Fair Value Measurements

3 Months Ended

Jan. 31, 2015

As of the date indicated, the following table summarizes the fair value of assets and liabilities that are recorded at fair value on a recurring basis (in thousands):



	January 31, 2015
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	411,477	$	—	$	—	$	411,477
U.S. government obligations	—		170,321		—		170,321
Commercial paper	—		94,981		—		94,981
Foreign currency forward contracts	—		654		—		654
Total assets measured at fair value	$	411,477	$	265,956	$	—	$	677,433

Liabilities:
Foreign currency forward contracts	$	—	$	5,241	$	—	$	5,241
Forward starting interest rate swap	—		4,648		—		4,648
Total liabilities measured at fair value	$	—	$	9,889	$	—	$	9,889



	October 31, 2014
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	440,013	$	—	$	—	$	440,013
U.S. government obligations	—		160,268		—		160,268
Commercial paper	—		89,989		—		89,989
Foreign currency forward contracts	—		1,561		—		1,561
Total assets measured at fair value	$	440,013	$	251,818	$	—	$	691,831

Liabilities:
Foreign currency forward contracts	$	—	$	200	$	—	$	200
Forward starting interest rate swap	—		2,083		—		2,083
Total liabilities measured at fair value	$	—	$	2,283	$	—	$	2,283

As of the date indicated, the assets and liabilities above were presented on Ciena’s Condensed Consolidated Balance Sheet as follows (in thousands):



	January 31, 2015
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	411,477	$	64,995	$	—	$	476,472
Short-term investments	—		145,154		—		145,154
Prepaid expenses and other	—		654		—		654
Long-term investments	—		55,153		—		55,153
Total assets measured at fair value	$	411,477	$	265,956	$	—	$	677,433

Liabilities:
Accrued liabilities	$	—	$	5,241	$	—	$	5,241
Other long-term obligations	—		4,648		—		4,648
Total liabilities measured at fair value	$	—	$	9,889	$	—	$	9,889



	October 31, 2014
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	440,013	$	59,995	$	—	$	500,008
Short-term investments	—		140,205		—		140,205
Prepaid expenses and other	—		1,561		—		1,561
Long-term investments	—		50,057		—		50,057
Total assets measured at fair value	$	440,013	$	251,818	$	—	$	691,831

Liabilities:
Accrued liabilities	$	—	$	200	$	—	$	200
Other long-term obligations	—		2,083		—		2,083
Total liabilities measured at fair value	$	—	$	2,283	$	—	$	2,283

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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