Subsequent Events

12 Months Ended

Oct. 31, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Stock Repurchase Program

From the end of the fourth quarter of fiscal 2019 through December 16, 2019, Ciena repurchased an additional 737,474 shares of its common stock, for an aggregate purchase price of $27.4 million at an average price of $37.21 per share, inclusive of repurchases pending settlement. As of December 16, 2019, Ciena has repurchased an aggregate of 4,575,940 shares and has an aggregate of $322.5 million of authorized funds remaining under its Stock Repurchase Program.

Centina Acquisition

On October 3, 2019, Ciena entered into a definitive agreement to acquire privately-held Centina Systems, Inc., a provider of service assurance analytics and network performance management solutions. The transaction closed during Ciena’s first quarter of fiscal 2020. 

Tax Regulations

On December 2, 2019, the U.S. Department of the Treasury released final regulations and proposed regulations under Section 59A, BEAT. BEAT, which requires certain U.S. corporations to pay a minimum tax associated with deductible payments to non-U.S. related parties, was enacted by the Tax Act. In addition, on December 2, 2019, the U.S. Department of the Treasury also released final regulations that provide additional guidance with respect to the foreign tax credit regime under the Tax Act. For the year ended October 31, 2019, Ciena recorded $11.3 million of BEAT and a benefit of $0.9 million attributable to such foreign tax credits. Ciena is in the process of reviewing these regulations and does not anticipate the impact of the new regulations will be material. Any tax effect will be recorded in Ciena’s fiscal 2020 results.