INCOME TAXES (Tables)

9 Months Ended

Jul. 28, 2024

Reconciliation of Effective Income Tax Rates from U.S. Statutory Tax Rates

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 nine-month periods ended July 28, 2024 and July 30, 2023.

Reporting Period	U.S. Statutory Tax Rates		Photronics Effective Tax Rates		Primary Reasons for Differences

Three months ended July 28, 2024		21.0%		22.7%	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 July 30, 2023		21.0%		25.0%	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.

Nine Months ended July 28, 2024		21.0%		25.4%	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.

Nine Months ended July 30, 2023		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.

Unrecognized Tax Benefits

The table below presents information on our unrecognized tax benefits as of the balance sheet dates.

	July 28, 2024		October 31, 2023
Unrecognized tax benefits related to uncertain tax positions	$	11,773	$	8,908
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	11,773	$	8,908
Accrued interest and penalties related to uncertain tax positions	$	922	$	576