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INTEREST AND OTHER INCOME, NET
 12 Months Ended
Nov. 02, 2024
Other Income and Expenses [Abstract]  
INTEREST AND OTHER INCOME, NET INTEREST AND OTHER INCOME, NET
The components of interest and other income, net, were as follows (in thousands):
Year Ended
November 2, 2024October 28, 2023October 29, 2022
Interest income$62,121 $45,011 $10,060 
Gains (losses) on non-hedge designated foreign currency forward contracts1,377 (3,896)(4,018)
Foreign currency exchange gains (losses)(11,653)(427)2,501 
Gain on equity investments, net— 26,368 4,120 
Other(1,584)(5,048)(5,916)
Interest and other income, net$50,261 $62,008 $6,747 

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 equity investment of $26.5 million. See Note 3 above. During fiscal 2022, Ciena recorded a net gain of $4.1 million on its 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 2024 and 2023, Ciena recorded $11.7 million and $0.4 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, 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 reported in interest and other income, net on the Consolidated Statements of Operations. During fiscal 2024, Ciena recorded a gain of $1.4 million from non-hedge designated foreign currency forward contracts. 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.