SHORT-TERM AND LONG-TERM DEBT (Tables)

6 Months Ended

Apr. 30, 2017

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 as of April 30, 2017:



	April 30, 2017
	Carrying Value ⁽¹⁾		Fair Value⁽²⁾
0.875% Convertible Senior Notes due June 15, 2017	$	185,221	$	185,085
3.75% Convertible Senior Notes due October 15, 2018	348,248		449,313
4.0% Convertible Senior Notes due December 15, 2020	191,557		254,925
	$	725,026	$	889,323


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



	April 30, 2017		October 31, 2016
Term Loan Payable due July 15, 2019	$	—	$	241,359
Term Loan Payable due April 25, 2021	—		244,944
Term Loan Payable due January 30, 2022	393,377		—
	$	393,377	$	486,303

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



	April 30, 2017		October 31, 2016
0.875% Convertible Senior Notes due June 15, 2017	$	185,221	$	231,240
3.75% Convertible Senior Notes due October 15, 2018	348,248		347,630
4.0% Convertible Senior Notes due December 15, 2020	191,557		188,509
	$	725,026	$	767,379

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



	April 30, 2017
	Carrying Value		Fair Value⁽²⁾
Term Loan Payable due January 30, 2022⁽¹⁾	$	393,377	$	401,494

Schedule of details of convertible notes

The principal balance, unamortized discount, deferred debt issuance costs and net carrying value of the liability components of our 2022 Term Loan were as follows as of April 30, 2017 (in thousands):




	Principal Balance		Unamortized Discount			Deferred Debt Issuance Costs			Net Carrying Amount
Term Loan Payable due January 30, 2022	$	399,000	$	(2,153	)	$	(3,470	)	$393,377

The principal balance, unamortized discount, deferred debt issuance costs and net carrying value of the liability and equity components of our Ciena's outstanding issues of convertible notes were as follows as of April 30, 2017 (in thousands):



	Liability Component									Equity Component
	Principal Balance		Unamortized Discount			Deferred Debt Issuance Costs			Net Carrying Amount	Net Carrying Amount
0.875% Convertible Senior Notes due June 15, 2017	$	185,258	$	—		$	(37	)	$185,221	$	—
3.75% Convertible Senior Notes due October 15, 2018	$	350,000	$	—		$	(1,752	)	$348,248	$	—
4.0% Convertible Senior Notes due December 15, 2020	$	203,093	$	(10,428	)	$	(1,108	)	$191,557	$	43,131