INTEREST AND OTHER INCOME (LOSS), NET

12 Months Ended

Oct. 28, 2023

Other Income and Expenses [Abstract]

The components of interest and other income (loss), net, were as follows (in thousands):


	Year Ended
	October 28, 2023		October 29, 2022		October 30, 2021
Interest income	$	45,011	$	10,060	$	2,051
Gains (losses) on non-hedge designated foreign currency forward contracts	(3,896)		(4,018)		11,172
Foreign currency exchange gains (losses)	(427)		2,501		(14,622)

Gain on cost method equity investments, net	26,368		4,120		164
Other	(5,048)		(5,916)		(533)
Interest and other income (loss), net	$	62,008	$	6,747	$	(1,768)

During the first quarter of fiscal 2023, the acquisition of Tibit triggered the remeasurement of Ciena’s previously held investment in Tibit to fair value, which resulted in Ciena recognizing a gain on its cost method equity investment of $26.5 million. See Note 4 above. During fiscal 2023 and fiscal 2022, Ciena recorded a net gain of $26.4 million and $4.1 million, respectively, on its cost method equity investments.

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 2023 and 2021, Ciena recorded $0.4 million and $14.6 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. 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. 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 2023 and 2022, Ciena recorded losses of $3.9 million and $4.0 million, respectively, from non-hedge designated foreign currency forward contracts. During fiscal 2021, Ciena recorded a gain of $11.2 million from non-hedge designated foreign currency forward contracts.