-term assets 1,328 Accounts payable and accrued expenses (32,410 ) Deferred tax liability (3,042 ) Other long-term liabilities (3,291 ) Total net assets acquired 114,719 Noncontrolling interests retained by DNP 57,348 57,371 Consideration – 49.99% of fair value of PSMC 40,999 Gain on acquisition $ 16,372 In addition to recording the fair values of the net assets acquired, the Company also recorded a gain on acquisition of $16.4 million in the three month period ended May 4, 2014, in accordance with ASC 805 using the acquisition method of accounting. The gain on acquisition was primarily due to the difference between the market values of the acquired real estate and personal property exceeding the fair value of the consideration transferred. In addition, a deferred tax liability of $3.0 million was recorded in the opening balance sheet, which had the effect of reducing the gain on acquisition to $16.4 million. Prior to recording the gain, the Company reassessed whether it had correctly identified all of the assets acquired and all of the liabilities assumed. Additionally, the Company also reviewed the procedures used to measure the amounts of the identifiable assets acquired, liabilities assumed and consideration transferred. The fair value of the first component of consideration represents 49.99 percent of the fair value of PSMC, and is based on recent prices paid by the Company to acquire outstanding shares of PSMC (prior to the acquisition). As a result of the merger, the Company acquired the net assets of DPTT having a fair value of $114.7 million, less noncontrolling interests of $57.3 million retained by DNP, and transferred consideration with a fair value of $41.0 million, resulting in a gain of $16.4 million. The fair value of the total consideration transferred as of the acquisition date was $98.3 million, comprised of the 49.99% noncontrolling interest in DPTT of $57.3 million, and 49.99% of the fair value of PSMC of $41.0 million (112.9 million shares, or 49.99% of the outstanding common stock of PSMC). We estimated the $114.7 million fair value of DPTT as of the acquisition date by applying an income approach as our valuation technique. Our income approach followed a discounted cash flow method, which applied our best estimates of future cash flows and an estimated terminal value discounted to present value at a rate of return taking into account the relative risk of the cash flows. To confirm the reasonableness of the value derived from the income approach, we also analyzed the values of comparable companies which are publicly traded. The acquisition date fair value of the property, plant and equipment of DPTT was $95.4 million, which was determined by utilizing the cost and, to a lesser extent, the market approach, based on an in-use premise of value. Inputs utilized by the Company to determine fair values of DPTT’s property, plant and equipment included a cost approach, which was adjusted for depreciation and condition for equipment, and adjusted for depreciation and local market conditions for real property. The noncontrolling interest of DPTT was calculated using the 49.99% of its total fair value of $114.7 million. The Company also used a market approach to corroborate the enterprise value of DPTT. This fair value measurement is based on significant inputs that are not observable in the market and thus represents a fair value measurement categorized within Level 3 of the fair value hierarchy. Key assumptions include local and current construction replacement cost multipliers, amounts of ancillary replacement costs, physical deterioration, and economic and functional obsolescence to adjust the current replacement costs by, as well as the estimated economic lives of the assets. Identifiable intangible assets acquired were primarily customer relationships, which represent the fair value of relationships and agreements DPTT had in place at the date of the merger. The customer relationships had a fair value of $1.5 million at the acquisition date, determined by using the multi-period excess earnings method, and are amortized over a twelve year estimated useful life. The acquisition date fair value of the remainder of the identifiable assets acquired and liabilities assumed were equivalent to, or did not materially differ from, their carrying values Acquisition costs related to the merger were $2.5 million for the nine month period ended August 3, 2014, and are included in selling, general and administrative expense in the condensed consolidated statements of income.

CHANGES IN EQUITY

CHANGES IN EQUITY	9 Months Ended
CHANGES IN EQUITY	Aug. 02, 2015
CHANGES IN EQUITY [Abstract]
CHANGES IN EQUITY	NOTE 3 - CHANGES IN EQUITY The following tables set forth the Company's consolidated changes in equity for the three and nine month periods ended August 2, 2015 and August 3, 2014: Three Months Ended August 2, 2015 Photronics, Inc. Shareholders Accumulated Other Comprehensive Income (Loss) Common Stock Additional Paid-in Capital Retained Earnings Non- controlling Interests Total Equity Shares Amount Balance at May 3, 2015 66,298 $ 663 $ 522,873 $ 99,332 $ 14,838 $ 116,277 $ 753,983 Net income - - - 12,106 - 3,304 15,410 Other comprehensive loss - - - - (23,094 ) (2,200 ) (25,294 ) Sale of common stock through employee stock option and purchase plans 194 2 1,076 - - - 1,078 Restricted stock awards vesting and expense 15 - 268 - - - 268 Share-based compensation expense - - 680 - - - 680 Purchase of common stock of subsidiary - - 27 - - (105 ) (78 ) Balance at August 2, 2015 66,507 $ 665 $ 524,924 $ 111,438 $ (8,256 ) $ 117,276 $ 746,047 Three Months Ended August 3, 2014 Photronics, Inc. Shareholders Accumulated Other Comprehensive Income Common Stock Additional Paid-in Capital Retained Earnings Non- controlling Interests Total Equity Shares Amount Balance at May 4, 2014 61,408 $ 614 $ 495,514 $ 76,972 $ 30,019 $ 106,620 $ 709,739 Net income - - - 4,186 - 3,158 7,344 Other comprehensive income - - - - 1,575 545 2,120 Sale of common stock through employee stock option and purchase plans 17 - 75 - - - 75 Restricted stock awards vesting and expense 27 1 307 - - - 308 Share-based compensation expense - - 675 - - - 675 Balance at August 3, 2014 61,452 $ 615 $ 496,571 $ 81,158 $ 31,594 $ 110,323 $ 720,261 Nine Months Ended August 2, 2015 Photronics, Inc. Shareholders Accumulated Other Comprehensive Income (Loss) Common Stock Additional Paid-in Capital Retained Earnings Non- controlling Interests Total Equity Shares Amount Balance at November 2, 2014 65,930 $ 659 $ 520,183 $ 85,435 $ 21,774 $ 111,443 $ 739,494 Net income - - - 26,003 - 8,706 34,709 Other comprehensive income - - - - (30,030 ) (2,768 ) (32,798 ) Sale of common stock through employee stock option and purchase plans 433 4 1,932 - - - 1,936 Restricted stock awards vesting and expense 144 2 800 - - - 802 Share-based compensation expense - - 1,982 - - - 1,982 Purchase of common stock of subsidiary - - 27 - - (105 ) (78 ) Balance at August 2, 2015 66,507 $ 665 $ 524,924 $ 111,438 $ (8,256) $ 117,276 $ 746,047 Nine Months Ended August 3, 2014 Photronics, Inc. Shareholders Accumulated Other Comprehensive Income Common Stock Additional Paid-in Capital Retained Earnings Non- controlling Interests Total Equity Shares Amount Balance at November 3, 2013 61,083 $ 611 $ 498,861 $ 59,439 $ 26,403 $ 2,517 $ 587,831 Net income - - - 21,719 - 3,617 25,336 Other comprehensive income - - - - 4,792 498 5,290 Sale of common stock through employee stock option and purchase plans 213 2 765 - - - 767 Restricted stock awards vesting and expense 156 2 1,005 - - - 1,007 Share-based compensation expense - - 2,122 - - - 2,122 Acquisition of DPTT - - (6,291 ) - 411 105,404 99,524 Redemption of common stock by subsidiary - - 109 - (12 ) (1,713 ) (1,616 ) Balance at August 3, 2014 61,452 $ 615 $ 496,571 $ 81,158 $ 31,594 $ 110,323 $ 720,261

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Aug. 02, 2015
PROPERTY, PLANT AND EQUIPMENT [Abstract]
PROPERTY, PLANT AND EQUIPMENT	NOTE 4 - PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following: August 2, 2015 November 2, 2014 Land $ 8,106 $ 8,598 Buildings and improvements 121,696 124,787 Machinery and equipment 1,460,316 1,367,691 Leasehold improvements 19,671 20,165 Furniture, fixtures and office equipment 12,677 12,086 Construction in progress 15,538 81,351 1,638,004 1,614,678 Less accumulated depreciation and amortization 1,069,083 1,064,609 $ 568,921 $ 550,069 Equipment under capital leases are included in above property, plant and equipment as follows: August 2, 2015 November 2, 2014 Machinery and equipment $ 56,245 $ 56,245 Less accumulated amortization 14,648 10,430 $ 41,597 $ 45,815 Depreciation and amortization expense for property, plant and equipment was $19.4 million and $56.4 million for the three and nine month periods ended August 2, 2015, respectively, and $19.8 million and $52.9 million for the three and nine month periods ended August 3, 2014, respectively.

JOINT VENTURE, TECHNOLOGY LICEN

JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC	9 Months Ended
	Aug. 02, 2015
JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC. [Abstract]
JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC.	NOTE 5 - JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC. In May 2006, Photronics and Micron Technology, Inc. ("Micron") entered into the MP Mask joint venture (“MP Mask”), which develops and produces photomasks for leading-edge and advanced next generation semiconductors. At the time of the formation of the joint venture, the Company also entered into both an agreement to license photomask technology developed by Micron and certain supply agreements. This joint venture is a variable interest entity ("VIE") (as that term is defined in the ASC) because all costs of the joint venture are passed on to the Company and Micron through purchase agreements they have entered into with the joint venture, and it is dependent upon the Company and Micron for any additional cash requirements. On a quarterly basis the Company reassesses whether its interest in MP Mask gives it a controlling financial interest in this VIE. The purpose of this quarterly reassessment is to identify the primary beneficiary (which is defined in the ASC as the entity that consolidates a VIE) of the VIE. As a result of the reassessment in the current quarter, the Company determined that Micron is still the primary beneficiary of the VIE, by virtue of its tie-breaking voting rights within MP Mask’s Board of Managers, thereby giving it the power to direct the activities of MP Mask that most significantly impact its economic performance, including its decision making authority in the ordinary course of business and its purchasing the majority of products produced by the VIE. The Company has utilized MP Mask for both high-end IC photomask production and research and development purposes. MP Mask charges its variable interest holders based on their actual usage of its facility. MP Mask separately charges for any research and development activities it engages in at the requests of its owners. The Company recorded cost of sales of $1.5 million and $4.9 million and research and development expenses of $0.2 million and $0.7 million during the three and nine month periods ended August 2, 2015. Cost of sales of $1.1 million and $3.0 million and research and development expenses of $0.2 million and $0.7 million were recorded during the three and nine month periods ended August 3, 2014. As of August 2, 2015 and November 2, 2014, the Company owed MP Mask $4.5 million and $4.2 million, respectively, and had a receivable from Micron of $10.1 million and $6.8 million, respectively, both primarily related to the aforementioned supply agreements. MP Mask is governed by a Board of Managers, appointed by Micron and the Company. Since MP Mask's inception, Micron, as a result of its majority ownership, has held majority voting power on the Board of Managers. The voting power held by each party is subject to change as ownership interests change. Under the MP Mask joint venture operating agreement, the Company may be required to make additional capital contributions to MP Mask up to the maximum amount defined in the operating agreement. However, should the Board of Managers determine that further additional funding is required, MP Mask shall pursue its own financing. If MP Mask is unable to obtain its own financing, it may request additional capital contributions from the Company. Should the Company choose not to make a requested contribution to MP Mask, its ownership percentage may be reduced. The Company's investment in the VIE, which represents its maximum exposure to loss, was $93.0 million at August 2, 2015 and $93.1 million at November 2, 2014. These amounts are reported in the Company's condensed consolidated balance sheets as "Investment in joint venture." The Company did not realize a gain or a loss from its investment in the VIE in the three month period ended August 2, 2015, and realized a loss of $0.1 million from its investment in the VIE in the nine month period ended August 2, 2015. The Company recorded income of $0.1 million from its investment in the VIE in the three and nine month periods ended August 3, 2014. On March 24, 2015, the Company announced that the MP Mask joint venture would not be renewed after May 5, 2016. The MP Mask operating agreement provides that Micron will make a payment to the Company to purchase the Company’s equity interest in MP Mask based on the Company’s ownership percentage of the net book value of MP Mask at that time, which, as of March 5, 2015, was approximately $93 million. The Company does not expect that it will incur a significant gain or loss on this transaction. Concurrently, the Company announced that it entered into supply and technology license agreements with Micron. This supply agreement, which commences on May 6, 2016, with a one-year term subject to mutually agreeable renewals, provides that the Company will be the majority outsource supplier of Micron’s photomasks and related services. This technology license agreement commenced in March 2015 and continues through the earlier of one year from the termination of the initial technology license agreement on May 5, 2016, or when Micron certifies that it has transferred certain defined technology to the Company. The Company forevermore has the rights to use the technology obtained under these technology license agreements.

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS	9 Months Ended
LONG-TERM BORROWINGS	Aug. 02, 2015
LONG-TERM BORROWINGS [Abstract]
LONG-TERM BORROWINGS	NOTE 6 - LONG-TERM BORROWINGS Long-term borrowings consist of the following: August 2, 2015 November 2, 2014 3.25% convertible senior notes due in April 2016 $ 57,500 $ 115,000 3.25% convertible senior notes due in April 2019 57,500 - 2.77% capital lease obligation payable through July 2018 16,643 20,481 3.09% capital lease obligation payable through March 2016 3,391 6,705 135,034 142,186 Less current portion 16,577 10,381 $ 118,457 $ 131,805 The Company’s credit facility, which expires in December 2018, has a $50 million limit with an expansion capacity to $75 million, and is secured by substantially all of the Company’s assets located in the United States and common stock the Company owns in certain of its foreign subsidiaries. The credit facility is subject to a minimum interest coverage ratio, total leverage ratio and minimum unrestricted cash balance financial covenants, all of which the Company was in compliance with at August 2, 2015. The Company had no outstanding borrowings against the credit facility at August 2, 2015, and $50 million was available for borrowing. The interest rate on the credit facility (1.69% at August 2, 2015) is based on the Company’s total leverage ratio at LIBOR plus a spread, as defined in the credit facility. In January 2015 the Company privately exchanged $57.5 million in aggregate principal amount of its 3.25% convertible senior notes with a maturity date of April 1, 2016, for new 3.25% convertible senior notes with an aggregate principal amount of $57.5 million with a maturity date of April 1, 2019. The conversion rate of the new notes is the same as that of the exchanged notes, which were issued in March 2011 with a conversion rate of approximately 96 shares of common stock per $1,000 note principal, equivalent to a conversion price of $10.37 per share of common stock, and is subject to adjustment upon the occurrence of certain events, which are described in the indenture dated January 22, 2015. Note holders may convert each $1,000 principal amount of notes at any time prior to the close of business on the second scheduled trading day immediately preceding April 1, 2019, and the Company is not required to redeem the notes prior to their maturity date. Interest on the notes accrues in arrears, and is paid semiannually through the notes’ maturity date. The Company intends to repay $50 million of its outstanding 3.25% convertible senior notes due in April 2016 with borrowings against its credit facility and, therefore, has classified $50 million of these notes that were outstanding as of August 2, 2015, as long term. In August 2013 a $26.4 million principal amount, five year capital lease commenced to fund the purchase of a high-end lithography tool. Payments under the capital lease, which bears interest at 2.77%, are $0.5 million per month through July 2018. Under the terms of the lease agreement, the Company must maintain the equipment in good working order, and is subject to a cross default with cross acceleration provision related to certain nonfinancial covenants incorporated in its credit facility. As of August 2, 2015, the total amount payable through the end of the lease term was $17.4 million, of which $16.6 million represented principal and $0.8 million represented interest. In April 2011 the Company entered into a five year, $21.2 million capital lease for manufacturing equipment. Payments under the lease, which bears interest at 3.09%, are $0.4 million per month through March 2016. The lease agreement provides that the Company must maintain the equipment in good working order, and includes a cross default with cross acceleration provision related to certain non-financial covenants incorporated in the Company's credit facility agreement. As of August 2, 2015, the total amount payable through the end of the lease term, substantially all of which represented principal, was $3.4 million.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
SHARE-BASED COMPENSATION	Aug. 02, 2015
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	NOTE 7 - SHARE-BASED COMPENSATION The Company has a share-based compensation plan ("Plan"), under which options, restricted stock, restricted stock units, stock appreciation rights, performance stock, performance units, and other awards based on, or related to, shares of the Company's common stock may be granted from shares authorized but unissued or shares previously issued and reacquired by the Company. The maximum number of shares of common stock approved by the Company’s shareholders to be issued under the Plan was increased from six million shares to nine million shares during fiscal year 2014. Awards may be granted to officers, employees, directors, consultants, advisors, and independent contractors of the Company or its subsidiaries. In the event of a change in control (as defined in the Plan), the vesting of awards may be accelerated. The Plan, aspects of which are more fully described below, prohibits further awards from being issued under prior plans. Total share-based compensation costs for the three and nine month periods ended August 2, 2015, were $0.9 million and $2.8 million, respectively, and $1.0 million and $3.1 million for the three and nine month periods ended August 3, 2014, respectively. The Company received cash from option exercises of $1.1 million and $2.1 million for the three and nine month periods ended August 2, 2015, respectively, and $0.1 million and $0.8 million for the three and nine month periods ended August 3, 2014, respectively. No share-based compensation cost was capitalized as part of an asset and no related income tax benefits were recorded during the periods presented. 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 have an exercise price equal to 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 using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of the Company's stock. The Company uses historical option exercise behavior and employee termination data to estimate expected term, which represents the period of time that the options granted are expected to remain outstanding. The risk-free rate of return for the estimated term of the option is based on the U.S. Treasury yield curve in effect at the date of grant. The weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options issued during the three and nine month periods ended August 2, 2015 and August 3, 2014, are presented in the following table. Three Months Ended Nine Months Ended August 2, 2015 August 3, 2014 August 2, 2015 August 3, 2014 Expected volatility 42.9% 58.1% 53.9% 61.0% Risk free rate of return 1.4% – 1.6% 1.4% 1.3% - 1.6% 1.4% Dividend yield N/A N/A N/A N/A Expected term 4.7 years 4.6 years 4.7 years 4.6 years Information on outstanding and exercisable option awards as of August 2, 2015, is presented below. Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at August 2, 2015 3,873,693 $ 7.29 6.3 years $ 7,075 Exercisable at August 2, 2015 2,323,643 $ 6.92 4.8 years $ 6,110 There were 63,000 share options granted during the three month period ended August 2, 2015, with a weighted-average grant date fair value of $3.46 per share, and there were 20,000 share options granted during the three month period ended August 3, 2014, with a weighted-average grant date fair value of $4.24 per share. There were 667,800 share options granted during the nine month period ended August 2, 2015, with a weighted-average grant date fair value of $3.82 per share and 632,500 share options granted during the nine month period ended August 3, 2014, with a weighted-average grant date fair value of $4.44 per share. As of August 2, 2015, the total unrecognized compensation cost related to unvested option awards was approximately $4.5 million. That cost is expected to be recognized over a weighted-average amortization period of 2.5 years. Restricted Stock The Company periodically grants restricted stock awards. The restrictions on these awards typically lapse over a service period of less-than-one year to four years. 10,000 restricted stock awards were granted during the three month period ended August 2, 2015, with a weighted-average grant date fair value of $8.84 per share and 121,334 restricted stock awards were issued during the nine month period ended August 2, 2015, with a weighted-average grant date fair value of $8.28 per share. No restricted stock awards were granted during the three month period ended August 3, 2014, and 111,667 restricted stock awards were issued during the nine month period ended August 3, 2014, with a weighted-average grant date fair value of $8.86 per share. As of August 2, 2015, the total compensation cost not yet recognized related to unvested restricted stock awards was approximately $1.1 million. That cost is expected to be recognized over a weighted-average amortization period of 2.1 years. As of August 2, 2015, there were 212,776 shares of restricted stock outstanding.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Aug. 02, 2015
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 8 - INCOME TAXES The effective tax rate differs from the U.S. statutory rate of 35% in the three and nine month periods ended August 2, 2015 and August 3, 2014, primarily due to earnings being taxed at lower statutory rates in foreign jurisdictions, the partial reversal of a deferred tax asset valuation allowance, and various investment credits in foreign jurisdictions. Valuation allowances in jurisdictions with historic losses eliminate the effective rate impact of these jurisdictions. During the three month period ended May 3, 2015, the Company determined that deferred tax assets of $1.5 million, whose realization was previously not considered to be more likely than not, are realizable. Therefore, their related valuation allowances were reduced and the deferred tax assets were recognized. In the three month period ended August 2, 2015, $0.2 million of additional deferred tax assets were recognized. Unrecognized tax benefits related to uncertain tax positions were $5.6 million at August 2, 2015, and $5.1 million at November 2, 2014, of which $5.5 million and $5.0 million, respectively, would, if recognized, favorably impact the Company's effective tax rate. Accrued interest and penalties related to unrecognized tax benefits was $0.2 million at August 2, 2015, $0.1 million of which was recognized during the nine month period ended August 2, 2015. As of August 2, 2015, the total amount of unrecognized tax benefits is not expected to significantly increase or decrease in the next twelve months. Due to changes in the operational structure of a foreign subsidiary and a related redemption of the subsidiary’s investment in shares of an affiliate, the Company has determined that, as of August 2, 2015, the historic and future accumulated earnings of that subsidiary were not required for future reinvestment. Accordingly, earnings of $127.2 million that were considered to be indefinitely reinvested at November 2, 2014, were reduced by $16.4 million, against which a $5.7 million deferred tax liability that is offset by fully valued loss carryforwards has been established. PKLT, the Company's FPD manufacturing facility in Taiwan, has been accorded a tax holiday that started in 2012 and expires in 2017. The PKLT tax holiday had no dollar or per share effect on the financial results of the three or nine month periods ended August 2, 2015 and August 3, 2014. PDMC, as a result of the DPTT Acquisition, acquired an IC manufacturing facility in Taiwan that has been accorded a tax holiday that commenced in 2015 and expires in 2019. The Company realized $0.1 million and $0.2 million in tax benefits from the PDMC tax holiday for the three and nine month periods ended August 2, 2015, respectively, and no dollar benefit for the three and nine month periods ended August 3, 2014. The tax holiday had no per share effect on the financial results for the three or nine month periods ended August 2, 2015 and August 3, 2014.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Aug. 02, 2015
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	NOTE 9 - EARNINGS PER SHARE The calculation of basic and diluted earnings per share is presented below. Three Months Ended Nine Months Ended August 2, 2015 August 3, 2014 August 2, 2015 August 3, 2014 Net income attributable to Photronics, Inc. shareholders $ 12,106 $ 4,186 $ 26,003 $ 21,719 Effect of dilutive securities: Interest expense on convertible notes, net of related tax effects 1,071 - 3,292 4,626 Earnings for diluted earnings per share $ 13,177 $ 4,186 $ 29,295 $ 26,345 Weighted-average common shares computations: Weighted-average common shares used for basic earnings per share 66,454 61,436 66,250 61,336 Effect of dilutive securities: Convertible notes 11,085 - 11,085 15,423 Share-based payment awards 1,030 996 965 947 Potentially dilutive common shares 12,115 996 12,050 16,370 Weighted-average common shares used for diluted earnings per share 78,569 62,432 78,300 77,706 Basic earnings per share $ 0.18 $ 0.07 $ 0.39 $ 0.35 Diluted earnings per share $ 0.17 $ 0.07 $ 0.37 $ 0.34 The table below shows 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, and convertible notes that, if converted, would have been antidilutive. Three Months Ended Nine Months Ended August 2, 2015 August 3, 2014 August 2, 2015 August 3, 2014 Share-based payment awards 1,667 1,869 1,636 2,044 Convertible notes - 15,423 - - Total potentially dilutive shares excluded 1,667 17,292 1,636 2,044

CHANGES IN ACCUMULATED OTHER CO

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT	9 Months Ended
	Aug. 02, 2015
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT	NOTE 10 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT The following tables set forth the changes in the Company's accumulated other comprehensive income by component (net of tax of $0) for the three and nine month periods ended August 2, 2015 and August 3, 2014: Three Months Ended August 2, 2015 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at May 3, 2015 $ 15,648 $ (370 ) $ (440 ) $ 14,838 Other comprehensive income (loss) before reclassifications (25,342 ) - 16 (25,326 ) Amounts reclassified from other comprehensive income - 32 - 32 Net current period other comprehensive income (loss) (25,342 ) 32 16 (25,294 ) Less: other comprehensive income (loss) attributable to noncontrolling interests (2,208 ) - 8 (2,200 ) Balance at August 2, 2015 $ (7,486 ) $ (338 ) $ (432 ) $ (8,256 ) Three Months Ended August 3, 2014 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at May 4, 2014 $ 30,928 $ (498 ) $ (411 ) $ 30,019 Other comprehensive income before reclassifications 2,088 - - 2,088 Amounts reclassified from other comprehensive income - 32 - 32 Net current period other comprehensive income 2,088 32 - 2,120 Less: other comprehensive income attributable to noncontrolling interests 541 - 4 545 Balance at August 3, 2014 $ 32,475 $ (466 ) $ (415 ) $ 31,594 Nine Months Ended August 2, 2015 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at November 2, 2014 $ 22,651 $ (434 ) $ (443 ) $ 21,774 Other comprehensive income (loss) before reclassifications (32,915 ) - 21 (32,894 ) Amounts reclassified from other comprehensive income - 96 - 96 Net current period other comprehensive income (loss) (32,915 ) 96 21 (32,798 ) Less: other comprehensive income (loss) attributable to noncontrolling interests (2,778 ) - 10 (2,768 ) Balance at August 2, 2015 $ (7,486 ) $ (338 ) $ (432 ) $ (8,256 ) Nine Months Ended August 3, 2014 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at November 3, 2013 $ 27,797 $ (562 ) $ (832 ) $ 26,403 Other comprehensive income before reclassifications 5,176 - 18 5,194 Amounts reclassified from other comprehensive income - 96 - 96 Net current period other comprehensive income 5,176 96 18 5,290 Less: other comprehensive income attributable to noncontrolling interests 498 - - 498 Other comprehensive income allocated to noncontrolling interests - - 411 411 Redemption of common stock by subsidiary - - (12 ) (12 ) Balance at August 3, 2014 $ 32,475 $ (466 ) $ (415 ) $ 31,594 The amortization of the cash flow hedge is included in cost of sales in the condensed consolidated statements of income for all periods presented.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Aug. 02, 2015
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 11 - FAIR VALUE MEASUREMENTS The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1, defined as quoted market prices in active markets for identical securities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly; and Level 3, defined as unobservable inputs that are not corroborated by market data. The Company did not have any assets or liabilities measured at fair value on a recurring or nonrecurring basis at August 2, 2015 or November 2, 2014. Fair Value of Other Financial Instruments The fair values of the Company's cash and cash equivalents (Level 1 measurements), accounts receivable, accounts payable, and certain other current assets and current liabilities (Level 2 measurements) approximate their carrying value due to their short-term maturities. The fair value of the Company’s convertible senior notes is a Level 2 measurement that is determined using recent bid prices. The table below presents the fair and carrying values of the Company's convertible senior notes at August 2, 2015 and November 2, 2014. August 2, 2015 November 2, 2014 Fair Value Carrying Value Fair Value Carrying Value 3.25% convertible senior notes due 2016 $ 59,329 $ 57,500 $ 122,544 $ 115,000 3.25% convertible senior notes due 2019 $ 60,835 $ 57,500 $ - $ -

SUBSIDIARY SHARE REPURCHASE

SUBSIDIARY SHARE REPURCHASE	9 Months Ended
SUBSIDIARY SHARE REPURCHASE	Aug. 02, 2015
SUBSIDIARY SHARE REPURCHASE [Abstract]
SUBSIDIARY SHARE REPURCHASE	NOTE 12 - SUBSIDIARY SHARE REPURCHASE In June 2015 the Company increased its ownership interest in PKL, a subsidiary of the Company based in Korea, to 99.77% from 99.75%, by purchasing 15,000 shares of its common stock from noncontrolling interests at a cost of $0.1 million. In January 2014 the Company increased its ownership percentage in PSMC, a subsidiary of the Company based in Taiwan, to 100% at a cost of $1.7 million for the then remaining 3.0 million shares that were not owned by the Company. In April 2014 DPTT merged into PSMC to form PDMC. See Note 2 for further discussion relating to this transaction. The table below presents the effect of the change in the Company’s ownership interest in its subsidiaries on the Company's equity for the three and nine month periods ended August 2, 2015 (15 thousand shares of common stock acquired), and the nine month period ended August 3, 2014, (3.0 million shares of common stock acquired and 112.9 million shares of common stock issued). The Company’s ownership interest in its subsidiaries did not change during the three month period ended August 3, 2014. Three Months Ended Nine Months Ended August 2, 2015 August 3, 2014 August 2, 2015 August 3, 2014 Net income attributable to Photronics, Inc. shareholders $ 12,106 $ 4,186 $ 26,003 $ 21,719 Increase (decrease) in Photronics, Inc.'s additional paid-in capital 27 - 27 (6,182 ) Increase in Photronics, Inc. shareholders’ accumulated other comprehensive income - - - 399 Change from net income attributable to Photronics, Inc. shareholders and transfer from noncontrolling interest $ 12,133 $ 4,186 $ 26,030 $ 15,936

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Aug. 02, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 13 - COMMITMENTS AND CONTINGENCIES As of August 2, 2015, the Company had commitments outstanding for capital expenditures of approximately $3 million. The Company is subject to various claims that arise in the ordinary course of business. The Company believes such claims, individually or in the aggregate, will not have a material effect on its condensed consolidated financial statements.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Aug. 02, 2015
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 14 - RECENT ACCOUNTING PRONOUNCEMENTS In April 2015 the FASB issued ASU 2015-03 – “Simplifying the Presentation of Debt Issuance Costs.” This update requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. This ASU will be effective for the Company in its first quarter of fiscal 2017. Upon adoption, all prior periods presented should be restated to reflect the amendments in this update. Early adoption is permitted. The Company is currently evaluating the effect of this ASU on its consolidated financial statements. In May 2014 the FASB issued ASU 2014-09 – “Revenue from Contracts with Customers,” which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of this ASU is that revenue should be recognized for the amount of consideration expected to be received for promised goods or services transferred to customers. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments, and assets recognized for costs incurred to obtain or fulfill a contract. ASU 2014-09 allows for either full retrospective or modified retrospective adoption. In August 2015 the FASB issued ASU 2015-14 “Deferral of the Effective date,” which defers the required adoption date of ASU 2014-09 by one year. As a result of the deferred effective date, ASU 2014-09 will be effective for the Company in its first quarter of fiscal 2019. Early adoption is permitted but not before the Company’s original effective date of its first quarter of fiscal 2018. The Company is evaluating the transition method that will be elected and the potential effects of the adoption of this ASU on its financial statements.

ACQUISITION OF DNP PHOTOMASK 22

ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD. (Policies)	9 Months Ended
	Aug. 02, 2015
ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD. [Abstract]
Business Combinations	In addition to recording the fair values of the net assets acquired, the Company also recorded a gain on acquisition of $16.4 million in the three month period ended May 4, 2014, in accordance with ASC 805 using the acquisition method of accounting. The gain on acquisition was primarily due to the difference between the market values of the acquired real estate and personal property exceeding the fair value of the consideration transferred. In addition, a deferred tax liability of $3.0 million was recorded in the opening balance sheet, which had the effect of reducing the gain on acquisition to $16.4 million. Prior to recording the gain, the Company reassessed whether it had correctly identified all of the assets acquired and all of the liabilities assumed. Additionally, the Company also reviewed the procedures used to measure the amounts of the identifiable assets acquired, liabilities assumed and consideration transferred.

SHARE-BASED COMPENSATION (Polic

SHARE-BASED COMPENSATION (Policies)	9 Months Ended
SHARE-BASED COMPENSATION (Policies)	Aug. 02, 2015
SHARE-BASED COMPENSATION [Abstract]
Share-based compensation accounting policy	Option awards generally vest in one to four years, and have a ten-year contractual term. All incentive and non-qualified stock option grants have an exercise price equal to the market value of the underlying common stock on the date of grant.

RECENT ACCOUNTING PRONOUNCEME24

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Aug. 02, 2015
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recent Accounting Pronouncements	In April 2015 the FASB issued ASU 2015-03 – “Simplifying the Presentation of Debt Issuance Costs.” This update requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from that debt liability, consistent with the presentation of a debt discount. This ASU will be effective for the Company in its first quarter of fiscal 2017. Upon adoption, all prior periods presented should be restated to reflect the amendments in this update. Early adoption is permitted. The Company is currently evaluating the effect of this ASU on its consolidated financial statements. In May 2014 the FASB issued ASU 2014-09 – “Revenue from Contracts with Customers,” which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of this ASU is that revenue should be recognized for the amount of consideration expected to be received for promised goods or services transferred to customers. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments, and assets recognized for costs incurred to obtain or fulfill a contract. ASU 2014-09 allows for either full retrospective or modified retrospective adoption. In August 2015 the FASB issued ASU 2015-14 “Deferral of the Effective date,” which defers the required adoption date of ASU 2014-09 by one year. As a result of the deferred effective date, ASU 2014-09 will be effective for the Company in its first quarter of fiscal 2019. Early adoption is permitted but not before the Company’s original effective date of its first quarter of fiscal 2018. The Company is evaluating the transition method that will be elected and the potential effects of the adoption of this ASU on its financial statements.

ACQUISITION OF DNP PHOTOMASK 25

ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD. (Tables)	9 Months Ended
	Aug. 02, 2015
ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD. [Abstract]
Fair values of assets acquired and liabilities assumed	The following table summarizes the fair values of assets acquired and liabilities assumed of DPTT, the fair value of the noncontrolling interests and consideration for DPTT at the acquisition date. Cash and cash equivalents $ 4,508 Accounts receivable (gross amount of $28,560, of which $500 is estimated to be uncollectable) 28,060 Inventory 1,279 Deferred tax asset 9,787 Other current assets 11,517 Property, plant and equipment 95,431 Identifiable intangible assets 1,552 Other long-term assets 1,328 Accounts payable and accrued expenses (32,410 ) Deferred tax liability (3,042 ) Other long-term liabilities (3,291 ) Total net assets acquired 114,719 Noncontrolling interests retained by DNP 57,348 57,371 Consideration – 49.99% of fair value of PSMC 40,999 Gain on acquisition $ 16,372

CHANGES IN EQUITY (Tables)

CHANGES IN EQUITY (Tables)	9 Months Ended
CHANGES IN EQUITY (Tables)	Aug. 02, 2015
CHANGES IN EQUITY [Abstract]
Consolidated changes in equity	The following tables set forth the Company's consolidated changes in equity for the three and nine month periods ended August 2, 2015 and August 3, 2014: Three Months Ended August 2, 2015 Photronics, Inc. Shareholders Accumulated Other Comprehensive Income (Loss) Common Stock Additional Paid-in Capital Retained Earnings Non- controlling Interests Total Equity Shares Amount Balance at May 3, 2015 66,298 $ 663 $ 522,873 $ 99,332 $ 14,838 $ 116,277 $ 753,983 Net income - - - 12,106 - 3,304 15,410 Other comprehensive loss - - - - (23,094 ) (2,200 ) (25,294 ) Sale of common stock through employee stock option and purchase plans 194 2 1,076 - - - 1,078 Restricted stock awards vesting and expense 15 - 268 - - - 268 Share-based compensation expense - - 680 - - - 680 Purchase of common stock of subsidiary - - 27 - - (105 ) (78 ) Balance at August 2, 2015 66,507 $ 665 $ 524,924 $ 111,438 $ (8,256 ) $ 117,276 $ 746,047 Three Months Ended August 3, 2014 Photronics, Inc. Shareholders Accumulated Other Comprehensive Income Common Stock Additional Paid-in Capital Retained Earnings Non- controlling Interests Total Equity Shares Amount Balance at May 4, 2014 61,408 $ 614 $ 495,514 $ 76,972 $ 30,019 $ 106,620 $ 709,739 Net income - - - 4,186 - 3,158 7,344 Other comprehensive income - - - - 1,575 545 2,120 Sale of common stock through employee stock option and purchase plans 17 - 75 - - - 75 Restricted stock awards vesting and expense 27 1 307 - - - 308 Share-based compensation expense - - 675 - - - 675 Balance at August 3, 2014 61,452 $ 615 $ 496,571 $ 81,158 $ 31,594 $ 110,323 $ 720,261 Nine Months Ended August 2, 2015 Photronics, Inc. Shareholders Accumulated Other Comprehensive Income (Loss) Common Stock Additional Paid-in Capital Retained Earnings Non- controlling Interests Total Equity Shares Amount Balance at November 2, 2014 65,930 $ 659 $ 520,183 $ 85,435 $ 21,774 $ 111,443 $ 739,494 Net income - - - 26,003 - 8,706 34,709 Other comprehensive income - - - - (30,030 ) (2,768 ) (32,798 ) Sale of common stock through employee stock option and purchase plans 433 4 1,932 - - - 1,936 Restricted stock awards vesting and expense 144 2 800 - - - 802 Share-based compensation expense - - 1,982 - - - 1,982 Purchase of common stock of subsidiary - - 27 - - (105 ) (78 ) Balance at August 2, 2015 66,507 $ 665 $ 524,924 $ 111,438 $ (8,256) $ 117,276 $ 746,047 Nine Months Ended August 3, 2014 Photronics, Inc. Shareholders Accumulated Other Comprehensive Income Common Stock Additional Paid-in Capital Retained Earnings Non- controlling Interests Total Equity Shares Amount Balance at November 3, 2013 61,083 $ 611 $ 498,861 $ 59,439 $ 26,403 $ 2,517 $ 587,831 Net income - - - 21,719 - 3,617 25,336 Other comprehensive income - - - - 4,792 498 5,290 Sale of common stock through employee stock option and purchase plans 213 2 765 - - - 767 Restricted stock awards vesting and expense 156 2 1,005 - - - 1,007 Share-based compensation expense - - 2,122 - - - 2,122 Acquisition of DPTT - - (6,291 ) - 411 105,404 99,524 Redemption of common stock by subsidiary - - 109 - (12 ) (1,713 ) (1,616 ) Balance at August 3, 2014 61,452 $ 615 $ 496,571 $ 81,158 $ 31,594 $ 110,323 $ 720,261

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Tables)	Aug. 02, 2015
PROPERTY, PLANT AND EQUIPMENT [Abstract]
Property, plant and equipment	Property, plant and equipment consists of the following: August 2, 2015 November 2, 2014 Land $ 8,106 $ 8,598 Buildings and improvements 121,696 124,787 Machinery and equipment 1,460,316 1,367,691 Leasehold improvements 19,671 20,165 Furniture, fixtures and office equipment 12,677 12,086 Construction in progress 15,538 81,351 1,638,004 1,614,678 Less accumulated depreciation and amortization 1,069,083 1,064,609 $ 568,921 $ 550,069
Equipment under capital leases included in property, plant and equipment	Equipment under capital leases are included in above property, plant and equipment as follows: August 2, 2015 November 2, 2014 Machinery and equipment $ 56,245 $ 56,245 Less accumulated amortization 14,648 10,430 $ 41,597 $ 45,815

LONG-TERM BORROWINGS (Tables)

LONG-TERM BORROWINGS (Tables)	9 Months Ended
LONG-TERM BORROWINGS (Tables)	Aug. 02, 2015
LONG-TERM BORROWINGS [Abstract]
Long-term borrowings	Long-term borrowings consist of the following: August 2, 2015 November 2, 2014 3.25% convertible senior notes due in April 2016 $ 57,500 $ 115,000 3.25% convertible senior notes due in April 2019 57,500 - 2.77% capital lease obligation payable through July 2018 16,643 20,481 3.09% capital lease obligation payable through March 2016 3,391 6,705 135,034 142,186 Less current portion 16,577 10,381 $ 118,457 $ 131,805

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
SHARE-BASED COMPENSATION (Tables)	Aug. 02, 2015
SHARE-BASED COMPENSATION [Abstract]
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options	The weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options issued during the three and nine month periods ended August 2, 2015 and August 3, 2014, are presented in the following table. Three Months Ended Nine Months Ended August 2, 2015 August 3, 2014 August 2, 2015 August 3, 2014 Expected volatility 42.9% 58.1% 53.9% 61.0% Risk free rate of return 1.4% – 1.6% 1.4% 1.3% - 1.6% 1.4% Dividend yield N/A N/A N/A N/A Expected term 4.7 years 4.6 years 4.7 years 4.6 years
Information on outstanding and exercisable option awards	Information on outstanding and exercisable option awards as of August 2, 2015, is presented below. Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at August 2, 2015 3,873,693 $ 7.29 6.3 years $ 7,075 Exercisable at August 2, 2015 2,323,643 $ 6.92 4.8 years $ 6,110

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Aug. 02, 2015
EARNINGS PER SHARE [Abstract]
Calculation of basic and diluted earnings per share	The calculation of basic and diluted earnings per share is presented below. Three Months Ended Nine Months Ended August 2, 2015 August 3, 2014 August 2, 2015 August 3, 2014 Net income attributable to Photronics, Inc. shareholders $ 12,106 $ 4,186 $ 26,003 $ 21,719 Effect of dilutive securities: Interest expense on convertible notes, net of related tax effects 1,071 - 3,292 4,626 Earnings for diluted earnings per share $ 13,177 $ 4,186 $ 29,295 $ 26,345 Weighted-average common shares computations: Weighted-average common shares used for basic earnings per share 66,454 61,436 66,250 61,336 Effect of dilutive securities: Convertible notes 11,085 - 11,085 15,423 Share-based payment awards 1,030 996 965 947 Potentially dilutive common shares 12,115 996 12,050 16,370 Weighted-average common shares used for diluted earnings per share 78,569 62,432 78,300 77,706 Basic earnings per share $ 0.18 $ 0.07 $ 0.39 $ 0.35 Diluted earnings per share $ 0.17 $ 0.07 $ 0.37 $ 0.34
Outstanding securities excluded from the calculation of diluted earnings or loss per share	The table below shows 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, and convertible notes that, if converted, would have been antidilutive. Three Months Ended Nine Months Ended August 2, 2015 August 3, 2014 August 2, 2015 August 3, 2014 Share-based payment awards 1,667 1,869 1,636 2,044 Convertible notes - 15,423 - - Total potentially dilutive shares excluded 1,667 17,292 1,636 2,044

CHANGES IN ACCUMULATED OTHER 31

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)	9 Months Ended
	Aug. 02, 2015
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
Schedule changes in accumulated other comprehensive income by component	The following tables set forth the changes in the Company's accumulated other comprehensive income by component (net of tax of $0) for the three and nine month periods ended August 2, 2015 and August 3, 2014: Three Months Ended August 2, 2015 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at May 3, 2015 $ 15,648 $ (370 ) $ (440 ) $ 14,838 Other comprehensive income (loss) before reclassifications (25,342 ) - 16 (25,326 ) Amounts reclassified from other comprehensive income - 32 - 32 Net current period other comprehensive income (loss) (25,342 ) 32 16 (25,294 ) Less: other comprehensive income (loss) attributable to noncontrolling interests (2,208 ) - 8 (2,200 ) Balance at August 2, 2015 $ (7,486 ) $ (338 ) $ (432 ) $ (8,256 ) Three Months Ended August 3, 2014 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at May 4, 2014 $ 30,928 $ (498 ) $ (411 ) $ 30,019 Other comprehensive income before reclassifications 2,088 - - 2,088 Amounts reclassified from other comprehensive income - 32 - 32 Net current period other comprehensive income 2,088 32 - 2,120 Less: other comprehensive income attributable to noncontrolling interests 541 - 4 545 Balance at August 3, 2014 $ 32,475 $ (466 ) $ (415 ) $ 31,594 Nine Months Ended August 2, 2015 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at November 2, 2014 $ 22,651 $ (434 ) $ (443 ) $ 21,774 Other comprehensive income (loss) before reclassifications (32,915 ) - 21 (32,894 ) Amounts reclassified from other comprehensive income - 96 - 96 Net current period other comprehensive income (loss) (32,915 ) 96 21 (32,798 ) Less: other comprehensive income (loss) attributable to noncontrolling interests (2,778 ) - 10 (2,768 ) Balance at August 2, 2015 $ (7,486 ) $ (338 ) $ (432 ) $ (8,256 ) Nine Months Ended August 3, 2014 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at November 3, 2013 $ 27,797 $ (562 ) $ (832 ) $ 26,403 Other comprehensive income before reclassifications 5,176 - 18 5,194 Amounts reclassified from other comprehensive income - 96 - 96 Net current period other comprehensive income 5,176 96 18 5,290 Less: other comprehensive income attributable to noncontrolling interests 498 - - 498 Other comprehensive income allocated to noncontrolling interests - - 411 411 Redemption of common stock by subsidiary - - (12 ) (12 ) Balance at August 3, 2014 $ 32,475 $ (466 ) $ (415 ) $ 31,594

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Aug. 02, 2015
FAIR VALUE MEASUREMENTS [Abstract]
Fair and carrying values of convertible senior notes	The table below presents the fair and carrying values of the Company's convertible senior notes at August 2, 2015 and November 2, 2014. August 2, 2015 November 2, 2014 Fair Value Carrying Value Fair Value Carrying Value 3.25% convertible senior notes due 2016 $ 59,329 $ 57,500 $ 122,544 $ 115,000 3.25% convertible senior notes due 2019 $ 60,835 $ 57,500 $ - $ -

SUBSIDIARY SHARE REPURCHASE (Ta

SUBSIDIARY SHARE REPURCHASE (Tables)	9 Months Ended
SUBSIDIARY SHARE REPURCHASE (Tables)	Aug. 02, 2015
SUBSIDIARY SHARE REPURCHASE [Abstract]
Effect of change in the entity's ownership interest in subsidiaries	The table below presents the effect of the change in the Company’s ownership interest in its subsidiaries on the Company's equity for the three and nine month periods ended August 2, 2015 (15 thousand shares of common stock acquired), and the nine month period ended August 3, 2014, (3.0 million shares of common stock acquired and 112.9 million shares of common stock issued). The Company’s ownership interest in its subsidiaries did not change during the three month period ended August 3, 2014. Three Months Ended Nine Months Ended August 2, 2015 August 3, 2014 August 2, 2015 August 3, 2014 Net income attributable to Photronics, Inc. shareholders $ 12,106 $ 4,186 $ 26,003 $ 21,719 Increase (decrease) in Photronics, Inc.'s additional paid-in capital 27 - 27 (6,182 ) Increase in Photronics, Inc. shareholders’ accumulated other comprehensive income - - - 399 Change from net income attributable to Photronics, Inc. shareholders and transfer from noncontrolling interest $ 12,133 $ 4,186 $ 26,030 $ 15,936

BASIS OF FINANCIAL STATEMENT 34

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details) - Facility	Apr. 04, 2014	Aug. 02, 2015
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract]
Effective date of acquisition	Apr. 4, 2014
Ownership percentage in PDMC (in hundredths)		50.01%
Manufacturing Facilities By Geographical Region [Line Items]
Number of manufacturing facilities		9
DNP [Member]
Manufacturing Facilities By Geographical Region [Line Items]
Ownership percentage of noncontrolling interests (in hundredths)		49.99%
Europe [Member]
Manufacturing Facilities By Geographical Region [Line Items]
Number of manufacturing facilities		2
Taiwan [Member]
Manufacturing Facilities By Geographical Region [Line Items]
Number of manufacturing facilities		3
Korea [Member]
Manufacturing Facilities By Geographical Region [Line Items]
Number of manufacturing facilities		1
United States [Member]
Manufacturing Facilities By Geographical Region [Line Items]
Number of manufacturing facilities		3

ACQUISITION OF DNP PHOTOMASK 35

ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD. (Details) - USD ($) $ in Millions	Apr. 04, 2014	Aug. 02, 2015
Business Acquisition [Line Items]
Date of acquisition	Apr. 4, 2014
Ownership percentage in PDMC (in hundredths)		50.01%
DNP [Member]
Business Acquisition [Line Items]
Ownership percentage of noncontrolling interests (in hundredths)		49.99%
DPTT [Member]
Business Acquisition [Line Items]
Date of acquisition	Apr. 4, 2014
Consideration transferred	$ 98.3

ACQUISITION OF DNP PHOTOMASK 36

ACQUISITION OF DNP PHOTOMASK TECHNOLOGY TAIWAN CO., LTD., Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands, shares in Millions	Apr. 04, 2014	Aug. 02, 2015	Aug. 03, 2014	Aug. 02, 2015	Aug. 03, 2014
Business Acquisition [Line Items]
Cash and cash equivalents	$ 4,508
Accounts receivable (gross amount of $28,560, of which $500 is estimated to be uncollectable)	28,060
Inventory	1,279
Deferred tax asset	9,787
Other current assets	11,517
Property, plant and equipment	95,431
Identifiable intangible assets	1,552
Other long-term assets	1,328
Accounts payable and accrued expenses	(32,410)
Deferred tax liability	(3,042)
Other long-term liabilities	(3,291)
Total net assets acquired	114,719
Noncontrolling interests retained by DNP	57,348
Total net assets acquired less noncontrolling interests	57,371
Consideration - 49.99% of fair value of PSMC	40,999
Gain on acquisition	16,372	$ 0	$ 0	$ 0	$ 16,372
Accounts receivable gross amount	28,560
Accounts receivable estimated to be uncollectable	$ 500
Acquisition costs related to the merger included in selling, general and administrative expense					$ 2,500
Customer Relationships [Member]
Business Acquisition [Line Items]
Estimated amortization period				12 years
DNP [Member]
Business Acquisition [Line Items]
Ownership percentage of noncontrolling interests (in hundredths)		49.99%		49.99%
PSMC [Member]
Business Acquisition [Line Items]
Number of shares transferred to noncontrolling interests (in shares)	112.9

CHANGES IN EQUITY (Details)

CHANGES IN EQUITY (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CHANGES IN EQUITY (Details) - USD ($) $ in Thousands	Aug. 02, 2015	Aug. 03, 2014	Aug. 02, 2015	Aug. 03, 2014
Beginning balance	$ 753,983	$ 709,739	$ 739,494	$ 587,831
Net income	15,410	7,344	34,709	25,336
Other comprehensive loss (income)	(25,294)	2,120	(32,798)	5,290
Sale of common stock through employee stock option and purchase plans	1,078	75	1,936	767
Restricted stock awards vesting and expense	268	308	802	1,007
Share-based compensation expense	680	675	1,982	2,122
Acquisition of DPTT				99,524
Purchase/Redemption of common stock by subsidiary	(78)		(78)	(1,616)
Ending balance	746,047	720,261	746,047	720,261
Common Stock [Member]
Beginning balance	$ 663	$ 614	$ 659	$ 611
Beginning balance (in shares)	66,298	61,408	65,930	61,083
Net income	$ 0	$ 0	$ 0	$ 0
Other comprehensive loss (income)	0	0	0	0
Sale of common stock through employee stock option and purchase plans	$ 2	$ 0	$ 4	$ 2
Sale of common stock through employee stock option and purchase plans (in shares)	194	17	433	213
Restricted stock awards vesting and expense	$ 0	$ 1	$ 2	$ 2
Restricted stock awards vesting and expense (in shares)	15	27	144	156
Share-based compensation expense	$ 0	$ 0	$ 0	$ 0
Acquisition of DPTT				0
Purchase/Redemption of common stock by subsidiary	0		0	0
Ending balance	$ 665	$ 615	$ 665	$ 615
Ending balance (in shares)	66,507	61,452	66,507	61,452
Additional Paid-in Capital [Member]
Beginning balance	$ 522,873	$ 495,514	$ 520,183	$ 498,861
Net income	0	0	0	0
Other comprehensive loss (income)	0	0	0	0
Sale of common stock through employee stock option and purchase plans	1,076	75	1,932	765
Restricted stock awards vesting and expense	268	307	800	1,005
Share-based compensation expense	680	675	1,982	2,122
Acquisition of DPTT				(6,291)
Purchase/Redemption of common stock by subsidiary	27		27	109
Ending balance	524,924	496,571	524,924	496,571
Retained Earnings [Member]
Beginning balance	99,332	76,972	85,435	59,439
Net income	12,106	4,186	26,003	21,719
Other comprehensive loss (income)	0	0	0	0
Sale of common stock through employee stock option and purchase plans	0	0	0	0
Restricted stock awards vesting and expense	0	0	0	0
Share-based compensation expense	0	0	0	0
Acquisition of DPTT				0
Purchase/Redemption of common stock by subsidiary	0		0	0
Ending balance	111,438	81,158	111,438	81,158
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balance	14,838	30,019	21,774	26,403
Net income	0	0	0	0
Other comprehensive loss (income)	(23,094)	1,575	(30,030)	4,792
Sale of common stock through employee stock option and purchase plans	0	0	0	0
Restricted stock awards vesting and expense	0	0	0	0
Share-based compensation expense	0	0	0	0
Acquisition of DPTT				411
Purchase/Redemption of common stock by subsidiary	0		0	(12)
Ending balance	(8,256)	31,594	(8,256)	31,594
Non-controlling Interests [Member]
Beginning balance	116,277	106,620	111,443	2,517
Net income	3,304	3,158	8,706	3,617
Other comprehensive loss (income)	(2,200)	545	(2,768)	498
Sale of common stock through employee stock option and purchase plans	0	0	0	0
Restricted stock awards vesting and expense	0	0	0	0
Share-based compensation expense	0	0	0	0
Acquisition of DPTT				105,404
Purchase/Redemption of common stock by subsidiary	(105)		(105)	(1,713)
Ending balance	$ 117,276	$ 110,323	$ 117,276	$ 110,323

PROPERTY, PLANT AND EQUIPMENT38

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2015	Aug. 03, 2014	Aug. 02, 2015	Aug. 03, 2014	Nov. 02, 2014
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 1,638,004		$ 1,638,004		$ 1,614,678
Less accumulated depreciation and amortization	1,069,083		1,069,083		1,064,609
Property, plant and equipment, net	568,921		568,921		550,069
Depreciation and amortization expense	19,400	$ 19,800	56,400	$ 52,900
Equipment under capital leases included in property, plant and equipment [Abstract]
Capital leased assets, gross	56,245		56,245		56,245
Less accumulated amortization	14,648		14,648		10,430
Capital leased assets, net	41,597		41,597		45,815
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	8,106		8,106		8,598
Buildings and improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	121,696		121,696		124,787
Machinery and equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,460,316		1,460,316		1,367,691
Leasehold improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	19,671		19,671		20,165
Furniture, fixtures and office equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	12,677		12,677		12,086
Construction in progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 15,538		$ 15,538		$ 81,351

JOINT VENTURE, TECHNOLOGY LIC39

JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Aug. 02, 2015	Aug. 03, 2014	Aug. 02, 2015	Aug. 03, 2014	Nov. 02, 2014
Variable Interest Entity [Line Items]
Variable interest entity, methodology for determining whether entity is primary beneficiary				This joint venture is a variable interest entity ("VIE") (as that term is defined in the Accounting Standards Codification ("ASC")) because all costs of the joint venture are passed on to the Company and Micron through purchase agreements they have entered into with the joint venture, and it is dependent upon the Company and Micron for any additional cash requirements. On a quarterly basis the Company reassesses whether its interest in MP Mask gives it a controlling financial interest in this VIE. The purpose of this quarterly reassessment is to identify the primary beneficiary (which is defined in the ASC as the entity that consolidates a VIE) of the VIE. As a result of the reassessment in the current quarter, the Company determined that Micron is still the primary beneficiary of the VIE, by virtue of its tie-breaking voting rights within MP Mask’s Board of Managers, thereby giving it the power to direct the activities of MP Mask that most significantly impact its economic performance, including its decision making authority in the ordinary course of business and its purchasing the majority of products produced by the VIE.
Cost of sales		$ 94,456	$ 96,202	$ 283,991	$ 257,554
Research and development expenses		6,253	5,199	16,743	16,111
Amount receivable from Micron Technology, Inc.		104,701		104,701		$ 94,515
MP Mask [Member]
Variable Interest Entity [Line Items]
Cost of sales		1,500	1,100	4,900	3,000
Research and development expenses		200	200	700	700
Amount owed to MP Mask		4,500		4,500		4,200
Income (loss) from variable interest entity		0	$ 100	(100)	$ 100
Maximum exposure to loss from investment in VIE		93,000		93,000
Approximate net book value of equity method investment	$ 93,000					93,100
Valuation date of net book value of equity method investment	Mar. 5, 2015
Co-venturer [Member]
Variable Interest Entity [Line Items]
Amount receivable from Micron Technology, Inc.		$ 10,100		$ 10,100		$ 6,800
New agreements announcement date	Mar. 24, 2015
Joint venture end date	May 5, 2016
License agreement commencement date	May 6, 2016
License agreement term subject to mutually agreeable renewals	1 year

LONG-TERM BORROWINGS (Details)

LONG-TERM BORROWINGS (Details)	1 Months Ended		9 Months Ended
LONG-TERM BORROWINGS (Details)	Jan. 31, 2015USD ($)shares$ / shares	Mar. 31, 2011USD ($)shares$ / shares	Aug. 02, 2015USD ($)	Nov. 02, 2014USD ($)
Long-term borrowings [Abstract]
Long-term debt and capital lease obligations			$ 135,034,000	$ 142,186,000
Less current portion			16,577,000	10,381,000
Long-term debt and capital lease obligations non current			$ 118,457,000	131,805,000
Credit Facility [Member]
Long-term borrowings [Abstract]
Maturity date of debt			Dec. 31, 2018
Current borrowing capacity			$ 50,000,000
Maximum borrowing capacity			75,000,000
Amount outstanding under credit facility			0
Available borrowing capacity			$ 50,000,000
Interest rate (in hundredths)			1.69%
3.25% convertible senior notes due on April 1, 2016 [Member]
Long-term borrowings [Abstract]
Long-term debt and capital lease obligations			$ 57,500,000	115,000,000
Interest rate percentage (in hundredths)			3.25%
Maturity date of debt			Apr. 1, 2016
Number of shares each note is convertible to (in shares) \| shares		96
Face amount of each note converted		$ 1,000
Conversion price per share (in dollars per share) \| $ / shares		$ 10.37
Amount intended to be repaid with credit facility			$ 50,000,000
3.25 convertible senior notes due on April 2019 [Member]
Long-term borrowings [Abstract]
Long-term debt and capital lease obligations			$ 57,500,000	0
Interest rate percentage (in hundredths)			3.25%
Maturity date of debt			Apr. 1, 2019
Number of shares each note is convertible to (in shares) \| shares	96
Face amount of each note converted	$ 1,000
Conversion price per share (in dollars per share) \| $ / shares	$ 10.37
2.77% capital lease obligation payable through July 2018 [Member]
Long-term borrowings [Abstract]
Long-term debt and capital lease obligations			$ 16,643,000	20,481,000
Interest rate percentage (in hundredths)			2.77%
Maturity date of debt			Jul. 31, 2018
Original face amount of debt			$ 26,400,000
Repayment period of debt			5 years
Periodic payments			$ 500,000
Frequency of periodic payment			per month
Amount payable through the end of lease term			$ 17,400,000
Interest included in lease payments			800,000
3.09% capital lease obligation payable through March 2016 [Member]
Long-term borrowings [Abstract]
Long-term debt and capital lease obligations			$ 3,391,000	$ 6,705,000
Interest rate percentage (in hundredths)			3.09%
Maturity date of debt			Mar. 30, 2016
Original face amount of debt			$ 21,200,000
Repayment period of debt			5 years
Periodic payments			$ 400,000
Frequency of periodic payment			per month
Amount payable through the end of lease term			$ 3,400,000

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2015	Aug. 03, 2014	Aug. 02, 2015	Aug. 03, 2014	Nov. 02, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Date and terms of plan modification			The Company has a share-based compensation plan ("Plan"), under which options, restricted stock, restricted stock units, stock appreciation rights, performance stock, performance units, and other awards based on, or related to, shares of the Company's common stock may be granted from shares authorized but unissued or shares previously issued and reacquired by the Company.
Maximum number of shares of common stock that may be issued (in shares)	9,000,000		9,000,000		6,000,000
Share-based compensation costs incurred	$ 900	$ 1,000	$ 2,800	$ 3,100
Cash received from option exercises	1,100	100	2,100	800
Share-based compensation cost capitalized	0	0	0	0
Income tax benefits realized from stock option exercises	$ 0	$ 0	$ 0	$ 0
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term			10 years
Period for recognition of compensation cost not yet recognized			2 years 6 months
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Expected Volatility (in hundredths)	42.90%	58.10%	53.90%	61.00%
Risk free rate of return (in hundredths)		1.40%		1.40%
Dividend yield (in hundredths)
Expected term	4 years 8 months 12 days	4 years 7 months 6 days	4 years 8 months 12 days	4 years 7 months 6 days
Outstanding and exercisable option awards [Abstract]
Outstanding at end of period (in shares)	3,873,693		3,873,693
Exercisable at end of period (in shares)	2,323,643		2,323,643
Share options granted (in shares)	63,000	20,000	667,800	632,500
Weighted Average Exercise Price [Abstract]
Weighted average exercise price, Outstanding at end of period (in dollar per share)	$ 7.29		$ 7.29
Weighted average exercise price, Exercisable at end of period (in dollar per share)	$ 6.92		$ 6.92
Stock options, additional disclosures [Abstract]
Weighted average remaining contractual life, Outstanding at end of period			6 years 3 months 18 days
Weighted average remaining contractual life, Exercisable at end of period			4 years 9 months 18 days
Aggregate intrinsic value, Outstanding at end of period	$ 7,075		$ 7,075
Aggregate intrinsic value, Exercisable at end of period	$ 6,110		$ 6,110
Weighted-average grant date fair value of options granted (in dollar per share)	$ 3.46	$ 4.24	$ 3.82	$ 4.44
Unrecognized compensation cost related to unvested option awards	$ 4,500		$ 4,500
Stock Options [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Risk free rate of return (in hundredths)	1.40%		1.30%
Stock Options [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Risk free rate of return (in hundredths)	1.60%		1.60%
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition of compensation cost not yet recognized			2 years 1 month 6 days
Restricted Stock [Abstract]
Restricted stock awards granted (in shares)	10,000	0	121,334	111,667
Weighted average grant date fair value of restricted stock awards (in dollar per share)	$ 8.84		$ 8.28	$ 8.86
Compensation cost not yet recognized related to unvested restricted stock awards	$ 1,100		$ 1,100
Number of shares of restricted stock outstanding (in shares)	212,776		212,776
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended
	Aug. 02, 2015	May. 03, 2015	Aug. 03, 2014	Aug. 02, 2015	Aug. 03, 2014	Nov. 02, 2014
INCOME TAXES [Abstract]
U.S. statutory rate (in hundredths)	35.00%		35.00%	35.00%	35.00%
Valuation allowance change	$ (0.2)	$ (1.5)
Unrecognized tax benefits	5.6			$ 5.6		$ 5.1
Unrecognized tax benefits that would impact effective tax rate	5.5			5.5		5
Accrued interest and penalties related to unrecognized tax benefits	0.2			0.2
Interest and penalties expense related to unrecognized tax benefits recognized				0.1
Earnings considered to be indefinitely reinvested						$ 127.2
Reduction in indefinitely reinvested earnings				16.4
Deferred tax liability offset by fully valued loss carryforwards	$ 5.7			5.7
Foreign Tax Authority [Member] \| PKLT [Member]
Income Tax Holiday [Line Items]
Income tax holiday commencement date	Jan. 1, 2012
Income tax holiday termination date	October 31, 2017
Dollar effect of income tax holiday	$ 0		$ 0	$ 0	$ 0
Per share effect of income tax holiday (dollars per share)	$ 0		$ 0	$ 0	$ 0
Foreign Tax Authority [Member] \| PDMC [Member]
Income Tax Holiday [Line Items]
Income tax holiday commencement date	Jan. 1, 2015
Income tax holiday termination date	October 31, 2019
Dollar effect of income tax holiday	$ 0.1		$ 0	$ 0.2	$ 0
Per share effect of income tax holiday (dollars per share)	$ 0		$ 0	$ 0	$ 0

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2015	Aug. 03, 2014	Aug. 02, 2015	Aug. 03, 2014
Calculation of basic and diluted earnings per share [Abstract]
Net income attributable to Photronics, Inc. shareholders	$ 12,106	$ 4,186	$ 26,003	$ 21,719
Effect of dilutive securities [Abstract]
Interest expense on convertible notes, net of related tax effects	1,071	0	3,292	4,626
Earnings for diluted earnings per share	$ 13,177	$ 4,186	$ 29,295	$ 26,345
Weighted-average common shares computations [Abstract]
Weighted-average common shares used for basic earnings per share (in shares)	66,454	61,436	66,250	61,336
Effect of dilutive securities [Abstract]
Convertible notes (in shares)	11,085	0	11,085	15,423
Share-based payment awards (in shares)	1,030	996	965	947
Potentially dilutive common shares (in shares)	12,115	996	12,050	16,370
Weighted-average common shares used for diluted earnings per share (in shares)	78,569	62,432	78,300	77,706
Basic earnings per share (in dollars per share)	$ 0.18	$ 0.07	$ 0.39	$ 0.35
Diluted earnings per share (in dollars per share)	$ 0.17	$ 0.07	$ 0.37	$ 0.34
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares excluded (in shares)	1,667	17,292	1,636	2,044
Share-Based Payment Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares excluded (in shares)	1,667	1,869	1,636	2,044
Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares excluded (in shares)	0	15,423	0	0

CHANGES IN ACCUMULATED OTHER 44

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 02, 2015	Aug. 03, 2014	Aug. 02, 2015	Aug. 03, 2014
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
Other comprehensive income, tax	$ 0	$ 0	$ 0	$ 0
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	14,838	30,019	21,774	26,403
Other comprehensive income (loss) before reclassifications	(25,326)	2,088	(32,894)	5,194
Amounts reclassified from other comprehensive income	32	32	96	96
Total other comprehensive income (loss)	(25,294)	2,120	(32,798)	5,290
Other comprehensive income allocated to noncontrolling interests				411
Less: other comprehensive income (loss) attributable to noncontrolling interests	(2,200)	545	(2,768)	498
Redemption of common stock by subsidiary				(12)
Ending Balance	(8,256)	31,594	(8,256)	31,594
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	15,648	30,928	22,651	27,797
Other comprehensive income (loss) before reclassifications	(25,342)	2,088	(32,915)	5,176
Amounts reclassified from other comprehensive income	0	0	0	0
Total other comprehensive income (loss)	(25,342)	2,088	(32,915)	5,176
Other comprehensive income allocated to noncontrolling interests				0
Less: other comprehensive income (loss) attributable to noncontrolling interests	(2,208)	541	(2,778)	498
Redemption of common stock by subsidiary				0
Ending Balance	(7,486)	32,475	(7,486)	32,475
Amortization of Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(370)	(498)	(434)	(562)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from other comprehensive income	32	32	96	96
Total other comprehensive income (loss)	32	32	96	96
Other comprehensive income allocated to noncontrolling interests				0
Less: other comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
Redemption of common stock by subsidiary				0
Ending Balance	(338)	(466)	(338)	(466)
Other [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(440)	(411)	(443)	(832)
Other comprehensive income (loss) before reclassifications	16	0	21	18
Amounts reclassified from other comprehensive income	0	0	0	0
Total other comprehensive income (loss)	16	0	21	18
Other comprehensive income allocated to noncontrolling interests				411
Less: other comprehensive income (loss) attributable to noncontrolling interests	8	4	10	0
Redemption of common stock by subsidiary				(12)
Ending Balance	$ (432)	$ (415)	$ (432)	$ (415)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Aug. 02, 2015	Nov. 02, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 0	$ 0
Total liabilities	0	0
Fair Value [Member] \| 3.25% convertible senior notes due 2016 [Member]
Fair and carrying values of the Company's convertible senior notes [Abstract]
Convertible senior notes	59,329	122,544
Fair Value [Member] \| 3.25% convertible senior notes due 2019 [Member]
Fair and carrying values of the Company's convertible senior notes [Abstract]
Convertible senior notes	60,835	0
Carrying Value [Member] \| 3.25% convertible senior notes due 2016 [Member]
Fair and carrying values of the Company's convertible senior notes [Abstract]
Convertible senior notes	57,500	115,000
Carrying Value [Member] \| 3.25% convertible senior notes due 2019 [Member]
Fair and carrying values of the Company's convertible senior notes [Abstract]
Convertible senior notes	$ 57,500	$ 0

SUBSIDIARY SHARE REPURCHASE (De

SUBSIDIARY SHARE REPURCHASE (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jan. 31, 2014	Aug. 02, 2015	Aug. 03, 2014	Aug. 02, 2015	Aug. 03, 2014	May. 03, 2015
Effect of the change in the entity's ownership interest in PSMC [Abstract]
Net income attributable to Photronics, Inc. shareholders			$ 12,106	$ 4,186	$ 26,003	$ 21,719
Increase (decrease) in Photronics, Inc.'s additional paid-in capital and accumulated other comprehensive income						(12)
Change from net income attributable to Photronics, Inc. shareholders and transfer from noncontrolling interest			12,133	4,186	26,030	15,936
Additional Paid-in Capital [Member]
Effect of the change in the entity's ownership interest in PSMC [Abstract]
Increase (decrease) in Photronics, Inc.'s additional paid-in capital and accumulated other comprehensive income			27	0	27	(6,182)
Accumulated Other Comprehensive Income [Member]
Effect of the change in the entity's ownership interest in PSMC [Abstract]
Increase (decrease) in Photronics, Inc.'s additional paid-in capital and accumulated other comprehensive income			$ 0	$ 0	$ 0	$ 399
PSMC [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage in subsidiary (in hundredths)		100.00%
Payment to minority shareholders		$ 1,700
Subsidiary shares acquired (in shares)		3,000,000
PDMC [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Subsidiary shares acquired (in shares)						3,000,000
Common stock issued by subsidiary (in shares)						112,900,000
PKL [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage in subsidiary (in hundredths)	99.77%						99.75%
Payment to minority shareholders	$ 100
Subsidiary shares acquired (in shares)	15,000		15,000		15,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Aug. 02, 2015USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Outstanding commitments for capital expenditure	$ 3