Photronics (PLAB) 10-K 20 Dec 19 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Oct. 31, 2019	Dec. 13, 2019	Apr. 28, 2019
Cover [Abstract]
Entity Registrant Name	PHOTRONICS INC
Entity Central Index Key	0000810136
Current Fiscal Year End Date	--10-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Public Float			$ 617,084,612
Entity Common Stock, Shares Outstanding		65,416,365
Document Type	10-K
Amendment Flag	false
Document Period End Date	Oct. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Document Annual Report	true
Document Transition Report	false
Entity File Number	0-15451
Entity Tax Identification Number	06-0854886
Entity Incorporation, State or Country Code	CT
Entity Address, Address Line One	15 Secor Road
Entity Address, City or Town	Brookfield
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06804
City Area Code	203
Local Phone Number	775-9000
Title of 12(b) Security	COMMON
Trading Symbol	PLAB
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2019	Oct. 31, 2018
Current assets:
Cash and cash equivalents	$ 206,530	$ 329,277
Accounts receivable, net of allowance of $1,334 in 2019 and $1,526 in 2018	134,454	120,515
Inventories	48,155	29,180
Other current assets	38,388	23,759
Total current assets	427,527	502,731
Property, plant and equipment, net	632,441	571,781
Intangible assets, net	7,870	12,368
Deferred income taxes	20,779	18,109
Other assets	30,048	5,020
Total assets	1,118,665	1,110,009
Current liabilities:
Short-term debt	8,731	0
Current portion of long-term debt	2,142	57,453
Accounts payable	91,379	89,149
Accrued liabilities	49,702	44,474
Total current liabilities	151,954	191,076
Long-term debt	41,887	0
Other liabilities	13,732	14,364
Total liabilities	207,573	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, 65,595 shares issued and outstanding at October 31, 2019, and 69,700 shares issued and 67,142 outstanding at October 31, 2018	656	697
Additional paid-in capital	524,319	555,606
Retained earnings	253,922	231,445
Treasury stock, 0 shares at October 31, 2019 and 2,558 shares at October 31, 2018	0	(23,111)
Accumulated other comprehensive loss	(9,005)	(4,966)
Total Photronics, Inc. shareholders' equity	769,892	759,671
Noncontrolling interests	141,200	144,898
Total equity	911,092	904,569
Total liabilities and equity	$ 1,118,665	$ 1,110,009

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Oct. 31, 2019	Oct. 31, 2018
Current assets:
Accounts receivable, allowance	$ 1,334	$ 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)	65,595	69,700
Common stock, shares outstanding (in shares)	65,595	67,142
Treasury stock, shares (in shares)	0	2,558

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 31, 2019		Oct. 31, 2018		Oct. 29, 2017
Consolidated Statements of Income [Abstract]
Revenue	$ 550,660	[1]	$ 535,276	[1]	$ 450,678
Cost of goods sold	429,819		403,773		359,363
Gross profit	120,841		131,503	[1]	91,315
Operating expenses:
Selling, general and administrative	52,326		51,395		43,585
Research and development	16,394		14,481		15,862
Total operating expenses	68,720		65,876		59,447
Operating income	52,121		65,627		31,868
Other income (expense):
Interest income and other income (expense), net	5		5,206		(3,068)
Interest expense	(1,425)		(2,262)		(2,235)
Income before income tax provision	50,701		68,571		26,565
Income tax provision	10,210		7,335		5,276
Net income	40,491		61,236	[1]	21,289
Net income attributable to noncontrolling interests	10,698		19,181		8,159
Net income attributable to Photronics, Inc. shareholders	$ 29,793		$ 42,055	[1]	$ 13,130
Earnings per share:
Basic (in dollars per share)	$ 0.45		$ 0.61	[1]	$ 0.19
Diluted (in dollars per share)	$ 0.44		$ 0.59	[1]	$ 0.19
Weighted-average number of common shares outstanding:
Basic (in shares)	66,347		68,829		68,436
Diluted (in shares)	69,155		74,821		69,288
[1]	Includes $0.6 million gain on sale of assets.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018		Oct. 29, 2017
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 40,491	$ 61,236	[1]	$ 21,289
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(2,877)	(16,672)		19,799
Amortization of cash flow hedge	0	48		129
Other	(74)	101		478
Net other comprehensive (loss) income	(2,951)	(16,523)		20,406
Comprehensive income	37,540	44,713		41,695
Less: comprehensive income attributable to noncontrolling interests	11,786	14,515		14,003
Comprehensive income attributable to Photronics, Inc. shareholders	$ 25,754	$ 30,198		$ 27,692
[1]	Includes $0.6 million gain on sale of assets.

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-Controlling Interests [Member]	Total
Balance at Oct. 30, 2016	$ 681	$ 541,093	$ 176,260	$ 0	$ (7,671)	$ 115,111	$ 825,474
Beginning (in shares) at Oct. 30, 2016	68,080
Net income	$ 0	0	13,130	0	0	8,159	21,289
Other comprehensive (loss) income	0	0	0	0	14,562	5,844	20,406
Sale of common stock through employee stock option and purchase plans	$ 5	2,877	0	0	0	0	2,882
Sale of common stock through employee stock option and purchase plans (in shares)	459
Restricted stock awards vesting and expense	$ 1	1,508	0	0	0	0	1,509
Restricted stock awards vesting and expense (in shares)	127
Share-based compensation expense	$ 0	2,118	0	0	0	0	2,118
Dividends to noncontrolling interest	0	0	0	0	0	(8,383)	(8,383)
Balance at Oct. 29, 2017	$ 687	547,596	189,390	0	6,891	120,731	865,295
Balance (in shares) at Oct. 29, 2017	68,666
Net income	$ 0	0	42,055	0	0	19,181	61,236	[1]
Other comprehensive (loss) income	0	0	0	0	(11,857)	(4,666)	(16,523)
Sale of common stock through employee stock option and purchase plans	$ 9	4,683	0	0	0	0	4,692
Sale of common stock through employee stock option and purchase plans (in shares)	870
Restricted stock awards vesting and expense	$ 1	1,747	0	0	0	0	1,748
Restricted stock awards vesting and expense (in shares)	164
Share-based compensation expense	$ 0	1,432	0	0	0	0	1,432
Contribution from noncontrolling interest	0	148	0	0	0	17,848	17,996
Dividends to noncontrolling interest	0	0	0	0	0	(8,196)	(8,196)
Purchases of treasury stock	$ 0	0	0	(23,111)	0	0	$ (23,111)
Purchase of treasury stock (in shares)	0						2,558
Balance at Oct. 31, 2018	$ 697	555,606	231,445	(23,111)	(4,966)	144,898	$ 904,569
Balance (in shares) at Oct. 31, 2018	69,700
Balance at Oct. 29, 2017	$ 687	547,596	189,390	0	6,891	120,731	865,295
Beginning (in shares) at Oct. 29, 2017	68,666
Purchases of treasury stock							$ (44,807)
Purchase of treasury stock (in shares)							4,691
Balance at Oct. 31, 2019	$ 656	524,319	253,922	0	(9,005)	141,200	$ 911,092
Balance (in shares) at Oct. 31, 2019	65,595
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	29,793	0	0	10,698	40,491
Other comprehensive (loss) income	0	0	0	0	(4,039)	1,088	(2,951)
Sale of common stock through employee stock option and purchase plans	$ 4	2,524	0	0	0	0	2,528
Sale of common stock through employee stock option and purchase plans (in shares)	390
Restricted stock awards vesting and expense	$ 2	2,497	0	0	0	0	2,499
Restricted stock awards vesting and expense (in shares)	196
Share-based compensation expense	$ 0	1,183	0	0	0	0	1,183
Contribution from noncontrolling interest	0	0	0	0	0	29,394	29,394
Dividends to noncontrolling interest	0	0	0	0	0	(44,939)	(44,939)
Repurchase of common stock by subsidiary	0	0	0	0	0	(57)	(57)
Purchases of treasury stock	$ 0	0	0	(21,696)	0	0	$ (21,696)
Purchase of treasury stock (in shares)	0						2,133
Retirement of treasury stock	$ (47)	(37,491)	(7,269)	44,807	0	0	$ 0
Retirement of treasury stock (in shares)	(4,691)
Balance at Oct. 31, 2019	$ 656	$ 524,319	$ 253,922	$ 0	$ (9,005)	$ 141,200	$ 911,092
Balance (in shares) at Oct. 31, 2019	65,595
[1]	Includes $0.6 million gain on sale of assets.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019		Oct. 31, 2018		Oct. 29, 2017
Cash flows from operating activities:
Net income	$ 40,491		$ 61,236	[1]	$ 21,289
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, plant and equipment	79,238		79,536		81,699
Amortization of intangible assets	4,641		4,797		4,874
Share-based compensation	3,680		3,180		3,627
Deferred income taxes	(3,662)		(273)		1,633
Changes in assets, liabilities, and other:
Accounts receivable	(12,321)		(18,553)		(9,625)
Inventories	(23,088)		(6,162)		(602)
Other current assets	(8,631)		(11,731)		1,127
Accounts payable, accrued liabilities and other	(11,962)		18,537		(7,189)
Net cash provided by operating activities	68,386		130,567		96,833
Cash flows from investing activities:
Purchases of property, plant and equipment	(178,375)		(92,585)		(91,965)
Government incentives	27,003		1,005		0
Purchases of intangible assets	(95)		(218)		(834)
Proceeds from sales of investments	0		0		167
Acquisition of business	0		0		(5,400)
Other	61		929	[2]	17	[2]
Net cash used in investing activities	(151,406)		(90,869)		(98,015)
Cash flows from financing activities:
Proceeds from debt	54,633		0		0
Contribution from noncontrolling interests	29,394		17,996		0
Repayments of debt	(61,319)		(4,639)		(5,428)
Dividends paid to noncontrolling interests	(45,050)		(8,166)		(8,298)
Purchases of treasury stock	(21,696)		(23,111)		0
Proceeds from share-based arrangements	2,071		4,634		2,830
Other	(92)		(519)		(32)
Net cash used in financing activities	(42,059)		(13,805)		(10,928)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	2,381		(4,840)	[2]	6,247	[2]
Net (decrease) increase in cash, cash equivalents, and restricted cash	(122,698)		21,053	[2]	(5,863)	[2]
Cash, cash equivalents, and restricted cash at beginning of year	331,989	[2]	310,936	[2]	316,799
Cash, cash equivalents, and restricted cash at end of year	209,291		331,989	[2]	310,936	[2]
Supplemental disclosure of non-cash information:
Accrual for property, plant and equipment purchased during year	$ 13,671		$ 29,602		$ 2,767
[1]	Includes $0.6 million gain on sale of assets.
[2]	Amount has been modified to reflect the adoption of ASU 2016-18 (see Note 22).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Oct. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Photronics, Inc. ("Photronics", "the Company", "we", “our”, or "us") is one of the world's leading manufacturers of photomasks, which are high-precision photographic quartz or glass plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of semiconductors and flat-panel displays ("FPDs"), and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD 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 China. Our FPD Facility in Hefei, China, commenced production in the second quarter of fiscal 2019 and our IC facility in Xiamen, China, commenced production in the third quarter of fiscal 2019. Consolidation The accompanying consolidated financial statements include the accounts of Photronics, Inc. , its wholly owned subsidiaries, and the majority-owned subsidiaries which it controls. All intercompany balances and transactions have been eliminated in consolidation. Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect amounts reported in them. Estimates are based on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Our estimates are based on the facts and circumstances available at the time they are made. Actual results we report may differ from such estimates. We review these estimates periodically and reflect any effects of revisions in the period in which they are determined. Fiscal Year Commencing with our 2018 fiscal year, our fiscal year ends on October 31. In prior years, our fiscal years ended on the Sunday closest to October 31. Prior year results in this Form 10-K have not been restated to reflect year-end dates of October 31. Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investments with an original maturity of three months or less The carrying values of cash equivalents approximate their fair values, due to the short-term maturities of these instruments. Accounts Receivable and Allowance for Doubtful Accounts We 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: October 31 2019 October 31 2018 Raw materials $ 46,027 $ 25,110 Work in process 2,122 3,402 Finished goods 6 668 $ 48,155 $ 29,180 Property, Plant and Equipment Property, plant and equipment, except as explained below under “Impairment of Long-Lived Assets,” is stated at cost less accumulated depreciation and amortization. Repairs and maintenance, as well as renewals and replacements of a routine nature, are charged to operations as incurred, while those that improve, or extend the lives of, existing assets are capitalized. Upon sale or other disposition, the cost of the asset and its related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in earnings. Depreciation and amortization, essentially all of which are included in cost of goods sold, are computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over 10 to 39 years, machinery and equipment over 5 to 15 years, and furniture, fixtures and office equipment over 3 to 5 years. Leasehold improvements are amortized over the life of the lease or the estimated useful life of the improvement, whichever is less. We employ judgment and assumptions when we establish estimated useful lives and depreciation periods, as well as when we periodically review property, plant and equipment for any potential impairment in carrying values, whenever events such as a significant industry downturn, plant closures, technological obsolescence, or other change in circumstances indicate that their carrying amounts may not be recoverable. Intangible Assets Intangible assets consist primarily of a technology license agreement and acquisition-related intangibles. These assets, except as explained below, are stated at fair value as of the date acquired, less accumulated amortization. Amortization is calculated based on the estimated useful lives of the assets, which range from 3 to 15 years, using the straight-line method or another method that more fairly represents the utilization of the assets. We periodically evaluate the remaining useful lives of our intangible assets to determine whether events or circumstances warrant a revision to the remaining periods of amortization. In the event that the estimate of an intangible asset’s remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. If it is determined that an intangible asset has an indefinite useful life, that intangible asset would be subject to impairment testing annually or whenever events or circumstances indicate that its carrying value may not, based on future undiscounted cash flows or market factors, be recoverable. An impairment loss, the recorded amount of which would be based on the fair value of the intangible asset at the measurement date, would be recorded in the period in which the impairment determination was made. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determinations of recoverability are based upon our judgment and estimates of undiscounted future cash flows resulting from the use of the assets and their eventual disposition. Measurement of an impairment loss for long-lived assets that we expect to hold and use is based on the fair value of the assets determined using a market or income approach compared with the carrying value of the asset. The carrying values of assets determined to be impaired would be reduced to their estimated fair values. Restricted Cash Restricted cash in the amounts of $2.8 million and $2.7 million are included in “Other assets” on our October 31, 2019 and October 31, 2018, consolidated balance sheets, respectively. The restrictions on these amounts are primarily related to land lease agreements and customs requirements. Business Combinations When acquiring other businesses, or participating in mergers or joint ventures in which we are deemed to be the acquirer, we generally recognize identifiable assets acquired, liabilities assumed and any noncontrolling interests at their acquisition date fair values, separately from any goodwill that may be required to be recognized. Goodwill, when recognizable, would be measured as the excess amount of any consideration transferred, which is generally measured at fair value, over the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Accounting for such transactions requires us to make significant assumptions and estimates and, although we believe any estimates and assumptions we make to be reasonable and appropriate at the time they are made, unanticipated events and circumstances may arise that affect their accuracy, which may cause actual results to differ from those we estimated. When required, we will adjust the values of the assets acquired and liabilities assumed against the acquisition gain or goodwill, as initially recorded, for a period of up to one year after the transaction. Costs incurred to effect a merger or acquisition, such as legal, accounting, valuation and other third-party costs, as well as internal general and administrative costs incurred are charged to expense in the periods incurred. Costs incurred to issue any debt and equity securities are recognized in accordance with other applicable generally accepted accounting principles. Investments in Joint Ventures The financial results of investments in joint ventures in which we have a controlling financial interest are included in our consolidated financial statements. Investments in joint ventures over which we have the ability to exercise significant influence and that, in general, are at least twenty percent owned are accounted for under the equity method. An impairment loss would be recognized whenever a decrease in the fair value of such an investment below its carrying amount is determined to be other than temporary. In judging "other than temporary," we would consider the length of time and the extent to which the fair value of the investment has been less than its carrying amount, the near-term and longer-term operating and financial prospects of the investee, and our longer-term intent of retaining our investment in the investee. Variable Interest Entities We account for the investments we make in certain legal entities in which equity investors do not have 1) sufficient equity at risk for the legal entity to finance its activities without additional subordinated financial support or, 2) as a group, the holders of the equity investment at risk do not have either the power, through voting or similar rights, to direct the activities of the legal entity that most significantly impact the entity’s economic performance or, 3) the obligation to absorb the expected losses of the legal entity or the right to receive expected residual returns of the legal entity as “variable interest entities”, or “VIEs”. We consolidate the results of any such entity in which we have determined that we have a controlling financial interest. We would have a “controlling financial interest” (and thus be considered the “primary beneficiary” of the entity) in such an entity when we have both the power to direct the activities that most significantly affect the VIE’s economic performance and the obligation to absorb the losses of, or right to receive the benefits from, the VIE that could be potentially significant to the VIE. On a quarterly basis, we reassess whether we have a controlling financial interest in any investments we have in these entities. We account for investments we make in VIEs in which we have determined that we do not have a controlling financial interest but have a significant influence over, and hold at least a twenty percent ownership interest in, using the equity method. Any such investment not meeting the parameters to be accounted for under the equity method would be accounted for using the cost method, unless the investment had a readily determinable fair value, at which value it would then be reported. Income Taxes The income tax provision is computed on the basis of the various tax jurisdictions' income or loss before income taxes. Deferred income taxes reflect the tax effects of differences between the carrying amounts of assets and liabilities for financial reporting purposes and their amounts used for income tax purposes, as well as the tax effects of net operating losses and tax credit carryforwards. We use judgment and make assumptions to determine if valuation allowances for deferred income tax assets are required, if their realization is not more likely than not, by considering future market growth, operating forecasts, future taxable income, and the mix of earnings among the tax jurisdictions in which we operate. Accordingly, income taxes charged against earnings may have been impacted by changes in the valuation allowances. We consider income taxes in each of the tax jurisdictions in which we operate in order to determine our effective income tax rate. Our current income tax expense is thus identified, and temporary differences resulting from differing treatments of items for tax and financial reporting purposes are assessed. These differences result in deferred tax assets and liabilities, which are included in our consolidated balance sheets. We account for uncertain tax positions by recording a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in our tax returns. We include any applicable interest and penalties related to uncertain tax positions in our income tax provision. Treasury Stock We record treasury stock purchases under the cost method, recording the entire cost of the acquired stock as treasury stock. Gains and losses on subsequent reissuances would be credited or charged to additional paid-in capital, and we would employ the average cost method (with average cost being determined separately for each share repurchase program), in the event that we subsequently reissue shares. Earnings Per Share Basic earnings per share ("EPS") is based on the weighted-average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution that could occur if certain share-based payment awards or financial instruments were exercised, earned or converted. Share-Based Compensation We recognize share-based compensation expense over the service period that the awards are expected to vest. Share-based compensation expense includes the estimated effects of forfeitures, which are adjusted over the requisite service period to the extent actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized in the period of change, and will impact the amount of expense to be recognized in future periods. Determining the appropriate option pricing model, calculating the grant date fair value of share-based awards and estimating forfeiture rates requires considerable judgment, including estimations of stock price volatility and the expected term of options granted. We use the Black-Scholes option pricing model to value employee stock options. We estimate stock price volatility based on daily averages of our common stock’s historical volatility over a term approximately equal to the estimated time period the grant will remain outstanding. The expected term of options and forfeiture rate assumptions are derived from historical data. Research and Development Research and development costs are expensed as incurred, and consist primarily of development efforts related to high-end process technologies for advanced subwavelength reticle solutions for IC and FPD photomask technologies. Foreign Currency Translation Our non-US subsidiaries maintain their accounts in their respective local currencies. Assets and liabilities of such subsidiaries are translated to U.S. dollars at year-end exchange rates. Income and expenses are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are accumulated and reported in accumulated other comprehensive income, a component of equity. The effects of changes in exchange rates on foreign currency transactions, which are included in Interest income and other income (expense) net, were a net (loss)/gain of $(1.3 ) million, $0.4 million and $(5.2 ) million in fiscal years 2019, 2018 and 2017, respectively. Noncontrolling Interests Substantially all of Noncontrolling interests represents the minority shareholders' proportionate share in the equity of two of the Company's majority-owned subsidiaries: Photronics DNP Mask Corporation (“PDMC”) in Taiwan, and Xiamen American Japan Photronics Mask Co., Ltd ("PDMCX") in China, of which noncontrolling interests owned 49.99 % as of October 31, 2019 and October 31, 2018. In addition, noncontrolling shareholders owned approximately 0.2 % of PK Ltd. (“PKL”) in Korea as of October 31, 2019 and October 31, 2018. In November 2019, we acquired the remaining noncontrolling interests’ shares of PKL for approximately $0.6 million Derivative Instruments and Hedging Activities We record derivatives in the consolidated balance sheets as assets or liabilities, measured at fair value. We do not engage in derivative instruments for speculative purposes. Gains or losses resulting from changes in the values of derivatives are reflected in earnings, or as accumulated other comprehensive income or loss, a separate component of equity, depending on the use of the derivatives and whether they qualify for hedge accounting. In order to qualify for hedge accounting, among other criteria, a derivative must be a hedge of an interest rate, price, foreign currency exchange rate, or credit risk that is expected to be highly effective at the inception of the hedge, be highly effective in achieving offsetting changes in the fair value or cash flows of the hedged item during the term of the hedge and formally documented at the inception of the hedge. In general, the types of risks we would hedge are those related to the variability of future cash flows caused by movements in foreign currency exchange and interest rates. We would document our risk management strategy and hedge effectiveness at the inception of, and during the term of, each hedge. Revenue Recognition We adopted Accounting Standards Update 2014-09 and all subsequent amendments which are collectively codified in Accounting Standards Codification Topic 606 - “Revenue from Contracts with Customers” (“Topic 606”) - on November 1, 2018, under the modified retrospective transition method, only with respect to contracts that were not complete as of the date of adoption. This approach required prospective application of the guidance with a cumulative effect adjustment to retained earnings to reflect the impact of the adoption on contracts that were not complete as of the date of the adoption. In accordance with the modified retrospective transition method, the results of the prior year period presented have not been adjusted for the effects of Topic 606. Please see Note 7 for a detailed discussion of our revenue recognition and related accounting policies. Product Warranty Our photomasks are sold under warranties that generally range from one Government Grants We account for funds we receive from government grants by reducing the costs of the assets or expenses to which we apply the funds. Funds we receive that cannot be attributed to specific assets or expenses would be recognized as other income, and included in Interest income and other income (expense), net in the Consolidated Statements of Income. Funds we receive from government grants are classified in our Consolidated Statement of Cash Flows as either cash flows from operating activities or cash flows from investing activities, in accordance with how we expend the funds.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Oct. 31, 2019
PROPERTY, PLANT AND EQUIPMENT [Abstract]
PROPERTY, PLANT AND EQUIPMENT	NOTE 2 - PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following: October 31, 2019 October 31, 2018 Land $ 12,085 $ 11,139 Buildings and improvements 172,340 124,771 Machinery and equipment 1,748,483 1,566,163 Leasehold improvements 19,921 19,577 Furniture, fixtures and office equipment 14,404 12,415 Construction in progress 28,135 128,649 1,995,368 1,862,714 Accumulated depreciation and amortization (1,362,927 ) (1,290,933 ) $ 632,441 $ 571,781 In January 2017, we entered into a noncash transaction with a customer which resulted in the acquisition of equipment with a fair value of approximately $6.7 million in fiscal year 2018.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Oct. 31, 2019
INTANGIBLE ASSETS [Abstract]
INTANGIBLE ASSETS	NOTE 3 - INTANGIBLE ASSETS Amortization expense of the Company’s finite-lived intangible assets was $4.6 million, $4.8 million and $4.9 million in fiscal years 2019 2018 and 2017, respectively. Intangible assets consist of: As of October 31, 2019 Gross Amount Accumulated Amortization Net Amount Technology license agreement $ 59,616 $ (53,323 ) $ 6,293 Customer relationships 9,174 (8,186 ) 988 Software and other 6,537 (5,948 ) 589 $ 75,327 $ (67,457 ) $ 7,870 As of October 31, 2018 Technology license agreement $ 59,616 $ (49,349 ) $ 10,267 Customer relationships 9,147 (7,959 ) 1,188 Software and other 6,519 (5,606 ) 913 $ 75,282 $ (62,914 ) $ 12,368 The weighted-average amortization period of intangible assets acquired in fiscal year 2019, which is comprised of software, is three years. The weighted-average amortization period of intangible assets acquired in fiscal year 2018 was three years; these intangible assets were comprised of software. Intangible asset amortization over the next five years is estimated to be as follows: Fiscal Years: 2020 $ 4,589 2021 $ 2,721 2022 $ 125 2023 $ 123 2024 $ 123

PDMCX JOINT VENTURE

PDMCX JOINT VENTURE	12 Months Ended
	Oct. 31, 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 interest in our recently established IC business in Xiamen, China. gain or loss was recorded upon the formation of this joint venture. The total investment per the PDMCX operating agreement (“the Agreement”) is $160 million. As of October 31, 2019, Photronics and DNP had each contributed cash of approximately $48 million, and PDMCX obtained local financing of $34.5 million. The remaining $29 million investment will be funded, over the next several quarters, with additional local financing of $15 million and approximately $14 million of cash contributions from Photronics and DNP. 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 twenty percent six three We recorded net losses from the operations of PDMCX of approximately $4.9 million and $0.7 million in fiscal 2019 and 2018, respectively. General creditors of PDMCX do not As required by the guidance in Topic 810 - “Consolidation” of the Accounting Codification Standards, 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 is 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 fact 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) and had both 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 periods were 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’s management), incur indebtedness, enter into agreements and commitments, and acquire and dispose of PDMCX’s assets. In addition, as a result of the 50.01 % variable interest 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. The carrying amounts of PDMCX assets and liabilities included in our consolidated balance sheets are presented in the following table, together with our maximum exposures to loss related to these assets and liabilities. October 31, 2019 October 31, 2018 Classification Carrying Amount Photronics Interest Carrying Amount Photronics Interest Current assets $ 24,142 $ 12,074 $ 9,625 $ 4,813 Non-current assets 114,015 57,019 43,415 21,708 Total assets 138,157 69,093 53,040 26,521 Current liabilities 16,889 8,446 21,205 10,603 Non-current liabilities 42,094 21,051 20 10 Total liabilities 58,983 29,497 21,225 10,613 Net assets $ 79,174 $ 39,596 $ 31,815 $ 15,908

ACCRUED LIABILITIES

ACCRUED LIABILITIES	12 Months Ended
	Oct. 31, 2019
ACCRUED LIABILITIES [Abstract]
ACCRUED LIABILITIES	NOTE 5 - ACCRUED LIABILITIES Accrued liabilities consist of the following: October 31, 2019 October 31, 2018 Compensation related expenses $ 14,011 $ 15,359 Income taxes 13,227 10,369 Contract liabilities 11,542 7,834 Value added and other taxes 3,761 3,683 Professional fees 537 1,257 Other 6,624 5,972 $ 49,702 $ 44,474

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Oct. 31, 2019
LONG-TERM DEBT [Abstract]
LONG-TERM DEBT	NOTE 6 - LONG-TERM DEBT Long-term debt consists of the following: October 31, 2019 October 31, 2018 Project Loans $ 34,490 $ - Working Capital Loans (value added tax component) 9,539 - 3.25% convertible senior notes matured April 2019 - 57,453 44,029 57,453 Current portion of long-term debt (2,142 ) (57,453 ) Long-term debt $ 41,887 $ - At October 31, 2019, maturities of our long-term debt over the next five years and thereafter were as follows: 2020 $ 2,142 2021 8,304 2022 12,430 2023 3,441 2024 6,589 Thereafter 11,123 $ 44,029 As of October 31, 2019, the weighted-average interest rate of our short-term debt was . Interest payments were $ million, $ million, and $ million, in fiscal years 2019, 2018 and 2017, respectively. Project Loans 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 initial approval, pursuant to which PDMCX has and will enter into separate loan agreements (“the Project Loans”) for intermittent borrowings. The Project Loans, which are denominated in Chinese renminbi (RMB), are being used to finance certain capital expenditures in China. PDMCX granted liens on its land, building, and certain equipment as collateral for the Project Loans. As of October 31, 2019, PDMCX had borrowed 243.4 million RMB ($34.5 million) against this approval. Payments on these borrowings are due semi-annually through December 2025 ; the initial payment is scheduled for June 2020 . The table below presents, in U.S. dollars, the timing of future payments against the borrowings. Fiscal Year 2020 2021 2022 2023 2024 2025 2026 Principal payments $ 1,275 $ 6,377 $ 5,685 $ 3,441 $ 6,589 $ 6,305 $ 4,818 The interest rates on the Project Loans are based on the benchmark lending rate of the People’s Bank of China ( at October 31, 2019). Interest incurred on the loans will be reimbursed through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provide for such reimbursements up to a prescribed limit. Working Capital Loans In November 2018, PDMCX received approval for unsecured credit of $25.0 million, pursuant to which PDMCX may enter into separate loan agreements. Under this credit agreement (the “Working Capital Loans”), PDMCX can borrow up to 140.0 million RMB to pay value-added taxes (“VAT”), and up to 60.0 million RMB to fund operations; combined total borrowings are limited to $25.0 million. As of October 31, 2019, PDMCX had 67.3 million RMB ($9.5 million) outstanding against the approval to pay VAT. Payments on these borrowings are due semiannually, at an increasing rate, through January 2022 ; PDMCX made installment payments totaling $0.1 million during the year ended October 31, 2019. The table below presents, in U.S. dollars, the timing of future payments against these borrowings. Fiscal Year 2020 2021 2022 Principal payments $ 867 $ 1,927 $ 6,745 As of October 31, 2019, PDMCX had borrowed, in several transactions, 36.8 million RMB ($5.2 million) against the approval to fund operations, all of which was outstanding as of that date; repayments are due one year from the borrowing dates. In November 2019, PDMCX borrowed an additional 8.0 million RMB ($1.1 million) against this approval. The interest rates on borrowings to fund operations are approximately 4.6% and interest rates on borrowings to pay VAT are approximately 4.9%; both rates are based on the RMB Loan Prime Rate of the National Interbank Funding Center, plus spreads that range from 25.75 67.75 Equipment Loan Effective July 2019, the Company entered into a Master Lease Agreement (“MLA”) which enables us to request advance payments or other funds to finance equipment to be leased or purchased in the U.S. In connection with this MLA, we were approved for financing of $35 million for the purchase of a high-end lithography tool. In the fourth quarter of fiscal 2019, the financing entity, upon our request, made an advance payment of $3.5 million to the equipment vendor on our behalf. Interest on this borrowing is payable monthly at thirty-day LIBOR plus 1% (2.76% at October 31, 2019), and will continue to accrue until the borrowing is repaid or, as allowed under the MLA, we enter into a lease for the equipment. We intend to enter into a lease agreement for the related equipment in fiscal year 2020; as such, we have classified this borrowing as current debt. All borrowings under the MLA are secured by the equipment to be leased or purchased. 3.25% Convertible Senior Notes 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. In April 2019, the entire $57.5 million principal amount was repaid upon maturity. Credit Agreement In September 2018, we entered into a five-year amended and restated credit agreement (the "Credit Agreement”), which has a $50 million borrowing limit, with an expansion capacity to $100 million. The Credit Agreement is secured by substantially all of our assets located in the United States and common stock we own in certain foreign subsidiaries. The Credit Agreement includes minimum interest coverage ratio, total leverage ratio, and minimum unrestricted cash balance covenants (all of which we were in compliance with at October 31, 2019), and limits the amount of cash dividends, distributions, and redemptions we can pay on our common stock to an aggregate amount of $100 million in 2019 and $50 million annually thereafter. We had no

REVENUE

REVENUE	12 Months Ended
	Oct. 31, 2019
REVENUE [Abstract]
REVENUE	NOTE 7 - REVENUE We adopted Accounting Standards Update 2014-09 and all subsequent amendments which are collectively codified in Accounting Standards Codification Topic 606 - “Revenue from Contracts with Customers” (“Topic 606”) - on November 1, 2018, under the modified retrospective transition method, only with respect to contracts that were not complete as of the date of adoption. This approach required prospective application of the guidance with a cumulative effect adjustment to retained earnings to reflect the impact of the adoption on contracts that were not complete as of the date of the adoption. In accordance with the modified retrospective transition method, the results of the prior year period presented have not been adjusted for the effects of Topic 606. 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 consolidated balance sheet, and consolidated statements of income and cash flows for the year ended October 31, 2019. Consolidated Balance Sheet October 31, 2019 As Reported Adjustments Balance without Adoption of Topic 606 Assets Accounts receivable $ 134,454 $ (1,559 ) $ 132,895 Inventory 48,155 6,093 54,248 Other current assets 38,388 (7,595 ) 30,793 Deferred income taxes 20,779 90 20,869 Liabilities Accrued liabilities $ 49,702 $ (110 ) 49,592 Equity Photronics, Inc. shareholders’ equity $ 769,892 $ (1,976 ) $ 767,916 Noncontrolling interests 141,200 (885 ) 140,315 Consolidated Statement of Income Year Ended October 31, 2019 As Reported Adjustments Balance without Adoption of Topic 606 Revenue $ 550,660 $ (4,365 ) $ 546,295 Cost of goods sold 429,819 (2,256 ) 427,563 Gross profit 120,841 (2,109 ) 118,732 Provision for taxes 10,210 (379 ) 9,831 Net income 40,491 (1,730 ) 38,761 Noncontrolling interests 10,698 (749 ) 9,949 Income attributable to Photronics, Inc. shareholders $ 29,793 $ (981 ) $ 28,812 Consolidated Statement of Cash Flows Year Ended October 31, 2019 As Reported Adjustments Balance without Adoption of Topic 606 Net Income $ 40,491 $ (1,730 ) $ 38,761 Changes in operating accounts: Accounts receivable $ (12,321 ) $ 993 $ (11,328 ) Inventories (23,088 ) (2,503 ) (25,591 ) Other current assets (8,631 ) 3,166 (5,465 ) Accounts payable, accrued liabilities, and other (11,962 ) 74 (11,888 ) 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, they have no alternative use to us and, as our contracts generally provide us with the right to payment for work completed to date, we recognize revenue as we perform, or “over time” on most of our contracts. We measure our performance to date using an input method, which is based on our estimated costs to complete the various manufacturing phases of a photomask. At the end of a reporting period, there will be a number of revenue contracts on which we have performed; for any such contracts that we are entitled to be compensated for our costs incurred plus a reasonable profit, we recognize revenue and a corresponding contract asset for such performance. We account for shipping and handling activities that we perform after a customer obtains control of a good as being activities to fulfill our promise to transfer the good to the customer, rather than as promised services, or performance obligations, under the contract. 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 primarily consist of a significant amount of our in-process production orders and fully manufactured photomasks which have not yet shipped, for which we have an enforceable right to collect consideration (including a reasonable profit) in the event the in-process orders are cancelled by customers. On an individual contract basis, we net contract assets with contract liabilities (deferred revenue) for financial reporting purposes. Our contract assets and liabilities are typically classified as current, as our production cycle and our lead times are both under one year. Contract assets of $7.6 million are included in “Other” current assets, and contract liabilities of $11.5 million are included in Accrued liabilities in our October 31, 2019 consolidated balance sheet. At November 1, 2018, our date of adoption of Topic 606, we had contract assets of $4.6 million and contract liabilities of $7.8 million. We did not We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed during, and at the end of, every period for collectibility. To the extent we believe a loss on the collection of a customer invoice is probable, we record the loss and credit the allowance for doubtful accounts. In the event that an amount is determined to be uncollectible, we charge the allowance for doubtful accounts and eliminate the related receivable. Credit losses incurred on our accounts receivable during the year ended October 31, 2019, were immaterial. Our invoice terms generally range from net thirty ninety 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 year ended October 31, 2019, disaggregated by product type, geographic origin, and timing of recognition. Year Ended Revenue by Product Type October 31, 2019 IC High-end $ 156,418 Mainstream 249,773 Total IC $ 406,191 FPD High-end $ 98,832 Mainstream 45,637 Total FPD $ 144,469 $ 550,660 Revenue by Geographic Origin Taiwan $ 244,377 Korea 147,734 United States 105,045 Europe 32,585 China 19,010 All other Asia 1,909 $ 550,660 Revenue by Timing of Recognition Over time $ 497,942 At a point in time 52,718 $ 550,660 Contract Costs We pay commissions to third party sales agents for certain sales that they obtain for us. However, the bases of the commissions are the transaction prices of the sales, which are completed in less than one year; thus, no relationship is established with a customer that will result in future business. Therefore, 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 two two three 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 one

OPERATING LEASES

OPERATING LEASES	12 Months Ended
	Oct. 31, 2019
OPERATING LEASES [Abstract]
OPERATING LEASES	NOTE 8 - OPERATING LEASES We lease various real estate and equipment under non-cancelable operating leases, for which rent expense was $3.0 million, $2.9 million, and $3.0 million in fiscal 2019, 2018, and 2017, respectively. At October 31, 2019, future minimum lease payments under non-cancelable operating leases with initial terms in excess of one year were as follows: 2020 $ 1,885 2021 1,613 2022 1,535 2023 742 2024 424 Thereafter 377 $ 6,576 We adopted ASU 2016-02 and all subsequent amendments, collectively codified in ASC Topic 842 “Leases” (“Topic 842”), on November 1, 2019. The guidance requires modified retrospective adoption, either at the beginning of the earliest period presented or at the beginning of the period of adoption; we have elected to apply the guidance at the beginning of the period of adoption. See Note 22 for further information on our adoption of Topic 842.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Oct. 31, 2019
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	NOTE 9 – 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 held in the treasury, or a combination thereof. The maximum number of shares of common stock approved that may be issued under the Plan is four million shares. Awards may be granted to officers, employees, directors, consultants, advisors, and independent contractors of Photronics or its subsidiaries. In the event of a change in control (as defined in the Plan), the vesting of awards may be accelerated. The Plan, aspects of which are more fully described below, prohibits further awards from being issued under prior plans. We incurred total share-based compensation expenses of $3.7 million, $3.2 million, and $3.6 million in fiscal years 2019, 2018, and 2017, respectively. No share-based compensation cost was capitalized as part of an asset and no related income tax benefits were recorded during the fiscal years presented. Stock Options Option awards generally vest in one to four years, and have a ten-year contractual term. All incentive and non-qualified stock option grants must have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant-date fair values of options are based on closing prices of our common stock on the dates of grant and are calculated using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of our common stock. We use historical option exercise behavior and employee termination data to estimate expected term, which represents the period of time that options granted are expected to remain outstanding. The risk-free rate of return for the estimated term of an option is based on the U.S. Treasury yield curve in effect at the date of grant. The weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options issued during fiscal years 2019, 2018 and 2017 are presented in the following table: Year Ended October 31, 2019 October 31, 2018 October 29, 2017 Expected volatility 33.1% 31.7% 32.2% Risk-free rate of return 2.5 - 2.9% 2.2 - 2.8% 1.9 - 2.0% Dividend yield 0.0% 0.0% 0.0% Expected term 5.1 years 5.0 years 5.0 years The table below presents a summary of stock options activity during fiscal year 2019 and information on stock options outstanding at October 31, 2019. Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at October 31, 2018 2,423,560 $ 8.68 Granted 132,000 $ 9.77 Exercised (322,010 ) $ 6.43 Cancelled and forfeited (62,783 ) $ 11.47 Outstanding at October 31, 2019 2,170,767 $ 9.00 5.4 years $ 6,206 Exercisable at October 31, 2019 1,615,225 $ 8.61 4.6 years $ 5,242 Vested and expected to vest as of October 31, 2019 2,095,804 $ 8.95 5.3 years $ 6,096 The weighted-average grant date fair value of options granted during fiscal years 2019, 2018 and 2017 were $3.31, $2.76 and $3.59, respectively. The total intrinsic value of options exercised during fiscal years 2019, 2018 and 2017 was $1.3 million, $2.5 million and $1.9 million, respectively. We received cash from option exercises of $2.1 million, $4.3 million and $2.4 million in fiscal years 2019, 2018 and 2017, respectively. As of October 31, 2019, the total unrecognized compensation cost of unvested option awards was approximately $0.9 million. That cost is expected to be recognized over a weighted-average amortization period of 2.1 years. Restricted Stock We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one four A summary of restricted stock award activity during fiscal year 2019 and the status of our outstanding restricted stock awards as of October 31, 2019, is presented below: Restricted Stock Shares Weighted-Average Fair Value at Grant Date Outstanding at October 31, 2018 419,297 $ 9.58 Granted 435,000 $ 9.80 Vested (195,684 ) $ 9.65 Cancelled (18,500 ) $ 9.82 Outstanding at October 31, 2019 640,113 $ 9.70 Expected to vest as of October 31, 2019 594,771 $ 9.69 Employee Stock Purchase Plan Our Employee Stock Purchase Plan (“ESPP”) permits employees to purchase Photronics, Inc. common shares at 85% of the lower of the closing market price at the commencement or ending date of the Plan year (which is approximately one year). We recognize the ESPP expense during that same period. As of October 31, 2019, the maximum number of shares of common stock approved by our shareholders to be purchased under the ESPP was 1.85 million shares, of which approximately 1.5 million shares had been issued through October 31, 2019; No shares were subject to outstanding subscriptions as of October 31, 2019.

EMPLOYEE RETIREMENT PLANS

EMPLOYEE RETIREMENT PLANS	12 Months Ended
	Oct. 31, 2019
EMPLOYEE RETIREMENT PLANS [Abstract]
EMPLOYEE RETIREMENT PLANS	NOTE 10 - EMPLOYEE RETIREMENT PLANS We maintain a 401(k) Savings and Profit Sharing Plan (“401(k) Plan”) which covers all full and certain part time U.S. employees who have completed three

INCOME TAXES

INCOME TAXES	12 Months Ended
	Oct. 31, 2019
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 11 - INCOME TAXES Income before the income tax provisions consists of the following: Year Ended October 31, 2019 October 31, 2018 October 29, 2017 United States $ (8,379 ) $ (9,859 ) $ (11,544 ) Foreign 59,080 78,430 38,109 $ 50,701 $ 68,571 $ 26,565 The income tax provisions consist of the following: Year Ended October 31, 2019 October 31, 2018 October 29, 2017 Current: Federal $ (3,916 ) $ (30 ) $ 173 State 11 - (4 ) Foreign 17,777 11,584 3,474 Deferred: Federal 3,673 (3,673 ) - State 10 (24 ) 15 Foreign (7,345 ) (522 ) 1,618 Total $ 10,210 $ 7,335 $ 5,276 The income tax provisions differ from the amount computed by applying the statutory U.S. federal income tax rate to income before income taxes as a result of the following: Year Ended October 31, 2019 October 31, 2018 October 29, 2017 U.S. federal income tax at statutory rate $ 10,647 $ 16,059 $ 9,298 Changes in valuation allowances 2,673 4,554 (3,632 ) Foreign tax rate differentials 218 (2,078 ) (5,230 ) Tax credits (1,268 ) (1,530 ) (1,925 ) Uncertain tax positions, including reserves, settlements and resolutions 134 (1,791 ) (932 ) Employee stock option 232 (1,433 ) 512 Income tax holiday (2,234 ) (2,648 ) (743 ) Tax reform - (3,736 ) - Distributions from foreign subsidiaries - - 6,471 Tax on foreign subsidiary earnings - - 1,712 Other, net (192 ) (62 ) (255 ) $ 10,210 $ 7,335 $ 5,276 Effective tax rate 20.1 % 10.7 % 19.8 % The fiscal year 2019 effective tax rate differs from the U.S. statutory rate of 21% due to the recognition of a benefit related to previously unrecognized tax positions, loss jurisdiction pre-tax losses being benefited at higher statutory rates than pre-tax income in income jurisdictions was taxed, changes in deferred tax asset valuation allowance, The fiscal year 2018 effective tax rate differs from the U.S. federal blended rate of The fiscal year 2017 effective tax rate differs from the U.S. statutory rate of 35% primarily due to earnings being taxed at lower statutory rates in foreign jurisdictions, changes in deferred tax asset valuation allowances, including the reversals noted below, together with the benefit of various investment credits in a foreign jurisdiction. We were granted two five 2017 2019 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. • 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 recorded valuation allowance. • 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 is reflected in our tax provision in fiscal year 2018. The net deferred income tax assets consist of the following: As of October 31, 2019 October 31, 2018 Deferred income tax assets Net operating losses $ 32,229 $ 30,805 Reserves not currently deductible 5,013 4,703 Tax credit carryforwards 9,164 9,159 Share-based compensation 860 767 Alternative minimum tax credits - 3,673 Other 434 1,210 47,700 50,317 Valuation allowances (27,032 ) (24,383 ) 20,668 25,934 Deferred income tax liabilities: Property, plant and equipment (251 ) (8,020 ) Other - (448 ) (251 ) (8,468 ) Net deferred income tax assets $ 20,417 $ 17,466 Reported as: Deferred income tax assets $ 20,779 $ 18,109 Deferred income tax liabilities (362 ) (643 ) $ 20,417 $ 17,466 We have established a valuation allowance for a portion of our deferred tax assets because we believe, based on the weight of all available evidence, that it is more likely than not that a portion of our net operating loss carryforwards will expire prior to utilization. In fiscal year 2019, the valuation allowance $ million $ million, credit utilizations of $ million, changes in the deferred tax liability of $ million, $ million from the adoption of ASU 2016-09 related to stock compensation, $ million from the corporate tax rate reduction, and other impacts of $ million. Due to the Act, as of fiscal year end 2018, U.S. deferred taxes were no longer provided on the undistributed earnings of non-U.S. subsidiaries. Our policy to indefinitely reinvest these earnings in non-U.S. operations remains unchanged for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding taxes. Therefore, should we elect in the future to repatriate the remaining foreign earnings deemed to be indefinitely reinvested, we may incur additional state and withholding tax expense on those foreign earnings, the amount of which is not practicable to compute. The following tables present our available operating loss and credit carryforwards as of October 31, 2019, and their related expiration periods: Operating Loss Carryforwards Amount Expiration Periods Federal $ 85,949 2028 State 206,513 2019 2039 Foreign 9,177 2022 2029 Tax Credit Carryforwards Amount Expiration Period Federal research and development $ 4,522 2019 2039 State 5,870 2020 2029 In September 2019, we entered into a Section 382 Rights Agreement with Computershare Trust Company, N.A., a federally chartered trust company, as rights agent. The purpose of the Rights Agreement is to deter trading of our common stock that would result in a change in control (as defined in Internal Revenue Control Section 382), thereby preserving our future ability to use our historical federal net operating losses and other Tax Attributes (as defined in the Rights Agreement). In connection with our entry into the Rights Agreement, our board of directors declared a dividend of one preferred stock purchase right, payable on or about October 1, 2019, for each share of common stock, par value $0.01 per share, of the Company’s outstanding on September 30, 2019, to the stockholders of record on that date. A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, is as follows: Year Ended October 31, 2019 October 31, 2018 October 29, 2017 Balance at beginning of year $ 1,775 $ 3,384 $ 4,606 Additions (reductions) for tax positions in prior years (466 ) (44 ) 207 Additions based on current year tax positions 1,286 498 323 Settlements (204 ) (56 ) (922 ) Lapses of statutes of limitations (633 ) (2,007 ) (830 ) Balance at end of year $ 1,758 $ 1,775 $ 3,384 As of October 31, 2019, October 31, 2018 and October 29, 2017, the balance of unrecognized tax benefits, which are included in Other liabilities, includes $ 1.9 million, $ 1.9 million, and $ 3.4 million, respectively, that, if recognized, would impact the effective tax rates. Included in each of these amounts were interest and penalties of $ 0.2 million, $ 0.1 million, and $ 0.1 million, at the end of fiscal year 2019, 2018, and 2017, respectively. We include any applicable interest and penalties related to uncertain tax positions in our income tax provision. The amounts reflected in the table above include settlements of non-U.S. audits. 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 the amount of uncertain tax positions (including accrued interest and penalties, and net of tax benefits) that may be resolved over the next twelve months is immaterial. Resolution of these uncertain tax positions may result from either or both the lapses of statutes of limitations and tax settlements. The Company is no longer subject to tax authority examinations in the U.S., major foreign, or state tax jurisdictions for years prior to fiscal year 2014. Income tax payments were $ million, $ million and $ million in fiscal years 2019, 2018 and 2017, respectively. Cash received as refunds of income taxes paid in prior years amounted to $ million and $ million in 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 in the consolidated balance sheets) against beginning retained earnings.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Oct. 31, 2019
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	NOTE 12 - EARNINGS PER SHARE The calculation of basic and diluted earnings per share is presented as follows: Year Ended October 31, 2019 October 31, 2018 October 29, 2017 Net income attributable to Photronics, Inc. shareholders $ 29,793 $ 42,055 $ 13,130 Effect of dilutive securities: Interest expense on convertible notes, net of related tax effects 845 1,999 - Earnings for diluted earnings per share $ 30,638 $ 44,054 $ 13,130 Weighted-average common shares computations: Weighted-average common shares used for basic earnings per share 66,347 68,829 68,436 Effect of dilutive securities: Convertible notes 2,360 5,542 - Share-based payment awards 448 450 852 Potentially dilutive common shares 2,808 5,992 852 Weighted-average common shares used for diluted earnings per share 69,155 74,821 69,288 Basic earnings per share $ 0.45 $ 0.61 $ 0.19 Diluted earnings per share $ 0.44 $ 0.59 $ 0.19 The table below shows the outstanding weighted-average share-based payment awards that were excluded from the calculation of diluted earnings per share because their exercise price exceeded the average market value of the common shares for the period or, under application of the treasury stock method, they were otherwise determined to be antidilutive. The table also shows convertible notes that, if converted, would have been antidilutive. Year Ended October 31, 2019 October 31, 2018 October 29, 2017 Share based payment awards 1,250 1,627 1,308 Convertible notes - - 5,542 Total potentially dilutive shares excluded 1,250 1,627 6,850 Subsequent to October 31, 2019, we repurchased 0.9 million shares of our common stock. See Note 19 for information on our share repurchase programs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Oct. 31, 2019
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 13 - COMMITMENTS AND CONTINGENCIES As of October 31, 2019, we had outstanding purchase commitments of $ million, $ million of which was for As of October 31, 2019, we had recorded liabilities for the purchase of equipment of $ million. We are subject to various claims that arise in the ordinary course of business. We believe such claims, individually and in the aggregate, will not have a material effect on our consolidated financial statements.

GEOGRAPHIC AND SIGNIFICANT CUST

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION	12 Months Ended
	Oct. 31, 2019
GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION [Abstract]
GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION	NOTE 14 - GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION We operate as a single operating segment as a manufacturer of photomasks, which are high precision quartz or glass plates containing microscopic images of electronic circuits for use in the fabrication of IC’s and FPDs. Our 2019, 2018 and 2017 revenue by geographic origin and by IC and FPD products are presented below. Year Ended October 31, 2019 October 31, 2018 October 29, 2017 Net revenue Taiwan $ 244,377 $ 237,039 $ 187,818 Korea 147,734 147,066 122,165 United States 105,045 112,648 102,040 Europe 32,585 35,540 36,081 China 19,010 1,157 168 All other Asia 1,909 1,826 2,406 $ 550,660 $ 535,276 $ 450,678 IC $ 406,191 $ 416,064 $ 350,260 FPD 144,469 119,212 100,418 $ 550,660 $ 535,276 $ 450,678 Our 2019, 2018, and 2017 long-lived assets by geographic area are presented below. As of October 31, 2019 October 31, 2018 October 29, 2017 Long-lived assets China $ 232,394 $ 102,985 $ 8,273 Taiwan 146,467 177,626 186,192 United States 130,935 156,948 180,095 Korea 117,755 127,764 147,265 Europe 4,890 6,458 13,372 $ 632,441 $ 571,781 $ 535,197 One customer accounted for 16% of our revenue in fiscal years 2019, 2018 and 2017, respectively, and another customer accounted for 15%, 15% and 16% of our revenue in fiscal years 2019, 2018 and 2017, respectively.

CHANGES IN ACCUMULATED OTHER CO

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT	12 Months Ended
	Oct. 31, 2019
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT	NOTE 15 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT The following tables set forth the changes in our accumulated other comprehensive income by component (net of tax of $ 0 ) for the years ended October 31, 2019 and October 31, 2018: Year Ended October 31, 2019 Foreign Currency Translation Adjustments Other Total Balance at October 31, 2018 $ (4,328 ) $ (638 ) $ (4,966 ) Other comprehensive loss (2,877 ) (74 ) (2,951 ) Less: other comprehensive income (loss) attributable to noncontrolling interests 1,126 (38 ) 1,088 Balance at October 31, 2019 $ (8,331 ) $ (674 ) $ (9,005 ) Year Ended October 31, 2018 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at October 29, 2017 $ 7,627 $ (48 ) $ (688 ) $ 6,891 Other comprehensive income before reclassifications (16,672 ) - 101 (16,571 ) Amounts reclassified from other accumulated comprehensive income - 48 - 48 Net current period other comprehensive income (16,672 ) 48 101 (16,523 ) Less: other comprehensive (loss) income attributable to noncontrolling interests (4,717 ) - 51 (4,666 ) Balance at October 31, 2018 $ (4,328 ) $ - $ (638 ) $ (4,966 ) Amortization of the cash flow hedge is included in cost of goods sold in the 2018 and 2017 consolidated statements of income.

CONCENTRATIONS OF CREDIT RISK

CONCENTRATIONS OF CREDIT RISK	12 Months Ended
	Oct. 31, 2019
CONCENTRATIONS OF CREDIT RISK [Abstract]
CONCENTRATIONS OF CREDIT RISK	NOTE 16 – CONCENTRATIONS OF CREDIT RISK Financial instruments that potentially subject us to credit risk principally consist of trade accounts receivables and short-term cash investments. We sell our products primarily to semiconductor and FPD manufacturers in Asia, North America, and Europe. We believe that the concentration of credit risk in our trade receivables is substantially mitigated by our ongoing credit evaluation process and relatively short collection terms. We do not generally require collateral from customers. We establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Our cash and cash equivalents are deposited in several financial institutions, including institutions located within all of the countries in which we manufacture photomasks. Portions of deposits in some of these institutions may exceed the amount of insurance available for such deposits at these institutions. As these deposits are generally redeemable upon demand and are held by high quality, reputable institutions, we consider them to bear minimal credit risk. We further mitigate credit risks related to our cash and cash equivalents by spreading such risk among a number of institutions. As of October 31, 2019, one of our customers accounted for 17% of our net accounts receivable. As of October 31, 2018, two of our customers individually accounted for 20% and 10% of our net accounts receivable.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Oct. 31, 2019
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 17 - RELATED PARTY TRANSACTIONS On January 20, 2018, Photronics, Inc. entered into a four-year consulting agreement with DEMA Associates, LLC, for $0.4 million per year. Two members of our board of directors, including the chairman, and a member of the chairman’s immediate family, are members of DEMA Associates, LLC. We incurred expenses for services provided by this entity of $0.4 million and $0.3 million in fiscal years 2019 and 2018, respectively. In July 2016, we entered into a contract for information technology services with a parent entity for which members of our board of directors served as the executive chairman of the board and a director of a wholly owned subsidiary of that entity. In fiscal year 2018, we incurred expenses for services provided by the parent entity of $ million during the period in which our board members served on the board of directors of this entity and, in fiscal year 2017, we incurred expenses of $ million with the parent entity. An officer of our company is related to an individual in a position of authority at one of our largest customers. We recorded revenue from this customer of $87.0 million, $78.4 million and $73.6 million, in fiscal years 2019, 2018 and 2017, respectively. As of October 31, 2019 and October 31, 2018, we had accounts receivable of $22.2 million and $23.5 million, respectively, from this customer. We purchase photomask blanks from an entity of which a former officer of ours is a significant shareholder. The Company purchased $4.5 million of photomask blanks from this entity during the period in 2017 when the former officer was employed by us. We believe that the terms of our transactions with the related parties described above were negotiated at arm’s length and were no less favorable to us than terms we could have obtained from unrelated third parties.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Oct. 31, 2019
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 18 - 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 values due to their short-term maturities. The fair values of our variable rate debt instruments are a Level 2 measurement and approximates their carrying values due to the variable nature of the underlying interest rates. The fair values 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 at fair value, on a recurring or a nonrecurring basis, at October 31, 2019 or October 31, 2018. Fair Value of Financial Instruments Not Recorded 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 PROGRAMS

SHARE REPURCHASE PROGRAMS	12 Months Ended
	Oct. 31, 2019
SHARE REPURCHASE PROGRAMS [Abstract]
SHARE REPURCHASE PROGRAMS	NOTE 19 – SHARE REPURCHASE PROGRAMS In August 2019, the Company’s board of directors authorized the repurchase of up to $100 million of its common stock, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Act of 1933 (as amended). 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. In July 2018, the Company’s Board of Directors authorized the repurchase of up to $20 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 July 10, 2018, and was completed in October 2018 All of the shares purchased under the above repurchase programs were retired in fiscal year 2019. The Table below presents information on the repurchase programs. Fiscal Year 2019 Purchases Fiscal Year 2018 Purchases Total Purchases Under Programs Number of shares repurchased 2,133 2,558 4,691 Cost of shares repurchased $ 21,696 $ 23,111 $ 44,807 Average price paid per share $ 10.17 $ 9.04 $ 9.55

SUBSIDIARY DIVIDEND

SUBSIDIARY DIVIDEND	12 Months Ended
	Oct. 31, 2019
SUBSIDIARY DIVIDEND [Abstract]
SUBSIDIARY DIVIDEND	NOTE 20 SUBSIDIARY DIVIDEND In fiscal years 2019 and 2018, PDMC, the Company’s majority owned subsidiary in Taiwan, paid dividends of which 49.99%, or approximately $45.1 and $8.2 million, respectively, were paid to noncontrolling interests.

QUARTERLY RESULTS OF OPERATIONS

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	12 Months Ended
	Oct. 31, 2019
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) [Abstract]
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	NOTE 21 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The following table sets forth certain unaudited quarterly financial data: First Second Third Fourth Year Fiscal 2019: Revenue $ 124,712 $ 131,580 $ 138,112 $ 156,256 $ 550,660 Gross profit 26,102 26,010 30,570 38,159 120,841 Net income 7,768 9,852 9,834 13,037 40,491 Net income attributable to Photronics, Inc. shareholders 5,267 8,479 6,347 9,700 29,793 Earnings per share: Basic $ 0.08 $ 0.13 $ 0.10 $ 0.15 $ 0.45 Diluted $ 0.08 $ 0.13 $ 0.10 $ 0.15 $ 0.44 First Second Third Fourth Year Fiscal 2018: (a) (a) Revenue $ 123,446 $ 130,779 $ 136,391 $ 144,660 $ 535,276 Gross profit 27,662 32,819 35,597 35,425 131,503 Net income 9,481 15,189 19,797 16,769 61,236 Net income attributable to Photronics, Inc. shareholders 5,898 10,665 13,005 12,487 42,055 Earnings per share: Basic $ 0.09 $ 0.15 $ 0.19 $ 0.18 $ 0.61 Diluted $ 0.09 $ 0.15 $ 0.18 $ 0.18 $ 0.59 (a) Includes $0.6 million gain on sale of assets.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Oct. 31, 2019
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 22 - RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Updates to be Implemented In June 2016, the Financial Accounting Standards Board (“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 model, found in current GAAP, with an expected credit loss model; the new model 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. 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)”, which requires lessees to recognize right-of-use assets and corresponding liabilities for all leases with an initial term in excess of twelve months. We adopted ASU 2016-02 and all subsequent amendments, collectively codified in Topic 842, on November 1, 2019. The guidance requires modified retrospective adoption, either at the beginning of the earliest period presented or at the beginning of the period of adoption. We elected to apply the guidance at the beginning of the period of adoption, and recorded right-of-use (ROU) leased assets of approximately $6.7 million, and corresponding lease liabilities, which were discounted at our incremental borrowing rates. The guidance allows a number of elections and practical expedients, of which we have elected to employ the following: - Election not to recognize short-term leases on the balance sheet. - Practical expedient to not separate lease and non-lease components in a contract. - Practical expedient “package” for transitioning to the new guidance: * Not reassessing whether any expired or existing contracts are or contain leases. * Not reassessing lease classification for any existing or expired leases. * Not reassessing initial direct costs for any existing leases. We do not expect our adoption of Topic 842 to affect our cash flows or our ability to comply with covenants under our credit agreements. 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 was effective for us in our first quarter of fiscal year 2019 and applied on a modified retrospective transition basis. Please see Note 11 for a discussion of the effects of adopting this 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 of, and adjustments to, these items were 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 that 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 satisfied performance obligations that exist at the end of a reporting period.

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
	Oct. 31, 2019
Schedule II-Valuation and Qualifying Accounts [Abstract]
Schedule II-Valuation and Qualifying Accounts	Valuation and Qualifying Accounts for the Years Ended October 31, 2019, October 31, 2018 and October 29, 2017 (in $ thousands) Balance at Beginning of Year Charged to Costs and Expenses Deductions Balance at End of Year Allowance for Doubtful Accounts Year-ended October 31, 2019 $ 1,526 $ (18 ) $ (174 )(a) $ 1,334 Year-ended October 31, 2018 $ 2,319 $ (809 ) $ 16 (a) $ 1,526 Year ended October 29, 2017 $ 3,901 $ (1,600 )(b) $ 18 (a) $ 2,319 _________________ (a) Uncollectible accounts written off, net, and impact of foreign currency translation. (b) Reversal of valuation allowance.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Oct. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Consolidation	Consolidation The accompanying consolidated financial statements include the accounts of Photronics, Inc. , its wholly owned subsidiaries, and the majority-owned subsidiaries which it controls. All intercompany balances and transactions have been eliminated in consolidation.
Estimates and Assumptions	Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect amounts reported in them. Estimates are based on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Our estimates are based on the facts and circumstances available at the time they are made. Actual results we report may differ from such estimates. We review these estimates periodically and reflect any effects of revisions in the period in which they are determined.
Fiscal Year	Fiscal Year Commencing with our 2018 fiscal year, our fiscal year ends on October 31. In prior years, our fiscal years ended on the Sunday closest to October 31. Prior year results in this Form 10-K have not been restated to reflect year-end dates of October 31.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investments with an original maturity of three months or less The carrying values of cash equivalents approximate their fair values, due to the short-term maturities of these instruments.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts We
Inventories	Inventories Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment, except as explained below under “Impairment of Long-Lived Assets,” is stated at cost less accumulated depreciation and amortization. Repairs and maintenance, as well as renewals and replacements of a routine nature, are charged to operations as incurred, while those that improve, or extend the lives of, existing assets are capitalized. Upon sale or other disposition, the cost of the asset and its related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in earnings. Depreciation and amortization, essentially all of which are included in cost of goods sold, are computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over 10 to 39 years, machinery and equipment over 5 to 15 years, and furniture, fixtures and office equipment over 3 to 5 years. Leasehold improvements are amortized over the life of the lease or the estimated useful life of the improvement, whichever is less. We employ judgment and assumptions when we establish estimated useful lives and depreciation periods, as well as when we periodically review property, plant and equipment for any potential impairment in carrying values, whenever events such as a significant industry downturn, plant closures, technological obsolescence, or other change in circumstances indicate that their carrying amounts may not be recoverable.
Intangible Assets	Intangible Assets Intangible assets consist primarily of a technology license agreement and acquisition-related intangibles. These assets, except as explained below, are stated at fair value as of the date acquired, less accumulated amortization. Amortization is calculated based on the estimated useful lives of the assets, which range from 3 to 15 years, using the straight-line method or another method that more fairly represents the utilization of the assets. We periodically evaluate the remaining useful lives of our intangible assets to determine whether events or circumstances warrant a revision to the remaining periods of amortization. In the event that the estimate of an intangible asset’s remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. If it is determined that an intangible asset has an indefinite useful life, that intangible asset would be subject to impairment testing annually or whenever events or circumstances indicate that its carrying value may not, based on future undiscounted cash flows or market factors, be recoverable. An impairment loss, the recorded amount of which would be based on the fair value of the intangible asset at the measurement date, would be recorded in the period in which the impairment determination was made.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determinations of recoverability are based upon our judgment and estimates of undiscounted future cash flows resulting from the use of the assets and their eventual disposition. Measurement of an impairment loss for long-lived assets that we expect to hold and use is based on the fair value of the assets determined using a market or income approach compared with the carrying value of the asset. The carrying values of assets determined to be impaired would be reduced to their estimated fair values.
Restricted Cash	Restricted Cash Restricted cash in the amounts of $2.8 million and $2.7 million are included in “Other assets” on our October 31, 2019 and October 31, 2018, consolidated balance sheets, respectively. The restrictions on these amounts are primarily related to land lease agreements and customs requirements.
Business Combinations	Business Combinations When acquiring other businesses, or participating in mergers or joint ventures in which we are deemed to be the acquirer, we generally recognize identifiable assets acquired, liabilities assumed and any noncontrolling interests at their acquisition date fair values, separately from any goodwill that may be required to be recognized. Goodwill, when recognizable, would be measured as the excess amount of any consideration transferred, which is generally measured at fair value, over the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Accounting for such transactions requires us to make significant assumptions and estimates and, although we believe any estimates and assumptions we make to be reasonable and appropriate at the time they are made, unanticipated events and circumstances may arise that affect their accuracy, which may cause actual results to differ from those we estimated. When required, we will adjust the values of the assets acquired and liabilities assumed against the acquisition gain or goodwill, as initially recorded, for a period of up to one year after the transaction. Costs incurred to effect a merger or acquisition, such as legal, accounting, valuation and other third-party costs, as well as internal general and administrative costs incurred are charged to expense in the periods incurred. Costs incurred to issue any debt and equity securities are recognized in accordance with other applicable generally accepted accounting principles.
Investments in Joint Ventures	Investments in Joint Ventures The financial results of investments in joint ventures in which we have a controlling financial interest are included in our consolidated financial statements. Investments in joint ventures over which we have the ability to exercise significant influence and that, in general, are at least twenty percent owned are accounted for under the equity method. An impairment loss would be recognized whenever a decrease in the fair value of such an investment below its carrying amount is determined to be other than temporary. In judging "other than temporary," we would consider the length of time and the extent to which the fair value of the investment has been less than its carrying amount, the near-term and longer-term operating and financial prospects of the investee, and our longer-term intent of retaining our investment in the investee.
Variable Interest Entities	Variable Interest Entities We account for the investments we make in certain legal entities in which equity investors do not have 1) sufficient equity at risk for the legal entity to finance its activities without additional subordinated financial support or, 2) as a group, the holders of the equity investment at risk do not have either the power, through voting or similar rights, to direct the activities of the legal entity that most significantly impact the entity’s economic performance or, 3) the obligation to absorb the expected losses of the legal entity or the right to receive expected residual returns of the legal entity as “variable interest entities”, or “VIEs”. We consolidate the results of any such entity in which we have determined that we have a controlling financial interest. We would have a “controlling financial interest” (and thus be considered the “primary beneficiary” of the entity) in such an entity when we have both the power to direct the activities that most significantly affect the VIE’s economic performance and the obligation to absorb the losses of, or right to receive the benefits from, the VIE that could be potentially significant to the VIE. On a quarterly basis, we reassess whether we have a controlling financial interest in any investments we have in these entities. We account for investments we make in VIEs in which we have determined that we do not have a controlling financial interest but have a significant influence over, and hold at least a twenty percent ownership interest in, using the equity method. Any such investment not meeting the parameters to be accounted for under the equity method would be accounted for using the cost method, unless the investment had a readily determinable fair value, at which value it would then be reported.
Income Taxes	Income Taxes The income tax provision is computed on the basis of the various tax jurisdictions' income or loss before income taxes. Deferred income taxes reflect the tax effects of differences between the carrying amounts of assets and liabilities for financial reporting purposes and their amounts used for income tax purposes, as well as the tax effects of net operating losses and tax credit carryforwards. We use judgment and make assumptions to determine if valuation allowances for deferred income tax assets are required, if their realization is not more likely than not, by considering future market growth, operating forecasts, future taxable income, and the mix of earnings among the tax jurisdictions in which we operate. Accordingly, income taxes charged against earnings may have been impacted by changes in the valuation allowances. We consider income taxes in each of the tax jurisdictions in which we operate in order to determine our effective income tax rate. Our current income tax expense is thus identified, and temporary differences resulting from differing treatments of items for tax and financial reporting purposes are assessed. These differences result in deferred tax assets and liabilities, which are included in our consolidated balance sheets. We account for uncertain tax positions by recording a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in our tax returns. We include any applicable interest and penalties related to uncertain tax positions in our income tax provision.
Treasury Stock	Treasury Stock We record treasury stock purchases under the cost method, recording the entire cost of the acquired stock as treasury stock. Gains and losses on subsequent reissuances would be credited or charged to additional paid-in capital, and we would employ the average cost method (with average cost being determined separately for each share repurchase program), in the event that we subsequently reissue shares.
Earnings Per Share	Earnings Per Share Basic earnings per share ("EPS") is based on the weighted-average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution that could occur if certain share-based payment awards or financial instruments were exercised, earned or converted.
Share-Based Compensation	Share-Based Compensation We recognize share-based compensation expense over the service period that the awards are expected to vest. Share-based compensation expense includes the estimated effects of forfeitures, which are adjusted over the requisite service period to the extent actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized in the period of change, and will impact the amount of expense to be recognized in future periods. Determining the appropriate option pricing model, calculating the grant date fair value of share-based awards and estimating forfeiture rates requires considerable judgment, including estimations of stock price volatility and the expected term of options granted. We use the Black-Scholes option pricing model to value employee stock options. We estimate stock price volatility based on daily averages of our common stock’s historical volatility over a term approximately equal to the estimated time period the grant will remain outstanding. The expected term of options and forfeiture rate assumptions are derived from historical data.
Research and Development	Research and Development Research and development costs are expensed as incurred, and consist primarily of development efforts related to high-end process technologies for advanced subwavelength reticle solutions for IC and FPD photomask technologies.
Foreign Currency Translation	Foreign Currency Translation Our non-US subsidiaries maintain their accounts in their respective local currencies. Assets and liabilities of such subsidiaries are translated to U.S. dollars at year-end exchange rates. Income and expenses are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are accumulated and reported in accumulated other comprehensive income, a component of equity. The effects of changes in exchange rates on foreign currency transactions, which are included in Interest income and other income (expense) net, were a net (loss)/gain of $(1.3 ) million, $0.4 million and $(5.2 ) million in fiscal years 2019, 2018 and 2017, respectively.
Noncontrolling Interests	Noncontrolling Interests Substantially all of Noncontrolling interests represents the minority shareholders' proportionate share in the equity of two of the Company's majority-owned subsidiaries: Photronics DNP Mask Corporation (“PDMC”) in Taiwan, and Xiamen American Japan Photronics Mask Co., Ltd ("PDMCX") in China, of which noncontrolling interests owned 49.99 % as of October 31, 2019 and October 31, 2018. In addition, noncontrolling shareholders owned approximately 0.2 % of PK Ltd. (“PKL”) in Korea as of October 31, 2019 and October 31, 2018. In November 2019, we acquired the remaining noncontrolling interests’ shares of PKL for approximately $0.6 million
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We record derivatives in the consolidated balance sheets as assets or liabilities, measured at fair value. We do not engage in derivative instruments for speculative purposes. Gains or losses resulting from changes in the values of derivatives are reflected in earnings, or as accumulated other comprehensive income or loss, a separate component of equity, depending on the use of the derivatives and whether they qualify for hedge accounting. In order to qualify for hedge accounting, among other criteria, a derivative must be a hedge of an interest rate, price, foreign currency exchange rate, or credit risk that is expected to be highly effective at the inception of the hedge, be highly effective in achieving offsetting changes in the fair value or cash flows of the hedged item during the term of the hedge and formally documented at the inception of the hedge. In general, the types of risks we would hedge are those related to the variability of future cash flows caused by movements in foreign currency exchange and interest rates. We would document our risk management strategy and hedge effectiveness at the inception of, and during the term of, each hedge.
Revenue Recognition	Revenue Recognition We adopted Accounting Standards Update 2014-09 and all subsequent amendments which are collectively codified in Accounting Standards Codification Topic 606 - “Revenue from Contracts with Customers” (“Topic 606”) - on November 1, 2018, under the modified retrospective transition method, only with respect to contracts that were not complete as of the date of adoption. This approach required prospective application of the guidance with a cumulative effect adjustment to retained earnings to reflect the impact of the adoption on contracts that were not complete as of the date of the adoption. In accordance with the modified retrospective transition method, the results of the prior year period presented have not been adjusted for the effects of Topic 606. Please see Note 7 for a detailed discussion of our revenue recognition and related accounting policies.
Product Warranty	Product Warranty Our photomasks are sold under warranties that generally range from one
Government Grants	Government Grants We account for funds we receive from government grants by reducing the costs of the assets or expenses to which we apply the funds. Funds we receive that cannot be attributed to specific assets or expenses would be recognized as other income, and included in Interest income and other income (expense), net in the Consolidated Statements of Income. Funds we receive from government grants are classified in our Consolidated Statement of Cash Flows as either cash flows from operating activities or cash flows from investing activities, in accordance with how we expend the funds.

PDMCX JOINT VENTURE (Policies)

PDMCX JOINT VENTURE (Policies)	12 Months Ended
	Oct. 31, 2019
PDMCX JOINT VENTURE [Abstract]
Variable Interest Entities	As required by the guidance in Topic 810 - “Consolidation” of the Accounting Codification Standards, 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 is 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 fact 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) and had both 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 periods were 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’s management), incur indebtedness, enter into agreements and commitments, and acquire and dispose of PDMCX’s assets. In addition, as a result of the 50.01 % variable interest 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.

REVENUE (Policies)

REVENUE (Policies)	12 Months Ended
	Oct. 31, 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 - “Revenue from Contracts with Customers” (“Topic 606”) - on November 1, 2018, under the modified retrospective transition method, only with respect to contracts that were not complete as of the date of adoption. This approach required prospective application of the guidance with a cumulative effect adjustment to retained earnings to reflect the impact of the adoption on contracts that were not complete as of the date of the adoption. In accordance with the modified retrospective transition method, the results of the prior year period presented have not been adjusted for the effects of Topic 606. 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 consolidated balance sheet, and consolidated statements of income and cash flows for the year ended October 31, 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, they have no alternative use to us and, as our contracts generally provide us with the right to payment for work completed to date, we recognize revenue as we perform, or “over time” on most of our contracts. We measure our performance to date using an input method, which is based on our estimated costs to complete the various manufacturing phases of a photomask. At the end of a reporting period, there will be a number of revenue contracts on which we have performed; for any such contracts that we are entitled to be compensated for our costs incurred plus a reasonable profit, we recognize revenue and a corresponding contract asset for such performance. We account for shipping and handling activities that we perform after a customer obtains control of a good as being activities to fulfill our promise to transfer the good to the customer, rather than as promised services, or performance obligations, under the contract. 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 primarily consist of a significant amount of our in-process production orders and fully manufactured photomasks which have not yet shipped, for which we have an enforceable right to collect consideration (including a reasonable profit) in the event the in-process orders are cancelled by customers. On an individual contract basis, we net contract assets with contract liabilities (deferred revenue) for financial reporting purposes. Our contract assets and liabilities are typically classified as current, as our production cycle and our lead times are both under one year. Contract assets of $7.6 million are included in “Other” current assets, and contract liabilities of $11.5 million are included in Accrued liabilities in our October 31, 2019 consolidated balance sheet. At November 1, 2018, our date of adoption of Topic 606, we had contract assets of $4.6 million and contract liabilities of $7.8 million. We did not We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed during, and at the end of, every period for collectibility. To the extent we believe a loss on the collection of a customer invoice is probable, we record the loss and credit the allowance for doubtful accounts. In the event that an amount is determined to be uncollectible, we charge the allowance for doubtful accounts and eliminate the related receivable. Credit losses incurred on our accounts receivable during the year ended October 31, 2019, were immaterial. Our invoice terms generally range from net thirty ninety 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 We pay commissions to third party sales agents for certain sales that they obtain for us. However, the bases of the commissions are the transaction prices of the sales, which are completed in less than one year; thus, no relationship is established with a customer that will result in future business. Therefore, 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 two two three 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 one

SHARE-BASED COMPENSATION (Polic

SHARE-BASED COMPENSATION (Policies)	12 Months Ended
	Oct. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options Accounting Policy	Share-Based Compensation We recognize share-based compensation expense over the service period that the awards are expected to vest. Share-based compensation expense includes the estimated effects of forfeitures, which are adjusted over the requisite service period to the extent actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized in the period of change, and will impact the amount of expense to be recognized in future periods. Determining the appropriate option pricing model, calculating the grant date fair value of share-based awards and estimating forfeiture rates requires considerable judgment, including estimations of stock price volatility and the expected term of options granted. We use the Black-Scholes option pricing model to value employee stock options. We estimate stock price volatility based on daily averages of our common stock’s historical volatility over a term approximately equal to the estimated time period the grant will remain outstanding. The expected term of options and forfeiture rate assumptions are derived from historical data.
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options Accounting Policy	Option awards generally vest in one to four years, and have a ten-year contractual term. All incentive and non-qualified stock option grants must have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant-date fair values of options are based on closing prices of our common stock on the dates of grant and are calculated using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of our common stock. We use historical option exercise behavior and employee termination data to estimate expected term, which represents the period of time that options granted are expected to remain outstanding. The risk-free rate of return for the estimated term of an option is based on the U.S. Treasury yield curve in effect at the date of grant.

INCOME TAXES (Policies)

INCOME TAXES (Policies)	12 Months Ended
	Oct. 31, 2019
INCOME TAXES [Abstract]
Unremitted Earnings in Foreign Investment	Due to the Act, as of fiscal year end 2018, U.S. deferred taxes were no longer provided on the undistributed earnings of non-U.S. subsidiaries. Our policy to indefinitely reinvest these earnings in non-U.S. operations remains unchanged for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding taxes. Therefore, should we elect in the future to repatriate the remaining foreign earnings deemed to be indefinitely reinvested, we may incur additional state and withholding tax expense on those foreign earnings, the amount of which is not practicable to compute.
Interest and Penalties Related to Uncertain Tax Positions	As of October 31, 2019, October 31, 2018 and October 29, 2017, the balance of unrecognized tax benefits, which are included in Other liabilities, includes $ 1.9 million, $ 1.9 million, and $ 3.4 million, respectively, that, if recognized, would impact the effective tax rates. Included in each of these amounts were interest and penalties of $ 0.2 million, $ 0.1 million, and $ 0.1 million, at the end of fiscal year 2019, 2018, and 2017, respectively. We include any applicable interest and penalties related to uncertain tax positions in our income tax provision. The amounts reflected in the table above include settlements of non-U.S. audits. 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 the amount of uncertain tax positions (including accrued interest and penalties, and net of tax benefits) that may be resolved over the next twelve months is immaterial. Resolution of these uncertain tax positions may result from either or both the lapses of statutes of limitations and tax settlements. The Company is no longer subject to tax authority examinations in the U.S., major foreign, or state tax jurisdictions for years prior to fiscal year 2014.

FAIR VALUE MEASUREMENTS (Polici

FAIR VALUE MEASUREMENTS (Policies)	12 Months Ended
	Oct. 31, 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)	12 Months Ended
	Oct. 31, 2019
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recent Accounting Pronouncements	Accounting Standards Updates to be Implemented In June 2016, the Financial Accounting Standards Board (“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 model, found in current GAAP, with an expected credit loss model; the new model 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. 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)”, which requires lessees to recognize right-of-use assets and corresponding liabilities for all leases with an initial term in excess of twelve months. We adopted ASU 2016-02 and all subsequent amendments, collectively codified in Topic 842, on November 1, 2019. The guidance requires modified retrospective adoption, either at the beginning of the earliest period presented or at the beginning of the period of adoption. We elected to apply the guidance at the beginning of the period of adoption, and recorded right-of-use (ROU) leased assets of approximately $6.7 million, and corresponding lease liabilities, which were discounted at our incremental borrowing rates. The guidance allows a number of elections and practical expedients, of which we have elected to employ the following: - Election not to recognize short-term leases on the balance sheet. - Practical expedient to not separate lease and non-lease components in a contract. - Practical expedient “package” for transitioning to the new guidance: * Not reassessing whether any expired or existing contracts are or contain leases. * Not reassessing lease classification for any existing or expired leases. * Not reassessing initial direct costs for any existing leases. We do not expect our adoption of Topic 842 to affect our cash flows or our ability to comply with covenants under our credit agreements. 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 was effective for us in our first quarter of fiscal year 2019 and applied on a modified retrospective transition basis. Please see Note 11 for a discussion of the effects of adopting this 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 of, and adjustments to, these items were 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 that 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 satisfied performance obligations that exist at the end of a reporting period.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Oct. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [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: October 31 2019 October 31 2018 Raw materials $ 46,027 $ 25,110 Work in process 2,122 3,402 Finished goods 6 668 $ 48,155 $ 29,180

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Oct. 31, 2019
PROPERTY, PLANT AND EQUIPMENT [Abstract]
Property, Plant and Equipment	Property, plant and equipment consists of the following: October 31, 2019 October 31, 2018 Land $ 12,085 $ 11,139 Buildings and improvements 172,340 124,771 Machinery and equipment 1,748,483 1,566,163 Leasehold improvements 19,921 19,577 Furniture, fixtures and office equipment 14,404 12,415 Construction in progress 28,135 128,649 1,995,368 1,862,714 Accumulated depreciation and amortization (1,362,927 ) (1,290,933 ) $ 632,441 $ 571,781

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Oct. 31, 2019
INTANGIBLE ASSETS [Abstract]
Intangible Assets	Intangible assets consist of: As of October 31, 2019 Gross Amount Accumulated Amortization Net Amount Technology license agreement $ 59,616 $ (53,323 ) $ 6,293 Customer relationships 9,174 (8,186 ) 988 Software and other 6,537 (5,948 ) 589 $ 75,327 $ (67,457 ) $ 7,870 As of October 31, 2018 Technology license agreement $ 59,616 $ (49,349 ) $ 10,267 Customer relationships 9,147 (7,959 ) 1,188 Software and other 6,519 (5,606 ) 913 $ 75,282 $ (62,914 ) $ 12,368
Intangible Asset Amortization Over the Next Five Years	Intangible asset amortization over the next five years is estimated to be as follows: Fiscal Years: 2020 $ 4,589 2021 $ 2,721 2022 $ 125 2023 $ 123 2024 $ 123

PDMCX JOINT VENTURE (Tables)

PDMCX JOINT VENTURE (Tables)	12 Months Ended
	Oct. 31, 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 consolidated balance sheets are presented in the following table, together with our maximum exposures to loss related to these assets and liabilities. October 31, 2019 October 31, 2018 Classification Carrying Amount Photronics Interest Carrying Amount Photronics Interest Current assets $ 24,142 $ 12,074 $ 9,625 $ 4,813 Non-current assets 114,015 57,019 43,415 21,708 Total assets 138,157 69,093 53,040 26,521 Current liabilities 16,889 8,446 21,205 10,603 Non-current liabilities 42,094 21,051 20 10 Total liabilities 58,983 29,497 21,225 10,613 Net assets $ 79,174 $ 39,596 $ 31,815 $ 15,908

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	12 Months Ended
	Oct. 31, 2019
ACCRUED LIABILITIES [Abstract]
Accrued Liabilities	Accrued liabilities consist of the following: October 31, 2019 October 31, 2018 Compensation related expenses $ 14,011 $ 15,359 Income taxes 13,227 10,369 Contract liabilities 11,542 7,834 Value added and other taxes 3,761 3,683 Professional fees 537 1,257 Other 6,624 5,972 $ 49,702 $ 44,474

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Oct. 31, 2019
LONG-TERM DEBT [Abstract]
Long-Term Debt	Long-term debt consists of the following: October 31, 2019 October 31, 2018 Project Loans $ 34,490 $ - Working Capital Loans (value added tax component) 9,539 - 3.25% convertible senior notes matured April 2019 - 57,453 44,029 57,453 Current portion of long-term debt (2,142 ) (57,453 ) Long-term debt $ 41,887 $ -
Debt Instrument [Line Items]
Maturities of Long-term Debt	At October 31, 2019, maturities of our long-term debt over the next five years and thereafter were as follows: 2020 $ 2,142 2021 8,304 2022 12,430 2023 3,441 2024 6,589 Thereafter 11,123 $ 44,029
Project Loans [Member]
Debt Instrument [Line Items]
Maturities of Long-term Debt	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 initial approval, pursuant to which PDMCX has and will enter into separate loan agreements (“the Project Loans”) for intermittent borrowings. The Project Loans, which are denominated in Chinese renminbi (RMB), are being used to finance certain capital expenditures in China. PDMCX granted liens on its land, building, and certain equipment as collateral for the Project Loans. As of October 31, 2019, PDMCX had borrowed 243.4 million RMB ($34.5 million) against this approval. Payments on these borrowings are due semi-annually through December 2025 ; the initial payment is scheduled for June 2020 . The table below presents, in U.S. dollars, the timing of future payments against the borrowings. Fiscal Year 2020 2021 2022 2023 2024 2025 2026 Principal payments $ 1,275 $ 6,377 $ 5,685 $ 3,441 $ 6,589 $ 6,305 $ 4,818
Working Capital Loans [Member]
Debt Instrument [Line Items]
Maturities of Long-term Debt	In November 2018, PDMCX received approval for unsecured credit of $25.0 million, pursuant to which PDMCX may enter into separate loan agreements. Under this credit agreement (the “Working Capital Loans”), PDMCX can borrow up to 140.0 million RMB to pay value-added taxes (“VAT”), and up to 60.0 million RMB to fund operations; combined total borrowings are limited to $25.0 million. As of October 31, 2019, PDMCX had 67.3 million RMB ($9.5 million) outstanding against the approval to pay VAT. Payments on these borrowings are due semiannually, at an increasing rate, through January 2022 ; PDMCX made installment payments totaling $0.1 million during the year ended October 31, 2019. The table below presents, in U.S. dollars, the timing of future payments against these borrowings. Fiscal Year 2020 2021 2022 Principal payments $ 867 $ 1,927 $ 6,745

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Oct. 31, 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 consolidated balance sheet, and consolidated statements of income and cash flows for the year ended October 31, 2019. Consolidated Balance Sheet October 31, 2019 As Reported Adjustments Balance without Adoption of Topic 606 Assets Accounts receivable $ 134,454 $ (1,559 ) $ 132,895 Inventory 48,155 6,093 54,248 Other current assets 38,388 (7,595 ) 30,793 Deferred income taxes 20,779 90 20,869 Liabilities Accrued liabilities $ 49,702 $ (110 ) 49,592 Equity Photronics, Inc. shareholders’ equity $ 769,892 $ (1,976 ) $ 767,916 Noncontrolling interests 141,200 (885 ) 140,315 Consolidated Statement of Income Year Ended October 31, 2019 As Reported Adjustments Balance without Adoption of Topic 606 Revenue $ 550,660 $ (4,365 ) $ 546,295 Cost of goods sold 429,819 (2,256 ) 427,563 Gross profit 120,841 (2,109 ) 118,732 Provision for taxes 10,210 (379 ) 9,831 Net income 40,491 (1,730 ) 38,761 Noncontrolling interests 10,698 (749 ) 9,949 Income attributable to Photronics, Inc. shareholders $ 29,793 $ (981 ) $ 28,812 Consolidated Statement of Cash Flows Year Ended October 31, 2019 As Reported Adjustments Balance without Adoption of Topic 606 Net Income $ 40,491 $ (1,730 ) $ 38,761 Changes in operating accounts: Accounts receivable $ (12,321 ) $ 993 $ (11,328 ) Inventories (23,088 ) (2,503 ) (25,591 ) Other current assets (8,631 ) 3,166 (5,465 ) Accounts payable, accrued liabilities, and other (11,962 ) 74 (11,888 )
Disaggregation of Revenue	The following tables present our revenue for the year ended October 31, 2019, disaggregated by product type, geographic origin, and timing of recognition. Year Ended Revenue by Product Type October 31, 2019 IC High-end $ 156,418 Mainstream 249,773 Total IC $ 406,191 FPD High-end $ 98,832 Mainstream 45,637 Total FPD $ 144,469 $ 550,660 Revenue by Geographic Origin Taiwan $ 244,377 Korea 147,734 United States 105,045 Europe 32,585 China 19,010 All other Asia 1,909 $ 550,660 Revenue by Timing of Recognition Over time $ 497,942 At a point in time 52,718 $ 550,660

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	12 Months Ended
	Oct. 31, 2019
OPERATING LEASES [Abstract]
Future Minimum Lease Payments Under Non-cancelable Operating Leases	At October 31, 2019, future minimum lease payments under non-cancelable operating leases with initial terms in excess of one year were as follows: 2020 $ 1,885 2021 1,613 2022 1,535 2023 742 2024 424 Thereafter 377 $ 6,576

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Oct. 31, 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 date fair value of options issued during fiscal years 2019, 2018 and 2017 are presented in the following table: Year Ended October 31, 2019 October 31, 2018 October 29, 2017 Expected volatility 33.1% 31.7% 32.2% Risk-free rate of return 2.5 - 2.9% 2.2 - 2.8% 1.9 - 2.0% Dividend yield 0.0% 0.0% 0.0% Expected term 5.1 years 5.0 years 5.0 years A summary of restricted stock award activity during fiscal year 2019 and the status of our outstanding restricted stock awards as of October 31, 2019, is presented below: Restricted Stock Shares Weighted-Average Fair Value at Grant Date Outstanding at October 31, 2018 419,297 $ 9.58 Granted 435,000 $ 9.80 Vested (195,684 ) $ 9.65 Cancelled (18,500 ) $ 9.82 Outstanding at October 31, 2019 640,113 $ 9.70 Expected to vest as of October 31, 2019 594,771 $ 9.69
Summary of Stock Options Activity	The table below presents a summary of stock options activity during fiscal year 2019 and information on stock options outstanding at October 31, 2019. Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at October 31, 2018 2,423,560 $ 8.68 Granted 132,000 $ 9.77 Exercised (322,010 ) $ 6.43 Cancelled and forfeited (62,783 ) $ 11.47 Outstanding at October 31, 2019 2,170,767 $ 9.00 5.4 years $ 6,206 Exercisable at October 31, 2019 1,615,225 $ 8.61 4.6 years $ 5,242 Vested and expected to vest as of October 31, 2019 2,095,804 $ 8.95 5.3 years $ 6,096
Summary of Restricted Stock Awards Activity	A summary of restricted stock award activity during fiscal year 2019 and the status of our outstanding restricted stock awards as of October 31, 2019, is presented below: Restricted Stock Shares Weighted-Average Fair Value at Grant Date Outstanding at October 31, 2018 419,297 $ 9.58 Granted 435,000 $ 9.80 Vested (195,684 ) $ 9.65 Cancelled (18,500 ) $ 9.82 Outstanding at October 31, 2019 640,113 $ 9.70 Expected to vest as of October 31, 2019 594,771 $ 9.69

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Oct. 31, 2019
INCOME TAXES [Abstract]
Income Before Income Tax Provision for Domestic and Foreign	Income before the income tax provisions consists of the following: Year Ended October 31, 2019 October 31, 2018 October 29, 2017 United States $ (8,379 ) $ (9,859 ) $ (11,544 ) Foreign 59,080 78,430 38,109 $ 50,701 $ 68,571 $ 26,565
Income Tax Provision	The income tax provisions consist of the following: Year Ended October 31, 2019 October 31, 2018 October 29, 2017 Current: Federal $ (3,916 ) $ (30 ) $ 173 State 11 - (4 ) Foreign 17,777 11,584 3,474 Deferred: Federal 3,673 (3,673 ) - State 10 (24 ) 15 Foreign (7,345 ) (522 ) 1,618 Total $ 10,210 $ 7,335 $ 5,276
Income Tax Rate Reconciliation	The income tax provisions differ from the amount computed by applying the statutory U.S. federal income tax rate to income before income taxes as a result of the following: Year Ended October 31, 2019 October 31, 2018 October 29, 2017 U.S. federal income tax at statutory rate $ 10,647 $ 16,059 $ 9,298 Changes in valuation allowances 2,673 4,554 (3,632 ) Foreign tax rate differentials 218 (2,078 ) (5,230 ) Tax credits (1,268 ) (1,530 ) (1,925 ) Uncertain tax positions, including reserves, settlements and resolutions 134 (1,791 ) (932 ) Employee stock option 232 (1,433 ) 512 Income tax holiday (2,234 ) (2,648 ) (743 ) Tax reform - (3,736 ) - Distributions from foreign subsidiaries - - 6,471 Tax on foreign subsidiary earnings - - 1,712 Other, net (192 ) (62 ) (255 ) $ 10,210 $ 7,335 $ 5,276 Effective tax rate 20.1 % 10.7 % 19.8 %
Net Deferred Income Tax Assets	The net deferred income tax assets consist of the following: As of October 31, 2019 October 31, 2018 Deferred income tax assets Net operating losses $ 32,229 $ 30,805 Reserves not currently deductible 5,013 4,703 Tax credit carryforwards 9,164 9,159 Share-based compensation 860 767 Alternative minimum tax credits - 3,673 Other 434 1,210 47,700 50,317 Valuation allowances (27,032 ) (24,383 ) 20,668 25,934 Deferred income tax liabilities: Property, plant and equipment (251 ) (8,020 ) Other - (448 ) (251 ) (8,468 ) Net deferred income tax assets $ 20,417 $ 17,466 Reported as: Deferred income tax assets $ 20,779 $ 18,109 Deferred income tax liabilities (362 ) (643 ) $ 20,417 $ 17,466
Operating Loss Carryforwards	The following tables present our available operating loss and credit carryforwards as of October 31, 2019, and their related expiration periods: Operating Loss Carryforwards Amount Expiration Periods Federal $ 85,949 2028 State 206,513 2019 2039 Foreign 9,177 2022 2029
Tax Credit Carryforwards	Tax Credit Carryforwards Amount Expiration Period Federal research and development $ 4,522 2019 2039 State 5,870 2020 2029
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Interest and Penalties	A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, is as follows: Year Ended October 31, 2019 October 31, 2018 October 29, 2017 Balance at beginning of year $ 1,775 $ 3,384 $ 4,606 Additions (reductions) for tax positions in prior years (466 ) (44 ) 207 Additions based on current year tax positions 1,286 498 323 Settlements (204 ) (56 ) (922 ) Lapses of statutes of limitations (633 ) (2,007 ) (830 ) Balance at end of year $ 1,758 $ 1,775 $ 3,384

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Oct. 31, 2019
EARNINGS PER SHARE [Abstract]
Calculation of Basic and Diluted Earnings Per Share	The calculation of basic and diluted earnings per share is presented as follows: Year Ended October 31, 2019 October 31, 2018 October 29, 2017 Net income attributable to Photronics, Inc. shareholders $ 29,793 $ 42,055 $ 13,130 Effect of dilutive securities: Interest expense on convertible notes, net of related tax effects 845 1,999 - Earnings for diluted earnings per share $ 30,638 $ 44,054 $ 13,130 Weighted-average common shares computations: Weighted-average common shares used for basic earnings per share 66,347 68,829 68,436 Effect of dilutive securities: Convertible notes 2,360 5,542 - Share-based payment awards 448 450 852 Potentially dilutive common shares 2,808 5,992 852 Weighted-average common shares used for diluted earnings per share 69,155 74,821 69,288 Basic earnings per share $ 0.45 $ 0.61 $ 0.19 Diluted earnings per share $ 0.44 $ 0.59 $ 0.19
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 price exceeded the average market value of the common shares for the period or, under application of the treasury stock method, they were otherwise determined to be antidilutive. The table also shows convertible notes that, if converted, would have been antidilutive. Year Ended October 31, 2019 October 31, 2018 October 29, 2017 Share based payment awards 1,250 1,627 1,308 Convertible notes - - 5,542 Total potentially dilutive shares excluded 1,250 1,627 6,850

GEOGRAPHIC AND SIGNIFICANT CU_2

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION (Tables)	12 Months Ended
	Oct. 31, 2019
GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION [Abstract]
Geographic Information	Our 2019, 2018 and 2017 revenue by geographic origin and by IC and FPD products are presented below. Year Ended October 31, 2019 October 31, 2018 October 29, 2017 Net revenue Taiwan $ 244,377 $ 237,039 $ 187,818 Korea 147,734 147,066 122,165 United States 105,045 112,648 102,040 Europe 32,585 35,540 36,081 China 19,010 1,157 168 All other Asia 1,909 1,826 2,406 $ 550,660 $ 535,276 $ 450,678 IC $ 406,191 $ 416,064 $ 350,260 FPD 144,469 119,212 100,418 $ 550,660 $ 535,276 $ 450,678 Our 2019, 2018, and 2017 long-lived assets by geographic area are presented below. As of October 31, 2019 October 31, 2018 October 29, 2017 Long-lived assets China $ 232,394 $ 102,985 $ 8,273 Taiwan 146,467 177,626 186,192 United States 130,935 156,948 180,095 Korea 117,755 127,764 147,265 Europe 4,890 6,458 13,372 $ 632,441 $ 571,781 $ 535,197

CHANGES IN ACCUMULATED OTHER _2

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)	12 Months Ended
	Oct. 31, 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 years ended October 31, 2019 and October 31, 2018: Year Ended October 31, 2019 Foreign Currency Translation Adjustments Other Total Balance at October 31, 2018 $ (4,328 ) $ (638 ) $ (4,966 ) Other comprehensive loss (2,877 ) (74 ) (2,951 ) Less: other comprehensive income (loss) attributable to noncontrolling interests 1,126 (38 ) 1,088 Balance at October 31, 2019 $ (8,331 ) $ (674 ) $ (9,005 ) Year Ended October 31, 2018 Foreign Currency Translation Adjustments Amortization of Cash Flow Hedge Other Total Balance at October 29, 2017 $ 7,627 $ (48 ) $ (688 ) $ 6,891 Other comprehensive income before reclassifications (16,672 ) - 101 (16,571 ) Amounts reclassified from other accumulated comprehensive income - 48 - 48 Net current period other comprehensive income (16,672 ) 48 101 (16,523 ) Less: other comprehensive (loss) income attributable to noncontrolling interests (4,717 ) - 51 (4,666 ) Balance at October 31, 2018 $ (4,328 ) $ - $ (638 ) $ (4,966 )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Oct. 31, 2019
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value and Carrying Amount of Convertible Senior Notes	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 PROGRAMS (Tabl

SHARE REPURCHASE PROGRAMS (Tables)	12 Months Ended
	Oct. 31, 2019
SHARE REPURCHASE PROGRAMS [Abstract]
Shares Repurchase Programs	All of the shares purchased under the above repurchase programs were retired in fiscal year 2019. The Table below presents information on the repurchase programs. Fiscal Year 2019 Purchases Fiscal Year 2018 Purchases Total Purchases Under Programs Number of shares repurchased 2,133 2,558 4,691 Cost of shares repurchased $ 21,696 $ 23,111 $ 44,807 Average price paid per share $ 10.17 $ 9.04 $ 9.55

QUARTERLY RESULTS OF OPERATIO_2

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)	12 Months Ended
	Oct. 31, 2019
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) [Abstract]
Quarterly Financial Data	The following table sets forth certain unaudited quarterly financial data: First Second Third Fourth Year Fiscal 2019: Revenue $ 124,712 $ 131,580 $ 138,112 $ 156,256 $ 550,660 Gross profit 26,102 26,010 30,570 38,159 120,841 Net income 7,768 9,852 9,834 13,037 40,491 Net income attributable to Photronics, Inc. shareholders 5,267 8,479 6,347 9,700 29,793 Earnings per share: Basic $ 0.08 $ 0.13 $ 0.10 $ 0.15 $ 0.45 Diluted $ 0.08 $ 0.13 $ 0.10 $ 0.15 $ 0.44 First Second Third Fourth Year Fiscal 2018: (a) (a) Revenue $ 123,446 $ 130,779 $ 136,391 $ 144,660 $ 535,276 Gross profit 27,662 32,819 35,597 35,425 131,503 Net income 9,481 15,189 19,797 16,769 61,236 Net income attributable to Photronics, Inc. shareholders 5,898 10,665 13,005 12,487 42,055 Earnings per share: Basic $ 0.09 $ 0.15 $ 0.19 $ 0.18 $ 0.61 Diluted $ 0.09 $ 0.15 $ 0.18 $ 0.18 $ 0.59 (a) Includes $0.6 million gain on sale of assets.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2019USD ($)	Oct. 31, 2019USD ($)FacilitySubsidiary	Oct. 31, 2018USD ($)	Oct. 29, 2017USD ($)
Manufacturing Facilities [Abstract]
Number of manufacturing facilities | Facility		11
Inventories [Abstract]
Raw materials		$ 46,027	$ 25,110
Work in process		2,122	3,402
Finished goods		6	668
Inventory		48,155	29,180
Restricted Cash [Abstract]
Restricted cash		2,800	2,700
Foreign Currency Translation [Abstract]
Foreign currency transaction (loss) gain		$ (1,300)	$ 400	$ (5,200)
Noncontrolling Interests [Abstract]
Majority owned subsidiaries with significant noncontrolling interests | Subsidiary		2
Minimum [Member]
Intangible Assets [Abstract]
Estimated useful lives		3 years
Product Warranty [Abstract]
Period of warranty		1 month
Maximum [Member]
Intangible Assets [Abstract]
Estimated useful lives		15 years
Product Warranty [Abstract]
Period of warranty		24 months
Buildings and Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives		10 years
Buildings and Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives		39 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives		5 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives		15 years
Furniture, Fixtures and Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives		3 years
Furniture, Fixtures and Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives		5 years
PDMC [Member]
Noncontrolling Interests [Abstract]
Ownership percentage of noncontrolling interests		49.99%	49.99%
PDMCX [Member]
Noncontrolling Interests [Abstract]
Ownership percentage of noncontrolling interests		49.99%	49.99%
PK Ltd [Member]
Noncontrolling Interests [Abstract]
Ownership percentage of noncontrolling interests		0.20%	0.20%
PK Ltd [Member] | Subsequent Event [Member]
Noncontrolling Interests [Abstract]
Acquired remaining noncontrolling interests shares	$ 600
Taiwan [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities | Facility		3
Korea [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities | Facility		1
United States [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities | Facility		3
Europe [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities | Facility		2
China [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities | Facility		2

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2018	Oct. 31, 2019	Oct. 29, 2017
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 1,862,714	$ 1,995,368
Accumulated depreciation and amortization	(1,290,933)	(1,362,927)
Property, plant and equipment, net	571,781	632,441	$ 535,197
Equipment acquired in exchange for product	6,700
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	11,139	12,085
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	124,771	172,340
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,566,163	1,748,483
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	19,577	19,921
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	12,415	14,404
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 128,649	$ 28,135

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 29, 2017
Intangible Asset [Abstract]
Amortization of intangible assets	$ 4,641	$ 4,797	$ 4,874
Intangible assets, net [Abstract]
Gross Amount	75,327	75,282
Accumulated Amortization	(67,457)	(62,914)
Net Amount	7,870	12,368
Intangible asset amortization over the next five years [Abstract]
2020	4,589
2021	2,721
2022	125
2023	123
2024	123
Technology License Agreement [Member]
Intangible assets, net [Abstract]
Gross Amount	59,616	59,616
Accumulated Amortization	(53,323)	(49,349)
Net Amount	6,293	10,267
Customer Relationships [Member]
Intangible assets, net [Abstract]
Gross Amount	9,174	9,147
Accumulated Amortization	(8,186)	(7,959)
Net Amount	988	1,188
Software and Other [Member]
Intangible assets, net [Abstract]
Gross Amount	6,537	6,519
Accumulated Amortization	(5,948)	(5,606)
Net Amount	$ 589	$ 913
Weighted-average amortization period for intangible assets acquired during the year	3 years	3 years

PDMCX JOINT VENTURE (Details)

PDMCX JOINT VENTURE (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Variable Interest Entity [Abstract]
Consolidation liabilities, recourse	$ 0
PDMCX [Member]
Variable Interest Entity [Abstract]
Gain (loss) on consolidation	0
Total committed investment	160
Local financing	$ 34.5
Initial term of agreement	2 years
Period before put or purchase option can be exercised	6 months
Operating (loss)	$ 4.9	$ 0.7
PDMCX [Member] | Minimum [Member]
Variable Interest Entity [Abstract]
Ownership percentage	20.00%
PDMCX [Member] | Maximum [Member]
Variable Interest Entity [Abstract]
Number of business days for obtaining required approvals and clearance for exiting party	3 days
PDMCX [Member] | Total Support Remaining [Member]
Variable Interest Entity [Abstract]
Financial or other support, amount	$ 29
PDMCX [Member] | Cash [Member] | Total Support Remaining [Member]
Variable Interest Entity [Abstract]
Financial or other support, amount	14
PDMCX [Member] | Local Financing [Member]
Variable Interest Entity [Abstract]
Local financing	$ 15
Photronics Interest [Member]
Variable Interest Entity [Abstract]
Ownership percentage	50.01%
Financial or other support, amount	$ 48
Maximum exposure to loss	$ 39.6
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	Oct. 31, 2019	Oct. 31, 2018
Carrying amounts of assets and liabilities [Abstract]
Current assets	$ 427,527	$ 502,731
Total assets	1,118,665	1,110,009
Current liabilities	151,954	191,076
Total liabilities	207,573	205,440
Carrying Amount [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	24,142	9,625
Non-current assets	114,015	43,415
Total assets	138,157	53,040
Current liabilities	16,889	21,205
Non-current liabilities	42,094	20
Total liabilities	58,983	21,225
Net assets	79,174	31,815
Photronics Interest [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	12,074	4,813
Non-current assets	57,019	21,708
Total assets	69,093	26,521
Current liabilities	8,446	10,603
Non-current liabilities	21,051	10
Total liabilities	29,497	10,613
Net assets	$ 39,596	$ 15,908

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Oct. 31, 2018
ACCRUED LIABILITIES [Abstract]
Compensation related expenses	$ 14,011	$ 15,359
Income taxes	13,227	10,369
Contract liabilities	11,542	7,834
Value added and other taxes	3,761	3,683
Professional fees	537	1,257
Other	6,624	5,972
Accrued liabilities	$ 49,702	$ 44,474

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) $ / shares in Units, ¥ in Millions	Aug. 25, 2019USD ($)	Nov. 30, 2019USD ($)	Nov. 30, 2019CNY (¥)	Jul. 28, 2019USD ($)	Apr. 30, 2019USD ($)	Apr. 30, 2016USD ($)shares$ / shares	Jan. 31, 2015USD ($)shares$ / shares	Oct. 31, 2019USD ($)	Oct. 31, 2019CNY (¥)	Oct. 31, 2018USD ($)	Oct. 29, 2017USD ($)	Oct. 31, 2019CNY (¥)	Mar. 31, 2011USD ($)
Long-term debt [Abstract]
Long-term debt								$ 44,029,000		$ 57,453,000
Current portion of long-term debt								(2,142,000)		(57,453,000)
Long-term debt								$ 41,887,000		0
Weighted-average interest rate of short -term debt								3.84%				3.84%
Interest payments								$ 2,600,000		1,900,000	$ 2,100,000
Repayments of debt								61,319,000		4,639,000	5,428,000
Proceeds from debt								54,633,000		0	$ 0
Maturities of Long-term Debt [Abstract]
2020								2,142,000
2021								8,304,000
2022								12,430,000
2023								3,441,000
2024								6,589,000
2025								$ 11,123,000
Master Lease Agreement [Member]
Long-term debt [Abstract]
Maximum borrowing capacity				$ 35,000,000
Proceeds from debt	$ 3,500,000
Master Lease Agreement [Member] | LIBOR [Member]
Long-term debt [Abstract]
Basis spread on variable rate				1.00%
Term of variable rate				30 days
Effective interest rate								2.76%				2.76%
Project Loans [Member]
Long-term debt [Abstract]
Long-term debt								$ 34,490,000		0
Interest rate percentage								4.90%				4.90%
Maturity date of debt								Dec. 31, 2025	Dec. 31, 2025
Maximum borrowing capacity								$ 50,000,000
Proceeds from credit facility								$ 34,500,000	¥ 243.4
Date of first required payment								Jun. 30, 2020	Jun. 30, 2020
Maturities of Long-term Debt [Abstract]
2020								$ 1,275,000
2021								6,377,000
2022								5,685,000
2023								3,441,000
2024								6,589,000
2025								6,305,000
2026								$ 4,818,000
Working Capital Loans [Member]
Long-term debt [Abstract]
Maturity date of debt								Jan. 31, 2022	Jan. 31, 2022
Maximum borrowing capacity								$ 25,000,000
Maturities of Long-term Debt [Abstract]
2020								867,000
2021								1,927,000
2022								$ 6,745,000
Working Capital Loans [Member] | Minimum [Member]
Long-term debt [Abstract]
Basis spread on variable rate								0.2575%	0.2575%
Working Capital Loans [Member] | Maximum [Member]
Long-term debt [Abstract]
Basis spread on variable rate								0.6775%	0.6775%
Working Capital Loans (value added tax component) [Member]
Long-term debt [Abstract]
Long-term debt								$ 9,539,000		0
Interest rate percentage								4.90%				4.90%
Maximum borrowing capacity | ¥												¥ 140
Repayments of debt								$ 100,000
Amount outstanding under credit facility								$ 9,500,000				¥ 67.3
Working Capital Loans, Fund Operations [Member]
Long-term debt [Abstract]
Interest rate percentage								4.60%				4.60%
Maximum borrowing capacity | ¥												¥ 60
Proceeds from credit facility								$ 5,200,000	¥ 36.8
Term of loan								1 year	1 year
Working Capital Loans, Fund Operations [Member] | Subsequent Event [Member]
Long-term debt [Abstract]
Proceeds from credit facility		$ 1,100,000	¥ 8
3.25% Convertible Senior Notes Matured April 2019 [Member]
Long-term debt [Abstract]
Long-term debt								$ 0		$ 57,453,000
Interest rate percentage								3.25%				3.25%
Maturity date of debt								Apr. 1, 2019	Apr. 1, 2019
Repayments of debt					$ 57,500,000
Face amount of debt								$ 57,500,000
Number of shares each note is convertible to (in shares) | shares							96
Face amount of each note converted							$ 1,000
Conversion price per share (in dollars per share) | $ / shares							$ 10.37
3.25% Convertible Senior Notes due in April 2016 [Member]
Long-term debt [Abstract]
Interest rate percentage						3.25%
Maturity date of debt						Apr. 1, 2016
Face amount of debt													$ 57,500,000
Number of shares each note is convertible to (in shares) | shares						96
Face amount of each note converted						$ 1,000
Conversion price per share (in dollars per share) | $ / shares						$ 10.37
Amended and Restated Credit Agreement [Member]
Long-term debt [Abstract]
Maximum borrowing capacity								$ 100,000,000
Term of loan								5 years	5 years
Current borrowing capacity								$ 50,000,000
Cash limit for dividends, distributions and redemption on equity								100,000,000
Cash limit for dividends, distributions and redemption on equity, annually thereafter								50,000,000
Amount outstanding under credit facility								0
Available borrowing capacity								$ 50,000,000
Effective interest rate								2.78%				2.78%

REVENUE, Impact of Adoption on

REVENUE, Impact of Adoption on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Oct. 31, 2018
Assets [Abstract]
Accounts receivable	$ 134,454	$ 120,515
Inventory	48,155	29,180
Other current assets	38,388	23,759
Deferred income taxes	20,779	18,109
Liabilities [Abstract]
Accrued liabilities	49,702	44,474
Equity [Abstract]
Photronics, Inc. shareholders' equity	769,892	759,671
Noncontrolling interests	141,200	144,898
Adjustments [Member] | ASU 2014-09 [Member]
Assets [Abstract]
Accounts receivable	(1,559)	600
Inventory	6,093	(3,700)
Other current assets	(7,595)
Deferred income taxes	90
Liabilities [Abstract]
Accrued liabilities	(110)
Equity [Abstract]
Photronics, Inc. shareholders' equity	(1,976)
Noncontrolling interests	(885)	$ 100
Balance without Adoption of Topic 606 [Member] | ASU 2014-09 [Member]
Assets [Abstract]
Accounts receivable	132,895
Inventory	54,248
Other current assets	30,793
Deferred income taxes	20,869
Liabilities [Abstract]
Accrued liabilities	49,592
Equity [Abstract]
Photronics, Inc. shareholders' equity	767,916
Noncontrolling interests	$ 140,315

REVENUE, Impact of Adoption o_2

REVENUE, Impact of Adoption on Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Oct. 31, 2019	Jul. 28, 2019	Apr. 28, 2019	Jan. 27, 2019	Oct. 31, 2018	Jul. 29, 2018	Apr. 29, 2018	[1]	Jan. 28, 2018	Oct. 31, 2019		Oct. 31, 2018		Oct. 29, 2017
Income Statement [Abstract]
Revenue	$ 156,256	$ 138,112	$ 131,580	$ 124,712	$ 144,660	$ 136,391	$ 130,779		$ 123,446	$ 550,660	[1]	$ 535,276	[1]	$ 450,678
Cost of goods sold										429,819		403,773		359,363
Gross profit	38,159	30,570	26,010	26,102	35,425	35,597	32,819		27,662	120,841		131,503	[1]	91,315
Provision for taxes										10,210		7,335		5,276
Net income	13,037	9,834	9,852	7,768	16,769	19,797	15,189		9,481	40,491		61,236	[1]	21,289
Noncontrolling interests										10,698		19,181		8,159
Net income attributable to Photronics, Inc. shareholders	$ 9,700	$ 6,347	$ 8,479	$ 5,267	$ 12,487	$ 13,005	$ 10,665		$ 5,898	29,793		$ 42,055	[1]	$ 13,130
Adjustments [Member] | ASU 2014-09 [Member]
Income Statement [Abstract]
Revenue										(4,365)
Cost of goods sold										(2,256)
Gross profit										(2,109)
Provision for taxes										(379)
Net income										(1,730)
Noncontrolling interests										(749)
Net income attributable to Photronics, Inc. shareholders										(981)
Balance without Adoption of Topic 606 [Member] | ASU 2014-09 [Member]
Income Statement [Abstract]
Revenue										546,295
Cost of goods sold										427,563
Gross profit										118,732
Provision for taxes										9,831
Net income										38,761
Noncontrolling interests										9,949
Net income attributable to Photronics, Inc. shareholders										$ 28,812
[1]	Includes $0.6 million gain on sale of assets.

REVENUE, Impact of Adoption o_3

REVENUE, Impact of Adoption on Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Oct. 31, 2019	Jul. 28, 2019	Apr. 28, 2019	Jan. 27, 2019	Oct. 31, 2018	Jul. 29, 2018	Apr. 29, 2018	[1]	Jan. 28, 2018	Oct. 31, 2019	Oct. 31, 2018		Oct. 29, 2017
Statement of Cash Flows [Abstract]
Net income	$ 13,037	$ 9,834	$ 9,852	$ 7,768	$ 16,769	$ 19,797	$ 15,189		$ 9,481	$ 40,491	$ 61,236	[1]	$ 21,289
Changes in operating accounts:
Accounts receivable										(12,321)	(18,553)		(9,625)
Inventories										(23,088)	(6,162)		(602)
Other current assets										(8,631)	(11,731)		1,127
Accounts payable, accrued liabilities, and other										(11,962)	$ 18,537		$ (7,189)
Adjustments [Member] | ASU 2014-09 [Member]
Statement of Cash Flows [Abstract]
Net income										(1,730)
Changes in operating accounts:
Accounts receivable										993
Inventories										(2,503)
Other current assets										3,166
Accounts payable, accrued liabilities, and other										74
Balance without Adoption of Topic 606 [Member] | ASU 2014-09 [Member]
Statement of Cash Flows [Abstract]
Net income										38,761
Changes in operating accounts:
Accounts receivable										(11,328)
Inventories										(25,591)
Other current assets										(5,465)
Accounts payable, accrued liabilities, and other										$ (11,888)
[1]	Includes $0.6 million gain on sale of assets.

REVENUE, Contract Assets, Liabi

REVENUE, Contract Assets, Liabilities and Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Contract with Customer, Asset and Liability [Abstract]
Contract assets	$ 7,600
Contract liabilities	11,542	$ 7,834
Impairment loss on contract assets	0
Change in Contract with Customer, Liability [Abstract]
Revenue from settlement of contract liabilities	$ 1,300
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	24 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

12 Months Ended

Oct. 31, 2019

Jul. 28, 2019

Apr. 28, 2019

Jan. 27, 2019

Oct. 31, 2018

Jul. 29, 2018

Apr. 29, 2018

[1]

Jan. 28, 2018

Oct. 31, 2019

Oct. 31, 2018

Oct. 29, 2017

Disaggregation of Revenue [Abstract]

Revenue

$ 156,256

$ 138,112

$ 131,580

$ 124,712

$ 144,660

$ 136,391

$ 130,779

$ 123,446

$ 550,660

[1]

$ 535,276

[1]

$ 450,678

Over Time [Member]

Disaggregation of Revenue [Abstract]

Revenue

497,942

At a Point in Time [Member]

Disaggregation of Revenue [Abstract]

Revenue

52,718

Taiwan [Member]

Disaggregation of Revenue [Abstract]

Revenue

244,377

237,039

187,818

Korea [Member]

Disaggregation of Revenue [Abstract]

Revenue

147,734

147,066

122,165

United States [Member]

Disaggregation of Revenue [Abstract]

Revenue

105,045

112,648

102,040

Europe [Member]

Disaggregation of Revenue [Abstract]

Revenue

32,585

35,540

36,081

China [Member]

Disaggregation of Revenue [Abstract]

Revenue

19,010

1,157

168

All Other Asia [Member]

Disaggregation of Revenue [Abstract]

Revenue

1,909

1,826

2,406

IC [Member]

Disaggregation of Revenue [Abstract]

Revenue

406,191

416,064

350,260

High-end [Member]

Disaggregation of Revenue [Abstract]

Revenue

156,418

Mainstream [Member]

Disaggregation of Revenue [Abstract]

Revenue

249,773

FPD [Member]

Disaggregation of Revenue [Abstract]

Revenue

144,469

$ 119,212

$ 100,418

High-end [Member]

Disaggregation of Revenue [Abstract]

Revenue

98,832

Mainstream [Member]

Disaggregation of Revenue [Abstract]

Revenue

$ 45,637

[1]

Includes $0.6 million gain on sale of assets.

OPERATING LEASES (Details)

OPERATING LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 29, 2017
OPERATING LEASES [Abstract]
Rent expense under operating leases	$ 3,000	$ 2,900	$ 3,000
Future minimum lease payments under non-cancelable operating leases [Abstract]
2020	1,885
2021	1,613
2022	1,535
2023	742
2024	424
Thereafter	377
Total future minimum payments due	$ 6,576

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 29, 2017
Share-based Compensation [Abstract]
Maximum number of shares of common stock that may be issued (in shares)	4,000,000
Share-based compensation expense incurred	$ 3,700	$ 3,200	$ 3,600
Share-based compensation cost capitalized	0	0	0
Income tax benefits realized from stock option exercises	$ 0	$ 0	$ 0
Stock Options [Member]
Share-based Compensation [Abstract]
Contractual term	10 years
Weighted-average inputs and risk-free rate of return ranges used to calculate the grant date fair value of options [Abstract]
Expected volatility	33.10%	31.70%	32.20%
Dividend yield	0.00%	0.00%	0.00%
Expected term	5 years 1 month 6 days	5 years	5 years
Outstanding and exercisable option awards [Roll Forward]
Outstanding at beginning of period (in shares)	2,423,560
Granted (in shares)	132,000
Exercised (in shares)	(322,010)
Cancelled and forfeited (in shares)	(62,783)
Outstanding at end of period (in shares)	2,170,767	2,423,560
Exercisable at end of period (in shares)	1,615,225
Vested and expected to vest (in shares)	2,095,804
Weighted-Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 8.68
Granted (in dollars per share)	9.77
Exercised (in dollars per share)	6.43
Cancelled and forfeited (in dollars per share)	11.47
Outstanding at end of period (in dollars per share)	9	$ 8.68
Exercisable at end of period (in dollars per share)	8.61
Vested and expected to vest (in dollars per share)	$ 8.95
Weighted-Average Remaining Contractual Life [Abstract]
Outstanding at end of period	5 years 4 months 24 days
Exercisable at end of period	4 years 7 months 6 days
Vested and expected to vest	5 years 3 months 18 days
Aggregate Intrinsic Value [Abstract]
Outstanding at end of period	$ 6,206
Exercisable at end of period	5,242
Vested and expected to vest	$ 6,096
Additional disclosures [Abstract]
Weighted-average grant date fair value of options granted (in dollars per share)	$ 3.31	$ 2.76	$ 3.59
Total intrinsic value of options exercised	$ 1,300	$ 2,500	$ 1,900
Cash received from options exercises	2,100	$ 4,300	$ 2,400
Unrecognized compensation cost related to unvested option awards	$ 900
Period for recognition of compensation cost not yet recognized	2 years 1 month 6 days
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%	2.20%	1.90%
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%	2.80%	2.00%
Restricted Stock [Member]
Additional disclosures [Abstract]
Period for recognition of compensation cost not yet recognized	2 years 7 months 6 days
Total fair value of awards for which restrictions lapsed	$ 1,900	$ 1,400	$ 1,200
Compensation cost not yet recognized related to share based payment awards other than options	$ 4,300
Shares [Rollforward]
Outstanding at beginning of period (in shares)	419,297
Granted (in shares)	435,000	290,000	317,750
Vested (in shares)	(195,684)
Cancelled (in shares)	(18,500)
Outstanding at end of period (in shares)	640,113	419,297
Expected to vest (in shares)	594,771
Weighted-Average Fair Value at Grant Date [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 9.58
Granted (in dollars per share)	9.80	$ 8.62	$ 10.94
Vested (in dollars per share)	9.65
Cancelled (in dollars per share)	9.82
Outstanding at end of period (in dollars per share)	9.70	$ 9.58
Expected to vest (in dollars per share)	$ 9.69
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
Employee Stock Purchase Plan [Member]
Share-based Compensation [Abstract]
Maximum number of shares of common stock that may be issued (in shares)	1,850,000
Award vesting period	1 year
Shares [Rollforward]
Outstanding at end of period (in shares)	0
Weighted-Average Fair Value at Grant Date [Abstract]
Percent of market price that participants pay for shares subscribed	85.00%
Total shares issued since inception (in shares)	1,500,000

EMPLOYEE RETIREMENT PLANS (Deta

EMPLOYEE RETIREMENT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 29, 2017
EMPLOYEE RETIREMENT PLANS [Abstract]
Number of months of service completed to come under retirement plan	3 months
Minimum age of employees to come under retirement plan	18 years
Percentage of salary that can be contributed by the employee	50.00%
Maximum percentage of employees' contributions that Company will match	50.00%
Maximum percentage of employees' gross pay that Company will match	4.00%
Company's contribution to defined contribution retirement plans	$ 0.7	$ 0.7	$ 0.6

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 29, 2017
Components of income before income tax provision [Abstract]
United States	$ (8,379)	$ (9,859)	$ (11,544)
Foreign	59,080	78,430	38,109
Income before income tax provision	50,701	68,571	26,565
Current [Abstract]
Federal	(3,916)	(30)	173
State	11	0	(4)
Foreign	17,777	11,584	3,474
Deferred [Abstract]
Federal	3,673	(3,673)	0
State	10	(24)	15
Foreign	(7,345)	(522)	1,618
Income Tax Expense, Total	10,210	7,335	5,276
Income tax provision reconciliation [Abstract]
U.S. federal income tax at statutory rate	10,647	16,059	9,298
Changes in valuation allowances	2,673	4,554	(3,632)
Foreign tax rate differentials	218	(2,078)	(5,230)
Tax credits	(1,268)	(1,530)	(1,925)
Uncertain tax positions, including reserves, settlements and resolutions	134	(1,791)	(932)
Employee stock option	232	(1,433)	512
Income tax holiday	(2,234)	(2,648)	(743)
Tax reform	0	(3,736)	0
Distributions from foreign subsidiaries	0	0	6,471
Tax on foreign subsidiary earnings	0	0	1,712
Other, net	(192)	(62)	(255)
Income Tax Expense, Total	$ 10,210	$ 7,335	$ 5,276
Effective tax rate	20.10%	10.70%	19.80%
U.S. statutory rate	21.00%	23.42%	35.00%
Income Tax Holiday [Abstract]
Term of tax year holidays	5 years
Dollar effect of income tax holiday	$ 2,200	$ 2,600	$ 700
Per share effect of income tax holiday (in dollars per share)	$ 0.02	$ 0.035
Deferred income tax assets [Abstract]
Net operating losses	$ 32,229	$ 30,805
Reserves not currently deductible	5,013	4,703
Tax credit carryforwards	9,164	9,159
Share-based compensation	860	767
Alternative minimum tax credits	0	3,673
Other	434	1,210
Deferred tax assets	47,700	50,317
Valuation allowances	(27,032)	(24,383)
Deferred tax assets net of valuation allowance	20,668	25,934
Deferred income tax liabilities [Abstract]
Property, plant and equipment	(251)	(8,020)
Other	0	(448)
Deferred income taxes liabilities	(251)	(8,468)
Net deferred income tax assets	20,417	17,466
Reported as [Abstract]
Deferred income tax assets	20,779	18,109
Deferred income tax liabilities	(362)	(643)
Net deferred income tax assets	$ 20,417	17,466
Taiwan Agency of the Ministry of Finance [Member]
Foreign Tax [Abstract]
Foreign statutory rate	20.00%		17.00%
Foreign income tax expense (benefit)		$ (200)
Federal Alternate Minimum [Member]
Foreign Tax [Abstract]
Change in valuation allowance	$ 3,900
Foreign [Member] | Minimum [Member]
Income Tax Holiday [Abstract]
Income tax holiday termination date	October 31, 2017
Foreign [Member] | Maximum [Member]
Income Tax Holiday [Abstract]
Income tax holiday termination date	December 31, 2019

INCOME TAXES, UNRECOGNIZED TAX

INCOME TAXES, UNRECOGNIZED TAX BENEFITS AND CARRYFORWARDS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2019	Oct. 31, 2019	Oct. 31, 2018	Oct. 29, 2017
Valuation Allowance [Abstract]
Valuation allowance change - AMT credits			$ (3,900)
Valuation allowance change - NOL Utilization			(1,800)
Valuation allowance change - Credit Utilizations			(1,300)
Valuation allowance change - change in deferred tax liability			2,800
Valuation allowance change - adoption of ASU 2016-09			1,800
Valuation allowance change - corporate tax rate reduction			1,600
Valuation allowance change - impact of other factors			$ (400)
Rights Agreement [Abstract]
Dividend declared, preferred stock for each share of common stock outstanding (in shares)	1
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Unrecognized Tax Benefits [Abstract]
Balance at beginning of year		$ 1,775	$ 3,384	$ 4,606
Additions for tax positions in prior years				207
Reductions for tax positions in prior years		(466)	(44)
Additions based on current year tax positions		1,286	498	323
Settlements		(204)	(56)	(922)
Lapses of statutes of limitations		(633)	(2,007)	(830)
Balance at end of year		1,758	1,775	3,384
Income Tax Uncertainties [Abstract]
Accrued interest and penalties related to unrecognized tax benefits		200	100	100
Income taxes, additional disclosures [Abstract]
Income taxes paid		15,900	6,100	9,300
Cash received for refunds of income taxes			1,100	100
ASU 2016-16 [Member]
Adoption of New Accounting Standard [Abstract]
Cumulative effect of adoption of new accounting principle			(1,133)
Recorded in Other Liabilities [Member]
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits that would impact effective tax rate		1,900	$ 1,900	$ 3,400
Federal Research and Development [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount		$ 4,522
Federal Research and Development [Member] | Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period		Oct. 31, 2019
Federal Research and Development [Member] | Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period		Oct. 31, 2039
State [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount		$ 5,870
State [Member] | Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period		Oct. 31, 2020
State [Member] | Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period		Oct. 31, 2029
Federal [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount		$ 85,949
Federal [Member] | Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods		Oct. 31, 2028
State [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount		$ 206,513
State [Member] | Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods		Oct. 31, 2019
State [Member] | Maximum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods		Oct. 31, 2039
Foreign [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount		$ 9,177
Foreign [Member] | Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods		Oct. 31, 2022
Foreign [Member] | Maximum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods		Oct. 31, 2029

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended									12 Months Ended				24 Months Ended
	Nov. 27, 2019	Oct. 31, 2019	Jul. 28, 2019	Apr. 28, 2019	Jan. 27, 2019	Oct. 31, 2018	Jul. 29, 2018	Apr. 29, 2018	[1]	Jan. 28, 2018	Oct. 31, 2019	Oct. 31, 2018		Oct. 29, 2017	Oct. 31, 2019
Calculation of basic and diluted earnings per share [Abstract]
Net income attributable to Photronics, Inc. shareholders		$ 9,700	$ 6,347	$ 8,479	$ 5,267	$ 12,487	$ 13,005	$ 10,665		$ 5,898	$ 29,793	$ 42,055	[1]	$ 13,130
Effect of dilutive securities [Abstract]
Interest expense on convertible notes, net of tax											845	1,999		0
Earnings used for diluted earnings per share											$ 30,638	$ 44,054		$ 13,130
Weighted-average common shares computations [Abstract]
Weighted-average common shares used for basic earnings per share (in shares)											66,347	68,829		68,436
Effect of dilutive securities [Abstract]
Convertible notes (in shares)											2,360	5,542		0
Share-based payment awards (in shares)											448	450		852
Potentially dilutive common shares (in shares)											2,808	5,992		852
Weighted-average common shares used for diluted earnings per share (in shares)											69,155	74,821		69,288
Basic earnings per share (in dollars per share)		$ 0.15	$ 0.10	$ 0.13	$ 0.08	$ 0.18	$ 0.19	$ 0.15		$ 0.09	$ 0.45	$ 0.61	[1]	$ 0.19
Diluted earnings per share (in dollars per share)		$ 0.15	$ 0.10	$ 0.13	$ 0.08	$ 0.18	$ 0.18	$ 0.15		$ 0.09	$ 0.44	$ 0.59	[1]	$ 0.19
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)											1,250	1,627		6,850
Repurchased common stock (in shares)											2,133	2,558			4,691
Subsequent Event [Member]
Antidilutive Securities [Abstract]
Repurchased common stock (in shares)	900
Share based Payment Awards [Member]
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)											1,250	1,627		1,308
Convertible Notes [Member]
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)											0	0		5,542
[1]	Includes $0.6 million gain on sale of assets.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Oct. 31, 2019USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Outstanding purchase commitments	$ 130.3
Purchase commitments related to capital equipment	111.8
Future capital lease	30.8
Purchase commitments	$ 17.2

GEOGRAPHIC AND SIGNIFICANT CU_3

GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Oct. 31, 2019	Jul. 28, 2019	Apr. 28, 2019	Jan. 27, 2019	Oct. 31, 2018	Jul. 29, 2018	Apr. 29, 2018	[1]	Jan. 28, 2018	Oct. 31, 2019		Oct. 31, 2018		Oct. 29, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 156,256	$ 138,112	$ 131,580	$ 124,712	$ 144,660	$ 136,391	$ 130,779		$ 123,446	$ 550,660	[1]	$ 535,276	[1]	$ 450,678
Long-lived assets	632,441				571,781					632,441		571,781		535,197
Customer One [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue										87,000		78,400		73,600
IC [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue										406,191		416,064		350,260
FPD [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue										144,469		119,212		100,418
Taiwan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue										244,377		237,039		187,818
Long-lived assets	146,467				177,626					146,467		177,626		186,192
Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue										147,734		147,066		122,165
Long-lived assets	117,755				127,764					117,755		127,764		147,265
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue										105,045		112,648		102,040
Long-lived assets	130,935				156,948					130,935		156,948		180,095
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue										32,585		35,540		36,081
Long-lived assets	4,890				6,458					4,890		6,458		13,372
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue										19,010		1,157		168
Long-lived assets	$ 232,394				$ 102,985					232,394		102,985		8,273
All Other Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue										$ 1,909		$ 1,826		$ 2,406
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer One [Member]
Customer Account [Abstract]
Percent of net sales accounted for by significant customer										16.00%		16.00%		16.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer Two [Member]
Customer Account [Abstract]
Percent of net sales accounted for by significant customer										15.00%		15.00%		16.00%
[1]	Includes $0.6 million gain on sale of assets.

CHANGES IN ACCUMULATED OTHER _3

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 29, 2017
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
Other comprehensive income, tax	$ 0	$ 0
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	759,671
Net other comprehensive (loss) income	(2,951)	(16,523)	$ 20,406
Ending Balance	769,892	759,671
Accumulated Other Comprehensive Income (Loss) [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(4,966)	6,891
Net other comprehensive (loss) income	(4,039)	(11,857)	14,562
Ending Balance	(9,005)	(4,966)	6,891
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(4,328)	7,627
Ending Balance	(8,331)	(4,328)	7,627
Amortization of Cash Flow Hedge [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	0	(48)
Ending Balance		0	(48)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(638)	(688)
Ending Balance	(674)	(638)	$ (688)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss) before reclassifications	(2,951)	(16,571)
Amounts reclassified from other comprehensive income		48
Net other comprehensive (loss) income		(16,523)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss) before reclassifications	(2,877)	(16,672)
Amounts reclassified from other comprehensive income		0
Net other comprehensive (loss) income		(16,672)
Amortization of Cash Flows Hedge [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss) before reclassifications		0
Amounts reclassified from other comprehensive income		48
Net other comprehensive (loss) income		48
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss) before reclassifications	(74)	101
Amounts reclassified from other comprehensive income		0
Net other comprehensive (loss) income		101
AOCI Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive (loss) income attributable to noncontrolling interests	1,088	(4,666)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive (loss) income attributable to noncontrolling interests	1,126	(4,717)
Amortization of Cash Flows Hedge [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive (loss) income attributable to noncontrolling interests		0
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive (loss) income attributable to noncontrolling interests	$ (38)	$ 51

CONCENTRATIONS OF CREDIT RISK (

CONCENTRATIONS OF CREDIT RISK (Details) - Customer	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Customer Account [Abstract]
Number of customers concentration risk in accounts receivable	1	2
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer One [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable	17.00%	20.00%
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer Two [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable		10.00%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Oct. 31, 2019	Jul. 28, 2019	Apr. 28, 2019	Jan. 27, 2019	Oct. 31, 2018	Jul. 29, 2018	Apr. 29, 2018	[1]	Jan. 28, 2018	Oct. 31, 2019		Oct. 31, 2018		Oct. 29, 2017
Related Party Agreement [Abstract]
Revenue	$ 156,256	$ 138,112	$ 131,580	$ 124,712	$ 144,660	$ 136,391	$ 130,779		$ 123,446	$ 550,660	[1]	$ 535,276	[1]	$ 450,678
Accounts receivable	134,454				120,515					134,454		120,515
Customer One [Member]
Related Party Agreement [Abstract]
Revenue										87,000		78,400		73,600
Accounts receivable	$ 22,200				$ 23,500					$ 22,200		23,500
DEMA Associates, LLC [Member]
Related Party Agreement [Abstract]
Consulting agreement period										4 years
Annual cost of consulting contract										$ 400
Expenses incurred for goods or services provided by related party during the period										$ 400		300
Information Technology Services Provider [Member]
Related Party Agreement [Abstract]
Expenses incurred for goods or services provided by related party during the period												$ 100		500
Photomask Blank Supplier [Member]
Related Party Agreement [Abstract]
Expenses incurred for goods or services provided by related party during the period														$ 4,500
[1]	Includes $0.6 million gain on sale of assets.

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
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%	3.25%
Maturity date of debt	Apr. 1, 2019	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 PROGRAMS (Deta

SHARE REPURCHASE PROGRAMS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended		24 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Jul. 31, 2018
Shares Repurchase Programs and Preferred Stock Purchase Rights [Abstract]
Number of shares repurchased (in shares)	2,133	2,558	4,691
Cost of shares repurchased	$ 21,696	$ 23,111	$ 44,807
Average price paid per share (in dollars per share)	$ 10.17	$ 9.04	$ 9.55
August 2019 Announced Program [Member]
Shares Repurchase Programs and Preferred Stock Purchase Rights [Abstract]
Stock repurchased authorized amount	$ 100,000		$ 100,000
July 2018 Announced Program [Member]
Shares Repurchase Programs and Preferred Stock Purchase Rights [Abstract]
Stock repurchased authorized amount				$ 20,000
Stock repurchase program - commencement date	Jul. 10, 2018
Stock repurchase program - expiration date	Oct. 31, 2018
October 2018 Announced Program [Member]
Shares Repurchase Programs and Preferred Stock Purchase Rights [Abstract]
Stock repurchased authorized amount		$ 25,000
Stock repurchase program - commencement date	Oct. 22, 2018
Stock repurchase program - expiration date	Feb. 1, 2019

SUBSIDIARY DIVIDEND (Details)

SUBSIDIARY DIVIDEND (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 29, 2017
Noncontrolling Interest [Abstract]
Dividend paid to noncontrolling interest	$ 45,050	$ 8,166	$ 8,298
PDMC [Member]
Noncontrolling Interest [Abstract]
Ownership percentage of noncontrolling interests	49.99%	49.99%
Dividend paid to noncontrolling interest	$ 45,100	$ 8,200

QUARTERLY RESULTS OF OPERATIO_3

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									12 Months Ended
	Oct. 31, 2019	Jul. 28, 2019	Apr. 28, 2019	Jan. 27, 2019	Oct. 31, 2018	Jul. 29, 2018	Apr. 29, 2018		Jan. 28, 2018	Oct. 31, 2019		Oct. 31, 2018		Oct. 29, 2017
Selected Quarterly Financial Data (Unaudited) [Abstract]
Revenue	$ 156,256	$ 138,112	$ 131,580	$ 124,712	$ 144,660	$ 136,391	$ 130,779	[1]	$ 123,446	$ 550,660	[1]	$ 535,276	[1]	$ 450,678
Gross profit	38,159	30,570	26,010	26,102	35,425	35,597	32,819	[1]	27,662	120,841		131,503	[1]	91,315
Net income	13,037	9,834	9,852	7,768	16,769	19,797	15,189	[1]	9,481	40,491		61,236	[1]	21,289
Net income attributable to Photronics, Inc. shareholders	$ 9,700	$ 6,347	$ 8,479	$ 5,267	$ 12,487	$ 13,005	$ 10,665	[1]	$ 5,898	$ 29,793		$ 42,055	[1]	$ 13,130
Earnings per share [Abstract]
Basic (in dollars per share)	$ 0.15	$ 0.10	$ 0.13	$ 0.08	$ 0.18	$ 0.19	$ 0.15	[1]	$ 0.09	$ 0.45		$ 0.61	[1]	$ 0.19
Diluted (in dollars per share)	$ 0.15	$ 0.10	$ 0.13	$ 0.08	$ 0.18	$ 0.18	$ 0.15	[1]	$ 0.09	$ 0.44		$ 0.59	[1]	$ 0.19
Gain on sale of assets							$ 600					$ 600
[1]	Includes $0.6 million gain on sale of assets.

RECENT ACCOUNTING PRONOUNCEME_3

RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Oct. 31, 2018
Contract with Customer, Asset and Liability [Abstract]
Accounts receivable	$ 134,454	$ 120,515
Inventories	48,155	29,180
Accrual for income taxes	13,227	10,369
Retained earnings	253,922	231,445
Noncontrolling interests	141,200	144,898
ASU 2016-02 [Member]
Accounting Standards Updates to be Implemented [Abstract]
Right-of-use leased assets	6,700
Lease liabilities	6,700
Adjustments [Member] | ASU 2014-09 [Member]
Contract with Customer, Asset and Liability [Abstract]
Accounts receivable	(1,559)	600
Contract asset		4,600
Inventories	6,093	(3,700)
Accrual for income taxes		(300)
Retained earnings		1,100
Noncontrolling interests	$ (885)	$ 100

Schedule II-Valuation and Qua_2

Schedule II-Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands		12 Months Ended
		Oct. 31, 2019	Oct. 31, 2018	Oct. 29, 2017
Movement in Valuation Allowance and Qualifying Accounts [Roll Forward]
Balance at Beginning of Year		$ 1,526	$ 2,319	$ 3,901
Charged to costs and expenses		(18)	(809)	(1,600)	[1]
Deductions	[2]	(174)	16	18
Balance at End of Year		$ 1,334	$ 1,526	$ 2,319
[1]	Reversal of valuation allowance.
[2]	Uncollectible accounts written off, net, and impact of foreign currency translation.