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INTEREST AND OTHER INCOME (LOSS), NET
 12 Months Ended
Oct. 29, 2022
Other Income and Expenses [Abstract]  
INTEREST AND OTHER INCOME (LOSS), NET INTEREST AND OTHER INCOME (LOSS), NET
The components of interest and other income (loss), net, were as follows (in thousands):
Year Ended
October 29, 2022October 30, 2021October 31, 2020
Interest income$10,060 $2,051 $6,860 
Gains (losses) on non-hedge designated foreign currency forward contracts(4,018)11,172 5,551 
Foreign currency exchange gains (losses)2,501 (14,622)(13,022)
Unrealized gain on cost method equity investment4,120 — 2,681 
Other(5,916)(369)(1,106)
Interest and other income (loss), net$6,747 $(1,768)$964 

Ciena Corporation, as the U.S. parent entity, uses the U.S. Dollar as its functional currency; however, some of its foreign branch offices and subsidiaries use the local currency as their functional currency. During fiscal 2022, Ciena recorded $2.5 million in exchange rate gains as a result of monetary assets and liabilities that were transacted in a currency other than the entity’s functional currency. During fiscal 2021 and 2020, Ciena recorded $14.6 million and $13.0 million, respectively, in exchange rate losses as a result of monetary assets and liabilities that were transacted in a currency other than the entity’s functional currency. The related remeasurement adjustments were recorded in interest and other income (loss), net on the Consolidated Statements of Operations. From time to time, Ciena uses foreign currency forwards to hedge certain of these balance sheet exposures. These forwards are not designated as hedges for accounting purposes, and any net gain or loss associated with these derivatives is also reported in interest and other income (loss), net on the Consolidated Statements of
Operations. During fiscal 2022, Ciena recorded losses of $4.0 million from non-hedge designated foreign currency forward contracts. During fiscal 2021 and fiscal 2020, Ciena recorded gains of $11.2 million and $5.6 million, respectively, from non-hedge designated foreign currency forward contracts. During fiscal 2022 and fiscal 2020, Ciena recorded an unrealized gain of $4.1 million and $2.7 million, respectively, on its cost method equity investment.