JUNIPER NETWORKS INC, DEF 14A filed on 3/29/2023
Proxy Statement (definitive)
v3.23.1
Cover
12 Months Ended
Dec. 31, 2022
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Juniper Networks, Inc.
Entity Central Index Key 0001043604
v3.23.1
Pay vs Performance Disclosure
pure in Millions
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]
Pay vs. Performance Table
Year
Summary
Compensation
Table Total for
Principal
Executive
Officer

(“PEO”)(1)
Compensation
Actually Paid
(“CAP”) to

PEO(2)
Average
Summary
Compensation
Table Total for
Non-PEO
NEOs
(3)
Average CAP
to Non-PEO
NEOs
(4)
Value of Initial Fixed $100
Investment Based On:
Net Income
(millions)
(7)
Net Revenue
(millions)
(8)
Total
Shareholder
Return
(5)
Peer Group
Total
Shareholder
Return
(6)
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
FY22 $ 16,630,540 $ 14,380,833 $ 5,212,505 $ 2,945,996 $ 142.13 $ 95.61 $ 471.0 $ 5,301.2
FY21 $ 11,870,290 $ 26,615,099 $ 3,963,437 $ 8,587,668 $ 154.61 $ 127.87 $ 252.7 $ 4,735.4
FY20 $ 11,420,651 $ 8,165,729 $ 3,445,381 $ 2,562,896 $ 94.66 $ 122.04 $ 257.8 $ 4,445.1
(1)
The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Rahim (our Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation — Executive Compensation Tables — Summary Compensation Table.”
(2)
The dollar amounts reported in column (c) represent the amount of  “compensation actually paid” to Mr. Rahim, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned or received by Mr. Rahim during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Rahim’s total compensation for each year to determine the “compensation actually paid”:
Year
Reported Summary
Compensation Table

Total for PEO
Reported Value
of Equity
Awards
(a)
Equity Award
Adjustments(b)
Compensation
Actually Paid to
PEO
FY22 $ 16,630,540 $ 14,713,659 $ 12,463,952 $ 14,380,833
FY21 $ 11,870,290 $ 9,774,868 $ 24,519,677 $ 26,615,099
FY20 $ 11,420,651 $ 9,658,395 $ 6,403,473 $ 8,165,729
(a)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year.
(b)
The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:
Year
Fair Value of
Outstanding and
Unvested Equity
Awards

Granted in the
Year
Year over Year
Change in Fair
Value of
Outstanding and
Unvested Equity
Awards

Granted in Prior
Years
Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested in the
Year
Change in Fair
Value from

End of the
Prior Year to

Vesting
Date of Equity
Awards Granted
in Prior Years
that Vested in the
Year
Fair Value at the
End of the Prior
Year of Equity
Awards that
Failed to Meet
Vesting
Conditions in the
Year
Value of
Dividends or
other Earnings
Paid on Stock or
Option Awards
not Otherwise
Reflected in Fair
Value or Total
Compensation
Total Equity
Award
Adjustments
FY22 $ 11,813,496 $ 1,091,751 $ $ (441,295) $ $ $ 12,463,952
FY21 $ 14,673,782 $ 9,323,142 $ $ 522,754 $ $ $ 24,519,677
FY20 $ 6,993,184 $ (9,863) $ $ (579,848) $ $ $ 6,403,473
(3)
The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s named executive officers (NEOs) as a group (excluding Mr. Rahim, who has served as our CEO since 2014) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Rahim) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2022, Manoj Leelanivas, Kenneth Miller, Robert Mobassaly, Christopher Kaddaras, and Marcus Jewell; (ii) for 2021, Anand Athreya, Manoj Leelanivas, Kenneth Miller, and Marcus Jewell; and (iii) for 2020, Anand Athreya, Manoj Leelanivas, Brian Martin, and Kenneth Miller.
(4)
The dollar amounts reported in column (e) represent the average amount of  “compensation actually paid” to the NEOs as a group (excluding Mr. Rahim), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding Mr. Rahim) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding Mr. Rahim) for each year to determine the compensation actually paid, using the same methodology described above in Note 2:
Year
Average Reported Summary
Compensation Table Total for
Non-PEO NEOs
Average Reported Value of
Equity Awards
Average Equity Award
Adjustments(a)
Average Compensation Actually
Paid to Non-PEO NEOs
FY22 $ 5,212,505 $ 4,457,713 $ 2,191,204 $ 2,945,996
FY21 $ 3,963,437 $ 3,012,829 $ 7,637,061 $ 8,587,668
FY20 $ 3,445,381 $ 2,654,157 $ 1,771,673 $ 2,562,896
(a)
The amounts deducted or added in calculating the total average equity award adjustments are as follows:
Year
Average Fair
Value of
Outstanding and
Unvested Equity
Awards

Granted in the
Year
Year over Year
Average Change
in Fair Value of
Outstanding and
Unvested Equity
Awards

Granted in Prior
Years
Average Fair
Value as of
Vesting Date of
Equity Awards
Granted and
Vested in the
Year
Average Change
in Fair Value from

End of the
Prior Year to

Vesting
Date of Equity
Awards
Granted in Prior
Years that Vested
in the Year
Average Fair
Value at the End
of the Prior Year
of Equity Awards
that Failed to
Meet Vesting
Conditions in the
Year
Average Value of
Dividends or
other Earnings
Paid on Stock or
Option Awards
not Otherwise
Reflected in Fair
Value or Total
Compensation
Total Average
Equity Award
Adjustments
FY22 $ 3,392,943 $ (962,644) $ $ (239,095) $ $ $ 2,191,204
FY21 $ 4,482,812 $ 2,909,642 $ $ 244,607 $ $ $ 7,637,061
FY20 $ 2,016,641 $ (50,984) $ $ (193,985) $ $ $ 1,771,673
(5)
Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends during the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end of the applicable measurement period and December 31, 2019 by the Company’s share price at December 31, 2019, the beginning of the measurement period.
(6)
Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: Nasdaq Telecommunications Index.
(7)
The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year.
(8)
Net Revenue is calculated in accordance with GAAP. While we use numerous financial and non-financial performance measures to evaluate performance under the Company’s compensation programs, net revenue is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the company’s NEOs, for the most recently completed fiscal year, to Company performance.
   
Company Selected Measure Name Net Revenue    
Named Executive Officers, Footnote [Text Block]
(1)
The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Rahim (our Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation — Executive Compensation Tables — Summary Compensation Table.”
(3)
The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s named executive officers (NEOs) as a group (excluding Mr. Rahim, who has served as our CEO since 2014) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Rahim) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2022, Manoj Leelanivas, Kenneth Miller, Robert Mobassaly, Christopher Kaddaras, and Marcus Jewell; (ii) for 2021, Anand Athreya, Manoj Leelanivas, Kenneth Miller, and Marcus Jewell; and (iii) for 2020, Anand Athreya, Manoj Leelanivas, Brian Martin, and Kenneth Miller.
   
Peer Group Issuers, Footnote [Text Block]
(5)
Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends during the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end of the applicable measurement period and December 31, 2019 by the Company’s share price at December 31, 2019, the beginning of the measurement period.
(6)
Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: Nasdaq Telecommunications Index.
   
PEO Total Compensation Amount $ 16,630,540 $ 11,870,290 $ 11,420,651
PEO Actually Paid Compensation Amount $ 14,380,833 26,615,099 8,165,729
Adjustment To PEO Compensation, Footnote [Text Block]
(2)
The dollar amounts reported in column (c) represent the amount of  “compensation actually paid” to Mr. Rahim, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned or received by Mr. Rahim during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Rahim’s total compensation for each year to determine the “compensation actually paid”:
Year
Reported Summary
Compensation Table

Total for PEO
Reported Value
of Equity
Awards
(a)
Equity Award
Adjustments(b)
Compensation
Actually Paid to
PEO
FY22 $ 16,630,540 $ 14,713,659 $ 12,463,952 $ 14,380,833
FY21 $ 11,870,290 $ 9,774,868 $ 24,519,677 $ 26,615,099
FY20 $ 11,420,651 $ 9,658,395 $ 6,403,473 $ 8,165,729
(a)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year.
(b)
The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:
Year
Fair Value of
Outstanding and
Unvested Equity
Awards

Granted in the
Year
Year over Year
Change in Fair
Value of
Outstanding and
Unvested Equity
Awards

Granted in Prior
Years
Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested in the
Year
Change in Fair
Value from

End of the
Prior Year to

Vesting
Date of Equity
Awards Granted
in Prior Years
that Vested in the
Year
Fair Value at the
End of the Prior
Year of Equity
Awards that
Failed to Meet
Vesting
Conditions in the
Year
Value of
Dividends or
other Earnings
Paid on Stock or
Option Awards
not Otherwise
Reflected in Fair
Value or Total
Compensation
Total Equity
Award
Adjustments
FY22 $ 11,813,496 $ 1,091,751 $ $ (441,295) $ $ $ 12,463,952
FY21 $ 14,673,782 $ 9,323,142 $ $ 522,754 $ $ $ 24,519,677
FY20 $ 6,993,184 $ (9,863) $ $ (579,848) $ $ $ 6,403,473
   
Non-PEO NEO Average Total Compensation Amount $ 5,212,505 3,963,437 3,445,381
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,945,996 8,587,668 2,562,896
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
(3)
The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s named executive officers (NEOs) as a group (excluding Mr. Rahim, who has served as our CEO since 2014) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Rahim) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2022, Manoj Leelanivas, Kenneth Miller, Robert Mobassaly, Christopher Kaddaras, and Marcus Jewell; (ii) for 2021, Anand Athreya, Manoj Leelanivas, Kenneth Miller, and Marcus Jewell; and (iii) for 2020, Anand Athreya, Manoj Leelanivas, Brian Martin, and Kenneth Miller.
(4)
The dollar amounts reported in column (e) represent the average amount of  “compensation actually paid” to the NEOs as a group (excluding Mr. Rahim), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding Mr. Rahim) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding Mr. Rahim) for each year to determine the compensation actually paid, using the same methodology described above in Note 2:
Year
Average Reported Summary
Compensation Table Total for
Non-PEO NEOs
Average Reported Value of
Equity Awards
Average Equity Award
Adjustments(a)
Average Compensation Actually
Paid to Non-PEO NEOs
FY22 $ 5,212,505 $ 4,457,713 $ 2,191,204 $ 2,945,996
FY21 $ 3,963,437 $ 3,012,829 $ 7,637,061 $ 8,587,668
FY20 $ 3,445,381 $ 2,654,157 $ 1,771,673 $ 2,562,896
(a)
The amounts deducted or added in calculating the total average equity award adjustments are as follows:
Year
Average Fair
Value of
Outstanding and
Unvested Equity
Awards

Granted in the
Year
Year over Year
Average Change
in Fair Value of
Outstanding and
Unvested Equity
Awards

Granted in Prior
Years
Average Fair
Value as of
Vesting Date of
Equity Awards
Granted and
Vested in the
Year
Average Change
in Fair Value from

End of the
Prior Year to

Vesting
Date of Equity
Awards
Granted in Prior
Years that Vested
in the Year
Average Fair
Value at the End
of the Prior Year
of Equity Awards
that Failed to
Meet Vesting
Conditions in the
Year
Average Value of
Dividends or
other Earnings
Paid on Stock or
Option Awards
not Otherwise
Reflected in Fair
Value or Total
Compensation
Total Average
Equity Award
Adjustments
FY22 $ 3,392,943 $ (962,644) $ $ (239,095) $ $ $ 2,191,204
FY21 $ 4,482,812 $ 2,909,642 $ $ 244,607 $ $ $ 7,637,061
FY20 $ 2,016,641 $ (50,984) $ $ (193,985) $ $ $ 1,771,673
   
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
The following graph shows that the amount of compensation actually paid to our CEO and the average amount of compensation actually paid to our non-CEO NEOs as a group is aligned with the Company’s cumulative TSR over the three years presented in the table. The alignment of compensation actually paid with the Company’s cumulative TSR over the period presented is because equity awards comprise a significant portion of the compensation actually paid to the CEO and other NEOs. As described in more detail in the section “Executive Compensation — Compensation Discussion and Analysis — Appropriate Pay Mix,” the Company targets that approximately 87% of the value of total compensation awarded to the CEO and approximately 78% of the value of total compensation awarded to the other NEOs who served for all of FY22 is composed of equity awards, including restricted stock units, performance-based restricted stock units and stock options.
[MISSING IMAGE: lc_compactpaid-pn.jpg]
   
Compensation Actually Paid vs. Net Income [Text Block]
Compensation Actually Paid and Net Income
The following graph shows the amount of compensation actually paid to Mr. Rahim compared to the average amount of compensation actually paid to the Company’s NEOs as a group (excluding Mr. Rahim). While the Company does not use net income specifically as a performance measure in the overall executive compensation program, it is strongly correlated with Non-GAAP EPS, which the Company uses as a metric for performance-based equity awards, as described in more detail in the section “Executive Compensation — Compensation Discussion and Analysis”.
[MISSING IMAGE: lc_compact-pn.jpg]
   
Compensation Actually Paid vs. Company Selected Measure [Text Block]
Compensation Actually Paid and Revenue
As shown by the following graph, the amount of compensation actually paid to Mr. Rahim and the average amount of compensation actually paid to the Company’s NEOs as a group (excluding Mr. Rahim) is generally aligned with the Company’s net revenue over the three years presented in the table. While we use numerous financial and non-financial performance measures to evaluate performance under the Company’s compensation programs, net revenue is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the company’s NEOs, for the most recently completed fiscal year, to Company performance. The Company uses net revenue when setting goals in the Company’s short-term incentive compensation program, as well as for setting goals for the performance-based RSUs that are awarded to the NEOs, as described in more detail in the section “Executive Compensation — Compensation Discussion and Analysis.”
[MISSING IMAGE: bc_compen-pn.jpg]
   
Total Shareholder Return Vs Peer Group [Text Block]
Cumulative TSR of the Company vs. Peer Group
In this Pay vs. Performance section, the Company’s peer group is the Nasdaq Telecommunications Index, which we use for purposes of Item 201(e)(ii) of Regulation S-K. The performance graph below shows the cumulative total stockholder return over a three-year period assuming the investment of $100 on December 31, 2019, in each of Juniper Networks’ common stock, the and the Nasdaq Telecommunications Index. Total stockholder return assumes reinvestment of all dividends.
[MISSING IMAGE: lc_juniper-pn.jpg]
   
Tabular List [Table Text Block]
Financial Performance Measures
The most important financial performance measures used by the Company to link executive compensation to company performance during FY22 were:

Revenue

Non-GAAP Earnings per Share

Software Revenue

Relative TSR (as compared to a peer group of companies established by the Compensation Committee)
   
Total Shareholder Return Amount $ 142.13 154.61 94.66
Peer Group Total Shareholder Return Amount 95.61 127.87 122.04
Net Income (Loss) $ 471,000,000 $ 252,700,000 $ 257,800,000
Company Selected Measure Amount 5,301.2 4,735.4 4,445.1
PEO Name Mr. Rahim    
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Revenue    
Non-GAAP Measure Description [Text Block]
(8)
Net Revenue is calculated in accordance with GAAP. While we use numerous financial and non-financial performance measures to evaluate performance under the Company’s compensation programs, net revenue is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the company’s NEOs, for the most recently completed fiscal year, to Company performance.
   
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Non-GAAP Earnings per Share    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Software Revenue    
Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name Relative TSR (as compared to a peer group of companies established by the Compensation Committee    
PEO [Member] | Reported Value of Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 14,713,659 $ 9,774,868 $ 9,658,395
PEO [Member] | Total Equity Awards Adjustments [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 12,463,952 24,519,677 6,403,473
PEO [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 11,813,496 14,673,782 6,993,184
PEO [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 1,091,751 9,323,142 (9,863)
PEO [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (441,295) 522,754 (579,848)
Non-PEO NEO [Member] | Reported Value of Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 4,457,713 3,012,829 2,654,157
Non-PEO NEO [Member] | Total Equity Awards Adjustments [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 2,191,204 7,637,061 1,771,673
Non-PEO NEO [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 3,392,943 4,482,812 2,016,641
Non-PEO NEO [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (962,644) 2,909,642 (50,984)
Non-PEO NEO [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (239,095) $ 244,607 $ (193,985)