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INTEREST AND OTHER INCOME, NET
 9 Months Ended
Jul. 27, 2024
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 EndedNine Months Ended
July 27,July 29,July 27,July 29,
2024202320242023
Interest income$15,876 $12,835 $46,309 $30,365 
Gains (losses) on non-hedge designated foreign currency forward contracts519 1,679 2,517 (2,885)
Foreign currency exchange losses(1,611)(4,031)(11,215)(2,927)
Gain (loss) on equity investments, net— (87)— 26,368 
Other(771)(209)(1,151)(210)
Interest and other income, net$14,013 $10,187 $36,460 $50,711 

During the first quarter of fiscal 2023, the acquisition of Tibit Communications, Inc. (“Tibit”) by Ciena 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.
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 2024 and fiscal 2023, Ciena recorded $11.2 million and $2.9 million, respectively, in foreign currency exchange rate losses as 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 the first nine months of fiscal 2024, Ciena recorded gains of $2.5 million from non-hedge designated foreign currency forward contracts. During the first nine months of fiscal 2023, Ciena recorded losses of $2.9 million from non-hedge designated foreign currency forward contracts.