SHORT-TERM AND LONG-TERM DEBT (Tables)

3 Months Ended

Jan. 31, 2016

Schedule of carrying values and estimated fair values of convertible notes

The following table sets forth, in thousands, the carrying value and the estimated fair value of Ciena’s outstanding issues of convertible notes:



	January 31, 2016
	Carrying Value		Fair Value⁽¹⁾
0.875% Convertible Senior Notes due June 15, 2017	479,985		471,285
3.75% Convertible Senior Notes due October 15, 2018	350,000		401,188
4.0% Convertible Senior Notes due December 15, 2020 ⁽²⁾	185,583		225,938
	$	1,015,568	$	1,098,411


(1)	The convertible notes are categorized as Level 2 in the fair value hierarchy. Ciena estimated the fair value of its outstanding convertible notes using a market approach based upon observable inputs, such as current market transactions involving comparable securities.


(2)	Includes unamortized discount and accretion of principal.

The principal balance, unamortized discount and net carrying amount of the Term Loan were as follows as of January 31, 2016 (in thousands):



	Principal Balance		Unamortized Discount		Net Carrying Amount
Term Loan Payable due July 15, 2019	$	246,250	$	1,002	$	245,248

The following table sets forth, in thousands, the carrying value and the estimated fair value of the Term Loan:



	January 31, 2016
	Carrying Value		Fair Value⁽²⁾
Term Loan Payable due July 15, 2019⁽¹⁾	$	245,248	$	245,019


(1)	Includes unamortized bond discount.


(2)	The Term Loan is categorized as Level 2 in the fair value hierarchy. Ciena estimated the fair value of its Term Loan using a market approach based upon observable inputs, such as current market transactions involving comparable securities.

Schedule of details of convertible notes

The principal balance, unamortized discount and net carrying amount of the liability and equity components of Ciena's 4.0% convertible senior notes due December 15, 2020 are as follows as of January 31, 2016:



	Liability Component						Equity Component
	Principal Balance		Unamortized Discount		Net Carrying Amount		Net Carrying Amount
4.0% Convertible Senior Notes due December 15, 2020	$	198,489	$	12,906	$	185,583	$	43,131