Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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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 |
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 |
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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 |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2022 |
Dec. 31, 2021 |
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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 |
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 |
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Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 0.21 | $ 0.20 | $ 0.63 | $ 0.60 |
Basis of Presentation and Summary of Significant Accounting Policies |
9 Months Ended |
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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.
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Divestiture |
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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):
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.
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Cash Equivalents and Investments |
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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):
The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2022 (in millions):
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):
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):
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Fair Value Measurements |
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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):
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).
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Derivative Instruments |
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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):
The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
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 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.
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Other Financial Information |
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Other Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Information | Note 6. Other Financial Information Total Inventory Total inventory consisted of the following (in millions):
Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in millions):
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):
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):
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):
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Restructuring Charges |
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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):
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Note 8. Debt Debt The following table summarizes the Company's total debt (in millions, except percentages):
________________________________ (*) 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.
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Equity |
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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):
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):
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Employee Benefit Plans |
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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):
________________________________ (*) 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):
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):
The following table summarizes share-based compensation expense by award type (in millions):
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Segments |
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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):
The following table presents net revenues by customer vertical (in millions):
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):
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.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Note 12. Income Taxes The following table provides details of income taxes (in millions, except percentages):
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.
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Net Income per Share |
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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):
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Commitments and Contingencies |
9 Months Ended |
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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.
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Subsequent Events |
9 Months Ended |
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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.
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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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.
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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.
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Divestiture (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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Cash Equivalents and Investments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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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):
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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):
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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):
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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Derivative Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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Schedule of Derivative Assets at Fair Value | The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
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Schedule of Derivative Liabilities at Fair Value | The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
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Other Financial Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Total inventory consisted of the following (in millions):
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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):
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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):
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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):
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Schedule of Other Expense | Other expense, net, consisted of the following (in millions):
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Restructuring Charges (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Total Debt | The following table summarizes the Company's total debt (in millions, except percentages):
________________________________ (*) 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.
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Equity (Tables) |
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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):
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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):
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Employee Benefit Plans (Tables) |
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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):
________________________________ (*) 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.
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Schedule of Employee Stock Purchases through ESPP | The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts):
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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):
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Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award | The following table summarizes share-based compensation expense by award type (in millions):
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Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Information for Each Segment | The following table presents net revenues by customer solution (in millions):
The following table presents net revenues by customer vertical (in millions):
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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):
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
|
Net Income per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
|
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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) |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
Segments - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2022
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
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 |
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 |
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 |
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 |
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 |
Commitments and Contingencies - Additional Information (Details) $ in Millions |
Sep. 30, 2022
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Purchase commitments | $ 2,415.0 |
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 |