Photronics (PLAB) 10-Q 9 Mar 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jan. 30, 2022	Mar. 03, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jan. 30, 2022
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	0-15451
Entity Registrant Name	PHOTRONICS, INC.
Entity Central Index Key	0000810136
Entity Incorporation, State or Country Code	CT
Entity Tax Identification Number	06-0854886
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		61,729,440

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 30, 2022	Oct. 31, 2021
Current assets:
Cash and cash equivalents	$ 314,195	$ 276,670
Accounts receivable, net of allowance of $1,157 in 2022 and $1,218 in 2021	170,673	174,447
Inventories	61,971	55,249
Other current assets	50,940	44,250
Total current assets	597,779	550,616
Property, plant and equipment, net	692,289	696,553
Deferred income taxes	24,447	24,353
Other assets	20,733	22,680
Total assets	1,335,248	1,294,202
Current liabilities:
Current portion of long-term debt	18,307	22,248
Accounts payable	94,914	81,534
Accrued liabilities	77,873	72,366
Total current liabilities	191,094	176,148
Long-term debt	78,540	89,446
Other liabilities	26,448	28,046
Total liabilities	296,082	293,640
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, 60,564 shares issued and outstanding at January 30, 2022, and 60,024 shares issued and outstanding at October 31, 2021	606	600
Additional paid-in capital	487,342	484,672
Retained earnings	339,912	317,849
Accumulated other comprehensive income	10,565	20,571
Total Photronics, Inc. shareholders' equity	838,425	823,692
Noncontrolling interests	200,741	176,870
Total equity	1,039,166	1,000,562
Total liabilities and equity	$ 1,335,248	$ 1,294,202

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jan. 30, 2022	Oct. 31, 2021
Current assets:
Accounts receivable, allowance	$ 1,157	$ 1,218
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)	60,564	60,024
Common stock, shares outstanding (in shares)	60,564	60,024

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Jan. 30, 2022	Jan. 31, 2021
Condensed Consolidated Statements of Income [Abstract]
Revenue	[1]	$ 189,827	$ 152,067
Cost of goods sold		129,964	121,538
Gross profit		59,863	30,529
Operating expenses:
Selling, general and administrative		15,727	14,053
Research and development		5,939	4,710
Total operating expenses		21,666	18,763
Operating income		38,197	11,766
Other income (expense):
Foreign currency transactions impact, net		5,268	1,382
Interest income and other income, net		334	121
Interest expense		(895)	(823)
Income before income tax provision		42,904	12,446
Income tax provision		11,178	2,937
Net income		31,726	9,509
Net income attributable to noncontrolling interests		8,662	1,473
Net income attributable to Photronics, Inc. shareholders		$ 23,064	$ 8,036
Earnings per share:
Basic (in dollars per share)		$ 0.38	$ 0.13
Diluted (in dollars per share)		$ 0.38	$ 0.13
Weighted-average number of common shares outstanding:
Basic (in shares)		60,158	62,475
Diluted (in shares)		60,936	63,005
[1]	This table disaggregates revenue by the location in which it was earned.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 31,726	$ 9,509
Other comprehensive (loss) income, net of tax of $0:
Foreign currency translation adjustments	(9,831)	18,289
Other	37	(1)
Net other comprehensive (loss) income	(9,794)	18,288
Comprehensive income	21,932	27,797
Less: comprehensive income attributable to noncontrolling interests	8,874	5,690
Comprehensive income attributable to Photronics, Inc. shareholders	$ 13,058	$ 22,107

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0

Condensed Consolidated Statem_4

Condensed 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 [Member]	Non-Controlling Interests [Member]	Total
Balance at Oct. 31, 2020	$ 631	$ 507,336	$ 279,037	$ 0	$ 17,958	$ 157,304	$ 962,266
Balance (in shares) at Oct. 31, 2020	63,138
Net income	$ 0	0	8,036	0	0	1,473	9,509
Other comprehensive (loss) income	0	0	0	0	14,071	4,217	18,288
Shares issued under equity plans	$ 4	337	0	0	0	0	341
Shares issued under equity plans (in shares)	368
Share-based compensation expense	$ 0	1,301	0	0	0	0	1,301
Purchase of treasury stock	$ 0	0	0	(13,209)	0	0	(13,209)
Purchase of treasury stock (in shares)	0
Balance at Jan. 31, 2021	$ 635	508,974	287,073	(13,209)	32,029	162,994	978,496
Balance (in shares) at Jan. 31, 2021	63,506
Balance at Oct. 31, 2021	$ 600	484,672	317,849	0	20,571	176,870	1,000,562
Balance (in shares) at Oct. 31, 2021	60,024
Net income	$ 0	0	23,064	0	0	8,662	31,726
Other comprehensive (loss) income	0	0	0	0	(10,006)	212	(9,794)
Shares issued under equity plans	$ 7	2,733	0	0	0	0	2,740
Shares issued under equity plans (in shares)	728
Share-based compensation expense	$ 0	1,457	0	0	0	0	1,457
Contribution from noncontrolling interest	0	0	0	0	0	14,997	14,997
Purchase of treasury stock	$ 0	0	0	(2,522)	0	0	(2,522)
Purchase of treasury stock (in shares)	0
Retirement of treasury stock	$ (1)	(1,520)	(1,001)	2,522	0	0	0
Retirement of treasury stock (in shares)	(188)
Balance at Jan. 30, 2022	$ 606	$ 487,342	$ 339,912	$ 0	$ 10,565	$ 200,741	$ 1,039,166
Balance (in shares) at Jan. 30, 2022	60,564

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021
Cash flows from operating activities:
Net income	$ 31,726	$ 9,509
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,810	23,724
Share-based compensation	1,457	1,301
Changes in assets and liabilities:
Accounts receivable	3,269	(2,011)
Inventories	(7,020)	2,095
Other current assets	(6,730)	(824)
Accounts payable, accrued liabilities, and other	15,618	(7,507)
Net cash provided by operating activities	59,130	26,287
Cash flows from investing activities:
Purchases of property, plant and equipment	(19,175)	(17,532)
Government incentives	0	397
Other	(43)	(61)
Net cash used in investing activities	(19,218)	(17,196)
Cash flows from financing activities:
Repayments of debt	(15,192)	(7,796)
Purchases of treasury stock	(2,522)	(13,209)
Contribution from noncontrolling interest	14,997	0
Proceeds from debt	0	6,205
Proceeds from share-based arrangements	3,840	765
Net settlements of restricted stock awards	(1,458)	(315)
Net cash used in financing activities	(335)	(14,350)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	(2,057)	5,195
Net increase (decrease) in cash, cash equivalents, and restricted cash	37,520	(64)
Cash, cash equivalents, and restricted cash at beginning of period	279,680	281,602
Cash, cash equivalents, and restricted cash at end of period	317,200	281,538
Less: Ending restricted cash	3,005	2,999
Cash and cash equivalents at end of period	314,195	278,539
Supplemental disclosure of non-cash information:
Accruals for property, plant and equipment purchased during the period	$ 7,092	$ 4,938

BASIS OF FINANCIAL STATEMENT PR

BASIS OF FINANCIAL STATEMENT PRESENTATION	3 Months Ended
	Jan. 30, 2022
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract]
BASIS OF FINANCIAL STATEMENT PRESENTATION	NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION Photronics, Inc. (“Photronics”, “the Company”, “we”, “our”, or “us”) is one of the world’s leading manufacturers of photomasks, which are high-precision photographic quartz or glass plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of semiconductors and flat-panel displays (“FPDs” or “displays”), and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of integrated circuits (“ICs” or “semiconductors”), 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 accompanying unaudited condensed consolidated financial statements (“the financial statements”) have been prepared in accordance with U.S. GAAP for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, adjustments, all of which are of a normal recurring nature, considered necessary for a fair presentation have been included. The financial statements include the accounts of Photronics, its wholly owned subsidiaries, and the majority-owned subsidiaries which it controls. All intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Form 10-K for the fiscal year ended October 31, 2021, where we discuss and provide additional information about our accounting policies and the methods and assumptions used in our estimates. The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect amounts reported in them. Our estimates, including those on the impact of COVID-19, are based on historical experience and on various assumptions that we believe to be reasonable under the circumstances. Our estimates are based on the facts and circumstances available at the time they are made. Subsequent actual results may differ from such estimates. We review these estimates periodically and reflect any effects of revisions in the period in which they are determined. Our business is typically impacted during the first quarter of our fiscal year by the North American, European, and Asian holiday periods, as some customers reduce their development and buying activities during this period. Operating results for the interim period are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2022. For further information, refer to the consolidated financial statements, and notes thereto, included in our Annual Report on Form 10-K for the year ended

INVENTORIES

INVENTORIES	3 Months Ended
	Jan. 30, 2022
INVENTORIES [Abstract]
INVENTORIES	NOTE 2 - INVENTORIES Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value. January 30, 2022 October 31, 2021 Raw materials $ 60,243 $ 54,019 Work in process 1,544 1,121 Finished goods 184 109 $ 61,971 $ 55,249

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	3 Months Ended
	Jan. 30, 2022
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	NOTE 3 - PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consists of the following: January 30, 2022 October 31, 2021 Land $ 12,279 $ 12,442 Buildings and improvements 181,174 181,922 Machinery and equipment 1,950,583 1,961,474 Leasehold improvements 21,709 21,751 Furniture, fixtures and office equipment 15,770 15,534 Construction in progress 47,008 35,009 2,228,523 2,228,132 Accumulated depreciation and amortization (1,536,234 ) (1,531,579 ) $ 692,289 $ 696,553 ROU assets resulting from finance leases are included in the table above as follows: January 30, 2022 October 31, 2021 Machinery and equipment $ 42,760 $ 42,760 Accumulated amortization (2,644 ) (1,933 ) $ 40,116 $ 40,827 Depreciation and amortization expense for property, plant and equipment (including amortization expense for ROU assets) was $20.7 million and $22.6 million for the three-month periods ended January 30, 2022, and January 31, 2021.

PDMCX JOINT VENTURE

PDMCX JOINT VENTURE	3 Months Ended
	Jan. 30, 2022
PDMCX JOINT VENTURE [Abstract]
PDMCX JOINT VENTURE	NOTE 4 - PDMCX JOINT VENTURE In January 2018, Photronics, Inc. through its wholly owned Singapore subsidiary (hereinafter, within this Note “we”, “Photronics”, “us”, or “our”), and DNP, through its wholly owned subsidiary “DNP Asia Pacific PTE, Ltd.” entered into a joint venture under which DNP obtained a 49.99% interest in our IC business in Xiamen, China. The joint venture, which we refer to as “PDMCX”, was established to develop and manufacture photomasks for leading-edge and advanced-generation semiconductors. We entered into this joint venture to enable us to compete more effectively for the merchant photomask business in China, and to benefit from the additional resources and investment that DNP provides to enable us to offer advanced-process technology to our customers. In 2020, in combination with local financing obtained by PDMCX, Photronics and DNP fulfilled their investment obligations under the PDMCX operating agreement ( “ Under the Agreement, DNP is afforded, under certain circumstances, the right to put its interest in PDMCX to Photronics. These circumstances include disputes regarding the strategic direction of PDMCX that may arise after the initial two-year term of the Agreement and cannot be resolved between the two parties. As of the date of issuance of these financial statements, DNP had not indicated its intention to exercise this right. In addition, both Photronics and DNP have the option to purchase, or put, their interest from, or to, the other party, should their ownership interest fall below twenty percent for a period of more than six three We recorded net income from the operations of PDMCX of $1.9 million during the three-month period ended January 30, 2022, and a loss of $0.1 million during the three-month period ended January 31, 2021, respectively. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the net assets of PDMCX), and our maximum exposure to loss from PDMCX at January 30, 2022, was $81.3 million. As required by the guidance in Topic 810 - “Consolidation” of the our involvement in PDMCX for the purpose of determining whether we should consolidate its results in our financial statements. The initial step of our evaluation was to determine whether PDMCX was a variable interest entity (“VIE”). Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, we determined that it was a VIE. Having made this determination, we then assessed whether we were the primary beneficiary of the VIE, and concluded that we were the primary beneficiary during the current and prior year reporting periods; thus, as required, the PDMCX financial results have been consolidated with Photronics. Our conclusion was based on the facts that we held a controlling financial interest in PDMCX (which resulted from our having the power to direct the activities that most significantly impacted its economic performance) and had the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX. Our conclusions that we had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current and prior year reporting periods 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 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 condensed consolidated balance sheets are presented in the following table, together with our exposure to loss related to these assets and liabilities. January 30, 2022 October 31, 2021 Classification Carrying Amount Photronics Interest Carrying Amount Photronics Interest Current assets $ 80,953 $ 40,485 $ 59,745 $ 29,879 Noncurrent assets 143,353 71,690 137,799 68,913 Total assets 224,306 112,175 197,544 98,792 Current liabilities 28,209 14,107 26,559 13,282 Noncurrent liabilities 33,542 16,774 42,917 21,463 Total liabilities 61,751 30,881 69,476 34,745 Net assets $ 162,555 $ 81,294 $ 128,068 $ 64,047

DEBT

DEBT	3 Months Ended
	Jan. 30, 2022
DEBT [Abstract]
DEBT	NOTE 5 - DEBT The tables below provide information on our long-term debt. As of January 30, 2022 Xiamen Project Loans Xiamen Working Capital Loans Hefei Equipment Loan Finance Leases Total Principal due: Next 12 months $ 5,708 $ 1,006 $ 4,717 $ 6,876 $ 18,307 Months 13 – 24 $ 9,277 $ 3,523 $ 4,717 $ 6,537 $ 24,054 Months 25 – 36 10,221 - 6,290 20,308 36,819 Months 37 – 48 9,434 - 5,613 2,620 17,667 Long-term debt $ 28,932 $ 3,523 $ 16,620 $ 29,465 $ 78,540 Total $ 34,640 $ 4,529 $ 21,337 $ 36,341 $ 96,847 Interest rate at balance sheet date 4.65 % 4.61 % 4.20 % (3) Basis spread on interest rates 0.00 76.00 (45.00 ) N/A Interest rate reset Quarterly Monthly/Annually Annually N/A Maturity date December 2025 July 2023 September 2025 (3) Periodic payment amount Varies as loans mature Increases as loans mature Varies (1) (3) Periodic payment frequency Semiannual, on individual loans Semiannual, on individual loans Semiannual (2) Monthly Loan collateral (carrying amount) $ 88,356 N/A $ 85,558 $ 40,116 (4) (1) . (2) (3) (4) As of October 31, 2021 Xiamen Project Loans Xiamen Working Capital Loans Hefei Equipment Loan Finance Leases Total Principal due: Next 12 months $ 2,068 $ 8,197 $ 4,694 $ 7,289 $ 22,248 Months 13 – 24 $ 10,071 $ 4,005 $ 4,693 $ 6,512 $ 25,281 Months 25 – 36 10,278 - 6,257 6,610 23,145 Months 37 – 48 9,902 - 5,585 17,961 33,448 Months 49 – 60 7,572 - - - 7,572 Long-term debt $ 37,823 $ 4,005 $ 16,535 $ 31,083 $ 89,446 Total $ 39,891 $ 12,202 $ 21,229 $ 38,372 $ 111,694 Interest rate at balance sheet date 4.65 % 4.53% - 4.61 % 4.20 % (3) Basis spread on interest rates 0.00 67.75 - 76.00 (45.00 ) N/A Interest rate reset Quarterly Monthly/Annually Annually N/A Maturity date December 2025 July 2023 September 2025 (3) Periodic payment amount Varies as loans mature Increases as loans mature Varies (1) (3) Periodic payment frequency Semiannual, on individual loans Semiannual, on individual loans Semiannual (2) Monthly Loan collateral (carrying amount) $ 90,096 N/A $ 86,487 $ 40,826 (4) (1) First five loan repayments will each be for 7.5 percent of the approved 200 million RMB loan principal; last five installments will each be for 12.5 percent of the approved loan principal . (2) Semiannual repayments commence in March 2022. See Note 7 for interest rates on lease liabilities, maturity dates, and periodic payment amounts. (4) Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests. Xiamen Project Loans In November 2018, PDMCX obtained approval to borrow 345.0 million RMB from the Industrial and Commercial Bank of China. From November 2018 through July 2020, PDMCX entered into separate loan agreements (the “Project Loans”) for the entire approved amount and, as of January 30, 2022, million RMB ($ million) remained outstanding. The Project Loans were used to finance certain capital expenditures at the PDMCX facility and are collateralized by liens granted on the land use right, building, and certain equipment located at the facility. The interest rates on the Project Loans are variable (based on the RMB Loan Prime Rate of the National Interbank Funding Center), and interest incurred on the loans is eligible for reimbursement through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provide for such reimbursements up to a prescribed limit and duration. The Project Loans are subject to covenants and provisions, certain of which relate to the assets pledged as security for the loans, all of which we were in compliance with at January 30, 2022. Xiamen Working Capital Loans In November 2018, PDMCX obtained approval for revolving, unsecured credit of the equivalent of $25.0 million, pursuant to which PDMCX may enter into separate loan agreements with varying terms to maturity. This facility is subject to annual reviews and extension. Unless extended, this facility will expire in October 2022 . The interest rates are variable, based on the RMB Loan Prime Rate of the National Interbank Funding Center. Interest incurred on the loans is eligible for reimbursement through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provide for such reimbursements up to a prescribed limit and duration. Hefei Equipment Loan In October 2020, our Hefei, China, facility was approved to borrow million RMB (approximately $ million, at the balance sheet date) from the China Construction Bank Corporation. This credit facility is subject to annual reviews and extension, with the most recent extension set to expire in August 2022 . The loan proceeds were used to fund the purchase of lithography tools at the Hefei facility. As of , we had borrowed million RMB ($ million) against this approval (all of which was then outstanding), and million RMB ($ million) remained available to borrow. The interest rate on the loan is variable and based on the RMB Loan Prime Rate of the National Interbank Funding Center. The borrowings are secured by the Hefei facility, its related land use right, and certain manufacturing equipment. The Hefei Equipment Loan is subject to covenants and provisions, certain of which relate to the assets pledged as security for the loan, Finance Leases In , we entered into a $ million lease for a high-end lithography tool. See Note 7 for additional information on these leases. Corporate 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 subsidiaries. The Credit Agreement includes covenants around minimum interest coverage ratio, total leverage ratio, and minimum unrestricted cash balance (all of which we were in compliance with at January 30, 2022), and limits the amount of cash dividends, distributions, and redemptions we can pay on our common stock to an aggregate annual amount of $50 million. We had no outstanding borrowings against the Credit Agreement at January 30, 2022. The interest rate on the Credit Agreement (1.11% at January 30, 2022) is based on our total leverage ratio at 1-month LIBOR plus a spread, as defined in the Credit Agreement.

REVENUE

REVENUE	3 Months Ended
	Jan. 30, 2022
REVENUE [Abstract]
REVENUE	NOTE 6 - REVENUE 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. 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, 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 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 are a number of uncompleted revenue contracts on which we have performed; for any such contracts under which 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. We report our revenue net of any sales or similar taxes we collect on behalf of government entities. As stated above, photomasks are manufactured to customer specifications in accordance with their proprietary designs; 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 was 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 of photomasks that are in process or completed but not yet shipped to customers. 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. Contract assets of $ million are included in Other current assets , and contract liabilities of $ million and $ million are included in Accrued liabilities and Other liabilities , respectively, in our , condensed consolidated balance sheet. Our condensed consolidated balance sheet includes contract assets of $ million, included in Other current assets, and contract liabilities of $ million and $ million are included in Accrued liabilities and Other liabilities, respectively. We did t impair any contract assets during the -month periods ended or . We recognized $4.2 million of revenue from the settlement of contract liabilities that existed at the beginning of the three-month period ended January 30, 2022, and recognized $2.5 million of revenue in the respective prior year period, that related to the settlement of contract liabilities that existed at the beginning of that period. We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectibility during, and at the end of, every reporting period. To the extent we believe a loss on the collection of a customer invoice is probable, we record the loss and credit an allowance for credit losses. In the event that an amount is determined to be uncollectible, we charge the allowance for credit losses and derecognize the related receivable. We did not incur any credit losses on our accounts receivable during the three-month periods ended January 30, 2022, or January 31, 2021. Our invoice terms generally range from net thirty to , depending on both the geographic market in which the transaction occurs and our payment agreements with specific customers. In the event that our evaluation of a customer’s business prospects and financial condition indicate that the customer presents a collectibility risk, we modify terms of sale, which may require payment in advance of performance. At the time of adoption, we elected the practical expedient allowed under ASC Topic “Revenue from Contracts with Customers” (“Topic ”) that permits us not to adjust a contract’s promised amount of consideration to reflect a financing component when the period between when we transfer control of goods or services to customers and when we are paid is year or less. In instances when we are paid in advance of our performance, we record a contract liability and, as allowed under the practical expedient in Topic , 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 year. Historically, advance payments we have received from customers have generally not preceded the completion of our performance obligations by more than year. Disaggregation of Revenue The following tables present our revenue for the -month periods ended and , disaggregated by product type, geographic origin, and timing of recognition. Three Months Ended January 30, 2022 January 31, 2021 Revenue by Product Type IC High-end $ 46,534 $ 36,780 Mainstream 83,227 68,176 Total IC $ 129,761 $ 104,956 FPD High-end $ 46,276 $ 34,645 Mainstream 13,790 12,466 Total FPD $ 60,066 $ 47,111 $ 189,827 $ 152,067 Three Months Ended January 30, 2022 January 31, 2021 Revenue by Geographic Origin* Taiwan $ 67,841 $ 56,590 China 45,953 20,997 Korea 39,515 38,783 United States 27,176 26,604 Europe 8,914 8,575 Other 428 518 $ 189,827 $ 152,067 * This table disaggregates revenue by the location in which it was earned. Three Months Ended January 30, 2022 January 31, 2021 Revenue by Timing of Recognition Over time $ 170,264 $ 141,284 At a point in time 19,563 10,783 $ 189,827 $ 152,067 Contract Costs We pay commissions to third-party sales agents for certain sales they procure on our behalf. 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 do 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 contract obtainment costs as assets. Remaining Performance Obligations As we are typically required to fulfill customer orders within a short period of time, our backlog of orders has historically been two three weeks one two weeks ’ Product Warranties Our photomasks are sold under warranties that generally range from one to twenty-four months . We warrant that our photomasks conform to customer specifications and will typically repair, replace, or issue a refund for (at our option) any photomasks that fail to do so. The warranties do not represent separate performance obligations in our revenue contracts. Historically, customer claims under warranties have been immaterial.

LEASES

LEASES	3 Months Ended
	Jan. 30, 2022
LEASES [Abstract]
LEASES	NOTE 7 - LEASES Our involvement in lease arrangements has typically been as a lessee. We determine if an agreement is or contains a lease on the earlier of the date of the agreement or the date on which we commit to entering the agreement. Our evaluation considers whether the agreement includes an identified asset and whether it affords us the right to control the asset. Our having the right to control the identified asset is determined by whether we are entitled to substantially all of its economic benefits and can direct its use. We recognize leases on our consolidated balance sheet when a lessor makes an asset underlying a lease having a term in excess of twelve months available for our use. As allowed under ASC Topic 842 – “Leases” (“Topic 842”), we have elected not to apply the recognition requirements to leases that, at their commencement dates, have lease terms of twelve months or less and do not include options to purchase their underlying assets that we are reasonably certain to exercise. The present value of lease payments over the term of the lease provides the basis for the initial measurement of ROU assets and their related lease liabilities. We measure finance lease liabilities using the rates implicit in the leases; operating lease liabilities are measured using our incremental borrowing rates, for collateralized loans, at the commencement date. Variable lease payments, other than those that are dependent on an index or on a rate, are not included in the measurement of ROU assets and their related lease liabilities. Lease terms include extension periods if the lease agreement includes an option to extend the lease that we are reasonably certain to exercise. As allowed under Topic 842, we have elected, for all classes of assets, the practical expedient to not separate lease components of a contract from nonlease components of a contract. In February 2021, we entered into a $ million finance lease for a high-end inspection tool. Monthly payments on the lease, which commenced in February 2021, are $ million per month. . In December 2020, we entered into a five-year $35.5 million finance lease for a high-end lithography tool. Monthly payments on the lease, which commenced in January 2021, increased from $0.04 million during the first three months to $0.6 million for the following nine months, to be followed by forty-eight monthly payments of $0.5 million. As of the due date of the forty-eighth monthly payment, we may exercise an early buyout option to purchase the tool for $14.1 million. If we do not exercise the early buyout option, then at the end of the five-year lease term, at our option, we may return the tool, elect to extend the lease term for a period and a lease payment to be agreed with lessor at the time, or purchase the tool for its then-fair market value as determined by the lessor. Since we are reasonably certain that we will exercise the early buyout option, our lease liability reflects such exercise and we have classified the lease as a finance lease. The interest rate implicit in the lease is 1.58%. The lease agreement incorporates the covenants included in our Corporate Credit Agreement, which are detailed in Note 5, and includes a cross-default provision for any agreement or instrument with an outstanding, committed balance greater than $5.0 million in which we are the indebted party. The following table provides information on operating and finance leases included in our consolidated balance sheets. Classification January 30, 2022 October 31 , 2021 ROU Assets – Operating Leases Other assets $ 4,977 $ 5,581 ROU Assets – Finance Leases Property, plant and equipment, net $ 40,116 $ 40,827 Lease Liabilities – Operating Leases Accrued liabilities $ 2,233 $ 2,273 Other liabilities 2,690 3,246 $ 4,923 $ 5,519 Lease Liabilities – Finance Leases Current portion of long-term debt $ 6,876 $ 7,289 Long-term debt 29,465 31,083 $ 36,341 $ 38,372 The following table presents future lease payments under noncancelable operating and finance leases as of January 30 . Imputed interest represents the difference between undiscounted cash flows and discounted cash flows Operating Leases Finance Lease Remainder of fiscal year 2022 $ 1,741 $ 7,117 2023 1,367 6,938 2024 817 20,592 2025 643 2,924 2026 394 - Thereafter 154 - Total lease payments 5,116 37,571 Imputed interest (193 ) (1,230 ) Lease liabilities $ 4,923 $ 36,341 The following table presents lease costs for the three month periods ended January 30 and January 31 Three Months Ended January 30 2022 January 31, 2021 Operating lease costs $ 589 $ 664 Short-term lease costs $ 120 $ 46 Variable lease costs $ 123 $ 144 Interest on lease liabilities $ 97 $ 35 Amortization of ROU assets $ 711 $ - The following table presents statistical information related to our operating and finance leases. The information presented is as of the balance sheet dates. January 30, 2022 October 31 , 2021 Classification Weighted-average remaining lease term (in years) Weighted-average discount rate Weighted-average remaining lease term (in years) Weighted-average discount rate Operating leases 3.4 2.4 % 3.5 2.4 % Finance leases 3.8 1.5 % 3.3 1.5 % The following table presents the effects on our condensed consolidated statements of cash flows, and provides leases-related non-cash information for the periods presented. Three Months Ended January 30 2022 January 31, 2021 Operating cash flows used for operating leases $ 561 $ 603 Operating cash flows used for finance leases $ 143 $ 35 Financing cash flows used for finance leases $ 2,031 $ - ROU assets obtained in exchange for operating lease obligations $ 31 $ 267 ROU assets obtained in exchange for finance lease obligations $ - $ 35,560

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Jan. 30, 2022
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	NOTE 8 - SHARE-BASED COMPENSATION In March 2016, shareholders approved our current 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), 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. The table below presents information on our share-based compensation expenses for the three-month periods ended January 30, 2022, and January 31, 2021. Three Months Ended January 30, 2022 January 31, 2021 Expense reported in: Cost of goods sold $ 143 $ 112 Selling, general and administrative 1,180 1,097 Research and development 134 92 Total expense incurred $ 1,457 $ 1,301 Expense by award type: Restricted stock awards $ 1,367 $ 1,171 Stock options 38 84 ESPP 52 46 Total expense incurred $ 1,457 $ 1,301 Income tax benefits of share-based compensation (in millions) $ 0.1 $ - Share-based compensation cost capitalized $ - $ - Restricted Stock We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one to four years . The fair value of the awards is determined on the date of grant, based on the closing price of our common stock. The table below presents information on our restricted stock awards for the three-months ended January 30, 2022, and January 31, 2021. Three Months Ended January 30, 2022 January 31, 2021 Number of shares granted in period 535,400 541,200 Weighted-average grant-date fair value of awards (in dollars per share) $ 19.28 $ 11.13 Compensation cost not yet recognized $ 15,106 $ 10,564 Weighted-average amortization period for cost not yet recognized (in years) 3.0 3.0 Shares outstanding at balance sheet date 1,128,179 1,059,001 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 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 table below presents information on our stock options for the three-months ended January 30, 2022, and January 31, 2021. Three Months Ended January 30, 2022 January 31, 2021 Number of options granted in period - - Cash received from option exercised $ 3,714 $ 658 Compensation cost not yet recognized $ 71 $ 282 Weighted-average amortization period for cost not yet recognized (in years) 1.0 1.6 Information on outstanding and exercisable option awards as of January 30, 2022 is presented below. Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at January 30, 2022 769,513 $ 9.81 4.0 $ 5,797 Exercisable at January 30, 2022 745,287 $ 9.81 3.9 $ 5,613

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jan. 30, 2022
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 9 - INCOME TAXES We calculate our provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. The effective tax rate of differs from the U.S. statutory rate of in the three-month period ended January 30, 2022, primarily due to the non-recognition of the tax benefit of losses that, in certain jurisdictions, have been offset by valuation allowances, non-U.S. pre-tax income being taxed at higher statutory rates in the non-U.S. jurisdictions, and the establishment of uncertain tax positions in non-U.S. jurisdiction. The effective tax rate of in the three-month period ended January 31, 2021, Although the timing of the expirations of statutes of limitations may be uncertain, as they can be dependent upon the settlement of tax audits, we believe that the amount of uncertain tax positions (including 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. We are no longer subject to tax authority examinations in the U.S. and major foreign or state jurisdictions for years prior to fiscal year 2016 The table below presents information on our unrecognized tax benefits as of the balance sheet dates. January 30, 2022 October 31, 2021 Unrecognized tax benefits related to uncertain tax positions $ 3,854 $ 3,758 Unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 3,854 $ 3,758 Accrued interest and penalties related to uncertain tax positions $ 271 $ 223

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Jan. 30, 2022
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	NOTE 10 - EARNINGS PER SHARE The calculation of basic and diluted earnings per share is presented below. Three Months Ended January 30, 2022 January 31, 2021 Net income attributable to Photronics, Inc. shareholders $ 23,064 $ 8,036 Effect of dilutive securities - - Earnings used for diluted earnings per share $ 23,064 $ 8,036 Weighted-average common shares computations: Weighted-average common shares used for basic earnings per share 60,158 62,475 Effect of dilutive securities: Share-based payment awards 778 530 Potentially dilutive common shares 778 530 Weighted-average common shares used for diluted earnings per share 60,936 63,005 Basic earnings per share $ 0.38 $ 0.13 Diluted earnings per share $ 0.38 $ 0.13 The table below illustrates 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 Three Months Ended January 30, 2022 January 31, 2021 Share-based payment awards 165 826 Total potentially dilutive shares excluded 165 826

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jan. 30, 2022
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11 - COMMITMENTS AND CONTINGENCIES As of January 30, 2022, the Company had commitments outstanding for capital expenditures of approximately $108.2 million, primarily for purchases of high-end equipment. We are subject to various other claims that arise in the ordinary course of business. We believe that our potential liability under such claims, individually or in the aggregate, will not have a material effect on our consolidated financial statements.

CHANGES IN ACCUMULATED OTHER CO

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT	3 Months Ended
	Jan. 30, 2022
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT	NOTE 12 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT The following tables set forth the changes in our accumulated other comprehensive income by component (net of tax of $0) for the three-month periods ended January 30, 2022 and January 31, 2021. Three Months Ended January 30, 2022 Foreign Currency Translation Adjustments Other Total Balance at October 31, 2021 $ 21,476 $ (905 ) $ 20,571 Other comprehensive (loss) income, net of tax of $0 (9,831 ) 37 (9,794 ) Less: other comprehensive income attributable to noncontrolling interests 194 18 212 Balance at January 30, 2022 $ 11,451 $ (886 ) $ 10,565 Three Months Ended January 31, 2021 Foreign Currency Translation Adjustments Other Total Balance at October 31, 2020 $ 18,828 $ (870 ) $ 17,958 Other comprehensive (loss) income, net of tax of $0 18,289 (1 ) 18,288 Less: other comprehensive income attributable to noncontrolling interests 4,217 - 4,217 Balance at January 31, 2021 $ 32,900 $ (871 ) $ 32,029

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Jan. 30, 2022
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 13 - 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 approximate their carrying values due to the variable nature of the underlying interest rates. We did not have any assets or liabilities measured at fair value, on a recurring or a nonrecurring basis, at January 30, 2022, or October 31, 2021.

SHARE REPURCHASE PROGRAMS

SHARE REPURCHASE PROGRAMS	3 Months Ended
	Jan. 30, 2022
SHARE REPURCHASE PROGRAMS [Abstract]
SHARE REPURCHASE PROGRAMS	NOTE 14 - SHARE REPURCHASE PROGRAMS In September 2020, 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. We commenced repurchasing shares under this authorization on September 16, 2020. All of the shares repurchased under this authorization prior to January 30, 2022, were retired prior to that date. As of January 30, 2022, $31.7 million was available under this authorization for the purchase of additional shares. The table below presents information on this repurchase program. Three Months Ended January 30, 2022 Three Months Ended January 31, 2021 Number of shares repurchased (in thousands) 188 1,222 Cost of shares repurchased $ 2,522 $ 13,209 Average price paid per share $ 13.43 $ 10.81

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Jan. 30, 2022
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 15 - RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Updates Adopted In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. The FASB’s amendments primarily impact ASC 740, Income Taxes, and may impact both interim and annual reporting periods. We adopted ASU 2019-12 on November 1, 2021; the effect of the adoption was immaterial. Accounting Standards Updates to be Adopted In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, to increase the transparency of government assistance including the disclosure of the types of assistance an entity receives, an entity’s method of accounting for government assistance, and the effect of the assistance on an entity’s financial statements. The guidance in this Update will be effective for Photronics in its fiscal year 2023 Form 10-K, with early application of the amendments allowed. The amendments are to be applied prospectively to all transactions within the scope of the amendments that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application or, retrospectively to those transactions. We are currently evaluating the effect the adoption of this ASU may have on our disclosures. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, to simplify the accounting for transitioning from LIBOR, and other interbank offered rates expected to be discontinued, to alternative reference rates. The guidance in this Update was effective upon its issuance; if elected, it is to be applied prospectively through December 31, 2022. We are currently evaluating the effect the potential adoption of this ASU may have on our consolidated financial statements.

BASIS OF FINANCIAL STATEMENT _2

BASIS OF FINANCIAL STATEMENT PRESENTATION (Policies)	3 Months Ended
	Jan. 30, 2022
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract]
Consolidation	The accompanying unaudited condensed consolidated financial statements (“the financial statements”) have been prepared in accordance with U.S. GAAP for interim financial information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, adjustments, all of which are of a normal recurring nature, considered necessary for a fair presentation have been included. The financial statements include the accounts of Photronics, its wholly owned subsidiaries, and the majority-owned subsidiaries which it controls. All intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Form 10-K for the fiscal year ended October 31, 2021, where we discuss and provide additional information about our accounting policies and the methods and assumptions used in our estimates.
Estimates and Assumptions	The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect amounts reported in them. Our estimates, including those on the impact of COVID-19, are based on historical experience and on various assumptions that we believe to be reasonable under the circumstances. Our estimates are based on the facts and circumstances available at the time they are made. Subsequent actual results may differ from such estimates. We review these estimates periodically and reflect any effects of revisions in the period in which they are determined.

INVENTORIES (Policies)

INVENTORIES (Policies)	3 Months Ended
	Jan. 30, 2022
INVENTORIES [Abstract]
Inventories	Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value.

PDMCX JOINT VENTURE (Policies)

PDMCX JOINT VENTURE (Policies)	3 Months Ended
	Jan. 30, 2022
PDMCX JOINT VENTURE [Abstract]
Variable Interest Entities	As required by the guidance in Topic 810 - “Consolidation” of the our involvement in PDMCX for the purpose of determining whether we should consolidate its results in our financial statements. The initial step of our evaluation was to determine whether PDMCX was a variable interest entity (“VIE”). Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, we determined that it was a VIE. Having made this determination, we then assessed whether we were the primary beneficiary of the VIE, and concluded that we were the primary beneficiary during the current and prior year reporting periods; thus, as required, the PDMCX financial results have been consolidated with Photronics. Our conclusion was based on the facts that we held a controlling financial interest in PDMCX (which resulted from our having the power to direct the activities that most significantly impacted its economic performance) and had the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX. Our conclusions that we had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current and prior year reporting periods 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 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)	3 Months Ended
	Jan. 30, 2022
REVENUE [Abstract]
Revenue	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. 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, 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 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 are a number of uncompleted revenue contracts on which we have performed; for any such contracts under which 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. We report our revenue net of any sales or similar taxes we collect on behalf of government entities. As stated above, photomasks are manufactured to customer specifications in accordance with their proprietary designs; 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 was 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 of photomasks that are in process or completed but not yet shipped to customers. 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. Contract assets of $ million are included in Other current assets , and contract liabilities of $ million and $ million are included in Accrued liabilities and Other liabilities , respectively, in our , condensed consolidated balance sheet. Our condensed consolidated balance sheet includes contract assets of $ million, included in Other current assets, and contract liabilities of $ million and $ million are included in Accrued liabilities and Other liabilities, respectively. We did t impair any contract assets during the -month periods ended or . We recognized $4.2 million of revenue from the settlement of contract liabilities that existed at the beginning of the three-month period ended January 30, 2022, and recognized $2.5 million of revenue in the respective prior year period, that related to the settlement of contract liabilities that existed at the beginning of that period. We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectibility during, and at the end of, every reporting period. To the extent we believe a loss on the collection of a customer invoice is probable, we record the loss and credit an allowance for credit losses. In the event that an amount is determined to be uncollectible, we charge the allowance for credit losses and derecognize the related receivable. We did not incur any credit losses on our accounts receivable during the three-month periods ended January 30, 2022, or January 31, 2021. Our invoice terms generally range from net thirty to , depending on both the geographic market in which the transaction occurs and our payment agreements with specific customers. In the event that our evaluation of a customer’s business prospects and financial condition indicate that the customer presents a collectibility risk, we modify terms of sale, which may require payment in advance of performance. At the time of adoption, we elected the practical expedient allowed under ASC Topic “Revenue from Contracts with Customers” (“Topic ”) that permits us not to adjust a contract’s promised amount of consideration to reflect a financing component when the period between when we transfer control of goods or services to customers and when we are paid is year or less. In instances when we are paid in advance of our performance, we record a contract liability and, as allowed under the practical expedient in Topic , 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 year. Historically, advance payments we have received from customers have generally not preceded the completion of our performance obligations by more than year. Contract Costs We pay commissions to third-party sales agents for certain sales they procure on our behalf. 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 do 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 contract obtainment costs as assets. Remaining Performance Obligations As we are typically required to fulfill customer orders within a short period of time, our backlog of orders has historically been two three weeks one two weeks ’ Product Warranties Our photomasks are sold under warranties that generally range from one to twenty-four months . We warrant that our photomasks conform to customer specifications and will typically repair, replace, or issue a refund for (at our option) any photomasks that fail to do so. The warranties do not represent separate performance obligations in our revenue contracts. Historically, customer claims under warranties have been immaterial.

LEASES (Policies)

LEASES (Policies)	3 Months Ended
	Jan. 30, 2022
LEASES [Abstract]
Leases	Our involvement in lease arrangements has typically been as a lessee. We determine if an agreement is or contains a lease on the earlier of the date of the agreement or the date on which we commit to entering the agreement. Our evaluation considers whether the agreement includes an identified asset and whether it affords us the right to control the asset. Our having the right to control the identified asset is determined by whether we are entitled to substantially all of its economic benefits and can direct its use. We recognize leases on our consolidated balance sheet when a lessor makes an asset underlying a lease having a term in excess of twelve months available for our use. As allowed under ASC Topic 842 – “Leases” (“Topic 842”), we have elected not to apply the recognition requirements to leases that, at their commencement dates, have lease terms of twelve months or less and do not include options to purchase their underlying assets that we are reasonably certain to exercise. The present value of lease payments over the term of the lease provides the basis for the initial measurement of ROU assets and their related lease liabilities. We measure finance lease liabilities using the rates implicit in the leases; operating lease liabilities are measured using our incremental borrowing rates, for collateralized loans, at the commencement date. Variable lease payments, other than those that are dependent on an index or on a rate, are not included in the measurement of ROU assets and their related lease liabilities. Lease terms include extension periods if the lease agreement includes an option to extend the lease that we are reasonably certain to exercise. As allowed under Topic 842, we have elected, for all classes of assets, the practical expedient to not separate lease components of a contract from nonlease components of a contract.

SHARE-BASED COMPENSATION (Polic

SHARE-BASED COMPENSATION (Policies)	3 Months Ended
	Jan. 30, 2022
Restricted Stock [Member]
Stock Options [Abstract]
Share-Based Compensation	Restricted Stock We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one to four years . The fair value of the awards is determined on the date of grant, based on the closing price of our common stock.
Employee Stock Option [Member]
Stock Options [Abstract]
Share-Based Compensation	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 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)	3 Months Ended
	Jan. 30, 2022
INCOME TAXES [Abstract]
Income Taxes	We calculate our provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period.

FAIR VALUE MEASUREMENTS (Polici

FAIR VALUE MEASUREMENTS (Policies)	3 Months Ended
	Jan. 30, 2022
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)	3 Months Ended
	Jan. 30, 2022
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recent Accounting Pronouncements	Accounting Standards Updates Adopted In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”, as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. The FASB’s amendments primarily impact ASC 740, Income Taxes, and may impact both interim and annual reporting periods. We adopted ASU 2019-12 on November 1, 2021; the effect of the adoption was immaterial. Accounting Standards Updates to be Adopted In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, to increase the transparency of government assistance including the disclosure of the types of assistance an entity receives, an entity’s method of accounting for government assistance, and the effect of the assistance on an entity’s financial statements. The guidance in this Update will be effective for Photronics in its fiscal year 2023 Form 10-K, with early application of the amendments allowed. The amendments are to be applied prospectively to all transactions within the scope of the amendments that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application or, retrospectively to those transactions. We are currently evaluating the effect the adoption of this ASU may have on our disclosures. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, to simplify the accounting for transitioning from LIBOR, and other interbank offered rates expected to be discontinued, to alternative reference rates. The guidance in this Update was effective upon its issuance; if elected, it is to be applied prospectively through December 31, 2022. We are currently evaluating the effect the potential adoption of this ASU may have on our consolidated financial statements.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jan. 30, 2022
INVENTORIES [Abstract]
Inventories	Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value. January 30, 2022 October 31, 2021 Raw materials $ 60,243 $ 54,019 Work in process 1,544 1,121 Finished goods 184 109 $ 61,971 $ 55,249

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	3 Months Ended
	Jan. 30, 2022
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]
Property, Plant and Equipment	Property, plant and equipment consists of the following: January 30, 2022 October 31, 2021 Land $ 12,279 $ 12,442 Buildings and improvements 181,174 181,922 Machinery and equipment 1,950,583 1,961,474 Leasehold improvements 21,709 21,751 Furniture, fixtures and office equipment 15,770 15,534 Construction in progress 47,008 35,009 2,228,523 2,228,132 Accumulated depreciation and amortization (1,536,234 ) (1,531,579 ) $ 692,289 $ 696,553
Finance Lease, ROU Assets	ROU assets resulting from finance leases are included in the table above as follows: January 30, 2022 October 31, 2021 Machinery and equipment $ 42,760 $ 42,760 Accumulated amortization (2,644 ) (1,933 ) $ 40,116 $ 40,827

PDMCX JOINT VENTURE (Tables)

PDMCX JOINT VENTURE (Tables)	3 Months Ended
	Jan. 30, 2022
PDMCX JOINT VENTURE [Abstract]
Carrying Amounts and Exposure to Loss Related to Assets and Liabilities	The carrying amounts of PDMCX assets and liabilities included in our condensed consolidated balance sheets are presented in the following table, together with our exposure to loss related to these assets and liabilities. January 30, 2022 October 31, 2021 Classification Carrying Amount Photronics Interest Carrying Amount Photronics Interest Current assets $ 80,953 $ 40,485 $ 59,745 $ 29,879 Noncurrent assets 143,353 71,690 137,799 68,913 Total assets 224,306 112,175 197,544 98,792 Current liabilities 28,209 14,107 26,559 13,282 Noncurrent liabilities 33,542 16,774 42,917 21,463 Total liabilities 61,751 30,881 69,476 34,745 Net assets $ 162,555 $ 81,294 $ 128,068 $ 64,047

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Jan. 30, 2022
DEBT [Abstract]
Long-term Debt	The tables below provide information on our long-term debt. As of January 30, 2022 Xiamen Project Loans Xiamen Working Capital Loans Hefei Equipment Loan Finance Leases Total Principal due: Next 12 months $ 5,708 $ 1,006 $ 4,717 $ 6,876 $ 18,307 Months 13 – 24 $ 9,277 $ 3,523 $ 4,717 $ 6,537 $ 24,054 Months 25 – 36 10,221 - 6,290 20,308 36,819 Months 37 – 48 9,434 - 5,613 2,620 17,667 Long-term debt $ 28,932 $ 3,523 $ 16,620 $ 29,465 $ 78,540 Total $ 34,640 $ 4,529 $ 21,337 $ 36,341 $ 96,847 Interest rate at balance sheet date 4.65 % 4.61 % 4.20 % (3) Basis spread on interest rates 0.00 76.00 (45.00 ) N/A Interest rate reset Quarterly Monthly/Annually Annually N/A Maturity date December 2025 July 2023 September 2025 (3) Periodic payment amount Varies as loans mature Increases as loans mature Varies (1) (3) Periodic payment frequency Semiannual, on individual loans Semiannual, on individual loans Semiannual (2) Monthly Loan collateral (carrying amount) $ 88,356 N/A $ 85,558 $ 40,116 (4) (1) . (2) (3) (4) As of October 31, 2021 Xiamen Project Loans Xiamen Working Capital Loans Hefei Equipment Loan Finance Leases Total Principal due: Next 12 months $ 2,068 $ 8,197 $ 4,694 $ 7,289 $ 22,248 Months 13 – 24 $ 10,071 $ 4,005 $ 4,693 $ 6,512 $ 25,281 Months 25 – 36 10,278 - 6,257 6,610 23,145 Months 37 – 48 9,902 - 5,585 17,961 33,448 Months 49 – 60 7,572 - - - 7,572 Long-term debt $ 37,823 $ 4,005 $ 16,535 $ 31,083 $ 89,446 Total $ 39,891 $ 12,202 $ 21,229 $ 38,372 $ 111,694 Interest rate at balance sheet date 4.65 % 4.53% - 4.61 % 4.20 % (3) Basis spread on interest rates 0.00 67.75 - 76.00 (45.00 ) N/A Interest rate reset Quarterly Monthly/Annually Annually N/A Maturity date December 2025 July 2023 September 2025 (3) Periodic payment amount Varies as loans mature Increases as loans mature Varies (1) (3) Periodic payment frequency Semiannual, on individual loans Semiannual, on individual loans Semiannual (2) Monthly Loan collateral (carrying amount) $ 90,096 N/A $ 86,487 $ 40,826 (4) (1) First five loan repayments will each be for 7.5 percent of the approved 200 million RMB loan principal; last five installments will each be for 12.5 percent of the approved loan principal . (2) Semiannual repayments commence in March 2022. See Note 7 for interest rates on lease liabilities, maturity dates, and periodic payment amounts. (4) Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Jan. 30, 2022
REVENUE [Abstract]
Disaggregation of Revenue	The following tables present our revenue for the -month periods ended and , disaggregated by product type, geographic origin, and timing of recognition. Three Months Ended January 30, 2022 January 31, 2021 Revenue by Product Type IC High-end $ 46,534 $ 36,780 Mainstream 83,227 68,176 Total IC $ 129,761 $ 104,956 FPD High-end $ 46,276 $ 34,645 Mainstream 13,790 12,466 Total FPD $ 60,066 $ 47,111 $ 189,827 $ 152,067 Three Months Ended January 30, 2022 January 31, 2021 Revenue by Geographic Origin* Taiwan $ 67,841 $ 56,590 China 45,953 20,997 Korea 39,515 38,783 United States 27,176 26,604 Europe 8,914 8,575 Other 428 518 $ 189,827 $ 152,067 * This table disaggregates revenue by the location in which it was earned. Three Months Ended January 30, 2022 January 31, 2021 Revenue by Timing of Recognition Over time $ 170,264 $ 141,284 At a point in time 19,563 10,783 $ 189,827 $ 152,067

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Jan. 30, 2022
LEASES [Abstract]
Information on Operating and Finance Leases Included in Consolidated Balance Sheets	The following table provides information on operating and finance leases included in our consolidated balance sheets. Classification January 30, 2022 October 31 , 2021 ROU Assets – Operating Leases Other assets $ 4,977 $ 5,581 ROU Assets – Finance Leases Property, plant and equipment, net $ 40,116 $ 40,827 Lease Liabilities – Operating Leases Accrued liabilities $ 2,233 $ 2,273 Other liabilities 2,690 3,246 $ 4,923 $ 5,519 Lease Liabilities – Finance Leases Current portion of long-term debt $ 6,876 $ 7,289 Long-term debt 29,465 31,083 $ 36,341 $ 38,372
Future Lease Payments under Noncancelable Operating and Finance Leases	The following table presents future lease payments under noncancelable operating and finance leases as of January 30 . Imputed interest represents the difference between undiscounted cash flows and discounted cash flows Operating Leases Finance Lease Remainder of fiscal year 2022 $ 1,741 $ 7,117 2023 1,367 6,938 2024 817 20,592 2025 643 2,924 2026 394 - Thereafter 154 - Total lease payments 5,116 37,571 Imputed interest (193 ) (1,230 ) Lease liabilities $ 4,923 $ 36,341
Lease Costs	The following table presents lease costs for the three month periods ended January 30 and January 31 Three Months Ended January 30 2022 January 31, 2021 Operating lease costs $ 589 $ 664 Short-term lease costs $ 120 $ 46 Variable lease costs $ 123 $ 144 Interest on lease liabilities $ 97 $ 35 Amortization of ROU assets $ 711 $ -
Weighted-Average Lease Terms and Weighted-Average Discount Rates	The following table presents statistical information related to our operating and finance leases. The information presented is as of the balance sheet dates. January 30, 2022 October 31 , 2021 Classification Weighted-average remaining lease term (in years) Weighted-average discount rate Weighted-average remaining lease term (in years) Weighted-average discount rate Operating leases 3.4 2.4 % 3.5 2.4 % Finance leases 3.8 1.5 % 3.3 1.5 %
Supplemental Cash Flow Information Related to Leases	The following table presents the effects on our condensed consolidated statements of cash flows, and provides leases-related non-cash information for the periods presented. Three Months Ended January 30 2022 January 31, 2021 Operating cash flows used for operating leases $ 561 $ 603 Operating cash flows used for finance leases $ 143 $ 35 Financing cash flows used for finance leases $ 2,031 $ - ROU assets obtained in exchange for operating lease obligations $ 31 $ 267 ROU assets obtained in exchange for finance lease obligations $ - $ 35,560

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Jan. 30, 2022
SHARE-BASED COMPENSATION [Abstract]
Share-based Compensation Expenses	The table below presents information on our share-based compensation expenses for the three-month periods ended January 30, 2022, and January 31, 2021. Three Months Ended January 30, 2022 January 31, 2021 Expense reported in: Cost of goods sold $ 143 $ 112 Selling, general and administrative 1,180 1,097 Research and development 134 92 Total expense incurred $ 1,457 $ 1,301 Expense by award type: Restricted stock awards $ 1,367 $ 1,171 Stock options 38 84 ESPP 52 46 Total expense incurred $ 1,457 $ 1,301 Income tax benefits of share-based compensation (in millions) $ 0.1 $ - Share-based compensation cost capitalized $ - $ -
Restricted Stock Awards Activity	The table below presents information on our restricted stock awards for the three-months ended January 30, 2022, and January 31, 2021. Three Months Ended January 30, 2022 January 31, 2021 Number of shares granted in period 535,400 541,200 Weighted-average grant-date fair value of awards (in dollars per share) $ 19.28 $ 11.13 Compensation cost not yet recognized $ 15,106 $ 10,564 Weighted-average amortization period for cost not yet recognized (in years) 3.0 3.0 Shares outstanding at balance sheet date 1,128,179 1,059,001
Stock Options Activity	The table below presents information on our stock options for the three-months ended January 30, 2022, and January 31, 2021. Three Months Ended January 30, 2022 January 31, 2021 Number of options granted in period - - Cash received from option exercised $ 3,714 $ 658 Compensation cost not yet recognized $ 71 $ 282 Weighted-average amortization period for cost not yet recognized (in years) 1.0 1.6
Information on Outstanding and Exercisable Option	Information on outstanding and exercisable option awards as of January 30, 2022 is presented below. Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at January 30, 2022 769,513 $ 9.81 4.0 $ 5,797 Exercisable at January 30, 2022 745,287 $ 9.81 3.9 $ 5,613

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Jan. 30, 2022
INCOME TAXES [Abstract]
Unrecognized Tax Benefits	The table below presents information on our unrecognized tax benefits as of the balance sheet dates. January 30, 2022 October 31, 2021 Unrecognized tax benefits related to uncertain tax positions $ 3,854 $ 3,758 Unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 3,854 $ 3,758 Accrued interest and penalties related to uncertain tax positions $ 271 $ 223

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Jan. 30, 2022
EARNINGS PER SHARE [Abstract]
Calculation of Basic and Diluted Earnings Per Share	The calculation of basic and diluted earnings per share is presented below. Three Months Ended January 30, 2022 January 31, 2021 Net income attributable to Photronics, Inc. shareholders $ 23,064 $ 8,036 Effect of dilutive securities - - Earnings used for diluted earnings per share $ 23,064 $ 8,036 Weighted-average common shares computations: Weighted-average common shares used for basic earnings per share 60,158 62,475 Effect of dilutive securities: Share-based payment awards 778 530 Potentially dilutive common shares 778 530 Weighted-average common shares used for diluted earnings per share 60,936 63,005 Basic earnings per share $ 0.38 $ 0.13 Diluted earnings per share $ 0.38 $ 0.13
Outstanding Securities Excluded from Calculation of Diluted Earnings or Loss Per Share	The table below illustrates 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 Three Months Ended January 30, 2022 January 31, 2021 Share-based payment awards 165 826 Total potentially dilutive shares excluded 165 826

CHANGES IN ACCUMULATED OTHER _2

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Tables)	3 Months Ended
	Jan. 30, 2022
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT [Abstract]
Changes in Accumulated Other Comprehensive Income by Component	The following tables set forth the changes in our accumulated other comprehensive income by component (net of tax of $0) for the three-month periods ended January 30, 2022 and January 31, 2021. Three Months Ended January 30, 2022 Foreign Currency Translation Adjustments Other Total Balance at October 31, 2021 $ 21,476 $ (905 ) $ 20,571 Other comprehensive (loss) income, net of tax of $0 (9,831 ) 37 (9,794 ) Less: other comprehensive income attributable to noncontrolling interests 194 18 212 Balance at January 30, 2022 $ 11,451 $ (886 ) $ 10,565 Three Months Ended January 31, 2021 Foreign Currency Translation Adjustments Other Total Balance at October 31, 2020 $ 18,828 $ (870 ) $ 17,958 Other comprehensive (loss) income, net of tax of $0 18,289 (1 ) 18,288 Less: other comprehensive income attributable to noncontrolling interests 4,217 - 4,217 Balance at January 31, 2021 $ 32,900 $ (871 ) $ 32,029

SHARE REPURCHASE PROGRAMS (Tabl

SHARE REPURCHASE PROGRAMS (Tables)	3 Months Ended
	Jan. 30, 2022
SHARE REPURCHASE PROGRAMS [Abstract]
Shares Repurchase Programs	In September 2020, 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. We commenced repurchasing shares under this authorization on September 16, 2020. All of the shares repurchased under this authorization prior to January 30, 2022, were retired prior to that date. As of January 30, 2022, $31.7 million was available under this authorization for the purchase of additional shares. The table below presents information on this repurchase program. Three Months Ended January 30, 2022 Three Months Ended January 31, 2021 Number of shares repurchased (in thousands) 188 1,222 Cost of shares repurchased $ 2,522 $ 13,209 Average price paid per share $ 13.43 $ 10.81

BASIS OF FINANCIAL STATEMENT _3

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	3 Months Ended
	Jan. 30, 2022Facility
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	11
Taiwan [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	3
Korea [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	1
China [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2
United States [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	3
Europe [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jan. 30, 2022	Oct. 31, 2021
INVENTORIES [Abstract]
Raw materials	$ 60,243	$ 54,019
Work in process	1,544	1,121
Finished goods	184	109
Inventories	$ 61,971	$ 55,249

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Oct. 31, 2021
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 2,228,523		$ 2,228,132
Accumulated depreciation and amortization	(1,536,234)		(1,531,579)
Property, plant and equipment, net	692,289		696,553
Depreciation and amortization expense	20,700	$ 22,600
Finance lease, Right-of-use asset [Abstract]
Finance lease, right-of-use asset, net	40,116		40,827
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	12,279		12,442
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	181,174		181,922
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,950,583		1,961,474
Finance lease, Right-of-use asset [Abstract]
Finance lease, right-of-use asset, gross	42,760		42,760
Accumulated amortization	(2,644)		(1,933)
Finance lease, right-of-use asset, net	40,116		40,827
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	21,709		21,751
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	15,770		15,534
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 47,008		$ 35,009

PDMCX JOINT VENTURE, VIE (Detai

PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2018	Jan. 30, 2022	Jan. 31, 2021
Photronics and DNP [Member]
Variable Interest Entity [Abstract]
Term from inception after which interest holder may put their interest in the VIE		2 years
Period before put or purchase option can be exercised		6 months
Number of business days for obtaining required approvals and clearance for exiting party		3 days
Operating income (loss)		$ 1.9	$ (0.1)
Photronics and DNP [Member] | Minimum [Member]
Variable Interest Entity [Abstract]
Ownership percentage		20.00%
PDMCX [Member]
Variable Interest Entity [Abstract]
Collateral amount		$ 88.4
Photronics Interest [Member]
Variable Interest Entity [Abstract]
Ownership percentage		50.01%
Maximum exposure to loss		$ 81.3
DNP [Member]
Variable Interest Entity [Abstract]
Ownership percentage	49.99%

PDMCX JOINT VENTURE, Carrying A

PDMCX JOINT VENTURE, Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 30, 2022	Oct. 31, 2021
Carrying amounts of assets and liabilities [Abstract]
Current assets	$ 597,779	$ 550,616
Total assets	1,335,248	1,294,202
Current liabilities	191,094	176,148
Total liabilities	296,082	293,640
Carrying Amount [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	80,953	59,745
Noncurrent assets	143,353	137,799
Total assets	224,306	197,544
Current liabilities	28,209	26,559
Noncurrent liabilities	33,542	42,917
Total liabilities	61,751	69,476
Net assets	162,555	128,068
Photronics Interest [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	40,485	29,879
Noncurrent assets	71,690	68,913
Total assets	112,175	98,792
Current liabilities	14,107	13,282
Noncurrent liabilities	16,774	21,463
Total liabilities	30,881	34,745
Net assets	$ 81,294	$ 64,047

DEBT (Details)

DEBT (Details) $ in Thousands, ¥ in Millions		3 Months Ended		12 Months Ended
		Jan. 30, 2022USD ($)		Oct. 31, 2021USD ($)		Oct. 31, 2020USD ($)Tool	Jan. 30, 2022CNY (¥)	Oct. 31, 2021CNY (¥)	Feb. 28, 2021USD ($)	Dec. 31, 2020USD ($)	Oct. 31, 2020CNY (¥)	Nov. 30, 2018CNY (¥)	Sep. 30, 2018USD ($)
Long Term Debt Maturing In Year One [Abstract]
Next 12 months		$ 18,307		$ 22,248
Long-term Debt [Abstract]
Months 13 - 24		24,054		25,281
Months 25 - 36		36,819		23,145
Months 37 - 48		17,667		33,448
Months 49 - 60				7,572
Long-term debt		78,540		89,446
Total		96,847		111,694
Finance lease amount		36,341		38,372
Xiamen Project Loans [Member]
Long Term Debt Maturing In Year One [Abstract]
Next 12 months		5,708		2,068
Long-term Debt [Abstract]
Months 13 - 24		9,277		10,071
Months 25 - 36		10,221		10,278
Months 37 - 48		9,434		9,902
Months 49 - 60				7,572
Long-term debt		28,932		37,823
Total		$ 34,640		$ 39,891
Interest rate at balance sheet date		4.65%		4.65%
Basis spread on interest rates		0.00%		0.00%
Maturity date		Dec. 1, 2025		Dec. 1, 2025
Periodic payment amount		Varies as loans mature
Periodic payment frequency		Semiannual, on individual loans
Loan collateral (carrying amount)		$ 88,356		$ 90,096
Maximum borrowing capacity | ¥												¥ 345
Amount outstanding		34,600					¥ 220.3
Xiamen Working Capital Loans [Member]
Long Term Debt Maturing In Year One [Abstract]
Next 12 months		1,006		8,197
Long-term Debt [Abstract]
Months 13 - 24		3,523		4,005
Months 25 - 36		0		0
Months 37 - 48		0		0
Months 49 - 60				0
Long-term debt		3,523		4,005
Total		$ 4,529		$ 12,202
Interest rate at balance sheet date		4.61%
Basis spread on interest rates		0.76%
Maturity date		Jul. 1, 2023		Jul. 1, 2023
Periodic payment amount		Increases as loans mature
Periodic payment frequency		Semiannual, on individual loans
Maximum borrowing capacity		$ 25,000
Expiration date		Oct. 31, 2022
Amount outstanding		$ 4,500					28.8
Xiamen Working Capital Loans [Member] | Minimum [Member]
Long-term Debt [Abstract]
Interest rate at balance sheet date				4.53%
Basis spread on interest rates				0.6775%
Xiamen Working Capital Loans [Member] | Maximum [Member]
Long-term Debt [Abstract]
Interest rate at balance sheet date				4.61%
Basis spread on interest rates				0.76%
Hefei Equipment Loan [Member]
Long Term Debt Maturing In Year One [Abstract]
Next 12 months		4,717		$ 4,694
Long-term Debt [Abstract]
Months 13 - 24		4,717		4,693
Months 25 - 36		6,290		6,257
Months 37 - 48		5,613		5,585
Months 49 - 60				0
Long-term debt		16,620		16,535
Total		$ 21,337		$ 21,229
Interest rate at balance sheet date		4.20%		4.20%
Basis spread on interest rates		(0.45%)		(0.45%)
Maturity date		Sep. 1, 2025		Sep. 1, 2025
Periodic payment amount	[1]	Varies
Periodic payment frequency	[2]	Semiannual
Loan collateral (carrying amount)		$ 85,558		$ 86,487
Percent of repayment on approved loan principal in each first five semiannual loan repayments		7.50%		7.50%
Percent of repayment on original approved loan amount in each last five semiannual loan repayments		12.50%		12.50%
Maximum borrowing capacity						$ 31,400	200	¥ 200			¥ 200
Expiration date		Aug. 31, 2022
Proceeds from line of credit		$ 21,300					135.7
Available borrowing capacity		10,100					¥ 64.3
Number of lithography tools to be purchased | Tool						2
Finance Leases [Member]
Long Term Debt Maturing In Year One [Abstract]
Next 12 months		6,876		$ 7,289
Long-term Debt [Abstract]
Months 13 - 24		6,537		6,512
Months 25 - 36		20,308		6,610
Months 37 - 48		2,620		17,961
Months 49 - 60				0
Long-term debt		29,465		31,083
Total		$ 36,341		$ 38,372
Interest rate at balance sheet date			[3]		[4]
Maturity date			[3]		[4]
Periodic payment amount			[3]		[4]
Periodic payment frequency		Monthly
Loan collateral (carrying amount)		$ 40,116	[5]	$ 40,826	[6]
Finance lease contract term									5 years
Finance lease amount									$ 7,200	$ 35,500
Amended and Restated Credit Agreement [Member]
Long-term Debt [Abstract]
Maximum borrowing capacity													$ 100,000
Amount outstanding		$ 0
Term of loan		5 years
Current borrowing capacity													50,000
Cash limit for dividends, distributions and redemption on equity													$ 50,000
Effective interest rate		1.11%					1.11%
[1]	First five loan repayments will each be for 7.5 percent of the approved 200 million RMB loan principal; last five installments will each be for 12.5 percent of the approved loan principal.
[2]	Semiannual repayments commence in March 2022.
[3]	See Note 7 for periodic payment amounts.
[4]	See Note 7 for interest rates on lease liabilities, maturity dates, and periodic payment amounts.
[5]	Amount represents the carrying amount of the related right-of-use asset, in which the lessors have a secured interest.
[6]	Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.

REVENUE, Contract Assets, Liabi

REVENUE, Contract Assets, Liabilities and Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Oct. 31, 2021
Contract with Customer, Asset and Liability [Abstract]
Contract assets	$ 11,800		$ 9,900
Contract liabilities current	19,500		14,700
Contract liabilities non-current	5,200		$ 5,200
Credit losses on accounts receivable	0	$ 0
Change in Contract with Customer, Liability [Abstract]
Revenue from settlement of contract liabilities	$ 4,200	$ 2,500
Minimum [Member]
Revenue, Performance Obligation [Abstract]
Product invoice term	30 days
Product warranty period	1 month
Maximum [Member]
Revenue, Performance Obligation [Abstract]
Product invoice term	90 days
Product warranty period	24 months
IC [Member] | Minimum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period	7 days
Customer order, extended satisfaction period	2 months
IC [Member] | Maximum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period	14 days
Customer order, extended satisfaction period	3 months
FPD [Member] | Minimum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period	14 days
FPD [Member] | Maximum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period	21 days

REVENUE, Disaggregation of Reve

REVENUE, Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended
		Jan. 30, 2022	Jan. 31, 2021
Disaggregation of Revenue [Abstract]
Revenue	[1]	$ 189,827	$ 152,067
IC [Member]
Disaggregation of Revenue [Abstract]
Revenue		129,761	104,956
High-end [Member]
Disaggregation of Revenue [Abstract]
Revenue		46,534	36,780
Mainstream [Member]
Disaggregation of Revenue [Abstract]
Revenue		83,227	68,176
FPD [Member]
Disaggregation of Revenue [Abstract]
Revenue		60,066	47,111
High-end [Member]
Disaggregation of Revenue [Abstract]
Revenue		46,276	34,645
Mainstream [Member]
Disaggregation of Revenue [Abstract]
Revenue		13,790	12,466
Taiwan [Member]
Disaggregation of Revenue [Abstract]
Revenue	[1]	67,841	56,590
China [Member]
Disaggregation of Revenue [Abstract]
Revenue	[1]	45,953	20,997
Korea [Member]
Disaggregation of Revenue [Abstract]
Revenue	[1]	39,515	38,783
United States [Member]
Disaggregation of Revenue [Abstract]
Revenue	[1]	27,176	26,604
Europe [Member]
Disaggregation of Revenue [Abstract]
Revenue	[1]	8,914	8,575
Other [Member]
Disaggregation of Revenue [Abstract]
Revenue	[1]	428	518
Over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue		170,264	141,284
At a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue		$ 19,563	$ 10,783
[1]	This table disaggregates revenue by the location in which it was earned.

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	1 Months Ended
	Feb. 28, 2021	Jan. 31, 2021	Jan. 30, 2022	Oct. 31, 2021
Finance Leases [Abstract]
Finance lease amount			$ 36,341	$ 38,372
$7.2 Million Finance Lease [Member]
Finance Leases [Abstract]
Finance lease contract term			5 years
Finance lease amount	$ 7,200
Early buyout option to purchase tool	$ 2,400
Finance lease interest implicit rate	1.08%
$35.5 Million Finance Lease [Member]
Finance Leases [Abstract]
Finance lease contract term			5 years
Finance lease amount		$ 35,500
Early buyout option to purchase tool		$ 14,100
Finance lease interest implicit rate		1.58%
$35.5 Million Finance Lease [Member] | Minimum [Member]
Finance Leases [Abstract]
Outstanding committed balance for cross default provision		$ 5,000
Monthly [Member] | $7.2 Million Finance Lease [Member]
Finance Leases [Abstract]
Finance lease monthly payments	$ 100
First Three Months [Member] | $35.5 Million Finance Lease [Member]
Finance Leases [Abstract]
Finance lease monthly payments		40
Following Nine Months [Member] | $35.5 Million Finance Lease [Member]
Finance Leases [Abstract]
Finance lease monthly payments		600
Forty Eight Months [Member] | $35.5 Million Finance Lease [Member]
Finance Leases [Abstract]
Finance lease monthly payments		$ 500

LEASES, Information on Operatin

LEASES, Information on Operating and Finance Leases included on Balance Sheet (Details) - USD ($) $ in Thousands	Jan. 30, 2022	Oct. 31, 2021
Operating and Finance Leases included in Consolidated Balance Sheets [Abstract]
ROU Assets - Operating Leases	$ 4,977	$ 5,581
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
ROU Assets - Finance Leases	$ 40,116	$ 40,827
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Operating Lease Liability [Abstract]
Operating Lease Liability - Current	$ 2,233	$ 2,273
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating Lease Liability, Noncurrent	$ 2,690	$ 3,246
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Lease Liabilities - Operating Leases	$ 4,923	$ 5,519
Finance Lease Liability [Abstract]
Finance Lease Liability, Current	$ 6,876	$ 7,289
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-term Debt, Current Maturities	Long-term Debt, Current Maturities
Finance Lease Liability, Noncurrent	$ 29,465	$ 31,083
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term Debt, Excluding Current Maturities	Long-term Debt, Excluding Current Maturities
Lease Liabilities - Finance Leases	$ 36,341	$ 38,372

LEASES, Future Lease Payments U

LEASES, Future Lease Payments Under Noncancelable Operating and Finance Leases (Details) - USD ($) $ in Thousands	Jan. 30, 2022	Oct. 31, 2021
Future Lease Payments Under Noncancelable Operating Leases [Abstract]
Remainder of fiscal year 2022	$ 1,741
2023	1,367
2024	817
2025	643
2026	394
Thereafter	154
Total Lease Payments	5,116
Imputed interest	(193)
Operating lease liabilities	4,923	$ 5,519
Future Lease Payments Under Noncancelable Finance Leases [Abstract]
Remainder of fiscal year 2022	7,117
2023	6,938
2024	20,592
2025	2,924
2026	0
Thereafter	0
Total lease payments	37,571
Imputed interest	(1,230)
Finance lease liabilities	$ 36,341	$ 38,372

LEASES, Lease Cost (Details)

LEASES, Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021
Lease, Cost [Abstract]
Operating lease costs	$ 589	$ 664
Short-term lease costs	120	46
Variable lease costs	123	144
Interest on lease liabilities	97	35
Amortization of ROU assets	$ 711	$ 0

LEASES, Operating and Finance L

LEASES, Operating and Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Oct. 31, 2021
Supplemental Cash Flows Information: [Abstract]
Operating cash flows used for operating leases	$ 561	$ 603
Operating cash flows used for finance leases	143	35
Financing cash flows used for finance leases	2,031	0
ROU assets obtained in exchange for operating lease obligations	31	267
ROU assets obtained in exchange for finance lease obligations	$ 0	$ 35,560
Weighted Average Lease Terms, Discount Rates [Abstract]
Operating leases, Weighted-average remaining lease term	3 years 4 months 24 days		3 years 6 months
Operating leases, Weighted-average discount rate	2.40%		2.40%
Finance leases, Weighted-average remaining lease term	3 years 9 months 18 days		3 years 3 months 18 days
Finance leases, Weighted-average discount rate	1.50%		1.50%

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021
Share-based Compensation [Abstract]
Maximum number of shares of common stock that may be issued (in shares)	4,000,000
Expense reported in:
Expense incurred	$ 1,457	$ 1,301
Income tax benefits of share-based compensation	100	0
Share-based compensation cost capitalized	0	0
Cost of Goods Sold [Member]
Expense reported in:
Expense incurred	143	112
Selling, General and Administrative [Member]
Expense reported in:
Expense incurred	1,180	1,097
Research and Development [Member]
Expense reported in:
Expense incurred	134	92
Restricted Stock [Member]
Expense reported in:
Expense incurred	$ 1,367	$ 1,171
Restricted Stock [Abstract]
Number of shares granted in period (in shares)	535,400	541,200
Weighted-average grant-date fair value of awards (in dollars per share)	$ 19.28	$ 11.13
Shares outstanding at balance sheet date (in shares)	1,128,179	1,059,001
Estimated Expenses Not Yet Incurred [Abstract]
Compensation cost not yet recognized	$ 15,106	$ 10,564
Weighted-average amortization period for cost not yet recognized (in years)	3 years	3 years
Restricted Stock [Member] | Minimum [Member]
Expense reported in:
Award vesting period	1 year
Restricted Stock [Member] | Maximum [Member]
Expense reported in:
Award vesting period	4 years
Stock Options [Member]
Expense reported in:
Expense incurred	$ 38	$ 84
Stock options activity [Abstract]
Contractual term	10 years
Number of options granted in period (in shares)	0	0
Cash received from option exercised	$ 3,714	$ 658
Estimated Expenses Not Yet Incurred [Abstract]
Compensation cost not yet recognized	$ 71	$ 282
Weighted-average amortization period for cost not yet recognized (in years)	1 year	1 year 7 months 6 days
Outstanding and exercisable option awards [Roll Forward]
Outstanding at end of period (in shares)	769,513
Exercisable at end of period (in shares)	745,287
Weighted-Average Exercise Price [Abstract]
Outstanding at end of period (in dollars per share)	$ 9.81
Exercisable at end of period (in dollars per share)	$ 9.81
Weighted-Average Remaining Contractual Life (in years) [Abstract]
Outstanding at end of period	4 years
Exercisable at end of period	3 years 10 months 24 days
Aggregate Intrinsic Value [Abstract]
Outstanding at end of period	$ 5,797
Exercisable at end of period	$ 5,613
Stock Options [Member] | Minimum [Member]
Expense reported in:
Award vesting period	1 year
Stock Options [Member] | Maximum [Member]
Expense reported in:
Award vesting period	4 years
ESPP [Member]
Expense reported in:
Expense incurred	$ 52	$ 46

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Oct. 31, 2021
Effective Income and Statutory Tax Rate [Abstract]
Effective tax rate	26.10%	23.60%
U.S. statutory rate	21.00%	21.00%
Income Tax Examination [Abstract]
Earliest open tax year	2016
Unrecognized Tax Benefits [Abstract]
Unrecognized tax benefits related to uncertain tax positions	$ 3,854		$ 3,758
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	3,854		3,758
Accrued interest and penalties related to uncertain tax positions	$ 271		$ 223

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021
Calculation of Basic and Diluted Earnings Per Share [Abstract]
Net income attributable to Photronics, Inc. shareholders	$ 23,064	$ 8,036
Effect of dilutive securities	0	0
Earnings used for diluted earnings per share	$ 23,064	$ 8,036
Weighted-average Common Shares Computations [Abstract]
Weighted-average common shares used for basic earnings per share (in shares)	60,158	62,475
Effect of Dilutive Securities [Abstract]
Share-based payment awards (in shares)	778	530
Potentially dilutive common shares (in shares)	778	530
Weighted-average common shares used for diluted earnings per share (in shares)	60,936	63,005
Basic earnings per share (in dollars per share)	$ 0.38	$ 0.13
Diluted earnings per share (in dollars per share)	$ 0.38	$ 0.13
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	165	826
Share-based Payment Awards [Member]
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	165	826

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jan. 30, 2022USD ($)
Commitment and Contingencies [Abstract]
Outstanding commitments for capital expenditure	$ 108.2

CHANGES IN ACCUMULATED OTHER _3

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021
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	823,692
Ending Balance	838,425
Accumulated Other Comprehensive Income [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	20,571	17,958
Ending Balance	10,565	32,029
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	21,476	18,828
Ending Balance	11,451	32,900
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(905)	(870)
Ending Balance	(886)	(871)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income	(9,794)	18,288
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income	(9,831)	18,289
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income	37	(1)
AOCI Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income attributable to noncontrolling interests	212	4,217
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income attributable to noncontrolling interests	194	4,217
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Less: other comprehensive income attributable to noncontrolling interests	$ 18	$ 0

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jan. 30, 2022	Oct. 31, 2021
Fair Value, Assets and Liability [Abstract]
Total assets	$ 0	$ 0
Total liabilities	$ 0	$ 0

SHARE REPURCHASE PROGRAMS (Deta

SHARE REPURCHASE PROGRAMS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 30, 2022	Jan. 31, 2021	Sep. 30, 2020
Shares Repurchase Programs and Preferred Stock Purchase Rights [Abstract]
Shares available under authorization for purchase of additional shares	$ 31,700
Cost of shares repurchased	$ 2,522	$ 13,209
September 2020 Announced Program [Member]
Shares Repurchase Programs and Preferred Stock Purchase Rights [Abstract]
Stock repurchased authorized amount			$ 100,000
Stock repurchase program - commencement date	Sep. 16, 2020
Number of shares repurchased (in shares)	188	1,222
Cost of shares repurchased	$ 2,522	$ 13,209
Average price paid per share (in dollars per share)	$ 13.43	$ 10.81