Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 26, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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 $0.00001 per share | |
Trading Symbol | JNPR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 324,555,523 | |
Entity Central Index Key | 0001043604 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Total net revenues | $ 1,414.6 | $ 1,188.8 | $ 3,852.4 | $ 3,435.5 |
Cost of revenues: | ||||
Total cost of revenues | 626.8 | 496.6 | 1,721.1 | 1,445.8 |
Gross margin | 787.8 | 692.2 | 2,131.3 | 1,989.7 |
Operating expenses: | ||||
Research and development | 274 | 251.8 | 766.9 | 752.3 |
Sales and marketing | 286.8 | 263.4 | 834.4 | 773.9 |
General and administrative | 64.7 | 55 | 192.1 | 187.1 |
Restructuring charges | 13 | 1.9 | 22.3 | 42.8 |
Total operating expenses | 638.5 | 572.1 | 1,815.7 | 1,756.1 |
Operating income | 149.3 | 120.1 | 315.6 | 233.6 |
Gain on divestiture | 0 | 0 | 45.8 | 0 |
Loss on extinguishment of debt | 0 | 0 | 0 | (60.6) |
Other expense, net | (9.1) | (8.3) | (30.1) | (24.2) |
Income before income taxes and loss from equity method investment | 140.2 | 111.8 | 331.3 | 148.8 |
Income tax provision | 16.6 | 22.9 | 38.1 | 29 |
Loss from equity method investment, net of tax | (2.1) | 0 | (2.6) | 0 |
Net income | $ 121.5 | $ 88.9 | $ 290.6 | $ 119.8 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.38 | $ 0.27 | $ 0.90 | $ 0.37 |
Diluted (in dollars per share) | $ 0.37 | $ 0.27 | $ 0.88 | $ 0.36 |
Weighted-average shares used to compute net income per share: | ||||
Basic (in shares) | 322.8 | 324 | 321.8 | 325 |
Diluted (in shares) | 328.9 | 331.1 | 329.3 | 331.4 |
Product | ||||
Total net revenues | $ 967.5 | $ 771.9 | $ 2,551.6 | $ 2,203.5 |
Cost of revenues: | ||||
Total cost of revenues | 478.6 | 343.4 | 1,289 | 1,010.3 |
Service | ||||
Total net revenues | 447.1 | 416.9 | 1,300.8 | 1,232 |
Cost of revenues: | ||||
Total cost of revenues | $ 148.2 | $ 153.2 | $ 432.1 | $ 435.5 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 121.5 | $ 88.9 | $ 290.6 | $ 119.8 |
Available-for-sale debt securities: | ||||
Change in net unrealized gains and losses | (0.8) | (0.6) | (8.2) | (0.5) |
Net realized losses (gains) reclassified into net income | 0.1 | (0.1) | 0.3 | (1.1) |
Net change on available-for-sale debt securities | (0.7) | (0.7) | (7.9) | (1.6) |
Cash flow hedges: | ||||
Change in net unrealized gains and losses | (40.2) | (4.2) | (20.4) | 14.6 |
Net realized losses (gains) reclassified into net income | 9 | (5.4) | 13.1 | (21.5) |
Net change on cash flow hedges | (31.2) | (9.6) | (7.3) | (6.9) |
Change in foreign currency translation adjustments | (20.6) | (1.6) | (35.3) | (3.1) |
Other comprehensive loss, net | (52.5) | (11.9) | (50.5) | (11.6) |
Comprehensive income | $ 69 | $ 77 | $ 240.1 | $ 108.2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 830.9 | $ 922.5 |
Short-term investments | 226.2 | 315.5 |
Accounts receivable, net of allowances | 1,027.6 | 994.4 |
Inventory | 519.6 | 272.6 |
Prepaid expenses and other current assets | 604.4 | 451.6 |
Total current assets | 3,208.7 | 2,956.6 |
Property and equipment, net | 667.2 | 703 |
Operating lease assets | 145.7 | 161.3 |
Long-term investments | 197.8 | 455.5 |
Purchased intangible assets, net | 177.7 | 284.3 |
Goodwill | 3,734.3 | 3,762.1 |
Other long-term assets | 844.8 | 564.2 |
Total assets | 8,976.2 | 8,887 |
Current liabilities: | ||
Accounts payable | 352.7 | 273.7 |
Accrued compensation | 239.9 | 336 |
Deferred revenue | 894.3 | 937.9 |
Other accrued liabilities | 409.8 | 328.9 |
Total current liabilities | 1,896.7 | 1,876.5 |
Long-term debt | 1,595.7 | 1,686.8 |
Long-term deferred revenue | 583.9 | 475.7 |
Long-term income taxes payable | 279.7 | 330.5 |
Long-term operating lease liabilities | 123.3 | 142.2 |
Other long-term liabilities | 158.8 | 58.4 |
Total liabilities | 4,638.1 | 4,570.1 |
Commitments and contingencies (Note 14) | ||
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; 324.5 shares and 321.6 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 0 | 0 |
Additional paid-in capital | 6,894.9 | 6,972.6 |
Accumulated other comprehensive loss | (52.6) | (2.1) |
Accumulated deficit | (2,504.2) | (2,653.6) |
Total stockholders' equity | 4,338.1 | 4,316.9 |
Total liabilities and stockholders' equity | $ 8,976.2 | $ 8,887 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock - par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock - shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock - issued (in shares) | 0 | 0 |
Preferred stock - outstanding (in shares) | 0 | 0 |
Common stock - par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock - shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock - issued (in shares) | 324,500,000 | 321,600,000 |
Common stock - outstanding (in shares) | 324,500,000 | 321,600,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 290.6 | $ 119.8 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Share-based compensation expense | 153.9 | 162.9 |
Depreciation, amortization, and accretion | 165.4 | 179.3 |
Operating lease assets expense | 30.3 | 34.5 |
Gain on divestiture | (45.8) | 0 |
Loss from equity method investment | 2.6 | 0 |
Loss on extinguishment of debt | 0 | 60.6 |
Other | 10.1 | 6.5 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable, net | (34.3) | 189.1 |
Prepaid expenses and other assets | (636) | (70.8) |
Accounts payable | 75.7 | (7.4) |
Accrued compensation | (85.9) | (27.2) |
Income taxes payable | (11.2) | 1.9 |
Other accrued liabilities | (4.6) | (70.7) |
Deferred revenue | 67.2 | (4.8) |
Net cash (used in) provided by operating activities | (22) | 573.7 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (73.4) | (69.5) |
Proceeds from divestiture, net | 89.1 | 0 |
Purchases of available-for-sale debt securities | (104.1) | (508.7) |
Proceeds from sales of available-for-sale debt securities | 102.3 | 422.3 |
Proceeds from maturities and redemptions of available-for-sale debt securities | 330.7 | 331.8 |
Purchases of equity securities | (15.5) | (8.3) |
Proceeds from sales of equity securities | 3.8 | 5.6 |
Payments for business acquisitions, net of cash and cash equivalents acquired | (3.9) | (175) |
Other | 2.2 | 0 |
Net cash provided by (used in) investing activities | 331.2 | (1.8) |
Cash flows from financing activities: | ||
Repurchase and retirement of common stock | (226.8) | (294) |
Proceeds from issuance of common stock | 56.8 | 56 |
Payment of dividends | (202.8) | (194.9) |
Payment of debt | 0 | (423.8) |
Payment for debt extinguishment costs | 0 | (58.3) |
Other | 0 | (3.4) |
Net cash used in financing activities | (372.8) | (918.4) |
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash | (29.5) | (3.7) |
Net decrease in cash, cash equivalents, and restricted cash | (93.1) | (350.2) |
Cash, cash equivalents, and restricted cash at beginning of period | 942.7 | 1,383 |
Cash, cash equivalents, and restricted cash at end of period | 849.6 | 1,032.8 |
Non-cash investing activity: | ||
Equity method investment (Note 2) | $ 40.3 | $ 0 |
Condensed Consolidated Statem_4
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, 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 | 119.8 | 119.8 | |||
Other comprehensive loss, net | (11.6) | (11.6) | |||
Issuance of common stock (in shares) | 8.6 | ||||
Issuance of common stock | 58.7 | 58.7 | |||
Repurchase and retirement of common stock (in shares) | (11.2) | ||||
Repurchase and retirement of common stock | (294) | (146.2) | (147.8) | ||
Share-based compensation expense | 162.3 | 162.3 | |||
Payments of cash dividends | (194.9) | (194.9) | |||
Balance (in shares) at Sep. 30, 2021 | 325.1 | ||||
Balance at Sep. 30, 2021 | 4,383.8 | 7,036.8 | 44 | (2,697) | |
Balance (in shares) at Jun. 30, 2021 | 324 | ||||
Balance at Jun. 30, 2021 | 4,340.9 | 7,042.8 | 55.9 | (2,757.8) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 88.9 | 88.9 | |||
Other comprehensive loss, net | (11.9) | (11.9) | |||
Issuance of common stock (in shares) | 2.8 | ||||
Issuance of common stock | 27.1 | 27.1 | |||
Repurchase and retirement of common stock (in shares) | (1.7) | ||||
Repurchase and retirement of common stock | (50.9) | (22.8) | (28.1) | ||
Share-based compensation expense | 54.7 | 54.7 | |||
Payments of cash dividends | (65) | (65) | |||
Balance (in shares) at Sep. 30, 2021 | 325.1 | ||||
Balance at Sep. 30, 2021 | $ 4,383.8 | 7,036.8 | 44 | (2,697) | |
Balance (in shares) at Dec. 31, 2021 | 321.6 | 321.6 | |||
Balance at Dec. 31, 2021 | $ 4,316.9 | 6,972.6 | (2.1) | (2,653.6) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 290.6 | 290.6 | |||
Other comprehensive loss, net | (50.5) | (50.5) | |||
Issuance of common stock (in shares) | 9.6 | ||||
Issuance of common stock | 56.8 | 56.8 | |||
Repurchase and retirement of common stock (in shares) | (6.7) | ||||
Repurchase and retirement of common stock | (226.8) | (85.6) | (141.2) | ||
Share-based compensation expense | 153.9 | 153.9 | |||
Payments of cash dividends | $ (202.8) | (202.8) | |||
Balance (in shares) at Sep. 30, 2022 | 324.5 | 324.5 | |||
Balance at Sep. 30, 2022 | $ 4,338.1 | 6,894.9 | (52.6) | (2,504.2) | |
Balance (in shares) at Jun. 30, 2022 | 320.4 | ||||
Balance at Jun. 30, 2022 | 4,248.7 | 6,874.2 | (0.1) | (2,625.4) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 121.5 | 121.5 | |||
Other comprehensive loss, net | (52.5) | (52.5) | |||
Issuance of common stock (in shares) | 4.1 | ||||
Issuance of common stock | 27.7 | 27.7 | |||
Repurchase and retirement of common stock | (0.5) | (0.2) | (0.3) | ||
Share-based compensation expense | 61.2 | 61.2 | |||
Payments of cash dividends | $ (68) | (68) | |||
Balance (in shares) at Sep. 30, 2022 | 324.5 | 324.5 | |||
Balance at Sep. 30, 2022 | $ 4,338.1 | $ 6,894.9 | $ (52.6) | $ (2,504.2) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 0.21 | $ 0.20 | $ 0.63 | $ 0.60 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, 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, 2021 (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 and the policy for equity method investments 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, 2021. The Company accounts for investments in companies over which it has the ability to exercise significant influence, but does not have control over the investee, under the equity method of accounting. The investment is initially measured at fair value and subsequently adjusted for any impairment, dividend received, plus or minus the Company's proportionate share of the equity method investee's income or loss. The Company records its interest in the net earnings or loss of its equity method investment along with adjustments for unrealized profits or losses on intra-entity transactions, within its Statements of Operations. Depending on the timing of such financial statements of the investee, there may be a lag between the timing of such financial statement and the Company's quarter-end date. For the Company's sole equity method investment, the Company's share of the investee's net earnings or loss is recorded two months in arrears. The Company records an impairment when factors indicate that the carrying amount of the investment might not be recoverable. Recently Adopted Accounting Standards Accounting for Contract Assets and Contract Liabilities from Contracts with Customers : On January 1, 2022, the Company early adopted ASU No. 2021-08 (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers , as if the contracts were originated by the acquirer. Upon adoption, the standard did not have a material impact on the Condensed Consolidated Financial Statements. Reference Rate Reform : In March 2020, the FASB issued ASU No. 2020-04 (Topic 848), Reference Rate Reform, 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. The standard became effective upon issuance and may |
Divestiture
Divestiture | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestiture | Note 2. Divestiture On April 4, 2022, Synopsys, Inc ("Synopsys") purchased Juniper's silicon photonics business and formed a new entity called OpenLight Photonics, Inc. ("OpenLight"). The Company received cash consideration of $90.0 million and retained a 25% equity interest in the new entity. The agreements with Synopsys contain redemption options with respect to Juniper's equity interest in OpenLight, which are exercisable either by (i) Juniper on or after the third anniversary of the acquisition or sooner in certain circumstances, or (ii) Synopsys on or after the third anniversary of the acquisition. Juniper can exercise its put option at the greater of fair value at the time of redemption or $30.0 million, and the option was assigned a value of $10.8 million . The divestiture did not represent a strategic shift with a major effect on the Company’s operations and financial results, and therefore, does not qualify as a discontinued operation. The Company recognized a gain on divestiture of $45.8 million and the portion of gain related to the remeasurement of retained investment was $19.5 million. The following table presents the carrying value of the major components of assets and liabilities derecognized as of April 4, 2022 (in millions): As of April 4, Assets: Total current assets $ 1.0 Property and equipment, net 3.6 Deferred tax assets 3.9 Other long-term assets 1.1 Purchased intangible assets, net 49.0 Goodwill 28.9 Total assets held for sale $ 87.5 Liabilities: Accounts payable $ 1.4 Other liabilities 1.1 Total liabilities held for sale $ 2.5 The Company's 25% equity interest in OpenLight is accounted for under the equity method of accounting. The investment was recognized at fair value in other long-term assets within the consolidated balance sheet at an aggregate amount of $40.8 million. The fair value was determined based on the price paid by Synopsys for its 75% equity interest in OpenLight along with the value of the redemption options. |
Cash Equivalents and Investment
Cash Equivalents and Investments | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021 (in millions): As of September 30, 2022 As of December 31, 2021 Amortized Gross Unrealized Gross Unrealized Estimated Fair Amortized Gross Unrealized Gross Unrealized Estimated Fair Fixed income securities: Asset-backed and mortgage-backed securities $ 53.9 $ — $ (1.5) $ 52.4 $ 139.1 $ — $ (0.5) $ 138.6 Certificates of deposit 5.1 — — 5.1 5.0 — — 5.0 Commercial paper 2.2 — — 2.2 75.8 — — 75.8 Corporate debt securities 322.2 — (9.0) 313.2 443.3 0.7 (1.5) 442.5 Foreign government debt securities 8.8 — (0.4) 8.4 12.8 — (0.1) 12.7 Time deposits 80.9 — — 80.9 35.2 — — 35.2 U.S. government agency securities 18.7 — (0.7) 18.0 26.8 — (0.1) 26.7 U.S. government securities 17.0 — (0.3) 16.7 73.5 0.1 — 73.6 Total fixed income securities 508.8 — (11.9) 496.9 811.5 0.8 (2.2) 810.1 Privately-held debt and redeemable preferred stock securities 15.3 37.4 — 52.7 9.6 37.4 — 47.0 Total available-for-sale debt securities $ 524.1 $ 37.4 $ (11.9) $ 549.6 $ 821.1 $ 38.2 $ (2.2) $ 857.1 Reported as: Cash equivalents $ 80.9 $ — $ — $ 80.9 $ 47.2 $ — $ — $ 47.2 Short-term investments 221.6 — (3.4) 218.2 306.8 0.7 (0.1) 307.4 Long-term investments 206.3 — (8.5) 197.8 457.5 0.1 (2.1) 455.5 Other long-term assets 15.3 37.4 — 52.7 9.6 37.4 — 47.0 Total $ 524.1 $ 37.4 $ (11.9) $ 549.6 $ 821.1 $ 38.2 $ (2.2) $ 857.1 The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2022 (in millions): Amortized Estimated Fair Due in less than one year $ 302.5 $ 299.1 Due between one and five years 206.3 197.8 Total $ 508.8 $ 496.9 As of September 30, 2022, the C ompany's unrealized loss of $11.9 million resulted from 370 investments, of which loss aggregating $7.0 million was from investments in an unrealized loss position for less than 12 months, and $4.9 million was from investments in an unrealized loss position for more than 12 months. The gross unrealized losses related to these investments were primarily due to changes in market interest rates. The Company anticipates that it will recov er the entire amortized cost basis of such available-for-sale debt securities and has determined that no allowance for credit losses was required to be recognized during the three and nine months ended September 30, 2022 and September 30, 2021. During the three and nine months ended September 30, 2022 and September 30, 2021, 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 September 30, 2022 and December 31, 2021 (in millions): As of September 30, December 31, Equity investments with readily determinable fair value: Money market funds $ 429.5 $ 382.0 Mutual funds 27.1 33.4 Publicly-traded equity securities 8.1 8.1 Equity investments without readily determinable fair value 162.1 150.1 Equity investment under the equity method of accounting 38.2 — Total equity securities $ 665.0 $ 573.6 Reported as: Cash equivalents $ 419.5 $ 371.5 Short-term investments 8.1 8.1 Prepaid expenses and other current assets 12.5 15.1 Other long-term assets 224.9 178.9 Total $ 665.0 $ 573.6 For the three and nine months ended September 30, 2022 and September 30, 2021, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair value and equity investments without readily determinable fair value. For the three and nine months ended September 30, 2022, the loss recognized from the equity method investment was $2.1 million and $2.6 million, respectively. Restricted Cash and Investments The Company has restricted cash and investments for: (i) amounts under the Company's non-qualified deferred compensation plan for senior-level employees; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts held in escrow accounts, as required in connection with certain acquisitions completed primarily in 2020. Restricted investments consist of equity investments. As of September 30, 2022, the carrying value of restricted cash and investments was $55.9 million, of which $28.2 million was included in prepaid expenses and other current assets, and $27.7 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 September 30, 2022 and December 31, 2021 (in millions): As of September 30, December 31, Cash and cash equivalents $ 830.9 $ 922.5 Restricted cash included in Prepaid expenses and other current assets 15.7 17.2 Restricted cash included in Other long-term assets 3.0 3.0 Total cash, cash equivalents, and restricted cash $ 849.6 $ 942.7 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021 (in millions): Fair Value Measurements at September 30, 2022 Fair Value Measurements at December 31, 2021 Quoted Prices in Significant Other Significant Other Total Quoted Prices in Significant Other Significant Other Total Assets: Available-for-sale debt securities: Asset-backed and mortgage-backed securities $ — $ 52.4 $ — $ 52.4 $ — $ 138.6 $ — $ 138.6 Certificates of deposit — 5.1 — 5.1 — 5.0 — 5.0 Commercial paper — 2.2 — 2.2 — 75.8 — 75.8 Corporate debt securities — 313.2 — 313.2 — 442.5 — 442.5 Foreign government debt securities — 8.4 — 8.4 — 12.7 — 12.7 Time deposits — 80.9 — 80.9 — 35.2 — 35.2 U.S. government agency securities — 18.0 — 18.0 — 26.7 — 26.7 U.S. government securities 13.5 3.2 — 16.7 42.3 31.3 — 73.6 Privately-held debt and redeemable preferred stock securities — — 52.7 52.7 — — 47.0 47.0 Total available-for-sale debt securities 13.5 483.4 52.7 549.6 42.3 767.8 47.0 857.1 Equity securities: Money market funds 429.5 — — 429.5 382.0 — — 382.0 Mutual funds 27.1 — — 27.1 33.4 — — 33.4 Publicly-traded equity securities 8.1 — — 8.1 8.1 — — 8.1 Total equity securities 464.7 — — 464.7 423.5 — — 423.5 Derivative assets: Foreign exchange contracts — 1.3 — 1.3 — 9.2 — 9.2 Interest rate contracts — 123.9 — 123.9 — 47.1 — 47.1 Total derivative assets — 125.2 — 125.2 — 56.3 — 56.3 Total assets measured at fair value on a recurring basis $ 478.2 $ 608.6 $ 52.7 $ 1,139.5 $ 465.8 $ 824.1 $ 47.0 $ 1,336.9 Liabilities: Derivative liabilities: Foreign exchange contracts $ — $ (87.0) $ — $ (87.0) $ — $ (24.0) $ — $ (24.0) Interest rate contracts — (92.7) — (92.7) — (2.5) — (2.5) Total derivative liabilities — (179.7) — (179.7) — (26.5) — (26.5) Total liabilities measured at fair value on a recurring basis $ — $ (179.7) $ — $ (179.7) $ — $ (26.5) $ — $ (26.5) Fair Value Measurements at September 30, 2022 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 $ 419.5 $ 80.9 $ — $ 500.4 $ 371.6 $ 47.2 $ — $ 418.8 Short-term investments 19.7 206.5 — 226.2 41.5 274.0 — 315.5 Long-term investments 1.9 195.9 — 197.8 8.8 446.7 — 455.5 Prepaid expenses and other current assets 12.6 0.1 — 12.7 15.1 8.8 — 23.9 Other long-term assets 24.5 125.2 52.7 202.4 28.8 47.4 47.0 123.2 Total assets measured at fair value $ 478.2 $ 608.6 $ 52.7 $ 1,139.5 $ 465.8 $ 824.1 $ 47.0 $ 1,336.9 Total liabilities, reported as: Other accrued liabilities $ — $ (58.9) $ — $ (58.9) $ — $ (14.9) $ — $ (14.9) Other long-term liabilities — (120.8) — (120.8) — (11.6) — (11.6) Total liabilities measured at fair value on a recurring basis $ — $ (179.7) $ — $ (179.7) $ — $ (26.5) $ — $ (26.5) 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 and nine months ended September 30, 2022, 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 and nine months ended September 30, 2022, there were no significant activities related to privately-held debt and redeemable preferred stock securities. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company's investments in equity securities without readily determinable fair value are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of equity securities without readily determinable fair value, including those accounted for under the equity method of accounting, on a nonrecurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. As of September 30, 2022, 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 and nine months ended September 30, 2022. As of September 30, 2022 and December 31, 2021, the Company ha d no li abilities required to be measured at fair value on a nonrecurring basis. Assets and Liabilities Not Measured at Fair Value The carrying amounts of the Company's accounts receivable, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. As of September 30, 2022 and December 31, 2021, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets wa s $1,435.1 million and $1,845.6 million, respectively, based on observable market inputs (Level 2). |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2022 | |
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 derivative instruments is summarized as follows (in millions): As of September 30, December 31, Designated derivatives: Cash flow hedges: Foreign currency contracts $ 885.8 $ 873.9 Interest rate lock contracts 650.0 650.0 Fair value hedges: Interest rate swap contracts 600.0 600.0 Total designated derivatives 2,135.8 2,123.9 Non-designated derivatives 183.1 144.6 Total $ 2,318.9 $ 2,268.5 The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows: As of Balance Sheet Classification September 30, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 0.7 $ 8.7 Foreign currency contracts Other long-term assets 0.1 0.4 Interest rate lock contracts Other long-term assets 123.9 45.0 Interest rate swap contracts Other long-term assets — 2.1 Total derivatives designated as hedging instruments $ 124.7 $ 56.2 Derivatives not designated as hedging instruments Other current assets 0.5 0.1 Total derivative assets $ 125.2 $ 56.3 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 58.3 $ 14.8 Foreign currency contracts Other long-term liabilities 28.2 9.1 Interest rate swap contracts Other long-term liabilities 92.7 2.5 Total derivatives designated as hedging instruments $ 179.2 $ 26.4 Derivatives not designated as hedging instruments Other accrued liabilities 0.5 0.1 Total derivative liabilities $ 179.7 $ 26.5 Offsetting of Derivative Instruments The Company presents its derivative instruments at gross fair values in the Consolidated Balance Sheets. As of September 30, 2022 and December 31, 2021, the potential effects of set-off associated with the derivative contracts would be a reduction to both derivative assets and derivative liabilities by $81.9 million and $17.5 million, respectively. Designated Derivatives The Company uses foreign currency forward contracts or option contracts to hedge the Company's planned cost of revenues and operating expenses denominated in foreign currencies. These derivatives are designated as cash flow hedges and typically have maturities of thirty-six months or less. The Company enters into interest rate swaps, designated as fair value hedges, to convert the fixed interest rates of certain Senior Notes ("Notes") to floating interest rates. In April 2021, the Company entered into swaps for an aggregate notional amount of $300.0 million for its fixed-rate 2030 Notes in addition to the swaps entered in 2019 for an aggregate notional amount of $300.0 million for its fixed-rate 2041 Notes. The interest rate swaps will expire within eight years . In 2020, the Company entered into interest rate locks with large financial institutions, which fix the benchmark interest rates of future debt issuances for an aggregate notional amount of $650.0 million. These contracts are designated as cash flow hedges and are expected to terminate within three years. Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations For cash flow hedges, the Company recognized an unrealized loss of $39.0 million and $3.7 million in accumulated other comprehensive loss for the effective portion of its derivative instruments for the three and nine months ended September 30, 2022, respectively. The Company recognized an unrealized loss of $3.0 million and an unrealized gain of $23.1 million in accumulated other comprehensive income for the effective portion of its derivative instruments for the three and nine months ended September 30, 2021, respectively. For foreign currency contracts, the Company reclassified a loss of $8.8 million and $11.9 million out of accumulated other comprehensive loss to cost of revenues and operating expenses in the Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2022, respectively, and a gain of $6.2 million and $24.3 million for the comparable periods ended September 30, 2021, respectively. As of September 30, 2022, an estimated $57.5 million of unrealized net loss 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 approximate ly one . The outstanding non-designated derivative instruments are carried at fair value. Changes in the fair value of these derivatives, which were recorded in Other expense, net within the Condensed Consolidated Statements of Operations, were not material during the three and nine months ended September 30, 2022 and September 30, 2021. |
Other Financial Information
Other Financial Information | 9 Months Ended |
Sep. 30, 2022 | |
Other Financial Information [Abstract] | |
Other Financial Information | Note 6. Other Financial Information Total Inventory Total inventory consisted of the following (in millions): As of September 30, December 31, Production and service materials $ 431.4 $ 208.6 Finished goods 109.0 75.6 Total inventory $ 540.4 $ 284.2 Reported as: Inventory $ 519.6 $ 272.6 Other long-term assets 20.8 11.6 Total inventory $ 540.4 $ 284.2 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in millions): As of September 30, December 31, Contract manufacturer deposit $ 390.9 $ 223.8 Prepaid expenses 89.5 104.3 Other current assets 124.0 123.5 Total prepaid expenses and other current assets $ 604.4 $ 451.6 Warranties Changes during the nine months ended September 30, 2022 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, 2021 $ 33.0 Provisions made during the period 22.2 Actual costs incurred during the period (25.6) Balance as of September 30, 2022 $ 29.6 Revenue See Note 11, Segments, for disaggregated revenue by customer solution, customer vertical, and geographic region. Product revenue of $11.6 million and $45.1 million included in deferred revenue at January 1, 2022 was recognized during the three and nine months ended September 30, 2022, respectively. Service revenue of $180.1 million and $694.2 million included in deferred revenue at January 1, 2022 was recognized during the three and nine months ended September 30, 2022, respectively. Remaining Performance Obligations Remaining Performance Obligations ("RPO") are comprised mainly of deferred product and service revenue, and to a lesser extent, unbilled service revenue from non-cancellable contracts for which the Company has not invoiced and has an obligation to perform, and for which revenue has not yet been recognized in the financial statements. The following table summarizes the breakdown of RPO as of September 30, 2022 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 $ 110.2 $ 91.9 $ 15.0 $ 3.3 Service 1,383.1 816.5 437.1 129.5 Total $ 1,493.3 $ 908.4 $ 452.1 $ 132.8 Deferred Commissions Deferred commissions were $28.8 million as of September 30, 2022. For the three and nine months ended September 30, 2022, amortization expense for previously deferred commissions was $50.6 million and $139.8 million, respectively, and there were no impairment charges recognized. Other Expense, Net Other expense, net, consisted of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest income $ 5.5 $ 3.0 $ 11.4 $ 10.5 Interest expense (15.2) (12.2) (41.1) (38.5) Gain (loss) on investments, net (1.3) 0.7 (4.4) 3.3 Other 1.9 0.2 4.0 0.5 Other expense, net $ (9.1) $ (8.3) $ (30.1) $ (24.2) |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Note 7. Restructuring Charges During the first quarter of 2022 and 2021, the Company initiated restructuring plans designed to enable reinvestment in certain key priority areas to align with strategic changes, which resulted in severance costs from workforce reductions, contract termination and other exit costs. During the third quarter of 2022, the Company undertook further actions in connection with its 2022 Restructuring Plan, which resulted in additional severance costs and facility exit-related costs. As of September 30, 2022, activities under the Company's approved restructuring plans are expected to be substantially completed in the first half of 2023. 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 (in millions): December 31, 2021 Charges Cash Other September 30, Severance $ 1.4 $ 13.7 $ (7.7) $ (0.2) $ 7.2 Contract terminations and facility exit-related 10.9 8.6 (10.0) (2.7) 6.8 Total $ 12.3 $ 22.3 $ (17.7) $ (2.9) $ 14.0 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 8. Debt Debt The following table summarizes the Company's total debt (in millions, except percentages): As of Maturity Date Effective Interest Rates September 30, December 31, Senior Notes ("Notes"): 1.200% fixed-rate notes ("2025 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 1,700.0 Unaccreted discount and debt issuance costs (11.6) (12.9) Hedge accounting fair value adjustments (*) (92.7) (0.3) Total $ 1,595.7 $ 1,686.8 ________________________________ (*) Represents the fair value adjustments for interest rate swaps with an aggregate notional amount of $600.0 million. These interest rate swaps convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 5, Derivative Instruments , for a discussion of the Company's interest rate swaps. The Notes above are the Company’s senior unsecured and unsubordinated obligations, ranking equally in right of payment to all of the Company’s existing and future senior unsecured and unsubordinated indebtedness, and senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the Notes. Interest on the Notes is payable in cash semiannually. The effective interest rates for the Notes include the interest on the Notes, accretion of the discount, and amortization of issuance costs. The indenture and the supplemental indentures (together, the "indentures") that govern the Notes also contain various covenants, including limitations on the Company's ability to incur liens or enter into sale-leaseback transactions over certain dollar thresholds. As of September 30, 2022, 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 September 30, 2022, the Company was in compliance with all covenants and no amounts were outstanding under its credit facility. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Equity | Note 9. Equity The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Dividends: Per share $ 0.21 $ 0.20 $ 0.63 $ 0.60 Amount $ 68.0 $ 65.0 $ 202.8 $ 194.9 Repurchased under the 2018 Stock Repurchase Program: Shares — 1.7 6.3 11.0 Average price per share $ — $ 28.43 $ 33.38 $ 25.80 Amount $ — $ 50.0 $ 212.2 $ 285.0 Cash Dividends on Shares of Common Stock During the three and nine months ended September 30, 2022, the Company declared and paid a quarterly cash dividend of $0.21 per common share, totaling $68.0 million and $202.8 million, respectively, on its outstanding common stock. Any future dividends, and the establishment of record and payment dates, are subject to approval by the Board of Directors (the “Board”) of Juniper or an authorized committee thereof. See Note 15, Subsequent Events, for discussion of the Company's dividend declaration subsequent to September 30, 2022. Stock Repurchase Activities During the nine months ended September 30, 2022, the Company repurchased 6.3 million shares of its common stock in the open market for an aggregate purchase price of $212.2 million at an average price of $33.38 per share under the 2018 Stock Repurchase Program. As of September 30, 2022, there was approximately $0.7 billion of authorized funds remaining under the 2018 Stock Repurchase Program. Future share repurchases under the 2018 Stock Repurchase Program will be subject to a review of the circumstances at that time and will be made from time to time in private transactions or open market purchases as permitted by securities laws and other legal requirements. In addition to repurchases under the 2018 Stock Repurchase Program, the Company also withholds shares of common stock from certain employees in connection with the vesting of stock awards issued to such employees to satisfy applicable tax withholding requirements. Such withheld shares are treated as common stock repurchases in the Company's financial statements as they reduce the number of shares that would have been issued upon vesting. Repurchases associated with tax withholdings were $14.5 million during the nine months ended September 30, 2022, and $9.0 million during the nine months ended September 30, 2021. Accumulated Other Comprehensive Loss, Net of Tax The components of accumulated other comprehensive loss, net of related taxes, for the nine months ended September 30, 2022 were as follows (in millions): Unrealized Unrealized Foreign Total Balance as of December 31, 2021 $ 27.9 $ 19.0 $ (49.0) $ (2.1) Other comprehensive loss before reclassifications (8.2) (20.4) (35.3) (63.9) Amount reclassified from accumulated other comprehensive loss 0.3 13.1 — 13.4 Other comprehensive loss, net (7.9) (7.3) (35.3) (50.5) Balance as of September 30, 2022 $ 20.0 $ 11.7 $ (84.3) $ (52.6) |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Benefit Plans | Note 10. Employee Benefit Plans Equity Incentive Plans The Company has stock-based compensation plans pursuant to which it has granted stock options, restricted stock units (“RSUs”), and performance share awards (“PSAs”). The Company also maintains its 2008 Employee Stock Purchase Plan (the “ESPP”) for all eligible employees. In May 2022, the Company's stockholders approved an additional 4.5 million shares of common stock for issuance under the Company's 2015 Equity Incentive Plan (the "2015 Plan"). As of September 30, 2022, 4.0 million and 6.2 million shares were available for future issuance under 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 activities and related information as of and for the nine months ended September 30, 2022 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, 2021 22.2 $ 24.55 Granted (*) 8.2 29.64 Vested (6.5) 24.49 Canceled (2.4) 25.52 Balance as of September 30, 2022 21.5 $ 26.41 1.3 $ 561.4 ________________________________ (*) Includes 6.5 million service-based, 1.3 million performance-based, and 0.4 million market-based awards. The number of shares subject to performance-based and market-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested. Employee Stock Purchase Plan The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Shares purchased 1.2 1.4 2.6 2.8 Average exercise price per share $ 23.43 $ 19.88 $ 21.59 $ 19.81 Share-Based Compensation Expense Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of revenues - Product $ 1.7 $ 1.5 $ 4.3 $ 3.8 Cost of revenues - Service 4.8 4.7 13.0 13.1 Research and development 26.3 23.7 62.2 68.0 Sales and marketing 17.4 16.4 42.3 47.8 General and administrative 11.3 8.6 32.1 30.2 Total $ 61.5 $ 54.9 $ 153.9 $ 162.9 The following table summarizes share-based compensation expense by award type (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options $ 1.3 $ 2.2 $ 4.4 $ 7.4 RSUs, RSAs, and PSAs 52.4 47.9 131.8 142.4 ESPP purchase rights 7.8 4.8 17.7 13.1 Total $ 61.5 $ 54.9 $ 153.9 $ 162.9 |
Segments
Segments | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segments | Note 11. Segments The Company operates in one reportable segment. The Company's Chief Executive Officer, who is the chief operating decision maker, reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance, accompanied by disaggregated information about net revenues by customer solution, customer vertical, and geographic region as presented below. The following table presents net revenues by customer solution (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Customer Solutions: Automated WAN Solutions $ 532.7 $ 384.5 $ 1,386.3 $ 1,167.0 Cloud-Ready Data Center 229.3 194.7 619.0 554.0 AI-Driven Enterprise 266.6 229.8 707.9 586.1 Hardware Maintenance and Professional Services 386.0 379.8 1,139.2 1,128.4 Total $ 1,414.6 $ 1,188.8 $ 3,852.4 $ 3,435.5 The following table presents net revenues by customer vertical (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cloud $ 375.3 $ 303.3 $ 1,013.3 $ 894.6 Service Provider 523.1 445.8 1,421.9 1,327.7 Enterprise 516.2 439.7 1,417.2 1,213.2 Total $ 1,414.6 $ 1,188.8 $ 3,852.4 $ 3,435.5 The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Americas: United States $ 839.0 $ 609.2 $ 2,133.6 $ 1,729.7 Other 56.8 55.6 165.8 170.8 Total Americas 895.8 664.8 2,299.4 1,900.5 Europe, Middle East, and Africa 320.4 336.3 991.5 971.3 Asia Pacific 198.4 187.7 561.5 563.7 Total $ 1,414.6 $ 1,188.8 $ 3,852.4 $ 3,435.5 For the three and nine months ended September 30, 2022 and September 30, 2021, no customer accounted for more than 10% of total net revenues. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12. Income Taxes The following table provides details of income taxes (in millions, except percentages): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Income before income taxes $ 140.2 $ 111.8 $ 331.3 $ 148.8 Income tax provision $ 16.6 $ 22.9 $ 38.1 $ 29.0 Effective tax rate 11.9 % 20.5 % 11.5 % 19.5 % 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 and foreign tax credits, tax audit settlements, non-deductible compensation, cost sharing of stock-based compensation, and other transfer pricing adjustments. The Company’s effective tax rate for the nine months ended September 30, 2022 includes the net effect of the gain recognized on divestiture of the Company's silicon photonics business, one-time benefits from tax legislative changes, and excess tax benefits associated with stock-based compensation. The Company’s effective tax rate for the nine months ended September 30, 2021 reflected the loss on extinguishment of debt of $60.6 million and restructuring charges of $42.8 million in the period. As of September 30, 2022, the total amount of gross unrecognized tax benefits was $122.0 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 $5.9 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 Income per Share
Net Income per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income per Share | Note 13. Net Income per Share The Company computed basic and diluted net income per share as follows (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income $ 121.5 $ 88.9 $ 290.6 $ 119.8 Denominator: Weighted-average shares used to compute basic net income per share 322.8 324.0 321.8 325.0 Dilutive effect of employee stock awards 6.1 7.1 7.5 6.4 Weighted-average shares used to compute diluted net income per share 328.9 331.1 329.3 331.4 Net income per share: Basic $ 0.38 $ 0.27 $ 0.90 $ 0.37 Diluted $ 0.37 $ 0.27 $ 0.88 $ 0.36 Anti-dilutive shares 5.0 0.6 1.9 0.7 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14. 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 totaled $2,415.0 million as of September 30, 2022. Legal Proceedings In the ordinary course of business, the Company is subject to various pending and potential investigations, disputes, litigations, and legal proceedings. The Company records an accrual for loss contingencies for legal proceedings when it believes that an unfavorable outcome is both (a) probable and (b) the amount or range of any possible loss is reasonably estimable. The Company intends to aggressively defend itself in any legal matters, and while the outcome of any pending matters is not currently determinable, the Company believes that none of its currently existing claims or proceedings are likely, individually or in the aggregate, to have a material adverse effect on its financial position. Notwithstanding the foregoing, there are many uncertainties associated with any litigation and these matters or any other third-party claims against the Company may cause the Company to incur costly litigation and/or substantial settlement charges. In addition, the resolution of any intellectual property litigation may require the Company to make royalty payments, which could adversely affect gross margins in future periods. If any of these events were to occur, the Company's business, financial condition, results of operations, and cash flows could be adversely affected. The actual liability in any such matters may be materially different from the Company's estimates, if any, which could result in the need to adjust the liability and record additional expenses. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15. Subsequent Events Dividend Declaration On October 25, 2022, the Company announced a cash dividend of $0.21 per share of common stock to be paid on December 22, 2022 to stockholders of record as of the close of business on December 1, 2022. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, 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, 2021 (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. |
Equity Method Investments | The Company accounts for investments in companies over which it has the ability to exercise significant influence, but does not have control over the investee, under the equity method of accounting. The investment is initially measured at fair value and subsequently adjusted for any impairment, dividend received, plus or minus the Company's proportionate share of the equity method investee's income or loss. The Company records its interest in the net earnings or loss of its equity method investment along with adjustments for unrealized profits or losses on intra-entity transactions, within its Statements of Operations. Depending on the timing of such financial statements of the investee, there may be a lag between the timing of such financial statement and the Company's quarter-end date. For the Company's sole equity method investment, the Company's share of the investee's net earnings or loss is recorded two months in arrears. The Company records an impairment when factors indicate that the carrying amount of the investment might not be recoverable. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Accounting for Contract Assets and Contract Liabilities from Contracts with Customers : On January 1, 2022, the Company early adopted ASU No. 2021-08 (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers , as if the contracts were originated by the acquirer. Upon adoption, the standard did not have a material impact on the Condensed Consolidated Financial Statements. Reference Rate Reform : In March 2020, the FASB issued ASU No. 2020-04 (Topic 848), Reference Rate Reform, 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. The standard became effective upon issuance and may |
Divestiture (Tables)
Divestiture (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table presents the carrying value of the major components of assets and liabilities derecognized as of April 4, 2022 (in millions): As of April 4, Assets: Total current assets $ 1.0 Property and equipment, net 3.6 Deferred tax assets 3.9 Other long-term assets 1.1 Purchased intangible assets, net 49.0 Goodwill 28.9 Total assets held for sale $ 87.5 Liabilities: Accounts payable $ 1.4 Other liabilities 1.1 Total liabilities held for sale $ 2.5 |
Cash Equivalents and Investme_2
Cash Equivalents and Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Cash Equivalents and Investments [Abstract] | |
Schedule of Unrealized Gains and Losses and Fair Value of Available-For-Sale Debt Securities | The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of September 30, 2022 and December 31, 2021 (in millions): As of September 30, 2022 As of December 31, 2021 Amortized Gross Unrealized Gross Unrealized Estimated Fair Amortized Gross Unrealized Gross Unrealized Estimated Fair Fixed income securities: Asset-backed and mortgage-backed securities $ 53.9 $ — $ (1.5) $ 52.4 $ 139.1 $ — $ (0.5) $ 138.6 Certificates of deposit 5.1 — — 5.1 5.0 — — 5.0 Commercial paper 2.2 — — 2.2 75.8 — — 75.8 Corporate debt securities 322.2 — (9.0) 313.2 443.3 0.7 (1.5) 442.5 Foreign government debt securities 8.8 — (0.4) 8.4 12.8 — (0.1) 12.7 Time deposits 80.9 — — 80.9 35.2 — — 35.2 U.S. government agency securities 18.7 — (0.7) 18.0 26.8 — (0.1) 26.7 U.S. government securities 17.0 — (0.3) 16.7 73.5 0.1 — 73.6 Total fixed income securities 508.8 — (11.9) 496.9 811.5 0.8 (2.2) 810.1 Privately-held debt and redeemable preferred stock securities 15.3 37.4 — 52.7 9.6 37.4 — 47.0 Total available-for-sale debt securities $ 524.1 $ 37.4 $ (11.9) $ 549.6 $ 821.1 $ 38.2 $ (2.2) $ 857.1 Reported as: Cash equivalents $ 80.9 $ — $ — $ 80.9 $ 47.2 $ — $ — $ 47.2 Short-term investments 221.6 — (3.4) 218.2 306.8 0.7 (0.1) 307.4 Long-term investments 206.3 — (8.5) 197.8 457.5 0.1 (2.1) 455.5 Other long-term assets 15.3 37.4 — 52.7 9.6 37.4 — 47.0 Total $ 524.1 $ 37.4 $ (11.9) $ 549.6 $ 821.1 $ 38.2 $ (2.2) $ 857.1 |
Schedule of Maturities of Fixed Income Securities | The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2022 (in millions): Amortized Estimated Fair Due in less than one year $ 302.5 $ 299.1 Due between one and five years 206.3 197.8 Total $ 508.8 $ 496.9 |
Schedule of Investments in Equity Securities | The following table presents the Company's investments in equity securities as of September 30, 2022 and December 31, 2021 (in millions): As of September 30, December 31, Equity investments with readily determinable fair value: Money market funds $ 429.5 $ 382.0 Mutual funds 27.1 33.4 Publicly-traded equity securities 8.1 8.1 Equity investments without readily determinable fair value 162.1 150.1 Equity investment under the equity method of accounting 38.2 — Total equity securities $ 665.0 $ 573.6 Reported as: Cash equivalents $ 419.5 $ 371.5 Short-term investments 8.1 8.1 Prepaid expenses and other current assets 12.5 15.1 Other long-term assets 224.9 178.9 Total $ 665.0 $ 573.6 |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (in millions): As of September 30, December 31, Cash and cash equivalents $ 830.9 $ 922.5 Restricted cash included in Prepaid expenses and other current assets 15.7 17.2 Restricted cash included in Other long-term assets 3.0 3.0 Total cash, cash equivalents, and restricted cash $ 849.6 $ 942.7 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (in millions): Fair Value Measurements at September 30, 2022 Fair Value Measurements at December 31, 2021 Quoted Prices in Significant Other Significant Other Total Quoted Prices in Significant Other Significant Other Total Assets: Available-for-sale debt securities: Asset-backed and mortgage-backed securities $ — $ 52.4 $ — $ 52.4 $ — $ 138.6 $ — $ 138.6 Certificates of deposit — 5.1 — 5.1 — 5.0 — 5.0 Commercial paper — 2.2 — 2.2 — 75.8 — 75.8 Corporate debt securities — 313.2 — 313.2 — 442.5 — 442.5 Foreign government debt securities — 8.4 — 8.4 — 12.7 — 12.7 Time deposits — 80.9 — 80.9 — 35.2 — 35.2 U.S. government agency securities — 18.0 — 18.0 — 26.7 — 26.7 U.S. government securities 13.5 3.2 — 16.7 42.3 31.3 — 73.6 Privately-held debt and redeemable preferred stock securities — — 52.7 52.7 — — 47.0 47.0 Total available-for-sale debt securities 13.5 483.4 52.7 549.6 42.3 767.8 47.0 857.1 Equity securities: Money market funds 429.5 — — 429.5 382.0 — — 382.0 Mutual funds 27.1 — — 27.1 33.4 — — 33.4 Publicly-traded equity securities 8.1 — — 8.1 8.1 — — 8.1 Total equity securities 464.7 — — 464.7 423.5 — — 423.5 Derivative assets: Foreign exchange contracts — 1.3 — 1.3 — 9.2 — 9.2 Interest rate contracts — 123.9 — 123.9 — 47.1 — 47.1 Total derivative assets — 125.2 — 125.2 — 56.3 — 56.3 Total assets measured at fair value on a recurring basis $ 478.2 $ 608.6 $ 52.7 $ 1,139.5 $ 465.8 $ 824.1 $ 47.0 $ 1,336.9 Liabilities: Derivative liabilities: Foreign exchange contracts $ — $ (87.0) $ — $ (87.0) $ — $ (24.0) $ — $ (24.0) Interest rate contracts — (92.7) — (92.7) — (2.5) — (2.5) Total derivative liabilities — (179.7) — (179.7) — (26.5) — (26.5) Total liabilities measured at fair value on a recurring basis $ — $ (179.7) $ — $ (179.7) $ — $ (26.5) $ — $ (26.5) Fair Value Measurements at September 30, 2022 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 $ 419.5 $ 80.9 $ — $ 500.4 $ 371.6 $ 47.2 $ — $ 418.8 Short-term investments 19.7 206.5 — 226.2 41.5 274.0 — 315.5 Long-term investments 1.9 195.9 — 197.8 8.8 446.7 — 455.5 Prepaid expenses and other current assets 12.6 0.1 — 12.7 15.1 8.8 — 23.9 Other long-term assets 24.5 125.2 52.7 202.4 28.8 47.4 47.0 123.2 Total assets measured at fair value $ 478.2 $ 608.6 $ 52.7 $ 1,139.5 $ 465.8 $ 824.1 $ 47.0 $ 1,336.9 Total liabilities, reported as: Other accrued liabilities $ — $ (58.9) $ — $ (58.9) $ — $ (14.9) $ — $ (14.9) Other long-term liabilities — (120.8) — (120.8) — (11.6) — (11.6) Total liabilities measured at fair value on a recurring basis $ — $ (179.7) $ — $ (179.7) $ — $ (26.5) $ — $ (26.5) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The notional amount of the Company's derivative instruments is summarized as follows (in millions): As of September 30, December 31, Designated derivatives: Cash flow hedges: Foreign currency contracts $ 885.8 $ 873.9 Interest rate lock contracts 650.0 650.0 Fair value hedges: Interest rate swap contracts 600.0 600.0 Total designated derivatives 2,135.8 2,123.9 Non-designated derivatives 183.1 144.6 Total $ 2,318.9 $ 2,268.5 |
Schedule of Derivative Assets at Fair Value | The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows: As of Balance Sheet Classification September 30, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 0.7 $ 8.7 Foreign currency contracts Other long-term assets 0.1 0.4 Interest rate lock contracts Other long-term assets 123.9 45.0 Interest rate swap contracts Other long-term assets — 2.1 Total derivatives designated as hedging instruments $ 124.7 $ 56.2 Derivatives not designated as hedging instruments Other current assets 0.5 0.1 Total derivative assets $ 125.2 $ 56.3 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 58.3 $ 14.8 Foreign currency contracts Other long-term liabilities 28.2 9.1 Interest rate swap contracts Other long-term liabilities 92.7 2.5 Total derivatives designated as hedging instruments $ 179.2 $ 26.4 Derivatives not designated as hedging instruments Other accrued liabilities 0.5 0.1 Total derivative liabilities $ 179.7 $ 26.5 |
Schedule of Derivative Liabilities at Fair Value | The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows: As of Balance Sheet Classification September 30, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 0.7 $ 8.7 Foreign currency contracts Other long-term assets 0.1 0.4 Interest rate lock contracts Other long-term assets 123.9 45.0 Interest rate swap contracts Other long-term assets — 2.1 Total derivatives designated as hedging instruments $ 124.7 $ 56.2 Derivatives not designated as hedging instruments Other current assets 0.5 0.1 Total derivative assets $ 125.2 $ 56.3 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 58.3 $ 14.8 Foreign currency contracts Other long-term liabilities 28.2 9.1 Interest rate swap contracts Other long-term liabilities 92.7 2.5 Total derivatives designated as hedging instruments $ 179.2 $ 26.4 Derivatives not designated as hedging instruments Other accrued liabilities 0.5 0.1 Total derivative liabilities $ 179.7 $ 26.5 |
Other Financial Information (Ta
Other Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Financial Information [Abstract] | |
Schedule of Inventories | Total inventory consisted of the following (in millions): As of September 30, December 31, Production and service materials $ 431.4 $ 208.6 Finished goods 109.0 75.6 Total inventory $ 540.4 $ 284.2 Reported as: Inventory $ 519.6 $ 272.6 Other long-term assets 20.8 11.6 Total inventory $ 540.4 $ 284.2 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in millions): As of September 30, December 31, Contract manufacturer deposit $ 390.9 $ 223.8 Prepaid expenses 89.5 104.3 Other current assets 124.0 123.5 Total prepaid expenses and other current assets $ 604.4 $ 451.6 |
Schedule of Warranties | Changes during the nine months ended September 30, 2022 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, 2021 $ 33.0 Provisions made during the period 22.2 Actual costs incurred during the period (25.6) Balance as of September 30, 2022 $ 29.6 |
Schedule of Performance Obligation | The following table summarizes the breakdown of RPO as of September 30, 2022 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 $ 110.2 $ 91.9 $ 15.0 $ 3.3 Service 1,383.1 816.5 437.1 129.5 Total $ 1,493.3 $ 908.4 $ 452.1 $ 132.8 |
Schedule of Other Expense | Other expense, net, consisted of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest income $ 5.5 $ 3.0 $ 11.4 $ 10.5 Interest expense (15.2) (12.2) (41.1) (38.5) Gain (loss) on investments, net (1.3) 0.7 (4.4) 3.3 Other 1.9 0.2 4.0 0.5 Other expense, net $ (9.1) $ (8.3) $ (30.1) $ (24.2) |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Liabilities | The following table provides a summary of changes in the restructuring liabilities (in millions): December 31, 2021 Charges Cash Other September 30, Severance $ 1.4 $ 13.7 $ (7.7) $ (0.2) $ 7.2 Contract terminations and facility exit-related 10.9 8.6 (10.0) (2.7) 6.8 Total $ 12.3 $ 22.3 $ (17.7) $ (2.9) $ 14.0 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Total Debt | The following table summarizes the Company's total debt (in millions, except percentages): As of Maturity Date Effective Interest Rates September 30, December 31, Senior Notes ("Notes"): 1.200% fixed-rate notes ("2025 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 1,700.0 Unaccreted discount and debt issuance costs (11.6) (12.9) Hedge accounting fair value adjustments (*) (92.7) (0.3) Total $ 1,595.7 $ 1,686.8 ________________________________ (*) Represents the fair value adjustments for interest rate swaps with an aggregate notional amount of $600.0 million. These interest rate swaps convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 5, Derivative Instruments , for a discussion of the Company's interest rate swaps. |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Dividends Paid and Stock Repurchases and Retirements Under Stock Repurchase Program | The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Dividends: Per share $ 0.21 $ 0.20 $ 0.63 $ 0.60 Amount $ 68.0 $ 65.0 $ 202.8 $ 194.9 Repurchased under the 2018 Stock Repurchase Program: Shares — 1.7 6.3 11.0 Average price per share $ — $ 28.43 $ 33.38 $ 25.80 Amount $ — $ 50.0 $ 212.2 $ 285.0 |
Schedule of Accumulated Other Comprehensive Loss, Net of Taxes | The components of accumulated other comprehensive loss, net of related taxes, for the nine months ended September 30, 2022 were as follows (in millions): Unrealized Unrealized Foreign Total Balance as of December 31, 2021 $ 27.9 $ 19.0 $ (49.0) $ (2.1) Other comprehensive loss before reclassifications (8.2) (20.4) (35.3) (63.9) Amount reclassified from accumulated other comprehensive loss 0.3 13.1 — 13.4 Other comprehensive loss, net (7.9) (7.3) (35.3) (50.5) Balance as of September 30, 2022 $ 20.0 $ 11.7 $ (84.3) $ (52.6) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Nonvested Share Activity | The Company’s RSU, RSA, and PSA activities and related information as of and for the nine months ended September 30, 2022 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, 2021 22.2 $ 24.55 Granted (*) 8.2 29.64 Vested (6.5) 24.49 Canceled (2.4) 25.52 Balance as of September 30, 2022 21.5 $ 26.41 1.3 $ 561.4 ________________________________ (*) Includes 6.5 million service-based, 1.3 million performance-based, and 0.4 million market-based awards. The number of shares subject to performance-based and market-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested. |
Schedule of Employee Stock Purchases through ESPP | The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Shares purchased 1.2 1.4 2.6 2.8 Average exercise price per share $ 23.43 $ 19.88 $ 21.59 $ 19.81 |
Schedule of Employee Service Share-Based Compensation, Allocation of Recognized Period Costs | Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of revenues - Product $ 1.7 $ 1.5 $ 4.3 $ 3.8 Cost of revenues - Service 4.8 4.7 13.0 13.1 Research and development 26.3 23.7 62.2 68.0 Sales and marketing 17.4 16.4 42.3 47.8 General and administrative 11.3 8.6 32.1 30.2 Total $ 61.5 $ 54.9 $ 153.9 $ 162.9 |
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award | The following table summarizes share-based compensation expense by award type (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options $ 1.3 $ 2.2 $ 4.4 $ 7.4 RSUs, RSAs, and PSAs 52.4 47.9 131.8 142.4 ESPP purchase rights 7.8 4.8 17.7 13.1 Total $ 61.5 $ 54.9 $ 153.9 $ 162.9 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information for Each Segment | The following table presents net revenues by customer solution (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Customer Solutions: Automated WAN Solutions $ 532.7 $ 384.5 $ 1,386.3 $ 1,167.0 Cloud-Ready Data Center 229.3 194.7 619.0 554.0 AI-Driven Enterprise 266.6 229.8 707.9 586.1 Hardware Maintenance and Professional Services 386.0 379.8 1,139.2 1,128.4 Total $ 1,414.6 $ 1,188.8 $ 3,852.4 $ 3,435.5 The following table presents net revenues by customer vertical (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cloud $ 375.3 $ 303.3 $ 1,013.3 $ 894.6 Service Provider 523.1 445.8 1,421.9 1,327.7 Enterprise 516.2 439.7 1,417.2 1,213.2 Total $ 1,414.6 $ 1,188.8 $ 3,852.4 $ 3,435.5 |
Schedule of Net Revenues by Geographic Region | The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Americas: United States $ 839.0 $ 609.2 $ 2,133.6 $ 1,729.7 Other 56.8 55.6 165.8 170.8 Total Americas 895.8 664.8 2,299.4 1,900.5 Europe, Middle East, and Africa 320.4 336.3 991.5 971.3 Asia Pacific 198.4 187.7 561.5 563.7 Total $ 1,414.6 $ 1,188.8 $ 3,852.4 $ 3,435.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Income before income taxes $ 140.2 $ 111.8 $ 331.3 $ 148.8 Income tax provision $ 16.6 $ 22.9 $ 38.1 $ 29.0 Effective tax rate 11.9 % 20.5 % 11.5 % 19.5 % |
Net Income per Share (Tables)
Net Income per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income (Loss) Per Share | The Company computed basic and diluted net income per share as follows (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income $ 121.5 $ 88.9 $ 290.6 $ 119.8 Denominator: Weighted-average shares used to compute basic net income per share 322.8 324.0 321.8 325.0 Dilutive effect of employee stock awards 6.1 7.1 7.5 6.4 Weighted-average shares used to compute diluted net income per share 328.9 331.1 329.3 331.4 Net income per share: Basic $ 0.38 $ 0.27 $ 0.90 $ 0.37 Diluted $ 0.37 $ 0.27 $ 0.88 $ 0.36 Anti-dilutive shares 5.0 0.6 1.9 0.7 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) | Sep. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Equity method investment, recording period lag | 2 months |
Divestiture - Narrative (Detail
Divestiture - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Apr. 04, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on divestiture | $ 0 | $ 0 | $ 45,800,000 | $ 0 | |
Equity investment under the equity method of accounting | $ 40,300,000 | $ 0 | $ 40,300,000 | $ 0 | |
Silicon Photonics Business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership percentage | 25% | ||||
Equity investment under the equity method of accounting | $ 40,800,000 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Silicon Photonics Business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration | 90,000,000 | ||||
Maximum exercisable amount | 30,000,000 | ||||
Fair value of redemption | 10,800,000 | ||||
Gain on divestiture | 45,800,000 | ||||
Retained investment | $ 19,500,000 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Silicon Photonics Business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Remaining ownership percent divested | 75% |
Divestiture - Assets and Liabil
Divestiture - Assets and Liabilities Held for Sale (Details) - Silicon Photonics Business - Disposal Group, Held-for-sale, Not Discontinued Operations $ in Millions | Apr. 04, 2022 USD ($) |
Assets: | |
Total current assets | $ 1 |
Property and equipment, net | 3.6 |
Deferred tax assets | 3.9 |
Other long-term assets | 1.1 |
Purchased intangible assets, net | 49 |
Goodwill | 28.9 |
Total assets held for sale | 87.5 |
Liabilities: | |
Accounts payable | 1.4 |
Other liabilities | 1.1 |
Total current liabilities | $ 2.5 |
Cash Equivalents and Investme_3
Cash Equivalents and Investments - Available-For-Sale (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Available-for-sale debt securities: | ||
Amortized Cost | $ 524.1 | $ 821.1 |
Gross Unrealized Gains | 37.4 | 38.2 |
Gross Unrealized Losses | (11.9) | (2.2) |
Estimated Fair Value | 549.6 | 857.1 |
Cash equivalents | ||
Available-for-sale debt securities: | ||
Amortized Cost | 80.9 | 47.2 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 80.9 | 47.2 |
Short-term investments | ||
Available-for-sale debt securities: | ||
Amortized Cost | 221.6 | 306.8 |
Gross Unrealized Gains | 0 | 0.7 |
Gross Unrealized Losses | (3.4) | (0.1) |
Estimated Fair Value | 218.2 | 307.4 |
Long-term investments | ||
Available-for-sale debt securities: | ||
Amortized Cost | 206.3 | 457.5 |
Gross Unrealized Gains | 0 | 0.1 |
Gross Unrealized Losses | (8.5) | (2.1) |
Estimated Fair Value | 197.8 | 455.5 |
Other long-term assets | ||
Available-for-sale debt securities: | ||
Amortized Cost | 15.3 | 9.6 |
Gross Unrealized Gains | 37.4 | 37.4 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 52.7 | 47 |
Total fixed income securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 508.8 | 811.5 |
Gross Unrealized Gains | 0 | 0.8 |
Gross Unrealized Losses | (11.9) | (2.2) |
Estimated Fair Value | 496.9 | 810.1 |
Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 53.9 | 139.1 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1.5) | (0.5) |
Estimated Fair Value | 52.4 | 138.6 |
Certificates of deposit | ||
Available-for-sale debt securities: | ||
Amortized Cost | 5.1 | 5 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 5.1 | 5 |
Commercial paper | ||
Available-for-sale debt securities: | ||
Amortized Cost | 2.2 | 75.8 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 2.2 | 75.8 |
Corporate debt securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 322.2 | 443.3 |
Gross Unrealized Gains | 0 | 0.7 |
Gross Unrealized Losses | (9) | (1.5) |
Estimated Fair Value | 313.2 | 442.5 |
Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 8.8 | 12.8 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (0.4) | (0.1) |
Estimated Fair Value | 8.4 | 12.7 |
Time deposits | ||
Available-for-sale debt securities: | ||
Amortized Cost | 80.9 | 35.2 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 80.9 | 35.2 |
U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 18.7 | 26.8 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (0.7) | (0.1) |
Estimated Fair Value | 18 | 26.7 |
U.S. government securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 17 | 73.5 |
Gross Unrealized Gains | 0 | 0.1 |
Gross Unrealized Losses | (0.3) | 0 |
Estimated Fair Value | 16.7 | 73.6 |
Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 15.3 | 9.6 |
Gross Unrealized Gains | 37.4 | 37.4 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 52.7 | $ 47 |
Cash Equivalents and Investme_4
Cash Equivalents and Investments - Maturities of Fixed Income Securities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Amortized Cost | $ 524.1 | $ 821.1 |
Estimated Fair Value | ||
Total | 549.6 | 857.1 |
Total fixed income securities | ||
Amortized Cost | ||
Due in less than one year | 302.5 | |
Due between one and five years | 206.3 | |
Amortized Cost | 508.8 | 811.5 |
Estimated Fair Value | ||
Due in less than one year | 299.1 | |
Due between one and five years | 197.8 | |
Total | $ 496.9 | $ 810.1 |
Cash Equivalents and Investme_5
Cash Equivalents and Investments - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) investment | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) investment | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Gross unrealized losses | $ 11,900,000 | $ 11,900,000 | $ 2,200,000 | ||
Total investments in unrealized loss position | investment | 370 | 370 | |||
Unrealized loss position, less than 12 months, accumulated loss | $ 7,000,000 | $ 7,000,000 | |||
Unrealized loss position, 12 months or longer, accumulated loss | 4,900,000 | 4,900,000 | |||
Equity securities, realized gain | 0 | $ 0 | 0 | $ 0 | |
Equity securities, realized loss | 0 | 0 | 0 | 0 | |
Equity investments, unrealized gains | 0 | 0 | 0 | 0 | |
Equity investments, unrealized losses | 0 | 0 | 0 | 0 | |
Loss from equity method investment, net of tax | 2,100,000 | 0 | 2,600,000 | 0 | |
Restricted cash and investments | 55,900,000 | 55,900,000 | |||
Prepaid expenses and other current assets | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Restricted cash and investments | 28,200,000 | 28,200,000 | |||
Other long-term assets | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Gross unrealized losses | 0 | 0 | $ 0 | ||
Restricted cash and investments | 27,700,000 | 27,700,000 | |||
Debt Securities | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Allowance for credit losses | $ 0 | $ 0 | $ 0 | $ 0 |
Cash Equivalents and Investme_6
Cash Equivalents and Investments - Investments in Equity Securities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Equity investments without readily determinable fair value | $ 162.1 | $ 150.1 |
Equity investment under the equity method of accounting | 38.2 | 0 |
Total equity securities | 665 | 573.6 |
Cash equivalents | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Total equity securities | 419.5 | 371.5 |
Short-term investments | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Total equity securities | 8.1 | 8.1 |
Prepaid expenses and other current assets | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Total equity securities | 12.5 | 15.1 |
Other long-term assets | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Total equity securities | 224.9 | 178.9 |
Money market funds | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Equity investments with readily determinable fair value: | 429.5 | 382 |
Mutual funds | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Equity investments with readily determinable fair value: | 27.1 | 33.4 |
Publicly-traded equity securities | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Equity investments with readily determinable fair value: | $ 8.1 | $ 8.1 |
Cash Equivalents and Investme_7
Cash Equivalents and Investments - Restricted Cash and Investments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 830.9 | $ 922.5 | ||
Total cash, cash equivalents, and restricted cash | 849.6 | 942.7 | $ 1,032.8 | $ 1,383 |
Prepaid expenses and other current assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash included in Prepaid expenses and other current and other long-term assets | 15.7 | 17.2 | ||
Other long-term assets | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash included in Prepaid expenses and other current and other long-term assets | $ 3 | $ 3 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative assets: | ||
Derivative assets: | $ 125.2 | $ 56.3 |
Money market funds | ||
Equity securities: | ||
Equity securities | 429.5 | 382 |
Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | 8.1 | 8.1 |
Fair Value, Measurements, Recurring | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 549.6 | 857.1 |
Equity securities: | ||
Equity securities | 464.7 | 423.5 |
Derivative assets: | ||
Derivative assets: | 125.2 | 56.3 |
Total assets measured at fair value on a recurring basis | 1,139.5 | 1,336.9 |
Liabilities: | ||
Derivative liabilities: | (179.7) | (26.5) |
Total liabilities measured at fair value on a recurring basis | (179.7) | (26.5) |
Fair Value, Measurements, Recurring | Cash equivalents | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 500.4 | 418.8 |
Fair Value, Measurements, Recurring | Short-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 226.2 | 315.5 |
Fair Value, Measurements, Recurring | Long-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 197.8 | 455.5 |
Fair Value, Measurements, Recurring | Prepaid expenses and other current assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 12.7 | 23.9 |
Fair Value, Measurements, Recurring | Other long-term assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 202.4 | 123.2 |
Fair Value, Measurements, Recurring | Other accrued liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | (58.9) | (14.9) |
Fair Value, Measurements, Recurring | Other long-term liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | (120.8) | (11.6) |
Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Derivative assets: | ||
Derivative assets: | 1.3 | 9.2 |
Liabilities: | ||
Derivative liabilities: | (87) | (24) |
Fair Value, Measurements, Recurring | Interest rate contracts | ||
Derivative assets: | ||
Derivative assets: | 123.9 | 47.1 |
Liabilities: | ||
Derivative liabilities: | (92.7) | (2.5) |
Fair Value, Measurements, Recurring | Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 52.4 | 138.6 |
Fair Value, Measurements, Recurring | Certificates of deposit | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 5.1 | 5 |
Fair Value, Measurements, Recurring | Commercial paper | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 2.2 | 75.8 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 313.2 | 442.5 |
Fair Value, Measurements, Recurring | Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 8.4 | 12.7 |
Fair Value, Measurements, Recurring | Time deposits | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 80.9 | 35.2 |
Fair Value, Measurements, Recurring | U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 18 | 26.7 |
Fair Value, Measurements, Recurring | U.S. government securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 16.7 | 73.6 |
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 52.7 | 47 |
Fair Value, Measurements, Recurring | Money market funds | ||
Equity securities: | ||
Equity securities | 429.5 | 382 |
Fair Value, Measurements, Recurring | Mutual funds | ||
Equity securities: | ||
Equity securities | 27.1 | 33.4 |
Fair Value, Measurements, Recurring | Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | 8.1 | 8.1 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 13.5 | 42.3 |
Equity securities: | ||
Equity securities | 464.7 | 423.5 |
Derivative assets: | ||
Derivative assets: | 0 | 0 |
Total assets measured at fair value on a recurring basis | 478.2 | 465.8 |
Liabilities: | ||
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) | Cash equivalents | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 419.5 | 371.6 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Short-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 19.7 | 41.5 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Long-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 1.9 | 8.8 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Prepaid expenses and other current assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 12.6 | 15.1 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other long-term assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 24.5 | 28.8 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other accrued liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other long-term liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Foreign exchange contracts | ||
Derivative assets: | ||
Derivative assets: | 0 | 0 |
Liabilities: | ||
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: | ||
Derivative liabilities: | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Certificates of deposit | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Commercial paper | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Corporate debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Time deposits | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | U.S. government securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 13.5 | 42.3 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Money market funds | ||
Equity securities: | ||
Equity securities | 429.5 | 382 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Mutual funds | ||
Equity securities: | ||
Equity securities | 27.1 | 33.4 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | 8.1 | 8.1 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 483.4 | 767.8 |
Equity securities: | ||
Equity securities | 0 | 0 |
Derivative assets: | ||
Derivative assets: | 125.2 | 56.3 |
Total assets measured at fair value on a recurring basis | 608.6 | 824.1 |
Liabilities: | ||
Derivative liabilities: | (179.7) | (26.5) |
Total liabilities measured at fair value on a recurring basis | (179.7) | (26.5) |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Cash equivalents | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 80.9 | 47.2 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Short-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 206.5 | 274 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Long-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 195.9 | 446.7 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Prepaid expenses and other current assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 0.1 | 8.8 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other long-term assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 125.2 | 47.4 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other accrued liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | (58.9) | (14.9) |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other long-term liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | (120.8) | (11.6) |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign exchange contracts | ||
Derivative assets: | ||
Derivative assets: | 1.3 | 9.2 |
Liabilities: | ||
Derivative liabilities: | (87) | (24) |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Interest rate contracts | ||
Derivative assets: | ||
Derivative assets: | 123.9 | 47.1 |
Liabilities: | ||
Derivative liabilities: | (92.7) | (2.5) |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 52.4 | 138.6 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Certificates of deposit | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 5.1 | 5 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Commercial paper | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 2.2 | 75.8 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Corporate debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 313.2 | 442.5 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 8.4 | 12.7 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Time deposits | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 80.9 | 35.2 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 18 | 26.7 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | U.S. government securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 3.2 | 31.3 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Money market funds | ||
Equity securities: | ||
Equity securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Mutual funds | ||
Equity securities: | ||
Equity securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 52.7 | 47 |
Equity securities: | ||
Equity securities | 0 | 0 |
Derivative assets: | ||
Derivative assets: | 0 | 0 |
Total assets measured at fair value on a recurring basis | 52.7 | 47 |
Liabilities: | ||
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) | Cash equivalents | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Short-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Long-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Prepaid expenses and other current assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other long-term assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 52.7 | 47 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other accrued liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other long-term liabilities | ||
Liabilities: | ||
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Foreign exchange contracts | ||
Derivative assets: | ||
Derivative assets: | 0 | 0 |
Liabilities: | ||
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: | ||
Derivative liabilities: | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Certificates of deposit | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Commercial paper | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Corporate debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Time deposits | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | U.S. government securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 52.7 | 47 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Money market funds | ||
Equity securities: | ||
Equity securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Mutual funds | ||
Equity securities: | ||
Equity securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
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 | 0 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial and nonfinancial liabilities, fair value disclosure | 179,700,000 | 179,700,000 | $ 26,500,000 |
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 | 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 | 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 | 1,435,100,000 | 1,435,100,000 | 1,845,600,000 |
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 | 179,700,000 | 179,700,000 | $ 26,500,000 |
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 | $ 0 |
Derivative Instruments - Notion
Derivative Instruments - Notional Amount (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | |||||
Notional amount of derivatives | $ 2,318,900,000 | $ 2,268,500,000 | |||
Designated derivatives | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | 2,135,800,000 | 2,123,900,000 | |||
Non-designated derivatives | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | 183,100,000 | 144,600,000 | |||
Foreign currency contracts | Cash flow hedges | Designated derivatives | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | 885,800,000 | 873,900,000 | |||
Interest rate lock contracts | Cash flow hedges | Designated derivatives | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | 650,000,000 | 650,000,000 | $ 300,000,000 | $ 650,000,000 | $ 300,000,000 |
Interest rate swap contracts | Fair value hedges | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | 600,000,000 | ||||
Interest rate swap contracts | Fair value hedges | Designated derivatives | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | $ 600,000,000 | $ 600,000,000 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Derivative assets: | $ 125.2 | $ 56.3 |
Derivative liabilities: | 179.7 | 26.5 |
Designated derivatives | ||
Derivative [Line Items] | ||
Derivative assets: | 124.7 | 56.2 |
Derivative liabilities: | 179.2 | 26.4 |
Designated derivatives | Other current assets | Foreign currency contracts | ||
Derivative [Line Items] | ||
Derivative assets: | 0.7 | 8.7 |
Designated derivatives | Other long-term assets | Foreign currency contracts | ||
Derivative [Line Items] | ||
Derivative assets: | 0.1 | 0.4 |
Designated derivatives | Other long-term assets | Interest rate lock contracts | ||
Derivative [Line Items] | ||
Derivative assets: | 123.9 | 45 |
Designated derivatives | Other long-term assets | Interest rate swap contracts | ||
Derivative [Line Items] | ||
Derivative assets: | 0 | 2.1 |
Designated derivatives | Other accrued liabilities | Foreign currency contracts | ||
Derivative [Line Items] | ||
Derivative liabilities: | 58.3 | 14.8 |
Designated derivatives | Other long-term liabilities | Foreign currency contracts | ||
Derivative [Line Items] | ||
Derivative liabilities: | 28.2 | 9.1 |
Designated derivatives | Other long-term liabilities | Interest rate swap contracts | ||
Derivative [Line Items] | ||
Derivative liabilities: | 92.7 | 2.5 |
Derivatives not designated as hedging instruments | Other current assets | ||
Derivative [Line Items] | ||
Derivative assets: | 0.5 | 0.1 |
Derivatives not designated as hedging instruments | Other accrued liabilities | ||
Derivative [Line Items] | ||
Derivative liabilities: | $ 0.5 | $ 0.1 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2020 | Apr. 30, 2021 | Dec. 31, 2019 | |
Derivatives, Notional Amount [Line Items] | |||||||||
Derivative asset, fair value, gross asset, period decrease | $ 81,900,000 | ||||||||
Derivative liability fair value gross liability period decrease | $ 17,500,000 | ||||||||
Notional amount of derivatives | 2,318,900,000 | 2,268,500,000 | $ 2,318,900,000 | $ 2,318,900,000 | |||||
Foreign currency contracts | |||||||||
Derivatives, Notional Amount [Line Items] | |||||||||
Foreign currency forward contracts, amounts reclassified out of AOCI | (8,800,000) | $ 6,200,000 | $ (11,900,000) | $ 24,300,000 | |||||
Foreign currency contracts | Minimum | |||||||||
Derivatives, Notional Amount [Line Items] | |||||||||
Maturity of foreign currency derivatives | 1 month | ||||||||
Foreign currency contracts | Maximum | |||||||||
Derivatives, Notional Amount [Line Items] | |||||||||
Maturity of foreign currency derivatives | 4 months | ||||||||
Designated derivatives | |||||||||
Derivatives, Notional Amount [Line Items] | |||||||||
Notional amount of derivatives | 2,135,800,000 | 2,123,900,000 | 2,135,800,000 | $ 2,135,800,000 | |||||
Cash flow hedges | |||||||||
Derivatives, Notional Amount [Line Items] | |||||||||
Derivative instruments, gain (loss) recognized in other comprehensive income (loss), effective portion | (39,000,000) | $ (3,000,000) | $ (3,700,000) | $ 23,100,000 | |||||
Cash flow hedges | Designated derivatives | |||||||||
Derivatives, Notional Amount [Line Items] | |||||||||
Maximum maturities of cash flow hedge derivatives | 36 months | ||||||||
Losses expected to be reclassified into earnings within the next 12 months | (57,500,000) | ||||||||
Cash flow hedges | Designated derivatives | Interest rate lock contracts | |||||||||
Derivatives, Notional Amount [Line Items] | |||||||||
Notional amount of derivatives | 650,000,000 | 650,000,000 | 650,000,000 | $ 650,000,000 | $ 650,000,000 | $ 300,000,000 | $ 300,000,000 | ||
Derivative, expiration period | 8 years | ||||||||
Derivative expiration period | 3 years | ||||||||
Cash flow hedges | Designated derivatives | Foreign currency contracts | |||||||||
Derivatives, Notional Amount [Line Items] | |||||||||
Notional amount of derivatives | $ 885,800,000 | $ 873,900,000 | $ 885,800,000 | $ 885,800,000 |
Other Financial Information - I
Other Financial Information - Inventories, Net (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule Of Inventory [Line Items] | ||
Production and service materials | $ 431.4 | $ 208.6 |
Finished goods | 109 | 75.6 |
Total inventory | 540.4 | 284.2 |
Inventory | ||
Schedule Of Inventory [Line Items] | ||
Total inventory | 519.6 | 272.6 |
Other long-term assets | ||
Schedule Of Inventory [Line Items] | ||
Total inventory | $ 20.8 | $ 11.6 |
Other Financial Information - P
Other Financial Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Other Financial Information [Abstract] | ||
Contract manufacturer deposit | $ 390.9 | $ 223.8 |
Prepaid expenses | 89.5 | 104.3 |
Other current assets | 124 | 123.5 |
Total prepaid expenses and other current assets | $ 604.4 | $ 451.6 |
Other Financial Information - W
Other Financial Information - Warranties (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Balance as of December 31, 2021 | $ 33 |
Provisions made during the period | 22.2 |
Actual costs incurred during the period | (25.6) |
Balance as of September 30, 2022 | $ 29.6 |
Other Financial Information - N
Other Financial Information - Narrative (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Deferred commission | $ 28,800,000 | $ 28,800,000 |
Amortization of deferred commission | 50,600,000 | 139,800,000 |
Impairment loss | 0 | 0 |
Product | ||
Disaggregation of Revenue [Line Items] | ||
Contract with customer, liability, revenue recognized | 11,600,000 | 45,100,000 |
Service | ||
Disaggregation of Revenue [Line Items] | ||
Contract with customer, liability, revenue recognized | $ 180,100,000 | $ 694,200,000 |
Other Financial Information - R
Other Financial Information - Revenue (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 1,493.3 |
Product | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | 110.2 |
Service | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | 1,383.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 908.4 |
Revenue recognition expected by period, satisfaction period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | Product | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 91.9 |
Revenue recognition expected by period, satisfaction period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | Service | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 816.5 |
Revenue recognition expected by period, satisfaction period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 452.1 |
Revenue recognition expected by period, satisfaction period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Product | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 15 |
Revenue recognition expected by period, satisfaction period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Service | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 437.1 |
Revenue recognition expected by period, satisfaction period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 132.8 |
Revenue recognition expected by period, satisfaction period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | Product | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 3.3 |
Revenue recognition expected by period, satisfaction period | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | Service | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 129.5 |
Revenue recognition expected by period, satisfaction period |
Other Financial Information - O
Other Financial Information - Other Expense, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Financial Information [Abstract] | ||||
Interest income | $ 5.5 | $ 3 | $ 11.4 | $ 10.5 |
Interest expense | (15.2) | (12.2) | (41.1) | (38.5) |
Gain (loss) on investments, net | (1.3) | 0.7 | (4.4) | 3.3 |
Other | 1.9 | 0.2 | 4 | 0.5 |
Other expense, net | $ (9.1) | $ (8.3) | $ (30.1) | $ (24.2) |
Restructuring Charges - Changes
Restructuring Charges - Changes to Restructuring Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restructuring Reserve [Roll Forward] | ||||
Charges | $ 13 | $ 1.9 | $ 22.3 | $ 42.8 |
2022 Restructuring Plan | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring liability, beginning balance | 12.3 | |||
Charges | 22.3 | |||
Cash Payments | (17.7) | |||
Other | (2.9) | |||
Restructuring liability, ending balance | 14 | 14 | ||
Severance | 2022 Restructuring Plan | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring liability, beginning balance | 1.4 | |||
Charges | 13.7 | |||
Cash Payments | (7.7) | |||
Other | (0.2) | |||
Restructuring liability, ending balance | 7.2 | 7.2 | ||
Contract terminations and facility exit-related | 2022 Restructuring Plan | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring liability, beginning balance | 10.9 | |||
Charges | 8.6 | |||
Cash Payments | (10) | |||
Other | (2.7) | |||
Restructuring liability, ending balance | $ 6.8 | $ 6.8 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,700,000,000 | $ 1,700,000,000 |
Unaccreted discount and debt issuance costs | (11,600,000) | (12,900,000) |
Hedge accounting fair value adjustments | (92,700,000) | (300,000) |
Total | 1,595,700,000 | 1,686,800,000 |
Notional amount of derivatives | 2,318,900,000 | 2,268,500,000 |
Interest rate swap contracts | Fair value hedges | ||
Debt Instrument [Line Items] | ||
Notional amount of derivatives | $ 600,000,000 | |
Senior notes | 1.200% fixed-rate notes ("2025 Notes") | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 1.20% | |
Effective Interest Rates | 1.37% | |
Long-term debt | $ 400,000,000 | 400,000,000 |
Senior notes | 3.750% fixed-rate notes ("2029 Notes") | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.75% | |
Effective Interest Rates | 3.86% | |
Long-term debt | $ 500,000,000 | 500,000,000 |
Senior notes | 2.000% fixed-rate notes ("2030 Notes") | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2% | |
Effective Interest Rates | 2.12% | |
Long-term debt | $ 400,000,000 | 400,000,000 |
Senior notes | 5.950% fixed-rate notes ("2041 Notes") | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.95% | |
Effective Interest Rates | 6.03% | |
Long-term debt | $ 400,000,000 | $ 400,000,000 |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Amount outstanding | $ 1,595,700,000 | $ 1,686,800,000 |
Unsecured Revolving Credit Facility | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Borrowing capacity (up to) | 500,000,000 | |
Increase amount of borrowings, subject to lenders' approval (up to) | 200,000,000 | |
Amount outstanding | $ 0 |
Equity - Summary of Dividends P
Equity - Summary of Dividends Paid and Stock Repurchases and Retirements (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Dividends: | ||||
Per share (in dollars per share) | $ 0.21 | $ 0.20 | $ 0.63 | $ 0.60 |
Amount | $ 68 | $ 65 | $ 202.8 | $ 194.9 |
Repurchased under the 2018 Stock Repurchase Program: | ||||
Amount | $ 0.5 | $ 50.9 | $ 226.8 | $ 294 |
Stock Repurchase Program 2018 | ||||
Repurchased under the 2018 Stock Repurchase Program: | ||||
Shares (in shares) | 0 | 1.7 | 6.3 | 11 |
Average price (in dollars per share) | $ 0 | $ 28.43 | $ 33.38 | $ 25.80 |
Amount | $ 0 | $ 50 | $ 212.2 | $ 285 |
Equity - Cash Dividends on Shar
Equity - Cash Dividends on Shares of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | ||||
Cash dividends declared (in dollars per share) | $ 0.21 | $ 0.21 | ||
Cash dividends declared | $ 68 | $ 65 | $ 202.8 | $ 194.9 |
Equity - Stock Repurchase Activ
Equity - Stock Repurchase Activities (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accelerated Share Repurchases [Line Items] | ||||
Common stock received, aggregate price | $ 0.5 | $ 50.9 | $ 226.8 | $ 294 |
Stock Repurchase Program 2018 | ||||
Accelerated Share Repurchases [Line Items] | ||||
Stock repurchased (in shares) | 6.3 | |||
Common stock received, aggregate price | 0 | $ 50 | $ 212.2 | 285 |
Common stock repurchased, average cost per share (in dollars per share) | $ 33.38 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 700 | $ 700 | ||
Stock repurchased during period, tax withholding | $ 14.5 | $ 9 |
Equity - Components of Accumula
Equity - Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance | $ 4,248.7 | $ 4,340.9 | $ 4,316.9 | $ 4,543.5 |
Other comprehensive loss before reclassifications | (63.9) | |||
Amount reclassified from accumulated other comprehensive loss | 13.4 | |||
Other comprehensive loss, net | (52.5) | (11.9) | (50.5) | (11.6) |
Balance | 4,338.1 | 4,383.8 | 4,338.1 | 4,383.8 |
Unrealized Gains/Losses on Available-for- Sale Debt Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance | 27.9 | |||
Other comprehensive loss before reclassifications | (8.2) | |||
Amount reclassified from accumulated other comprehensive loss | 0.3 | |||
Other comprehensive loss, net | (7.9) | |||
Balance | 20 | 20 | ||
Unrealized Gains/Losses on Cash Flow Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance | 19 | |||
Other comprehensive loss before reclassifications | (20.4) | |||
Amount reclassified from accumulated other comprehensive loss | 13.1 | |||
Other comprehensive loss, net | (7.3) | |||
Balance | 11.7 | 11.7 | ||
Foreign Currency Translation Adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance | (49) | |||
Other comprehensive loss before reclassifications | (35.3) | |||
Amount reclassified from accumulated other comprehensive loss | 0 | |||
Other comprehensive loss, net | (35.3) | |||
Balance | (84.3) | (84.3) | ||
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance | (0.1) | 55.9 | (2.1) | 55.6 |
Other comprehensive loss, net | (52.5) | (11.9) | (50.5) | (11.6) |
Balance | $ (52.6) | $ 44 | $ (52.6) | $ 44 |
Employee Benefit Plans - Equity
Employee Benefit Plans - Equity Incentive Plan (Details) - shares | 1 Months Ended | |
May 31, 2022 | Sep. 30, 2022 | |
Equity incentive plan 2015 | ||
Share-Based Compensation Plans | ||
Additional shares authorized (in shares) | 4,500,000 | |
Number of shares available for future issuance (in shares) | 4,000,000 | |
Employee stock purchase plan 2008 | ||
Share-Based Compensation Plans | ||
Number of shares available for future issuance (in shares) | 6,200,000 |
Employee Benefit Plans - Restri
Employee Benefit Plans - Restricted Stock Unit and Performance Share Award Activities (Details) $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
RSUs, RSAs, and PSAs | |
Number of Shares | |
Balance at beginning of period (in shares) | 22.2 |
Granted (in shares) | 8.2 |
Vested (in shares) | (6.5) |
Canceled (in shares) | (2.4) |
Balance at end of period (in shares) | 21.5 |
Weighted Average Grant Date Fair Value per Share | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 24.55 |
Granted (in dollars per share) | $ / shares | 29.64 |
Vested (in dollars per share) | $ / shares | 24.49 |
Canceled (in dollars per share) | $ / shares | 25.52 |
Balance at end of period (in dollars per share) | $ / shares | $ 26.41 |
Weighted Average Remaining Contractual Term (In Years) | 1 year 3 months 18 days |
Aggregate Intrinsic Value | $ | $ 561.4 |
Service-based RSUs | |
Number of Shares | |
Granted (in shares) | 6.5 |
Performance Shares | |
Number of Shares | |
Granted (in shares) | 1.3 |
Market-based RSUs | |
Number of Shares | |
Granted (in shares) | 0.4 |
Employee Benefit Plans - Employ
Employee Benefit Plans - Employee Stock Purchase Plan (Details) - Employee stock purchase plan 2008 - $ / shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | ||||
Shares purchased (in shares) | 1.2 | 1.4 | 2.6 | 2.8 |
Average exercise price per share (in dollars per share) | $ 23.43 | $ 19.88 | $ 21.59 | $ 19.81 |
Employee Benefit Plans - Share
Employee Benefit Plans - Share Based Compensation by Cost and Expense Categories (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||||
Share-based compensation expense | $ 61.5 | $ 54.9 | $ 153.9 | $ 162.9 |
Stock options | ||||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||||
Share-based compensation expense | 1.3 | 2.2 | 4.4 | 7.4 |
RSUs, RSAs, and PSAs | ||||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||||
Share-based compensation expense | 52.4 | 47.9 | 131.8 | 142.4 |
ESPP purchase rights | ||||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||||
Share-based compensation expense | 7.8 | 4.8 | 17.7 | 13.1 |
Cost of revenues - Product | ||||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||||
Share-based compensation expense | 1.7 | 1.5 | 4.3 | 3.8 |
Cost of revenues - Service | ||||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||||
Share-based compensation expense | 4.8 | 4.7 | 13 | 13.1 |
Research and development | ||||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||||
Share-based compensation expense | 26.3 | 23.7 | 62.2 | 68 |
Sales and marketing | ||||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||||
Share-based compensation expense | 17.4 | 16.4 | 42.3 | 47.8 |
General and administrative | ||||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | ||||
Share-based compensation expense | $ 11.3 | $ 8.6 | $ 32.1 | $ 30.2 |
Employee Benefit Plans - Shar_2
Employee Benefit Plans - Share Based Compensation by Share Based Payment Award Types (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Share-Based Payment Arrangement [Abstract] | |
Unrecognized compensation cost | $ 394.8 |
Unrecognized compensation, weighted average recognition period | 1 year 9 months 3 days |
Segments - Narrative (Details)
Segments - Narrative (Details) | 9 Months Ended |
Sep. 30, 2022 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Segments - Revenue by Product (
Segments - Revenue by Product (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 1,414.6 | $ 1,188.8 | $ 3,852.4 | $ 3,435.5 |
Automated WAN Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 532.7 | 384.5 | 1,386.3 | 1,167 |
Cloud-Ready Data Center | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 229.3 | 194.7 | 619 | 554 |
AI-Driven Enterprise | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 266.6 | 229.8 | 707.9 | 586.1 |
Hardware Maintenance and Professional Services | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 386 | $ 379.8 | $ 1,139.2 | $ 1,128.4 |
Segments - Revenues by Customer
Segments - Revenues by Customer Vertical (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 1,414.6 | $ 1,188.8 | $ 3,852.4 | $ 3,435.5 |
Cloud | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 375.3 | 303.3 | 1,013.3 | 894.6 |
Service Provider | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 523.1 | 445.8 | 1,421.9 | 1,327.7 |
Enterprise | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 516.2 | $ 439.7 | $ 1,417.2 | $ 1,213.2 |
Segments - Geographic (Details)
Segments - Geographic (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 1,414.6 | $ 1,188.8 | $ 3,852.4 | $ 3,435.5 |
Total Americas | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 895.8 | 664.8 | 2,299.4 | 1,900.5 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 839 | 609.2 | 2,133.6 | 1,729.7 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 56.8 | 55.6 | 165.8 | 170.8 |
Europe, Middle East, and Africa | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 320.4 | 336.3 | 991.5 | 971.3 |
Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 198.4 | $ 187.7 | $ 561.5 | $ 563.7 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income before income taxes | $ 140.2 | $ 111.8 | $ 331.3 | $ 148.8 |
Income tax provision | $ 16.6 | $ 22.9 | $ 38.1 | $ 29 |
Effective tax rate | 11.90% | 20.50% | 11.50% | 19.50% |
Loss on extinguishment of debt | $ 0 | $ 0 | $ 0 | $ 60.6 |
Restructuring charges | 13 | $ 1.9 | 22.3 | $ 42.8 |
Unrecognized tax benefits | 122 | 122 | ||
Unrecognized tax benefits, maximum decrease in the next twelve months (up to) | $ 5.9 | $ 5.9 |
Net Income per Share (Details)
Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||
Net income | $ 121.5 | $ 88.9 | $ 290.6 | $ 119.8 |
Denominator: | ||||
Weighted-average shares used to compute basic net income per share (in shares) | 322.8 | 324 | 321.8 | 325 |
Dilutive effect of employee stock awards (in shares) | 6.1 | 7.1 | 7.5 | 6.4 |
Weighted-average shares used to compute diluted net income per share (in shares) | 328.9 | 331.1 | 329.3 | 331.4 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.38 | $ 0.27 | $ 0.90 | $ 0.37 |
Diluted (in dollars per share) | $ 0.37 | $ 0.27 | $ 0.88 | $ 0.36 |
Anti-dilutive shares (in shares) | 5 | 0.6 | 1.9 | 0.7 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase commitments | $ 2,415 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Dec. 22, 2022 | Oct. 25, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Subsequent Event [Line Items] | ||||||
Cash dividends declared (in dollars per share) | $ 0.21 | $ 0.21 | ||||
Cash dividends (in dollars per share) | $ 0.21 | $ 0.20 | $ 0.63 | $ 0.60 | ||
Forecast | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividends (in dollars per share) | $ 0.21 | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividends declared (in dollars per share) | $ 0.21 |