JUNIPER NETWORKS INC, 10-Q filed on 4/26/2024
Quarterly Report
v3.24.1.u1
Cover Page - shares
 3 Months Ended
Mar. 31, 2024
Apr. 24, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
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 $0.00001 per share  
Trading Symbol JNPR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   324,987,897
Entity Central Index Key 0001043604  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
v3.24.1.u1
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net revenues:    
Total net revenues $ 1,148.9 $ 1,371.8
Cost of revenues:    
Total cost of revenues 468.0 600.6
Gross margin 680.9 771.2
Operating expenses:    
Research and development 296.6 284.8
Sales and marketing 305.4 303.2
General and administrative 60.7 68.0
Restructuring charges 4.1  
Restructuring benefits   (0.5)
Merger-related charges [1] 28.3 0.0
Total operating expenses 695.1 655.5
Operating (loss) income (14.2) 115.7
Gain (loss) on privately-held investments, net [2] (14.3) 0.2
Other income (expense), net [3] 2.1 (8.8)
Income (loss) before income taxes and loss from equity method investment (26.4) 107.1
Income tax (benefit) provision (27.7) 19.6
Loss from equity method investment, net of tax 2.1 2.1
Net (loss) income $ (0.8) $ 85.4
Net (loss) income per share:    
Basic (in dollars per share) $ (0.00) $ 0.26
Diluted (in dollars per share) $ (0.00) $ 0.26
Weighted-average shares used to compute net (loss) income per share:    
Basic (in shares) 322.6 322.3
Diluted (in shares) 322.6 329.1
Product    
Net revenues:    
Total net revenues $ 651.9 $ 912.6
Cost of revenues:    
Total cost of revenues 323.9 454.9
Service    
Net revenues:    
Total net revenues 497.0 459.2
Cost of revenues:    
Total cost of revenues $ 144.1 $ 145.7
[1] Represents charges incurred directly in connection with the pending merger with HPE (as defined below). See Note 1, Basis of Presentation and Summary of Significant Accounting Policies, for further information.
[2] The prior period amounts have been reclassified to conform to the current period presentation.
[3] The prior period amounts have been reclassified to conform to the current period presentation.
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net (loss) income $ (0.8) $ 85.4
Available-for-sale debt securities:    
Change in net unrealized gains and losses (29.0) 2.1
Net realized gains reclassified into net income (0.1) 0.0
Net change on available-for-sale debt securities (29.1) 2.1
Cash flow hedges:    
Change in net unrealized gains and losses (5.4) (6.9)
Net realized losses reclassified into net income 1.2 7.4
Net change on cash flow hedges (4.2) 0.5
Change in foreign currency translation adjustments (3.7) 1.5
Other comprehensive (loss) income, net (37.0) 4.1
Comprehensive (loss) income $ (37.8) $ 89.5
v3.24.1.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 1,069.8 $ 1,068.1
Short-term investments 187.9 139.4
Accounts receivable, net of allowances 814.9 1,044.1
Inventory 958.2 952.4
Prepaid expenses and other current assets 510.1 591.5
Total current assets 3,540.9 3,795.5
Property and equipment, net 688.6 689.9
Operating lease assets 158.4 111.4
Long-term investments 277.2 116.8
Purchased intangible assets, net 74.6 91.8
Goodwill 3,734.3 3,734.4
Other long-term assets 1,004.2 978.7
Total assets 9,478.2 9,518.5
Current liabilities:    
Accounts payable 250.2 295.1
Accrued compensation 210.9 292.2
Deferred revenue 1,205.5 1,130.0
Other accrued liabilities 363.4 386.7
Total current liabilities 2,030.0 2,104.0
Long-term debt 1,607.1 1,616.8
Long-term deferred revenue 919.4 894.9
Long-term income taxes payable 173.5 204.5
Long-term operating lease liabilities 130.6 82.9
Other long-term liabilities 136.4 122.7
Total liabilities 4,997.0 5,025.8
Commitments and contingencies (Note 13)
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; 324.9 shares and 320.3 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 0.0 0.0
Additional paid-in capital 6,776.1 6,740.0
Accumulated other comprehensive income 12.1 49.1
Accumulated deficit (2,307.0) (2,296.4)
Total stockholders' equity 4,481.2 4,492.7
Total liabilities and stockholders' equity $ 9,478.2 $ 9,518.5
v3.24.1.u1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Millions
Mar. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock - par value (in dollars per share) $ 0.00001 $ 0.00001
Preferred stock - shares authorized (in shares) 10.0 10.0
Preferred stock - issued (in shares) 0.0 0.0
Preferred stock - outstanding (in shares) 0.0 0.0
Common stock - par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock - shares authorized (in shares) 1,000.0 1,000.0
Common stock - issued (in shares) 324.9 320.3
Common stock - outstanding (in shares) 324.9 320.3
v3.24.1.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net (loss) income $ (0.8) $ 85.4
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Share-based compensation expense 79.9 60.9
Depreciation, amortization, and accretion 44.2 49.4
Deferred income taxes [1] (26.6) (28.3)
Provision (benefit) for inventory excess and obsolescence [1] (1.0) 22.4
Operating lease assets expense 10.8 10.1
Loss (gain) on privately-held investments, net [1] 14.3 (0.2)
Loss from equity method investment 2.1 2.1
Other [1] (0.3) 3.9
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable, net 228.8 166.1
Inventory [1] (22.5) (171.0)
Prepaid expenses and other assets [1] 70.2 (56.0)
Accounts payable (38.3) 15.4
Accrued compensation (79.4) (78.4)
Income taxes payable (24.9) 29.6
Other accrued liabilities [1] (32.5) (16.1)
Deferred revenue 101.0 96.2
Net cash provided by operating activities 325.0 191.5
Cash flows from investing activities:    
Purchases of property and equipment (34.8) (42.1)
Purchases of available-for-sale debt securities (283.5) (5.0)
Proceeds from sales of available-for-sale debt securities 6.1 14.0
Proceeds from maturities and redemptions of available-for-sale debt securities 45.1 69.4
Purchases of equity securities (2.7) (2.4)
Proceeds from sales of equity securities 4.3 7.4
Other 0.0 0.9
Net cash (used in) provided by investing activities (265.5) 42.2
Cash flows from financing activities:    
Repurchase and retirement of common stock (14.6) (151.3)
Proceeds from issuance of common stock 32.1 31.1
Payment of dividends (71.4) (70.6)
Net cash used in financing activities (53.9) (190.8)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash (3.6) 1.2
Net increase in cash, cash equivalents, and restricted cash 2.0 44.1
Cash, cash equivalents, and restricted cash at beginning of period 1,084.3 897.7
Cash, cash equivalents, and restricted cash at end of period $ 1,086.3 $ 941.8
[1] The prior period amounts have been reclassified to conform to the current period presentation.
v3.24.1.u1
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
Accumulated Deficit
Balance (in shares) at Dec. 31, 2022   322.9      
Beginning Balance at Dec. 31, 2022 $ 4,475.1   $ 6,846.4 $ 4.2 $ (2,375.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net (loss) income 85.4       85.4
Other comprehensive (loss), income, net 4.1     4.1  
Issuance of common stock (in shares)   3.3      
Issuance of common stock 31.1   31.1    
Repurchase and retirement of common stock (in shares)   (4.8)      
Repurchase and retirement of common stock (151.3)   (60.2)   (91.1)
Share-based compensation expense 61.4   61.4    
Payments of cash dividends (70.6)   (70.6)    
Balance (in shares) at Mar. 31, 2023   321.4      
Ending Balance at Mar. 31, 2023 $ 4,435.2   6,808.1 8.3 (2,381.2)
Balance (in shares) at Dec. 31, 2023 320.3 320.3      
Beginning Balance at Dec. 31, 2023 $ 4,492.7   6,740.0 49.1 (2,296.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net (loss) income (0.8)       (0.8)
Other comprehensive (loss), income, net (37.0)     (37.0)  
Issuance of common stock (in shares)   5.0      
Issuance of common stock 32.1   32.1    
Repurchase and retirement of common stock (in shares)   (0.4)      
Repurchase and retirement of common stock (14.6)   (4.8)   (9.8)
Share-based compensation expense 80.2   80.2    
Payments of cash dividends $ (71.4)   (71.4)    
Balance (in shares) at Mar. 31, 2024 324.9 324.9      
Ending Balance at Mar. 31, 2024 $ 4,481.2   $ 6,776.1 $ 12.1 $ (2,307.0)
v3.24.1.u1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]    
Payments of cash dividends (in dollars per share) $ 0.22 $ 0.22
v3.24.1.u1
Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
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, 2023 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 months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, 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, 2023 (the "Form 10-K"). The Company has 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.

Certain prior period amounts have been reclassified to conform to the current period's presentation. None of these reclassifications had a material impact to the unaudited Condensed Consolidated Financial Statements.

HPE Merger Agreement

On January 9, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Hewlett Packard Enterprise Company, a Delaware corporation (“HPE”), and Jasmine Acquisition Sub, Inc., a Delaware corporation and wholly owned subsidiary of HPE (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of HPE. Under the terms of the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of the Company's common stock (subject to certain exceptions set forth in the Merger Agreement) will be canceled and converted into the right to receive $40.00 in cash, without interest and subject to applicable withholding taxes.

The Merger Agreement generally requires the Company to use commercially reasonable efforts to operate the Company's business in the ordinary course, subject to certain exceptions including as required by applicable law, pending consummation of the Merger, and subjects the Company to customary interim operating covenants that restrict the Company from taking certain specified actions without HPE’s approval (such approval not to be unreasonably withheld, conditioned, or delayed) until the Merger is completed or the Merger Agreement is terminated in accordance with its terms. During this period, the Company is permitted to continue paying regular quarterly dividends, substantially in accordance with past practice, at a quarterly rate not to exceed $0.22 per share.

The completion of the Merger, which is currently expected to close in late calendar year 2024 or early calendar year 2025, is subject to the receipt of regulatory approvals and other customary closing conditions. On April 2, 2024, the Company received approval of the Merger Agreement from its stockholders. If the transaction is consummated, the Company's common stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Merger Agreement can be terminated under certain customary circumstances, including by mutual agreement, the imposition of a final and non-appealable governmental order that permanently enjoins or otherwise prohibits the Merger, an uncured breach of the Merger Agreement by the other party, or if the Merger has not been consummated by January 9, 2025, as may be automatically extended pursuant to the terms of the Merger Agreement. Under certain specified circumstances in which
the Merger Agreement is terminated, the Company is required to pay HPE a termination fee equal to $407.5 million, and under certain other specified circumstances in which the Merger Agreement is terminated, HPE is required to pay the Company a termination fee equal to $815.0 million.

In connection with the pending Merger, the Company incurred $28.3 million of expenses for the period ended March 31, 2024, including professional services and financial advisory fees, all of which were recorded within "Merger-related charges" in the Condensed Consolidated Statements of Operations.

Summary of Significant Accounting Policies

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, 2023.

Recent Accounting Standards Not Yet Adopted

Improvements to Reportable Segment Disclosures: In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the effect of this pronouncement on its disclosures.

Improvements to Income Tax Disclosures: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which expands the disclosures required for income taxes. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the effect of this pronouncement on its disclosures.
v3.24.1.u1
Cash Equivalents and Investments
 3 Months Ended
Mar. 31, 2024
Cash Equivalents and Investments [Abstract]  
Cash Equivalents and Investments
Note 2. 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 March 31, 2024 and December 31, 2023 (in millions):

As of March 31, 2024
As of December 31, 2023
Amortized
Cost		Gross Unrealized
Gains
Gross Unrealized and Credit
Losses
Estimated Fair
Value		Amortized
Cost		Gross Unrealized
Gains
Gross Unrealized and Credit
Losses
Estimated Fair
Value
Fixed income securities:
Asset-backed and mortgage-backed securities$99.3 $— $(0.5)$98.8 $38.2 $0.2 $(0.4)$38.0 
Corporate debt securities234.1 0.4 (1.0)233.5 160.2 0.7 (1.3)159.6 
Certificates of deposit16.2 — — 16.2 3.0 — — 3.0 
Commercial paper92.1 — — 92.1 41.1 — — 41.1 
Foreign government debt securities
5.3 — (0.1)5.2 5.3 — (0.2)5.1 
Time deposits282.1 — — 282.1 273.6 — — 273.6 
U.S. government agency securities
— — — — 4.0 — — 4.0 
U.S. government securities72.0 — (0.2)71.8 54.8 0.1 — 54.9 
Total fixed income securities
801.1 0.4 (1.8)799.7 580.2 1.0 (1.9)579.3 
Privately-held debt and redeemable preferred stock securities46.0 — (15.4)30.6 20.6 37.4 (8.3)49.7 
Total available-for-sale debt securities
$847.1 $0.4 $(17.2)$830.3 $600.8 $38.4 $(10.2)$629.0 
Reported as:
Cash equivalents$340.2 $— $— $340.2 $328.2 $— $— $328.2 
Short-term investments183.1 — (0.8)182.3 135.7 — (1.4)134.3 
Long-term investments277.8 0.4 (1.0)277.2 116.3 1.0 (0.5)116.8 
Other long-term assets46.0 — (15.4)30.6 20.6 37.4 (8.3)49.7 
Total$847.1 $0.4 $(17.2)$830.3 $600.8 $38.4 $(10.2)$629.0 


The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2024 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$523.3 $522.5 
Due between one and five years277.8 277.2 
Total$801.1 $799.7 


As of March 31, 2024, the Company's unrealized loss of $1.8 million resulted from 226 fixed income available-for-sale debt securities, of which losses aggregating $0.7 million were from investments in an unrealized loss position for less than 12
months, and $1.1 million were 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 months ended March 31, 2024 and March 31, 2023.

During the three months ended March 31, 2024, the Company recorded an allowance for credit loss of $7.1 million on privately-held debt and redeemable preferred stock investments. The credit loss represents the difference between the estimated fair value and the cost of the investment related to the credit factors. The determination of fair value was based on quantitative and qualitative analysis including factors such as the near-term prospects of the investee in the market in which it operates and an evaluation of the investee's financial condition in relation to its outstanding obligations. As of March 31, 2024 and December 31, 2023, the Company had an allowance for credit loss of $15.4 million and $8.3 million, respectively, on privately-held debt and redeemable preferred stock investments.

During the three months ended March 31, 2024 and March 31, 2023, 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 March 31, 2024 and December 31, 2023 (in millions):
As of
March 31,
2024		December 31,
2023
Equity investments with readily determinable fair value:
Money market funds$379.6 $337.5 
Mutual funds42.6 38.0 
Publicly-traded equity securities5.6 5.1 
Equity investments without readily determinable fair value45.8 45.8 
Equity investment under the equity method of accounting24.2 26.4 
Total equity securities$497.8 $452.8 
Reported as:
Cash equivalents$379.6 $337.5 
Short-term investments5.6 5.1 
Prepaid expenses and other current assets3.3 2.5 
Other long-term assets109.3 107.7 
Total$497.8 $452.8 

For the three months ended March 31, 2024 and March 31, 2023, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair value or equity investments without readily determinable fair value. For the three months ended March 31, 2024 and March 31, 2023, the loss recognized from the equity method investment was $2.2 million and $2.1 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. Restricted investments consist of equity investments. As of March 31, 2024, the carrying value of restricted cash and investments was $59.2 million, of which $17.5
million was included in prepaid expenses and other current assets, and $41.7 million was included in other long-term assets on the Condensed Consolidated Balance Sheets.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (in millions):
As of
March 31,
2024		December 31,
2023
Cash and cash equivalents$1,069.8 $1,068.1 
Restricted cash included in prepaid expenses and other current assets14.1 13.8 
Restricted cash included in other long-term assets2.4 2.4 
Total cash, cash equivalents, and restricted cash$1,086.3 $1,084.3 
v3.24.1.u1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 3. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (in millions):
Fair Value Measurements at
March 31, 2024
Fair Value Measurements at
December 31, 2023
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities$— $98.8 $— $98.8 $— $38.0 $— $38.0 
Certificates of deposit— 16.2 — 16.2 — 3.0 — 3.0 
Corporate debt securities — 233.5 — 233.5 — 159.6 — 159.6 
Commercial paper— 92.1 — 92.1 — 41.1 — 41.1 
Foreign government debt securities— 5.2 — 5.2 — 5.1 — 5.1 
Time deposits— 282.1 — 282.1 — 273.6 — 273.6 
U.S. government agency securities— — — — — 4.0 — 4.0 
U.S. government securities48.9 22.9 — 71.8 20.0 34.9 — 54.9 
Privately-held debt and redeemable preferred stock securities— — 30.6 30.6 — — 49.7 49.7 
Total available-for-sale debt securities48.9 750.8 30.6 830.3 20.0 559.3 49.7 629.0 
Equity securities:
Money market funds379.6 — — 379.6 337.5 — — 337.5 
Mutual funds42.6 — — 42.6 38.0 — — 38.0 
Publicly-traded equity securities5.6 — — 5.6 5.1 — — 5.1 
Total equity securities427.8 — — 427.8 380.6 — — 380.6 
Derivative assets:
Foreign exchange contracts— 5.6 — 5.6 — 7.2 — 7.2 
Total derivative assets— 5.6 — 5.6 — 7.2 — 7.2 
Total assets measured at fair value on a recurring basis$476.7 $756.4 $30.6 $1,263.7 $400.6 $566.5 $49.7 $1,016.8 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(9.8)$— $(9.8)$— $(7.2)$— $(7.2)
Interest rate contracts— (83.7)— (83.7)— (73.6)— (73.6)
Total derivative liabilities— (93.5)— (93.5)— (80.8)— (80.8)
Total liabilities measured at fair value on a recurring basis$— $(93.5)$— $(93.5)$— $(80.8)$— $(80.8)
Fair Value Measurements at
March 31, 2024
Fair Value Measurements at
December 31, 2023
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$379.6 $340.2 $— $719.8 $337.5 $328.2 $— $665.7 
Short-term investments18.3 169.6 — 187.9 12.8 126.6 — 139.4 
Long-term investments36.2 241.0 — 277.2 12.3 104.5 — 116.8 
Prepaid expenses and other current assets
3.3 4.0 — 7.3 2.5 4.6 — 7.1 
Other long-term assets39.3 1.6 30.6 71.5 35.5 2.6 49.7 87.8 
Total assets measured at fair value
$476.7 $756.4 $30.6 $1,263.7 $400.6 $566.5 $49.7 $1,016.8 
Total liabilities, reported as:
Other accrued liabilities$— $(8.4)$— $(8.4)$— $(6.2)$— $(6.2)
Other long-term liabilities— (85.1)— (85.1)— (74.6)— (74.6)
Total liabilities measured at fair value on a recurring basis
$— $(93.5)$— $(93.5)$— $(80.8)$— $(80.8)

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 months ended March 31, 2024, 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. In January 2024, the Company invested in a convertible note of a privately-held company for a principal amount of $25.0 million with a maturity period of two years. During the three months ended March 31, 2024, the Company recognized a credit loss of $7.1 million on a privately-held debt investment and redeemable preferred stock securities. Refer to Note 2, Cash Equivalents and Investments.

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, and investments 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 March 31, 2024, downward adjustments for equity securities without readily determinable fair value in the aggregate were $89.9 million. There have been no material upward adjustments 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 months ended March 31, 2024.

As of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets was $1,567.8 million and $1,581.7 million, respectively, based on observable market inputs (Level 2).
v3.24.1.u1
Derivative Instruments
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
Note 4. 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. The Company does 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
 March 31,
2024		December 31,
2023
Designated derivatives:
Cash flow hedges:
Foreign currency contracts
$668.8 $801.0 
Fair value hedges:
Interest rate swap contracts
600.0 600.0 
Total designated derivatives
1,268.8 1,401.0 
Non-designated derivatives232.4 200.7 
Total$1,501.2 $1,601.7 

The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
 As of
 Balance Sheet ClassificationMarch 31,
2024		December 31,
2023
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contractsOther current assets$3.8 $4.4 
Foreign currency contracts Other long-term assets1.7 2.7 
Total derivatives designated as hedging instruments$5.5 $7.1 
Derivatives not designated as hedging instrumentsOther current assets0.1 0.1 
Total derivative assets$5.6 $7.2 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$8.3 $6.0 
Foreign currency contracts Other long-term liabilities1.4 1.0 
Interest rate swap contractsOther long-term liabilities83.7 73.6 
Total derivatives designated as hedging instruments$93.4 $80.6 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.1 0.2 
Total derivative liabilities$93.5 $80.8 
Offsetting of Derivative Instruments

The Company presents its derivative instruments at gross fair values in the Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, the potential effects of set-off associated with the derivative contracts would be a reduction to both derivative assets and derivative liabilities by $5.6 million and $7.2 million, respectively.

Designated Derivatives

The Company uses foreign currency forward contracts or options 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 swap contracts, 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 these contracts for an aggregate notional amount of $300.0 million for its fixed-rate Notes maturing in December 2030 in addition to the contracts entered in 2019 for an aggregate notional amount of $300.0 million for its fixed-rate Notes maturing in March 2041. The interest rate swap contracts will expire within seven years.

In 2020, the Company entered into interest rate lock contracts 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 were designated as cash flow hedges for a forecasted debt issuance, which was expected to occur by the end of 2025. During the year ended December 31, 2023, the Company terminated the interest rate lock contracts, resulting in a deferred gain of $133.9 million recognized in accumulated other comprehensive income, which will be deferred and amortized to interest expense over the term of the anticipated debt unless it becomes probable that the debt will not be issued with the terms anticipated at the hedge's inception. The Company classifies the cash flow in the same section as the underlying item resulting in the proceeds from sale being presented as operating activities.

Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

For cash flow hedges, the Company recognized an unrealized loss of $5.5 million and $9.9 million in accumulated other comprehensive income for the effective portion of its derivative instruments for the three months ended March 31, 2024 and March 31, 2023, respectively.

For foreign currency contracts, the Company reclassified a loss of $1.1 million and $7.8 million out of accumulated other comprehensive income to cost of revenues and operating expenses in the Condensed Consolidated Statements of Operations during the three months ended March 31, 2024 and March 31, 2023, respectively. As of March 31, 2024, an estimated $4.5 million of unrealized net loss within accumulated other comprehensive income 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 months ended March 31, 2024 and March 31, 2023.
v3.24.1.u1
Other Financial Information
 3 Months Ended
Mar. 31, 2024
Other Financial Information [Abstract]  
Other Financial Information
Note 5. Other Financial Information

Total Inventory

Total inventory consisted of the following (in millions):
As of
March 31,
2024		December 31,
2023
Production and service materials$764.2 $719.0 
Finished goods271.9 299.0 
Total inventory$1,036.1 $1,018.0 
Reported as:
Inventory$958.2 $952.4 
Other long-term assets (1)
77.9 65.6 
Total inventory$1,036.1 $1,018.0 
__________________
(1) Long-term inventory balance classified as other long-term assets in the Company's Condensed Consolidated Balance Sheets consists of last time buy component inventory to be consumed beyond the Company's normal operating cycle.


Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in millions):
As of
March 31,
2024		December 31,
2023
Contract manufacturer deposits$234.0 $316.4 
Prepaid expenses149.9 140.9 
Other current assets126.2 134.2 
Total prepaid expenses and other current assets$510.1 $591.5 

During the three months ended March 31, 2024, the Company recorded an allowance for credit loss of $7.7 million on note receivables due from a privately-held investee. The credit loss represents the difference between the net amount expected to be collected and the amortized cost of the note receivable.

Warranties

Changes during the three months ended March 31, 2024 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, 2023
$29.4 
Provisions made during the period12.8 
Actual costs incurred during the period(11.6)
Balance as of March 31, 2024
$30.6 
Deferred Revenue

Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions):
As of
March 31,
2024		December 31,
2023
Deferred product revenue, net
$104.7 $92.1 
Deferred service revenue, net
2,020.2 1,932.8 
Total$2,124.9 $2,024.9 
Reported as:
Current$1,205.5 $1,130.0 
Long-term919.4 894.9 
Total$2,124.9 $2,024.9 

Revenue

See Note 10, Segments, for disaggregated revenue by customer solution, customer vertical, and geographic region.

Product revenue of $17.2 million included in deferred revenue at January 1, 2024 were recognized during the three months ended March 31, 2024. Service revenue of $345.5 million included in deferred revenue at January 1, 2024 were recognized during the three months ended March 31, 2024.

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(1) as of March 31, 2024 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$105.3 $90.7 $12.3 $2.3 
Service2,032.3 1,121.0 696.1 215.2 
Total$2,137.6 $1,211.7 $708.4 $217.5 
__________________
(1) The Company's RPO does not include backlog. Backlog consists of purchase orders for product primarily expected to be shipped to the Company's distributors, resellers, or end customers within the next 90 days. The following amounts are not included in the Company's backlog: (1) deferred revenue, (2) unbilled contract revenue, (3) all service obligations, including software as a service (SaaS), and (4) certain future revenue adjustments for items such as sales return reserves and early payment discounts.

Deferred Contract Cost

The Company capitalizes direct and incremental costs incurred to acquire contracts, primarily sales commissions, for which the associated revenue is expected to be recognized in future periods. The Company incurs these costs in connection with both initial contracts and renewals. These costs are initially deferred, recorded as prepaid expenses and other current assets or other long-term assets, and are amortized over a period of benefit, which is typically over the term of the customer contracts or when product is delivered and revenue recognized. Commission expense is included in sales and marketing expenses in the accompanying Condensed Consolidated Statements of Operations.
Deferred contract cost was $42.9 million as of March 31, 2024. For the three months ended March 31, 2024, amortization expense associated with the deferred commissions was $18.2 million, and there were no impairment charges recognized.

Other Income (Expense), Net

Other income (expense), net, consisted of the following (in millions):
Three Months Ended March 31,
20242023
Interest income $16.9 $9.5 
Interest expense(20.5)(19.2)
Gain on other investments, net (1)
3.4 0.7 
Other2.3 0.2 
Other income (expense), net
$2.1 $(8.8)
________________
(1) Other investments represent fixed income securities and equity investments with readily determinable fair value. The prior period amounts have been reclassified to conform to the current period presentation.
v3.24.1.u1
Restructuring Charges
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Charges
Note 6. Restructuring Charges

During the third quarter of 2023, the Company initiated the 2023 Transformation Plan to realign the organization and enable investments in long-term growth opportunities. As of March 31, 2024, actions taken under this plan have been substantially completed.

The following table presents changes in the restructuring liabilities (in millions) for the three months ended March 31, 2024:

Three Months Ended March 31, 2024
Employee severanceFacility exit-related and asset impairmentsContract terminations and otherTotal
Liability as of December 31, 2023
$30.0 $0.4 $3.2 $33.6 
Charges
2.3 1.7 0.1 4.1 
Cash payments
(16.5)(0.1)(3.1)(19.7)
Non-cash items
(0.1)(1.7)— (1.8)
Liability as of March 31, 2024
$15.7 $0.3 $0.2 $16.2 
v3.24.1.u1
Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt
Note 7. Debt

Debt

The following table summarizes the Company's total debt (in millions, except percentages):
 As of
 Maturity DateEffective Interest RatesMarch 31,
2024		December 31,
2023
Senior Notes:
1.200% fixed-rate notes
December 20251.37 %$400.0 $400.0 
3.750% fixed-rate notes
August 20293.86 %500.0 500.0 
2.000% fixed-rate notes
December 20302.12 %400.0 400.0 
5.950% fixed-rate notes
March 20416.03 %400.0 400.0 
Total Notes1,700.0 1,700.0 
Unaccreted discount and debt issuance costs(9.2)(9.6)
Hedge accounting fair value adjustments(*)
(83.7)(73.6)
Total$1,607.1 $1,616.8 
________________________________
(*)     Represents the fair value adjustments for interest rate swap contracts with an aggregate notional amount of $600.0 million. These contracts convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments, for a discussion of the Company's interest rate swap contracts.

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.

The Company may redeem the Notes, either in whole or in part, at any time, at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments discounted to the redemption date, plus, in either case, accrued and unpaid interest, if any. Upon both a change-of-control and a rating event, the holders of the Notes may require the Company to repurchase for cash all or part of the Notes at a purchase price equal to 101% of the aggregate principal amount, plus accrued and unpaid interest, if any. The terms of the Merger Agreement restrict the Company from redeeming any indebtedness that has a make whole amount, prepayment penalty, or similar obligation, including the Notes, without HPE’s approval.

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 March 31, 2024, the Company was in compliance with all covenants in the indentures governing the Notes.

Revolving Credit Facility

The Company maintains an unsecured revolving credit facility that was entered into in June 2023, with an aggregate lending commitment of $500.0 million and an option to increase the facility by up to an additional $200.0 million for a period of five years with two one-year extension options. As of March 31, 2024, there were no amounts outstanding, and the Company was in compliance with all covenants in the credit agreement.

Under the terms of the Merger Agreement, the Company is required to terminate the Revolving Credit Facility upon the closing of the Merger.
v3.24.1.u1
Equity
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Equity
Note 8. 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 March 31,
20242023
Dividends:
Per share$0.22 $0.22 
Amount$71.4 $70.6 
Repurchased under the 2018 Stock Repurchase Program:
Shares— 4.5 
Average price per share$— $31.20 
Amount$— $140.0 

Cash Dividends on Shares of Common Stock

During the three months ended March 31, 2024, the Company declared and paid a quarterly cash dividend of $0.22 per common share, totaling $71.4 million, 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 of Juniper or an authorized committee thereof. See Note 14, Subsequent Events, for discussion of the Company's dividend declaration subsequent to March 31, 2024.

Stock Repurchase Activities

As of March 31, 2024, there was approximately $0.2 billion of authorized funds remaining under the 2018 Stock Repurchase Program. In connection with its entry into the Merger Agreement, the Company is required to suspend its stock repurchase program and did not repurchase its common stock during the three months ended March 31, 2024.

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. During the three months ended March 31, 2024 and March 31, 2023, repurchases associated with tax withholdings were $14.6 million and $11.4 million, respectively.
Accumulated Other Comprehensive Income, Net of Tax

The components of accumulated other comprehensive income, net of related taxes, for the three months ended March 31, 2024 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, 2023
$28.9 $102.3 $(82.1)$49.1 
Other comprehensive loss before reclassifications
(29.0)(5.4)(3.7)(38.1)
Amount reclassified from accumulated other comprehensive income(0.1)1.2 — 1.1 
Other comprehensive loss, net
(29.1)(4.2)(3.7)(37.0)
Balance as of March 31, 2024
$(0.2)$98.1 $(85.8)$12.1 
v3.24.1.u1
Employee Benefit Plans
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Employee Benefit Plans
Note 9. 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. As of March 31, 2024, 0.4 million and 2.3 million shares were available for future issuance under the Company's 2015 Equity Incentive 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.

After signing the Merger Agreement, the Company has suspended the following aspects of the Company's ESPP: (1) commencing a new offering period, (2) permitting new participants, and (3) any increase in the amount of payroll deductions.

RSU, RSA, and PSA Activities

The Company’s RSU, RSA, and PSA activities and related information as of and for the three months ended March 31, 2024 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, 2023
20.2 $28.10 
Granted(*)
3.0 35.19 
Vested(3.6)26.24 
Canceled(1.2)27.28 
Balance as of March 31, 2024
18.4 $29.67 1.2$681.7 
________________________________
(*)    Includes 1.2 million service-based and 1.8 million performance-based awards. The number of shares subject to performance-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 March 31,
20242023
Shares purchased1.3 1.3 
Average exercise price per share$23.81 $23.44 
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 March 31,
20242023
Cost of revenues - Product$1.8 $1.7 
Cost of revenues - Service5.5 4.7 
Research and development38.5 25.7 
Sales and marketing24.1 18.6 
General and administrative10.0 10.2 
Total$79.9 $60.9 

The following table summarizes share-based compensation expense by award type (in millions):
 Three Months Ended March 31,
 20242023
Stock options$0.3 $0.8 
RSUs, RSAs, and PSAs72.9 53.0 
ESPP purchase rights6.7 7.1 
Total$79.9 $60.9 
As of March 31, 2024, the total unrecognized compensation cost related to unvested share-based awards was $369.8 million to be recognized over a weighted-average period of 1.83 years.
v3.24.1.u1
Segments
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segments
Note 10. 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 March 31,
20242023
Customer Solutions(*):
Wide Area Networking
$350.4 $474.5 
Data Center
163.1 193.6 
Campus and Branch
240.5 317.0 
Hardware Maintenance and Professional Services394.9 386.7 
Total $1,148.9 $1,371.8 
________________
(*) Effective as of the first quarter of 2024, our customer solution revenue categories include the following name changes, and historical revenue by customer solution was not impacted by the name change: 1) Automated WAN Solutions changes to Wide Area Networking, 2) Cloud-Ready Data Center changes to Data Center, and 3) AI-Driven Enterprise changes to Campus and Branch.

The following table presents net revenues by customer vertical (in millions):
 Three Months Ended March 31,
 20242023
Cloud$250.0 $264.9 
Service Provider381.9 549.9 
Enterprise517.0 557.0 
Total$1,148.9 $1,371.8 

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 March 31,
20242023
Americas:
United States$609.4 $733.6 
Other56.1 64.9 
Total Americas665.5 798.5 
Europe, Middle East, and Africa311.1 369.9 
Asia Pacific172.3 203.4 
Total$1,148.9 $1,371.8 

For the three months ended March 31, 2024 and March 31, 2023, no customer accounted for more than 10% of total net revenues.
v3.24.1.u1
Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
Note 11. Income Taxes

The following table provides details of income taxes (in millions, except percentages):
 Three Months Ended March 31,
20242023
Income (loss) before income taxes
$(26.4)$107.1 
Income tax (benefit) provision
$(27.7)$19.6 
Effective tax rate105.0 %18.3 %

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 the capitalization of research and development ("R&D") expenditures, R&D 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 three months ended March 31, 2024 includes $19.0 million of one-time benefits from tax settlements related to the geographic mix of earnings.

The Company’s effective tax rate for the three months ended March 31, 2023 includes the net effect of one-time benefits.

As of March 31, 2024, deferred tax assets increased $35.2 million to $676.1 million from $640.9 million at December 31, 2023. Deferred income taxes are classified as other long-term assets in the Company's Condensed Consolidated Balance Sheets.

As of March 31, 2024, the total amount of gross unrecognized tax benefits was $110.9 million. Primarily due to the completion of tax review cycles, the amount decreased by $21.9 million compared to $132.8 million at December 31, 2023.

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 $43.1 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's examination by the IRS for the 2017 through 2018 tax years closed in February 2024. The closure did not have a significant impact to the income tax provision and the Company is not currently under examination by the IRS for other tax years. The Company is under examination by the India tax authorities for the 2012 through 2020 tax years.
v3.24.1.u1
Net (Loss) Income per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Net (Loss) Income per Share
Note 12. Net (Loss) Income per Share

The Company computed basic and diluted net income per share as follows (in millions, except per share amounts):
Three Months Ended March 31,
20242023
Numerator:
Net (loss) income
$(0.8)$85.4 
Denominator:
Weighted-average shares used to compute basic net (loss) income per share
322.6 322.3 
Dilutive effect of employee stock awards— 6.8 
Weighted-average shares used to compute diluted net (loss) income per share
322.6 329.1 
Net (loss) income per share:
Basic$(0.00)$0.26 
Diluted$(0.00)$0.26 
Anti-dilutive shares 0.1 2.9 
v3.24.1.u1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 13. 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 14, 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-cancellable commitments. In certain instances, these agreements allow the Company the option to cancel, reschedule, and adjust its requirements based on the Company's business needs prior to firm orders being placed. These purchase commitments totaled $1,140.0 million as of March 31, 2024.

HPE Merger Contingencies

In connection with the pending Merger, the Company expects to incur additional liabilities of approximately $151.8 million that are subject to the consummation of the Merger. These contingent liabilities include financial advisory fees and certain retention bonuses.

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.

Tax Liability

Our transition tax liability represents future cash payments on accumulated foreign earnings of subsidiaries as a result of the Tax Cuts and Jobs Act of 2017 ("Tax Act"). The Company has elected to pay its transition tax, net of applicable tax refunds, over the eight-year period provided in the Tax Act. The remaining balance of the Company's transition tax obligation was $187.1 million, of which $102.6 million remains in long-term income taxes payable as of March 31, 2024.

As of March 31, 2024, the Company also had $70.7 million included in long-term income taxes payable on the Condensed Consolidated Balance Sheets for unrecognized tax positions. At this time, the Company is unable to make a reasonably reliable estimate of the timing of payments related to this amount due to uncertainties in the timing of tax audit outcomes.
v3.24.1.u1
Subsequent Events
 3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events
Note 14. Subsequent Events

Dividend Declaration

On April 25, 2024, the Company announced a cash dividend of $0.22 per share of common stock to be paid on June 24, 2024 to stockholders of record as of the close of business on June 3, 2024.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net (loss) income $ (0.8) $ 85.4
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the fiscal quarter ended March 31, 2024, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, except as described in the table below:

Name & TitleDate Adopted
Character of Trading Arrangement
Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to Trading Arrangement
Duration
Other Material TermsDate Terminated
Kenneth Miller, Chief Financial Officer
February 21, 2024
Rule 10b5-1 Trading Arrangement(1)
Up to 188,669 shares
September 30, 2024(2)
N/AN/A

(1) This trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the “Rule”).
(2) This trading arrangement permitted or permits transactions through and including the earlier to occur of (i) the completion of all purchases or sales or (ii) the date listed in the table. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permitted or only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule. This arrangement also provides for termination upon (i) death, bankruptcy or insolvency of the officer, (ii) transfer of account assets, (iii) termination or material amendment by the officer, (iv) failure of the officer to comply with applicable law or the terms of the arrangement, (v) public announcement of a tender of the Company's securities, (vi) a definitive acquisition agreement of the Company subjecting the officer's securities to a lock-up provision, (vii) change of control of the Company, (viii) dissolution, liquidation or bankruptcy event of the Company, or (ix) the arrangement violates laws or causes a breach of a contract of the Company.
Rule 10b5-1 Arrangement Adopted true
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Kenneth Miller [Member]  
Trading Arrangements, by Individual  
Name Kenneth Miller
Title Chief Financial Officer
Adoption Date February 21, 2024
Arrangement Duration 222 days
Aggregate Available 188,669
v3.24.1.u1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
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, 2023 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 months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, 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, 2023 (the "Form 10-K"). The Company has 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.
Reclassification
Certain prior period amounts have been reclassified to conform to the current period's presentation. None of these reclassifications had a material impact to the unaudited Condensed Consolidated Financial Statements.
Recent Accounting Standards Not Yet Adopted
Recent Accounting Standards Not Yet Adopted

Improvements to Reportable Segment Disclosures: In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the effect of this pronouncement on its disclosures.

Improvements to Income Tax Disclosures: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which expands the disclosures required for income taxes. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the effect of this pronouncement on its disclosures.
v3.24.1.u1
Cash Equivalents and Investments (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 (in millions):

As of March 31, 2024
As of December 31, 2023
Amortized
Cost		Gross Unrealized
Gains
Gross Unrealized and Credit
Losses
Estimated Fair
Value		Amortized
Cost		Gross Unrealized
Gains
Gross Unrealized and Credit
Losses
Estimated Fair
Value
Fixed income securities:
Asset-backed and mortgage-backed securities$99.3 $— $(0.5)$98.8 $38.2 $0.2 $(0.4)$38.0 
Corporate debt securities234.1 0.4 (1.0)233.5 160.2 0.7 (1.3)159.6 
Certificates of deposit16.2 — — 16.2 3.0 — — 3.0 
Commercial paper92.1 — — 92.1 41.1 — — 41.1 
Foreign government debt securities
5.3 — (0.1)5.2 5.3 — (0.2)5.1 
Time deposits282.1 — — 282.1 273.6 — — 273.6 
U.S. government agency securities
— — — — 4.0 — — 4.0 
U.S. government securities72.0 — (0.2)71.8 54.8 0.1 — 54.9 
Total fixed income securities
801.1 0.4 (1.8)799.7 580.2 1.0 (1.9)579.3 
Privately-held debt and redeemable preferred stock securities46.0 — (15.4)30.6 20.6 37.4 (8.3)49.7 
Total available-for-sale debt securities
$847.1 $0.4 $(17.2)$830.3 $600.8 $38.4 $(10.2)$629.0 
Reported as:
Cash equivalents$340.2 $— $— $340.2 $328.2 $— $— $328.2 
Short-term investments183.1 — (0.8)182.3 135.7 — (1.4)134.3 
Long-term investments277.8 0.4 (1.0)277.2 116.3 1.0 (0.5)116.8 
Other long-term assets46.0 — (15.4)30.6 20.6 37.4 (8.3)49.7 
Total$847.1 $0.4 $(17.2)$830.3 $600.8 $38.4 $(10.2)$629.0 
Schedule of Maturities of Fixed Income Securities
The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2024 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$523.3 $522.5 
Due between one and five years277.8 277.2 
Total$801.1 $799.7 
Schedule of Investments in Equity Securities
The following table presents the Company's investments in equity securities as of March 31, 2024 and December 31, 2023 (in millions):
As of
March 31,
2024		December 31,
2023
Equity investments with readily determinable fair value:
Money market funds$379.6 $337.5 
Mutual funds42.6 38.0 
Publicly-traded equity securities5.6 5.1 
Equity investments without readily determinable fair value45.8 45.8 
Equity investment under the equity method of accounting24.2 26.4 
Total equity securities$497.8 $452.8 
Reported as:
Cash equivalents$379.6 $337.5 
Short-term investments5.6 5.1 
Prepaid expenses and other current assets3.3 2.5 
Other long-term assets109.3 107.7 
Total$497.8 $452.8 
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 March 31, 2024 and December 31, 2023 (in millions):
As of
March 31,
2024		December 31,
2023
Cash and cash equivalents$1,069.8 $1,068.1 
Restricted cash included in prepaid expenses and other current assets14.1 13.8 
Restricted cash included in other long-term assets2.4 2.4 
Total cash, cash equivalents, and restricted cash$1,086.3 $1,084.3 
v3.24.1.u1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (in millions):
Fair Value Measurements at
March 31, 2024
Fair Value Measurements at
December 31, 2023
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities$— $98.8 $— $98.8 $— $38.0 $— $38.0 
Certificates of deposit— 16.2 — 16.2 — 3.0 — 3.0 
Corporate debt securities — 233.5 — 233.5 — 159.6 — 159.6 
Commercial paper— 92.1 — 92.1 — 41.1 — 41.1 
Foreign government debt securities— 5.2 — 5.2 — 5.1 — 5.1 
Time deposits— 282.1 — 282.1 — 273.6 — 273.6 
U.S. government agency securities— — — — — 4.0 — 4.0 
U.S. government securities48.9 22.9 — 71.8 20.0 34.9 — 54.9 
Privately-held debt and redeemable preferred stock securities— — 30.6 30.6 — — 49.7 49.7 
Total available-for-sale debt securities48.9 750.8 30.6 830.3 20.0 559.3 49.7 629.0 
Equity securities:
Money market funds379.6 — — 379.6 337.5 — — 337.5 
Mutual funds42.6 — — 42.6 38.0 — — 38.0 
Publicly-traded equity securities5.6 — — 5.6 5.1 — — 5.1 
Total equity securities427.8 — — 427.8 380.6 — — 380.6 
Derivative assets:
Foreign exchange contracts— 5.6 — 5.6 — 7.2 — 7.2 
Total derivative assets— 5.6 — 5.6 — 7.2 — 7.2 
Total assets measured at fair value on a recurring basis$476.7 $756.4 $30.6 $1,263.7 $400.6 $566.5 $49.7 $1,016.8 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(9.8)$— $(9.8)$— $(7.2)$— $(7.2)
Interest rate contracts— (83.7)— (83.7)— (73.6)— (73.6)
Total derivative liabilities— (93.5)— (93.5)— (80.8)— (80.8)
Total liabilities measured at fair value on a recurring basis$— $(93.5)$— $(93.5)$— $(80.8)$— $(80.8)
Fair Value Measurements at
March 31, 2024
Fair Value Measurements at
December 31, 2023
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$379.6 $340.2 $— $719.8 $337.5 $328.2 $— $665.7 
Short-term investments18.3 169.6 — 187.9 12.8 126.6 — 139.4 
Long-term investments36.2 241.0 — 277.2 12.3 104.5 — 116.8 
Prepaid expenses and other current assets
3.3 4.0 — 7.3 2.5 4.6 — 7.1 
Other long-term assets39.3 1.6 30.6 71.5 35.5 2.6 49.7 87.8 
Total assets measured at fair value
$476.7 $756.4 $30.6 $1,263.7 $400.6 $566.5 $49.7 $1,016.8 
Total liabilities, reported as:
Other accrued liabilities$— $(8.4)$— $(8.4)$— $(6.2)$— $(6.2)
Other long-term liabilities— (85.1)— (85.1)— (74.6)— (74.6)
Total liabilities measured at fair value on a recurring basis
$— $(93.5)$— $(93.5)$— $(80.8)$— $(80.8)
v3.24.1.u1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
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
 March 31,
2024		December 31,
2023
Designated derivatives:
Cash flow hedges:
Foreign currency contracts
$668.8 $801.0 
Fair value hedges:
Interest rate swap contracts
600.0 600.0 
Total designated derivatives
1,268.8 1,401.0 
Non-designated derivatives232.4 200.7 
Total$1,501.2 $1,601.7 
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 ClassificationMarch 31,
2024		December 31,
2023
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contractsOther current assets$3.8 $4.4 
Foreign currency contracts Other long-term assets1.7 2.7 
Total derivatives designated as hedging instruments$5.5 $7.1 
Derivatives not designated as hedging instrumentsOther current assets0.1 0.1 
Total derivative assets$5.6 $7.2 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$8.3 $6.0 
Foreign currency contracts Other long-term liabilities1.4 1.0 
Interest rate swap contractsOther long-term liabilities83.7 73.6 
Total derivatives designated as hedging instruments$93.4 $80.6 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.1 0.2 
Total derivative liabilities$93.5 $80.8 
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 ClassificationMarch 31,
2024		December 31,
2023
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contractsOther current assets$3.8 $4.4 
Foreign currency contracts Other long-term assets1.7 2.7 
Total derivatives designated as hedging instruments$5.5 $7.1 
Derivatives not designated as hedging instrumentsOther current assets0.1 0.1 
Total derivative assets$5.6 $7.2 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$8.3 $6.0 
Foreign currency contracts Other long-term liabilities1.4 1.0 
Interest rate swap contractsOther long-term liabilities83.7 73.6 
Total derivatives designated as hedging instruments$93.4 $80.6 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.1 0.2 
Total derivative liabilities$93.5 $80.8 
v3.24.1.u1
Other Financial Information (Tables)
 3 Months Ended
Mar. 31, 2024
Other Financial Information [Abstract]  
Schedule of Inventories
Total inventory consisted of the following (in millions):
As of
March 31,
2024		December 31,
2023
Production and service materials$764.2 $719.0 
Finished goods271.9 299.0 
Total inventory$1,036.1 $1,018.0 
Reported as:
Inventory$958.2 $952.4 
Other long-term assets (1)
77.9 65.6 
Total inventory$1,036.1 $1,018.0 
__________________
(1) Long-term inventory balance classified as other long-term assets in the Company's Condensed Consolidated Balance Sheets consists of last time buy component inventory to be consumed beyond the Company's normal operating cycle.
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in millions):
As of
March 31,
2024		December 31,
2023
Contract manufacturer deposits$234.0 $316.4 
Prepaid expenses149.9 140.9 
Other current assets126.2 134.2 
Total prepaid expenses and other current assets$510.1 $591.5 
Schedule of Warranties
Changes during the three months ended March 31, 2024 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, 2023
$29.4 
Provisions made during the period12.8 
Actual costs incurred during the period(11.6)
Balance as of March 31, 2024
$30.6 
Schedule of Deferred Revenue
Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions):
As of
March 31,
2024		December 31,
2023
Deferred product revenue, net
$104.7 $92.1 
Deferred service revenue, net
2,020.2 1,932.8 
Total$2,124.9 $2,024.9 
Reported as:
Current$1,205.5 $1,130.0 
Long-term919.4 894.9 
Total$2,124.9 $2,024.9 
Schedule of Performance Obligation
The following table summarizes the breakdown of RPO(1) as of March 31, 2024 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$105.3 $90.7 $12.3 $2.3 
Service2,032.3 1,121.0 696.1 215.2 
Total$2,137.6 $1,211.7 $708.4 $217.5 
__________________
(1) The Company's RPO does not include backlog. Backlog consists of purchase orders for product primarily expected to be shipped to the Company's distributors, resellers, or end customers within the next 90 days. The following amounts are not included in the Company's backlog: (1) deferred revenue, (2) unbilled contract revenue, (3) all service obligations, including software as a service (SaaS), and (4) certain future revenue adjustments for items such as sales return reserves and early payment discounts.
Schedule of Other Expense, Net
Other income (expense), net, consisted of the following (in millions):
Three Months Ended March 31,
20242023
Interest income $16.9 $9.5 
Interest expense(20.5)(19.2)
Gain on other investments, net (1)
3.4 0.7 
Other2.3 0.2 
Other income (expense), net
$2.1 $(8.8)
________________
(1) Other investments represent fixed income securities and equity investments with readily determinable fair value. The prior period amounts have been reclassified to conform to the current period presentation.
v3.24.1.u1
Restructuring Charges (Tables)
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Liabilities
The following table presents changes in the restructuring liabilities (in millions) for the three months ended March 31, 2024:

Three Months Ended March 31, 2024
Employee severanceFacility exit-related and asset impairmentsContract terminations and otherTotal
Liability as of December 31, 2023
$30.0 $0.4 $3.2 $33.6 
Charges
2.3 1.7 0.1 4.1 
Cash payments
(16.5)(0.1)(3.1)(19.7)
Non-cash items
(0.1)(1.7)— (1.8)
Liability as of March 31, 2024
$15.7 $0.3 $0.2 $16.2 
v3.24.1.u1
Debt (Tables)
 3 Months Ended
Mar. 31, 2024
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 RatesMarch 31,
2024		December 31,
2023
Senior Notes:
1.200% fixed-rate notes
December 20251.37 %$400.0 $400.0 
3.750% fixed-rate notes
August 20293.86 %500.0 500.0 
2.000% fixed-rate notes
December 20302.12 %400.0 400.0 
5.950% fixed-rate notes
March 20416.03 %400.0 400.0 
Total Notes1,700.0 1,700.0 
Unaccreted discount and debt issuance costs(9.2)(9.6)
Hedge accounting fair value adjustments(*)
(83.7)(73.6)
Total$1,607.1 $1,616.8 
________________________________
(*)     Represents the fair value adjustments for interest rate swap contracts with an aggregate notional amount of $600.0 million. These contracts convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments, for a discussion of the Company's interest rate swap contracts.
v3.24.1.u1
Equity (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31,
20242023
Dividends:
Per share$0.22 $0.22 
Amount$71.4 $70.6 
Repurchased under the 2018 Stock Repurchase Program:
Shares— 4.5 
Average price per share$— $31.20 
Amount$— $140.0 
Schedule of Accumulated Other Comprehensive Loss, Net of Taxes
The components of accumulated other comprehensive income, net of related taxes, for the three months ended March 31, 2024 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, 2023
$28.9 $102.3 $(82.1)$49.1 
Other comprehensive loss before reclassifications
(29.0)(5.4)(3.7)(38.1)
Amount reclassified from accumulated other comprehensive income(0.1)1.2 — 1.1 
Other comprehensive loss, net
(29.1)(4.2)(3.7)(37.0)
Balance as of March 31, 2024
$(0.2)$98.1 $(85.8)$12.1 
v3.24.1.u1
Employee Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2024
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 three months ended March 31, 2024 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, 2023
20.2 $28.10 
Granted(*)
3.0 35.19 
Vested(3.6)26.24 
Canceled(1.2)27.28 
Balance as of March 31, 2024
18.4 $29.67 1.2$681.7 
________________________________
(*)    Includes 1.2 million service-based and 1.8 million performance-based awards. The number of shares subject to performance-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 March 31,
20242023
Shares purchased1.3 1.3 
Average exercise price per share$23.81 $23.44 
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 March 31,
20242023
Cost of revenues - Product$1.8 $1.7 
Cost of revenues - Service5.5 4.7 
Research and development38.5 25.7 
Sales and marketing24.1 18.6 
General and administrative10.0 10.2 
Total$79.9 $60.9 
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 March 31,
 20242023
Stock options$0.3 $0.8 
RSUs, RSAs, and PSAs72.9 53.0 
ESPP purchase rights6.7 7.1 
Total$79.9 $60.9 
v3.24.1.u1
Segments (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Financial Information by Segment
The following table presents net revenues by customer solution (in millions):
Three Months Ended March 31,
20242023
Customer Solutions(*):
Wide Area Networking
$350.4 $474.5 
Data Center
163.1 193.6 
Campus and Branch
240.5 317.0 
Hardware Maintenance and Professional Services394.9 386.7 
Total $1,148.9 $1,371.8 
________________
(*) Effective as of the first quarter of 2024, our customer solution revenue categories include the following name changes, and historical revenue by customer solution was not impacted by the name change: 1) Automated WAN Solutions changes to Wide Area Networking, 2) Cloud-Ready Data Center changes to Data Center, and 3) AI-Driven Enterprise changes to Campus and Branch.

The following table presents net revenues by customer vertical (in millions):
 Three Months Ended March 31,
 20242023
Cloud$250.0 $264.9 
Service Provider381.9 549.9 
Enterprise517.0 557.0 
Total$1,148.9 $1,371.8 
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 March 31,
20242023
Americas:
United States$609.4 $733.6 
Other56.1 64.9 
Total Americas665.5 798.5 
Europe, Middle East, and Africa311.1 369.9 
Asia Pacific172.3 203.4 
Total$1,148.9 $1,371.8 
v3.24.1.u1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31,
20242023
Income (loss) before income taxes
$(26.4)$107.1 
Income tax (benefit) provision
$(27.7)$19.6 
Effective tax rate105.0 %18.3 %
v3.24.1.u1
Net (Loss) Income per Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net (Loss) Income Per Share
The Company computed basic and diluted net income per share as follows (in millions, except per share amounts):
Three Months Ended March 31,
20242023
Numerator:
Net (loss) income
$(0.8)$85.4 
Denominator:
Weighted-average shares used to compute basic net (loss) income per share
322.6 322.3 
Dilutive effect of employee stock awards— 6.8 
Weighted-average shares used to compute diluted net (loss) income per share
322.6 329.1 
Net (loss) income per share:
Basic$(0.00)$0.26 
Diluted$(0.00)$0.26 
Anti-dilutive shares 0.1 2.9 
v3.24.1.u1
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Jan. 09, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Merger, right to receive cash per share, held (in dollars per share)     $ 40.00
Maximum allowable dividends during merger negotiation period (in dollars per share)     $ 0.22
Termination fee payable     $ 407.5
Termination fee receivable     $ 815.0
Merger transaction expenses [1] $ 28.3 $ 0.0  
[1] Represents charges incurred directly in connection with the pending merger with HPE (as defined below). See Note 1, Basis of Presentation and Summary of Significant Accounting Policies, for further information.
v3.24.1.u1
Cash Equivalents and Investments - Available-For-Sale (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Available-for-sale debt securities:    
Amortized Cost $ 847.1 $ 600.8
Gross Unrealized Gains 0.4 38.4
Gross Unrealized and Credit Losses (17.2) (10.2)
Estimated Fair Value 830.3 629.0
Cash equivalents    
Available-for-sale debt securities:    
Amortized Cost 340.2 328.2
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 340.2 328.2
Short-term investments    
Available-for-sale debt securities:    
Amortized Cost 183.1 135.7
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses (0.8) (1.4)
Estimated Fair Value 182.3 134.3
Long-term investments    
Available-for-sale debt securities:    
Amortized Cost 277.8 116.3
Gross Unrealized Gains 0.4 1.0
Gross Unrealized and Credit Losses (1.0) (0.5)
Estimated Fair Value 277.2 116.8
Other long-term assets    
Available-for-sale debt securities:    
Amortized Cost 46.0 20.6
Gross Unrealized Gains 0.0 37.4
Gross Unrealized and Credit Losses (15.4) (8.3)
Estimated Fair Value 30.6 49.7
Total fixed income securities    
Available-for-sale debt securities:    
Amortized Cost 801.1 580.2
Gross Unrealized Gains 0.4 1.0
Gross Unrealized and Credit Losses (1.8) (1.9)
Estimated Fair Value 799.7 579.3
Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Amortized Cost 99.3 38.2
Gross Unrealized Gains 0.0 0.2
Gross Unrealized and Credit Losses (0.5) (0.4)
Estimated Fair Value 98.8 38.0
Corporate debt securities    
Available-for-sale debt securities:    
Amortized Cost 234.1 160.2
Gross Unrealized Gains 0.4 0.7
Gross Unrealized and Credit Losses (1.0) (1.3)
Estimated Fair Value 233.5 159.6
Certificates of deposit    
Available-for-sale debt securities:    
Amortized Cost 16.2 3.0
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 16.2 3.0
Commercial paper    
Available-for-sale debt securities:    
Amortized Cost 92.1 41.1
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 92.1 41.1
Foreign government debt securities    
Available-for-sale debt securities:    
Amortized Cost 5.3 5.3
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses (0.1) (0.2)
Estimated Fair Value 5.2 5.1
Time deposits    
Available-for-sale debt securities:    
Amortized Cost 282.1 273.6
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 282.1 273.6
U.S. government agency securities    
Available-for-sale debt securities:    
Amortized Cost 0.0 4.0
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 0.0 4.0
U.S. government securities    
Available-for-sale debt securities:    
Amortized Cost 72.0 54.8
Gross Unrealized Gains 0.0 0.1
Gross Unrealized and Credit Losses (0.2) 0.0
Estimated Fair Value 71.8 54.9
Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Amortized Cost 46.0 20.6
Gross Unrealized Gains 0.0 37.4
Gross Unrealized and Credit Losses (15.4) (8.3)
Estimated Fair Value $ 30.6 $ 49.7
v3.24.1.u1
Cash Equivalents and Investments - Maturities of Fixed Income Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Amortized Cost    
Amortized Cost $ 847.1 $ 600.8
Estimated Fair Value    
Total 830.3 629.0
Total fixed income securities    
Amortized Cost    
Due in less than one year 523.3  
Due between one and five years 277.8  
Amortized Cost 801.1 580.2
Estimated Fair Value    
Due in less than one year 522.5  
Due between one and five years 277.2  
Total $ 799.7 $ 579.3
v3.24.1.u1
Cash Equivalents and Investments - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
USD ($)
investment
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]      
Gross unrealized losses $ 17,200,000   $ 10,200,000
Total investments in unrealized loss position | investment 226    
Unrealized loss position, less than 12 months, accumulated loss $ 700,000    
Unrealized loss position, 12 months or longer, accumulated loss 1,100,000    
Allowance for credit losses 7,100,000    
Allowance for credit loss 15,400,000   8,300,000
Equity securities, realized gain 0 $ 0  
Equity securities, realized loss 0 0  
Equity investments, unrealized gains 0 0  
Equity investments, unrealized losses 0 0  
Loss from equity method investment, net of tax 2,100,000 2,100,000  
Restricted cash and investments 59,200,000    
OpenLight Photonics, Inc.      
Restricted Cash and Cash Equivalents Items [Line Items]      
Loss from equity method investment, net of tax 2,200,000 2,100,000  
Prepaid expenses and other current assets      
Restricted Cash and Cash Equivalents Items [Line Items]      
Restricted cash and investments 17,500,000    
Other long-term assets      
Restricted Cash and Cash Equivalents Items [Line Items]      
Gross unrealized losses 15,400,000   8,300,000
Restricted cash and investments 41,700,000    
Total fixed income securities      
Restricted Cash and Cash Equivalents Items [Line Items]      
Gross unrealized losses 1,800,000   $ 1,900,000
Debt Securities      
Restricted Cash and Cash Equivalents Items [Line Items]      
Allowance for credit losses $ 0 $ 0  
v3.24.1.u1
Cash Equivalents and Investments - Investments in Equity Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments without readily determinable fair value $ 45.8 $ 45.8
Equity investment under the equity method of accounting 24.2 26.4
Total equity securities 497.8 452.8
Cash equivalents    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 379.6 337.5
Short-term investments    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 5.6 5.1
Prepaid expenses and other current assets    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 3.3 2.5
Other long-term assets    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 109.3 107.7
Money market funds    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: 379.6 337.5
Mutual funds    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: 42.6 38.0
Publicly-traded equity securities    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: $ 5.6 $ 5.1
v3.24.1.u1
Cash Equivalents and Investments - Restricted Cash and Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash and cash equivalents $ 1,069.8 $ 1,068.1    
Total cash, cash equivalents, and restricted cash 1,086.3 1,084.3 $ 941.8 $ 897.7
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 14.1 13.8    
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 $ 2.4 $ 2.4    
v3.24.1.u1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Available-for-sale debt securities:    
Available-for-sale debt securities $ 830.3 $ 629.0
Derivative assets:    
Derivative assets: 5.6 7.2
Cash equivalents    
Available-for-sale debt securities:    
Available-for-sale debt securities 340.2 328.2
Short-term investments    
Available-for-sale debt securities:    
Available-for-sale debt securities 182.3 134.3
Long-term investments    
Available-for-sale debt securities:    
Available-for-sale debt securities 277.2 116.8
Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 98.8 38.0
Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 16.2 3.0
Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 233.5 159.6
Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 92.1 41.1
Foreign government debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 5.2 5.1
Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 282.1 273.6
U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 4.0
U.S. government securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 71.8 54.9
Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 30.6 49.7
Money market funds    
Equity securities:    
Equity securities 379.6 337.5
Publicly-traded equity securities    
Equity securities:    
Equity securities 5.6 5.1
Fair Value, Measurements, Recurring    
Available-for-sale debt securities:    
Available-for-sale debt securities 830.3 629.0
Equity securities:    
Equity securities 427.8 380.6
Derivative assets:    
Derivative assets: 5.6 7.2
Total assets measured at fair value on a recurring basis 1,263.7 1,016.8
Liabilities:    
Derivative liabilities: (93.5) (80.8)
Total liabilities measured at fair value on a recurring basis (93.5) (80.8)
Fair Value, Measurements, Recurring | Cash equivalents    
Derivative assets:    
Total assets measured at fair value on a recurring basis 719.8 665.7
Fair Value, Measurements, Recurring | Short-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 187.9 139.4
Fair Value, Measurements, Recurring | Long-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 277.2 116.8
Fair Value, Measurements, Recurring | Prepaid expenses and other current assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 7.3 7.1
Fair Value, Measurements, Recurring | Other long-term assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 71.5 87.8
Fair Value, Measurements, Recurring | Other accrued liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis (8.4) (6.2)
Fair Value, Measurements, Recurring | Other long-term liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis (85.1) (74.6)
Fair Value, Measurements, Recurring | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 5.6 7.2
Liabilities:    
Derivative liabilities: (9.8) (7.2)
Fair Value, Measurements, Recurring | Interest rate contracts    
Liabilities:    
Derivative liabilities: (83.7) (73.6)
Fair Value, Measurements, Recurring | Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 98.8 38.0
Fair Value, Measurements, Recurring | Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 16.2 3.0
Fair Value, Measurements, Recurring | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 233.5 159.6
Fair Value, Measurements, Recurring | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 92.1 41.1
Fair Value, Measurements, Recurring | Foreign government debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 5.2 5.1
Fair Value, Measurements, Recurring | Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 282.1 273.6
Fair Value, Measurements, Recurring | U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 4.0
Fair Value, Measurements, Recurring | U.S. government securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 71.8 54.9
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 30.6 49.7
Fair Value, Measurements, Recurring | Money market funds    
Equity securities:    
Equity securities 379.6 337.5
Fair Value, Measurements, Recurring | Mutual funds    
Equity securities:    
Equity securities 42.6 38.0
Fair Value, Measurements, Recurring | Publicly-traded equity securities    
Equity securities:    
Equity securities 5.6 5.1
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)    
Available-for-sale debt securities:    
Available-for-sale debt securities 48.9 20.0
Equity securities:    
Equity securities 427.8 380.6
Derivative assets:    
Derivative assets: 0.0 0.0
Total assets measured at fair value on a recurring basis 476.7 400.6
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 379.6 337.5
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 18.3 12.8
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 36.2 12.3
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 3.3 2.5
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 39.3 35.5
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    
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) | 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) | 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) | 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 48.9 20.0
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 379.6 337.5
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Mutual funds    
Equity securities:    
Equity securities 42.6 38.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Publicly-traded equity securities    
Equity securities:    
Equity securities 5.6 5.1
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)    
Available-for-sale debt securities:    
Available-for-sale debt securities 750.8 559.3
Equity securities:    
Equity securities 0.0 0.0
Derivative assets:    
Derivative assets: 5.6 7.2
Total assets measured at fair value on a recurring basis 756.4 566.5
Liabilities:    
Derivative liabilities: (93.5) (80.8)
Total liabilities measured at fair value on a recurring basis (93.5) (80.8)
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 340.2 328.2
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 169.6 126.6
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 241.0 104.5
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 4.0 4.6
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 1.6 2.6
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 (8.4) (6.2)
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 (85.1) (74.6)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 5.6 7.2
Liabilities:    
Derivative liabilities: (9.8) (7.2)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Interest rate contracts    
Liabilities:    
Derivative liabilities: (83.7) (73.6)
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 98.8 38.0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 16.2 3.0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 233.5 159.6
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 92.1 41.1
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 5.2 5.1
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 282.1 273.6
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 0.0 4.0
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 22.9 34.9
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 30.6 49.7
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 30.6 49.7
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 30.6 49.7
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    
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) | 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) | 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) | 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 30.6 49.7
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
v3.24.1.u1
Fair Value Measurements - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Jan. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale debt securities $ 830,300,000   $ 629,000,000.0
Allowance for credit losses 7,100,000    
Equity securities without readily determinable fair value, downward adjustment 89,900,000    
Equity securities without readily determinable fair value, upward adjustment 0    
Goodwill impairment 0    
Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale debt securities 830,300,000   629,000,000.0
Financial and nonfinancial liabilities, fair value disclosure 93,500,000   80,800,000
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
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale debt securities 30,600,000   49,700,000
Financial and nonfinancial liabilities, fair value disclosure 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 1,567,800,000   1,581,700,000
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale debt securities 750,800,000   559,300,000
Financial and nonfinancial liabilities, fair value disclosure $ 93,500,000   $ 80,800,000
Privately Held Debt | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale debt securities   $ 25,000,000  
Available-for-sale debt securities, term   2 years  
v3.24.1.u1
Derivative Instruments - Notional Amount (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Notional amount of derivatives $ 1,501,200,000 $ 1,601,700,000
Derivatives designated as hedging instruments    
Derivative [Line Items]    
Notional amount of derivatives 1,268,800,000 1,401,000,000
Non-designated derivatives    
Derivative [Line Items]    
Notional amount of derivatives 232,400,000 200,700,000
Foreign currency contracts | Cash flow hedges | Derivatives designated as hedging instruments    
Derivative [Line Items]    
Notional amount of derivatives 668,800,000 801,000,000.0
Interest rate swap contracts | Fair value hedges | Derivatives designated as hedging instruments    
Derivative [Line Items]    
Notional amount of derivatives $ 600,000,000 $ 600,000,000.0
v3.24.1.u1
Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Derivative assets: $ 5.6 $ 7.2
Derivative liabilities: 93.5 80.8
Derivatives designated as hedging instruments    
Derivative [Line Items]    
Derivative assets: 5.5 7.1
Derivative liabilities: 93.4 80.6
Derivatives designated as hedging instruments | Other current assets | Foreign currency contracts    
Derivative [Line Items]    
Derivative assets: 3.8 4.4
Derivatives designated as hedging instruments | Other long-term assets | Foreign currency contracts    
Derivative [Line Items]    
Derivative assets: 1.7 2.7
Derivatives designated as hedging instruments | Other accrued liabilities | Foreign currency contracts    
Derivative [Line Items]    
Derivative liabilities: 8.3 6.0
Derivatives designated as hedging instruments | Other long-term liabilities | Foreign currency contracts    
Derivative [Line Items]    
Derivative liabilities: 1.4 1.0
Derivatives designated as hedging instruments | Other long-term liabilities | Interest rate swap contracts    
Derivative [Line Items]    
Derivative liabilities: 83.7 73.6
Derivatives not designated as hedging instruments | Other current assets    
Derivative [Line Items]    
Derivative assets: 0.1 0.1
Derivatives not designated as hedging instruments | Other accrued liabilities    
Derivative [Line Items]    
Derivative liabilities: $ 0.1 $ 0.2
v3.24.1.u1
Derivative Instruments - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended
Mar. 31, 2024
Apr. 30, 2021
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2020
Dec. 31, 2019
Derivatives, Notional Amount [Line Items]              
Derivative asset, fair value, gross asset, period decrease $ 5,600,000   $ 5,600,000   $ 7,200,000    
Derivative liability fair value gross liability period decrease 5,600,000   5,600,000   7,200,000    
Notional amount of derivatives 1,501,200,000   1,501,200,000   1,601,700,000    
Deferred gain on termination of interest rate locks         133,900,000    
Foreign currency contracts              
Derivatives, Notional Amount [Line Items]              
Foreign currency forward contracts loss, amounts reclassified out of AOCI     $ 1,100,000 $ 7,800,000      
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        
Derivatives designated as hedging instruments              
Derivatives, Notional Amount [Line Items]              
Notional amount of derivatives 1,268,800,000   $ 1,268,800,000   1,401,000,000    
Cash flow hedges              
Derivatives, Notional Amount [Line Items]              
Derivative instruments, loss recognized in other comprehensive loss, effective portion     $ 5,500,000 $ 9,900,000      
Cash flow hedges | Derivatives designated as hedging instruments              
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 4,500,000            
Cash flow hedges | Derivatives designated as hedging instruments | Interest rate lock contracts              
Derivatives, Notional Amount [Line Items]              
Notional amount of derivatives   $ 300,000,000       $ 650,000,000 $ 300,000,000
Derivative, expiration period   7 years          
Cash flow hedges | Derivatives designated as hedging instruments | Foreign currency contracts              
Derivatives, Notional Amount [Line Items]              
Notional amount of derivatives $ 668,800,000   $ 668,800,000   $ 801,000,000.0    
v3.24.1.u1
Other Financial Information - Inventories, Net (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Schedule Of Inventory [Line Items]    
Production and service materials $ 764.2 $ 719.0
Finished goods 271.9 299.0
Total inventory 1,036.1 1,018.0
Inventory    
Schedule Of Inventory [Line Items]    
Total inventory 958.2 952.4
Other long-term assets    
Schedule Of Inventory [Line Items]    
Total inventory $ 77.9 $ 65.6
v3.24.1.u1
Other Financial Information - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]    
Contract manufacturer deposits $ 234.0 $ 316.4
Prepaid expenses 149.9 140.9
Other current assets 126.2 134.2
Total prepaid expenses and other current assets 510.1 $ 591.5
Accounts Receivable    
Disaggregation of Revenue [Line Items]    
Allowance for credit loss $ 7.7  
v3.24.1.u1
Other Financial Information - Warranties (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Warranty Reserve [Roll Forward]  
Balance as of December 31, 2023 $ 29.4
Provisions made during the period 12.8
Actual costs incurred during the period (11.6)
Balance as of March 31, 2024 $ 30.6
v3.24.1.u1
Other Financial Information - Deferred Revenue (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]    
Current $ 1,205.5 $ 1,130.0
Long-term 919.4 894.9
Total 2,124.9 2,024.9
Deferred product revenue, net    
Disaggregation of Revenue [Line Items]    
Total 104.7 92.1
Deferred service revenue, net    
Disaggregation of Revenue [Line Items]    
Total $ 2,020.2 $ 1,932.8
v3.24.1.u1
Other Financial Information - Revenue, Remaining Performance Obligations and Deferred Contract Cost (Details)
 3 Months Ended
Mar. 31, 2024
USD ($)
Disaggregation of Revenue [Line Items]  
Deferred contract cost $ 42,900,000
Amortization of deferred commission 18,200,000
Impairment loss 0
Product  
Disaggregation of Revenue [Line Items]  
Contract with customer, liability, revenue recognized 17,200,000
Service  
Disaggregation of Revenue [Line Items]  
Contract with customer, liability, revenue recognized $ 345,500,000
v3.24.1.u1
Other Financial Information - Revenue, Remaining Performance Obligation (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 2,137.6
Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period 105.3
Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period 2,032.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 1,211.7
Revenue recognition expected by period, satisfaction period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 90.7
Revenue recognition expected by period, satisfaction period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 1,121.0
Revenue recognition expected by period, satisfaction period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 708.4
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 12.3
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 696.1
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 217.5
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 2.3
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 215.2
Revenue recognition expected by period, satisfaction period
v3.24.1.u1
Other Financial Information - Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Other Financial Information [Abstract]    
Interest income $ 16.9 $ 9.5
Interest expense (20.5) (19.2)
Gain (loss) on other investments, net 3.4 0.7
Other 2.3 0.2
Other income (expense), net [1] $ 2.1 $ (8.8)
[1] The prior period amounts have been reclassified to conform to the current period presentation.
v3.24.1.u1
Restructuring Charges - Restructuring Liabilities (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Restructuring Reserve [Roll Forward]  
Charges $ 4.1
2023 Transformation Plan  
Restructuring Reserve [Roll Forward]  
Restructuring liability, beginning balance 33.6
Charges 4.1
Cash payments (19.7)
Non-cash items (1.8)
Restructuring liability, ending balance 16.2
Employee severance | 2023 Transformation Plan  
Restructuring Reserve [Roll Forward]  
Restructuring liability, beginning balance 30.0
Charges 2.3
Cash payments (16.5)
Non-cash items (0.1)
Restructuring liability, ending balance 15.7
Facility exit-related and asset impairments | 2023 Transformation Plan  
Restructuring Reserve [Roll Forward]  
Restructuring liability, beginning balance 0.4
Charges 1.7
Cash payments (0.1)
Non-cash items (1.7)
Restructuring liability, ending balance 0.3
Contract terminations and other | 2023 Transformation Plan  
Restructuring Reserve [Roll Forward]  
Restructuring liability, beginning balance 3.2
Charges 0.1
Cash payments (3.1)
Non-cash items 0.0
Restructuring liability, ending balance $ 0.2
v3.24.1.u1
Debt - Schedule of Debt (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt $ 1,700,000,000 $ 1,700,000,000
Unaccreted discount and debt issuance costs (9,200,000) (9,600,000)
Hedge accounting fair value adjustments (83,700,000) (73,600,000)
Total 1,607,100,000 1,616,800,000
Notional amount of derivatives 1,501,200,000 1,601,700,000
Derivatives designated as hedging instruments    
Debt Instrument [Line Items]    
Notional amount of derivatives 1,268,800,000 1,401,000,000
Interest rate swap contracts | Fair value hedges | Derivatives designated as hedging instruments    
Debt Instrument [Line Items]    
Notional amount of derivatives $ 600,000,000 600,000,000.0
Senior notes | 1.200% fixed-rate 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    
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    
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    
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
v3.24.1.u1
Debt - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
USD ($)
extension_option
Line of Credit | Unsecured Revolving Credit Facility  
Debt Instrument [Line Items]  
Borrowing capacity (up to) $ 500,000,000
Increase amount of borrowings, subject to lenders' approval (up to) $ 200,000,000
Long-term debt, term 5 years
Number of extension options | extension_option 2
Extension period 1 year
Long-term line of credit $ 0
Fixed Rate Note Due 2025 And Fixed Rate Note Due 2029 | Senior notes  
Debt Instrument [Line Items]  
Redemption price percentage 100.00%
Repurchase price percentage related to change of control 101.00%
v3.24.1.u1
Equity - Summary of Dividends Paid and Stock Repurchases and Retirements (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dividends:    
Per share (in dollars per share) $ 0.22 $ 0.22
Amount $ 71.4 $ 70.6
Repurchased under the 2018 Stock Repurchase Program:    
Amount $ 14.6 $ 151.3
Stock Repurchase Program 2018    
Repurchased under the 2018 Stock Repurchase Program:    
Shares (in shares) 0.0 4.5
Average price (in dollars per share) $ 0 $ 31.20
Amount $ 0.0 $ 140.0
v3.24.1.u1
Equity - Cash Dividends on Shares of Common Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Equity [Abstract]    
Cash dividends declared (in dollars per share) $ 0.22  
Payments of cash dividends (in dollars per share) $ 0.22 $ 0.22
Cash dividends declared $ 71.4 $ 70.6
v3.24.1.u1
Equity - Stock Repurchase Activities (Details) - Stock Repurchase Program 2018 - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Accelerated Share Repurchases [Line Items]    
Stock repurchase program, remaining authorized repurchase amount $ 200.0  
Stock repurchased during period, tax withholding $ 14.6 $ 11.4
v3.24.1.u1
Equity - Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance $ 4,492.7 $ 4,475.1
Other comprehensive loss before reclassifications (38.1)  
Amount reclassified from accumulated other comprehensive income 1.1  
Other comprehensive (loss) income, net (37.0) 4.1
Ending Balance 4,481.2 4,435.2
Accumulated Other Comprehensive Income    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance 49.1 4.2
Other comprehensive (loss) income, net (37.0) 4.1
Ending Balance 12.1 $ 8.3
Unrealized Gains/Losses on Available-for- Sale Debt Securities    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance 28.9  
Other comprehensive loss before reclassifications (29.0)  
Amount reclassified from accumulated other comprehensive income (0.1)  
Other comprehensive (loss) income, net (29.1)  
Ending Balance (0.2)  
Unrealized Gains/Losses on Cash Flow Hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance 102.3  
Other comprehensive loss before reclassifications (5.4)  
Amount reclassified from accumulated other comprehensive income 1.2  
Other comprehensive (loss) income, net (4.2)  
Ending Balance 98.1  
Foreign Currency Translation Adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (82.1)  
Other comprehensive loss before reclassifications (3.7)  
Amount reclassified from accumulated other comprehensive income 0.0  
Other comprehensive (loss) income, net (3.7)  
Ending Balance $ (85.8)  
v3.24.1.u1
Employee Benefit Plans - Equity Incentive Plan (Details)
shares in Millions
Mar. 31, 2024
shares
Equity incentive plan 2015  
Share-Based Compensation Plans  
Number of shares available for future issuance (in shares) 0.4
Employee stock purchase plan 2008  
Share-Based Compensation Plans  
Number of shares available for future issuance (in shares) 2.3
v3.24.1.u1
Employee Benefit Plans - Restricted Stock Unit and Performance Share Award Activities (Details)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
$ / shares
shares
RSUs, RSAs, and PSAs  
Number of Shares  
Balance at beginning of period (in shares) 20.2
Granted (in shares) 3.0
Vested (in shares) (3.6)
Canceled (in shares) (1.2)
Balance at end of period (in shares) 18.4
Weighted Average Grant Date Fair Value per Share  
Balance at beginning of period (in dollars per share) | $ / shares $ 28.10
Granted (in dollars per share) | $ / shares 35.19
Vested (in dollars per share) | $ / shares 26.24
Canceled (in dollars per share) | $ / shares 27.28
Balance at end of period (in dollars per share) | $ / shares $ 29.67
Weighted Average Remaining Contractual Term (In Years) 1 year 2 months 12 days
Aggregate Intrinsic Value | $ $ 681.7
Service-based RSUs  
Number of Shares  
Granted (in shares) 1.2
Performance Shares  
Number of Shares  
Granted (in shares) 1.8
v3.24.1.u1
Employee Benefit Plans - Employee Stock Purchase Plan (Details) - Employee stock purchase plan 2008 - $ / shares
shares in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Employee Stock Purchase Plan (ESPP) Disclosures [Line Items]    
Shares purchased (in shares) 1.3 1.3
Average exercise price per share (in dollars per share) $ 23.81 $ 23.44
v3.24.1.u1
Employee Benefit Plans - Share Based Compensation by Cost and Expense Categories (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense $ 79.9 $ 60.9
Stock options    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense 0.3 0.8
RSUs, RSAs, and PSAs    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense 72.9 53.0
ESPP purchase rights    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense 6.7 7.1
Cost of revenues - Product    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense 1.8 1.7
Cost of revenues - Service    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense 5.5 4.7
Research and development    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense 38.5 25.7
Sales and marketing    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense 24.1 18.6
General and administrative    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense $ 10.0 $ 10.2
v3.24.1.u1
Employee Benefit Plans - Share Based Compensation by Share Based Payment Award Types (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Share-Based Payment Arrangement [Abstract]  
Unrecognized compensation cost $ 369.8
Unrecognized compensation, weighted average recognition period 1 year 9 months 29 days
v3.24.1.u1
Segments - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.24.1.u1
Segments - Revenue by Product (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Total net revenues $ 1,148.9 $ 1,371.8
Wide Area Networking    
Segment Reporting Information [Line Items]    
Total net revenues 350.4 474.5
Data Center    
Segment Reporting Information [Line Items]    
Total net revenues 163.1 193.6
Campus and Branch    
Segment Reporting Information [Line Items]    
Total net revenues 240.5 317.0
Hardware Maintenance and Professional Services    
Segment Reporting Information [Line Items]    
Total net revenues $ 394.9 $ 386.7
v3.24.1.u1
Segments - Revenues by Customer Vertical (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Total net revenues $ 1,148.9 $ 1,371.8
Cloud    
Segment Reporting Information [Line Items]    
Total net revenues 250.0 264.9
Service Provider    
Segment Reporting Information [Line Items]    
Total net revenues 381.9 549.9
Enterprise    
Segment Reporting Information [Line Items]    
Total net revenues $ 517.0 $ 557.0
v3.24.1.u1
Segments - Geographic (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Total net revenues $ 1,148.9 $ 1,371.8
Total Americas    
Segment Reporting Information [Line Items]    
Total net revenues 665.5 798.5
United States    
Segment Reporting Information [Line Items]    
Total net revenues 609.4 733.6
Other    
Segment Reporting Information [Line Items]    
Total net revenues 56.1 64.9
Europe, Middle East, and Africa    
Segment Reporting Information [Line Items]    
Total net revenues 311.1 369.9
Asia Pacific    
Segment Reporting Information [Line Items]    
Total net revenues $ 172.3 $ 203.4
v3.24.1.u1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Income (loss) before income taxes $ (26.4) $ 107.1
Income tax (benefit) provision $ (27.7) $ 19.6
Effective tax rate 105.00% 18.30%
v3.24.1.u1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
One-time benefits from tax settlements related to geographic mix of earnings $ 19.0  
Increase in deferred tax assets 35.2  
Deferred tax assets 676.1 $ 640.9
Unrecognized tax benefits 110.9 $ 132.8
Unrecognized tax benefits, period decrease 21.9  
Unrecognized tax benefits, maximum decrease in the next twelve months (up to) $ 43.1  
v3.24.1.u1
Net (Loss) Income per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Numerator:    
Net income (loss) $ (0.8) $ 85.4
Denominator:    
Weighted-average shares used to compute basic net (loss) income per share (in shares) 322.6 322.3
Dilutive effect of employee stock awards (in shares) 0.0 6.8
Weighted-average shares used to compute diluted net (loss) income per share (in shares) 322.6 329.1
Net (loss) income per share:    
Basic (in dollars per share) $ (0.00) $ 0.26
Diluted (in dollars per share) $ (0.00) $ 0.26
Anti-dilutive shares (in shares) 0.1 2.9
v3.24.1.u1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Jan. 09, 2024
Dec. 31, 2023
Other Commitments [Line Items]      
Purchase commitments $ 1,140.0    
Merger transaction, contingent liability   $ 151.8  
Tax refund, period of recognition 8 years    
Income taxes payable $ 187.1    
Unrecognized tax benefits 110.9   $ 132.8
Long-Term Income Taxes      
Other Commitments [Line Items]      
Unrecognized tax benefits 70.7    
Accrued Income Taxes, Noncurrent      
Other Commitments [Line Items]      
Income taxes payable $ 102.6    
v3.24.1.u1
Subsequent Events (Details) - $ / shares
 3 Months Ended
Jun. 24, 2024
Apr. 25, 2024
Mar. 31, 2024
Mar. 31, 2023
Subsequent Event [Line Items]        
Cash dividends declared (in dollars per share)     $ 0.22  
Payments of cash dividends (in dollars per share)     $ 0.22 $ 0.22
Forecast        
Subsequent Event [Line Items]        
Payments of cash dividends (in dollars per share) $ 0.22      
Subsequent Event        
Subsequent Event [Line Items]        
Cash dividends declared (in dollars per share)   $ 0.22