Photronics (PLAB) 10-Q 5 Jun 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Apr. 28, 2019	Jun. 03, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	PHOTRONICS INC
Entity Central Index Key	0000810136
Current Fiscal Year End Date	--10-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		67,065,655
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 28, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Apr. 28, 2019	Oct. 31, 2018
Current assets:
Cash and cash equivalents	$ 167,066	$ 329,277
Accounts receivable, net of allowance of $1,360 in 2019 and $1,526 in 2018	123,371	120,515
Inventories	34,696	29,180
Prepaid expenses	8,531	6,901
Other current assets	38,304	16,858
Total current assets	371,968	502,731
Property, plant and equipment, net	654,357	571,781
Intangible assets, net	10,182	12,368
Deferred income taxes	15,121	18,109
Other assets	33,610	5,020
Total assets	1,085,238	1,110,009
Current liabilities:
Current portion of long-term debt	505	57,453
Accounts payable	80,120	89,149
Accrued liabilities	58,659	44,474
Total current liabilities	139,284	191,076
Long-term debt	35,921	0
Deferred income taxes	829	643
Other liabilities	10,876	13,721
Total liabilities	186,910	205,440
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, 69,984 shares issued and 66,289 outstanding at April 28, 2019 and 69,700 shares issued and 67,142 outstanding at October 31, 2018	700	697
Additional paid-in capital	558,359	555,606
Retained earnings	245,144	231,445
Treasury stock, 3,695 shares at April 28, 2019 and 2,558 shares at October 31, 2018	(33,807)	(23,111)
Accumulated other comprehensive loss	(6,828)	(4,966)
Total Photronics, Inc. shareholders' equity	763,568	759,671
Noncontrolling interests	134,760	144,898
Total equity	898,328	904,569
Total liabilities and equity	$ 1,085,238	$ 1,110,009

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Apr. 28, 2019	Oct. 31, 2018
Current assets:
Accounts receivable, allowance	$ 1,360	$ 1,526
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)	69,984	69,700
Common stock, shares outstanding (in shares)	66,289	67,142
Treasury stock, shares (in shares)	3,695	2,558

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 28, 2019	Apr. 29, 2018	Apr. 28, 2019	Apr. 29, 2018
Condensed Consolidated Statements of Income (unaudited) [Abstract]
Revenue	$ 131,580	$ 130,779	$ 256,291	$ 254,225
Cost of goods sold	105,570	97,960	204,179	193,744
Gross profit	26,010	32,819	52,112	60,481
Operating expenses:
Selling, general and administrative	13,269	13,637	27,061	25,387
Research and development	3,542	3,817	7,805	7,921
Total operating expenses	16,811	17,454	34,866	33,308
Operating income	9,199	15,365	17,246	27,173
Other income (expense):
Interest income and other income (expense), net	4,286	3,883	5,925	351
Interest expense	355	551	886	1,125
Income before income taxes	13,130	18,697	22,285	26,399
Income tax provision	3,278	3,508	4,665	1,729
Net income	9,852	15,189	17,620	24,670
Net income attributable to noncontrolling interests	1,373	4,524	3,874	8,107
Net income attributable to Photronics, Inc. shareholders	$ 8,479	$ 10,665	$ 13,746	$ 16,563
Earnings per share:
Basic (in dollars per share)	$ 0.13	$ 0.15	$ 0.21	$ 0.24
Diluted (in dollars per share)	$ 0.13	$ 0.15	$ 0.20	$ 0.23
Weighted-average number of common shares outstanding:
Basic (in shares)	66,261	69,293	66,422	69,024
Diluted (in shares)	70,597	75,190	71,593	75,052

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 28, 2019	Apr. 29, 2018	Apr. 28, 2019	Apr. 29, 2018
Condensed Consolidated Statements of Comprehensive Income (unaudited) [Abstract]
Net income	$ 9,852	$ 15,189	$ 17,620	$ 24,670
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(7,054)	(11,098)	(482)	18,989
Amortization of cash flow hedge	0	16	0	48
Other	25	54	44	22
Net other comprehensive (loss) income	(7,029)	(11,028)	(438)	19,059
Comprehensive income	2,823	4,161	17,182	43,729
Less: comprehensive income attributable to noncontrolling interests	1,515	1,841	5,298	10,301
Comprehensive income attributable to Photronics, Inc. shareholders	$ 1,308	$ 2,320	$ 11,884	$ 33,428

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 28, 2019	Apr. 29, 2018	Apr. 28, 2019	Apr. 29, 2018
Condensed Consolidated Statements of Comprehensive Income (unaudited) [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-Controlling Interests [Member]	Total
Balance at Oct. 29, 2017	$ 687	$ 547,596	$ 189,390		$ 6,891	$ 120,731	$ 865,295
Beginning (in shares) at Oct. 29, 2017	68,666
Net income	$ 0	0	16,563		0	8,107	24,670
Other comprehensive (loss) income	0	0	0		16,865	2,194	19,059
Sales of common stock through employee stock option and purchase plans	$ 7	3,592	0		0	0	3,599
Sales of common stock through employee stock option and purchase plans (in shares)	664
Restricted stock awards vesting and expense	$ 0	843	0		0	0	843
Restricted stock awards vesting and expense (in shares)	113
Share-based compensation expense	$ 0	798	0		0	0	798
Contribution from noncontrolling interest	0	148	0		0	11,850	11,998
Subsidiary dividend payable	0	0	0		0	(8,196)	(8,196)
Balance at Apr. 29, 2018	$ 694	552,977	205,953		23,756	134,686	918,066
Balance (in shares) at Apr. 29, 2018	69,443
Balance at Jan. 28, 2018	$ 689	549,328	195,288		32,128	141,014	918,447
Beginning (in shares) at Jan. 28, 2018	68,869
Net income	$ 0	0	10,665		0	4,524	15,189
Other comprehensive (loss) income	0	0	0		(8,372)	(2,656)	(11,028)
Sales of common stock through employee stock option and purchase plans	$ 5	2,892	0		0	0	2,897
Sales of common stock through employee stock option and purchase plans (in shares)	548
Restricted stock awards vesting and expense	$ 0	457	0		0	0	457
Restricted stock awards vesting and expense (in shares)	26
Share-based compensation expense	$ 0	300	0		0	0	300
Subsidiary dividend payable	0	0	0		0	(8,196)	(8,196)
Balance at Apr. 29, 2018	$ 694	552,977	205,953		23,756	134,686	918,066
Balance (in shares) at Apr. 29, 2018	69,443
Cumulative effect of adoption of new accounting principle | ASU 2014-09 [Member]	$ 0	0	1,083	$ 0	0	121	1,204
Cumulative effect of adoption of new accounting principle | ASU 2016-16 [Member]	0	0	(1,130)	0	0	(3)	(1,133)
Balance at Oct. 31, 2018	$ 697	555,606	231,445	(23,111)	(4,966)	144,898	904,569
Beginning (in shares) at Oct. 31, 2018	69,700
Net income	$ 0	0	13,746	0	0	3,874	17,620
Other comprehensive (loss) income	0	0	0	0	(1,862)	1,424	(438)
Sales of common stock through employee stock option and purchase plans	$ 1	792	0	0	0	0	793
Sales of common stock through employee stock option and purchase plans (in shares)	136
Restricted stock awards vesting and expense	$ 2	1,217	0	0	0	0	1,219
Restricted stock awards vesting and expense (in shares)	148
Share-based compensation expense	$ 0	744	0	0	0	0	744
Contribution from noncontrolling interest	0	0	0	0	0	29,394	29,394
Dividends to noncontrolling interests	0	0	0	0	0	(26,102)	(26,102)
Subsidiary dividend payable	0	0	0	0	0	(18,837)	(18,837)
Repurchase of common stock by subsidiary	0	0	0	0	0	(9)	(9)
Purchase of treasury stock	0	0	0	(10,696)	0	0	(10,696)
Balance at Apr. 28, 2019	$ 700	558,359	245,144	(33,807)	(6,828)	134,760	898,328
Balance (in shares) at Apr. 28, 2019	69,984
Balance at Jan. 27, 2019	$ 699	557,188	236,665	(33,807)	343	152,082	913,170
Beginning (in shares) at Jan. 27, 2019	69,917
Net income	$ 0	0	8,479	0	0	1,373	9,852
Other comprehensive (loss) income	0	0	0	0	(7,171)	142	(7,029)
Sales of common stock through employee stock option and purchase plans	$ 1	271	0	0	0	0	272
Sales of common stock through employee stock option and purchase plans (in shares)	41
Restricted stock awards vesting and expense	$ 0	650	0	0	0	0	650
Restricted stock awards vesting and expense (in shares)	26
Share-based compensation expense	$ 0	250	0	0	0	0	250
Subsidiary dividend payable	0	0	0	0	0	(18,837)	(18,837)
Balance at Apr. 28, 2019	$ 700	$ 558,359	$ 245,144	$ (33,807)	$ (6,828)	$ 134,760	$ 898,328
Balance (in shares) at Apr. 28, 2019	69,984

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands		6 Months Ended
		Apr. 28, 2019	Apr. 29, 2018
Cash flows from operating activities:
Net income		$ 17,620	$ 24,670
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		38,515	44,429
Changes in assets and liabilities:
Accounts receivable		(2,295)	(16,976)
Inventories		(9,447)	(7,765)
Other current assets		(6,114)	(9,666)
Accounts payable, accrued liabilities, and other		(40,566)	3,216
Net cash (used in) provided by operating activities		(2,287)	37,908
Cash flows from investing activities:
Purchases of property, plant and equipment		(140,436)	(44,129)
Government incentives		5,698	0
Other		(23)	296	[1]
Net cash used in investing activities		(134,761)	(43,833)	[1]
Cash flows from financing activities:
Proceeds from debt		39,633	0
Contribution from noncontrolling interest		29,394	11,998
Repayments of long-term debt		(61,220)	(2,771)
Dividend paid to noncontrolling interest		(26,102)	0
Purchase of treasury stock		(10,696)	0
Proceeds from share-based arrangements		1,033	3,776
Other		(45)	(267)
Net cash (used in) provided by financing activities		(28,003)	12,736
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		2,843	6,330	[1]
Net (decrease) increase in cash, cash equivalents, and restricted cash		(162,208)	13,141	[1]
Cash, cash equivalents, and restricted cash at beginning of period	[1]	331,989	310,936
Cash, cash equivalents, and restricted cash at end of period		169,781	324,077	[1]
Supplemental disclosure information:
Accrual for property, plant and equipment purchased during the period		17,454	10,317
Accrual for property, plant and equipment purchased with funds receivable from government incentives		13,402	0
Subsidiary dividend payable		$ 18,837	$ 8,196
[1]	Amount has been modified to reflect the adoption of ASU 2016-18 (see Note 14)

BASIS OF FINANCIAL STATEMENT PR

BASIS OF FINANCIAL STATEMENT PRESENTATION	6 Months Ended
	Apr. 28, 2019
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract]
BASIS OF FINANCIAL STATEMENT PRESENTATION	NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION Photronics, Inc. (“Photronics”, “the Company”, “we”, “our”, or “us”) is one of the world’s leading manufacturers of photomasks, which are high precision photographic quartz or glass plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of 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. We currently have eleven manufacturing facilities, which are located in Taiwan (3), Korea, the United States (3), Europe (2), and two recently constructed facilities in The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, adjustments, all of which are of a normal recurring nature, considered necessary for a fair presentation have been included. Our business is typically impacted during the first, and sometimes the second, quarter of our fiscal year by the North American, European, and Asian holiday periods, as some customers reduce their development and buying activities during those periods. Operating results for the interim period are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2019. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended October 31, 2018.

INVENTORIES

INVENTORIES	6 Months Ended
	Apr. 28, 2019
INVENTORIES [Abstract]
INVENTORIES	NOTE 2 - INVENTORIES Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value. Presented below are the components of inventory at the balance sheet dates: April 28, 2019 October 31, 2018 Raw materials $ 34,276 $ 25,110 Work in process 416 3,402 Finished goods 4 668 $ 34,696 $ 29,180

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Apr. 28, 2019
PROPERTY, PLANT AND EQUIPMENT [Abstract]
PROPERTY, PLANT AND EQUIPMENT	NOTE 3 - PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following: April 28, 2019 October 31, 2018 Land $ 11,164 $ 11,139 Buildings and improvements 124,374 124,771 Machinery and equipment 1,673,574 1,566,163 Leasehold improvements 19,598 19,577 Furniture, fixtures and office equipment 13,503 12,415 Construction in progress 132,394 128,649 1,974,607 1,862,714 Accumulated depreciation and amortization (1,320,250 ) (1,290,933 ) $ 654,357 $ 571,781 Depreciation and amortization expense for property, plant and equipment was $18.6 million and $36.2 million in the three and six month periods ended April 28, 2019, respectively, and $20.8 million and $42.0 million in the three and six month periods ended April 29, 2018, respectively. In January 2017, we entered into a noncash transaction with a customer which resulted in the acquisition of equipment with fair values of approximately $6.7 million during the six month period ended April 29, 2018.

PDMCX JOINT VENTURE

PDMCX JOINT VENTURE	6 Months Ended
	Apr. 28, 2019
PDMCX JOINT VENTURE [Abstract]
PDMCX JOINT VENTURE	NOTE 4 - PDMCX JOINT VENTURE In January 2018, Photronics, through its wholly-owned Singapore subsidiary (hereinafter, within this Note “we”, or “Photronics”), and Dai Nippon Printing Co., Ltd., through its wholly-owned subsidiary “DNP Asia Pacific PTE, Ltd.” (hereinafter, within this Note, “DNP”) entered into a joint venture under which DNP obtained a 49.99% interest in our recently-established IC business in Xiamen, China, in which we anticipate production to commence in 2019. The joint venture, known as “ Xiamen American Japan Photronics Mask Co., Ltd. As of April 28, 2019, Photronics and DNP had each contributed cash of approximately $48 million to the joint venture. The total investment ) is $160 million, of which approximately remained for Photronics as of April 28, 2019, and funded over the next several quarters with cash and Under the Agreement, DNP is afforded, under certain circumstances, the right to put its interest in PDMCX to Photronics. These circumstances include disputes regarding the strategic direction of PDMCX that may arise after the initial two-year term of the Agreement and cannot be resolved between the two parties. In addition, both Photronics and DNP have the option to purchase, or put, their interest from, or to, the other party, should their ownership interest fall below 20% for a period of more than six consecutive months. Under all such circumstances, the sales of ownership interests would be at the exiting party’s ownership percentage of the joint venture’s net book value, with closing to take place within three business days of obtaining required approvals and clearance. We recorded net losses from the operations of PDMCX of approximately $0.6 million, and $1.9 million during the three and six month periods ended April 28, 2019, respectively, and $0.2 million and $0.7 million in the three and six month periods ended April 29, 2018, respectively. General creditors of PDMCX do not have recourse to the assets of Photronics, Inc., and our maximum exposure to loss from PDMCX at April 28, 2019, was $44.7 million. As required by the guidance in Topic 810 - “Consolidation” of the Accounting Standards Codification, we evaluated our involvement in PDMCX for the purpose of determining whether we should consolidate its results in our financial statements. The initial step of our evaluation was to determine whether PDMCX was a variable interest entity (“VIE”). Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, we determined that it was a VIE. Having made this determination, we then assessed whether we were the primary beneficiary of the VIE, and concluded that we were the primary beneficiary during the current and prior year reporting periods; thus, as required, the PDMCX financial results have been consolidated with Photronics, Inc. Our conclusion was based on the facts that we held a controlling financial interest in PDMCX (which resulted from our having the power to direct the activities that most significantly impacted its economic performance), had the obligation to absorb losses, and the right to receive benefits that could potentially be significant to PDMCX. Our conclusions that we had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current and prior year reporting periods was based on our right to appoint the majority of its board of directors, which has, among others, the powers to manage the business (through its rights to appoint and evaluate PDMCX management), incur indebtedness, enter into agreements and commitments, and acquire and dispose of PDMCX’s assets. In addition, as a result of the 50.01% variable interest we held during the current and prior - The carrying amounts of PDMCX assets and liabilities included in our condensed consolidated balance sheets are presented in the following table, together with our exposure to loss related to these assets and liabilities. April 28, 2019 October 31, 2018 Classification Carrying Amount Photronics Interest Carrying Amount Photronics Interest Current assets $ 31,219 $ 15,612 $ 9,625 $ 4,813 Non-current assets 116,677 58,350 43,415 21,708 Total assets 147,896 73,962 53,040 26,521 Current liabilities 22,668 11,336 21,205 10,603 Non-current liabilities 35,937 17,972 20 10 Total liabilities 58,605 29,308 21,225 10,613 Net assets $ 89,291 $ 44,654 $ 31,815 $ 15,908

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Apr. 28, 2019
LONG-TERM DEBT [Abstract]
LONG-TERM DEBT	NOTE 5 – LONG-TERM DEBT Long-term debt consists of the following: April 28, 2019 October 31, 2018 Project Loan due December 2025 $ 11,400 $ - Project Loan due December 2022 14,932 - Working Capital Loan due January 2022 10,094 - 3.25% convertible senior notes matured April 2019 - 57,453 36,426 57,453 Current portion (505 ) (57,453 ) $ 35,921 $ - In April 2019, the $57.5 million convertible senior notes, discussed below, matured and were repaid. 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 was 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. Note holders could 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; we were not required to redeem the notes, other than upon conversion, prior to their maturity date. Interest on the notes accrued in arrears, and was paid semiannually through the notes’ maturity date. In November 2018, PDMCX was approved for credit of $50 million, subject to certain limitations related to PDMCX registered capital at the time of the borrowing, pursuant to which PDMCX will enter into separate loan agreements (“the Project Loans”) for each borrowing. The Project Loans, which are denominated in renminbi, are being used to finance certain capital expenditures in China. PDMCX has agreed to grant a lien on the land, building and certain equipment owned by PDMCX as collateral for the Project Loans. As of April 28, 2019, PDMCX had borrowed $26.3 million against this approval, which includes $11.4 million that was borrowed during the three-month period ended April 28, 2019. Subsequent to April 28, 2019, PDMCX borrowed an additional $9.7 million. after January 27 In November 2018, PDMCX was approved for credit of $25.0 million, pursuant to which PDMCX may enter into separate loan agreements. No guarantees were required as part of this approval. As of April 28, 2019, PDMCX had borrowed $13.8 million against this approval of which $3.7 million were 90-day loans. The remaining $10.1 million borrowed (the “Working Capital Loans”) is to be repaid semiannually from the dates of the individual borrowings; repayments commenced in May 2019 and end in January 2022. In May 2019, we borrowed an additional $1.9 million against this approval, and repaid $0.1 million. The 90-day loans were repaid in our second quarter of 2019. The Working Capital Loans, which are denominated in renminbi, are being used for general financing purposes, including payments of import and value-added taxes. The interest rates on the 90-day loans were the market rate on the date of issuance (4.9%), and interest rates on the Working Capital Loans are approximately 5%, and are based on the RMB Loan Prime Rate of the National Interbank Funding Center, plus a spread of 67.75 basis points. Interest incurred on the loans will be reimbursed through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which, to a prescribed limit, provide for such reimbursements. In September 2018, we entered into an amended and restated credit agreement (“the new agreement”) that expires in September 2023. The new agreement, which replaced our prior credit facility, has a $50 million borrowing limit, with an expansion capacity to $100 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 new agreement limits the amount we can pay for cash dividends, distributions and redemption on Photronics, Inc. in equity of up to an aggregate amount of $100 million, and contains the following financial covenants: minimum interest coverage ratio, total leverage ratio and minimum unrestricted cash balance, all of which we were in compliance with as of April 28, 2019. We had no outstanding borrowings against the new agreement as of April 28, 2019, and $50 million was available for borrowing. The interest rate on the new agreement (2.5% at April 28, 2019) is based on our total leverage ratio at LIBOR plus a spread, as defined in the credit facility.

REVENUE

REVENUE	6 Months Ended
	Apr. 28, 2019
REVENUE [Abstract]
REVENUE	NOTE 6 - REVENUE We adopted Accounting Standards Update 2014-09 and all subsequent amendments which are collectively codified in Accounting Standards Codification Topic 606 - with respect required Under Topic 606, we recognize revenue when, or as, control of a good or service transfers to a customer, in an amount that reflects the consideration to which we expect to be entitled in exchange for transferring those goods or services, whereas, prior to our adoption of Topic 606, we recognized revenue when we shipped to customers or, under some arrangements, when the customers received the goods. The following tables present the impacts of our adoption of Topic 606 on our April 28, 2019, condensed consolidated balance sheet, and condensed consolidated statements of income for the three and six months ended April 28, 2019, and cash flows for the six months ended April 28, 2019. Condensed Consolidated Balance Sheet April 28, 2019 As Reported Adjustments Balance without Adoption of Topic 606 Assets Accounts receivable $ 123,371 $ (794 ) $ 122,577 Inventory 34,696 4,807 39,503 Other current assets 38,304 (6,237 ) 32,067 Deferred income taxes 15,121 105 15,226 Liabilities Accrued liabilities $ 58, 659 $ 686 $ 59, 345 Deferred income taxes 829 (367 ) 462 Equity Photronics, Inc. shareholders’ equity $ 763,568 $ (1,963 ) $ 761,605 Noncontrolling interests 134,760 (475 ) 134,285 Condensed Consolidated Statement of Income Three Months Ended April 28, 2019 As Reported Adjustments Balance without Adoption of Topic 606 Revenue $ 131,580 $ (242 ) $ 131,338 Cost of goods sold 105,570 (162 ) 105,408 Gross profit 26,010 (80 ) 25,930 Provision for taxes 3,278 (48 ) 3,230 Net income 9,852 (128 ) 9,724 Noncontrolling interests 1,373 78 1,451 Income attributable to Photronics, Inc. shareholders $ 8,479 $ (206 ) $ 8,273 Condensed Consolidated Statement of Income Six Months Ended April 28, 2019 As Reported Adjustments Balance without Adoption of Topic 606 Revenue $ 256,291 $ (2,524 ) $ 253,767 Cost of goods sold 204,179 (1,041 ) 203,138 Gross profit 52,112 (1,483 ) 50,629 Provision for taxes 4,665 (178 ) 4,487 Net income 17,620 (1,305 ) 16,315 Noncontrolling interests 3,874 (353 ) 3,521 Income attributable to Photronics, Inc. shareholders $ 13,746 $ (952 ) $ 12,794 Condensed Consolidated Statement of Cash Flows Six Months Ended April 28, 2019 As Reported Adjustments Balance without Adoption of Topic 606 Net Income $ 17,620 $ (1,305 ) $ 16,315 Changes in operating accounts: Accounts receivable $ (2,295 ) $ 211 $ (2,084 ) Inventories (9,447 ) (1,204 ) (10,651 ) Other current assets (6,114 ) 1,799 (4,315 ) Accounts payable, accrued liabilities, and other (40,566 ) 499 (40,067 ) We account for an arrangement as a revenue contract when each party has approved and is committed to perform under the contract, the rights of the contracting parties regarding the goods or services to be transferred and the payment terms are identifiable, the arrangement has commercial substance, and collection of consideration is probable. Substantially all of our revenue comes from the sales of photomasks. We typically contract with our customers to sell sets of photomasks (referred to as “mask sets”), which are comprised of multiple layers, the predominance of which we invoice as they ship to customers. As the photomasks are manufactured to customer specifications , As stated above, photomasks are manufactured in accordance with proprietary designs provided by our customers; thus, they are individually unique. Due to their uniqueness and other factors, their transaction prices are individually established through negotiations with customers; consequently, our photomasks do not have standard or “list” prices. The transaction prices of the vast majority of our revenue contracts include only fixed amounts of consideration. In certain instances, such as when we offer a customer an early payment discount, an estimate of variable consideration would be included in the transaction price, but only to the extent that a significant reversal of revenue would not occur when the uncertainty related to the variability is resolved. Contract Assets, Contract Liabilities and Accounts Receivable We recognize a contract asset when our performance under a contract precedes our receipt of consideration from a customer, or before payment is due, and our receipt of consideration is conditional upon factors other than the passage of time. Contract assets reflect our transfer of control to customers of photomasks that are in-process or completed but not yet shipped. A receivable is recognized when we have an unconditional right to payment for our performance, which generally occurs when we ship the photomasks. Our contract assets account primarily consists - We generally record our accounts receivable - Our invoice terms generally range from net thirty to ninety days, depending on both the geographic market in which the transaction occurs and our payment agreements with specific customers. In the event that our evaluation of a customer’s business prospects and financial condition indicate that the customer presents a collectibility risk, we require payment in advance of performance. We have elected the practical expedient allowed under Topic 606 that permits us not to adjust a contract’s promised amount of consideration to reflect a financing component when the period between when we transfer control of goods or services to customers and when we are paid is one year or less. In instances when we are paid in advance of our performance, we record a contract liability and, as allowed under the practical expedient in Topic 606, recognize interest expense only if the period between when we receive payment from the customer and the date when we expect to be entitled to the payment is greater than one year. Historically, advance payments we’ve received from customers have not preceded the completion of our performance obligations by more than one year. Disaggregation of Revenue The following tables present our revenue for the three and six - Revenue by Product Type Three Months Ended April 28, 2019 Six Months Ended April 28, 2019 IC High-end $ 38,429 $ 72,995 Mainstream 60,158 120,471 Total IC $ 98,587 $ 193,466 FPD High-end $ 22,956 $ 44,422 Mainstream 10,037 18,403 Total FPD $ 32,993 $ 62,825 $ 131,580 $ 256,291 Revenue by Geographic Location Taiwan $ 56,469 $ 114,209 Korea 38,038 73,275 United States 26,742 49,215 Europe 8,435 16,788 China 1,467 1,730 Other 429 1,074 $ 131,580 $ 256,291 Revenue by Timing of Recognition Over time $ 123,853 $ 244,699 At a point in time 7,727 11,592 $ 131,580 $ 256,291 Contract Costs We pay commissions to third party sales agents for certain sales that they obtain for us. However, the basis of the commissions is the transaction prices of the sales, which are completed in less than one year; thus, no relationship is established with a customer that will result in future business. Therefore, we would not recognize any portion of these sales commissions as costs of obtaining a contract, nor do we currently foresee other circumstances under which we would recognize such assets. Remaining Performance Obligations As we are typically required to fulfill customer orders within a short time period, our backlog of orders is generally not in excess of one to two weeks for IC photomasks and two to three weeks for FPD photomasks. As allowed under Topic 606, we have elected not to disclose our remaining performance obligations, which represent the costs associated with the completion of the manufacturing process of in-process photomasks related to contracts that have an original duration of one year or less. Sales and Similar Taxes We report our revenue net of any sales or similar taxes we collect on behalf of governmental entities. Product Warranty Our photomasks are sold under warranties that generally range from 1 12 months

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Apr. 28, 2019
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	NOTE 7 - SHARE-BASED COMPENSATION In March 2016, shareholders approved a new equity incentive compensation plan (the “Plan”), under which incentive stock options, non-qualified stock options, stock grants, stock-based awards, restricted stock, restricted stock units, stock appreciation rights, performance units, performance stock, and other stock or cash awards may be granted. Shares to be issued under the Plan may be authorized and unissued shares, issued shares that have been reacquired by 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. Total share-based compensation costs for the three and six - month periods ended April 28, 2019, were $0.9 million and $2.0 million, respectively, and $0.8 million and $1.6 million for the three and six - month periods ended April 29, 2018, respectively. The Company received cash from option exercises of $0.3 million and $0.8 million for the three and six - month periods ended April 28, 2019, respectively, and $2.9 million and $3.6 million for the three and six - month periods ended April 29, 2018, respectively. No share-based compensation cost was capitalized as part of an asset and no related income tax benefits were recorded during the periods presented. Stock Options Option awards generally vest in one-to-four years, and have a ten-year contractual term. All incentive and non-qualified stock option grants have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant date fair values of options are based on closing prices of our common stock on the dates of grant and are There were no share options granted during the three - - - - The weighted-average inputs and risk-free rate of return ranges used to calculate the grant - - Three Months Ended Six Months Ended April 28, 2019 April 29, 2018 April 28, 2019 April 29, 2018 Volatility N/A N/A 33.1 % 31.6 % Risk free rate of return N/A N/A 2.5-2.9 % 2.2 % Dividend yield N/A N/A 0.0 % 0.0 % Expected term N/A N/A 5.1 years 5.0 years Information on outstanding and exercisable option awards as of April 28, 2019, is presented below. Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at April 28, 2019 2,405,318 $ 8.88 5.7 years $ 2,968 Exercisable at April 28, 2019 1,795,651 $ 8.47 4.9 years $ 2,797 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 is determined on the date of grant, based on the closing price of our common stock. There were 435,000 restricted stock awards granted during the six - - - -

INCOME TAXES

INCOME TAXES	6 Months Ended
	Apr. 28, 2019
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 8 - INCOME TAXES We calculate our provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. The effective tax rate of 25.0% differs from the U.S. statutory rate of 21.0% in the three - The effective tax rate of 20.9% differs from the U.S. statutory rate of 21.0% in the six - Unrecognized tax benefits related to uncertain tax positions were $0.8 million at April 28, 2019, and $1.9 million at October 31, 2018, all of which, if recognized, would favorably impact the Company’s effective tax rate. Accrued interest and penalties related to unrecognized tax benefits was $0.1 million at April 28, 2019 and October 31, 2018. The year to date reduction in the amount primarily resulted from settlement of a tax audit in Taiwan in Q1 FY19. 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 an immaterial amount of its uncertain tax positions (including accrued interest and penalties, net of tax benefits) may be resolved over the next twelve months. The resolution of these uncertain tax positions may result from either or both the lapses of statutes of limitations and tax settlements. We were granted a five-year tax holiday in Taiwan which expires at the end of - - - - The effective tax rates of 18.8% and 6.5% differ from the post U.S. Tax Reform blended statutory rate of 23.4% in the three and six - On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Act”), was signed into law, enacting significant changes to the United States Internal Revenue Code of 1986, as amended. Based on the enactment date, we accounted for the Act in our interim period ended January 28, 2018. In December 2017, the Securities and Exchange Commission released Staff Accounting Bulletin No. 118 (“SAB 118”) to address situations in which the accounting under Accounting Standards Codification Topic 740 – “Income Taxes” is incomplete for certain income tax effects of the Act. We adopted SAB 118 in our first quarter of fiscal year 2018, and finalized the effects in our fourth quarter of fiscal 2018. In the period ended January 28, 2018, we recognized the following effects in our provision for income taxes: • The Act repealed the corporate alternative minimum tax (“AMT”) for tax years beginning after December 31, 2017, and provided that existing AMT credit carryforwards are fully refundable. We recognized a $3.9 million benefit on AMT credit carryforwards that we previously determined were not more likely than not going to be realized and reversed the previously - • As of January 1, 2018, the Act reduced the corporate income tax rate from a maximum 35% to a flat 21%, requiring us to revalue our deferred tax assets and liabilities utilizing the rate applicable to the period when a temporary difference will reverse. Our net deferred tax asset is fully offset by a valuation allowance, and the revaluation of the deferred tax assets and liabilities resulted in a net zero impact for the period. • The Act imposed a transition tax for a one-time deemed repatriation of the accumulated earnings of foreign subsidiaries. The entire amount of transition tax was fully offset by tax credits (including carryforwards) that resulted in a provisional net zero impact on the period. On January 18, 2018, the Taiwan Legislature Yuan approved amendments to the Income Tax Act, enacting an increase in the corporate tax rate from 17% to 20%, which required us to revalue our deferred tax assets and liabilities utilizing the rate applicable to the period when a temporary difference will reverse. Accordingly, a net benefit of $0.2 million is reflected in our tax provision for the period. Adoption of New Accounting Standard In the first quarter of 2019, the Company adopted Accounting Standards Update No. 2016-16 – “Intra-Entity Transfers Other Than Inventory”, which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. In connection therewith, we recorded a transition adjustment of $1.1 million that reduced prepaid income taxes (included in Other current assets on the condensed consolidated balance sheets) against beginning retained earnings.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Apr. 28, 2019
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	NOTE 9 - EARNINGS PER SHARE The calculations of basic and diluted earnings per share is presented below. Three Months Ended Six Months Ended April 28, 2019 April 29, 2018 April 28, 2019 April 29, 2018 Net income attributable to Photronics, Inc. shareholders $ 8,479 $ 10,665 $ 13,746 $ 16,563 Effect of dilutive securities: Interest expense on convertible notes, net of tax 349 496 845 992 Earnings used for diluted earnings per share $ 8,828 $ 11,161 $ 14,591 $ 17,555 Weighted-average common shares computations: Weighted-average common shares used for basic earnings per share 66,261 69,293 66,422 69,024 Effect of dilutive securities: Convertible notes 3,898 5,542 4,720 5,542 Share-based payment awards 438 355 451 486 Potentially dilutive common shares 4,336 5,897 5,171 6,028 Weighted-average common shares used for diluted earnings per share 70,597 75,190 71,593 75,052 Basic earnings per share $ 0.13 $ 0.15 $ 0.21 $ 0.24 Diluted earnings per share $ 0.13 $ 0.15 $ 0.20 $ 0.23 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 prices exceeded the average market value of the common shares for the period or, under application of the treasury stock method, they were otherwise determined to be anti-dilutive. Three Months Ended Six Months Ended April 28, 2019 April 29, 2018 April 28, 2019 April 29, 2018 Share-based payment awards 1,204 2,022 1,134 1,803 Total potentially dilutive shares excluded 1,204 2,022 1,134 1,803

CHANGES IN ACCUMULATED OTHER CO

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT	6 Months Ended
	Apr. 28, 2019
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT	NOTE 10 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT The following tables set forth the changes in our accumulated other comprehensive income by component (net of tax of $0) for the three and six - month periods ended April 28, 2019 and April 29, 2018. Three Months Ended April 28, 2019 Foreign Currency Translation Adjustments Other Total Balance at January 28, 2019 $ 971 $ (628 ) $ 343 Other comprehensive (loss) income (7,054 ) 25 (7,029 ) Less: other comprehensive income attributable to noncontrolling interests 129 13 142 Balance at April 28, 2019 $ (6,212 ) $ (616 ) $ (6,828 ) Three Months Ended April 29, 2018 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at January 29, 2018 $ 32,848 $ (16 ) $ (704 ) $ 32,128 Other comprehensive (loss) income before Reclassifications (11,098 ) - 54 (11,044 ) Amounts reclassified from accumulated other comprehensive income - 16 - 16 Net current period other comprehensive (loss) income (11,098 ) 16 54 (11,028 ) Less: other comprehensive (loss) income attributable to noncontrolling interests (2,683 ) - 27 (2,656 ) Balance at April 29, 2018 $ 24,433 $ - $ (677 ) $ 23,756 Six Months Ended April 28, 2019 Foreign Currency Translation Adjustments Other Total Balance at November 1, 2018 $ (4,328 ) $ (638 ) $ (4,966 ) Other comprehensive (loss) income (482 ) 44 (438 ) Less: other comprehensive income attributable to noncontrolling interests 1,402 22 1,424 Balance at April 28, 2019 $ (6,212 ) $ (616 ) $ (6,828 ) Six Months Ended April 29, 2018 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at October 30, 2017 $ 7,627 $ (48 ) $ (688 ) $ 6,891 Other comprehensive income before Reclassifications 18,989 - 22 19,011 Amounts reclassified from accumulated other comprehensive income - 48 - 48 Net current period other comprehensive income 18,989 48 22 19,059 Less: other comprehensive income attributable to noncontrolling interests 2,183 - 11 2,194 Balance at April 29, 2018 $ 24,433 $ - $ (677 ) $ 23,756 The amortization of the cash flow hedge is included in cost of sales in the condensed consolidated statements of income for all periods presented.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Apr. 28, 2019
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 11 - FAIR VALUE MEASUREMENTS The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1, defined as quoted market prices (unadjusted) in active markets for identical securities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly; and Level 3, defined as unobservable inputs that are not corroborated by market data. The 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. We did not have any assets or liabilities measured Fair Value of Financial Instruments Not Measured at Fair Value The fair value of our convertible senior notes was 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 31, 2018. October 31, 2018 Fair Value Carrying Value 3.25% convertible senior notes matured 2019 $ 62,094 $ 57,453

SHARE REPURCHASE PROGRAM

SHARE REPURCHASE PROGRAM	6 Months Ended
	Apr. 28, 2019
SHARE REPURCHASE PROGRAM [Abstract]
SHARE REPURCHASE PROGRAM	NOTE 12 – SHARE REPURCHASE PROGRAM In October 2018, the Company’s Board of Directors authorized the repurchase of up to $25 million of its common stock, to have been executed in open-market transactions or in accordance with a repurchase plan under rule 10b5-1 of the Securities Act of 1933 (as amended). The share repurchase program commenced on October 22, 2018, and was terminated on February 1, 2019. Six Months Ended April 28, 2019 From Inception Date of October 22, 2018 Number of shares repurchased 1,137 1,467 Cost of shares repurchased $ 10,694 $ 13,807 Average price paid per share $ 9.40 $ 9.41

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Apr. 28, 2019
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 13 - COMMITMENTS AND CONTINGENCIES As of April 28, 2019, the Company had commitments outstanding for capital equipment expenditures of approximately $37 million, nearly all of which related to building and equipping our China facilities. We are subject to various claims that arise in the ordinary course of business. We believe that such claims, individually or in the aggregate, will not have a material effect on the consolidated financial statements.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Apr. 28, 2019
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 14 - RECENT PRONOUNCEMENTS Accounting Standards Updates to be Implemented In June 2016, the FASB issued ASU 2016-13 “Measurement of Credit Losses”, the main objective of which is to provide more useful information about expected credit losses on financial instruments and other commitments of an entity to extend credit. In support of this objective, the ASU replaces the incurred loss impairment methodology, found in current GAAP, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU requires a cumulative-effect adjustment as of the beginning of the first reporting period in which the guidance is adopted. ASU 2016-13 is effective for Photronics, Inc. in its first quarter of fiscal year 2021, with early adoption permitted beginning in the first quarter of fiscal year 2019. We are currently evaluating the effect that this ASU will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” (ASU 2016-02”), which requires lessees to recognize right-of-use assets and corresponding liabilities for all leases with an initial term in excess of twelve months. ASU 2016-02 was to be adopted using a modified retrospective approach, that requires leases to be measured and recognized under the new guidance at the beginning of the earliest period presented. In July 2018, the FASB issued ASU 2018-11 “Leases (Topic 842) – Targeted Improvements” (“ASU 2018-11”), which provided entities with an additional (and optional) transition method to adopt the new leases standard. Under this optional transition method, an entity initially applies the new leases standard at its adoption date and recognizes the effects of adoption through cumulative-effect adjustments to its beginning balance sheet. We will utilize this optional method when we transition to the new leases guidance and, as a result, expect to recognize significant amounts of right of use assets and lease liabilities in our fiscal year 2020 beginning balance sheet. ASU 2016-02 included a number of practical expedients, which we are currently in the process of evaluating, that entities can elect to use as they transition to the new guidance. To date, an implementation team has been established to evaluate lease portfolio, system process and policy change requirements. The Company has in , gathering necessary data elements for the lease population, and selected system provider . Accounting Standards Updates Implemented In November 2016, the FASB issued ASU 2016-18 “Restricted Cash”, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 was effective for Photronics, Inc. in its first quarter of fiscal year 2019 and was applied on a retrospective transition basis. Our adoption of this Update did not materially impact our cash flows statement. In October 2016, the FASB issued ASU 2016-16 “Intra-Entity Transfers of Assets Other Than Inventory”, which eliminates the exception of recognizing, at the time of transfer, current and deferred income taxes for intra-entity asset transfers other than inventory. ASU 2016-16 is effective for us in our first quarter of fiscal year 2019 and should be applied on a modified retrospective transition basis. Early adoption is permitted as of the beginning of an annual reporting period for which interim or annual financial statements have not been issued or made available for issuance. Please see Note 8 for a discussion of the effects of adopting the guidance. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers”, which superseded nearly all then 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 deferred the effective date of ASU 2014-09 by one year and allowed entities to early adopt, but no earlier than the original effective date. This update allowed for either full retrospective or modified retrospective adoption. In April 2016, the FASB issued ASU 2016-10 “Identifying Performance Obligations and Licensing” which amended guidance previously issued on these matters in ASU 2014-09. The effective date and transition requirements of ASU 2016-10 were the same as those for ASU 2014-09. We adopted the new revenue and related guidance on November 1, 2018, using the modified retrospective approach, under which we increased our accounts receivable by $0.6 million, recognized contract assets of $4.6 million, reduced our inventories balance by $3.7 million, and recorded an accrual for income taxes of $0.3 million. The recognition and adjustments to these items was reflected in increases to our retained earnings and noncontrolling interest balances of $1.1 million and $0.1 million, respectively. The most significant impact of the new guidance on our financial statements is its requirement for us to recognize revenue as we manufacture products for which, in the event that the customer cancels the contract, we are entitled to reasonable compensation for work we have completed prior to cancellation. Prior to our adoption of Topic 606, we recognized revenue when we shipped to customers or, under some arrangements, when the customers received the goods. The guidance allows for a number of accounting policy elections and practical expedients. In addition to our above mentioned election to use the modified retrospective application method for adopting the guidance, those we have employed that are most significant to us are summarized below. Shipping and handling activities performed after control of a good is transferred to a customer We have elected to treat shipping and handling activities that occur after control of a good is transferred to a customer as activities to fulfill our promise to transfer goods to the customer. Thus, such activities will not be considered to be separate performance obligations under contracts with our customers. Non-recognition of financing component when we transfer goods to a customer and the period between when we transfer and when we are paid will be less than one year We have elected the practical expedient that allows for the non-recognition, as a component of a customer contract, of a financing component when the period between when we transfer a good and when we are paid will be less than one year. Exclusion of sales and similar taxes collected from customers in the transaction price Consistent with our practice before adoption of the new guidance, we will not recognize sales and similar taxes we collect from customers as revenue. Use of an “input method” to measure our progress towards the transfer of control of performance obligations to customers As, in our judgment, an input method based on our efforts to satisfy our performance obligations will best serve to depict the transfer of control of our performance obligations to our customers, we have adopted an accounting policy to employ such a method. Our decision was based primarily on the facts that our photomasks are not physically transferred to customers until they are complete, and that we can employ our input-based cost accumulation systems and methods to measure our progress towards the transfer of control of our performance obligations to customers. Non-disclosure of the transaction prices of unsatisfied or partially satisfied performance obligations For contracts that have an original expected duration of one year or less, we have elected the practical expedient that allows us not to disclose the aggregate transaction prices of unsatisfied or partially -

INVENTORIES (Policies)

INVENTORIES (Policies)	6 Months Ended
	Apr. 28, 2019
INVENTORIES [Abstract]
Inventories	Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value.

REVENUE (Policies)

REVENUE (Policies)	6 Months Ended
	Apr. 28, 2019
REVENUE [Abstract]
Revenue	We adopted Accounting Standards Update 2014-09 and all subsequent amendments which are collectively codified in Accounting Standards Codification Topic 606 - with respect required Under Topic 606, we recognize revenue when, or as, control of a good or service transfers to a customer, in an amount that reflects the consideration to which we expect to be entitled in exchange for transferring those goods or services, whereas, prior to our adoption of Topic 606, we recognized revenue when we shipped to customers or, under some arrangements, when the customers received the goods. The following tables present the impacts of our adoption of Topic 606 on our April 28, 2019, condensed consolidated balance sheet, and condensed consolidated statements of income for the three and six months ended April 28, 2019, and cash flows for the six months ended April 28, 2019. We account for an arrangement as a revenue contract when each party has approved and is committed to perform under the contract, the rights of the contracting parties regarding the goods or services to be transferred and the payment terms are identifiable, the arrangement has commercial substance, and collection of consideration is probable. Substantially all of our revenue comes from the sales of photomasks. We typically contract with our customers to sell sets of photomasks (referred to as “mask sets”), which are comprised of multiple layers, the predominance of which we invoice as they ship to customers. As the photomasks are manufactured to customer specifications , As stated above, photomasks are manufactured in accordance with proprietary designs provided by our customers; thus, they are individually unique. Due to their uniqueness and other factors, their transaction prices are individually established through negotiations with customers; consequently, our photomasks do not have standard or “list” prices. The transaction prices of the vast majority of our revenue contracts include only fixed amounts of consideration. In certain instances, such as when we offer a customer an early payment discount, an estimate of variable consideration would be included in the transaction price, but only to the extent that a significant reversal of revenue would not occur when the uncertainty related to the variability is resolved.
Contract Assets, Contract Liabilities and Accounts Receivable	We recognize a contract asset when our performance under a contract precedes our receipt of consideration from a customer, or before payment is due, and our receipt of consideration is conditional upon factors other than the passage of time. Contract assets reflect our transfer of control to customers of photomasks that are in-process or completed but not yet shipped. A receivable is recognized when we have an unconditional right to payment for our performance, which generally occurs when we ship the photomasks. Our contract assets account primarily consists - We generally record our accounts receivable - Our invoice terms generally range from net thirty to ninety days, depending on both the geographic market in which the transaction occurs and our payment agreements with specific customers. In the event that our evaluation of a customer’s business prospects and financial condition indicate that the customer presents a collectibility risk, we require payment in advance of performance. We have elected the practical expedient allowed under Topic 606 that permits us not to adjust a contract’s promised amount of consideration to reflect a financing component when the period between when we transfer control of goods or services to customers and when we are paid is one year or less. In instances when we are paid in advance of our performance, we record a contract liability and, as allowed under the practical expedient in Topic 606, recognize interest expense only if the period between when we receive payment from the customer and the date when we expect to be entitled to the payment is greater than one year. Historically, advance payments we’ve received from customers have not preceded the completion of our performance obligations by more than one year.
Contract Costs	Contract Costs We pay commissions to third party sales agents for certain sales that they obtain for us. However, the basis of the commissions is the transaction prices of the sales, which are completed in less than one year; thus, no relationship is established with a customer that will result in future business. Therefore, we would not recognize any portion of these sales commissions as costs of obtaining a contract, nor do we currently foresee other circumstances under which we would recognize such assets.
Remaining Performance Obligations	Remaining Performance Obligations As we are typically required to fulfill customer orders within a short time period, our backlog of orders is generally not in excess of one to two weeks for IC photomasks and two to three weeks for FPD photomasks. As allowed under Topic 606, we have elected not to disclose our remaining performance obligations, which represent the costs associated with the completion of the manufacturing process of in-process photomasks related to contracts that have an original duration of one year or less.
Sales and Similar Taxes	Sales and Similar Taxes We report our revenue net of any sales or similar taxes we collect on behalf of governmental entities.

SHARE-BASED COMPENSATION (Polic

SHARE-BASED COMPENSATION (Policies)	6 Months Ended
	Apr. 28, 2019
Employee Stock Option [Member]
Stock Options [Abstract]
Share-based Compensation Accounting	Option awards generally vest in one-to-four years, and have a ten-year contractual term. All incentive and non-qualified stock option grants have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant date fair values of options are based on closing prices of our common stock on the dates of grant and are

INCOME TAXES (Policies)

INCOME TAXES (Policies)	6 Months Ended
	Apr. 28, 2019
INCOME TAXES [Abstract]
Income Taxes	We calculate our provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Act”), was signed into law, enacting significant changes to the United States Internal Revenue Code of 1986, as amended. Based on the enactment date, we accounted for the Act in our interim period ended January 28, 2018. In December 2017, the Securities and Exchange Commission released Staff Accounting Bulletin No. 118 (“SAB 118”) to address situations in which the accounting under Accounting Standards Codification Topic 740 – “Income Taxes” is incomplete for certain income tax effects of the Act. We adopted SAB 118 in our first quarter of fiscal year 2018, and finalized the effects in our fourth quarter of fiscal 2018. Adoption of New Accounting Standard In the first quarter of 2019, the Company adopted Accounting Standards Update No. 2016-16 – “Intra-Entity Transfers Other Than Inventory”, which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. In connection therewith, we recorded a transition adjustment of $1.1 million that reduced prepaid income taxes (included in Other current assets on the condensed consolidated balance sheets) against beginning retained earnings.

FAIR VALUE MEASUREMENTS (Polici

FAIR VALUE MEASUREMENTS (Policies)	6 Months Ended
	Apr. 28, 2019
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value Financial Instruments	The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1, 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 PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Apr. 28, 2019
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recent Accounting Pronouncements	Accounting Standards Updates to be Implemented In June 2016, the FASB issued ASU 2016-13 “Measurement of Credit Losses”, the main objective of which is to provide more useful information about expected credit losses on financial instruments and other commitments of an entity to extend credit. In support of this objective, the ASU replaces the incurred loss impairment methodology, found in current GAAP, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU requires a cumulative-effect adjustment as of the beginning of the first reporting period in which the guidance is adopted. ASU 2016-13 is effective for Photronics, Inc. in its first quarter of fiscal year 2021, with early adoption permitted beginning in the first quarter of fiscal year 2019. We are currently evaluating the effect that this ASU will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” (ASU 2016-02”), which requires lessees to recognize right-of-use assets and corresponding liabilities for all leases with an initial term in excess of twelve months. ASU 2016-02 was to be adopted using a modified retrospective approach, that requires leases to be measured and recognized under the new guidance at the beginning of the earliest period presented. In July 2018, the FASB issued ASU 2018-11 “Leases (Topic 842) – Targeted Improvements” (“ASU 2018-11”), which provided entities with an additional (and optional) transition method to adopt the new leases standard. Under this optional transition method, an entity initially applies the new leases standard at its adoption date and recognizes the effects of adoption through cumulative-effect adjustments to its beginning balance sheet. We will utilize this optional method when we transition to the new leases guidance and, as a result, expect to recognize significant amounts of right of use assets and lease liabilities in our fiscal year 2020 beginning balance sheet. ASU 2016-02 included a number of practical expedients, which we are currently in the process of evaluating, that entities can elect to use as they transition to the new guidance. To date, an implementation team has been established to evaluate lease portfolio, system process and policy change requirements. The Company has in , gathering necessary data elements for the lease population, and selected system provider . Accounting Standards Updates Implemented In November 2016, the FASB issued ASU 2016-18 “Restricted Cash”, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 was effective for Photronics, Inc. in its first quarter of fiscal year 2019 and was applied on a retrospective transition basis. Our adoption of this Update did not materially impact our cash flows statement. In October 2016, the FASB issued ASU 2016-16 “Intra-Entity Transfers of Assets Other Than Inventory”, which eliminates the exception of recognizing, at the time of transfer, current and deferred income taxes for intra-entity asset transfers other than inventory. ASU 2016-16 is effective for us in our first quarter of fiscal year 2019 and should be applied on a modified retrospective transition basis. Early adoption is permitted as of the beginning of an annual reporting period for which interim or annual financial statements have not been issued or made available for issuance. Please see Note 8 for a discussion of the effects of adopting the guidance. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers”, which superseded nearly all then 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 deferred the effective date of ASU 2014-09 by one year and allowed entities to early adopt, but no earlier than the original effective date. This update allowed for either full retrospective or modified retrospective adoption. In April 2016, the FASB issued ASU 2016-10 “Identifying Performance Obligations and Licensing” which amended guidance previously issued on these matters in ASU 2014-09. The effective date and transition requirements of ASU 2016-10 were the same as those for ASU 2014-09. We adopted the new revenue and related guidance on November 1, 2018, using the modified retrospective approach, under which we increased our accounts receivable by $0.6 million, recognized contract assets of $4.6 million, reduced our inventories balance by $3.7 million, and recorded an accrual for income taxes of $0.3 million. The recognition and adjustments to these items was reflected in increases to our retained earnings and noncontrolling interest balances of $1.1 million and $0.1 million, respectively. The most significant impact of the new guidance on our financial statements is its requirement for us to recognize revenue as we manufacture products for which, in the event that the customer cancels the contract, we are entitled to reasonable compensation for work we have completed prior to cancellation. Prior to our adoption of Topic 606, we recognized revenue when we shipped to customers or, under some arrangements, when the customers received the goods. The guidance allows for a number of accounting policy elections and practical expedients. In addition to our above mentioned election to use the modified retrospective application method for adopting the guidance, those we have employed that are most significant to us are summarized below. Shipping and handling activities performed after control of a good is transferred to a customer We have elected to treat shipping and handling activities that occur after control of a good is transferred to a customer as activities to fulfill our promise to transfer goods to the customer. Thus, such activities will not be considered to be separate performance obligations under contracts with our customers. Non-recognition of financing component when we transfer goods to a customer and the period between when we transfer and when we are paid will be less than one year We have elected the practical expedient that allows for the non-recognition, as a component of a customer contract, of a financing component when the period between when we transfer a good and when we are paid will be less than one year. Exclusion of sales and similar taxes collected from customers in the transaction price Consistent with our practice before adoption of the new guidance, we will not recognize sales and similar taxes we collect from customers as revenue. Use of an “input method” to measure our progress towards the transfer of control of performance obligations to customers As, in our judgment, an input method based on our efforts to satisfy our performance obligations will best serve to depict the transfer of control of our performance obligations to our customers, we have adopted an accounting policy to employ such a method. Our decision was based primarily on the facts that our photomasks are not physically transferred to customers until they are complete, and that we can employ our input-based cost accumulation systems and methods to measure our progress towards the transfer of control of our performance obligations to customers. Non-disclosure of the transaction prices of unsatisfied or partially satisfied performance obligations For contracts that have an original expected duration of one year or less, we have elected the practical expedient that allows us not to disclose the aggregate transaction prices of unsatisfied or partially -

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Apr. 28, 2019
INVENTORIES [Abstract]
Inventories	Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value. Presented below are the components of inventory at the balance sheet dates: April 28, 2019 October 31, 2018 Raw materials $ 34,276 $ 25,110 Work in process 416 3,402 Finished goods 4 668 $ 34,696 $ 29,180

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Apr. 28, 2019
PROPERTY, PLANT AND EQUIPMENT [Abstract]
Property, Plant and Equipment	Property, plant and equipment consists of the following: April 28, 2019 October 31, 2018 Land $ 11,164 $ 11,139 Buildings and improvements 124,374 124,771 Machinery and equipment 1,673,574 1,566,163 Leasehold improvements 19,598 19,577 Furniture, fixtures and office equipment 13,503 12,415 Construction in progress 132,394 128,649 1,974,607 1,862,714 Accumulated depreciation and amortization (1,320,250 ) (1,290,933 ) $ 654,357 $ 571,781

PDMCX JOINT VENTURE (Tables)

PDMCX JOINT VENTURE (Tables)	6 Months Ended
	Apr. 28, 2019
PDMCX JOINT VENTURE [Abstract]
Carrying Amounts and Exposure to Loss Related to Assets and Liabilities	The carrying amounts of PDMCX assets and liabilities included in our condensed consolidated balance sheets are presented in the following table, together with our exposure to loss related to these assets and liabilities. April 28, 2019 October 31, 2018 Classification Carrying Amount Photronics Interest Carrying Amount Photronics Interest Current assets $ 31,219 $ 15,612 $ 9,625 $ 4,813 Non-current assets 116,677 58,350 43,415 21,708 Total assets 147,896 73,962 53,040 26,521 Current liabilities 22,668 11,336 21,205 10,603 Non-current liabilities 35,937 17,972 20 10 Total liabilities 58,605 29,308 21,225 10,613 Net assets $ 89,291 $ 44,654 $ 31,815 $ 15,908

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Apr. 28, 2019
LONG-TERM DEBT [Abstract]
Long-Term Debt	Long-term debt consists of the following: April 28, 2019 October 31, 2018 Project Loan due December 2025 $ 11,400 $ - Project Loan due December 2022 14,932 - Working Capital Loan due January 2022 10,094 - 3.25% convertible senior notes matured April 2019 - 57,453 36,426 57,453 Current portion (505 ) (57,453 ) $ 35,921 $ -

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Apr. 28, 2019
REVENUE [Abstract]
Impacts of Adoption of Condensed Consolidated Balance Sheet, Condensed Consolidated Statements of Income and Cash Flows	The following tables present the impacts of our adoption of Topic 606 on our April 28, 2019, condensed consolidated balance sheet, and condensed consolidated statements of income for the three and six months ended April 28, 2019, and cash flows for the six months ended April 28, 2019. Condensed Consolidated Balance Sheet April 28, 2019 As Reported Adjustments Balance without Adoption of Topic 606 Assets Accounts receivable $ 123,371 $ (794 ) $ 122,577 Inventory 34,696 4,807 39,503 Other current assets 38,304 (6,237 ) 32,067 Deferred income taxes 15,121 105 15,226 Liabilities Accrued liabilities $ 58, 659 $ 686 $ 59, 345 Deferred income taxes 829 (367 ) 462 Equity Photronics, Inc. shareholders’ equity $ 763,568 $ (1,963 ) $ 761,605 Noncontrolling interests 134,760 (475 ) 134,285 Condensed Consolidated Statement of Income Three Months Ended April 28, 2019 As Reported Adjustments Balance without Adoption of Topic 606 Revenue $ 131,580 $ (242 ) $ 131,338 Cost of goods sold 105,570 (162 ) 105,408 Gross profit 26,010 (80 ) 25,930 Provision for taxes 3,278 (48 ) 3,230 Net income 9,852 (128 ) 9,724 Noncontrolling interests 1,373 78 1,451 Income attributable to Photronics, Inc. shareholders $ 8,479 $ (206 ) $ 8,273 Condensed Consolidated Statement of Income Six Months Ended April 28, 2019 As Reported Adjustments Balance without Adoption of Topic 606 Revenue $ 256,291 $ (2,524 ) $ 253,767 Cost of goods sold 204,179 (1,041 ) 203,138 Gross profit 52,112 (1,483 ) 50,629 Provision for taxes 4,665 (178 ) 4,487 Net income 17,620 (1,305 ) 16,315 Noncontrolling interests 3,874 (353 ) 3,521 Income attributable to Photronics, Inc. shareholders $ 13,746 $ (952 ) $ 12,794 Condensed Consolidated Statement of Cash Flows Six Months Ended April 28, 2019 As Reported Adjustments Balance without Adoption of Topic 606 Net Income $ 17,620 $ (1,305 ) $ 16,315 Changes in operating accounts: Accounts receivable $ (2,295 ) $ 211 $ (2,084 ) Inventories (9,447 ) (1,204 ) (10,651 ) Other current assets (6,114 ) 1,799 (4,315 ) Accounts payable, accrued liabilities, and other (40,566 ) 499 (40,067 )
Disaggregation of Revenue	The following tables present our revenue for the three and six - Revenue by Product Type Three Months Ended April 28, 2019 Six Months Ended April 28, 2019 IC High-end $ 38,429 $ 72,995 Mainstream 60,158 120,471 Total IC $ 98,587 $ 193,466 FPD High-end $ 22,956 $ 44,422 Mainstream 10,037 18,403 Total FPD $ 32,993 $ 62,825 $ 131,580 $ 256,291 Revenue by Geographic Location Taiwan $ 56,469 $ 114,209 Korea 38,038 73,275 United States 26,742 49,215 Europe 8,435 16,788 China 1,467 1,730 Other 429 1,074 $ 131,580 $ 256,291 Revenue by Timing of Recognition Over time $ 123,853 $ 244,699 At a point in time 7,727 11,592 $ 131,580 $ 256,291

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Apr. 28, 2019
SHARE-BASED COMPENSATION [Abstract]
Assumptions Used to Calculate Weighted-Average Grant Date Fair Value of Options	The weighted-average inputs and risk-free rate of return ranges used to calculate the grant - - Three Months Ended Six Months Ended April 28, 2019 April 29, 2018 April 28, 2019 April 29, 2018 Volatility N/A N/A 33.1 % 31.6 % Risk free rate of return N/A N/A 2.5-2.9 % 2.2 % Dividend yield N/A N/A 0.0 % 0.0 % Expected term N/A N/A 5.1 years 5.0 years
Information on Outstanding and Exercisable Option	Information on outstanding and exercisable option awards as of April 28, 2019, is presented below. Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at April 28, 2019 2,405,318 $ 8.88 5.7 years $ 2,968 Exercisable at April 28, 2019 1,795,651 $ 8.47 4.9 years $ 2,797

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Apr. 28, 2019
EARNINGS PER SHARE [Abstract]
Calculation of Basic and Diluted Earnings Per Share	The calculations of basic and diluted earnings per share is presented below. Three Months Ended Six Months Ended April 28, 2019 April 29, 2018 April 28, 2019 April 29, 2018 Net income attributable to Photronics, Inc. shareholders $ 8,479 $ 10,665 $ 13,746 $ 16,563 Effect of dilutive securities: Interest expense on convertible notes, net of tax 349 496 845 992 Earnings used for diluted earnings per share $ 8,828 $ 11,161 $ 14,591 $ 17,555 Weighted-average common shares computations: Weighted-average common shares used for basic earnings per share 66,261 69,293 66,422 69,024 Effect of dilutive securities: Convertible notes 3,898 5,542 4,720 5,542 Share-based payment awards 438 355 451 486 Potentially dilutive common shares 4,336 5,897 5,171 6,028 Weighted-average common shares used for diluted earnings per share 70,597 75,190 71,593 75,052 Basic earnings per share $ 0.13 $ 0.15 $ 0.21 $ 0.24 Diluted earnings per share $ 0.13 $ 0.15 $ 0.20 $ 0.23
Outstanding Securities Excluded from Calculation of Diluted Earnings or Loss Per Share	The table below shows the outstanding weighted-average share-based payment awards that were excluded from the calculation of diluted earnings per share because their exercise prices exceeded the average market value of the common shares for the period or, under application of the treasury stock method, they were otherwise determined to be anti-dilutive. Three Months Ended Six Months Ended April 28, 2019 April 29, 2018 April 28, 2019 April 29, 2018 Share-based payment awards 1,204 2,022 1,134 1,803 Total potentially dilutive shares excluded 1,204 2,022 1,134 1,803

CHANGES IN ACCUMULATED OTHER _2

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)	6 Months Ended
	Apr. 28, 2019
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
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 three and six - month periods ended April 28, 2019 and April 29, 2018. Three Months Ended April 28, 2019 Foreign Currency Translation Adjustments Other Total Balance at January 28, 2019 $ 971 $ (628 ) $ 343 Other comprehensive (loss) income (7,054 ) 25 (7,029 ) Less: other comprehensive income attributable to noncontrolling interests 129 13 142 Balance at April 28, 2019 $ (6,212 ) $ (616 ) $ (6,828 ) Three Months Ended April 29, 2018 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at January 29, 2018 $ 32,848 $ (16 ) $ (704 ) $ 32,128 Other comprehensive (loss) income before Reclassifications (11,098 ) - 54 (11,044 ) Amounts reclassified from accumulated other comprehensive income - 16 - 16 Net current period other comprehensive (loss) income (11,098 ) 16 54 (11,028 ) Less: other comprehensive (loss) income attributable to noncontrolling interests (2,683 ) - 27 (2,656 ) Balance at April 29, 2018 $ 24,433 $ - $ (677 ) $ 23,756 Six Months Ended April 28, 2019 Foreign Currency Translation Adjustments Other Total Balance at November 1, 2018 $ (4,328 ) $ (638 ) $ (4,966 ) Other comprehensive (loss) income (482 ) 44 (438 ) Less: other comprehensive income attributable to noncontrolling interests 1,402 22 1,424 Balance at April 28, 2019 $ (6,212 ) $ (616 ) $ (6,828 ) Six Months Ended April 29, 2018 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at October 30, 2017 $ 7,627 $ (48 ) $ (688 ) $ 6,891 Other comprehensive income before Reclassifications 18,989 - 22 19,011 Amounts reclassified from accumulated other comprehensive income - 48 - 48 Net current period other comprehensive income 18,989 48 22 19,059 Less: other comprehensive income attributable to noncontrolling interests 2,183 - 11 2,194 Balance at April 29, 2018 $ 24,433 $ - $ (677 ) $ 23,756

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Apr. 28, 2019
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value and Carrying Amount of Convertible Senior Notes	The table below presents the fair and carrying values of our convertible senior notes at October 31, 2018. October 31, 2018 Fair Value Carrying Value 3.25% convertible senior notes matured 2019 $ 62,094 $ 57,453

SHARE REPURCHASE PROGRAM (Table

SHARE REPURCHASE PROGRAM (Tables)	6 Months Ended
	Apr. 28, 2019
SHARE REPURCHASE PROGRAM [Abstract]
Volume of Shares Repurchased are Subject to Market Conditions	In October 2018, the Company’s Board of Directors authorized the repurchase of up to $25 million of its common stock, to have been executed in open-market transactions or in accordance with a repurchase plan under rule 10b5-1 of the Securities Act of 1933 (as amended). The share repurchase program commenced on October 22, 2018, and was terminated on February 1, 2019. Six Months Ended April 28, 2019 From Inception Date of October 22, 2018 Number of shares repurchased 1,137 1,467 Cost of shares repurchased $ 10,694 $ 13,807 Average price paid per share $ 9.40 $ 9.41

BASIS OF FINANCIAL STATEMENT _2

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	6 Months Ended
	Apr. 28, 2019Facility
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	11
Taiwan [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	3
Korea [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	1
United States [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	3
Europe [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2
China [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Apr. 28, 2019	Oct. 31, 2018
INVENTORIES [Abstract]
Raw materials	$ 34,276	$ 25,110
Work in process	416	3,402
Finished goods	4	668
Inventory	$ 34,696	$ 29,180

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 28, 2019	Apr. 29, 2018	Apr. 28, 2019	Apr. 29, 2018	Oct. 31, 2018
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 1,974,607		$ 1,974,607		$ 1,862,714
Accumulated depreciation and amortization	(1,320,250)		(1,320,250)		(1,290,933)
Property, plant and equipment, net	654,357		654,357		571,781
Depreciation and amortization expense	18,600	$ 20,800	36,200	$ 42,000
Equipment acquired in exchange for product				$ 6,700
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	11,164		11,164		11,139
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	124,374		124,374		124,771
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,673,574		1,673,574		1,566,163
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	19,598		19,598		19,577
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	13,503		13,503		12,415
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 132,394		$ 132,394		$ 128,649

PDMCX JOINT VENTURE, VIE (Detai

PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 28, 2019	Apr. 29, 2018	Apr. 28, 2019	Apr. 29, 2018
Variable Interest Entity [Abstract]
Ownership percentage			50.01%
Gain (loss) on consolidation		$ 0	$ 0
Total committed investment	$ 160		$ 160
Initial term of agreement			2 years
Period before put or purchase option can be exercised			6 months
Operating (loss)	(0.6)	$ (0.2)	$ (1.9)	$ (0.7)
Consolidation liabilities, recourse	0		0
Maximum exposure to loss	$ 44.7		$ 44.7
Methodology use for determining whether enterprise is primary beneficiary			As required by the guidance in Topic 810 - “Consolidation” of the Accounting Standards Codification, we evaluated our involvement in PDMCX for the purpose of determining whether we should consolidate its results in our financial statements. The initial step of our evaluation was to determine whether PDMCX is a variable interest entity (“VIE”). Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, we determined that it is a VIE. Having made this determination, we then assessed whether we were the primary beneficiary of the VIE, and concluded that we are the primary beneficiary during the current and prior year reporting periods; thus, as required, the PDMCX financial results have been consolidated with Photronics, Inc. Our conclusion was based on the facts that we held a controlling financial interest in PDMCX (which resulted from our having the power to direct the activities that most significantly impacted its economic performance), had the obligation to absorb losses, and the right to receive benefits that could potentially be significant to PDMCX. Our conclusions that we had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current and prior year reporting periods was based on our right to appoint the majority of its board of directors, which has, among others, the powers to manage the business (through its rights to appoint and evaluate PDMCX management), incur indebtedness, enter into agreements and commitments, and acquire and dispose of PDMCX’s assets. In addition, as a result of the 50.01% variable interest we held during the current and prior year periods, we had the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX.
Minimum [Member]
Variable Interest Entity [Abstract]
Ownership percentage			20.00%
Number of business days for obtaining required approvals and clearance for exiting party			3 days
Photronics Interest [Member]
Variable Interest Entity [Abstract]
Financial or other support, amount			$ 48
Future support to be provided			$ 13
DNP [Member]
Variable Interest Entity [Abstract]
Ownership percentage			49.99%
Financial or other support, amount			$ 48

PDMCX JOINT VENTURE, Carrying A

PDMCX JOINT VENTURE, Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 28, 2019	Oct. 31, 2018
Carrying amounts of assets and liabilities [Abstract]
Current assets	$ 371,968	$ 502,731
Total assets	1,085,238	1,110,009
Current liabilities	139,284	191,076
Total liabilities	186,910	205,440
Carrying Amount [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	31,219	9,625
Non-current assets	116,677	43,415
Total assets	147,896	53,040
Current liabilities	22,668	21,205
Non-current liabilities	35,937	20
Total liabilities	58,605	21,225
Net assets	89,291	31,815
Photronics Interest [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	15,612	4,813
Non-current assets	58,350	21,708
Total assets	73,962	26,521
Current liabilities	11,336	10,603
Non-current liabilities	17,972	10
Total liabilities	29,308	10,613
Net assets	$ 44,654	$ 15,908

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) $ / shares in Units, $ in Thousands	May 31, 2019USD ($)	Jun. 05, 2019USD ($)	Apr. 30, 2016USD ($)shares$ / shares	Jan. 31, 2015USD ($)shares$ / shares	Apr. 28, 2019USD ($)	Apr. 28, 2019USD ($)	Oct. 31, 2018USD ($)	Mar. 31, 2011USD ($)
Long-term debt [Abstract]
Long term debt					$ 36,426	$ 36,426	$ 57,453
Current portion					(505)	(505)	(57,453)
Long-term debt noncurrent					$ 35,921	35,921	0
Cash limit for dividends, distributions and redemption on equity						$ 100,000
Short Term Debt Due in February 2019 [Member]
Long-term debt [Abstract]
Interest rate percentage					4.90%	4.90%
Maturity date of debt						Feb. 28, 2019
Repayments of debt						$ 3,700
Term of loan						90 days
Project Loan [Member]
Long-term debt [Abstract]
Interest rate percentage					4.90%	4.90%
Maximum borrowing capacity					$ 50,000	$ 50,000
Project Loan [Member] | Subsequent Event [Member]
Long-term debt [Abstract]
Proceeds from credit facility		$ 9,700
Project Loan Due December 2025 [Member]
Long-term debt [Abstract]
Long term debt					11,400	$ 11,400	0
Maturity date of debt						Dec. 31, 2025
Date of first required payment						Jun. 30, 2023
Proceeds from credit facility					11,400
Project Loan Due December 2022 [Member]
Long-term debt [Abstract]
Long term debt					14,932	$ 14,932	0
Maturity date of debt						Dec. 31, 2022
Date of first required payment						Jun. 30, 2020
Working Capital Loan due January 2022 [Member]
Long-term debt [Abstract]
Long term debt					$ 10,094	$ 10,094	0
Interest rate percentage					5.00%	5.00%
Basis spread on variable rate						0.6775%
Maturity date of debt						Jan. 31, 2022
Date of first required payment						May 31, 2019
Maximum borrowing capacity					$ 25,000	$ 25,000
Proceeds from credit facility						13,800
Working Capital Loan due January 2022 [Member] | Subsequent Event [Member]
Long-term debt [Abstract]
Amount outstanding under credit facility	$ 1,900
Repayments of debt	$ 100
3.25% Convertible Senior Notes Matured April 2019 [Member]
Long-term debt [Abstract]
Long term debt					0	0	$ 57,453
Face amount of debt					$ 57,500	$ 57,500
Interest rate percentage					3.25%	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
Conversion price per share (in dollars per share) | $ / shares				$ 10.37
Repayments of debt						$ 57,500
Amended and Restated Credit Agreement [Member]
Long-term debt [Abstract]
Maturity date of debt						Sep. 30, 2023
Current borrowing capacity					$ 50,000	$ 50,000
Maximum borrowing capacity					100,000	100,000
Amount outstanding under credit facility					0	0
Available borrowing capacity					$ 50,000	$ 50,000
Effective interest rate					2.50%	2.50%
3.25% Convertible Senior Notes due in April 2016 [Member]
Long-term debt [Abstract]
Face amount of debt								$ 57,500
Interest rate percentage			3.25%
Maturity date of debt			Apr. 1, 2016
Number of shares each note is convertible to (in shares) | shares			96
Face amount of each note converted			$ 1
Conversion price per share (in dollars per share) | $ / shares			$ 10.37

REVENUE, Impact of Adoption on

REVENUE, Impact of Adoption on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Apr. 28, 2019	Oct. 31, 2018
Assets [Abstract]
Accounts receivable	$ 123,371	$ 120,515
Inventory	34,696	29,180
Other current assets	38,304	16,858
Deferred income taxes	15,121	18,109
Liabilities [Abstract]
Accrued liabilities	58,659	44,474
Deferred income taxes	829	643
Equity [Abstract]
Total Photronics, Inc. shareholders' equity	763,568	759,671
Noncontrolling interests	134,760	144,898
Adjustments [Member] | ASU 2014-09 [Member]
Assets [Abstract]
Accounts receivable	(794)	600
Inventory	4,807	(3,700)
Other current assets	(6,237)
Deferred income taxes	105
Liabilities [Abstract]
Accrued liabilities	686
Deferred income taxes	(367)
Equity [Abstract]
Total Photronics, Inc. shareholders' equity	(1,963)
Noncontrolling interests	(475)	$ 100
Balance without Adoption of Topic 606 [Member] | ASU 2014-09 [Member]
Assets [Abstract]
Accounts receivable	122,577
Inventory	39,503
Other current assets	32,067
Deferred income taxes	15,226
Liabilities [Abstract]
Accrued liabilities	59,345
Deferred income taxes	462
Equity [Abstract]
Total Photronics, Inc. shareholders' equity	761,605
Noncontrolling interests	$ 134,285

REVENUE, Impact of Adoption o_2

REVENUE, Impact of Adoption on Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 28, 2019	Apr. 29, 2018	Apr. 28, 2019	Apr. 29, 2018
Income Statement [Abstract]
Revenue	$ 131,580	$ 130,779	$ 256,291	$ 254,225
Cost of goods sold	105,570	97,960	204,179	193,744
Gross profit	26,010	32,819	52,112	60,481
Provision for taxes	3,278	3,508	4,665	1,729
Net income	9,852	15,189	17,620	24,670
Noncontrolling interests	1,373	4,524	3,874	8,107
Income attributable to Photronics, Inc. shareholders	8,479	$ 10,665	13,746	$ 16,563
Adjustments [Member] | ASU 2014-09 [Member]
Income Statement [Abstract]
Revenue	(242)		(2,524)
Cost of goods sold	(162)		(1,041)
Gross profit	(80)		(1,483)
Provision for taxes	(48)		(178)
Net income	(128)		(1,305)
Noncontrolling interests	78		(353)
Income attributable to Photronics, Inc. shareholders	(206)		(952)
Balance without Adoption of Topic 606 [Member] | ASU 2014-09 [Member]
Income Statement [Abstract]
Revenue	131,338		253,767
Cost of goods sold	105,408		203,138
Gross profit	25,930		50,629
Provision for taxes	3,230		4,487
Net income	9,724		16,315
Noncontrolling interests	1,451		3,521
Income attributable to Photronics, Inc. shareholders	$ 8,273		$ 12,794

REVENUE, Impact of Adoption o_3

REVENUE, Impact of Adoption on Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 28, 2019	Apr. 29, 2018	Apr. 28, 2019	Apr. 29, 2018
Statement of Cash Flows [Abstract]
Net income	$ 9,852	$ 15,189	$ 17,620	$ 24,670
Changes in operating accounts:
Accounts receivable			(2,295)	(16,976)
Inventories			(9,447)	(7,765)
Other current assets			(6,114)	(9,666)
Accounts payable, accrued liabilities, and other			(40,566)	$ 3,216
Adjustments [Member] | ASU 2014-09 [Member]
Statement of Cash Flows [Abstract]
Net income	(128)		(1,305)
Changes in operating accounts:
Accounts receivable			211
Inventories			(1,204)
Other current assets			1,799
Accounts payable, accrued liabilities, and other			499
Balance without Adoption of Topic 606 [Member] | ASU 2014-09 [Member]
Statement of Cash Flows [Abstract]
Net income	$ 9,724		16,315
Changes in operating accounts:
Accounts receivable			(2,084)
Inventories			(10,651)
Other current assets			(4,315)
Accounts payable, accrued liabilities, and other			$ (40,067)

REVENUE, Contract Assets, Liabi

REVENUE, Contract Assets, Liabilities and Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Apr. 28, 2019	Apr. 28, 2019	Oct. 31, 2018
Contract with Customer, Asset and Liability [Abstract]
Impairment loss on contract assets		$ 0
Change in Contract with Customer, Liability [Abstract]
Revenue from settlement of contract liabilities	$ 500	1,200
Other Current Assets [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract assets	6,200	6,200
Other Current Liabilities [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract liabilities	$ 7,900	$ 7,900
Minimum [Member]
Change in Contract with Customer, Liability [Abstract]
Product invoice term		30 days
Product Warranty [Abstract]
Product warranty period		1 month
Maximum [Member]
Change in Contract with Customer, Liability [Abstract]
Product invoice term		90 days
Product Warranty [Abstract]
Product warranty period		12 months
IC [Member] | Minimum [Member]
Remaining Performance Obligations [Abstract]
Customer order, expected satisfaction period		7 days
IC [Member] | Maximum [Member]
Remaining Performance Obligations [Abstract]
Customer order, expected satisfaction period		14 days
FPD [Member] | Minimum [Member]
Remaining Performance Obligations [Abstract]
Customer order, expected satisfaction period		14 days
FPD [Member] | Maximum [Member]
Remaining Performance Obligations [Abstract]
Customer order, expected satisfaction period		21 days
ASU 2014-09 [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract assets			$ 4,600
Contract liabilities			$ 7,800

REVENUE, Disaggregation of Reve

REVENUE, Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 28, 2019	Apr. 29, 2018	Apr. 28, 2019	Apr. 29, 2018
Disaggregation of Revenue [Abstract]
Revenue	$ 131,580	$ 130,779	$ 256,291	$ 254,225
Over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	123,853		244,699
At a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	7,727		11,592
Taiwan [Member]
Disaggregation of Revenue [Abstract]
Revenue	56,469		114,209
Korea [Member]
Disaggregation of Revenue [Abstract]
Revenue	38,038		73,275
United States [Member]
Disaggregation of Revenue [Abstract]
Revenue	26,742		49,215
Europe [Member]
Disaggregation of Revenue [Abstract]
Revenue	8,435		16,788
China [Member]
Disaggregation of Revenue [Abstract]
Revenue	1,467		1,730
Other [Member]
Disaggregation of Revenue [Abstract]
Revenue	429		1,074
IC [Member]
Disaggregation of Revenue [Abstract]
Revenue	98,587		193,466
High-end [Member]
Disaggregation of Revenue [Abstract]
Revenue	38,429		72,995
Mainstream [Member]
Disaggregation of Revenue [Abstract]
Revenue	60,158		120,471
FPD [Member]
Disaggregation of Revenue [Abstract]
Revenue	32,993		62,825
High-end [Member]
Disaggregation of Revenue [Abstract]
Revenue	22,956		44,422
Mainstream [Member]
Disaggregation of Revenue [Abstract]
Revenue	$ 10,037		$ 18,403

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 28, 2019	Apr. 29, 2018	Apr. 28, 2019	Apr. 29, 2018
Share-based Compensation [Abstract]
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		4,000,000
Share-based compensation expense incurred	$ 900	$ 800	$ 2,000	$ 1,600
Cash received from option exercises	300	2,900	800	3,600
Share-based compensation cost capitalized	0	0	0	0
Income tax benefits realized from stock option exercises	$ 0	$ 0	$ 0	$ 0
Stock Options [Member]
Share-based Compensation [Abstract]
Contractual term			10 years
Additional disclosures [Abstract]
Share options granted (in shares)	0	0	132,000	252,000
Weighted-average grant date fair value of options granted (in dollars per share)			$ 3.31	$ 2.74
Unrecognized compensation cost related to unvested option awards	$ 1,200		$ 1,200
Period for recognition of compensation cost not yet recognized			2 years 4 months 24 days
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Volatility			33.10%	31.60%
Risk free rate of return				2.20%
Dividend yield			0.00%	0.00%
Expected term			5 years 1 month 6 days	5 years
Outstanding and exercisable option awards [Roll Forward]
Outstanding at end of period (in shares)	2,405,318		2,405,318
Exercisable at end of period (in shares)	1,795,651		1,795,651
Weighted Average Exercise Price [Abstract]
Weighted average exercise price, Outstanding at end of period (in dollars per share)	$ 8.88		$ 8.88
Weighted average exercise price, Exercisable at end of period (in dollars per share)	$ 8.47		$ 8.47
Weighted-Average Remaining Contractual Life [Abstract]
Weighted average remaining contractual life, Outstanding at end of period			5 years 8 months 12 days
Weighted average remaining contractual life, Exercisable at end of period			4 years 10 months 24 days
Aggregate Intrinsic Value [Abstract]
Aggregate intrinsic value, Outstanding at end of period	$ 2,968		$ 2,968
Aggregate intrinsic value, Exercisable at end of period	2,797		$ 2,797
Stock Options [Member] | Minimum [Member]
Share-based Compensation [Abstract]
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			2.50%
Stock Options [Member] | Maximum [Member]
Share-based Compensation [Abstract]
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			2.90%
Restricted Stock [Member]
Additional disclosures [Abstract]
Period for recognition of compensation cost not yet recognized			2 years 10 months 24 days
Restricted Stock [Abstract]
Restricted stock awards granted (in shares)		10,000	435,000	290,000
Weighted average grant date fair value of restricted stock awards (in dollars per share)		$ 8.40	$ 9.80	$ 8.62
Compensation cost not yet recognized related to unvested restricted stock awards	$ 5,700		$ 5,700
Number of shares of restricted stock outstanding (in shares)	698,613		698,613
Restricted Stock [Member] | Minimum [Member]
Share-based Compensation [Abstract]
Award vesting period			1 year
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation [Abstract]
Award vesting period			4 years

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2017	Apr. 28, 2019	Apr. 29, 2018	Apr. 28, 2019	Apr. 29, 2018	Oct. 29, 2017	Oct. 31, 2018
Effective Income and Statutory Tax Rate [Abstract]
Effective tax rate		25.00%	18.80%	20.90%	6.50%
U.S. statutory rate	35.00%	21.00%	23.40%	21.00%	23.40%
Unrecognized Tax Benefits [Abstract]
Unrecognized tax benefits		$ 800		$ 800			$ 1,900
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract]
Accrued interest and penalties related to unrecognized tax benefits		100		$ 100			100
Taiwan Agency of the Ministry of Finance [Member]
Foreign Tax [Abstract]
Foreign statutory rate				20.00%		17.00%
Foreign income tax expense (benefit)				$ (200)
Income Tax Holiday [Abstract]
Term of tax year holidays				5 years
Income tax holiday termination date				December 31, 2019
Dollar effect of income tax holiday		$ 300	$ 700	$ 1,100	$ 800
Per share effect of income tax holiday (in dollars per share)			$ 0.01	$ 0.01	$ 0.01
Federal Alternate Minimum [Member]
Tax Credit Carryforward [Abstract]
Change in valuation allowance				$ 3,900
ASU 2016-16 [Member]
Adoption of New Accounting Standard [Abstract]
Cumulative effect of adoption of new accounting principle							$ (1,130)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 28, 2019	Apr. 29, 2018	Apr. 28, 2019	Apr. 29, 2018
Calculation of basic and diluted earnings per share [Abstract]
Net income attributable to Photronics, Inc. shareholders	$ 8,479	$ 10,665	$ 13,746	$ 16,563
Effect of dilutive securities [Abstract]
Interest expense on convertible notes, net of tax	349	496	845	992
Earnings used for diluted earnings per share	$ 8,828	$ 11,161	$ 14,591	$ 17,555
Weighted-average common shares computations [Abstract]
Weighted-average common shares used for basic earnings per share (in shares)	66,261	69,293	66,422	69,024
Effect of dilutive securities [Abstract]
Convertible notes (in shares)	3,898	5,542	4,720	5,542
Share-based payment awards (in shares)	438	355	451	486
Potentially dilutive common shares (in shares)	4,336	5,897	5,171	6,028
Weighted-average common shares used for diluted earnings per share (in shares)	70,597	75,190	71,593	75,052
Basic earnings per share (in dollars per share)	$ 0.13	$ 0.15	$ 0.21	$ 0.24
Diluted earnings per share (in dollars per share)	$ 0.13	$ 0.15	$ 0.20	$ 0.23
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	1,204	2,022	1,134	1,803
Share-Based Payment Awards [Member]
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	1,204	2,022	1,134	1,803

CHANGES IN ACCUMULATED OTHER _3

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Apr. 28, 2019	Apr. 29, 2018	Apr. 28, 2019	Apr. 29, 2018
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
Other comprehensive income, tax	$ 0	$ 0	$ 0	$ 0
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance			759,671
Net other comprehensive (loss) income	(7,029)	(11,028)	(438)	19,059
Ending Balance	763,568		763,568
Accumulated Other Comprehensive Income [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	343	32,128	(4,966)	6,891
Net other comprehensive (loss) income	(7,171)	(8,372)	(1,862)	16,865
Ending Balance	(6,828)	23,756	(6,828)	23,756
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	971	32,848	(4,328)	7,627
Ending Balance	(6,212)	24,433	(6,212)	24,433
Amortization of Cash Flows Hedge [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance		(16)		(48)
Ending Balance		0		0
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(628)	(704)	(638)	(688)
Ending Balance	(616)	(677)	(616)	(677)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income before Reclassifications	(7,029)	(11,044)	(438)	19,011
Amounts reclassified from accumulated other comprehensive income		16		48
Net other comprehensive (loss) income		(11,028)		19,059
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income before Reclassifications	(7,054)	(11,098)	(482)	18,989
Amounts reclassified from accumulated other comprehensive income		0		0
Net other comprehensive (loss) income		(11,098)		18,989
Amortization of Cash Flows Hedge [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income before Reclassifications		0		0
Amounts reclassified from accumulated other comprehensive income		16		48
Net other comprehensive (loss) income		16		48
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income before Reclassifications	25	54	44	22
Amounts reclassified from accumulated other comprehensive income		0		0
Net other comprehensive (loss) income		54		22
AOCI Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income (loss) attributable to noncontrolling interests	142	(2,656)	1,424	2,194
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income (loss) attributable to noncontrolling interests	129	(2,683)	1,402	2,183
Amortization of Cash Flows Hedge [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income (loss) attributable to noncontrolling interests		0		0
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income (loss) attributable to noncontrolling interests	$ 13	$ 27	$ 22	$ 11

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2018	Apr. 28, 2019
Fair Value, Assets and Liability [Abstract]
Total assets	$ 0	$ 0
Total liabilities	$ 0	$ 0
3.25% Convertible Senior Notes Matured 2019 [Member]
Fair and carrying values of the Company's convertible senior notes [Abstract]
Interest rate percentage	3.25%
Maturity date of debt	Apr. 1, 2019
Fair Value [Member] | 3.25% Convertible Senior Notes Matured 2019 [Member]
Fair and carrying values of the Company's convertible senior notes [Abstract]
Convertible senior notes	$ 62,094
Carrying Value [Member] | 3.25% Convertible Senior Notes Matured 2019 [Member]
Fair and carrying values of the Company's convertible senior notes [Abstract]
Convertible senior notes	$ 57,453

SHARE REPURCHASE PROGRAM (Detai

SHARE REPURCHASE PROGRAM (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Oct. 22, 2018	Apr. 28, 2019	Oct. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)		3,695	2,558
Cost of shares repurchased		$ 33,807	$ 23,111
October 2018 Announced Program [Member]
Equity, Class of Treasury Stock [Line Items]
Stock repurchased authorized amount			$ 25,000
Stock repurchase program - commencement date			Oct. 22, 2018
Stock repurchase program - termination date			Feb. 1, 2019
Number of shares repurchased (in shares)	1,467	1,137
Cost of shares repurchased	$ 13,807	$ 10,694
Average price paid per share (in dollars per share)	$ 9.41	$ 9.40

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Apr. 28, 2019USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Outstanding commitments for capital expenditure	$ 37,000

RECENT ACCOUNTING PRONOUNCEME_3

RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	Apr. 28, 2019	Oct. 31, 2018
Contract with Customer, Asset and Liability [Abstract]
Accounts receivable	$ 123,371	$ 120,515
Inventories	34,696	29,180
Retained earnings	245,144	231,445
Noncontrolling interests	134,760	144,898
Adjustments [Member] | ASU 2014-09 [Member]
Contract with Customer, Asset and Liability [Abstract]
Accounts receivable	(794)	600
Contract asset		4,600
Inventories	4,807	(3,700)
Accrual for income taxes		(300)
Retained earnings		1,100
Noncontrolling interests	$ (475)	$ 100