Subsequent Events |
12 Months Ended |
|---|---|
Oct. 31, 2018 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | SUBSEQUENT EVENTS Stock Repurchase Program On December 13, 2018, Ciena announced that its Board of Directors authorized a program to repurchase up to $500 million of its common stock. The amount and timing of repurchases are subject to a variety of factors including liquidity, cash flow, stock price and general business and market conditions. The program may be modified, suspended, or discontinued at any time. This program terminates and replaces in its entire the previous stock repurchase program authorized in fiscal 2018. From the end of the fiscal year ending October 31, 2018 through December 17, 2018, Ciena did not repurchase shares of its common stock under this prior stock repurchase program. Settlement of Conversions of 3.75% Convertible Senior Notes due October 15, 2018 (“New Notes”) During the fourth quarter of fiscal 2018 Ciena elected to settle the conversion of the New Notes prior to maturity in a combination of cash and shares, with the cash portion not to exceed an aggregate amount of approximately $400 million. Per the settlement provisions of the indenture governing conversion of the New Notes, an amount of $288.7 million (representing the aggregate principal amount) was paid in cash on October 15, 2018. During the relevant settlement period, Ciena’s shares traded at a volume weighted average price in excess of the $20.17 per share conversion price. As such, Ciena paid $111.3 million in excess of the aggregate principal amount in cash, and $52.9 million settled in shares, or 1.6 million shares. These amounts were recorded as debt conversion liability at fiscal year-end October 31, 2018 and were settled during the first quarter of fiscal 2019. |