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DEBT | 6 Months Ended
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May 04, 2025
DEBT [Abstract] |
DEBT | NOTE 7 - DEBT The balance of long-term debt and its current portion is comprised of the following finance leases as described below:
|  | May 4, 2025 |  |  | October 31, 2024
Principal due: |  |  |  |  |  |  |
Next 12 months |  | $ | 11 |  |  | $ | 17,972 |
Months 13 – 24 |  | $ | 12 |  |  | $ | 12 |
Months 25 – 36 |  |  | 7 |  |  |  | 12 |
Months 37 – 48 |  |  | - |  |  |  | 1 |
Months 49 – 60 |  |  | - |  |  |  | - |
Long-term debt |  |  | 19 |  |  |  | 25 |
Total debt |  | $ | 30 |  |  | $ | 17,997 |
Interest rate at balance sheet date |  |  | N/A |  |  |  | N/A |
Basis spread on interest rates |  |  | N/A |  |  |  | N/A |
Interest rate reset |  |  | N/A |  |  |  | N/A |
Maturity date |  |  | N/A |  |  |  | N/A |
Periodic payment amount |  |  | Varies as Lease matures |  |  |  | Varies as Lease matures |
Periodic payment frequency |  |  | Monthly |  |  |  | Monthly |
Loan collateral (carrying amount) (1) |  | $ | 10 |  |  | $ | 32,293 |
| (1) | 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, the Company 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, were $0.1 million per month. Upon the fiftieth monthly payment and prior to payment of the fifty-first monthly payment, the Company could exercise an early buyout option to purchase the tool for $2.4 million. After the original term or any renewal periods, the Company could return the tool, elect to extend the lease, or purchase the tool at its fair market value. The Company exercised the early buyout option to purchase the tool for $2.4 million during the second quarter of fiscal year 2025. In December 2020, the Company 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. The lease agreement provided an early buyout option to purchase the tool for $14.1 million, which the Company exercised during the first quarter of fiscal year 2025. Xiamen Working Capital Loans In November 2018, PDMCX obtained approval for revolving, unsecured credit of CNY 200 million ($25 million), pursuant to which PDMCX may enter into separate loan agreements with varying terms to maturity. In December 2022, the Company repaid the Company’s entire outstanding balance of CNY 25.6 million ($3.6 million). The interest rates are variable, based on the CNY Loan Prime Rate of the National Interbank Funding Center. Interest incurred on the loans related to the amount borrowed 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. This facility is subject to annual reviews and extensions. In August 2024, the Company was issued an extension to the revolving, unsecured credit agreement for CNY 200 million (approximately $27.5 million) with an expiration date of July 31, 2025. As of May 4, 2025, PDMCX had no outstanding borrowings against the approval.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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