Photronics (PLAB) 10-Q 8 Mar 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jan. 29, 2017	Feb. 24, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	PHOTRONICS INC
Entity Central Index Key	810,136
Current Fiscal Year End Date	--10-29
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		68,728,573
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 29, 2017

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jan. 29, 2017	Oct. 30, 2016
Current assets:
Cash and cash equivalents	$ 329,696	$ 314,074
Accounts receivable, net of allowance of $3,908 in 2017 and $3,901 in 2016	86,025	92,636
Inventories	23,573	22,081
Other current assets	11,244	12,795
Total current assets	450,538	441,586
Property, plant and equipment, net	496,676	506,434
Intangible assets, net	20,094	19,854
Deferred income taxes	16,067	16,322
Other assets	4,093	3,792
Total assets	987,468	987,988
Current liabilities:
Current portion of long-term borrowings	5,465	5,428
Accounts payable	47,435	51,649
Accrued liabilities	22,437	24,240
Total current liabilities	75,337	81,317
Long-term borrowings	60,508	61,860
Other liabilities	20,215	19,337
Total liabilities	156,060	162,514
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, 68,333 shares issued and outstanding at January 29, 2017 and 68,080 shares issued and outstanding at October 30, 2016	683	681
Additional paid-in capital	543,117	541,093
Retained earnings	178,206	176,260
Accumulated other comprehensive loss	(9,530)	(7,671)
Total Photronics, Inc. shareholders' equity	712,476	710,363
Noncontrolling interests	118,932	115,111
Total equity	831,408	825,474
Total liabilities and equity	$ 987,468	$ 987,988

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jan. 29, 2017	Oct. 30, 2016
Current assets:
Accounts receivable, allowance	$ 3,908	$ 3,901
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)	68,333	68,080
Common stock, shares outstanding (in shares)	68,333	68,080

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 29, 2017	Jan. 31, 2016
Condensed Consolidated Statements of Income (unaudited) [Abstract]
Net sales	$ 109,831	$ 129,956
Costs and expenses:
Cost of sales	(86,832)	(94,520)
Selling, general and administrative	(10,871)	(12,198)
Research and development	(3,485)	(5,700)
Operating income	8,643	17,538
Other income (expense):
Interest expense	(559)	(1,174)
Interest and other income (expense), net	(1,524)	2,052
Gain on sale of investment	0	8,785
Income before income tax provision	6,560	27,201
Income tax provision	(2,050)	(3,700)
Net income	4,510	23,501
Net income attributable to noncontrolling interests	(2,564)	(2,499)
Net income attributable to Photronics, Inc. shareholders	$ 1,946	$ 21,002
Earnings per share:
Basic (in dollars per share)	$ 0.03	$ 0.31
Diluted (in dollars per share)	$ 0.03	$ 0.28
Weighted-average number of common shares outstanding:
Basic (in shares)	68,176	66,807
Diluted (in shares)	69,169	79,136

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 29, 2017	Jan. 31, 2016
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 4,510	$ 23,501
Other comprehensive income (loss), net of tax of $0:
Foreign currency translation adjustments	(634)	(21,076)
Amortization of cash flow hedge	32	32
Net other comprehensive loss	(602)	(21,044)
Comprehensive income	3,908	2,457
Less: comprehensive (income) loss attributable to noncontrolling interests	(3,821)	1,113
Comprehensive income attributable to Photronics, Inc. shareholders	$ 87	$ 3,570

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jan. 29, 2017	Jan. 31, 2016
Consolidated Statements of Comprehensive Income [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 29, 2017	Jan. 31, 2016
Cash flows from operating activities:
Net income	$ 4,510	$ 23,501
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,965	20,628
Gain on sale of investment	0	(8,785)
Changes in assets and liabilities:
Accounts receivable	6,799	7,175
Inventories	(1,199)	1,655
Other current assets	1,659	3,189
Accounts payable, accrued liabilities, and other	(1,195)	(3,975)
Net cash provided by operating activities	31,539	43,388
Cash flows from investing activities:
Purchases of property, plant and equipment	(9,600)	(21,539)
Acquisition of business	(5,400)	0
Proceeds from sale of investment	0	8,785
Other	(396)	193
Net cash used in investing activities	(15,396)	(12,561)
Cash flows from financing activities:
Repayments of long-term borrowings	(1,343)	(2,437)
Proceeds from share-based arrangements	1,113	2,063
Other	(16)	0
Net cash used in financing activities	(246)	(374)
Effect of exchange rate changes on cash and cash equivalents	(275)	(4,876)
Net increase in cash and cash equivalents	15,622	25,577
Cash and cash equivalents at beginning of period	314,074	205,867
Cash and cash equivalents at end of period	329,696	231,444
Supplemental disclosure of non-cash information:
Accrual for property, plant and equipment purchased during the period	$ 2,029	$ 5,246

BASIS OF FINANCIAL STATEMENT PR

BASIS OF FINANCIAL STATEMENT PRESENTATION	3 Months Ended
	Jan. 29, 2017
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract]
BASIS OF FINANCIAL STATEMENT PRESENTATION	NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION Photronics, Inc. and its subsidiaries (“Photronics”, “the Company”, “we”, or “us”) 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. In August 2016 the Company announced its plan to build a research and development and manufacturing facility in Xiamen, China, with construction commencing in 2017 and production estimated to start in late 2018. 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 October 29, 2017. 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 October 30, 2016.

CHANGES IN EQUITY

CHANGES IN EQUITY	3 Months Ended
	Jan. 29, 2017
CHANGES IN EQUITY [Abstract]
CHANGES IN EQUITY	NOTE 2 - CHANGES IN EQUITY The following tables set forth the Company’s consolidated changes in equity for the three months ended January 29, 2017 and January 31, 2016: Three Months Ended January 29, 2017 Photronics, Inc. Shareholders Accumulated Common Stock Additional Other Non- Paid-in Retained Comprehensive controlling Total Shares Amount Capital Earnings Loss Interests Equity Balance at October 31, 2016 68,080 $ 681 $ 541,093 $ 176,260 $ (7,671 ) $ 115,111 $ 825,474 Net income - - - 1,946 - 2,564 4,510 Other comprehensive loss - - - - (1,859 ) 1,257 (602 ) Sale of common stock through employee stock option and purchase plans 175 1 1,087 - - - 1,088 Restricted stock awards vesting and expense 78 1 297 - - - 298 Share-based compensation expense - - 640 - - - 640 Balance at January 29, 2017 68,333 $ 683 $ 543,117 $ 178,206 $ (9,530 ) $ 118,932 $ 831,408 Three Months Ended January 31, 2016 Photronics, Inc. Shareholders Accumulated Common Stock Additional Other Non- Paid-in Retained Comprehensive controlling Total Shares Amount Capital Earnings Loss Interests Equity Balance at November 2, 2015 66,602 $ 666 $ 526,402 $ 130,060 $ (10,573 ) $ 115,511 $ 762,066 Net income - - - 21,002 - 2,499 23,501 Other comprehensive loss - - - - (17,432 ) (3,612 ) (21,044 ) Sale of common stock through employee stock option and purchase plans 384 4 2,039 - - - 2,043 Restricted stock awards vesting and expense 95 1 250 - - - 251 Share-based compensation expense - - 646 - - - 646 Balance at January 31, 2016 67,081 $ 671 $ 529,337 $ 151,062 $ (28,005 ) $ 114,398 $ 767,463

INVENTORIES

INVENTORIES	3 Months Ended
	Jan. 29, 2017
INVENTORIES [Abstract]
INVENTORIES	NOTE 3 - INVENTORIES Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or market. Presented below are the components of inventory at the balance sheet dates: January 29, 2017 October 30, 2016 Finished goods $ 178 $ 142 Work in process 3,153 2,987 Raw materials 20,242 18,952 $ 23,573 $ 22,081

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Jan. 29, 2017
PROPERTY, PLANT AND EQUIPMENT [Abstract]
PROPERTY, PLANT AND EQUIPMENT	NOTE 4 - PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following: January 29, 2017 October 30, 2016 Land $ 7,963 $ 8,036 Buildings and improvements 121,550 121,873 Machinery and equipment 1,474,314 1,475,755 Leasehold improvements 19,429 19,224 Furniture, fixtures and office equipment 12,770 12,700 Construction in progress 29,984 23,961 1,666,010 1,661,549 Less accumulated depreciation and amortization 1,169,334 1,155,115 $ 496,676 $ 506,434 Equipment under capital leases are included in above property, plant and equipment as follows: January 29, 2017 October 30, 2016 Machinery and equipment $ 34,917 $ 34,917 Less accumulated amortization 11,225 10,352 $ 23,692 $ 24,565 Depreciation and amortization expense for property, plant and equipment was $19.7 million and $19.1 million for the three month periods ended January 29, 2017 and January 31, 2016, respectively. During the three-month period ended January 29, 2017, the Company acquired a business comprised of manufacturing assets and certain intellectual property, that enables the Company to expand its manufacturing capability, primarily in large area masks for IC, for approximately $5.7 million, including a $0.3 million holdback payable one year from the acquisition date. The transaction was accounted for in accordance with ASC 805 – “Business Combinations”, with substantially all of the purchase price being allocated to long-lived assets that will be depreciated over five years. During the three month period ended January 29, 2017, the Company entered into a noncash transaction with a customer which resulted in the acquisition of equipment with a fair value of approximately $2.1 million.

JOINT VENTURE, TECHNOLOGY LICEN

JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC	3 Months Ended
	Jan. 29, 2017
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 developed and produced photomasks for leading-edge and advanced next generation semiconductors. At the time of the formation of the joint venture, the Company also entered into an agreement to license photomask technology developed by Micron, as well as, certain supply agreements. In May 2016 the Company sold its investment in MP Mask to Micron for $93.1 million and recorded a gain on the sale of $0.1 million. On that same date a supply agreement commenced between the Company and Micron, which provides that we will be the majority outsourced supplier of Micron’s photomasks and related services. The supply agreement has a one year term, subject to mutually agreeable renewals (presently due to expire in May 2017). This joint venture was a variable interest entity (“VIE”) (as that term is defined in ASC 810) because all costs of the joint venture were passed on to the Company and Micron through purchase agreements they had entered into with the joint venture, and it was dependent upon the Company and Micron for any additional cash requirements. On a quarterly basis the Company reassessed whether its interest in MP Mask gave it a controlling financial interest in this VIE. The purpose of this quarterly reassessment was to identify the primary beneficiary (which is defined in ASC 810 as the entity that consolidates a VIE) of the VIE. As a result of the reassessments in fiscal year 2016, the Company determined that Micron remained the primary beneficiary of the VIE, by virtue of its tie-breaking voting rights within MP Mask’s Board of Managers, thereby having given it the power to direct the activities of MP Mask that most significantly impacted 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 utilized MP Mask for both high-end IC photomask production and research and development purposes. MP Mask charged its variable interest holders based on their actual usage of its facility. MP Mask separately charged for any research and development activities it engaged in at the requests of its owners. The Company recorded cost of sales of $2.2 million during the three month period ended January 31, 2016, and research and development expenses of $0.2 million during the same period. As of January 31, 2016, the Company owed MP Mask $5.6 million, and had a receivable from Micron of $6.9 million, both primarily related to the aforementioned supply agreements. MP Mask was 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, held majority voting power on the Board of Managers. The voting power held by each party was subject to change as ownership interests changed. Under the MP Mask joint venture operating agreement, the Company may have been required to make additional capital contributions to MP Mask up to the maximum amount defined in the operating agreement. However, had the Board of Managers determined that further additional funding was required, MP Mask would have pursued its own financing. If MP Mask was unable to obtain its own financing, it may have requested additional capital contributions from the Company. Had the Company chosen not to make a requested contribution to MP Mask, its ownership percentage may have been reduced. The Company recorded a loss of $0.1 million from its investment in the three month period ended January 31, 2016. Income or loss from the VIE is included in “Interest and other income (expense), net” in the condensed consolidated statements of income.

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS	3 Months Ended
	Jan. 29, 2017
LONG-TERM BORROWINGS [Abstract]
LONG-TERM BORROWINGS	NOTE 6 - LONG-TERM BORROWINGS Long-term borrowings consist of the following: January 29, 2017 October 30, 2016 3.25% convertible senior notes due in April 2019 $ 57,249 $ 57,221 2.77% capital lease obligation payable through July 2018 8,724 10,067 65,973 67,288 Less current portion 5,465 5,428 $ 60,508 $ 61,860 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 adopted Accounting Standard Update (“ASU ” or “Update this Update’s Line Item Previously Reported Change Due to Adoption Retrospectively Adjusted Other Assets $ 4,071 $ (279 ) $ 3,792 Long-term Borrowings $ 62,139 $ (279 ) $ 61,860 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 precludes the Company from paying cash dividends, and 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 January 29, 2017. The Company had no outstanding borrowings against the credit facility at January 29, 2017, and $50 million was available for borrowing. The interest rate on the credit facility (2.03% at January 29, 2017) is based on the Company’s total leverage ratio at LIBOR plus a spread, as defined in the credit facility. 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 January 29, 2017

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Jan. 29, 2017
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	NOTE 7 - SHARE-BASED COMPENSATION In March 2016, shareholders approved a new equity incentive compensation plan (the “Plan”), under which incentive stock options, non-qualified stock options, stock grants, stock-based awards, restricted stock, restricted stock units, stock appreciation rights, performance units, performance stock, and other stock or cash awards may be granted. Shares to be issued under the Plan may be authorized and unissued shares, issued shares that have been reacquired by the Company 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 no less than the market value of the underlying common stock on the date of grant. The grant date fair values of options are based on closing prices of the Company’s common stock on the dates of grant 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 month periods ended January 29, 2017 and January 31, 2016, are presented in the following table. Three Months Ended January 29, 2017 January 31, 2016 Volatility 32.2 % 49.9 % Risk free rate of return 1.9 % 1.7 % Dividend yield 0.0 % 0.0 % Expected term 5.0 years 5.1 years Information on outstanding and exercisable option awards as of January 29, 2017, is presented below. Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 29, 2017 3,676,160 $ 7.97 6.5 years $ 13,828 Exercisable at January 29, 2017 2,329,981 $ 6.53 5.3 years $ 12,017 There were 338,750 share options granted during the three month period ended January 29, 2017, with a weighted-average grant date fair value of $3.60 per share, and there were 579,250 share options granted during the three month period ended January 31, 2016, with a weighted-average grant date fair value of $4.66 per share. As of January 29, 2017, the total unrecognized compensation cost related to unvested option awards was approximately $4.8 million. That cost is expected to be recognized over a weighted-average amortization period of 2.6 years. Restricted Stock The Company periodically grants restricted stock awards; the fair value of which are determined on the date of grant, based on the Company’s closing stock price. The restrictions on these awards typically lapse over a service period of one to four years. There were 260,000 restricted stock awards issued during the three month period ended January 29, 2017, with a weighted-average grant date fair value of $11.35 per share, and there were 115,225 restricted stock awards issued during the three month period ended January 31, 2016, with a weighted-average grant date fair value of $12.13 per share. As of January 29, 2017, the total compensation cost not yet recognized related to unvested restricted stock awards was approximately $3.5 million. That cost is expected to be recognized over a weighted-average amortization period of 3.6 years. As of January 29, 2017, there were 344,569 shares of restricted stock outstanding.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jan. 29, 2017
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 month periods ended January 29, 2017 and January 31, 2016, primarily due to earnings being taxed at lower statutory rates in foreign jurisdictions, combined with the benefit of various investment credits in a foreign jurisdiction. Valuation allowances in jurisdictions with historic losses eliminate the tax benefit of these jurisdictions. Unrecognized tax benefits related to uncertain tax positions were $4.7 million at January 29, 2017 and $4.6 million at October 31, 2016, all of which, if recognized, would favorably impact the Company’s effective tax rate. Accrued interest and penalties related to unrecognized tax benefits was $0.1 million at January 29, 2017 and October 31, 2016. Although the timing of the expirations of statutes of limitations may be uncertain, as they can be dependent upon the settlement of tax audits, the Company believes that it is reasonably possible that up to $1.4 million of its uncertain tax positions (including accrued interest and PKLT Co. Ltd., Photronics DNP Mask Corporation (“PDMC”),

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Jan. 29, 2017
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 January 29, 2017 January 31, 2016 Net income attributable to Photronics, Inc. shareholders $ 1,946 $ 21,002 Effect of dilutive securities: Interest expense on convertible notes, net of tax - 1,071 Earnings for diluted earnings per share $ 1,946 $ 22,073 Weighted-average common shares computations: Weighted-average common shares used for basic earnings per share 68,176 66,807 Effect of dilutive securities: Share-based payment awards 993 1,245 Convertible notes - 11,084 Potentially dilutive common shares 993 12,329 Weighted-average common shares used for diluted earnings per share 69,169 79,136 Basic earnings per share $ 0.03 $ 0.31 Diluted earnings per share $ 0.03 $ 0.28 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 or, under application of the treasury stock method, they were otherwise determined to be anti-dilutive. Three Months Ended January 29, 2017 January 31, 2016 Share-based payment awards 993 668 Total potentially dilutive shares excluded 993 668

CHANGES IN ACCUMULATED OTHER CO

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT	3 Months Ended
	Jan. 29, 2017
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 month periods ended January 29, 2017 and January 31, 2016. Three Months Ended January 29, 2017 Foreign Currency Amortization Other Total Balance at October 31, 2016 $ (6,567 ) $ (177 ) $ (927 ) $ (7,671 ) Other comprehensive income (loss) before reclassifications (614 ) - (20 ) (634 ) Amounts reclassified from other comprehensive income - 32 - 32 Net current period other comprehensive income (loss) (614 ) 32 (20 ) (602 ) Less: other comprehensive (income)loss attributable to noncontrolling interests (1,267 ) - 10 (1,257 ) Balance at January 29, 2017 $ (8,448 ) $ (145 ) $ (937 ) $ (9,530 ) Three Months Ended January 31, 2016 Foreign Currency Amortization Other Total Balance at November 2, 2015 $ (9,634 ) $ (306 ) $ (633 ) $ (10,573 ) Other comprehensive income (loss) before reclassifications (21,115 ) - 39 (21,076 ) Amounts reclassified from other comprehensive income - 32 - 32 Net current period other comprehensive income (loss) (21,115 ) 32 39 (21,044 ) Less: other comprehensive (income) loss attributable to noncontrolling interests 3,631 - (19 ) 3,612 Balance at January 31, 2016 $ (27,118 ) $ (274 ) $ (613 ) $ (28,005 )

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Jan. 29, 2017
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 (unadjusted) in active markets for identical securities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly; and Level 3, defined as unobservable inputs that are not corroborated by market data. The Company did not have any assets or liabilities measured at fair value, on a recurring or a nonrecurring basis, at January 29, 2017 or October 30, 2016. In connection with the acquisition discussed in Note 4, the Company recorded and measured the assets acquired at fair value. 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, as they were determined using inputs that were either observable market data, or could be derived from or corroborated with observable market data. These inputs included the Company’s stock price and interest rates offered on debt issued by entities with credit ratings similar to that of the Company’s. The table below presents the fair and carrying values of the Company’s convertible senior notes at January 29, 2017 and October 30, 2016. January 29, 2017 October 30, 2016 Fair Value Carrying Value Fair Value Carrying Value 3.25% convertible senior notes due 2019 $ 73,215 $ 57,249 $ 68,230 $ 57,221

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jan. 29, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 12 - COMMITMENTS AND CONTINGENCIES As of January 29, 2017, the Company had commitments outstanding for capital equipment expenditures of approximately $64 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.

GAIN ON SALE OF INVESTMENT

GAIN ON SALE OF INVESTMENT	3 Months Ended
	Jan. 29, 2017
GAIN ON SALE OF INVESTMENT [Abstract]
GAIN ON SALE OF INVESTMENT	NOTE 13 - GAIN ON SALE OF INVESTMENT The Company had a minority interest in a foreign entity. In the first quarter of fiscal year 2016, the Company sold this investment and recognized a gain of $8.8 million.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Jan. 29, 2017
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 14 - RECENT ACCOUNTING PRONOUNCEMENTS In January 2017 the Financial Accounting Standards Board (“FASB”) issued ASU 2017-04 “Simplifying the Test for Goodwill Impairment”, which eliminates Step 2 of the goodwill impairment test and requires entities to perform their annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and to recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. In addition, this ASU eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, in the event the reporting unit fails the qualitative test, to perform Step 2 of the goodwill impairment test. ASU 2017-04 is effective for the Company in its first quarter of its fiscal year 2021 In January 2017 the FASB issued ASU 2017-01 “Clarifying the Definition of a Business”, with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for the Company in its first quarter of fiscal year 2019, and should be applied on a prospective basis. The impact of this ASU will depend upon the nature of future acquisitions or dispositions that the Company may make. In November 2016 the FASB issued ASU 2016-18 “Restricted Cash”, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for the Company in its first quarter of fiscal year 2019 and should be applied on a retrospective transition basis. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In October 2016 the FASB issued ASU 2016-16 “Intra-Entity Transfers of Assets Other Than Inventory”, which eliminates the exception of recognizing, at the time of transfer, current and deferred income taxes for intra-entity asset transfers other than inventory. ASU 2016-16 is effective for the Company in its first quarter of fiscal year 2019 and should be applied on a modified retrospective transition basis. Early adoption is permitted as of the beginning of an annual reporting period for which interim or annual financial statements have not been issued or made available for issuance. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In August 2016 the FASB issued ASU 2016-15 “Classification of Certain Cash Receipts and Cash Payments”, which addresses eight specific cash flow issues with the objective of reducing diversity in practice. ASU 2016-15 is effective for the Company in its first quarter of fiscal year 2019 and should be applied using a retrospective transition approach. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In June 2016 the FASB issued ASU 2016-13 “Measurement of Credit Losses”, the main objective of which is to provide more useful information about expected credit losses on financial instruments and other commitments of an entity to extend credit. In support of this objective, the ASU replaces the incurred loss impairment methodology found in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU requires a cumulative-effect adjustment as of the beginning of the first reporting period in which the guidance is adopted. ASU 2016-13 is effective for the Company in its first quarter of fiscal year 2021, with early adoption permitted beginning in the first quarter of fiscal year 2019. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In March 2016 the FASB issued ASU 2016 – 09 “Improvements to Employee Share-Based Payment Accounting”, which simplifies the accounting for share-based payment transactions including their income tax consequences, classification as either equity or liability awards, classification on the statement of cash flows, and other areas. The method of adoption varies with the different aspects of the Update. ASU 2016-09 is effective for the Company in its first quarter of fiscal year 2018, with early application permitted. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In February 2016 the FASB issued ASU 2016 – 02 “Leases (Topic 842)”, which requires lessees to recognize right-of-use assets and corresponding liabilities for all leases with an initial term in excess of twelve months. ASU 2016-02 is to be adopted using a modified retrospective approach, which includes a number of practical expedients, that requires leases to be measured and recognized under the new guidance at the beginning of the earliest period presented. The ASU is effective for the Company in its first quarter of fiscal year 2020, with early application permitted, and the Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In January 2016 the FASB issued ASU 2016-01 “Recognition and Measurement of Financial Assets and Financial Liabilities”, which provides targeted improvements to the recognition, measurement, presentation and disclosure of financial assets and financial liabilities. Specific accounting areas addressed include, equity investments, financial liabilities reported under the fair value option and valuation allowance assessment resulting from unrealized losses on available-for-sale securities. The ASU also changes certain presentation and disclosure requirements for financial instruments. ASU 2016-01 is to be applied by means of a cumulative effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. This ASU is effective for the Company in its first quarter of fiscal year 2019. Early adoption, with certain exceptions, is not permitted. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In April 2015 the FASB issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs”, which 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. The Company adopted this ASU, and applied it on a retrospective basis, in the first quarter of its 2017 fiscal year. See Note 6 for the effects of its adoption on the Company’s October 30, 2016 condensed consolidated balance sheet. In May 2014 the FASB issued ASU 2014-09 “Revenue from Contracts with Customers”, which will supersede nearly all existing revenue recognition guidance under accounting principles generally accepted in the United States. 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. In August 2015 the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year and allows entities to early adopt, but no earlier than the original effective date. ASU 2014-09 will now be effective for the Company in its first quarter of fiscal 2019. ASU 2014-09 allows for either full retrospective or modified retrospective adoption. The Company is evaluating the transition method that will be elected and the potential effects of the adoption of ASU 2014-09 on its consolidated financial statements.

INVENTORIES (Policies)

INVENTORIES (Policies)	3 Months Ended
	Jan. 29, 2017
INVENTORIES [Abstract]
Inventory Policy	Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or market.

LONG-TERM BORROWINGS (Policies)

LONG-TERM BORROWINGS (Policies)	3 Months Ended
	Jan. 29, 2017
LONG-TERM BORROWINGS [Abstract]
Debt Issuance Costs Policy	The Company adopted Accounting Standard Update (“ASU ” or “Update this Update’s

SHARE-BASED COMPENSATION (Polic

SHARE-BASED COMPENSATION (Policies)	3 Months Ended
	Jan. 29, 2017
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 no less than the market value of the underlying common stock on the date of grant. The grant date fair values of options are based on closing prices of the Company’s common stock on the dates of grant 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.

FAIR VALUE MEASUREMENTS (Polici

FAIR VALUE MEASUREMENTS (Policies)	3 Months Ended
	Jan. 29, 2017
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value Financial Instruments Policy	The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1, defined as quoted market prices (unadjusted) in active markets for identical securities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly; and Level 3, defined as unobservable inputs that are not corroborated by market data.

RECENT ACCOUNTING PRONOUNCEME26

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Jan. 29, 2017
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recent Accounting Pronouncements	In January 2017 the Financial Accounting Standards Board (“FASB”) issued ASU 2017-04 “Simplifying the Test for Goodwill Impairment”, which eliminates Step 2 of the goodwill impairment test and requires entities to perform their annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and to recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. In addition, this ASU eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, in the event the reporting unit fails the qualitative test, to perform Step 2 of the goodwill impairment test. ASU 2017-04 is effective for the Company in its first quarter of its fiscal year 2021 In January 2017 the FASB issued ASU 2017-01 “Clarifying the Definition of a Business”, with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for the Company in its first quarter of fiscal year 2019, and should be applied on a prospective basis. The impact of this ASU will depend upon the nature of future acquisitions or dispositions that the Company may make. In November 2016 the FASB issued ASU 2016-18 “Restricted Cash”, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for the Company in its first quarter of fiscal year 2019 and should be applied on a retrospective transition basis. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In October 2016 the FASB issued ASU 2016-16 “Intra-Entity Transfers of Assets Other Than Inventory”, which eliminates the exception of recognizing, at the time of transfer, current and deferred income taxes for intra-entity asset transfers other than inventory. ASU 2016-16 is effective for the Company in its first quarter of fiscal year 2019 and should be applied on a modified retrospective transition basis. Early adoption is permitted as of the beginning of an annual reporting period for which interim or annual financial statements have not been issued or made available for issuance. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In August 2016 the FASB issued ASU 2016-15 “Classification of Certain Cash Receipts and Cash Payments”, which addresses eight specific cash flow issues with the objective of reducing diversity in practice. ASU 2016-15 is effective for the Company in its first quarter of fiscal year 2019 and should be applied using a retrospective transition approach. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In June 2016 the FASB issued ASU 2016-13 “Measurement of Credit Losses”, the main objective of which is to provide more useful information about expected credit losses on financial instruments and other commitments of an entity to extend credit. In support of this objective, the ASU replaces the incurred loss impairment methodology found in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU requires a cumulative-effect adjustment as of the beginning of the first reporting period in which the guidance is adopted. ASU 2016-13 is effective for the Company in its first quarter of fiscal year 2021, with early adoption permitted beginning in the first quarter of fiscal year 2019. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In March 2016 the FASB issued ASU 2016 – 09 “Improvements to Employee Share-Based Payment Accounting”, which simplifies the accounting for share-based payment transactions including their income tax consequences, classification as either equity or liability awards, classification on the statement of cash flows, and other areas. The method of adoption varies with the different aspects of the Update. ASU 2016-09 is effective for the Company in its first quarter of fiscal year 2018, with early application permitted. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In February 2016 the FASB issued ASU 2016 – 02 “Leases (Topic 842)”, which requires lessees to recognize right-of-use assets and corresponding liabilities for all leases with an initial term in excess of twelve months. ASU 2016-02 is to be adopted using a modified retrospective approach, which includes a number of practical expedients, that requires leases to be measured and recognized under the new guidance at the beginning of the earliest period presented. The ASU is effective for the Company in its first quarter of fiscal year 2020, with early application permitted, and the Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In January 2016 the FASB issued ASU 2016-01 “Recognition and Measurement of Financial Assets and Financial Liabilities”, which provides targeted improvements to the recognition, measurement, presentation and disclosure of financial assets and financial liabilities. Specific accounting areas addressed include, equity investments, financial liabilities reported under the fair value option and valuation allowance assessment resulting from unrealized losses on available-for-sale securities. The ASU also changes certain presentation and disclosure requirements for financial instruments. ASU 2016-01 is to be applied by means of a cumulative effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. This ASU is effective for the Company in its first quarter of fiscal year 2019. Early adoption, with certain exceptions, is not permitted. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In April 2015 the FASB issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs”, which 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. The Company adopted this ASU, and applied it on a retrospective basis, in the first quarter of its 2017 fiscal year. See Note 6 for the effects of its adoption on the Company’s October 30, 2016 condensed consolidated balance sheet. In May 2014 the FASB issued ASU 2014-09 “Revenue from Contracts with Customers”, which will supersede nearly all existing revenue recognition guidance under accounting principles generally accepted in the United States. 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. In August 2015 the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 by one year and allows entities to early adopt, but no earlier than the original effective date. ASU 2014-09 will now be effective for the Company in its first quarter of fiscal 2019. ASU 2014-09 allows for either full retrospective or modified retrospective adoption. The Company is evaluating the transition method that will be elected and the potential effects of the adoption of ASU 2014-09 on its consolidated financial statements.

CHANGES IN EQUITY (Tables)

CHANGES IN EQUITY (Tables)	3 Months Ended
	Jan. 29, 2017
CHANGES IN EQUITY [Abstract]
Consolidated changes in equity	The following tables set forth the Company’s consolidated changes in equity for the three months ended January 29, 2017 and January 31, 2016: Three Months Ended January 29, 2017 Photronics, Inc. Shareholders Accumulated Common Stock Additional Other Non- Paid-in Retained Comprehensive controlling Total Shares Amount Capital Earnings Loss Interests Equity Balance at October 31, 2016 68,080 $ 681 $ 541,093 $ 176,260 $ (7,671 ) $ 115,111 $ 825,474 Net income - - - 1,946 - 2,564 4,510 Other comprehensive loss - - - - (1,859 ) 1,257 (602 ) Sale of common stock through employee stock option and purchase plans 175 1 1,087 - - - 1,088 Restricted stock awards vesting and expense 78 1 297 - - - 298 Share-based compensation expense - - 640 - - - 640 Balance at January 29, 2017 68,333 $ 683 $ 543,117 $ 178,206 $ (9,530 ) $ 118,932 $ 831,408 Three Months Ended January 31, 2016 Photronics, Inc. Shareholders Accumulated Common Stock Additional Other Non- Paid-in Retained Comprehensive controlling Total Shares Amount Capital Earnings Loss Interests Equity Balance at November 2, 2015 66,602 $ 666 $ 526,402 $ 130,060 $ (10,573 ) $ 115,511 $ 762,066 Net income - - - 21,002 - 2,499 23,501 Other comprehensive loss - - - - (17,432 ) (3,612 ) (21,044 ) Sale of common stock through employee stock option and purchase plans 384 4 2,039 - - - 2,043 Restricted stock awards vesting and expense 95 1 250 - - - 251 Share-based compensation expense - - 646 - - - 646 Balance at January 31, 2016 67,081 $ 671 $ 529,337 $ 151,062 $ (28,005 ) $ 114,398 $ 767,463

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jan. 29, 2017
INVENTORIES [Abstract]
Components of inventory	Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or market. Presented below are the components of inventory at the balance sheet dates: January 29, 2017 October 30, 2016 Finished goods $ 178 $ 142 Work in process 3,153 2,987 Raw materials 20,242 18,952 $ 23,573 $ 22,081

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Jan. 29, 2017
PROPERTY, PLANT AND EQUIPMENT [Abstract]
Property, plant and equipment	Property, plant and equipment consists of the following: January 29, 2017 October 30, 2016 Land $ 7,963 $ 8,036 Buildings and improvements 121,550 121,873 Machinery and equipment 1,474,314 1,475,755 Leasehold improvements 19,429 19,224 Furniture, fixtures and office equipment 12,770 12,700 Construction in progress 29,984 23,961 1,666,010 1,661,549 Less accumulated depreciation and amortization 1,169,334 1,155,115 $ 496,676 $ 506,434
Equipment under capital leases included in property, plant and equipment	Equipment under capital leases are included in above property, plant and equipment as follows: January 29, 2017 October 30, 2016 Machinery and equipment $ 34,917 $ 34,917 Less accumulated amortization 11,225 10,352 $ 23,692 $ 24,565

LONG-TERM BORROWINGS (Tables)

LONG-TERM BORROWINGS (Tables)	3 Months Ended
	Jan. 29, 2017
LONG-TERM BORROWINGS [Abstract]
Long-term borrowings	Long-term borrowings consist of the following: January 29, 2017 October 30, 2016 3.25% convertible senior notes due in April 2019 $ 57,249 $ 57,221 2.77% capital lease obligation payable through July 2018 8,724 10,067 65,973 67,288 Less current portion 5,465 5,428 $ 60,508 $ 61,860
Effect on financial statement condensed consolidated balance sheet	The Company adopted Accounting Standard Update (“ASU ” or “Update this Update’s Line Item Previously Reported Change Due to Adoption Retrospectively Adjusted Other Assets $ 4,071 $ (279 ) $ 3,792 Long-term Borrowings $ 62,139 $ (279 ) $ 61,860

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Jan. 29, 2017
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 month periods ended January 29, 2017 and January 31, 2016, are presented in the following table. Three Months Ended January 29, 2017 January 31, 2016 Volatility 32.2 % 49.9 % Risk free rate of return 1.9 % 1.7 % Dividend yield 0.0 % 0.0 % Expected term 5.0 years 5.1 years
Information on outstanding and exercisable option awards	Information on outstanding and exercisable option awards as of January 29, 2017, is presented below. Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 29, 2017 3,676,160 $ 7.97 6.5 years $ 13,828 Exercisable at January 29, 2017 2,329,981 $ 6.53 5.3 years $ 12,017

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Jan. 29, 2017
EARNINGS PER SHARE [Abstract]
Calculation of basic and diluted earnings per share	The calculation of basic and diluted earnings per share is presented below. Three Months Ended January 29, 2017 January 31, 2016 Net income attributable to Photronics, Inc. shareholders $ 1,946 $ 21,002 Effect of dilutive securities: Interest expense on convertible notes, net of tax - 1,071 Earnings for diluted earnings per share $ 1,946 $ 22,073 Weighted-average common shares computations: Weighted-average common shares used for basic earnings per share 68,176 66,807 Effect of dilutive securities: Share-based payment awards 993 1,245 Convertible notes - 11,084 Potentially dilutive common shares 993 12,329 Weighted-average common shares used for diluted earnings per share 69,169 79,136 Basic earnings per share $ 0.03 $ 0.31 Diluted earnings per share $ 0.03 $ 0.28
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 or, under application of the treasury stock method, they were otherwise determined to be anti-dilutive. Three Months Ended January 29, 2017 January 31, 2016 Share-based payment awards 993 668 Total potentially dilutive shares excluded 993 668

CHANGES IN ACCUMULATED OTHER 33

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)	3 Months Ended
	Jan. 29, 2017
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
Schedule of 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 month periods ended January 29, 2017 and January 31, 2016. Three Months Ended January 29, 2017 Foreign Currency Amortization Other Total Balance at October 31, 2016 $ (6,567 ) $ (177 ) $ (927 ) $ (7,671 ) Other comprehensive income (loss) before reclassifications (614 ) - (20 ) (634 ) Amounts reclassified from other comprehensive income - 32 - 32 Net current period other comprehensive income (loss) (614 ) 32 (20 ) (602 ) Less: other comprehensive (income)loss attributable to noncontrolling interests (1,267 ) - 10 (1,257 ) Balance at January 29, 2017 $ (8,448 ) $ (145 ) $ (937 ) $ (9,530 ) Three Months Ended January 31, 2016 Foreign Currency Amortization Other Total Balance at November 2, 2015 $ (9,634 ) $ (306 ) $ (633 ) $ (10,573 ) Other comprehensive income (loss) before reclassifications (21,115 ) - 39 (21,076 ) Amounts reclassified from other comprehensive income - 32 - 32 Net current period other comprehensive income (loss) (21,115 ) 32 39 (21,044 ) Less: other comprehensive (income) loss attributable to noncontrolling interests 3,631 - (19 ) 3,612 Balance at January 31, 2016 $ (27,118 ) $ (274 ) $ (613 ) $ (28,005 )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Jan. 29, 2017
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 January 29, 2017 and October 30, 2016. January 29, 2017 October 30, 2016 Fair Value Carrying Value Fair Value Carrying Value 3.25% convertible senior notes due 2019 $ 73,215 $ 57,249 $ 68,230 $ 57,221

BASIS OF FINANCIAL STATEMENT 35

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	3 Months Ended
	Jan. 29, 2017Facility
Manufacturing Facilities By Geographical Region [Line Items]
Number of manufacturing facilities	9
Facility construction start date	2,017
Facility production start date	2,018
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

CHANGES IN EQUITY (Details)

CHANGES IN EQUITY (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 29, 2017	Jan. 31, 2016
Class of Stock [Line Items]
Beginning balance	$ 825,474	$ 762,066
Net income	4,510	23,501
Other comprehensive income (loss)	(602)	(21,044)
Sale of common stock through employee stock option and purchase plans	1,088	2,043
Restricted stock awards vesting and expense	298	251
Share-based compensation expense	640	646
Ending balance	831,408	767,463
Common Stock [Member]
Class of Stock [Line Items]
Beginning balance	$ 681	$ 666
Beginning balance (in shares)	68,080	66,602
Net income	$ 0	$ 0
Other comprehensive income (loss)	0	0
Sale of common stock through employee stock option and purchase plans	$ 1	$ 4
Sale of common stock through employee stock option and purchase plans (in shares)	175	384
Restricted stock awards vesting and expense	$ 1	$ 1
Restricted stock awards vesting and expense (in shares)	78	95
Share-based compensation expense	$ 0	$ 0
Ending balance	$ 683	$ 671
Ending balance (in shares)	68,333	67,081
Additional Paid-in Capital [Member]
Class of Stock [Line Items]
Beginning balance	$ 541,093	$ 526,402
Net income	0	0
Other comprehensive income (loss)	0	0
Sale of common stock through employee stock option and purchase plans	1,087	2,039
Restricted stock awards vesting and expense	297	250
Share-based compensation expense	640	646
Ending balance	543,117	529,337
Retained Earnings [Member]
Class of Stock [Line Items]
Beginning balance	176,260	130,060
Net income	1,946	21,002
Other comprehensive income (loss)	0	0
Sale of common stock through employee stock option and purchase plans	0	0
Restricted stock awards vesting and expense	0	0
Share-based compensation expense	0	0
Ending balance	178,206	151,062
Accumulated Other Comprehensive Loss [Member]
Class of Stock [Line Items]
Beginning balance	(7,671)	(10,573)
Net income	0	0
Other comprehensive income (loss)	(1,859)	(17,432)
Sale of common stock through employee stock option and purchase plans	0	0
Restricted stock awards vesting and expense	0	0
Share-based compensation expense	0	0
Ending balance	(9,530)	(28,005)
Non-controlling Interests [Member]
Class of Stock [Line Items]
Beginning balance	115,111	115,511
Net income	2,564	2,499
Other comprehensive income (loss)	1,257	(3,612)
Sale of common stock through employee stock option and purchase plans	0	0
Restricted stock awards vesting and expense	0	0
Share-based compensation expense	0	0
Ending balance	$ 118,932	$ 114,398

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jan. 29, 2017	Oct. 30, 2016
INVENTORIES [Abstract]
Finished goods	$ 178	$ 142
Work in process	3,153	2,987
Raw materials	20,242	18,952
Inventory	$ 23,573	$ 22,081

PROPERTY, PLANT AND EQUIPMENT38

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 29, 2017	Jan. 31, 2016	Oct. 30, 2016
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 1,666,010		$ 1,661,549
Less accumulated depreciation and amortization	1,169,334		1,155,115
Property, plant and equipment, net	496,676		506,434
Depreciation and amortization expense	19,700	$ 19,100
Equipment under capital leases included in property, plant and equipment [Abstract]
Machinery and equipment	34,917		34,917
Less accumulated amortization	11,225		10,352
Capital leased assets, net	23,692		24,565
Acquired assets recognized and measured at fair value	5,700
Payment held back on asset acquisition	$ 300
Useful life of long-lived assets	5 years
Equipment acquired in exchange for product	$ 2,100
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	7,963		8,036
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	121,550		121,873
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,474,314		1,475,755
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	19,429		19,224
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	12,770		12,700
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 29,984		$ 23,961

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
	May 31, 2016	Jan. 29, 2017	Jan. 31, 2016	Oct. 30, 2016
Variable Interest Entity [Line Items]
Variable interest entity, methodology for determining whether entity is primary beneficiary		This joint venture was a variable interest entity ("VIE") (as that term is defined in ASC 810) because all costs of the joint venture were passed on to the Company and Micron through purchase agreements they had entered into with the joint venture, and it was dependent upon the Company and Micron for any additional cash requirements. On a quarterly basis the Company reassessed whether its interest in MP Mask gave it a controlling financial interest in this VIE. The purpose of this quarterly reassessment was to identify the primary beneficiary (which is defined in ASC 810 as the entity that consolidates a VIE) of the VIE. As a result of the reassessments in fiscal year 2016, the Company determined that Micron remained the primary beneficiary of the VIE, by virtue of its tie-breaking voting rights within MP Mask’s Board of Managers, thereby having given it the power to direct the activities of MP Mask that most significantly impacted 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		$ 86,832	$ 94,520
Research and development expenses		3,485	5,700
Amount receivable from Micron Technology, Inc.		$ 86,025		$ 92,636
MP Mask [Member]
Variable Interest Entity [Line Items]
Proceeds from sale of equity method investment	$ 93,100
Gain on sale of equity method investment	$ 100
Cost of sales			2,200
Research and development expenses			200
Amount owed to MP Mask			5,600
Loss from variable interest entity			(100)
Co-venturer [Member]
Variable Interest Entity [Line Items]
Supply agreement term subject to mutually agreeable renewals	1 year
Expiration date of current supply agreement		May 31, 2017
Amount receivable from Micron Technology, Inc.			$ 6,900

LONG-TERM BORROWINGS (Details)

LONG-TERM BORROWINGS (Details)	1 Months Ended		3 Months Ended
	Apr. 30, 2016USD ($)shares	Jan. 31, 2015USD ($)shares$ / shares	Jan. 29, 2017USD ($)	Oct. 30, 2016USD ($)	Mar. 31, 2011$ / shares
Long-term borrowings [Abstract]
Long-term debt and capital lease obligations			$ 65,973,000	$ 67,288,000
Less current portion			5,465,000	5,428,000
Long-term debt and capital lease obligations non current			60,508,000	61,860,000
Debt Issuance Costs [Abstract]
Other Assets			4,093,000	3,792,000
Long-term Borrowings			$ 60,508,000	61,860,000
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			2.03%
ASU 2015-03 [Member] | Previously Reported [Member]
Long-term borrowings [Abstract]
Long-term debt and capital lease obligations non current			$ 62,139,000
Debt Issuance Costs [Abstract]
Other Assets			4,071,000
Long-term Borrowings			62,139,000
ASU 2015-03 [Member] | Change Due to Adoption [Member]
Long-term borrowings [Abstract]
Long-term debt and capital lease obligations non current			(279,000)
Debt Issuance Costs [Abstract]
Other Assets			(279,000)
Long-term Borrowings			(279,000)
ASU 2015-03 [Member] | Retrospectively Adjusted [Member]
Long-term borrowings [Abstract]
Long-term debt and capital lease obligations non current			61,860,000
Debt Issuance Costs [Abstract]
Other Assets			3,792,000
Long-term Borrowings			61,860,000
3.25% Convertible Senior Notes due on April 2019 [Member]
Long-term borrowings [Abstract]
Convertible debt			$ 57,249,000	57,221,000
Interest rate percentage			3.25%
Maturity date of debt			Apr. 1, 2019
Face amount of debt			$ 57,500,000
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
3.25% Convertible Senior Notes due in April 2016 [Member]
Long-term borrowings [Abstract]
Interest rate percentage	3.25%
Maturity date of debt	Apr. 1, 2016
Face amount of debt	$ 57,500,000
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			$ 8,724,000	$ 10,067,000
Interest rate percentage			2.77%
Maturity date of debt			Jul. 31, 2018
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			$ 8,900,000
Interest included in lease payments			$ 200,000

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jan. 29, 2017	Jan. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Date and terms of plan modification	In March 2016, shareholders approved a new equity incentive compensation plan (the “Plan”), under which incentive stock options, non-qualified stock options, stock grants, stock-based awards, restricted stock, restricted stock units, stock appreciation rights, performance units, performance stock, and other stock or cash awards may be granted.
Maximum number of shares of common stock that may be issued (in shares)	4,000,000
Share-based compensation costs incurred	$ 900	$ 900
Cash received from option exercises	1,000	2,000
Share-based compensation cost capitalized	0	0
Income tax benefits realized from stock option exercises	$ 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 7 months 6 days
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Volatility	32.20%	49.90%
Risk free rate of return	1.90%	1.70%
Dividend yield	0.00%	0.00%
Expected term	5 years	5 years 1 month 6 days
Outstanding and exercisable option awards [Abstract]
Outstanding at end of period (in shares)	3,676,160
Exercisable at end of period (in shares)	2,329,981
Share options granted (in shares)	338,750	579,250
Weighted Average Exercise Price [Abstract]
Weighted average exercise price, Outstanding at end of period (in dollar per share)	$ 7.97
Weighted average exercise price, Exercisable at end of period (in dollar per share)	$ 6.53
Stock options, additional disclosures [Abstract]
Weighted average remaining contractual life, Outstanding at end of period	6 years 6 months
Weighted average remaining contractual life, Exercisable at end of period	5 years 3 months 18 days
Aggregate intrinsic value, Outstanding at end of period	$ 13,828
Aggregate intrinsic value, Exercisable at end of period	$ 12,017
Weighted-average grant date fair value of options granted (in dollar per share)	$ 3.60	$ 4.66
Unrecognized compensation cost related to unvested option awards	$ 4,800
Stock Options [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Stock Options [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition of compensation cost not yet recognized	3 years 7 months 6 days
Restricted Stock [Abstract]
Restricted stock awards granted (in shares)	260,000	115,225
Weighted average grant date fair value of restricted stock awards (in dollar per share)	$ 11.35	$ 12.13
Compensation cost not yet recognized related to unvested restricted stock awards	$ 3,500
Number of shares of restricted stock outstanding (in shares)	344,569
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
	Jan. 29, 2017	Jan. 31, 2016	Oct. 30, 2016
INCOME TAXES [Abstract]
U.S. statutory rate	35.00%	35.00%
Unrecognized tax benefits	$ 4.7		$ 4.6
Interest and penalties accrued related to uncertain tax positions	0.1		$ 0.1
Amount of reasonably possible decrease in uncertain tax positions	$ 1.4
Foreign Tax Authority [Member] | PKLT [Member]
Income Tax Holiday [Line Items]
Income tax holiday termination date	October 31, 2017
Dollar effect of income tax holiday	$ 0	$ 0
Per share effect of income tax holiday (in dollars per share)	$ 0	$ 0
Foreign Tax Authority [Member] | PDMC [Member]
Income Tax Holiday [Line Items]
Income tax holiday termination date	October 31, 2019
Dollar effect of income tax holiday	$ 0.1	$ 0.1
Per share effect of income tax holiday (in dollars per share)	$ 0	$ 0

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 29, 2017	Jan. 31, 2016
Calculation of basic and diluted earnings per share [Abstract]
Net income attributable to Photronics, Inc. shareholders	$ 1,946	$ 21,002
Effect of dilutive securities [Abstract]
Interest expense on convertible notes, net of tax	0	1,071
Earnings for diluted earnings per share	$ 1,946	$ 22,073
Weighted-average common shares computations [Abstract]
Weighted-average common shares used for basic earnings per share (in shares)	68,176	66,807
Effect of dilutive securities [Abstract]
Share-based payment awards (in shares)	993	1,245
Convertible notes (in shares)	0	11,084
Potentially dilutive common shares (in shares)	993	12,329
Weighted-average common shares used for diluted earnings per share (in shares)	69,169	79,136
Basic earnings per share (in dollars per share)	$ 0.03	$ 0.31
Diluted earnings per share (in dollars per share)	$ 0.03	$ 0.28
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares excluded (in shares)	993	668
Share-Based Payment Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares excluded (in shares)	993	668

CHANGES IN ACCUMULATED OTHER 44

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 29, 2017	Jan. 31, 2016
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
Other comprehensive income, tax	$ 0	$ 0
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	710,363
Net other comprehensive loss	(602)	(21,044)
Ending Balance	712,476
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(7,671)	(10,573)
Net other comprehensive loss	(1,859)	(17,432)
Ending Balance	(9,530)	(28,005)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(6,567)	(9,634)
Ending Balance	(8,448)	(27,118)
Amortization of Cash Flows Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(177)	(306)
Ending Balance	(145)	(274)
Other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(927)	(633)
Ending Balance	(937)	(613)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	(634)	(21,076)
Amounts reclassified from accumulated other comprehensive income	32	32
Net other comprehensive loss	(602)	(21,044)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	(614)	(21,115)
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive loss	(614)	(21,115)
Amortization of Cash Flows Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income	32	32
Net other comprehensive loss	32	32
Other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	(20)	39
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive loss	(20)	39
AOCI Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: other comprehensive (income) loss attributable to noncontrolling interests	(1,257)	3,612
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: other comprehensive (income) loss attributable to noncontrolling interests	(1,267)	3,631
Amortization of Cash Flows Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: other comprehensive (income) loss attributable to noncontrolling interests	0	0
Other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: other comprehensive (income) loss attributable to noncontrolling interests	$ 10	$ (19)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jan. 29, 2017	Oct. 30, 2016
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 in April 2019 [Member]
Fair and carrying values of the Company's convertible senior notes [Abstract]
Convertible senior notes	73,215	68,230
Carrying Value [Member] | 3.25% Convertible Senior Notes due in April 2019 [Member]
Fair and carrying values of the Company's convertible senior notes [Abstract]
Convertible senior notes	$ 57,249	$ 57,221

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jan. 29, 2017USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Outstanding commitments for capital expenditure	$ 64

GAIN ON SALE OF INVESTMENT (Det

GAIN ON SALE OF INVESTMENT (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 29, 2017	Jan. 31, 2016
Schedule of Investments [Line Items]
Gain on sale of investment	$ 0	$ 8,785
Investment in Foreign Entity [Member]
Schedule of Investments [Line Items]
Gain on sale of investment		$ 8,800