Photronics (PLAB) 10-K 20 Dec 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Oct. 29, 2017	Dec. 15, 2017	Apr. 30, 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	Large Accelerated Filer
Entity Public Float			$ 777,531,974
Entity Common Stock, Shares Outstanding		69,052,587
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Oct. 29, 2017

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 29, 2017	Oct. 30, 2016
Current assets:
Cash and cash equivalents	$ 308,021	$ 314,074
Accounts receivable, net of allowance of $2,319 in 2017 and $3,901 in 2016	105,320	92,636
Inventories	23,703	22,081
Other current assets	12,080	12,795
Total current assets	449,124	441,586
Property, plant and equipment, net	535,197	506,434
Intangible assets, net	17,122	19,854
Deferred income taxes	15,481	16,322
Other assets	3,870	3,792
Total assets	1,020,794	987,988
Current liabilities:
Current portion of long-term borrowings	4,639	5,428
Accounts payable	50,834	48,906
Payables - related parties	0	2,743
Accrued liabilities	26,303	24,240
Total current liabilities	81,776	81,317
Long-term borrowings	57,337	61,860
Deferred income taxes	2,049	1,491
Other liabilities	14,337	17,846
Total liabilities	155,499	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, 68,666 shares issued and outstanding at October 29, 2017, 68,080 shares issued and outstanding at October 30, 2016	687	681
Additional paid-in capital	547,596	541,093
Retained earnings	189,390	176,260
Accumulated other comprehensive income (loss)	6,891	(7,671)
Total Photronics, Inc. shareholders' equity	744,564	710,363
Noncontrolling interests	120,731	115,111
Total equity	865,295	825,474
Total liabilities and equity	$ 1,020,794	$ 987,988

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Oct. 29, 2017	Oct. 30, 2016
Current assets:
Accounts receivable, allowance	$ 2,319	$ 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)	68,666	68,080
Common stock, shares outstanding (in shares)	68,666	68,080

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 29, 2017	Oct. 30, 2016		Nov. 01, 2015
Consolidated Statements of Income [Abstract]
Revenue	$ 450,678	$ 483,456	[1],[2]	$ 524,206
Cost of goods sold	(359,363)	(364,750)		(381,070)
Gross profit	91,315	118,706	[1],[2]	143,136
Operating expenses:
Selling, general and administrative	(43,585)	(44,577)		(48,983)
Research and development	(15,862)	(21,654)		(21,920)
Total operating expenses	(59,447)	(66,231)		(70,903)
Operating income	31,868	52,475		72,233
Other income (expense):
Interest income and other income (expense)	(3,068)	2,424		2,797
Interest expense	(2,235)	(3,365)		(4,990)
Gain on sale of investment	0	8,940		0
Income before income tax provision	26,565	60,474		70,040
Income tax provision	(5,276)	(4,798)		(13,181)
Net income	21,289	55,676	[1],[2]	56,859
Net income attributable to noncontrolling interests	(8,159)	(9,476)		(12,234)
Net income attributable to Photronics, Inc. shareholders	$ 13,130	$ 46,200	[1],[2]	$ 44,625
Earnings per share:
Basic (in dollars per share)	$ 0.19	$ 0.68	[1],[2]	$ 0.67
Diluted (in dollars per share)	$ 0.19	$ 0.64	[1],[2]	$ 0.63
Weighted-average number of common shares outstanding:
Basic (in shares)	68,436	67,539		66,331
Diluted (in shares)	69,288	76,354		78,383
[1]	Includes $8.8 million gain on sale of investment in a foreign entity.
[2]	Includes tax benefits in Taiwan of $4.8 million primarily related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2017	Oct. 30, 2016		Nov. 01, 2015
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 21,289	$ 55,676	[1],[2]	$ 56,859
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	19,799	6,334		(40,154)
Amortization of cash flow hedge	129	129		128
Other	478	(589)		(381)
Net other comprehensive income (loss)	20,406	5,874		(40,407)
Comprehensive income	41,695	61,550		16,452
Less: comprehensive income attributable to noncontrolling interests	14,003	12,448		4,174
Comprehensive income attributable to Photronics, Inc. shareholders	$ 27,692	$ 49,102		$ 12,278
[1]	Includes $8.8 million gain on sale of investment in a foreign entity.
[2]	Includes tax benefits in Taiwan of $4.8 million primarily related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary.

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-Controlling Interests [Member]	Total
Balance at Nov. 02, 2014	$ 659	$ 520,182	$ 85,435	$ 21,774	$ 111,444	$ 739,494
Balance (in shares) at Nov. 02, 2014	65,930
Net income	$ 0	0	44,625	0	12,234	56,859
Other comprehensive income (loss)	0	0	0	(32,347)	(8,060)	(40,407)
Sales of common stock through employee stock option and purchase plan	$ 5	2,505	0	0	0	2,510
Sales of common stock through employee stock option and purchase plan (in shares)	513
Restricted stock awards vesting and expense	$ 2	1,064	0	0	0	1,066
Restricted stock awards vesting and expense (in shares)	159
Share-based compensation expense	$ 0	2,623	0	0	0	2,623
Repurchase of common stock by subsidiary	0	28	0	0	(107)	(79)
Balance at Nov. 01, 2015	$ 666	526,402	130,060	(10,573)	115,511	762,066
Balance (in shares) at Nov. 01, 2015	66,602
Net income	$ 0	0	46,200	0	9,476	55,676	[1],[2]
Other comprehensive income (loss)	0	0	0	2,902	2,972	5,874
Sales of common stock through employee stock option and purchase plan	$ 6	3,441	0	0	0	3,447
Sales of common stock through employee stock option and purchase plan (in shares)	618
Restricted stock awards vesting and expense	$ 2	1,190	0	0	0	1,192
Restricted stock awards vesting and expense (in shares)	143
Share-based compensation expense	$ 0	2,637	0	0	0	2,637
Conversion of debt to common stock	$ 7	7,431	0	0	0	7,438
Conversion of debt to common stock (in shares)	717
Dividends to noncontrolling interests	$ 0	0	0	0	(11,901)	(11,901)
Return of capital to noncontrolling interests	0	0	0	0	(955)	(955)
Repurchase of common stock by subsidiary	0	(8)	0	0	8	0
Balance at Oct. 30, 2016	$ 681	541,093	176,260	(7,671)	115,111	825,474
Balance (in shares) at Oct. 30, 2016	68,080
Net income	$ 0	0	13,130	0	8,159	21,289
Other comprehensive income (loss)	0	0	0	14,562	5,844	20,406
Sales of common stock through employee stock option and purchase plan	$ 5	2,877	0	0	0	2,882
Sales of common stock through employee stock option and purchase plan (in shares)	459
Restricted stock awards vesting and expense	$ 1	1,508	0	0	0	1,509
Restricted stock awards vesting and expense (in shares)	127
Share-based compensation expense	$ 0	2,118	0	0	0	2,118
Dividends to noncontrolling interests	0	0	0	0	(8,383)	(8,383)
Balance at Oct. 29, 2017	$ 687	$ 547,596	$ 189,390	$ 6,891	$ 120,731	$ 865,295
Balance (in shares) at Oct. 29, 2017	68,666
[1]	Includes $8.8 million gain on sale of investment in a foreign entity.
[2]	Includes tax benefits in Taiwan of $4.8 million primarily related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2017	Oct. 30, 2016		Nov. 01, 2015
Cash flows from operating activities:
Net income	$ 21,289	$ 55,676	[1],[2]	$ 56,859
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, plant and equipment	81,699	77,613		75,684
Amortization of intangible assets	4,874	5,228		6,729
Gains on sale of investments	0	(8,940)		0
Share-based compensation	3,627	3,827		3,689
Deferred income taxes	1,633	(3,816)		3,401
Changes in assets, liabilities, and other:
Accounts receivable	(9,625)	18,807		(21,815)
Inventories	(602)	2,268		(2,893)
Other current assets	1,127	7,936		(2,557)
Accounts payable, accrued liabilities, and other	(7,189)	(36,462)		14,098
Net cash provided by operating activities	96,833	122,137		133,195
Cash flows from investing activities:
Purchases of property, plant and equipment	(91,965)	(50,147)		(104,033)
Acquisition of business	(5,400)	0		0
Proceeds from sales of investments	167	101,853		0
Purchases of intangible assets	(834)	(13)		(771)
Other	(34)	597		499
Net cash (used in) provided by investing activities	(98,066)	52,290		(104,305)
Cash flows from financing activities:
Repayments of long-term borrowings	(5,428)	(57,609)		(9,571)
Dividends paid to noncontrolling interests	(8,298)	(11,890)		0
Proceeds from share-based arrangements	2,830	3,463		2,651
Return of capital to noncontrolling interests	0	(966)		0
Other	(32)	(20)		(179)
Net cash used in financing activities	(10,928)	(67,022)		(7,099)
Effects of exchange rate changes on cash and cash equivalents	6,108	802		(8,853)
Net (decrease) increase in cash and cash equivalents	(6,053)	108,207		12,938
Cash and cash equivalents at beginning of year	314,074	205,867		192,929
Cash and cash equivalents at end of year	308,021	314,074		205,867
Supplemental disclosure of non-cash information:
Accrual for property, plant and equipment purchased during year	2,767	7,866		25,858
Conversion of debt to common stock	$ 0	$ 7,439		$ 0
[1]	Includes $8.8 million gain on sale of investment in a foreign entity.
[2]	Includes tax benefits in Taiwan of $4.8 million primarily related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Oct. 29, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Photronics, Inc. and its subsidiaries ("Photronics", the "Company", “we”, “our”, 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 display substrates during the fabrication of integrated circuits ("ICs" or semiconductors) 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. We have announced plans to construct two manufacturing facilities in China. See Note 19 for additional information. Consolidation The accompanying consolidated financial statements include the accounts of Photronics, Inc. and majority-owned subsidiaries that it controls. All intercompany balances and transactions have been eliminated in consolidation. Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect amounts reported in them. Estimates are based on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Our estimates are based on the facts and circumstances available at the time they are made. Actual results we report may differ from such estimates. We review these estimates periodically and reflect any effects of revisions in the period in which they are determined. Fiscal Year Our fiscal year ends on the Sunday closest to October thirty-first, and, as a result, a 53-week year occurs every 5 to 6 years. Fiscal years 2017, 2016 and 2015 each included 52 weeks. Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investments purchased with an original maturity of 3 months or less. The carrying values of cash equivalents approximate their fair values, due to the short-term maturities of these instruments. Accounts Receivable and Allowance for Doubtful Accounts We generally record our trade accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed during and at the end of every reporting period for collectability. When, in the judgment of management, a loss on the collection of a customer invoice is probable, the amount is charged to expense and credited to . When the amount is determined to be uncollectible, the amount is charged to the allowance for doubtful accounts, 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: October 29 2017 October 30, 2016 Finished goods $ 664 $ 142 Work in process 2,957 2,987 Raw materials 20,082 18,952 $ 23,703 $ 22,081 Property, Plant and Equipment Property, plant and equipment, except as explained below under "Impairment of Long-Lived Assets," is Depreciation and amortization, substantially all of which are included in cost of goods sold, are computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over 15 to 40 years, machinery and equipment over 3 to 10 years , Intangible Assets Intangible assets consist primarily of a technology license agreement and acquisition-related intangibles. These assets, except as explained below, are stated at fair value as of the date acquired , We periodically evaluate the remaining useful lives of our intangible assets to determine whether events or circumstances warrant a revision to the remaining periods of amortization. In the event that the estimate of an intangible asset’s remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. If it is determined that an intangible asset has an indefinite useful life, that intangible asset would be subject to impairment testing annually or whenever events or circumstances indicate that its carrying value may not, based on future undiscounted cash flows or market factors, be recoverable ; where the impairment determination is made. amount recorded at the measurement date Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determinations of recoverability are based upon our judgment and estimates of undiscounted future cash flows resulting from the use of the assets and their eventual disposition. Measurement of an impairment loss for long-lived assets that we expect to hold and use is based on the fair value of the assets determined using a market or income approach compared to the carrying value of the asset. Business Combinations When acquiring other businesses, or participating in mergers or joint ventures in which we are deemed to be the acquirer, we generally recognize identifiable assets acquired, liabilities assumed and any noncontrolling interests at their acquisition date fair values, separately from any goodwill that may be required to be recognized. Goodwill, when recognizable, would be measured as the excess amount of any consideration transferred, which is generally measured at fair value, over the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Accounting for such transactions requires us to make significant assumptions and estimates and, although we believe any estimates and assumptions we make to be reasonable and appropriate at the time they are made, unanticipated events and circumstances may arise that affect their accuracy, which may cause actual results to differ from those we estimated. When required, we will adjust the values of the assets acquired and liabilities assumed against the acquisition gain or goodwill, as initially recorded, for a period of up to one year after the transaction. Costs incurred to effect a merger or acquisition, such as legal, accounting, valuation and other third party costs, as well as internal general and administrative costs incurred are charged to expense in the periods incurred. Costs incurred to issue any debt and equity securities are recognized in accordance with other applicable generally accepted accounting principles. Investments in Joint Ventures The financial results of investments in joint ventures of which we have a controlling financial interest are included in our consolidated financial statements. Investments in joint ventures over which we have the ability to exercise significant influence and that, in general, are at least 20 percent owned are accounted for under the equity method. An impairment loss would be recognized whenever a decrease in the fair value of such an investment below its carrying amount is determined to be other than temporary. In judging “other than temporary,” we would consider the length of time and the extent to which the fair value of the investment has been less than the carrying amount of the investment, the near-term and longer-term operating and financial prospects of the investee, and our longer-term intent of retaining our investment in the investee. Variable Interest Entities We account for the investments we make in certain legal entities in which equity investors do not have 1) sufficient equity at risk for the legal entity to finance its activities without additional subordinated financial support or, 2) as a group, the holders of the equity investment at risk do not have either the power, through voting or similar rights, to direct the activities of the legal entity that most significantly impact the entity’s economic performance or, 3) the obligation to absorb the expected losses of the legal entity or the right to receive expected residual returns of the legal entity as “variable interest entities”, or “VIEs”. We would consolidate the results of any such entity in which we determined that we have a controlling financial interest. We would have a “controlling financial interest” in such an entity when we have both the power to direct the activities that most significantly affect the VIE’s economic performance and the obligation to absorb the losses of, or right to receive the benefits from, the VIE that could be potentially significant to the VIE. On a quarterly basis, we would reassess whether we have a controlling financial interest in any investments we have in these certain legal entities. We account for investments we make in VIEs in which we have determined that we do not have a controlling financial interest but have a significant influence over, and hold at least a 20 percent ownership interest in, using the equity method. Any such investment not meeting the parameters to be accounted for value Income Taxes The income tax provision is computed on the basis of the various tax jurisdictions’ income or loss before income taxes. Deferred income taxes reflect the tax effects of differences between the carrying amounts of assets and liabilities for financial reporting purposes and their amounts used for income tax purposes, as well as the tax effects of net operating losses and tax credit carryforwards. We use judgment and make assumptions to determine if valuation allowances for deferred income tax assets are required, if their realization is not more likely than not, by considering future market growth, operating forecasts, future taxable income, and the mix of earnings among the tax jurisdictions in which we operate. Accordingly, income taxes charged against earnings may have been impacted by changes in the valuation allowances. We consider income taxes in each of the tax jurisdictions in which we operate in order to determine our effective income tax rate. Our current income tax expense We account for uncertain tax positions by recording a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in our tax returns. We include any applicable interest and penalties related to uncertain tax positions in our income tax provision. Earnings Per Share Basic earnings per share (“EPS”) is based on the weighted-average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution that could occur if certain share-based payment awards or financial instruments were exercised, earned or converted. Share-Based Compensation We recognize share-based compensation expense over the service period that the awards are expected to vest. Share-based compensation expense includes the estimated effects of forfeitures, which are adjusted over the requisite service period to the extent actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized in the period of change, and will impact the amount of expense to be recognized in future periods. Determining the appropriate option pricing model, calculating the grant date fair value of share-based awards and estimating forfeiture rates requires considerable judgment, including estimations of stock price volatility and the expected term of options granted. We use the Black-Scholes option pricing model to value employee stock options. We estimate stock price volatility based on daily averages of our common stock’s historical volatility over a term approximately equal to the estimated time period the grant will remain outstanding. The expected term of options and forfeiture rate assumptions are derived from historical data. Research and Development Research and development costs are expensed as incurred, and consist primarily of development efforts related to high-end process technologies for advanced sub-wavelength reticle solutions for IC photomask technologies. Foreign Currency Translation Our non-US subsidiaries maintain their accounts in their respective local currencies. Assets and liabilities of such subsidiaries are translated to U.S. dollars at year-end exchange rates. Income and expenses are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are accumulated and reported in accumulated other comprehensive income, a component of equity. The effects of changes in exchange rates on foreign currency transactions, which are included in interest income ) Noncontrolling Interests Noncontrolling interests represents the minority shareholders’ proportionate share in the equity of the Company’s two majority-owned subsidiaries, Photronics DNP Mask Corporation (“PDMC”) in Taiwan, of which noncontrolling interests owned 49.99% as of October 29, 2017 and October 30, 2016, and PK Ltd. (“PKL”) in Korea of which noncontrolling shareholders owned approximately 0.3% as of October 29, 2017 and October 30, 2016. Revenue Recognition We recognize revenue when there is persuasive evidence that an arrangement exists, delivery has occurred, the sales price of the transaction is fixed or determinable, and collectability is reasonably assured. Delivery is determined by the shipping terms of the individual revenue transactions. For transactions with FOB destination or similar shipping terms, delivery occurs when our product reaches its destination and is received by the customer. For transactions with FOB shipping point terms, delivery occurs when our product is received by the common carrier. We use judgment when estimating the effect on revenue of discounts and sales incentives, both of which are accrued when the related revenue is recognized. Our revenue is reported net of any sales taxes billed to customers. Product Warranty For a 30-day period, we warrant that items sold will conform to customer specifications. However, our liability is limited to the repair or replacement of the photomasks at our sole option. We inspect photomasks for conformity to customer specifications prior to shipment. Accordingly, customer claims related to items under warranty have historically been insignificant. Our warranty policy includes accepting returns of products with defects, or products that have not been produced to precise customer specifications.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Oct. 29, 2017
PROPERTY, PLANT AND EQUIPMENT [Abstract]
PROPERTY, PLANT AND EQUIPMENT	NOTE 2 - PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following: October 29, 2017 October 30, 2016 Land $ 9,959 $ 8,036 Buildings and improvements 125,290 121,873 Machinery and equipment 1,547,870 1,475,755 Leasehold improvements 20,050 19,224 Furniture, fixtures and office equipment 12,989 12,700 Construction in progress 72,045 23,961 1,788,203 1,661,549 Less: Accumulated depreciation and amortization 1,253,006 1,155,115 $ 535,197 $ 506,434 Property under capital leases is included in above property, plant and equipment as follows: October 29, 2017 October 30, 2016 Machinery and equipment $ 34,917 $ 34,917 Less accumulated amortization 13,843 10,352 $ 21,074 $ 24,565 During the three month period ended January 29, 2017 , purchase During the three month period ended January 29

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Oct. 29, 2017
INTANGIBLE ASSETS [Abstract]
INTANGIBLE ASSETS	NOTE 3 - INTANGIBLE ASSETS Amortization expense of the Company’s finite - Intangible assets consist of: As of October 29, 2017 Gross Amount Accumulated Amortization Net Amount Technology license agreement $ 59,616 $ (45,374 ) $ 14,242 Customer relationships 9,375 (7,793 ) 1,582 Software and other 8,195 (6,897 ) 1,298 $ 77,186 $ (60,064 ) $ 17,122 As of October 30, 2016 Technology license agreement $ 59,616 $ (41,400 ) $ 18,216 Customer relationships 8,657 (7,522 ) 1,135 Software and other 6,444 (5,941 ) 503 $ 74,717 $ (54,863 ) $ 19,854 The weighted-average amortization period of intangible assets acquired in fiscal year 2017 was 4.5 years, primarily comprised of acquired customer relationships and technology that has an amortization period of five years, and software that has an amortization period of three years. The weighted-average amortization period of intangible assets acquired in fiscal year 2016, which is comprised of software, is three years. Intangible asset amortization over the next five years is estimated to be as follows: Fiscal Years: 2018 $ 4,742 2019 4,564 2020 4,510 2021 2,747 2022 128

JOINT VENTURE, TECHNOLOGY LICEN

JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC.	12 Months Ended
	Oct. 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 4- 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, we also entered into an agreement to license photomask technology developed by Micron and certain supply agreements. In May 2016 , interest income ). unlimited 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 Photronics and Micron through purchase agreements they had entered into with the joint venture, and it was dependent upon Photronics and Micron for any additional cash requirements. On a quarterly basis we reassessed whether our interest in MP Mask gave us 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, we 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 purchase of We 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 and charged separately for any research and development activities it engaged in at the requests of its owners. MP Mask was governed by a Board of Managers appointed by Micron and Photronics. Since MP Mask's inception, Micron, as a result of its majority ownership, had 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, we 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 us. Had we chosen not to make a requested contribution to MP Mask, our ownership percentage may have been reduced. MP Mask did not request, and we did not make, any contributions to MP Mask in fiscal year 2016 , We recorded losses from operations from our investment in MP Mask of $0.1 million in fiscal years 2016 and 2015. Income (loss) from MP Mask is included in Interest and other income, net, in our consolidated statements of income. In fiscal , In fiscal , Summarized financial information of MP Mask is presented below. The financial results of 2016 are through May 5, 2016, the date of the sale of the Joint Venture. Fiscal Year 2016 2015 Revenue $ 49,626 $ 96,068 Gross profit 2,736 1,215 Net loss - (151 )

ACCRUED LIABILITIES

ACCRUED LIABILITIES	12 Months Ended
	Oct. 29, 2017
ACCRUED LIABILITIES [Abstract]
ACCRUED LIABILITIES	NOTE 5 - ACCRUED LIABILITIES Accrued liabilities at October 29, 2017 of of

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS	12 Months Ended
	Oct. 29, 2017
LONG-TERM BORROWINGS [Abstract]
LONG-TERM BORROWINGS	NOTE 6 - LONG-TERM BORROWINGS Long-term borrowings consist of the following: October 29, 2017 October 30, 2016 3.25% convertible senior notes due in April 2019 $ 57,337 $ 57,221 2.77% capital lease obligation payable through July 2018 4,639 10,067 61,976 67,288 Less current portion 4,639 5,428 $ 57,337 $ 61,860 In April 2016, $57.5 million of our senior convertible notes matured. We repaid $50.1 million to noteholders and issued approximately 0.7 million shares to noteholders that elected to convert their notes to common stock. The notes were exchanged at the rate of approximately 96 shares per $1,000 note principle, equivalent to a conversion rate of $10.37 per share. In January 2015, we privately exchanged $57.5 million in aggregate principal amount of our 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 we are 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. Our 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 our assets located in the United States and common stock we own in certain of our foreign subsidiaries. The credit facility stipulates that we may not pay cash dividends on Photronics, Inc. stock, and is subject to a minimum interest coverage ratio, total leverage ratio and minimum unrestricted cash balance financial covenants, all of which we were in compliance with at October 29, 2017. We had no outstanding borrowings against the credit facility at October 29, 2017, and $50 million was available for borrowing. The interest rate on the credit facility (2.49% at October 29, 2017) is based on our total leverage ratio at LIBOR plus a spread, as defined in the credit facility. In May 2017, the credit facility was amended to add certain covenants for our planned IC joint venture and FPD manufacturing facility, both of which are in China. See Note 19 for additional discussion of these new investments. 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. The lease is subject to a cross default with cross acceleration provision related to certain nonfinancial covenants incorporated into our credit facility. As of October 29, 2017, the total amount payable through August 2018 (the end of the lease term) was $4.7 million, of which $4.6 million represented principal and $0.1 million represented interest. Interest payments were $2.1 million, $3.2 million, and $4.4 million in fiscal years 2017, 2016 and 2015. Adoption of New Accounting Standard We adopted Accounting Standards Update (“ASU”) 2015-03 – “Simplifying the Presentation of Debt Issuance Costs” in the first quarter of fiscal year 2017 the in the fiscal 2016 balance sheet Classification Previously Reported Change Due to Adoption Retrospectively Adjusted Other assets $ 4,071 $ (279 ) $ 3,792 Long-term borrowings 62,139 (279 ) 61,860

OPERATING LEASES

OPERATING LEASES	12 Months Ended
	Oct. 29, 2017
OPERATING LEASES [Abstract]
OPERATING LEASES	NOTE 7 - OPERATING LEASES We lease various real estate and equipment under non-cancelable operating leases, for which rent expense was $3.0 million in 2017 and $2.8 million in each of fiscal years 2016 and 2015. At October 29, 2017, future minimum lease payments under non-cancelable operating leases with initial terms in excess of one year were as follows: 2018 $ 1,051 2019 684 2020 439 2021 380 2022 371 Thereafter 1,000 $ 3,925 See Note 6 for disclosures related to capital lease obligations.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Oct. 29, 2017
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	NOTE 8 – 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 us (in the open-market or in private transactions), shares that are being held in the treasury, or a combination thereof. The maximum number of shares of common stock approved that may be issued under the Plan is four million shares. Awards may be granted to officers, employees, directors, consultants, advisors, and independent contractors of Photronics or its subsidiaries. In the event of a change in control (as defined in the Plan), the vesting of awards may be accelerated. The Plan, aspects of which are more fully described below, prohibits further awards from being issued under prior plans. We incurred total share-based compensation expenses of $3.6 million, $3.8 million, and $3.7 million in fiscal years 2017, 2016, and 2015, respectively. No share-based compensation cost was capitalized as part of an asset and no related income tax benefits were recorded during the fiscal years 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 must have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant date fair values of options are based on the closing price of our common stock on the date of grant, and are calculated using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of our common stock. We use historical option exercise behavior and employee termination data to estimate expected term, which represents the period of time that 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 values of stock options issued during fiscal years 2017, 2016 and 2015 are presented in the following Year Ended October 29, 2017 October 30, 2016 November 1, 2015 Expected volatility 32.2 % 48.4 % 53.7 % Risk-free rate of return 1.9 – 2.0 % 1.2 – 1.7 % 1.3 – 1.6 % Dividend yield 0.0 % 0.0 % 0.0 % Expected term 5.0 years 5.1 years 4.7 years The table below presents a summary of stock options activity during fiscal year 2017 and information on stock options outstanding at October 29, 2017. Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at October 31, 2016 3,535,335 $ 7.59 Granted 344,750 11.33 Exercised (401,750 ) 6.09 Cancelled and forfeited (133,100 ) 11.17 Outstanding at October 29, 2017 3,345,235 $ 8.01 5.8 years $ 7,108 Exercisable at October 29, 2017 2,142,094 $ 6.60 4.6 years $ 6,661 Vested and expected to vest as of October 29, 2017 3,180,991 $ 7.87 5.7 years $ 7,052 The weighted-average grant date fair value of options granted during fiscal years 2017, 2016 and 2015 were $3.59, $4.51and $3.81, respectively. The total intrinsic value of options exercised during fiscal years 2017, 2016 and 2015 was $1.9 million, $3.5 million and $2.0 million, respectively. We received cash from option exercises of $2.4 million, $3.1 million and $2.2 million in fiscal years 2017, 2016 and 2015, respectively. As of October 29, 2017, the total unrecognized compensation cost of unvested option awards was approximately $2.8 million. That cost is expected to be recognized over a weighted-average amortization period of 2.0 years. Restricted Stock We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one-to-four years. The fair value of the awards are determined and fixed on the grant date based on our stock price. The weighted-average grant date fair values of restricted stock awards issued during fiscal years 2017, 2016 and 2015 were $10. 94 A summary of restricted stock award activity during fiscal year 2017 and the status of our outstanding restricted stock awards as of October 29, 2017, is presented below: Restricted Stock Shares Weighted-Average Fair Value at Grant Date Outstanding at October 31, 2016 162,375 $ 9.61 Granted 317,750 10.94 Vested (126,869 ) 9.78 Cancelled (14,075 ) 10.89 Outstanding at October 29, 2017 339,181 $ 10.74 Vested and expected to vest as of October 29, 2017 302,898 $ 10.75 Employee Stock Purchase Plan Our Employee Stock Purchase Plan ("ESPP") permits employees to purchase Photronics, Inc. common ;

EMPLOYEE RETIREMENT PLANS

EMPLOYEE RETIREMENT PLANS	12 Months Ended
	Oct. 29, 2017
EMPLOYEE RETIREMENT PLANS [Abstract]
EMPLOYEE RETIREMENT PLANS	NOTE 9- EMPLOYEE RETIREMENT PLANS We maintain a 401(k) Savings and Profit Sharing Plan ("401(k) Plan") which covers all full and certain part time U.S. employees who have completed three months of service and are 18 years of age or older. Under the terms of the 401(k) Plan, employees may contribute up to 50% of their salary, subject to certain maximum amounts, which will be matched by the Company immediately The total

INCOME TAXES

INCOME TAXES	12 Months Ended
	Oct. 29, 2017
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 10 - INCOME TAXES Income before the income tax provisions consists of the following: Year Ended October 29 2017 October 30, 2016 November 1, 2015 United States $ (11,544 ) $ 6,270 $ 6,646 Foreign 38,109 54,204 63,394 $ 26,565 $ 60,474 $ 70,040 The income tax provisions consist of the following: Year Ended October 29, 2017 October 30, 2016 November 1, 2015 Current: Federal $ 173 $ 492 $ 160 State (4 ) (2 ) (109 ) Foreign 3,474 8,115 9,729 Deferred: Federal - - - State 15 10 7 Foreign 1,618 (3,817 ) 3,394 Total $ 5,276 $ 4,798 $ 13,181 The income tax provisions differ from the amount computed by applying the statutory U.S. federal income tax rate to income before income taxes as a result of the following: Year Ended October 29, 2017 October 30, 2016 November 1, 2015 U.S. federal income tax at statutory rate $ 9,298 $ 21,166 $ 24,514 Changes in valuation allowances (3,632 ) (9,516 ) (11,471 ) Distributions from foreign subsidiaries 6,471 3,438 448 Foreign tax rate differentials (5,230 ) (9,620 ) (4,356 ) Tax credits (1,925 ) (944 ) (2,729 ) Uncertain tax positions, including reserves, settlements and resolutions (932 ) 134 (175 ) Income tax holiday (743 ) (507 ) (869 ) Employee stock compensation 512 452 634 Tax on foreign subsidiary earnings 1,712 225 6,589 Other, net (255 ) (30 ) 596 $ 5,276 $ 4,798 $ 13,181 The effective tax rates differ from the U.S. statutory rate of 35% in fiscal years 2017, 2016 and 2015 primarily due to earnings being taxed at lower statutory rates in foreign jurisdictions, changes in deferred tax asset valuation allowances, including the reversals noted below, together The net deferred income tax assets consist of the following: As of October 29, 2017 October 30, 2016 Deferred income tax assets Net operating losses $ 40,942 $ 46,158 Reserves not currently deductible 4,196 5,904 Alternative minimum tax credits 3,946 3,772 Tax credit carryforwards 10,037 8,814 Share-based compensation 2,335 1,972 Other 1,503 1,719 62,959 68,339 Valuation allowances (25,590 ) (29,315 ) 37,369 39,024 Deferred income tax liabilities: Undistributed earnings of foreign subsidiaries (4,335 ) (3,962 ) Property, plant and equipment (19,280 ) (19,977 ) Other (322 ) (254 ) (23,937 ) (24,193 ) Net deferred income tax assets $ 13,432 $ 14,831 Reported as: Deferred income tax assets $ 15,481 $ 16,322 Deferred income tax liabilities (2,049 ) (1,491 ) $ 13,432 $ 14,831 We have established a valuation allowance for a portion of our deferred tax assets because we believe, based on the weight of all available evidence, that it is more likely than not that a portion of our net operating loss carryforwards will expire prior to utilization. During fiscal years 2016 and 2015 , we As of October 29, 2017, we have not provided deferred taxes on $170.6 million of undistributed earnings of non-U.S. subsidiaries, as it is our policy to indefinitely reinvest these earnings in non-U.S. operations. During fiscal year 2017 , The following tables present our available operating loss and credit carryforwards at October 29, 2017, and their related expiration periods: Operating Loss Carryforwards Amount Expiration Periods Federal $ 86,358 2025-2033 State 214,532 2018-2037 Foreign 15,414 2019-2023 Tax Credit Carryforwards Amount Expiration Period Federal research and development $ 5,580 2019-2037 Federal alternative minimum 3,946 Indefinite State 5,829 2018-2031 Foreign 667 2022 A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, is as follows: Year Ended October 29, 2017 October 30, 2016 November 1, 2015 Balance at beginning of year $ 4,606 $ 4,029 $ 4,993 Additions (reductions) for tax positions in prior years 207 744 (212 ) Additions based on current year tax positions 323 268 318 Settlements (922 ) (378 ) (720 ) Lapses of statutes of limitations (830 ) (57 ) (350 ) Balance at end of year $ 3,384 $ 4,606 $ 4,029 As the balance of unrecognized tax benefits includes amounts reflected in the table above for the settlements 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 penalties, and net of tax benefits) may be resolved over the next twelve months. Resolution of these uncertain tax positions may result from either or both of The Company is 2013 Income tax payments were $9.3 million, $11.4 million and $4.9 million in fiscal years 2017, 2016 and 2015, respectively. Cash received as refunds of income taxes paid in prior years amounted to $0.1 million, $0.2 million and $0.1 million in fiscal years 2017, 2016 and 2015, respectively. Currently, Congress is considering various U.S. corporate tax reform bills, which if enacted could have a material impact on various components of the income taxes including but not limited to, valuation allowances, deferred tax assets and liabilities. If the proposed bills are signed into law we expect a reduction in the recorded deferred tax liability related to foreign earnings and an offsetting reduction in deferred tax assets related to U.S. net operating losses. At this time it is not practical to calculate the potential dollar amount of these potential income tax law changes. The Company will continue to evaluate the potential implications as more information becomes available and the changes are enacted.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Oct. 29, 2017
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	NOTE 11 - EARNINGS PER SHARE The calculation of basic and diluted earnings per share is presented as follows: Year Ended October 29, 2017 October 30, 2016 November 1, 2015 Net income attributable to Photronics, Inc. shareholders $ 13,130 $ 46,200 $ 44,625 Effect of dilutive securities: Interest expense on convertible notes, net of related tax effects - 2,938 4,363 Earnings for diluted earnings per share $ 13,130 $ 49,138 $ 48,988 Weighted-average common shares computations: Weighted-average common shares used for basic earnings per share 68,436 67,539 66,331 Effect of dilutive securities: Share-based payment awards 852 974 967 Convertible notes - 7,841 11,085 Dilutive common shares 852 8,815 12,052 Weighted-average common shares used for diluted earnings per share 69,288 76,354 78,383 Basic earnings per share $ 0.19 $ 0.68 $ 0.67 Diluted earnings per share $ 0.19 $ 0.64 $ 0.63 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 antidilutive. The table also shows convertible notes that, if converted, would have been antidilutive. Year Ended October 29, 2017 October 30, 2016 November 1, 2015 Convertible notes 5,542 - - Share based payment awards 1,308 1,635 1,641 Total potentially dilutive shares excluded 6,850 1,635 1,641

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Oct. 29, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 12 - COMMITMENTS AND CONTINGENCIES At October 29, 2017, we had outstanding purchase commitments of $168 million, which included $162 million related to capital expenditures, and had recorded liabilities for the purchase of equipment of $3 million. See Notes 7 and 19, respectively, for information on our operating lease commitments and our plans to construct two facilities in China. We are subject to various claims that arise in the ordinary course of business. We believe such claims, individually and in the aggregate, will not have a material effect on our consolidated financial statements.

GEOGRAPHIC AND SIGNIFICANT CUST

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION	12 Months Ended
	Oct. 29, 2017
GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION [Abstract]
GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION	NOTE 13 - GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION We operate as a single operating segment as a manufacturer of photomasks, which are high precision quartz plates containing microscopic images of electronic circuits for use in the fabrication of IC’s and FPDs. Geographic revenues (shown below) are based primarily on where our manufacturing facility is located. Our 2017, 2016 and 2015 revenue by geographic area and by IC and FPD products, and long-lived assets by geographic area were as follows: Year Ended October 29, 2017 October 30, 2016 November 1, 2015 Net revenue Taiwan $ 187,818 $ 193,216 $ 205,141 Korea 122,165 141,017 147,921 United States 102,040 113,670 132,792 Europe 36,081 33,384 35,792 All other Asia 2,574 2,169 2,560 $ 450,678 $ 483,456 $ 524,206 IC $ 350,260 $ 364,531 $ 420,833 FPD 100,418 118,925 103,373 $ 450,678 $ 483,456 $ 524,206 As of October 29, 2017 October 30, 2016 November 1, 2015 Long-lived assets Taiwan $ 186,192 $ 176,644 $ 185,087 United States 180,095 173,658 184,282 Korea 147,265 146,515 167,618 Europe 13,372 9,617 10,287 All other Asia 8,273 - 10 $ 535,197 $ 506,434 $ 547,284 One customer accounted for 16%, 19% and 18% of our revenue in fiscal years 2017, 2016 and 2015, respectively, and another customer accounted for 16%, 17%, and 15% of our revenue in fiscal years 2017, 2016 and 2015, respectively.

CHANGES IN ACCUMULATED OTHER CO

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT	12 Months Ended
	Oct. 29, 2017
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT	NOTE 14 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT The following tables set forth the changes in our accumulated other comprehensive income by component (net of tax of $0) for the years ended October 29, 2017 and October 30, 2016: Year Ended October 29, 2017 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at October 31, 2016 $ (6,567 ) $ (177 ) $ (927 ) $ (7,671 ) Other comprehensive income before reclassifications 19,799 - 478 20,277 Amounts reclassified from other accumulated comprehensive income - 129 - 129 Net current period other comprehensive income 19,799 129 478 20,406 Less: other comprehensive income attributable to noncontrolling interests (5,605 ) - (239 ) (5,844 ) Balance at October 29, 2017 $ 7,627 $ (48 ) $ (688 ) $ 6,891 Year Ended October 30, 2016 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at November 1, 2015 $ (9,634 ) $ (306 ) $ (633 ) $ (10,573 ) Other comprehensive income (loss) before reclassifications 6,334 - (589 ) 5,745 Amounts reclassified from other accumulated comprehensive income - 129 - 129 Net current period other comprehensive income (loss) 6,334 129 (589 ) 5,874 Less: other comprehensive (income) loss attributable to noncontrolling interests (3,267 ) - 295 (2,972 ) Balance at October 30, 2016 $ (6,567 ) $ (177 ) $ (927 ) $ (7,671 ) Amortization of the cash flow hedge is included in cost of goods sold in the consolidated statements of income in all periods presented.

CONCENTRATIONS OF CREDIT RISK

CONCENTRATIONS OF CREDIT RISK	12 Months Ended
	Oct. 29, 2017
CONCENTRATIONS OF CREDIT RISK [Abstract]
CONCENTRATIONS OF CREDIT RISK	NOTE 15 – CONCENTRATIONS OF CREDIT RISK Financial instruments that potentially subject us to credit risk principally consist of trade accounts receivables and short-term cash investments. We sell our products primarily to semiconductor and FPD manufacturers in Asia, North America, and Europe. We believe that the concentration of credit risk in our trade receivables is substantially mitigated by our ongoing credit evaluation process and relatively short collection terms. We do not generally require collateral from customers. We establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Our cash and cash equivalents are deposited in several financial institutions, including institutions located within all of the countries in which we manufacture photomasks. Portions of deposits in some of these institutions may exceed the amount of insurance available for such deposits at these institutions. As these deposits are generally redeemable upon demand and are held by high quality, reputable institutions, we consider them to bear minimal credit risk. We further mitigate credit risks related to our cash and cash equivalents by spreading such risk among a number of institutions.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Oct. 29, 2017
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 16 - RELATED PARTY TRANSACTIONS Our executive chairman of the board of directors is also a director of an entity that provided secure managed information technology services to Photronics in fiscal years 2016 and 2015. Another member of our board of directors was the chief executive officer and chairman of the board of this entity. We had contracted with this entity since 2002 for services it provided to all of our facilities. In fiscal years 2016 and 2015 , An officer of one of our foreign subsidiaries is related to an individual in a position of authority at one of our largest customers. We recorded revenue from this customer of $73.6 million, $80.5 million, and $77.8 million in fiscal years 2017, 2016 and 2015, respectively. At October 29, 2017 and October 30, 2016, we had accounts receivable of $24.3 million and $23.2 million, respectively, from this customer. In July 2016, we entered into a contract for information technology services with a parent entity for which a member of our board of directors serves as the executive chairman of the board and director , with We purchase photomask blanks from an entity of which a former officer of ours is a significant shareholder. The Company purchased $4.5 million of photomask blanks from this entity in 2017 when , and in We believe that the terms of our transactions with the related parties described above were negotiated at arm’s length and were no less favorable to us than terms we could have obtained from unrelated third parties. See Note 4 for additional related party transactions.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Oct. 29, 2017
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 17 - 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. We did not have any assets or liabilities measured at fair value, on a recurring or a nonrecurring basis, at October 29, 2017 or October 30, 2016. Fair Value of Other Financial Instruments The fair values of our 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 our convertible senior notes is a Level 2 measurement, as it was determined using inputs that were either observable market data or could be derived from or corroborated with observable market data. These inputs included our stock price and interest rates offered on debt issued by entities with credit ratings similar to ours. The table below presents the fair and carrying values of our convertible senior notes at October 29, 2017 and October 30, 2016. October 29, 2017 October 30, 2016 Fair Value Carrying Value Fair Value Carrying Value 3.25% convertible senior notes due 2019 $ 67,396 $ 57,337 $ 68,230 $ 57,221

GAINS ON SALE OF INVESTMENTS

GAINS ON SALE OF INVESTMENTS	12 Months Ended
	Oct. 29, 2017
GAIN ON SALE OF INVESTMENTS [Abstract]
GAINS ON SALE OF INVESTMENTS	NOTE 18 – GAINS ON SALE OF INVESTMENTS We had a minority interest in a foreign entity. In fiscal year 2016, we sold this investment and recognized a gain of $8.8 million. In addition, as discussed in Note 4, we sold our investment in the MP Mask joint venture in fiscal year 2016.

EXPANSION INTO CHINA

EXPANSION INTO CHINA	12 Months Ended
	Oct. 29, 2017
EXPANSION INTO CHINA [Abstract]
EXPANSION INTO CHINA	NOTE 19 – EXPANSION INTO CHINA Expansion of IC Manufacturing into China In August 2016, Photronics Singapore Pte, Ltd., a wholly owned subsidiary, signed an investment agreement with the Administrative Committee of Xiamen Torch Hi-Tech Industrial Development Zone (Xiamen Torch) to establish an IC manufacturing facility in Xiamen, China. Under the terms of the agreement, we will build and operate an IC facility to engage in research and development, manufacture and sale of photomasks, in return for which Xiamen Torch will provide certain investment incentives and support. This expansion is also substantially supported by customer commitments for its output. The total investment per the agreement is $160 million to be funded over the next five years in cash, transferred equipment and potential local borrowings. Construction began in 2017 and production is anticipated to start in early 2019. In the third quarter of fiscal 2017, we agreed to create a joint venture with DNP to encompass the Xiamen project. Under the agreement, our wholly-owned Singapore subsidiary will own 50.01% of the joint venture, which will be named Photronics DNP Mask Corporation Xiamen (PDMCX), and a subsidiary of DNP will own the remaining 49.99%. Photronics’ Expansion of FPD Manufacturing into China In August 2017, we announced that Photronics UK Ltd., a wholly -

QUARTERLY RESULTS OF OPERATIONS

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	12 Months Ended
	Oct. 29, 2017
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) [Abstract]
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	NOTE 20 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The following table sets forth certain unaudited quarterly financial data: First Second Third Fourth Year Fiscal 2017: Net sales $ 109,831 $ 108,297 $ 111,579 $ 120,971 $ 450,678 Gross profit 22,999 20,157 21,717 26,442 91,315 Net income 4,510 1,484 4,799 10,496 21,289 Net income attributable to Photronics, Inc. shareholders 1,946 1,797 4,001 5,386 13,130 Earnings per share: Basic $ 0.03 $ 0.03 $ 0.06 $ 0.08 $ 0.19 Diluted $ 0.03 $ 0.03 $ 0.06 $ 0.08 $ 0.19 Fiscal 2016: (a) (b) (c) (a)(d) Net sales $ 129,956 $ 122,923 $ 123,209 $ 107,368 $ 483,456 Gross profit 35,436 31,287 31,450 20,533 118,706 Net income 23,501 14,153 11,453 6,569 55,676 Net income attributable to Photronics, Inc. shareholders 21,002 11,854 8,088 5,256 46,200 Earnings per share: Basic $ 0.31 $ 0.18 $ 0.12 $ 0.08 $ 0.68 Diluted $ 0.28 $ 0.16 $ 0.12 $ 0.08 $ 0.64 (a) Includes $8.8 million gain on sale of investment in a foreign entity. (b) Includes a tax benefit in Taiwan of $1.8 million related to prior years. (c) Includes a tax benefit in Taiwan of $3.0 million related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary. (d) Includes tax benefits in Taiwan of $4.8 million primarily related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Oct. 29, 2017
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 21 - 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 us in the first quarter of our fiscal year 2021, and will be applied on a prospective basis. The impact of this ASU will depend upon the nature of future acquisitions that we may make. 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 Photronics 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. This Update is effective for us in the first quarter of our fiscal year 2019, and will be applied on a retrospective transition basis. Early adoption is permitted, including adoption in an interim period 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. We are currently evaluating the effect this ASU will have on our 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, deferred income taxes for intra-entity asset transfers other than inventory. This Update is effective for us in the first quarter of our fiscal year 2019, and will 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. We are currently evaluating the effect this ASU will have on our 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. This Update is effective for us in the first quarter of our fiscal year 2019, and will be applied using a retrospective transition approach. We are currently evaluating the effect this ASU will have on our 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 measure expected credit losses. This ASU requires a cumulative-effect adjustment as of the beginning of the first reporting period in which the guidance is adopted. This Update is effective for us in the first quarter of our fiscal year 2021, with early adoption permitted beginning in the first quarter of fiscal year 2019. We are currently evaluating the effect this ASU will have on our 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. The Update is effective for us the first quarter of our fiscal year 2018. We do not expect this ASU to have a material impact on our 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. The Update 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 us in the first quarter of our fiscal year 2020, with early application permitted, and we are currently evaluating the effect this ASU will have on our 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. The Update 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 us in the first quarter of our fiscal year 2019. We are currently evaluating the effect this ASU will have on our 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. We adopted this ASU, and applied it on a retrospective basis, in the first quarter of our 2017 fiscal year. See Note 6 for the effects of adoption on our October 30, 2016, 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 us in the first quarter of our fiscal year 2019. This update allows for either full retrospective or modified retrospective adoption. In April 2016, the FASB issued ASU 2016-10 “Identifying Performance Obligations and Licensing” which amends guidance previously issued on these matters in ASU 2014-09. The effective date and transition requirements of ASU 2016-10 are the same as those for ASU 2014-09. We anticipate that the adoption of this ASU will result in the acceleration of revenue as, upon adoption of this Update, amounts in our work-in process inventory will be considered to represent promised goods transferred to our customers, requiring us to recognize consideration for those transferred goods in amounts we expect to be entitled to receive in exchange for them. However, we cannot currently quantify with reasonable certainty the effect this anticipated acceleration of revenue will have on our consolidated financial statements. We expect to adopt this Update using the modified retrospective approach.

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
	Oct. 29, 2017
Schedule II-Valuation and Qualifying Accounts [Abstract]
Schedule II-Valuation and Qualifying Accounts	Schedule II Valuation and Qualifying Accounts for the Years Ended October 29, 2017, October 30, 2016 and November 1, 2015 (in $ thousands) Balance at Beginning of Year Charged to Costs and Expenses Deductions Balance at End of Year Allowance for Doubtful Accounts Year-ended October 29, 2017 3,901 (1,600 ) (b) 18 (a) 2,319 Year ended October 30, 2016 3,301 642 (42 ) (a) 3,901 Year ended November 1, 2015 3,078 730 (507 ) (a) 3,301 Deferred Tax Asset Valuation Allowance Year-ended October 29, 2017 29,315 - (3,725 ) (c) 25,590 Year ended October 30, 2016 38,763 (4,262 ) (b) (5,186 ) (c) 29,315 Year ended November 1, 2015 49,548 (2,364 ) (b) (8,421 ) (c) 38,763 (a) Uncollectible accounts written off, net, and impact of foreign currency translation. (b) Reversal of valuation allowance. (c) Increase in deferred tax liability and utilization of net operating losses.

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Oct. 29, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Business	Business Photronics, Inc. and its subsidiaries ("Photronics", the "Company", “we”, “our”, 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 display substrates during the fabrication of integrated circuits ("ICs" or semiconductors) 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. We have announced plans to construct two manufacturing facilities in China. See Note 19 for additional information.
Consolidation	Consolidation The accompanying consolidated financial statements include the accounts of Photronics, Inc. and majority-owned subsidiaries that it controls. All intercompany balances and transactions have been eliminated in consolidation.
Estimates and Assumptions	Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect amounts reported in them. Estimates are based on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Our estimates are based on the facts and circumstances available at the time they are made. Actual results we report may differ from such estimates. We review these estimates periodically and reflect any effects of revisions in the period in which they are determined.
Fiscal Year	Fiscal Year Our fiscal year ends on the Sunday closest to October thirty-first, and, as a result, a 53-week year occurs every 5 to 6 years. Fiscal years 2017, 2016 and 2015 each included 52 weeks.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investments purchased with an original maturity of 3 months or less. The carrying values of cash equivalents approximate their fair values, due to the short-term maturities of these instruments.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts We generally record our trade accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed during and at the end of every reporting period for collectability. When, in the judgment of management, a loss on the collection of a customer invoice is probable, the amount is charged to expense and credited to . When the amount is determined to be uncollectible, the amount is charged to the allowance for doubtful accounts,
Inventories	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: October 29 2017 October 30, 2016 Finished goods $ 664 $ 142 Work in process 2,957 2,987 Raw materials 20,082 18,952 $ 23,703 $ 22,081
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment, except as explained below under "Impairment of Long-Lived Assets," is Depreciation and amortization, substantially all of which are included in cost of goods sold, are computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over 15 to 40 years, machinery and equipment over 3 to 10 years ,
Intangible Assets	Intangible Assets Intangible assets consist primarily of a technology license agreement and acquisition-related intangibles. These assets, except as explained below, are stated at fair value as of the date acquired , We periodically evaluate the remaining useful lives of our intangible assets to determine whether events or circumstances warrant a revision to the remaining periods of amortization. In the event that the estimate of an intangible asset’s remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. If it is determined that an intangible asset has an indefinite useful life, that intangible asset would be subject to impairment testing annually or whenever events or circumstances indicate that its carrying value may not, based on future undiscounted cash flows or market factors, be recoverable ; where the impairment determination is made. amount recorded at the measurement date
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determinations of recoverability are based upon our judgment and estimates of undiscounted future cash flows resulting from the use of the assets and their eventual disposition. Measurement of an impairment loss for long-lived assets that we expect to hold and use is based on the fair value of the assets determined using a market or income approach compared to the carrying value of the asset.
Business Combinations	Business Combinations When acquiring other businesses, or participating in mergers or joint ventures in which we are deemed to be the acquirer, we generally recognize identifiable assets acquired, liabilities assumed and any noncontrolling interests at their acquisition date fair values, separately from any goodwill that may be required to be recognized. Goodwill, when recognizable, would be measured as the excess amount of any consideration transferred, which is generally measured at fair value, over the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Accounting for such transactions requires us to make significant assumptions and estimates and, although we believe any estimates and assumptions we make to be reasonable and appropriate at the time they are made, unanticipated events and circumstances may arise that affect their accuracy, which may cause actual results to differ from those we estimated. When required, we will adjust the values of the assets acquired and liabilities assumed against the acquisition gain or goodwill, as initially recorded, for a period of up to one year after the transaction. Costs incurred to effect a merger or acquisition, such as legal, accounting, valuation and other third party costs, as well as internal general and administrative costs incurred are charged to expense in the periods incurred. Costs incurred to issue any debt and equity securities are recognized in accordance with other applicable generally accepted accounting principles.
Investments in Joint Ventures	Investments in Joint Ventures The financial results of investments in joint ventures of which we have a controlling financial interest are included in our consolidated financial statements. Investments in joint ventures over which we have the ability to exercise significant influence and that, in general, are at least 20 percent owned are accounted for under the equity method. An impairment loss would be recognized whenever a decrease in the fair value of such an investment below its carrying amount is determined to be other than temporary. In judging “other than temporary,” we would consider the length of time and the extent to which the fair value of the investment has been less than the carrying amount of the investment, the near-term and longer-term operating and financial prospects of the investee, and our longer-term intent of retaining our investment in the investee.
Variable Interest Entities	Variable Interest Entities We account for the investments we make in certain legal entities in which equity investors do not have 1) sufficient equity at risk for the legal entity to finance its activities without additional subordinated financial support or, 2) as a group, the holders of the equity investment at risk do not have either the power, through voting or similar rights, to direct the activities of the legal entity that most significantly impact the entity’s economic performance or, 3) the obligation to absorb the expected losses of the legal entity or the right to receive expected residual returns of the legal entity as “variable interest entities”, or “VIEs”. We would consolidate the results of any such entity in which we determined that we have a controlling financial interest. We would have a “controlling financial interest” in such an entity when we have both the power to direct the activities that most significantly affect the VIE’s economic performance and the obligation to absorb the losses of, or right to receive the benefits from, the VIE that could be potentially significant to the VIE. On a quarterly basis, we would reassess whether we have a controlling financial interest in any investments we have in these certain legal entities. We account for investments we make in VIEs in which we have determined that we do not have a controlling financial interest but have a significant influence over, and hold at least a 20 percent ownership interest in, using the equity method. Any such investment not meeting the parameters to be accounted for value
Income Taxes	Income Taxes The income tax provision is computed on the basis of the various tax jurisdictions’ income or loss before income taxes. Deferred income taxes reflect the tax effects of differences between the carrying amounts of assets and liabilities for financial reporting purposes and their amounts used for income tax purposes, as well as the tax effects of net operating losses and tax credit carryforwards. We use judgment and make assumptions to determine if valuation allowances for deferred income tax assets are required, if their realization is not more likely than not, by considering future market growth, operating forecasts, future taxable income, and the mix of earnings among the tax jurisdictions in which we operate. Accordingly, income taxes charged against earnings may have been impacted by changes in the valuation allowances. We consider income taxes in each of the tax jurisdictions in which we operate in order to determine our effective income tax rate. Our current income tax expense We account for uncertain tax positions by recording a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in our tax returns. We include any applicable interest and penalties related to uncertain tax positions in our income tax provision.
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) is based on the weighted-average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution that could occur if certain share-based payment awards or financial instruments were exercised, earned or converted.
Research and Development	Research and Development Research and development costs are expensed as incurred, and consist primarily of development efforts related to high-end process technologies for advanced sub-wavelength reticle solutions for IC photomask technologies.
Foreign Currency Translation	Foreign Currency Translation Our non-US subsidiaries maintain their accounts in their respective local currencies. Assets and liabilities of such subsidiaries are translated to U.S. dollars at year-end exchange rates. Income and expenses are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are accumulated and reported in accumulated other comprehensive income, a component of equity. The effects of changes in exchange rates on foreign currency transactions, which are included in interest income )
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests represents the minority shareholders’ proportionate share in the equity of the Company’s two majority-owned subsidiaries, Photronics DNP Mask Corporation (“PDMC”) in Taiwan, of which noncontrolling interests owned 49.99% as of October 29, 2017 and October 30, 2016, and PK Ltd. (“PKL”) in Korea of which noncontrolling shareholders owned approximately 0.3% as of October 29, 2017 and October 30, 2016.
Revenue Recognition	Revenue Recognition We recognize revenue when there is persuasive evidence that an arrangement exists, delivery has occurred, the sales price of the transaction is fixed or determinable, and collectability is reasonably assured. Delivery is determined by the shipping terms of the individual revenue transactions. For transactions with FOB destination or similar shipping terms, delivery occurs when our product reaches its destination and is received by the customer. For transactions with FOB shipping point terms, delivery occurs when our product is received by the common carrier. We use judgment when estimating the effect on revenue of discounts and sales incentives, both of which are accrued when the related revenue is recognized. Our revenue is reported net of any sales taxes billed to customers.
Product Warranty	Product Warranty For a 30-day period, we warrant that items sold will conform to customer specifications. However, our liability is limited to the repair or replacement of the photomasks at our sole option. We inspect photomasks for conformity to customer specifications prior to shipment. Accordingly, customer claims related to items under warranty have historically been insignificant. Our warranty policy includes accepting returns of products with defects, or products that have not been produced to precise customer specifications.

SHARE-BASED COMPENSATION (Polic

SHARE-BASED COMPENSATION (Policies)	12 Months Ended
	Oct. 29, 2017
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options 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 must have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant date fair values of options are based on the closing price of our common stock on the date of grant, and are calculated using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of our common stock. We use historical option exercise behavior and employee termination data to estimate expected term, which represents the period of time that 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.

INCOME TAXES (Policies)

INCOME TAXES (Policies)	12 Months Ended
	Oct. 29, 2017
INCOME TAXES [Abstract]
Unremitted Earnings in Foreign Investment	As of October 29, 2017, we have not provided deferred taxes on $170.6 million of undistributed earnings of non-U.S. subsidiaries, as it is our policy to indefinitely reinvest these earnings in non-U.S. operations. During fiscal year 2017 ,
Interest and Penalties Related to Uncertain Tax Positions	As the balance of unrecognized tax benefits includes amounts reflected in the table above for the settlements 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 penalties, and net of tax benefits) may be resolved over the next twelve months. Resolution of these uncertain tax positions may result from either or both of The Company is 2013

FAIR VALUE MEASUREMENTS (Polici

FAIR VALUE MEASUREMENTS (Policies)	12 Months Ended
	Oct. 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 PRONOUNCEME34

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
	Oct. 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 us in the first quarter of our fiscal year 2021, and will be applied on a prospective basis. The impact of this ASU will depend upon the nature of future acquisitions that we may make. 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 Photronics 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. This Update is effective for us in the first quarter of our fiscal year 2019, and will be applied on a retrospective transition basis. Early adoption is permitted, including adoption in an interim period 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. We are currently evaluating the effect this ASU will have on our 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, deferred income taxes for intra-entity asset transfers other than inventory. This Update is effective for us in the first quarter of our fiscal year 2019, and will 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. We are currently evaluating the effect this ASU will have on our 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. This Update is effective for us in the first quarter of our fiscal year 2019, and will be applied using a retrospective transition approach. We are currently evaluating the effect this ASU will have on our 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 measure expected credit losses. This ASU requires a cumulative-effect adjustment as of the beginning of the first reporting period in which the guidance is adopted. This Update is effective for us in the first quarter of our fiscal year 2021, with early adoption permitted beginning in the first quarter of fiscal year 2019. We are currently evaluating the effect this ASU will have on our 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. The Update is effective for us the first quarter of our fiscal year 2018. We do not expect this ASU to have a material impact on our 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. The Update 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 us in the first quarter of our fiscal year 2020, with early application permitted, and we are currently evaluating the effect this ASU will have on our 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. The Update 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 us in the first quarter of our fiscal year 2019. We are currently evaluating the effect this ASU will have on our 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. We adopted this ASU, and applied it on a retrospective basis, in the first quarter of our 2017 fiscal year. See Note 6 for the effects of adoption on our October 30, 2016, 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 us in the first quarter of our fiscal year 2019. This update allows for either full retrospective or modified retrospective adoption. In April 2016, the FASB issued ASU 2016-10 “Identifying Performance Obligations and Licensing” which amends guidance previously issued on these matters in ASU 2014-09. The effective date and transition requirements of ASU 2016-10 are the same as those for ASU 2014-09. We anticipate that the adoption of this ASU will result in the acceleration of revenue as, upon adoption of this Update, amounts in our work-in process inventory will be considered to represent promised goods transferred to our customers, requiring us to recognize consideration for those transferred goods in amounts we expect to be entitled to receive in exchange for them. However, we cannot currently quantify with reasonable certainty the effect this anticipated acceleration of revenue will have on our consolidated financial statements. We expect to adopt this Update using the modified retrospective approach.

SUMMARY OF SIGNIFICANT ACCOUN35

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Oct. 29, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Schedule 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: October 29 2017 October 30, 2016 Finished goods $ 664 $ 142 Work in process 2,957 2,987 Raw materials 20,082 18,952 $ 23,703 $ 22,081

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Oct. 29, 2017
PROPERTY, PLANT AND EQUIPMENT [Abstract]
Property, plant and equipment	Property, plant and equipment consists of the following: October 29, 2017 October 30, 2016 Land $ 9,959 $ 8,036 Buildings and improvements 125,290 121,873 Machinery and equipment 1,547,870 1,475,755 Leasehold improvements 20,050 19,224 Furniture, fixtures and office equipment 12,989 12,700 Construction in progress 72,045 23,961 1,788,203 1,661,549 Less: Accumulated depreciation and amortization 1,253,006 1,155,115 $ 535,197 $ 506,434
Property under capital leases included in property, plant and equipment	Property under capital leases is included in above property, plant and equipment as follows: October 29, 2017 October 30, 2016 Machinery and equipment $ 34,917 $ 34,917 Less accumulated amortization 13,843 10,352 $ 21,074 $ 24,565

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Oct. 29, 2017
INTANGIBLE ASSETS [Abstract]
Intangible assets	Intangible assets consist of: As of October 29, 2017 Gross Amount Accumulated Amortization Net Amount Technology license agreement $ 59,616 $ (45,374 ) $ 14,242 Customer relationships 9,375 (7,793 ) 1,582 Software and other 8,195 (6,897 ) 1,298 $ 77,186 $ (60,064 ) $ 17,122 As of October 30, 2016 Technology license agreement $ 59,616 $ (41,400 ) $ 18,216 Customer relationships 8,657 (7,522 ) 1,135 Software and other 6,444 (5,941 ) 503 $ 74,717 $ (54,863 ) $ 19,854
Intangible asset amortization over the next five years	Intangible asset amortization over the next five years is estimated to be as follows: Fiscal Years: 2018 $ 4,742 2019 4,564 2020 4,510 2021 2,747 2022 128

JOINT VENTURE, TECHNOLOGY LIC38

JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC. (Tables)	12 Months Ended
	Oct. 29, 2017
JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC. [Abstract]
Summarized financial information of equity method investment	Summarized financial information of MP Mask is presented below. The financial results of 2016 are through May 5, 2016, the date of the sale of the Joint Venture. Fiscal Year 2016 2015 Revenue $ 49,626 $ 96,068 Gross profit 2,736 1,215 Net loss - (151 )

LONG-TERM BORROWINGS (Tables)

LONG-TERM BORROWINGS (Tables)	12 Months Ended
	Oct. 29, 2017
LONG-TERM BORROWINGS [Abstract]
Long-term borrowings	Long-term borrowings consist of the following: October 29, 2017 October 30, 2016 3.25% convertible senior notes due in April 2019 $ 57,337 $ 57,221 2.77% capital lease obligation payable through July 2018 4,639 10,067 61,976 67,288 Less current portion 4,639 5,428 $ 57,337 $ 61,860
Effect on financial statement condensed consolidated balance sheet	The effect of adopting ASU 2015-03 on the in the fiscal 2016 balance sheet Classification Previously Reported Change Due to Adoption Retrospectively Adjusted Other assets $ 4,071 $ (279 ) $ 3,792 Long-term borrowings 62,139 (279 ) 61,860

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	12 Months Ended
	Oct. 29, 2017
OPERATING LEASES [Abstract]
Future minimum lease payments under non-cancelable operating leases	At October 29, 2017, future minimum lease payments under non-cancelable operating leases with initial terms in excess of one year were as follows: 2018 $ 1,051 2019 684 2020 439 2021 380 2022 371 Thereafter 1,000 $ 3,925

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Oct. 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 values of stock options issued during fiscal years 2017, 2016 and 2015 are presented in the following Year Ended October 29, 2017 October 30, 2016 November 1, 2015 Expected volatility 32.2 % 48.4 % 53.7 % Risk-free rate of return 1.9 – 2.0 % 1.2 – 1.7 % 1.3 – 1.6 % Dividend yield 0.0 % 0.0 % 0.0 % Expected term 5.0 years 5.1 years 4.7 years
Summary of option activity	The table below presents a summary of stock options activity during fiscal year 2017 and information on stock options outstanding at October 29, 2017. Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at October 31, 2016 3,535,335 $ 7.59 Granted 344,750 11.33 Exercised (401,750 ) 6.09 Cancelled and forfeited (133,100 ) 11.17 Outstanding at October 29, 2017 3,345,235 $ 8.01 5.8 years $ 7,108 Exercisable at October 29, 2017 2,142,094 $ 6.60 4.6 years $ 6,661 Vested and expected to vest as of October 29, 2017 3,180,991 $ 7.87 5.7 years $ 7,052
Summary of the status of the company's outstanding restricted stock awards	A summary of restricted stock award activity during fiscal year 2017 and the status of our outstanding restricted stock awards as of October 29, 2017, is presented below: Restricted Stock Shares Weighted-Average Fair Value at Grant Date Outstanding at October 31, 2016 162,375 $ 9.61 Granted 317,750 10.94 Vested (126,869 ) 9.78 Cancelled (14,075 ) 10.89 Outstanding at October 29, 2017 339,181 $ 10.74 Vested and expected to vest as of October 29, 2017 302,898 $ 10.75

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Oct. 29, 2017
INCOME TAXES [Abstract]
Income before income tax provision for domestic and foreign	Income before the income tax provisions consists of the following: Year Ended October 29 2017 October 30, 2016 November 1, 2015 United States $ (11,544 ) $ 6,270 $ 6,646 Foreign 38,109 54,204 63,394 $ 26,565 $ 60,474 $ 70,040
Income tax provision	The income tax provisions consist of the following: Year Ended October 29, 2017 October 30, 2016 November 1, 2015 Current: Federal $ 173 $ 492 $ 160 State (4 ) (2 ) (109 ) Foreign 3,474 8,115 9,729 Deferred: Federal - - - State 15 10 7 Foreign 1,618 (3,817 ) 3,394 Total $ 5,276 $ 4,798 $ 13,181
Income tax rate reconciliation	The income tax provisions differ from the amount computed by applying the statutory U.S. federal income tax rate to income before income taxes as a result of the following: Year Ended October 29, 2017 October 30, 2016 November 1, 2015 U.S. federal income tax at statutory rate $ 9,298 $ 21,166 $ 24,514 Changes in valuation allowances (3,632 ) (9,516 ) (11,471 ) Distributions from foreign subsidiaries 6,471 3,438 448 Foreign tax rate differentials (5,230 ) (9,620 ) (4,356 ) Tax credits (1,925 ) (944 ) (2,729 ) Uncertain tax positions, including reserves, settlements and resolutions (932 ) 134 (175 ) Income tax holiday (743 ) (507 ) (869 ) Employee stock compensation 512 452 634 Tax on foreign subsidiary earnings 1,712 225 6,589 Other, net (255 ) (30 ) 596 $ 5,276 $ 4,798 $ 13,181
Net deferred income tax assets	The net deferred income tax assets consist of the following: As of October 29, 2017 October 30, 2016 Deferred income tax assets Net operating losses $ 40,942 $ 46,158 Reserves not currently deductible 4,196 5,904 Alternative minimum tax credits 3,946 3,772 Tax credit carryforwards 10,037 8,814 Share-based compensation 2,335 1,972 Other 1,503 1,719 62,959 68,339 Valuation allowances (25,590 ) (29,315 ) 37,369 39,024 Deferred income tax liabilities: Undistributed earnings of foreign subsidiaries (4,335 ) (3,962 ) Property, plant and equipment (19,280 ) (19,977 ) Other (322 ) (254 ) (23,937 ) (24,193 ) Net deferred income tax assets $ 13,432 $ 14,831 Reported as: Deferred income tax assets $ 15,481 $ 16,322 Deferred income tax liabilities (2,049 ) (1,491 ) $ 13,432 $ 14,831
Operating loss carryforwards	The following tables present our available operating loss and credit carryforwards at October 29, 2017, and their related expiration periods: Operating Loss Carryforwards Amount Expiration Periods Federal $ 86,358 2025-2033 State 214,532 2018-2037 Foreign 15,414 2019-2023
Tax credit carryforwards	Tax Credit Carryforwards Amount Expiration Period Federal research and development $ 5,580 2019-2037 Federal alternative minimum 3,946 Indefinite State 5,829 2018-2031 Foreign 667 2022
Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties	A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, is as follows: Year Ended October 29, 2017 October 30, 2016 November 1, 2015 Balance at beginning of year $ 4,606 $ 4,029 $ 4,993 Additions (reductions) for tax positions in prior years 207 744 (212 ) Additions based on current year tax positions 323 268 318 Settlements (922 ) (378 ) (720 ) Lapses of statutes of limitations (830 ) (57 ) (350 ) Balance at end of year $ 3,384 $ 4,606 $ 4,029

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Oct. 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 as follows: Year Ended October 29, 2017 October 30, 2016 November 1, 2015 Net income attributable to Photronics, Inc. shareholders $ 13,130 $ 46,200 $ 44,625 Effect of dilutive securities: Interest expense on convertible notes, net of related tax effects - 2,938 4,363 Earnings for diluted earnings per share $ 13,130 $ 49,138 $ 48,988 Weighted-average common shares computations: Weighted-average common shares used for basic earnings per share 68,436 67,539 66,331 Effect of dilutive securities: Share-based payment awards 852 974 967 Convertible notes - 7,841 11,085 Dilutive common shares 852 8,815 12,052 Weighted-average common shares used for diluted earnings per share 69,288 76,354 78,383 Basic earnings per share $ 0.19 $ 0.68 $ 0.67 Diluted earnings per share $ 0.19 $ 0.64 $ 0.63
Outstanding securities excluded from the calculation of diluted earnings 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 antidilutive. The table also shows convertible notes that, if converted, would have been antidilutive. Year Ended October 29, 2017 October 30, 2016 November 1, 2015 Convertible notes 5,542 - - Share based payment awards 1,308 1,635 1,641 Total potentially dilutive shares excluded 6,850 1,635 1,641

GEOGRAPHIC AND SIGNIFICANT CU44

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION (Tables)	12 Months Ended
	Oct. 29, 2017
GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION [Abstract]
Geographic information	Our 2017, 2016 and 2015 revenue by geographic area and by IC and FPD products, and long-lived assets by geographic area were as follows: Year Ended October 29, 2017 October 30, 2016 November 1, 2015 Net revenue Taiwan $ 187,818 $ 193,216 $ 205,141 Korea 122,165 141,017 147,921 United States 102,040 113,670 132,792 Europe 36,081 33,384 35,792 All other Asia 2,574 2,169 2,560 $ 450,678 $ 483,456 $ 524,206 IC $ 350,260 $ 364,531 $ 420,833 FPD 100,418 118,925 103,373 $ 450,678 $ 483,456 $ 524,206 As of October 29, 2017 October 30, 2016 November 1, 2015 Long-lived assets Taiwan $ 186,192 $ 176,644 $ 185,087 United States 180,095 173,658 184,282 Korea 147,265 146,515 167,618 Europe 13,372 9,617 10,287 All other Asia 8,273 - 10 $ 535,197 $ 506,434 $ 547,284

CHANGES IN ACCUMULATED OTHER 45

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)	12 Months Ended
	Oct. 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 our accumulated other comprehensive income by component (net of tax of $0) for the years ended October 29, 2017 and October 30, 2016: Year Ended October 29, 2017 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at October 31, 2016 $ (6,567 ) $ (177 ) $ (927 ) $ (7,671 ) Other comprehensive income before reclassifications 19,799 - 478 20,277 Amounts reclassified from other accumulated comprehensive income - 129 - 129 Net current period other comprehensive income 19,799 129 478 20,406 Less: other comprehensive income attributable to noncontrolling interests (5,605 ) - (239 ) (5,844 ) Balance at October 29, 2017 $ 7,627 $ (48 ) $ (688 ) $ 6,891 Year Ended October 30, 2016 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at November 1, 2015 $ (9,634 ) $ (306 ) $ (633 ) $ (10,573 ) Other comprehensive income (loss) before reclassifications 6,334 - (589 ) 5,745 Amounts reclassified from other accumulated comprehensive income - 129 - 129 Net current period other comprehensive income (loss) 6,334 129 (589 ) 5,874 Less: other comprehensive (income) loss attributable to noncontrolling interests (3,267 ) - 295 (2,972 ) Balance at October 30, 2016 $ (6,567 ) $ (177 ) $ (927 ) $ (7,671 )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Oct. 29, 2017
FAIR VALUE MEASUREMENTS [Abstract]
Fair and carrying values of convertible senior notes	The table below presents the fair and carrying values of our convertible senior notes at October 29, 2017 and October 30, 2016. October 29, 2017 October 30, 2016 Fair Value Carrying Value Fair Value Carrying Value 3.25% convertible senior notes due 2019 $ 67,396 $ 57,337 $ 68,230 $ 57,221

QUARTERLY RESULTS OF OPERATIO47

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)	12 Months Ended
	Oct. 29, 2017
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) [Abstract]
Quarterly financial data	The following table sets forth certain unaudited quarterly financial data: First Second Third Fourth Year Fiscal 2017: Net sales $ 109,831 $ 108,297 $ 111,579 $ 120,971 $ 450,678 Gross profit 22,999 20,157 21,717 26,442 91,315 Net income 4,510 1,484 4,799 10,496 21,289 Net income attributable to Photronics, Inc. shareholders 1,946 1,797 4,001 5,386 13,130 Earnings per share: Basic $ 0.03 $ 0.03 $ 0.06 $ 0.08 $ 0.19 Diluted $ 0.03 $ 0.03 $ 0.06 $ 0.08 $ 0.19 Fiscal 2016: (a) (b) (c) (a)(d) Net sales $ 129,956 $ 122,923 $ 123,209 $ 107,368 $ 483,456 Gross profit 35,436 31,287 31,450 20,533 118,706 Net income 23,501 14,153 11,453 6,569 55,676 Net income attributable to Photronics, Inc. shareholders 21,002 11,854 8,088 5,256 46,200 Earnings per share: Basic $ 0.31 $ 0.18 $ 0.12 $ 0.08 $ 0.68 Diluted $ 0.28 $ 0.16 $ 0.12 $ 0.08 $ 0.64 (a) Includes $8.8 million gain on sale of investment in a foreign entity. (b) Includes a tax benefit in Taiwan of $1.8 million related to prior years. (c) Includes a tax benefit in Taiwan of $3.0 million related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary. (d) Includes tax benefits in Taiwan of $4.8 million primarily related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary.

SUMMARY OF SIGNIFICANT ACCOUN48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Oct. 29, 2017USD ($)FacilitySubsidiary	Oct. 30, 2016USD ($)	Nov. 01, 2015USD ($)
Manufacturing Facilities by Geographical Region [Line Items]
Number of manufacturing facilities	9
Inventory [Abstract]
Finished goods | $	$ 664	$ 142
Work in process | $	2,957	2,987
Raw materials | $	20,082	18,952
Inventory | $	$ 23,703	22,081
Property, Plant and Equipment [Abstract]
Estimated useful lives	5 years
Foreign Currency [Abstract]
Foreign currency transaction gain (loss) | $	$ (5,200)	$ (300)	$ 2,500
Noncontrolling Interest [Abstract]
Number of majority owned subsidiaries | Subsidiary	2
Period of warranty	30 days
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	3 years
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	15 years
Buildings and Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	15 years
Buildings and Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	40 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	10 years
Furniture, Fixtures and Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	3 years
Furniture, Fixtures and Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	5 years
PK Ltd [Member]
Noncontrolling Interest [Abstract]
Ownership percentage of noncontrolling interests	0.30%	0.30%
PDMC [Member]
Noncontrolling Interest [Abstract]
Ownership percentage of noncontrolling interests	49.99%	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
China to be Constructed [Member]
Manufacturing Facilities by Geographical Region [Line Items]
Number of manufacturing facilities	2

PROPERTY, PLANT AND EQUIPMENT49

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2017	Jan. 29, 2017	Oct. 30, 2016	Nov. 01, 2015
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 1,788,203		$ 1,661,549
Less accumulated depreciation and amortization	1,253,006		1,155,115
Property, plant and equipment, net	535,197		506,434	$ 547,284
Property under capital leases included in property, plant and equipment [Abstract]
Machinery and equipment	34,917		34,917
Less accumulated amortization	13,843		10,352
Capital leased assets, net	$ 21,074		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	$ 9,000
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	9,959		8,036
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	125,290		121,873
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,547,870		1,475,755
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	20,050		19,224
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	12,989		12,700
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 72,045		$ 23,961

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2017	Oct. 30, 2016	Nov. 01, 2015
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 4,900	$ 4,800	$ 6,000
Weighted-average amortization period for intangible assets acquired during the year	4 years 6 months	3 years
Intangible assets, net [Abstract]
Gross Amount	$ 77,186	$ 74,717
Accumulated Amortization	(60,064)	(54,863)
Net Amount	17,122	19,854
Intangible asset amortization over the next five years [Abstract]
2,018	4,742
2,019	4,564
2,020	4,510
2,021	2,747
2,022	$ 128
Technology License Agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period for intangible assets acquired during the year	5 years
Intangible assets, net [Abstract]
Gross Amount	$ 59,616	59,616
Accumulated Amortization	(45,374)	(41,400)
Net Amount	$ 14,242	18,216
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period for intangible assets acquired during the year	5 years
Intangible assets, net [Abstract]
Gross Amount	$ 9,375	8,657
Accumulated Amortization	(7,793)	(7,522)
Net Amount	$ 1,582	$ 1,135
Software and Other [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period for intangible assets acquired during the year	3 years	3 years
Intangible assets, net [Abstract]
Gross Amount	$ 8,195	$ 6,444
Accumulated Amortization	(6,897)	(5,941)
Net Amount	$ 1,298	$ 503

JOINT VENTURE, TECHNOLOGY LIC51

JOINT VENTURE, TECHNOLOGY LICENSE AND OTHER AGREEMENTS WITH MICRON TECHNOLOGY, INC. (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2016	Oct. 29, 2017	Oct. 30, 2016	Nov. 01, 2015
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 the ASC) 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 the ASC 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 purchase of the majority of products produced by the VIE.
Amortization of supply agreement		$ 4,900	$ 4,800	$ 6,000
Cost of goods sold		359,363	364,750	381,070
Research and development expenses		$ 15,862	21,654	21,920
Summarized financial information of MP Mask [Abstract]
Revenue			49,626	96,068
Gross profit			2,736	1,215
Net loss			0	(151)
MP Mask [Member]
Variable Interest Entity [Line Items]
Additional investment in joint venture			0
Distributions from joint venture			0
Income (loss) from equity-method investee			(100)	(100)
Commission revenue earned under supply agreement			400	800
Amortization of supply agreement			100	200
Cost of goods sold			5,700	4,800
Research and development expenses			$ 500	$ 3,100
Proceeds from sale of equity method investment	$ 93,100
Gain on sale of equity method investment	$ 100
Co-venturer [Member]
Variable Interest Entity [Line Items]
Supply agreement term subject to mutually agreeable renewals	1 year

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Oct. 29, 2017	Oct. 30, 2016
ACCRUED LIABILITIES [Abstract]
Salaries, wages and related benefits	$ 10	$ 8.2
Unearned revenue	5.7
Value added and other taxes	3.1
Income taxes		6.2
Other accrued liabilities	$ 7.5	$ 9.8

LONG-TERM BORROWINGS (Details)

LONG-TERM BORROWINGS (Details)	1 Months Ended		12 Months Ended
	Apr. 30, 2016USD ($)shares$ / shares	Jan. 31, 2015USD ($)shares$ / shares	Oct. 29, 2017USD ($)	Oct. 30, 2016USD ($)	Nov. 01, 2015USD ($)	Mar. 31, 2011USD ($)
Long-term borrowings and Long-term Debt, unclassified [Abstract]
Long-term debt and capital lease obligations			$ 61,976,000	$ 67,288,000
Less current portion			4,639,000	5,428,000
Long-term debt and capital lease obligations non current			57,337,000	61,860,000
Interest payments			2,100,000	3,200,000	$ 4,400,000
Debt Issuance Costs [Abstract]
Other assets			3,870,000	3,792,000
Long-term borrowings			57,337,000	61,860,000
ASU 2015-03 [Member] | Previously Reported [Member]
Long-term borrowings and Long-term Debt, unclassified [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 and Long-term Debt, unclassified [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 and Long-term Debt, unclassified [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
Credit Facility [Member]
Long-term borrowings and Long-term Debt, unclassified [Abstract]
Maturity date of debt			Dec. 31, 2018
Variable interest rate			2.49%
Maximum borrowing capacity			$ 75,000,000
Current borrowing capacity			50,000,000
Available borrowing capacity			50,000,000
Amount outstanding under credit facility			0
3.25% Convertible Senior Notes due in April 2019 [Member]
Long-term borrowings and Long-term Debt, unclassified [Abstract]
Convertible debt			$ 57,337,000	57,221,000
Interest rate percentage			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
Original face amount of debt			$ 57,500,000
3.25% Convertible Senior Notes due in April 2016 [Member]
Long-term borrowings and Long-term Debt, unclassified [Abstract]
Interest rate percentage	3.25%
Maturity date of debt	Apr. 1, 2016
Repayments of convertible debt	$ 50,100,000
Conversion of debt to common stock (in shares) | shares	700,000
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
Original face amount of debt						$ 57,500,000
2.77% Capital Lease Obligation Payable through July 2018 [Member]
Long-term borrowings and Long-term Debt, unclassified [Abstract]
Long-term debt and capital lease obligations			$ 4,639,000	$ 10,067,000
Interest rate percentage			2.77%
Maturity date of debt			Jul. 31, 2018
Original face amount of debt			$ 26,400,000
Periodic payments			$ 500,000
Frequency of periodic payment			per month
Repayment period of debt			5 years
Amount payable through the end of lease term			$ 4,700,000
Interest included in lease payments			$ 100,000

OPERATING LEASES (Details)

OPERATING LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2017	Oct. 30, 2016	Nov. 01, 2015
OPERATING LEASES [Abstract]
Rent expense under operating leases	$ 3,000	$ 2,800	$ 2,800
Future minimum lease payments under non-cancelable operating leases [Abstract]
2,018	1,051
2,019	684
2,020	439
2,021	380
2,022	371
Thereafter	1,000
Total future minimum payments due	$ 3,925

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 29, 2017	Oct. 30, 2016	Nov. 01, 2015
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	$ 3,600	$ 3,800	$ 3,700
Share-based compensation cost capitalized	0	0	0
Income tax benefits realized from stock option exercises	$ 0	$ 0	$ 0
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term	10 years
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Expected volatility	32.20%	48.40%	53.70%
Dividend yield	0.00%	0.00%	0.00%
Expected term	5 years	5 years 1 month 6 days	4 years 8 months 12 days
Shares [Roll Forward]
Outstanding at beginning of period (in shares)	3,535,335
Granted (in shares)	344,750
Exercised (in shares)	(401,750)
Cancelled and forfeited (in shares)	(133,100)
Outstanding at end of period (in shares)	3,345,235	3,535,335
Exercisable at end of period (in shares)	2,142,094
Vested and expected to vest (in shares)	3,180,991
Weighted-Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 7.59
Granted (in dollars per share)	11.33
Exercised (in dollars per share)	6.09
Cancelled and forfeited (in dollars per share)	11.17
Outstanding at end of period (in dollars per share)	8.01	$ 7.59
Exercisable at end of period (in dollars per share)	6.60
Vested and expected to vest (in dollars per share)	$ 7.87
Weighted-Average Remaining Contractual Life [Abstract]
Outstanding at end of period	5 years 9 months 18 days
Exercisable at end of period	4 years 7 months 6 days
Vested and expected to vest	5 years 8 months 12 days
Aggregate Intrinsic Value [Abstract]
Outstanding at end of period	$ 7,108
Exercisable at end of period	6,661
Vested and expected to vest	$ 7,052
Stock Options Additional Disclosures [Abstract]
Weighted-average grant date fair value of options granted (in dollars per share)	$ 3.59	$ 4.51	$ 3.81
Total intrinsic value of options exercised	$ 1,900	$ 3,500	$ 2,000
Cash received from options exercises	2,400	$ 3,100	$ 2,200
Unrecognized compensation cost related to unvested option awards	$ 2,800
Period for recognition of compensation cost not yet recognized	2 years
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	1.90%	1.20%	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	2.00%	1.70%	1.60%
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of awards for which restrictions lapsed	$ 1,200	$ 1,700	$ 1,400
Compensation cost not yet recognized related to share based payment awards other than options	$ 2,600
Stock Options Additional Disclosures [Abstract]
Period for recognition of compensation cost not yet recognized	2 years 10 months 24 days
Shares [Rollforward]
Outstanding at beginning of period (in shares)	162,375
Granted (in shares)	317,750
Vested (in shares)	(126,869)
Cancelled (in shares)	(14,075)
Outstanding at end of period (in shares)	339,181	162,375
Vested and expected to vest (in shares)	302,898
Weighted-Average Fair Value at Grant Date [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 9.61
Granted (in dollars per share)	10.94	$ 12.13	$ 8.28
Vested (in dollars per share)	9.78
Cancelled (in dollars per share)	10.89
Outstanding at end of period (in dollars per share)	10.74	$ 9.61
Vested and expected to vest (in dollars per share)	$ 10.75
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
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares of common stock that may be issued (in shares)	1,500,000
Award vesting period	1 year
Compensation cost not yet recognized related to share based payment awards other than options	$ 100
Percent of market price that participants pay for shares subscribed	85.00%
Total shares issued since inception (in shares)	1,400,000
Shares [Rollforward]
Outstanding at end of period (in shares)	54,000

EMPLOYEE RETIREMENT PLANS (Deta

EMPLOYEE RETIREMENT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 29, 2017	Oct. 30, 2016	Nov. 01, 2015
EMPLOYEE RETIREMENT PLANS [Abstract]
Number of months of service completed to come under retirement plan	3 months
Minimum age of employees to come under retirement plan	18 years
Percentage of salary that can be contributed by the employee	50.00%
Maximum percentage of employees' contributions that Company will match	50.00%
Maximum percentage of employees' gross pay that Company will match	4.00%
Company's contribution to defined contribution retirement plans	$ 0.6	$ 0.6	$ 0.7

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 29, 2017	Oct. 30, 2016	Nov. 01, 2015
Components of income before income tax provision [Abstract]
United States	$ (11,544)	$ 6,270	$ 6,646
Foreign	38,109	54,204	63,394
Income before income tax provision	26,565	60,474	70,040
Current [Abstract]
Federal	173	492	160
State	(4)	(2)	(109)
Foreign	3,474	8,115	9,729
Deferred [Abstract]
Federal	0	0	0
State	15	10	7
Foreign	1,618	(3,817)	3,394
Income Tax Expense, Total	5,276	4,798	13,181
Income tax provision reconciliation [Abstract]
U.S. federal income tax at statutory rate	9,298	21,166	24,514
Changes in valuation allowances	(3,632)	(9,516)	(11,471)
Distributions from foreign subsidiaries	6,471	3,438	448
Foreign tax rate differentials	(5,230)	(9,620)	(4,356)
Tax credits	(1,925)	(944)	(2,729)
Uncertain tax positions, including reserves, settlements and resolutions	(932)	134	(175)
Income tax holiday	(743)	(507)	(869)
Employee stock compensation	512	452	634
Tax on foreign subsidiary earnings	1,712	225	6,589
Other, net	(255)	(30)	596
Income Tax Expense, Total	$ 5,276	$ 4,798	$ 13,181
U.S. statutory rate	35.00%	35.00%	35.00%
Income Tax Holiday [Line Items]
Term of tax year holidays	5 years
Dollar effect of income tax holiday	$ 700	$ 500	$ 200
Per share effect of income tax holiday (in dollars per share)	$ 0	$ 0	$ 0
Deferred income tax assets [Abstract]
Net operating losses	$ 40,942	$ 46,158
Reserves not currently deductible	4,196	5,904
Alternative minimum tax credits	3,946	3,772
Tax credit carryforwards	10,037	8,814
Share-based compensation	2,335	1,972
Other	1,503	1,719
Deferred tax assets	62,959	68,339
Valuation allowances	(25,590)	(29,315)
Deferred tax assets net of valuation allowance	37,369	39,024
Deferred income tax liabilities [Abstract]
Undistributed earnings of foreign subsidiaries	(4,335)	(3,962)
Property, plant and equipment	(19,280)	(19,977)
Other	(322)	(254)
Deferred income taxes liabilities	(23,937)	(24,193)
Net deferred income tax assets	13,432	14,831
Reported as [Abstract]
Deferred income tax assets	15,481	16,322
Deferred income tax liabilities	(2,049)	(1,491)
Net deferred income tax assets	$ 13,432	$ 14,831
Foreign [Member] | Minimum [Member]
Income Tax Holiday [Line Items]
Income tax holiday termination date	October 31, 2017
Foreign [Member] | Maximum [Member]
Income Tax Holiday [Line Items]
Income tax holiday termination date	December 31, 2019

INCOME TAXES, UNRECOGNIZED TAX

INCOME TAXES, UNRECOGNIZED TAX BENEFITS AND CARRYFORWARDS (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2017	Oct. 30, 2016	Nov. 01, 2015
Income Tax Uncertainties [Abstract]
Interest and penalties accrued related to uncertain tax positions	$ 100	$ 100	$ 100
Valuation Allowance [Abstract]
Valuation allowance change	(3,700)	(5,200)	(9,300)
Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties [Roll Forward]
Balance at beginning of year	4,606	4,029	4,993
Additions for tax positions in prior years	207	744
Reductions for tax positions in prior years			(212)
Additions based on current year tax positions	323	268	318
Settlements	(922)	(378)	(720)
Lapses of statutes of limitations	(830)	(57)	(350)
Balance at end of year	3,384	4,606	4,029
Income taxes, additional disclosures [Abstract]
Undistributed earnings of foreign subsidiaries	170,600
Amount of reasonably possible decrease in uncertain tax positions	1,400
Income taxes paid	9,300	11,400	4,900
Cash received for refunds of income taxes	100	200	100
Federal [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 86,358
Federal [Member] | Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2025
Federal [Member] | Maximum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2033
State [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 214,532
State [Member] | Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2018
State [Member] | Maximum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2037
Foreign [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 15,414
Foreign [Member] | Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2019
Foreign [Member] | Maximum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2023
Foreign Jurisdictions [Member]
Valuation Allowance [Abstract]
Valuation allowance change		(4,300)	(1,500)
Federal Research and Development [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward amount	$ 5,580
Federal Research and Development [Member] | Minimum [Member]
Tax Credit Carryforward [Line Items]
Expiration period	Oct. 31, 2019
Federal Research and Development [Member] | Maximum [Member]
Tax Credit Carryforward [Line Items]
Expiration period	Oct. 31, 2037
Federal Alternate Minimum [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward amount	$ 3,946
State [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward amount	$ 5,829
State [Member] | Minimum [Member]
Tax Credit Carryforward [Line Items]
Expiration period	Oct. 31, 2018
State [Member] | Maximum [Member]
Tax Credit Carryforward [Line Items]
Expiration period	Oct. 31, 2031
Foreign [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward amount	$ 667
Expiration period	Oct. 31, 2022
Recorded in Other Liabilities [Member]
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits that would impact effective tax rate	$ 3,400	$ 4,600	$ 4,100

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended											12 Months Ended
	Oct. 29, 2017	Jul. 30, 2017	Apr. 30, 2017	Jan. 29, 2017	Oct. 30, 2016	[1]	Jul. 31, 2016	May 01, 2016	[2]	Jan. 31, 2016	[3]	Oct. 29, 2017	Oct. 30, 2016		Nov. 01, 2015
Calculation of basic and diluted earnings per share [Abstract]
Net income attributable to Photronics, Inc. shareholders	$ 5,386	$ 4,001	$ 1,797	$ 1,946	$ 5,256		$ 8,088	$ 11,854		$ 21,002		$ 13,130	$ 46,200	[3],[4]	$ 44,625
Effect of dilutive securities [Abstract]
Interest expense on convertible notes, net of tax												0	2,938		4,363
Earnings for diluted earnings per share												$ 13,130	$ 49,138		$ 48,988
Weighted-average common shares computations [Abstract]
Weighted-average common shares used for basic earnings per share (in shares)												68,436	67,539		66,331
Effect of dilutive securities [Abstract]
Share-based payment awards (in shares)												852	974		967
Convertible notes (in shares)												0	7,841		11,085
Dilutive common shares (in shares)												852	8,815		12,052
Weighted-average common shares used for diluted earnings per share (in shares)												69,288	76,354		78,383
Basic earnings per share (in dollars per share)	$ 0.08	$ 0.06	$ 0.03	$ 0.03	$ 0.08		$ 0.12	$ 0.18		$ 0.31		$ 0.19	$ 0.68	[3],[4]	$ 0.67
Diluted earnings per share (in dollars per share)	$ 0.08	$ 0.06	$ 0.03	$ 0.03	$ 0.08		$ 0.12	$ 0.16		$ 0.28		$ 0.19	$ 0.64	[3],[4]	$ 0.63
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares excluded (in shares)												6,850	1,635		1,641
Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares excluded (in shares)												5,542	0		0
Share based Payment Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares excluded (in shares)												1,308	1,635		1,641
[1]	Includes a tax benefit in Taiwan of $3.0 million related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary.
[2]	Includes a tax benefit in Taiwan of $1.8 million related to prior years.
[3]	Includes $8.8 million gain on sale of investment in a foreign entity.
[4]	Includes tax benefits in Taiwan of $4.8 million primarily related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Oct. 29, 2017USD ($)Facility
COMMITMENTS AND CONTINGENCIES [Abstract]
Outstanding purchase commitments	$ 168
Outstanding commitments for capital expenditure	162
Purchase commitments	$ 3
Number of facilities planned construction in China | Facility	2

GEOGRAPHIC AND SIGNIFICANT CU61

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended											12 Months Ended
	Oct. 29, 2017	Jul. 30, 2017	Apr. 30, 2017	Jan. 29, 2017	Oct. 30, 2016		Jul. 31, 2016	May 01, 2016	[2]	Jan. 31, 2016	[3]	Oct. 29, 2017	Oct. 30, 2016		Nov. 01, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 120,971	$ 111,579	$ 108,297	$ 109,831	$ 107,368	[1]	$ 123,209	$ 122,923		$ 129,956		$ 450,678	$ 483,456	[3],[4]	$ 524,206
Long-lived assets	535,197				506,434							535,197	506,434		547,284
Customer One [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue												73,600	80,500		77,800
IC [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue												350,260	364,531		420,833
FPD [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue												100,418	118,925		103,373
Taiwan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue												187,818	193,216		205,141
Long-lived assets	186,192				176,644							186,192	176,644		185,087
Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue												122,165	141,017		147,921
Long-lived assets	147,265				146,515							147,265	146,515		167,618
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue												102,040	113,670		132,792
Long-lived assets	180,095				173,658							180,095	173,658		184,282
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue												36,081	33,384		35,792
Long-lived assets	13,372				9,617							13,372	9,617		10,287
All Other Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue												2,574	2,169		2,560
Long-lived assets	$ 8,273				$ 0							$ 8,273	$ 0		$ 10
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer One [Member]
Concentration Risk [Line Items]
Percent of net sales accounted for by significant customer												16.00%	19.00%		18.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer Two [Member]
Concentration Risk [Line Items]
Percent of net sales accounted for by significant customer												16.00%	17.00%		15.00%
[1]	Includes a tax benefit in Taiwan of $3.0 million related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary.
[2]	Includes a tax benefit in Taiwan of $1.8 million related to prior years.
[3]	Includes $8.8 million gain on sale of investment in a foreign entity.
[4]	Includes tax benefits in Taiwan of $4.8 million primarily related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary.

CHANGES IN ACCUMULATED OTHER 62

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2017	Oct. 30, 2016	Nov. 01, 2015
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 income (loss)	20,406	5,874	$ (40,407)
Ending Balance	744,564	710,363
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(7,671)	(10,573)
Net other comprehensive income (loss)	14,562	2,902	(32,347)
Ending Balance	6,891	(7,671)	(10,573)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(6,567)	(9,634)
Ending Balance	7,627	(6,567)	(9,634)
Amortization of Cash Flow Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(177)	(306)
Ending Balance	(48)	(177)	(306)
Other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(927)	(633)
Ending Balance	(688)	(927)	$ (633)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	20,277	5,745
Amounts reclassified from accumulated other comprehensive income	129	129
Net other comprehensive income (loss)	20,406	5,874
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	19,799	6,334
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive income (loss)	19,799	6,334
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	129	129
Net other comprehensive income (loss)	129	129
Other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	478	(589)
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive income (loss)	478	(589)
AOCI Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: other comprehensive (income) loss attributable to noncontrolling interests	(5,844)	(2,972)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Less: other comprehensive (income) loss attributable to noncontrolling interests	(5,605)	(3,267)
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	$ (239)	$ 295

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended											12 Months Ended
	Oct. 29, 2017	Jul. 30, 2017	Apr. 30, 2017	Jan. 29, 2017	Oct. 30, 2016		Jul. 31, 2016	May 01, 2016	[2]	Jan. 31, 2016	[3]	Oct. 29, 2017	Oct. 30, 2016		Nov. 01, 2015
Related Party Transaction [Line Items]
Revenue	$ 120,971	$ 111,579	$ 108,297	$ 109,831	$ 107,368	[1]	$ 123,209	$ 122,923		$ 129,956		$ 450,678	$ 483,456	[3],[4]	$ 524,206
Accounts receivable	105,320				92,636							105,320	92,636
Amount due currently to related party at end of period	0				2,743							0	2,743
Customer One [Member]
Related Party Transaction [Line Items]
Revenue												73,600	80,500		77,800
Accounts receivable	$ 24,300				23,200							24,300	23,200
Information Technology Services Provider One [Member]
Related Party Transaction [Line Items]
Expenses incurred for goods or services provided by related party during the period													200		1,000
Information Technology Services Provider Two [Member]
Related Party Transaction [Line Items]
Expenses incurred for goods or services provided by related party during the period												500	300
Amount due currently to related party at end of period					200								200
Photomask Blank Supplier [Member]
Related Party Transaction [Line Items]
Expenses incurred for goods or services provided by related party during the period												$ 4,500	16,300		$ 20,200
Amount due currently to related party at end of period					$ 2,700								$ 2,700
[1]	Includes a tax benefit in Taiwan of $3.0 million related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary.
[2]	Includes a tax benefit in Taiwan of $1.8 million related to prior years.
[3]	Includes $8.8 million gain on sale of investment in a foreign entity.
[4]	Includes tax benefits in Taiwan of $4.8 million primarily related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary.

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 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
3.25% Convertible Senior Notes due in April 2019 [Member]
Fair and carrying values of the Company's convertible senior notes [Abstract]
Interest rate percentage	3.25%	3.25%
Maturity date of debt	Apr. 1, 2019	Apr. 1, 2019
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	$ 67,396	$ 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	$ 57,337	$ 57,221

GAINS ON SALE OF INVESTMENTS (D

GAINS ON SALE OF INVESTMENTS (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jan. 31, 2016	Oct. 29, 2017	Oct. 30, 2016	Nov. 01, 2015
Schedule of Investments [Line Items]
Gain on sale of investments		$ 0	$ 8,940	$ 0
Investment in Foreign Entity [Member]
Schedule of Investments [Line Items]
Gain on sale of investments	$ 8,800		$ 8,800

EXPANSION INTO CHINA (Details)

EXPANSION INTO CHINA (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 29, 2017	Aug. 31, 2017	Jul. 30, 2017	Aug. 31, 2016
Noncontrolling Interest [Line Items]
Planned amount of investment in new facility				$ 160
Investment funding term	5 years
DNP [Member]
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling interests			49.99%
PLAB Singapore [Member]
Noncontrolling Interest [Line Items]
Ownership percentage in joint venture			50.01%
FPD Manufacturing Facility [Member] | Minimum [Member]
Noncontrolling Interest [Line Items]
Planned amount of investment in new facility		$ 160

QUARTERLY RESULTS OF OPERATIO67

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended											12 Months Ended
	Oct. 29, 2017	Jul. 30, 2017	Apr. 30, 2017	Jan. 29, 2017	Oct. 30, 2016		Jul. 31, 2016	May 01, 2016		Jan. 31, 2016		Oct. 29, 2017	Oct. 30, 2016		Nov. 01, 2015
Selected Quarterly Financial Data (Unaudited) [Abstract]
Net sales	$ 120,971	$ 111,579	$ 108,297	$ 109,831	$ 107,368	[1]	$ 123,209	$ 122,923	[2]	$ 129,956	[3]	$ 450,678	$ 483,456	[3],[4]	$ 524,206
Gross profit	26,442	21,717	20,157	22,999	20,533	[1]	31,450	31,287	[2]	35,436	[3]	91,315	118,706	[3],[4]	143,136
Net income	10,496	4,799	1,484	4,510	6,569	[1]	11,453	14,153	[2]	23,501	[3]	21,289	55,676	[3],[4]	56,859
Net income attributable to Photronics, Inc. shareholders	$ 5,386	$ 4,001	$ 1,797	$ 1,946	$ 5,256	[1]	$ 8,088	$ 11,854	[2]	$ 21,002	[3]	$ 13,130	$ 46,200	[3],[4]	$ 44,625
Earnings per share [Abstract]
Basic (in dollars per share)	$ 0.08	$ 0.06	$ 0.03	$ 0.03	$ 0.08	[1]	$ 0.12	$ 0.18	[2]	$ 0.31	[3]	$ 0.19	$ 0.68	[3],[4]	$ 0.67
Diluted (in dollars per share)	$ 0.08	$ 0.06	$ 0.03	$ 0.03	$ 0.08	[1]	$ 0.12	$ 0.16	[2]	$ 0.28	[3]	$ 0.19	$ 0.64	[3],[4]	$ 0.63
Schedule of Investments [Line Items]
Gain on sale of investments												$ 0	$ 8,940		$ 0
Tax benefits related to prior year															212
Taiwan [Member]
Selected Quarterly Financial Data (Unaudited) [Abstract]
Net sales												$ 187,818	193,216		$ 205,141
Schedule of Investments [Line Items]
Tax benefits related to prior year					$ 3,000			$ 1,800					4,800
Investment in Foreign Entity [Member]
Schedule of Investments [Line Items]
Gain on sale of investments										$ 8,800			$ 8,800
[1]	Includes a tax benefit in Taiwan of $3.0 million related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary.
[2]	Includes a tax benefit in Taiwan of $1.8 million related to prior years.
[3]	Includes $8.8 million gain on sale of investment in a foreign entity.
[4]	Includes tax benefits in Taiwan of $4.8 million primarily related to the recognition of prior period tax benefits and other tax positions no longer deemed necessary.

Schedule II-Valuation and Qua68

Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands		12 Months Ended
		Oct. 29, 2017		Oct. 30, 2016		Nov. 01, 2015
Allowance for Doubtful Accounts [Member]
Movement in Valuation Allowance and Qualifying Accounts [Roll Forward]
Balance at Beginning of Year		$ 3,901		$ 3,301		$ 3,078
Charged to Costs and Expenses		(1,600)	[1]	642		730
Deductions	[2]	18		(42)		(507)
Balance at End of Year		2,319		3,901		3,301
Deferred Tax Asset Valuation Allowance [Member]
Movement in Valuation Allowance and Qualifying Accounts [Roll Forward]
Balance at Beginning of Year		29,315		38,763		49,548
Charged to Costs and Expenses		0		(4,262)	[1]	(2,364)	[1]
Deductions	[3]	(3,725)		(5,186)		(8,421)
Balance at End of Year		$ 25,590		$ 29,315		$ 38,763
[1]	Reversal of valuation allowance.
[2]	Uncollectible accounts written off, net, and impact of foreign currency translation.
[3]	Increase in deferred tax liability and utilization of net operating losses.