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

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