Interest and Other Income (Loss), Net

12 Months Ended

Oct. 31, 2020

Other Income and Expenses [Abstract]

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


	Year Ended
	October 31, 2020		November 2, 2019		November 3, 2018
Interest income	$	6,860	$	14,410	$	13,703
Gain on non-hedge designated foreign currency forward contracts	5,551		3		6,791
Foreign currency exchange losses	(13,022)		(9,800)		(19,434)
Loss on fair value of debt conversion liability	—		—		(12,070)
Other	1,575		(737)		(1,019)
Interest and other income (loss), net	$	964	$	3,876	$	(12,029)

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 2020, 2019 and 2018, Ciena recorded $13.0 million, $9.8 million and $19.4 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, and the related remeasurement adjustments were recorded in interest and other income (loss), net. From time to time, Ciena uses foreign currency forwards to hedge 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. During fiscal 2019, Ciena recorded minimal gains from non-hedge designated foreign currency forward contracts. For fiscal 2020 and fiscal 2018, Ciena recorded gains of $5.6 million and $6.8 million, respectively, from non-hedge designated foreign currency forward contracts.