Photronics (PLAB) 10-Q 6 Sep 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jul. 30, 2023	Aug. 31, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jul. 30, 2023
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	001-39063
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		62,548,494

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 30, 2023	Oct. 31, 2022
Current assets:
Cash and cash equivalents	$ 448,479	$ 319,680
Short-term investments	27,325	38,820
Accounts receivable, net of allowance of $1,199 in 2023 and $1,002 in 2022	206,128	198,147
Inventories	55,379	50,753
Other current assets	34,900	37,252
Total current assets	772,211	644,652
Property, plant and equipment, net	701,459	643,873
Deferred income taxes	18,585	19,816
Other assets	11,088	7,489
Total assets	1,503,343	1,315,830
Current liabilities:
Current portion of long-term debt	6,589	10,024
Accounts payable	101,525	79,566
Accrued liabilities	82,538	104,207
Total current liabilities	190,652	193,797
Long-term debt	20,121	32,310
Other liabilities	40,694	27,634
Total liabilities	251,467	253,741
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, 61,284 shares issued and outstanding at July 30, 2023, and 60,791 shares issued and outstanding at October 31, 2022	613	608
Additional paid-in capital	499,886	493,741
Retained earnings	516,508	435,634
Accumulated other comprehensive loss	(55,795)	(98,456)
Total Photronics, Inc. shareholders' equity	961,212	831,527
Noncontrolling interests	290,664	230,562
Total equity	1,251,876	1,062,089
Total liabilities and equity	$ 1,503,343	$ 1,315,830

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jul. 30, 2023	Oct. 31, 2022
Current assets:
Accounts receivable, allowance	$ 1,199	$ 1,002
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)	61,284	60,791
Common stock, shares outstanding (in shares)	61,284	60,791

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Condensed Consolidated Statements of Income [Abstract]
Revenue	$ 224,206	$ 219,948	$ 664,603	$ 614,283
Cost of goods sold	137,405	136,085	413,323	400,338
Gross profit	86,801	83,863	251,280	213,945
Operating expenses:
Selling, general, and administrative	18,032	15,960	52,728	48,306
Research and development	3,505	4,151	10,287	14,297
Total operating expenses	21,537	20,111	63,015	62,603
Other operating (loss), net	0	(23)	0	(17)
Operating income	65,264	63,729	188,265	151,325
Other income (expense):
Foreign currency transactions impact, net	(4,543)	3,862	(10,769)	16,974
Interest income and other income, net	3,758	401	9,329	898
Interest expense	(126)	(622)	(324)	(1,502)
Income before income tax provision	64,353	67,370	186,501	167,695
Income tax provision	16,098	18,146	50,023	43,717
Net income	48,255	49,224	136,478	123,978
Net income attributable to noncontrolling interests	21,296	17,994	55,604	42,252
Net income attributable to Photronics, Inc. shareholders	$ 26,959	$ 31,230	$ 80,874	$ 81,726
Earnings per share:
Basic (in dollars per share)	$ 0.44	$ 0.51	$ 1.32	$ 1.35
Diluted (in dollars per share)	$ 0.44	$ 0.51	$ 1.31	$ 1.34
Weighted-average number of common shares outstanding:
Basic (in shares)	61,233	60,701	61,089	60,488
Diluted (in shares)	61,974	61,299	61,650	61,127

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 48,255	$ 49,224	$ 136,478	$ 123,978
Other comprehensive (loss) income, net of tax of $0:
Foreign currency translation adjustments	(3,639)	(22,136)	47,068	(76,086)
Other	80	61	91	229
Net other comprehensive (loss) income	(3,559)	(22,075)	47,159	(75,857)
Comprehensive income	44,696	27,149	183,637	48,121
Less: comprehensive income attributable to noncontrolling interests	14,027	13,809	60,102	27,775
Comprehensive income attributable to Photronics, Inc. shareholders	$ 30,669	$ 13,340	$ 123,535	$ 20,346

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0	$ 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 (Loss) [Member]	Non-Controlling Interests [Member]	Total
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	81,726	0	0	42,252	123,978
Other comprehensive (loss) income	0	0	0	0	(61,380)	(14,477)	(75,857)
Shares issued under equity plans	$ 9	4,170	0	0	0	0	4,179
Shares issued under equity plans (in shares)	917
Share-based compensation expense	$ 0	4,623	0	0	0	0	4,623
Contribution from noncontrolling interest	0	0	0	0	0	24,995	24,995
Purchase of treasury stock	$ 0	0	0	(2,522)	0	0	$ (2,522)
Purchase of treasury stock (in shares)	0						188
Retirement of treasury stock	$ (1)	(1,520)	(1,001)	2,522	0	0	$ 0
Retirement of treasury stock (in shares)	(187)
Balance at Jul. 31, 2022	$ 608	491,945	398,574	0	(40,809)	229,640	1,079,958
Balance (in shares) at Jul. 31, 2022	60,754
Balance at May. 01, 2022	$ 606	489,368	367,344	0	(22,919)	215,831	1,050,230
Balance (in shares) at May. 01, 2022	60,637
Net income	$ 0	0	31,230	0	0	17,994	49,224
Other comprehensive (loss) income	0	0	0	0	(17,890)	(4,185)	(22,075)
Shares issued under equity plans	$ 2	996	0	0	0	0	998
Shares issued under equity plans (in shares)	117
Share-based compensation expense	$ 0	1,581	0	0	0	0	1,581
Purchase of treasury stock							$ 0
Purchase of treasury stock (in shares)							0
Balance at Jul. 31, 2022	$ 608	491,945	398,574	0	(40,809)	229,640	$ 1,079,958
Balance (in shares) at Jul. 31, 2022	60,754
Balance at Oct. 31, 2022	$ 608	493,741	435,634	0	(98,456)	230,562	1,062,089
Balance (in shares) at Oct. 31, 2022	60,791
Net income	$ 0	0	80,874	0	0	55,604	136,478
Other comprehensive (loss) income	0	0	0	0	42,661	4,498	47,159
Shares issued under equity plans	$ 5	271	0	0	0	0	276
Shares issued under equity plans (in shares)	493
Share-based compensation expense	$ 0	5,874	0	0	0	0	5,874
Purchase of treasury stock							$ 0
Purchase of treasury stock (in shares)							0
Balance at Jul. 30, 2023	$ 613	499,886	516,508	0	(55,795)	290,664	$ 1,251,876
Balance (in shares) at Jul. 30, 2023	61,284
Balance at Apr. 30, 2023	$ 612	497,391	489,549	0	(59,505)	276,637	1,204,684
Balance (in shares) at Apr. 30, 2023	61,185
Net income	$ 0	0	26,959	0	0	21,296	48,255
Other comprehensive (loss) income	0	0	0	0	3,710	(7,269)	(3,559)
Shares issued under equity plans	$ 1	452	0	0	0	0	453
Shares issued under equity plans (in shares)	99
Share-based compensation expense	$ 0	2,043	0	0	0	0	2,043
Purchase of treasury stock							$ 0
Purchase of treasury stock (in shares)							0
Balance at Jul. 30, 2023	$ 613	$ 499,886	$ 516,508	$ 0	$ (55,795)	$ 290,664	$ 1,251,876
Balance (in shares) at Jul. 30, 2023	61,284

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022
Cash flows from operating activities:
Net income	$ 136,478	$ 123,978
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	59,523	61,210
Share-based compensation	5,874	4,623
Changes in assets and liabilities:
Accounts receivable	(1,482)	(45,199)
Inventories	(2,693)	1,570
Other current assets	4,053	661
Accounts payable, accrued liabilities, and other	(6,197)	49,078
Net cash provided by operating activities	195,556	195,921
Cash flows from investing activities:
Purchases of property, plant and equipment	(78,813)	(46,337)
Purchases of available-for-sale debt securities	(9,837)	0
Proceeds from maturities of available-for-sale debt securities	22,500	0
Government incentives	2,033	1,394
Other	(116)	(179)
Net cash used in investing activities	(64,233)	(45,122)
Cash flows from financing activities:
Repayments of debt	(16,351)	(51,917)
Purchases of treasury stock	0	(2,522)
Contribution from noncontrolling interest	0	24,995
Proceeds from share-based arrangements	1,241	5,505
Net settlements of restricted stock awards	(1,292)	(1,463)
Net cash used in financing activities	(16,402)	(25,402)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	13,813	(21,308)
Net increase in cash, cash equivalents, and restricted cash	128,734	104,089
Cash, cash equivalents, and restricted cash at beginning of period	322,409	279,680
Cash, cash equivalents, and restricted cash at end of period	451,143	383,769
Less: Ending restricted cash	2,664	2,936
Cash and cash equivalents at end of period	448,479	380,833
Supplemental disclosure of non-cash information:
Accruals for property, plant and equipment purchased during the period	$ 22,578	$ 5,558

BASIS OF FINANCIAL STATEMENT PR

BASIS OF FINANCIAL STATEMENT PRESENTATION	9 Months Ended
	Jul. 30, 2023
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 ICs and FPDs and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of ICs, a variety of FPDs and, to a lesser extent, other types of electrical and optical components. We operate 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, 2022, 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 facts and circumstances 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 periods are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2023.

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS	9 Months Ended
	Jul. 30, 2023
SHORT-TERM INVESTMENTS [Abstract]
SHORT-TERM INVESTMENTS	NOTE 2 - SHORT-TERM INVESTMENTS Short-term investments consist of U.S. government securities and are classified as available-for-sale. We classify available-for-sale securities on our consolidated balance sheet as follows: - Maturing within three months or less from the date of purchase Cash and cash equivalents - Maturing, as of the date of purchase, more than three months, but with remaining maturities of less than one year, from the balance sheet date Short-term investments - Maturing one year or more from the balance sheet date Long-term marketable investments As of July 30, 2023, all of our available-for-sale securities had, at their dates of purchase, remaining maturities of more than three months, but less than one year, and have been classified as Short-term investments. Available-for-sale debt investments are reported at fair value, with unrealized gains or losses (net of tax) reported in Accumulated other comprehensive income. The fair values of our available-for-sale securities are Level 1 measurements, based on quoted prices from active markets for identical assets. In the event of a sale of an available-for-sale debt investment, we would determine the cost of the investment sold at the specific individual security level and would include any gain or loss in Interest income and other income, net, where we also report periodic interest earned and the amortization (accretion) of discounts (premiums) related to these investments. The table below provides information on our available-for-sale debt securities. July 30, 2023 October 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Government securities $ 27,354 $ - $ (29 ) $ 27,325 $ 38,911 $ - $ (91 ) $ 38,820

INVENTORIES

INVENTORIES	9 Months Ended
	Jul. 30, 2023
INVENTORIES [Abstract]
INVENTORIES	NOTE 3 - INVENTORIES Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value. Inventories July 30, 2023 October 31, 2022 Raw materials $ 53,875 $ 49,326 Work in process 1,501 1,408 Finished goods 3 19 $ 55,379 $ 50,753

PROPERTY, PLANT, AND EQUIPMENT,

PROPERTY, PLANT, AND EQUIPMENT, NET	9 Months Ended
	Jul. 30, 2023
PROPERTY, PLANT, AND EQUIPMENT, NET [Abstract]
PROPERTY, PLANT, AND EQUIPMENT, NET	NOTE 4 - PROPERTY, PLANT, AND EQUIPMENT, NET Presented below are the components of Property, plant, and equipment, net July 30, 2023 October 31, 2022 Land $ 11,684 $ 11,134 Buildings and improvements 188,950 168,024 Machinery and equipment 1,942,524 1,769,478 Leasehold improvements 19,460 18,802 Furniture, fixtures, and office equipment 16,284 14,355 Construction in progress 56,985 90,846 2,235,887 2,072,639 Accumulated depreciation and amortization (1,534,428 ) (1,428,766 ) $ 701,459 $ 643,873 Information on ROU assets resulting from finance leases, at the balance sheet dates, is presented below. July 30, 2023 October 31, 2022 Machinery and equipment $ 42,820 $ 42,760 Accumulated amortization (6,922 ) (4,784 ) $ 35,898 $ 37,976 The following table presents depreciation expense (including the amortization of ROU assets) related to property, plant, and equipment incurred during the reporting periods Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Depreciation Expense $ 20,346 $ 19,710 $ 59,255 $ 60,939

PDMCX JOINT VENTURE

PDMCX JOINT VENTURE	9 Months Ended
	Jul. 30, 2023
PDMCX JOINT VENTURE [Abstract]
PDMCX JOINT VENTURE	NOTE 5 - 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 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 The following table presents net income we recorded from the operations of PDMCX during the reporting periods. Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, July 31, 2022 Net income from PDMCX $ 7,130 $ 5,356 $ 19,700 $ 12,129 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 following table presents the carrying amounts of PDMCX assets and liabilities included in our condensed consolidated balance sheets. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the net assets of PDMCX); therefore, our maximum exposure to loss from PDMCX is our interest in the carrying amount of the net assets of the joint venture. July 30, 2023 October 31, 2022 Classification Carrying Amount Photronics Interest Carrying Amount Photronics Interest Current assets $ 133,729 $ 66,878 $ 127,542 $ 63,784 Noncurrent assets 142,718 71,373 119,392 59,708 Total assets 276,447 138,251 246,934 123,492 Current liabilities 46,517 23,263 51,274 25,643 Noncurrent liabilities 1,468 734 9,161 4,581 Total liabilities 47,985 23,997 60,435 30,224 Net assets $ 228,462 $ 114,254 $ 186,499 $ 93,268

DEBT

DEBT	9 Months Ended
	Jul. 30, 2023
DEBT [Abstract]
DEBT	NOTE 6 - DEBT Due to the Q2 FY23 payoff of the Xiamen Project loans, as of July 30, 2023, the Current portion of long-term debt and the Long-term debt balances were comprised of finance leases as described below: As of July 30, 2023 Xiamen Project Loans Finance Leases Total Principal due: Next 12 months $ - $ 6,589 6,589 Months 13 – 24 $ - $ 20,090 20,090 Months 25 – 36 - 13 13 Months 37 – 48 - 13 13 Months 49 – 60 - 5 5 Long-term debt - 20,121 20,121 Total debt $ - $ 26,710 26,710 Interest rate at balance sheet date N/A% N/A Basis spread on interest rates 0.00 N/A Interest rate reset Quarterly N/A Maturity date December 2025 N/A Periodic payment amount Varies as loans mature (1) Varies as Lease mature Periodic payment frequency Semiannual, on individual loans Monthly Loan collateral (carrying amount) $ N/A $ 35,898 (2) (1) During Q2 FY23, we repaid the entire balance of 26.4 million RMB (approximately $3.9 million) remaining on the loan, of which, 2.0 million RMB was due to be paid in June 2025 and 24.4 million RMB was due to be paid in December 2025. (2) Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests. The table below provides information on our long-term debt as of October 31, 2022. As of October 31, 2022 Xiamen Project Loans Xiamen Working Capital Loans Finance Leases Total Principal due: Next 12 months $ - $ 3,512 $ 6,512 $ 10,024 Months 13 – 24 $ - $ - $ 6,610 $ 6,610 Months 25 – 36 1,098 - 17,961 19,059 Months 37 – 48 6,641 - - 6,641 Long-term debt $ 7,739 $ - $ 24,571 $ 32,310 Interest rate at balance sheet date 4.30% - 4.45 % 4.46 % N/A Basis spread on interest rates 0.00 76 N/A Interest rate reset Quarterly Monthly/Annually N/A Maturity date December 2025 July 2023 N/A Periodic payment amount Varies as loans mature (1) Increases as loans mature Varies as leases mature Periodic payment frequency Semiannual, on individual loans Semiannual, on individual loans Monthly Loan collateral (carrying amount) $ 70,705 N/A $ 37,976 (2) (1) During the three-month period ended October 31, 2022, we repaid 81.0 million RMB (approximately $11.5 million) that had contractual maturity dates ranging from December 2023 through June 2025. (2) Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests. Finance Leases In February 2021, we entered into a five-year $7.2 million finance lease for a high-end inspection tool. Monthly payments on the lease, which commenced in February 2021, are $0.1 million per month. Upon the payment of the fiftieth monthly payment and prior to payment of the fifty-first monthly payment, we may exercise an early buyout option to purchase the tool for $2.4 million. If we do not exercise the early buyout option, then at the end of the five-year lease term, the lease shall continue to renew on a month-to-month basis at the same rental terms; at our option, after the original term or any renewal periods, we may return the tool, elect to extend the lease, or purchase the tool at its fair market value. 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 1.08%. 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, 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 below, 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. Xiamen Project Loans In November 2018, PDMCX obtained approval to borrow 345.0 million RMB from the Industrial 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 extensions, with the most recent extension set to expire in November 2023 . The interest rates are variable, based on the RMB Loan Prime Rate of the National Interbank Funding Center. Interest incurred on the loans was eligible for reimbursement through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provided for such reimbursements up to a prescribed limit and duration. 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 July 30, 2023), 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 July 30, 2023. The interest rate on the Credit Agreement (6.43% at July 30, 2023) is based on our total leverage ratio at one-month LIBOR plus a spread, as defined in the Credit Agreement. Hefei Equipment Loan In October 2020, our Hefei, China, facility was approved to borrow 200 million RMB from the China Construction Bank Corporation. In July 2022, we repaid our entire outstanding balance of 120.7 million RMB ($18.0 million ). extension and we did not apply for an extension. The loan proceeds were used to fund purchases of lithography tools at the Hefei facility. The interest rate on the loan was variable and based on the RMB Loan Prime Rate of the National Interbank Funding Center. The borrowings were secured by the Hefei facility, its related land use right, and certain manufacturing equipment. The Hefei Equipment Loan was subject to covenants and provisions, certain of which relate to the assets pledged as security for the loan, including covenants for the ratio of total liabilities to total assets and the ratio of current assets to current liabilities, all of which we were in compliance with at the time of repayment.

REVENUE

REVENUE	9 Months Ended
	Jul. 30, 2023
REVENUE [Abstract]
REVENUE	NOTE 7 - 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 no alternative use to us and, as our contracts generally provide us with the right to payment for work completed to date, we recognize revenue as we perform, or “over time”, on most of our contracts. We measure our performance to date using an input method, which is based on our estimated costs to complete the various manufacturing phases of a photomask. At the end of a reporting period, there 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. We did not identify impairment indicators for any outstanding contract assets during the three or nine-month periods ended July 30, 2023, or July 31, 2022. The following table provides information about our contract balances at the balance sheet dates. Classification July 30, 2023 October 31, 2022 Contract Assets Other current assets $ 15,610 $ 15,752 Contract Liabilities Accrued liabilities $ 17,069 $ 18,872 Other liabilities 12,019 4,989 $ 29,088 $ 23,861 The following table presents revenue recognized from contract liabilities that existed at the beginning of the reporting periods. Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Revenue recognized from beginning liability $ 10,755 $ 5,398 $ 10,524 $ 7,818 We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectability 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 incurred credit losses on our accounts receivable of $0.1 million during the three and nine-month periods ended July 30, 2023, and there were no charges for the three and nine-month periods ended July 31, 2022. Our invoice terms generally range from net- thirty In instances when we are paid in advance of our performance, we record a contract liability and, as allowed under the practical expedient in Topic 606, recognize interest expense only if the period between when we receive payment from the customer and the date when we expect to be entitled to the payment is greater than one year. Historically, advance payments we have received from customers have generally not preceded the completion of our performance obligations by more than one year. Disaggregation of Revenue The following tables present our revenue for the three and nine-month periods ended July , disaggregated by product type, geographic origin, and timing of recognition. Three Months Ended Nine Months Ended Revenue by Product Type July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 IC High-end $ 45,324 $ 52,698 $ 137,247 $ 150,983 Mainstream 117,816 108,555 349,536 285,829 Total IC $ 163,140 $ 161,253 $ 486,783 $ 436,812 FPD High-end $ 49,981 $ 50,693 $ 147,560 $ 143,579 Mainstream 11,085 8,002 30,260 33,892 Total FPD $ 61,066 $ 58,695 $ 177,820 $ 177,471 $ 224,206 $ 219,948 $ 664,603 $ 614,283 Three Months Ended Nine Months Ended Revenue by Geographic Origin July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Taiwan $ 81,594 $ 77,379 $ 237,610 $ 215,071 China 62,042 60,524 186,191 160,169 Korea 40,833 37,895 120,037 118,178 United States 29,696 34,685 92,073 92,196 Europe 9,535 8,932 27,257 27,352 Other 506 533 1,435 1,317 $ 224,206 $ 219,948 $ 664,603 $ 614,283 Three Months Ended Nine Months Ended Revenue by Timing of Recognition July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Over time $ 214,647 $ 202,693 $ 627,188 $ 565,726 At a point in time 9,559 17,255 37,415 48,557 $ 224,206 $ 219,948 $ 664,603 $ 614,283 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 one two two Product Warranties Our photomasks are sold under warranties that generally range from one

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Jul. 30, 2023
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 was four million shares. On March 16, 2023, at its annual meeting of shareholders, the shareholders of Photronics, Inc., approved amendments to the Plan to increase the number of shares available for issuance by an additional one million shares, thereby increasing the shares available for issuance under the Plan from four million to five million. 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 and nine-month periods ended July 30, 2023, and July 31, 2022. Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Expense reported in: Cost of goods sold $ 322 $ 303 $ 892 $ 628 Selling, general, and administrative 1,499 1,115 4,407 3,539 Research and development 222 163 575 456 Total expense incurred $ 2,043 $ 1,581 $ 5,874 $ 4,623 Expense by award type: Restricted stock awards $ 2,043 $ 1,506 $ 5,782 $ 4,189 Stock options - 20 1 279 Employee stock purchase plan - 55 91 155 Total expense incurred $ 2,043 $ 1,581 $ 5,874 $ 4,623 Income tax benefits of share-based compensation $ 152 $ 135 $ 513 $ 323 Share-based compensation cost capitalized $ - $ - $ - $ - Restricted Stock Awards 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 and nine-month periods ended July 30, 2023, and July 31, 2022. Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Number of shares granted in period - 107,824 786,500 643,224 Weighted-average grant-date fair value of awards (in dollars per share) $ - $ 15.95 $ 16.77 $ 18.72 Compensation cost not yet recognized $ 14,511 $ 10,256 $ 14,511 $ 10,256 Weighted-average amortization period for cost not yet recognized (in years) 2.9 2.8 2.9 2.8 Shares outstanding at balance sheet date 1,267,247 916,554 1,267,247 916,554 Stock Options Option awards generally vest in one The table below presents information on our stock options for the three and nine-month periods ended July 30, 2023, and July 31, 2022 . Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Number of options granted in period - - - - Cash received from options exercised $ 512 $ 1,007 $ 1,094 $ 5,157 Compensation cost not yet recognized $ - $ 33 $ - $ 33 Weighted-average amortization period for cost not yet recognized (in years) - 0.5 - 0.5 Information on outstanding and exercisable option awards as of July 30, 2023, is presented below. Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding and exercisable at July 30, 2023 473,300 $ 10.17 2.80 $ 7,600

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jul. 30, 2023
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 table below sets forth the primary reasons that our effective income tax rates differed from the U.S. statutory tax rates in effect during the three and nine-month periods ended July 30, 2023, and July 31, 2022. Reporting Period U.S. Statutory Tax Rates Photronics Effective Tax Rates Primary Reasons for Differences Three months ended July 30, 2023 21.0% 25.0% 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. Three months ended July 31, 2022 21.0% 26.9% 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. Nine Months ended July 30, 2023 21.0% 26.8% 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. Nine Months ended July 31, 2022 21.0% 26.1% 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. Uncertain Tax Positions We include unrecognized tax benefits in Other liabilities 2017 The table below presents information on our unrecognized tax benefits as of the balance sheet dates. July 30, 2023 October 31, 2022 Unrecognized tax benefits related to uncertain tax positions $ 7,927 $ 5,599 Unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 7,927 $ 5,599 Accrued interest and penalties related to uncertain tax positions $ 625 $ 395

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Jul. 30, 2023
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	NOTE 10 - EARNINGS PER SHARE The calculations of basic and diluted earnings per share are presented below. Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Net income attributable to Photronics, Inc. shareholders $ 26,959 $ 31,230 $ 80,874 $ 81,726 Effect of dilutive securities - - - - Earnings used for diluted earnings per share $ 26,959 $ 31,230 $ 80,874 $ 81,726 Weighted-average common shares computations: Weighted-average common shares used for basic earnings per share 61,233 60,701 61,089 60,488 Effect of dilutive securities: Share-based payment awards 741 598 561 639 Potentially dilutive common shares 741 598 561 639 Weighted-average common shares used for diluted earnings per share 61,974 61,299 61,650 61,127 Basic earnings per share $ 0.44 $ 0.51 $ 1.32 $ 1.35 Diluted earnings per share $ 0.44 $ 0.51 $ 1.31 $ 1.34 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 Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Share-based payment awards - 1 178 418 Total potentially dilutive shares excluded - 1 178 418

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jul. 30, 2023
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11 - COMMITMENTS AND CONTINGENCIES As of July 30, 2023 In May 2022, we were informed of a customs audit in one of our China operations. We estimated a contingency ranging from $2.2 million to $3.7 million, which included unpaid additional customs duties and related interest and penalties for the previous three years (the period under audit). In the three and nine-month periods ended July 31, 2022, we recorded a contingent loss of $2.2 million, as we believed this was the most likely outcome. The $2.2 million amount was recorded with a charge to Cost of goods sold Accrued liabilities 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 (LOSS) INCOME BY COMPONENT	9 Months Ended
	Jul. 30, 2023
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT [Abstract]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT	NOTE 12 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT The following tables set forth the changes in our accumulated other comprehensive (loss) income by component (net of tax of $0) for the three and nine-month periods ended July 30, 2023 Three Months Ended July 30, 2023 Foreign Currency Translation Adjustments Other Total Balance at April 30, 2023 $ (58,790 ) $ (715 ) $ (59,505 ) Other comprehensive (loss) income (3,639 ) 80 (3,559 ) Other comprehensive (loss) income attributable to noncontrolling interests 7,293 (24 ) 7,269 Balance at July 30 2023 $ (55,136 ) $ (659 ) $ (55,795 ) Three Months Ended July 31, 2022 Foreign Currency Translation Adjustments Other Total Balance at May 1, 2022 $ (22,097 ) $ (822 ) $ (22,919 ) Other comprehensive (loss) income (22,136 ) 61 (22,075 ) Other comprehensive (loss) income attributable to noncontrolling interests 4,215 (30 ) 4,185 Balance at July 31 2022 $ (40,018 ) $ (791 ) $ (40,809 ) Nine Months Ended July 30, 2023 Foreign Currency Translation Adjustments Other Total Balance at October 31, 2022 $ (97,790 ) $ (666 ) $ (98,456 ) Other comprehensive income 47,068 91 47,159 Other comprehensive (loss) attributable to noncontrolling interests (4,414 ) (84 ) (4,498 ) Balance at July 30 2023 $ (55,136 ) $ (659 ) $ (55,795 ) Nine Months Ended July 31, 2022 Foreign Currency Translation Adjustments Other Total Balance at October 31, 2021 $ 21,476 $ (905 ) $ 20,571 Other comprehensive (loss) income (76,086 ) 229 (75,857 ) Other comprehensive (loss) income attributable to noncontrolling interests 14,592 (115 ) 14,477 Balance at July 31 2022 $ (40,018 ) $ (791 ) $ (40,809 )

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Jul. 30, 2023
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 certain 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 Short-term investments are Level 1 measurements. (Please refer to “Investments” within Note 2 for additional fair value information on our Short-term investments.) The fair values of certain cash equivalents are Level 2 measurements that are provided by independent third-party pricing services or other independent entities, which may use matrix pricing, valuation models, or other methods which utilize observable market data. The fair values of our variable-rate debt instruments are Level 2 measurements and approximate their carrying values due to the variable nature of their underlying interest rates. Other than our Short-term investments, we did not have any assets or liabilities measured at fair value, on a recurring or a nonrecurring basis, at July 30, 2023

SHARE REPURCHASE PROGRAMS

SHARE REPURCHASE PROGRAMS	9 Months Ended
	Jul. 30, 2023
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, have been retired prior to that date. As of July 30, 2023 The table below presents information on this repurchase program for the three and nine-month periods ended July 30, 2023 , and July 31, 2022. Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Number of shares repurchased - - - 188 Cost of shares repurchased $ - $ - $ - $ 2,522 Average price paid per share $ - $ - $ - $ 13.43

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Jul. 30, 2023
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 15 - RECENT ACCOUNTING PRONOUNCEMENTS 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

INSIDER TRADING ARRANGEMENTS

INSIDER TRADING ARRANGEMENTS	9 Months Ended
	Jul. 30, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF FINANCIAL STATEMENT _2

BASIS OF FINANCIAL STATEMENT PRESENTATION (Policies)	9 Months Ended
	Jul. 30, 2023
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, 2022, 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 facts and circumstances 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)	9 Months Ended
	Jul. 30, 2023
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)	9 Months Ended
	Jul. 30, 2023
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)	9 Months Ended
	Jul. 30, 2023
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 no alternative use to us and, as our contracts generally provide us with the right to payment for work completed to date, we recognize revenue as we perform, or “over time”, on most of our contracts. We measure our performance to date using an input method, which is based on our estimated costs to complete the various manufacturing phases of a photomask. At the end of a reporting period, there 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. We did not identify impairment indicators for any outstanding contract assets during the three or nine-month periods ended July 30, 2023, or July 31, 2022. We generally record our accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectability 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 incurred credit losses on our accounts receivable of $0.1 million during the three and nine-month periods ended July 30, 2023, and there were no charges for the three and nine-month periods ended July 31, 2022. Our invoice terms generally range from net- thirty In instances when we are paid in advance of our performance, we record a contract liability and, as allowed under the practical expedient in Topic 606, recognize interest expense only if the period between when we receive payment from the customer and the date when we expect to be entitled to the payment is greater than one year. Historically, advance payments we have received from customers have generally not preceded the completion of our performance obligations by more than one year.

SHARE-BASED COMPENSATION (Polic

SHARE-BASED COMPENSATION (Policies)	9 Months Ended
	Jul. 30, 2023
Restricted Stock [Member]
Stock Options [Abstract]
Share-Based Compensation	Restricted Stock Awards 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 The table below presents information on our stock options for the three and nine-month periods ended July 30, 2023, and July 31, 2022 .

INCOME TAXES (Policies)

INCOME TAXES (Policies)	9 Months Ended
	Jul. 30, 2023
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. The table below sets forth the primary reasons that our effective income tax rates differed from the U.S. statutory tax rates in effect during the three and nine-month periods ended July 30, 2023, and July 31, 2022.

FAIR VALUE MEASUREMENTS (Polici

FAIR VALUE MEASUREMENTS (Policies)	9 Months Ended
	Jul. 30, 2023
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)	9 Months Ended
	Jul. 30, 2023
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Recent Accounting Pronouncements	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

SHORT-TERM INVESTMENTS (Tables)

SHORT-TERM INVESTMENTS (Tables)	9 Months Ended
	Jul. 30, 2023
SHORT-TERM INVESTMENTS [Abstract]
Available-for-Sale Debt Securities	The table below provides information on our available-for-sale debt securities. July 30, 2023 October 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Amortized Cost Unrealized Gains Unrealized Losses Carrying Value Government securities $ 27,354 $ - $ (29 ) $ 27,325 $ 38,911 $ - $ (91 ) $ 38,820

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Jul. 30, 2023
INVENTORIES [Abstract]
Inventories	Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value. Inventories July 30, 2023 October 31, 2022 Raw materials $ 53,875 $ 49,326 Work in process 1,501 1,408 Finished goods 3 19 $ 55,379 $ 50,753

PROPERTY, PLANT, AND EQUIPMEN_2

PROPERTY, PLANT, AND EQUIPMENT, NET (Tables)	9 Months Ended
	Jul. 30, 2023
PROPERTY, PLANT, AND EQUIPMENT, NET [Abstract]
Components of Property, Plant and Equipment, Net	Presented below are the components of Property, plant, and equipment, net July 30, 2023 October 31, 2022 Land $ 11,684 $ 11,134 Buildings and improvements 188,950 168,024 Machinery and equipment 1,942,524 1,769,478 Leasehold improvements 19,460 18,802 Furniture, fixtures, and office equipment 16,284 14,355 Construction in progress 56,985 90,846 2,235,887 2,072,639 Accumulated depreciation and amortization (1,534,428 ) (1,428,766 ) $ 701,459 $ 643,873
Information on ROU Assets from Finance Leases	Information on ROU assets resulting from finance leases, at the balance sheet dates, is presented below. July 30, 2023 October 31, 2022 Machinery and equipment $ 42,820 $ 42,760 Accumulated amortization (6,922 ) (4,784 ) $ 35,898 $ 37,976
Depreciation Expense	The following table presents depreciation expense (including the amortization of ROU assets) related to property, plant, and equipment incurred during the reporting periods Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Depreciation Expense $ 20,346 $ 19,710 $ 59,255 $ 60,939

PDMCX JOINT VENTURE (Tables)

PDMCX JOINT VENTURE (Tables)	9 Months Ended
	Jul. 30, 2023
PDMCX JOINT VENTURE [Abstract]
Net Income (Loss) Recorded from Operations	The following table presents net income we recorded from the operations of PDMCX during the reporting periods. Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, July 31, 2022 Net income from PDMCX $ 7,130 $ 5,356 $ 19,700 $ 12,129
Carrying Amounts and Exposure to Loss Related to Assets and Liabilities	The following table presents the carrying amounts of PDMCX assets and liabilities included in our condensed consolidated balance sheets. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the net assets of PDMCX); therefore, our maximum exposure to loss from PDMCX is our interest in the carrying amount of the net assets of the joint venture. July 30, 2023 October 31, 2022 Classification Carrying Amount Photronics Interest Carrying Amount Photronics Interest Current assets $ 133,729 $ 66,878 $ 127,542 $ 63,784 Noncurrent assets 142,718 71,373 119,392 59,708 Total assets 276,447 138,251 246,934 123,492 Current liabilities 46,517 23,263 51,274 25,643 Noncurrent liabilities 1,468 734 9,161 4,581 Total liabilities 47,985 23,997 60,435 30,224 Net assets $ 228,462 $ 114,254 $ 186,499 $ 93,268

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Jul. 30, 2023
DEBT [Abstract]
Long-term Debt	Due to the Q2 FY23 payoff of the Xiamen Project loans, as of July 30, 2023, the Current portion of long-term debt and the Long-term debt balances were comprised of finance leases as described below: As of July 30, 2023 Xiamen Project Loans Finance Leases Total Principal due: Next 12 months $ - $ 6,589 6,589 Months 13 – 24 $ - $ 20,090 20,090 Months 25 – 36 - 13 13 Months 37 – 48 - 13 13 Months 49 – 60 - 5 5 Long-term debt - 20,121 20,121 Total debt $ - $ 26,710 26,710 Interest rate at balance sheet date N/A% N/A Basis spread on interest rates 0.00 N/A Interest rate reset Quarterly N/A Maturity date December 2025 N/A Periodic payment amount Varies as loans mature (1) Varies as Lease mature Periodic payment frequency Semiannual, on individual loans Monthly Loan collateral (carrying amount) $ N/A $ 35,898 (2) (1) During Q2 FY23, we repaid the entire balance of 26.4 million RMB (approximately $3.9 million) remaining on the loan, of which, 2.0 million RMB was due to be paid in June 2025 and 24.4 million RMB was due to be paid in December 2025. (2) Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests. The table below provides information on our long-term debt as of October 31, 2022. As of October 31, 2022 Xiamen Project Loans Xiamen Working Capital Loans Finance Leases Total Principal due: Next 12 months $ - $ 3,512 $ 6,512 $ 10,024 Months 13 – 24 $ - $ - $ 6,610 $ 6,610 Months 25 – 36 1,098 - 17,961 19,059 Months 37 – 48 6,641 - - 6,641 Long-term debt $ 7,739 $ - $ 24,571 $ 32,310 Interest rate at balance sheet date 4.30% - 4.45 % 4.46 % N/A Basis spread on interest rates 0.00 76 N/A Interest rate reset Quarterly Monthly/Annually N/A Maturity date December 2025 July 2023 N/A Periodic payment amount Varies as loans mature (1) Increases as loans mature Varies as leases mature Periodic payment frequency Semiannual, on individual loans Semiannual, on individual loans Monthly Loan collateral (carrying amount) $ 70,705 N/A $ 37,976 (2) (1) During the three-month period ended October 31, 2022, we repaid 81.0 million RMB (approximately $11.5 million) that had contractual maturity dates ranging from December 2023 through June 2025. (2) 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)	9 Months Ended
	Jul. 30, 2023
REVENUE [Abstract]
Contract Balances	The following table provides information about our contract balances at the balance sheet dates. Classification July 30, 2023 October 31, 2022 Contract Assets Other current assets $ 15,610 $ 15,752 Contract Liabilities Accrued liabilities $ 17,069 $ 18,872 Other liabilities 12,019 4,989 $ 29,088 $ 23,861 The following table presents revenue recognized from contract liabilities that existed at the beginning of the reporting periods. Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Revenue recognized from beginning liability $ 10,755 $ 5,398 $ 10,524 $ 7,818
Disaggregation of Revenue	The following tables present our revenue for the three and nine-month periods ended July , disaggregated by product type, geographic origin, and timing of recognition. Three Months Ended Nine Months Ended Revenue by Product Type July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 IC High-end $ 45,324 $ 52,698 $ 137,247 $ 150,983 Mainstream 117,816 108,555 349,536 285,829 Total IC $ 163,140 $ 161,253 $ 486,783 $ 436,812 FPD High-end $ 49,981 $ 50,693 $ 147,560 $ 143,579 Mainstream 11,085 8,002 30,260 33,892 Total FPD $ 61,066 $ 58,695 $ 177,820 $ 177,471 $ 224,206 $ 219,948 $ 664,603 $ 614,283 Three Months Ended Nine Months Ended Revenue by Geographic Origin July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Taiwan $ 81,594 $ 77,379 $ 237,610 $ 215,071 China 62,042 60,524 186,191 160,169 Korea 40,833 37,895 120,037 118,178 United States 29,696 34,685 92,073 92,196 Europe 9,535 8,932 27,257 27,352 Other 506 533 1,435 1,317 $ 224,206 $ 219,948 $ 664,603 $ 614,283 Three Months Ended Nine Months Ended Revenue by Timing of Recognition July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Over time $ 214,647 $ 202,693 $ 627,188 $ 565,726 At a point in time 9,559 17,255 37,415 48,557 $ 224,206 $ 219,948 $ 664,603 $ 614,283

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Jul. 30, 2023
SHARE-BASED COMPENSATION [Abstract]
Share-based Compensation Expenses	The table below presents information on our share-based compensation expenses for the three and nine-month periods ended July 30, 2023, and July 31, 2022. Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Expense reported in: Cost of goods sold $ 322 $ 303 $ 892 $ 628 Selling, general, and administrative 1,499 1,115 4,407 3,539 Research and development 222 163 575 456 Total expense incurred $ 2,043 $ 1,581 $ 5,874 $ 4,623 Expense by award type: Restricted stock awards $ 2,043 $ 1,506 $ 5,782 $ 4,189 Stock options - 20 1 279 Employee stock purchase plan - 55 91 155 Total expense incurred $ 2,043 $ 1,581 $ 5,874 $ 4,623 Income tax benefits of share-based compensation $ 152 $ 135 $ 513 $ 323 Share-based compensation cost capitalized $ - $ - $ - $ -
Restricted Stock Awards Activity	The table below presents information on our restricted stock awards for the three and nine-month periods ended July 30, 2023, and July 31, 2022. Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Number of shares granted in period - 107,824 786,500 643,224 Weighted-average grant-date fair value of awards (in dollars per share) $ - $ 15.95 $ 16.77 $ 18.72 Compensation cost not yet recognized $ 14,511 $ 10,256 $ 14,511 $ 10,256 Weighted-average amortization period for cost not yet recognized (in years) 2.9 2.8 2.9 2.8 Shares outstanding at balance sheet date 1,267,247 916,554 1,267,247 916,554
Stock Options Activity	The table below presents information on our stock options for the three and nine-month periods ended July 30, 2023, and July 31, 2022 . Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Number of options granted in period - - - - Cash received from options exercised $ 512 $ 1,007 $ 1,094 $ 5,157 Compensation cost not yet recognized $ - $ 33 $ - $ 33 Weighted-average amortization period for cost not yet recognized (in years) - 0.5 - 0.5
Information on Outstanding and Exercisable Option	Information on outstanding and exercisable option awards as of July 30, 2023, is presented below. Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding and exercisable at July 30, 2023 473,300 $ 10.17 2.80 $ 7,600

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Jul. 30, 2023
INCOME TAXES [Abstract]
Reconciliation of Effective Income Tax Rates from U.S. Statutory Tax Rates	The table below sets forth the primary reasons that our effective income tax rates differed from the U.S. statutory tax rates in effect during the three and nine-month periods ended July 30, 2023, and July 31, 2022. Reporting Period U.S. Statutory Tax Rates Photronics Effective Tax Rates Primary Reasons for Differences Three months ended July 30, 2023 21.0% 25.0% 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. Three months ended July 31, 2022 21.0% 26.9% 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. Nine Months ended July 30, 2023 21.0% 26.8% 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. Nine Months ended July 31, 2022 21.0% 26.1% 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.
Unrecognized Tax Benefits	The table below presents information on our unrecognized tax benefits as of the balance sheet dates. July 30, 2023 October 31, 2022 Unrecognized tax benefits related to uncertain tax positions $ 7,927 $ 5,599 Unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 7,927 $ 5,599 Accrued interest and penalties related to uncertain tax positions $ 625 $ 395

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Jul. 30, 2023
EARNINGS PER SHARE [Abstract]
Calculation of Basic and Diluted Earnings Per Share	The calculations of basic and diluted earnings per share are presented below. Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Net income attributable to Photronics, Inc. shareholders $ 26,959 $ 31,230 $ 80,874 $ 81,726 Effect of dilutive securities - - - - Earnings used for diluted earnings per share $ 26,959 $ 31,230 $ 80,874 $ 81,726 Weighted-average common shares computations: Weighted-average common shares used for basic earnings per share 61,233 60,701 61,089 60,488 Effect of dilutive securities: Share-based payment awards 741 598 561 639 Potentially dilutive common shares 741 598 561 639 Weighted-average common shares used for diluted earnings per share 61,974 61,299 61,650 61,127 Basic earnings per share $ 0.44 $ 0.51 $ 1.32 $ 1.35 Diluted earnings per share $ 0.44 $ 0.51 $ 1.31 $ 1.34
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 Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Share-based payment awards - 1 178 418 Total potentially dilutive shares excluded - 1 178 418

CHANGES IN ACCUMULATED OTHER _2

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT (Tables)	9 Months Ended
	Jul. 30, 2023
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT [Abstract]
Changes in Accumulated Other Comprehensive (Loss) Income by Component	The following tables set forth the changes in our accumulated other comprehensive (loss) income by component (net of tax of $0) for the three and nine-month periods ended July 30, 2023 Three Months Ended July 30, 2023 Foreign Currency Translation Adjustments Other Total Balance at April 30, 2023 $ (58,790 ) $ (715 ) $ (59,505 ) Other comprehensive (loss) income (3,639 ) 80 (3,559 ) Other comprehensive (loss) income attributable to noncontrolling interests 7,293 (24 ) 7,269 Balance at July 30 2023 $ (55,136 ) $ (659 ) $ (55,795 ) Three Months Ended July 31, 2022 Foreign Currency Translation Adjustments Other Total Balance at May 1, 2022 $ (22,097 ) $ (822 ) $ (22,919 ) Other comprehensive (loss) income (22,136 ) 61 (22,075 ) Other comprehensive (loss) income attributable to noncontrolling interests 4,215 (30 ) 4,185 Balance at July 31 2022 $ (40,018 ) $ (791 ) $ (40,809 ) Nine Months Ended July 30, 2023 Foreign Currency Translation Adjustments Other Total Balance at October 31, 2022 $ (97,790 ) $ (666 ) $ (98,456 ) Other comprehensive income 47,068 91 47,159 Other comprehensive (loss) attributable to noncontrolling interests (4,414 ) (84 ) (4,498 ) Balance at July 30 2023 $ (55,136 ) $ (659 ) $ (55,795 ) Nine Months Ended July 31, 2022 Foreign Currency Translation Adjustments Other Total Balance at October 31, 2021 $ 21,476 $ (905 ) $ 20,571 Other comprehensive (loss) income (76,086 ) 229 (75,857 ) Other comprehensive (loss) income attributable to noncontrolling interests 14,592 (115 ) 14,477 Balance at July 31 2022 $ (40,018 ) $ (791 ) $ (40,809 )

SHARE REPURCHASE PROGRAMS (Tabl

SHARE REPURCHASE PROGRAMS (Tables)	9 Months Ended
	Jul. 30, 2023
SHARE REPURCHASE PROGRAMS [Abstract]
Shares Repurchase Programs	The table below presents information on this repurchase program for the three and nine-month periods ended July 30, 2023 , and July 31, 2022. Three Months Ended Nine Months Ended July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Number of shares repurchased - - - 188 Cost of shares repurchased $ - $ - $ - $ 2,522 Average price paid per share $ - $ - $ - $ 13.43

BASIS OF FINANCIAL STATEMENT _3

BASIS OF FINANCIAL STATEMENT PRESENTATION (Details)	9 Months Ended
	Jul. 30, 2023 Facility
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

SHORT-TERM INVESTMENTS (Details

SHORT-TERM INVESTMENTS (Details) - Government securities [Member] - USD ($) $ in Thousands	Jul. 30, 2023	Oct. 31, 2022
Available-for-sale [Abstract]
Amortized Cost	$ 27,354	$ 38,911
Unrealized Gains	0	0
Unrealized Losses	(29)	(91)
Carrying Value	$ 27,325	$ 38,820

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jul. 30, 2023	Oct. 31, 2022
INVENTORIES [Abstract]
Raw materials	$ 53,875	$ 49,326
Work in process	1,501	1,408
Finished goods	3	19
Inventories	$ 55,379	$ 50,753

PROPERTY, PLANT, AND EQUIPMEN_3

PROPERTY, PLANT, AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022	Oct. 31, 2022
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 2,235,887		$ 2,235,887		$ 2,072,639
Accumulated depreciation and amortization	(1,534,428)		(1,534,428)		(1,428,766)
Property, plant and equipment, net	701,459		701,459		643,873
Finance lease, Right-of-use asset [Abstract]
Finance lease, right-of-use asset, gross	42,820		42,820		42,760
Accumulated amortization	(6,922)		(6,922)		(4,784)
Finance lease, right-of-use asset, net	35,898		35,898		37,976
Depreciation Expense [Abstract]
Depreciation Expense	20,346	$ 19,710	59,255	$ 60,939
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	11,684		11,684		11,134
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	188,950		188,950		168,024
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,942,524		1,942,524		1,769,478
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	19,460		19,460		18,802
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	16,284		16,284		14,355
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 56,985		$ 56,985		$ 90,846

PDMCX JOINT VENTURE, VIE (Detai

PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022	Oct. 31, 2022
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
Net Income (Loss) from Operations [Abstract]
Net income from PDMCX		$ 7,130	$ 5,356	$ 19,700	$ 12,129
Photronics and DNP [Member] | Minimum [Member]
Variable Interest Entity [Abstract]
Ownership percentage				20%
PDMCX [Member]
Variable Interest Entity [Abstract]
Collateral amount						$ 70,700
Photronics Interest [Member]
Variable Interest Entity [Abstract]
Ownership percentage				50.01%
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	Jul. 30, 2023	Oct. 31, 2022
Carrying Amounts of Assets and Liabilities [Abstract]
Current assets	$ 772,211	$ 644,652
Total assets	1,503,343	1,315,830
Current liabilities	190,652	193,797
Total liabilities	251,467	253,741
Carrying Amount [Member]
Carrying Amounts of Assets and Liabilities [Abstract]
Current assets	133,729	127,542
Noncurrent assets	142,718	119,392
Total assets	276,447	246,934
Current liabilities	46,517	51,274
Noncurrent liabilities	1,468	9,161
Total liabilities	47,985	60,435
Net assets	228,462	186,499
Photronics Interest [Member]
Carrying Amounts of Assets and Liabilities [Abstract]
Current assets	66,878	63,784
Noncurrent assets	71,373	59,708
Total assets	138,251	123,492
Current liabilities	23,263	25,643
Noncurrent liabilities	734	4,581
Total liabilities	23,997	30,224
Net assets	$ 114,254	$ 93,268

DEBT, Long-term Debt (Details)

DEBT, Long-term Debt (Details) $ in Thousands, ¥ in Millions

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Feb. 28, 2023 USD ($)

Feb. 28, 2023 CNY (¥)

Dec. 31, 2022 USD ($)

Dec. 31, 2022 CNY (¥)

Apr. 30, 2023 USD ($)

Apr. 30, 2023 CNY (¥)

Jul. 30, 2023 USD ($)

Oct. 31, 2022 USD ($)

Oct. 31, 2022 CNY (¥)

Long Term Debt Maturing In Year One [Abstract]

Next 12 months

$ 6,589

$ 10,024

Long-term Debt [Abstract]

Months 13 - 24

20,090

6,610

Months 25 - 36

13

19,059

Months 37 - 48

13

6,641

Months 49 - 60

5

Long-term debt

20,121

32,310

Total debt

26,710

Xiamen Project Loans [Member]

Long Term Debt Maturing In Year One [Abstract]

Next 12 months

0

0

Long-term Debt [Abstract]

Months 13 - 24

0

0

Months 25 - 36

0

1,098

Months 37 - 48

0

6,641

Months 49 - 60

0

Long-term debt

0

$ 7,739

Total debt

$ 0

Basis spread on interest rates

0%

0%

0%

Maturity date

Dec. 01, 2025

Dec. 01, 2025

Dec. 01, 2025

Periodic payment amount

Varies as loans mature

[1]

Varies as loans mature

[2]

Varies as loans mature

[2]

Periodic payment frequency

Semiannual, on individual loans

Semiannual, on individual loans

Semiannual, on individual loans

Loan collateral (carrying amount)

$ 70,705

Repayment of long term debt

$ 3,900

¥ 26.4

$ 3,900

¥ 26.4

$ 11,500

¥ 81

Xiamen Project Loans [Member] | Minimum [Member]

Long-term Debt [Abstract]

Interest rate at balance sheet date

4.30%

4.30%

Xiamen Project Loans [Member] | Maximum [Member]

Long-term Debt [Abstract]

Interest rate at balance sheet date

4.45%

4.45%

Xiamen Project Loans [Member] | Due Date June 2025 [Member]

Long-term Debt [Abstract]

Repayment of long term debt | ¥

2

Xiamen Project Loans [Member] | Due Date December 2025 [Member]

Long-term Debt [Abstract]

Repayment of long term debt | ¥

¥ 24.4

Xiamen Working Capital Loans [Member]

Long Term Debt Maturing In Year One [Abstract]

Next 12 months

$ 3,512

Long-term Debt [Abstract]

Months 13 - 24

0

Months 25 - 36

0

Months 37 - 48

0

Long-term debt

$ 0

Total debt

$ 0

Interest rate at balance sheet date

4.46%

4.46%

Basis spread on interest rates

0.76%

0.76%

Maturity date

Jul. 01, 2023

Jul. 01, 2023

Periodic payment amount

Increases as loans mature

Increases as loans mature

Periodic payment frequency

Semiannual, on individual loans

Semiannual, on individual loans

Repayment of long term debt

$ 3,600

¥ 25.6

Finance Leases [Member]

Long Term Debt Maturing In Year One [Abstract]

Next 12 months

6,589

$ 6,512

Long-term Debt [Abstract]

Months 13 - 24

20,090

6,610

Months 25 - 36

13

17,961

Months 37 - 48

13

0

Months 49 - 60

5

Long-term debt

20,121

$ 24,571

Total debt

$ 26,710

Periodic payment amount

Varies as Lease mature

Varies as leases mature

Varies as leases mature

Periodic payment frequency

Monthly

Monthly

Monthly

Loan collateral (carrying amount)

[3]

$ 35,898

$ 37,976

[1]During Q2 FY23, we repaid the entire balance of 26.4 million RMB (approximately $3.9 million) remaining on the loan, of which, 2.0 million RMB was due to be paid in June 2025 and 24.4 million RMB was due to be paid in December 2025.[2]During the three-month period ended October 31, 2022, we repaid 81.0 million RMB (approximately $11.5 million) that had contractual maturity dates ranging from December 2023 through June 2025.[3]Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.

DEBT, Finance Leases (Details)

DEBT, Finance Leases (Details) - USD ($) $ in Thousands	1 Months Ended
	Feb. 28, 2021	Jan. 31, 2021	Jul. 30, 2023	Dec. 31, 2020
$7.2 Million Finance Lease [Member]
Finance Lease, [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%
$7.2 Million Finance Lease [Member] | Monthly [Member]
Finance Lease, [Abstract]
Finance lease monthly payments	$ 100
$35.5 Million Finance Lease [Member]
Finance Lease, [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] | First Three Months [Member]
Finance Lease, [Abstract]
Finance lease monthly payments		$ 40
$35.5 Million Finance Lease [Member] | Following Nine Months [Member]
Finance Lease, [Abstract]
Finance lease monthly payments		600
$35.5 Million Finance Lease [Member] | Forty Eight Months [Member]
Finance Lease, [Abstract]
Finance lease monthly payments		500
$35.5 Million Finance Lease [Member] | Minimum [Member]
Finance Lease, [Abstract]
Outstanding committed balance for cross default provision		$ 5,000

DEBT, Xiamen Project Loans (Det

DEBT, Xiamen Project Loans (Details) $ in Thousands, ¥ in Millions	1 Months Ended		3 Months Ended		12 Months Ended
	Feb. 28, 2023 USD ($)	Feb. 28, 2023 CNY (¥)	Apr. 30, 2023 USD ($)	Apr. 30, 2023 CNY (¥)	Oct. 31, 2022 USD ($)	Oct. 31, 2022 CNY (¥)	Jul. 30, 2023 USD ($)	Nov. 30, 2018 CNY (¥)
Project Loans [Abstract]
Amount outstanding							$ 26,710
Xiamen Project Loans [Member]
Project Loans [Abstract]
Maximum borrowing capacity | ¥								¥ 345
Repayments of long-term debt	$ 3,900	¥ 26.4	$ 3,900	¥ 26.4	$ 11,500	¥ 81
Amount outstanding							$ 0

DEBT, Xiamen Working Capital Lo

DEBT, Xiamen Working Capital Loans (Details) $ in Thousands, ¥ in Millions	1 Months Ended		9 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Jul. 30, 2023 USD ($)	Nov. 30, 2018 USD ($)
Debt Instruments [Abstract]
Amount outstanding			$ 26,710
Xiamen Working Capital Loans [Member]
Debt Instruments [Abstract]
Maximum borrowing capacity				$ 25,000
Expiration date			Nov. 30, 2023
Repayments of long-term debt	$ 3,600	¥ 25.6
Amount outstanding			$ 0

DEBT, Corporate Credit Agreemen

DEBT, Corporate Credit Agreement (Details) - USD ($) $ in Thousands	9 Months Ended
	Jul. 30, 2023	Sep. 30, 2018
Debt Instruments [Abstract]
Amount outstanding	$ 26,710
Amended and Restated Credit Agreement [Member]
Debt Instruments [Abstract]
Term of loan	5 years
Current borrowing capacity		$ 50,000
Maximum borrowing capacity		100,000
Cash limit for dividends, distributions and redemption on equity		$ 50,000
Amount outstanding	$ 0
Effective interest rate	6.43%

DEBT, Hefei Equipment Loan (Det

DEBT, Hefei Equipment Loan (Details) - Hefei Equipment Loan [Member] ¥ in Millions, $ in Millions	1 Months Ended
	Jul. 31, 2022 CNY (¥)	Jul. 31, 2022 USD ($)	Oct. 31, 2020 CNY (¥) Tool
Debt Instruments [Abstract]
Maximum borrowing capacity | ¥			¥ 200
Repayment of long term debt	¥ 120.7	$ 18
Number of lithography tools purchased | Tool			2

REVENUE, Contract Assets, Liabi

REVENUE, Contract Assets, Liabilities and Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022	Oct. 31, 2022
Contract with Customer, Asset and Liability [Abstract]
Impairment of credit losses on accounts receivable	$ 0	$ 0	$ 0	$ 0
Credit losses on accounts receivable	100	0	100	0
Contract liabilities	29,088		29,088		$ 23,861
Change in Contract with Customer, Liability [Abstract]
Revenue recognized from beginning liability	10,755	$ 5,398	10,524	$ 7,818
Other Current Assets [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract assets	15,610		15,610		15,752
Accrued Liabilities [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract liabilities	17,069		17,069		18,872
Other Liabilities [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract liabilities	$ 12,019		$ 12,019		$ 4,989
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		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Disaggregation of Revenue [Abstract]
Revenue	$ 224,206	$ 219,948	$ 664,603	$ 614,283
IC [Member]
Disaggregation of Revenue [Abstract]
Revenue	163,140	161,253	486,783	436,812
High-end [Member]
Disaggregation of Revenue [Abstract]
Revenue	45,324	52,698	137,247	150,983
Mainstream [Member]
Disaggregation of Revenue [Abstract]
Revenue	117,816	108,555	349,536	285,829
FPD [Member]
Disaggregation of Revenue [Abstract]
Revenue	61,066	58,695	177,820	177,471
High-end [Member]
Disaggregation of Revenue [Abstract]
Revenue	49,981	50,693	147,560	143,579
Mainstream [Member]
Disaggregation of Revenue [Abstract]
Revenue	11,085	8,002	30,260	33,892
Taiwan [Member]
Disaggregation of Revenue [Abstract]
Revenue	81,594	77,379	237,610	215,071
China [Member]
Disaggregation of Revenue [Abstract]
Revenue	62,042	60,524	186,191	160,169
Korea [Member]
Disaggregation of Revenue [Abstract]
Revenue	40,833	37,895	120,037	118,178
United States [Member]
Disaggregation of Revenue [Abstract]
Revenue	29,696	34,685	92,073	92,196
Europe [Member]
Disaggregation of Revenue [Abstract]
Revenue	9,535	8,932	27,257	27,352
Other [Member]
Disaggregation of Revenue [Abstract]
Revenue	506	533	1,435	1,317
Over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	214,647	202,693	627,188	565,726
At a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	$ 9,559	$ 17,255	$ 37,415	$ 48,557

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 16, 2023	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022	Mar. 15, 2023
Share-based Compensation [Abstract]
Maximum number of shares of common stock that may be issued (in shares)	5,000,000					4,000,000
Additional shares available for issuance (in shares)	1,000,000
Expense incurred		$ 2,043	$ 1,581	$ 5,874	$ 4,623
Income tax benefits of share-based compensation		152	135	513	323
Share-based compensation cost capitalized		0	0	0	0
Cost of Goods Sold [Member]
Share-based Compensation [Abstract]
Expense incurred		322	303	892	628
Selling, General and Administrative [Member]
Share-based Compensation [Abstract]
Expense incurred		1,499	1,115	4,407	3,539
Research and Development [Member]
Share-based Compensation [Abstract]
Expense incurred		222	163	575	456
Restricted Stock [Member]
Share-based Compensation [Abstract]
Expense incurred		$ 2,043	$ 1,506	$ 5,782	$ 4,189
Restricted Stock [Abstract]
Number of shares granted in period (in shares)		0	107,824	786,500	643,224
Weighted-average grant-date fair value of awards (in dollars per share)		$ 0	$ 15.95	$ 16.77	$ 18.72
Shares outstanding at balance sheet date (in shares)		1,267,247	916,554	1,267,247	916,554
Estimated Expenses Not Yet Incurred [Abstract]
Compensation cost not yet recognized		$ 14,511	$ 10,256	$ 14,511	$ 10,256
Weighted-average amortization period for cost not yet recognized (in years)		2 years 10 months 24 days	2 years 9 months 18 days	2 years 10 months 24 days	2 years 9 months 18 days
Restricted Stock [Member] | Minimum [Member]
Share-based Compensation [Abstract]
Award vesting period				1 year
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation [Abstract]
Award vesting period				4 years
Stock Options [Member]
Share-based Compensation [Abstract]
Expense incurred		$ 0	$ 20	$ 1	$ 279
Stock options activity [Abstract]
Contractual term				10 years
Number of options granted in period (in shares)		0	0	0	0
Cash received from options exercised		$ 512	$ 1,007	$ 1,094	$ 5,157
Estimated Expenses Not Yet Incurred [Abstract]
Compensation cost not yet recognized		$ 0	$ 33	$ 0	$ 33
Weighted-average amortization period for cost not yet recognized (in years)			6 months		6 months
Outstanding and exercisable option awards [Roll Forward]
Outstanding at end of period (in shares)		473,300		473,300
Exercisable at end of period (in shares)		473,300		473,300
Weighted-Average Exercise Price [Abstract]
Outstanding at end of period (in dollars per share)		$ 10.17		$ 10.17
Exercisable at end of period (in dollars per share)		$ 10.17		$ 10.17
Weighted-Average Remaining Contractual Life (in years) [Abstract]
Outstanding at end of period				2 years 9 months 18 days
Exercisable at end of period				2 years 9 months 18 days
Aggregate Intrinsic Value [Abstract]
Outstanding at end of period		$ 7,600		$ 7,600
Exercisable at end of period		7,600		$ 7,600
Stock Options [Member] | Minimum [Member]
Share-based Compensation [Abstract]
Award vesting period				1 year
Stock Options [Member] | Maximum [Member]
Share-based Compensation [Abstract]
Award vesting period				4 years
Employee Stock Purchase Plan [Member]
Share-based Compensation [Abstract]
Expense incurred		$ 0	$ 55	$ 91	$ 155

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022	Oct. 31, 2022
Effective Income and Statutory Tax Rates [Abstract]
U.S. statutory tax rates	21%	21%	21%	21%
Effective tax rates	25%	26.90%	26.80%	26.10%
Income Tax Examination [Abstract]
Earliest open tax year			2017
Unrecognized Tax Benefits [Abstract]
Unrecognized tax benefits related to uncertain tax positions	$ 7,927		$ 7,927		$ 5,599
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	7,927		7,927		5,599
Accrued interest and penalties related to uncertain tax positions	$ 625		$ 625		$ 395

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Calculation of Basic and Diluted Earnings Per Share [Abstract]
Net income attributable to Photronics, Inc. shareholders	$ 26,959	$ 31,230	$ 80,874	$ 81,726
Effect of dilutive securities	0	0	0	0
Earnings used for diluted earnings per share	$ 26,959	$ 31,230	$ 80,874	$ 81,726
Weighted-average Common Shares Computations [Abstract]
Weighted-average common shares used for basic earnings per share (in shares)	61,233	60,701	61,089	60,488
Effect of Dilutive Securities [Abstract]
Share-based payment awards (in shares)	741	598	561	639
Potentially dilutive common shares (in shares)	741	598	561	639
Weighted-average common shares used for diluted earnings per share (in shares)	61,974	61,299	61,650	61,127
Basic earnings per share (in dollars per share)	$ 0.44	$ 0.51	$ 1.32	$ 1.35
Diluted earnings per share (in dollars per share)	$ 0.44	$ 0.51	$ 1.31	$ 1.34
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	0	1	178	418
Share-based Payment Awards [Member]
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	0	1	178	418

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 30, 2022 USD ($)	Jul. 31, 2022 USD ($)	May 01, 2022 USD ($) Operation	Jul. 30, 2023 USD ($)	Jul. 31, 2022 USD ($)
Commitment and Contingencies [Abstract]
Outstanding commitments for capital expenditure				$ 118
Period of audit				3 years
Contingency loss recorded		$ 2.2			$ 2.2
Reversal of loss contingency accrual	$ 1
Minimum [Member]
Commitment and Contingencies [Abstract]
Range of estimated contingency loss			$ 2.2
Maximum [Member]
Commitment and Contingencies [Abstract]
Range of estimated contingency loss			$ 3.7
China [Member]
Commitment and Contingencies [Abstract]
Number of operations | Operation			1

CHANGES IN ACCUMULATED OTHER _3

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT [Abstract]
Other comprehensive income, tax	$ 0	$ 0	$ 0	$ 0
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance			831,527
Ending Balance	961,212		961,212
Accumulated Other Comprehensive Income [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(59,505)	(22,919)	(98,456)	20,571
Ending Balance	(55,795)	(40,809)	(55,795)	(40,809)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(58,790)	(22,097)	(97,790)	21,476
Ending Balance	(55,136)	(40,018)	(55,136)	(40,018)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(715)	(822)	(666)	(905)
Ending Balance	(659)	(791)	(659)	(791)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income	(3,559)	(22,075)	47,159	(75,857)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income	(3,639)	(22,136)	47,068	(76,086)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income	80	61	91	229
AOCI Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income attributable to noncontrolling interests	7,269	4,185	(4,498)	14,477
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income attributable to noncontrolling interests	7,293	4,215	(4,414)	14,592
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive (loss) income attributable to noncontrolling interests	$ (24)	$ (30)	$ (84)	$ (115)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jul. 30, 2023	Oct. 31, 2022
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		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022	Sep. 30, 2020
Shares Repurchase Programs and Preferred Stock Purchase Rights [Abstract]
Stock repurchased authorized amount					$ 100,000
Stock repurchase program - commencement date			Sep. 16, 2020
Amount remaining under authorization for purchase of additional shares	$ 31,700		$ 31,700
Number of shares repurchased (in shares)	0	0	0	188
Cost of shares repurchased	$ 0	$ 0	$ 0	$ 2,522
Average price paid per share (in dollars per share)	$ 0	$ 0	$ 0	$ 13.43