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INCOME TAXES | 6 Months Ended
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Apr. 28, 2024
INCOME TAXES [Abstract] |
INCOME TAXES | NOTE 10 - 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 six-month periods ended April 28, 2024 and April 30, 2023.
Reporting Period |  | U.S. Statutory Tax Rates |  |  | Photronics Effective Tax Rates |  | Primary Reasons for Differences
Three months ended April 28, 2024 |  |  | 21.0% |  |  |  | 26.4% |  | 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. jurisdictions.
Three months ended April 30, 2023 |  |  | 21.0% |  |  |  | 26.5% |  | 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. jurisdictions.
Six months ended April 28, 2024 |  |  | 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. jurisdictions.
Six months ended April 30, 2023 |  |  | 21.0% |  |  |  | 27.8% |  | 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. jurisdictions.
Uncertain Tax Positions Although the timing of reversal of uncertain tax positions may be uncertain, as they can be dependent upon the settlement of tax audits, we believe that the amount of uncertain tax positions (including interest and penalties, and net of tax benefits) that may be resolved over the next twelve months is immaterial. Resolution of these uncertain tax positions may result from either or both the lapses of statutes of limitations and tax settlements. We are no longer subject to tax authority examinations in the U.S., major foreign, or state tax jurisdictions for years prior to fiscal year 2018. The table below presents information on our unrecognized tax benefits as of the balance sheet dates.
|  | April 28, 2024 |  |  | October 31, 2023 |
Unrecognized tax benefits related to uncertain tax positions |  | $ | 10,828 |  |  | $ | 8,908 |
Unrecognized tax benefits that, if recognized, would impact the effective tax rate |  | $ | 10,828 |  |  | $ | 8,908 |
Accrued interest and penalties related to uncertain tax positions |  | $ | 804 |  |  | $ | 576 |

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