SHORT-TERM AND LONG-TERM DEBT (Tables)

3 Months Ended

Jan. 31, 2017

Schedule of carrying values and estimated fair values of convertible notes

The net carrying amount of Ciena's outstanding convertible notes payable was comprised of the following for the fiscal periods indicated (in thousands):



	January 31, 2017		October 31, 2016
0.875% Convertible Senior Notes due June 15, 2017	$	185,122	$	231,240
3.75% Convertible Senior Notes due October 15, 2018	347,939		347,630
4.0% Convertible Senior Notes due December 15, 2020	190,023		188,509
	$	723,084	$	767,379

The net carrying amount of Ciena's term loans were comprised of the following for the fiscal periods indicated (in thousands):



	January 31, 2017		October 31, 2016
Term Loan Payable due July 15, 2019	$	241,635	$	241,359
Term Loan Payable due April 25, 2021	245,158		244,944
	$	486,793	$	486,303

The following table sets forth, in thousands, the carrying value and the estimated fair value of Ciena’s outstanding issues of convertible notes as of January 31, 2017:



	January 31, 2017
	Carrying Value ⁽¹⁾		Fair Value⁽²⁾
0.875% Convertible Senior Notes due June 15, 2017	$	185,122	$	184,563
3.75% Convertible Senior Notes due October 15, 2018	347,939		471,188
4.0% Convertible Senior Notes due December 15, 2020	190,023		264,759
	$	723,084	$	920,510


(1)	Includes unamortized discount, accretion of principal and debt issuance costs.


(2)	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.

The following table sets forth the carrying value and the estimated fair values of Ciena's term loans (in thousands):



	January 31, 2017
	Carrying Value		Fair Value⁽²⁾
Term Loan Payable due July 15, 2019 ⁽¹⁾	$	241,635	$	244,375
Term Loan Payable due April 25, 2021⁽¹⁾	245,158		248,750
	$	486,793	$	493,125


(1)	Includes unamortized bond discount and debt issuance costs.


(2)	Ciena's term loans are categorized as Level 2 in the fair value hierarchy. Ciena estimated the fair value of its term loans 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, deferred debt issuance costs and net carrying value of the liability and equity components of our 2020 notes were as follows as of January 31, 2017 (in thousands):



	Liability Component									Equity Component
	Principal Balance		Unamortized Discount			Deferred Debt Issuance Costs			Net Carrying Amount	Net Carrying Amount
4.0% Convertible Senior Notes due December 15, 2020	$	202,160	$	(10,954	)	$	(1,183	)	$190,023	$	43,131