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INTEREST AND OTHER INCOME, NET | 9 Months Ended
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Jul. 29, 2023
Other Income and Expenses [Abstract] |
INTEREST AND OTHER INCOME, NET | INTEREST AND OTHER INCOME, NET The components of interest and other income, net, are as follows for the periods indicated (in thousands):
| Quarter Ended |  | Nine Months Ended
| July 29, |  | July 30, |  | July 29, |  | July 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Interest income | $ | 12,835 |  |  | $ | 2,774 |  |  | $ | 30,365 |  |  | $ | 4,962 |
Gains (losses) on non-hedge designated foreign currency forward contracts | 1,679 |  |  | (985) |  |  | (2,885) |  |  | (2,911) |
Foreign currency exchange gains (losses) | (4,031) |  |  | (788) |  |  | (2,927) |  |  | 2,711 |
Gain (loss) on cost method equity investments, net | (87) |  |  | — |  |  | 26,368 |  |  | 4,120 |
Other | (209) |  |  | (635) |  |  | (210) |  |  | (4,022) |
Interest and other income, net | $ | 10,187 |  |  | $ | 366 |  |  | $ | 50,711 |  |  | $ | 4,860 |
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. 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 local currencies as their functional currencies. During the first nine months of fiscal 2023, Ciena recorded $2.9 million in foreign currency exchange rate losses a s a result of monetary assets and liabilities that were transacted in a currency other than Ciena’s functional currency. D uring the first nine months of fiscal 2022, Ciena recorded $2.7 million in foreign currency exchange rate gains a s a result of monetary assets and liabilities that were transacted in a currency other than Ciena’s functional currency. The related remeasurement adjustments were recorded in interest and other income, net, on the Condensed Consolidated Statements of Operations. From time to time, Ciena uses foreign currency forwards to hedge this type of balance sheet exposure. These forwards are not designated as hedges for accounting purposes, and any net gain or loss associated with these derivatives is reported in interest and other income, net, on the Condensed Consolidated Statements of Operations. During each of the first nine months of fiscal 2023 and 2022, Ciena recorded losses of $2.9 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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