Short-term investments. Gross unrealized gains and losses on our short-term investment portfolio of available-for-sale debt securities at October 31, 2021 were not significant. The stated maturities of the Company's available-for-sale debt securities as of October 31, 2021 were as follows:


	Cost		Fair Value
	(in thousands)
Due within 1 year	$	45,562	$	45,533
After 1 year through 5 years	94,591		94,396
After 5 years through 10 years	5,786		5,785
After 10 years	2,256		2,235
Total	$	148,195	$	147,949

As of October 31, 2021, the balances of the Company's cash equivalents, short-term investments and non-marketable equity securities investments were:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses Less Than 12 Continuous Months		Gross Unrealized Losses 12 Continuous Months or Longer		Estimated Fair Value(1)
	(in thousands)
Cash equivalents:
Money market funds	$	172,934	$	—	$	—	$	—	$	172,934



Total:	$	172,934	$	—	$	—	$	—	$	172,934
Short-term investments:
U.S. government agency & T-bills	$	6,447	$	—	$	(5)	$	—	$	6,442
Municipal bonds	4,588		—		(12)		—		4,576
Corporate debt securities	103,615		7		(170)		—		103,452
Asset-backed securities	33,545		6		(72)		—		33,479




Total:	$	148,195	$	13	$	(259)	$	—	$	147,949

Other long-term assets:
Non-marketable equity securities	$	17,638	$	—	$	—	$	—	$	17,638
Total:	$	17,638	$	—	$	—	$	—	$	17,638

As of October 31, 2020, the balances of the Company's cash equivalents and non-marketable equity securities investments were:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses Less Than 12 Continuous Months		Gross Unrealized Losses 12 Continuous Months or Longer		Estimated Fair Value(1)
	(in thousands)
Cash equivalents:
Money market funds	$	304,127	$	—	$	—	$	—	$	304,127



Total:	$	304,127	$	—	$	—	$	—	$	304,127











Other long-term assets:
Non-marketable equity securities	$	13,200	$	—	$	—	$	—	$	13,200
Total:	$	13,200	$	—	$	—	$	—	$	13,200

Restricted cash. The Company includes amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. All restricted cash is primarily associated with office leases.

The following table provides a reconciliation of cash, cash equivalents and restricted cash included in the consolidated balance sheets:


	October 31,
	2021		2020
	(in thousands)
Cash and cash equivalents	$	1,432,840	$	1,235,653
Restricted cash included in Prepaid expenses and other current assets	1,560		1,523
Restricted cash included in Other long-term assets	783		794
Total cash, cash equivalents and restricted cash	$	1,435,183	$	1,237,970

Non-marketable equity securities. The Company’s portfolio of non-marketable equity securities consists of strategic investments in privately held companies. There were no material impairments of non-marketable equity securities in fiscal 2021, fiscal 2020, or fiscal 2019.

The Company recognizes derivative instruments as either assets or liabilities in the consolidated balance sheets at fair value and provides qualitative and quantitative disclosures about such derivatives. The Company operates internationally and is exposed to potentially adverse movements in foreign currency exchange rates. The Company enters into hedges in the form of foreign currency forward contracts to reduce its exposure to foreign currency rate changes on non-functional currency denominated forecasted transactions and balance sheet positions including: (1) certain assets and liabilities, (2) shipments forecasted to occur within approximately one month, (3) future billings and revenue on previously shipped orders, and (4) certain future intercompany invoices denominated in foreign currencies.

The duration of forward contracts ranges from approximately one month to 23 months, the majority of which are short-term. The Company does not use foreign currency forward contracts for speculative or trading purposes. The Company enters into foreign exchange forward contracts with high credit quality financial institutions that are rated ‘A’ or above and to date has not experienced nonperformance by counterparties. In addition, the Company mitigates credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty and anticipates continued performance by all counterparties to such agreements.

The assets or liabilities associated with the forward contracts are recorded at fair value in other current assets or accrued liabilities in the consolidated balance sheets. The accounting for gains and losses resulting from changes in fair value depends on the use of the foreign currency forward contract and whether it is designated and qualifies for hedge accounting. The cash flow impact upon settlement of the derivative contracts will be included in “Net cash provided by operating activities” in the consolidated statements of cash flows.

Certain foreign exchange forward contracts are designated and qualify as cash flow hedges. These contracts have durations of approximately 23 months or less. Certain forward contracts are rolled over periodically to capture the full length of exposure to the Company’s foreign currency risk, which can be up to three years. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on the hedged transactions. The related gains or losses resulting from changes in fair value of these hedges is initially reported, net of tax, as a component of other comprehensive income (loss) (OCI), in stockholders’ equity and reclassified into revenue or operating expenses, as appropriate, at the time the hedged transactions affect earnings. The Company expects a majority of the hedge balance in OCI to be reclassified to the statements of income within the next 12 months.

The Company’s foreign exchange forward contracts that are used to hedge non-functional currency denominated balance sheet assets and liabilities are not designated as hedging instruments. Accordingly, any gains or losses from changes in the fair value of the forward contracts are recorded in other income (expense), net. The gains and losses on these forward contracts generally offset the gains and losses associated with the underlying assets and liabilities, which are also recorded in other income (expense), net. The duration of the forward contracts for hedging the Company’s balance sheet exposure is approximately one month.

The Company also has certain foreign exchange forward contracts for hedging certain international revenues and expenses that are not designated as hedging instruments. Accordingly, any gains or losses from changes in the fair value of the forward contracts are recorded in other income (expense), net. The gains and losses on these forward contracts generally offset the gains and losses associated with the foreign currency in operating income. The duration of these forward contracts is usually less than one year. The overall goal of the Company’s hedging program is to minimize the impact of currency fluctuations on its net income over its fiscal year.

The notional amounts in the table below for derivative instruments provide one measure of the transaction volume outstanding:


	October 31,
	2021		2020
	(in thousands)
Total gross notional amount	$	1,176,152	$	981,234
Net fair value	$	13,404	$	6,940

The Company’s exposure to market gain or loss will vary over time as a function of currency exchange rates. The amounts ultimately realized upon settlement of these financial instruments, together with the gains and losses on the underlying exposures, will depend on actual market conditions during the remaining life of the instruments.


	Fair values of derivative instruments designated as hedging instruments		Fair values of derivative instruments not designated as hedging instruments
	(in thousands)
Balance at October 31, 2021
Other current assets	$	15,455	$	17
Accrued liabilities	$	2,027	$	42
Balance at October 31, 2020
Other current assets	$	9,182	$	138
Accrued liabilities	$	2,088	$	292


	Location of gain (loss) recognized in OCI on derivatives	Amount of gain (loss) recognized in OCI on derivatives (effective portion)		Location of gain (loss) reclassified from OCI	Amount of gain (loss) reclassified from OCI (effective portion)
	(in thousands)
Fiscal year ended October 31, 2021
Foreign exchange contracts	Revenue	$	1,148	Revenue	$	4,181
Foreign exchange contracts	Operating expenses	8,712		Operating expenses	10,378
Total		$	9,860		$	14,559
Fiscal year ended October 31, 2020
Foreign exchange contracts	Revenue	$	3,034	Revenue	$	530
Foreign exchange contracts	Operating expenses	4,800		Operating expenses	(603)
Total		$	7,834		$	(73)
Fiscal year ended October 31, 2019
Foreign exchange contracts	Revenue	$	278	Revenue	$	1,436
Foreign exchange contracts	Operating expenses	4,455		Operating expenses	(16,073)
Total		$	4,733		$	(14,637)

On January 22, 2021, the Company entered into a Fourth Extension and Amendment Agreement (the Fourth Amendment), which amends and restates the Company's previous credit agreement, dated as of November 28, 2016 (as amended and restated, the Credit Agreement). The Company's outstanding borrowings under the previous credit agreement, which as of January 22, 2021 consisted of term loans in the aggregate principal amount of $97.5 million, are carried over under the Credit Agreement.

The Fourth Amendment extends the termination date of the existing $650.0 million senior unsecured revolving credit facility from November 28, 2021 to January 22, 2024, which may be further extended at the Company's option. The outstanding term loans under the Credit Agreement will continue to amortize in quarterly installments with the balance due at maturity on November 28, 2021. The Credit Agreement also provides an uncommitted incremental loan facility of up to $150.0 million in the aggregate principal amount. The Credit Agreement contains financial covenants requiring the Company to maintain a maximum consolidated leverage ratio and a minimum consolidated interest coverage ratio, as well as other non-financial covenants. As of October 31, 2021, the Company was in compliance with all financial covenants.

As of October 31, 2021, the Company had $75.0 million outstanding balance, net of debt issuance costs, under the Term Loan. The remaining outstanding balance of $75.0 million was repaid in full on November 26, 2021.

Borrowings bear interest at a floating rate based on a margin over the Company’s choice of market observable base rates as defined in the Credit Agreement. As of October 31, 2021, borrowings under the Term Loan bore interest at LIBOR +1.125% and the applicable interest rate for the Revolver was LIBOR +1.000%. In addition, commitment fees are payable on the Revolver at rates between 0.125% and 0.200% per year based on the Company’s leverage ratio on the daily amount of the revolving commitment.

In July 2018, the Company entered into a 12-year 220.0 million RMB (approximately $33.0 million) credit agreement with a lender in China to support its facilities expansion. Borrowings bear interest at a floating rate based on the 5