JUNIPER NETWORKS INC, 10-Q filed on 7/28/2023
Quarterly Report
v3.23.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2023
Jul. 26, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2023  
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 $0.00001 per share  
Trading Symbol JNPR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   321,360,120
Entity Central Index Key 0001043604  
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
v3.23.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net revenues:        
Total net revenues $ 1,430.1 $ 1,269.6 $ 2,801.9 $ 2,437.8
Cost of revenues:        
Total cost of revenues 617.0 575.5 1,217.6 1,094.3
Gross margin 813.1 694.1 1,584.3 1,343.5
Operating expenses:        
Research and development 282.0 244.3 566.8 492.9
Sales and marketing 308.3 274.3 611.5 547.6
General and administrative 65.2 67.2 133.2 127.4
Restructuring charges 16.5 0.5 16.0 9.3
Total operating expenses 672.0 586.3 1,327.5 1,177.2
Operating income 141.1 107.8 256.8 166.3
Gain (loss) on privately-held investments, net [1],[2] (92.2) 5.9 (92.0) [3] 5.9 [3]
Gain on divestiture 0.0 45.8 0.0 45.8
Other expense, net [2] (7.4) (14.0) (16.2) (26.9)
Income before income taxes and loss from equity method investment 41.5 145.5 148.6 191.1
Income tax provision 15.0 31.6 34.6 21.5
Loss from equity method investment, net of tax 2.1 0.5 4.2 [3] 0.5 [3]
Net income $ 24.4 $ 113.4 $ 109.8 $ 169.1
Net income per share:        
Basic (in dollars per share) $ 0.08 $ 0.35 $ 0.34 $ 0.53
Diluted (in dollars per share) $ 0.07 $ 0.35 $ 0.34 $ 0.51
Weighted-average shares used to compute net income per share:        
Basic (in shares) 319.3 321.0 320.8 321.1
Diluted (in shares) 326.0 328.1 327.6 329.3
Product        
Net revenues:        
Total net revenues $ 963.2 $ 839.8 $ 1,875.8 $ 1,584.1
Cost of revenues:        
Total cost of revenues 470.7 431.9 925.6 810.4
Service        
Net revenues:        
Total net revenues 466.9 429.8 926.1 853.7
Cost of revenues:        
Total cost of revenues $ 146.3 $ 143.6 $ 292.0 $ 283.9
[1] Privately-held investments represent investments in privately-held debt and redeemable preferred stock securities and equity investments without readily determinable fair value
[2] The prior period amounts have been reclassified to conform to the current period presentation
[3] The prior period amounts have been reclassified to conform to the current period presentation.
v3.23.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 24.4 $ 113.4 $ 109.8 $ 169.1
Available-for-sale debt securities:        
Change in net unrealized gains and losses 1.6 (1.7) 3.7 (7.4)
Net realized losses reclassified into net income 0.0 0.1 0.0 0.2
Net change on available-for-sale debt securities 1.6 (1.6) 3.7 (7.2)
Cash flow hedges:        
Change in net unrealized gains and losses 14.0 (1.0) 7.1 19.8
Net realized losses reclassified into net income 7.0 4.0 14.4 4.1
Net change on cash flow hedges 21.0 3.0 21.5 23.9
Change in foreign currency translation adjustments 0.2 (13.2) 1.7 (14.7)
Other comprehensive income (loss), net 22.8 (11.8) 26.9 2.0
Comprehensive income $ 47.2 $ 101.6 $ 136.7 $ 171.1
v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 1,089.4 $ 880.1
Short-term investments 144.7 210.3
Accounts receivable, net of allowances 908.5 1,227.3
Inventory 925.7 619.4
Prepaid expenses and other current assets 682.7 680.0
Total current assets 3,751.0 3,617.1
Property and equipment, net 689.1 666.8
Operating lease assets 124.3 141.6
Long-term investments 62.3 139.6
Purchased intangible assets, net 126.2 160.5
Goodwill 3,734.4 3,734.4
Other long-term assets 888.2 866.7
Total assets 9,375.5 9,326.7
Current liabilities:    
Accounts payable 371.8 347.4
Accrued compensation 280.1 306.1
Deferred revenue 1,037.9 1,020.5
Other accrued liabilities 572.4 404.9
Total current liabilities 2,262.2 2,078.9
Long-term debt 1,602.6 1,601.3
Long-term deferred revenue 727.3 642.6
Long-term income taxes payable 197.2 279.4
Long-term operating lease liabilities 95.5 117.7
Other long-term liabilities 135.8 131.7
Total liabilities 5,020.6 4,851.6
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; 317.8 shares and 322.9 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively 0.0 0.0
Additional paid-in capital 6,749.7 6,846.4
Accumulated other comprehensive income 31.1 4.2
Accumulated deficit (2,425.9) (2,375.5)
Total stockholders' equity 4,354.9 4,475.1
Total liabilities and stockholders' equity $ 9,375.5 $ 9,326.7
v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Convertible preferred stock - par value (in dollars per share) $ 0.00001 $ 0.00001
Convertible preferred stock - shares authorized (in shares) 10,000,000.0 10,000,000.0
Convertible preferred stock - issued (in shares) 0 0
Convertible preferred stock - outstanding (in shares) 0 0
Common stock - par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock - shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock - issued (in shares) 317,800,000 322,900,000
Common stock - outstanding (in shares) 317,800,000 322,900,000
v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 109.8 $ 169.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation expense 122.9 92.4
Depreciation, amortization, and accretion 98.5 111.5
Operating lease assets expense 20.3 20.3
Gain on divestiture 0.0 (45.8)
Loss (gain) on privately-held investments, net [1],[2],[3] 92.0 (5.9)
Loss from equity method investment [3] 4.2 0.5
Other [3] 2.7 13.8
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable, net 319.5 (54.2)
Inventory [3] (315.0) (126.2)
Prepaid expenses and other assets [3] (100.0) (346.9)
Accounts payable 22.0 88.5
Accrued compensation (26.1) (54.7)
Income taxes payable 83.9 (3.9)
Other accrued liabilities (1.5) 17.1
Deferred revenue 101.3 50.6
Net cash provided by (used in) operating activities 534.5 (73.8)
Cash flows from investing activities:    
Purchases of property and equipment (83.2) (49.5)
Proceeds from divestiture, net 0.0 89.1
Purchases of available-for-sale debt securities (12.9) (104.1)
Proceeds from sales of available-for-sale debt securities 23.9 74.8
Proceeds from maturities and redemptions of available-for-sale debt securities 128.8 218.8
Purchases of equity securities (3.5) (12.2)
Proceeds from sales of equity securities 7.8 3.3
Payments for business acquisitions, net of cash and cash equivalents acquired 0.0 (3.9)
Funding of loan receivable (7.7) 0.0
Other 1.5 1.4
Net cash provided by investing activities 54.7 217.7
Cash flows from financing activities:    
Repurchase and retirement of common stock (271.3) (226.3)
Proceeds from issuance of common stock 31.6 29.1
Payment of dividends (140.5) (134.8)
Payment of debt issuance costs (1.3) 0.0
Net cash used in financing activities (381.5) (332.0)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash 1.8 (14.0)
Net increase (decrease) in cash, cash equivalents, and restricted cash 209.5 (202.1)
Cash, cash equivalents, and restricted cash at beginning of period 897.7 942.7
Cash, cash equivalents, and restricted cash at end of period 1,107.2 740.6
Non-cash investing activity:    
Equity method investment $ 0.0 $ 40.3
[1] Privately-held investments represent investments in privately-held debt and redeemable preferred stock securities and equity investments without readily determinable fair value
[2] The prior period amounts have been reclassified to conform to the current period presentation
[3] The prior period amounts have been reclassified to conform to the current period presentation.
v3.23.2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Shares
Common Stock and Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Balance (in shares) at Dec. 31, 2021   321.6      
Balance at Dec. 31, 2021 $ 4,316.9   $ 6,972.6 $ (2.1) $ (2,653.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 169.1       169.1
Other comprehensive income (loss), net 2.0     2.0  
Issuance of common stock (in shares)   5.5      
Issuance of common stock 29.1   29.1    
Repurchase and retirement of common stock (in shares)   (6.7)      
Repurchase and retirement of common stock (226.3)   (85.4)   (140.9)
Share-based compensation expense 92.7   92.7    
Payments of cash dividends (134.8)   (134.8)    
Balance (in shares) at Jun. 30, 2022   320.4      
Balance at Jun. 30, 2022 4,248.7   6,874.2 (0.1) (2,625.4)
Balance (in shares) at Mar. 31, 2022   322.8      
Balance at Mar. 31, 2022 4,266.9   6,933.1 11.7 (2,677.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 113.4       113.4
Other comprehensive income (loss), net (11.8)     (11.8)  
Issuance of common stock (in shares)   0.7      
Issuance of common stock 0.5   0.5    
Repurchase and retirement of common stock (in shares)   (3.1)      
Repurchase and retirement of common stock (100.0)   (39.1)   (60.9)
Share-based compensation expense 47.0   47.0    
Payments of cash dividends (67.3)   (67.3)    
Balance (in shares) at Jun. 30, 2022   320.4      
Balance at Jun. 30, 2022 $ 4,248.7   6,874.2 (0.1) (2,625.4)
Balance (in shares) at Dec. 31, 2022 322.9 322.9      
Balance at Dec. 31, 2022 $ 4,475.1   6,846.4 4.2 (2,375.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 109.8       109.8
Other comprehensive income (loss), net 26.9     26.9  
Issuance of common stock (in shares)   3.8      
Issuance of common stock 31.6   31.6    
Repurchase and retirement of common stock (in shares)   (8.9)      
Repurchase and retirement of common stock (271.3)   (111.1)   (160.2)
Share-based compensation expense 123.3   123.3    
Payments of cash dividends $ (140.5)   (140.5)    
Balance (in shares) at Jun. 30, 2023 317.8 317.8      
Balance at Jun. 30, 2023 $ 4,354.9   6,749.7 31.1 (2,425.9)
Balance (in shares) at Mar. 31, 2023   321.4      
Balance at Mar. 31, 2023 4,435.2   6,808.1 8.3 (2,381.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 24.4       24.4
Other comprehensive income (loss), net 22.8     22.8  
Issuance of common stock (in shares)   0.5      
Issuance of common stock 0.5   0.5    
Repurchase and retirement of common stock (in shares)   (4.1)      
Repurchase and retirement of common stock (120.0)   (50.9)   (69.1)
Share-based compensation expense 61.9   61.9    
Payments of cash dividends $ (69.9)   (69.9)    
Balance (in shares) at Jun. 30, 2023 317.8 317.8      
Balance at Jun. 30, 2023 $ 4,354.9   $ 6,749.7 $ 31.1 $ (2,425.9)
v3.23.2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]        
Payments of cash dividends (in dollars per share) $ 0.22 $ 0.21 $ 0.44 $ 0.42
v3.23.2
Basis of Presentation and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2023
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, 2022 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, 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, 2022 (the "Form 10-K"). The Company has evaluated all subsequent events through the date these condensed consolidated financial statements were issued.

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

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

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, 2022.
v3.23.2
Cash Equivalents and Investments
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 (in millions):
As of June 30, 2023
As of December 31, 2022
Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value		Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value
Fixed income securities:
Asset-backed and mortgage-backed securities$19.5 $— $(0.7)$18.8 $37.8 $— $(1.2)$36.6 
Corporate debt securities155.6 — (3.7)151.9 277.5 — (7.1)270.4 
Commercial paper11.4 — — 11.4 — — — — 
Foreign government debt securities
5.2 — (0.3)4.9 8.8 — (0.4)8.4 
Time deposits352.5 — — 352.5 70.6 — — 70.6 
U.S. government agency securities
17.7 — (0.2)17.5 18.6 — (0.6)18.0 
U.S. government securities6.0 — (0.1)5.9 9.0 — (0.2)8.8 
Total fixed income securities
567.9 — (5.0)562.9 422.3 — (9.5)412.8 
Privately-held debt and redeemable preferred stock securities20.7 37.4 — 58.1 15.5 37.4 — 52.9 
Total available-for-sale debt securities
$588.6 $37.4 $(5.0)$621.0 $437.8 $37.4 $(9.5)$465.7 
Reported as:
Cash equivalents$362.0 $— $— $362.0 $70.6 $— $— $70.6 
Short-term investments141.2 — (2.6)138.6 205.9 — (3.3)202.6 
Long-term investments64.7 — (2.4)62.3 145.8 — (6.2)139.6 
Other long-term assets20.7 37.4 — 58.1 15.5 37.4 — 52.9 
Total$588.6 $37.4 $(5.0)$621.0 $437.8 $37.4 $(9.5)$465.7 


The following table presents the contractual maturities of the Company's total fixed income securities as of June 30, 2023 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$503.2 $500.6 
Due between one and five years64.7 62.3 
Total$567.9 $562.9 


As of June 30, 2023, the Company's unrealized loss of $5.0 million resulted from 163 investments, of which losses aggregating $0.1 million were from investments in an unrealized loss position for less than 12 months, and $4.9 million were from investments in an unrealized loss position for more than 12 months. The gross unrealized losses related to these investments were primarily due to changes in market interest rates. The Company anticipates that it will recover the entire amortized cost
basis of such available-for-sale debt securities and has determined that no allowance for credit losses was required to be recognized during the three and six months ended June 30, 2023 and June 30, 2022.

During the three and six months ended June 30, 2023 and June 30, 2022, there were no material gross realized gains or losses from available-for-sale debt securities.

Investments in Equity Securities

The following table presents the Company's investments in equity securities as of June 30, 2023 and December 31, 2022 (in millions):
As of
June 30,
2023		December 31,
2022
Equity investments with readily determinable fair value:
Money market funds$445.8 $420.8 
Mutual funds34.6 28.1 
Publicly-traded equity securities6.0 7.7 
Equity investments without readily determinable fair value38.4 137.7 
Equity investment under the equity method of accounting31.8 36.0 
Total equity securities$556.6 $630.3 
Reported as:
Cash equivalents$445.8 $420.8 
Short-term investments6.0 7.7 
Prepaid expenses and other current assets2.8 2.4 
Other long-term assets102.0 199.4 
Total$556.6 $630.3 

For the three and six months ended June 30, 2023 and June 30, 2022, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair value.

For the three and six months ended June 30, 2023, there were no material unrealized gains and $92.2 million of unrealized losses for equity investments without readily determinable fair value. Unrealized losses represent the difference between the estimated fair values and the carrying values of equity investments without readily determinable fair value. The Company estimated the fair value of these investments based on quantitative and qualitative analysis. This analysis involved use of judgment, significant estimates and assumptions, such as the near-term prospects of the investee in the market in which it operates, evaluating the investee’s financial condition in relation to its outstanding obligations, and probabilities of securing additional capital through various alternative scenarios. There were no material unrealized gains and losses for the three and six months ended June 30, 2022 for equity investments without readily determinable fair value.

For the three and six months ended June 30, 2023, the loss recognized from the equity method investment was $2.1 million and $4.2 million, respectively. For the three and six months ended June 30, 2022, the loss recognized from the equity method investment was $0.5 million.

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 June 30, 2023, the carrying value of restricted cash and investments was $52.4 million, of which $18.3
million was included in prepaid expenses and other current assets, and $34.1 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 June 30, 2023 and December 31, 2022 (in millions):
As of
June 30,
2023		December 31,
2022
Cash and cash equivalents$1,089.4 $880.1 
Restricted cash included in prepaid expenses and other current assets15.4 15.2 
Restricted cash included in other long-term assets2.4 2.4 
Total cash, cash equivalents, and restricted cash$1,107.2 $897.7 
v3.23.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 3. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 (in millions):
Fair Value Measurements at
June 30, 2023
Fair Value Measurements at
December 31, 2022
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities$— $18.8 $— $18.8 $— $36.6 $— $36.6 
Corporate debt securities — 151.9 — 151.9 — 270.4 — 270.4 
Commercial paper— 11.4 — 11.4 — — — — 
Foreign government debt securities— 4.9 — 4.9 — 8.4 — 8.4 
Time deposits— 352.5 — 352.5 — 70.6 — 70.6 
U.S. government agency securities— 17.5 — 17.5 — 18.0 — 18.0 
U.S. government securities5.9 — — 5.9 8.8 — — 8.8 
Privately-held debt and redeemable preferred stock securities— — 58.1 58.1 — — 52.9 52.9 
Total available-for-sale debt securities5.9 557.0 58.1 621.0 8.8 404.0 52.9 465.7 
Equity securities:
Money market funds445.8 — — 445.8 420.8 — — 420.8 
Mutual funds34.6 — — 34.6 28.1 — — 28.1 
Publicly-traded equity securities6.0 — — 6.0 7.7 — — 7.7 
Total equity securities486.4 — — 486.4 456.6 — — 456.6 
Derivative assets:
Foreign exchange contracts— 8.1 — 8.1 — 1.3 — 1.3 
Interest rate contracts— 121.5 — 121.5 — 125.4 — 125.4 
Total derivative assets— 129.6 — 129.6 — 126.7 — 126.7 
Total assets measured at fair value on a recurring basis$492.3 $686.6 $58.1 $1,237.0 $465.4 $530.7 $52.9 $1,049.0 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(18.4)$— $(18.4)$— $(37.6)$— $(37.6)
Interest rate contracts— (87.0)— (87.0)— (87.4)— (87.4)
Total derivative liabilities— (105.4)— (105.4)— (125.0)— (125.0)
Total liabilities measured at fair value on a recurring basis$— $(105.4)$— $(105.4)$— $(125.0)$— $(125.0)
Fair Value Measurements at
June 30, 2023
Fair Value Measurements at
December 31, 2022
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$445.8 $361.9 $— $807.7 $420.8 $70.6 $— $491.4 
Short-term investments10.9 133.8 — 144.7 14.6 195.7 — 210.3 
Long-term investments1.0 61.3 — 62.3 1.9 137.7 — 139.6 
Prepaid expenses and other current assets
2.8 4.1 — 6.9 2.4 0.8 — 3.2 
Other long-term assets31.8 125.5 58.1 215.4 25.7 125.9 52.9 204.5 
Total assets measured at fair value
$492.3 $686.6 $58.1 $1,237.0 $465.4 $530.7 $52.9 $1,049.0 
Total liabilities, reported as:
Other accrued liabilities$— $(15.4)$— $(15.4)$— $(32.5)$— $(32.5)
Other long-term liabilities— (90.0)— (90.0)— (92.5)— (92.5)
Total liabilities measured at fair value on a recurring basis
$— $(105.4)$— $(105.4)$— $(125.0)$— $(125.0)

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 and six months ended June 30, 2023, the Company had no transfers into or out of Level 3 of the fair value hierarchy of its assets or liabilities measured at fair value.

The Company's privately-held debt and redeemable preferred stock securities are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of its privately-held debt and redeemable preferred stock securities on a recurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent valuations at the time of financing activities and the investee's capital structure. During the three and six months ended June 30, 2023, there were no significant activities related to privately-held debt and redeemable preferred stock securities.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The Company's investments in equity securities without readily determinable fair value are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of equity securities without readily determinable fair value, and investments accounted for under the equity method of accounting, on a nonrecurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. As of June 30, 2023, downward adjustments for equity securities without readily determinable fair value were $92.2 million. There have been no material upward adjustments to the equity securities without readily determinable fair value.

Certain of the Company's assets, including intangible assets and goodwill, are measured at fair value on a nonrecurring basis. There were no significant impairment charges recognized during the three and six months ended June 30, 2023.

As of June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets was $1,509.4 million and $1,485.6 million, respectively, based on observable market inputs (Level 2).
v3.23.2
Derivative Instruments
 6 Months Ended
Jun. 30, 2023
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
 June 30,
2023		December 31,
2022
Designated derivatives:
Cash flow hedges:
Foreign currency contracts
$864.7 $775.9 
Interest rate lock contracts
650.0 650.0 
Fair value hedges:
Interest rate swap contracts
600.0 600.0 
Total designated derivatives
2,114.7 2,025.9 
Non-designated derivatives178.2 163.5 
Total$2,292.9 $2,189.4 

The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
 As of
 Balance Sheet ClassificationJune 30,
2023		December 31,
2022
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contractsOther current assets$4.0 $0.7 
Foreign currency contracts Other long-term assets4.0 0.5 
Interest rate lock contracts Other long-term assets121.5 125.4 
Total derivatives designated as hedging instruments$129.5 $126.6 
Derivatives not designated as hedging instrumentsOther current assets0.1 0.1 
Total derivative assets$129.6 $126.7 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$15.3 $32.3 
Foreign currency contracts Other long-term liabilities3.0 5.1 
Interest rate swap contractsOther long-term liabilities87.0 87.4 
Total derivatives designated as hedging instruments$105.3 $124.8 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.1 0.2 
Total derivative liabilities$105.4 $125.0 
Offsetting of Derivative Instruments

The Company presents its derivative instruments at gross fair values in the Condensed Consolidated Balance Sheets. As of June 30, 2023 and December 31, 2022, the potential effects of set-off associated with the derivative contracts would be a reduction to both derivative assets and derivative liabilities by $74.5 million and $73.8 million, respectively.

Designated Derivatives

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

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

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

Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

For cash flow hedges, the Company recognized an unrealized gain of $17.1 million and $7.2 million in accumulated other comprehensive income for the effective portion of its derivative instruments during the three and six months ended June 30, 2023, respectively. The Company recognized an unrealized gain of $7.2 million and $35.2 million in accumulated other comprehensive income for the effective portion of its derivative instruments for the three and six months ended June 30, 2022, respectively.

For foreign currency contracts, the Company reclassified a loss of $7.2 million and $15.0 million out of accumulated other comprehensive income to cost of revenues and operating expenses in the Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2023, respectively, and a loss of $3.5 million and $3.1 million for the comparable periods ended June 30, 2022, respectively. As of June 30, 2023, an estimated $11.2 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 seven months. The outstanding non-designated derivative instruments are carried at fair value. Changes in the fair value of these derivatives, which were recorded in Other expense, net within the Condensed Consolidated Statements of Operations, were not material during the three and six months ended June 30, 2023 and June 30, 2022.
v3.23.2
Other Financial Information
 6 Months Ended
Jun. 30, 2023
Other Financial Information [Abstract]  
Other Financial Information
Note 5. Other Financial Information

Total Inventory

Total inventory consisted of the following (in millions):
As of
June 30,
2023		December 31,
2022
Production and service materials$683.8 $479.6 
Finished goods274.1 163.3 
Total inventory$957.9 $642.9 
Reported as:
Inventory$925.7 $619.4 
Other long-term assets (1)
32.2 23.5 
Total inventory$957.9 $642.9 
__________________
(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 twelve months.


Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in millions):
As of
June 30,
2023		December 31,
2022
Contract manufacturer deposits$403.0 $434.7 
Prepaid expenses130.2 104.3 
Other current assets149.5 141.0 
Total prepaid expenses and other current assets$682.7 $680.0 

Warranties

Changes during the six months ended June 30, 2023 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, 2022
$29.5 
Provisions made during the period15.7 
Actual costs incurred during the period(16.0)
Balance as of June 30, 2023
$29.2 
Deferred Revenue

Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions):
As of
June 30,
2023		December 31,
2022
Deferred product revenue$91.3 $108.8 
Deferred service revenue1,673.9 1,554.3 
Total$1,765.2 $1,663.1 
Reported as:
Current$1,037.9 $1,020.5 
Long-term727.3 642.6 
Total$1,765.2 $1,663.1 

Revenue

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

Product revenue of $18.1 million and $37.3 million included in deferred revenue at January 1, 2023 were recognized during the three and six months ended June 30, 2023, respectively. Service revenue of $252.6 million and $567.8 million included in deferred revenue at January 1, 2023 were recognized during the three and six months ended June 30, 2023, respectively.

Remaining Performance Obligations

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

The following table summarizes the breakdown of RPO as of June 30, 2023 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$94.6 $77.4 $13.8 $3.4 
Service1,685.2 972.1 543.3 169.8 
Total$1,779.8 $1,049.5 $557.1 $173.2 


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 $43.8 million as of June 30, 2023. For the three and six months ended June 30, 2023, amortization expense associated with the deferred commissions was $13.1 million and $21.2 million respectively, and there were no impairment charges recognized.
Other Expense, Net

Other expense, net, consisted of the following (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Interest income $11.7 $3.3 $21.2 $5.9 
Interest expense(19.7)(13.4)(38.9)(25.9)
Gain (loss) on other investments, net (1)
1.2 (5.7)1.9 (9.0)
Other(0.6)1.8 (0.4)2.1 
Other expense, net$(7.4)$(14.0)$(16.2)$(26.9)
__________________
(1) Other investments represent fixed income securities and equity investments with readily determinable fair value.
v3.23.2
Restructuring Charges
 6 Months Ended
Jun. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Charges
Note 6. Restructuring Charges

During the first half of 2023, the Company initiated a restructuring plan designed to realign its workforce with the Company's sales strategy and enable reinvestment in certain key priority areas, which resulted in workforce reductions and contract termination costs. As of June 30, 2023, activities under the Company's approved restructuring plan are expected to be substantially completed by the end of 2023.

The following table provides a summary of changes in the restructuring liabilities (in millions):
December 31, 2022
ChargesCash
Payments		OtherJune 30,
2023
Severance$3.0 $7.2 $(3.5)$— $6.7 
Contract terminations and facility exit-related3.1 8.8 (4.0)1.4 9.3 
Total$6.1 $16.0 $(7.5)$1.4 $16.0 
v3.23.2
Debt
 6 Months Ended
Jun. 30, 2023
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 RatesJune 30,
2023		December 31,
2022
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(10.4)(11.3)
Hedge accounting fair value adjustments(*)
(87.0)(87.4)
Total$1,602.6 $1,601.3 
________________________________
(*)     Represents the fair value adjustments for interest rate swaps with an aggregate notional amount of $600.0 million. These interest rate swaps convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments, for a discussion of the Company's interest rate swaps.

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

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

As of June 30, 2023, the Company was in compliance with all covenants in the indentures governing the Notes.


Revolving Credit Facility

In June 2023, the Company entered into a new credit agreement with certain institutional lenders that provides for a five-year $500.0 million unsecured revolving credit facility (the "Revolving Credit Facility"), with an option to increase the Revolving Credit Facility by up to an additional $200.0 million, subject to the lenders' approval. Proceeds of loans made under the Revolving Credit Facility may be used by the Company for general corporate purposes. The Revolving Credit Facility will terminate in June 2028, subject to two one-year maturity extension options, on the terms and conditions set forth in the credit agreement. As of June 30, 2023, there were no amounts outstanding under the Revolving Credit Facility. The Revolving Credit Facility replaced the previous $500.0 million revolving credit facility entered into in April 2019, which was scheduled to expire in April 2024, but was terminated concurrently with the establishment of the new credit agreement. The previous revolving credit facility had no outstanding balance at termination.

Revolving loans will bear interest, at the Company’s option, at either (i) a per annum rate equal to (x) with respect to borrowings in U.S. dollars, the adjusted term Secured Overnight Financing Rate ("SOFR"), (y) with respect to borrowings in Euros, the adjusted Euro Interbank Offered Rate ("EURIBOR"), and (z) with respect to borrowings in pounds sterling, daily simple Sterling Overnight Index Average ("SONIA"), in each case, plus a margin of between 0.875% and 1.500%, depending on the Company’s public debt rating, or (ii) with respect to borrowings in U.S. dollars, a per annum rate equal to the Base Rate plus a margin of between 0.000% and 0.500%, depending on the Company’s public debt rating. Base Rate is defined as the greatest of (A) the Wall Street Journal prime rate, (B) the greater of the U.S. federal funds rate and the overnight bank funding
rate plus 0.500% and (C) the adjusted term SOFR for a period of one month plus 1.00%. The Revolving Credit Facility also requires payment of a commitment fee on undrawn amounts at a rate of 0.075% to 0.225%, depending on the Company’s public debt rating.

The Revolving Credit Facility requires the Company to maintain a leverage ratio no greater than 3.0x (provided that if a material acquisition has been consummated, the Company is permitted to maintain a leverage ratio no greater than 3.5x for up to four quarters). As of June 30, 2023, the Company was in compliance with all covenants in the credit agreement.
v3.23.2
Equity
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Equity
Note 8. Equity

The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Dividends:
Per share$0.22 $0.21 $0.44 $0.42 
Amount$69.9 $67.3 $140.5 $134.8 
Repurchased under the 2018 Stock Repurchase Program:
Shares4.1 3.1 8.6 6.3 
Average price per share$29.23 $32.16 $30.26 $33.38 
Amount$120.0 $100.0 $260.0 $212.2 

Cash Dividends on Shares of Common Stock

During the three and six months ended June 30, 2023, the Company declared and paid a quarterly cash dividend of $0.22 per common share, totaling $69.9 million and $140.5 million, respectively, on its outstanding common stock. Any future dividends, and the establishment of record and payment dates, are subject to approval by the Board of Directors of Juniper or an authorized committee thereof. See Note 14, Subsequent Events, for discussion of the Company's dividend declaration subsequent to June 30, 2023.

Stock Repurchase Activities

During the six months ended June 30, 2023, the Company repurchased 8.6 million shares of its common stock in the open market at an average price of $30.26 per share for an aggregate purchase price of $260.0 million under the 2018 Stock Repurchase Program.

As of June 30, 2023, there was approximately $0.3 billion of authorized funds remaining under the 2018 Stock Repurchase Program.

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

In addition to repurchases under the 2018 Stock Repurchase Program, the Company also withholds shares of common stock from certain employees in connection with the vesting of stock awards issued to such employees to satisfy applicable tax withholding requirements. Such withheld shares are treated as common stock repurchases in the Company's financial statements as they reduce the number of shares that would have been issued upon vesting. During the six months ended June 30, 2023 and June 30, 2022, repurchases associated with tax withholdings were $11.4 million and $14.1 million, respectively.
Accumulated Other Comprehensive Income, Net of Tax

The components of accumulated other comprehensive income, net of related taxes, for the six months ended June 30, 2023 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, 2022
$21.8 $61.5 $(79.1)$4.2 
Other comprehensive income before reclassifications3.7 7.1 1.7 12.5 
Amount reclassified from accumulated other comprehensive income— 14.4 — 14.4 
Other comprehensive income, net 3.7 21.5 1.7 26.9 
Balance as of June 30, 2023
$25.5 $83.0 $(77.4)$31.1 
v3.23.2
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Employee Benefit Plans
Note 9. Employee Benefit Plans

Equity Incentive Plans

The Company has stock-based compensation plans pursuant to which it has granted stock options, restricted stock units (“RSUs”), and performance share awards (“PSAs”). The Company also maintains its 2008 Employee Stock Purchase Plan (the “ESPP”) for all eligible employees. In May 2023, the Company's stockholders approved an additional 7.0 million shares of common stock for issuance under the Company's 2015 Equity Incentive Plan. As of June 30, 2023, 7.8 million and 4.9 million shares were available for future issuance under the Company's 2015 Equity Incentive Plan and the ESPP, respectively. In connection with past acquisitions, the Company has also assumed or substituted stock options, RSUs, restricted stock awards ("RSAs"), and PSAs.

RSU, RSA, and PSA Activities

The Company’s RSU, RSA, and PSA activities and related information as of and for the six months ended June 30, 2023 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, 2022
20.2 $26.78 
Granted(*)
3.4 30.70 
Vested(2.3)26.52 
Canceled(1.1)25.72 
Balance as of June 30, 2023
20.2 $27.53 1.0$635.4 
________________________________
(*)    Includes 1.6 million service-based, 1.4 million performance-based, and 0.4 million market-based awards. The number of shares subject to performance-based and market-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested.

Employee Stock Purchase Plan

The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts):
Six Months Ended June 30,
20232022
Shares purchased1.3 1.4 
Average exercise price per share$23.44 $20.07 
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 June 30,Six Months Ended June 30,
2023202220232022
Cost of revenues - Product$1.7 $1.2 $3.4 $2.6 
Cost of revenues - Service4.7 3.7 9.4 8.2 
Research and development26.1 19.3 51.8 35.9 
Sales and marketing19.4 12.4 38.0 24.9 
General and administrative10.1 10.6 20.3 20.8 
Total$62.0 $47.2 $122.9 $92.4 

The following table summarizes share-based compensation expense by award type (in millions):
 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Stock options$0.6 $1.6 $1.4 $3.1 
RSUs, RSAs, and PSAs54.9 40.9 107.9 79.4 
ESPP purchase rights6.5 4.7 13.6 9.9 
Total$62.0 $47.2 $122.9 $92.4 
As of June 30, 2023, the total unrecognized compensation cost related to unvested share-based awards was $337.1 million to be recognized over a weighted-average period of 1.75 years.
v3.23.2
Segments
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segments
Note 10. Segments

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

The following table presents net revenues by customer solution (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Customer Solutions:
Automated WAN Solutions$474.6 $462.9 $949.1 $853.6 
Cloud-Ready Data Center200.3 200.9 393.9 389.7 
AI-Driven Enterprise371.1 227.3 688.1 441.3 
Hardware Maintenance and Professional Services384.1 378.5 770.8 753.2 
Total $1,430.1 $1,269.6 $2,801.9 $2,437.8 

The following table presents net revenues by customer vertical (in millions):
 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Cloud$311.0 $331.0 $575.9 $638.0 
Service Provider473.6 470.8 1,023.5 898.8 
Enterprise645.5 467.8 1,202.5 901.0 
Total$1,430.1 $1,269.6 $2,801.9 $2,437.8 

The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Americas:
United States$776.3 $691.0 $1,509.9 $1,294.6 
Other72.3 57.6 137.2 109.0 
Total Americas848.6 748.6 1,647.1 01,403.6 
Europe, Middle East, and Africa354.6 337.2 724.5 671.1 
Asia Pacific226.9 183.8 430.3 363.1 
Total$1,430.1 $1,269.6 $2,801.9 $2,437.8 

For the three and six months ended June 30, 2023 and June 30, 2022, no customer accounted for more than 10% of total net revenues.
v3.23.2
Income Taxes
 6 Months Ended
Jun. 30, 2023
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 June 30,Six Months Ended June 30,
2023202220232022
Income before income taxes$41.5 $145.5 $148.6 $191.1 
Income tax provision$15.0 $31.6 $34.6 $21.5 
Effective tax rate36.2 %21.7 %23.3 %11.3 %

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

The Company’s effective tax rate for the six months ended June 30, 2023 increased primarily due to tax expense on adjustments for certain privately-held investments.

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

As of June 30, 2023, the current domestic tax payable was $269.2 million. This is primarily composed of the current year federal tax accrual and transition tax installment for which payment has been postponed until October 2023 in accordance with a current year Internal Revenue Service announcement.

As of June 30, 2023, the total amount of gross unrecognized tax benefits was $117.8 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 $45.6 million within the next twelve months due to the completion of tax review cycles in various tax jurisdictions and lapses of applicable statutes of limitation.
The Company is currently under examination by the Internal Revenue Service and the India tax authorities for the 2017 through 2018 tax years and the 2012 through 2020 tax years, respectively.
v3.23.2
Net Income per Share
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Net Income per Share
Note 12. Net Income per Share

The Company computed basic and diluted net income per share as follows (in millions, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Numerator:
Net income$24.4 $113.4 $109.8 $169.1 
Denominator:
Weighted-average shares used to compute basic net income per share319.3 321.0 320.8 321.1 
Dilutive effect of employee stock awards6.7 7.1 6.8 8.2 
Weighted-average shares used to compute diluted net income per share326.0 328.1 327.6 329.3 
Net income per share:
Basic$0.08 $0.35 $0.34 $0.53 
Diluted$0.07 $0.35 $0.34 $0.51 
Anti-dilutive shares 3.9 2.9 3.8 1.2 
v3.23.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2023
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 15, Commitments and Contingencies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K.

Purchase Commitments with Contract Manufacturers and Suppliers

In order to reduce manufacturing lead times and in the interest of having access to adequate component supply, the Company enters into agreements with contract manufacturers and certain suppliers to procure inventory based on the Company's requirements. A significant portion of the Company's purchase commitments arising from these agreements consists of firm and non-cancelable commitments. 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 $1,732.3 million as of June 30, 2023.

Legal Proceedings

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

Tax Liability

Our transition tax liability represents future cash payments on accumulated foreign earnings of subsidiaries as a result of the Tax Cuts and Jobs Act of 2017 ("Tax Act"). The Company has elected to pay its transition tax, net of applicable tax refunds, over the eight-year period provided in the Tax Act. The remaining balance of the Company's transition tax obligation was $250.6 million, of which $113.4 million remains in long-term income taxes payable as of June 30, 2023.

As of June 30, 2023, the Company also had $83.7 million included in long-term income taxes payable on the Condensed Consolidated Balance Sheets for unrecognized tax positions. At this time, the Company is unable to make a reasonably reliable estimate of the timing of payments related to this amount due to uncertainties in the timing of tax audit outcomes.
v3.23.2
Subsequent Events
 6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events
Note 14. Subsequent Events

Dividend Declaration

On July 27, 2023, the Company announced a cash dividend of $0.22 per share of common stock to be paid on September 22, 2023 to stockholders of record as of the close of business on September 1, 2023.
v3.23.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Pay vs Performance Disclosure        
Net income $ 24.4 $ 113.4 $ 109.8 $ 169.1
v3.23.2
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Jun. 30, 2023
shares
Jun. 30, 2023
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
During the fiscal quarter ended June 30, 2023, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, except as described in the table below:

Name & TitleDate Adopted
Character of Trading Arrangement(1)
Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to Trading Arrangement
Duration(2)
Other Material TermsDate Terminated
Rami Rahim, CEO and Director(3)
May 27, 2023Rule 10b5-1 Trading Arrangement
Up to 150,000 shares to be sold
June 6, 2024(4)
N/AN/A

(1) Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the “Rule”).
(2) Each trading arrangement permitted or permits transactions through and including the earlier to occur of (i) the completion of all purchases or sales or (ii) the date listed in the table. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permitted or only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule.
(3) The shares are held by the Rahim Family Trust, over which the officer shares investment and voting control.
(4) This arrangement also provides for termination in the event (i) the arrangement does not comply with the Rule or other applicable laws, (ii) the officer has not complied with the terms of the arrangement, (iii) the representations and warranties made by the officer in the arrangement are not true and correct or can no longer be made, (iv) of death, dissolution, liquidation, bankruptcy or insolvency of the officer or the Company, (v) public announcement of the closing of a merger, recapitalization, acquisition, tender or exchange offer, or other business combination or reorganization resulting in the exchange or conversion of the common stock of the Company into shares of another company, (vi) the stock of the Company is no longer listed on a national securities exchange, or (vii) the arrangement is terminated by the officer.
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
Arrangement Duration 376 days  
Rami Rahim [Member]    
Trading Arrangements, by Individual    
Name Rami Rahim  
Title CEO and Director  
Adoption Date May 27, 2023  
Aggregate Available 150,000 150,000
v3.23.2
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2023
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, 2022 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, 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, 2022 (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.
v3.23.2
Cash Equivalents and Investments (Tables)
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 (in millions):
As of June 30, 2023
As of December 31, 2022
Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value		Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value
Fixed income securities:
Asset-backed and mortgage-backed securities$19.5 $— $(0.7)$18.8 $37.8 $— $(1.2)$36.6 
Corporate debt securities155.6 — (3.7)151.9 277.5 — (7.1)270.4 
Commercial paper11.4 — — 11.4 — — — — 
Foreign government debt securities
5.2 — (0.3)4.9 8.8 — (0.4)8.4 
Time deposits352.5 — — 352.5 70.6 — — 70.6 
U.S. government agency securities
17.7 — (0.2)17.5 18.6 — (0.6)18.0 
U.S. government securities6.0 — (0.1)5.9 9.0 — (0.2)8.8 
Total fixed income securities
567.9 — (5.0)562.9 422.3 — (9.5)412.8 
Privately-held debt and redeemable preferred stock securities20.7 37.4 — 58.1 15.5 37.4 — 52.9 
Total available-for-sale debt securities
$588.6 $37.4 $(5.0)$621.0 $437.8 $37.4 $(9.5)$465.7 
Reported as:
Cash equivalents$362.0 $— $— $362.0 $70.6 $— $— $70.6 
Short-term investments141.2 — (2.6)138.6 205.9 — (3.3)202.6 
Long-term investments64.7 — (2.4)62.3 145.8 — (6.2)139.6 
Other long-term assets20.7 37.4 — 58.1 15.5 37.4 — 52.9 
Total$588.6 $37.4 $(5.0)$621.0 $437.8 $37.4 $(9.5)$465.7 
Schedule of Maturities of Fixed Income Securities
The following table presents the contractual maturities of the Company's total fixed income securities as of June 30, 2023 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$503.2 $500.6 
Due between one and five years64.7 62.3 
Total$567.9 $562.9 
Schedule of Investments in Equity Securities
The following table presents the Company's investments in equity securities as of June 30, 2023 and December 31, 2022 (in millions):
As of
June 30,
2023		December 31,
2022
Equity investments with readily determinable fair value:
Money market funds$445.8 $420.8 
Mutual funds34.6 28.1 
Publicly-traded equity securities6.0 7.7 
Equity investments without readily determinable fair value38.4 137.7 
Equity investment under the equity method of accounting31.8 36.0 
Total equity securities$556.6 $630.3 
Reported as:
Cash equivalents$445.8 $420.8 
Short-term investments6.0 7.7 
Prepaid expenses and other current assets2.8 2.4 
Other long-term assets102.0 199.4 
Total$556.6 $630.3 
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 June 30, 2023 and December 31, 2022 (in millions):
As of
June 30,
2023		December 31,
2022
Cash and cash equivalents$1,089.4 $880.1 
Restricted cash included in prepaid expenses and other current assets15.4 15.2 
Restricted cash included in other long-term assets2.4 2.4 
Total cash, cash equivalents, and restricted cash$1,107.2 $897.7 
v3.23.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 (in millions):
Fair Value Measurements at
June 30, 2023
Fair Value Measurements at
December 31, 2022
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities$— $18.8 $— $18.8 $— $36.6 $— $36.6 
Corporate debt securities — 151.9 — 151.9 — 270.4 — 270.4 
Commercial paper— 11.4 — 11.4 — — — — 
Foreign government debt securities— 4.9 — 4.9 — 8.4 — 8.4 
Time deposits— 352.5 — 352.5 — 70.6 — 70.6 
U.S. government agency securities— 17.5 — 17.5 — 18.0 — 18.0 
U.S. government securities5.9 — — 5.9 8.8 — — 8.8 
Privately-held debt and redeemable preferred stock securities— — 58.1 58.1 — — 52.9 52.9 
Total available-for-sale debt securities5.9 557.0 58.1 621.0 8.8 404.0 52.9 465.7 
Equity securities:
Money market funds445.8 — — 445.8 420.8 — — 420.8 
Mutual funds34.6 — — 34.6 28.1 — — 28.1 
Publicly-traded equity securities6.0 — — 6.0 7.7 — — 7.7 
Total equity securities486.4 — — 486.4 456.6 — — 456.6 
Derivative assets:
Foreign exchange contracts— 8.1 — 8.1 — 1.3 — 1.3 
Interest rate contracts— 121.5 — 121.5 — 125.4 — 125.4 
Total derivative assets— 129.6 — 129.6 — 126.7 — 126.7 
Total assets measured at fair value on a recurring basis$492.3 $686.6 $58.1 $1,237.0 $465.4 $530.7 $52.9 $1,049.0 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(18.4)$— $(18.4)$— $(37.6)$— $(37.6)
Interest rate contracts— (87.0)— (87.0)— (87.4)— (87.4)
Total derivative liabilities— (105.4)— (105.4)— (125.0)— (125.0)
Total liabilities measured at fair value on a recurring basis$— $(105.4)$— $(105.4)$— $(125.0)$— $(125.0)
Fair Value Measurements at
June 30, 2023
Fair Value Measurements at
December 31, 2022
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$445.8 $361.9 $— $807.7 $420.8 $70.6 $— $491.4 
Short-term investments10.9 133.8 — 144.7 14.6 195.7 — 210.3 
Long-term investments1.0 61.3 — 62.3 1.9 137.7 — 139.6 
Prepaid expenses and other current assets
2.8 4.1 — 6.9 2.4 0.8 — 3.2 
Other long-term assets31.8 125.5 58.1 215.4 25.7 125.9 52.9 204.5 
Total assets measured at fair value
$492.3 $686.6 $58.1 $1,237.0 $465.4 $530.7 $52.9 $1,049.0 
Total liabilities, reported as:
Other accrued liabilities$— $(15.4)$— $(15.4)$— $(32.5)$— $(32.5)
Other long-term liabilities— (90.0)— (90.0)— (92.5)— (92.5)
Total liabilities measured at fair value on a recurring basis
$— $(105.4)$— $(105.4)$— $(125.0)$— $(125.0)
v3.23.2
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
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
 June 30,
2023		December 31,
2022
Designated derivatives:
Cash flow hedges:
Foreign currency contracts
$864.7 $775.9 
Interest rate lock contracts
650.0 650.0 
Fair value hedges:
Interest rate swap contracts
600.0 600.0 
Total designated derivatives
2,114.7 2,025.9 
Non-designated derivatives178.2 163.5 
Total$2,292.9 $2,189.4 
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 ClassificationJune 30,
2023		December 31,
2022
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contractsOther current assets$4.0 $0.7 
Foreign currency contracts Other long-term assets4.0 0.5 
Interest rate lock contracts Other long-term assets121.5 125.4 
Total derivatives designated as hedging instruments$129.5 $126.6 
Derivatives not designated as hedging instrumentsOther current assets0.1 0.1 
Total derivative assets$129.6 $126.7 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$15.3 $32.3 
Foreign currency contracts Other long-term liabilities3.0 5.1 
Interest rate swap contractsOther long-term liabilities87.0 87.4 
Total derivatives designated as hedging instruments$105.3 $124.8 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.1 0.2 
Total derivative liabilities$105.4 $125.0 
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 ClassificationJune 30,
2023		December 31,
2022
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contractsOther current assets$4.0 $0.7 
Foreign currency contracts Other long-term assets4.0 0.5 
Interest rate lock contracts Other long-term assets121.5 125.4 
Total derivatives designated as hedging instruments$129.5 $126.6 
Derivatives not designated as hedging instrumentsOther current assets0.1 0.1 
Total derivative assets$129.6 $126.7 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$15.3 $32.3 
Foreign currency contracts Other long-term liabilities3.0 5.1 
Interest rate swap contractsOther long-term liabilities87.0 87.4 
Total derivatives designated as hedging instruments$105.3 $124.8 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.1 0.2 
Total derivative liabilities$105.4 $125.0 
v3.23.2
Other Financial Information (Tables)
 6 Months Ended
Jun. 30, 2023
Other Financial Information [Abstract]  
Schedule of Inventories
Total inventory consisted of the following (in millions):
As of
June 30,
2023		December 31,
2022
Production and service materials$683.8 $479.6 
Finished goods274.1 163.3 
Total inventory$957.9 $642.9 
Reported as:
Inventory$925.7 $619.4 
Other long-term assets (1)
32.2 23.5 
Total inventory$957.9 $642.9 
__________________
(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 twelve months.
Schedule of Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in millions):
As of
June 30,
2023		December 31,
2022
Contract manufacturer deposits$403.0 $434.7 
Prepaid expenses130.2 104.3 
Other current assets149.5 141.0 
Total prepaid expenses and other current assets$682.7 $680.0 
Schedule of Warranties
Changes during the six months ended June 30, 2023 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, 2022
$29.5 
Provisions made during the period15.7 
Actual costs incurred during the period(16.0)
Balance as of June 30, 2023
$29.2 
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
June 30,
2023		December 31,
2022
Deferred product revenue$91.3 $108.8 
Deferred service revenue1,673.9 1,554.3 
Total$1,765.2 $1,663.1 
Reported as:
Current$1,037.9 $1,020.5 
Long-term727.3 642.6 
Total$1,765.2 $1,663.1 
Schedule of Performance Obligation
The following table summarizes the breakdown of RPO as of June 30, 2023 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$94.6 $77.4 $13.8 $3.4 
Service1,685.2 972.1 543.3 169.8 
Total$1,779.8 $1,049.5 $557.1 $173.2 
Schedule of Other Expense, Net
Other expense, net, consisted of the following (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Interest income $11.7 $3.3 $21.2 $5.9 
Interest expense(19.7)(13.4)(38.9)(25.9)
Gain (loss) on other investments, net (1)
1.2 (5.7)1.9 (9.0)
Other(0.6)1.8 (0.4)2.1 
Other expense, net$(7.4)$(14.0)$(16.2)$(26.9)
__________________
(1) Other investments represent fixed income securities and equity investments with readily determinable fair value.
v3.23.2
Restructuring Charges (Tables)
 6 Months Ended
Jun. 30, 2023
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Liabilities
The following table provides a summary of changes in the restructuring liabilities (in millions):
December 31, 2022
ChargesCash
Payments		OtherJune 30,
2023
Severance$3.0 $7.2 $(3.5)$— $6.7 
Contract terminations and facility exit-related3.1 8.8 (4.0)1.4 9.3 
Total$6.1 $16.0 $(7.5)$1.4 $16.0 
v3.23.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2023
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 RatesJune 30,
2023		December 31,
2022
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(10.4)(11.3)
Hedge accounting fair value adjustments(*)
(87.0)(87.4)
Total$1,602.6 $1,601.3 
________________________________
(*)     Represents the fair value adjustments for interest rate swaps with an aggregate notional amount of $600.0 million. These interest rate swaps convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments, for a discussion of the Company's interest rate swaps.
v3.23.2
Equity (Tables)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Schedule of Dividends Paid and Stock Repurchases and Retirements Under Stock Repurchase Program
The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Dividends:
Per share$0.22 $0.21 $0.44 $0.42 
Amount$69.9 $67.3 $140.5 $134.8 
Repurchased under the 2018 Stock Repurchase Program:
Shares4.1 3.1 8.6 6.3 
Average price per share$29.23 $32.16 $30.26 $33.38 
Amount$120.0 $100.0 $260.0 $212.2 
Schedule of Accumulated Other Comprehensive Loss, Net of Taxes
The components of accumulated other comprehensive income, net of related taxes, for the six months ended June 30, 2023 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, 2022
$21.8 $61.5 $(79.1)$4.2 
Other comprehensive income before reclassifications3.7 7.1 1.7 12.5 
Amount reclassified from accumulated other comprehensive income— 14.4 — 14.4 
Other comprehensive income, net 3.7 21.5 1.7 26.9 
Balance as of June 30, 2023
$25.5 $83.0 $(77.4)$31.1 
v3.23.2
Employee Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2023
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 six months ended June 30, 2023 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, 2022
20.2 $26.78 
Granted(*)
3.4 30.70 
Vested(2.3)26.52 
Canceled(1.1)25.72 
Balance as of June 30, 2023
20.2 $27.53 1.0$635.4 
________________________________
(*)    Includes 1.6 million service-based, 1.4 million performance-based, and 0.4 million market-based awards. The number of shares subject to performance-based and market-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested.
Schedule of Employee Stock Purchases through ESPP
The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts):
Six Months Ended June 30,
20232022
Shares purchased1.3 1.4 
Average exercise price per share$23.44 $20.07 
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 June 30,Six Months Ended June 30,
2023202220232022
Cost of revenues - Product$1.7 $1.2 $3.4 $2.6 
Cost of revenues - Service4.7 3.7 9.4 8.2 
Research and development26.1 19.3 51.8 35.9 
Sales and marketing19.4 12.4 38.0 24.9 
General and administrative10.1 10.6 20.3 20.8 
Total$62.0 $47.2 $122.9 $92.4 
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 June 30,Six Months Ended June 30,
 2023202220232022
Stock options$0.6 $1.6 $1.4 $3.1 
RSUs, RSAs, and PSAs54.9 40.9 107.9 79.4 
ESPP purchase rights6.5 4.7 13.6 9.9 
Total$62.0 $47.2 $122.9 $92.4 
v3.23.2
Segments (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Schedule of Financial Information by Segment
The following table presents net revenues by customer solution (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Customer Solutions:
Automated WAN Solutions$474.6 $462.9 $949.1 $853.6 
Cloud-Ready Data Center200.3 200.9 393.9 389.7 
AI-Driven Enterprise371.1 227.3 688.1 441.3 
Hardware Maintenance and Professional Services384.1 378.5 770.8 753.2 
Total $1,430.1 $1,269.6 $2,801.9 $2,437.8 

The following table presents net revenues by customer vertical (in millions):
 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Cloud$311.0 $331.0 $575.9 $638.0 
Service Provider473.6 470.8 1,023.5 898.8 
Enterprise645.5 467.8 1,202.5 901.0 
Total$1,430.1 $1,269.6 $2,801.9 $2,437.8 
Schedule of Net Revenues by Geographic Region
The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Americas:
United States$776.3 $691.0 $1,509.9 $1,294.6 
Other72.3 57.6 137.2 109.0 
Total Americas848.6 748.6 1,647.1 01,403.6 
Europe, Middle East, and Africa354.6 337.2 724.5 671.1 
Asia Pacific226.9 183.8 430.3 363.1 
Total$1,430.1 $1,269.6 $2,801.9 $2,437.8 
v3.23.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2023
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 June 30,Six Months Ended June 30,
2023202220232022
Income before income taxes$41.5 $145.5 $148.6 $191.1 
Income tax provision$15.0 $31.6 $34.6 $21.5 
Effective tax rate36.2 %21.7 %23.3 %11.3 %
v3.23.2
Net Income per Share (Tables)
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Income Per Share
The Company computed basic and diluted net income per share as follows (in millions, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Numerator:
Net income$24.4 $113.4 $109.8 $169.1 
Denominator:
Weighted-average shares used to compute basic net income per share319.3 321.0 320.8 321.1 
Dilutive effect of employee stock awards6.7 7.1 6.8 8.2 
Weighted-average shares used to compute diluted net income per share326.0 328.1 327.6 329.3 
Net income per share:
Basic$0.08 $0.35 $0.34 $0.53 
Diluted$0.07 $0.35 $0.34 $0.51 
Anti-dilutive shares 3.9 2.9 3.8 1.2 
v3.23.2
Cash Equivalents and Investments - Available-For-Sale (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Available-for-sale debt securities:    
Amortized Cost $ 588.6 $ 437.8
Gross Unrealized Gains 37.4 37.4
Gross Unrealized Losses (5.0) (9.5)
Estimated Fair Value 621.0 465.7
Cash equivalents    
Available-for-sale debt securities:    
Amortized Cost 362.0 70.6
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses 0.0 0.0
Estimated Fair Value 362.0 70.6
Short-term investments    
Available-for-sale debt securities:    
Amortized Cost 141.2 205.9
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (2.6) (3.3)
Estimated Fair Value 138.6 202.6
Long-term investments    
Available-for-sale debt securities:    
Amortized Cost 64.7 145.8
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (2.4) (6.2)
Estimated Fair Value 62.3 139.6
Other long-term assets    
Available-for-sale debt securities:    
Amortized Cost 20.7 15.5
Gross Unrealized Gains 37.4 37.4
Gross Unrealized Losses 0.0 0.0
Estimated Fair Value 58.1 52.9
Total fixed income securities    
Available-for-sale debt securities:    
Amortized Cost 567.9 422.3
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (5.0) (9.5)
Estimated Fair Value 562.9 412.8
Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Amortized Cost 19.5 37.8
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (0.7) (1.2)
Estimated Fair Value 18.8 36.6
Corporate debt securities    
Available-for-sale debt securities:    
Amortized Cost 155.6 277.5
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (3.7) (7.1)
Estimated Fair Value 151.9 270.4
Commercial paper    
Available-for-sale debt securities:    
Amortized Cost 11.4 0.0
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses 0.0 0.0
Estimated Fair Value 11.4 0.0
Foreign government debt securities    
Available-for-sale debt securities:    
Amortized Cost 5.2 8.8
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (0.3) (0.4)
Estimated Fair Value 4.9 8.4
Time deposits    
Available-for-sale debt securities:    
Amortized Cost 352.5 70.6
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses 0.0 0.0
Estimated Fair Value 352.5 70.6
U.S. government agency securities    
Available-for-sale debt securities:    
Amortized Cost 17.7 18.6
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (0.2) (0.6)
Estimated Fair Value 17.5 18.0
U.S. government securities    
Available-for-sale debt securities:    
Amortized Cost 6.0 9.0
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses (0.1) (0.2)
Estimated Fair Value 5.9 8.8
Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Amortized Cost 20.7 15.5
Gross Unrealized Gains 37.4 37.4
Gross Unrealized Losses 0.0 0.0
Estimated Fair Value $ 58.1 $ 52.9
v3.23.2
Cash Equivalents and Investments - Maturities of Fixed Income Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Amortized Cost    
Amortized Cost $ 588.6 $ 437.8
Estimated Fair Value    
Total 621.0 465.7
Total fixed income securities    
Amortized Cost    
Due in less than one year 503.2  
Due between one and five years 64.7  
Amortized Cost 567.9 422.3
Estimated Fair Value    
Due in less than one year 500.6  
Due between one and five years 62.3  
Total $ 562.9 $ 412.8
v3.23.2
Cash Equivalents and Investments - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
USD ($)
investment
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
investment
Jun. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]          
Gross unrealized losses $ 5,000,000   $ 5,000,000   $ 9,500,000
Total investments in unrealized loss position | investment 163   163    
Unrealized loss position, less than 12 months, accumulated loss $ 100,000   $ 100,000    
Unrealized loss position, 12 months or longer, accumulated loss 4,900,000   4,900,000    
Equity securities, realized gain 0 $ 0 0 $ 0  
Equity securities, realized loss 0 0 0 0  
Equity investments, unrealized gains 0 0 0 0  
Equity investments, unrealized losses 0 0 0 0  
Equity securities without readily determinable fair value, downward adjustment   0 92,200,000 0  
Equity securities without readily determinable fair value, upward adjustment 0 0 0 0  
Loss from equity method investment, net of tax 2,100,000 500,000 4,200,000 [1] 500,000 [1]  
Restricted cash and investments 52,400,000   52,400,000    
Prepaid expenses and other current assets          
Restricted Cash and Cash Equivalents Items [Line Items]          
Restricted cash and investments 18,300,000   18,300,000    
Other long-term assets          
Restricted Cash and Cash Equivalents Items [Line Items]          
Gross unrealized losses 0   0   $ 0
Restricted cash and investments 34,100,000   34,100,000    
Debt Securities          
Restricted Cash and Cash Equivalents Items [Line Items]          
Allowance for credit losses $ 0 $ 0 $ 0 $ 0  
[1] The prior period amounts have been reclassified to conform to the current period presentation.
v3.23.2
Cash Equivalents and Investments - Investments in Equity Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments without readily determinable fair value $ 38.4 $ 137.7
Equity investment under the equity method of accounting 31.8 36.0
Total equity securities 556.6 630.3
Cash equivalents    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 445.8 420.8
Short-term investments    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 6.0 7.7
Prepaid expenses and other current assets    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 2.8 2.4
Other long-term assets    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 102.0 199.4
Money market funds    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: 445.8 420.8
Mutual funds    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: 34.6 28.1
Publicly-traded equity securities    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: $ 6.0 $ 7.7
v3.23.2
Cash Equivalents and Investments - Restricted Cash and Investments (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash and cash equivalents $ 1,089.4 $ 880.1    
Total cash, cash equivalents, and restricted cash 1,107.2 897.7 $ 740.6 $ 942.7
Prepaid expenses and other current assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash included in Prepaid expenses and other current and other long-term assets 15.4 15.2    
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 $ 2.4    
v3.23.2
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Available-for-sale debt securities:    
Available-for-sale debt securities $ 621.0 $ 465.7
Derivative assets:    
Derivative assets: 129.6 126.7
Cash equivalents    
Available-for-sale debt securities:    
Available-for-sale debt securities 362.0 70.6
Short-term investments    
Available-for-sale debt securities:    
Available-for-sale debt securities 138.6 202.6
Long-term investments    
Available-for-sale debt securities:    
Available-for-sale debt securities 62.3 139.6
Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 18.8 36.6
Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 151.9 270.4
Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 11.4 0.0
Foreign government debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 4.9 8.4
Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 352.5 70.6
U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 17.5 18.0
U.S. government securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 5.9 8.8
Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 58.1 52.9
Money market funds    
Equity securities:    
Equity securities 445.8 420.8
Publicly-traded equity securities    
Equity securities:    
Equity securities 6.0 7.7
Fair Value, Measurements, Recurring    
Available-for-sale debt securities:    
Available-for-sale debt securities 621.0 465.7
Equity securities:    
Equity securities 486.4 456.6
Derivative assets:    
Derivative assets: 129.6 126.7
Total assets measured at fair value on a recurring basis 1,237.0 1,049.0
Liabilities:    
Derivative liabilities: (105.4) (125.0)
Total liabilities measured at fair value on a recurring basis (105.4) (125.0)
Fair Value, Measurements, Recurring | Cash equivalents    
Derivative assets:    
Total assets measured at fair value on a recurring basis 807.7 491.4
Fair Value, Measurements, Recurring | Short-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 144.7 210.3
Fair Value, Measurements, Recurring | Long-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 62.3 139.6
Fair Value, Measurements, Recurring | Prepaid expenses and other current assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 6.9 3.2
Fair Value, Measurements, Recurring | Other long-term assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 215.4 204.5
Fair Value, Measurements, Recurring | Other accrued liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis (15.4) (32.5)
Fair Value, Measurements, Recurring | Other long-term liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis (90.0) (92.5)
Fair Value, Measurements, Recurring | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 8.1 1.3
Liabilities:    
Derivative liabilities: (18.4) (37.6)
Fair Value, Measurements, Recurring | Interest rate contracts    
Derivative assets:    
Derivative assets: 121.5 125.4
Liabilities:    
Derivative liabilities: (87.0) (87.4)
Fair Value, Measurements, Recurring | Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 18.8 36.6
Fair Value, Measurements, Recurring | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 151.9 270.4
Fair Value, Measurements, Recurring | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 11.4 0.0
Fair Value, Measurements, Recurring | Foreign government debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 4.9 8.4
Fair Value, Measurements, Recurring | Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 352.5 70.6
Fair Value, Measurements, Recurring | U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 17.5 18.0
Fair Value, Measurements, Recurring | U.S. government securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 5.9 8.8
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 58.1 52.9
Fair Value, Measurements, Recurring | Money market funds    
Equity securities:    
Equity securities 445.8 420.8
Fair Value, Measurements, Recurring | Mutual funds    
Equity securities:    
Equity securities 34.6 28.1
Fair Value, Measurements, Recurring | Publicly-traded equity securities    
Equity securities:    
Equity securities 6.0 7.7
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)    
Available-for-sale debt securities:    
Available-for-sale debt securities 5.9 8.8
Equity securities:    
Equity securities 486.4 456.6
Derivative assets:    
Derivative assets: 0.0 0.0
Total assets measured at fair value on a recurring basis 492.3 465.4
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 | Quoted Prices in Active Markets For Identical Assets (Level 1) | Cash equivalents    
Derivative assets:    
Total assets measured at fair value on a recurring basis 445.8 420.8
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 10.9 14.6
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Long-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 1.0 1.9
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 2.8 2.4
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 31.8 25.7
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other accrued liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other long-term liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 0.0 0.0
Liabilities:    
Derivative liabilities: 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Interest rate contracts    
Derivative assets:    
Derivative assets: 0.0 0.0
Liabilities:    
Derivative liabilities: 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Foreign government debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | U.S. government securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 5.9 8.8
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 445.8 420.8
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Mutual funds    
Equity securities:    
Equity securities 34.6 28.1
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Publicly-traded equity securities    
Equity securities:    
Equity securities 6.0 7.7
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)    
Available-for-sale debt securities:    
Available-for-sale debt securities 557.0 404.0
Equity securities:    
Equity securities 0.0 0.0
Derivative assets:    
Derivative assets: 129.6 126.7
Total assets measured at fair value on a recurring basis 686.6 530.7
Liabilities:    
Derivative liabilities: (105.4) (125.0)
Total liabilities measured at fair value on a recurring basis (105.4) (125.0)
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 361.9 70.6
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 133.8 195.7
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 61.3 137.7
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Prepaid expenses and other current assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 4.1 0.8
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other long-term assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 125.5 125.9
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 (15.4) (32.5)
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 (90.0) (92.5)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 8.1 1.3
Liabilities:    
Derivative liabilities: (18.4) (37.6)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Interest rate contracts    
Derivative assets:    
Derivative assets: 121.5 125.4
Liabilities:    
Derivative liabilities: (87.0) (87.4)
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 18.8 36.6
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 151.9 270.4
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 11.4 0.0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign government debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 4.9 8.4
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 352.5 70.6
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 17.5 18.0
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 0.0 0.0
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 58.1 52.9
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 58.1 52.9
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 58.1 52.9
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other accrued liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other long-term liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 0.0 0.0
Liabilities:    
Derivative liabilities: 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Interest rate contracts    
Derivative assets:    
Derivative assets: 0.0 0.0
Liabilities:    
Derivative liabilities: 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Foreign government debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | U.S. government securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 58.1 52.9
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
v3.23.2
Fair Value Measurements - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Equity securities without readily determinable fair value, downward adjustment   $ 0 $ 92,200,000 $ 0  
Equity securities without readily determinable fair value, upward adjustment $ 0 $ 0 0 $ 0  
Goodwill and intangible impairment 0   0    
Fair Value, Measurements, Recurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Financial and nonfinancial liabilities, fair value disclosure 105,400,000   105,400,000   $ 125,000,000.0
Fair Value, Measurements, Nonrecurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Financial and nonfinancial liabilities, fair value disclosure 0   0   0
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Financial and nonfinancial liabilities, fair value disclosure 0   0   0
Significant Other Observable Remaining Inputs (Level 2)          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Total outstanding debt, fair value 1,509,400,000   1,509,400,000   1,485,600,000
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Financial and nonfinancial liabilities, fair value disclosure 105,400,000   105,400,000   $ 125,000,000.0
Privately-held debt and redeemable preferred stock securities | Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Unrealized gain (loss) on investments $ 0   $ 0    
v3.23.2
Derivative Instruments - Notional Amount (Details) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Apr. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Derivative [Line Items]          
Notional amount of derivatives $ 2,292,900,000 $ 2,189,400,000      
Derivatives designated as hedging instruments          
Derivative [Line Items]          
Notional amount of derivatives 2,114,700,000 2,025,900,000      
Non-designated derivatives          
Derivative [Line Items]          
Notional amount of derivatives 178,200,000 163,500,000      
Foreign currency contracts | Cash flow hedges | Derivatives designated as hedging instruments          
Derivative [Line Items]          
Notional amount of derivatives 864,700,000 775,900,000      
Interest rate lock contracts | Cash flow hedges | Derivatives designated as hedging instruments          
Derivative [Line Items]          
Notional amount of derivatives 650,000,000.0 650,000,000.0 $ 300,000,000 $ 650,000,000 $ 300,000,000
Interest rate swap contracts | Fair value hedges | Derivatives designated as hedging instruments          
Derivative [Line Items]          
Notional amount of derivatives $ 600,000,000 $ 600,000,000.0      
v3.23.2
Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Derivative [Line Items]    
Derivative assets: $ 129.6 $ 126.7
Derivative liabilities: 105.4 125.0
Derivatives designated as hedging instruments    
Derivative [Line Items]    
Derivative assets: 129.5 126.6
Derivative liabilities: 105.3 124.8
Derivatives designated as hedging instruments | Other current assets | Foreign currency contracts    
Derivative [Line Items]    
Derivative assets: 4.0 0.7
Derivatives designated as hedging instruments | Other long-term assets | Foreign currency contracts    
Derivative [Line Items]    
Derivative assets: 4.0 0.5
Derivatives designated as hedging instruments | Other long-term assets | Interest rate lock contracts    
Derivative [Line Items]    
Derivative assets: 121.5 125.4
Derivatives designated as hedging instruments | Other accrued liabilities | Foreign currency contracts    
Derivative [Line Items]    
Derivative liabilities: 15.3 32.3
Derivatives designated as hedging instruments | Other long-term liabilities | Foreign currency contracts    
Derivative [Line Items]    
Derivative liabilities: 3.0 5.1
Derivatives designated as hedging instruments | Other long-term liabilities | Interest rate swap contracts    
Derivative [Line Items]    
Derivative liabilities: 87.0 87.4
Derivatives not designated as hedging instruments | Other current assets    
Derivative [Line Items]    
Derivative assets: 0.1 0.1
Derivatives not designated as hedging instruments | Other accrued liabilities    
Derivative [Line Items]    
Derivative liabilities: $ 0.1 $ 0.2
v3.23.2
Derivative Instruments - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2020
Apr. 30, 2021
Dec. 31, 2019
Derivatives, Notional Amount [Line Items]                  
Derivative asset, fair value, gross asset, period decrease $ 74,500,000 $ 73,800,000              
Derivative liability fair value gross liability period decrease 74,500,000 73,800,000              
Notional amount of derivatives 2,292,900,000 2,189,400,000 $ 2,292,900,000   $ 2,292,900,000        
Foreign currency contracts                  
Derivatives, Notional Amount [Line Items]                  
Foreign currency forward contracts loss, amounts reclassified out of AOCI     7,200,000 $ 3,500,000 $ 15,000,000 $ 3,100,000      
Foreign currency contracts | Minimum                  
Derivatives, Notional Amount [Line Items]                  
Maturity of foreign currency derivatives         1 month        
Foreign currency contracts | Maximum                  
Derivatives, Notional Amount [Line Items]                  
Maturity of foreign currency derivatives         7 months        
Derivatives designated as hedging instruments                  
Derivatives, Notional Amount [Line Items]                  
Notional amount of derivatives 2,114,700,000 2,025,900,000 2,114,700,000   $ 2,114,700,000        
Cash flow hedges                  
Derivatives, Notional Amount [Line Items]                  
Derivative instruments, gain (loss) recognized in other comprehensive income (loss), effective portion     (17,100,000) $ 7,200,000 $ (7,200,000) $ 35,200,000      
Cash flow hedges | Derivatives designated as hedging instruments                  
Derivatives, Notional Amount [Line Items]                  
Maximum maturities of cash flow hedge derivatives         36 months        
Losses expected to be reclassified into earnings within the next 12 months (11,200,000)                
Cash flow hedges | Derivatives designated as hedging instruments | Interest rate lock contracts                  
Derivatives, Notional Amount [Line Items]                  
Notional amount of derivatives 650,000,000.0 650,000,000.0 650,000,000.0   $ 650,000,000.0   $ 650,000,000 $ 300,000,000 $ 300,000,000
Derivative, expiration period         7 years        
Swaps designated as cash flow hedges, expected termination period             3 years    
Cash flow hedges | Derivatives designated as hedging instruments | Foreign currency contracts                  
Derivatives, Notional Amount [Line Items]                  
Notional amount of derivatives $ 864,700,000 $ 775,900,000 $ 864,700,000   $ 864,700,000        
v3.23.2
Other Financial Information - Inventories, Net (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Schedule Of Inventory [Line Items]    
Production and service materials $ 683.8 $ 479.6
Finished goods 274.1 163.3
Total inventory 957.9 642.9
Inventory    
Schedule Of Inventory [Line Items]    
Total inventory 925.7 619.4
Other long-term assets    
Schedule Of Inventory [Line Items]    
Total inventory $ 32.2 $ 23.5
v3.23.2
Other Financial Information - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Other Financial Information [Abstract]    
Contract manufacturer deposits $ 403.0 $ 434.7
Prepaid expenses 130.2 104.3
Other current assets 149.5 141.0
Total prepaid expenses and other current assets $ 682.7 $ 680.0
v3.23.2
Other Financial Information - Warranties (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2023
USD ($)
Warranty Reserve [Roll Forward]  
Balance as of December 31, 2022 $ 29.5
Provisions made during the period 15.7
Actual costs incurred during the period (16.0)
Balance as of June 30, 2023 $ 29.2
v3.23.2
Other Financial Information - Deferred Revenue (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]    
Current $ 1,037.9 $ 1,020.5
Long-term 727.3 642.6
Total 1,765.2 1,663.1
Deferred product revenue    
Disaggregation of Revenue [Line Items]    
Total 91.3 108.8
Deferred service revenue    
Disaggregation of Revenue [Line Items]    
Total $ 1,673.9 $ 1,554.3
v3.23.2
Other Financial Information - Revenue, Remaining Performance Obligations and Deferred Contract Cost (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Disaggregation of Revenue [Line Items]    
Deferred commission $ 43,800,000 $ 43,800,000
Amortization of deferred commission 13,100,000 21,200,000
Impairment loss 0 0
Product    
Disaggregation of Revenue [Line Items]    
Contract with customer, liability, revenue recognized 18,100,000 37,300,000
Service    
Disaggregation of Revenue [Line Items]    
Contract with customer, liability, revenue recognized $ 252,600,000 $ 567,800,000
v3.23.2
Other Financial Information - Revenue, Remaining Performance Obligation (Details)
$ in Millions
Jun. 30, 2023
USD ($)
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 1,779.8
Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period 94.6
Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period 1,685.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 1,049.5
Revenue recognition expected by period, satisfaction period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 77.4
Revenue recognition expected by period, satisfaction period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 972.1
Revenue recognition expected by period, satisfaction period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 557.1
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 13.8
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 543.3
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 173.2
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01 | Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 3.4
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01 | Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 169.8
Revenue recognition expected by period, satisfaction period
v3.23.2
Other Financial Information - Other Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Other Financial Information [Abstract]        
Interest income $ 11.7 $ 3.3 $ 21.2 $ 5.9
Interest expense (19.7) (13.4) (38.9) (25.9)
Gain (loss) on other investments, net 1.2 (5.7) 1.9 (9.0)
Other (0.6) 1.8 (0.4) 2.1
Other expense, net [1] $ (7.4) $ (14.0) $ (16.2) $ (26.9)
[1] The prior period amounts have been reclassified to conform to the current period presentation
v3.23.2
Restructuring Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Restructuring Reserve [Roll Forward]        
Charges $ 16.5 $ 0.5 $ 16.0 $ 9.3
2022 Restructuring Plan        
Restructuring Reserve [Roll Forward]        
Restructuring liability, beginning balance     6.1  
Charges     16.0  
Cash Payments     (7.5)  
Other     1.4  
Restructuring liability, ending balance 16.0   16.0  
Severance | 2022 Restructuring Plan        
Restructuring Reserve [Roll Forward]        
Restructuring liability, beginning balance     3.0  
Charges     7.2  
Cash Payments     (3.5)  
Other     0.0  
Restructuring liability, ending balance 6.7   6.7  
Contract terminations and facility exit-related | 2022 Restructuring Plan        
Restructuring Reserve [Roll Forward]        
Restructuring liability, beginning balance     3.1  
Charges     8.8  
Cash Payments     (4.0)  
Other     1.4  
Restructuring liability, ending balance $ 9.3   $ 9.3  
v3.23.2
Debt - Schedule of Debt (Details) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Long-term debt $ 1,700,000,000 $ 1,700,000,000
Unaccreted discount and debt issuance costs (10,400,000) (11,300,000)
Hedge accounting fair value adjustments (87,000,000.0) (87,400,000)
Total 1,602,600,000 1,601,300,000
Notional amount of derivatives 2,292,900,000 2,189,400,000
Derivatives designated as hedging instruments    
Debt Instrument [Line Items]    
Notional amount of derivatives 2,114,700,000 2,025,900,000
Interest rate swap contracts | Fair value hedges | Derivatives designated as hedging instruments    
Debt Instrument [Line Items]    
Notional amount of derivatives $ 600,000,000 600,000,000.0
Senior notes | 1.200% fixed-rate notes    
Debt Instrument [Line Items]    
Stated interest rate 1.20%  
Effective Interest Rates 1.37%  
Long-term debt $ 400,000,000.0 400,000,000.0
Senior notes | 3.750% fixed-rate notes    
Debt Instrument [Line Items]    
Stated interest rate 3.75%  
Effective Interest Rates 3.86%  
Long-term debt $ 500,000,000.0 500,000,000.0
Senior notes | 2.000% fixed-rate notes    
Debt Instrument [Line Items]    
Stated interest rate 2.00%  
Effective Interest Rates 2.12%  
Long-term debt $ 400,000,000.0 400,000,000.0
Senior notes | 5.950% fixed-rate notes    
Debt Instrument [Line Items]    
Stated interest rate 5.95%  
Effective Interest Rates 6.03%  
Long-term debt $ 400,000,000.0 $ 400,000,000.0
v3.23.2
Debt - Revolving Credit Facility (Details) - Unsecured Revolving Credit Facility - Line of Credit
 1 Months Ended 6 Months Ended
Jun. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
acquisition
Apr. 30, 2019
USD ($)
Line of Credit Facility [Line Items]      
Long-term debt, term 5 years 5 years  
Borrowing capacity (up to) $ 500,000,000 $ 500,000,000 $ 500,000,000
Increase amount of borrowings, subject to lenders' approval (up to) 200,000,000 $ 200,000,000  
Number of extension options | acquisition   2  
Extension period   1 year  
Long-term line of credit $ 0 $ 0  
Debt covenant, maximum leverage ratio 3.0    
Debt covenant, maximum leverage ratio, if acquisition consummated 3.5    
Federal Funds Rate | Variable Rate Component, Federal Funds      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate 0.50%    
SOFR      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate 1.00%    
Minimum      
Line of Credit Facility [Line Items]      
Line of credit facility, unused capacity, commitment fee percentage 0.075%    
Minimum | Sterling Overnight Index Average (SONIA)      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate 0.875%    
Minimum | Base Rate      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate 0.00%    
Maximum      
Line of Credit Facility [Line Items]      
Line of credit facility, unused capacity, commitment fee percentage 0.225%    
Maximum | Sterling Overnight Index Average (SONIA)      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate 1.50%    
Maximum | Base Rate      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate 0.50%    
v3.23.2
Equity - Summary of Dividends Paid and Stock Repurchases and Retirements (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dividends:        
Per share (in dollars per share) $ 0.22 $ 0.21 $ 0.44 $ 0.42
Amount $ 69.9 $ 67.3 $ 140.5 $ 134.8
Repurchased under the 2018 Stock Repurchase Program:        
Amount $ 120.0 $ 100.0 $ 271.3 $ 226.3
Stock Repurchase Program 2018        
Repurchased under the 2018 Stock Repurchase Program:        
Shares (in shares) 4.1 3.1 8.6 6.3
Average price (in dollars per share) $ 29.23 $ 32.16 $ 30.26 $ 33.38
Amount $ 120.0 $ 100.0 $ 260.0 $ 212.2
v3.23.2
Equity - Cash Dividends on Shares of Common Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Equity [Abstract]        
Cash dividends declared (in dollars per share) $ 0.22      
Payments of cash dividends (in dollars per share) $ 0.22 $ 0.21 $ 0.44 $ 0.42
Cash dividends declared $ 69.9 $ 67.3 $ 140.5 $ 134.8
v3.23.2
Equity - Stock Repurchase Activities (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Accelerated Share Repurchases [Line Items]        
Common stock received, aggregate price $ 120.0 $ 100.0 $ 271.3 $ 226.3
Stock Repurchase Program 2018        
Accelerated Share Repurchases [Line Items]        
Stock repurchased (in shares)     8.6  
Common stock repurchased, average cost per share (in dollars per share)     $ 30.26  
Common stock received, aggregate price 120.0 $ 100.0 $ 260.0 212.2
Stock repurchase program, remaining authorized repurchase amount $ 300.0   300.0  
Stock repurchased during period, tax withholding     $ 11.4 $ 14.1
v3.23.2
Equity - Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance $ 4,435.2 $ 4,266.9 $ 4,475.1 $ 4,316.9
Other comprehensive income before reclassifications     12.5  
Amount reclassified from accumulated other comprehensive income     14.4  
Other comprehensive income (loss), net 22.8 (11.8) 26.9 2.0
Balance 4,354.9 4,248.7 4,354.9 4,248.7
Accumulated Other Comprehensive Income (Loss)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance 8.3 11.7 4.2 (2.1)
Other comprehensive income (loss), net 22.8 (11.8) 26.9 2.0
Balance 31.1 $ (0.1) 31.1 $ (0.1)
Unrealized Gains/Losses on Available-for- Sale Debt Securities        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance     21.8  
Other comprehensive income before reclassifications     3.7  
Amount reclassified from accumulated other comprehensive income     0.0  
Other comprehensive income (loss), net     3.7  
Balance 25.5   25.5  
Unrealized Gains/Losses on Cash Flow Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance     61.5  
Other comprehensive income before reclassifications     7.1  
Amount reclassified from accumulated other comprehensive income     14.4  
Other comprehensive income (loss), net     21.5  
Balance 83.0   83.0  
Foreign Currency Translation Adjustments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance     (79.1)  
Other comprehensive income before reclassifications     1.7  
Amount reclassified from accumulated other comprehensive income     0.0  
Other comprehensive income (loss), net     1.7  
Balance $ (77.4)   $ (77.4)  
v3.23.2
Employee Benefit Plans - Equity Incentive Plan (Details) - shares
shares in Millions
 1 Months Ended
May 31, 2023
Jun. 30, 2023
Equity incentive plan 2015    
Share-Based Compensation Plans    
Additional shares authorized (in shares) 7.0  
Number of shares available for future issuance (in shares)   7.8
Employee stock purchase plan 2008    
Share-Based Compensation Plans    
Number of shares available for future issuance (in shares)   4.9
v3.23.2
Employee Benefit Plans - Restricted Stock Unit and Performance Share Award Activities (Details)
$ / shares in Units, shares in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2023
USD ($)
$ / shares
shares
RSUs, RSAs, and PSAs  
Number of Shares  
Balance at beginning of period (in shares) 20.2
Granted (in shares) 3.4
Vested (in shares) (2.3)
Canceled (in shares) (1.1)
Balance at end of period (in shares) 20.2
Weighted Average Grant Date Fair Value per Share  
Balance at beginning of period (in dollars per share) | $ / shares $ 26.78
Granted (in dollars per share) | $ / shares 30.70
Vested (in dollars per share) | $ / shares 26.52
Canceled (in dollars per share) | $ / shares 25.72
Balance at end of period (in dollars per share) | $ / shares $ 27.53
Weighted Average Remaining Contractual Term (In Years) 1 year
Aggregate Intrinsic Value | $ $ 635.4
Service-based RSUs  
Number of Shares  
Granted (in shares) 1.6
Performance Shares  
Number of Shares  
Granted (in shares) 1.4
Market-based RSUs  
Number of Shares  
Granted (in shares) 0.4
v3.23.2
Employee Benefit Plans - Employee Stock Purchase Plan (Details) - Employee stock purchase plan 2008 - $ / shares
shares in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Employee Stock Purchase Plan (ESPP) Disclosures [Line Items]    
Shares purchased (in shares) 1.3 1.4
Average exercise price per share (in dollars per share) $ 23.44 $ 20.07
v3.23.2
Employee Benefit Plans - Share Based Compensation by Cost and Expense Categories (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense $ 62.0 $ 47.2 $ 122.9 $ 92.4
Stock options        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 0.6 1.6 1.4 3.1
RSUs, RSAs, and PSAs        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 54.9 40.9 107.9 79.4
ESPP purchase rights        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 6.5 4.7 13.6 9.9
Cost of revenues - Product        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 1.7 1.2 3.4 2.6
Cost of revenues - Service        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 4.7 3.7 9.4 8.2
Research and development        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 26.1 19.3 51.8 35.9
Sales and marketing        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 19.4 12.4 38.0 24.9
General and administrative        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense $ 10.1 $ 10.6 $ 20.3 $ 20.8
v3.23.2
Employee Benefit Plans - Share Based Compensation by Share Based Payment Award Types (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2023
USD ($)
Share-Based Payment Arrangement [Abstract]  
Unrecognized compensation cost $ 337.1
Unrecognized compensation, weighted average recognition period 1 year 9 months
v3.23.2
Segments - Narrative (Details)
 6 Months Ended
Jun. 30, 2023
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.23.2
Segments - Revenue by Product (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]        
Total net revenues $ 1,430.1 $ 1,269.6 $ 2,801.9 $ 2,437.8
Automated WAN Solutions        
Segment Reporting Information [Line Items]        
Total net revenues 474.6 462.9 949.1 853.6
Cloud-Ready Data Center        
Segment Reporting Information [Line Items]        
Total net revenues 200.3 200.9 393.9 389.7
AI-Driven Enterprise        
Segment Reporting Information [Line Items]        
Total net revenues 371.1 227.3 688.1 441.3
Hardware Maintenance and Professional Services        
Segment Reporting Information [Line Items]        
Total net revenues $ 384.1 $ 378.5 $ 770.8 $ 753.2
v3.23.2
Segments - Revenues by Customer Vertical (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]        
Total net revenues $ 1,430.1 $ 1,269.6 $ 2,801.9 $ 2,437.8
Cloud        
Segment Reporting Information [Line Items]        
Total net revenues 311.0 331.0 575.9 638.0
Service Provider        
Segment Reporting Information [Line Items]        
Total net revenues 473.6 470.8 1,023.5 898.8
Enterprise        
Segment Reporting Information [Line Items]        
Total net revenues $ 645.5 $ 467.8 $ 1,202.5 $ 901.0
v3.23.2
Segments - Geographic (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]        
Total net revenues $ 1,430.1 $ 1,269.6 $ 2,801.9 $ 2,437.8
Total Americas        
Segment Reporting Information [Line Items]        
Total net revenues 848.6 748.6 1,647.1 1,403.6
United States        
Segment Reporting Information [Line Items]        
Total net revenues 776.3 691.0 1,509.9 1,294.6
Other        
Segment Reporting Information [Line Items]        
Total net revenues 72.3 57.6 137.2 109.0
Europe, Middle East, and Africa        
Segment Reporting Information [Line Items]        
Total net revenues 354.6 337.2 724.5 671.1
Asia Pacific        
Segment Reporting Information [Line Items]        
Total net revenues $ 226.9 $ 183.8 $ 430.3 $ 363.1
v3.23.2
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Tax Disclosure [Abstract]        
Income before income taxes $ 41.5 $ 145.5 $ 148.6 $ 191.1
Income tax provision $ 15.0 $ 31.6 $ 34.6 $ 21.5
Effective tax rate 36.20% 21.70% 23.30% 11.30%
v3.23.2
Income Taxes - Narrative (Details)
$ in Millions
Jun. 30, 2023
USD ($)
Income Tax Contingency [Line Items]  
Unrecognized tax benefits $ 117.8
Unrecognized tax benefits, maximum decrease in the next twelve months (up to) 45.6
Domestic  
Income Tax Contingency [Line Items]  
Taxes payable, current $ 269.2
v3.23.2
Net Income per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Numerator:        
Net income $ 24.4 $ 113.4 $ 109.8 $ 169.1
Denominator:        
Weighted-average shares used to compute basic net income per share (in shares) 319.3 321.0 320.8 321.1
Dilutive effect of employee stock awards (in shares) 6.7 7.1 6.8 8.2
Weighted-average shares used to compute diluted net income per share (in shares) 326.0 328.1 327.6 329.3
Net income per share:        
Basic (in dollars per share) $ 0.08 $ 0.35 $ 0.34 $ 0.53
Diluted (in dollars per share) $ 0.07 $ 0.35 $ 0.34 $ 0.51
Anti-dilutive shares (in shares) 3.9 2.9 3.8 1.2
v3.23.2
Commitments and Contingencies (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2023
USD ($)
Other Commitments [Line Items]  
Purchase commitments $ 1,732.3
Tax refund, period of recognition 8 years
Income taxes payable $ 250.6
Unrecognized tax benefits 117.8
Long-Term Income Taxes  
Other Commitments [Line Items]  
Unrecognized tax benefits 83.7
Accrued Income Taxes, Noncurrent  
Other Commitments [Line Items]  
Income taxes payable $ 113.4
v3.23.2
Subsequent Events (Details) - $ / shares
 3 Months Ended 6 Months Ended
Sep. 22, 2023
Jul. 27, 2023
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Subsequent Event [Line Items]            
Cash dividends declared (in dollars per share)     $ 0.22      
Payments of cash dividends (in dollars per share)     $ 0.22 $ 0.21 $ 0.44 $ 0.42
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