v3.22.2.2
INTEREST AND OTHER INCOME (LOSS), NET
 9 Months Ended
Jul. 30, 2022
Other Income and Expenses [Abstract]  
INTEREST AND OTHER INCOME (LOSS), NET INTEREST AND OTHER INCOME (LOSS), NETThe components of interest and other income (loss), net, are as follows for the periods indicated (in thousands):
Quarter EndedNine Months Ended
July 30July 31July 30July 31
2022202120222021
Interest income$2,774 $465 $4,962 $1,553 
Gains (losses) on non-hedge designated foreign currency forward contracts(985)(4,414)(2,911)5,295 
Foreign currency exchange gains (losses)(788)4,959 2,711 (8,534)
Unrealized gain on cost method equity investment— — 4,120 — 
Other(635)(215)(4,022)86 
Interest and other income (loss), net$366 $795 $4,860 $(1,600)

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. Ciena recorded $2.7 million in foreign currency exchange rate gains for the first nine months of fiscal 2022 and during the first nine months of fiscal 2021, Ciena recorded $8.5 million in foreign currency exchange rate losses, both 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 (loss), 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 (loss), net, on the Condensed Consolidated Statements of Operations. During the first nine months of fiscal 2022, Ciena recorded losses of $2.9 million and during the first nine months of fiscal 2021, Ciena recorded gains of $5.3 million from non-hedge designated foreign currency forward contracts. During the first nine months of fiscal 2022, Ciena recorded an unrealized gain of $4.1 million on its cost method equity investment.