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INCOME TAXES (Tables) | 12 Months Ended
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Oct. 31, 2024
INCOME TAXES [Abstract] |
Income Before Income Tax Provision for Domestic and Foreign | Income before the income tax provisions consists of the following:
|  | Year Ended |
|  | October 31, 2024 |  |  | October 31, 2023 |  |  | October 31, 2022 |
United States |  | $ | 20,145 |  |  | $ | (1,737 | ) |  | $ | 1,813 |
Foreign |  |  | 227,270 |  |  |  | 271,683 |  |  |  | 237,220 |
|  | $ | 247,415 |  |  | $ | 269,946 |  |  | $ | 239,033 |
Income Tax Provision | The components of our income tax provisions are presented below.
|  | Year Ended |
|  | October 31, 2024 |  |  | October 31, 2023 |  |  | October 31, 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |  |  | $ | - |
State |  |  | 95 |  |  |  | 14 |  |  |  | 1 |
Foreign |  |  | 64,861 |  |  |  | 71,225 |  |  |  | 58,981 |
|  |  | 64,956 |  |  |  | 71,239 |  |  |  | 58,982 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | - |  |  |  | - |  |  |  | - |
State |  |  | 13 |  |  |  | 12 |  |  |  | 10 |
Foreign |  |  | (1,402 | ) |  |  | (939 | ) |  |  | 799 |
|  |  | (1,389 | ) |  |  | (927 | ) |  |  | 809 |
Total |  | $ | 63,567 |  |  | $ | 70,312 |  |  | $ | 59,791 |
Income Tax Rate Reconciliation | The table below presents a reconciliation of income taxes calculated by applying the statutory U.S. federal income tax rate to our income tax provisions of the reporting periods.
|  | Year Ended |
|  | October 31, 2024 |  |  | October 31, 2023 |  |  | October 31, 2022 |
U.S. federal income tax at statutory rate |  | $ | 51,957 |  |  | $ | 56,689 |  |  | $ | 50,197 |
Changes in valuation allowance |  |  | (1,986 | ) |  |  | (256 | ) |  |  | (1,462 | )
Foreign rate differential |  |  | 10,695 |  |  |  | 11,394 |  |  |  | 7,941 |
Tax credits |  |  | (5,209 | ) |  |  | (2,425 | ) |  |  | (1,368 | )
Uncertain tax positions, including reserves, settlements and resolutions |  |  | 6,226 |  |  |  | 3,328 |  |  |  | 3,214 |
Other, net |  |  | 1,884 |  |  |  | 1,582 |  |  |  | 1,269 |
Income tax provision |  | $ | 63,567 |  |  | $ | 70,312 |  |  | $ | 59,791 |
Reporting Period |  | U.S. Statutory Tax Rates |  |  | Photronics Effective Tax Rates |  | Primary Reasons for Differences
2024 |  |  | 21.0% |  |  |  | 25.7% |  | Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions, the establishment of uncertain tax positions in non-U.S. jurisdiction and loss jurisdiction pre-tax losses not being benefited due to valuation allowances.
2023 |  |  | 21.0% |  |  |  | 26.0% |  | Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions, the establishment of uncertain tax positions in non-U.S. jurisdiction and loss jurisdiction pre-tax losses not being benefited due to valuation allowances.
2022 |  |  | 21.0% |  |  |  | 25.0% |  | Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions; and the establishment of uncertain tax positions in non-U.S. jurisdiction.
Net Deferred Income Tax Assets | The net deferred income tax assets consist of the following:
|  | As of |
|  | October 31, 2024 |  |  | October 31, 2023 |
Deferred income tax assets |  |  |  |  |  |
Net operating losses |  | $ | 18,941 |  |  | $ | 26,377 |
Reserves not currently deductible |  |  | 9,892 |  |  |  | 8,776 |
Tax credit carryforwards |  |  | 12,550 |  |  |  | 10,442 |
Share-based compensation |  |  | 3,102 |  |  |  | 1,892 |
Property, plant and equipment |  |  | 10,710 |  |  |  | 9,844 |
Research intangibles |  |  | 2,721 |  |  |  | - |
Lease liabilities |  |  | 4,116 |  |  |  | 5,743 |
|  |  | 62,032 |  |  |  | 63,074 |
Valuation allowances |  |  | (30,633 | ) |  |  | (32,619 | )
|  |  | 31,399 |  |  |  | 30,455 |
Deferred income tax liabilities |  |  |  |  |  |  |  |
ROU assets |  |  | (7,351 | ) |  |  | (8,193 | )
Other |  |  | (1,458 | ) |  |  | (1,200 | )
|  |  | (8,809 | ) |  |  | (9,393 | )
Net deferred income tax assets |  | $ | 22,590 |  |  | $ | 21,062 |
Classification |  |  |  |  |  |  |  |
Deferred income tax assets |  | $ | 23,059 |  |  | $ | 21,297 |
Other liabilities |  |  | (469 | ) |  |  | (235 | )
|  | $ | 22,590 |  |  | $ | 21,062 |
Operating Loss Carryforwards | The following tables present our available operating loss and credit carryforwards as of October 31, 2024, and their related expiration periods.
Operating Loss Carryforwards |  | Amount |  |  | Expiration Period |
Federal |  | $ | 55,729 |  |  | 2030-Indefinite |
State |  | $ | 135,736 |  |  |  | 2025-Indefinite |
Foreign |  | $ | 165 |  |  |  | 2025-2034 |
Tax Credit Carryforwards |
Tax Credit Carryforwards |  | Amount |  |  | Expiration Period |
Federal research and development |  | $ | 6,042 |  |  |  | 2025-2044 |
Federal 48D credit |  | $ | 2,276 |  |  |  | 2043-2044 |
State |  | $ | 5,357 |  |  |  | 2025-2038 |
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is presented below. The amounts in the table include settlements of non-U.S. audits.
|  | Year Ended |
|  | October 31, 2024 |  |  | October 31, 2023 |  |  | October 31, 2022 |
Balance at beginning of year before interest and penalties |  | $ | 8,332 |  |  | $ | 5,204 |  |  | $ | 3,534 |
(Reductions) additions of tax positions in prior years |  |  | 86 |  |  |  | 209 |  |  |  | (355 | )
Additions based on current year tax positions |  |  | 6,139 |  |  |  | 3,361 |  |  |  | 2,892 |
Settlements |  |  | (835 | ) |  |  | (423 | ) |  |  | (848 | )
Lapses of statutes of limitations |  |  | (30 | ) |  |  | (19 | ) |  |  | (19 | )
Balance at end of year before interest and penalties |  |  | 13,692 |  |  |  | 8,332 |  |  |  | 5,204 |
Interest and penalties |  |  | 1,028 |  |  |  | 576 |  |  |  | 395 |
Balance at end of year including interest and penalties |  | $ | 14,720 |  |  | $ | 8,908 |  |  | $ | 5,599 |
Unrecognized Tax Benefits | The following table presents additional information on our uncertain tax positions, as of the balance sheet dates.
|  | October 31, 2024 |  |  | October 31, 2023 |
Unrecognized tax benefits that, if recognized, would impact the effective tax rate |  | $ | 14,720 |  |  | $ | 8,908 |
Accrued interest and penalties related to uncertain tax positions |  | $ | 1,028 |  |  | $ | 576 |
Income Tax Payments and Refunds | The table below presents income taxes paid and refunds of income taxes received during the reporting periods.
|  | Year Ended |
|  | October 31, 2024 |  |  | October 31, 2023 |  |  | October 31, 2022 |
Income taxes paid |  | $ | 62,520 |  |  | $ | 70,362 |  |  | $ | 37,770 |
Income tax refunds received |  | $ | 2,519 |  |  | $ | 485 |  |  | $ | 388 |

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