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SUBSIDIARY SHARE REPURCHASES AND TENDER OFFER

12 Months Ended

Nov. 01, 2015

SUBSIDIARY SHARE REPURCHASES AND TENDER OFFER [Abstract]

SUBSIDIARY SHARE REPURCHASES AND TENDER OFFER

NOTE 13 – SUBSIDIARY SHARE REPURCHASES AND TENDER OFFER

In June 2015 the Company increased its ownership interest in PKL, a subsidiary of the Company based in Korea, to 99.77% from 99.75%, by purchasing shares of its common stock from noncontrolling interests at a cost of $0.1 million.

Since the second quarter of fiscal 2011, the board of directors of PSMC (in 2014 PSMC’s name was changed to PDMC, see Note 2), a subsidiary of the Company based in Taiwan, authorized several share repurchase programs for PSMC to purchase for retirement shares of its outstanding common stock. The last of these repurchase programs concluded in the first fiscal quarter of 2013 in which PSMC purchased shares at a cost of $4.2 million. These repurchase programs increased the Company's ownership in PSMC from 72.09% at October 28, 2012, to 75.11% at January 27, 2013. During fiscal 2013 the Company increased its ownership interest in PSMC, primarily through a tender offer, to 98.63% by purchasing shares at a cost of $28.1 million. In January 2014 the Company increased its ownership percentage in PSMC to 100% at a cost of $1.7 million by purchasing the remaining shares that were not owned by the Company.

The table below presents the effect of the change in the Company’s ownership interest in PSMC and PKL on the Company's equity for fiscal years 2015, 2014 and 2013 (in 2015 shares of PKL common stock were purchased, in 2014 shares of PSMC common stock were issued in connection with the DPTT Acquisition and shares were acquired from the former noncontrolling interests, and in 2013 shares of PSMC common stock were purchased).

		Year Ended
		November 1, 2015				November 2, 2014				November 3, 2013
Net income attributable to Photronics, Inc. shareholders		$	44,625			$	25,996			$	17,966
Increase (decrease) in Photronics, Inc.'s additional paid-in capital			28				(6,183	)			600
Increase (decrease) in Photronics, Inc.’s accumulated other comprehensive income			-				399				(237	)
Change from net income attributable to Photronics, Inc. shareholders due to issuance of shares of PDMC and transfers to or from  noncontrolling interests		$	44,653			$	20,212			$	18,329

X

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

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- References

No definition available.

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