NOTE 21 - FAIR VALUE MEASUREMENTS

The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows:

Level 1- These are investments where values are based on unadjusted quoted prices for identical assets in an active market the Company has the ability to access.

Level 2- These are investments where values are based on quoted market prices that are not active or model derived valuations in which all significant inputs are observable in active markets.

Level 3- These are investments where values are derived from techniques in which one or more significant inputs are unobservable.

The following are the major categories of assets measured at fair value on a recurring basis using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2) and significant unobservable inputs (Level 3):

	October 31, 2025						October 31, 2024
	Cash and cash equivalents		Short-term investments		Total Fair Value		Cash and cash equivalents		Short-term investments		Total Fair Value
Cash	$	222,166	$	-	$	222,166	$	414,074	$	-	$	414,074
Level 1
U.S. Government Securities		3,789		25,157		28,946		-		-		-
Money market funds		11,159		-		11,159		36,322		-		36,322
Level 2
Commercial paper		30,747		2,259		33,006		-		-		-
Time deposits		224,395		68,493		292,888		148,089		42,184		190,273
	$	492,256	$	95,909	$	588,165	$	598,485	$	42,184	$	640,669
Restricted Cash ⁽¹⁾		2,857						2,758
Cash, cash equivalents, and restricted cash	$	495,113					$	601,243

⁽¹⁾

Restricted cash is included in other assets and primarily relates to customs requirements and land lease agreements.

The table below provides information on the Company’s available-for-sale short-term investments.

	October 31, 2025								October 31, 2024
	Amortized		Unrealized		Unrealized		Carrying		Amortized		Unrealized		Unrealized		Carrying
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Government Securities	$	25,148	$	9	$	-	$	25,157	$	-	$	-	$	-	$	-
Commercial paper		2,259		-		-		2,259		-		-		-		-
Time deposits		68,493		-		-		68,493		42,184		-		-		42,184
Total	$	95,900	$	9	$	-	$	95,909	$	42,184	$	-	$	-	$	42,184

Historical Timeline

Fiscal Year	Filed
2025	Dec 17, 2025	Showing above
2024	Dec 19, 2024

2023	Dec 26, 2023

2022	Dec 23, 2022

2021	Dec 17, 2021

2020	Jan 15, 2021

2019	Dec 23, 2019

2018	Dec 21, 2018

2017	Dec 20, 2017

2016	Jan 6, 2017

2015	Jan 7, 2016

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.

PHOTRONICS INC Fair Value Disclosure

Historical Timeline

About Fair Value Disclosures

Other Available Disclosures