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INTEREST AND OTHER INCOME (LOSS), NET | 12 Months Ended
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Oct. 28, 2023
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 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.

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- Definition The entire disclosure for the components of non-operating income or non-operating expense, including, but not limited to, amounts earned from dividends, interest on securities, gain (loss) on securities sold, equity earnings of unconsolidated affiliates, gain (loss) on sales of business, interest expense and other miscellaneous income or expense items. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
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