| Summary of the fair value of assets and liabilities recorded on a recurring basis |
As of the date indicated, the following table summarizes the assets and liabilities that are recorded at fair value on a recurring basis (in thousands): | | | | | | | | | | | | | | | | | | April 30, 2017 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | Money market funds | $ | 474,476 |
| | $ | — |
| | $ | — |
| | $ | 474,476 |
| U.S. government obligations | — |
| | 344,661 |
| | — |
| | 344,661 |
| Commercial paper | — |
| | 79,917 |
| | — |
| | 79,917 |
| Foreign currency forward contracts | — |
| | 827 |
| | — |
| | 827 |
| Total assets measured at fair value | $ | 474,476 |
| | $ | 425,405 |
| | $ | — |
| | $ | 899,881 |
| | | | | | | | | Liabilities: | | | | | | | | Foreign currency forward contracts | $ | — |
| | $ | 1,811 |
| | $ | — |
| | $ | 1,811 |
| Forward starting interest rate swap | — |
| | 1,070 |
| | — |
| | 1,070 |
| Total liabilities measured at fair value | $ | — |
|
| $ | 2,881 |
| | $ | — |
| | $ | 2,881 |
|
| | | | | | | | | | | | | | | | | | October 31, 2016 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | Money market funds | $ | 625,277 |
| | $ | — |
| | $ | — |
| | $ | 625,277 |
| U.S. government obligations | — |
| | 350,431 |
| | — |
| | 350,431 |
| Commercial paper | — |
| | 69,959 |
| | — |
| | 69,959 |
| Foreign currency forward contracts | — |
| | 175 |
| | — |
| | 175 |
| Total assets measured at fair value | $ | 625,277 |
| | $ | 420,565 |
| | $ | — |
| | $ | 1,045,842 |
| | | | | | | | | Liabilities: | | | | | | | | Foreign currency forward contracts | $ | — |
| | $ | 1,396 |
| | $ | — |
| | $ | 1,396 |
| Forward starting interest rate swap | — |
| | 5,967 |
| | — |
| | 5,967 |
| Total liabilities measured at fair value | $ | — |
| | $ | 7,363 |
| | $ | — |
| | $ | 7,363 |
|
|
| Assets and liabilities as presented on Ciena's Condensed Consolidated Balance Sheets |
As of the date indicated, the assets and liabilities above are presented on Ciena’s Condensed Consolidated Balance Sheet as follows (in thousands):
| | | | | | | | | | | | | | | | | | April 30, 2017 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | Cash equivalents | $ | 474,476 |
| | $ | 59,947 |
| | $ | — |
| | $ | 534,423 |
| Short-term investments | — |
| | 274,779 |
| | — |
| | 274,779 |
| Prepaid expenses and other | — |
| | 827 |
| | — |
| | 827 |
| Long-term investments | — |
| | 89,852 |
| | — |
| | 89,852 |
| Total assets measured at fair value | $ | 474,476 |
| | $ | 425,405 |
| | $ | — |
| | $ | 899,881 |
| | | | | | | | | Liabilities: | | | | | | | | Accrued liabilities | $ | — |
| | $ | 1,811 |
| | $ | — |
| | $ | 1,811 |
| Other long-term obligations | — |
| | 1,070 |
| | — |
| | 1,070 |
| Total liabilities measured at fair value | $ | — |
|
| $ | 2,881 |
| | $ | — |
| | $ | 2,881 |
|
| | | | | | | | | | | | | | | | | | October 31, 2016 | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | Cash equivalents | $ | 625,277 |
| | $ | 54,970 |
| | $ | — |
| | $ | 680,247 |
| Short-term investments | — |
| | 275,248 |
| | — |
| | 275,248 |
| Prepaid expenses and other | — |
| | 175 |
| | — |
| | 175 |
| Long-term investments | — |
| | 90,172 |
| | — |
| | 90,172 |
| Total assets measured at fair value | $ | 625,277 |
| | $ | 420,565 |
| | $ | — |
| | $ | 1,045,842 |
| | | | | | | | | Liabilities: | | | | | | | | Accrued liabilities | $ | — |
| | $ | 1,396 |
| | $ | — |
| | $ | 1,396 |
| Other long-term obligations | — |
| | 5,967 |
| | — |
| | 5,967 |
| Total liabilities measured at fair value | $ | — |
| | $ | 7,363 |
| | $ | — |
| | $ | 7,363 |
|
|