JUNIPER NETWORKS INC, 10-Q filed on 5/9/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
May 07, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
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 $0.00001 per share  
Trading Symbol JNPR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   334,382,599
Entity Central Index Key 0001043604  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
v3.25.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net revenues:    
Total net revenues $ 1,280.2 $ 1,148.9
Cost of revenues:    
Total cost of revenues 525.5 468.0
Gross margin 754.7 680.9
Operating expenses:    
Research and development 283.1 296.6
Sales and marketing 301.8 305.4
General and administrative 60.2 60.7
Restructuring charges 10.7 4.1
Merger-related charges [1] 9.5 28.3
Total operating expenses 665.3 695.1
Operating income (loss) 89.4 (14.2)
Loss on privately-held investments, net (3.3) (14.3)
Other (expense) income, net (4.3) 2.1
Income before income taxes and loss from equity method investment 81.8 (26.4)
Income tax provision (benefit) 17.7 (27.7)
Loss from equity method investment, net of tax 0.0 2.1
Net income (loss) $ 64.1 $ (0.8)
Net income (loss) per share:    
Basic (in dollars per share) $ 0.19 $ 0.00
Diluted (in dollars per share) $ 0.19 $ 0.00
Weighted-average shares used to compute net income per share:    
Basic (in shares) 333.3 322.6
Diluted (in shares) 339.2 322.6
Product    
Net revenues:    
Total net revenues $ 755.0 $ 651.9
Cost of revenues:    
Total cost of revenues 380.3 323.9
Service    
Net revenues:    
Total net revenues 525.2 497.0
Cost of revenues:    
Total cost of revenues $ 145.2 $ 144.1
[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.
v3.25.1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 64.1 $ (0.8)
Available-for-sale debt securities:    
Change in net unrealized gains and losses 1.0 (29.0)
Net realized gains reclassified into net income (0.2) (0.1)
Net change on available-for-sale debt securities 0.8 (29.1)
Cash flow hedges:    
Change in net unrealized gains and losses 6.1 (5.4)
Net realized losses reclassified into net income 3.1 1.2
Net change on cash flow hedges 9.2 (4.2)
Change in foreign currency translation adjustments 1.5 (3.7)
Other comprehensive income (loss), net 11.5 (37.0)
Comprehensive income (loss) $ 75.6 $ (37.8)
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,289.4 $ 1,224.3
Short-term investments 268.7 160.3
Accounts receivable, net of allowances 918.4 1,163.3
Inventory 824.7 830.1
Prepaid expenses and other current assets 436.1 467.6
Total current assets 3,737.3 3,845.6
Property and equipment, net 674.6 680.2
Operating lease assets 286.9 160.2
Long-term investments 412.3 385.4
Purchased intangible assets, net 32.1 42.6
Goodwill 3,734.4 3,734.3
Other long-term assets 1,211.2 1,159.7
Total assets 10,088.8 10,008.0
Current liabilities:    
Accounts payable 219.3 256.5
Accrued compensation 217.7 357.8
Deferred revenue 1,283.0 1,228.4
Short-term portion of long-term debt 399.6 399.4
Other accrued liabilities 386.9 399.9
Total current liabilities 2,506.5 2,642.0
Long-term debt 1,228.9 1,215.7
Long-term deferred revenue 1,033.4 1,013.6
Long-term income taxes payable 89.6 83.5
Long-term operating lease liabilities 270.9 135.5
Other long-term liabilities 130.4 133.5
Total liabilities 5,259.7 5,223.8
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; 334.3 shares and 332.6 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 0.0 0.0
Additional paid-in capital 6,791.0 6,810.2
Accumulated other comprehensive income (loss) 5.9 (5.6)
Accumulated deficit (1,967.8) (2,020.4)
Total stockholders' equity 4,829.1 4,784.2
Total liabilities and stockholders' equity $ 10,088.8 $ 10,008.0
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Millions
Mar. 31, 2025
Dec. 31, 2024
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) 334.3 332.6
Common stock - outstanding (in shares) 334.3 332.6
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 64.1 $ (0.8)
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation expense 62.6 79.9
Depreciation, amortization, and accretion 36.5 44.2
Deferred income taxes (34.8) (26.6)
Provision for inventory excess and obsolescence 6.9 (1.0)
Operating lease assets expense 11.5 10.8
Loss on privately-held investments, net 3.3 14.3
Loss from equity method investment 0.0 2.1
Loss (gain) on publicly-traded investments and others 6.8 (0.3)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable, net 246.2 228.8
Inventory (3.1) (22.5)
Prepaid expenses and other assets 14.3 70.2
Accounts payable (35.3) (38.3)
Accrued compensation (145.5) (79.4)
Income taxes payable 32.4 (24.9)
Other accrued liabilities (23.5) (32.5)
Deferred revenue 74.1 101.0
Net cash provided by operating activities 316.5 325.0
Cash flows from investing activities:    
Purchases of property and equipment (24.3) (34.8)
Purchases of available-for-sale debt securities (215.4) (283.5)
Proceeds from sales of available-for-sale debt securities 17.1 6.1
Proceeds from maturities and redemptions of available-for-sale debt securities 64.5 45.1
Purchases of equity securities (6.6) (2.7)
Proceeds from sales of equity securities 2.1 4.3
Net cash used in investing activities (162.6) (265.5)
Cash flows from financing activities:    
Shares repurchased and retired for tax withholding on vesting of restricted stock (17.0) (14.6)
Proceeds from issuance of common stock 0.1 32.1
Payment of dividends (73.4) (71.4)
Net cash used in financing activities (90.3) (53.9)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash 0.6 (3.6)
Net increase in cash, cash equivalents, and restricted cash 64.2 2.0
Cash, cash equivalents, and restricted cash at beginning of period 1,235.8 1,084.3
Cash, cash equivalents, and restricted cash at end of period 1,300.0 1,086.3
Non-cash investing and financing activities:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 138.1 $ 58.8
v3.25.1
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
Beginning balance (in shares) at Dec. 31, 2023   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 income (loss) (0.8)       (0.8)
Other comprehensive income (loss), net (37.0)     (37.0)  
Issuance of common stock (in shares)   5.0      
Issuance of common stock 32.1   32.1    
Shares withheld for tax withholding on vesting of restricted stock and other (in shares)   (0.4)      
Shares withheld for tax withholding on vesting of restricted stock and other (14.6)   (4.8)   (9.8)
Share-based compensation expense 80.2   80.2    
Payments of cash dividends (71.4)   (71.4)    
Ending balance (in shares) at Mar. 31, 2024   324.9      
Ending balance at Mar. 31, 2024 $ 4,481.2   6,776.1 12.1 (2,307.0)
Beginning balance (in shares) at Dec. 31, 2024 332.6 332.6      
Beginning balance at Dec. 31, 2024 $ 4,784.2   6,810.2 (5.6) (2,020.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 64.1       64.1
Other comprehensive income (loss), net 11.5     11.5  
Issuance of common stock (in shares)   2.2      
Issuance of common stock 0.1   0.1    
Shares withheld for tax withholding on vesting of restricted stock and other (in shares)   (0.5)      
Shares withheld for tax withholding on vesting of restricted stock and other (17.0)   (5.5)   (11.5)
Share-based compensation expense 59.6   59.6    
Payments of cash dividends $ (73.4)   (73.4)    
Ending balance (in shares) at Mar. 31, 2025 334.3 334.3      
Ending balance at Mar. 31, 2025 $ 4,829.1   $ 6,791.0 $ 5.9 $ (1,967.8)
v3.25.1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Payments of cash dividends (in dollars per share) $ 0.22 $ 0.22
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
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, 2024 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, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, 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, 2024 (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.

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 cancelled and converted into the right to receive $40.00 in cash, without interest and subject to applicable withholding taxes. On April 2, 2024, the Company received approval of the Merger Agreement from its stockholders.

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 is subject to the receipt of regulatory approvals and other customary closing conditions. On January 30, 2025, the U.S. Department of Justice (the “DOJ”) filed a complaint seeking to enjoin the Merger and block the acquisition of Juniper by HPE, and the trial is scheduled to begin on July 9, 2025. Both the Company and HPE have stated their disagreement with the DOJ’s concerns, and the Company remains fully committed to completing the Merger. As of the date of this filing, the Company has received all required regulatory approvals and clearances from all applicable countries, other than the U.S. and Israel. 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 by either party if the Merger has not been consummated by July 9, 2025, as may be automatically further extended to October 9, 2025 pursuant to the terms of the Merger Agreement. Under
certain specified circumstances in which the Merger Agreement is terminated, including termination for failure to obtain required regulatory approvals or a final non-appealable governmental order permanently prohibiting the Merger, in each case relating to required regulatory approvals, HPE is required to pay the Company a termination fee equal to $815.0 million.

In connection with the pending Merger, the Company incurred $9.5 million and $28.3 million of expenses for the three months ended March 31, 2025 and 2024, respectively, including professional services, financial advisory fees, and certain retention costs, 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, 2024.

Recent Accounting Standards Not Yet Adopted

Improvements to Income Tax Disclosures: In December 2023, the Financial Accounting Standards Board ("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.

Disaggregation of Income Statement Expenses: In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosures of specific expense categories included within each expense caption presented on the Consolidated Statements of Operations. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The amendment should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the impact of this pronouncement on its financial statement disclosures.
v3.25.1
Cash Equivalents and Investments
 3 Months Ended
Mar. 31, 2025
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, 2025 and December 31, 2024 (in millions):

As of March 31, 2025
As of December 31, 2024
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$151.7 $0.6 $(0.2)$152.1 $106.6 $0.4 $(0.5)$106.5 
Corporate debt securities341.5 1.2 (0.2)342.5 308.8 0.9 (0.3)309.4 
Certificates of deposit20.4 — — 20.4 6.8 — — 6.8 
Commercial paper97.4 — — 97.4 77.2 — — 77.2 
Time deposits8.6 — — 8.6 202.2 — — 202.2 
U.S. government agency securities
14.9 — — 14.9 6.0 — — 6.0 
U.S. government securities103.2 0.2 — 103.4 99.2 0.1 — 99.3 
Total fixed income securities
737.7 2.0 (0.4)739.3 806.8 1.4 (0.8)807.4 
Privately-held debt and redeemable preferred stock securities46.3 — (15.4)30.9 45.8 — (15.4)30.4 
Total available-for-sale debt securities
$784.0 $2.0 $(15.8)$770.2 $852.6 $1.4 $(16.2)$837.8 
Reported as:
Cash equivalents$69.0 $— $— $69.0 $273.9 $— $— $273.9 
Short-term investments257.8 0.2 — 258.0 147.9 0.2 — 148.1 
Long-term investments410.9 1.8 (0.4)412.3 385.0 1.2 (0.8)385.4 
Other long-term assets46.3 — (15.4)30.9 45.8 — (15.4)30.4 
Total$784.0 $2.0 $(15.8)$770.2 $852.6 $1.4 $(16.2)$837.8 


The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2025 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$326.8 $327.0 
Due between one and five years410.9 412.3 
Total$737.7 $739.3 


As of March 31, 2025, the Company had an unrealized loss of $0.4 million from 79 fixed income available-for-sale debt securities, primarily due to changes in market interest rates, of which $0.2 million was from investments in an unrealized loss position for less than 12 months. 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, 2025 and March 31, 2024.

During the three months ended March 31, 2025, the Company did not record any material allowance for credit loss. 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, 2025 and December 31, 2024, the Company had an allowance for credit loss of $15.4 million and $15.4 million, respectively, on privately-held debt and redeemable preferred stock investments.

During the three months ended March 31, 2025 and March 31, 2024, the Company had 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, 2025 and December 31, 2024 (in millions):
As of
March 31,
2025		December 31,
2024
Equity investments with readily determinable fair value:
Money market funds$677.8 $562.6 
Mutual funds48.5 49.1 
Publicly-traded equity securities10.6 12.2 
Equity investments without readily determinable fair value53.0 53.8 
Total equity securities$789.9 $677.7 
Reported as:
Cash equivalents$677.8 $562.6 
Short-term investments10.6 12.2 
Prepaid expenses and other current assets3.6 3.5 
Other long-term assets97.9 99.4 
Total$789.9 $677.7 

For the three months ended March 31, 2025 and March 31, 2024, 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.
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, 2025, the carrying value of restricted cash and investments was $59.1 million, of which $11.8 million was included in prepaid expenses and other current assets, and $47.3 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, 2025 and December 31, 2024 (in millions):
As of
March 31,
2025		December 31,
2024
Cash and cash equivalents$1,289.4 $1,224.3 
Restricted cash included in Prepaid expenses and other current assets
8.2 9.2 
Restricted cash included in Other long-term assets
2.4 2.3 
Total cash, cash equivalents, and restricted cash$1,300.0 $1,235.8 
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 3. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (in millions):
Fair Value Measurements at
March 31, 2025
Fair Value Measurements at
December 31, 2024
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities$— $152.1 $— $152.1 $— $106.5 $— $106.5 
Certificates of deposit— 20.4 — 20.4 — 6.8 — 6.8 
Corporate debt securities — 342.6 — 342.6 — 309.4 — 309.4 
Commercial paper— 97.4 — 97.4 — 77.2 — 77.2 
Time deposits— 8.6 — 8.6 — 202.2 — 202.2 
U.S. government agency securities— 14.9 — 14.9 — 6.0 — 6.0 
U.S. government securities60.5 42.8 — 103.3 58.4 40.9 — 99.3 
Privately-held debt and redeemable preferred stock securities— — 30.9 30.9 — — 30.4 30.4 
Total available-for-sale debt securities60.5 678.8 30.9 770.2 58.4 749.0 30.4 837.8 
Equity securities:
Money market funds677.8 — — 677.8 562.6 — — 562.6 
Mutual funds48.5 — — 48.5 49.1 — — 49.1 
Publicly-traded equity securities10.6 — — 10.6 12.2 — — 12.2 
Total equity securities736.9 — — 736.9 623.9 — — 623.9 
Derivative assets:
Foreign exchange contracts— 5.1 — 5.1 — 1.1 — 1.1 
Total derivative assets— 5.1 — 5.1 — 1.1 — 1.1 
Total assets measured at fair value on a recurring basis$797.4 $683.9 $30.9 $1,512.2 $682.3 $750.1 $30.4 $1,462.8 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(6.3)$— $(6.3)$— $(12.0)$— $(12.0)
Interest rate contracts— (64.1)— (64.1)— (77.0)— (77.0)
Total derivative liabilities— (70.4)— (70.4)— (89.0)— (89.0)
Total liabilities measured at fair value on a recurring basis$— $(70.4)$— $(70.4)$— $(89.0)$— $(89.0)
Fair Value Measurements at
March 31, 2025
Fair Value Measurements at
December 31, 2024
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$677.8 $69.0 $— $746.8 $562.6 $273.9 $— $836.5 
Short-term investments36.9 231.8 — 268.7 21.5 138.8 — 160.3 
Long-term investments34.3 378.0 — 412.3 49.1 336.3 — 385.4 
Prepaid expenses and other current assets
3.6 3.5 — 7.1 3.5 1.1 — 4.6 
Other long-term assets44.8 1.6 30.9 77.3 45.6 — 30.4 76.0 
Total assets measured at fair value
$797.4 $683.9 $30.9 $1,512.2 $682.3 $750.1 $30.4 $1,462.8 
Total liabilities, reported as:
Other accrued liabilities$— $(6.0)$— $(6.0)$— $(12.0)$— $(12.0)
Other long-term liabilities— (64.4)— (64.4)— (77.0)— (77.0)
Total liabilities measured at fair value on a recurring basis
$— $(70.4)$— $(70.4)$— $(89.0)$— $(89.0)

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, 2025, the Company had no transfers into or out of Level 3 of the fair value hierarchy of its assets or liabilities measured at fair value.

The Company's privately-held debt and redeemable preferred stock securities are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of its privately-held debt and redeemable preferred stock securities on a recurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent valuations at the time of financing activities and the investee's capital structure. During the three months ended March 31, 2025, the Company did not record any material allowance for credit loss. 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 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, 2025, cumulative impairments and downward adjustments for equity securities without readily determinable fair value were $92.9 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, goodwill and property plant and equipment, are measured at fair value on a nonrecurring basis. There were no significant impairment charges recognized during the three months ended March 31, 2025.

As of March 31, 2025 and December 31, 2024, 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, 2025 and December 31, 2024, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets was $1,612.5 million and $1,591.4 million, respectively, based on observable market inputs (Level 2).
v3.25.1
Derivative Instruments
 3 Months Ended
Mar. 31, 2025
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,
2025		December 31,
2024
Designated derivatives:
Cash flow hedges:
Foreign currency contracts
$639.4 $402.6 
Fair value hedges:
Interest rate swap contracts
600.0 600.0 
Total designated derivatives
1,239.4 1,002.6 
Non-designated derivatives228.5 211.2 
Total$1,467.9 $1,213.8 

The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
 As of
 Balance Sheet ClassificationMarch 31,
2025		December 31,
2024
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts as cash flow hedges
Other current assets$3.1 $1.0 
Foreign currency contracts as cash flow hedges
Other long-term assets1.6 — 
Total derivatives designated as hedging instruments$4.7 $1.0 
Derivatives not designated as hedging instrumentsOther current assets0.4 0.1 
Total derivative assets$5.1 $1.1 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$5.8 $11.8 
Foreign currency contracts Other long-term liabilities0.3 — 
Interest rate swap contractsOther long-term liabilities64.1 77.0 
Total derivatives designated as hedging instruments$70.2 $88.8 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.2 0.2 
Total derivative liabilities$70.4 $89.0 
Offsetting of Derivative Instruments

The Company presents its derivative instruments at gross fair values in the Condensed Consolidated Balance Sheets. As of March 31, 2025 and December 31, 2024, the potential effects of set-off associated with the derivative contracts would be a reduction to both derivative assets and derivative liabilities by $3.4 million and $1.1 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 twenty-four 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 six 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 gain of $6.4 million and an unrealized loss of $5.5 million in accumulated other comprehensive income for the effective portion of its derivative instruments for the three months ended March 31, 2025 and 2024, respectively.

For foreign currency contracts, the Company reclassified a loss of $3.1 million and $1.1 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, 2025 and 2024, respectively. As of March 31, 2025, an estimated $2.7 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, 2025 and March 31, 2024.
v3.25.1
Other Financial Information
 3 Months Ended
Mar. 31, 2025
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,
2025		December 31,
2024
Production and service materials$549.0 $592.7 
Finished goods332.6 292.7 
Total inventory$881.6 $885.4 
Reported as:
Inventory$824.7 $830.1 
Other long-term assets (1)
56.9 55.3 
Total inventory$881.6 $885.4 
__________________
(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,
2025		December 31,
2024
Contract manufacturer deposits$121.3 $127.1 
Prepaid expenses134.0 156.9 
Other current assets180.8 183.6 
Total prepaid expenses and other current assets$436.1 $467.6 

During the three months ended March 31, 2025, the Company did not record any material allowance for credit loss. 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, 2025 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, 2024
$30.8 
Provisions made during the period8.7 
Actual costs incurred during the period(8.0)
Balance as of March 31, 2025
$31.5 
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,
2025		December 31,
2024
Deferred product revenue, net
$58.7 $72.5 
Deferred service revenue, net
2,257.7 2,169.5 
Total$2,316.4 $2,242.0 
Reported as:
Current$1,283.0 $1,228.4 
Long-term1,033.4 1,013.6 
Total$2,316.4 $2,242.0 

Revenue

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

Product revenue of $31.6 million included in deferred revenue at January 1, 2025 was recognized during the three months ended March 31, 2025. Service revenue of $384.4 million included in deferred revenue at January 1, 2025 was recognized during the three months ended March 31, 2025.

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, 2025 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$60.4 $46.7 $12.0 $1.7 
Service2,266.4 1,244.2 785.6 236.6 
Total$2,326.8 $1,290.9 $797.6 $238.3 
__________________
(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 $51.7 million as of March 31, 2025. For the three months ended March 31, 2025, amortization expense associated with the deferred commissions was $19.1 million, and there were no impairment charges recognized.

Other (Expense) Income, Net

Other (expense) income, net, consisted of the following (in millions):
Three Months Ended March 31,
20252024
Interest income $19.6 $16.9 
Interest expense(18.9)(20.5)
Gain (loss) on other investments, net (1)
(4.1)3.4 
Other(0.9)2.3 
Other (expense) income, net
$(4.3)$2.1 
________________
(1) Other investments represent fixed income securities and equity investments with readily determinable fair value.
v3.25.1
Restructuring Charges
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Charges
Note 6. Restructuring Charges

During the first quarter of 2025, the Company initiated a restructuring plan designed to realign its workforce with the Company's strategic objectives, which resulted in $10.0 million in employee severance charges. As of March 31, 2025, approved actions under this plan are expected to be substantially completed in the second half of 2025.

The following table presents changes in the restructuring liabilities for the three months ended March 31, 2025 (in millions):

Employee severance
Liability as of December 31, 2024
$3.9 
Charges
10.7 
Cash payments
(9.7)
Non-cash items
0.1 
Liability as of March 31, 2025
$5.0 
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
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,
2025		December 31,
2024
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(7.4)(7.9)
Hedge accounting fair value adjustments(*)
(64.1)(77.0)
Total$1,628.5 $1,615.1 
________________________________
(*)     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, 2025, 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, 2025, 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.
v3.25.1
Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Equity
Note 8. Equity

The following table summarizes dividends paid (in millions, except per share amounts):
Three Months Ended March 31,
20252024
Dividends:
Per share$0.22 $0.22 
Amount$73.4 $71.4 

Cash Dividends on Shares of Common Stock

During the three months ended March 31, 2025, the Company declared and paid a quarterly cash dividend of $0.22 per common share, totaling $73.4 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, 2025.

Stock Repurchase Activities

As of March 31, 2025, 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, 2025 and 2024.

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, 2025 and March 31, 2024, repurchases associated with tax withholdings were $17.0 million and $14.6 million, respectively.

Accumulated Other Comprehensive Income (Loss), Net of Tax

The components of accumulated other comprehensive income (loss), net of related taxes, for the three months ended March 31, 2025 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, 2024
$1.1 $92.5 $(99.2)$(5.6)
Other comprehensive income, net before reclassifications
1.0 6.1 1.5 8.6 
Amount reclassified from accumulated other comprehensive income(0.2)3.1 — 2.9 
Other comprehensive income, net
0.8 9.2 1.5 11.5 
Balance as of March 31, 2025
$1.9 $101.7 $(97.7)$5.9 
v3.25.1
Employee Benefit Plans
 3 Months Ended
Mar. 31, 2025
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”). As of March 31, 2025, 1.3 million shares were available for future issuance under the Company's 2015 Equity Incentive Plan. In connection with past acquisitions, the Company has also assumed or substituted stock options, RSUs, restricted stock awards (“RSAs”), and PSAs.

RSU, RSA, and PSA Activities

The Company’s RSU, RSA, and PSA activities and related information as of and for the three months ended March 31, 2025 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, 2024
19.0 $32.53 
Granted(*)
0.7 34.54 
Vested(2.1)32.08 
Cancelled
(1.3)35.17 
Balance as of March 31, 2025
16.3 $32.47 1.1$591.0 
________________________________
(*)    During the three months ended March 31, 2025, all of the 0.7 million shares granted were service-based awards and no performance-based awards were granted. The grant date fair value of RSUs 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.

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,
20252024
Cost of revenues - Product$1.8 $1.8 
Cost of revenues - Service5.2 5.5 
Research and development26.6 38.5 
Sales and marketing18.7 24.1 
General and administrative10.3 10.0 
Total$62.6 $79.9 

The following table summarizes share-based compensation expense by award type (in millions):
 Three Months Ended March 31,
 20252024
Stock options$0.1 $0.3 
RSUs, RSAs, and PSAs62.5 72.9 
ESPP purchase rights— 6.7 
Total$62.6 $79.9 
As of March 31, 2025, the total unrecognized compensation cost related to unvested share-based awards was $363.8 million to be recognized over a weighted-average period of 1.97 years.
v3.25.1
Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segments
Note 10. Segments

The Company's chief executive officer, who is the chief operating decision maker ("CODM"), reviews discrete financial information presented on a consolidated basis, to assess performance and allocate resources. There are no segment managers who are held accountable for operations or operating results below the consolidated unit level. Accordingly, the Company operates in one reportable segment.

The CODM uses net income, which is a measure of profit or loss that is also reported on the Consolidated Statement of Operations as consolidated net income, to decide whether to reinvest profits into the business or invest into other parts of the entity. It is further 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,
20252024
Customer Solutions:
Wide Area Networking
$407.9 $350.4 
Data Center
177.2 163.1 
Campus and Branch
294.2 240.5 
Hardware Maintenance and Professional Services400.9 394.9 
Total $1,280.2 $1,148.9 

The following table presents net revenues by customer vertical (in millions):
 Three Months Ended March 31,
 20252024
Cloud$322.4 $250.0 
Service Provider380.8 381.9 
Enterprise577.0 517.0 
Total$1,280.2 $1,148.9 

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,
20252024
Americas:
United States$755.1 $609.4 
Other55.5 56.1 
Total Americas810.6 665.5 
Europe, Middle East, and Africa289.5 311.1 
Asia Pacific180.1 172.3 
Total$1,280.2 $1,148.9 

For the three months ended March 31, 2025 and March 31, 2024, no customer accounted for more than 10% of total net revenues.
The CODM reviews consolidated expense information under the categories that are reported on the Consolidated Statement of Operations, for the purpose of allocating resources and evaluating financial performance.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
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,
20252024
Income (loss) before income taxes
$81.8 $(26.4)
Income tax provision (benefit)
$17.7 $(27.7)
Effective tax rate21.6 %105.0 %

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.

As of March 31, 2025, deferred tax assets increased $34.2 million to $896.6 million from $862.4 million at December 31, 2024. Deferred income taxes are classified as other long-term assets in the Company's Condensed Consolidated Balance Sheets.

As of March 31, 2025, the total amount of gross unrecognized tax benefits was $121.3 million.

The Company engages in continuous discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. There is a greater than remote likelihood that the balance of the gross unrecognized tax benefits will decrease by up to $52.6 million within the next 12 months due to the completion of tax review cycles in various tax jurisdictions and lapses of applicable statutes of limitation.

The Company is not currently under examination by the Internal Revenue Service. The Company is under examination by the India tax authorities for the 2012 through 2021 tax years.
v3.25.1
Net Income (Loss) per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) per Share
Note 12. Net Income (Loss) per Share

The Company computed basic and diluted net income (loss) per share as follows (in millions, except per share amounts):
Three Months Ended March 31,
20252024
Numerator:
Net income (loss)
$64.1 $(0.8)
Denominator:
Weighted-average shares used to compute basic net income per share
333.3 322.6 
Dilutive effect of employee stock awards5.9 — 
Weighted-average shares used to compute diluted net income per share
339.2 322.6 
Net income (loss) per share:
Basic$0.19 $(0.00)
Diluted$0.19 $(0.00)
Anti-dilutive shares 0.3 0.1 
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
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 $1,000.9 million as of March 31, 2025.

HPE Merger Contingencies

In connection with the pending Merger, the Company expects to incur additional liabilities of approximately $155.0 million that are subject to the consummation of the Merger. These contingent liabilities include financial advisory fees, certain retention bonuses and legal fees, which will become payable upon consummation of the Merger.

Legal Proceedings

In the ordinary course of business, the Company is subject to various pending and potential investigations, disputes, litigation, 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.

DOJ Action. As previously disclosed, on January 9, 2024, the Company entered into the Merger Agreement with HPE and Merger Sub, providing for the acquisition of Juniper by HPE. On April 2, 2024, the Company received stockholder approval of the Merger Agreement at a special meeting of stockholders. Additionally, subject to limited exceptions, either HPE or the Company may terminate the Merger Agreement if the Merger has not been consummated on or before a certain date (the “Outside Date”); provided that this right to terminate the Merger Agreement will not be available to any party whose material breach of any provision of the Merger Agreement was the primary cause of the failure of the Merger to be consummated by the Outside Date. On January 9, 2025 and on April 9, 2025, the Outside Date was automatically extended pursuant to the terms of the Merger Agreement for an additional three months, and it may be automatically extended further from the current July 9, 2025 to October 9, 2025, under certain circumstances. Completion of the Merger is subject to the satisfaction or waiver of certain closing conditions, including: (1) the expiration or early termination of the applicable waiting period under the HSR Act and certain other approvals, clearances, or expirations of waiting periods under other antitrust laws and foreign investment laws, (2) the absence of any order, injunction, or other order or law prohibiting the Merger or making the closing of the Merger illegal, (3) the accuracy of each party’s representations and warranties, subject to certain standards set forth in the Merger Agreement, (4) the performance and compliance in all material respects of each party’s agreements and covenants under the Merger Agreement, and (5) in the case of the obligations of HPE and Merger Sub to effect the Merger, no Material Adverse Effect (as defined in the Merger Agreement) with respect to the Company, having occurred and that is continuing as of the closing. The Company has received all required regulatory approvals and clearances from all applicable countries except for the
U.S. and Israel. On January 30, 2025, the DOJ filed a complaint seeking a preliminary and permanent injunction to prevent the completion of the Merger (the “DOJ Action”). The filing of the DOJ Action is delaying, and, if the Company and HPE are unsuccessful in defending against or settling the DOJ Action, could ultimately prevent, the consummation of the Merger. Both the Company and HPE have stated their disagreement with the DOJ's concerns set forth in the DOJ Action, and have stated the reasons why the claims in the DOJ Action are fundamentally flawed. The case has been assigned to the U.S. District Court for the Northern District of California, and the trial is scheduled to begin on July 9, 2025.

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.

As of March 31, 2025, the Company had $161.4 million short-term income taxes payable, which are classified as other accrued liabilities in the Company's Condensed Consolidated Balance Sheets, of which $102.0 million represents the Company's transition tax obligation to be paid within the next 12 months, and $59.4 million primarily represents accrued income taxes for the first quarter of 2025.

As of March 31, 2025, the Company also had $82.4 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.
v3.25.1
Subsequent Events
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events
Note 14. Subsequent Events

Dividend Declaration

On May 1, 2025, the Company announced a cash dividend of $0.22 per share of common stock to be paid on June 23, 2025 to stockholders of record as of the close of business on June 2, 2025.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income (loss) $ 64.1 $ (0.8)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
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, 2024 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, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, 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, 2024 (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.
Recent Accounting Standards Not Yet Adopted
Recent Accounting Standards Not Yet Adopted

Improvements to Income Tax Disclosures: In December 2023, the Financial Accounting Standards Board ("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.

Disaggregation of Income Statement Expenses: In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional disclosures of specific expense categories included within each expense caption presented on the Consolidated Statements of Operations. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The amendment should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the impact of this pronouncement on its financial statement disclosures.
v3.25.1
Cash Equivalents and Investments (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025 and December 31, 2024 (in millions):

As of March 31, 2025
As of December 31, 2024
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$151.7 $0.6 $(0.2)$152.1 $106.6 $0.4 $(0.5)$106.5 
Corporate debt securities341.5 1.2 (0.2)342.5 308.8 0.9 (0.3)309.4 
Certificates of deposit20.4 — — 20.4 6.8 — — 6.8 
Commercial paper97.4 — — 97.4 77.2 — — 77.2 
Time deposits8.6 — — 8.6 202.2 — — 202.2 
U.S. government agency securities
14.9 — — 14.9 6.0 — — 6.0 
U.S. government securities103.2 0.2 — 103.4 99.2 0.1 — 99.3 
Total fixed income securities
737.7 2.0 (0.4)739.3 806.8 1.4 (0.8)807.4 
Privately-held debt and redeemable preferred stock securities46.3 — (15.4)30.9 45.8 — (15.4)30.4 
Total available-for-sale debt securities
$784.0 $2.0 $(15.8)$770.2 $852.6 $1.4 $(16.2)$837.8 
Reported as:
Cash equivalents$69.0 $— $— $69.0 $273.9 $— $— $273.9 
Short-term investments257.8 0.2 — 258.0 147.9 0.2 — 148.1 
Long-term investments410.9 1.8 (0.4)412.3 385.0 1.2 (0.8)385.4 
Other long-term assets46.3 — (15.4)30.9 45.8 — (15.4)30.4 
Total$784.0 $2.0 $(15.8)$770.2 $852.6 $1.4 $(16.2)$837.8 
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, 2025 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$326.8 $327.0 
Due between one and five years410.9 412.3 
Total$737.7 $739.3 
Schedule of Investments in Equity Securities
The following table presents the Company's investments in equity securities as of March 31, 2025 and December 31, 2024 (in millions):
As of
March 31,
2025		December 31,
2024
Equity investments with readily determinable fair value:
Money market funds$677.8 $562.6 
Mutual funds48.5 49.1 
Publicly-traded equity securities10.6 12.2 
Equity investments without readily determinable fair value53.0 53.8 
Total equity securities$789.9 $677.7 
Reported as:
Cash equivalents$677.8 $562.6 
Short-term investments10.6 12.2 
Prepaid expenses and other current assets3.6 3.5 
Other long-term assets97.9 99.4 
Total$789.9 $677.7 
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, 2025 and December 31, 2024 (in millions):
As of
March 31,
2025		December 31,
2024
Cash and cash equivalents$1,289.4 $1,224.3 
Restricted cash included in Prepaid expenses and other current assets
8.2 9.2 
Restricted cash included in Other long-term assets
2.4 2.3 
Total cash, cash equivalents, and restricted cash$1,300.0 $1,235.8 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (in millions):
Fair Value Measurements at
March 31, 2025
Fair Value Measurements at
December 31, 2024
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities$— $152.1 $— $152.1 $— $106.5 $— $106.5 
Certificates of deposit— 20.4 — 20.4 — 6.8 — 6.8 
Corporate debt securities — 342.6 — 342.6 — 309.4 — 309.4 
Commercial paper— 97.4 — 97.4 — 77.2 — 77.2 
Time deposits— 8.6 — 8.6 — 202.2 — 202.2 
U.S. government agency securities— 14.9 — 14.9 — 6.0 — 6.0 
U.S. government securities60.5 42.8 — 103.3 58.4 40.9 — 99.3 
Privately-held debt and redeemable preferred stock securities— — 30.9 30.9 — — 30.4 30.4 
Total available-for-sale debt securities60.5 678.8 30.9 770.2 58.4 749.0 30.4 837.8 
Equity securities:
Money market funds677.8 — — 677.8 562.6 — — 562.6 
Mutual funds48.5 — — 48.5 49.1 — — 49.1 
Publicly-traded equity securities10.6 — — 10.6 12.2 — — 12.2 
Total equity securities736.9 — — 736.9 623.9 — — 623.9 
Derivative assets:
Foreign exchange contracts— 5.1 — 5.1 — 1.1 — 1.1 
Total derivative assets— 5.1 — 5.1 — 1.1 — 1.1 
Total assets measured at fair value on a recurring basis$797.4 $683.9 $30.9 $1,512.2 $682.3 $750.1 $30.4 $1,462.8 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(6.3)$— $(6.3)$— $(12.0)$— $(12.0)
Interest rate contracts— (64.1)— (64.1)— (77.0)— (77.0)
Total derivative liabilities— (70.4)— (70.4)— (89.0)— (89.0)
Total liabilities measured at fair value on a recurring basis$— $(70.4)$— $(70.4)$— $(89.0)$— $(89.0)
Fair Value Measurements at
March 31, 2025
Fair Value Measurements at
December 31, 2024
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$677.8 $69.0 $— $746.8 $562.6 $273.9 $— $836.5 
Short-term investments36.9 231.8 — 268.7 21.5 138.8 — 160.3 
Long-term investments34.3 378.0 — 412.3 49.1 336.3 — 385.4 
Prepaid expenses and other current assets
3.6 3.5 — 7.1 3.5 1.1 — 4.6 
Other long-term assets44.8 1.6 30.9 77.3 45.6 — 30.4 76.0 
Total assets measured at fair value
$797.4 $683.9 $30.9 $1,512.2 $682.3 $750.1 $30.4 $1,462.8 
Total liabilities, reported as:
Other accrued liabilities$— $(6.0)$— $(6.0)$— $(12.0)$— $(12.0)
Other long-term liabilities— (64.4)— (64.4)— (77.0)— (77.0)
Total liabilities measured at fair value on a recurring basis
$— $(70.4)$— $(70.4)$— $(89.0)$— $(89.0)
v3.25.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
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,
2025		December 31,
2024
Designated derivatives:
Cash flow hedges:
Foreign currency contracts
$639.4 $402.6 
Fair value hedges:
Interest rate swap contracts
600.0 600.0 
Total designated derivatives
1,239.4 1,002.6 
Non-designated derivatives228.5 211.2 
Total$1,467.9 $1,213.8 
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,
2025		December 31,
2024
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts as cash flow hedges
Other current assets$3.1 $1.0 
Foreign currency contracts as cash flow hedges
Other long-term assets1.6 — 
Total derivatives designated as hedging instruments$4.7 $1.0 
Derivatives not designated as hedging instrumentsOther current assets0.4 0.1 
Total derivative assets$5.1 $1.1 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$5.8 $11.8 
Foreign currency contracts Other long-term liabilities0.3 — 
Interest rate swap contractsOther long-term liabilities64.1 77.0 
Total derivatives designated as hedging instruments$70.2 $88.8 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.2 0.2 
Total derivative liabilities$70.4 $89.0 
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,
2025		December 31,
2024
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contracts as cash flow hedges
Other current assets$3.1 $1.0 
Foreign currency contracts as cash flow hedges
Other long-term assets1.6 — 
Total derivatives designated as hedging instruments$4.7 $1.0 
Derivatives not designated as hedging instrumentsOther current assets0.4 0.1 
Total derivative assets$5.1 $1.1 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$5.8 $11.8 
Foreign currency contracts Other long-term liabilities0.3 — 
Interest rate swap contractsOther long-term liabilities64.1 77.0 
Total derivatives designated as hedging instruments$70.2 $88.8 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.2 0.2 
Total derivative liabilities$70.4 $89.0 
v3.25.1
Other Financial Information (Tables)
 3 Months Ended
Mar. 31, 2025
Other Financial Information [Abstract]  
Schedule of Inventories
Total inventory consisted of the following (in millions):
As of
March 31,
2025		December 31,
2024
Production and service materials$549.0 $592.7 
Finished goods332.6 292.7 
Total inventory$881.6 $885.4 
Reported as:
Inventory$824.7 $830.1 
Other long-term assets (1)
56.9 55.3 
Total inventory$881.6 $885.4 
__________________
(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,
2025		December 31,
2024
Contract manufacturer deposits$121.3 $127.1 
Prepaid expenses134.0 156.9 
Other current assets180.8 183.6 
Total prepaid expenses and other current assets$436.1 $467.6 
Schedule of Warranties
Changes during the three months ended March 31, 2025 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, 2024
$30.8 
Provisions made during the period8.7 
Actual costs incurred during the period(8.0)
Balance as of March 31, 2025
$31.5 
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,
2025		December 31,
2024
Deferred product revenue, net
$58.7 $72.5 
Deferred service revenue, net
2,257.7 2,169.5 
Total$2,316.4 $2,242.0 
Reported as:
Current$1,283.0 $1,228.4 
Long-term1,033.4 1,013.6 
Total$2,316.4 $2,242.0 
Schedule of Performance Obligation
The following table summarizes the breakdown of RPO(1) as of March 31, 2025 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$60.4 $46.7 $12.0 $1.7 
Service2,266.4 1,244.2 785.6 236.6 
Total$2,326.8 $1,290.9 $797.6 $238.3 
__________________
(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 (expense) income, net, consisted of the following (in millions):
Three Months Ended March 31,
20252024
Interest income $19.6 $16.9 
Interest expense(18.9)(20.5)
Gain (loss) on other investments, net (1)
(4.1)3.4 
Other(0.9)2.3 
Other (expense) income, net
$(4.3)$2.1 
________________
(1) Other investments represent fixed income securities and equity investments with readily determinable fair value.
v3.25.1
Restructuring Charges (Tables)
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Liabilities
The following table presents changes in the restructuring liabilities for the three months ended March 31, 2025 (in millions):

Employee severance
Liability as of December 31, 2024
$3.9 
Charges
10.7 
Cash payments
(9.7)
Non-cash items
0.1 
Liability as of March 31, 2025
$5.0 
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
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,
2025		December 31,
2024
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(7.4)(7.9)
Hedge accounting fair value adjustments(*)
(64.1)(77.0)
Total$1,628.5 $1,615.1 
________________________________
(*)     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.
v3.25.1
Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Dividends Paid and Stock Repurchases and Retirements Under Stock Repurchase Program
The following table summarizes dividends paid (in millions, except per share amounts):
Three Months Ended March 31,
20252024
Dividends:
Per share$0.22 $0.22 
Amount$73.4 $71.4 
Schedule of Accumulated Other Comprehensive Loss, Net of Taxes
The components of accumulated other comprehensive income (loss), net of related taxes, for the three months ended March 31, 2025 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, 2024
$1.1 $92.5 $(99.2)$(5.6)
Other comprehensive income, net before reclassifications
1.0 6.1 1.5 8.6 
Amount reclassified from accumulated other comprehensive income(0.2)3.1 — 2.9 
Other comprehensive income, net
0.8 9.2 1.5 11.5 
Balance as of March 31, 2025
$1.9 $101.7 $(97.7)$5.9 
v3.25.1
Employee Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025 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, 2024
19.0 $32.53 
Granted(*)
0.7 34.54 
Vested(2.1)32.08 
Cancelled
(1.3)35.17 
Balance as of March 31, 2025
16.3 $32.47 1.1$591.0 
________________________________
(*)    During the three months ended March 31, 2025, all of the 0.7 million shares granted were service-based awards and no performance-based awards were granted. The grant date fair value of RSUs 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 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,
20252024
Cost of revenues - Product$1.8 $1.8 
Cost of revenues - Service5.2 5.5 
Research and development26.6 38.5 
Sales and marketing18.7 24.1 
General and administrative10.3 10.0 
Total$62.6 $79.9 
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,
 20252024
Stock options$0.1 $0.3 
RSUs, RSAs, and PSAs62.5 72.9 
ESPP purchase rights— 6.7 
Total$62.6 $79.9 
v3.25.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2025
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,
20252024
Customer Solutions:
Wide Area Networking
$407.9 $350.4 
Data Center
177.2 163.1 
Campus and Branch
294.2 240.5 
Hardware Maintenance and Professional Services400.9 394.9 
Total $1,280.2 $1,148.9 

The following table presents net revenues by customer vertical (in millions):
 Three Months Ended March 31,
 20252024
Cloud$322.4 $250.0 
Service Provider380.8 381.9 
Enterprise577.0 517.0 
Total$1,280.2 $1,148.9 
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,
20252024
Americas:
United States$755.1 $609.4 
Other55.5 56.1 
Total Americas810.6 665.5 
Europe, Middle East, and Africa289.5 311.1 
Asia Pacific180.1 172.3 
Total$1,280.2 $1,148.9 
v3.25.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2025
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,
20252024
Income (loss) before income taxes
$81.8 $(26.4)
Income tax provision (benefit)
$17.7 $(27.7)
Effective tax rate21.6 %105.0 %
v3.25.1
Net Income (Loss) per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Income Per Share
The Company computed basic and diluted net income (loss) per share as follows (in millions, except per share amounts):
Three Months Ended March 31,
20252024
Numerator:
Net income (loss)
$64.1 $(0.8)
Denominator:
Weighted-average shares used to compute basic net income per share
333.3 322.6 
Dilutive effect of employee stock awards5.9 — 
Weighted-average shares used to compute diluted net income per share
339.2 322.6 
Net income (loss) per share:
Basic$0.19 $(0.00)
Diluted$0.19 $(0.00)
Anti-dilutive shares 0.3 0.1 
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
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 receivable     $ 815.0
Merger transaction expenses [1] $ 9.5 $ 28.3  
[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.
v3.25.1
Cash Equivalents and Investments - Available-For-Sale (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Available-for-sale debt securities:    
Amortized Cost $ 784.0 $ 852.6
Gross Unrealized Gains 2.0 1.4
Gross Unrealized and Credit Losses (15.8) (16.2)
Estimated Fair Value 770.2 837.8
Cash equivalents    
Available-for-sale debt securities:    
Amortized Cost 69.0 273.9
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 69.0 273.9
Short-term investments    
Available-for-sale debt securities:    
Amortized Cost 257.8 147.9
Gross Unrealized Gains 0.2 0.2
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 258.0 148.1
Long-term investments    
Available-for-sale debt securities:    
Amortized Cost 410.9 385.0
Gross Unrealized Gains 1.8 1.2
Gross Unrealized and Credit Losses (0.4) (0.8)
Estimated Fair Value 412.3 385.4
Other long-term assets    
Available-for-sale debt securities:    
Amortized Cost 46.3 45.8
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses (15.4) (15.4)
Estimated Fair Value 30.9 30.4
Total fixed income securities    
Available-for-sale debt securities:    
Amortized Cost 737.7 806.8
Gross Unrealized Gains 2.0 1.4
Gross Unrealized and Credit Losses (0.4) (0.8)
Estimated Fair Value 739.3 807.4
Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Amortized Cost 151.7 106.6
Gross Unrealized Gains 0.6 0.4
Gross Unrealized and Credit Losses (0.2) (0.5)
Estimated Fair Value 152.1 106.5
Corporate debt securities    
Available-for-sale debt securities:    
Amortized Cost 341.5 308.8
Gross Unrealized Gains 1.2 0.9
Gross Unrealized and Credit Losses (0.2) (0.3)
Estimated Fair Value 342.5 309.4
Certificates of deposit    
Available-for-sale debt securities:    
Amortized Cost 20.4 6.8
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 20.4 6.8
Commercial paper    
Available-for-sale debt securities:    
Amortized Cost 97.4 77.2
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 97.4 77.2
Time deposits    
Available-for-sale debt securities:    
Amortized Cost 8.6 202.2
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 8.6 202.2
U.S. government agency securities    
Available-for-sale debt securities:    
Amortized Cost 14.9 6.0
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 14.9 6.0
U.S. government securities    
Available-for-sale debt securities:    
Amortized Cost 103.2 99.2
Gross Unrealized Gains 0.2 0.1
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 103.4 99.3
Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Amortized Cost 46.3 45.8
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses (15.4) (15.4)
Estimated Fair Value $ 30.9 $ 30.4
v3.25.1
Cash Equivalents and Investments - Maturities of Fixed Income Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Estimated Fair Value    
Total $ 770.2 $ 837.8
Total fixed income securities    
Amortized Cost    
Due in less than one year 326.8  
Due between one and five years 410.9  
Amortized Cost 737.7  
Estimated Fair Value    
Due in less than one year 327.0  
Due between one and five years 412.3  
Total $ 739.3 $ 807.4
v3.25.1
Cash Equivalents and Investments - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
USD ($)
investment
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]      
Total investments in unrealized loss position | investment 79    
Unrealized loss position, less than 12 months, accumulated loss $ 200,000    
Allowance for credit losses 0 $ 7,100,000  
Allowance for credit loss 15,400,000   $ 15,400,000
Equity investments, unrealized gains 0 0  
Equity investments, unrealized losses 0 0  
Restricted cash and investments 59,100,000    
Prepaid expenses and other current assets      
Restricted Cash and Cash Equivalents Items [Line Items]      
Restricted cash and investments 11,800,000    
Other long-term assets      
Restricted Cash and Cash Equivalents Items [Line Items]      
Restricted cash and investments 47,300,000    
Total fixed income securities      
Restricted Cash and Cash Equivalents Items [Line Items]      
Gross unrealized losses 400,000    
Debt Securities      
Restricted Cash and Cash Equivalents Items [Line Items]      
Allowance for credit losses $ 0 $ 0  
v3.25.1
Cash Equivalents and Investments - Investments in Equity Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments without readily determinable fair value $ 53.0 $ 53.8
Total equity securities 789.9 677.7
Cash equivalents    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 677.8 562.6
Short-term investments    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 10.6 12.2
Prepaid expenses and other current assets    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 3.6 3.5
Other long-term assets    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 97.9 99.4
Money market funds    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: 677.8 562.6
Mutual funds    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: 48.5 49.1
Publicly-traded equity securities    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: $ 10.6 $ 12.2
v3.25.1
Cash Equivalents and Investments - Restricted Cash and Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash and cash equivalents $ 1,289.4 $ 1,224.3    
Total cash, cash equivalents, and restricted cash 1,300.0 1,235.8 $ 1,086.3 $ 1,084.3
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 8.2 9.2    
Other long-term assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash included in prepaid expenses and other current and other long-term assets $ 2.4 $ 2.3    
v3.25.1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Available-for-sale debt securities:    
Available-for-sale debt securities $ 770.2 $ 837.8
Derivative assets:    
Derivative assets: 5.1 1.1
Cash equivalents    
Available-for-sale debt securities:    
Available-for-sale debt securities 69.0 273.9
Short-term investments    
Available-for-sale debt securities:    
Available-for-sale debt securities 258.0 148.1
Long-term investments    
Available-for-sale debt securities:    
Available-for-sale debt securities 412.3 385.4
Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 152.1 106.5
Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 20.4 6.8
Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 342.5 309.4
Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 97.4 77.2
Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 8.6 202.2
U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 14.9 6.0
U.S. government securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 103.4 99.3
Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 30.9 30.4
Money market funds    
Equity securities:    
Equity securities 677.8 562.6
Publicly-traded equity securities    
Equity securities:    
Equity securities 10.6 12.2
Fair Value, Measurements, Recurring    
Available-for-sale debt securities:    
Available-for-sale debt securities 770.2 837.8
Equity securities:    
Equity securities 736.9 623.9
Derivative assets:    
Derivative assets: 5.1 1.1
Total assets measured at fair value on a recurring basis 1,512.2 1,462.8
Liabilities:    
Derivative liabilities: (70.4) (89.0)
Total liabilities measured at fair value on a recurring basis (70.4) (89.0)
Fair Value, Measurements, Recurring | Cash equivalents    
Derivative assets:    
Total assets measured at fair value on a recurring basis 746.8 836.5
Fair Value, Measurements, Recurring | Short-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 268.7 160.3
Fair Value, Measurements, Recurring | Long-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 412.3 385.4
Fair Value, Measurements, Recurring | Prepaid expenses and other current assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 7.1 4.6
Fair Value, Measurements, Recurring | Other long-term assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 77.3 76.0
Fair Value, Measurements, Recurring | Other accrued liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis (6.0) (12.0)
Fair Value, Measurements, Recurring | Other long-term liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis (64.4) (77.0)
Fair Value, Measurements, Recurring | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 5.1 1.1
Liabilities:    
Derivative liabilities: (6.3) (12.0)
Fair Value, Measurements, Recurring | Interest rate contracts    
Liabilities:    
Derivative liabilities: (64.1) (77.0)
Fair Value, Measurements, Recurring | Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 152.1 106.5
Fair Value, Measurements, Recurring | Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 20.4 6.8
Fair Value, Measurements, Recurring | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 342.6 309.4
Fair Value, Measurements, Recurring | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 97.4 77.2
Fair Value, Measurements, Recurring | Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 8.6 202.2
Fair Value, Measurements, Recurring | U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 14.9 6.0
Fair Value, Measurements, Recurring | U.S. government securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 103.3 99.3
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 30.9 30.4
Fair Value, Measurements, Recurring | Money market funds    
Equity securities:    
Equity securities 677.8 562.6
Fair Value, Measurements, Recurring | Mutual funds    
Equity securities:    
Equity securities 48.5 49.1
Fair Value, Measurements, Recurring | Publicly-traded equity securities    
Equity securities:    
Equity securities 10.6 12.2
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)    
Available-for-sale debt securities:    
Available-for-sale debt securities 60.5 58.4
Equity securities:    
Equity securities 736.9 623.9
Derivative assets:    
Derivative assets: 0.0 0.0
Total assets measured at fair value on a recurring basis 797.4 682.3
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 677.8 562.6
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Short-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 36.9 21.5
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Long-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 34.3 49.1
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 3.6 3.5
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 44.8 45.6
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) | 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 60.5 58.4
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 677.8 562.6
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Mutual funds    
Equity securities:    
Equity securities 48.5 49.1
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Publicly-traded equity securities    
Equity securities:    
Equity securities 10.6 12.2
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)    
Available-for-sale debt securities:    
Available-for-sale debt securities 678.8 749.0
Equity securities:    
Equity securities 0.0 0.0
Derivative assets:    
Derivative assets: 5.1 1.1
Total assets measured at fair value on a recurring basis 683.9 750.1
Liabilities:    
Derivative liabilities: (70.4) (89.0)
Total liabilities measured at fair value on a recurring basis (70.4) (89.0)
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 69.0 273.9
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 231.8 138.8
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 378.0 336.3
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 3.5 1.1
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 0.0
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 (6.0) (12.0)
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 (64.4) (77.0)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 5.1 1.1
Liabilities:    
Derivative liabilities: (6.3) (12.0)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Interest rate contracts    
Liabilities:    
Derivative liabilities: (64.1) (77.0)
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 152.1 106.5
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 20.4 6.8
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 342.6 309.4
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 97.4 77.2
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 8.6 202.2
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 14.9 6.0
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 42.8 40.9
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 30.9 30.4
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 30.9 30.4
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 30.9 30.4
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) | 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 30.9 30.4
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
v3.25.1
Fair Value Measurements - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Allowance for credit losses $ 0 $ 7,100,000  
Equity securities without readily determinable fair value, downward adjustment 92,900,000    
Equity securities without readily determinable fair value, upward adjustment 0    
Goodwill impairment 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 1,612,500,000   $ 1,591,400,000
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
v3.25.1
Derivative Instruments - Notional Amount (Details) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Notional amount of derivatives $ 1,467,900,000 $ 1,213,800,000
Derivatives designated as hedging instruments    
Derivative [Line Items]    
Notional amount of derivatives 1,239,400,000 1,002,600,000
Non-designated derivatives    
Derivative [Line Items]    
Notional amount of derivatives 228,500,000 211,200,000
Foreign currency contracts | Cash flow hedges | Derivatives designated as hedging instruments    
Derivative [Line Items]    
Notional amount of derivatives 639,400,000 402,600,000
Interest rate swap contracts | Fair value hedges | Derivatives designated as hedging instruments    
Derivative [Line Items]    
Notional amount of derivatives $ 600,000,000.0 $ 600,000,000.0
v3.25.1
Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Derivative assets: $ 5.1 $ 1.1
Derivative liabilities: 70.4 89.0
Derivatives designated as hedging instruments    
Derivative [Line Items]    
Derivative assets: 4.7 1.0
Derivative liabilities: 70.2 88.8
Derivatives designated as hedging instruments | Other current assets | Foreign currency contracts as cash flow hedges    
Derivative [Line Items]    
Derivative assets: 3.1 1.0
Derivatives designated as hedging instruments | Other long-term assets | Foreign currency contracts as cash flow hedges    
Derivative [Line Items]    
Derivative assets: 1.6 0.0
Derivatives designated as hedging instruments | Other accrued liabilities | Foreign currency contracts as cash flow hedges    
Derivative [Line Items]    
Derivative liabilities: 5.8 11.8
Derivatives designated as hedging instruments | Other long-term liabilities | Foreign currency contracts as cash flow hedges    
Derivative [Line Items]    
Derivative liabilities: 0.3 0.0
Derivatives designated as hedging instruments | Other long-term liabilities | Interest rate swap contracts    
Derivative [Line Items]    
Derivative liabilities: 64.1 77.0
Derivatives not designated as hedging instruments | Other current assets    
Derivative [Line Items]    
Derivative assets: 0.4 0.1
Derivatives not designated as hedging instruments | Other accrued liabilities    
Derivative [Line Items]    
Derivative liabilities: $ 0.2 $ 0.2
v3.25.1
Derivative Instruments - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended
Apr. 30, 2021
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2020
Dec. 31, 2019
Derivatives, Notional Amount [Line Items]              
Derivative asset, fair value, gross asset, period decrease   $ 3,400,000   $ 1,100,000      
Derivative liability fair value gross liability period decrease   3,400,000   1,100,000      
Notional amount of derivatives   1,467,900,000   1,213,800,000      
Deferred gain on termination of interest rate locks         $ 133,900,000    
Foreign currency contracts as cash flow hedges              
Derivatives, Notional Amount [Line Items]              
Foreign currency forward contracts loss, amounts reclassified out of AOCI   $ 3,100,000 $ 1,100,000        
Foreign currency contracts as cash flow hedges | Minimum              
Derivatives, Notional Amount [Line Items]              
Maturity of foreign currency derivatives   1 month          
Foreign currency contracts as cash flow hedges | 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   $ 1,239,400,000   1,002,600,000      
Cash flow hedges              
Derivatives, Notional Amount [Line Items]              
Derivative instruments, gain (loss) recognized in other comprehensive income (loss), effective portion   $ 6,400,000 $ (5,500,000)        
Cash flow hedges | Derivatives designated as hedging instruments              
Derivatives, Notional Amount [Line Items]              
Maximum maturities of cash flow hedge derivatives   24 months          
Gains expected to be reclassified into earnings within the next 12 months   $ 2,700,000          
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 6 years            
Cash flow hedges | Derivatives designated as hedging instruments | Foreign currency contracts as cash flow hedges              
Derivatives, Notional Amount [Line Items]              
Notional amount of derivatives   $ 639,400,000   $ 402,600,000      
v3.25.1
Other Financial Information - Inventories, Net (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Other Financial Information [Abstract]    
Production and service materials $ 549.0 $ 592.7
Finished goods 332.6 292.7
Total inventory 881.6 885.4
Inventory 824.7 830.1
Other long-term assets $ 56.9 $ 55.3
v3.25.1
Other Financial Information - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Disaggregation of Revenue [Line Items]      
Contract manufacturer deposits $ 121.3   $ 127.1
Prepaid expenses 134.0   156.9
Other current assets 180.8   183.6
Total prepaid expenses and other current assets 436.1   $ 467.6
Accounts Receivable      
Disaggregation of Revenue [Line Items]      
Allowance for credit loss $ 0.0 $ 7.7  
v3.25.1
Other Financial Information - Warranties (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Warranty Reserve [Roll Forward]  
Balance as of December 31, 2024 $ 30.8
Provisions made during the period 8.7
Actual costs incurred during the period (8.0)
Balance as of March 31, 2025 $ 31.5
v3.25.1
Other Financial Information - Deferred Revenue (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Current $ 1,283.0 $ 1,228.4
Long-term 1,033.4 1,013.6
Total 2,316.4 2,242.0
Deferred product revenue, net    
Disaggregation of Revenue [Line Items]    
Total 58.7 72.5
Deferred service revenue, net    
Disaggregation of Revenue [Line Items]    
Total $ 2,257.7 $ 2,169.5
v3.25.1
Other Financial Information - Revenue, Remaining Performance Obligations and Deferred Contract Cost (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Disaggregation of Revenue [Line Items]  
Deferred contract cost $ 51.7
Amortization of deferred commission 19.1
Impairment loss 0.0
Product  
Disaggregation of Revenue [Line Items]  
Contract with customer, liability, revenue recognized 31.6
Service  
Disaggregation of Revenue [Line Items]  
Contract with customer, liability, revenue recognized $ 384.4
v3.25.1
Other Financial Information - Revenue, Remaining Performance Obligation (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 2,326.8
Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period 60.4
Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period 2,266.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 1,290.9
Revenue recognition expected by period, satisfaction period 12 months
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 $ 46.7
Revenue recognition expected by period, satisfaction period 12 months
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 $ 1,244.2
Revenue recognition expected by period, satisfaction period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 797.6
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 12.0
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 785.6
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 238.3
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01 | Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 1.7
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01 | Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 236.6
Revenue recognition expected by period, satisfaction period
v3.25.1
Other Financial Information - Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Financial Information [Abstract]    
Interest income $ 19.6 $ 16.9
Interest expense (18.9) (20.5)
Gain (loss) on other investments, net (4.1) 3.4
Other (0.9) 2.3
Other (expense) income, net $ (4.3) $ 2.1
v3.25.1
Restructuring Charges - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Restructuring and Related Activities [Abstract]  
Employee severance charges $ 10.0
v3.25.1
Restructuring Charges - Restructuring Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restructuring Reserve [Roll Forward]    
Charges $ 10.7 $ 4.1
Employee severance | 2023 Transformation Plan    
Restructuring Reserve [Roll Forward]    
Restructuring liability, beginning balance 3.9  
Charges 10.7  
Cash payments (9.7)  
Non-cash items 0.1  
Restructuring liability, ending balance $ 5.0  
v3.25.1
Debt - Schedule of Debt (Details) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt $ 1,700,000,000 $ 1,700,000,000
Unaccreted discount and debt issuance costs (7,400,000) (7,900,000)
Hedge accounting fair value adjustments (64,100,000) (77,000,000.0)
Total 1,628,500,000 1,615,100,000
Notional amount of derivatives 1,467,900,000 1,213,800,000
Derivatives designated as hedging instruments    
Debt Instrument [Line Items]    
Notional amount of derivatives 1,239,400,000 1,002,600,000
Interest rate swap contracts | Fair value hedges | Derivatives designated as hedging instruments    
Debt Instrument [Line Items]    
Notional amount of derivatives $ 600,000,000.0 600,000,000.0
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
v3.25.1
Debt - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
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%
v3.25.1
Equity - Summary of Dividends Paid and Stock Repurchases and Retirements (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity [Abstract]    
Per share (in dollars per share) $ 0.22 $ 0.22
Amount $ 73.4 $ 71.4
v3.25.1
Equity - Cash Dividends on Shares of Common Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
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 paid $ 73.4 $ 71.4
v3.25.1
Equity - Stock Repurchase Activities (Details) - Stock Repurchase Program 2018 - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accelerated Share Repurchases [Line Items]    
Stock repurchase program, remaining authorized repurchase amount $ 200.0  
Stock repurchased during period, tax withholding $ 17.0 $ 14.6
v3.25.1
Equity - Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 4,784.2 $ 4,492.7
Other comprehensive income, net before reclassifications 8.6  
Amount reclassified from accumulated other comprehensive income 2.9  
Other comprehensive income (loss), net 11.5 (37.0)
Ending balance 4,829.1 4,481.2
Accumulated Other Comprehensive Income    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (5.6) 49.1
Other comprehensive income (loss), net 11.5 (37.0)
Ending balance 5.9 $ 12.1
Unrealized Gains/Losses on Available-for- Sale Debt Securities    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 1.1  
Other comprehensive income, net before reclassifications 1.0  
Amount reclassified from accumulated other comprehensive income (0.2)  
Other comprehensive income (loss), net 0.8  
Ending balance 1.9  
Unrealized Gains/Losses on Cash Flow Hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 92.5  
Other comprehensive income, net before reclassifications 6.1  
Amount reclassified from accumulated other comprehensive income 3.1  
Other comprehensive income (loss), net 9.2  
Ending balance 101.7  
Foreign Currency Translation Adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (99.2)  
Other comprehensive income, net before reclassifications 1.5  
Amount reclassified from accumulated other comprehensive income 0.0  
Other comprehensive income (loss), net 1.5  
Ending balance $ (97.7)  
v3.25.1
Employee Benefit Plans - Equity Incentive Plan (Details)
shares in Millions
Mar. 31, 2025
shares
Equity incentive plan 2015  
Share-Based Compensation Plans  
Number of shares available for future issuance (in shares) 1.3
v3.25.1
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, 2025
USD ($)
$ / shares
shares
RSUs, RSAs, and PSAs  
Number of Shares  
Balance at beginning of period (in shares) 19.0
Granted (in shares) 0.7
Vested (in shares) (2.1)
Cancelled (in shares) (1.3)
Balance at end of period (in shares) 16.3
Weighted Average Grant Date Fair Value per Share  
Balance at beginning of period (in dollars per share) | $ / shares $ 32.53
Granted (in dollars per share) | $ / shares 34.54
Vested (in dollars per share) | $ / shares 32.08
Cancelled (in dollars per share) | $ / shares 35.17
Balance at end of period (in dollars per share) | $ / shares $ 32.47
Weighted Average Remaining Contractual Term (In Years) 1 year 1 month 6 days
Aggregate Intrinsic Value | $ $ 591.0
Service-based RSUs  
Number of Shares  
Granted (in shares) 0.7
Performance Shares  
Number of Shares  
Granted (in shares) 0.0
v3.25.1
Employee Benefit Plans - Share Based Compensation by Cost and Expense Categories (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense $ 62.6 $ 79.9
Stock options    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense 0.1 0.3
RSUs, RSAs, and PSAs    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense 62.5 72.9
ESPP purchase rights    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense 0.0 6.7
Cost of revenues - Product    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense 1.8 1.8
Cost of revenues - Service    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense 5.2 5.5
Research and development    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense 26.6 38.5
Sales and marketing    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense 18.7 24.1
General and administrative    
Stock Based Compensation Expense Recorded in Cost and Expense Categories    
Share-based compensation expense $ 10.3 $ 10.0
v3.25.1
Employee Benefit Plans - Share Based Compensation by Share Based Payment Award Types (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Share-Based Payment Arrangement [Abstract]  
Unrecognized compensation cost $ 363.8
Unrecognized compensation, weighted average recognition period 1 year 11 months 19 days
v3.25.1
Segments - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.1
Segments - Revenue by Product (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Total net revenues $ 1,280.2 $ 1,148.9
Wide Area Networking    
Segment Reporting Information [Line Items]    
Total net revenues 407.9 350.4
Data Center    
Segment Reporting Information [Line Items]    
Total net revenues 177.2 163.1
Campus and Branch    
Segment Reporting Information [Line Items]    
Total net revenues 294.2 240.5
Hardware Maintenance and Professional Services    
Segment Reporting Information [Line Items]    
Total net revenues $ 400.9 $ 394.9
v3.25.1
Segments - Revenues by Customer Vertical (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Total net revenues $ 1,280.2 $ 1,148.9
Cloud    
Segment Reporting Information [Line Items]    
Total net revenues 322.4 250.0
Service Provider    
Segment Reporting Information [Line Items]    
Total net revenues 380.8 381.9
Enterprise    
Segment Reporting Information [Line Items]    
Total net revenues $ 577.0 $ 517.0
v3.25.1
Segments - Geographic (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Total net revenues $ 1,280.2 $ 1,148.9
Total Americas    
Segment Reporting Information [Line Items]    
Total net revenues 810.6 665.5
United States    
Segment Reporting Information [Line Items]    
Total net revenues 755.1 609.4
Other    
Segment Reporting Information [Line Items]    
Total net revenues 55.5 56.1
Europe, Middle East, and Africa    
Segment Reporting Information [Line Items]    
Total net revenues 289.5 311.1
Asia Pacific    
Segment Reporting Information [Line Items]    
Total net revenues $ 180.1 $ 172.3
v3.25.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income (loss) before income taxes $ 81.8 $ (26.4)
Income tax provision (benefit) $ 17.7 $ (27.7)
Effective tax rate 21.60% 105.00%
v3.25.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
One-time benefits from tax settlements related to geographic mix of earnings $ 19.0  
Increase in deferred tax assets 34.2  
Deferred tax assets 896.6 $ 862.4
Unrecognized tax benefits 121.3  
Unrecognized tax benefits, maximum decrease in the next fifteen months (up to) $ 52.6  
v3.25.1
Net Income (Loss) per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator:    
Net income (loss) $ 64.1 $ (0.8)
Denominator:    
Weighted-average shares used to compute basic net income per share (in shares) 333.3 322.6
Dilutive effect of employee stock awards (in shares) 5.9 0.0
Weighted-average shares used to compute diluted net income per share (in shares) 339.2 322.6
Net income (loss) per share:    
Basic (in dollars per share) $ 0.19 $ 0.00
Diluted (in dollars per share) $ 0.19 $ 0.00
Anti-dilutive shares (in shares) 0.3 0.1
v3.25.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Jan. 09, 2024
Other Commitments [Line Items]    
Purchase commitments $ 1,000.9  
Merger transaction, contingent liability   $ 155.0
Tax refund, period of recognition 8 years  
Short-term income taxes payable $ 161.4  
Transition tax obligations 102.0  
Accrued income taxes 59.4  
Unrecognized tax benefits 121.3  
Long-Term Income Taxes    
Other Commitments [Line Items]    
Unrecognized tax benefits $ 82.4  
v3.25.1
Subsequent Events (Details) - $ / shares
 3 Months Ended
Jun. 23, 2025
May 01, 2025
Mar. 31, 2025
Mar. 31, 2024
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