Juniper Networks (JNPR) 10-Q 30 Apr 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		327,740,120
Entity Central Index Key	0001043604
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Total net revenues	$ 1,074.4	$ 998
Cost of revenues:
Total cost of revenues	458.8	418.7
Gross margin	615.6	579.3
Operating expenses:
Research and development	254.7	232.5
Sales and marketing	252.7	239.2
General and administrative	61.1	59.3
Restructuring charges	19.3	8.9
Total operating expenses	587.8	539.9
Operating income	27.8	39.4
Loss on extinguishment of debt	(60.6)	0
Other expense, net	(5)	(11.1)
Income (loss) before income taxes	(37.8)	28.3
Income tax (benefit) provision	(6.7)	7.9
Net (loss) income	$ (31.1)	$ 20.4
Net (loss) income per share:
Basic (in dollars per share)	$ (0.10)	$ 0.06
Diluted, (in dollars per share)	$ (0.10)	$ 0.06
Weighted-average shares used to compute net (loss) income per share:
Basic (in shares)	326.3	330.8
Diluted (in shares)	326.3	335.1
Product
Total net revenues	$ 672.4	$ 608.8
Cost of revenues:
Total cost of revenues	316.5	269
Service
Total net revenues	402	389.2
Cost of revenues:
Total cost of revenues	$ 142.3	$ 149.7

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (31.1)	$ 20.4
Available-for-sale debt securities:
Change in net unrealized gains, net	(1.2)	(3)
Net realized gains and losses reclassified into net income, net	(0.8)	0.5
Net change on available-for-sale debt securities, net	(2)	(2.5)
Cash flow hedges:
Change in net unrealized gains and (losses), net of tax (provision) benefit of $(14.5) and $4.2, respectively	38.5	(24.9)
Net realized losses reclassified into net income, net	(8.9)	1.4
Net change on cash flow hedges, net	29.6	(23.5)
Change in foreign currency translation adjustments	(1.9)	(14.7)
Other comprehensive income (loss), net	25.7	(40.7)
Comprehensive loss	$ (5.4)	$ (20.3)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Unrealized (loss) gain on cash flow hedges, tax benefit (provision)	$ (14.5)	$ 4.2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 989.1	$ 1,361.9
Short-term investments	294.1	412.1
Accounts receivable, net of allowances	758.9	964.1
Prepaid expenses and other current assets	558.2	533.1
Total current assets	2,600.3	3,271.2
Property and equipment, net	743.6	762.3
Operating lease assets	185.8	184.6
Long-term investments	481.4	656.6
Purchased intangible assets, net	335.1	266.7
Goodwill	3,753.3	3,669.6
Other long-term assets	611.6	567.3
Total assets	8,711.1	9,378.3
Current liabilities:
Accounts payable	244.8	277
Accrued compensation	207.3	270.7
Deferred revenue	897.2	867.3
Short-term portion of long-term debt	0	421.5
Other accrued liabilities	258.4	324.6
Total current liabilities	1,607.7	2,161.1
Long-term debt	1,685.2	1,705.8
Long-term deferred revenue	434.5	418.5
Long-term income taxes payable	313.7	312.5
Long-term operating lease liabilities	164	163.5
Other long-term liabilities	76.4	73.4
Total liabilities	4,281.5	4,834.8
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock, $0.00001 par value; 10.0 shares authorized; none issued and outstanding	0	0
Common stock, $0.00001 par value; 1,000.0 shares authorized; 327.4 shares and 327.7 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	0	0
Additional paid-in capital	7,110.9	7,156.9
Accumulated other comprehensive income	81.3	55.6
Accumulated deficit	(2,762.6)	(2,669)
Total stockholders' equity	4,429.6	4,543.5
Total liabilities and stockholders' equity	$ 8,711.1	$ 9,378.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock - par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock - shares authorized (shares)	10,000,000	10,000,000
Preferred stock - issued (shares)	0	0
Preferred stock - outstanding (shares)	0	0
Common stock - par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock - shares authorized (shares)	1,000,000,000	1,000,000,000
Common stock - issued (shares)	327,400,000	327,700,000
Common stock - outstanding (shares)	327,400,000	327,700,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net (loss) income	$ (31.1)	$ 20.4
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Share-based compensation expense	57.5	42
Depreciation, amortization, and accretion	60.4	54
Operating lease assets expense	11.7	10.5
Loss on extinguishment of debt	60.6	0
Other	(3.9)	10.3
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	204.8	202.6
Prepaid expenses and other assets	(39.1)	(37.1)
Accounts payable	(29.4)	18.4
Accrued compensation	(61.5)	(59.8)
Income taxes payable	(23.1)	5.1
Other accrued liabilities	(72.6)	(27)
Deferred revenue	45.5	32.8
Net cash provided by operating activities	179.8	272.2
Cash flows from investing activities:
Purchases of property and equipment	(19.7)	(21.8)
Purchases of available-for-sale debt securities	(104.8)	(257.1)
Proceeds from sales of available-for-sale debt securities	283.7	94
Proceeds from maturities and redemptions of available-for-sale debt securities	118.1	354
Purchases of equity securities	(1.5)	(3.1)
Proceeds from sales of equity securities	2.9	3.1
Payments for business acquisitions, net of cash and cash equivalents acquired	(175)	(0.2)
Other	(1.3)	0
Net cash provided by investing activities	102.4	168.9
Cash flows from financing activities:
Repurchase and retirement of common stock	(131.9)	(203.2)
Proceeds from issuance of common stock	28.2	27.1
Payment of dividends	(65.2)	(65.5)
Payment of debt	(423.8)	0
Payment for debt extinguishment costs	(58.3)	0
Net cash used in financing activities	(651)	(241.6)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash	(2)	(16.2)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(370.8)	183.3
Cash, cash equivalents, and restricted cash at beginning of period	1,383	1,276.5
Cash, cash equivalents, and restricted cash at end of period	$ 1,012.2	$ 1,459.8

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Shares	Common Stock and Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance (in shares) at Dec. 31, 2019		335.9
Balance at Dec. 31, 2019	$ 4,610.6		$ 7,370.5	$ (18.5)	$ (2,741.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	20.4				20.4
Other comprehensive income (loss), net	(40.7)			(40.7)
Issuance of common stock (in shares)		5.6
Issuance of common stock	27.1		27.1
Repurchase and retirement of common stock (in shares)		(10.5)
Repurchase and retirement of common stock	(243.2)		(132.8)		(110.4)
Purchase of forward contract under accelerated share repurchase program ("ASR")	40		40
Share-based compensation expense	42		42
Payments of cash dividends	(65.5)		(65.5)
Balance (in shares) at Mar. 31, 2020		331
Balance at Mar. 31, 2020	4,390.7		7,281.3	(59.2)	(2,831.4)
Balance (in shares) at Dec. 31, 2020		327.7
Balance at Dec. 31, 2020	4,543.5		7,156.9	55.6	(2,669)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(31.1)				(31.1)
Other comprehensive income (loss), net	25.7			25.7
Issuance of common stock (in shares)		5
Issuance of common stock	31.1		31.1
Repurchase and retirement of common stock (in shares)		(5.3)
Repurchase and retirement of common stock	(131.9)		(69.4)		(62.5)
Share-based compensation expense	57.5		57.5
Payments of cash dividends	(65.2)		(65.2)
Balance (in shares) at Mar. 31, 2021		327.4
Balance at Mar. 31, 2021	$ 4,429.6		$ 7,110.9	$ 81.3	$ (2,762.6)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.20	$ 0.20

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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, 2020 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, 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, 2020 (the "Form 10-K"). We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued. The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions. Summary of Significant Accounting Policies Except for the change in certain policies upon adoption of the accounting standards described below, 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, 2020. Recently Adopted Accounting Standards Simplifying the Accounting for Income Taxes: On January 1, 2021, the Company adopted ASU No. 2019-12 (Topic 740) Income Taxes — Simplifying the Accounting for Income Taxes , which enhances and simplifies various aspects related to accounting for income taxes. Upon adoption, the standard did not have a material impact on the Condensed Consolidated Financial Statements. Recent Accounting Standards Not Yet Adopted Reference Rate Reform: In March 2020, the FASB issued ASU No. 2020-04 (Topic 848), Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. In January 2021, the FASB issued ASU No. 2021-01 (Topic 848), Reference Rate Reform: Scope, which refines the scope of Topic 848 and clarifies some of its guidance. The amendments were effective upon issuance and are permissible to be applied through December 31, 2022, to any new or amended contracts, hedging relationships, and other transactions that reference LIBOR. The Company is currently evaluating the impact of the transition and disclosure requirements of the standard on its Consolidated Financial Statements.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Business Combinations	Note 2. Business Combinations On January 27, 2021, the Company acquired 100% ownership of Apstra, Inc. ("Apstra"), a company that provides intent-based networking, open programmability and automated closed loop assurance for the management of data center networks. The purchase consideration was $179.4 million, consisting of $176.7 million in cash and $2.7 million in share-based awards attributable to services prior to the acquisition. The acquisition is expected to expand upon the Company's data center networking portfolio to advance its vision to transform data center operations. The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed at the acquisition date (in millions): Amount Cash and cash equivalents $ 1.8 Goodwill 84.0 Intangible assets 87.8 Other assets acquired 12.6 Liabilities assumed (6.8) Total $ 179.4 The goodwill recognized in connection with the acquisition is primarily attributable to anticipated synergies from future growth and will not be deductible for income tax purposes. The following table summarizes the fair value of the separately identifiable intangible assets at the time of acquisition (in millions): Amount Intangible assets (*) : Developed technology $ 80.5 Customer relationships 7.3 Total intangible assets acquired $ 87.8 ________________________________ (*) Estimated useful life assigned to Developed Technology and Customer Relationships is 5 and 1.5 years, respectively. Acquisition-related costs were not material during the three months ended March 31, 2021, and were expensed in the period incurred within general and administrative expense in the Company's Condensed Consolidated Statements of Operations. The Company's Condensed Consolidated Financial Statements include the operating results of this business combination from the date of acquisition. Pro forma results of operations for this acquisition have not been presented, as the financial impact to the Company's consolidated results of operations is not material. The preliminary purchase price allocation is subject to potential measurement period adjustments relating to certain tax and legal matters.

Cash Equivalents and Investment

Cash Equivalents and Investments	3 Months Ended
	Mar. 31, 2021
Cash Equivalents and Investments [Abstract]
Cash Equivalents and Investments	Note 3. Cash Equivalents and Investments Investments in Available-for-Sale Debt Securities The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of March 31, 2021 and December 31, 2020 (in millions): As of March 31, 2021 As of December 31, 2020 Amortized Gross Unrealized Gross Unrealized Estimated Fair Amortized Gross Unrealized Gross Unrealized Estimated Fair Fixed income securities: Asset-backed securities $ 70.4 $ 0.1 $ — $ 70.5 $ 76.5 $ 0.2 $ — $ 76.7 Certificates of deposit 28.4 — — 28.4 32.9 — — 32.9 Commercial paper 81.4 — — 81.4 89.3 — — 89.3 Corporate debt securities 476.0 3.4 (0.2) 479.2 632.0 5.5 (0.1) 637.4 Foreign government debt securities 4.6 — — 4.6 4.6 — — 4.6 Time deposits 83.1 — — 83.1 255.6 — — 255.6 U.S. government agency securities 40.8 0.1 — 40.9 65.3 0.2 — 65.5 U.S. government securities 124.5 0.7 — 125.2 232.8 1.0 — 233.8 Total fixed income securities 909.2 4.3 (0.2) 913.3 1,389.0 6.9 (0.1) 1,395.8 Privately-held debt and redeemable preferred stock securities 19.2 37.4 — 56.6 18.3 37.4 — 55.7 Total available-for-sale debt securities $ 928.4 $ 41.7 $ (0.2) $ 969.9 $ 1,407.3 $ 44.3 $ (0.1) $ 1,451.5 Reported as: Cash equivalents $ 146.1 $ — $ — $ 146.1 $ 333.7 $ — $ — $ 333.7 Short-term investments 284.6 1.2 — 285.8 404.3 1.2 — 405.5 Long-term investments 478.5 3.1 (0.2) 481.4 651.0 5.7 (0.1) 656.6 Other long-term assets 19.2 37.4 — 56.6 18.3 37.4 — 55.7 Total $ 928.4 $ 41.7 $ (0.2) $ 969.9 $ 1,407.3 $ 44.3 $ (0.1) $ 1,451.5 The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2021 (in millions): Amortized Estimated Fair Due in less than one year $ 430.7 $ 431.9 Due between one and five years 478.5 481.4 Total $ 909.2 $ 913.3 The following tables present the Company's total fixed income securities that were in an unrealized loss position as of March 31, 2021 and December 31, 2020 (in millions): As of March 31, 2021 Less than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed income securities: Asset-backed securities $ 31.1 $ — $ — $ — $ 31.1 $ — Commercial paper 1.5 — — — 1.5 — Corporate debt securities 91.8 (0.2) — — 91.8 (0.2) U.S. government securities 14.7 — — — 14.7 — Total fixed income securities $ 139.1 $ (0.2) $ — $ — $ 139.1 $ (0.2) As of December 31, 2020 Less than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed income securities: Asset-backed securities $ 17.5 $ — $ — $ — $ 17.5 $ — Corporate debt securities 61.0 (0.1) — — 61.0 (0.1) Foreign government debt securities 0.6 — — — 0.6 — U.S. government securities 2.3 — — — 2.3 — Total fixed income securities $ 81.4 $ (0.1) $ — $ — $ 81.4 $ (0.1) For available-for-sale debt securities that have unrealized losses, the Company assesses impairment by evaluating various factors, including whether (i) it has the intention to sell any of these investments and (ii) whether it is more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. The Company periodically assesses performance indicators of the investment by evaluating various factors such as (i) changes in the credit ratings and (ii) review of the issuer. As of March 31, 2021, the Company h ad 116 investments in unrealized loss positions. The gross unrealized losses related to these investments were primarily due to changes in market interest rates. The Company anticipates that it will recover the entire amortized cost basis of such available-for-sale debt securities and has determined that no allowance for credit losses was required to be recognized during the three months ended March 31, 2021 and March 31, 2020. During the three months ended March 31, 2021 and March 31, 2020, there were no m aterial gross realized gains or losses from available-for-sale debt securities. Investments in Equity Securities The following table presents the Company's investments in equity securities as of March 31, 2021 and December 31, 2020 (in millions): As of March 31, December 31, Equity investments with readily determinable fair value: Money market funds $ 433.3 $ 536.6 Mutual funds 30.1 29.3 Publicly-traded equity securities 8.4 6.6 Equity investments without readily determinable fair value: 145.2 146.2 Total equity securities $ 617.0 $ 718.7 Reported as: Cash equivalents $ 416.6 $ 519.8 Short-term investments 8.4 6.6 Prepaid expenses and other current assets 10.2 9.9 Other long-term assets 181.8 182.4 Total $ 617.0 $ 718.7 For the three months ended March 31, 2021 and March 31, 2020, there were no material unrealized gains or losses recognized for equity investments. Restricted Cash and Investments The Company has restricted cash and investments for: (i) amounts held in escrow accounts, as required in connection with certain acquisitions completed primarily in 2020 and 2021; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts under the Company's non-qualified deferred compensation plan for senior-level employees. Restricted investments consist of equity investments. As of March 31, 2021, the carrying value of restricted cash and investment s was $69.9 million, o f whic h $29.0 million was included in prepaid expenses and other current assets, and $40.9 million was included in other long-term a ssets on the Condensed Consolidated Balance Sheet. The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 (in millions): As of March 31, December 31, Cash and cash equivalents $ 989.1 $ 1,361.9 Restricted cash included in Prepaid expenses and other current assets 18.8 19.2 Restricted cash included in Other long-term assets 4.3 1.9 Total cash, cash equivalents, and restricted cash $ 1,012.2 $ 1,383.0

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 4. Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 (in millions): Fair Value Measurements at Fair Value Measurements at Quoted Prices in Significant Other Significant Other Total Quoted Prices in Significant Other Significant Other Total Assets: Available-for-sale debt securities: Asset-backed securities $ — $ 70.5 $ — $ 70.5 $ — $ 76.7 $ — $ 76.7 Certificates of deposit — 28.4 — 28.4 — 32.9 — 32.9 Commercial paper — 81.4 — 81.4 — 89.3 — 89.3 Corporate debt securities — 479.2 — 479.2 — 637.4 — 637.4 Foreign government debt securities — 4.6 — 4.6 — 4.6 — 4.6 Time deposits — 83.1 — 83.1 — 255.6 — 255.6 U.S. government agency securities — 40.9 — 40.9 — 65.5 — 65.5 U.S. government securities 71.2 54.0 — 125.2 140.0 93.8 — 233.8 Privately-held debt and redeemable preferred stock securities — — 56.6 56.6 — — 55.7 55.7 Total available-for-sale debt securities 71.2 842.1 56.6 969.9 140.0 1,255.8 55.7 1,451.5 Equity securities: Money market funds 433.3 — — 433.3 536.6 — — 536.6 Mutual funds 30.1 — — 30.1 29.3 — — 29.3 Publicly-traded equity securities 8.4 — — 8.4 6.6 — — 6.6 Total equity securities 471.8 — — 471.8 572.5 — — 572.5 Derivative assets: Foreign exchange contracts — 32.3 — 32.3 — 38.0 — 38.0 Interest rate contracts — 87.2 — 87.2 — 51.0 — 51.0 Total derivative assets — 119.5 — 119.5 — 89.0 — 89.0 Total assets measured at fair value on a recurring basis $ 543.0 $ 961.6 $ 56.6 $ 1,561.2 $ 712.5 $ 1,344.8 $ 55.7 $ 2,113.0 Liabilities: Derivative liabilities: Foreign exchange contracts $ — $ (6.7) $ — $ (6.7) $ — $ (0.5) $ — $ (0.5) Interest rate contracts — (1.3) — (1.3) — — — — Total derivative liabilities — (8.0) — (8.0) — (0.5) — (0.5) Total liabilities measured at fair value on a recurring basis $ — $ (8.0) $ — $ (8.0) $ — $ (0.5) $ — $ (0.5) Fair Value Measurements at Fair Value Measurements at Quoted Prices in Significant Other Significant Other Total Quoted Prices in Significant Other Significant Other Total Total assets, reported as: Cash equivalents $ 416.6 $ 146.1 $ — $ 562.7 $ 519.8 $ 333.7 $ — $ 853.5 Short-term investments 61.8 232.3 — 294.1 101.0 311.1 — 412.1 Long-term investments 17.8 463.6 — 481.4 45.6 611.0 — 656.6 Prepaid expenses and other current assets 10.1 24.5 — 34.6 9.9 28.0 — 37.9 Other long-term assets 36.7 95.1 56.6 188.4 36.2 61.0 55.7 152.9 Total assets measured at fair value $ 543.0 $ 961.6 $ 56.6 $ 1,561.2 $ 712.5 $ 1,344.8 $ 55.7 $ 2,113.0 Total liabilities, reported as: Other accrued liabilities $ — $ (3.3) $ — $ (3.3) $ — $ (0.3) $ — $ (0.3) Other long-term liabilities — (4.7) — (4.7) — (0.2) — (0.2) Total liabilities measured at fair value on a recurring basis $ — $ (8.0) $ — $ (8.0) $ — $ (0.5) $ — $ (0.5) The Company's Level 2 available-for-sale debt securities are priced using quoted market prices for similar instruments or non-binding market prices that are corroborated by observable market data. The Company uses inputs such as actual trade data, benchmark yields, broker/dealer quotes, or alternative pricing sources with reasonable levels of price transparency, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets. The Company's derivative instruments are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. During the three months ended March 31, 2021, the Company had no transfers into or out of Level 3 of the fair value hierarchy of its assets or liabilities measured at fair value. The Company's privately-held debt and redeemable preferred stock securities are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of its privately-held debt and redeemable preferred stock securities on a recurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent valuations at the time of financing activities and the investee's capital structure. During the three months ended March 31, 2021, there were no significant activities related to privately-held debt and redeemable preferred stock securities. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company's investments in equity securities without readily determinable fair value are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value on a nonrecurring basis (i.e. when an observable transaction occurs) using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. As of March 31, 2021, there have been no material upward or downward adjustments for price changes to the equity securities without readily determinable fair value. Certain of the Company's assets, including intangible assets and goodwill, are measured at fair value on a nonrecurring basis. There were no significant impairment charges recognized during the three months ended March 31, 2021. As of March 31, 2021 and December 31, 2020, the Company had no liabilities required to be measured at fair value on a nonrecurring basis. The carrying amounts of the Company's accounts receivable, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. As of March 31, 2021 and December 31, 2020, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets wa s $1,797.5 million and $2,386.6 million, respectively, based on observable market inputs (Level 2). The net carrying value of a contract manufacturer deposit of $51.0 million, reported within other long-term assets, in the Condensed Consolidated Balance Sheets approximates its fair value as of March 31, 2021. See Note 7, Other Financial Information,

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 5. Derivative Instruments The Company uses derivative instruments to manage a variety of risks, including risks related to fluctuations in foreign currency exchange rates and interest rates on debt instruments. We do not use derivative financial instruments for speculative purposes. The notional amount of the Company's derivatives is summarized as follows (in millions): As of March 31, December 31, Designated derivatives: Cash flow hedges: Foreign currency contracts $ 845.6 $ 722.1 Interest rate lock contracts 650.0 650.0 Fair value hedges: Interest rate swap contracts 300.0 300.0 Total designated derivatives 1,795.6 1,672.1 Non-designated derivatives 182.6 174.1 Total $ 1,978.2 $ 1,846.2 The fair value of derivative instruments on the Consolidated Balance Sheets was as follows: As of Balance Sheet Classification March 31, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 23.4 $ 27.8 Foreign currency contracts Other long-term assets 7.8 10.0 Interest rate lock contracts Other long-term assets 86.6 30.7 Interest rate swap contracts Other long-term assets 0.6 20.3 Total derivatives designated as hedging instruments $ 118.4 $ 88.8 Derivatives not designated as hedging instruments Other current assets 1.1 0.2 Total derivative assets $ 119.5 $ 89.0 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 3.2 $ 0.2 Foreign currency contracts Other long-term liabilities 3.4 0.2 Interest rate swap contracts Other long-term liabilities 1.3 — Total derivatives designated as hedging instruments $ 7.9 $ 0.4 Derivatives not designated as hedging instruments Other accrued liabilities 0.1 0.1 Total derivative liabilities $ 8.0 $ 0.5 Designated Derivatives The Company uses foreign currency forward contracts to hedge the Company's planned cost of revenues and operating expenses denominated in foreign currencies. These derivatives are designated as cash flow hedges and typically have maturities of thirty-six months or less. In 2020, the Company entered into interest rate locks with large financial institutions, which fix the benchmark interest rates of future debt issuance for an aggregate notional amount of $650.0 million. These contracts are designated as cash flow hedges and are expected to terminate within five years or less. In 2019, the Company entered into interest rate swaps with an aggregate notional amount of $300.0 million designated as fair value hedges of our fixed-rate 2041 Notes. These swaps convert the fixed interest rates of the notes to floating interest rates based on the LIBOR. Most of the interest rate swaps will expire within nine years or less. Effect of Derivative Instruments on the Consolidated Statements of Operations For cash flow hedges, the Company recognized an unrealized gain of $53.0 million and an unrealized loss of $29.1 million in accumulated other comprehensive income for the effective portion of its derivative instruments for the three months ended March 31, 2021 and March 31, 2020, respectively. For foreign currency forward contracts, the Company reclassified a gain of $10.0 million and a loss of $1.5 million out of accumulated other comprehensive income to cost of revenues and operating expenses in the Condensed Consolidated Statements of Operations during the three months ended March 31, 2021 and March 31, 2020, respectively. As of March 31, 2021, an estimated $20.2 million of unrealized net gain within accumulated other comprehensive loss 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

Goodwill and Purchased Intangib

Goodwill and Purchased Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Purchased Intangible Assets	Note 6. Goodwill and Purchased Intangible Assets Goodwill The Company's goodwill activity during the three months ended March 31, 2021 was as follows (in millions): Total December 31, 2020 $ 3,669.6 Additions due to business combinations 83.7 March 31, 2021 $ 3,753.3 There were no impairments to goodwill during the three months ended March 31, 2021 and March 31, 2020. Purchased Intangible Assets The Company’s purchased intangible assets, net, were as follows (in millions): As of March 31, 2021 As of December 31, 2020 Gross Accumulated Accumulated Impairments and Net Gross Accumulated Accumulated Impairments and Net Finite-lived intangible assets: Technologies and patents $ 903.8 $ (613.2) $ (55.1) $ 235.5 $ 823.5 $ (598.2) $ (55.1) $ 170.2 Customer relationships 136.3 (87.8) (2.8) 45.7 129.2 (84.4) (2.8) 42.0 Trade names and other 9.6 (4.7) — 4.9 9.6 (4.1) — 5.5 Total 1,049.7 (705.7) (57.9) 286.1 962.3 (686.7) (57.9) 217.7 Indefinite-lived intangible assets: In-process research and development 49.0 — — 49.0 49.0 — — 49.0 Total purchased intangible assets $ 1,098.7 $ (705.7) $ (57.9) $ 335.1 $ 1,011.3 $ (686.7) $ (57.9) $ 266.7 Amortization expense related to purchased intangible assets with finite lives was $19.0 million and $9.9 million for the three months ended March 31, 2021 and March 31, 2020, respectively. There were no significant impairment charges related to purchased intangible assets for the three months ended March 31, 2021 and March 31, 2020, respectively. As of March 31, 2021, the estimated future amortization expense of purchased intangible assets with finite lives is as follows (in millions): Years Ending December 31, Amount Remainder of 2021 $ 60.4 2022 72.8 2023 66.8 2024 47.3 2025 37.7 Thereafter 1.1 Total $ 286.1

Other Financial Information

Other Financial Information	3 Months Ended
	Mar. 31, 2021
Other Financial Information [Abstract]
Other Financial Information	Note 7. Other Financial Information Inventory Total inventory consisted of the following (in millions): As of March 31, December 31, Production and service materials $ 188.1 $ 158.1 Finished goods 71.1 63.8 Inventory $ 259.2 $ 221.9 Reported as: Prepaid expenses and other current assets $ 247.1 $ 210.2 Other long-term assets 12.1 11.7 Total $ 259.2 $ 221.9 Deposit The Company has a non-interest bearing deposit balance of $51.0 million, net of an unamortized discount balance of $1.3 million, to a contract manufacturer. The discount is calculated based on an imputed interest rate of 5.0% at March 31, 2021. The imputed interest will be amortized over the term of the deposit to interest income along with a corresponding charge to cost of revenues. The deposit is classified as other long-term asset on the Condensed Consolidated Balance Sheets. Warranties Changes during the three months ended March 31, 2021 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, 2020 $ 30.2 Provisions made during the period 10.1 Actual costs incurred during the period (9.7) Balance as of March 31, 2021 $ 30.6 Revenue See Note 12, Segments, for disaggregated revenue by product and service, customer vertical, and geographic region. Product revenue of $28.7 million included in deferred revenue at January 1, 2021 was recognized during the three months ended March 31, 2021. Service revenue of $277.7 million included in deferred revenue at January 1, 2021 was recognized during the three months ended March 31, 2021. The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of March 31, 2021 and when the Company expects to recognize the amounts as revenue (in millions): Revenue Recognition Expected by Period Total Less than 1 year 1-3 years More than 3 years Product $ 107.5 $ 88.9 $ 15.9 $ 2.7 Service (*) 1,236.9 817.8 343.3 75.8 Total $ 1,344.4 $ 906.7 $ 359.2 $ 78.5 ________________________________ (*) Represents unearned service revenue allocated to the performance obligations not delivered or partially delivered as of March 31, 2021. The unearned service revenue is comprised of deferred revenue and non-cancellable contract revenue, which has not been invoiced yet. Deferred Commissions Deferred commissions were $29.3 million as of March 31, 2021. For the three months ended March 31, 2021, amortization expense for the deferred commissions was $40.5 million, and there were no impairment charges recognized. Other Expense, Net Other expense, net, consisted of the following (in millions): Three Months Ended March 31, 2021 2020 Interest income $ 4.1 $ 15.0 Interest expense (13.7) (20.1) Gain (loss) on investments, net 3.8 (5.8) Other 0.8 (0.2) Other expense, net $ (5.0) $ (11.1)

Restructuring Charges

Restructuring Charges	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring Charges	Note 8. Restructuring Charges During the first quarter of 2021, the Company initiated a restructuring plan (the "2021 Restructuring Plan") driven by recent acquisitions and key strategic changes, designed to realign the Company's workforce, enhance productivity and cost efficiencies, and enable reinvestment in certain key priority areas. The 2021 Restructuring Plan includes workforce reductions and facility consolidations, which are expected to be completed throughout the year in 2021. During the three months ended March 31, 2021, the Company recorded $14.7 million in employee severance costs and $4.6 million in costs related to facility consolidations, which were reported as restructuring charges in the Condensed Consolidated Statements of Operations. Restructuring liabilities are reported within other accrued liabilities in the Condensed Consolidated Balance Sheets. The following table provides a summary of changes in the restructuring liabilities for the Company's 2021 Restructuring Plan and prior year plan (in millions): December 31, Charges Cash Other March 31, Severance $ 50.7 $ 14.7 $ (45.2) $ 1.0 $ 21.2 Facility consolidations — 4.6 — (3.3) 1.3 Total $ 50.7 $ 19.3 $ (45.2) $ (2.3) $ 22.5 The Company expects to substantially pay the remaining severance liabilities by the end of the second quarter of 2021.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Note 9. Debt Debt The following table summarizes the Company's total debt (in millions, except percentages): As of Maturity Date Effective Interest Rates March 31, December 31, Senior Notes ("Notes"): 4.500% fixed-rate notes ("2024 Notes") March 2024 4.70 % $ — $ 265.8 4.350% fixed-rate notes ("2025-I Notes") June 2025 4.47 % — 158.0 1.200% fixed-rate notes ("2025-II Notes") December 2025 1.37 % 400.0 400.0 3.750% fixed-rate notes ("2029 Notes") August 2029 3.86 % 500.0 500.0 2.000% fixed-rate notes ("2030 Notes") December 2030 2.12 % 400.0 400.0 5.950% fixed-rate notes ("2041 Notes") March 2041 6.03 % 400.0 400.0 Total Notes 1,700.0 2,123.8 Unaccreted discount and debt issuance costs (14.1) (16.8) Hedge accounting fair value adjustments (*) (0.7) 20.3 Total $ 1,685.2 $ 2,127.3 ________________________________ (*) Represents the fair value adjustments for interest rate swaps with an aggregate notional amount of $300.0 million designated as fair value hedges of our fixed-rate 2041 Notes. See Note 5, Derivative Instruments , for a discussion of the Company's interest rate swaps. In January 2021, the Company redeemed the remaining $265.8 million of its outstanding 2024 Notes and the remaining $158.0 million of its outstanding 2025-I Notes, for a principal redemption amount in the aggregate of $482.1 million, plus accrued interest. The repayments resulted in a loss on extinguishment of debt of $60.6 million, consisting primarily of a premium on the early redemption and acceleration of unamortized debt discount and fees on the redeemed debt. The Notes above are the Company’s senior unsecured and unsubordinated obligations, ranking equally in right of payment to all of the Company’s existing and future senior unsecured and unsubordinated indebtedness, and senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the Notes. Interest on the Notes is payable in cash semiannually. The effective interest rates for the Notes include the interest on the Notes, accretion of the discount, and amortization of issuance costs. The indenture and the supplemental indentures (together, the "indentures") that govern the Notes also contain various covenants, including limitations on the Company's ability to incur liens or enter into sale-leaseback transactions over certain dollar thresholds. As of March 31, 2021, the Company was in compliance with all covenants in the indentures governing the Notes. Revolving Credit Facility The Company has an unsecured revolving credit facility that will expire in April 2024, which enables borrowings of up to $500.0 million, with an option to increase the amount of the credit facility by up to an additional $200.0 million, subject to the lenders' approval. The credit facility will terminate in April 2024. As of March 31, 2021, the Company was in compliance with all covenants and no amounts were outstanding under our credit facility.

Equity

Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Equity	Note 10. Equity The following table summarizes dividends paid, stock repurchases, and retirements under the Company's stock repurchase program (in millions, except per share amounts): Three Months Ended March 31, 2021 2020 Dividends: Per share $ 0.20 $ 0.20 Amount $ 65.2 $ 65.5 Repurchased under the 2018 Stock Repurchase Program: Shares 5.1 10.3 Average price per share (*) $ 24.45 $ 23.83 Amount $ 125.0 $ 200.0 ________________________________ (*) $23.83 average price per share for the three months ended March 31, 2020 includes $200.0 million in open market purchases, and settlement of the forward contract of $40.0 million under the ASR, which was initiated during the fourth quarter of 2019. Cash Dividends on Shares of Common Stock During the three months ended March 31, 2021, the Company declared and paid a quarterly cash dividend of $0.20 per common share, totaling $65.2 million, on its outstanding common stock. Any future dividends, and the establishment of record and payment dates, are subject to approval by the Board of Directors (the “Board”) of Juniper or an authorized committee thereof. See Note 16, Subsequent Events, for discussion of the Company's dividend declaration subsequent to March 31, 2021. Stock Repurchase Activities During the three months ended March 31, 2021, the Company repurchased 5.1 million shares of its common stock in the open market for an aggregate purchase price of $125.0 million at an average price of $24.45 per share, under the 2018 Stock Repurchase Program. As of March 31, 2021, there was approximately $1.2 billion of authorized funds remaining under the 2018 Stock Repurchase Program. Future share repurchases under the 2018 Stock Repurchase Program will be subject to a review of the circumstances at that time and will be made from time to time in private transactions or open market purchases as permitted by securities laws and other legal requirements. In addition to repurchases under the 2018 Stock Repurchase Program, the Company also withholds shares of common stock from certain employees in connection with the vesting of stock awards issued to such employees to satisfy applicable tax withholding requirements. Such withheld shares are treated as common stock repurchases in our financial statements as they reduce the number of shares that would have been issued upon vesting. Repurchases associated with tax withholdings were not material during the three months ended March 31, 2021 and March 31, 2020. Accumulated Other Comprehensive Income, Net of Tax The components of accumulated other comprehensive income, net of related taxes, for the three months ended March 31, 2021 were as follows (in millions): Unrealized Unrealized Foreign Total Balance as of December 31, 2020 $ 34.1 $ 57.7 $ (36.2) $ 55.6 Other comprehensive income (loss) before reclassifications (1.2) 38.5 (1.9) 35.4 Amount reclassified from accumulated other comprehensive income (loss) (0.8) (8.9) — (9.7) Other comprehensive income (loss), net (2.0) 29.6 (1.9) 25.7 Balance as of March 31, 2021 $ 32.1 $ 87.3 $ (38.1) $ 81.3

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Employee Benefit Plans	Note 11. Employee Benefit Plans Equity Incentive Plans The Company has stock-based compensation plans pursuant to which it has granted stock options, restricted stock units (“RSUs”), and performance share awards (“PSAs”). The Company also maintains its 2008 Employee Stock Purchase Plan (the “ESPP”) for all eligible employees. As of March 31, 2021, 10.0 million and 10.1 million shares were available for future issuance under the Company's 2015 Equity Incentive Plan (the "2015 Plan") and the ESPP, respectively. In connection with past acquisitions, the Company has also assumed or substituted stock options, RSUs, restricted stock awards ("RSAs"), and PSAs. RSU, RSA and PSA Activities The Company’s RSU, RSA and PSA activity and related information as of and for the three months ended March 31, 2021 were as follows (in millions, except per share amounts and years): Outstanding RSUs, RSAs and PSAs Number of Shares Weighted Average Weighted Average Aggregate Balance as of December 31, 2020 19.9 $ 23.05 Granted (*) 2.9 23.79 Awards assumed upon the acquisition of Apstra 2.2 25.49 Vested (3.6) 24.54 Canceled (1.1) 24.55 Balance as of March 31, 2021 20.3 $ 23.09 1.6 $ 514.9 ________________________________ (*) Includes 0.9 million service-based, 1.5 million performance-based, and 0.5 million market-based RSUs and PSAs, as applicable. The number of shares subject to performance-based and market-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested. Employee Stock Purchase Plan The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts): Three Months Ended March 31, 2021 2020 Shares purchased 1.4 1.4 Average exercise price per share $ 19.75 $ 19.50 Share-Based Compensation Expense Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and the ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2021 2020 Cost of revenues - Product $ 1.3 $ 1.4 Cost of revenues - Service 4.5 4.2 Research and development 24.2 15.2 Sales and marketing 16.5 13.8 General and administrative 11.0 7.4 Total $ 57.5 $ 42.0 The following table summarizes share-based compensation expense by award type (in millions): Three Months Ended March 31, 2021 2020 Stock options $ 2.7 $ 1.9 RSUs, RSAs, and PSAs 49.9 34.9 ESPP 4.9 5.2 Total $ 57.5 $ 42.0

Segments

Segments	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segments	Note 12. Segments The Company operates in one reportable segment. The Company's chief executive officer, who is the chief operating decision maker, reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance, accompanied by disaggregated information about net revenues by customer solution, customer vertical, and geographic region as presented below. Effective in the first quarter of fiscal 2021, the Company began reporting its revenue by customer solution in the following three categories: Automated WAN Solutions, Cloud-Ready Data Center, AI-Driven Enterprise. In addition, the Company will report Hardware Maintenance and Professional Services. The change provides for alignment on key growth drivers that is aligned with the Company's strategy. The following table presents net revenues by customer solution (in millions): Three Months Ended March 31, 2021 2020 Automated WAN Solutions $ 386.4 $ 315.5 Cloud-Ready Data Center 157.4 174.4 AI-Driven Enterprise 161.2 143.4 Hardware Maintenance and Professional Services 369.4 364.7 Total $ 1,074.4 $ 998.0 The following table presents net revenues by customer vertical (in millions): Three Months Ended March 31, 2021 2020 Cloud $ 270.7 $ 261.9 Service Provider 438.2 375.5 Enterprise 365.5 360.6 Total $ 1,074.4 $ 998.0 The Company attributes revenues to geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions): Three Months Ended March 31, 2021 2020 Americas: United States $ 523.2 $ 529.4 Other 59.8 50.1 Total Americas 583.0 579.5 Europe, Middle East, and Africa 311.1 255.0 Asia Pacific 180.3 163.5 Total $ 1,074.4 $ 998.0

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 13. Income Taxes The following table provides details of income taxes (in millions, except percentages): Three Months Ended March 31, 2021 2020 Income (loss) before income taxes $ (37.8) $ 28.3 Income tax (benefit) provision $ (6.7) $ 7.9 Effective tax rate 17.7 % 28.0 % 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 global intangible low-taxed income, research and development ("R&D") tax credits, tax audit settlements, nondeductible compensation, cost sharing of stock-based compensation, and other transfer pricing adjustments. The Company’s effective tax rate for the three months ended March 31, 2021 reflects the loss on extinguishment of debt of $60.6 million and other restructuring charges of $19.3 million in the period. The Company's effective tax rate for the three months ended March 31, 2020 reflected a discrete charge for non-deductible stock compensation in the period. As of March 31, 2021, the total amount of gross unrecognized tax benefits was $117.1 million. The Company engages in continuous discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. There is a greater than remote likelihood that the balance of the gross unrecognized tax benefits will decrease by up to $11.0 million within the next twelve months due to the completion of tax review cycles in various tax jurisdictions and lapses of applicable statutes of limitation.

Net (Loss) Income Per Share

Net (Loss) Income Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net (Loss) Income Per Share	Note 14. Net (Loss) Income per Share The Company computed basic and diluted net (loss) income per share as follows (in millions, except per share amounts): Three Months Ended March 31, 2021 2020 Numerator: Net (loss) income $ (31.1) $ 20.4 Denominator: Weighted-average shares used to compute basic (loss) income per share 326.3 330.8 Dilutive effect of employee stock awards — 4.3 Weighted-average shares used to compute diluted (loss) income per share 326.3 335.1 Net (loss) income per share: Basic $ (0.10) $ 0.06 Diluted $ (0.10) $ 0.06 Anti-dilutive shares 3.7 3.3

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 15. Commitments and Contingencies Commitments Except for the items below, there have been no material changes to the Company's commitments compared to the commitments described in Note 15, Commitments and Contingencies , in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K. Purchase Commitments with Contract Manufacturers and Suppliers In order to reduce manufacturing lead times and in the interest of having access to adequate component supply, the Company enters into agreements with contract manufacturers and certain suppliers to procure inventory based on the Company's requirements. A significant portion of the Company's purchase commitments arising from these agreements consists of firm and non-cancelable commitments. These purchase commitments totale d $1,319.2 million a s of March 31, 2021. Legal Proceedings In the ordinary course of business, the Company is subject to various pending and potential investigations, disputes, litigations, and legal proceedings. The Company records an accrual for loss contingencies for legal proceedings when it believes that an unfavorable outcome is both (a) probable and (b) the amount or range of any possible loss is reasonably estimable. The Company intends to aggressively defend itself in any legal matters, and while the outcome of any pending matters is not currently determinable, the Company believes that none of its currently existing claims or proceedings are likely to have a material adverse effect on its financial position. Notwithstanding the foregoing, there are many uncertainties associated with any litigation and these matters or any other third-party claims against the Company may cause the Company to incur costly litigation and/or substantial settlement charges. In addition, the resolution of any intellectual property litigation may require the Company to make royalty payments, which could adversely affect gross margins in future periods. If any of these events were to occur, the Company's business, financial condition, results of operations, and cash flows could be adversely affected. The actual liability in any such matters may be materially different from the Company's estimates, if any, which could result in the need to adjust the liability and record additional expenses.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 16. Subsequent Events Dividend Declaration On April 27, 2021, the Company announced that the Board declared a cash dividend of $0.20 per share of common stock to be paid on June 22, 2021 to stockholders of record as of the close of business on June 1, 2021.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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, 2020 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, 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, 2020 (the "Form 10-K"). We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued.
Use of Estimates	The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions.
Recently Adopted Accounting Standards and Recent Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards Simplifying the Accounting for Income Taxes: On January 1, 2021, the Company adopted ASU No. 2019-12 (Topic 740) Income Taxes — Simplifying the Accounting for Income Taxes , which enhances and simplifies various aspects related to accounting for income taxes. Upon adoption, the standard did not have a material impact on the Condensed Consolidated Financial Statements. Recent Accounting Standards Not Yet Adopted Reference Rate Reform: In March 2020, the FASB issued ASU No. 2020-04 (Topic 848), Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. In January 2021, the FASB issued ASU No. 2021-01 (Topic 848), Reference Rate Reform: Scope, which refines the scope of Topic 848 and clarifies some of its guidance. The amendments were effective upon issuance and are permissible to be applied through December 31, 2022, to any new or amended contracts, hedging relationships, and other transactions that reference LIBOR. The Company is currently evaluating the impact of the transition and disclosure requirements of the standard on its Consolidated Financial Statements.

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Summary of Estimated Fair Value of Assets Acquired	The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed at the acquisition date (in millions): Amount Cash and cash equivalents $ 1.8 Goodwill 84.0 Intangible assets 87.8 Other assets acquired 12.6 Liabilities assumed (6.8) Total $ 179.4
Summary of the Fair Value of Separately Identifiable Intangible Assets Acquired	The following table summarizes the fair value of the separately identifiable intangible assets at the time of acquisition (in millions): Amount Intangible assets (*) : Developed technology $ 80.5 Customer relationships 7.3 Total intangible assets acquired $ 87.8 ________________________________

Cash Equivalents and Investme_2

Cash Equivalents and Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Cash Equivalents and Investments [Abstract]
Unrealized gains and losses and fair value of available-for-sale debt securities	The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of March 31, 2021 and December 31, 2020 (in millions): As of March 31, 2021 As of December 31, 2020 Amortized Gross Unrealized Gross Unrealized Estimated Fair Amortized Gross Unrealized Gross Unrealized Estimated Fair Fixed income securities: Asset-backed securities $ 70.4 $ 0.1 $ — $ 70.5 $ 76.5 $ 0.2 $ — $ 76.7 Certificates of deposit 28.4 — — 28.4 32.9 — — 32.9 Commercial paper 81.4 — — 81.4 89.3 — — 89.3 Corporate debt securities 476.0 3.4 (0.2) 479.2 632.0 5.5 (0.1) 637.4 Foreign government debt securities 4.6 — — 4.6 4.6 — — 4.6 Time deposits 83.1 — — 83.1 255.6 — — 255.6 U.S. government agency securities 40.8 0.1 — 40.9 65.3 0.2 — 65.5 U.S. government securities 124.5 0.7 — 125.2 232.8 1.0 — 233.8 Total fixed income securities 909.2 4.3 (0.2) 913.3 1,389.0 6.9 (0.1) 1,395.8 Privately-held debt and redeemable preferred stock securities 19.2 37.4 — 56.6 18.3 37.4 — 55.7 Total available-for-sale debt securities $ 928.4 $ 41.7 $ (0.2) $ 969.9 $ 1,407.3 $ 44.3 $ (0.1) $ 1,451.5 Reported as: Cash equivalents $ 146.1 $ — $ — $ 146.1 $ 333.7 $ — $ — $ 333.7 Short-term investments 284.6 1.2 — 285.8 404.3 1.2 — 405.5 Long-term investments 478.5 3.1 (0.2) 481.4 651.0 5.7 (0.1) 656.6 Other long-term assets 19.2 37.4 — 56.6 18.3 37.4 — 55.7 Total $ 928.4 $ 41.7 $ (0.2) $ 969.9 $ 1,407.3 $ 44.3 $ (0.1) $ 1,451.5
Maturities of fixed income securities	The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2021 (in millions): Amortized Estimated Fair Due in less than one year $ 430.7 $ 431.9 Due between one and five years 478.5 481.4 Total $ 909.2 $ 913.3
Available-for-sale securities in unrealized loss position	The following tables present the Company's total fixed income securities that were in an unrealized loss position as of March 31, 2021 and December 31, 2020 (in millions): As of March 31, 2021 Less than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed income securities: Asset-backed securities $ 31.1 $ — $ — $ — $ 31.1 $ — Commercial paper 1.5 — — — 1.5 — Corporate debt securities 91.8 (0.2) — — 91.8 (0.2) U.S. government securities 14.7 — — — 14.7 — Total fixed income securities $ 139.1 $ (0.2) $ — $ — $ 139.1 $ (0.2) As of December 31, 2020 Less than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized Fixed income securities: Asset-backed securities $ 17.5 $ — $ — $ — $ 17.5 $ — Corporate debt securities 61.0 (0.1) — — 61.0 (0.1) Foreign government debt securities 0.6 — — — 0.6 — U.S. government securities 2.3 — — — 2.3 — Total fixed income securities $ 81.4 $ (0.1) $ — $ — $ 81.4 $ (0.1)
Schedule of investments in equity securities	The following table presents the Company's investments in equity securities as of March 31, 2021 and December 31, 2020 (in millions): As of March 31, December 31, Equity investments with readily determinable fair value: Money market funds $ 433.3 $ 536.6 Mutual funds 30.1 29.3 Publicly-traded equity securities 8.4 6.6 Equity investments without readily determinable fair value: 145.2 146.2 Total equity securities $ 617.0 $ 718.7 Reported as: Cash equivalents $ 416.6 $ 519.8 Short-term investments 8.4 6.6 Prepaid expenses and other current assets 10.2 9.9 Other long-term assets 181.8 182.4 Total $ 617.0 $ 718.7
Schedule of reconciliation of cash, cash equivalents and restricted cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 (in millions): As of March 31, December 31, Cash and cash equivalents $ 989.1 $ 1,361.9 Restricted cash included in Prepaid expenses and other current assets 18.8 19.2 Restricted cash included in Other long-term assets 4.3 1.9 Total cash, cash equivalents, and restricted cash $ 1,012.2 $ 1,383.0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis	The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 (in millions): Fair Value Measurements at Fair Value Measurements at Quoted Prices in Significant Other Significant Other Total Quoted Prices in Significant Other Significant Other Total Assets: Available-for-sale debt securities: Asset-backed securities $ — $ 70.5 $ — $ 70.5 $ — $ 76.7 $ — $ 76.7 Certificates of deposit — 28.4 — 28.4 — 32.9 — 32.9 Commercial paper — 81.4 — 81.4 — 89.3 — 89.3 Corporate debt securities — 479.2 — 479.2 — 637.4 — 637.4 Foreign government debt securities — 4.6 — 4.6 — 4.6 — 4.6 Time deposits — 83.1 — 83.1 — 255.6 — 255.6 U.S. government agency securities — 40.9 — 40.9 — 65.5 — 65.5 U.S. government securities 71.2 54.0 — 125.2 140.0 93.8 — 233.8 Privately-held debt and redeemable preferred stock securities — — 56.6 56.6 — — 55.7 55.7 Total available-for-sale debt securities 71.2 842.1 56.6 969.9 140.0 1,255.8 55.7 1,451.5 Equity securities: Money market funds 433.3 — — 433.3 536.6 — — 536.6 Mutual funds 30.1 — — 30.1 29.3 — — 29.3 Publicly-traded equity securities 8.4 — — 8.4 6.6 — — 6.6 Total equity securities 471.8 — — 471.8 572.5 — — 572.5 Derivative assets: Foreign exchange contracts — 32.3 — 32.3 — 38.0 — 38.0 Interest rate contracts — 87.2 — 87.2 — 51.0 — 51.0 Total derivative assets — 119.5 — 119.5 — 89.0 — 89.0 Total assets measured at fair value on a recurring basis $ 543.0 $ 961.6 $ 56.6 $ 1,561.2 $ 712.5 $ 1,344.8 $ 55.7 $ 2,113.0 Liabilities: Derivative liabilities: Foreign exchange contracts $ — $ (6.7) $ — $ (6.7) $ — $ (0.5) $ — $ (0.5) Interest rate contracts — (1.3) — (1.3) — — — — Total derivative liabilities — (8.0) — (8.0) — (0.5) — (0.5) Total liabilities measured at fair value on a recurring basis $ — $ (8.0) $ — $ (8.0) $ — $ (0.5) $ — $ (0.5) Fair Value Measurements at Fair Value Measurements at Quoted Prices in Significant Other Significant Other Total Quoted Prices in Significant Other Significant Other Total Total assets, reported as: Cash equivalents $ 416.6 $ 146.1 $ — $ 562.7 $ 519.8 $ 333.7 $ — $ 853.5 Short-term investments 61.8 232.3 — 294.1 101.0 311.1 — 412.1 Long-term investments 17.8 463.6 — 481.4 45.6 611.0 — 656.6 Prepaid expenses and other current assets 10.1 24.5 — 34.6 9.9 28.0 — 37.9 Other long-term assets 36.7 95.1 56.6 188.4 36.2 61.0 55.7 152.9 Total assets measured at fair value $ 543.0 $ 961.6 $ 56.6 $ 1,561.2 $ 712.5 $ 1,344.8 $ 55.7 $ 2,113.0 Total liabilities, reported as: Other accrued liabilities $ — $ (3.3) $ — $ (3.3) $ — $ (0.3) $ — $ (0.3) Other long-term liabilities — (4.7) — (4.7) — (0.2) — (0.2) Total liabilities measured at fair value on a recurring basis $ — $ (8.0) $ — $ (8.0) $ — $ (0.5) $ — $ (0.5)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instruments	The notional amount of the Company's derivatives is summarized as follows (in millions): As of March 31, December 31, Designated derivatives: Cash flow hedges: Foreign currency contracts $ 845.6 $ 722.1 Interest rate lock contracts 650.0 650.0 Fair value hedges: Interest rate swap contracts 300.0 300.0 Total designated derivatives 1,795.6 1,672.1 Non-designated derivatives 182.6 174.1 Total $ 1,978.2 $ 1,846.2
Schedule of Derivative Assets at Fair Value	The fair value of derivative instruments on the Consolidated Balance Sheets was as follows: As of Balance Sheet Classification March 31, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 23.4 $ 27.8 Foreign currency contracts Other long-term assets 7.8 10.0 Interest rate lock contracts Other long-term assets 86.6 30.7 Interest rate swap contracts Other long-term assets 0.6 20.3 Total derivatives designated as hedging instruments $ 118.4 $ 88.8 Derivatives not designated as hedging instruments Other current assets 1.1 0.2 Total derivative assets $ 119.5 $ 89.0 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 3.2 $ 0.2 Foreign currency contracts Other long-term liabilities 3.4 0.2 Interest rate swap contracts Other long-term liabilities 1.3 — Total derivatives designated as hedging instruments $ 7.9 $ 0.4 Derivatives not designated as hedging instruments Other accrued liabilities 0.1 0.1 Total derivative liabilities $ 8.0 $ 0.5
Schedule of Derivative Liabilities at Fair Value	The fair value of derivative instruments on the Consolidated Balance Sheets was as follows: As of Balance Sheet Classification March 31, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 23.4 $ 27.8 Foreign currency contracts Other long-term assets 7.8 10.0 Interest rate lock contracts Other long-term assets 86.6 30.7 Interest rate swap contracts Other long-term assets 0.6 20.3 Total derivatives designated as hedging instruments $ 118.4 $ 88.8 Derivatives not designated as hedging instruments Other current assets 1.1 0.2 Total derivative assets $ 119.5 $ 89.0 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 3.2 $ 0.2 Foreign currency contracts Other long-term liabilities 3.4 0.2 Interest rate swap contracts Other long-term liabilities 1.3 — Total derivatives designated as hedging instruments $ 7.9 $ 0.4 Derivatives not designated as hedging instruments Other accrued liabilities 0.1 0.1 Total derivative liabilities $ 8.0 $ 0.5

Goodwill and Purchased Intang_2

Goodwill and Purchased Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The Company's goodwill activity during the three months ended March 31, 2021 was as follows (in millions): Total December 31, 2020 $ 3,669.6 Additions due to business combinations 83.7 March 31, 2021 $ 3,753.3
Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class	The Company’s purchased intangible assets, net, were as follows (in millions): As of March 31, 2021 As of December 31, 2020 Gross Accumulated Accumulated Impairments and Net Gross Accumulated Accumulated Impairments and Net Finite-lived intangible assets: Technologies and patents $ 903.8 $ (613.2) $ (55.1) $ 235.5 $ 823.5 $ (598.2) $ (55.1) $ 170.2 Customer relationships 136.3 (87.8) (2.8) 45.7 129.2 (84.4) (2.8) 42.0 Trade names and other 9.6 (4.7) — 4.9 9.6 (4.1) — 5.5 Total 1,049.7 (705.7) (57.9) 286.1 962.3 (686.7) (57.9) 217.7 Indefinite-lived intangible assets: In-process research and development 49.0 — — 49.0 49.0 — — 49.0 Total purchased intangible assets $ 1,098.7 $ (705.7) $ (57.9) $ 335.1 $ 1,011.3 $ (686.7) $ (57.9) $ 266.7
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	The Company’s purchased intangible assets, net, were as follows (in millions): As of March 31, 2021 As of December 31, 2020 Gross Accumulated Accumulated Impairments and Net Gross Accumulated Accumulated Impairments and Net Finite-lived intangible assets: Technologies and patents $ 903.8 $ (613.2) $ (55.1) $ 235.5 $ 823.5 $ (598.2) $ (55.1) $ 170.2 Customer relationships 136.3 (87.8) (2.8) 45.7 129.2 (84.4) (2.8) 42.0 Trade names and other 9.6 (4.7) — 4.9 9.6 (4.1) — 5.5 Total 1,049.7 (705.7) (57.9) 286.1 962.3 (686.7) (57.9) 217.7 Indefinite-lived intangible assets: In-process research and development 49.0 — — 49.0 49.0 — — 49.0 Total purchased intangible assets $ 1,098.7 $ (705.7) $ (57.9) $ 335.1 $ 1,011.3 $ (686.7) $ (57.9) $ 266.7
Estimated Future Amortization Expense of Purchased Intangible Assets with Finite Lives	As of March 31, 2021, the estimated future amortization expense of purchased intangible assets with finite lives is as follows (in millions): Years Ending December 31, Amount Remainder of 2021 $ 60.4 2022 72.8 2023 66.8 2024 47.3 2025 37.7 Thereafter 1.1 Total $ 286.1

Other Financial Information (Ta

Other Financial Information (Tables)	3 Months Ended
	Mar. 31, 2021
Other Financial Information [Abstract]
Inventories	Total inventory consisted of the following (in millions): As of March 31, December 31, Production and service materials $ 188.1 $ 158.1 Finished goods 71.1 63.8 Inventory $ 259.2 $ 221.9 Reported as: Prepaid expenses and other current assets $ 247.1 $ 210.2 Other long-term assets 12.1 11.7 Total $ 259.2 $ 221.9
Warranties	Changes during the three months ended March 31, 2021 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, 2020 $ 30.2 Provisions made during the period 10.1 Actual costs incurred during the period (9.7) Balance as of March 31, 2021 $ 30.6
Performance obligation	The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of March 31, 2021 and when the Company expects to recognize the amounts as revenue (in millions): Revenue Recognition Expected by Period Total Less than 1 year 1-3 years More than 3 years Product $ 107.5 $ 88.9 $ 15.9 $ 2.7 Service (*) 1,236.9 817.8 343.3 75.8 Total $ 1,344.4 $ 906.7 $ 359.2 $ 78.5 ________________________________ (*) Represents unearned service revenue allocated to the performance obligations not delivered or partially delivered as of March 31, 2021. The unearned service revenue is comprised of deferred revenue and non-cancellable contract revenue, which has not been invoiced yet.
Other income (expense), net	Other expense, net, consisted of the following (in millions): Three Months Ended March 31, 2021 2020 Interest income $ 4.1 $ 15.0 Interest expense (13.7) (20.1) Gain (loss) on investments, net 3.8 (5.8) Other 0.8 (0.2) Other expense, net $ (5.0) $ (11.1)

Restructuring (Benefits) Charge

Restructuring (Benefits) Charges (Tables)	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Schedule of restructuring liabilities	The following table provides a summary of changes in the restructuring liabilities for the Company's 2021 Restructuring Plan and prior year plan (in millions): December 31, Charges Cash Other March 31, Severance $ 50.7 $ 14.7 $ (45.2) $ 1.0 $ 21.2 Facility consolidations — 4.6 — (3.3) 1.3 Total $ 50.7 $ 19.3 $ (45.2) $ (2.3) $ 22.5

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of total debt	The following table summarizes the Company's total debt (in millions, except percentages): As of Maturity Date Effective Interest Rates March 31, December 31, Senior Notes ("Notes"): 4.500% fixed-rate notes ("2024 Notes") March 2024 4.70 % $ — $ 265.8 4.350% fixed-rate notes ("2025-I Notes") June 2025 4.47 % — 158.0 1.200% fixed-rate notes ("2025-II Notes") December 2025 1.37 % 400.0 400.0 3.750% fixed-rate notes ("2029 Notes") August 2029 3.86 % 500.0 500.0 2.000% fixed-rate notes ("2030 Notes") December 2030 2.12 % 400.0 400.0 5.950% fixed-rate notes ("2041 Notes") March 2041 6.03 % 400.0 400.0 Total Notes 1,700.0 2,123.8 Unaccreted discount and debt issuance costs (14.1) (16.8) Hedge accounting fair value adjustments (*) (0.7) 20.3 Total $ 1,685.2 $ 2,127.3 ________________________________ (*) Represents the fair value adjustments for interest rate swaps with an aggregate notional amount of $300.0 million designated as fair value hedges of our fixed-rate 2041 Notes. See Note 5, Derivative Instruments , for a discussion of the Company's interest rate swaps.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Summary of dividends paid and stock repurchases and retirements under stock repurchase program	The following table summarizes dividends paid, stock repurchases, and retirements under the Company's stock repurchase program (in millions, except per share amounts): Three Months Ended March 31, 2021 2020 Dividends: Per share $ 0.20 $ 0.20 Amount $ 65.2 $ 65.5 Repurchased under the 2018 Stock Repurchase Program: Shares 5.1 10.3 Average price per share (*) $ 24.45 $ 23.83 Amount $ 125.0 $ 200.0 ________________________________ (*) $23.83 average price per share for the three months ended March 31, 2020 includes $200.0 million in open market purchases, and settlement of the forward contract of $40.0 million under the ASR, which was initiated during the fourth quarter of 2019.
Components of accumulated other comprehensive loss, net of taxes	The components of accumulated other comprehensive income, net of related taxes, for the three months ended March 31, 2021 were as follows (in millions): Unrealized Unrealized Foreign Total Balance as of December 31, 2020 $ 34.1 $ 57.7 $ (36.2) $ 55.6 Other comprehensive income (loss) before reclassifications (1.2) 38.5 (1.9) 35.4 Amount reclassified from accumulated other comprehensive income (loss) (0.8) (8.9) — (9.7) Other comprehensive income (loss), net (2.0) 29.6 (1.9) 25.7 Balance as of March 31, 2021 $ 32.1 $ 87.3 $ (38.1) $ 81.3

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of nonvested share activity	The Company’s RSU, RSA and PSA activity and related information as of and for the three months ended March 31, 2021 were as follows (in millions, except per share amounts and years): Outstanding RSUs, RSAs and PSAs Number of Shares Weighted Average Weighted Average Aggregate Balance as of December 31, 2020 19.9 $ 23.05 Granted (*) 2.9 23.79 Awards assumed upon the acquisition of Apstra 2.2 25.49 Vested (3.6) 24.54 Canceled (1.1) 24.55 Balance as of March 31, 2021 20.3 $ 23.09 1.6 $ 514.9 ________________________________ (*) Includes 0.9 million service-based, 1.5 million performance-based, and 0.5 million market-based RSUs and PSAs, as applicable. The number of shares subject to performance-based and market-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested.
Schedule of employee stock purchases through ESPP	The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts): Three Months Ended March 31, 2021 2020 Shares purchased 1.4 1.4 Average exercise price per share $ 19.75 $ 19.50
Schedule of employee service share-based compensation, allocation of recognized period costs	Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and the ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2021 2020 Cost of revenues - Product $ 1.3 $ 1.4 Cost of revenues - Service 4.5 4.2 Research and development 24.2 15.2 Sales and marketing 16.5 13.8 General and administrative 11.0 7.4 Total $ 57.5 $ 42.0
Disclosure 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 March 31, 2021 2020 Stock options $ 2.7 $ 1.9 RSUs, RSAs, and PSAs 49.9 34.9 ESPP 4.9 5.2 Total $ 57.5 $ 42.0

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Financial information for each segment	The following table presents net revenues by customer solution (in millions): Three Months Ended March 31, 2021 2020 Automated WAN Solutions $ 386.4 $ 315.5 Cloud-Ready Data Center 157.4 174.4 AI-Driven Enterprise 161.2 143.4 Hardware Maintenance and Professional Services 369.4 364.7 Total $ 1,074.4 $ 998.0 The following table presents net revenues by customer vertical (in millions): Three Months Ended March 31, 2021 2020 Cloud $ 270.7 $ 261.9 Service Provider 438.2 375.5 Enterprise 365.5 360.6 Total $ 1,074.4 $ 998.0
Net revenues by geographic region	The Company attributes revenues to geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions): Three Months Ended March 31, 2021 2020 Americas: United States $ 523.2 $ 529.4 Other 59.8 50.1 Total Americas 583.0 579.5 Europe, Middle East, and Africa 311.1 255.0 Asia Pacific 180.3 163.5 Total $ 1,074.4 $ 998.0

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 Income (loss) before income taxes $ (37.8) $ 28.3 Income tax (benefit) provision $ (6.7) $ 7.9 Effective tax rate 17.7 % 28.0 %

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of basic and diluted net income per share	The Company computed basic and diluted net (loss) income per share as follows (in millions, except per share amounts): Three Months Ended March 31, 2021 2020 Numerator: Net (loss) income $ (31.1) $ 20.4 Denominator: Weighted-average shares used to compute basic (loss) income per share 326.3 330.8 Dilutive effect of employee stock awards — 4.3 Weighted-average shares used to compute diluted (loss) income per share 326.3 335.1 Net (loss) income per share: Basic $ (0.10) $ 0.06 Diluted $ (0.10) $ 0.06 Anti-dilutive shares 3.7 3.3

Business Combinations - Additio

Business Combinations - Additional Information (Details) - Apstra $ in Millions	Jan. 27, 2021USD ($)
Business Acquisition [Line Items]
Percentage of voting interest acquired	100.00%
Consideration transferred	$ 179.4
Consideration transferred, cash	176.7
Consideration transferred, share-based awards	$ 2.7

Business Combinations - Estimat

Business Combinations - Estimated Fair Value of Assets Acquired (Details) - USD ($) $ in Millions	Mar. 31, 2021	Jan. 27, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 3,753.3		$ 3,669.6
Apstra
Business Acquisition [Line Items]
Cash and cash equivalents		$ 1.8
Goodwill		84
Intangible assets		87.8
Other assets acquired		12.6
Liabilities assumed		(6.8)
Total		$ 179.4

Business Combinations - Fair Va

Business Combinations - Fair Value of Identifiable Intangible Assets Acquired (Details) - Apstra $ in Millions	Jan. 27, 2021USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 87.8
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 80.5
Estimated useful life	5 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 7.3
Estimated useful life	1 year 6 months

Cash Equivalents and Investme_3

Cash Equivalents and Investments - Available-For-Sale (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Available-for-sale debt securities:
Amortized Cost	$ 928.4	$ 1,407.3
Gross Unrealized Gains	41.7	44.3
Gross Unrealized Losses	(0.2)	(0.1)
Estimated Fair Value	969.9	1,451.5
Asset-backed securities
Available-for-sale debt securities:
Amortized Cost	70.4	76.5
Gross Unrealized Gains	0.1	0.2
Gross Unrealized Losses	0	0
Estimated Fair Value	70.5	76.7
Certificates of deposit
Available-for-sale debt securities:
Amortized Cost	28.4	32.9
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	28.4	32.9
Commercial paper
Available-for-sale debt securities:
Amortized Cost	81.4	89.3
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	81.4	89.3
Corporate debt securities
Available-for-sale debt securities:
Amortized Cost	476	632
Gross Unrealized Gains	3.4	5.5
Gross Unrealized Losses	(0.2)	(0.1)
Estimated Fair Value	479.2	637.4
Foreign government debt securities
Available-for-sale debt securities:
Amortized Cost	4.6	4.6
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	4.6	4.6
Time deposits
Available-for-sale debt securities:
Amortized Cost	83.1	255.6
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	83.1	255.6
U.S. government agency securities
Available-for-sale debt securities:
Amortized Cost	40.8	65.3
Gross Unrealized Gains	0.1	0.2
Gross Unrealized Losses	0	0
Estimated Fair Value	40.9	65.5
U.S. government securities
Available-for-sale debt securities:
Amortized Cost	124.5	232.8
Gross Unrealized Gains	0.7	1
Gross Unrealized Losses	0	0
Estimated Fair Value	125.2	233.8
Fixed Income securities
Available-for-sale debt securities:
Amortized Cost	909.2	1,389
Gross Unrealized Gains	4.3	6.9
Gross Unrealized Losses	(0.2)	(0.1)
Estimated Fair Value	913.3	1,395.8
Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Amortized Cost	19.2	18.3
Gross Unrealized Gains	37.4	37.4
Gross Unrealized Losses	0	0
Estimated Fair Value	56.6	55.7
Cash equivalents
Available-for-sale debt securities:
Amortized Cost	146.1	333.7
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	146.1	333.7
Short-term investments
Available-for-sale debt securities:
Amortized Cost	284.6	404.3
Gross Unrealized Gains	1.2	1.2
Gross Unrealized Losses	0	0
Estimated Fair Value	285.8	405.5
Long-term investments
Available-for-sale debt securities:
Amortized Cost	478.5	651
Gross Unrealized Gains	3.1	5.7
Gross Unrealized Losses	(0.2)	(0.1)
Estimated Fair Value	481.4	656.6
Other long-term assets
Available-for-sale debt securities:
Amortized Cost	19.2	18.3
Gross Unrealized Gains	37.4	37.4
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 56.6	$ 55.7

Cash Equivalents and Investme_4

Cash Equivalents and Investments - Maturities of Fixed Income Securities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Amortized Cost	$ 928.4	$ 1,407.3
Estimated Fair Value
Total	969.9	1,451.5
Fixed Income Securities
Amortized Cost
Due in less than one year	430.7
Due between one and five years	478.5
Amortized Cost	909.2	1,389
Estimated Fair Value
Due in less than one year	431.9
Due between one and five years	481.4
Total	$ 913.3	$ 1,395.8

Cash Equivalents and Investme_5

Cash Equivalents and Investments - Unrealized Loss Position on Fixed Income Securities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Unrealized Loss
Less than 12 months, fair value	$ 139.1	$ 81.4
Less than 12 months, unrealized loss	(0.2)	(0.1)
12 months or greater, fair value	0	0
12 months or greater, unrealized loss	0	0
Total, fair value	139.1	81.4
Total, unrealized loss	(0.2)	(0.1)
Asset-backed securities
Unrealized Loss
Less than 12 months, fair value	31.1	17.5
Less than 12 months, unrealized loss	0	0
12 months or greater, fair value	0	0
12 months or greater, unrealized loss	0	0
Total, fair value	31.1	17.5
Total, unrealized loss	0	0
Commercial paper
Unrealized Loss
Less than 12 months, fair value	1.5
Less than 12 months, unrealized loss	0
12 months or greater, fair value	0
12 months or greater, unrealized loss	0
Total, fair value	1.5
Total, unrealized loss	0
Corporate debt securities
Unrealized Loss
Less than 12 months, fair value	91.8	61
Less than 12 months, unrealized loss	(0.2)	(0.1)
12 months or greater, fair value	0	0
12 months or greater, unrealized loss	0	0
Total, fair value	91.8	61
Total, unrealized loss	(0.2)	(0.1)
Foreign government debt securities
Unrealized Loss
Less than 12 months, fair value		0.6
Less than 12 months, unrealized loss		0
12 months or greater, fair value		0
12 months or greater, unrealized loss		0
Total, fair value		0.6
Total, unrealized loss		0
U.S. government securities
Unrealized Loss
Less than 12 months, fair value	14.7	2.3
Less than 12 months, unrealized loss	0	0
12 months or greater, fair value	0	0
12 months or greater, unrealized loss	0	0
Total, fair value	14.7	2.3
Total, unrealized loss	$ 0	$ 0

Cash Equivalents and Investme_6

Cash Equivalents and Investments - Narrative (Details)	3 Months Ended
	Mar. 31, 2021USD ($)investment	Mar. 31, 2020USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]
Total investments in unrealized loss position | investment	116
Available-for-sale debt securities, gross realized gain	$ 0	$ 0
Available-for-sale debt securities, gross realized loss	0	0
Equity investments, unrealized gains	0	0
Equity investments, unrealized losses	0	0
Restricted cash and investments	69,900,000
Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and investments	29,000,000
Other long-term assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and investments	40,900,000
Debt Securities
Restricted Cash and Cash Equivalents Items [Line Items]
Allowance for credit losses	$ 0	$ 0

Cash Equivalents and Investme_7

Cash Equivalents and Investments - Investments in Equity Securities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments without readily determinable fair value:	$ 145.2	$ 146.2
Total equity securities	617	718.7
Cash equivalents
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	416.6	519.8
Short-term investments
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	8.4	6.6
Prepaid expenses and other current assets
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	10.2	9.9
Other long-term assets
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	181.8	182.4
Money market funds
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair value:	433.3	536.6
Mutual funds
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair value:	30.1	29.3
Publicly-traded equity securities
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair value:	$ 8.4	$ 6.6

Cash Equivalents and Investme_8

Cash Equivalents and Investments - Restricted Cash and Investments (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 989.1	$ 1,361.9
Total cash, cash equivalents, and restricted cash	1,012.2	1,383	$ 1,459.8	$ 1,276.5
Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash included in Prepaid expenses and other current assets	18.8	19.2
Other long-term assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash included in Prepaid expenses and other current assets	$ 4.3	$ 1.9

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Available-for-sale debt securities:
Available-for-sale debt securities	$ 969.9	$ 1,451.5
Derivative assets:
Derivative assets:	119.5	89
Asset-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	70.5	76.7
Certificates of deposit
Available-for-sale debt securities:
Available-for-sale debt securities	28.4	32.9
Commercial paper
Available-for-sale debt securities:
Available-for-sale debt securities	81.4	89.3
Corporate debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	479.2	637.4
Foreign government debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	4.6	4.6
Time deposits
Available-for-sale debt securities:
Available-for-sale debt securities	83.1	255.6
U.S. government agency securities
Available-for-sale debt securities:
Available-for-sale debt securities	40.9	65.5
U.S. government securities
Available-for-sale debt securities:
Available-for-sale debt securities	125.2	233.8
Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Available-for-sale debt securities	56.6	55.7
Money market funds
Equity securities:
Equity securities	433.3	536.6
Publicly-traded equity securities
Equity securities:
Equity securities	8.4	6.6
Fair Value, Measurements, Recurring
Available-for-sale debt securities:
Available-for-sale debt securities	969.9	1,451.5
Equity securities:
Equity securities	471.8	572.5
Derivative assets:
Derivative assets:	119.5	89
Total assets measured at fair value on a recurring basis	1,561.2	2,113
Liabilities measured at fair value:
Derivative liabilities:	(8)	(0.5)
Total liabilities measured at fair value on a recurring basis	(8)	(0.5)
Fair Value, Measurements, Recurring | Foreign exchange contracts
Derivative assets:
Derivative assets:	32.3	38
Liabilities measured at fair value:
Derivative liabilities:	(6.7)	(0.5)
Fair Value, Measurements, Recurring | Interest rate contracts
Derivative assets:
Derivative assets:	87.2	51
Liabilities measured at fair value:
Derivative liabilities:	(1.3)	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities	71.2	140
Equity securities:
Equity securities	471.8	572.5
Derivative assets:
Derivative assets:	0	0
Total assets measured at fair value on a recurring basis	543	712.5
Liabilities measured at fair value:
Derivative liabilities:	0	0
Total liabilities measured at fair value on a recurring basis	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
Liabilities measured at fair value:
Derivative liabilities:	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Interest rate contracts
Derivative assets:
Derivative assets:	0	0
Liabilities measured at fair value:
Derivative liabilities:	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities	842.1	1,255.8
Equity securities:
Equity securities	0	0
Derivative assets:
Derivative assets:	119.5	89
Total assets measured at fair value on a recurring basis	961.6	1,344.8
Liabilities measured at fair value:
Derivative liabilities:	(8)	(0.5)
Total liabilities measured at fair value on a recurring basis	(8)	(0.5)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign exchange contracts
Derivative assets:
Derivative assets:	32.3	38
Liabilities measured at fair value:
Derivative liabilities:	(6.7)	(0.5)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Interest rate contracts
Derivative assets:
Derivative assets:	87.2	51
Liabilities measured at fair value:
Derivative liabilities:	(1.3)	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3)
Available-for-sale debt securities:
Available-for-sale debt securities	56.6	55.7
Equity securities:
Equity securities	0	0
Derivative assets:
Derivative assets:	0	0
Total assets measured at fair value on a recurring basis	56.6	55.7
Liabilities measured at fair value:
Derivative liabilities:	0	0
Total liabilities measured at fair value on a recurring basis	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Foreign exchange contracts
Derivative assets:
Derivative assets:	0	0
Liabilities measured at fair value:
Derivative liabilities:	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Interest rate contracts
Derivative assets:
Derivative assets:	0	0
Liabilities measured at fair value:
Derivative liabilities:	0	0
Fair Value, Measurements, Recurring | Asset-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	70.5	76.7
Fair Value, Measurements, Recurring | Asset-backed securities | Quoted Prices in Active Markets For Identical Assets (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Asset-backed securities | Significant Other Observable Remaining Inputs (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities	70.5	76.7
Fair Value, Measurements, Recurring | Asset-backed securities | Significant Other Unobservable Remaining Inputs (Level 3)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Certificates of deposit
Available-for-sale debt securities:
Available-for-sale debt securities	28.4	32.9
Fair Value, Measurements, Recurring | Certificates of deposit | Quoted Prices in Active Markets For Identical Assets (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Certificates of deposit | Significant Other Observable Remaining Inputs (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities	28.4	32.9
Fair Value, Measurements, Recurring | Certificates of deposit | Significant Other Unobservable Remaining Inputs (Level 3)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Commercial paper
Available-for-sale debt securities:
Available-for-sale debt securities	81.4	89.3
Fair Value, Measurements, Recurring | Commercial paper | Quoted Prices in Active Markets For Identical Assets (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Commercial paper | Significant Other Observable Remaining Inputs (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities	81.4	89.3
Fair Value, Measurements, Recurring | Commercial paper | Significant Other Unobservable Remaining Inputs (Level 3)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Corporate debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	479.2	637.4
Fair Value, Measurements, Recurring | Corporate debt securities | Quoted Prices in Active Markets For Identical Assets (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Corporate debt securities | Significant Other Observable Remaining Inputs (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities	479.2	637.4
Fair Value, Measurements, Recurring | Corporate debt securities | Significant Other Unobservable Remaining Inputs (Level 3)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Foreign government debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	4.6	4.6
Fair Value, Measurements, Recurring | Foreign government debt securities | Quoted Prices in Active Markets For Identical Assets (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Foreign government debt securities | Significant Other Observable Remaining Inputs (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities	4.6	4.6
Fair Value, Measurements, Recurring | Foreign government debt securities | Significant Other Unobservable Remaining Inputs (Level 3)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Time deposits
Available-for-sale debt securities:
Available-for-sale debt securities	83.1	255.6
Fair Value, Measurements, Recurring | Time deposits | Quoted Prices in Active Markets For Identical Assets (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Time deposits | Significant Other Observable Remaining Inputs (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities	83.1	255.6
Fair Value, Measurements, Recurring | Time deposits | Significant Other Unobservable Remaining Inputs (Level 3)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | U.S. government agency securities
Available-for-sale debt securities:
Available-for-sale debt securities	40.9	65.5
Fair Value, Measurements, Recurring | U.S. government agency securities | Quoted Prices in Active Markets For Identical Assets (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | U.S. government agency securities | Significant Other Observable Remaining Inputs (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities	40.9	65.5
Fair Value, Measurements, Recurring | U.S. government agency securities | Significant Other Unobservable Remaining Inputs (Level 3)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | U.S. government securities
Available-for-sale debt securities:
Available-for-sale debt securities	125.2	233.8
Fair Value, Measurements, Recurring | U.S. government securities | Quoted Prices in Active Markets For Identical Assets (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities	71.2	140
Fair Value, Measurements, Recurring | U.S. government securities | Significant Other Observable Remaining Inputs (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities	54	93.8
Fair Value, Measurements, Recurring | U.S. government securities | Significant Other Unobservable Remaining Inputs (Level 3)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Available-for-sale debt securities	56.6	55.7
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities | Quoted Prices in Active Markets For Identical Assets (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities | Significant Other Observable Remaining Inputs (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities | Significant Other Unobservable Remaining Inputs (Level 3)
Available-for-sale debt securities:
Available-for-sale debt securities	56.6	55.7
Fair Value, Measurements, Recurring | Money market funds
Equity securities:
Equity securities	433.3	536.6
Fair Value, Measurements, Recurring | Money market funds | Quoted Prices in Active Markets For Identical Assets (Level 1)
Equity securities:
Equity securities	433.3	536.6
Fair Value, Measurements, Recurring | Money market funds | Significant Other Observable Remaining Inputs (Level 2)
Equity securities:
Equity securities	0	0
Fair Value, Measurements, Recurring | Money market funds | Significant Other Unobservable Remaining Inputs (Level 3)
Equity securities:
Equity securities	0	0
Fair Value, Measurements, Recurring | Mutual funds
Equity securities:
Equity securities	30.1	29.3
Fair Value, Measurements, Recurring | Mutual funds | Quoted Prices in Active Markets For Identical Assets (Level 1)
Equity securities:
Equity securities	30.1	29.3
Fair Value, Measurements, Recurring | Mutual funds | Significant Other Observable Remaining Inputs (Level 2)
Equity securities:
Equity securities	0	0
Fair Value, Measurements, Recurring | Mutual funds | Significant Other Unobservable Remaining Inputs (Level 3)
Equity securities:
Equity securities	0	0
Fair Value, Measurements, Recurring | Publicly-traded equity securities
Equity securities:
Equity securities	8.4	6.6
Fair Value, Measurements, Recurring | Publicly-traded equity securities | Quoted Prices in Active Markets For Identical Assets (Level 1)
Equity securities:
Equity securities	8.4	6.6
Fair Value, Measurements, Recurring | Publicly-traded equity securities | Significant Other Observable Remaining Inputs (Level 2)
Equity securities:
Equity securities	0	0
Fair Value, Measurements, Recurring | Publicly-traded equity securities | Significant Other Unobservable Remaining Inputs (Level 3)
Equity securities:
Equity securities	0	0
Cash equivalents
Available-for-sale debt securities:
Available-for-sale debt securities	146.1	333.7
Cash equivalents | Fair Value, Measurements, Recurring
Derivative assets:
Total assets measured at fair value on a recurring basis	562.7	853.5
Cash equivalents | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)
Derivative assets:
Total assets measured at fair value on a recurring basis	416.6	519.8
Cash equivalents | Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)
Derivative assets:
Total assets measured at fair value on a recurring basis	146.1	333.7
Cash equivalents | Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3)
Derivative assets:
Total assets measured at fair value on a recurring basis	0	0
Short-term investments
Available-for-sale debt securities:
Available-for-sale debt securities	285.8	405.5
Short-term investments | Fair Value, Measurements, Recurring
Derivative assets:
Total assets measured at fair value on a recurring basis	294.1	412.1
Short-term investments | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)
Derivative assets:
Total assets measured at fair value on a recurring basis	61.8	101
Short-term investments | Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)
Derivative assets:
Total assets measured at fair value on a recurring basis	232.3	311.1
Short-term investments | Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3)
Derivative assets:
Total assets measured at fair value on a recurring basis	0	0
Long-term investments
Available-for-sale debt securities:
Available-for-sale debt securities	481.4	656.6
Long-term investments | Fair Value, Measurements, Recurring
Derivative assets:
Total assets measured at fair value on a recurring basis	481.4	656.6
Long-term investments | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)
Derivative assets:
Total assets measured at fair value on a recurring basis	17.8	45.6
Long-term investments | Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)
Derivative assets:
Total assets measured at fair value on a recurring basis	463.6	611
Long-term investments | Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3)
Derivative assets:
Total assets measured at fair value on a recurring basis	0	0
Prepaid expenses and other current assets | Fair Value, Measurements, Recurring
Derivative assets:
Total assets measured at fair value on a recurring basis	34.6	37.9
Prepaid expenses and other current assets | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)
Derivative assets:
Total assets measured at fair value on a recurring basis	10.1	9.9
Prepaid expenses and other current assets | Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)
Derivative assets:
Total assets measured at fair value on a recurring basis	24.5	28
Prepaid expenses and other current assets | Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3)
Derivative assets:
Total assets measured at fair value on a recurring basis	0	0
Other long-term assets | Fair Value, Measurements, Recurring
Derivative assets:
Total assets measured at fair value on a recurring basis	188.4	152.9
Other long-term assets | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)
Derivative assets:
Total assets measured at fair value on a recurring basis	36.7	36.2
Other long-term assets | Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)
Derivative assets:
Total assets measured at fair value on a recurring basis	95.1	61
Other long-term assets | Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3)
Derivative assets:
Total assets measured at fair value on a recurring basis	56.6	55.7
Other accrued liabilities | Fair Value, Measurements, Recurring
Liabilities measured at fair value:
Total liabilities measured at fair value on a recurring basis	(3.3)	(0.3)
Other accrued liabilities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)
Liabilities measured at fair value:
Total liabilities measured at fair value on a recurring basis	0	0
Other accrued liabilities | Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)
Liabilities measured at fair value:
Total liabilities measured at fair value on a recurring basis	(3.3)	(0.3)
Other accrued liabilities | Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3)
Liabilities measured at fair value:
Total liabilities measured at fair value on a recurring basis	0	0
Other long-term liabilities | Fair Value, Measurements, Recurring
Liabilities measured at fair value:
Total liabilities measured at fair value on a recurring basis	(4.7)	(0.2)
Other long-term liabilities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)
Liabilities measured at fair value:
Total liabilities measured at fair value on a recurring basis	0	0
Other long-term liabilities | Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)
Liabilities measured at fair value:
Total liabilities measured at fair value on a recurring basis	(4.7)	(0.2)
Other long-term liabilities | Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3)
Liabilities measured at fair value:
Total liabilities measured at fair value on a recurring basis	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities without readily determinable fair value, upward adjustment	$ 0
Equity securities without readily determinable fair value, downward adjustment	0
Goodwill and intangible impairment	0
Contract manufacturer deposit (non-interest bearing)	51,000,000
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and nonfinancial liabilities, fair value disclosure	8,000,000	$ 500,000
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
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and nonfinancial liabilities, fair value disclosure	0	0
Significant Other Observable Remaining Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total outstanding debt, fair value	1,797,500,000	2,386,600,000
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and nonfinancial liabilities, fair value disclosure	8,000,000	$ 500,000
Privately-held debt and redeemable preferred stock securities | Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investments	$ 0

Derivative Instruments - Notion

Derivative Instruments - Notional Amount (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional amount of derivatives	$ 1,978.2	$ 1,846.2
Designated derivatives:
Derivative [Line Items]
Notional amount of derivatives	1,795.6	1,672.1
Non-designated derivatives
Derivative [Line Items]
Notional amount of derivatives	182.6	174.1
Foreign currency contracts | Cash flow hedges: | Designated derivatives:
Derivative [Line Items]
Notional amount of derivatives	845.6	722.1
Interest rate lock contracts | Cash flow hedges: | Designated derivatives:
Derivative [Line Items]
Notional amount of derivatives	650	650
Interest rate swap contracts | Fair value hedges: | Designated derivatives:
Derivative [Line Items]
Notional amount of derivatives	$ 300	$ 300

Derivative Instruments Fair Val

Derivative Instruments Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative assets:	$ 119.5	$ 89
Derivative liabilities:	8	0.5
Designated derivatives:
Derivative [Line Items]
Derivative assets:	118.4	88.8
Derivative liabilities:	7.9	0.4
Other current assets | Designated derivatives: | Foreign exchange contracts
Derivative [Line Items]
Derivative assets:	23.4	27.8
Other current assets | Non-designated derivatives
Derivative [Line Items]
Derivative assets:	1.1	0.2
Other long-term assets | Designated derivatives: | Foreign exchange contracts
Derivative [Line Items]
Derivative assets:	7.8	10
Other long-term assets | Designated derivatives: | Interest rate lock contracts
Derivative [Line Items]
Derivative assets:	86.6	30.7
Other long-term assets | Designated derivatives: | Interest rate swap contracts
Derivative [Line Items]
Derivative assets:	0.6	20.3
Other accrued liabilities | Designated derivatives: | Foreign exchange contracts
Derivative [Line Items]
Derivative liabilities:	3.2	0.2
Other accrued liabilities | Non-designated derivatives
Derivative [Line Items]
Derivative liabilities:	0.1	0.1
Other long-term liabilities | Designated derivatives: | Foreign exchange contracts
Derivative [Line Items]
Derivative liabilities:	3.4	0.2
Other long-term liabilities | Designated derivatives: | Interest rate swap contracts
Derivative [Line Items]
Derivative liabilities:	$ 1.3	$ 0

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Derivatives, Notional Amount [Line Items]
Notional amount of derivatives	$ 1,978.2		$ 1,846.2
Designated derivatives:
Derivatives, Notional Amount [Line Items]
Notional amount of derivatives	1,795.6		1,672.1
Cash flow hedges:
Derivatives, Notional Amount [Line Items]
Derivative instruments, gain (loss) recognized in other comprehensive income (loss), effective portion	$ 53	$ (29.1)
Cash flow hedges: | Designated derivatives:
Derivatives, Notional Amount [Line Items]
Maximum maturities of cash flow hedge derivatives	36 months
Losses expected to be reclassified into earnings within the next 12 months	$ 20.2
Interest rate lock contracts | Cash flow hedges: | Designated derivatives:
Derivatives, Notional Amount [Line Items]
Notional amount of derivatives	$ 650		650
Swaps designated as cash flow hedges, expected termination period	5 years
Interest rate swap contracts | Fair value hedges: | Designated derivatives:
Derivatives, Notional Amount [Line Items]
Notional amount of derivatives	$ 300		300
Foreign exchange contracts
Derivatives, Notional Amount [Line Items]
Foreign currency forward contracts, amounts reclassified out of AOCI	10	$ (1.5)
Foreign exchange contracts | Cash flow hedges: | Designated derivatives:
Derivatives, Notional Amount [Line Items]
Notional amount of derivatives	$ 845.6		$ 722.1
Minimum | Foreign exchange contracts
Derivatives, Notional Amount [Line Items]
Maturity of foreign currency derivatives	1 month
Maximum | Foreign exchange contracts
Derivatives, Notional Amount [Line Items]
Maturity of foreign currency derivatives	4 months
Maximum | Interest rate swap contracts
Derivatives, Notional Amount [Line Items]
Derivative expiration period	9 years

Goodwill and Purchased Intang_3

Goodwill and Purchased Intangible Assets - Goodwill Rollforward (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 3,669,600,000
Additions due to business combinations	83,700,000
Goodwill, end of period	3,753,300,000
Goodwill impairment	$ 0	$ 0

Goodwill and Purchased Intang_4

Goodwill and Purchased Intangible Assets - Purchased Intangible Assets, Net (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Purchased Intangible Assets [Line Items]
Gross	$ 1,049,700,000		$ 962,300,000
Accumulated Amortization	(705,700,000)		(686,700,000)
Accumulated Impairments and Other Charges	(57,900,000)		(57,900,000)
Net	286,100,000		217,700,000
Total purchased intangible assets	1,098,700,000		1,011,300,000
Net	335,100,000		266,700,000
Amortization of intangible assets	19,000,000	$ 9,900,000
Impairment of intangible assets	0	$ 0
In-process research and development
Purchased Intangible Assets [Line Items]
Indefinite-lived intangible assets:	49,000,000		49,000,000
Technologies and patents
Purchased Intangible Assets [Line Items]
Gross	903,800,000		823,500,000
Accumulated Amortization	(613,200,000)		(598,200,000)
Accumulated Impairments and Other Charges	(55,100,000)		(55,100,000)
Net	235,500,000		170,200,000
Customer relationships
Purchased Intangible Assets [Line Items]
Gross	136,300,000		129,200,000
Accumulated Amortization	(87,800,000)		(84,400,000)
Accumulated Impairments and Other Charges	(2,800,000)		(2,800,000)
Net	45,700,000		42,000,000
Trade names and other
Purchased Intangible Assets [Line Items]
Gross	9,600,000		9,600,000
Accumulated Amortization	(4,700,000)		(4,100,000)
Accumulated Impairments and Other Charges	0		0
Net	$ 4,900,000		$ 5,500,000

Goodwill and Purchased Intang_5

Goodwill and Purchased Intangible Assets - Estimated Future Amortization Expense Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2021	$ 60.4
2022	72.8
2023	66.8
2024	47.3
2025	37.7
Thereafter	1.1
Net	$ 286.1	$ 217.7

Other Financial Information - I

Other Financial Information - Inventories, Net (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Inventory [Line Items]
Production and service materials	$ 188.1	$ 158.1
Finished goods	71.1	63.8
Inventory	259.2	221.9
Prepaid expenses and other current assets
Schedule Of Inventory [Line Items]
Inventory	247.1	210.2
Other long-term assets
Schedule Of Inventory [Line Items]
Inventory	$ 12.1	$ 11.7

Other Financial Information - N

Other Financial Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
Other Financial Information [Abstract]
Contract manufacturer deposit (non-interest bearing)	$ 51,000,000
Non-interest bearing deposit to contract manufacturer, unamortized discount	$ 1,300,000
Non-interest bearing deposit to contract manufacturer, imputed interest rate	5.00%
Disaggregation of Revenue [Line Items]
Deferred commission	$ 29,300,000
Amortization of deferred commission	40,500,000
Impairment loss	0
Product
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized	28,700,000
Service
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized	$ 277,700,000

Other Financial Information - W

Other Financial Information - Warranties (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance as of December 31, 2020	$ 30.2
Provisions made during the period	10.1
Actual costs incurred during the period	(9.7)
Balance as of March 31, 2021	$ 30.6

Other Financial Information - R

Other Financial Information - Revenue (Details) $ in Millions	Mar. 31, 2021USD ($)
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 1,344.4
Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	107.5
Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	1,236.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	906.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 88.9
Revenue recognition expected by period, satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 817.8
Revenue recognition expected by period, satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 359.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 15.9
Revenue recognition expected by period, satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 343.3
Revenue recognition expected by period, satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 78.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 2.7
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 75.8
Revenue recognition expected by period, satisfaction period

Other Financial Information -_2

Other Financial Information - Revenue - Total (Details) $ in Millions	Mar. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Revenue recognition expected by period	$ 1,344.4
Product
Segment Reporting Information [Line Items]
Revenue recognition expected by period	107.5
Service
Segment Reporting Information [Line Items]
Revenue recognition expected by period	$ 1,236.9

Other Financial Information - O

Other Financial Information - Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Financial Information [Abstract]
Interest income	$ 4.1	$ 15
Interest expense	(13.7)	(20.1)
Gain (loss) on investments, net	3.8	(5.8)
Other	0.8	(0.2)
Other expense, net	$ (5)	$ (11.1)

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 19.3	$ 8.9
2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	19.3
2020 Restructuring Plan | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	14.7
2020 Restructuring Plan | Facility consolidations
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4.6

Restructuring Charges - Changes

Restructuring Charges - Changes to Restructuring Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Reserve [Roll Forward]
Charges	$ 19.3	$ 8.9
2020 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	50.7
Charges	19.3
Cash Payments	(45.2)
Other	(2.3)
Restructuring liability, ending balance	22.5
2020 Restructuring Plan | Severance
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	50.7
Charges	14.7
Cash Payments	(45.2)
Other	1
Restructuring liability, ending balance	21.2
2020 Restructuring Plan | Facility consolidations
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	0
Charges	4.6
Cash Payments	0
Other	(3.3)
Restructuring liability, ending balance	$ 1.3

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 1,700	$ 2,123.8
Unaccreted discount and debt issuance costs	(14.1)	(16.8)
Hedge accounting fair value adjustments	(0.7)	20.3
Total	1,685.2	2,127.3
Notional amount of derivatives	1,978.2	1,846.2
Designated derivatives:
Debt Instrument [Line Items]
Notional amount of derivatives	1,795.6	1,672.1
Designated derivatives: | Fair value hedges: | Interest rate swap contracts
Debt Instrument [Line Items]
Notional amount of derivatives	300	300
Senior notes | 4.500% fixed-rate notes (2024 Notes)
Debt Instrument [Line Items]
Long-term debt	$ 0	265.8
Effective interest rate	4.70%
Stated interest rate	4.50%
Senior notes | 4.350% fixed-rate notes ("2025-I Notes")
Debt Instrument [Line Items]
Long-term debt	$ 0	158
Effective interest rate	4.47%
Stated interest rate	4.35%
Senior notes | 1.200% fixed-rate notes ("2025-II Notes")
Debt Instrument [Line Items]
Long-term debt	$ 400	400
Effective interest rate	1.37%
Stated interest rate	1.20%
Senior notes | 3.750% fixed-rate notes ("2029 Notes")
Debt Instrument [Line Items]
Long-term debt	$ 500	500
Effective interest rate	3.86%
Stated interest rate	3.75%
Senior notes | 2.000% fixed-rate notes ("2030 Notes")
Debt Instrument [Line Items]
Long-term debt	$ 400	400
Effective interest rate	2.12%
Stated interest rate	2.00%
Senior notes | 5.950% fixed-rate notes ("2041 Notes")
Debt Instrument [Line Items]
Long-term debt	$ 400	$ 400
Effective interest rate	6.03%
Stated interest rate	5.95%

Debt - Senior Notes (Details)

Debt - Senior Notes (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 60.6	$ 0
Senior notes
Debt Instrument [Line Items]
Principal redemption amount	$ 482.1
Loss on extinguishment of debt	(60.6)
4.500% fixed-rate notes (2024 Notes) | Senior notes
Debt Instrument [Line Items]
Principal redemption amount	265.8
4.350% fixed-rate notes ("2025-I Notes") | Senior notes
Debt Instrument [Line Items]
Principal redemption amount	$ 158

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Amount outstanding	$ 1,685,200,000	$ 2,127,300,000
Unsecured Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	500,000,000
Increase amount of borrowings, subject to lenders' approval	200,000,000
Amount outstanding	$ 0

Equity - Summary of Dividends P

Equity - Summary of Dividends Paid and Stock Repurchases and Retirements (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Dividends:
Per share (in dollars per share)	$ 0.20	$ 0.20
Amount	$ 65.2	$ 65.5
Repurchased under the 2018 Stock Repurchase Program:
Amount	$ 131.9	243.2
Forward contract under ASR		$ 40
Stock Repurchase Program 2018
Repurchased under the 2018 Stock Repurchase Program:
Shares (in shares)	5.1	10.3
Average price (in usd per share)	$ 24.45	$ 23.83
Amount	$ 125	$ 200

Equity - Cash Dividends on Shar

Equity - Cash Dividends on Shares of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Cash dividends declared per share of common stock (in dollars per share)	$ 0.20
Amount	$ 65.2	$ 65.5

Equity - Stock Repurchase Activ

Equity - Stock Repurchase Activities (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accelerated Share Repurchases [Line Items]
Common stock received, aggregate price	$ 131.9	$ 243.2
Stock Repurchase Program 2018
Accelerated Share Repurchases [Line Items]
Stock repurchased (in shares)	5.1
Common stock received, aggregate price	$ 125	$ 200
Common stock repurchased, average cost per share (in dollars per share)	$ 24.45
Stock repurchase program, remaining authorized repurchase amount	$ 1,200

Equity - Components of Accumula

Equity - Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	$ 4,543.5	$ 4,610.6
Other comprehensive income (loss) before reclassifications	35.4
Amount reclassified from accumulated other comprehensive income (loss)	(9.7)
Other comprehensive income (loss), net	25.7	(40.7)
Balance	4,429.6	4,390.7
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	55.6	(18.5)
Other comprehensive income (loss), net	25.7	(40.7)
Balance	81.3	$ (59.2)
Unrealized Gains/Losses on Available-for- Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	34.1
Other comprehensive income (loss) before reclassifications	(1.2)
Amount reclassified from accumulated other comprehensive income (loss)	(0.8)
Other comprehensive income (loss), net	(2)
Balance	32.1
Unrealized Gains/Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	57.7
Other comprehensive income (loss) before reclassifications	38.5
Amount reclassified from accumulated other comprehensive income (loss)	(8.9)
Other comprehensive income (loss), net	29.6
Balance	87.3
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(36.2)
Other comprehensive income (loss) before reclassifications	(1.9)
Amount reclassified from accumulated other comprehensive income (loss)	0
Other comprehensive income (loss), net	(1.9)
Balance	$ (38.1)

Employee Benefit Plans - Equity

Employee Benefit Plans - Equity Incentive Plan (Details) shares in Millions	Mar. 31, 2021shares
Equity incentive plan 2015
Share-Based Compensation Plans
Number of shares available for future issuance (in shares)	10
Employee stock purchase plan 2008
Share-Based Compensation Plans
Number of shares available for future issuance (in shares)	10.1

Employee Benefit Plans - Restri

Employee Benefit Plans - Restricted Stock Unit and Performance Share Award Activities (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
RSUs, RSAs, and PSAs
Number of Shares
Balance at beginning of period (in shares)	19.9
Granted (in shares)	2.9
Vested (in shares)	(3.6)
Canceled (in shares)	(1.1)
Balance at end of period (in shares)	20.3
Weighted Average Grant-Date Fair Value per Share
Balance at beginning of period (in dollars per share) | $ / shares	$ 23.05
Granted (in dollars per share) | $ / shares	23.79
Vested (in dollars per share) | $ / shares	24.54
Canceled (in dollars per share) | $ / shares	24.55
Balance at end of period (in dollars per share) | $ / shares	$ 23.09
Weighted average remaining contractual term	1 year 7 months 6 days
Aggregate intrinsic value | $	$ 514.9
Service-based RSUs
Number of Shares
Granted (in shares)	0.9
Performance Shares
Number of Shares
Granted (in shares)	1.5
Market-based RSUs
Number of Shares
Granted (in shares)	0.5

Employee Benefit Plans - Employ

Employee Benefit Plans - Employee Stock Purchase Plan (Details) - Employee stock purchase plan 2008 - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares purchased (in shares)	1.4	1.4
Average exercise price per share (in dollars per share)	$ 19.75	$ 19.50

Employee Benefit Plans - Share

Employee Benefit Plans - Share Based Compensation by Cost and Expense Categories (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	$ 57.5	$ 42
Stock options
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	2.7	1.9
RSUs, RSAs, and PSAs
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	49.9	34.9
ESPP
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	4.9	5.2
Cost of revenues - Product
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	1.3	1.4
Cost of revenues - Service
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	4.5	4.2
Research and development
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	24.2	15.2
Sales and marketing
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	16.5	13.8
General and administrative
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	$ 11	$ 7.4

Employee Benefit Plans - Shar_2

Employee Benefit Plans - Share Based Compensation by Share Based Payment Award Types (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Share-based Payment Arrangement [Abstract]
Unrecognized compensation cost	$ 360.1
Unrecognized compensation, weighted average recognition period	2 years 29 days

Segments - Revenue by Product (

Segments - Revenue by Product (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	1
Total net revenues	$ 1,074.4	$ 998
Automated WAN Solutions
Segment Reporting Information [Line Items]
Total net revenues	386.4	315.5
Cloud-Ready Data Center
Segment Reporting Information [Line Items]
Total net revenues	157.4	174.4
AI-Driven Enterprise
Segment Reporting Information [Line Items]
Total net revenues	161.2	143.4
Hardware Maintenance and Professional Services
Segment Reporting Information [Line Items]
Total net revenues	$ 369.4	$ 364.7

Segments - Revenues by Customer

Segments - Revenues by Customer Vertical (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total net revenues	$ 1,074.4	$ 998
Cloud
Segment Reporting Information [Line Items]
Total net revenues	270.7	261.9
Service Provider
Segment Reporting Information [Line Items]
Total net revenues	438.2	375.5
Enterprise
Segment Reporting Information [Line Items]
Total net revenues	$ 365.5	$ 360.6

Segments - Geographic (Details)

Segments - Geographic (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total net revenues	$ 1,074.4	$ 998
Total Americas
Segment Reporting Information [Line Items]
Total net revenues	583	579.5
United States
Segment Reporting Information [Line Items]
Total net revenues	523.2	529.4
Other
Segment Reporting Information [Line Items]
Total net revenues	59.8	50.1
Europe, Middle East, and Africa
Segment Reporting Information [Line Items]
Total net revenues	311.1	255
Asia Pacific
Segment Reporting Information [Line Items]
Total net revenues	$ 180.3	$ 163.5

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Contingency [Line Items]
Income (loss) before income taxes	$ (37.8)	$ 28.3
Income tax (benefit) provision	$ (6.7)	$ 7.9
Effective tax rate	17.70%	28.00%
Unrecognized tax benefits	$ 117.1
Loss on extinguishment of debt	60.6	$ 0
Charges	19.3	$ 8.9
Maximum
Income Tax Contingency [Line Items]
Unrecognized tax benefits, maximum decrease in the next twelve months	$ 11

Net (Loss) Income Per Share (De

Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net (loss) income	$ (31.1)	$ 20.4
Denominator:
Weighted-average shares used to compute basic (loss) income per share (in shares)	326.3	330.8
Dilutive effect of employee stock awards (in shares)	0	4.3
Weighted-average shares used to compute diluted (loss) income per share (in shares)	326.3	335.1
Net (loss) income per share:
Basic (in dollars per share)	$ (0.10)	$ 0.06
Diluted, (in dollars per share)	$ (0.10)	$ 0.06
Anti-dilutive shares (in shares)	3.7	3.3

Commitments and Contingencies -

Commitments and Contingencies - Commitments (Details) $ in Millions	Mar. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation	$ 1,319.2

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Apr. 27, 2021	Mar. 31, 2021
Subsequent Event [Line Items]
Cash dividends declared per share of common stock (in dollars per share)		$ 0.20
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared per share of common stock (in dollars per share)	$ 0.20