Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
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Total net revenues | $ 1,133.1 | $ 1,179.8 | $ 3,237.3 | $ 3,466.5 |
Cost of revenues: | ||||
Total cost of revenues | 454.7 | 468.8 | 1,339.8 | 1,436.2 |
Gross margin | 678.4 | 711.0 | 1,897.5 | 2,030.3 |
Operating expenses: | ||||
Research and development | 244.5 | 253.8 | 716.1 | 772.0 |
Sales and marketing | 235.3 | 224.8 | 692.8 | 702.5 |
General and administrative | 61.2 | 67.9 | 189.4 | 178.1 |
Restructuring (benefits) charges | (1.1) | 4.4 | 35.6 | 2.3 |
Total operating expenses | 539.9 | 550.9 | 1,633.9 | 1,654.9 |
Operating income | 138.5 | 160.1 | 263.6 | 375.4 |
Other expense, net | (20.4) | (8.1) | (23.2) | (31.1) |
Income before income taxes | 118.1 | 152.0 | 240.4 | 344.3 |
Income tax provision (benefit) | 18.8 | (71.8) | 63.8 | (30.4) |
Net income | $ 99.3 | $ 223.8 | $ 176.6 | $ 374.7 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.29 | $ 0.65 | $ 0.51 | $ 1.07 |
Diluted, (in dollars per share) | $ 0.29 | $ 0.64 | $ 0.50 | $ 1.05 |
Shares used in computing net income per share: | ||||
Basic (in shares) | 342.2 | 346.2 | 345.5 | 350.1 |
Diluted (in shares) | 345.5 | 350.5 | 350.1 | 355.2 |
Product | ||||
Total net revenues | $ 743.2 | $ 794.7 | $ 2,075.8 | $ 2,330.4 |
Cost of revenues: | ||||
Total cost of revenues | 304.0 | 312.5 | 888.3 | 955.5 |
Service | ||||
Total net revenues | 389.9 | 385.1 | 1,161.5 | 1,136.1 |
Cost of revenues: | ||||
Total cost of revenues | $ 150.7 | $ 156.3 | $ 451.5 | $ 480.7 |
Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
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Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on available-for-sale securities, tax (provision) benefit | $ 0.0 | $ (0.3) | $ (0.8) | $ 0.9 |
Reclassification adjustment for realized net loss (gain) on available-for-sale securities included in net income, tax provisions | 0.0 | 0.0 | 0.0 | 0.0 |
Unrealized (loss) gain on cash flow hedges, tax (provision) benefit | (0.2) | (1.3) | ||
Unrealized (loss) gain on cash flow hedges, tax (provision) benefit | 1.5 | 2.7 | ||
Reclassification adjustment for realized net loss (gain) on cash flow hedges included in net income, tax provisions (benefit) | $ 0.7 | $ 1.5 | ||
Reclassification adjustment for realized net loss (gain) on cash flow hedges included in net income, tax provisions (benefit) | $ (0.5) | $ 0.3 |
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares |
Sep. 30, 2019 |
Dec. 31, 2018 |
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Statement of Financial Position [Abstract] | ||
Convertible preferred stock - par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Convertible preferred stock - shares authorized (shares) | 10,000,000 | 10,000,000 |
Convertible preferred stock - issued (shares) | 0 | 0 |
Convertible preferred stock - outstanding (shares) | 0 | 0 |
Common stock - par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock - shares authorized (shares) | 1,000,000,000 | 1,000,000,000 |
Common stock - issued (shares) | 341,000,000 | 346,400,000 |
Common stock - outstanding (shares) | 341,000,000 | 346,400,000 |
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | |||||
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Sep. 25, 2019 |
Jun. 24, 2019 |
Mar. 22, 2019 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
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Statement of Stockholders' Equity [Abstract] | |||||||
Cash dividends (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.57 | $ 0.54 |
Basis of Presentation |
9 Months Ended |
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Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation Basis of Presentation The unaudited Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) have been 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, 2018 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019, or any future period. The information included in this Quarterly Report on Form 10-Q (“Report”) should be read in conjunction with the “Management's Discussion and Analysis of Financial Condition and Results of Operations,” “Risk Factors,” “Quantitative and Qualitative Disclosures About Market Risk,” and the Consolidated Financial Statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 (the "Form 10-K"). 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.
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Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Except for the change in certain policies upon adoption of the accounting standards described below, there have been no material changes to the Company's significant accounting policies, compared to the accounting policies described in Note 2, Significant Accounting Policies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K. Recently Adopted Accounting Standards Cloud Computing Arrangement: On January 1, 2019, the Company early adopted FASB ASU No. 2018-15 (Subtopic 350-40) Intangibles — Goodwill and Other-Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which provides guidance on a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by a service contract. The Company has adopted the standard prospectively, and the adoption did not have a material impact on all applicable implementation costs incurred after the adoption date. Derivatives and Hedging: On January 1, 2019, the Company adopted FASB ASU No. 2017-12 (Topic 815) Derivatives and Hedging — Targeted Improvements to Accounting for Hedging Activities, and an amendment thereafter, which expands an entity's ability to hedge financial and nonfinancial risk components and amends how companies assess effectiveness as well as changes to the presentation and disclosure requirements. The Company adopted the standard under the modified retrospective approach, and its amendment and presentation and disclosure requirements on a prospective basis. The adoption did not have a material impact on the Condensed Consolidated Financial Statements. See Note 6, Derivative Instruments for additional disclosures required upon adopting the standard. Amortization on Purchased Callable Debt Securities: On January 1, 2019, the Company adopted FASB ASU No. 2017-08 Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. The standard will not impact debt securities held at a discount. The Company adopted the standard under the modified retrospective approach. The adoption did not have a material impact on the Condensed Consolidated Financial Statements. Leases: On January 1, 2019, the Company adopted FASB ASU No. 2016-02, Leases (Topic 842), and the related subsequent amendments ("ASC 842"), which require recognition by the lessees of right-of-use ("ROU") assets and lease liabilities for most leases on the Company's Condensed Consolidated Balance Sheets. The Company adopted the new standard under the modified retrospective approach and recorded a cumulative-effect adjustment to the opening balance of accumulated deficit as of the effective date. Under the modified retrospective method, financial results reported in periods prior to 2019 are unchanged. The Company elected the package of practical expedients, which did not require the reassessment of existing leases under the new guidance. The Company also elected not to separate non-lease components from lease components and to not recognize ROU assets and lease liabilities for short-term leases. The cumulative effect of the adjustments made to the Company's Condensed Consolidated Balance Sheet as of the adoption date is detailed as follows (in millions):
The adoption of the standard had no impact on the Company's Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows or debt-covenant compliance under its current agreements. See Note 15, Commitments and Contingencies, for additional disclosures required upon adopting the standard. Leases The Company determines if an arrangement is a lease at inception. The Company evaluates classification of leases at commencement and, as necessary, at modification. As of September 30, 2019, the Company did not have any finance leases. Operating leases are included in operating lease ROU assets, other accrued liabilities, and operating lease liabilities on the Company's Condensed Consolidated Balance Sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any lease payments made prior to lease commencement and excludes lease incentives. Variable lease payments not dependent on an index or a rate, are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs incurred by lessors for common area maintenance and utilities. The Company's lease terms are the noncancelable period, including any rent-free periods provided by the lessor, and include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. At lease inception, and in subsequent periods as necessary, the Company estimates the lease term based on its assessment of extension and termination options that are reasonably certain to be exercised. Lease costs are recognized on a straight-line basis over the lease term. The Company does not separate non-lease components from lease components for all underlying classes of assets. In addition, the Company does not recognize ROU assets and lease liabilities for short-term leases, which have a lease term of twelve months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. Lease cost for short-term leases is recognized on a straight-line basis over the lease term. Recent Accounting Standards Not Yet Adopted Fair Value Measurement: In August 2018, the FASB issued ASU No. 2018-13 (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds, and modifies certain disclosure requirements for fair value measurements under ASC 820. This ASU is to be applied on a prospective basis for certain modified or new disclosure requirements, and all other amendments in the standard are to be applied on a retrospective basis. The new standard is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of adoption on the Consolidated Financial Statements. Simplifying the Test for Goodwill Impairment: In January 2017, the FASB issued ASU No. 2017-04 (Topic 350) Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment, which removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under the amended guidance, a goodwill impairment charge will now be recognized for the amount by which the carrying value of a reporting unit exceeds its fair value, not to exceed the carrying amount of goodwill. This ASU will be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for any impairment tests performed after January 1, 2017. The Company does not expect the adoption to have a material impact on the Consolidated Financial Statements. Credit Losses on Financial Instruments: In June 2016, the FASB issued ASU No. 2016-13 (Topic 326) Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which provides more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. An amendment issued by the FASB in November 2018 clarifies that receivables arising from operating leases are not within the scope of Topic 326 and should be accounted for in accordance with Topic 842. This pronouncement and its amendments are effective for reporting periods beginning after December 15, 2019, and interim periods within those fiscal years, using a modified retrospective adoption method. Early adoption is permitted. The Company is currently evaluating the impact of adoption on the Consolidated Financial Statements.
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Business Combinations |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Note 3. Business Combinations On April 1, 2019, the Company acquired 100% ownership of Mist Systems, Inc. (“Mist”) for $359.2 million. The purchase consideration consisted of cash of $354.5 million and $4.7 million in share-based awards attributable to services prior to the acquisition. The acquisition of Mist, a company that provides cloud-managed wireless networks powered by artificial intelligence, is expected to enhance Juniper's enterprise networking portfolio by combining Mist’s next-generation Wireless LAN platform with Juniper's wired LAN, SD-WAN, and security solutions to deliver integrated end-to-end user and IT experiences. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the acquisition date (in millions):
The goodwill recognized in connection with the acquisition is primarily attributable to anticipated synergies from future growth and will not be deductible for income tax purposes. The following table summarizes the fair value of the separately identifiable intangible assets at the time of acquisition (in millions):
________________________________ (*) Estimated useful life of each of the assets is 5 years. Acquisition-related costs were not material during the three and nine months ended September 30, 2019 and were expensed in the period incurred within general and administrative expense in the Company's Condensed Consolidated Statements of Operations. The Company's Condensed Consolidated Financial Statements include the operating results of this business combination from the date of acquisition. Pro forma results of operations for this acquisition have not been presented, as the financial impact to the Company's consolidated results of operations is not material. The primary areas of the preliminary purchase price allocation that are subject to change relate to certain legal and income tax matters.
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Cash Equivalents and Investments |
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Cash Equivalents and Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Equivalents and Investments | Note 4. Cash Equivalents and Investments Investments in Available-for-Sale Debt Securities The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of September 30, 2019 and December 31, 2018 (in millions):
The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2019 (in millions):
The following tables present the Company's total fixed income securities that were in an unrealized loss position as of September 30, 2019 and December 31, 2018 (in millions):
For available-for-sale debt securities that have unrealized losses, the Company assesses impairment by evaluating various factors, including whether (i) it has the intention to sell any of these investments and (ii) whether it is more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. As of September 30, 2019, the Company had 290 investments in unrealized loss positions. 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 other-than-temporary impairments associated with credit losses were required to be recognized during the three and nine months ended September 30, 2019 and September 30, 2018. During the three and nine months ended September 30, 2019 and September 30, 2018, there were no material gross realized gains or losses from available-for-sale debt securities. Investments in Equity Securities The following table presents the Company's investments in equity securities as of September 30, 2019 and December 31, 2018 (in millions):
________________________________
For the three and nine months ended September 30, 2019 and September 30, 2018, there were no material unrealized gains or losses recognized for equity investments. Restricted Cash and Investments As of September 30, 2019, the carrying value of restricted cash and investments was $92.0 million, of which $66.5 million was included in prepaid expenses and other current assets and $25.5 million was included in other long-term assets on the Condensed Consolidated Balance Sheet. The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 (in millions):
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Note 5. 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 (in millions):
The Company's Level 2 available-for-sale debt securities are priced using quoted market prices for similar instruments or non-binding market prices that are corroborated by observable market data. The Company uses inputs such as actual trade data, benchmark yields, broker/dealer quotes, or alternative pricing sources with reasonable levels of price transparency which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets. The Company's derivative instruments are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. The Company's policy is to recognize asset or liability transfers among Level 1, Level 2, and Level 3 at the beginning of the quarter in which a change in circumstances resulted in a transfer. During the three and nine months ended September 30, 2019, the Company had no transfers between levels of the fair value hierarchy of its assets or liabilities measured at fair value. The Company's privately-held debt and redeemable preferred stock securities are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of its privately-held debt and redeemable preferred stock securities on a recurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent valuations at the time of financing activities and the investee's capital structure. During the three and nine months ended September 30, 2019, 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 Certain of the Company's assets, including intangible assets and goodwill, are measured at fair value on a nonrecurring basis, when they are deemed to be other-than temporarily impaired. There were no impairment charges recognized during the three and nine months ended September 30, 2019. Equity investments without readily determinable fair value are measured at fair value, when they are deemed to be impaired or when there is an adjustment from observable price changes. For the three and nine months ended September 30, 2019, there were no material impairment charges or adjustments resulting from observable price changes for equity investments without readily determinable fair value. As of September 30, 2019 and December 31, 2018, the Company had no liabilities required to be measured at fair value on a nonrecurring basis. Assets and Liabilities Not Measured at Fair Value |
Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Note 6. Derivative Instruments The Company uses derivative instruments to manage a variety of risks, including risks related to fluctuations in foreign currency exchange rates and interest rates on debt instruments. We do not use derivative financial instruments for speculative purposes. The notional amount of the Company's derivatives is summarized as follows (in millions):
Designated Derivatives The Company uses foreign currency forward 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. Execution of cash flow hedge derivatives typically occurs every month with maturities of eighteen months or less. As of September 30, 2019, an estimated $8.8 million of unrealized net loss within accumulated other comprehensive loss is expected to be reclassified into earnings within the next twelve months. The Company recognized an unrealized loss of $12.4 million and $11.1 million in accumulated other comprehensive income for the effective portion of its derivative instruments for the three and nine months ended September 30, 2019, respectively; and an unrealized loss of $6.1 million and $8.6 million for the comparable periods in fiscal 2018, respectively. The Company reclassified a loss of $0.8 million and $1.5 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 nine months ended September 30, 2019, respectively, and a loss of $3.1 million and a gain of $5.8 million for the comparable periods in fiscal 2018, respectively. In September 2019, the Company entered into interest rate swaps with an aggregate notional amount of $300.0 million designated as fair value hedges of our fixed-rate 2041 Notes. These swaps convert the fixed interest rates of the notes to floating interest rates based on the London InterBank Offered Rate (LIBOR). Most of the interest rate swaps will expire within ten years or less. The Company recognizes the change in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Other expense, net in the Condensed Consolidated Statements of Operations in the period of change. These derivatives are classified in the Condensed Consolidated Statements of Cash Flows in the same section as the underlying item. See Note 5, Fair Value Measurements, for the fair values of the Company's derivative instruments in the Condensed Consolidated Balance Sheets. Non-Designated Derivatives The Company also uses foreign currency forward contracts to mitigate variability in gains and losses generated from the remeasurement of certain monetary assets and liabilities denominated in foreign currencies. These foreign exchange forward contracts typically have maturities of approximately one to four months. The outstanding non-designated derivative instruments are carried at fair value. Changes in the fair value of these derivatives recorded in other expense, net within the Condensed Consolidated Statements of Operations were not material during the three and nine months ended September 30, 2019 and September 30, 2018.
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Other Financial Information |
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Other Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Information | Note 7. Other Financial Information Inventory Total inventory consisted of the following (in millions):
Deposit The Company has a non-interest bearing deposit balance of $36.9 million, net of an unamortized discount balance of $1.9 million, to a contract manufacturer per the terms of the agreement. The discount is calculated based on an imputed interest rate of 5.0% at September 30, 2019. The imputed interest will be amortized over the term of the deposit to interest income along with a corresponding charge to cost of revenues. The deposit is due in the third quarter of 2020 and has been classified as other long-term assets on the Condensed Consolidated Balance Sheets. Warranties Changes during the nine months ended September 30, 2019 in the Company’s warranty reserve as reported within other accrued liabilities in the Condensed Consolidated Balance Sheets were as follows (in millions):
Deferred Revenue Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions):
Revenue See Note 12, Segments, for disaggregated revenue by product and service, customer vertical, and geographic region. Product revenue of $13.7 million and $54.3 million included in deferred revenue at January 1, 2019 was recognized during the three and nine months ended September 30, 2019, respectively. Service revenue of $152.3 million and $609.1 million included in deferred revenue at January 1, 2019 was recognized during the three and nine months ended September 30, 2019, respectively. The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of September 30, 2019 and when the Company expects to recognize the amounts as gross revenue (in millions):
Deferred Commissions Deferred commissions were $20.4 million as of September 30, 2019. For the three and nine months ended September 30, 2019, amortization expense for the deferred commissions was $27.9 million and $94.0 million, respectively. There were no impairment charges recognized during the three and nine months ended September 30, 2019. Other Expense, Net Other expense, net, consisted of the following (in millions):
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Restructuring Charges |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | Note 8. Restructuring Charges During the first quarter of 2019, the Company initiated a restructuring plan (the "2019 Restructuring Plan") designed to realign its workforce with the Company's sales strategy, improve productivity, and enhance cost efficiencies. During the second quarter of 2019, the Company amended the 2019 Restructuring Plan and undertook certain further actions that resulted in additional severance, additional facility consolidation, and contract termination costs. During the three months ended September 30, 2019, the Company recorded $0.3 million and $0.8 million for changes in previous estimates associated with severance and contract termination costs, respectively. During the nine months ended September 30, 2019, the Company recorded $21.8 million of severance costs related to workforce reductions, $2.1 million of facility consolidations, and $11.7 million of contract termination costs, respectively, to restructuring charges in the Condensed Consolidated Statements of Operations. Restructuring liabilities are reported within other accrued liabilities in the Condensed Consolidated Balance Sheets. The following table provides a summary of changes in the restructuring liabilities for the Company's 2019 and prior year restructuring plans (in millions):
The Company expects to pay the remaining restructuring liabilities by the end of the second quarter of 2020.
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Note 9. Debt Debt The following table summarizes the Company's total debt (in millions, except percentages):
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In August 2019, the Company issued $500.0 million aggregate principal amount of 3.75% senior notes due 2029. The net proceeds from the issuance of the 2029 Notes, together with cash on hand, were used for the repayment of $600.0 million aggregate principal amount of the Company's 3.30% senior notes due 2020 and 4.60% senior notes due 2021. The repayments were made in August and September 2019. The repayments resulted in a loss on extinguishment of debt of $15.3 million, which was recorded under other expense, net within the Condensed Consolidated Statements of Operations. The Notes above are the Company’s senior unsecured and unsubordinated obligations, ranking equally in right of payment to all of the Company’s existing and future senior unsecured and unsubordinated indebtedness, and senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the Notes. The Company may redeem the 2025 Notes and the 2029 Notes, either in whole or in part, at any time three months prior to the maturity date of the 2025 Notes, and three months prior to the maturity date of the 2029 Notes, respectively, at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the 2025 Notes and the 2029 Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments discounted at the Treasury rate plus 37.5 basis points for the 2025 Notes, or the Treasury rate plus 35.0 basis points for the 2029 Notes, plus, in the case of each of the clauses (i) and (ii) above, accrued and unpaid interest, if any. At any time on or after March 15, 2025, in the case of the 2025 Notes, and at any time on or after March 15, 2029, in the case of the 2029 Notes, the Company may redeem Notes of such series, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2025 Notes and the 2029 Notes to be redeemed, plus accrued and unpaid interest, if any. The Company may redeem the other Notes, either in whole or in part, at any time at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments discounted to the redemption date, plus, in either case, accrued and unpaid interest, if any. In the event of a change of control repurchase event, the holders of the Notes may require the Company to repurchase for cash all or part of the Notes at a purchase price equal to 101% of the aggregate principal amount, plus accrued and unpaid interest, if any. 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 indentures that govern the Notes also contain various covenants, including limitations on the Company's ability to incur liens or enter into sale-leaseback transactions over certain dollar thresholds. As of September 30, 2019, the Company was in compliance with all covenants in the indentures governing the Notes. Revolving Credit Facility In April 2019, 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 working capital and general corporate purposes. The Revolving Credit Facility will terminate in April 2024, subject to two one-year maturity extension options, on the terms and conditions as set forth in the credit agreement. As of September 30, 2019, there were no amounts outstanding under the Revolving Credit Facility. Borrowings under the Revolving Credit Facility will bear interest, at either (i) a floating rate per annum equal to the base rate plus a margin of between 0.00% and 0.375%, depending on the Company's public debt rating or (ii) a per annum rate equal to the reserve adjusted Eurocurrency rate, plus a margin of between 0.910% and 1.375%, depending on the Company's public debt rating. Base rate is defined as the greatest of (A) Citibank's base rate, (B) the federal funds rate plus 0.500% or (C) the ICE Benchmark Administration Settlement Rate applicable to dollars for a period of one month plus 1.00%. The Eurocurrency rate is determined for U.S. dollars and Pounds Sterling as the rate at which deposits in such currency are offered in the London interbank market for the applicable interest period and for Euro as the rate specified for deposits in Euro with a maturity comparable to the applicable interest period. |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Note 10. Equity The following table summarizes dividends paid, stock repurchases and retirements under the Company's stock repurchase program (in millions, except per share amounts):
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Cash Dividends on Shares of Common Stock During the three and nine months ended September 30, 2019, the Company declared a quarterly cash dividend of $0.19 per share of common stock on January 29, 2019, April 25, 2019 and July 25, 2019, respectively, which was paid on March 22, 2019, June 24, 2019 and September 25, 2019, respectively, to stockholders of record on March 1, 2019, June 3, 2019 and September 4, 2019, respectively. Any future dividends, and the establishment of record and payment dates, are subject to approval by the Board of Directors (the “Board”) of Juniper or an authorized committee thereof. See Note 16, Subsequent Events, for discussion of the Company's dividend declaration subsequent to September 30, 2019. Stock Repurchase Activities In January 2018, the Board approved a $2.0 billion share repurchase program ("2018 Stock Repurchase Program"). As part of the 2018 Stock Repurchase Program, in February 2018, the Company entered into an ASR to repurchase $750.0 million of its common stock. The Company made an up-front payment of $750.0 million pursuant to the ASR to repurchase its common stock. The aggregate number of shares ultimately repurchased of 29.3 million shares of common stock was determined based on a volume weighted average repurchase price, less an agreed upon discount, of $25.62 per share. On April 29, 2019, the Company entered into an ASR, to repurchase an aggregate of approximately $300.0 million of the Company’s outstanding common stock. During the three months ended June 30, 2019, the Company made an up-front payment of $300.0 million pursuant to the ASR and received and retired an initial 8.6 million shares of the Company’s common stock for an aggregate price of $240.0 million, based on the market price of $27.94 per share of the Company’s common stock on the date of the transaction. During the three months ended September 30, 2019, the ASR was completed and an additional 3.0 million shares were received for a total repurchase of 11.6 million shares of the Company's common stock at a volume weighted average repurchase price, less an agreed upon discount, of $25.79 per share. The shares received by the Company were retired, accounted for as a reduction to stockholder’s equity in the Condensed Consolidated Balance Sheets, and treated as a repurchase of common stock for purposes of calculating earnings per share. During the three months ended September 30, 2019, the Company also repurchased 2.1 million shares of its common stock in the open market for an aggregate purchase price of $50.0 million at an average price of $23.63 per share, under the 2018 Stock Repurchase Program. As of September 30, 2019, there was approximately $900.0 million of authorized funds remaining under the 2018 Stock Repurchase Program. The 2018 Stock Repurchase Program does not have a specified termination date. See Note 16, Subsequent Events, for discussion of the Company's stock repurchase activity, increased repurchase authorization and ASR subsequent to September 30, 2019. 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. The Company's 2018 Stock Repurchase Program may be discontinued at any time. 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 our financial statements as they reduce the number of shares that would have been issued upon vesting. Repurchases associated with tax withholdings were not material during the three and nine months ended September 30, 2019 and September 30, 2018. Accumulated Other Comprehensive Loss, Net of Tax The components of accumulated other comprehensive loss, net of related taxes, for the nine months ended September 30, 2019 were as follows (in millions):
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Employee Benefit Plans | Note 11. Employee Benefit Plans Equity Incentive Plans The Company has stock-based compensation plans pursuant to which it has granted stock options, restricted stock units (“RSUs”), and performance share awards (“PSAs”). The Company also maintains its 2008 Employee Stock Purchase Plan (the “ESPP”) for all eligible employees. As of September 30, 2019, 16.2 million and 6.3 million shares were available for future issuance under the Company's 2015 Equity Incentive Plan (the "2015 Plan") and the ESPP, respectively. In connection with past acquisitions, the Company also assumed or substituted stock options, RSUs, restricted stock unit awards ("RSAs"), and PSAs. On April 1, 2019, the Company completed the acquisition of Mist. In connection with the acquisition, the Company assumed stock options, RSUs and RSAs, including those that had been granted under the Mist Systems, Inc. 2014 Equity Incentive Plan (the "Mist Plan"), and converted the awards into Juniper Networks' stock options, RSUs and RSAs, respectively, based on an exchange ratio set forth in the acquisition agreement between Juniper Networks and Mist. The Company assumed an aggregate of 1.9 million shares of stock options, RSUs and RSAs in connection with the acquisition of Mist. No additional awards can be granted under the Mist Plan. Stock Option Activities The following table summarizes the Company’s stock option activity and related information as of and for the nine months ended September 30, 2019 (in millions, except for per share amounts and years):
Restricted Stock Unit and Performance Share Award Activities The Company’s RSU and PSA activity and related information as of and for the nine months ended September 30, 2019 were as follows (in millions, except per share amounts and years):
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Employee Stock Purchase Plan The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts):
The ESPP provides 24 month offering periods with four 6-month purchase periods. A new 24-month offering period will commence every six months thereafter. The purchase price for the Company’s common stock under the ESPP is 85% of the lower of the fair market value of the shares at (1) the beginning of the applicable offering period or (2) the end of each 6-month purchase period during such offering period. The ESPP will continue in effect until February 25, 2028, unless terminated earlier under the provisions of the ESPP. Share-Based Compensation Expense Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and the ESPP was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions):
The following table summarizes share-based compensation expense by award type (in millions):
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Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | Note 12. 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 product and service, customer vertical, and geographic region as presented below. The following table presents net revenues by product and service (in millions):
The following table presents net revenues by customer vertical(*) (in millions):
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The Company attributes revenues to geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions):
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Note 13. Income Taxes The following table provides details of income taxes (in millions, except percentages):
The Company’s effective tax rate differs from the statutory rate of 21%, primarily due to the tax impact of state taxes, geographic mix of earnings including foreign-derived intangible income deductions and global intangible low-taxed income, research and development (“R&D") tax credits, tax audit settlements, nondeductible compensation, international realignments, and transfer pricing adjustments. The Company's effective tax rate during the three and nine months ended September 30, 2019 reflects a benefit of discrete items, including the recognition of $8.3 million in previously unrecognized tax benefits, including interest, due to a lapse in statutes of limitations partially offset by the impact of an international realignment including the write-down of certain deferred tax assets and the inability to fully benefit certain discrete charges recorded in prior quarters. The Company’s effective tax rate during the three and nine months ended September 30, 2018 included a $67.6 million in previously unrecognized tax benefits, including interest, due to a lapse in statutes of limitations and a $33.2 million benefit as a result of filing a change in accounting method for the tax recognition of deferred product revenue. As of September 30, 2019, the total amount of gross unrecognized tax benefits was $174.9 million, of which $171.9 million, if recognized, would affect the effective tax rate. |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share | Note 14. Net Income per Share The Company computed basic and diluted net income per share as follows (in millions, except per share amounts):
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Commitments and Contingencies | Note 15. 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 16, Commitments and Contingencies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K. Leases The Company leases its facilities and certain equipment under non-cancelable operating leases that have remaining lease terms of 1 to 11 years and 1 to 5 years, respectively. Each leased facility is subject to an individual lease or sublease, which could provide various options to extend or terminate the lease agreement. Facilities are primarily comprised of corporate offices, data centers, and R&D facilities. Equipment includes vehicles and various office equipment. The Company also has variable lease payments that are primarily comprised of common area maintenance and utility charges. The Company's lease agreements do not contain any residual value guarantees or restrictive covenants. The components of lease costs and other information related to leases were as follows (in millions, except years and percentages):
As of September 30, 2019, future minimum operating lease payments for each of the next five years and thereafter is as follows (in millions):
Purchase Commitments with Contract Manufacturers and Suppliers In order to reduce manufacturing lead times and in the interest of having access to adequate component supply, the Company enters into agreements with contract manufacturers and certain suppliers to procure inventory based on the Company's requirements. A significant portion of the Company's purchase commitments arising from these agreements consists of firm and non-cancelable commitments. These purchase commitments totaled $1,370.5 million as of September 30, 2019. The Company establishes a liability in connection with purchase commitments related to quantities in excess of its demand forecasts or obsolete materials charges for components purchased by the contract manufacturers based on the Company’s demand forecast or customer orders. As of September 30, 2019, the Company had accrued $29.7 million based on its estimate of such charges. Legal Proceedings Investigations The Company previously disclosed that it has been the subject of investigations by the U.S. Securities and Exchange Commission ("SEC") and the U.S. Department of Justice ("DOJ") into possible violations by the Company of the U.S. Foreign Corrupt Practices Act. In cooperation with these investigations, the Company and the Audit Committee of the Board of Directors, with the assistance of outside counsel and other independent advisors, conducted a thorough internal investigation. As a result of its internal investigation, the Company made significant improvements in its internal controls and carried out a number of disciplinary actions. In the fourth quarter of 2017, the DOJ notified the Company that the DOJ has closed its investigation related to these matters without taking any action against the Company, and in August 2019, the Company, without admitting or denying any fault or wrongdoing, entered into a settlement with the SEC that resolved this government investigation. As part of the settlement with the SEC, the Company made a payment of $11.8 million. The Company had previously accrued approximately $12.0 million with respect to these matters. Other Litigations and Investigations In addition to the investigations discussed above, the Company is involved in other 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 these matters, and while there can be no assurances and the outcome of these matters is currently not determinable, the Company currently believes that none of these existing claims or proceedings are likely 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 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 those events were to occur, the Company's business, financial condition, results of operations, and cash flows could be adversely affected. The actual liability in any such matters may be materially different from the Company's estimates, if any, which could result in the need to adjust the liability and record additional expenses.
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16. Subsequent Events Dividend Declaration On October 24, 2019, the Company announced that the Board declared a cash dividend of $0.19 per share of common stock to be paid on December 23, 2019 to stockholders of record as of the close of business on December 2, 2019. Stock Repurchase Program and Activities On October 24, 2019, the Company announced that the Board authorized the repurchase of up to an additional $1.0 billion of common stock under the 2018 Stock Repurchase Program. On October 28, 2019, the Company entered into an ASR with a financial institution to repurchase an aggregate of $200.0 million of the Company's outstanding common stock. The Company made an up-front payment of $200.0 million pursuant to the ASR and received and retired an initial 6.4 million shares of the Company's common stock for an aggregate price of $160.0 million based on the market value of the Company's common stock on the date of the transaction. The Company has an aggregate of $1.7 billion of authorized funds remaining under the 2018 Stock Repurchase Program, as of the filing date of this Quarterly Report on Form 10-Q. 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. The Company's 2018 Stock Repurchase Program does not have a specified termination date, but may be discontinued at any time.
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The unaudited Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) have been 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, 2018 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019, or any future period. |
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Use of Estimates | The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions.
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Recently Adopted Accounting Standards and Recent Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards Cloud Computing Arrangement: On January 1, 2019, the Company early adopted FASB ASU No. 2018-15 (Subtopic 350-40) Intangibles — Goodwill and Other-Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which provides guidance on a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by a service contract. The Company has adopted the standard prospectively, and the adoption did not have a material impact on all applicable implementation costs incurred after the adoption date. Derivatives and Hedging: On January 1, 2019, the Company adopted FASB ASU No. 2017-12 (Topic 815) Derivatives and Hedging — Targeted Improvements to Accounting for Hedging Activities, and an amendment thereafter, which expands an entity's ability to hedge financial and nonfinancial risk components and amends how companies assess effectiveness as well as changes to the presentation and disclosure requirements. The Company adopted the standard under the modified retrospective approach, and its amendment and presentation and disclosure requirements on a prospective basis. The adoption did not have a material impact on the Condensed Consolidated Financial Statements. See Note 6, Derivative Instruments for additional disclosures required upon adopting the standard. Amortization on Purchased Callable Debt Securities: On January 1, 2019, the Company adopted FASB ASU No. 2017-08 Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. The standard will not impact debt securities held at a discount. The Company adopted the standard under the modified retrospective approach. The adoption did not have a material impact on the Condensed Consolidated Financial Statements. Leases: On January 1, 2019, the Company adopted FASB ASU No. 2016-02, Leases (Topic 842), and the related subsequent amendments ("ASC 842"), which require recognition by the lessees of right-of-use ("ROU") assets and lease liabilities for most leases on the Company's Condensed Consolidated Balance Sheets. The Company adopted the new standard under the modified retrospective approach and recorded a cumulative-effect adjustment to the opening balance of accumulated deficit as of the effective date. Under the modified retrospective method, financial results reported in periods prior to 2019 are unchanged. The Company elected the package of practical expedients, which did not require the reassessment of existing leases under the new guidance. The Company also elected not to separate non-lease components from lease components and to not recognize ROU assets and lease liabilities for short-term leases. The cumulative effect of the adjustments made to the Company's Condensed Consolidated Balance Sheet as of the adoption date is detailed as follows (in millions):
The adoption of the standard had no impact on the Company's Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows or debt-covenant compliance under its current agreements. See Note 15, Commitments and Contingencies, for additional disclosures required upon adopting the standard. Leases The Company determines if an arrangement is a lease at inception. The Company evaluates classification of leases at commencement and, as necessary, at modification. As of September 30, 2019, the Company did not have any finance leases. Operating leases are included in operating lease ROU assets, other accrued liabilities, and operating lease liabilities on the Company's Condensed Consolidated Balance Sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any lease payments made prior to lease commencement and excludes lease incentives. Variable lease payments not dependent on an index or a rate, are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs incurred by lessors for common area maintenance and utilities. The Company's lease terms are the noncancelable period, including any rent-free periods provided by the lessor, and include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. At lease inception, and in subsequent periods as necessary, the Company estimates the lease term based on its assessment of extension and termination options that are reasonably certain to be exercised. Lease costs are recognized on a straight-line basis over the lease term. The Company does not separate non-lease components from lease components for all underlying classes of assets. In addition, the Company does not recognize ROU assets and lease liabilities for short-term leases, which have a lease term of twelve months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. Lease cost for short-term leases is recognized on a straight-line basis over the lease term. Recent Accounting Standards Not Yet Adopted Fair Value Measurement: In August 2018, the FASB issued ASU No. 2018-13 (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds, and modifies certain disclosure requirements for fair value measurements under ASC 820. This ASU is to be applied on a prospective basis for certain modified or new disclosure requirements, and all other amendments in the standard are to be applied on a retrospective basis. The new standard is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of adoption on the Consolidated Financial Statements. Simplifying the Test for Goodwill Impairment: In January 2017, the FASB issued ASU No. 2017-04 (Topic 350) Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment, which removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under the amended guidance, a goodwill impairment charge will now be recognized for the amount by which the carrying value of a reporting unit exceeds its fair value, not to exceed the carrying amount of goodwill. This ASU will be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for any impairment tests performed after January 1, 2017. The Company does not expect the adoption to have a material impact on the Consolidated Financial Statements. Credit Losses on Financial Instruments: In June 2016, the FASB issued ASU No. 2016-13 (Topic 326) Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which provides more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. An amendment issued by the FASB in November 2018 clarifies that receivables arising from operating leases are not within the scope of Topic 326 and should be accounted for in accordance with Topic 842. This pronouncement and its amendments are effective for reporting periods beginning after December 15, 2019, and interim periods within those fiscal years, using a modified retrospective adoption method. Early adoption is permitted. The Company is currently evaluating the impact of adoption on the Consolidated Financial Statements.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of new accounting pronouncements and changes in accounting principles | The cumulative effect of the adjustments made to the Company's Condensed Consolidated Balance Sheet as of the adoption date is detailed as follows (in millions):
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Business Combinations (Tables) |
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Summary of Estimated Fair Value of Assets Acquired | The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the acquisition date (in millions):
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Summary of the Fair Value of Separately Identifiable Intangible Assets Acquired | The following table summarizes the fair value of the separately identifiable intangible assets at the time of acquisition (in millions):
________________________________ (*) Estimated useful life of each of the assets is 5 years.
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Cash Equivalents and Investments (Tables) |
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Unrealized gains and losses and fair value of available-for-sale debt securities | The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of September 30, 2019 and December 31, 2018 (in millions):
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Maturities of fixed income securities | The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2019 (in millions):
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Available-for-sale securities in unrealized loss position | The following tables present the Company's total fixed income securities that were in an unrealized loss position as of September 30, 2019 and December 31, 2018 (in millions):
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Schedule of investments in equity securities | The following table presents the Company's investments in equity securities as of September 30, 2019 and December 31, 2018 (in millions):
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(2) Balance relates to restricted investments measured at fair value related to the Company's Deferred Compensation Plan.
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Schedule of reconciliation of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 (in millions):
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 (in millions):
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Derivative Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments | The notional amount of the Company's derivatives is summarized as follows (in millions):
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Other Financial Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Total inventory consisted of the following (in millions):
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Warranties | Changes during the nine months ended September 30, 2019 in the Company’s warranty reserve as reported within other accrued liabilities in the Condensed Consolidated Balance Sheets were as follows (in millions):
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Deferred revenue | Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions):
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Performance obligation | The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of September 30, 2019 and when the Company expects to recognize the amounts as gross revenue (in millions):
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Other income (expense), net | Other expense, net, consisted of the following (in millions):
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Restructuring (Benefits) Charges (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restructuring liabilities | The following table provides a summary of changes in the restructuring liabilities for the Company's 2019 and prior year restructuring plans (in millions):
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of total debt | The following table summarizes the Company's total debt (in millions, except percentages):
________________________________
(2) Represents the fair value adjustments for interest rate swap contracts with an aggregate notional amount of $300.0 million designated as fair value hedges of our fixed-rate 2041 Notes. See Note 6, Derivative Instruments, for a discussion of the Company's interest rate swaps.
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Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of dividends paid and stock repurchases and retirements under stock repurchase program | The following table summarizes dividends paid, stock repurchases and retirements under the Company's stock repurchase program (in millions, except per share amounts):
________________________________ (*) Represents the average price per share of the ASR and open market purchases for the three and nine months ended September 30, 2019.
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Components of accumulated other comprehensive loss, net of taxes | The components of accumulated other comprehensive loss, net of related taxes, for the nine months ended September 30, 2019 were as follows (in millions):
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Employee Benefit Plans (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stock option activity and related information | The following table summarizes the Company’s stock option activity and related information as of and for the nine months ended September 30, 2019 (in millions, except for per share amounts and years):
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Schedule of nonvested share activity | The Company’s RSU and PSA activity and related information as of and for the nine months ended September 30, 2019 were as follows (in millions, except per share amounts and years):
________________________________
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Schedule of employee stock purchases through ESPP | The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts):
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Schedule of employee service share-based compensation, allocation of recognized period costs | Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and the ESPP was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions):
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Disclosure of share-based compensation arrangements by share-based payment award | The following table summarizes share-based compensation expense by award type (in millions):
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Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial information for each segment | The following table presents net revenues by product and service (in millions):
The following table presents net revenues by customer vertical(*) (in millions):
________________________________
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Disaggregation of revenue | The following table presents net revenues by product and service (in millions):
The following table presents net revenues by customer vertical(*) (in millions):
________________________________
The Company attributes revenues to geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions):
|
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Net revenues by geographic region | The Company attributes revenues to geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions):
|
Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of effective income tax rate reconciliation | The following table provides details of income taxes (in millions, except percentages):
|
Net Income Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule 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):
|
Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of lease costs and other information related to leases | The components of lease costs and other information related to leases were as follows (in millions, except years and percentages):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future minimum operating lease payments | As of September 30, 2019, future minimum operating lease payments for each of the next five years and thereafter is as follows (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental balance sheet information related to leases | As of September 30, 2019, future minimum operating lease payments for each of the next five years and thereafter is as follows (in millions):
|
Business Combinations - Additional Information (Details) - Mist $ in Millions |
Apr. 01, 2019
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Percentage of voting interest acquired | 100.00% |
Consideration transferred | $ 359.2 |
Consideration transferred, cash | 354.5 |
Consideration transferred, share-based awards | $ 4.7 |
Business Combinations - Estimated Fair Value of Assets Acquired (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Apr. 01, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 3,338.3 | $ 3,108.8 | |
Mist | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 38.9 | ||
Goodwill | 228.9 | ||
Intangible assets | 102.0 | ||
Other assets acquired | 15.8 | ||
Liabilities assumed | (26.4) | ||
Total | $ 359.2 |
Business Combinations - Fair Value of Identifiable Intangible Assets Acquired (Details) - Mist $ in Millions |
Apr. 01, 2019
USD ($)
|
---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets acquired | $ 102.0 |
Developed technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets acquired | $ 81.0 |
Estimated useful life | 5 years |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets acquired | $ 15.0 |
Estimated useful life | 5 years |
Trade name | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets acquired | $ 6.0 |
Estimated useful life | 5 years |
Cash Equivalents and Investments - Maturities of Fixed Income Securities (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Amortized Cost | ||
Amortized Cost | $ 1,800.3 | $ 2,223.6 |
Estimated Fair Value | ||
Total | 1,838.0 | 2,256.8 |
Fixed Income Securities | ||
Amortized Cost | ||
Due in less than one year | 1,202.6 | |
Due between one and five years | 581.6 | |
Amortized Cost | 1,784.2 | 2,207.0 |
Estimated Fair Value | ||
Due in less than one year | 1,203.4 | |
Due between one and five years | 581.1 | |
Total | $ 1,784.5 | $ 2,202.8 |
Cash Equivalents and Investments - Restricted Cash and Investments (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 1,204.8 | $ 2,489.0 | ||
Total cash, cash equivalents, and restricted cash | 1,266.0 | 2,505.8 | $ 2,522.8 | $ 2,059.1 |
Prepaid expenses and other current assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 61.2 | $ 16.8 |
Other Financial Information - Inventories, Net (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Schedule Of Inventory [Line Items] | ||
Production and service materials | $ 68.1 | $ 60.6 |
Finished goods | 25.3 | 21.4 |
Inventory | 93.4 | 82.0 |
Prepaid expenses and other current assets | ||
Schedule Of Inventory [Line Items] | ||
Inventory | 90.1 | 80.6 |
Other long-term assets | ||
Schedule Of Inventory [Line Items] | ||
Inventory | $ 3.3 | $ 1.4 |
Other Financial Information - Narrative (Details) |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2019
USD ($)
|
|
Other Financial Information [Abstract] | ||
Contract manufacturer deposit (non-interest bearing) | $ 36,900,000 | $ 36,900,000 |
Non-interest bearing deposit to contract manufacturer, unamortized discount | 1,900,000 | $ 1,900,000 |
Non-interest bearing deposit to contract manufacturer, imputed interest rate | 5.00% | |
Disaggregation of Revenue [Line Items] | ||
Deferred commission | 20,400,000 | $ 20,400,000 |
Amortization of deferred commission | 27,900,000 | 94,000,000.0 |
Impairment loss | 0 | 0 |
Product | ||
Disaggregation of Revenue [Line Items] | ||
Contract with customer, liability, revenue recognized | 13,700,000 | 54,300,000 |
Service | ||
Disaggregation of Revenue [Line Items] | ||
Contract with customer, liability, revenue recognized | $ 152,300,000 | $ 609,100,000 |
Other Financial Information - Warranties (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2019
USD ($)
| |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Balance as of December 31, 2018 | $ 28.0 |
Provisions made during the period | 28.5 |
Actual costs incurred during the period | (25.0) |
Balance as of September 30, 2019 | $ 31.5 |
Other Financial Information - Deferred Revenue (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Reported as: | ||
Current | $ 741.6 | $ 829.3 |
Long-term | 377.1 | 384.3 |
Deferred revenue | 1,118.7 | 1,213.6 |
Undelivered product commitments and other product deferrals | ||
Deferred product revenue: | ||
Deferred gross product revenue | 138.4 | 163.3 |
Product | ||
Deferred product revenue: | ||
Deferred gross product revenue | 138.4 | 163.3 |
Deferred cost of product revenue | (9.4) | (18.9) |
Reported as: | ||
Deferred revenue | 129.0 | 144.4 |
Service | ||
Reported as: | ||
Deferred revenue | $ 989.7 | $ 1,069.2 |
Other Financial Information - Other Expense, Net (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
Other Financial Information [Abstract] | ||||
Interest income | $ 19.7 | $ 18.9 | $ 63.0 | $ 49.8 |
Interest expense | (22.1) | (25.8) | (68.3) | (77.7) |
Loss on extinguishment of debt | 15.3 | 0.0 | 15.3 | 0.0 |
Loss on investments, net | (3.4) | (1.9) | (4.6) | (1.8) |
Other | 0.7 | 0.7 | 2.0 | (1.4) |
Other expense, net | $ (20.4) | $ (8.1) | $ (23.2) | $ (31.1) |
Restructuring Charges - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (benefits) charges | $ (1.1) | $ 4.4 | $ 35.6 | $ 2.3 |
2019 Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (benefits) charges | 35.6 | |||
2019 Restructuring Plan | Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (benefits) charges | (0.3) | 21.8 | ||
2019 Restructuring Plan | Facility consolidations | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (benefits) charges | 2.1 | |||
2019 Restructuring Plan | Contract terminations | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (benefits) charges | $ (0.8) | $ 11.7 |
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 | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 25, 2019 |
Jun. 24, 2019 |
Apr. 29, 2019 |
Mar. 22, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
Dividends | |||||||||||
Per share (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.57 | $ 0.54 | ||||
Amount | $ 64.7 | $ 62.1 | $ 196.4 | $ 187.0 | |||||||
Repurchased under the 2018 Stock Repurchase Program | |||||||||||
Amount | $ 111.1 | $ 151.3 | $ 354.9 | $ 755.5 | |||||||
Stock Repurchase Program 2018 | |||||||||||
Repurchased under the 2018 Stock Repurchase Program | |||||||||||
Shares (in shares) | 5.1 | 6.0 | 13.7 | 29.3 | |||||||
Average price per share (in dollars per share) | $ 24.90 | $ 25.62 | $ 25.45 | $ 25.62 | |||||||
Amount | $ 50.0 | $ 0.0 | $ 350.0 | $ 750.0 | |||||||
Accelerated Share Repurchase Program | |||||||||||
Repurchased under the 2018 Stock Repurchase Program | |||||||||||
Shares (in shares) | 8.6 | 29.3 | |||||||||
Average price per share (in dollars per share) | $ 27.94 | $ 25.79 | $ 25.62 | ||||||||
Amount | $ 240.0 |
Equity - Cash Dividends on Shares of Common Stock (Details) - $ / shares |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 25, 2019 |
Jul. 25, 2019 |
Jun. 24, 2019 |
Apr. 25, 2019 |
Mar. 22, 2019 |
Jan. 29, 2019 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
Stockholders' Equity Note [Abstract] | ||||||||||
Cash dividends declared per share of common stock (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.57 | $ 0.54 | |||
Cash dividends paid per share of common stock (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.57 | $ 0.54 |
Employee Benefit Plans - Equity Incentive Plan (Details) - shares shares in Millions |
Apr. 01, 2019 |
Sep. 30, 2019 |
---|---|---|
Share-Based Compensation Plans | ||
Stock options, RSUs, and RSAs assumed in acquisition (in shares) | 1.9 | |
Equity incentive plan 2015 | ||
Share-Based Compensation Plans | ||
Number of shares available for future issuance (in shares) | 16.2 | |
Employee stock purchase plan 2008 | ||
Share-Based Compensation Plans | ||
Number of shares available for future issuance (in shares) | 6.3 |
Employee Benefit Plans - Employee Stock Purchase Plan (Details) shares in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Nov. 06, 2017
period
|
Sep. 30, 2019
$ / shares
shares
|
Sep. 30, 2018
$ / shares
shares
|
Sep. 30, 2019
$ / shares
shares
|
Sep. 30, 2018
$ / shares
shares
|
|
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
ESPP offering period duration | 24 months | ||||
ESPP, number of purchase period | period | 4 | ||||
ESPP. purchase period | 6 months | ||||
ESPP, purchase price of common stock | 85.00% | ||||
Employee stock purchase plan 2008 | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Shares purchased (in shares) | shares | 1.2 | 1.2 | 2.4 | 2.5 | |
Average exercise price per share (in dollars per share) | $ / shares | $ 22.03 | $ 22.39 | $ 22.04 | $ 22.31 |
Employee Benefit Plans - Share Based Compensation by Share Based Payment Award Types (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2019
USD ($)
| |
Share-based Payment Arrangement [Abstract] | |
Unrecognized compensation cost | $ 330.2 |
Unrecognized compensation, weighted average recognition period | 1 year 8 months 12 days |
Segments - Revenue by Product (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2019
USD ($)
segment
|
Sep. 30, 2018
USD ($)
|
|
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 1 | |||
Total net revenues | $ 1,133.1 | $ 1,179.8 | $ 3,237.3 | $ 3,466.5 |
Product | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 743.2 | 794.7 | 2,075.8 | 2,330.4 |
Routing | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 407.5 | 496.4 | 1,199.1 | 1,395.1 |
Switching | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 241.6 | 221.1 | 633.6 | 705.9 |
Security | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 94.1 | 77.2 | 243.1 | 229.4 |
Service | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 389.9 | $ 385.1 | $ 1,161.5 | $ 1,136.1 |
Segments - Revenues by Customer Vertical (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 1,133.1 | $ 1,179.8 | $ 3,237.3 | $ 3,466.5 |
Cloud | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 271.9 | 257.1 | 780.0 | 812.4 |
Service Provider | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 452.5 | 545.3 | 1,335.3 | 1,550.3 |
Enterprise | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 408.7 | $ 377.4 | $ 1,122.0 | $ 1,103.8 |
Segments - Geographic (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 1,133.1 | $ 1,179.8 | $ 3,237.3 | $ 3,466.5 |
Total Americas | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 648.8 | 643.1 | 1,841.2 | 1,906.4 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 599.4 | 597.1 | 1,677.2 | 1,754.2 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 49.4 | 46.0 | 164.0 | 152.2 |
Europe, Middle East, and Africa | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 301.5 | 329.9 | 879.6 | 946.8 |
Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 182.8 | $ 206.8 | $ 516.5 | $ 613.3 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
Income Tax Disclosure [Abstract] | ||||
Income before income taxes | $ 118.1 | $ 152.0 | $ 240.4 | $ 344.3 |
Income tax provision (benefit) | $ 18.8 | $ (71.8) | $ 63.8 | $ (30.4) |
Effective tax rate (benefit) | 15.90% | (47.20%) | 26.50% | (8.80%) |
Federal statutory rate | 21.00% | 21.00% | 21.00% | 21.00% |
Recognition of previously unrecognized tax benefits | $ 8.3 | $ 67.6 | $ 8.3 | $ 67.6 |
Reduction of expected tax liabilities, change in accounting method for tax recognition of deferred product revenue | $ (33.2) | $ 33.2 | ||
Unrecognized tax benefits | 174.9 | 174.9 | ||
Unrecognized tax benefits, if recognized, would affect the effective tax rate | 171.9 | 171.9 | ||
Unrecognized tax benefits could decrease up to | $ 32.6 | $ 32.6 |
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
Numerator: | ||||
Net income | $ 99.3 | $ 223.8 | $ 176.6 | $ 374.7 |
Denominator: | ||||
Weighted-average shares used to compute basic net income per share (in shares) | 342.2 | 346.2 | 345.5 | 350.1 |
Dilutive effect of employee stock awards (in shares) | 3.3 | 4.3 | 4.6 | 5.1 |
Weighted-average shares used to compute diluted net income per share (in shares) | 345.5 | 350.5 | 350.1 | 355.2 |
Net income per share | ||||
Basic (in dollars per share) | $ 0.29 | $ 0.65 | $ 0.51 | $ 1.07 |
Diluted, (in dollars per share) | $ 0.29 | $ 0.64 | $ 0.50 | $ 1.05 |
Anti-dilutive shares (in shares) | 2.8 | 4.2 | 2.7 | 5.0 |
Commitments and Contingencies - Leases Additional Information (Details) |
Sep. 30, 2019 |
---|---|
Minimum | Corporate offices, data centers, and R&D facilities | |
Lessee, Lease, Description [Line Items] | |
Lease terms | 1 year |
Minimum | Vehicles and various office equipment | |
Lessee, Lease, Description [Line Items] | |
Lease terms | 1 year |
Maximum | Corporate offices, data centers, and R&D facilities | |
Lessee, Lease, Description [Line Items] | |
Lease terms | 11 years |
Maximum | Vehicles and various office equipment | |
Lessee, Lease, Description [Line Items] | |
Lease terms | 5 years |
Commitments and Contingencies - Components of Lease Costs and Other Information Related to Leases (Details) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2019
USD ($)
|
|
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 12.2 | $ 38.1 |
Variable lease cost | 3.4 | 9.1 |
Total lease cost | 15.6 | 47.2 |
Operating cash outflows from operating leases | 12.7 | 36.4 |
ROU assets obtained in exchange for new operating lease liabilities | $ 3.9 | $ 5.1 |
Weighted average remaining lease term (years) | 6 years | 6 years |
Weighted average discount rate | 4.40% | 4.40% |
Commitments and Contingencies - Future Minimum Operating Lease Payments and Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Jan. 01, 2019 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
2019 | $ 10.5 | |
2020 | 49.9 | |
2021 | 42.4 | |
2022 | 34.5 | |
2023 | 30.4 | |
Thereafter | 63.7 | |
Total lease payments | 231.4 | |
Less: interest | (27.5) | |
Total | 203.9 | |
Current operating lease liabilities | 40.4 | |
Long-term operating lease liabilities | $ 163.5 | $ 185.5 |
Commitments and Contingencies - Commitments (Details) $ in Millions |
Sep. 30, 2019
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligation | $ 1,370.5 |
Excess purchase commitments and obsolete materials liability | $ 29.7 |
Commitments and Contingencies - Investigations (Details) - Investigations by U.S. Securities and Exchange Commission (SEC) and U.S. Department of Justice (DOJ) - Settled Litigation - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
Aug. 31, 2019 |
Jul. 31, 2019 |
|
Loss Contingencies [Line Items] | ||
Combined payment as part of settlement with the SEC | $ 11.8 | |
Estimated legal reserve | $ 12.0 |