JUNIPER NETWORKS INC, 10-Q filed on 10/28/2022
Quarterly Report
v3.22.2.2
Cover Page - shares
9 Months Ended
Sep. 30, 2022
Oct. 26, 2022
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2022  
Document Transition Report false  
Entity File Number 001-34501  
Entity Registrant Name JUNIPER NETWORKS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 77-0422528  
Entity Address, Address Line One 1133 Innovation Way  
Entity Address, City or Town Sunnyvale,  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94089  
City Area Code 408  
Local Phone Number 745-2000  
Title of 12(b) Security Common Stock, par value $0.00001 per share  
Trading Symbol JNPR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   324,555,523
Entity Central Index Key 0001043604  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
v3.22.2.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Total net revenues $ 1,414.6 $ 1,188.8 $ 3,852.4 $ 3,435.5
Cost of revenues:        
Total cost of revenues 626.8 496.6 1,721.1 1,445.8
Gross margin 787.8 692.2 2,131.3 1,989.7
Operating expenses:        
Research and development 274.0 251.8 766.9 752.3
Sales and marketing 286.8 263.4 834.4 773.9
General and administrative 64.7 55.0 192.1 187.1
Restructuring charges 13.0 1.9 22.3 42.8
Total operating expenses 638.5 572.1 1,815.7 1,756.1
Operating income 149.3 120.1 315.6 233.6
Gain on divestiture 0.0 0.0 45.8 0.0
Loss on extinguishment of debt 0.0 0.0 0.0 (60.6)
Other expense, net (9.1) (8.3) (30.1) (24.2)
Income before income taxes and loss from equity method investment 140.2 111.8 331.3 148.8
Income tax provision 16.6 22.9 38.1 29.0
Loss from equity method investment, net of tax (2.1) 0.0 (2.6) 0.0
Net income $ 121.5 $ 88.9 $ 290.6 $ 119.8
Net income per share:        
Basic (in dollars per share) $ 0.38 $ 0.27 $ 0.90 $ 0.37
Diluted (in dollars per share) $ 0.37 $ 0.27 $ 0.88 $ 0.36
Weighted-average shares used to compute net income per share:        
Basic (in shares) 322.8 324.0 321.8 325.0
Diluted (in shares) 328.9 331.1 329.3 331.4
Product        
Total net revenues $ 967.5 $ 771.9 $ 2,551.6 $ 2,203.5
Cost of revenues:        
Total cost of revenues 478.6 343.4 1,289.0 1,010.3
Service        
Total net revenues 447.1 416.9 1,300.8 1,232.0
Cost of revenues:        
Total cost of revenues $ 148.2 $ 153.2 $ 432.1 $ 435.5
v3.22.2.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Statement of Comprehensive Income [Abstract]        
Net income $ 121.5 $ 88.9 $ 290.6 $ 119.8
Available-for-sale debt securities:        
Change in net unrealized gains and losses (0.8) (0.6) (8.2) (0.5)
Net realized losses (gains) reclassified into net income 0.1 (0.1) 0.3 (1.1)
Net change on available-for-sale debt securities (0.7) (0.7) (7.9) (1.6)
Cash flow hedges:        
Change in net unrealized gains and losses (40.2) (4.2) (20.4) 14.6
Net realized losses (gains) reclassified into net income 9.0 (5.4) 13.1 (21.5)
Net change on cash flow hedges (31.2) (9.6) (7.3) (6.9)
Change in foreign currency translation adjustments (20.6) (1.6) (35.3) (3.1)
Other comprehensive loss, net (52.5) (11.9) (50.5) (11.6)
Comprehensive income $ 69.0 $ 77.0 $ 240.1 $ 108.2
v3.22.2.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 830.9 $ 922.5
Short-term investments 226.2 315.5
Accounts receivable, net of allowances 1,027.6 994.4
Inventory 519.6 272.6
Prepaid expenses and other current assets 604.4 451.6
Total current assets 3,208.7 2,956.6
Property and equipment, net 667.2 703.0
Operating lease assets 145.7 161.3
Long-term investments 197.8 455.5
Purchased intangible assets, net 177.7 284.3
Goodwill 3,734.3 3,762.1
Other long-term assets 844.8 564.2
Total assets 8,976.2 8,887.0
Current liabilities:    
Accounts payable 352.7 273.7
Accrued compensation 239.9 336.0
Deferred revenue 894.3 937.9
Other accrued liabilities 409.8 328.9
Total current liabilities 1,896.7 1,876.5
Long-term debt 1,595.7 1,686.8
Long-term deferred revenue 583.9 475.7
Long-term income taxes payable 279.7 330.5
Long-term operating lease liabilities 123.3 142.2
Other long-term liabilities 158.8 58.4
Total liabilities 4,638.1 4,570.1
Commitments and contingencies (Note 14)
Stockholders' equity:    
Preferred stock, $0.00001 par value; 10.0 shares authorized; none issued and outstanding 0.0 0.0
Common stock, $0.00001 par value; 1,000.0 shares authorized; 324.5 shares and 321.6 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively 0.0 0.0
Additional paid-in capital 6,894.9 6,972.6
Accumulated other comprehensive loss (52.6) (2.1)
Accumulated deficit (2,504.2) (2,653.6)
Total stockholders' equity 4,338.1 4,316.9
Total liabilities and stockholders' equity $ 8,976.2 $ 8,887.0
v3.22.2.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Preferred stock - par value (in dollars per share) $ 0.00001 $ 0.00001
Preferred stock - shares authorized (in shares) 10,000,000.0 10,000,000.0
Preferred stock - issued (in shares) 0 0
Preferred stock - outstanding (in shares) 0 0
Common stock - par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock - shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock - issued (in shares) 324,500,000 321,600,000
Common stock - outstanding (in shares) 324,500,000 321,600,000
v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 290.6 $ 119.8
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation expense 153.9 162.9
Depreciation, amortization, and accretion 165.4 179.3
Operating lease assets expense 30.3 34.5
Gain on divestiture (45.8) 0.0
Loss from equity method investment 2.6 0.0
Loss on extinguishment of debt 0.0 60.6
Other 10.1 6.5
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable, net (34.3) 189.1
Prepaid expenses and other assets (636.0) (70.8)
Accounts payable 75.7 (7.4)
Accrued compensation (85.9) (27.2)
Income taxes payable (11.2) 1.9
Other accrued liabilities (4.6) (70.7)
Deferred revenue 67.2 (4.8)
Net cash (used in) provided by operating activities (22.0) 573.7
Cash flows from investing activities:    
Purchases of property and equipment (73.4) (69.5)
Proceeds from divestiture, net 89.1 0.0
Purchases of available-for-sale debt securities (104.1) (508.7)
Proceeds from sales of available-for-sale debt securities 102.3 422.3
Proceeds from maturities and redemptions of available-for-sale debt securities 330.7 331.8
Purchases of equity securities (15.5) (8.3)
Proceeds from sales of equity securities 3.8 5.6
Payments for business acquisitions, net of cash and cash equivalents acquired (3.9) (175.0)
Other 2.2 0.0
Net cash provided by (used in) investing activities 331.2 (1.8)
Cash flows from financing activities:    
Repurchase and retirement of common stock (226.8) (294.0)
Proceeds from issuance of common stock 56.8 56.0
Payment of dividends (202.8) (194.9)
Payment of debt 0.0 (423.8)
Payment for debt extinguishment costs 0.0 (58.3)
Other 0.0 (3.4)
Net cash used in financing activities (372.8) (918.4)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash (29.5) (3.7)
Net decrease in cash, cash equivalents, and restricted cash (93.1) (350.2)
Cash, cash equivalents, and restricted cash at beginning of period 942.7 1,383.0
Cash, cash equivalents, and restricted cash at end of period 849.6 1,032.8
Non-cash investing activity:    
Equity method investment (Note 2) $ 40.3 $ 0.0
v3.22.2.2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Shares
Common Stock and Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Balance (in shares) at Dec. 31, 2020   327.7      
Balance at Dec. 31, 2020 $ 4,543.5   $ 7,156.9 $ 55.6 $ (2,669.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 119.8       119.8
Other comprehensive loss, net (11.6)     (11.6)  
Issuance of common stock (in shares)   8.6      
Issuance of common stock 58.7   58.7    
Repurchase and retirement of common stock (in shares)   (11.2)      
Repurchase and retirement of common stock (294.0)   (146.2)   (147.8)
Share-based compensation expense 162.3   162.3    
Payments of cash dividends (194.9)   (194.9)    
Balance (in shares) at Sep. 30, 2021   325.1      
Balance at Sep. 30, 2021 4,383.8   7,036.8 44.0 (2,697.0)
Balance (in shares) at Jun. 30, 2021   324.0      
Balance at Jun. 30, 2021 4,340.9   7,042.8 55.9 (2,757.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 88.9       88.9
Other comprehensive loss, net (11.9)     (11.9)  
Issuance of common stock (in shares)   2.8      
Issuance of common stock 27.1   27.1    
Repurchase and retirement of common stock (in shares)   (1.7)      
Repurchase and retirement of common stock (50.9)   (22.8)   (28.1)
Share-based compensation expense 54.7   54.7    
Payments of cash dividends (65.0)   (65.0)    
Balance (in shares) at Sep. 30, 2021   325.1      
Balance at Sep. 30, 2021 $ 4,383.8   7,036.8 44.0 (2,697.0)
Balance (in shares) at Dec. 31, 2021 321.6 321.6      
Balance at Dec. 31, 2021 $ 4,316.9   6,972.6 (2.1) (2,653.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 290.6       290.6
Other comprehensive loss, net (50.5)     (50.5)  
Issuance of common stock (in shares)   9.6      
Issuance of common stock 56.8   56.8    
Repurchase and retirement of common stock (in shares)   (6.7)      
Repurchase and retirement of common stock (226.8)   (85.6)   (141.2)
Share-based compensation expense 153.9   153.9    
Payments of cash dividends $ (202.8)   (202.8)    
Balance (in shares) at Sep. 30, 2022 324.5 324.5      
Balance at Sep. 30, 2022 $ 4,338.1   6,894.9 (52.6) (2,504.2)
Balance (in shares) at Jun. 30, 2022   320.4      
Balance at Jun. 30, 2022 4,248.7   6,874.2 (0.1) (2,625.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 121.5       121.5
Other comprehensive loss, net (52.5)     (52.5)  
Issuance of common stock (in shares)   4.1      
Issuance of common stock 27.7   27.7    
Repurchase and retirement of common stock (0.5)   (0.2)   (0.3)
Share-based compensation expense 61.2   61.2    
Payments of cash dividends $ (68.0)   (68.0)    
Balance (in shares) at Sep. 30, 2022 324.5 324.5      
Balance at Sep. 30, 2022 $ 4,338.1   $ 6,894.9 $ (52.6) $ (2,504.2)
v3.22.2.2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]        
Cash dividends (in dollars per share) $ 0.21 $ 0.20 $ 0.63 $ 0.60
v3.22.2.2
Basis of Presentation and Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies
Note 1. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet as of December 31, 2021 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, or any future period.

These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (the "Form 10-K"). We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued.

The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions.

Summary of Significant Accounting Policies

Except for the change in certain policies upon adoption of the accounting standards and the policy for equity method investments described below, there have been no significant changes to the Company's significant accounting policies described in Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K for the fiscal year ended December 31, 2021.

The Company accounts for investments in companies over which it has the ability to exercise significant influence, but does not have control over the investee, under the equity method of accounting. The investment is initially measured at fair value and subsequently adjusted for any impairment, dividend received, plus or minus the Company's proportionate share of the equity method investee's income or loss. The Company records its interest in the net earnings or loss of its equity method investment along with adjustments for unrealized profits or losses on intra-entity transactions, within its Statements of Operations. Depending on the timing of such financial statements of the investee, there may be a lag between the timing of such financial statement and the Company's quarter-end date. For the Company's sole equity method investment, the Company's share of the investee's net earnings or loss is recorded two months in arrears. The Company records an impairment when factors indicate that the carrying amount of the investment might not be recoverable.

Recently Adopted Accounting Standards

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: On January 1, 2022, the Company early adopted ASU No. 2021-08 (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if the contracts were originated by the acquirer. Upon adoption, the standard did not have a material impact on the Condensed Consolidated Financial Statements.

Reference Rate Reform: In March 2020, the FASB issued ASU No. 2020-04 (Topic 848), Reference Rate Reform, which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The standard became effective upon issuance and may
be applied to any new or amended contracts, hedging relationships, and other transactions that reference LIBOR through December 31, 2022. The adoption did not have a material impact on the Condensed Consolidated Financial Statements.
v3.22.2.2
Divestiture
9 Months Ended
Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Divestiture
Note 2. Divestiture

On April 4, 2022, Synopsys, Inc ("Synopsys") purchased Juniper's silicon photonics business and formed a new entity called OpenLight Photonics, Inc. ("OpenLight"). The Company received cash consideration of $90.0 million and retained a 25% equity interest in the new entity. The agreements with Synopsys contain redemption options with respect to Juniper's equity interest in OpenLight, which are exercisable either by (i) Juniper on or after the third anniversary of the acquisition or sooner in certain circumstances, or (ii) Synopsys on or after the third anniversary of the acquisition. Juniper can exercise its put option at the greater of fair value at the time of redemption or $30.0 million, and the option was assigned a value of $10.8 million. The divestiture did not represent a strategic shift with a major effect on the Company’s operations and financial results, and therefore, does not qualify as a discontinued operation.

The Company recognized a gain on divestiture of $45.8 million and the portion of gain related to the remeasurement of retained investment was $19.5 million. The following table presents the carrying value of the major components of assets and liabilities derecognized as of April 4, 2022 (in millions):

As of
April 4,
2022
Assets:
Total current assets$1.0 
Property and equipment, net3.6 
Deferred tax assets3.9 
Other long-term assets1.1 
Purchased intangible assets, net49.0 
Goodwill28.9 
Total assets held for sale$87.5 
Liabilities:
Accounts payable$1.4 
Other liabilities1.1 
Total liabilities held for sale$2.5 

The Company's 25% equity interest in OpenLight is accounted for under the equity method of accounting. The investment was recognized at fair value in other long-term assets within the consolidated balance sheet at an aggregate amount of $40.8 million. The fair value was determined based on the price paid by Synopsys for its 75% equity interest in OpenLight along with the value of the redemption options.
v3.22.2.2
Cash Equivalents and Investments
9 Months Ended
Sep. 30, 2022
Cash Equivalents and Investments [Abstract]  
Cash Equivalents and Investments
Note 3. Cash Equivalents and Investments

Investments in Available-for-Sale Debt Securities

The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of September 30, 2022 and December 31, 2021 (in millions):
As of September 30, 2022
As of December 31, 2021
Amortized
Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Estimated Fair
Value
Amortized
Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Estimated Fair
Value
Fixed income securities:
Asset-backed and mortgage-backed securities$53.9 $— $(1.5)$52.4 $139.1 $— $(0.5)$138.6 
Certificates of deposit5.1 — — 5.1 5.0 — — 5.0 
Commercial paper2.2 — — 2.2 75.8 — — 75.8 
Corporate debt securities322.2 — (9.0)313.2 443.3 0.7 (1.5)442.5 
Foreign government debt securities
8.8 — (0.4)8.4 12.8 — (0.1)12.7 
Time deposits80.9 — — 80.9 35.2 — — 35.2 
U.S. government agency securities
18.7 — (0.7)18.0 26.8 — (0.1)26.7 
U.S. government securities17.0 — (0.3)16.7 73.5 0.1 — 73.6 
Total fixed income securities
508.8 — (11.9)496.9 811.5 0.8 (2.2)810.1 
Privately-held debt and redeemable preferred stock securities15.3 37.4 — 52.7 9.6 37.4 — 47.0 
Total available-for-sale debt securities
$524.1 $37.4 $(11.9)$549.6 $821.1 $38.2 $(2.2)$857.1 
Reported as:
Cash equivalents$80.9 $— $— $80.9 $47.2 $— $— $47.2 
Short-term investments221.6 — (3.4)218.2 306.8 0.7 (0.1)307.4 
Long-term investments206.3 — (8.5)197.8 457.5 0.1 (2.1)455.5 
Other long-term assets15.3 37.4 — 52.7 9.6 37.4 — 47.0 
Total$524.1 $37.4 $(11.9)$549.6 $821.1 $38.2 $(2.2)$857.1 


The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2022 (in millions):
 Amortized
Cost
Estimated Fair
Value
Due in less than one year$302.5 $299.1 
Due between one and five years206.3 197.8 
Total$508.8 $496.9 


As of September 30, 2022, the Company's unrealized loss of $11.9 million resulted from 370 investments, of which loss aggregating $7.0 million was from investments in an unrealized loss position for less than 12 months, and $4.9 million was from investments in an unrealized loss position for more than 12 months. The gross unrealized losses related to these
investments were primarily due to changes in market interest rates. The Company anticipates that it will recover the entire amortized cost basis of such available-for-sale debt securities and has determined that no allowance for credit losses was required to be recognized during the three and nine months ended September 30, 2022 and September 30, 2021.

During the three and nine months ended September 30, 2022 and September 30, 2021, there were no material gross realized gains or losses from available-for-sale debt securities.

Investments in Equity Securities

The following table presents the Company's investments in equity securities as of September 30, 2022 and December 31, 2021 (in millions):
As of
September 30,
2022
December 31,
2021
Equity investments with readily determinable fair value:
Money market funds$429.5 $382.0 
Mutual funds27.1 33.4 
Publicly-traded equity securities8.1 8.1 
Equity investments without readily determinable fair value162.1 150.1 
Equity investment under the equity method of accounting38.2 — 
Total equity securities$665.0 $573.6 
Reported as:
Cash equivalents$419.5 $371.5 
Short-term investments8.1 8.1 
Prepaid expenses and other current assets12.5 15.1 
Other long-term assets224.9 178.9 
Total$665.0 $573.6 

For the three and nine months ended September 30, 2022 and September 30, 2021, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair value and equity investments without readily determinable fair value. For the three and nine months ended September 30, 2022, the loss recognized from the equity method investment was $2.1 million and $2.6 million, respectively.

Restricted Cash and Investments

The Company has restricted cash and investments for: (i) amounts under the Company's non-qualified deferred compensation plan for senior-level employees; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts held in escrow accounts, as required in connection with certain acquisitions completed primarily in 2020. Restricted investments consist of equity investments. As of September 30, 2022, the carrying value of restricted cash and investments was $55.9 million, of which $28.2 million was included in prepaid expenses and other current assets, and $27.7 million was included in other long-term assets on the Condensed Consolidated Balance Sheet.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (in millions):
As of
September 30,
2022
December 31,
2021
Cash and cash equivalents$830.9 $922.5 
Restricted cash included in Prepaid expenses and other current assets15.7 17.2 
Restricted cash included in Other long-term assets3.0 3.0 
Total cash, cash equivalents, and restricted cash$849.6 $942.7 
v3.22.2.2
Fair Value Measurements
9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 4. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (in millions):
Fair Value Measurements at
September 30, 2022
Fair Value Measurements at
December 31, 2021
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)
Significant Other
Observable
Remaining Inputs
(Level 2)
Significant Other
Unobservable
Remaining Inputs
(Level 3)
TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)
Significant Other
Observable
Remaining Inputs
(Level 2)
Significant Other
Unobservable
Remaining Inputs
(Level 3)
Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities$— $52.4 $— $52.4 $— $138.6 $— $138.6 
Certificates of deposit— 5.1 — 5.1 — 5.0 — 5.0 
Commercial paper— 2.2 — 2.2 — 75.8 — 75.8 
Corporate debt securities — 313.2 — 313.2 — 442.5 — 442.5 
Foreign government debt securities— 8.4 — 8.4 — 12.7 — 12.7 
Time deposits— 80.9 — 80.9 — 35.2 — 35.2 
U.S. government agency securities— 18.0 — 18.0 — 26.7 — 26.7 
U.S. government securities13.5 3.2 — 16.7 42.3 31.3 — 73.6 
Privately-held debt and redeemable preferred stock securities— — 52.7 52.7 — — 47.0 47.0 
Total available-for-sale debt securities13.5 483.4 52.7 549.6 42.3 767.8 47.0 857.1 
Equity securities:
Money market funds429.5 — — 429.5 382.0 — — 382.0 
Mutual funds27.1 — — 27.1 33.4 — — 33.4 
Publicly-traded equity securities8.1 — — 8.1 8.1 — — 8.1 
Total equity securities464.7 — — 464.7 423.5 — — 423.5 
Derivative assets:
Foreign exchange contracts— 1.3 — 1.3 — 9.2 — 9.2 
Interest rate contracts— 123.9 — 123.9 — 47.1 — 47.1 
Total derivative assets— 125.2 — 125.2 — 56.3 — 56.3 
Total assets measured at fair value on a recurring basis$478.2 $608.6 $52.7 $1,139.5 $465.8 $824.1 $47.0 $1,336.9 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(87.0)$— $(87.0)$— $(24.0)$— $(24.0)
Interest rate contracts— (92.7)— (92.7)— (2.5)— (2.5)
Total derivative liabilities— (179.7)— (179.7)— (26.5)— (26.5)
Total liabilities measured at fair value on a recurring basis$— $(179.7)$— $(179.7)$— $(26.5)$— $(26.5)
Fair Value Measurements at
September 30, 2022
Fair Value Measurements at
December 31, 2021
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)
Significant Other
Observable
Remaining Inputs
(Level 2)
Significant Other
Unobservable
Remaining Inputs
(Level 3)
TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)
Significant Other
Observable
Remaining Inputs
(Level 2)
Significant Other
Unobservable
Remaining Inputs
(Level 3)
Total
Total assets, reported as:
Cash equivalents$419.5 $80.9 $— $500.4 $371.6 $47.2 $— $418.8 
Short-term investments19.7 206.5 — 226.2 41.5 274.0 — 315.5 
Long-term investments1.9 195.9 — 197.8 8.8 446.7 — 455.5 
Prepaid expenses and other current assets
12.6 0.1 — 12.7 15.1 8.8 — 23.9 
Other long-term assets24.5 125.2 52.7 202.4 28.8 47.4 47.0 123.2 
Total assets measured at fair value
$478.2 $608.6 $52.7 $1,139.5 $465.8 $824.1 $47.0 $1,336.9 
Total liabilities, reported as:
Other accrued liabilities$— $(58.9)$— $(58.9)$— $(14.9)$— $(14.9)
Other long-term liabilities— (120.8)— (120.8)— (11.6)— (11.6)
Total liabilities measured at fair value on a recurring basis
$— $(179.7)$— $(179.7)$— $(26.5)$— $(26.5)

The Company's Level 2 available-for-sale debt securities are priced using quoted market prices for similar instruments or non-binding market prices that are corroborated by observable market data. The Company uses inputs such as actual trade data, benchmark yields, broker/dealer quotes, or alternative pricing sources with reasonable levels of price transparency, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets. The Company's derivative instruments are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. During the three and nine months ended September 30, 2022, the Company had no transfers into or out of Level 3 of the fair value hierarchy of its assets or liabilities measured at fair value.

The Company's privately-held debt and redeemable preferred stock securities are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of its privately-held debt and redeemable preferred stock securities on a recurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent valuations at the time of financing activities and the investee's capital structure. During the three and nine months ended September 30, 2022, there were no significant activities related to privately-held debt and redeemable preferred stock securities.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The Company's investments in equity securities without readily determinable fair value are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of equity securities without readily determinable fair value, including those accounted for under the equity method of accounting, on a nonrecurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. As of September 30, 2022, there have been no material upward or downward adjustments for price changes to the equity securities without readily determinable fair value.

Certain of the Company's assets, including intangible assets and goodwill, are measured at fair value on a nonrecurring basis. There were no significant impairment charges recognized during the three and nine months ended September 30, 2022.

As of September 30, 2022 and December 31, 2021, the Company had no liabilities required to be measured at fair value on a nonrecurring basis.
Assets and Liabilities Not Measured at Fair Value

The carrying amounts of the Company's accounts receivable, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. As of September 30, 2022 and December 31, 2021, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets was $1,435.1 million and $1,845.6 million, respectively, based on observable market inputs (Level 2).
v3.22.2.2
Derivative Instruments
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
Note 5. Derivative Instruments

The Company uses derivative instruments to manage a variety of risks, including risks related to fluctuations in foreign currency exchange rates and interest rates on debt instruments. We do not use derivative financial instruments for speculative purposes.

The notional amount of the Company's derivative instruments is summarized as follows (in millions):
 As of
 September 30,
2022
December 31,
2021
Designated derivatives:
Cash flow hedges:
Foreign currency contracts
$885.8 $873.9 
Interest rate lock contracts
650.0 650.0 
Fair value hedges:
Interest rate swap contracts
600.0 600.0 
Total designated derivatives
2,135.8 2,123.9 
Non-designated derivatives183.1 144.6 
Total$2,318.9 $2,268.5 

The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
 As of
 Balance Sheet ClassificationSeptember 30,
2022
December 31,
2021
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts Other current assets$0.7 $8.7 
Foreign currency contracts Other long-term assets0.1 0.4 
Interest rate lock contracts Other long-term assets123.9 45.0 
Interest rate swap contractsOther long-term assets— 2.1 
Total derivatives designated as hedging instruments$124.7 $56.2 
Derivatives not designated as hedging instrumentsOther current assets0.5 0.1 
Total derivative assets$125.2 $56.3 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$58.3 $14.8 
Foreign currency contracts Other long-term liabilities28.2 9.1 
Interest rate swap contractsOther long-term liabilities92.7 2.5 
Total derivatives designated as hedging instruments$179.2 $26.4 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.5 0.1 
Total derivative liabilities$179.7 $26.5 
Offsetting of Derivative Instruments

The Company presents its derivative instruments at gross fair values in the Consolidated Balance Sheets. As of September 30, 2022 and December 31, 2021, the potential effects of set-off associated with the derivative contracts would be a reduction to both derivative assets and derivative liabilities by $81.9 million and $17.5 million, respectively.

Designated Derivatives

The Company uses foreign currency forward contracts or option contracts to hedge the Company's planned cost of revenues and operating expenses denominated in foreign currencies. These derivatives are designated as cash flow hedges and typically have maturities of thirty-six months or less.

The Company enters into interest rate swaps, designated as fair value hedges, to convert the fixed interest rates of certain Senior Notes ("Notes") to floating interest rates. In April 2021, the Company entered into swaps for an aggregate notional amount of $300.0 million for its fixed-rate 2030 Notes in addition to the swaps entered in 2019 for an aggregate notional amount of $300.0 million for its fixed-rate 2041 Notes. The interest rate swaps will expire within eight years.

In 2020, the Company entered into interest rate locks with large financial institutions, which fix the benchmark interest rates of future debt issuances for an aggregate notional amount of $650.0 million. These contracts are designated as cash flow hedges and are expected to terminate within three years.

Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

For cash flow hedges, the Company recognized an unrealized loss of $39.0 million and $3.7 million in accumulated other comprehensive loss for the effective portion of its derivative instruments for the three and nine months ended September 30, 2022, respectively. The Company recognized an unrealized loss of $3.0 million and an unrealized gain of $23.1 million in accumulated other comprehensive income for the effective portion of its derivative instruments for the three and nine months ended September 30, 2021, respectively.

For foreign currency contracts, the Company reclassified a loss of $8.8 million and $11.9 million out of accumulated other comprehensive loss to cost of revenues and operating expenses in the Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2022, respectively, and a gain of $6.2 million and $24.3 million for the comparable periods ended September 30, 2021, respectively. As of September 30, 2022, an estimated $57.5 million of unrealized net loss within accumulated other comprehensive loss is expected to be reclassified into earnings within the next twelve months.

Non-Designated Derivatives

The Company also uses foreign currency forward contracts to mitigate variability in gains and losses generated from the remeasurement of certain monetary assets and liabilities denominated in foreign currencies. These foreign exchange forward contracts typically have maturities of approximately one to four months. The outstanding non-designated derivative instruments are carried at fair value. Changes in the fair value of these derivatives, which were recorded in Other expense, net within the Condensed Consolidated Statements of Operations, were not material during the three and nine months ended September 30, 2022 and September 30, 2021.
v3.22.2.2
Other Financial Information
9 Months Ended
Sep. 30, 2022
Other Financial Information [Abstract]  
Other Financial Information
Note 6. Other Financial Information

Total Inventory

Total inventory consisted of the following (in millions):
As of
September 30,
2022
December 31,
2021
Production and service materials$431.4 $208.6 
Finished goods109.0 75.6 
Total inventory$540.4 $284.2 
Reported as:
Inventory$519.6 $272.6 
Other long-term assets20.8 11.6 
Total inventory$540.4 $284.2 

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in millions):
As of
September 30,
2022
December 31,
2021
Contract manufacturer deposit$390.9 $223.8 
Prepaid expenses89.5 104.3 
Other current assets124.0 123.5 
Total prepaid expenses and other current assets$604.4 $451.6 

Warranties

Changes during the nine months ended September 30, 2022 in the Company’s warranty reserve as reported within other accrued liabilities in the Condensed Consolidated Balance Sheets were as follows (in millions):

Balance as of December 31, 2021
$33.0 
Provisions made during the period22.2 
Actual costs incurred during the period(25.6)
Balance as of September 30, 2022
$29.6 
Revenue

See Note 11, Segments, for disaggregated revenue by customer solution, customer vertical, and geographic region.

Product revenue of $11.6 million and $45.1 million included in deferred revenue at January 1, 2022 was recognized during the three and nine months ended September 30, 2022, respectively. Service revenue of $180.1 million and $694.2 million included in deferred revenue at January 1, 2022 was recognized during the three and nine months ended September 30, 2022, respectively.

Remaining Performance Obligations

Remaining Performance Obligations ("RPO") are comprised mainly of deferred product and service revenue, and to a lesser extent, unbilled service revenue from non-cancellable contracts for which the Company has not invoiced and has an obligation to perform, and for which revenue has not yet been recognized in the financial statements.

The following table summarizes the breakdown of RPO as of September 30, 2022 and when the Company expects to recognize the amounts as revenue (in millions):
Revenue Recognition Expected by Period
TotalLess than 1 year1-3 yearsMore than 3 years
Product$110.2 $91.9 $15.0 $3.3 
Service1,383.1 816.5 437.1 129.5 
Total$1,493.3 $908.4 $452.1 $132.8 



Deferred Commissions

Deferred commissions were $28.8 million as of September 30, 2022. For the three and nine months ended September 30, 2022, amortization expense for previously deferred commissions was $50.6 million and $139.8 million, respectively, and there were no impairment charges recognized.

Other Expense, Net

Other expense, net, consisted of the following (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Interest income $5.5 $3.0 $11.4 $10.5 
Interest expense(15.2)(12.2)(41.1)(38.5)
Gain (loss) on investments, net(1.3)0.7 (4.4)3.3 
Other1.9 0.2 4.0 0.5 
Other expense, net$(9.1)$(8.3)$(30.1)$(24.2)
v3.22.2.2
Restructuring Charges
9 Months Ended
Sep. 30, 2022
Restructuring and Related Activities [Abstract]  
Restructuring Charges
Note 7. Restructuring Charges

During the first quarter of 2022 and 2021, the Company initiated restructuring plans designed to enable reinvestment in certain key priority areas to align with strategic changes, which resulted in severance costs from workforce reductions, contract termination and other exit costs. During the third quarter of 2022, the Company undertook further actions in connection with its 2022 Restructuring Plan, which resulted in additional severance costs and facility exit-related costs. As of September 30, 2022, activities under the Company's approved restructuring plans are expected to be substantially completed in the first half of 2023.

Restructuring liabilities are reported within other accrued liabilities in the Condensed Consolidated Balance Sheets. The following table provides a summary of changes in the restructuring liabilities (in millions):
December 31, 2021
ChargesCash
Payments
OtherSeptember 30,
2022
Severance$1.4 $13.7 $(7.7)$(0.2)$7.2 
Contract terminations and facility exit-related10.9 8.6 (10.0)(2.7)6.8 
Total$12.3 $22.3 $(17.7)$(2.9)$14.0 
v3.22.2.2
Debt
9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt
Note 8. Debt

Debt

The following table summarizes the Company's total debt (in millions, except percentages):
 As of
 Maturity DateEffective Interest RatesSeptember 30,
2022
December 31,
2021
Senior Notes ("Notes"):
1.200% fixed-rate notes ("2025 Notes")
December 20251.37 %$400.0 $400.0 
3.750% fixed-rate notes ("2029 Notes")
August 20293.86 %500.0 500.0 
2.000% fixed-rate notes ("2030 Notes")
December 20302.12 %400.0 400.0 
5.950% fixed-rate notes ("2041 Notes")
March 20416.03 %400.0 400.0 
Total Notes1,700.0 1,700.0 
Unaccreted discount and debt issuance costs(11.6)(12.9)
Hedge accounting fair value adjustments(*)
(92.7)(0.3)
Total$1,595.7 $1,686.8 
________________________________
(*)     Represents the fair value adjustments for interest rate swaps with an aggregate notional amount of $600.0 million. These interest rate swaps convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 5, Derivative Instruments, for a discussion of the Company's interest rate swaps.

The Notes above are the Company’s senior unsecured and unsubordinated obligations, ranking equally in right of payment to all of the Company’s existing and future senior unsecured and unsubordinated indebtedness, and senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the Notes.

Interest on the Notes is payable in cash semiannually. The effective interest rates for the Notes include the interest on the Notes, accretion of the discount, and amortization of issuance costs. The indenture and the supplemental indentures (together, the "indentures") that govern the Notes also contain various covenants, including limitations on the Company's ability to incur liens or enter into sale-leaseback transactions over certain dollar thresholds.

As of September 30, 2022, the Company was in compliance with all covenants in the indentures governing the Notes.

Revolving Credit Facility

The Company has an unsecured revolving credit facility that will expire in April 2024, which enables borrowings of up to $500.0 million, with an option to increase the amount of the credit facility by up to an additional $200.0 million, subject to the lenders' approval. The credit facility will terminate in April 2024. As of September 30, 2022, the Company was in compliance with all covenants and no amounts were outstanding under its credit facility.
v3.22.2.2
Equity
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Equity
Note 9. Equity

The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Dividends:
Per share$0.21 $0.20 $0.63 $0.60 
Amount$68.0 $65.0 $202.8 $194.9 
Repurchased under the 2018 Stock Repurchase Program:
Shares— 1.7 6.3 11.0 
Average price per share$— $28.43 $33.38 $25.80 
Amount$— $50.0 $212.2 $285.0 

Cash Dividends on Shares of Common Stock

During the three and nine months ended September 30, 2022, the Company declared and paid a quarterly cash dividend of $0.21 per common share, totaling $68.0 million and $202.8 million, respectively, on its outstanding common stock. Any future dividends, and the establishment of record and payment dates, are subject to approval by the Board of Directors (the “Board”) of Juniper or an authorized committee thereof. See Note 15, Subsequent Events, for discussion of the Company's dividend declaration subsequent to September 30, 2022.

Stock Repurchase Activities

During the nine months ended September 30, 2022, the Company repurchased 6.3 million shares of its common stock in the open market for an aggregate purchase price of $212.2 million at an average price of $33.38 per share under the 2018 Stock Repurchase Program.

As of September 30, 2022, there was approximately $0.7 billion of authorized funds remaining under the 2018 Stock Repurchase Program.

Future share repurchases under the 2018 Stock Repurchase Program will be subject to a review of the circumstances at that time and will be made from time to time in private transactions or open market purchases as permitted by securities laws and other legal requirements.

In addition to repurchases under the 2018 Stock Repurchase Program, the Company also withholds shares of common stock from certain employees in connection with the vesting of stock awards issued to such employees to satisfy applicable tax withholding requirements. Such withheld shares are treated as common stock repurchases in the Company's financial statements as they reduce the number of shares that would have been issued upon vesting. Repurchases associated with tax withholdings were $14.5 million during the nine months ended September 30, 2022, and $9.0 million during the nine months ended September 30, 2021.
Accumulated Other Comprehensive Loss, Net of Tax

The components of accumulated other comprehensive loss, net of related taxes, for the nine months ended September 30, 2022 were as follows (in millions):
Unrealized
Gains/Losses
on Available-for-
Sale Debt Securities
Unrealized
 Gains/Losses
on Cash Flow
Hedges
Foreign
Currency
Translation
Adjustments
Total
Balance as of December 31, 2021
$27.9 $19.0 $(49.0)$(2.1)
Other comprehensive loss before reclassifications(8.2)(20.4)(35.3)(63.9)
Amount reclassified from accumulated other comprehensive loss0.3 13.1 — 13.4 
Other comprehensive loss, net (7.9)(7.3)(35.3)(50.5)
Balance as of September 30, 2022
$20.0 $11.7 $(84.3)$(52.6)
v3.22.2.2
Employee Benefit Plans
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Employee Benefit Plans
Note 10. Employee Benefit Plans

Equity Incentive Plans

The Company has stock-based compensation plans pursuant to which it has granted stock options, restricted stock units (“RSUs”), and performance share awards (“PSAs”). The Company also maintains its 2008 Employee Stock Purchase Plan (the “ESPP”) for all eligible employees. In May 2022, the Company's stockholders approved an additional 4.5 million shares of common stock for issuance under the Company's 2015 Equity Incentive Plan (the "2015 Plan"). As of September 30, 2022, 4.0 million and 6.2 million shares were available for future issuance under the 2015 Plan and the ESPP, respectively. In connection with past acquisitions, the Company has also assumed or substituted stock options, RSUs, restricted stock awards ("RSAs"), and PSAs.

RSU, RSA, and PSA Activities

The Company’s RSU, RSA, and PSA activities and related information as of and for the nine months ended September 30, 2022 were as follows (in millions, except per share amounts and years):
Outstanding RSUs, RSAs, and PSAs
Number of SharesWeighted Average
Grant Date Fair
Value per Share
Weighted Average
Remaining
Contractual Term
(In Years)
Aggregate
Intrinsic
Value
Balance as of December 31, 2021
22.2 $24.55 
Granted(*)
8.2 29.64 
Vested(6.5)24.49 
Canceled(2.4)25.52 
Balance as of September 30, 2022
21.5 $26.41 1.3$561.4 
________________________________
(*)    Includes 6.5 million service-based, 1.3 million performance-based, and 0.4 million market-based awards. The number of shares subject to performance-based and market-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested.

Employee Stock Purchase Plan

The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Shares purchased1.2 1.4 2.6 2.8 
Average exercise price per share$23.43 $19.88 $21.59 $19.81 
Share-Based Compensation Expense

Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Cost of revenues - Product$1.7 $1.5 $4.3 $3.8 
Cost of revenues - Service4.8 4.7 13.0 13.1 
Research and development26.3 23.7 62.2 68.0 
Sales and marketing17.4 16.4 42.3 47.8 
General and administrative11.3 8.6 32.1 30.2 
Total$61.5 $54.9 $153.9 $162.9 

The following table summarizes share-based compensation expense by award type (in millions):
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Stock options$1.3 $2.2 $4.4 $7.4 
RSUs, RSAs, and PSAs52.4 47.9 131.8 142.4 
ESPP purchase rights7.8 4.8 17.7 13.1 
Total$61.5 $54.9 $153.9 $162.9 
As of September 30, 2022, the total unrecognized compensation cost related to unvested share-based awards was $394.8 million to be recognized over a weighted-average period of 1.76 years.
v3.22.2.2
Segments
9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segments
Note 11. Segments

The Company operates in one reportable segment. The Company's Chief Executive Officer, who is the chief operating decision maker, reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance, accompanied by disaggregated information about net revenues by customer solution, customer vertical, and geographic region as presented below.    

The following table presents net revenues by customer solution (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Customer Solutions:
Automated WAN Solutions$532.7 $384.5 $1,386.3 $1,167.0 
Cloud-Ready Data Center229.3 194.7 619.0 554.0 
AI-Driven Enterprise266.6 229.8 707.9 586.1 
Hardware Maintenance and Professional Services386.0 379.8 1,139.2 1,128.4 
Total $1,414.6 $1,188.8 $3,852.4 $3,435.5 

The following table presents net revenues by customer vertical (in millions):
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Cloud$375.3 $303.3 $1,013.3 $894.6 
Service Provider523.1 445.8 1,421.9 1,327.7 
Enterprise516.2 439.7 1,417.2 1,213.2 
Total$1,414.6 $1,188.8 $3,852.4 $3,435.5 

The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Americas:
United States$839.0 $609.2 $2,133.6 $1,729.7 
Other56.8 55.6 165.8 170.8 
Total Americas895.8 664.8 2,299.4 1,900.5 
Europe, Middle East, and Africa320.4 336.3 991.5 971.3 
Asia Pacific198.4 187.7 561.5 563.7 
Total$1,414.6 $1,188.8 $3,852.4 $3,435.5 

For the three and nine months ended September 30, 2022 and September 30, 2021, no customer accounted for more than 10% of total net revenues.
v3.22.2.2
Income Taxes
9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes
Note 12. Income Taxes

The following table provides details of income taxes (in millions, except percentages):
 Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Income before income taxes$140.2 $111.8 $331.3 $148.8 
Income tax provision$16.6 $22.9 $38.1 $29.0 
Effective tax rate11.9 %20.5 %11.5 %19.5 %

The Company’s effective tax rate differs from the federal statutory rate of 21% primarily due to the tax impact of state taxes, geographic mix of earnings including foreign-derived intangible income deductions and global intangible low-taxed income, research and development and foreign tax credits, tax audit settlements, non-deductible compensation, cost sharing of stock-based compensation, and other transfer pricing adjustments.

The Company’s effective tax rate for the nine months ended September 30, 2022 includes the net effect of the gain recognized on divestiture of the Company's silicon photonics business, one-time benefits from tax legislative changes, and excess tax benefits associated with stock-based compensation.

The Company’s effective tax rate for the nine months ended September 30, 2021 reflected the loss on extinguishment of debt of $60.6 million and restructuring charges of $42.8 million in the period.

As of September 30, 2022, the total amount of gross unrecognized tax benefits was $122.0 million.

The Company engages in continuous discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. There is a greater than remote likelihood that the balance of the gross unrecognized tax benefits will decrease by up to $5.9 million within the next twelve months due to the completion of tax review cycles in various tax jurisdictions and lapses of applicable statutes of limitation.
The Company is currently under examination by the Internal Revenue Service and the India tax authorities for the 2017 through 2018 tax years and the 2012 through 2019 tax years, respectively.
v3.22.2.2
Net Income per Share
9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Net Income per Share
Note 13. Net Income per Share

The Company computed basic and diluted net income per share as follows (in millions, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Numerator:
Net income$121.5 $88.9 $290.6 $119.8 
Denominator:
Weighted-average shares used to compute basic net income per share322.8 324.0 321.8 325.0 
Dilutive effect of employee stock awards6.1 7.1 7.5 6.4 
Weighted-average shares used to compute diluted net income per share328.9 331.1 329.3 331.4 
Net income per share:
Basic$0.38 $0.27 $0.90 $0.37 
Diluted$0.37 $0.27 $0.88 $0.36 
Anti-dilutive shares 5.0 0.6 1.9 0.7 
v3.22.2.2
Commitments and Contingencies
9 Months Ended
Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 14. Commitments and Contingencies

Commitments

Except for the items below, there have been no material changes to the Company's commitments compared to the commitments described in Note 15, Commitments and Contingencies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K.

Purchase Commitments with Contract Manufacturers and Suppliers

In order to reduce manufacturing lead times and in the interest of having access to adequate component supply, the Company enters into agreements with contract manufacturers and certain suppliers to procure inventory based on the Company's requirements. A significant portion of the Company's purchase commitments arising from these agreements consists of firm and non-cancelable commitments. These purchase commitments totaled $2,415.0 million as of September 30, 2022.

Legal Proceedings

In the ordinary course of business, the Company is subject to various pending and potential investigations, disputes, litigations, and legal proceedings. The Company records an accrual for loss contingencies for legal proceedings when it believes that an unfavorable outcome is both (a) probable and (b) the amount or range of any possible loss is reasonably estimable. The Company intends to aggressively defend itself in any legal matters, and while the outcome of any pending matters is not currently determinable, the Company believes that none of its currently existing claims or proceedings are likely, individually or in the aggregate, to have a material adverse effect on its financial position. Notwithstanding the foregoing, there are many uncertainties associated with any litigation and these matters or any other third-party claims against the Company may cause the Company to incur costly litigation and/or substantial settlement charges. In addition, the resolution of any intellectual property litigation may require the Company to make royalty payments, which could adversely affect gross margins in future periods. If any of these events were to occur, the Company's business, financial condition, results of operations, and cash flows could be adversely affected. The actual liability in any such matters may be materially different from the Company's estimates, if any, which could result in the need to adjust the liability and record additional expenses.
v3.22.2.2
Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events
Note 15. Subsequent Events

Dividend Declaration

On October 25, 2022, the Company announced a cash dividend of $0.21 per share of common stock to be paid on December 22, 2022 to stockholders of record as of the close of business on December 1, 2022.
v3.22.2.2
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation

The Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet as of December 31, 2021 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, or any future period.

These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (the "Form 10-K"). We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued.
Use of Estimates The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions.
Equity Method Investments The Company accounts for investments in companies over which it has the ability to exercise significant influence, but does not have control over the investee, under the equity method of accounting. The investment is initially measured at fair value and subsequently adjusted for any impairment, dividend received, plus or minus the Company's proportionate share of the equity method investee's income or loss. The Company records its interest in the net earnings or loss of its equity method investment along with adjustments for unrealized profits or losses on intra-entity transactions, within its Statements of Operations. Depending on the timing of such financial statements of the investee, there may be a lag between the timing of such financial statement and the Company's quarter-end date. For the Company's sole equity method investment, the Company's share of the investee's net earnings or loss is recorded two months in arrears. The Company records an impairment when factors indicate that the carrying amount of the investment might not be recoverable.
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: On January 1, 2022, the Company early adopted ASU No. 2021-08 (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if the contracts were originated by the acquirer. Upon adoption, the standard did not have a material impact on the Condensed Consolidated Financial Statements.

Reference Rate Reform: In March 2020, the FASB issued ASU No. 2020-04 (Topic 848), Reference Rate Reform, which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The standard became effective upon issuance and may
be applied to any new or amended contracts, hedging relationships, and other transactions that reference LIBOR through December 31, 2022. The adoption did not have a material impact on the Condensed Consolidated Financial Statements.
v3.22.2.2
Divestiture (Tables)
9 Months Ended
Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations The following table presents the carrying value of the major components of assets and liabilities derecognized as of April 4, 2022 (in millions):
As of
April 4,
2022
Assets:
Total current assets$1.0 
Property and equipment, net3.6 
Deferred tax assets3.9 
Other long-term assets1.1 
Purchased intangible assets, net49.0 
Goodwill28.9 
Total assets held for sale$87.5 
Liabilities:
Accounts payable$1.4 
Other liabilities1.1 
Total liabilities held for sale$2.5 
v3.22.2.2
Cash Equivalents and Investments (Tables)
9 Months Ended
Sep. 30, 2022
Cash Equivalents and Investments [Abstract]  
Schedule of Unrealized Gains and Losses and Fair Value of Available-For-Sale Debt Securities
The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of September 30, 2022 and December 31, 2021 (in millions):
As of September 30, 2022
As of December 31, 2021
Amortized
Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Estimated Fair
Value
Amortized
Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Estimated Fair
Value
Fixed income securities:
Asset-backed and mortgage-backed securities$53.9 $— $(1.5)$52.4 $139.1 $— $(0.5)$138.6 
Certificates of deposit5.1 — — 5.1 5.0 — — 5.0 
Commercial paper2.2 — — 2.2 75.8 — — 75.8 
Corporate debt securities322.2 — (9.0)313.2 443.3 0.7 (1.5)442.5 
Foreign government debt securities
8.8 — (0.4)8.4 12.8 — (0.1)12.7 
Time deposits80.9 — — 80.9 35.2 — — 35.2 
U.S. government agency securities
18.7 — (0.7)18.0 26.8 — (0.1)26.7 
U.S. government securities17.0 — (0.3)16.7 73.5 0.1 — 73.6 
Total fixed income securities
508.8 — (11.9)496.9 811.5 0.8 (2.2)810.1 
Privately-held debt and redeemable preferred stock securities15.3 37.4 — 52.7 9.6 37.4 — 47.0 
Total available-for-sale debt securities
$524.1 $37.4 $(11.9)$549.6 $821.1 $38.2 $(2.2)$857.1 
Reported as:
Cash equivalents$80.9 $— $— $80.9 $47.2 $— $— $47.2 
Short-term investments221.6 — (3.4)218.2 306.8 0.7 (0.1)307.4 
Long-term investments206.3 — (8.5)197.8 457.5 0.1 (2.1)455.5 
Other long-term assets15.3 37.4 — 52.7 9.6 37.4 — 47.0 
Total$524.1 $37.4 $(11.9)$549.6 $821.1 $38.2 $(2.2)$857.1 
Schedule of Maturities of Fixed Income Securities
The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2022 (in millions):
 Amortized
Cost
Estimated Fair
Value
Due in less than one year$302.5 $299.1 
Due between one and five years206.3 197.8 
Total$508.8 $496.9 
Schedule of Investments in Equity Securities
The following table presents the Company's investments in equity securities as of September 30, 2022 and December 31, 2021 (in millions):
As of
September 30,
2022
December 31,
2021
Equity investments with readily determinable fair value:
Money market funds$429.5 $382.0 
Mutual funds27.1 33.4 
Publicly-traded equity securities8.1 8.1 
Equity investments without readily determinable fair value162.1 150.1 
Equity investment under the equity method of accounting38.2 — 
Total equity securities$665.0 $573.6 
Reported as:
Cash equivalents$419.5 $371.5 
Short-term investments8.1 8.1 
Prepaid expenses and other current assets12.5 15.1 
Other long-term assets224.9 178.9 
Total$665.0 $573.6 
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (in millions):
As of
September 30,
2022
December 31,
2021
Cash and cash equivalents$830.9 $922.5 
Restricted cash included in Prepaid expenses and other current assets15.7 17.2 
Restricted cash included in Other long-term assets3.0 3.0 
Total cash, cash equivalents, and restricted cash$849.6 $942.7 
v3.22.2.2
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (in millions):
Fair Value Measurements at
September 30, 2022
Fair Value Measurements at
December 31, 2021
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)
Significant Other
Observable
Remaining Inputs
(Level 2)
Significant Other
Unobservable
Remaining Inputs
(Level 3)
TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)
Significant Other
Observable
Remaining Inputs
(Level 2)
Significant Other
Unobservable
Remaining Inputs
(Level 3)
Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities$— $52.4 $— $52.4 $— $138.6 $— $138.6 
Certificates of deposit— 5.1 — 5.1 — 5.0 — 5.0 
Commercial paper— 2.2 — 2.2 — 75.8 — 75.8 
Corporate debt securities — 313.2 — 313.2 — 442.5 — 442.5 
Foreign government debt securities— 8.4 — 8.4 — 12.7 — 12.7 
Time deposits— 80.9 — 80.9 — 35.2 — 35.2 
U.S. government agency securities— 18.0 — 18.0 — 26.7 — 26.7 
U.S. government securities13.5 3.2 — 16.7 42.3 31.3 — 73.6 
Privately-held debt and redeemable preferred stock securities— — 52.7 52.7 — — 47.0 47.0 
Total available-for-sale debt securities13.5 483.4 52.7 549.6 42.3 767.8 47.0 857.1 
Equity securities:
Money market funds429.5 — — 429.5 382.0 — — 382.0 
Mutual funds27.1 — — 27.1 33.4 — — 33.4 
Publicly-traded equity securities8.1 — — 8.1 8.1 — — 8.1 
Total equity securities464.7 — — 464.7 423.5 — — 423.5 
Derivative assets:
Foreign exchange contracts— 1.3 — 1.3 — 9.2 — 9.2 
Interest rate contracts— 123.9 — 123.9 — 47.1 — 47.1 
Total derivative assets— 125.2 — 125.2 — 56.3 — 56.3 
Total assets measured at fair value on a recurring basis$478.2 $608.6 $52.7 $1,139.5 $465.8 $824.1 $47.0 $1,336.9 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(87.0)$— $(87.0)$— $(24.0)$— $(24.0)
Interest rate contracts— (92.7)— (92.7)— (2.5)— (2.5)
Total derivative liabilities— (179.7)— (179.7)— (26.5)— (26.5)
Total liabilities measured at fair value on a recurring basis$— $(179.7)$— $(179.7)$— $(26.5)$— $(26.5)
Fair Value Measurements at
September 30, 2022
Fair Value Measurements at
December 31, 2021
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)
Significant Other
Observable
Remaining Inputs
(Level 2)
Significant Other
Unobservable
Remaining Inputs
(Level 3)
TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)
Significant Other
Observable
Remaining Inputs
(Level 2)
Significant Other
Unobservable
Remaining Inputs
(Level 3)
Total
Total assets, reported as:
Cash equivalents$419.5 $80.9 $— $500.4 $371.6 $47.2 $— $418.8 
Short-term investments19.7 206.5 — 226.2 41.5 274.0 — 315.5 
Long-term investments1.9 195.9 — 197.8 8.8 446.7 — 455.5 
Prepaid expenses and other current assets
12.6 0.1 — 12.7 15.1 8.8 — 23.9 
Other long-term assets24.5 125.2 52.7 202.4 28.8 47.4 47.0 123.2 
Total assets measured at fair value
$478.2 $608.6 $52.7 $1,139.5 $465.8 $824.1 $47.0 $1,336.9 
Total liabilities, reported as:
Other accrued liabilities$— $(58.9)$— $(58.9)$— $(14.9)$— $(14.9)
Other long-term liabilities— (120.8)— (120.8)— (11.6)— (11.6)
Total liabilities measured at fair value on a recurring basis
$— $(179.7)$— $(179.7)$— $(26.5)$— $(26.5)
v3.22.2.2
Derivative Instruments (Tables)
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments The notional amount of the Company's derivative instruments is summarized as follows (in millions):
 As of
 September 30,
2022
December 31,
2021
Designated derivatives:
Cash flow hedges:
Foreign currency contracts
$885.8 $873.9 
Interest rate lock contracts
650.0 650.0 
Fair value hedges:
Interest rate swap contracts
600.0 600.0 
Total designated derivatives
2,135.8 2,123.9 
Non-designated derivatives183.1 144.6 
Total$2,318.9 $2,268.5 
Schedule of Derivative Assets at Fair Value
The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
 As of
 Balance Sheet ClassificationSeptember 30,
2022
December 31,
2021
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts Other current assets$0.7 $8.7 
Foreign currency contracts Other long-term assets0.1 0.4 
Interest rate lock contracts Other long-term assets123.9 45.0 
Interest rate swap contractsOther long-term assets— 2.1 
Total derivatives designated as hedging instruments$124.7 $56.2 
Derivatives not designated as hedging instrumentsOther current assets0.5 0.1 
Total derivative assets$125.2 $56.3 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$58.3 $14.8 
Foreign currency contracts Other long-term liabilities28.2 9.1 
Interest rate swap contractsOther long-term liabilities92.7 2.5 
Total derivatives designated as hedging instruments$179.2 $26.4 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.5 0.1 
Total derivative liabilities$179.7 $26.5 
Schedule of Derivative Liabilities at Fair Value
The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
 As of
 Balance Sheet ClassificationSeptember 30,
2022
December 31,
2021
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts Other current assets$0.7 $8.7 
Foreign currency contracts Other long-term assets0.1 0.4 
Interest rate lock contracts Other long-term assets123.9 45.0 
Interest rate swap contractsOther long-term assets— 2.1 
Total derivatives designated as hedging instruments$124.7 $56.2 
Derivatives not designated as hedging instrumentsOther current assets0.5 0.1 
Total derivative assets$125.2 $56.3 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$58.3 $14.8 
Foreign currency contracts Other long-term liabilities28.2 9.1 
Interest rate swap contractsOther long-term liabilities92.7 2.5 
Total derivatives designated as hedging instruments$179.2 $26.4 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.5 0.1 
Total derivative liabilities$179.7 $26.5 
v3.22.2.2
Other Financial Information (Tables)
9 Months Ended
Sep. 30, 2022
Other Financial Information [Abstract]  
Schedule of Inventories
Total inventory consisted of the following (in millions):
As of
September 30,
2022
December 31,
2021
Production and service materials$431.4 $208.6 
Finished goods109.0 75.6 
Total inventory$540.4 $284.2 
Reported as:
Inventory$519.6 $272.6 
Other long-term assets20.8 11.6 
Total inventory$540.4 $284.2 
Schedule of Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in millions):
As of
September 30,
2022
December 31,
2021
Contract manufacturer deposit$390.9 $223.8 
Prepaid expenses89.5 104.3 
Other current assets124.0 123.5 
Total prepaid expenses and other current assets$604.4 $451.6 
Schedule of Warranties
Changes during the nine months ended September 30, 2022 in the Company’s warranty reserve as reported within other accrued liabilities in the Condensed Consolidated Balance Sheets were as follows (in millions):

Balance as of December 31, 2021
$33.0 
Provisions made during the period22.2 
Actual costs incurred during the period(25.6)
Balance as of September 30, 2022
$29.6 
Schedule of Performance Obligation
The following table summarizes the breakdown of RPO as of September 30, 2022 and when the Company expects to recognize the amounts as revenue (in millions):
Revenue Recognition Expected by Period
TotalLess than 1 year1-3 yearsMore than 3 years
Product$110.2 $91.9 $15.0 $3.3 
Service1,383.1 816.5 437.1 129.5 
Total$1,493.3 $908.4 $452.1 $132.8 
Schedule of Other Expense
Other expense, net, consisted of the following (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Interest income $5.5 $3.0 $11.4 $10.5 
Interest expense(15.2)(12.2)(41.1)(38.5)
Gain (loss) on investments, net(1.3)0.7 (4.4)3.3 
Other1.9 0.2 4.0 0.5 
Other expense, net$(9.1)$(8.3)$(30.1)$(24.2)
v3.22.2.2
Restructuring Charges (Tables)
9 Months Ended
Sep. 30, 2022
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Liabilities The following table provides a summary of changes in the restructuring liabilities (in millions):
December 31, 2021
ChargesCash
Payments
OtherSeptember 30,
2022
Severance$1.4 $13.7 $(7.7)$(0.2)$7.2 
Contract terminations and facility exit-related10.9 8.6 (10.0)(2.7)6.8 
Total$12.3 $22.3 $(17.7)$(2.9)$14.0 
v3.22.2.2
Debt (Tables)
9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Total Debt
The following table summarizes the Company's total debt (in millions, except percentages):
 As of
 Maturity DateEffective Interest RatesSeptember 30,
2022
December 31,
2021
Senior Notes ("Notes"):
1.200% fixed-rate notes ("2025 Notes")
December 20251.37 %$400.0 $400.0 
3.750% fixed-rate notes ("2029 Notes")
August 20293.86 %500.0 500.0 
2.000% fixed-rate notes ("2030 Notes")
December 20302.12 %400.0 400.0 
5.950% fixed-rate notes ("2041 Notes")
March 20416.03 %400.0 400.0 
Total Notes1,700.0 1,700.0 
Unaccreted discount and debt issuance costs(11.6)(12.9)
Hedge accounting fair value adjustments(*)
(92.7)(0.3)
Total$1,595.7 $1,686.8 
________________________________
(*)     Represents the fair value adjustments for interest rate swaps with an aggregate notional amount of $600.0 million. These interest rate swaps convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 5, Derivative Instruments, for a discussion of the Company's interest rate swaps.
v3.22.2.2
Equity (Tables)
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Schedule of Dividends Paid and Stock Repurchases and Retirements Under Stock Repurchase Program
The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Dividends:
Per share$0.21 $0.20 $0.63 $0.60 
Amount$68.0 $65.0 $202.8 $194.9 
Repurchased under the 2018 Stock Repurchase Program:
Shares— 1.7 6.3 11.0 
Average price per share$— $28.43 $33.38 $25.80 
Amount$— $50.0 $212.2 $285.0 
Schedule of Accumulated Other Comprehensive Loss, Net of Taxes
The components of accumulated other comprehensive loss, net of related taxes, for the nine months ended September 30, 2022 were as follows (in millions):
Unrealized
Gains/Losses
on Available-for-
Sale Debt Securities
Unrealized
 Gains/Losses
on Cash Flow
Hedges
Foreign
Currency
Translation
Adjustments
Total
Balance as of December 31, 2021
$27.9 $19.0 $(49.0)$(2.1)
Other comprehensive loss before reclassifications(8.2)(20.4)(35.3)(63.9)
Amount reclassified from accumulated other comprehensive loss0.3 13.1 — 13.4 
Other comprehensive loss, net (7.9)(7.3)(35.3)(50.5)
Balance as of September 30, 2022
$20.0 $11.7 $(84.3)$(52.6)
v3.22.2.2
Employee Benefit Plans (Tables)
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Nonvested Share Activity
The Company’s RSU, RSA, and PSA activities and related information as of and for the nine months ended September 30, 2022 were as follows (in millions, except per share amounts and years):
Outstanding RSUs, RSAs, and PSAs
Number of SharesWeighted Average
Grant Date Fair
Value per Share
Weighted Average
Remaining
Contractual Term
(In Years)
Aggregate
Intrinsic
Value
Balance as of December 31, 2021
22.2 $24.55 
Granted(*)
8.2 29.64 
Vested(6.5)24.49 
Canceled(2.4)25.52 
Balance as of September 30, 2022
21.5 $26.41 1.3$561.4 
________________________________
(*)    Includes 6.5 million service-based, 1.3 million performance-based, and 0.4 million market-based awards. The number of shares subject to performance-based and market-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested.
Schedule of Employee Stock Purchases through ESPP
The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Shares purchased1.2 1.4 2.6 2.8 
Average exercise price per share$23.43 $19.88 $21.59 $19.81 
Schedule of Employee Service Share-Based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Cost of revenues - Product$1.7 $1.5 $4.3 $3.8 
Cost of revenues - Service4.8 4.7 13.0 13.1 
Research and development26.3 23.7 62.2 68.0 
Sales and marketing17.4 16.4 42.3 47.8 
General and administrative11.3 8.6 32.1 30.2 
Total$61.5 $54.9 $153.9 $162.9 
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award
The following table summarizes share-based compensation expense by award type (in millions):
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Stock options$1.3 $2.2 $4.4 $7.4 
RSUs, RSAs, and PSAs52.4 47.9 131.8 142.4 
ESPP purchase rights7.8 4.8 17.7 13.1 
Total$61.5 $54.9 $153.9 $162.9 
v3.22.2.2
Segments (Tables)
9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Schedule of Financial Information for Each Segment
The following table presents net revenues by customer solution (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Customer Solutions:
Automated WAN Solutions$532.7 $384.5 $1,386.3 $1,167.0 
Cloud-Ready Data Center229.3 194.7 619.0 554.0 
AI-Driven Enterprise266.6 229.8 707.9 586.1 
Hardware Maintenance and Professional Services386.0 379.8 1,139.2 1,128.4 
Total $1,414.6 $1,188.8 $3,852.4 $3,435.5 

The following table presents net revenues by customer vertical (in millions):
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Cloud$375.3 $303.3 $1,013.3 $894.6 
Service Provider523.1 445.8 1,421.9 1,327.7 
Enterprise516.2 439.7 1,417.2 1,213.2 
Total$1,414.6 $1,188.8 $3,852.4 $3,435.5 
Schedule of Net Revenues by Geographic Region
The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Americas:
United States$839.0 $609.2 $2,133.6 $1,729.7 
Other56.8 55.6 165.8 170.8 
Total Americas895.8 664.8 2,299.4 1,900.5 
Europe, Middle East, and Africa320.4 336.3 991.5 971.3 
Asia Pacific198.4 187.7 561.5 563.7 
Total$1,414.6 $1,188.8 $3,852.4 $3,435.5 
v3.22.2.2
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The following table provides details of income taxes (in millions, except percentages):
 Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Income before income taxes$140.2 $111.8 $331.3 $148.8 
Income tax provision$16.6 $22.9 $38.1 $29.0 
Effective tax rate11.9 %20.5 %11.5 %19.5 %
v3.22.2.2
Net Income per Share (Tables)
9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income (Loss) Per Share
The Company computed basic and diluted net income per share as follows (in millions, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Numerator:
Net income$121.5 $88.9 $290.6 $119.8 
Denominator:
Weighted-average shares used to compute basic net income per share322.8 324.0 321.8 325.0 
Dilutive effect of employee stock awards6.1 7.1 7.5 6.4 
Weighted-average shares used to compute diluted net income per share328.9 331.1 329.3 331.4 
Net income per share:
Basic$0.38 $0.27 $0.90 $0.37 
Diluted$0.37 $0.27 $0.88 $0.36 
Anti-dilutive shares 5.0 0.6 1.9 0.7 
v3.22.2.2
Basis of Presentation and Summary of Significant Accounting Policies (Details)
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Equity method investment, recording period lag 2 months
v3.22.2.2
Divestiture - Narrative (Details) - USD ($)
3 Months Ended 9 Months Ended
Apr. 04, 2022
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Gain on divestiture   $ 0 $ 0 $ 45,800,000 $ 0
Equity investment under the equity method of accounting   $ 40,300,000 $ 0 $ 40,300,000 $ 0
Silicon Photonics Business          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Ownership percentage 25.00%        
Equity investment under the equity method of accounting $ 40,800,000        
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Silicon Photonics Business          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Consideration 90,000,000        
Maximum exercisable amount 30,000,000        
Fair value of redemption 10,800,000        
Gain on divestiture 45,800,000        
Retained investment $ 19,500,000        
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Silicon Photonics Business          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Remaining ownership percent divested 75.00%        
v3.22.2.2
Divestiture - Assets and Liabilities Held for Sale (Details) - Silicon Photonics Business - Disposal Group, Held-for-sale, Not Discontinued Operations
$ in Millions
Apr. 04, 2022
USD ($)
Assets:  
Total current assets $ 1.0
Property and equipment, net 3.6
Deferred tax assets 3.9
Other long-term assets 1.1
Purchased intangible assets, net 49.0
Goodwill 28.9
Total assets held for sale 87.5
Liabilities:  
Accounts payable 1.4
Other liabilities 1.1
Total current liabilities $ 2.5
v3.22.2.2
Cash Equivalents and Investments - Available-For-Sale (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Available-for-sale debt securities:    
Amortized Cost $ 524.1 $ 821.1
Gross Unrealized Gains 37.4 38.2
Gross Unrealized Losses (11.9) (2.2)
Estimated Fair Value 549.6 857.1
Cash equivalents    
Available-for-sale debt securities:    
Amortized Cost 80.9 47.2
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses 0.0 0.0
Estimated Fair Value 80.9 47.2
Short-term investments    
Available-for-sale debt securities:    
Amortized Cost 221.6 306.8
Gross Unrealized Gains 0.0 0.7
Gross Unrealized Losses (3.4) (0.1)
Estimated Fair Value 218.2 307.4
Long-term investments    
Available-for-sale debt securities:    
Amortized Cost 206.3 457.5
Gross Unrealized Gains 0.0 0.1
Gross Unrealized Losses (8.5) (2.1)
Estimated Fair Value 197.8 455.5
Other long-term assets    
Available-for-sale debt securities:    
Amortized Cost 15.3 9.6
Gross Unrealized Gains 37.4 37.4
Gross Unrealized Losses 0.0 0.0
Estimated Fair Value 52.7 47.0
Total fixed income securities    
Available-for-sale debt securities:    
Amortized Cost 508.8 811.5
Gross Unrealized Gains 0.0 0.8
Gross Unrealized Losses (11.9) (2.2)
Estimated Fair Value 496.9 810.1
Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Amortized Cost 53.9 139.1
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (1.5) (0.5)
Estimated Fair Value 52.4 138.6
Certificates of deposit    
Available-for-sale debt securities:    
Amortized Cost 5.1 5.0
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses 0.0 0.0
Estimated Fair Value 5.1 5.0
Commercial paper    
Available-for-sale debt securities:    
Amortized Cost 2.2 75.8
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses 0.0 0.0
Estimated Fair Value 2.2 75.8
Corporate debt securities    
Available-for-sale debt securities:    
Amortized Cost 322.2 443.3
Gross Unrealized Gains 0.0 0.7
Gross Unrealized Losses (9.0) (1.5)
Estimated Fair Value 313.2 442.5
Foreign government debt securities    
Available-for-sale debt securities:    
Amortized Cost 8.8 12.8
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (0.4) (0.1)
Estimated Fair Value 8.4 12.7
Time deposits    
Available-for-sale debt securities:    
Amortized Cost 80.9 35.2
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses 0.0 0.0
Estimated Fair Value 80.9 35.2
U.S. government agency securities    
Available-for-sale debt securities:    
Amortized Cost 18.7 26.8
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (0.7) (0.1)
Estimated Fair Value 18.0 26.7
U.S. government securities    
Available-for-sale debt securities:    
Amortized Cost 17.0 73.5
Gross Unrealized Gains 0.0 0.1
Gross Unrealized Losses (0.3) 0.0
Estimated Fair Value 16.7 73.6
Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Amortized Cost 15.3 9.6
Gross Unrealized Gains 37.4 37.4
Gross Unrealized Losses 0.0 0.0
Estimated Fair Value $ 52.7 $ 47.0
v3.22.2.2
Cash Equivalents and Investments - Maturities of Fixed Income Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Amortized Cost    
Amortized Cost $ 524.1 $ 821.1
Estimated Fair Value    
Total 549.6 857.1
Total fixed income securities    
Amortized Cost    
Due in less than one year 302.5  
Due between one and five years 206.3  
Amortized Cost 508.8 811.5
Estimated Fair Value    
Due in less than one year 299.1  
Due between one and five years 197.8  
Total $ 496.9 $ 810.1
v3.22.2.2
Cash Equivalents and Investments - Narrative (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
investment
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
investment
Sep. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]          
Gross unrealized losses $ 11,900,000   $ 11,900,000   $ 2,200,000
Total investments in unrealized loss position | investment 370   370    
Unrealized loss position, less than 12 months, accumulated loss $ 7,000,000   $ 7,000,000    
Unrealized loss position, 12 months or longer, accumulated loss 4,900,000   4,900,000    
Equity securities, realized gain 0 $ 0 0 $ 0  
Equity securities, realized loss 0 0 0 0  
Equity investments, unrealized gains 0 0 0 0  
Equity investments, unrealized losses 0 0 0 0  
Loss from equity method investment, net of tax 2,100,000 0 2,600,000 0  
Restricted cash and investments 55,900,000   55,900,000    
Prepaid expenses and other current assets          
Restricted Cash and Cash Equivalents Items [Line Items]          
Restricted cash and investments 28,200,000   28,200,000    
Other long-term assets          
Restricted Cash and Cash Equivalents Items [Line Items]          
Gross unrealized losses 0   0   $ 0
Restricted cash and investments 27,700,000   27,700,000    
Debt Securities          
Restricted Cash and Cash Equivalents Items [Line Items]          
Allowance for credit losses $ 0 $ 0 $ 0 $ 0  
v3.22.2.2
Cash Equivalents and Investments - Investments in Equity Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments without readily determinable fair value $ 162.1 $ 150.1
Equity investment under the equity method of accounting 38.2 0.0
Total equity securities 665.0 573.6
Cash equivalents    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 419.5 371.5
Short-term investments    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 8.1 8.1
Prepaid expenses and other current assets    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 12.5 15.1
Other long-term assets    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 224.9 178.9
Money market funds    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: 429.5 382.0
Mutual funds    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: 27.1 33.4
Publicly-traded equity securities    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: $ 8.1 $ 8.1
v3.22.2.2
Cash Equivalents and Investments - Restricted Cash and Investments (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash and cash equivalents $ 830.9 $ 922.5    
Total cash, cash equivalents, and restricted cash 849.6 942.7 $ 1,032.8 $ 1,383.0
Prepaid expenses and other current assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash included in Prepaid expenses and other current and other long-term assets 15.7 17.2    
Other long-term assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash included in Prepaid expenses and other current and other long-term assets $ 3.0 $ 3.0    
v3.22.2.2
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Derivative assets:    
Derivative assets: $ 125.2 $ 56.3
Money market funds    
Equity securities:    
Equity securities 429.5 382.0
Publicly-traded equity securities    
Equity securities:    
Equity securities 8.1 8.1
Fair Value, Measurements, Recurring    
Available-for-sale debt securities:    
Available-for-sale debt securities 549.6 857.1
Equity securities:    
Equity securities 464.7 423.5
Derivative assets:    
Derivative assets: 125.2 56.3
Total assets measured at fair value on a recurring basis 1,139.5 1,336.9
Liabilities:    
Derivative liabilities: (179.7) (26.5)
Total liabilities measured at fair value on a recurring basis (179.7) (26.5)
Fair Value, Measurements, Recurring | Cash equivalents    
Derivative assets:    
Total assets measured at fair value on a recurring basis 500.4 418.8
Fair Value, Measurements, Recurring | Short-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 226.2 315.5
Fair Value, Measurements, Recurring | Long-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 197.8 455.5
Fair Value, Measurements, Recurring | Prepaid expenses and other current assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 12.7 23.9
Fair Value, Measurements, Recurring | Other long-term assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 202.4 123.2
Fair Value, Measurements, Recurring | Other accrued liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis (58.9) (14.9)
Fair Value, Measurements, Recurring | Other long-term liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis (120.8) (11.6)
Fair Value, Measurements, Recurring | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 1.3 9.2
Liabilities:    
Derivative liabilities: (87.0) (24.0)
Fair Value, Measurements, Recurring | Interest rate contracts    
Derivative assets:    
Derivative assets: 123.9 47.1
Liabilities:    
Derivative liabilities: (92.7) (2.5)
Fair Value, Measurements, Recurring | Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 52.4 138.6
Fair Value, Measurements, Recurring | Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 5.1 5.0
Fair Value, Measurements, Recurring | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 2.2 75.8
Fair Value, Measurements, Recurring | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 313.2 442.5
Fair Value, Measurements, Recurring | Foreign government debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 8.4 12.7
Fair Value, Measurements, Recurring | Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 80.9 35.2
Fair Value, Measurements, Recurring | U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 18.0 26.7
Fair Value, Measurements, Recurring | U.S. government securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 16.7 73.6
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 52.7 47.0
Fair Value, Measurements, Recurring | Money market funds    
Equity securities:    
Equity securities 429.5 382.0
Fair Value, Measurements, Recurring | Mutual funds    
Equity securities:    
Equity securities 27.1 33.4
Fair Value, Measurements, Recurring | Publicly-traded equity securities    
Equity securities:    
Equity securities 8.1 8.1
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)    
Available-for-sale debt securities:    
Available-for-sale debt securities 13.5 42.3
Equity securities:    
Equity securities 464.7 423.5
Derivative assets:    
Derivative assets: 0.0 0.0
Total assets measured at fair value on a recurring basis 478.2 465.8
Liabilities:    
Derivative liabilities: 0.0 0.0
Total liabilities measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Cash equivalents    
Derivative assets:    
Total assets measured at fair value on a recurring basis 419.5 371.6
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Short-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 19.7 41.5
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Long-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 1.9 8.8
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Prepaid expenses and other current assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 12.6 15.1
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other long-term assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 24.5 28.8
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other accrued liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other long-term liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 0.0 0.0
Liabilities:    
Derivative liabilities: 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Interest rate contracts    
Derivative assets:    
Derivative assets: 0.0 0.0
Liabilities:    
Derivative liabilities: 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Foreign government debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | U.S. government securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 13.5 42.3
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Money market funds    
Equity securities:    
Equity securities 429.5 382.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Mutual funds    
Equity securities:    
Equity securities 27.1 33.4
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Publicly-traded equity securities    
Equity securities:    
Equity securities 8.1 8.1
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)    
Available-for-sale debt securities:    
Available-for-sale debt securities 483.4 767.8
Equity securities:    
Equity securities 0.0 0.0
Derivative assets:    
Derivative assets: 125.2 56.3
Total assets measured at fair value on a recurring basis 608.6 824.1
Liabilities:    
Derivative liabilities: (179.7) (26.5)
Total liabilities measured at fair value on a recurring basis (179.7) (26.5)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Cash equivalents    
Derivative assets:    
Total assets measured at fair value on a recurring basis 80.9 47.2
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Short-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 206.5 274.0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Long-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 195.9 446.7
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Prepaid expenses and other current assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 0.1 8.8
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other long-term assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 125.2 47.4
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other accrued liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis (58.9) (14.9)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other long-term liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis (120.8) (11.6)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 1.3 9.2
Liabilities:    
Derivative liabilities: (87.0) (24.0)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Interest rate contracts    
Derivative assets:    
Derivative assets: 123.9 47.1
Liabilities:    
Derivative liabilities: (92.7) (2.5)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 52.4 138.6
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 5.1 5.0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 2.2 75.8
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 313.2 442.5
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign government debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 8.4 12.7
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 80.9 35.2
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 18.0 26.7
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | U.S. government securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 3.2 31.3
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Money market funds    
Equity securities:    
Equity securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Mutual funds    
Equity securities:    
Equity securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Publicly-traded equity securities    
Equity securities:    
Equity securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3)    
Available-for-sale debt securities:    
Available-for-sale debt securities 52.7 47.0
Equity securities:    
Equity securities 0.0 0.0
Derivative assets:    
Derivative assets: 0.0 0.0
Total assets measured at fair value on a recurring basis 52.7 47.0
Liabilities:    
Derivative liabilities: 0.0 0.0
Total liabilities measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Cash equivalents    
Derivative assets:    
Total assets measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Short-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Long-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Prepaid expenses and other current assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other long-term assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 52.7 47.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other accrued liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other long-term liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 0.0 0.0
Liabilities:    
Derivative liabilities: 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Interest rate contracts    
Derivative assets:    
Derivative assets: 0.0 0.0
Liabilities:    
Derivative liabilities: 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Foreign government debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | U.S. government securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 52.7 47.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Money market funds    
Equity securities:    
Equity securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Mutual funds    
Equity securities:    
Equity securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Publicly-traded equity securities    
Equity securities:    
Equity securities $ 0.0 $ 0.0
v3.22.2.2
Fair Value Measurements - Narrative (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity securities without readily determinable fair value, upward adjustment   $ 0  
Equity securities without readily determinable fair value, downward adjustment   0  
Goodwill and intangible impairment $ 0 0  
Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Financial and nonfinancial liabilities, fair value disclosure 179,700,000 179,700,000 $ 26,500,000
Fair Value, Measurements, Nonrecurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Financial and nonfinancial liabilities, fair value disclosure 0 0 0
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Financial and nonfinancial liabilities, fair value disclosure 0 0 0
Significant Other Observable Remaining Inputs (Level 2)      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total outstanding debt, fair value 1,435,100,000 1,435,100,000 1,845,600,000
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Financial and nonfinancial liabilities, fair value disclosure 179,700,000 179,700,000 $ 26,500,000
Privately-held debt and redeemable preferred stock securities | Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Unrealized gain (loss) on investments $ 0 $ 0  
v3.22.2.2
Derivative Instruments - Notional Amount (Details) - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Apr. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Derivative [Line Items]          
Notional amount of derivatives $ 2,318,900,000 $ 2,268,500,000      
Designated derivatives          
Derivative [Line Items]          
Notional amount of derivatives 2,135,800,000 2,123,900,000      
Non-designated derivatives          
Derivative [Line Items]          
Notional amount of derivatives 183,100,000 144,600,000      
Foreign currency contracts | Cash flow hedges | Designated derivatives          
Derivative [Line Items]          
Notional amount of derivatives 885,800,000 873,900,000      
Interest rate lock contracts | Cash flow hedges | Designated derivatives          
Derivative [Line Items]          
Notional amount of derivatives 650,000,000.0 650,000,000.0 $ 300,000,000 $ 650,000,000 $ 300,000,000
Interest rate swap contracts | Fair value hedges          
Derivative [Line Items]          
Notional amount of derivatives 600,000,000        
Interest rate swap contracts | Fair value hedges | Designated derivatives          
Derivative [Line Items]          
Notional amount of derivatives $ 600,000,000.0 $ 600,000,000.0      
v3.22.2.2
Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Derivative [Line Items]    
Derivative assets: $ 125.2 $ 56.3
Derivative liabilities: 179.7 26.5
Designated derivatives    
Derivative [Line Items]    
Derivative assets: 124.7 56.2
Derivative liabilities: 179.2 26.4
Designated derivatives | Other current assets | Foreign currency contracts    
Derivative [Line Items]    
Derivative assets: 0.7 8.7
Designated derivatives | Other long-term assets | Foreign currency contracts    
Derivative [Line Items]    
Derivative assets: 0.1 0.4
Designated derivatives | Other long-term assets | Interest rate lock contracts    
Derivative [Line Items]    
Derivative assets: 123.9 45.0
Designated derivatives | Other long-term assets | Interest rate swap contracts    
Derivative [Line Items]    
Derivative assets: 0.0 2.1
Designated derivatives | Other accrued liabilities | Foreign currency contracts    
Derivative [Line Items]    
Derivative liabilities: 58.3 14.8
Designated derivatives | Other long-term liabilities | Foreign currency contracts    
Derivative [Line Items]    
Derivative liabilities: 28.2 9.1
Designated derivatives | Other long-term liabilities | Interest rate swap contracts    
Derivative [Line Items]    
Derivative liabilities: 92.7 2.5
Derivatives not designated as hedging instruments | Other current assets    
Derivative [Line Items]    
Derivative assets: 0.5 0.1
Derivatives not designated as hedging instruments | Other accrued liabilities    
Derivative [Line Items]    
Derivative liabilities: $ 0.5 $ 0.1
v3.22.2.2
Derivative Instruments - Narrative (Details) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2020
Apr. 30, 2021
Dec. 31, 2019
Derivatives, Notional Amount [Line Items]                  
Derivative asset, fair value, gross asset, period decrease $ 81,900,000                
Derivative liability fair value gross liability period decrease   $ 17,500,000              
Notional amount of derivatives 2,318,900,000 2,268,500,000 $ 2,318,900,000   $ 2,318,900,000        
Foreign currency contracts                  
Derivatives, Notional Amount [Line Items]                  
Foreign currency forward contracts, amounts reclassified out of AOCI     (8,800,000) $ 6,200,000 $ (11,900,000) $ 24,300,000      
Foreign currency contracts | Minimum                  
Derivatives, Notional Amount [Line Items]                  
Maturity of foreign currency derivatives         1 month        
Foreign currency contracts | Maximum                  
Derivatives, Notional Amount [Line Items]                  
Maturity of foreign currency derivatives         4 months        
Designated derivatives                  
Derivatives, Notional Amount [Line Items]                  
Notional amount of derivatives 2,135,800,000 2,123,900,000 2,135,800,000   $ 2,135,800,000        
Cash flow hedges                  
Derivatives, Notional Amount [Line Items]                  
Derivative instruments, gain (loss) recognized in other comprehensive income (loss), effective portion     (39,000,000) $ (3,000,000) $ (3,700,000) $ 23,100,000      
Cash flow hedges | Designated derivatives                  
Derivatives, Notional Amount [Line Items]                  
Maximum maturities of cash flow hedge derivatives         36 months        
Losses expected to be reclassified into earnings within the next 12 months (57,500,000)                
Cash flow hedges | Designated derivatives | Interest rate lock contracts                  
Derivatives, Notional Amount [Line Items]                  
Notional amount of derivatives 650,000,000.0 650,000,000.0 650,000,000.0   $ 650,000,000.0   $ 650,000,000 $ 300,000,000 $ 300,000,000
Derivative, expiration period         8 years        
Derivative expiration period             3 years    
Cash flow hedges | Designated derivatives | Foreign currency contracts                  
Derivatives, Notional Amount [Line Items]                  
Notional amount of derivatives $ 885,800,000 $ 873,900,000 $ 885,800,000   $ 885,800,000        
v3.22.2.2
Other Financial Information - Inventories, Net (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Schedule Of Inventory [Line Items]    
Production and service materials $ 431.4 $ 208.6
Finished goods 109.0 75.6
Total inventory 540.4 284.2
Inventory    
Schedule Of Inventory [Line Items]    
Total inventory 519.6 272.6
Other long-term assets    
Schedule Of Inventory [Line Items]    
Total inventory $ 20.8 $ 11.6
v3.22.2.2
Other Financial Information - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Other Financial Information [Abstract]    
Contract manufacturer deposit $ 390.9 $ 223.8
Prepaid expenses 89.5 104.3
Other current assets 124.0 123.5
Total prepaid expenses and other current assets $ 604.4 $ 451.6
v3.22.2.2
Other Financial Information - Warranties (Details)
$ in Millions
9 Months Ended
Sep. 30, 2022
USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]  
Balance as of December 31, 2021 $ 33.0
Provisions made during the period 22.2
Actual costs incurred during the period (25.6)
Balance as of September 30, 2022 $ 29.6
v3.22.2.2
Other Financial Information - Narrative (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2022
USD ($)
Disaggregation of Revenue [Line Items]    
Deferred commission $ 28,800,000 $ 28,800,000
Amortization of deferred commission 50,600,000 139,800,000
Impairment loss 0 0
Product    
Disaggregation of Revenue [Line Items]    
Contract with customer, liability, revenue recognized 11,600,000 45,100,000
Service    
Disaggregation of Revenue [Line Items]    
Contract with customer, liability, revenue recognized $ 180,100,000 $ 694,200,000
v3.22.2.2
Other Financial Information - Revenue (Details)
$ in Millions
Sep. 30, 2022
USD ($)
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 1,493.3
Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period 110.2
Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period 1,383.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 908.4
Revenue recognition expected by period, satisfaction period 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 91.9
Revenue recognition expected by period, satisfaction period 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 816.5
Revenue recognition expected by period, satisfaction period 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 452.1
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 15.0
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 437.1
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 132.8
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 3.3
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 129.5
Revenue recognition expected by period, satisfaction period
v3.22.2.2
Other Financial Information - Other Expense, Net (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Other Financial Information [Abstract]        
Interest income $ 5.5 $ 3.0 $ 11.4 $ 10.5
Interest expense (15.2) (12.2) (41.1) (38.5)
Gain (loss) on investments, net (1.3) 0.7 (4.4) 3.3
Other 1.9 0.2 4.0 0.5
Other expense, net $ (9.1) $ (8.3) $ (30.1) $ (24.2)
v3.22.2.2
Restructuring Charges - Changes to Restructuring Liabilities (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Restructuring Reserve [Roll Forward]        
Charges $ 13.0 $ 1.9 $ 22.3 $ 42.8
2022 Restructuring Plan        
Restructuring Reserve [Roll Forward]        
Restructuring liability, beginning balance     12.3  
Charges     22.3  
Cash Payments     (17.7)  
Other     (2.9)  
Restructuring liability, ending balance 14.0   14.0  
Severance | 2022 Restructuring Plan        
Restructuring Reserve [Roll Forward]        
Restructuring liability, beginning balance     1.4  
Charges     13.7  
Cash Payments     (7.7)  
Other     (0.2)  
Restructuring liability, ending balance 7.2   7.2  
Contract terminations and facility exit-related | 2022 Restructuring Plan        
Restructuring Reserve [Roll Forward]        
Restructuring liability, beginning balance     10.9  
Charges     8.6  
Cash Payments     (10.0)  
Other     (2.7)  
Restructuring liability, ending balance $ 6.8   $ 6.8  
v3.22.2.2
Debt - Schedule of Debt (Details) - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Long-term debt $ 1,700,000,000 $ 1,700,000,000
Unaccreted discount and debt issuance costs (11,600,000) (12,900,000)
Hedge accounting fair value adjustments (92,700,000) (300,000)
Total 1,595,700,000 1,686,800,000
Notional amount of derivatives 2,318,900,000 2,268,500,000
Interest rate swap contracts | Fair value hedges    
Debt Instrument [Line Items]    
Notional amount of derivatives $ 600,000,000  
Senior notes | 1.200% fixed-rate notes ("2025 Notes")    
Debt Instrument [Line Items]    
Stated interest rate 1.20%  
Effective Interest Rates 1.37%  
Long-term debt $ 400,000,000.0 400,000,000.0
Senior notes | 3.750% fixed-rate notes ("2029 Notes")    
Debt Instrument [Line Items]    
Stated interest rate 3.75%  
Effective Interest Rates 3.86%  
Long-term debt $ 500,000,000.0 500,000,000.0
Senior notes | 2.000% fixed-rate notes ("2030 Notes")    
Debt Instrument [Line Items]    
Stated interest rate 2.00%  
Effective Interest Rates 2.12%  
Long-term debt $ 400,000,000.0 400,000,000.0
Senior notes | 5.950% fixed-rate notes ("2041 Notes")    
Debt Instrument [Line Items]    
Stated interest rate 5.95%  
Effective Interest Rates 6.03%  
Long-term debt $ 400,000,000.0 $ 400,000,000.0
v3.22.2.2
Debt - Revolving Credit Facility (Details) - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Line of Credit Facility [Line Items]    
Amount outstanding $ 1,595,700,000 $ 1,686,800,000
Unsecured Revolving Credit Facility | Line of Credit    
Line of Credit Facility [Line Items]    
Borrowing capacity (up to) 500,000,000  
Increase amount of borrowings, subject to lenders' approval (up to) 200,000,000  
Amount outstanding $ 0  
v3.22.2.2
Equity - Summary of Dividends Paid and Stock Repurchases and Retirements (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dividends:        
Per share (in dollars per share) $ 0.21 $ 0.20 $ 0.63 $ 0.60
Amount $ 68.0 $ 65.0 $ 202.8 $ 194.9
Repurchased under the 2018 Stock Repurchase Program:        
Amount $ 0.5 $ 50.9 $ 226.8 $ 294.0
Stock Repurchase Program 2018        
Repurchased under the 2018 Stock Repurchase Program:        
Shares (in shares) 0.0 1.7 6.3 11.0
Average price (in dollars per share) $ 0 $ 28.43 $ 33.38 $ 25.80
Amount $ 0.0 $ 50.0 $ 212.2 $ 285.0
v3.22.2.2
Equity - Cash Dividends on Shares of Common Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Equity [Abstract]        
Cash dividends declared (in dollars per share) $ 0.21   $ 0.21  
Cash dividends declared $ 68.0 $ 65.0 $ 202.8 $ 194.9
v3.22.2.2
Equity - Stock Repurchase Activities (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Accelerated Share Repurchases [Line Items]        
Common stock received, aggregate price $ 0.5 $ 50.9 $ 226.8 $ 294.0
Stock Repurchase Program 2018        
Accelerated Share Repurchases [Line Items]        
Stock repurchased (in shares)     6.3  
Common stock received, aggregate price 0.0 $ 50.0 $ 212.2 285.0
Common stock repurchased, average cost per share (in dollars per share)     $ 33.38  
Stock repurchase program, remaining authorized repurchase amount $ 700.0   $ 700.0  
Stock repurchased during period, tax withholding     $ 14.5 $ 9.0
v3.22.2.2
Equity - Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance $ 4,248.7 $ 4,340.9 $ 4,316.9 $ 4,543.5
Other comprehensive loss before reclassifications     (63.9)  
Amount reclassified from accumulated other comprehensive loss     13.4  
Other comprehensive loss, net (52.5) (11.9) (50.5) (11.6)
Balance 4,338.1 4,383.8 4,338.1 4,383.8
Unrealized Gains/Losses on Available-for- Sale Debt Securities        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance     27.9  
Other comprehensive loss before reclassifications     (8.2)  
Amount reclassified from accumulated other comprehensive loss     0.3  
Other comprehensive loss, net     (7.9)  
Balance 20.0   20.0  
Unrealized Gains/Losses on Cash Flow Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance     19.0  
Other comprehensive loss before reclassifications     (20.4)  
Amount reclassified from accumulated other comprehensive loss     13.1  
Other comprehensive loss, net     (7.3)  
Balance 11.7   11.7  
Foreign Currency Translation Adjustments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance     (49.0)  
Other comprehensive loss before reclassifications     (35.3)  
Amount reclassified from accumulated other comprehensive loss     0.0  
Other comprehensive loss, net     (35.3)  
Balance (84.3)   (84.3)  
Accumulated Other Comprehensive Income (Loss)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance (0.1) 55.9 (2.1) 55.6
Other comprehensive loss, net (52.5) (11.9) (50.5) (11.6)
Balance $ (52.6) $ 44.0 $ (52.6) $ 44.0
v3.22.2.2
Employee Benefit Plans - Equity Incentive Plan (Details) - shares
1 Months Ended
May 31, 2022
Sep. 30, 2022
Equity incentive plan 2015    
Share-Based Compensation Plans    
Additional shares authorized (in shares) 4,500,000  
Number of shares available for future issuance (in shares)   4,000,000
Employee stock purchase plan 2008    
Share-Based Compensation Plans    
Number of shares available for future issuance (in shares)   6,200,000
v3.22.2.2
Employee Benefit Plans - Restricted Stock Unit and Performance Share Award Activities (Details)
$ / shares in Units, shares in Millions, $ in Millions
9 Months Ended
Sep. 30, 2022
USD ($)
$ / shares
shares
RSUs, RSAs, and PSAs  
Number of Shares  
Balance at beginning of period (in shares) 22.2
Granted (in shares) 8.2
Vested (in shares) (6.5)
Canceled (in shares) (2.4)
Balance at end of period (in shares) 21.5
Weighted Average Grant Date Fair Value per Share  
Balance at beginning of period (in dollars per share) | $ / shares $ 24.55
Granted (in dollars per share) | $ / shares 29.64
Vested (in dollars per share) | $ / shares 24.49
Canceled (in dollars per share) | $ / shares 25.52
Balance at end of period (in dollars per share) | $ / shares $ 26.41
Weighted Average Remaining Contractual Term (In Years) 1 year 3 months 18 days
Aggregate Intrinsic Value | $ $ 561.4
Service-based RSUs  
Number of Shares  
Granted (in shares) 6.5
Performance Shares  
Number of Shares  
Granted (in shares) 1.3
Market-based RSUs  
Number of Shares  
Granted (in shares) 0.4
v3.22.2.2
Employee Benefit Plans - Employee Stock Purchase Plan (Details) - Employee stock purchase plan 2008 - $ / shares
shares in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Employee Stock Purchase Plan (ESPP) Disclosures [Line Items]        
Shares purchased (in shares) 1.2 1.4 2.6 2.8
Average exercise price per share (in dollars per share) $ 23.43 $ 19.88 $ 21.59 $ 19.81
v3.22.2.2
Employee Benefit Plans - Share Based Compensation by Cost and Expense Categories (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense $ 61.5 $ 54.9 $ 153.9 $ 162.9
Stock options        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 1.3 2.2 4.4 7.4
RSUs, RSAs, and PSAs        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 52.4 47.9 131.8 142.4
ESPP purchase rights        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 7.8 4.8 17.7 13.1
Cost of revenues - Product        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 1.7 1.5 4.3 3.8
Cost of revenues - Service        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 4.8 4.7 13.0 13.1
Research and development        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 26.3 23.7 62.2 68.0
Sales and marketing        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 17.4 16.4 42.3 47.8
General and administrative        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense $ 11.3 $ 8.6 $ 32.1 $ 30.2
v3.22.2.2
Employee Benefit Plans - Share Based Compensation by Share Based Payment Award Types (Details)
$ in Millions
9 Months Ended
Sep. 30, 2022
USD ($)
Share-Based Payment Arrangement [Abstract]  
Unrecognized compensation cost $ 394.8
Unrecognized compensation, weighted average recognition period 1 year 9 months 3 days
v3.22.2.2
Segments - Narrative (Details)
9 Months Ended
Sep. 30, 2022
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.22.2.2
Segments - Revenue by Product (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Segment Reporting Information [Line Items]        
Total net revenues $ 1,414.6 $ 1,188.8 $ 3,852.4 $ 3,435.5
Automated WAN Solutions        
Segment Reporting Information [Line Items]        
Total net revenues 532.7 384.5 1,386.3 1,167.0
Cloud-Ready Data Center        
Segment Reporting Information [Line Items]        
Total net revenues 229.3 194.7 619.0 554.0
AI-Driven Enterprise        
Segment Reporting Information [Line Items]        
Total net revenues 266.6 229.8 707.9 586.1
Hardware Maintenance and Professional Services        
Segment Reporting Information [Line Items]        
Total net revenues $ 386.0 $ 379.8 $ 1,139.2 $ 1,128.4
v3.22.2.2
Segments - Revenues by Customer Vertical (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Segment Reporting Information [Line Items]        
Total net revenues $ 1,414.6 $ 1,188.8 $ 3,852.4 $ 3,435.5
Cloud        
Segment Reporting Information [Line Items]        
Total net revenues 375.3 303.3 1,013.3 894.6
Service Provider        
Segment Reporting Information [Line Items]        
Total net revenues 523.1 445.8 1,421.9 1,327.7
Enterprise        
Segment Reporting Information [Line Items]        
Total net revenues $ 516.2 $ 439.7 $ 1,417.2 $ 1,213.2
v3.22.2.2
Segments - Geographic (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Segment Reporting Information [Line Items]        
Total net revenues $ 1,414.6 $ 1,188.8 $ 3,852.4 $ 3,435.5
Total Americas        
Segment Reporting Information [Line Items]        
Total net revenues 895.8 664.8 2,299.4 1,900.5
United States        
Segment Reporting Information [Line Items]        
Total net revenues 839.0 609.2 2,133.6 1,729.7
Other        
Segment Reporting Information [Line Items]        
Total net revenues 56.8 55.6 165.8 170.8
Europe, Middle East, and Africa        
Segment Reporting Information [Line Items]        
Total net revenues 320.4 336.3 991.5 971.3
Asia Pacific        
Segment Reporting Information [Line Items]        
Total net revenues $ 198.4 $ 187.7 $ 561.5 $ 563.7
v3.22.2.2
Income Taxes (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Income Tax Disclosure [Abstract]        
Income before income taxes $ 140.2 $ 111.8 $ 331.3 $ 148.8
Income tax provision $ 16.6 $ 22.9 $ 38.1 $ 29.0
Effective tax rate 11.90% 20.50% 11.50% 19.50%
Loss on extinguishment of debt $ 0.0 $ 0.0 $ 0.0 $ 60.6
Restructuring charges 13.0 $ 1.9 22.3 $ 42.8
Unrecognized tax benefits 122.0   122.0  
Unrecognized tax benefits, maximum decrease in the next twelve months (up to) $ 5.9   $ 5.9  
v3.22.2.2
Net Income per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Numerator:        
Net income $ 121.5 $ 88.9 $ 290.6 $ 119.8
Denominator:        
Weighted-average shares used to compute basic net income per share (in shares) 322.8 324.0 321.8 325.0
Dilutive effect of employee stock awards (in shares) 6.1 7.1 7.5 6.4
Weighted-average shares used to compute diluted net income per share (in shares) 328.9 331.1 329.3 331.4
Net income per share:        
Basic (in dollars per share) $ 0.38 $ 0.27 $ 0.90 $ 0.37
Diluted (in dollars per share) $ 0.37 $ 0.27 $ 0.88 $ 0.36
Anti-dilutive shares (in shares) 5.0 0.6 1.9 0.7
v3.22.2.2
Commitments and Contingencies - Additional Information (Details)
$ in Millions
Sep. 30, 2022
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase commitments $ 2,415.0
v3.22.2.2
Subsequent Events (Details) - $ / shares
3 Months Ended 9 Months Ended
Dec. 22, 2022
Oct. 25, 2022
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Subsequent Event [Line Items]            
Cash dividends declared (in dollars per share)     $ 0.21   $ 0.21  
Cash dividends (in dollars per share)     $ 0.21 $ 0.20 $ 0.63 $ 0.60
Forecast            
Subsequent Event [Line Items]            
Cash dividends (in dollars per share) $ 0.21          
Subsequent Event            
Subsequent Event [Line Items]            
Cash dividends declared (in dollars per share)   $ 0.21