JUNIPER NETWORKS INC, 10-Q filed on 7/26/2024
Quarterly Report
v3.24.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 24, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 001-34501  
Entity Registrant Name JUNIPER NETWORKS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 77-0422528  
Entity Address, Address Line One 1133 Innovation Way  
Entity Address, City or Town Sunnyvale,  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94089  
City Area Code 408  
Local Phone Number 745-2000  
Title of 12(b) Security Common Stock, par value $0.00001 per share  
Trading Symbol JNPR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   329,163,478
Entity Central Index Key 0001043604  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
v3.24.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net revenues:        
Total net revenues $ 1,189.6 $ 1,430.1 $ 2,338.5 $ 2,801.9
Cost of revenues:        
Total cost of revenues 501.1 617.0 969.1 1,217.6
Gross margin 688.5 813.1 1,369.4 1,584.3
Operating expenses:        
Research and development 274.6 282.0 571.2 566.8
Sales and marketing 297.4 308.3 602.8 611.5
General and administrative 60.8 65.2 121.5 133.2
Restructuring charges 1.6 16.5 5.7 16.0
Merger-related charges [1] 9.1 0.0 37.4 0.0
Total operating expenses 643.5 672.0 1,338.6 1,327.5
Operating income 45.0 141.1 30.8 256.8
Gain (loss) on privately-held investments, net 0.7 (92.2) (13.6) (92.0)
Other income (expense), net 1.3 (7.4) 3.4 (16.2)
Income before income taxes and loss from equity method investment 47.0 41.5 20.6 148.6
Income tax provision (benefit) 10.8 15.0 (16.9) 34.6
Loss from equity method investment, net of tax 2.1 2.1 4.2 4.2
Net income $ 34.1 $ 24.4 $ 33.3 $ 109.8
Net income per share:        
Basic (in dollars per share) $ 0.10 $ 0.08 $ 0.10 $ 0.34
Diluted (in dollars per share) $ 0.10 $ 0.07 $ 0.10 $ 0.34
Weighted-average shares used to compute net income per share:        
Basic (in shares) 325.1 319.3 323.8 320.8
Diluted (in shares) 332.7 326.0 332.1 327.6
Product        
Net revenues:        
Total net revenues $ 681.2 $ 963.2 $ 1,333.1 $ 1,875.8
Cost of revenues:        
Total cost of revenues 356.2 470.7 680.1 925.6
Service        
Net revenues:        
Total net revenues 508.4 466.9 1,005.4 926.1
Cost of revenues:        
Total cost of revenues $ 144.9 $ 146.3 $ 289.0 $ 292.0
[1] Represents charges incurred directly in connection with the pending merger with HPE (as defined below). See Note 1, Basis of Presentation and Summary of Significant Accounting Policies, for further information.
v3.24.2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 34.1 $ 24.4 $ 33.3 $ 109.8
Available-for-sale debt securities:        
Change in net unrealized gains and losses 0.6 1.6 (28.4) 3.7
Net realized gains reclassified into net income (0.1) 0.0 (0.2) 0.0
Net change on available-for-sale debt securities 0.5 1.6 (28.6) 3.7
Cash flow hedges:        
Change in net unrealized gains and losses (3.6) 14.0 (9.0) 7.1
Net realized losses reclassified into net income 2.3 7.0 3.5 14.4
Net change on cash flow hedges (1.3) 21.0 (5.5) 21.5
Change in foreign currency translation adjustments (2.3) 0.2 (6.0) 1.7
Other comprehensive (loss) income, net (3.1) 22.8 (40.1) 26.9
Comprehensive income (loss) $ 31.0 $ 47.2 $ (6.8) $ 136.7
v3.24.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 935.0 $ 1,068.1
Short-term investments 186.7 139.4
Accounts receivable, net of allowances 878.9 1,044.1
Inventory 926.1 952.4
Prepaid expenses and other current assets 517.6 591.5
Total current assets 3,444.3 3,795.5
Property and equipment, net 685.2 689.9
Operating lease assets 146.8 111.4
Long-term investments 308.6 116.8
Purchased intangible assets, net 63.8 91.8
Goodwill 3,734.4 3,734.4
Other long-term assets 1,045.2 978.7
Total assets 9,428.3 9,518.5
Current liabilities:    
Accounts payable 268.3 295.1
Accrued compensation 263.9 292.2
Deferred revenue 1,147.9 1,130.0
Other accrued liabilities 363.5 386.7
Total current liabilities 2,043.6 2,104.0
Long-term debt 1,607.2 1,616.8
Long-term deferred revenue 940.5 894.9
Long-term income taxes payable 74.7 204.5
Long-term operating lease liabilities 119.7 82.9
Other long-term liabilities 140.6 122.7
Total liabilities 4,926.3 5,025.8
Commitments and contingencies (Note 13)
Stockholders' equity:    
Preferred stock, $0.00001 par value; 10.0 shares authorized; none issued and outstanding 0.0 0.0
Common stock, $0.00001 par value; 1,000.0 shares authorized; 325.3 shares and 320.3 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 0.0 0.0
Additional paid-in capital 6,765.9 6,740.0
Accumulated other comprehensive income 9.0 49.1
Accumulated deficit (2,272.9) (2,296.4)
Total stockholders' equity 4,502.0 4,492.7
Total liabilities and stockholders' equity $ 9,428.3 $ 9,518.5
v3.24.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Millions
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock - par value (in dollars per share) $ 0.00001 $ 0.00001
Preferred stock - shares authorized (in shares) 10.0 10.0
Preferred stock - issued (in shares) 0.0 0.0
Preferred stock - outstanding (in shares) 0.0 0.0
Common stock - par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock - shares authorized (in shares) 1,000.0 1,000.0
Common stock - issued (in shares) 325.3 320.3
Common stock - outstanding (in shares) 325.3 320.3
v3.24.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 33.3 $ 109.8
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation expense 141.2 122.9
Depreciation, amortization, and accretion 82.2 98.5
Deferred income taxes [1] (64.3) (90.5)
Provision for inventory excess and obsolescence [1] 2.5 60.6
Operating lease assets expense 21.6 20.3
Loss on privately-held investments, net 13.6 92.0
Loss from equity method investment 4.2 4.2
Other 0.6 2.7
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable, net 165.2 319.5
Inventory [1] (6.5) (364.2)
Prepaid expenses and other assets [1] 70.7 (9.5)
Accounts payable (22.9) 22.0
Accrued compensation (24.9) (26.1)
Income taxes payable (104.6) 83.9
Other accrued liabilities [1] (60.1) (12.9)
Deferred revenue 64.3 101.3
Net cash provided by operating activities 316.1 534.5
Cash flows from investing activities:    
Purchases of property and equipment (58.2) (83.2)
Purchases of available-for-sale debt securities (391.5) (12.9)
Proceeds from sales of available-for-sale debt securities 22.6 23.9
Proceeds from maturities and redemptions of available-for-sale debt securities 108.9 128.8
Purchases of equity securities (5.8) (3.5)
Proceeds from sales of equity securities 4.5 7.8
Funding of loan receivable 0.0 (7.7)
Other 0.0 1.5
Net cash (used in) provided by investing activities (319.5) 54.7
Cash flows from financing activities:    
Repurchase and retirement of common stock (14.6) (271.3)
Proceeds from issuance of common stock 32.1 31.6
Payment of dividends (142.9) (140.5)
Payment of debt issuance costs 0.0 (1.3)
Other 1.4 0.0
Net cash used in financing activities (124.0) (381.5)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash (6.0) 1.8
Net (decrease) increase in cash, cash equivalents, and restricted cash (133.4) 209.5
Cash, cash equivalents, and restricted cash at beginning of period 1,084.3 897.7
Cash, cash equivalents, and restricted cash at end of period $ 950.9 $ 1,107.2
[1] The prior period amounts have been reclassified to conform to the current period presentation.
v3.24.2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Shares
Common Stock and Additional Paid-in Capital
Accumulated Other Comprehensive Income
Accumulated Deficit
Balance (in shares) at Dec. 31, 2022   322.9      
Beginning Balance at Dec. 31, 2022 $ 4,475.1   $ 6,846.4 $ 4.2 $ (2,375.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 109.8       109.8
Other comprehensive (loss), income, net 26.9     26.9  
Issuance of common stock (in shares)   3.8      
Issuance of common stock 31.6   31.6    
Repurchase and retirement of common stock (in shares)   (8.9)      
Repurchase and retirement of common stock (271.3)   (111.1)   (160.2)
Share-based compensation expense 123.3   123.3    
Payments of cash dividends (140.5)   (140.5)    
Balance (in shares) at Jun. 30, 2023   317.8      
Ending Balance at Jun. 30, 2023 4,354.9   6,749.7 31.1 (2,425.9)
Balance (in shares) at Mar. 31, 2023   321.4      
Beginning Balance at Mar. 31, 2023 4,435.2   6,808.1 8.3 (2,381.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 24.4       24.4
Other comprehensive (loss), income, net 22.8     22.8  
Issuance of common stock (in shares)   0.5      
Issuance of common stock 0.5   0.5    
Repurchase and retirement of common stock (in shares)   (4.1)      
Repurchase and retirement of common stock (120.0)   (50.9)   (69.1)
Share-based compensation expense 61.9   61.9    
Payments of cash dividends (69.9)   (69.9)    
Balance (in shares) at Jun. 30, 2023   317.8      
Ending Balance at Jun. 30, 2023 $ 4,354.9   6,749.7 31.1 (2,425.9)
Balance (in shares) at Dec. 31, 2023 320.3 320.3      
Beginning Balance at Dec. 31, 2023 $ 4,492.7   6,740.0 49.1 (2,296.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 33.3       33.3
Other comprehensive (loss), income, net (40.1)     (40.1)  
Issuance of common stock (in shares)   5.4      
Issuance of common stock 32.1   32.1    
Repurchase and retirement of common stock (in shares)   (0.4)      
Repurchase and retirement of common stock (14.6)   (4.8)   (9.8)
Share-based compensation expense 141.5   141.5    
Payments of cash dividends $ (142.9)   (142.9)    
Balance (in shares) at Jun. 30, 2024 325.3 325.3      
Ending Balance at Jun. 30, 2024 $ 4,502.0   6,765.9 9.0 (2,272.9)
Balance (in shares) at Mar. 31, 2024   324.9      
Beginning Balance at Mar. 31, 2024 4,481.2   6,776.1 12.1 (2,307.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 34.1       34.1
Other comprehensive (loss), income, net (3.1)     (3.1)  
Issuance of common stock (in shares)   0.4      
Issuance of common stock 0.0        
Share-based compensation expense 61.3   61.3    
Payments of cash dividends $ (71.5)   (71.5)    
Balance (in shares) at Jun. 30, 2024 325.3 325.3      
Ending Balance at Jun. 30, 2024 $ 4,502.0   $ 6,765.9 $ 9.0 $ (2,272.9)
v3.24.2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Payments of cash dividends (in dollars per share) $ 0.22 $ 0.22 $ 0.44 $ 0.44
v3.24.2
Basis of Presentation and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
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, 2023 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, 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, 2023 (the "Form 10-K"). The Company has evaluated all subsequent events through the date these condensed consolidated financial statements were issued.

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

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

HPE Merger Agreement

On January 9, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Hewlett Packard Enterprise Company, a Delaware corporation (“HPE”), and Jasmine Acquisition Sub, Inc., a Delaware corporation and wholly owned subsidiary of HPE (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of HPE. Under the terms of the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of the Company's common stock (subject to certain exceptions set forth in the Merger Agreement) will be cancelled and converted into the right to receive $40.00 in cash, without interest and subject to applicable withholding taxes.

The Merger Agreement generally requires the Company to use commercially reasonable efforts to operate the Company's business in the ordinary course, subject to certain exceptions including as required by applicable law, pending consummation of the Merger, and subjects the Company to customary interim operating covenants that restrict the Company from taking certain specified actions without HPE’s approval (such approval not to be unreasonably withheld, conditioned, or delayed) until the Merger is completed or the Merger Agreement is terminated in accordance with its terms. During this period, the Company is permitted to continue paying regular quarterly dividends, substantially in accordance with past practice, at a quarterly rate not to exceed $0.22 per share.

The completion of the Merger, which is currently expected to close in late calendar year 2024 or early calendar year 2025, is subject to the receipt of regulatory approvals and other customary closing conditions. On April 2, 2024, the Company received approval of the Merger Agreement from its stockholders. If the transaction is consummated, the Company's common stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Merger Agreement can be terminated under certain customary circumstances, including by mutual agreement, the imposition of a final and non-appealable governmental order that permanently enjoins or otherwise prohibits the Merger, an uncured breach of the Merger Agreement by the other party, or if the Merger has not been consummated by January 9, 2025, as
may be automatically extended pursuant to the terms of the Merger Agreement. Under certain specified circumstances in which the Merger Agreement is terminated, HPE is required to pay the Company a termination fee equal to $815.0 million.

In connection with the pending Merger, the Company incurred $9.1 million and $37.4 million of expenses for the three and six months ended June 30, 2024, respectively, including professional services and financial advisory fees, all of which were recorded within "Merger-related charges" in the Condensed Consolidated Statements of Operations.

Summary of Significant Accounting Policies

There have been no significant changes to the Company's significant accounting policies described in Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K for the fiscal year ended December 31, 2023.

Recent Accounting Standards Not Yet Adopted

Improvements to Reportable Segment Disclosures: In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a significant impact on its Condensed Consolidated Financial Statements.

Improvements to Income Tax Disclosures: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which expands the disclosures required for income taxes. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the effect of this pronouncement on its disclosures.
v3.24.2
Cash Equivalents and Investments
 6 Months Ended
Jun. 30, 2024
Cash Equivalents and Investments [Abstract]  
Cash Equivalents and Investments
Note 2. Cash Equivalents and Investments

Investments in Available-for-Sale Debt Securities

The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of June 30, 2024 and December 31, 2023 (in millions):

As of June 30, 2024
As of December 31, 2023
Amortized
Cost		Gross Unrealized
Gains
Gross Unrealized and Credit
Losses
Estimated Fair
Value		Amortized
Cost		Gross Unrealized
Gains
Gross Unrealized and Credit
Losses
Estimated Fair
Value
Fixed income securities:
Asset-backed and mortgage-backed securities$109.8 $— $(0.5)$109.3 $38.2 $0.2 $(0.4)$38.0 
Corporate debt securities267.1 0.3 (0.8)266.6 160.2 0.7 (1.3)159.6 
Certificates of deposit11.7 — — 11.7 3.0 — — 3.0 
Commercial paper67.8 — — 67.8 41.1 — — 41.1 
Foreign government debt securities
5.3 — (0.1)5.2 5.3 — (0.2)5.1 
Time deposits280.9 — — 280.9 273.6 — — 273.6 
U.S. government agency securities
— — — — 4.0 — — 4.0 
U.S. government securities77.4 — (0.3)77.1 54.8 0.1 — 54.9 
Total fixed income securities
820.0 0.3 (1.7)818.6 580.2 1.0 (1.9)579.3 
Privately-held debt and redeemable preferred stock securities46.5 — (15.4)31.1 20.6 37.4 (8.3)49.7 
Total available-for-sale debt securities
$866.5 $0.3 $(17.1)$849.7 $600.8 $38.4 $(10.2)$629.0 
Reported as:
Cash equivalents$332.3 $— $— $332.3 $328.2 $— $— $328.2 
Short-term investments178.1 — (0.4)177.7 135.7 — (1.4)134.3 
Long-term investments309.6 0.3 (1.3)308.6 116.3 1.0 (0.5)116.8 
Other long-term assets46.5 — (15.4)31.1 20.6 37.4 (8.3)49.7 
Total$866.5 $0.3 $(17.1)$849.7 $600.8 $38.4 $(10.2)$629.0 


The following table presents the contractual maturities of the Company's total fixed income securities as of June 30, 2024 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$510.4 $510.0 
Due between one and five years309.6 308.6 
Total$820.0 $818.6 


As of June 30, 2024, the Company's unrealized loss of $1.7 million resulted from 265 fixed income available-for-sale debt securities, of which losses aggregating $1.1 million were from investments in an unrealized loss position for less than 12
months, and $0.6 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 and six months ended June 30, 2024 and June 30, 2023.

During the three months ended June 30, 2024, the Company did not record any material allowance for credit loss. During the six months ended June 30, 2024, the Company recorded an allowance for credit loss of $7.1 million on privately-held debt and redeemable preferred stock investments. The credit loss represents the difference between the estimated fair value and the cost of the investment related to the credit factors. The determination of fair value was based on quantitative and qualitative analysis including factors such as the near-term prospects of the investee in the market in which it operates and an evaluation of the investee's financial condition in relation to its outstanding obligations. As of June 30, 2024 and December 31, 2023, the Company had an allowance for credit loss of $15.4 million and $8.3 million, respectively, on privately-held debt and redeemable preferred stock investments.

During the three and six months ended June 30, 2024 and June 30, 2023, there were no material gross realized gains or losses from available-for-sale debt securities.

Investments in Equity Securities

The following table presents the Company's investments in equity securities as of June 30, 2024 and December 31, 2023 (in millions):
As of
June 30,
2024		December 31,
2023
Equity investments with readily determinable fair value:
Money market funds$303.5 $337.5 
Mutual funds45.0 38.0 
Publicly-traded equity securities9.0 5.1 
Equity investments without readily determinable fair value50.8 45.8 
Equity investment under the equity method of accounting22.2 26.4 
Total equity securities$430.5 $452.8 
Reported as:
Cash equivalents$303.5 $337.5 
Short-term investments9.0 5.1 
Prepaid expenses and other current assets3.5 2.5 
Other long-term assets114.5 107.7 
Total$430.5 $452.8 

For the three and six months ended June 30, 2024 and June 30, 2023, 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 and six months ended June 30, 2024, the loss recognized from the equity method investment was $2.0 million and $4.2 million, respectively. For the three and six months ended June 30, 2023, the loss recognized from the equity method investment was $2.1 million and $4.2 million, respectively.

Restricted Cash and Investments

The Company has restricted cash and investments for: (i) amounts under the Company's non-qualified deferred compensation plan for senior-level employees; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts held in escrow accounts, as required in connection with certain acquisitions. Restricted investments consist of equity
investments. As of June 30, 2024, the carrying value of restricted cash and investments was $61.0 million, of which $17.0 million was included in prepaid expenses and other current assets, and $44.0 million was included in other long-term assets on the Condensed Consolidated Balance Sheets.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (in millions):
As of
June 30,
2024		December 31,
2023
Cash and cash equivalents$935.0 $1,068.1 
Restricted cash included in prepaid expenses and other current assets13.5 13.8 
Restricted cash included in other long-term assets2.4 2.4 
Total cash, cash equivalents, and restricted cash$950.9 $1,084.3 
v3.24.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 3. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (in millions):
Fair Value Measurements at
June 30, 2024
Fair Value Measurements at
December 31, 2023
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities$— $109.3 $— $109.3 $— $38.0 $— $38.0 
Certificates of deposit— 11.7 — 11.7 — 3.0 — 3.0 
Corporate debt securities — 266.6 — 266.6 — 159.6 — 159.6 
Commercial paper— 67.8 — 67.8 — 41.1 — 41.1 
Foreign government debt securities— 5.2 — 5.2 — 5.1 — 5.1 
Time deposits— 280.9 — 280.9 — 273.6 — 273.6 
U.S. government agency securities— — — — — 4.0 — 4.0 
U.S. government securities57.5 19.6 — 77.1 20.0 34.9 — 54.9 
Privately-held debt and redeemable preferred stock securities— — 31.1 31.1 — — 49.7 49.7 
Total available-for-sale debt securities57.5 761.1 31.1 849.7 20.0 559.3 49.7 629.0 
Equity securities:
Money market funds303.5 — — 303.5 337.5 — — 337.5 
Mutual funds45.0 — — 45.0 38.0 — — 38.0 
Publicly-traded equity securities9.0 — — 9.0 5.1 — — 5.1 
Total equity securities357.5 — — 357.5 380.6 — — 380.6 
Derivative assets:
Foreign exchange contracts— 5.5 — 5.5 — 7.2 — 7.2 
Total derivative assets— 5.5 — 5.5 — 7.2 — 7.2 
Total assets measured at fair value on a recurring basis$415.0 $766.6 $31.1 $1,212.7 $400.6 $566.5 $49.7 $1,016.8 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(11.0)$— $(11.0)$— $(7.2)$— $(7.2)
Interest rate contracts— (84.1)— (84.1)— (73.6)— (73.6)
Total derivative liabilities— (95.1)— (95.1)— (80.8)— (80.8)
Total liabilities measured at fair value on a recurring basis$— $(95.1)$— $(95.1)$— $(80.8)$— $(80.8)
Fair Value Measurements at
June 30, 2024
Fair Value Measurements at
December 31, 2023
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Total assets, reported as:
Cash equivalents$306.5 $329.3 $— $635.8 $337.5 $328.2 $— $665.7 
Short-term investments19.7 167.0 — 186.7 12.8 126.6 — 139.4 
Long-term investments43.9 264.7 — 308.6 12.3 104.5 — 116.8 
Prepaid expenses and other current assets
3.4 4.2 — 7.6 2.5 4.6 — 7.1 
Other long-term assets41.5 1.4 31.1 74.0 35.5 2.6 49.7 87.8 
Total assets measured at fair value
$415.0 $766.6 $31.1 $1,212.7 $400.6 $566.5 $49.7 $1,016.8 
Total liabilities, reported as:
Other accrued liabilities$— $(9.1)$— $(9.1)$— $(6.2)$— $(6.2)
Other long-term liabilities— (86.0)— (86.0)— (74.6)— (74.6)
Total liabilities measured at fair value on a recurring basis
$— $(95.1)$— $(95.1)$— $(80.8)$— $(80.8)

The Company's Level 2 available-for-sale debt securities are priced using quoted market prices for similar instruments or non-binding market prices that are corroborated by observable market data. The Company uses inputs such as actual trade data, benchmark yields, broker/dealer quotes, or alternative pricing sources with reasonable levels of price transparency, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets. The Company's derivative instruments are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. During the three and six months ended June 30, 2024, 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. In January 2024, the Company invested in a convertible note of a privately-held company for a principal amount of $25.0 million with a maturity period of two years. During the three months ended June 30, 2024, the Company did not record any material allowance for credit loss. During six months ended June 30, 2024, the Company recognized a credit loss of $7.1 million on a privately-held debt investment and redeemable preferred stock securities. Refer to Note 2, Cash Equivalents and Investments.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The Company's investments in equity securities without readily determinable fair value are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of equity securities without readily determinable fair value, and investments accounted for under the equity method of accounting, on a nonrecurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. As of June 30, 2024, downward adjustments for equity securities without readily determinable fair value in the aggregate were $89.9 million. There have been no material upward adjustments to the equity securities without readily determinable fair value.

Certain of the Company's assets, including intangible assets and goodwill, are measured at fair value on a nonrecurring basis. There were no significant impairment charges recognized during the three and six months ended June 30, 2024.

As of June 30, 2024 and December 31, 2023, the Company had no liabilities required to be measured at fair value on a nonrecurring basis.
Assets and Liabilities Not Measured at Fair Value

The carrying amounts of the Company's accounts receivable, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. As of June 30, 2024 and December 31, 2023, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets was $1,568.4 million and $1,581.7 million, respectively, based on observable market inputs (Level 2).
v3.24.2
Derivative Instruments
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
Note 4. Derivative Instruments

The Company uses derivative instruments to manage a variety of risks, including risks related to fluctuations in foreign currency exchange rates and interest rates on debt instruments. The Company does not use derivative financial instruments for speculative purposes.

The notional amount of the Company's derivative instruments is summarized as follows (in millions):
 As of
 June 30,
2024		December 31,
2023
Designated derivatives:
Cash flow hedges:
Foreign currency contracts
$677.2 $801.0 
Fair value hedges:
Interest rate swap contracts
600.0 600.0 
Total designated derivatives
1,277.2 1,401.0 
Non-designated derivatives212.4 200.7 
Total$1,489.6 $1,601.7 

The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
 As of
 Balance Sheet ClassificationJune 30,
2024		December 31,
2023
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contractsOther current assets$4.1 $4.4 
Foreign currency contracts Other long-term assets1.3 2.7 
Total derivatives designated as hedging instruments$5.4 $7.1 
Derivatives not designated as hedging instrumentsOther current assets0.1 0.1 
Total derivative assets$5.5 $7.2 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$8.9 $6.0 
Foreign currency contracts Other long-term liabilities1.9 1.0 
Interest rate swap contractsOther long-term liabilities84.1 73.6 
Total derivatives designated as hedging instruments$94.9 $80.6 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.2 0.2 
Total derivative liabilities$95.1 $80.8 
Offsetting of Derivative Instruments

The Company presents its derivative instruments at gross fair values in the Condensed Consolidated Balance Sheets. As of June 30, 2024 and December 31, 2023, the potential effects of set-off associated with the derivative contracts would be a reduction to both derivative assets and derivative liabilities by $5.5 million and $7.2 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 swap contracts, designated as fair value hedges, to convert the fixed interest rates of certain Senior Notes ("Notes") to floating interest rates. In April 2021, the Company entered into these contracts for an aggregate notional amount of $300.0 million for its fixed-rate Notes maturing in December 2030 in addition to the contracts entered in 2019 for an aggregate notional amount of $300.0 million for its fixed-rate Notes maturing in March 2041. The interest rate swap contracts will expire within six years.

In 2020, the Company entered into interest rate lock contracts with large financial institutions, which fix the benchmark interest rates of future debt issuances for an aggregate notional amount of $650.0 million. These contracts were designated as cash flow hedges for a forecasted debt issuance, which was expected to occur by the end of 2025. During the year ended December 31, 2023, the Company terminated the interest rate lock contracts, resulting in a deferred gain of $133.9 million recognized in accumulated other comprehensive income, which will be deferred and amortized to interest expense over the term of the anticipated debt unless it becomes probable that the debt will not be issued with the terms anticipated at the hedge's inception. The Company classifies the cash flow in the same section as the underlying item resulting in the proceeds from sale being presented as operating activities.

Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations

For cash flow hedges, the Company recognized an unrealized loss of $3.4 million and $8.8 million in accumulated other comprehensive income for the effective portion of its derivative instruments for the three and six months ended June 30, 2024, respectively. The Company recognized an unrealized gain of $17.1 million and $7.2 million in accumulated other comprehensive income for the effective portion of its derivative instruments for the three and six months ended June 30, 2023, respectively.

For foreign currency contracts, the Company reclassified a loss of $2.2 million and $3.4 million out of accumulated other comprehensive income to cost of revenues and operating expenses in the Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2024, respectively, and a loss of $7.2 million and $15.0 million for the comparable periods ended June 30, 2023, respectively. As of June 30, 2024, an estimated $4.9 million of unrealized net loss within accumulated other comprehensive income is expected to be reclassified into earnings within the next twelve months.

Non-Designated Derivatives

The Company also uses foreign currency forward contracts to mitigate variability in gains and losses generated from the remeasurement of certain monetary assets and liabilities denominated in foreign currencies. These foreign exchange forward contracts typically have maturities of approximately one to four months. The outstanding non-designated derivative instruments are carried at fair value. Changes in the fair value of these derivatives, which were recorded in Other expense, net within the Condensed Consolidated Statements of Operations, were not material during the three and six months ended June 30, 2024 and June 30, 2023.
v3.24.2
Other Financial Information
 6 Months Ended
Jun. 30, 2024
Other Financial Information [Abstract]  
Other Financial Information
Note 5. Other Financial Information

Total Inventory

Total inventory consisted of the following (in millions):
As of
June 30,
2024		December 31,
2023
Production and service materials$732.1 $719.0 
Finished goods279.9 299.0 
Total inventory$1,012.0 $1,018.0 
Reported as:
Inventory$926.1 $952.4 
Other long-term assets (1)
85.9 65.6 
Total inventory$1,012.0 $1,018.0 
__________________
(1) Long-term inventory balance classified as other long-term assets in the Company's Condensed Consolidated Balance Sheets consists of last time buy component inventory to be consumed beyond the Company's normal operating cycle.


Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in millions):
As of
June 30,
2024		December 31,
2023
Contract manufacturer deposits$200.3 $316.4 
Prepaid expenses178.7 140.9 
Other current assets138.6 134.2 
Total prepaid expenses and other current assets$517.6 $591.5 

During the three months ended June 30, 2024, the Company did not record any material allowance for credit loss. During six months ended June 30, 2024, the Company recorded an allowance for credit loss of $7.7 million on note receivables due from a privately-held investee. The credit loss represents the difference between the net amount expected to be collected and the amortized cost of the note receivable.

Warranties

Changes during the six months ended June 30, 2024 in the Company’s warranty reserve as reported within other accrued liabilities in the Condensed Consolidated Balance Sheets were as follows (in millions):

Balance as of December 31, 2023
$29.4 
Provisions made during the period21.5 
Actual costs incurred during the period(21.1)
Balance as of June 30, 2024
$29.8 
Deferred Revenue

Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions):
As of
June 30,
2024		December 31,
2023
Deferred product revenue, net
$84.6 $92.1 
Deferred service revenue, net
2,003.8 1,932.8 
Total$2,088.4 $2,024.9 
Reported as:
Current$1,147.9 $1,130.0 
Long-term940.5 894.9 
Total$2,088.4 $2,024.9 

Revenue

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

Product revenue of $22.9 million and $40.1 million included in deferred revenue at January 1, 2024 were recognized during the three and six months ended June 30, 2024, respectively. Service revenue of $290.5 million and $636.0 million included in deferred revenue at January 1, 2024 were recognized during the three and six months ended June 30, 2024, respectively.

Remaining Performance Obligations

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

The following table summarizes the breakdown of RPO(1) as of June 30, 2024 and when the Company expects to recognize the amounts as revenue (in millions):
Revenue Recognition Expected by Period
TotalLess than 1 year1-3 yearsMore than 3 years
Product$84.9 $71.2 $11.7 $2.0 
Service2,016.1 1,084.0 719.9 212.2 
Total$2,101.0 $1,155.2 $731.6 $214.2 
__________________
(1) The Company's RPO does not include backlog. Backlog consists of purchase orders for product primarily expected to be shipped to the Company's distributors, resellers, or end customers within the next 90 days. The following amounts are not included in the Company's backlog: (1) deferred revenue, (2) unbilled contract revenue, (3) all service obligations, including software as a service (SaaS), and (4) certain future revenue adjustments for items such as sales return reserves and early payment discounts.

Deferred Contract Cost

The Company capitalizes direct and incremental costs incurred to acquire contracts, primarily sales commissions, for which the associated revenue is expected to be recognized in future periods. The Company incurs these costs in connection with both initial contracts and renewals. These costs are initially deferred, recorded as prepaid expenses and other current assets or other long-term assets, and are amortized over a period of benefit, which is typically over the term of the customer contracts or when product is delivered and revenue recognized. Commission expense is included in sales and marketing expenses in the accompanying Condensed Consolidated Statements of Operations.
Deferred contract cost was $42.2 million as of June 30, 2024. For the three and six months ended June 30, 2024, amortization expense associated with the deferred commissions was $23.0 million and $41.2 million, respectively, and there were no impairment charges recognized.

Other Income (Expense), Net

Other income (expense), net, consisted of the following (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Interest income $16.7 $11.7 $33.6 $21.2 
Interest expense(20.5)(19.7)(41.0)(38.9)
Gain on other investments, net (1)
4.6 1.2 8.0 1.9 
Other0.5 (0.6)2.8 (0.4)
Other income (expense), net
$1.3 $(7.4)$3.4 $(16.2)
________________
(1) Other investments represent fixed income securities and equity investments with readily determinable fair value.
v3.24.2
Restructuring Charges
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Charges
Note 6. Restructuring Charges

The following table presents changes in the restructuring liabilities (in millions):

Six Months Ended June 30, 2024
Employee severanceFacility exit-related and asset impairmentsContract terminations and otherTotal
Liability as of December 31, 2023
$30.0 $0.4 $3.2 $33.6 
Charges
3.2 2.1 0.4 5.7 
Cash payments
(24.6)— (3.6)(28.2)
Non-cash items
(0.2)(2.3)— (2.5)
Liability as of June 30, 2024
$8.4 $0.2 $— $8.6 
v3.24.2
Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt
Note 7. Debt

Debt

The following table summarizes the Company's total debt (in millions, except percentages):
 As of
 Maturity DateEffective Interest RatesJune 30,
2024		December 31,
2023
Senior Notes:
1.200% fixed-rate notes
December 20251.37 %$400.0 $400.0 
3.750% fixed-rate notes
August 20293.86 %500.0 500.0 
2.000% fixed-rate notes
December 20302.12 %400.0 400.0 
5.950% fixed-rate notes
March 20416.03 %400.0 400.0 
Total Notes1,700.0 1,700.0 
Unaccreted discount and debt issuance costs(8.7)(9.6)
Hedge accounting fair value adjustments(*)
(84.1)(73.6)
Total$1,607.2 $1,616.8 
________________________________
(*)     Represents the fair value adjustments for interest rate swap contracts with an aggregate notional amount of $600.0 million. These contracts convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments, for a discussion of the Company's interest rate swap contracts.

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

The Company may redeem the Notes, either in whole or in part, at any time, at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments discounted to the redemption date, plus, in either case, accrued and unpaid interest, if any. Upon both a change-of-control and a rating event, the holders of the Notes may require the Company to repurchase for cash all or part of the Notes at a purchase price equal to 101% of the aggregate principal amount, plus accrued and unpaid interest, if any. The terms of the Merger Agreement restrict the Company from redeeming any indebtedness that has a make whole amount, prepayment penalty, or similar obligation, including the Notes, without HPE’s approval.

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

As of June 30, 2024, the Company was in compliance with all covenants in the indentures governing the Notes.

Revolving Credit Facility

The Company maintains an unsecured revolving credit facility that was entered into in June 2023, with an aggregate lending commitment of $500.0 million and an option to increase the facility by up to an additional $200.0 million for a period of five years with two one-year extension options. As of June 30, 2024, there were no amounts outstanding, and the Company was in compliance with all covenants in the credit agreement.

Under the terms of the Merger Agreement, the Company is required to terminate the Revolving Credit Facility upon the closing of the Merger.
v3.24.2
Equity
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Equity
Note 8. Equity

The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Dividends:
Per share$0.22 $0.22 $0.44 $0.44 
Amount$71.5 $69.9 $142.9 $140.5 
Repurchased under the 2018 Stock Repurchase Program:
Shares— 4.1 — 8.6 
Average price per share$— $29.23 $— $30.26 
Amount$— $120.0 $— $260.0 

Cash Dividends on Shares of Common Stock

During the three and six months ended June 30, 2024, the Company declared and paid a quarterly cash dividend of $0.22 per common share, totaling $71.5 million and $142.9 million, respectively, on its outstanding common stock. Any future dividends, and the establishment of record and payment dates, are subject to approval by the Board of Directors of Juniper or an authorized committee thereof. See Note 14, Subsequent Events, for discussion of the Company's dividend declaration subsequent to June 30, 2024.

Stock Repurchase Activities

As of June 30, 2024, there was approximately $0.2 billion of authorized funds remaining under the 2018 Stock Repurchase Program. In connection with its entry into the Merger Agreement, the Company is required to suspend its stock repurchase program and did not repurchase its common stock during the three and six months ended June 30, 2024.

In addition to repurchases under the 2018 Stock Repurchase Program, the Company also withholds shares of common stock from certain employees in connection with the vesting of stock awards issued to such employees to satisfy applicable tax withholding requirements. Such withheld shares are treated as common stock repurchases in the Company's financial statements as they reduce the number of shares that would have been issued upon vesting. During the six months ended June 30, 2024 and June 30, 2023, repurchases associated with tax withholdings were $14.6 million and $11.4 million, respectively.
Accumulated Other Comprehensive Income, Net of Tax

The components of accumulated other comprehensive income, net of related taxes, for the six months ended June 30, 2024 were as follows (in millions):
Unrealized
Gains/Losses
on Available-for-
Sale Debt Securities		Unrealized
 Gains/Losses
on Cash Flow
Hedges		Foreign
Currency
Translation
Adjustments		Total
Balance as of December 31, 2023
$28.9 $102.3 $(82.1)$49.1 
Other comprehensive loss before reclassifications
(28.4)(9.0)(6.0)(43.4)
Amount reclassified from accumulated other comprehensive income(0.2)3.5 — 3.3 
Other comprehensive loss, net
(28.6)(5.5)(6.0)(40.1)
Balance as of June 30, 2024
$0.3 $96.8 $(88.1)$9.0 
v3.24.2
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Employee Benefit Plans
Note 9. Employee Benefit Plans

Equity Incentive Plans

The Company has stock-based compensation plans pursuant to which it has granted stock options, restricted stock units (“RSUs”), and performance share awards (“PSAs”). The Company also maintains its 2008 Employee Stock Purchase Plan (the “ESPP”) for all eligible employees. In June 2024, the Company's stockholders approved an additional 7.0 million shares of common stock for issuance under the Company's 2015 Equity Incentive Plan and an additional 3.0 million shares of common stock for issuance under the Company's ESPP. As of June 30, 2024, 7.2 million and 5.3 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.

After signing the Merger Agreement, the Company has suspended the following aspects of the Company's ESPP: (1) commencing a new offering period, (2) permitting new participants, and (3) any increase in the amount of payroll deductions.

RSU, RSA, and PSA Activities

The Company’s RSU, RSA, and PSA activities and related information as of and for the six months ended June 30, 2024 were as follows (in millions, except per share amounts and years):
Outstanding RSUs, RSAs, and PSAs
Number of SharesWeighted Average
Grant Date Fair
Value per Share		Weighted Average
Remaining
Contractual Term
(In Years)		Aggregate
Intrinsic
Value
Balance as of December 31, 2023
20.2 $28.10 
Granted(*)
3.4 35.00 
Vested(3.9)26.44 
Cancelled
(1.5)27.28 
Balance as of June 30, 2024
18.2 $29.83 1.0$662.3 
________________________________
(*)    Includes 1.6 million service-based and 1.8 million performance-based awards. The number of shares subject to performance-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested.

Employee Stock Purchase Plan

The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts):
Six Months Ended June 30,
20242023
Shares purchased1.3 1.3 
Average exercise price per share$23.81 $23.44 
Share-Based Compensation Expense

Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Cost of revenues - Product$1.4 $1.7 $3.2 $3.4 
Cost of revenues - Service4.9 4.7 10.4 9.4 
Research and development26.4 26.1 64.9 51.8 
Sales and marketing18.7 19.4 42.8 38.0 
General and administrative9.9 10.1 19.9 20.3 
Total$61.3 $62.0 $141.2 $122.9 

The following table summarizes share-based compensation expense by award type (in millions):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Stock options$0.3 $0.6 $0.6 $1.4 
RSUs, RSAs, and PSAs56.2 54.9 129.1 107.9 
ESPP purchase rights4.8 6.5 11.5 13.6 
Total$61.3 $62.0 $141.2 $122.9 
As of June 30, 2024, the total unrecognized compensation cost related to unvested share-based awards was $314.3 million to be recognized over a weighted-average period of 1.72 years.
v3.24.2
Segments
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segments
Note 10. Segments

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

The following table presents net revenues by customer solution (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Customer Solutions(*):
Wide Area Networking
$340.8 $474.6 $691.2 $949.1 
Data Center
168.7 200.3 331.8 393.9 
Campus and Branch
279.9 371.1 520.4 688.1 
Hardware Maintenance and Professional Services400.2 384.1 795.1 770.8 
Total $1,189.6 $1,430.1 $2,338.5 $2,801.9 
________________
(*) Effective as of the first quarter of 2024, our customer solution revenue categories include the following name changes, and historical revenue by customer solution was not impacted by the name change: 1) Automated WAN Solutions changed to Wide Area Networking, 2) Cloud-Ready Data Center changed to Data Center, and 3) AI-Driven Enterprise changed to Campus and Branch.

The following table presents net revenues by customer vertical (in millions):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Cloud$267.9 $311.0 $517.9 $575.9 
Service Provider367.1 473.6 749.0 1,023.5 
Enterprise554.6 645.5 1,071.6 1,202.5 
Total$1,189.6 $1,430.1 $2,338.5 $2,801.9 

The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Americas:
United States$654.7 $776.3 $1,264.1 $1,509.9 
Other59.3 72.3 115.4 137.2 
Total Americas714.0 848.6 1,379.5 1,647.1 
Europe, Middle East, and Africa296.4 354.6 607.5 724.5 
Asia Pacific179.2 226.9 351.5 430.3 
Total$1,189.6 $1,430.1 $2,338.5 $2,801.9 

For the three and six months ended June 30, 2024 and June 30, 2023, no customer accounted for more than 10% of total net revenues.
v3.24.2
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
Note 11. Income Taxes

The following table provides details of income taxes (in millions, except percentages):
 Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Income before income taxes
$47.0 $41.5 $20.6 $148.6 
Income tax provision (benefit)
$10.8 $15.0 $(16.9)$34.6 
Effective tax rate23.0 %36.2 %(82.0)%23.3 %

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

The Company’s effective tax rate for the six months ended June 30, 2024 includes $19.0 million of one-time benefits from tax settlements related to the geographic mix of earnings.

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

As of June 30, 2024, deferred tax assets increased $72.7 million to $713.6 million from $640.9 million at December 31, 2023. Deferred income taxes are classified as other long-term assets in the Company's Condensed Consolidated Balance Sheets.

As of June 30, 2024, the total amount of gross unrecognized tax benefits was $113.0 million. Primarily due to the completion
of tax review cycles, the amount decreased by $19.8 million compared to $132.8 million at December 31, 2023.

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 $0.4 million within the next 12 months and $51.0 million within the next 18 months due to the completion of tax review cycles in various tax jurisdictions and lapses of applicable statutes of limitation.

The Company's examination by the IRS for the 2017 through 2018 tax years closed in February 2024. The closure did not have a significant impact to the income tax provision and the Company is not currently under examination by the IRS for other tax years. The Company is under examination by the India tax authorities for the 2012 through 2020 tax years.
v3.24.2
Net Income per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Net Income per Share
Note 12. Net Income per Share

The Company computed basic and diluted net income per share as follows (in millions, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Numerator:
Net income
$34.1 $24.4 $33.3 $109.8 
Denominator:
Weighted-average shares used to compute basic net income per share
325.1 319.3 323.8 320.8 
Dilutive effect of employee stock awards7.6 6.7 8.3 6.8 
Weighted-average shares used to compute diluted net income per share
332.7 326.0 332.1 327.6 
Net income per share:
Basic$0.10 $0.08 $0.10 $0.34 
Diluted$0.10 $0.07 $0.10 $0.34 
Anti-dilutive shares 0.3 3.9 0.1 3.8 
v3.24.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 13. Commitments and Contingencies

Commitments

Except for the items below, there have been no material changes to the Company's commitments compared to the commitments described in Note 14, Commitments and Contingencies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K.

Purchase Commitments with Contract Manufacturers and Suppliers

In order to reduce manufacturing lead times and in the interest of having access to adequate component supply, the Company enters into agreements with contract manufacturers and certain suppliers to procure inventory based on the Company's requirements. A significant portion of the Company's purchase commitments arising from these agreements consists of firm and non-cancellable commitments. In certain instances, these agreements allow the Company the option to cancel, reschedule, and adjust its requirements based on the Company's business needs prior to firm orders being placed. These purchase commitments totaled $1,051.2 million as of June 30, 2024.

HPE Merger Contingencies

In connection with the pending Merger, the Company expects to incur additional liabilities of approximately $151.8 million that are subject to the consummation of the Merger. These contingent liabilities include financial advisory fees and certain retention bonuses.

Legal Proceedings

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

Tax Liability

Our transition tax liability represents future cash payments on accumulated foreign earnings of subsidiaries as a result of the Tax Cuts and Jobs Act of 2017 ("Tax Act"). The Company has elected to pay its transition tax, net of applicable tax refunds, over the eight-year period provided in the Tax Act. The remaining balance of the Company's transition tax obligation of $102.1 million is to be paid within the next 12 months and is included within short-term income taxes payable as of June 30, 2024. Short-term income taxes payable are classified as other accrued liabilities in the Company's Condensed Consolidated Balance Sheets.


As of June 30, 2024, the Company also had $74.7 million included in long-term income taxes payable on the Condensed Consolidated Balance Sheets for unrecognized tax positions. At this time, the Company is unable to make a reasonably reliable estimate of the timing of payments related to this amount due to uncertainties in the timing of tax audit outcomes.
v3.24.2
Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events
Note 14. Subsequent Events

Dividend Declaration

On July 25, 2024, the Company announced a cash dividend of $0.22 per share of common stock to be paid on September 23, 2024 to stockholders of record as of the close of business on September 2, 2024.
v3.24.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net income $ 34.1 $ 24.4 $ 33.3 $ 109.8
v3.24.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
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, 2023 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, 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, 2023 (the "Form 10-K"). The Company has evaluated all subsequent events through the date these condensed consolidated financial statements were issued.
Use of Estimates
The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions.
Reclassification
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.
Recent Accounting Standards Not Yet Adopted
Recent Accounting Standards Not Yet Adopted

Improvements to Reportable Segment Disclosures: In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a significant impact on its Condensed Consolidated Financial Statements.

Improvements to Income Tax Disclosures: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which expands the disclosures required for income taxes. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the effect of this pronouncement on its disclosures.
v3.24.2
Cash Equivalents and Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Cash Equivalents and Investments [Abstract]  
Schedule of Unrealized Gains and Losses and Fair Value of Available-For-Sale Debt Securities
The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of June 30, 2024 and December 31, 2023 (in millions):

As of June 30, 2024
As of December 31, 2023
Amortized
Cost		Gross Unrealized
Gains
Gross Unrealized and Credit
Losses
Estimated Fair
Value		Amortized
Cost		Gross Unrealized
Gains
Gross Unrealized and Credit
Losses
Estimated Fair
Value
Fixed income securities:
Asset-backed and mortgage-backed securities$109.8 $— $(0.5)$109.3 $38.2 $0.2 $(0.4)$38.0 
Corporate debt securities267.1 0.3 (0.8)266.6 160.2 0.7 (1.3)159.6 
Certificates of deposit11.7 — — 11.7 3.0 — — 3.0 
Commercial paper67.8 — — 67.8 41.1 — — 41.1 
Foreign government debt securities
5.3 — (0.1)5.2 5.3 — (0.2)5.1 
Time deposits280.9 — — 280.9 273.6 — — 273.6 
U.S. government agency securities
— — — — 4.0 — — 4.0 
U.S. government securities77.4 — (0.3)77.1 54.8 0.1 — 54.9 
Total fixed income securities
820.0 0.3 (1.7)818.6 580.2 1.0 (1.9)579.3 
Privately-held debt and redeemable preferred stock securities46.5 — (15.4)31.1 20.6 37.4 (8.3)49.7 
Total available-for-sale debt securities
$866.5 $0.3 $(17.1)$849.7 $600.8 $38.4 $(10.2)$629.0 
Reported as:
Cash equivalents$332.3 $— $— $332.3 $328.2 $— $— $328.2 
Short-term investments178.1 — (0.4)177.7 135.7 — (1.4)134.3 
Long-term investments309.6 0.3 (1.3)308.6 116.3 1.0 (0.5)116.8 
Other long-term assets46.5 — (15.4)31.1 20.6 37.4 (8.3)49.7 
Total$866.5 $0.3 $(17.1)$849.7 $600.8 $38.4 $(10.2)$629.0 
Schedule of Maturities of Fixed Income Securities
The following table presents the contractual maturities of the Company's total fixed income securities as of June 30, 2024 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$510.4 $510.0 
Due between one and five years309.6 308.6 
Total$820.0 $818.6 
Schedule of Investments in Equity Securities
The following table presents the Company's investments in equity securities as of June 30, 2024 and December 31, 2023 (in millions):
As of
June 30,
2024		December 31,
2023
Equity investments with readily determinable fair value:
Money market funds$303.5 $337.5 
Mutual funds45.0 38.0 
Publicly-traded equity securities9.0 5.1 
Equity investments without readily determinable fair value50.8 45.8 
Equity investment under the equity method of accounting22.2 26.4 
Total equity securities$430.5 $452.8 
Reported as:
Cash equivalents$303.5 $337.5 
Short-term investments9.0 5.1 
Prepaid expenses and other current assets3.5 2.5 
Other long-term assets114.5 107.7 
Total$430.5 $452.8 
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (in millions):
As of
June 30,
2024		December 31,
2023
Cash and cash equivalents$935.0 $1,068.1 
Restricted cash included in prepaid expenses and other current assets13.5 13.8 
Restricted cash included in other long-term assets2.4 2.4 
Total cash, cash equivalents, and restricted cash$950.9 $1,084.3 
v3.24.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (in millions):
Fair Value Measurements at
June 30, 2024
Fair Value Measurements at
December 31, 2023
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities$— $109.3 $— $109.3 $— $38.0 $— $38.0 
Certificates of deposit— 11.7 — 11.7 — 3.0 — 3.0 
Corporate debt securities — 266.6 — 266.6 — 159.6 — 159.6 
Commercial paper— 67.8 — 67.8 — 41.1 — 41.1 
Foreign government debt securities— 5.2 — 5.2 — 5.1 — 5.1 
Time deposits— 280.9 — 280.9 — 273.6 — 273.6 
U.S. government agency securities— — — — — 4.0 — 4.0 
U.S. government securities57.5 19.6 — 77.1 20.0 34.9 — 54.9 
Privately-held debt and redeemable preferred stock securities— — 31.1 31.1 — — 49.7 49.7 
Total available-for-sale debt securities57.5 761.1 31.1 849.7 20.0 559.3 49.7 629.0 
Equity securities:
Money market funds303.5 — — 303.5 337.5 — — 337.5 
Mutual funds45.0 — — 45.0 38.0 — — 38.0 
Publicly-traded equity securities9.0 — — 9.0 5.1 — — 5.1 
Total equity securities357.5 — — 357.5 380.6 — — 380.6 
Derivative assets:
Foreign exchange contracts— 5.5 — 5.5 — 7.2 — 7.2 
Total derivative assets— 5.5 — 5.5 — 7.2 — 7.2 
Total assets measured at fair value on a recurring basis$415.0 $766.6 $31.1 $1,212.7 $400.6 $566.5 $49.7 $1,016.8 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(11.0)$— $(11.0)$— $(7.2)$— $(7.2)
Interest rate contracts— (84.1)— (84.1)— (73.6)— (73.6)
Total derivative liabilities— (95.1)— (95.1)— (80.8)— (80.8)
Total liabilities measured at fair value on a recurring basis$— $(95.1)$— $(95.1)$— $(80.8)$— $(80.8)
Fair Value Measurements at
June 30, 2024
Fair Value Measurements at
December 31, 2023
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Total assets, reported as:
Cash equivalents$306.5 $329.3 $— $635.8 $337.5 $328.2 $— $665.7 
Short-term investments19.7 167.0 — 186.7 12.8 126.6 — 139.4 
Long-term investments43.9 264.7 — 308.6 12.3 104.5 — 116.8 
Prepaid expenses and other current assets
3.4 4.2 — 7.6 2.5 4.6 — 7.1 
Other long-term assets41.5 1.4 31.1 74.0 35.5 2.6 49.7 87.8 
Total assets measured at fair value
$415.0 $766.6 $31.1 $1,212.7 $400.6 $566.5 $49.7 $1,016.8 
Total liabilities, reported as:
Other accrued liabilities$— $(9.1)$— $(9.1)$— $(6.2)$— $(6.2)
Other long-term liabilities— (86.0)— (86.0)— (74.6)— (74.6)
Total liabilities measured at fair value on a recurring basis
$— $(95.1)$— $(95.1)$— $(80.8)$— $(80.8)
v3.24.2
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The notional amount of the Company's derivative instruments is summarized as follows (in millions):
 As of
 June 30,
2024		December 31,
2023
Designated derivatives:
Cash flow hedges:
Foreign currency contracts
$677.2 $801.0 
Fair value hedges:
Interest rate swap contracts
600.0 600.0 
Total designated derivatives
1,277.2 1,401.0 
Non-designated derivatives212.4 200.7 
Total$1,489.6 $1,601.7 
Schedule of Derivative Assets at Fair Value
The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
 As of
 Balance Sheet ClassificationJune 30,
2024		December 31,
2023
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contractsOther current assets$4.1 $4.4 
Foreign currency contracts Other long-term assets1.3 2.7 
Total derivatives designated as hedging instruments$5.4 $7.1 
Derivatives not designated as hedging instrumentsOther current assets0.1 0.1 
Total derivative assets$5.5 $7.2 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$8.9 $6.0 
Foreign currency contracts Other long-term liabilities1.9 1.0 
Interest rate swap contractsOther long-term liabilities84.1 73.6 
Total derivatives designated as hedging instruments$94.9 $80.6 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.2 0.2 
Total derivative liabilities$95.1 $80.8 
Schedule of Derivative Liabilities at Fair Value
The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
 As of
 Balance Sheet ClassificationJune 30,
2024		December 31,
2023
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contractsOther current assets$4.1 $4.4 
Foreign currency contracts Other long-term assets1.3 2.7 
Total derivatives designated as hedging instruments$5.4 $7.1 
Derivatives not designated as hedging instrumentsOther current assets0.1 0.1 
Total derivative assets$5.5 $7.2 
Derivative liabilities:
Derivatives designated as hedging instruments:
Foreign currency contracts Other accrued liabilities$8.9 $6.0 
Foreign currency contracts Other long-term liabilities1.9 1.0 
Interest rate swap contractsOther long-term liabilities84.1 73.6 
Total derivatives designated as hedging instruments$94.9 $80.6 
Derivatives not designated as hedging instrumentsOther accrued liabilities0.2 0.2 
Total derivative liabilities$95.1 $80.8 
v3.24.2
Other Financial Information (Tables)
 6 Months Ended
Jun. 30, 2024
Other Financial Information [Abstract]  
Schedule of Inventories
Total inventory consisted of the following (in millions):
As of
June 30,
2024		December 31,
2023
Production and service materials$732.1 $719.0 
Finished goods279.9 299.0 
Total inventory$1,012.0 $1,018.0 
Reported as:
Inventory$926.1 $952.4 
Other long-term assets (1)
85.9 65.6 
Total inventory$1,012.0 $1,018.0 
__________________
(1) Long-term inventory balance classified as other long-term assets in the Company's Condensed Consolidated Balance Sheets consists of last time buy component inventory to be consumed beyond the Company's normal operating cycle.
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in millions):
As of
June 30,
2024		December 31,
2023
Contract manufacturer deposits$200.3 $316.4 
Prepaid expenses178.7 140.9 
Other current assets138.6 134.2 
Total prepaid expenses and other current assets$517.6 $591.5 
Schedule of Warranties
Changes during the six months ended June 30, 2024 in the Company’s warranty reserve as reported within other accrued liabilities in the Condensed Consolidated Balance Sheets were as follows (in millions):

Balance as of December 31, 2023
$29.4 
Provisions made during the period21.5 
Actual costs incurred during the period(21.1)
Balance as of June 30, 2024
$29.8 
Schedule of Deferred Revenue
Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions):
As of
June 30,
2024		December 31,
2023
Deferred product revenue, net
$84.6 $92.1 
Deferred service revenue, net
2,003.8 1,932.8 
Total$2,088.4 $2,024.9 
Reported as:
Current$1,147.9 $1,130.0 
Long-term940.5 894.9 
Total$2,088.4 $2,024.9 
Schedule of Performance Obligation
The following table summarizes the breakdown of RPO(1) as of June 30, 2024 and when the Company expects to recognize the amounts as revenue (in millions):
Revenue Recognition Expected by Period
TotalLess than 1 year1-3 yearsMore than 3 years
Product$84.9 $71.2 $11.7 $2.0 
Service2,016.1 1,084.0 719.9 212.2 
Total$2,101.0 $1,155.2 $731.6 $214.2 
__________________
(1) The Company's RPO does not include backlog. Backlog consists of purchase orders for product primarily expected to be shipped to the Company's distributors, resellers, or end customers within the next 90 days. The following amounts are not included in the Company's backlog: (1) deferred revenue, (2) unbilled contract revenue, (3) all service obligations, including software as a service (SaaS), and (4) certain future revenue adjustments for items such as sales return reserves and early payment discounts.
Schedule of Other Expense, Net
Other income (expense), net, consisted of the following (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Interest income $16.7 $11.7 $33.6 $21.2 
Interest expense(20.5)(19.7)(41.0)(38.9)
Gain on other investments, net (1)
4.6 1.2 8.0 1.9 
Other0.5 (0.6)2.8 (0.4)
Other income (expense), net
$1.3 $(7.4)$3.4 $(16.2)
________________
(1) Other investments represent fixed income securities and equity investments with readily determinable fair value.
v3.24.2
Restructuring Charges (Tables)
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Liabilities
The following table presents changes in the restructuring liabilities (in millions):

Six Months Ended June 30, 2024
Employee severanceFacility exit-related and asset impairmentsContract terminations and otherTotal
Liability as of December 31, 2023
$30.0 $0.4 $3.2 $33.6 
Charges
3.2 2.1 0.4 5.7 
Cash payments
(24.6)— (3.6)(28.2)
Non-cash items
(0.2)(2.3)— (2.5)
Liability as of June 30, 2024
$8.4 $0.2 $— $8.6 
v3.24.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Total Debt
The following table summarizes the Company's total debt (in millions, except percentages):
 As of
 Maturity DateEffective Interest RatesJune 30,
2024		December 31,
2023
Senior Notes:
1.200% fixed-rate notes
December 20251.37 %$400.0 $400.0 
3.750% fixed-rate notes
August 20293.86 %500.0 500.0 
2.000% fixed-rate notes
December 20302.12 %400.0 400.0 
5.950% fixed-rate notes
March 20416.03 %400.0 400.0 
Total Notes1,700.0 1,700.0 
Unaccreted discount and debt issuance costs(8.7)(9.6)
Hedge accounting fair value adjustments(*)
(84.1)(73.6)
Total$1,607.2 $1,616.8 
________________________________
(*)     Represents the fair value adjustments for interest rate swap contracts with an aggregate notional amount of $600.0 million. These contracts convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments, for a discussion of the Company's interest rate swap contracts.
v3.24.2
Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Dividends Paid and Stock Repurchases and Retirements Under Stock Repurchase Program
The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Dividends:
Per share$0.22 $0.22 $0.44 $0.44 
Amount$71.5 $69.9 $142.9 $140.5 
Repurchased under the 2018 Stock Repurchase Program:
Shares— 4.1 — 8.6 
Average price per share$— $29.23 $— $30.26 
Amount$— $120.0 $— $260.0 
Schedule of Accumulated Other Comprehensive Loss, Net of Taxes
The components of accumulated other comprehensive income, net of related taxes, for the six months ended June 30, 2024 were as follows (in millions):
Unrealized
Gains/Losses
on Available-for-
Sale Debt Securities		Unrealized
 Gains/Losses
on Cash Flow
Hedges		Foreign
Currency
Translation
Adjustments		Total
Balance as of December 31, 2023
$28.9 $102.3 $(82.1)$49.1 
Other comprehensive loss before reclassifications
(28.4)(9.0)(6.0)(43.4)
Amount reclassified from accumulated other comprehensive income(0.2)3.5 — 3.3 
Other comprehensive loss, net
(28.6)(5.5)(6.0)(40.1)
Balance as of June 30, 2024
$0.3 $96.8 $(88.1)$9.0 
v3.24.2
Employee Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Nonvested Share Activity
The Company’s RSU, RSA, and PSA activities and related information as of and for the six months ended June 30, 2024 were as follows (in millions, except per share amounts and years):
Outstanding RSUs, RSAs, and PSAs
Number of SharesWeighted Average
Grant Date Fair
Value per Share		Weighted Average
Remaining
Contractual Term
(In Years)		Aggregate
Intrinsic
Value
Balance as of December 31, 2023
20.2 $28.10 
Granted(*)
3.4 35.00 
Vested(3.9)26.44 
Cancelled
(1.5)27.28 
Balance as of June 30, 2024
18.2 $29.83 1.0$662.3 
________________________________
(*)    Includes 1.6 million service-based and 1.8 million performance-based awards. The number of shares subject to performance-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested.
Schedule of Employee Stock Purchases through ESPP
The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts):
Six Months Ended June 30,
20242023
Shares purchased1.3 1.3 
Average exercise price per share$23.81 $23.44 
Schedule of Employee Service Share-Based Compensation, Allocation of Recognized Period Costs
Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Cost of revenues - Product$1.4 $1.7 $3.2 $3.4 
Cost of revenues - Service4.9 4.7 10.4 9.4 
Research and development26.4 26.1 64.9 51.8 
Sales and marketing18.7 19.4 42.8 38.0 
General and administrative9.9 10.1 19.9 20.3 
Total$61.3 $62.0 $141.2 $122.9 
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award
The following table summarizes share-based compensation expense by award type (in millions):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Stock options$0.3 $0.6 $0.6 $1.4 
RSUs, RSAs, and PSAs56.2 54.9 129.1 107.9 
ESPP purchase rights4.8 6.5 11.5 13.6 
Total$61.3 $62.0 $141.2 $122.9 
v3.24.2
Segments (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Financial Information by Segment
The following table presents net revenues by customer solution (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Customer Solutions(*):
Wide Area Networking
$340.8 $474.6 $691.2 $949.1 
Data Center
168.7 200.3 331.8 393.9 
Campus and Branch
279.9 371.1 520.4 688.1 
Hardware Maintenance and Professional Services400.2 384.1 795.1 770.8 
Total $1,189.6 $1,430.1 $2,338.5 $2,801.9 
________________
(*) Effective as of the first quarter of 2024, our customer solution revenue categories include the following name changes, and historical revenue by customer solution was not impacted by the name change: 1) Automated WAN Solutions changed to Wide Area Networking, 2) Cloud-Ready Data Center changed to Data Center, and 3) AI-Driven Enterprise changed to Campus and Branch.

The following table presents net revenues by customer vertical (in millions):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Cloud$267.9 $311.0 $517.9 $575.9 
Service Provider367.1 473.6 749.0 1,023.5 
Enterprise554.6 645.5 1,071.6 1,202.5 
Total$1,189.6 $1,430.1 $2,338.5 $2,801.9 
Schedule of Net Revenues by Geographic Region
The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Americas:
United States$654.7 $776.3 $1,264.1 $1,509.9 
Other59.3 72.3 115.4 137.2 
Total Americas714.0 848.6 1,379.5 1,647.1 
Europe, Middle East, and Africa296.4 354.6 607.5 724.5 
Asia Pacific179.2 226.9 351.5 430.3 
Total$1,189.6 $1,430.1 $2,338.5 $2,801.9 
v3.24.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The following table provides details of income taxes (in millions, except percentages):
 Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Income before income taxes
$47.0 $41.5 $20.6 $148.6 
Income tax provision (benefit)
$10.8 $15.0 $(16.9)$34.6 
Effective tax rate23.0 %36.2 %(82.0)%23.3 %
v3.24.2
Net Income per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Income Per Share
The Company computed basic and diluted net income per share as follows (in millions, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Numerator:
Net income
$34.1 $24.4 $33.3 $109.8 
Denominator:
Weighted-average shares used to compute basic net income per share
325.1 319.3 323.8 320.8 
Dilutive effect of employee stock awards7.6 6.7 8.3 6.8 
Weighted-average shares used to compute diluted net income per share
332.7 326.0 332.1 327.6 
Net income per share:
Basic$0.10 $0.08 $0.10 $0.34 
Diluted$0.10 $0.07 $0.10 $0.34 
Anti-dilutive shares 0.3 3.9 0.1 3.8 
v3.24.2
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Jan. 09, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Merger, right to receive cash per share, held (in dollars per share)         $ 40.00
Maximum allowable dividends during merger negotiation period (in dollars per share)         $ 0.22
Termination fee receivable         $ 815.0
Merger transaction expenses [1] $ 9.1 $ 0.0 $ 37.4 $ 0.0  
[1] Represents charges incurred directly in connection with the pending merger with HPE (as defined below). See Note 1, Basis of Presentation and Summary of Significant Accounting Policies, for further information.
v3.24.2
Cash Equivalents and Investments - Available-For-Sale (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Available-for-sale debt securities:    
Amortized Cost $ 866.5 $ 600.8
Gross Unrealized Gains 0.3 38.4
Gross Unrealized and Credit Losses (17.1) (10.2)
Estimated Fair Value 849.7 629.0
Cash equivalents    
Available-for-sale debt securities:    
Amortized Cost 332.3 328.2
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 332.3 328.2
Short-term investments    
Available-for-sale debt securities:    
Amortized Cost 178.1 135.7
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses (0.4) (1.4)
Estimated Fair Value 177.7 134.3
Long-term investments    
Available-for-sale debt securities:    
Amortized Cost 309.6 116.3
Gross Unrealized Gains 0.3 1.0
Gross Unrealized and Credit Losses (1.3) (0.5)
Estimated Fair Value 308.6 116.8
Other long-term assets    
Available-for-sale debt securities:    
Amortized Cost 46.5 20.6
Gross Unrealized Gains 0.0 37.4
Gross Unrealized and Credit Losses (15.4) (8.3)
Estimated Fair Value 31.1 49.7
Total fixed income securities    
Available-for-sale debt securities:    
Amortized Cost 820.0 580.2
Gross Unrealized Gains 0.3 1.0
Gross Unrealized and Credit Losses (1.7) (1.9)
Estimated Fair Value 818.6 579.3
Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Amortized Cost 109.8 38.2
Gross Unrealized Gains 0.0 0.2
Gross Unrealized and Credit Losses (0.5) (0.4)
Estimated Fair Value 109.3 38.0
Corporate debt securities    
Available-for-sale debt securities:    
Amortized Cost 267.1 160.2
Gross Unrealized Gains 0.3 0.7
Gross Unrealized and Credit Losses (0.8) (1.3)
Estimated Fair Value 266.6 159.6
Certificates of deposit    
Available-for-sale debt securities:    
Amortized Cost 11.7 3.0
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 11.7 3.0
Commercial paper    
Available-for-sale debt securities:    
Amortized Cost 67.8 41.1
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 67.8 41.1
Foreign government debt securities    
Available-for-sale debt securities:    
Amortized Cost 5.3 5.3
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses (0.1) (0.2)
Estimated Fair Value 5.2 5.1
Time deposits    
Available-for-sale debt securities:    
Amortized Cost 280.9 273.6
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 280.9 273.6
U.S. government agency securities    
Available-for-sale debt securities:    
Amortized Cost 0.0 4.0
Gross Unrealized Gains 0.0 0.0
Gross Unrealized and Credit Losses 0.0 0.0
Estimated Fair Value 0.0 4.0
U.S. government securities    
Available-for-sale debt securities:    
Amortized Cost 77.4 54.8
Gross Unrealized Gains 0.0 0.1
Gross Unrealized and Credit Losses (0.3) 0.0
Estimated Fair Value 77.1 54.9
Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Amortized Cost 46.5 20.6
Gross Unrealized Gains 0.0 37.4
Gross Unrealized and Credit Losses (15.4) (8.3)
Estimated Fair Value $ 31.1 $ 49.7
v3.24.2
Cash Equivalents and Investments - Maturities of Fixed Income Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Amortized Cost    
Amortized Cost $ 866.5 $ 600.8
Estimated Fair Value    
Total 849.7 629.0
Total fixed income securities    
Amortized Cost    
Due in less than one year 510.4  
Due between one and five years 309.6  
Amortized Cost 820.0 580.2
Estimated Fair Value    
Due in less than one year 510.0  
Due between one and five years 308.6  
Total $ 818.6 $ 579.3
v3.24.2
Cash Equivalents and Investments - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
investment
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
investment
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]          
Gross unrealized losses $ 17,100,000   $ 17,100,000   $ 10,200,000
Total investments in unrealized loss position | investment 265   265    
Unrealized loss position, less than 12 months, accumulated loss $ 1,100,000   $ 1,100,000    
Unrealized loss position, 12 months or longer, accumulated loss 600,000   600,000    
Allowance for credit losses 0   7,100,000    
Allowance for credit loss 15,400,000   15,400,000   8,300,000
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 2,100,000 4,200,000 4,200,000  
Restricted cash and investments 61,000,000.0   61,000,000.0    
OpenLight Photonics, Inc.          
Restricted Cash and Cash Equivalents Items [Line Items]          
Loss from equity method investment, net of tax 2,000,000 2,100,000   4,200,000  
Prepaid expenses and other current assets          
Restricted Cash and Cash Equivalents Items [Line Items]          
Restricted cash and investments 17,000,000.0   17,000,000.0    
Other long-term assets          
Restricted Cash and Cash Equivalents Items [Line Items]          
Gross unrealized losses 15,400,000   15,400,000   8,300,000
Restricted cash and investments 44,000,000.0   44,000,000.0    
Total fixed income securities          
Restricted Cash and Cash Equivalents Items [Line Items]          
Gross unrealized losses 1,700,000   1,700,000   $ 1,900,000
Debt Securities          
Restricted Cash and Cash Equivalents Items [Line Items]          
Allowance for credit losses $ 0 $ 0 $ 0 $ 0  
v3.24.2
Cash Equivalents and Investments - Investments in Equity Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments without readily determinable fair value $ 50.8 $ 45.8
Equity investment under the equity method of accounting 22.2 26.4
Total equity securities 430.5 452.8
Cash equivalents    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 303.5 337.5
Short-term investments    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 9.0 5.1
Prepaid expenses and other current assets    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 3.5 2.5
Other long-term assets    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Total equity securities 114.5 107.7
Money market funds    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: 303.5 337.5
Mutual funds    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: 45.0 38.0
Publicly-traded equity securities    
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]    
Equity investments with readily determinable fair value: $ 9.0 $ 5.1
v3.24.2
Cash Equivalents and Investments - Restricted Cash and Investments (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash and cash equivalents $ 935.0 $ 1,068.1    
Total cash, cash equivalents, and restricted cash 950.9 1,084.3 $ 1,107.2 $ 897.7
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 13.5 13.8    
Other long-term assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash included in prepaid expenses and other current and other long-term assets $ 2.4 $ 2.4    
v3.24.2
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Available-for-sale debt securities:    
Available-for-sale debt securities $ 849.7 $ 629.0
Derivative assets:    
Derivative assets: 5.5 7.2
Cash equivalents    
Available-for-sale debt securities:    
Available-for-sale debt securities 332.3 328.2
Short-term investments    
Available-for-sale debt securities:    
Available-for-sale debt securities 177.7 134.3
Long-term investments    
Available-for-sale debt securities:    
Available-for-sale debt securities 308.6 116.8
Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 109.3 38.0
Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 11.7 3.0
Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 266.6 159.6
Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 67.8 41.1
Foreign government debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 5.2 5.1
Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 280.9 273.6
U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 4.0
U.S. government securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 77.1 54.9
Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 31.1 49.7
Money market funds    
Equity securities:    
Equity securities 303.5 337.5
Publicly-traded equity securities    
Equity securities:    
Equity securities 9.0 5.1
Fair Value, Measurements, Recurring    
Available-for-sale debt securities:    
Available-for-sale debt securities 849.7 629.0
Equity securities:    
Equity securities 357.5 380.6
Derivative assets:    
Derivative assets: 5.5 7.2
Total assets measured at fair value on a recurring basis 1,212.7 1,016.8
Liabilities:    
Derivative liabilities: (95.1) (80.8)
Total liabilities measured at fair value on a recurring basis (95.1) (80.8)
Fair Value, Measurements, Recurring | Cash equivalents    
Derivative assets:    
Total assets measured at fair value on a recurring basis 635.8 665.7
Fair Value, Measurements, Recurring | Short-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 186.7 139.4
Fair Value, Measurements, Recurring | Long-term investments    
Derivative assets:    
Total assets measured at fair value on a recurring basis 308.6 116.8
Fair Value, Measurements, Recurring | Prepaid expenses and other current assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 7.6 7.1
Fair Value, Measurements, Recurring | Other long-term assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 74.0 87.8
Fair Value, Measurements, Recurring | Other accrued liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis (9.1) (6.2)
Fair Value, Measurements, Recurring | Other long-term liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis (86.0) (74.6)
Fair Value, Measurements, Recurring | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 5.5 7.2
Liabilities:    
Derivative liabilities: (11.0) (7.2)
Fair Value, Measurements, Recurring | Interest rate contracts    
Liabilities:    
Derivative liabilities: (84.1) (73.6)
Fair Value, Measurements, Recurring | Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 109.3 38.0
Fair Value, Measurements, Recurring | Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 11.7 3.0
Fair Value, Measurements, Recurring | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 266.6 159.6
Fair Value, Measurements, Recurring | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 67.8 41.1
Fair Value, Measurements, Recurring | Foreign government debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 5.2 5.1
Fair Value, Measurements, Recurring | Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 280.9 273.6
Fair Value, Measurements, Recurring | U.S. government agency securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 4.0
Fair Value, Measurements, Recurring | U.S. government securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 77.1 54.9
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 31.1 49.7
Fair Value, Measurements, Recurring | Money market funds    
Equity securities:    
Equity securities 303.5 337.5
Fair Value, Measurements, Recurring | Mutual funds    
Equity securities:    
Equity securities 45.0 38.0
Fair Value, Measurements, Recurring | Publicly-traded equity securities    
Equity securities:    
Equity securities 9.0 5.1
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)    
Available-for-sale debt securities:    
Available-for-sale debt securities 57.5 20.0
Equity securities:    
Equity securities 357.5 380.6
Derivative assets:    
Derivative assets: 0.0 0.0
Total assets measured at fair value on a recurring basis 415.0 400.6
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 306.5 337.5
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 19.7 12.8
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 43.9 12.3
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Prepaid expenses and other current assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 3.4 2.5
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other long-term assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 41.5 35.5
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other accrued liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other long-term liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 0.0 0.0
Liabilities:    
Derivative liabilities: 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Interest rate contracts    
Liabilities:    
Derivative liabilities: 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | 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 57.5 20.0
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 303.5 337.5
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Mutual funds    
Equity securities:    
Equity securities 45.0 38.0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Publicly-traded equity securities    
Equity securities:    
Equity securities 9.0 5.1
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)    
Available-for-sale debt securities:    
Available-for-sale debt securities 761.1 559.3
Equity securities:    
Equity securities 0.0 0.0
Derivative assets:    
Derivative assets: 5.5 7.2
Total assets measured at fair value on a recurring basis 766.6 566.5
Liabilities:    
Derivative liabilities: (95.1) (80.8)
Total liabilities measured at fair value on a recurring basis (95.1) (80.8)
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 329.3 328.2
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 167.0 126.6
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 264.7 104.5
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Prepaid expenses and other current assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 4.2 4.6
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other long-term assets    
Derivative assets:    
Total assets measured at fair value on a recurring basis 1.4 2.6
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 (9.1) (6.2)
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 (86.0) (74.6)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 5.5 7.2
Liabilities:    
Derivative liabilities: (11.0) (7.2)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Interest rate contracts    
Liabilities:    
Derivative liabilities: (84.1) (73.6)
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 109.3 38.0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 11.7 3.0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 266.6 159.6
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 67.8 41.1
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 5.2 5.1
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Time deposits    
Available-for-sale debt securities:    
Available-for-sale debt securities 280.9 273.6
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 0.0 4.0
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 19.6 34.9
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Privately-held debt and redeemable preferred stock securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Money market funds    
Equity securities:    
Equity securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Mutual funds    
Equity securities:    
Equity securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Publicly-traded equity securities    
Equity securities:    
Equity securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3)    
Available-for-sale debt securities:    
Available-for-sale debt securities 31.1 49.7
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 31.1 49.7
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 31.1 49.7
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other accrued liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other long-term liabilities    
Liabilities:    
Total liabilities measured at fair value on a recurring basis 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Foreign exchange contracts    
Derivative assets:    
Derivative assets: 0.0 0.0
Liabilities:    
Derivative liabilities: 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Interest rate contracts    
Liabilities:    
Derivative liabilities: 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Asset-backed and mortgage-backed securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Certificates of deposit    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Corporate debt securities    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Commercial paper    
Available-for-sale debt securities:    
Available-for-sale debt securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | 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 31.1 49.7
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Money market funds    
Equity securities:    
Equity securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Mutual funds    
Equity securities:    
Equity securities 0.0 0.0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Publicly-traded equity securities    
Equity securities:    
Equity securities $ 0.0 $ 0.0
v3.24.2
Fair Value Measurements - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Jan. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities $ 849,700,000 $ 849,700,000   $ 629,000,000.0
Allowance for credit losses 0 7,100,000    
Equity securities without readily determinable fair value, downward adjustment   89,900,000    
Equity securities without readily determinable fair value, upward adjustment   0    
Goodwill impairment 0 0    
Fair Value, Measurements, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities 849,700,000 849,700,000   629,000,000.0
Financial and nonfinancial liabilities, fair value disclosure 95,100,000 95,100,000   80,800,000
Fair Value, Measurements, Nonrecurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Financial and nonfinancial liabilities, fair value disclosure 0 0   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]        
Available-for-sale debt securities 31,100,000 31,100,000   49,700,000
Financial and nonfinancial liabilities, fair value disclosure 0 0   0
Significant Other Observable Remaining Inputs (Level 2)        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Total outstanding debt, fair value 1,568,400,000 1,568,400,000   1,581,700,000
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities 761,100,000 761,100,000   559,300,000
Financial and nonfinancial liabilities, fair value disclosure $ 95,100,000 $ 95,100,000   $ 80,800,000
Privately Held Debt | Fair Value, Measurements, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale debt securities     $ 25,000,000  
Available-for-sale debt securities, term     2 years  
v3.24.2
Derivative Instruments - Notional Amount (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Notional amount of derivatives $ 1,489,600,000 $ 1,601,700,000
Derivatives designated as hedging instruments    
Derivative [Line Items]    
Notional amount of derivatives 1,277,200,000 1,401,000,000
Non-designated derivatives    
Derivative [Line Items]    
Notional amount of derivatives 212,400,000 200,700,000
Foreign currency contracts | Cash flow hedges | Derivatives designated as hedging instruments    
Derivative [Line Items]    
Notional amount of derivatives 677,200,000 801,000,000.0
Interest rate swap contracts | Fair value hedges | Derivatives designated as hedging instruments    
Derivative [Line Items]    
Notional amount of derivatives $ 600,000,000.0 $ 600,000,000.0
v3.24.2
Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Derivative assets: $ 5.5 $ 7.2
Derivative liabilities: 95.1 80.8
Derivatives designated as hedging instruments    
Derivative [Line Items]    
Derivative assets: 5.4 7.1
Derivative liabilities: 94.9 80.6
Derivatives designated as hedging instruments | Other current assets | Foreign currency contracts    
Derivative [Line Items]    
Derivative assets: 4.1 4.4
Derivatives designated as hedging instruments | Other long-term assets | Foreign currency contracts    
Derivative [Line Items]    
Derivative assets: 1.3 2.7
Derivatives designated as hedging instruments | Other accrued liabilities | Foreign currency contracts    
Derivative [Line Items]    
Derivative liabilities: 8.9 6.0
Derivatives designated as hedging instruments | Other long-term liabilities | Foreign currency contracts    
Derivative [Line Items]    
Derivative liabilities: 1.9 1.0
Derivatives designated as hedging instruments | Other long-term liabilities | Interest rate swap contracts    
Derivative [Line Items]    
Derivative liabilities: 84.1 73.6
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: $ 0.2 $ 0.2
v3.24.2
Derivative Instruments - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
Mar. 31, 2024
Apr. 30, 2021
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2020
Dec. 31, 2019
Derivatives, Notional Amount [Line Items]                  
Derivative asset, fair value, gross asset, period decrease     $ 5,500,000   $ 5,500,000   $ 7,200,000    
Derivative liability fair value gross liability period decrease     5,500,000   5,500,000   7,200,000    
Notional amount of derivatives     1,489,600,000   1,489,600,000   1,601,700,000    
Deferred gain on termination of interest rate locks             133,900,000    
Foreign currency contracts                  
Derivatives, Notional Amount [Line Items]                  
Foreign currency forward contracts loss, amounts reclassified out of AOCI     (2,200,000) $ (7,200,000) $ (3,400,000) $ (15,000,000.0)      
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         4 months        
Derivatives designated as hedging instruments                  
Derivatives, Notional Amount [Line Items]                  
Notional amount of derivatives     1,277,200,000   $ 1,277,200,000   1,401,000,000    
Cash flow hedges                  
Derivatives, Notional Amount [Line Items]                  
Derivative instruments, (loss) gain recognized in other comprehensive loss, effective portion     (3,400,000) $ 17,100,000 $ (8,800,000) $ 7,200,000      
Cash flow hedges | Derivatives designated as hedging instruments                  
Derivatives, Notional Amount [Line Items]                  
Maximum maturities of cash flow hedge derivatives         36 months        
Losses expected to be reclassified into earnings within the next 12 months $ 4,900,000                
Cash flow hedges | Derivatives designated as hedging instruments | Interest rate lock contracts                  
Derivatives, Notional Amount [Line Items]                  
Notional amount of derivatives   $ 300,000,000           $ 650,000,000 $ 300,000,000
Derivative, expiration period   6 years              
Cash flow hedges | Derivatives designated as hedging instruments | Foreign currency contracts                  
Derivatives, Notional Amount [Line Items]                  
Notional amount of derivatives     $ 677,200,000   $ 677,200,000   $ 801,000,000.0    
v3.24.2
Other Financial Information - Inventories, Net (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Schedule Of Inventory [Line Items]    
Production and service materials $ 732.1 $ 719.0
Finished goods 279.9 299.0
Total inventory 1,012.0 1,018.0
Inventory    
Schedule Of Inventory [Line Items]    
Total inventory 926.1 952.4
Other long-term assets    
Schedule Of Inventory [Line Items]    
Total inventory $ 85.9 $ 65.6
v3.24.2
Other Financial Information - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Contract manufacturer deposits $ 200.3 $ 200.3 $ 316.4
Prepaid expenses 178.7 178.7 140.9
Other current assets 138.6 138.6 134.2
Total prepaid expenses and other current assets 517.6 517.6 $ 591.5
Accounts Receivable      
Disaggregation of Revenue [Line Items]      
Allowance for credit loss $ 0.0 $ 7.7  
v3.24.2
Other Financial Information - Warranties (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Warranty Reserve [Roll Forward]  
Balance as of December 31, 2023 $ 29.4
Provisions made during the period 21.5
Actual costs incurred during the period (21.1)
Balance as of June 30, 2024 $ 29.8
v3.24.2
Other Financial Information - Deferred Revenue (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]    
Current $ 1,147.9 $ 1,130.0
Long-term 940.5 894.9
Total 2,088.4 2,024.9
Deferred product revenue, net    
Disaggregation of Revenue [Line Items]    
Total 84.6 92.1
Deferred service revenue, net    
Disaggregation of Revenue [Line Items]    
Total $ 2,003.8 $ 1,932.8
v3.24.2
Other Financial Information - Revenue, Remaining Performance Obligations and Deferred Contract Cost (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Disaggregation of Revenue [Line Items]    
Deferred contract cost $ 42,200,000 $ 42,200,000
Amortization of deferred commission 23,000,000.0 41,200,000
Impairment loss 0 0
Product    
Disaggregation of Revenue [Line Items]    
Contract with customer, liability, revenue recognized 22,900,000 40,100,000
Service    
Disaggregation of Revenue [Line Items]    
Contract with customer, liability, revenue recognized $ 290,500,000 $ 636,000,000.0
v3.24.2
Other Financial Information - Revenue, Remaining Performance Obligation (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 2,101.0
Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period 84.9
Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period 2,016.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 1,155.2
Revenue recognition expected by period, satisfaction period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 71.2
Revenue recognition expected by period, satisfaction period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 1,084.0
Revenue recognition expected by period, satisfaction period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 731.6
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 | Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 11.7
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 | Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 719.9
Revenue recognition expected by period, satisfaction period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 214.2
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01 | Product  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 2.0
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01 | Service  
Disaggregation of Revenue [Line Items]  
Revenue recognition expected by period $ 212.2
Revenue recognition expected by period, satisfaction period
v3.24.2
Other Financial Information - Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Other Financial Information [Abstract]        
Interest income $ 16.7 $ 11.7 $ 33.6 $ 21.2
Interest expense (20.5) (19.7) (41.0) (38.9)
Gain (loss) on other investments, net 4.6 1.2 8.0 1.9
Other 0.5 (0.6) 2.8 (0.4)
Other income (expense), net $ 1.3 $ (7.4) $ 3.4 $ (16.2)
v3.24.2
Restructuring Charges - Restructuring Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Restructuring Reserve [Roll Forward]        
Charges $ 1.6 $ 16.5 $ 5.7 $ 16.0
2023 Transformation Plan        
Restructuring Reserve [Roll Forward]        
Restructuring liability, beginning balance     33.6  
Charges     5.7  
Cash payments     (28.2)  
Non-cash items     (2.5)  
Restructuring liability, ending balance 8.6   8.6  
Employee severance | 2023 Transformation Plan        
Restructuring Reserve [Roll Forward]        
Restructuring liability, beginning balance     30.0  
Charges     3.2  
Cash payments     (24.6)  
Non-cash items     (0.2)  
Restructuring liability, ending balance 8.4   8.4  
Facility exit-related and asset impairments | 2023 Transformation Plan        
Restructuring Reserve [Roll Forward]        
Restructuring liability, beginning balance     0.4  
Charges     2.1  
Cash payments     0.0  
Non-cash items     (2.3)  
Restructuring liability, ending balance 0.2   0.2  
Contract terminations and other | 2023 Transformation Plan        
Restructuring Reserve [Roll Forward]        
Restructuring liability, beginning balance     3.2  
Charges     0.4  
Cash payments     (3.6)  
Non-cash items     0.0  
Restructuring liability, ending balance $ 0.0   $ 0.0  
v3.24.2
Debt - Schedule of Debt (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt $ 1,700,000,000 $ 1,700,000,000
Unaccreted discount and debt issuance costs (8,700,000) (9,600,000)
Hedge accounting fair value adjustments (84,100,000) (73,600,000)
Total 1,607,200,000 1,616,800,000
Notional amount of derivatives 1,489,600,000 1,601,700,000
Derivatives designated as hedging instruments    
Debt Instrument [Line Items]    
Notional amount of derivatives 1,277,200,000 1,401,000,000
Interest rate swap contracts | Fair value hedges | Derivatives designated as hedging instruments    
Debt Instrument [Line Items]    
Notional amount of derivatives $ 600,000,000.0 600,000,000.0
Senior notes | 1.200% fixed-rate notes    
Debt Instrument [Line Items]    
Stated interest rate 1.20%  
Effective Interest Rates 1.37%  
Long-term debt $ 400,000,000.0 400,000,000.0
Senior notes | 3.750% fixed-rate notes    
Debt Instrument [Line Items]    
Stated interest rate 3.75%  
Effective Interest Rates 3.86%  
Long-term debt $ 500,000,000.0 500,000,000.0
Senior notes | 2.000% fixed-rate notes    
Debt Instrument [Line Items]    
Stated interest rate 2.00%  
Effective Interest Rates 2.12%  
Long-term debt $ 400,000,000.0 400,000,000.0
Senior notes | 5.950% fixed-rate notes    
Debt Instrument [Line Items]    
Stated interest rate 5.95%  
Effective Interest Rates 6.03%  
Long-term debt $ 400,000,000.0 $ 400,000,000.0
v3.24.2
Debt - Narrative (Details)
 6 Months Ended
Jun. 30, 2024
USD ($)
extension_option
Line of Credit | Unsecured Revolving Credit Facility  
Debt Instrument [Line Items]  
Borrowing capacity (up to) $ 500,000,000
Increase amount of borrowings, subject to lenders' approval (up to) $ 200,000,000
Long-term debt, term 5 years
Number of extension options | extension_option 2
Extension period 1 year
Long-term line of credit $ 0
Fixed Rate Note Due 2025 And Fixed Rate Note Due 2029 | Senior notes  
Debt Instrument [Line Items]  
Redemption price percentage 100.00%
Repurchase price percentage related to change of control 101.00%
v3.24.2
Equity - Summary of Dividends Paid and Stock Repurchases and Retirements (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dividends:        
Per share (in dollars per share) $ 0.22 $ 0.22 $ 0.44 $ 0.44
Amount $ 71.5 $ 69.9 $ 142.9 $ 140.5
Repurchased under the 2018 Stock Repurchase Program:        
Amount   $ 120.0 $ 14.6 $ 271.3
Stock Repurchase Program 2018        
Repurchased under the 2018 Stock Repurchase Program:        
Shares (in shares) 0.0 4.1 0.0 8.6
Average price (in dollars per share) $ 0 $ 29.23 $ 0 $ 30.26
Amount $ 0.0 $ 120.0 $ 0.0 $ 260.0
v3.24.2
Equity - Cash Dividends on Shares of Common Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Equity [Abstract]        
Cash dividends declared (in dollars per share) $ 0.22      
Payments of cash dividends (in dollars per share) $ 0.22 $ 0.22 $ 0.44 $ 0.44
Cash dividends declared $ 71.5 $ 69.9 $ 142.9 $ 140.5
v3.24.2
Equity - Stock Repurchase Activities (Details) - Stock Repurchase Program 2018 - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Accelerated Share Repurchases [Line Items]    
Stock repurchase program, remaining authorized repurchase amount $ 200.0  
Stock repurchased during period, tax withholding $ 14.6 $ 11.4
v3.24.2
Equity - Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance $ 4,481.2 $ 4,435.2 $ 4,492.7 $ 4,475.1
Other comprehensive loss before reclassifications     (43.4)  
Amount reclassified from accumulated other comprehensive income     3.3  
Other comprehensive (loss) income, net (3.1) 22.8 (40.1) 26.9
Ending Balance 4,502.0 4,354.9 4,502.0 4,354.9
Accumulated Other Comprehensive Income        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance 12.1 8.3 49.1 4.2
Other comprehensive (loss) income, net (3.1) 22.8 (40.1) 26.9
Ending Balance 9.0 $ 31.1 9.0 $ 31.1
Unrealized Gains/Losses on Available-for- Sale Debt Securities        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance     28.9  
Other comprehensive loss before reclassifications     (28.4)  
Amount reclassified from accumulated other comprehensive income     (0.2)  
Other comprehensive (loss) income, net     (28.6)  
Ending Balance 0.3   0.3  
Unrealized Gains/Losses on Cash Flow Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance     102.3  
Other comprehensive loss before reclassifications     (9.0)  
Amount reclassified from accumulated other comprehensive income     3.5  
Other comprehensive (loss) income, net     (5.5)  
Ending Balance 96.8   96.8  
Foreign Currency Translation Adjustments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance     (82.1)  
Other comprehensive loss before reclassifications     (6.0)  
Amount reclassified from accumulated other comprehensive income     0.0  
Other comprehensive (loss) income, net     (6.0)  
Ending Balance $ (88.1)   $ (88.1)  
v3.24.2
Employee Benefit Plans - Equity Incentive Plan (Details)
shares in Millions
 1 Months Ended
Jun. 30, 2024
shares
Equity incentive plan 2015  
Share-Based Compensation Plans  
Additional shares authorized (in shares) 7.0
Number of shares available for future issuance (in shares) 7.2
Employee stock purchase plan 2008  
Share-Based Compensation Plans  
Additional shares authorized (in shares) 3.0
Number of shares available for future issuance (in shares) 5.3
v3.24.2
Employee Benefit Plans - Restricted Stock Unit and Performance Share Award Activities (Details)
$ / shares in Units, shares in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
$ / shares
shares
RSUs, RSAs, and PSAs  
Number of Shares  
Balance at beginning of period (in shares) 20.2
Granted (in shares) 3.4
Vested (in shares) (3.9)
Canceled (in shares) (1.5)
Balance at end of period (in shares) 18.2
Weighted Average Grant Date Fair Value per Share  
Balance at beginning of period (in dollars per share) | $ / shares $ 28.10
Granted (in dollars per share) | $ / shares 35.00
Vested (in dollars per share) | $ / shares 26.44
Canceled (in dollars per share) | $ / shares 27.28
Balance at end of period (in dollars per share) | $ / shares $ 29.83
Weighted Average Remaining Contractual Term (In Years) 1 year
Aggregate Intrinsic Value | $ $ 662.3
Service-based RSUs  
Number of Shares  
Granted (in shares) 1.6
Performance Shares  
Number of Shares  
Granted (in shares) 1.8
v3.24.2
Employee Benefit Plans - Employee Stock Purchase Plan (Details) - Employee stock purchase plan 2008 - $ / shares
shares in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Employee Stock Purchase Plan (ESPP) Disclosures [Line Items]    
Shares purchased (in shares) 1.3 1.3
Average exercise price per share (in dollars per share) $ 23.81 $ 23.44
v3.24.2
Employee Benefit Plans - Share Based Compensation by Cost and Expense Categories (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense $ 61.3 $ 62.0 $ 141.2 $ 122.9
Stock options        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 0.3 0.6 0.6 1.4
RSUs, RSAs, and PSAs        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 56.2 54.9 129.1 107.9
ESPP purchase rights        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 4.8 6.5 11.5 13.6
Cost of revenues - Product        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 1.4 1.7 3.2 3.4
Cost of revenues - Service        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 4.9 4.7 10.4 9.4
Research and development        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 26.4 26.1 64.9 51.8
Sales and marketing        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense 18.7 19.4 42.8 38.0
General and administrative        
Stock Based Compensation Expense Recorded in Cost and Expense Categories        
Share-based compensation expense $ 9.9 $ 10.1 $ 19.9 $ 20.3
v3.24.2
Employee Benefit Plans - Share Based Compensation by Share Based Payment Award Types (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Share-Based Payment Arrangement [Abstract]  
Unrecognized compensation cost $ 314.3
Unrecognized compensation, weighted average recognition period 1 year 8 months 19 days
v3.24.2
Segments - Narrative (Details)
 6 Months Ended
Jun. 30, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.24.2
Segments - Revenue by Product (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Total net revenues $ 1,189.6 $ 1,430.1 $ 2,338.5 $ 2,801.9
Wide Area Networking        
Segment Reporting Information [Line Items]        
Total net revenues 340.8 474.6 691.2 949.1
Data Center        
Segment Reporting Information [Line Items]        
Total net revenues 168.7 200.3 331.8 393.9
Campus and Branch        
Segment Reporting Information [Line Items]        
Total net revenues 279.9 371.1 520.4 688.1
Hardware Maintenance and Professional Services        
Segment Reporting Information [Line Items]        
Total net revenues $ 400.2 $ 384.1 $ 795.1 $ 770.8
v3.24.2
Segments - Revenues by Customer Vertical (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Total net revenues $ 1,189.6 $ 1,430.1 $ 2,338.5 $ 2,801.9
Cloud        
Segment Reporting Information [Line Items]        
Total net revenues 267.9 311.0 517.9 575.9
Service Provider        
Segment Reporting Information [Line Items]        
Total net revenues 367.1 473.6 749.0 1,023.5
Enterprise        
Segment Reporting Information [Line Items]        
Total net revenues $ 554.6 $ 645.5 $ 1,071.6 $ 1,202.5
v3.24.2
Segments - Geographic (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Total net revenues $ 1,189.6 $ 1,430.1 $ 2,338.5 $ 2,801.9
Total Americas        
Segment Reporting Information [Line Items]        
Total net revenues 714.0 848.6 1,379.5 1,647.1
United States        
Segment Reporting Information [Line Items]        
Total net revenues 654.7 776.3 1,264.1 1,509.9
Other        
Segment Reporting Information [Line Items]        
Total net revenues 59.3 72.3 115.4 137.2
Europe, Middle East, and Africa        
Segment Reporting Information [Line Items]        
Total net revenues 296.4 354.6 607.5 724.5
Asia Pacific        
Segment Reporting Information [Line Items]        
Total net revenues $ 179.2 $ 226.9 $ 351.5 $ 430.3
v3.24.2
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Income before income taxes $ 47.0 $ 41.5 $ 20.6 $ 148.6
Income tax provision (benefit) $ 10.8 $ 15.0 $ (16.9) $ 34.6
Effective tax rate 23.00% 36.20% (82.00%) 23.30%
v3.24.2
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
One-time benefits from tax settlements related to geographic mix of earnings $ 19.0  
Increase in deferred tax assets 72.7  
Deferred tax assets 713.6 $ 640.9
Unrecognized tax benefits 113.0 $ 132.8
Unrecognized tax benefits, period decrease 19.8  
Unrecognized tax benefits, maximum decrease in the next twelve months (up to) 0.4  
Unrecognized tax benefits, maximum decrease in the next eighteen months (up to) $ 51.0  
v3.24.2
Net Income per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Numerator:        
Net income $ 34.1 $ 24.4 $ 33.3 $ 109.8
Denominator:        
Weighted-average shares used to compute basic net income per share (in shares) 325.1 319.3 323.8 320.8
Dilutive effect of employee stock awards (in shares) 7.6 6.7 8.3 6.8
Weighted-average shares used to compute diluted net income per share (in shares) 332.7 326.0 332.1 327.6
Net income per share:        
Basic (in dollars per share) $ 0.10 $ 0.08 $ 0.10 $ 0.34
Diluted (in dollars per share) $ 0.10 $ 0.07 $ 0.10 $ 0.34
Anti-dilutive shares (in shares) 0.3 3.9 0.1 3.8
v3.24.2
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jan. 09, 2024
Dec. 31, 2023
Other Commitments [Line Items]      
Purchase commitments $ 1,051.2    
Merger transaction, contingent liability   $ 151.8  
Tax refund, period of recognition 8 years    
Income taxes payable $ 102.1    
Unrecognized tax benefits 113.0   $ 132.8
Long-Term Income Taxes      
Other Commitments [Line Items]      
Unrecognized tax benefits $ 74.7    
v3.24.2
Subsequent Events (Details) - $ / shares
 3 Months Ended 6 Months Ended
Sep. 23, 2024
Jul. 25, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Subsequent Event [Line Items]            
Cash dividends declared (in dollars per share)     $ 0.22      
Payments of cash dividends (in dollars per share)     $ 0.22 $ 0.22 $ 0.44 $ 0.44
Forecast            
Subsequent Event [Line Items]            
Payments of cash dividends (in dollars per share) $ 0.22          
Subsequent Event            
Subsequent Event [Line Items]            
Cash dividends declared (in dollars per share)   $ 0.22