Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 85.4 | $ 55.7 |
Available-for-sale debt securities: | ||
Change in net unrealized gains and losses | 2.1 | (5.7) |
Net realized losses reclassified into net income | 0.0 | 0.1 |
Net change on available-for-sale debt securities | 2.1 | (5.6) |
Cash flow hedges: | ||
Change in net unrealized gains and losses | (6.9) | 20.8 |
Net realized losses reclassified into net income | 7.4 | 0.1 |
Net change on cash flow hedges | 0.5 | 20.9 |
Change in foreign currency translation adjustments | 1.5 | (1.5) |
Other comprehensive income, net | 4.1 | 13.8 |
Comprehensive income | $ 89.5 | $ 69.5 |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock - par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock - shares authorized (in shares) | 10,000,000.0 | 10,000,000.0 |
Preferred stock - issued (in shares) | 0 | 0 |
Preferred stock - outstanding (in shares) | 0 | 0 |
Common stock - par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock - shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock - issued (in shares) | 321,400,000 | 322,900,000 |
Common stock - outstanding (in shares) | 321,400,000 | 322,900,000 |
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions |
Total |
Shares |
Common Stock and Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss) |
Accumulated Deficit |
---|---|---|---|---|---|
Balance (in shares) at Dec. 31, 2021 | 321.6 | ||||
Balance at Dec. 31, 2021 | $ 4,316.9 | $ 6,972.6 | $ (2.1) | $ (2,653.6) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 55.7 | 55.7 | |||
Other comprehensive income, net | 13.8 | 13.8 | |||
Issuance of common stock (in shares) | 4.8 | ||||
Issuance of common stock | 28.6 | 28.6 | |||
Repurchase and retirement of common stock (in shares) | (3.6) | ||||
Repurchase and retirement of common stock | (126.3) | (46.3) | (80.0) | ||
Share-based compensation expense | 45.7 | 45.7 | |||
Payments of cash dividends | (67.5) | (67.5) | |||
Balance (in shares) at Mar. 31, 2022 | 322.8 | ||||
Balance at Mar. 31, 2022 | $ 4,266.9 | 6,933.1 | 11.7 | (2,677.9) | |
Balance (in shares) at Dec. 31, 2022 | 322.9 | 322.9 | |||
Balance at Dec. 31, 2022 | $ 4,475.1 | 6,846.4 | 4.2 | (2,375.5) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 85.4 | 85.4 | |||
Other comprehensive income, net | 4.1 | 4.1 | |||
Issuance of common stock (in shares) | 3.3 | ||||
Issuance of common stock | 31.1 | 31.1 | |||
Repurchase and retirement of common stock (in shares) | (4.8) | ||||
Repurchase and retirement of common stock | (151.3) | (60.2) | (91.1) | ||
Share-based compensation expense | 61.4 | 61.4 | |||
Payments of cash dividends | $ (70.6) | (70.6) | |||
Balance (in shares) at Mar. 31, 2023 | 321.4 | 321.4 | |||
Balance at Mar. 31, 2023 | $ 4,435.2 | $ 6,808.1 | $ 8.3 | $ (2,381.2) |
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.22 | $ 0.21 |
Basis of Presentation and Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 1. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet as of December 31, 2022 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or any future period. These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 (the "Form 10-K"). We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued. The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions. Certain prior period amounts have been reclassified to conform to the current period's presentation. None of these reclassifications had a material impact to the unaudited Condensed Consolidated Financial Statements. Summary of Significant Accounting Policies There have been no significant changes to the Company's significant accounting policies described in Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K for the fiscal year ended December 31, 2022.
|
Cash Equivalents and Investments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Equivalents and Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Equivalents and Investments | Note 2. Cash Equivalents and Investments Investments in Available-for-Sale Debt Securities The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of March 31, 2023 and December 31, 2022 (in millions):
The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2023 (in millions):
As of March 31, 2023, the Company's unrealized loss of $6.8 million resulted from 216 investments, of which losses aggregating $0.2 million were from investments in an unrealized loss position for less than 12 months, and $6.6 million were from investments in an unrealized loss position for more than 12 months. The gross unrealized losses related to these investments were primarily due to changes in market interest rates. The Company anticipates that it will recover the entire amortized cost basis of such available-for-sale debt securities and has determined that no allowance for credit losses was required to be recognized during the three months ended March 31, 2023 and March 31, 2022. During the three months ended March 31, 2023 and March 31, 2022, there were no material gross realized gains or losses from available-for-sale debt securities. Investments in Equity Securities The following table presents the Company's investments in equity securities as of March 31, 2023 and December 31, 2022 (in millions):
For the three months ended March 31, 2023 and March 31, 2022, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair value or equity investments without readily determinable fair value. For the three months ended March 31, 2023, the loss recognized from the equity method investment was $2.1 million. Restricted Cash and Investments The Company has restricted cash and investments for: (i) amounts under the Company's non-qualified deferred compensation plan for senior-level employees; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts held in escrow accounts, as required in connection with certain acquisitions. Restricted investments consist of equity investments. As of March 31, 2023, the carrying value of restricted cash and investments was $50.1 million, of which $18.4 million was included in prepaid expenses and other current assets, and $31.7 million was included in other long-term assets on the Condensed Consolidated Balance Sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in millions):
|
Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Note 3. Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (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. During the three months ended March 31, 2023, the Company had no transfers into or out of Level 3 of the fair value hierarchy of its assets or liabilities measured at fair value. The Company's privately-held debt and redeemable preferred stock securities are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of its privately-held debt and redeemable preferred stock securities on a recurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent valuations at the time of financing activities and the investee's capital structure. During the three months ended March 31, 2023, there were no significant activities related to privately-held debt and redeemable preferred stock securities. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company's investments in equity securities without readily determinable fair value are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of equity securities without readily determinable fair value, and investments accounted for under the equity method of accounting, on a nonrecurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. As of March 31, 2023, there have been no material upward or downward adjustments for price changes to the equity securities without readily determinable fair value. Certain of the Company's assets, including intangible assets and goodwill, are measured at fair value on a nonrecurring basis. There were no significant impairment charges recognized during the three months ended March 31, 2023. As of March 31, 2023 and December 31, 2022, the Company had no liabilities required to be measured at fair value on a nonrecurring basis. Assets and Liabilities Not Measured at Fair Value The carrying amounts of the Company's accounts receivable, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. As of March 31, 2023 and December 31, 2022, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets was $1,557.0 million and $1,485.6 million, respectively, based on observable market inputs (Level 2).
|
Derivative Instruments |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Note 4. Derivative Instruments The Company uses derivative instruments to manage a variety of risks, including risks related to fluctuations in foreign currency exchange rates and interest rates on debt instruments. We do not use derivative financial instruments for speculative purposes. The notional amount of the Company's derivative instruments is summarized as follows (in millions):
The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
Offsetting of Derivative Instruments The Company presents its derivative instruments at gross fair values in the Consolidated Balance Sheets. As of March 31, 2023 and December 31, 2022, the potential effects of set-off associated with the derivative contracts would be a reduction to both derivative assets and derivative liabilities by $61.8 million and $73.8 million, respectively. Designated Derivatives The Company uses foreign currency forward contracts or options contracts to hedge the Company's planned cost of revenues and operating expenses denominated in foreign currencies. These derivatives are designated as cash flow hedges and typically have maturities of thirty-six months or less. The Company enters into interest rate swaps, designated as fair value hedges, to convert the fixed interest rates of certain Senior Notes ("Notes") to floating interest rates. In April 2021, the Company entered into swaps for an aggregate notional amount of $300.0 million for its fixed-rate Notes maturing in December 2030 in addition to the swaps entered in 2019 for an aggregate notional amount of $300.0 million for its fixed-rate Notes maturing in March 2041. The interest rate swaps will expire within eight years. In 2020, the Company entered into interest rate locks with large financial institutions, which fix the benchmark interest rates of future debt issuances for an aggregate notional amount of $650.0 million. These contracts are designated as cash flow hedges and are expected to terminate within three years. Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations For cash flow hedges, the Company recognized an unrealized loss of $9.9 million and an unrealized gain of $28.1 million in accumulated other comprehensive income for the effective portion of its derivative instruments during the three months ended March 31, 2023 and March 31, 2022, respectively. For foreign currency contracts, the Company reclassified a loss of $7.8 million and a gain of $0.4 million out of accumulated other comprehensive income to cost of revenues and operating expenses in the Condensed Consolidated Statements of Operations during the three months ended March 31, 2023 and March 31, 2022, respectively. As of March 31, 2023, an estimated $21.4 million of unrealized net loss within accumulated other comprehensive income is expected to be reclassified into earnings within the next twelve months. Non-Designated Derivatives The Company also uses foreign currency forward contracts to mitigate variability in gains and losses generated from the remeasurement of certain monetary assets and liabilities denominated in foreign currencies. These foreign exchange forward contracts typically have maturities of approximately to seven months. The outstanding non-designated derivative instruments are carried at fair value. Changes in the fair value of these derivatives, which were recorded in Other expense, net within the Condensed Consolidated Statements of Operations, were not material during the three months ended March 31, 2023 and March 31, 2022.
|
Other Financial Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Information | Note 5. Other Financial Information Total Inventory Total inventory consisted of the following (in millions):
Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in millions):
Warranties Changes during the three months ended March 31, 2023 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 10, Segments, for disaggregated revenue by customer solution, customer vertical, and geographic region. Product revenue of $19.2 million included in deferred revenue at January 1, 2023 was recognized during the three months ended March 31, 2023. Service revenue of $315.2 million included in deferred revenue at January 1, 2023 was recognized during the three months ended March 31, 2023. Remaining Performance Obligations Remaining Performance Obligations ("RPO") are comprised mainly of deferred product and service revenue, and to a lesser extent, unbilled service revenue from non-cancellable contracts for which the Company has not invoiced and has an obligation to perform, and for which revenue has not yet been recognized in the financial statements. Our RPO does not include backlog. The following table summarizes the breakdown of RPO as of March 31, 2023 and when the Company expects to recognize the amounts as revenue (in millions):
Deferred Contract Cost We capitalize direct and incremental costs incurred to acquire contracts, primarily sales commissions, for which the associated revenue is expected to be recognized in future periods. We incur these costs in connection with both initial contracts and renewals. These costs are initially deferred, recorded as prepaid expenses and other current assets or other long-term assets, and are amortized over a period of benefit, which is typically over the term of the customer contracts or when product is delivered and revenue recognized. Commission expense is included in sales and marketing expenses in the accompanying Condensed Consolidated Statements of Operations. Deferred contract cost was $48.6 million as of March 31, 2023. For the three months ended March 31, 2023, amortization expense for previously deferred commissions was $8.1 million, and there were no impairment charges recognized. Other Expense, Net Other expense, net, consisted of the following (in millions):
|
Restructuring Charges |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | Note 6. Restructuring Charges As of March 31, 2023, restructuring activities were immaterial. The following table provides a summary of changes in the restructuring liabilities (in millions):
|
Debt |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Note 7. Debt Debt The following table summarizes the Company's total debt (in millions, except percentages):
________________________________ (*) Represents the fair value adjustments for interest rate swaps with an aggregate notional amount of $600.0 million. These interest rate swaps convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments, for a discussion of the Company's interest rate swaps. The Notes above are the Company’s senior unsecured and unsubordinated obligations, ranking equally in right of payment to all of the Company’s existing and future senior unsecured and unsubordinated indebtedness, and senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the Notes. Interest on the Notes is payable in cash semiannually. The effective interest rates for the Notes include the interest on the Notes, accretion of the discount, and amortization of issuance costs. The indenture and the supplemental indentures (together, the "indentures") that govern the Notes also contain various covenants, including limitations on the Company's ability to incur liens or enter into sale-leaseback transactions over certain dollar thresholds. As of March 31, 2023, the Company was in compliance with all covenants in the indentures governing the Notes. Revolving Credit Facility The Company has an unsecured revolving credit facility that will expire in April 2024, which enables borrowings of up to $500.0 million, with an option to increase the amount of the credit facility by up to an additional $200.0 million, subject to the lenders' approval. As of March 31, 2023, the Company was in compliance with all covenants and no amounts were outstanding under its credit facility.
|
Equity |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Note 8. Equity The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts):
Cash Dividends on Shares of Common Stock During the three months ended March 31, 2023, the Company declared and paid a quarterly cash dividend of $0.22 per common share, totaling $70.6 million, on its outstanding common stock. Any future dividends, and the establishment of record and payment dates, are subject to approval by the Board of Directors of Juniper or an authorized committee thereof. See Note 14, Subsequent Events, for discussion of the Company's dividend declaration subsequent to March 31, 2023. Stock Repurchase Activities During the three months ended March 31, 2023, the Company repurchased 4.5 million shares of its common stock in the open market at an average price of $31.20 per share for an aggregate purchase price of $140.0 million under the 2018 Stock Repurchase Program. As of March 31, 2023, there was approximately $0.5 billion of authorized funds remaining under the 2018 Stock Repurchase Program. Future share repurchases under the 2018 Stock Repurchase Program will be subject to a review of the circumstances at that time and will be made from time to time in private transactions or open market purchases as permitted by securities laws and other legal requirements. In addition to repurchases under the 2018 Stock Repurchase Program, the Company also withholds shares of common stock from certain employees in connection with the vesting of stock awards issued to such employees to satisfy applicable tax withholding requirements. Such withheld shares are treated as common stock repurchases in the Company's financial statements as they reduce the number of shares that would have been issued upon vesting. Repurchases associated with tax withholdings were $11.4 million and $14.1 million during the three months ended March 31, 2023 and March 31, 2022, respectively. Accumulated Other Comprehensive Income, Net of Tax The components of accumulated other comprehensive income, net of related taxes, for the three months ended March 31, 2023 were as follows (in millions):
|
Employee Benefit Plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Note 9. Employee Benefit Plans Equity Incentive Plans The Company has stock-based compensation plans pursuant to which it has granted stock options, restricted stock units (“RSUs”), and performance share awards (“PSAs”). The Company also maintains its 2008 Employee Stock Purchase Plan (the “ESPP”) for all eligible employees. As of March 31, 2023, 1.2 million and 4.9 million shares were available for future issuance under the Company's 2015 Equity Incentive Plan and the ESPP, respectively. In connection with past acquisitions, the Company has also assumed or substituted stock options, RSUs, restricted stock awards ("RSAs"), and PSAs. RSU, RSA, and PSA Activities The Company’s RSU, RSA, and PSA activities and related information as of and for the three months ended March 31, 2023 were as follows (in millions, except per share amounts and years):
________________________________ (*) Includes 1.1 million service-based, 1.4 million performance-based, and 0.4 million market-based awards. The number of shares subject to performance-based and market-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested. Employee Stock Purchase Plan The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts):
Share-Based Compensation Expense Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions):
The following table summarizes share-based compensation expense by award type (in millions):
|
Segments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | Note 10. Segments The Company operates in one reportable segment. The Company's Chief Executive Officer, who is the chief operating decision maker, reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance, accompanied by disaggregated information about net revenues by customer solution, customer vertical, and geographic region as presented below. The following table presents net revenues by customer solution (in millions):
The following table presents net revenues by customer vertical (in millions):
The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions):
For the three months ended March 31, 2023, no customer accounted for more than 10% of total net revenues. For the three months ended March 31, 2022, one customer accounted for more than 10% of total net revenues.
|
Income Taxes |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Note 11. Income Taxes The following table provides details of income taxes (in millions, except percentages):
The Company’s effective tax rate differs from the federal statutory rate of 21% primarily due to the tax impact of state taxes, geographic mix of earnings including foreign-derived intangible income deductions and the capitalization of research and development ("R&D") expenditures, R&D and foreign tax credits, tax audit settlements, non-deductible compensation, cost sharing of stock-based compensation, and other transfer pricing adjustments. The Company’s effective tax rate for the three months ended March 31, 2023 includes the net effect of one-time benefits. The Company’s effective tax rate for the three months ended March 31, 2022 includes one-time benefits from tax legislative changes, assets held for sale, and excess tax benefits associated with stock-based compensation. As of March 31, 2023, the total amount of gross unrecognized tax benefits was $117.2 million. The Company engages in continuous discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. There is a greater than remote likelihood that the balance of the gross unrecognized tax benefits will decrease by up to $45.6 million within the next twelve months due to the completion of tax review cycles in various tax jurisdictions and lapses of applicable statutes of limitation. The Company is currently under examination by the Internal Revenue Service and the India tax authorities for the 2017 through 2018 tax years and the 2012 through 2020 tax years, respectively.
|
Net Income per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Share | Note 12. Net Income per Share The Company computed basic and diluted net income per share as follows (in millions, except per share amounts):
|
Commitments and Contingencies |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13. Commitments and Contingencies Commitments Except for the items below, there have been no material changes to the Company's commitments compared to the commitments described in Note 15, Commitments and Contingencies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K. Purchase Commitments with Contract Manufacturers and Suppliers In order to reduce manufacturing lead times and in the interest of having access to adequate component supply, the Company enters into agreements with contract manufacturers and certain suppliers to procure inventory based on the Company's requirements. A significant portion of the Company's purchase commitments arising from these agreements consists of firm and non-cancelable commitments. In certain instances, these agreements allow the Company the option to cancel, reschedule, and adjust its requirements based on the Company's business needs prior to firm orders being placed. These purchase commitments totaled $2,298.8 million as of March 31, 2023. Legal Proceedings In the ordinary course of business, the Company is subject to various pending and potential investigations, disputes, litigations, and legal proceedings. The Company records an accrual for loss contingencies for legal proceedings when it believes that an unfavorable outcome is both (a) probable and (b) the amount or range of any possible loss is reasonably estimable. The Company intends to aggressively defend itself in any legal matters, and while the outcome of any pending matters is not currently determinable, the Company believes that none of its currently existing claims or proceedings are likely, individually or in the aggregate, to have a material adverse effect on its financial position. Notwithstanding the foregoing, there are many uncertainties associated with any litigation and these matters or any other third-party claims against the Company may cause the Company to incur costly litigation and/or substantial settlement charges. In addition, the resolution of any intellectual property litigation may require the Company to make royalty payments, which could adversely affect gross margins in future periods. If any of these events were to occur, the Company's business, financial condition, results of operations, and cash flows could be adversely affected. The actual liability in any such matters may be materially different from the Company's estimates, if any, which could result in the need to adjust the liability and record additional expenses.
|
Subsequent Events |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14. Subsequent Events Dividend Declaration On April 25, 2023, the Company announced a cash dividend of $0.22 per share of common stock to be paid on June 22, 2023 to stockholders of record as of the close of business on June 1, 2023.
|
Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet as of December 31, 2022 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or any future period. These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 (the "Form 10-K"). We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued.
|
Use of Estimates | The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions. |
Cash Equivalents and Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Equivalents and Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrealized Gains and Losses and Fair Value of Available-For-Sale Debt Securities | The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of March 31, 2023 and December 31, 2022 (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Fixed Income Securities | The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2023 (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments in Equity Securities | The following table presents the Company's investments in equity securities as of March 31, 2023 and December 31, 2022 (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in millions):
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in millions):
|
Derivative Instruments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The notional amount of the Company's derivative instruments is summarized as follows (in millions):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Assets at Fair Value | The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Liabilities at Fair Value | The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
|
Other Financial Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Total inventory consisted of the following (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Warranties | Changes during the three months ended March 31, 2023 in the Company’s warranty reserve as reported within other accrued liabilities in the Condensed Consolidated Balance Sheets were as follows (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Revenue | Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Performance Obligation | The following table summarizes the breakdown of RPO as of March 31, 2023 and when the Company expects to recognize the amounts as revenue (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Expense | Other expense, net, consisted of the following (in millions):
|
Restructuring Charges (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Liabilities | The following table provides a summary of changes in the restructuring liabilities (in millions):
|
Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Total Debt | The following table summarizes the Company's total debt (in millions, except percentages):
________________________________ (*) Represents the fair value adjustments for interest rate swaps with an aggregate notional amount of $600.0 million. These interest rate swaps convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments, for a discussion of the Company's interest rate swaps.
|
Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Paid and Stock Repurchases and Retirements Under Stock Repurchase Program | The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss, Net of Taxes | The components of accumulated other comprehensive income, net of related taxes, for the three months ended March 31, 2023 were as follows (in millions):
|
Employee Benefit Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Share Activity | The Company’s RSU, RSA, and PSA activities and related information as of and for the three months ended March 31, 2023 were as follows (in millions, except per share amounts and years):
________________________________ (*) Includes 1.1 million service-based, 1.4 million performance-based, and 0.4 million market-based awards. The number of shares subject to performance-based and market-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Stock Purchases through ESPP | The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Service Share-Based Compensation, Allocation of Recognized Period Costs | Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award | The following table summarizes share-based compensation expense by award type (in millions):
|
Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Information for Each Segment | The following table presents net revenues by customer solution (in millions):
The following table presents net revenues by customer vertical (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Revenues by Geographic Region | The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions):
|
Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Net Income (Loss) Per Share | The Company computed basic and diluted net income per share as follows (in millions, except per share amounts):
|
Cash Equivalents and Investments - Available-For-Sale (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Available-for-sale debt securities: | ||
Amortized Cost | $ 378.2 | $ 437.8 |
Gross Unrealized Gains | 37.4 | 37.4 |
Gross Unrealized Losses | (6.8) | (9.5) |
Estimated Fair Value | 408.8 | 465.7 |
Cash equivalents | ||
Available-for-sale debt securities: | ||
Amortized Cost | 89.7 | 70.6 |
Gross Unrealized Gains | 0.0 | 0.0 |
Gross Unrealized Losses | 0.0 | 0.0 |
Estimated Fair Value | 89.7 | 70.6 |
Short-term investments | ||
Available-for-sale debt securities: | ||
Amortized Cost | 171.4 | 205.9 |
Gross Unrealized Gains | 0.0 | 0.0 |
Gross Unrealized Losses | (3.0) | (3.3) |
Estimated Fair Value | 168.4 | 202.6 |
Long-term investments | ||
Available-for-sale debt securities: | ||
Amortized Cost | 96.4 | 145.8 |
Gross Unrealized Gains | 0.0 | 0.0 |
Gross Unrealized Losses | (3.8) | (6.2) |
Estimated Fair Value | 92.6 | 139.6 |
Other long-term assets | ||
Available-for-sale debt securities: | ||
Amortized Cost | 20.7 | 15.5 |
Gross Unrealized Gains | 37.4 | 37.4 |
Gross Unrealized Losses | 0.0 | 0.0 |
Estimated Fair Value | 58.1 | 52.9 |
Total fixed income securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 357.5 | 422.3 |
Gross Unrealized Gains | 0.0 | 0.0 |
Gross Unrealized Losses | (6.8) | (9.5) |
Estimated Fair Value | 350.7 | 412.8 |
Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 24.6 | 37.8 |
Gross Unrealized Gains | 0.0 | 0.0 |
Gross Unrealized Losses | (0.8) | (1.2) |
Estimated Fair Value | 23.8 | 36.6 |
Corporate debt securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 210.8 | 277.5 |
Gross Unrealized Gains | 0.0 | 0.0 |
Gross Unrealized Losses | (5.2) | (7.1) |
Estimated Fair Value | 205.6 | 270.4 |
Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 8.8 | 8.8 |
Gross Unrealized Gains | 0.0 | 0.0 |
Gross Unrealized Losses | (0.3) | (0.4) |
Estimated Fair Value | 8.5 | 8.4 |
Time deposits | ||
Available-for-sale debt securities: | ||
Amortized Cost | 89.7 | 70.6 |
Gross Unrealized Gains | 0.0 | 0.0 |
Gross Unrealized Losses | 0.0 | 0.0 |
Estimated Fair Value | 89.7 | 70.6 |
U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 18.6 | 18.6 |
Gross Unrealized Gains | 0.0 | 0.0 |
Gross Unrealized Losses | (0.4) | (0.6) |
Estimated Fair Value | 18.2 | 18.0 |
U.S. government securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 5.0 | 9.0 |
Gross Unrealized Gains | 0.0 | 0.0 |
Gross Unrealized Losses | (0.1) | (0.2) |
Estimated Fair Value | 4.9 | 8.8 |
Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 20.7 | 15.5 |
Gross Unrealized Gains | 37.4 | 37.4 |
Gross Unrealized Losses | 0.0 | 0.0 |
Estimated Fair Value | $ 58.1 | $ 52.9 |
Cash Equivalents and Investments - Maturities of Fixed Income Securities (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Amortized Cost | ||
Amortized Cost | $ 378.2 | $ 437.8 |
Estimated Fair Value | ||
Total | 408.8 | 465.7 |
Total fixed income securities | ||
Amortized Cost | ||
Due in less than one year | 261.1 | |
Due between one and five years | 96.4 | |
Amortized Cost | 357.5 | 422.3 |
Estimated Fair Value | ||
Due in less than one year | 258.1 | |
Due between one and five years | 92.6 | |
Total | $ 350.7 | $ 412.8 |
Cash Equivalents and Investments - Narrative (Details) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023
USD ($)
investment
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Gross unrealized losses | $ 6,800,000 | $ 9,500,000 | |
Total investments in unrealized loss position | investment | 216 | ||
Unrealized loss position, less than 12 months, accumulated loss | $ 200,000 | ||
Unrealized loss position, 12 months or longer, accumulated loss | 6,600,000 | ||
Equity securities, realized gain | 0 | $ 0 | |
Equity securities, realized loss | 0 | 0 | |
Equity investments, unrealized gains | 0 | 0 | |
Equity investments, unrealized losses | 0 | 0 | |
Loss from equity method investment, net of tax | 2,100,000 | 0 | |
Restricted cash and investments | 50,100,000 | ||
Prepaid expenses and other current assets | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and investments | 18,400,000 | ||
Other long-term assets | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Gross unrealized losses | 0 | $ 0 | |
Restricted cash and investments | 31,700,000 | ||
Debt Securities | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Allowance for credit losses | $ 0 | $ 0 |
Cash Equivalents and Investments - Investments in Equity Securities (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Equity investments without readily determinable fair value | $ 130.7 | $ 137.7 |
Equity investment under the equity method of accounting | 33.9 | 36.0 |
Total equity securities | 699.7 | 630.3 |
Cash equivalents | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Total equity securities | 496.7 | 420.8 |
Short-term investments | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Total equity securities | 6.5 | 7.7 |
Prepaid expenses and other current assets | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Total equity securities | 2.5 | 2.4 |
Other long-term assets | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Total equity securities | 194.0 | 199.4 |
Money market funds | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Equity investments with readily determinable fair value: | 496.7 | 420.8 |
Mutual funds | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Equity investments with readily determinable fair value: | 31.9 | 28.1 |
Publicly-traded equity securities | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Equity investments with readily determinable fair value: | $ 6.5 | $ 7.7 |
Cash Equivalents and Investments - Restricted Cash and Investments (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 923.5 | $ 880.1 | ||
Total cash, cash equivalents, and restricted cash | 941.8 | 897.7 | $ 1,032.8 | $ 942.7 |
Prepaid expenses and other current assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash included in Prepaid expenses and other current and other long-term assets | 15.9 | 15.2 | ||
Other long-term assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash included in Prepaid expenses and other current and other long-term assets | $ 2.4 | $ 2.4 |
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative assets: | ||
Derivative assets: | $ 113.4 | $ 126.7 |
Money market funds | ||
Equity securities: | ||
Equity securities | 496.7 | 420.8 |
Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | 6.5 | 7.7 |
Fair Value, Measurements, Recurring | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 408.8 | 465.7 |
Equity securities: | ||
Equity securities | 535.1 | 456.6 |
Derivative assets: | ||
Derivative assets: | 113.3 | 126.7 |
Total assets measured at fair value on a recurring basis | 1,057.2 | 1,049.0 |
Liabilities: | ||
Derivative liabilities: | (98.8) | (125.0) |
Total liabilities measured at fair value on a recurring basis | (98.8) | (125.0) |
Fair Value, Measurements, Recurring | Cash equivalents | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 586.4 | 491.4 |
Fair Value, Measurements, Recurring | Short-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 174.9 | 210.3 |
Fair Value, Measurements, Recurring | Long-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 92.6 | 139.6 |
Fair Value, Measurements, Recurring | Prepaid expenses and other current assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 3.7 | 3.2 |
Fair Value, Measurements, Recurring | Other long-term assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 199.6 | 204.5 |
Fair Value, Measurements, Recurring | Other accrued liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | (22.6) | (32.5) |
Fair Value, Measurements, Recurring | Other long-term liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | (76.2) | (92.5) |
Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Derivative assets: | ||
Derivative assets: | 1.9 | 1.3 |
Liabilities: | ||
Derivative liabilities: | (26.4) | (37.6) |
Fair Value, Measurements, Recurring | Interest rate contracts | ||
Derivative assets: | ||
Derivative assets: | 111.4 | 125.4 |
Liabilities: | ||
Derivative liabilities: | (72.4) | (87.4) |
Fair Value, Measurements, Recurring | Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 23.8 | 36.6 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 205.6 | 270.4 |
Fair Value, Measurements, Recurring | Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 8.5 | 8.4 |
Fair Value, Measurements, Recurring | Time deposits | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 89.7 | 70.6 |
Fair Value, Measurements, Recurring | U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 18.2 | 18.0 |
Fair Value, Measurements, Recurring | U.S. government securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 4.9 | 8.8 |
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 58.1 | 52.9 |
Fair Value, Measurements, Recurring | Money market funds | ||
Equity securities: | ||
Equity securities | 496.7 | 420.8 |
Fair Value, Measurements, Recurring | Mutual funds | ||
Equity securities: | ||
Equity securities | 31.9 | 28.1 |
Fair Value, Measurements, Recurring | Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | 6.5 | 7.7 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 4.9 | 8.8 |
Equity securities: | ||
Equity securities | 535.1 | 456.6 |
Derivative assets: | ||
Derivative assets: | 0.0 | 0.0 |
Total assets measured at fair value on a recurring basis | 540.0 | 465.4 |
Liabilities: | ||
Derivative liabilities: | 0.0 | 0.0 |
Total liabilities measured at fair value on a recurring basis | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Cash equivalents | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 496.7 | 420.8 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Short-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 9.5 | 14.6 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Long-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 1.9 | 1.9 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Prepaid expenses and other current assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 2.5 | 2.4 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other long-term assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 29.4 | 25.7 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other accrued liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other long-term liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Foreign exchange contracts | ||
Derivative assets: | ||
Derivative assets: | 0.0 | 0.0 |
Liabilities: | ||
Derivative liabilities: | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Interest rate contracts | ||
Derivative assets: | ||
Derivative assets: | 0.0 | 0.0 |
Liabilities: | ||
Derivative liabilities: | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Corporate debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Time deposits | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | U.S. government securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 4.9 | 8.8 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Money market funds | ||
Equity securities: | ||
Equity securities | 496.7 | 420.8 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Mutual funds | ||
Equity securities: | ||
Equity securities | 31.9 | 28.1 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | 6.5 | 7.7 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 345.8 | 404.0 |
Equity securities: | ||
Equity securities | 0.0 | 0.0 |
Derivative assets: | ||
Derivative assets: | 113.3 | 126.7 |
Total assets measured at fair value on a recurring basis | 459.1 | 530.7 |
Liabilities: | ||
Derivative liabilities: | (98.8) | (125.0) |
Total liabilities measured at fair value on a recurring basis | (98.8) | (125.0) |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Cash equivalents | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 89.7 | 70.6 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Short-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 165.4 | 195.7 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Long-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 90.7 | 137.7 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Prepaid expenses and other current assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 1.2 | 0.8 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other long-term assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 112.1 | 125.9 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other accrued liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | (22.6) | (32.5) |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other long-term liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | (76.2) | (92.5) |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign exchange contracts | ||
Derivative assets: | ||
Derivative assets: | 1.9 | 1.3 |
Liabilities: | ||
Derivative liabilities: | (26.4) | (37.6) |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Interest rate contracts | ||
Derivative assets: | ||
Derivative assets: | 111.4 | 125.4 |
Liabilities: | ||
Derivative liabilities: | (72.4) | (87.4) |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 23.8 | 36.6 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Corporate debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 205.6 | 270.4 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 8.5 | 8.4 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Time deposits | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 89.7 | 70.6 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 18.2 | 18.0 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | U.S. government securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Money market funds | ||
Equity securities: | ||
Equity securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Mutual funds | ||
Equity securities: | ||
Equity securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 58.1 | 52.9 |
Equity securities: | ||
Equity securities | 0.0 | 0.0 |
Derivative assets: | ||
Derivative assets: | 0.0 | 0.0 |
Total assets measured at fair value on a recurring basis | 58.1 | 52.9 |
Liabilities: | ||
Derivative liabilities: | 0.0 | 0.0 |
Total liabilities measured at fair value on a recurring basis | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Cash equivalents | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Short-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Long-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Prepaid expenses and other current assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other long-term assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 58.1 | 52.9 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other accrued liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other long-term liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Foreign exchange contracts | ||
Derivative assets: | ||
Derivative assets: | 0.0 | 0.0 |
Liabilities: | ||
Derivative liabilities: | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Interest rate contracts | ||
Derivative assets: | ||
Derivative assets: | 0.0 | 0.0 |
Liabilities: | ||
Derivative liabilities: | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Corporate debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Time deposits | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | U.S. government securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 58.1 | 52.9 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Money market funds | ||
Equity securities: | ||
Equity securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Mutual funds | ||
Equity securities: | ||
Equity securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | $ 0.0 | $ 0.0 |
Fair Value Measurements - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities without readily determinable fair value, upward adjustment | $ 0 | |
Equity securities without readily determinable fair value, downward adjustment | 0 | |
Goodwill and intangible impairment | 0 | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial and nonfinancial liabilities, fair value disclosure | 98,800,000 | $ 125,000,000.0 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial and nonfinancial liabilities, fair value disclosure | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial and nonfinancial liabilities, fair value disclosure | 0 | 0 |
Significant Other Observable Remaining Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total outstanding debt, fair value | 1,557,000,000 | 1,485,600,000 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial and nonfinancial liabilities, fair value disclosure | 98,800,000 | $ 125,000,000.0 |
Privately-held debt and redeemable preferred stock securities | Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gain (loss) on investments | $ 0 |
Derivative Instruments - Notional Amount (Details) - USD ($) |
Mar. 31, 2023 |
Dec. 31, 2022 |
Apr. 30, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|---|
Derivative [Line Items] | |||||
Notional amount of derivatives | $ 2,258,800,000 | $ 2,189,400,000 | |||
Designated derivatives | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | 2,060,200,000 | 2,025,900,000 | |||
Non-designated derivatives | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | 198,600,000 | 163,500,000 | |||
Foreign currency contracts | Cash flow hedges | Designated derivatives | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | 810,200,000 | 775,900,000 | |||
Interest rate lock contracts | Cash flow hedges | Designated derivatives | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | 650,000,000.0 | 650,000,000.0 | $ 300,000,000 | $ 650,000,000 | $ 300,000,000 |
Interest rate swap contracts | Fair value hedges | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | 600,000,000 | ||||
Interest rate swap contracts | Fair value hedges | Designated derivatives | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | $ 600,000,000.0 | $ 600,000,000.0 |
Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative [Line Items] | ||
Derivative assets: | $ 113.4 | $ 126.7 |
Derivative liabilities: | 98.8 | 125.0 |
Designated derivatives | ||
Derivative [Line Items] | ||
Derivative assets: | 113.3 | 126.6 |
Derivative liabilities: | 98.7 | 124.8 |
Designated derivatives | Other current assets | Foreign currency contracts | ||
Derivative [Line Items] | ||
Derivative assets: | 1.2 | 0.7 |
Designated derivatives | Other long-term assets | Foreign currency contracts | ||
Derivative [Line Items] | ||
Derivative assets: | 0.7 | 0.5 |
Designated derivatives | Other long-term assets | Interest rate lock contracts | ||
Derivative [Line Items] | ||
Derivative assets: | 111.4 | 125.4 |
Designated derivatives | Other accrued liabilities | Foreign currency contracts | ||
Derivative [Line Items] | ||
Derivative liabilities: | 22.5 | 32.3 |
Designated derivatives | Other long-term liabilities | Foreign currency contracts | ||
Derivative [Line Items] | ||
Derivative liabilities: | 3.8 | 5.1 |
Designated derivatives | Other long-term liabilities | Interest rate swap contracts | ||
Derivative [Line Items] | ||
Derivative liabilities: | 72.4 | 87.4 |
Derivatives not designated as hedging instruments | Other current assets | ||
Derivative [Line Items] | ||
Derivative assets: | 0.1 | 0.1 |
Derivatives not designated as hedging instruments | Other accrued liabilities | ||
Derivative [Line Items] | ||
Derivative liabilities: | $ 0.1 | $ 0.2 |
Derivative Instruments - Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2020 |
Apr. 30, 2021 |
Dec. 31, 2019 |
|
Derivatives, Notional Amount [Line Items] | |||||||
Derivative asset, fair value, gross asset, period decrease | $ 61,800,000 | $ 73,800,000 | |||||
Derivative liability fair value gross liability period decrease | 61,800,000 | 73,800,000 | |||||
Notional amount of derivatives | 2,258,800,000 | 2,189,400,000 | $ 2,258,800,000 | ||||
Foreign currency contracts | |||||||
Derivatives, Notional Amount [Line Items] | |||||||
Foreign currency forward contracts, amounts reclassified out of AOCI | $ (7,800,000) | $ 400,000 | |||||
Foreign currency contracts | Minimum | |||||||
Derivatives, Notional Amount [Line Items] | |||||||
Maturity of foreign currency derivatives | 1 month | ||||||
Foreign currency contracts | Maximum | |||||||
Derivatives, Notional Amount [Line Items] | |||||||
Maturity of foreign currency derivatives | 7 months | ||||||
Designated derivatives | |||||||
Derivatives, Notional Amount [Line Items] | |||||||
Notional amount of derivatives | 2,060,200,000 | 2,025,900,000 | $ 2,060,200,000 | ||||
Cash flow hedges | |||||||
Derivatives, Notional Amount [Line Items] | |||||||
Derivative instruments, gain (loss) recognized in other comprehensive income (loss), effective portion | $ (9,900,000) | $ 28,100,000 | |||||
Cash flow hedges | Designated derivatives | |||||||
Derivatives, Notional Amount [Line Items] | |||||||
Maximum maturities of cash flow hedge derivatives | 36 months | ||||||
Losses expected to be reclassified into earnings within the next 12 months | (21,400,000) | ||||||
Cash flow hedges | Designated derivatives | Interest rate lock contracts | |||||||
Derivatives, Notional Amount [Line Items] | |||||||
Notional amount of derivatives | 650,000,000.0 | 650,000,000.0 | $ 650,000,000.0 | $ 650,000,000 | $ 300,000,000 | $ 300,000,000 | |
Derivative, expiration period | 8 years | ||||||
Swaps designated as cash flow hedges, expected termination period | 3 years | ||||||
Cash flow hedges | Designated derivatives | Foreign currency contracts | |||||||
Derivatives, Notional Amount [Line Items] | |||||||
Notional amount of derivatives | $ 810,200,000 | $ 775,900,000 | $ 810,200,000 |
Other Financial Information - Inventories, Net (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule Of Inventory [Line Items] | ||
Production and service materials | $ 548.8 | $ 479.6 |
Finished goods | 239.9 | 163.3 |
Total inventory | 788.7 | 642.9 |
Inventory | ||
Schedule Of Inventory [Line Items] | ||
Total inventory | 761.5 | 619.4 |
Other long-term assets | ||
Schedule Of Inventory [Line Items] | ||
Total inventory | $ 27.2 | $ 23.5 |
Other Financial Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Financial Information [Abstract] | ||
Contract manufacturer deposits | $ 425.3 | $ 434.7 |
Prepaid expenses | 130.5 | 104.3 |
Other current assets | 180.6 | 141.0 |
Total prepaid expenses and other current assets | $ 736.4 | $ 680.0 |
Other Financial Information - Warranties (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Balance as of December 31, 2022 | $ 29.5 |
Provisions made during the period | 7.6 |
Actual costs incurred during the period | (8.0) |
Balance as of March 31, 2023 | $ 29.1 |
Other Financial Information - Deferred Revenue (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Disaggregation of Revenue [Line Items] | ||
Current | $ 1,074.3 | $ 1,020.5 |
Long-term | 685.6 | 642.6 |
Total | 1,759.9 | 1,663.1 |
Product | ||
Disaggregation of Revenue [Line Items] | ||
Total | 95.8 | 108.8 |
Service | ||
Disaggregation of Revenue [Line Items] | ||
Total | $ 1,664.1 | $ 1,554.3 |
Other Financial Information - Revenue, Remaining Performance Obligations and Deferred Contract Cost (Details) |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Disaggregation of Revenue [Line Items] | |
Deferred commission | $ 48,600,000 |
Amortization of deferred commission | 8,100,000 |
Impairment loss | 0 |
Product | |
Disaggregation of Revenue [Line Items] | |
Contract with customer, liability, revenue recognized | 19,200,000 |
Service | |
Disaggregation of Revenue [Line Items] | |
Contract with customer, liability, revenue recognized | $ 315,200,000 |
Other Financial Information - Revenue, Remaining Performance Obligation (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 1,771.5 |
Product | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | 99.0 |
Service | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | 1,672.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 1,086.0 |
Revenue recognition expected by period, satisfaction period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Product | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 80.6 |
Revenue recognition expected by period, satisfaction period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Service | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 1,005.4 |
Revenue recognition expected by period, satisfaction period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 521.8 |
Revenue recognition expected by period, satisfaction period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Product | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 14.6 |
Revenue recognition expected by period, satisfaction period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Service | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 507.2 |
Revenue recognition expected by period, satisfaction period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 163.7 |
Revenue recognition expected by period, satisfaction period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Product | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 3.8 |
Revenue recognition expected by period, satisfaction period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Service | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 159.9 |
Revenue recognition expected by period, satisfaction period |
Other Financial Information - Other Expense, Net (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Other Financial Information [Abstract] | ||
Interest income | $ 9.5 | $ 2.6 |
Interest expense | (19.2) | (12.5) |
Gain (loss) on investments, net | 0.9 | (3.3) |
Other | 0.2 | 0.3 |
Other expense, net | $ (8.6) | $ (12.9) |
Restructuring Charges - Changes to Restructuring Liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Restructuring Reserve [Roll Forward] | ||
Charges | $ (0.5) | $ 8.8 |
2022 Restructuring Plan | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring liability, beginning balance | 6.1 | |
Charges | (0.5) | |
Cash Payments | (2.8) | |
Other | 1.4 | |
Restructuring liability, ending balance | 4.2 | |
Severance | 2022 Restructuring Plan | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring liability, beginning balance | 3.0 | |
Charges | 1.4 | |
Cash Payments | (0.7) | |
Other | 0.0 | |
Restructuring liability, ending balance | 3.7 | |
Contract terminations and facility exit-related | 2022 Restructuring Plan | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring liability, beginning balance | 3.1 | |
Charges | (1.9) | |
Cash Payments | (2.1) | |
Other | 1.4 | |
Restructuring liability, ending balance | $ 0.5 |
Debt - Schedule of Debt (Details) - USD ($) |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,700,000,000 | $ 1,700,000,000 |
Unaccreted discount and debt issuance costs | (10,800,000) | (11,300,000) |
Hedge accounting fair value adjustments | (72,500,000) | (87,400,000) |
Total | 1,616,700,000 | 1,601,300,000 |
Notional amount of derivatives | 2,258,800,000 | 2,189,400,000 |
Interest rate swap contracts | Fair value hedges | ||
Debt Instrument [Line Items] | ||
Notional amount of derivatives | $ 600,000,000 | |
Senior notes | 1.200% fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 1.20% | |
Effective Interest Rates | 1.37% | |
Long-term debt | $ 400,000,000.0 | 400,000,000.0 |
Senior notes | 3.750% fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.75% | |
Effective Interest Rates | 3.86% | |
Long-term debt | $ 500,000,000.0 | 500,000,000.0 |
Senior notes | 2.000% fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.00% | |
Effective Interest Rates | 2.12% | |
Long-term debt | $ 400,000,000.0 | 400,000,000.0 |
Senior notes | 5.950% fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.95% | |
Effective Interest Rates | 6.03% | |
Long-term debt | $ 400,000,000.0 | $ 400,000,000.0 |
Debt - Revolving Credit Facility (Details) - USD ($) |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Amount outstanding | $ 1,616,700,000 | $ 1,601,300,000 |
Unsecured Revolving Credit Facility | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Borrowing capacity (up to) | 500,000,000 | |
Increase amount of borrowings, subject to lenders' approval (up to) | 200,000,000 | |
Amount outstanding | $ 0 |
Equity - Summary of Dividends Paid and Stock Repurchases and Retirements (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Dividends: | ||
Per share (in dollars per share) | $ 0.22 | $ 0.21 |
Amount | $ 70.6 | $ 67.5 |
Repurchased under the 2018 Stock Repurchase Program: | ||
Amount | $ 151.3 | $ 126.3 |
Stock Repurchase Program 2018 | ||
Repurchased under the 2018 Stock Repurchase Program: | ||
Shares (in shares) | 4.5 | 3.2 |
Average price (in dollars per share) | $ 31.20 | $ 34.55 |
Amount | $ 140.0 | $ 112.2 |
Equity - Cash Dividends on Shares of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Equity [Abstract] | ||
Cash dividends declared (in dollars per share) | $ 0.22 | |
Cash dividends declared | $ 70.6 | $ 67.5 |
Equity - Stock Repurchase Activities (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Accelerated Share Repurchases [Line Items] | ||
Common stock received, aggregate price | $ 151.3 | $ 126.3 |
Stock Repurchase Program 2018 | ||
Accelerated Share Repurchases [Line Items] | ||
Stock repurchased (in shares) | 4.5 | |
Common stock repurchased, average cost per share (in dollars per share) | $ 31.20 | |
Common stock received, aggregate price | $ 140.0 | 112.2 |
Stock repurchase program, remaining authorized repurchase amount | 500.0 | |
Stock repurchased during period, tax withholding | $ 11.4 | $ 14.1 |
Equity - Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | $ 4,475.1 | $ 4,316.9 |
Other comprehensive income (loss) before reclassifications | (3.3) | |
Amount reclassified from accumulated other comprehensive income | 7.4 | |
Other comprehensive income, net | 4.1 | 13.8 |
Balance | 4,435.2 | 4,266.9 |
Unrealized Gains/Losses on Available-for- Sale Debt Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | 21.8 | |
Other comprehensive income (loss) before reclassifications | 2.1 | |
Amount reclassified from accumulated other comprehensive income | 0.0 | |
Other comprehensive income, net | 2.1 | |
Balance | 23.9 | |
Unrealized Gains/Losses on Cash Flow Hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | 61.5 | |
Other comprehensive income (loss) before reclassifications | (6.9) | |
Amount reclassified from accumulated other comprehensive income | 7.4 | |
Other comprehensive income, net | 0.5 | |
Balance | 62.0 | |
Foreign Currency Translation Adjustments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | (79.1) | |
Other comprehensive income (loss) before reclassifications | 1.5 | |
Amount reclassified from accumulated other comprehensive income | 0.0 | |
Other comprehensive income, net | 1.5 | |
Balance | (77.6) | |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | 4.2 | (2.1) |
Other comprehensive income, net | 4.1 | 13.8 |
Balance | $ 8.3 | $ 11.7 |
Employee Benefit Plans - Equity Incentive Plan (Details) shares in Millions |
Mar. 31, 2023
shares
|
---|---|
Equity incentive plan 2015 | |
Share-Based Compensation Plans | |
Number of shares available for future issuance (in shares) | 1.2 |
Employee stock purchase plan 2008 | |
Share-Based Compensation Plans | |
Number of shares available for future issuance (in shares) | 4.9 |
Employee Benefit Plans - Restricted Stock Unit and Performance Share Award Activities (Details) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
$ / shares
shares
| |
RSUs, RSAs, and PSAs | |
Number of Shares | |
Balance at beginning of period (in shares) | 20.2 |
Granted (in shares) | 2.9 |
Vested (in shares) | (1.9) |
Canceled (in shares) | (0.9) |
Balance at end of period (in shares) | 20.3 |
Weighted Average Grant Date Fair Value per Share | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 26.78 |
Granted (in dollars per share) | $ / shares | 31.03 |
Vested (in dollars per share) | $ / shares | 26.57 |
Canceled (in dollars per share) | $ / shares | 25.83 |
Balance at end of period (in dollars per share) | $ / shares | $ 27.44 |
Weighted Average Remaining Contractual Term (In Years) | 1 year 3 months 18 days |
Aggregate Intrinsic Value | $ | $ 699.0 |
Service-based RSUs | |
Number of Shares | |
Granted (in shares) | 1.1 |
Performance Shares | |
Number of Shares | |
Granted (in shares) | 1.4 |
Market-based RSUs | |
Number of Shares | |
Granted (in shares) | 0.4 |
Employee Benefit Plans - Employee Stock Purchase Plan (Details) - Employee stock purchase plan 2008 - $ / shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||
Shares purchased (in shares) | 1.3 | 1.4 |
Average exercise price per share (in dollars per share) | $ 23.44 | $ 20.07 |
Employee Benefit Plans - Share Based Compensation by Cost and Expense Categories (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||
Share-based compensation expense | $ 60.9 | $ 45.2 |
Stock options | ||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||
Share-based compensation expense | 0.8 | 1.5 |
RSUs, RSAs, and PSAs | ||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||
Share-based compensation expense | 53.0 | 38.5 |
ESPP purchase rights | ||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||
Share-based compensation expense | 7.1 | 5.2 |
Cost of revenues - Product | ||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||
Share-based compensation expense | 1.7 | 1.4 |
Cost of revenues - Service | ||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||
Share-based compensation expense | 4.7 | 4.5 |
Research and development | ||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||
Share-based compensation expense | 25.7 | 16.6 |
Sales and marketing | ||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||
Share-based compensation expense | 18.6 | 12.5 |
General and administrative | ||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||
Share-based compensation expense | $ 10.2 | $ 10.2 |
Employee Benefit Plans - Share Based Compensation by Share Based Payment Award Types (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Share-Based Payment Arrangement [Abstract] | |
Unrecognized compensation cost | $ 388.9 |
Unrecognized compensation, weighted average recognition period | 1 year 10 months 17 days |
Segments - Narrative (Details) - segment |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Segment Reporting [Abstract] | ||
Number of reportable segments | 1 | |
Customer Concentration Risk | One Customer | Revenue Benchmark | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.00% |
Segments - Revenue by Product (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Segment Reporting Information [Line Items] | ||
Total net revenues | $ 1,371.8 | $ 1,168.2 |
Automated WAN Solutions | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 474.5 | 390.7 |
Cloud-Ready Data Center | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 193.6 | 188.8 |
AI-Driven Enterprise | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 317.0 | 214.0 |
Hardware Maintenance and Professional Services | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | $ 386.7 | $ 374.7 |
Segments - Revenues by Customer Vertical (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Segment Reporting Information [Line Items] | ||
Total net revenues | $ 1,371.8 | $ 1,168.2 |
Cloud | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 264.9 | 307.0 |
Service Provider | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 549.9 | 428.0 |
Enterprise | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | $ 557.0 | $ 433.2 |
Segments - Geographic (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Segment Reporting Information [Line Items] | ||
Total net revenues | $ 1,371.8 | $ 1,168.2 |
Total Americas | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 798.5 | 655.0 |
United States | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 733.6 | 603.6 |
Other | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 64.9 | 51.4 |
Europe, Middle East, and Africa | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 369.9 | 333.9 |
Asia Pacific | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | $ 203.4 | $ 179.3 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Tax Disclosure [Abstract] | ||
Income before income taxes | $ 107.1 | $ 45.6 |
Income tax provision (benefit) | $ 19.6 | $ (10.1) |
Effective tax rate | 18.30% | (21.90%) |
Unrecognized tax benefits | $ 117.2 | |
Unrecognized tax benefits, maximum decrease in the next twelve months (up to) | $ 45.6 |
Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Numerator: | ||
Net income | $ 85.4 | $ 55.7 |
Denominator: | ||
Weighted-average shares used to compute basic net income per share (in shares) | 322.3 | 321.8 |
Dilutive effect of employee stock awards (in shares) | 6.8 | 9.3 |
Weighted-average shares used to compute diluted net income per share (in shares) | 329.1 | 331.1 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.26 | $ 0.17 |
Diluted (in dollars per share) | $ 0.26 | $ 0.17 |
Anti-dilutive shares (in shares) | 2.9 | 2.2 |
Commitments and Contingencies - Additional Information (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Purchase commitments | $ 2,298.8 |
Subsequent Events (Details) - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Jun. 22, 2023 |
Apr. 25, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Subsequent Event [Line Items] | ||||
Cash dividends declared (in dollars per share) | $ 0.22 | |||
Cash dividends (in dollars per share) | $ 0.22 | $ 0.21 | ||
Forecast | ||||
Subsequent Event [Line Items] | ||||
Cash dividends (in dollars per share) | $ 0.22 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared (in dollars per share) | $ 0.22 |