Juniper Networks (JNPR) 10-Q 28 Apr 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		321,592,106
Entity Central Index Key	0001043604
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Total net revenues	$ 1,371.8	$ 1,168.2
Cost of revenues:
Total cost of revenues	600.6	518.8
Gross margin	771.2	649.4
Operating expenses:
Research and development	284.8	248.6
Sales and marketing	303.2	273.3
General and administrative	68	60.2
Restructuring (benefits) charges	(0.5)	8.8
Total operating expenses	655.5	590.9
Operating income	115.7	58.5
Other expense, net	(8.6)	(12.9)
Income before income taxes and loss from equity method investment	107.1	45.6
Income tax provision (benefit)	19.6	(10.1)
Loss from equity method investment, net of tax	(2.1)	0
Net income	$ 85.4	$ 55.7
Net income per share:
Basic (in dollars per share)	$ 0.26	$ 0.17
Diluted (in dollars per share)	$ 0.26	$ 0.17
Weighted-average shares used to compute net income per share:
Basic (in shares)	322.3	321.8
Diluted (in shares)	329.1	331.1
Product
Total net revenues	$ 912.6	$ 744.3
Cost of revenues:
Total cost of revenues	454.9	378.5
Service
Total net revenues	459.2	423.9
Cost of revenues:
Total cost of revenues	$ 145.7	$ 140.3

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 85.4	$ 55.7
Available-for-sale debt securities:
Change in net unrealized gains and losses	2.1	(5.7)
Net realized losses reclassified into net income	0	0.1
Net change on available-for-sale debt securities	2.1	(5.6)
Cash flow hedges:
Change in net unrealized gains and losses	(6.9)	20.8
Net realized losses reclassified into net income	7.4	0.1
Net change on cash flow hedges	0.5	20.9
Change in foreign currency translation adjustments	1.5	(1.5)
Other comprehensive income, net	4.1	13.8
Comprehensive income	$ 89.5	$ 69.5

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 923.5	$ 880.1
Short-term investments	174.9	210.3
Accounts receivable, net of allowances	1,061.8	1,227.3
Inventory	761.5	619.4
Prepaid expenses and other current assets	736.4	680
Total current assets	3,658.1	3,617.1
Property and equipment, net	671	666.8
Operating lease assets	132.7	141.6
Long-term investments	92.6	139.6
Purchased intangible assets, net	143.3	160.5
Goodwill	3,734.4	3,734.4
Other long-term assets	884.2	866.7
Total assets	9,316.3	9,326.7
Current liabilities:
Accounts payable	357.5	347.4
Accrued compensation	228.4	306.1
Deferred revenue	1,074.3	1,020.5
Other accrued liabilities	414	404.9
Total current liabilities	2,074.2	2,078.9
Long-term debt	1,616.7	1,601.3
Long-term deferred revenue	685.6	642.6
Long-term income taxes payable	279.8	279.4
Long-term operating lease liabilities	105.5	117.7
Other long-term liabilities	119.3	131.7
Total liabilities	4,881.1	4,851.6
Commitments and contingencies (Note 13)
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; 321.4 shares and 322.9 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	0	0
Additional paid-in capital	6,808.1	6,846.4
Accumulated other comprehensive income	8.3	4.2
Accumulated deficit	(2,381.2)	(2,375.5)
Total stockholders' equity	4,435.2	4,475.1
Total liabilities and stockholders' equity	$ 9,316.3	$ 9,326.7

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock - par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock - shares authorized (in shares)	10,000,000	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)	321,400,000	322,900,000
Common stock - outstanding (in shares)	321,400,000	322,900,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income		$ 85.4	$ 55.7
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense		60.9	45.2
Depreciation, amortization, and accretion		49.4	56.3
Operating lease assets expense		10.1	10.1
Loss from equity method investment		2.1	0
Other		3.7	6.8
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net		166.1	145.5
Inventory	[1]	(145.7)	(47.8)
Prepaid expenses and other assets		(84.3)	(105.9)
Accounts payable		15.4	44.6
Accrued compensation		(78.4)	(95.4)
Income taxes payable		29.6	25.5
Other accrued liabilities		(19)	(0.7)
Deferred revenue		96.2	53.2
Net cash provided by operating activities		191.5	193.1
Cash flows from investing activities:
Purchases of property and equipment		(42.1)	(25)
Purchases of available-for-sale debt securities		(5)	(58.1)
Proceeds from sales of available-for-sale debt securities		14	33.3
Proceeds from maturities and redemptions of available-for-sale debt securities		69.4	123.6
Purchases of equity securities		(2.4)	(9.3)
Proceeds from sales of equity securities		7.4	2.2
Payments for business acquisitions, net of cash and cash equivalents acquired		0	(3.3)
Other		0.9	0.5
Net cash provided by investing activities		42.2	63.9
Cash flows from financing activities:
Repurchase and retirement of common stock		(151.3)	(126.3)
Proceeds from issuance of common stock		31.1	28.6
Payment of dividends		(70.6)	(67.5)
Net cash used in financing activities		(190.8)	(165.2)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash		1.2	(1.7)
Net increase in cash, cash equivalents, and restricted cash		44.1	90.1
Cash, cash equivalents, and restricted cash at beginning of period		897.7	942.7
Cash, cash equivalents, and restricted cash at end of period		$ 941.8	$ 1,032.8
[1]The prior period amount has been reclassified to conform to the current period presentation.

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, 2021		321.6
Balance at Dec. 31, 2021	$ 4,316.9		$ 6,972.6	$ (2.1)	$ (2,653.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55.7				55.7
Other comprehensive income, net	13.8			13.8
Issuance of common stock (in shares)		4.8
Issuance of common stock	28.6		28.6
Repurchase and retirement of common stock (in shares)		(3.6)
Repurchase and retirement of common stock	(126.3)		(46.3)		(80)
Share-based compensation expense	45.7		45.7
Payments of cash dividends	(67.5)		(67.5)
Balance (in shares) at Mar. 31, 2022		322.8
Balance at Mar. 31, 2022	$ 4,266.9		6,933.1	11.7	(2,677.9)
Balance (in shares) at Dec. 31, 2022	322.9	322.9
Balance at Dec. 31, 2022	$ 4,475.1		6,846.4	4.2	(2,375.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	85.4				85.4
Other comprehensive income, net	4.1			4.1
Issuance of common stock (in shares)		3.3
Issuance of common stock	31.1		31.1
Repurchase and retirement of common stock (in shares)		(4.8)
Repurchase and retirement of common stock	(151.3)		(60.2)		(91.1)
Share-based compensation expense	61.4		61.4
Payments of cash dividends	$ (70.6)		(70.6)
Balance (in shares) at Mar. 31, 2023	321.4	321.4
Balance at Mar. 31, 2023	$ 4,435.2		$ 6,808.1	$ 8.3	$ (2,381.2)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.22	$ 0.21

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 1. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet as of December 31, 2022 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or any future period. These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 (the "Form 10-K"). We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued. The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions. Certain prior period amounts have been reclassified to conform to the current period's presentation. None of these reclassifications had a material impact to the unaudited Condensed Consolidated Financial Statements. Summary of Significant Accounting Policies There have been no significant changes to the Company's significant accounting policies described in Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies , in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K for the fiscal year ended December 31, 2022.

Cash Equivalents and Investment

Cash Equivalents and Investments	3 Months Ended
	Mar. 31, 2023
Cash Equivalents and Investments [Abstract]
Cash Equivalents and Investments	Note 2. Cash Equivalents and Investments Investments in Available-for-Sale Debt Securities The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of March 31, 2023 and December 31, 2022 (in millions): As of March 31, 2023 As of December 31, 2022 Amortized Gross Unrealized Gross Unrealized Estimated Fair Amortized Gross Unrealized Gross Unrealized Estimated Fair Fixed income securities: Asset-backed and mortgage-backed securities $ 24.6 $ — $ (0.8) $ 23.8 $ 37.8 $ — $ (1.2) $ 36.6 Corporate debt securities 210.8 — (5.2) 205.6 277.5 — (7.1) 270.4 Foreign government debt securities 8.8 — (0.3) 8.5 8.8 — (0.4) 8.4 Time deposits 89.7 — — 89.7 70.6 — — 70.6 U.S. government agency securities 18.6 — (0.4) 18.2 18.6 — (0.6) 18.0 U.S. government securities 5.0 — (0.1) 4.9 9.0 — (0.2) 8.8 Total fixed income securities 357.5 — (6.8) 350.7 422.3 — (9.5) 412.8 Privately-held debt and redeemable preferred stock securities 20.7 37.4 — 58.1 15.5 37.4 — 52.9 Total available-for-sale debt securities $ 378.2 $ 37.4 $ (6.8) $ 408.8 $ 437.8 $ 37.4 $ (9.5) $ 465.7 Reported as: Cash equivalents $ 89.7 $ — $ — $ 89.7 $ 70.6 $ — $ — $ 70.6 Short-term investments 171.4 — (3.0) 168.4 205.9 — (3.3) 202.6 Long-term investments 96.4 — (3.8) 92.6 145.8 — (6.2) 139.6 Other long-term assets 20.7 37.4 — 58.1 15.5 37.4 — 52.9 Total $ 378.2 $ 37.4 $ (6.8) $ 408.8 $ 437.8 $ 37.4 $ (9.5) $ 465.7 The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2023 (in millions): Amortized Estimated Fair Due in less than one year $ 261.1 $ 258.1 Due between one and five years 96.4 92.6 Total $ 357.5 $ 350.7 As of March 31, 2023, the C ompany's unrealized loss of $6.8 million resulted from 216 investments, of which losses aggregating $0.2 million were from investments in an unrealized loss position for less than 12 months, and $6.6 million were from investments in an unrealized loss position for more than 12 months. The gross unrealized losses related to these investments were primarily due to changes in market interest rates. The Company anticipates that it will 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 months ended March 31, 2023 and March 31, 2022. During the three months ended March 31, 2023 and March 31, 2022, there were no m aterial gross realized gains or losses from available-for-sale debt securities. Investments in Equity Securities The following table presents the Company's investments in equity securities as of March 31, 2023 and December 31, 2022 (in millions): As of March 31, December 31, Equity investments with readily determinable fair value: Money market funds $ 496.7 $ 420.8 Mutual funds 31.9 28.1 Publicly-traded equity securities 6.5 7.7 Equity investments without readily determinable fair value 130.7 137.7 Equity investment under the equity method of accounting 33.9 36.0 Total equity securities $ 699.7 $ 630.3 Reported as: Cash equivalents $ 496.7 $ 420.8 Short-term investments 6.5 7.7 Prepaid expenses and other current assets 2.5 2.4 Other long-term assets 194.0 199.4 Total $ 699.7 $ 630.3 For the three months ended March 31, 2023 and March 31, 2022, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair value or equity investments without readily determinable fair value. For the three months ended March 31, 2023, the loss recognized from the equity method investment wa s $2.1 million . Restricted Cash and Investments The Company has restricted cash and investments for: (i) amounts under the Company's non-qualified deferred compensation plan for senior-level employees; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts held in escrow accounts, as required in connection with certain acquisitions. Restricted investments consist of equity investments. As of March 31, 2023, the carrying value of restricted cash and investments was $50.1 million, of which $18.4 million was included in prepaid expenses and other current assets, and $31.7 million was i ncluded in other long-term a ssets on the Condensed Consolidated Balance Sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in millions): As of March 31, December 31, Cash and cash equivalents $ 923.5 $ 880.1 Restricted cash included in prepaid expenses and other current assets 15.9 15.2 Restricted cash included in other long-term assets 2.4 2.4 Total cash, cash equivalents, and restricted cash $ 941.8 $ 897.7

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 3. Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in millions): Fair Value Measurements at March 31, 2023 Fair Value Measurements at December 31, 2022 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 $ — $ 23.8 $ — $ 23.8 $ — $ 36.6 $ — $ 36.6 Corporate debt securities — 205.6 — 205.6 — 270.4 — 270.4 Foreign government debt securities — 8.5 — 8.5 — 8.4 — 8.4 Time deposits — 89.7 — 89.7 — 70.6 — 70.6 U.S. government agency securities — 18.2 — 18.2 — 18.0 — 18.0 U.S. government securities 4.9 — — 4.9 8.8 — — 8.8 Privately-held debt and redeemable preferred stock securities — — 58.1 58.1 — — 52.9 52.9 Total available-for-sale debt securities 4.9 345.8 58.1 408.8 8.8 404.0 52.9 465.7 Equity securities: Money market funds 496.7 — — 496.7 420.8 — — 420.8 Mutual funds 31.9 — — 31.9 28.1 — — 28.1 Publicly-traded equity securities 6.5 — — 6.5 7.7 — — 7.7 Total equity securities 535.1 — — 535.1 456.6 — — 456.6 Derivative assets: Foreign exchange contracts — 1.9 — 1.9 — 1.3 — 1.3 Interest rate contracts — 111.4 — 111.4 — 125.4 — 125.4 Total derivative assets — 113.3 — 113.3 — 126.7 — 126.7 Total assets measured at fair value on a recurring basis $ 540.0 $ 459.1 $ 58.1 $ 1,057.2 $ 465.4 $ 530.7 $ 52.9 $ 1,049.0 Liabilities: Derivative liabilities: Foreign exchange contracts $ — $ (26.4) $ — $ (26.4) $ — $ (37.6) $ — $ (37.6) Interest rate contracts — (72.4) — (72.4) — (87.4) — (87.4) Total derivative liabilities — (98.8) — (98.8) — (125.0) — (125.0) Total liabilities measured at fair value on a recurring basis $ — $ (98.8) $ — $ (98.8) $ — $ (125.0) $ — $ (125.0) Fair Value Measurements at March 31, 2023 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 $ 496.7 $ 89.7 $ — $ 586.4 $ 420.8 $ 70.6 $ — $ 491.4 Short-term investments 9.5 165.4 — 174.9 14.6 195.7 — 210.3 Long-term investments 1.9 90.7 — 92.6 1.9 137.7 — 139.6 Prepaid expenses and other current assets 2.5 1.2 — 3.7 2.4 0.8 — 3.2 Other long-term assets 29.4 112.1 58.1 199.6 25.7 125.9 52.9 204.5 Total assets measured at fair value $ 540.0 $ 459.1 $ 58.1 $ 1,057.2 $ 465.4 $ 530.7 $ 52.9 $ 1,049.0 Total liabilities, reported as: Other accrued liabilities $ — $ (22.6) $ — $ (22.6) $ — $ (32.5) $ — $ (32.5) Other long-term liabilities — (76.2) — (76.2) — (92.5) — (92.5) Total liabilities measured at fair value on a recurring basis $ — $ (98.8) $ — $ (98.8) $ — $ (125.0) $ — $ (125.0) The Company's Level 2 available-for-sale debt securities are priced using quoted market prices for similar instruments or non-binding market prices that are corroborated by observable market data. The Company uses inputs such as actual trade data, benchmark yields, broker/dealer quotes, or alternative pricing sources with reasonable levels of price transparency, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets. The Company's derivative instruments are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. During the three months ended March 31, 2023, the Company had no transfers into or out of Level 3 of the fair value hierarchy of its assets or liabilities measured at fair value. The Company's privately-held debt and redeemable preferred stock securities are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of its privately-held debt and redeemable preferred stock securities on a recurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent valuations at the time of financing activities and the investee's capital structure. During the three months ended March 31, 2023, there were no significant activities related to privately-held debt and redeemable preferred stock securities. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company's investments in equity securities without readily determinable fair value are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of equity securities without readily determinable fair value, and investments accounted for under the equity method of accounting, on a nonrecurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. As of March 31, 2023, there have been no material upward or downward adjustments for price changes to the equity securities without readily determinable fair value. Certain of the Company's assets, including intangible assets and goodwill, are measured at fair value on a nonrecurring basis. There were no significant impairment charges recognized during the three months ended March 31, 2023. As of March 31, 2023 and December 31, 2022, the Company had no lia bilities required to be measured at fair value on a nonrecurring basis. Assets and Liabilities Not Measured at Fair Value The carrying amounts of the Company's accounts receivable, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. As of March 31, 2023 and December 31, 2022, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets wa s $1,557.0 million and $1,485.6 million, respectively, based on observable market inputs (Level 2).

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 4. Derivative Instruments The Company uses derivative instruments to manage a variety of risks, including risks related to fluctuations in foreign currency exchange rates and interest rates on debt instruments. We do not use derivative financial instruments for speculative purposes. The notional amount of the Company's derivative instruments is summarized as follows (in millions): As of March 31, December 31, Designated derivatives: Cash flow hedges: Foreign currency contracts $ 810.2 $ 775.9 Interest rate lock contracts 650.0 650.0 Fair value hedges: Interest rate swap contracts 600.0 600.0 Total designated derivatives 2,060.2 2,025.9 Non-designated derivatives 198.6 163.5 Total $ 2,258.8 $ 2,189.4 The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows: As of Balance Sheet Classification March 31, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 1.2 $ 0.7 Foreign currency contracts Other long-term assets 0.7 0.5 Interest rate lock contracts Other long-term assets 111.4 125.4 Total derivatives designated as hedging instruments $ 113.3 $ 126.6 Derivatives not designated as hedging instruments Other current assets 0.1 0.1 Total derivative assets $ 113.4 $ 126.7 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 22.5 $ 32.3 Foreign currency contracts Other long-term liabilities 3.8 5.1 Interest rate swap contracts Other long-term liabilities 72.4 87.4 Total derivatives designated as hedging instruments $ 98.7 $ 124.8 Derivatives not designated as hedging instruments Other accrued liabilities 0.1 0.2 Total derivative liabilities $ 98.8 $ 125.0 Offsetting of Derivative Instruments The Company presents its derivative instruments at gross fair values in the Consolidated Balance Sheets. As of March 31, 2023 and December 31, 2022, the potential effects of set-off associated with the derivative contracts would be a reduction to both derivative assets and derivative liabilities by $61.8 million and $73.8 million, respectively. Designated Derivatives The Company uses foreign currency forward contracts or options contracts to hedge the Company's planned cost of revenues and operating expenses denominated in foreign currencies. These derivatives are designated as cash flow hedges and typically have maturities of thirty-six months or less. The Company enters into interest rate swaps, designated as fair value hedges, to convert the fixed interest rates of certain Senior Notes ("Notes") to floating interest rates. In April 2021, the Company entered into swaps for an aggregate notional amount of $300.0 million for its fixed-rate Notes maturing in December 2030 in addition to the swaps entered in 2019 for an aggregate notional amount of $300.0 million for its fixed-rate Notes maturing in March 2041. The interest rate swaps will expire within eight years. In 2020, the Company entered into interest rate locks with large financial institutions, which fix the benchmark interest rates of future debt issuances for an aggregate notional amount of $650.0 million. These contracts are designated as cash flow hedges and are expected to terminate within three years. Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations For cash flow hedges, the Company recognized an unrealized loss of $9.9 million and an unrealized gain of $28.1 million in accumulated other comprehensive income for the effective portion of its derivative instruments during the three months ended March 31, 2023 and March 31, 2022, respectively. For foreign currency contracts, the Company reclassified a loss of $7.8 million and a gain of $0.4 million out of accumulated other comprehensive income to cost of revenues and operating expenses in the Condensed Consolidated Statements of Operations during the three months ended March 31, 2023 and March 31, 2022, respectively. As of March 31, 2023, an estimated $21.4 million of unrealized net loss within accumulated other comprehensive income is expected to be reclassified into earnings within the next twelve months. Non-Designated Derivatives The Company also uses foreign currency forward contracts to mitigate variability in gains and losses generated from the remeasurement of certain monetary assets and liabilities denominated in foreign currencies. These foreign exchange forward contracts typically have maturities of 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 months ended March 31, 2023 and March 31, 2022.

Other Financial Information

Other Financial Information	3 Months Ended
	Mar. 31, 2023
Other Financial Information [Abstract]
Other Financial Information	Note 5. Other Financial Information Total Inventory Total inventory consisted of the following (in millions): As of March 31, December 31, Production and service materials $ 548.8 $ 479.6 Finished goods 239.9 163.3 Total inventory $ 788.7 $ 642.9 Reported as: Inventory $ 761.5 $ 619.4 Other long-term assets 27.2 23.5 Total inventory $ 788.7 $ 642.9 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in millions): As of March 31, December 31, Contract manufacturer deposits $ 425.3 $ 434.7 Prepaid expenses 130.5 104.3 Other current assets 180.6 141.0 Total prepaid expenses and other current assets $ 736.4 $ 680.0 Warranties Changes during the three months ended March 31, 2023 in the Company’s warranty reserve as reported within other accrued liabilities in the Condensed Consolidated Balance Sheets were as follows (in millions): Balance as of December 31, 2022 $ 29.5 Provisions made during the period 7.6 Actual costs incurred during the period (8.0) Balance as of March 31, 2023 $ 29.1 Deferred Revenue Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions): As of March 31, December 31, Deferred product revenue, net $ 95.8 $ 108.8 Deferred service revenue, net 1,664.1 1,554.3 Total $ 1,759.9 $ 1,663.1 Reported as: Current $ 1,074.3 $ 1,020.5 Long-term 685.6 642.6 Total $ 1,759.9 $ 1,663.1 Revenue See Note 10, Segments, for disaggregated revenue by customer solution, customer vertical, and geographic region. Product revenue of $19.2 million included in deferred revenue at January 1, 2023 was recognized during the three months ended March 31, 2023. Service revenue of $315.2 million included in deferred revenue at January 1, 2023 was recognized during the three months ended March 31, 2023. Remaining Performance Obligations Remaining Performance Obligations ("RPO") are comprised mainly of deferred product and service revenue, and to a lesser extent, unbilled service revenue from non-cancellable contracts for which the Company has not invoiced and has an obligation to perform, and for which revenue has not yet been recognized in the financial statements. Our RPO does not include backlog. The following table summarizes the breakdown of RPO as of March 31, 2023 and when the Company expects to recognize the amounts as revenue (in millions): Revenue Recognition Expected by Period Total Less than 1 year 1-3 years More than 3 years Product $ 99.0 $ 80.6 $ 14.6 $ 3.8 Service 1,672.5 1,005.4 507.2 159.9 Total $ 1,771.5 $ 1,086.0 $ 521.8 $ 163.7 Deferred Contract Cost We capitalize direct and incremental costs incurred to acquire contracts, primarily sales commissions, for which the associated revenue is expected to be recognized in future periods. We incur these costs in connection with both initial contracts and renewals. These costs are initially deferred, recorded as prepaid expenses and other current assets or other long-term assets, and are amortized over a period of benefit, which is typically over the term of the customer contracts or when product is delivered and revenue recognized. Commission expense is included in sales and marketing expenses in the accompanying Condensed Consolidated Statements of Operations. Deferred contract cost was $48.6 million as of March 31, 2023. For the three months ended March 31, 2023, amortization expense for previously deferred commissions was $8.1 million, and there were no impairment charges recognized. Other Expense, Net Other expense, net, consisted of the following (in millions): Three Months Ended March 31, 2023 2022 Interest income $ 9.5 $ 2.6 Interest expense (19.2) (12.5) Gain (loss) on investments, net 0.9 (3.3) Other 0.2 0.3 Other expense, net $ (8.6) $ (12.9)

Restructuring Charges

Restructuring Charges	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring Charges	Note 6. Restructuring Charges As of March 31, 2023, restructuring activities were immaterial. The following table provides a summary of changes in the restructuring liabilities (in millions): December 31, 2022 Charges Cash Other March 31, Severance $ 3.0 $ 1.4 $ (0.7) $ — $ 3.7 Contract terminations and facility exit-related 3.1 (1.9) (2.1) 1.4 0.5 Total $ 6.1 $ (0.5) $ (2.8) $ 1.4 $ 4.2

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Note 7. Debt Debt The following table summarizes the Company's total debt (in millions, except percentages): As of Maturity Date Effective Interest Rates March 31, December 31, Senior Notes: 1.200% fixed-rate notes December 2025 1.37 % $ 400.0 $ 400.0 3.750% fixed-rate notes August 2029 3.86 % 500.0 500.0 2.000% fixed-rate notes December 2030 2.12 % 400.0 400.0 5.950% fixed-rate notes March 2041 6.03 % 400.0 400.0 Total Notes 1,700.0 1,700.0 Unaccreted discount and debt issuance costs (10.8) (11.3) Hedge accounting fair value adjustments (*) (72.5) (87.4) Total $ 1,616.7 $ 1,601.3 ________________________________ (*) Represents the fair value adjustments for interest rate swaps with an aggregate notional amount of $600.0 million. These interest rate swaps convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments , for a discussion of the Company's interest rate swaps. The Notes above are the Company’s senior unsecured and unsubordinated obligations, ranking equally in right of payment to all of the Company’s existing and future senior unsecured and unsubordinated indebtedness, and senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the Notes. Interest on the Notes is payable in cash semiannually. The effective interest rates for the Notes include the interest on the Notes, accretion of the discount, and amortization of issuance costs. The indenture and the supplemental indentures (together, the "indentures") that govern the Notes also contain various covenants, including limitations on the Company's ability to incur liens or enter into sale-leaseback transactions over certain dollar thresholds. As of March 31, 2023, the Company was in compliance with all covenants in the indentures governing the Notes. Revolving Credit Facility The Company has an unsecured revolving credit facility that will expire in April 2024, which enables borrowings of up to $500.0 million, with an option to increase the amount of the credit facility by up to an additional $200.0 million, subject to the lenders' approval. As of March 31, 2023, the Company was in compliance with all covenants and no amounts were outstanding under its credit facility.

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity	Note 8. Equity The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts): Three Months Ended March 31, 2023 2022 Dividends: Per share $ 0.22 $ 0.21 Amount $ 70.6 $ 67.5 Repurchased under the 2018 Stock Repurchase Program: Shares 4.5 3.2 Average price per share $ 31.20 $ 34.55 Amount $ 140.0 $ 112.2 Cash Dividends on Shares of Common Stock During the three months ended March 31, 2023, the Company declared and paid a quarterly cash dividend of $0.22 per common share, totaling $70.6 million, on its outstanding common stock. Any future dividends, and the establishment of record and payment dates, are subject to approval by the Board of Directors of Juniper or an authorized committee thereof. See Note 14, Subsequent Events, for discussion of the Company's dividend declaration subsequent to March 31, 2023. Stock Repurchase Activities During the three months ended March 31, 2023, the Company repurchased 4.5 million shares of its common stock in the open market at an average price of $31.20 per share for an aggregate purchase price of $140.0 million under the 2018 Stock Repurchase Program. As of March 31, 2023, there was approximately $0.5 billion of authorized funds remaining under the 2018 Stock Repurchase Program. Future share repurchases under the 2018 Stock Repurchase Program will be subject to a review of the circumstances at that time and will be made from time to time in private transactions or open market purchases as permitted by securities laws and other legal requirements. In addition to repurchases under the 2018 Stock Repurchase Program, the Company also withholds shares of common stock from certain employees in connection with the vesting of stock awards issued to such employees to satisfy applicable tax withholding requirements. Such withheld shares are treated as common stock repurchases in the Company's financial statements as they reduce the number of shares that would have been issued upon vesting. Repurchases associated with tax withholdings were $11.4 million and $14.1 million during the three months ended March 31, 2023 and March 31, 2022, respectively. Accumulated Other Comprehensive Income, Net of Tax The components of accumulated other comprehensive income, net of related taxes, for the three months ended March 31, 2023 were as follows (in millions): Unrealized Unrealized Foreign Total Balance as of December 31, 2022 $ 21.8 $ 61.5 $ (79.1) $ 4.2 Other comprehensive income (loss) before reclassifications 2.1 (6.9) 1.5 (3.3) Amount reclassified from accumulated other comprehensive income — 7.4 — 7.4 Other comprehensive income, net 2.1 0.5 1.5 4.1 Balance as of March 31, 2023 $ 23.9 $ 62.0 $ (77.6) $ 8.3

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Employee Benefit Plans	Note 9. Employee Benefit Plans Equity Incentive Plans The Company has stock-based compensation plans pursuant to which it has granted stock options, restricted stock units (“RSUs”), and performance share awards (“PSAs”). The Company also maintains its 2008 Employee Stock Purchase Plan (the “ESPP”) for all eligible employees. As of March 31, 2023, 1.2 million and 4.9 million shares were available for future issuance under the Company's 2015 Equity Incentive Plan and the ESPP, respectively. In connection with past acquisitions, the Company has also assumed or substituted stock options, RSUs, restricted stock awards ("RSAs"), and PSAs. RSU, RSA, and PSA Activities The Company’s RSU, RSA, and PSA activities and related information as of and for the three months ended March 31, 2023 were as follows (in millions, except per share amounts and years): Outstanding RSUs, RSAs, and PSAs Number of Shares Weighted Average Weighted Average Aggregate Balance as of December 31, 2022 20.2 $ 26.78 Granted (*) 2.9 31.03 Vested (1.9) 26.57 Canceled (0.9) 25.83 Balance as of March 31, 2023 20.3 $ 27.44 1.3 $ 699.0 ________________________________ (*) Includes 1.1 million service-based, 1.4 million performance-based, and 0.4 million market-based awards. The number of shares subject to performance-based and market-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested. Employee Stock Purchase Plan The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts): Three Months Ended March 31, 2023 2022 Shares purchased 1.3 1.4 Average exercise price per share $ 23.44 $ 20.07 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 March 31, 2023 2022 Cost of revenues - Product $ 1.7 $ 1.4 Cost of revenues - Service 4.7 4.5 Research and development 25.7 16.6 Sales and marketing 18.6 12.5 General and administrative 10.2 10.2 Total $ 60.9 $ 45.2 The following table summarizes share-based compensation expense by award type (in millions): Three Months Ended March 31, 2023 2022 Stock options $ 0.8 $ 1.5 RSUs, RSAs, and PSAs 53.0 38.5 ESPP purchase rights 7.1 5.2 Total $ 60.9 $ 45.2

Segments

Segments	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segments	Note 10. Segments The Company operates in one reportable segment. The Company's Chief Executive Officer, who is the chief operating decision maker, reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance, accompanied by disaggregated information about net revenues by customer solution, customer vertical, and geographic region as presented below. The following table presents net revenues by customer solution (in millions): Three Months Ended March 31, 2023 2022 Customer Solutions: Automated WAN Solutions $ 474.5 $ 390.7 Cloud-Ready Data Center 193.6 188.8 AI-Driven Enterprise 317.0 214.0 Hardware Maintenance and Professional Services 386.7 374.7 Total $ 1,371.8 $ 1,168.2 The following table presents net revenues by customer vertical (in millions): Three Months Ended March 31, 2023 2022 Cloud $ 264.9 $ 307.0 Service Provider 549.9 428.0 Enterprise 557.0 433.2 Total $ 1,371.8 $ 1,168.2 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 March 31, 2023 2022 Americas: United States $ 733.6 $ 603.6 Other 64.9 51.4 Total Americas 798.5 655.0 Europe, Middle East, and Africa 369.9 333.9 Asia Pacific 203.4 179.3 Total $ 1,371.8 $ 1,168.2 For the three months ended March 31, 2023, no customer accounted for more than 10% of total net revenues. For the three months ended March 31, 2022, one customer accounted for more than 10% of total net revenues.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 11. Income Taxes The following table provides details of income taxes (in millions, except percentages): Three Months Ended March 31, 2023 2022 Income before income taxes $ 107.1 $ 45.6 Income tax provision (benefit) $ 19.6 $ (10.1) Effective tax rate 18.3 % (21.9) % The Company’s effective tax rate differs from the federal statutory rate of 21% primarily due to the tax impact of state taxes, geographic mix of earnings including foreign-derived intangible income deductions and the capitalization of research and development ("R&D") expenditures, R&D and foreign tax credits, tax audit settlements, non-deductible compensation, cost sharing of stock-based compensation, and other transfer pricing adjustments. The Company’s effective tax rate for the three months ended March 31, 2023 includes the net effect of one-time benefits. The Company’s effective tax rate for the three months ended March 31, 2022 includes one-time benefits from tax legislative changes, assets held for sale, and excess tax benefits associated with stock-based compensation. As of March 31, 2023, the total amount of gross unrecognized tax benefits was $117.2 million. The Company engages in continuous discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. There is a greater than remote likelihood that the balance of the gross unrecognized tax benefits will decrease by up to $45.6 million within the next twelve months due to the completion of tax review cycles in various tax jurisdictions and lapses of applicable statutes of limitation.

Net Income per Share

Net Income per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income per Share	Note 12. Net Income per Share The Company computed basic and diluted net income per share as follows (in millions, except per share amounts): Three Months Ended March 31, 2023 2022 Numerator: Net income $ 85.4 $ 55.7 Denominator: Weighted-average shares used to compute basic net income per share 322.3 321.8 Dilutive effect of employee stock awards 6.8 9.3 Weighted-average shares used to compute diluted net income per share 329.1 331.1 Net income per share: Basic $ 0.26 $ 0.17 Diluted $ 0.26 $ 0.17 Anti-dilutive shares 2.9 2.2

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13. Commitments and Contingencies Commitments Except for the items below, there have been no material changes to the Company's commitments compared to the commitments described in Note 15, Commitments and Contingencies , in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K. Purchase Commitments with Contract Manufacturers and Suppliers In order to reduce manufacturing lead times and in the interest of having access to adequate component supply, the Company enters into agreements with contract manufacturers and certain suppliers to procure inventory based on the Company's requirements. A significant portion of the Company's purchase commitments arising from these agreements consists of firm and non-cancelable commitments. In certain instances, these agreements allow the Company the option to cancel, reschedule, and adjust its requirements based on the Company's business needs prior to firm orders being placed. These purchase commitments totaled $2,298.8 million as of March 31, 2023. Legal Proceedings In the ordinary course of business, the Company is subject to various pending and potential investigations, disputes, litigations, and legal proceedings. The Company records an accrual for loss contingencies for legal proceedings when it believes that an unfavorable outcome is both (a) probable and (b) the amount or range of any possible loss is reasonably estimable. The Company intends to aggressively defend itself in any legal matters, and while the outcome of any pending matters is not currently determinable, the Company believes that none of its currently existing claims or proceedings are likely, individually or in the aggregate, to have a material adverse effect on its financial position. Notwithstanding the foregoing, there are many uncertainties associated with any litigation and these matters or any other third-party claims against the Company may cause the Company to incur costly litigation and/or substantial settlement charges. In addition, the resolution of any intellectual property litigation may require the Company to make royalty payments, which could adversely affect gross margins in future periods. If any of these events were to occur, the Company's business, financial condition, results of operations, and cash flows could be adversely affected. The actual liability in any such matters may be materially different from the Company's estimates, if any, which could result in the need to adjust the liability and record additional expenses.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 14. Subsequent Events Dividend Declaration On April 25, 2023, the Company announced a cash dividend of $0.22 per share of common stock to be paid on June 22, 2023 to stockholders of record as of the close of business on June 1, 2023.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet as of December 31, 2022 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or any future period. These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 (the "Form 10-K"). We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued.
Use of Estimates	The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions.

Cash Equivalents and Investme_2

Cash Equivalents and Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Cash Equivalents and Investments [Abstract]
Schedule of Unrealized Gains and Losses and Fair Value of Available-For-Sale Debt Securities	The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of March 31, 2023 and December 31, 2022 (in millions): As of March 31, 2023 As of December 31, 2022 Amortized Gross Unrealized Gross Unrealized Estimated Fair Amortized Gross Unrealized Gross Unrealized Estimated Fair Fixed income securities: Asset-backed and mortgage-backed securities $ 24.6 $ — $ (0.8) $ 23.8 $ 37.8 $ — $ (1.2) $ 36.6 Corporate debt securities 210.8 — (5.2) 205.6 277.5 — (7.1) 270.4 Foreign government debt securities 8.8 — (0.3) 8.5 8.8 — (0.4) 8.4 Time deposits 89.7 — — 89.7 70.6 — — 70.6 U.S. government agency securities 18.6 — (0.4) 18.2 18.6 — (0.6) 18.0 U.S. government securities 5.0 — (0.1) 4.9 9.0 — (0.2) 8.8 Total fixed income securities 357.5 — (6.8) 350.7 422.3 — (9.5) 412.8 Privately-held debt and redeemable preferred stock securities 20.7 37.4 — 58.1 15.5 37.4 — 52.9 Total available-for-sale debt securities $ 378.2 $ 37.4 $ (6.8) $ 408.8 $ 437.8 $ 37.4 $ (9.5) $ 465.7 Reported as: Cash equivalents $ 89.7 $ — $ — $ 89.7 $ 70.6 $ — $ — $ 70.6 Short-term investments 171.4 — (3.0) 168.4 205.9 — (3.3) 202.6 Long-term investments 96.4 — (3.8) 92.6 145.8 — (6.2) 139.6 Other long-term assets 20.7 37.4 — 58.1 15.5 37.4 — 52.9 Total $ 378.2 $ 37.4 $ (6.8) $ 408.8 $ 437.8 $ 37.4 $ (9.5) $ 465.7
Schedule of Maturities of Fixed Income Securities	The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2023 (in millions): Amortized Estimated Fair Due in less than one year $ 261.1 $ 258.1 Due between one and five years 96.4 92.6 Total $ 357.5 $ 350.7
Schedule of Investments in Equity Securities	The following table presents the Company's investments in equity securities as of March 31, 2023 and December 31, 2022 (in millions): As of March 31, December 31, Equity investments with readily determinable fair value: Money market funds $ 496.7 $ 420.8 Mutual funds 31.9 28.1 Publicly-traded equity securities 6.5 7.7 Equity investments without readily determinable fair value 130.7 137.7 Equity investment under the equity method of accounting 33.9 36.0 Total equity securities $ 699.7 $ 630.3 Reported as: Cash equivalents $ 496.7 $ 420.8 Short-term investments 6.5 7.7 Prepaid expenses and other current assets 2.5 2.4 Other long-term assets 194.0 199.4 Total $ 699.7 $ 630.3
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in millions): As of March 31, December 31, Cash and cash equivalents $ 923.5 $ 880.1 Restricted cash included in prepaid expenses and other current assets 15.9 15.2 Restricted cash included in other long-term assets 2.4 2.4 Total cash, cash equivalents, and restricted cash $ 941.8 $ 897.7

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in millions): Fair Value Measurements at March 31, 2023 Fair Value Measurements at December 31, 2022 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 $ — $ 23.8 $ — $ 23.8 $ — $ 36.6 $ — $ 36.6 Corporate debt securities — 205.6 — 205.6 — 270.4 — 270.4 Foreign government debt securities — 8.5 — 8.5 — 8.4 — 8.4 Time deposits — 89.7 — 89.7 — 70.6 — 70.6 U.S. government agency securities — 18.2 — 18.2 — 18.0 — 18.0 U.S. government securities 4.9 — — 4.9 8.8 — — 8.8 Privately-held debt and redeemable preferred stock securities — — 58.1 58.1 — — 52.9 52.9 Total available-for-sale debt securities 4.9 345.8 58.1 408.8 8.8 404.0 52.9 465.7 Equity securities: Money market funds 496.7 — — 496.7 420.8 — — 420.8 Mutual funds 31.9 — — 31.9 28.1 — — 28.1 Publicly-traded equity securities 6.5 — — 6.5 7.7 — — 7.7 Total equity securities 535.1 — — 535.1 456.6 — — 456.6 Derivative assets: Foreign exchange contracts — 1.9 — 1.9 — 1.3 — 1.3 Interest rate contracts — 111.4 — 111.4 — 125.4 — 125.4 Total derivative assets — 113.3 — 113.3 — 126.7 — 126.7 Total assets measured at fair value on a recurring basis $ 540.0 $ 459.1 $ 58.1 $ 1,057.2 $ 465.4 $ 530.7 $ 52.9 $ 1,049.0 Liabilities: Derivative liabilities: Foreign exchange contracts $ — $ (26.4) $ — $ (26.4) $ — $ (37.6) $ — $ (37.6) Interest rate contracts — (72.4) — (72.4) — (87.4) — (87.4) Total derivative liabilities — (98.8) — (98.8) — (125.0) — (125.0) Total liabilities measured at fair value on a recurring basis $ — $ (98.8) $ — $ (98.8) $ — $ (125.0) $ — $ (125.0) Fair Value Measurements at March 31, 2023 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 $ 496.7 $ 89.7 $ — $ 586.4 $ 420.8 $ 70.6 $ — $ 491.4 Short-term investments 9.5 165.4 — 174.9 14.6 195.7 — 210.3 Long-term investments 1.9 90.7 — 92.6 1.9 137.7 — 139.6 Prepaid expenses and other current assets 2.5 1.2 — 3.7 2.4 0.8 — 3.2 Other long-term assets 29.4 112.1 58.1 199.6 25.7 125.9 52.9 204.5 Total assets measured at fair value $ 540.0 $ 459.1 $ 58.1 $ 1,057.2 $ 465.4 $ 530.7 $ 52.9 $ 1,049.0 Total liabilities, reported as: Other accrued liabilities $ — $ (22.6) $ — $ (22.6) $ — $ (32.5) $ — $ (32.5) Other long-term liabilities — (76.2) — (76.2) — (92.5) — (92.5) Total liabilities measured at fair value on a recurring basis $ — $ (98.8) $ — $ (98.8) $ — $ (125.0) $ — $ (125.0)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The notional amount of the Company's derivative instruments is summarized as follows (in millions): As of March 31, December 31, Designated derivatives: Cash flow hedges: Foreign currency contracts $ 810.2 $ 775.9 Interest rate lock contracts 650.0 650.0 Fair value hedges: Interest rate swap contracts 600.0 600.0 Total designated derivatives 2,060.2 2,025.9 Non-designated derivatives 198.6 163.5 Total $ 2,258.8 $ 2,189.4
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 March 31, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 1.2 $ 0.7 Foreign currency contracts Other long-term assets 0.7 0.5 Interest rate lock contracts Other long-term assets 111.4 125.4 Total derivatives designated as hedging instruments $ 113.3 $ 126.6 Derivatives not designated as hedging instruments Other current assets 0.1 0.1 Total derivative assets $ 113.4 $ 126.7 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 22.5 $ 32.3 Foreign currency contracts Other long-term liabilities 3.8 5.1 Interest rate swap contracts Other long-term liabilities 72.4 87.4 Total derivatives designated as hedging instruments $ 98.7 $ 124.8 Derivatives not designated as hedging instruments Other accrued liabilities 0.1 0.2 Total derivative liabilities $ 98.8 $ 125.0
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 March 31, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 1.2 $ 0.7 Foreign currency contracts Other long-term assets 0.7 0.5 Interest rate lock contracts Other long-term assets 111.4 125.4 Total derivatives designated as hedging instruments $ 113.3 $ 126.6 Derivatives not designated as hedging instruments Other current assets 0.1 0.1 Total derivative assets $ 113.4 $ 126.7 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 22.5 $ 32.3 Foreign currency contracts Other long-term liabilities 3.8 5.1 Interest rate swap contracts Other long-term liabilities 72.4 87.4 Total derivatives designated as hedging instruments $ 98.7 $ 124.8 Derivatives not designated as hedging instruments Other accrued liabilities 0.1 0.2 Total derivative liabilities $ 98.8 $ 125.0

Other Financial Information (Ta

Other Financial Information (Tables)	3 Months Ended
	Mar. 31, 2023
Other Financial Information [Abstract]
Schedule of Inventories	Total inventory consisted of the following (in millions): As of March 31, December 31, Production and service materials $ 548.8 $ 479.6 Finished goods 239.9 163.3 Total inventory $ 788.7 $ 642.9 Reported as: Inventory $ 761.5 $ 619.4 Other long-term assets 27.2 23.5 Total inventory $ 788.7 $ 642.9
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 March 31, December 31, Contract manufacturer deposits $ 425.3 $ 434.7 Prepaid expenses 130.5 104.3 Other current assets 180.6 141.0 Total prepaid expenses and other current assets $ 736.4 $ 680.0
Schedule of Warranties	Changes during the three months ended March 31, 2023 in the Company’s warranty reserve as reported within other accrued liabilities in the Condensed Consolidated Balance Sheets were as follows (in millions): Balance as of December 31, 2022 $ 29.5 Provisions made during the period 7.6 Actual costs incurred during the period (8.0) Balance as of March 31, 2023 $ 29.1
Schedule of Deferred Revenue	Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions): As of March 31, December 31, Deferred product revenue, net $ 95.8 $ 108.8 Deferred service revenue, net 1,664.1 1,554.3 Total $ 1,759.9 $ 1,663.1 Reported as: Current $ 1,074.3 $ 1,020.5 Long-term 685.6 642.6 Total $ 1,759.9 $ 1,663.1
Schedule of Performance Obligation	The following table summarizes the breakdown of RPO as of March 31, 2023 and when the Company expects to recognize the amounts as revenue (in millions): Revenue Recognition Expected by Period Total Less than 1 year 1-3 years More than 3 years Product $ 99.0 $ 80.6 $ 14.6 $ 3.8 Service 1,672.5 1,005.4 507.2 159.9 Total $ 1,771.5 $ 1,086.0 $ 521.8 $ 163.7
Schedule of Other Expense	Other expense, net, consisted of the following (in millions): Three Months Ended March 31, 2023 2022 Interest income $ 9.5 $ 2.6 Interest expense (19.2) (12.5) Gain (loss) on investments, net 0.9 (3.3) Other 0.2 0.3 Other expense, net $ (8.6) $ (12.9)

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Liabilities	The following table provides a summary of changes in the restructuring liabilities (in millions): December 31, 2022 Charges Cash Other March 31, Severance $ 3.0 $ 1.4 $ (0.7) $ — $ 3.7 Contract terminations and facility exit-related 3.1 (1.9) (2.1) 1.4 0.5 Total $ 6.1 $ (0.5) $ (2.8) $ 1.4 $ 4.2

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Total Debt	The following table summarizes the Company's total debt (in millions, except percentages): As of Maturity Date Effective Interest Rates March 31, December 31, Senior Notes: 1.200% fixed-rate notes December 2025 1.37 % $ 400.0 $ 400.0 3.750% fixed-rate notes August 2029 3.86 % 500.0 500.0 2.000% fixed-rate notes December 2030 2.12 % 400.0 400.0 5.950% fixed-rate notes March 2041 6.03 % 400.0 400.0 Total Notes 1,700.0 1,700.0 Unaccreted discount and debt issuance costs (10.8) (11.3) Hedge accounting fair value adjustments (*) (72.5) (87.4) Total $ 1,616.7 $ 1,601.3 ________________________________ (*) Represents the fair value adjustments for interest rate swaps with an aggregate notional amount of $600.0 million. These interest rate swaps convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments , for a discussion of the Company's interest rate swaps.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Dividends Paid and Stock Repurchases and Retirements Under Stock Repurchase Program	The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts): Three Months Ended March 31, 2023 2022 Dividends: Per share $ 0.22 $ 0.21 Amount $ 70.6 $ 67.5 Repurchased under the 2018 Stock Repurchase Program: Shares 4.5 3.2 Average price per share $ 31.20 $ 34.55 Amount $ 140.0 $ 112.2
Schedule of Accumulated Other Comprehensive Loss, Net of Taxes	The components of accumulated other comprehensive income, net of related taxes, for the three months ended March 31, 2023 were as follows (in millions): Unrealized Unrealized Foreign Total Balance as of December 31, 2022 $ 21.8 $ 61.5 $ (79.1) $ 4.2 Other comprehensive income (loss) before reclassifications 2.1 (6.9) 1.5 (3.3) Amount reclassified from accumulated other comprehensive income — 7.4 — 7.4 Other comprehensive income, net 2.1 0.5 1.5 4.1 Balance as of March 31, 2023 $ 23.9 $ 62.0 $ (77.6) $ 8.3

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Share Activity	The Company’s RSU, RSA, and PSA activities and related information as of and for the three months ended March 31, 2023 were as follows (in millions, except per share amounts and years): Outstanding RSUs, RSAs, and PSAs Number of Shares Weighted Average Weighted Average Aggregate Balance as of December 31, 2022 20.2 $ 26.78 Granted (*) 2.9 31.03 Vested (1.9) 26.57 Canceled (0.9) 25.83 Balance as of March 31, 2023 20.3 $ 27.44 1.3 $ 699.0 ________________________________ (*) Includes 1.1 million service-based, 1.4 million performance-based, and 0.4 million market-based awards. The number of shares subject to performance-based and market-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested.
Schedule of Employee Stock Purchases through ESPP	The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts): Three Months Ended March 31, 2023 2022 Shares purchased 1.3 1.4 Average exercise price per share $ 23.44 $ 20.07
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 March 31, 2023 2022 Cost of revenues - Product $ 1.7 $ 1.4 Cost of revenues - Service 4.7 4.5 Research and development 25.7 16.6 Sales and marketing 18.6 12.5 General and administrative 10.2 10.2 Total $ 60.9 $ 45.2
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 March 31, 2023 2022 Stock options $ 0.8 $ 1.5 RSUs, RSAs, and PSAs 53.0 38.5 ESPP purchase rights 7.1 5.2 Total $ 60.9 $ 45.2

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Financial Information for Each Segment	The following table presents net revenues by customer solution (in millions): Three Months Ended March 31, 2023 2022 Customer Solutions: Automated WAN Solutions $ 474.5 $ 390.7 Cloud-Ready Data Center 193.6 188.8 AI-Driven Enterprise 317.0 214.0 Hardware Maintenance and Professional Services 386.7 374.7 Total $ 1,371.8 $ 1,168.2 The following table presents net revenues by customer vertical (in millions): Three Months Ended March 31, 2023 2022 Cloud $ 264.9 $ 307.0 Service Provider 549.9 428.0 Enterprise 557.0 433.2 Total $ 1,371.8 $ 1,168.2
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 March 31, 2023 2022 Americas: United States $ 733.6 $ 603.6 Other 64.9 51.4 Total Americas 798.5 655.0 Europe, Middle East, and Africa 369.9 333.9 Asia Pacific 203.4 179.3 Total $ 1,371.8 $ 1,168.2

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table provides details of income taxes (in millions, except percentages): Three Months Ended March 31, 2023 2022 Income before income taxes $ 107.1 $ 45.6 Income tax provision (benefit) $ 19.6 $ (10.1) Effective tax rate 18.3 % (21.9) %

Net Income per Share (Tables)

Net Income per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income (Loss) Per Share	The Company computed basic and diluted net income per share as follows (in millions, except per share amounts): Three Months Ended March 31, 2023 2022 Numerator: Net income $ 85.4 $ 55.7 Denominator: Weighted-average shares used to compute basic net income per share 322.3 321.8 Dilutive effect of employee stock awards 6.8 9.3 Weighted-average shares used to compute diluted net income per share 329.1 331.1 Net income per share: Basic $ 0.26 $ 0.17 Diluted $ 0.26 $ 0.17 Anti-dilutive shares 2.9 2.2

Cash Equivalents and Investme_3

Cash Equivalents and Investments - Available-For-Sale (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Available-for-sale debt securities:
Amortized Cost	$ 378.2	$ 437.8
Gross Unrealized Gains	37.4	37.4
Gross Unrealized Losses	(6.8)	(9.5)
Estimated Fair Value	408.8	465.7
Cash equivalents
Available-for-sale debt securities:
Amortized Cost	89.7	70.6
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	89.7	70.6
Short-term investments
Available-for-sale debt securities:
Amortized Cost	171.4	205.9
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3)	(3.3)
Estimated Fair Value	168.4	202.6
Long-term investments
Available-for-sale debt securities:
Amortized Cost	96.4	145.8
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3.8)	(6.2)
Estimated Fair Value	92.6	139.6
Other long-term assets
Available-for-sale debt securities:
Amortized Cost	20.7	15.5
Gross Unrealized Gains	37.4	37.4
Gross Unrealized Losses	0	0
Estimated Fair Value	58.1	52.9
Total fixed income securities
Available-for-sale debt securities:
Amortized Cost	357.5	422.3
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(6.8)	(9.5)
Estimated Fair Value	350.7	412.8
Asset-backed and mortgage-backed securities
Available-for-sale debt securities:
Amortized Cost	24.6	37.8
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.8)	(1.2)
Estimated Fair Value	23.8	36.6
Corporate debt securities
Available-for-sale debt securities:
Amortized Cost	210.8	277.5
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(5.2)	(7.1)
Estimated Fair Value	205.6	270.4
Foreign government debt securities
Available-for-sale debt securities:
Amortized Cost	8.8	8.8
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.3)	(0.4)
Estimated Fair Value	8.5	8.4
Time deposits
Available-for-sale debt securities:
Amortized Cost	89.7	70.6
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	89.7	70.6
U.S. government agency securities
Available-for-sale debt securities:
Amortized Cost	18.6	18.6
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.4)	(0.6)
Estimated Fair Value	18.2	18
U.S. government securities
Available-for-sale debt securities:
Amortized Cost	5	9
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.1)	(0.2)
Estimated Fair Value	4.9	8.8
Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Amortized Cost	20.7	15.5
Gross Unrealized Gains	37.4	37.4
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 58.1	$ 52.9

Cash Equivalents and Investme_4

Cash Equivalents and Investments - Maturities of Fixed Income Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
Amortized Cost	$ 378.2	$ 437.8
Estimated Fair Value
Total	408.8	465.7
Total fixed income securities
Amortized Cost
Due in less than one year	261.1
Due between one and five years	96.4
Amortized Cost	357.5	422.3
Estimated Fair Value
Due in less than one year	258.1
Due between one and five years	92.6
Total	$ 350.7	$ 412.8

Cash Equivalents and Investme_5

Cash Equivalents and Investments - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) investment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]
Gross unrealized losses	$ 6,800,000		$ 9,500,000
Total investments in unrealized loss position | investment	216
Unrealized loss position, less than 12 months, accumulated loss	$ 200,000
Unrealized loss position, 12 months or longer, accumulated loss	6,600,000
Equity securities, realized gain	0	$ 0
Equity securities, realized loss	0	0
Equity investments, unrealized gains	0	0
Equity investments, unrealized losses	0	0
Loss from equity method investment, net of tax	2,100,000	0
Restricted cash and investments	50,100,000
Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and investments	18,400,000
Other long-term assets
Restricted Cash and Cash Equivalents Items [Line Items]
Gross unrealized losses	0		$ 0
Restricted cash and investments	31,700,000
Debt Securities
Restricted Cash and Cash Equivalents Items [Line Items]
Allowance for credit losses	$ 0	$ 0

Cash Equivalents and Investme_6

Cash Equivalents and Investments - Investments in Equity Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments without readily determinable fair value	$ 130.7	$ 137.7
Equity investment under the equity method of accounting	33.9	36
Total equity securities	699.7	630.3
Cash equivalents
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	496.7	420.8
Short-term investments
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	6.5	7.7
Prepaid expenses and other current assets
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	2.5	2.4
Other long-term assets
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	194	199.4
Money market funds
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair value:	496.7	420.8
Mutual funds
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair value:	31.9	28.1
Publicly-traded equity securities
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair value:	$ 6.5	$ 7.7

Cash Equivalents and Investme_7

Cash Equivalents and Investments - Restricted Cash and Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 923.5	$ 880.1
Total cash, cash equivalents, and restricted cash	941.8	897.7	$ 1,032.8	$ 942.7
Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash included in Prepaid expenses and other current and other long-term assets	15.9	15.2
Other long-term assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash included in Prepaid expenses and other current and other long-term assets	$ 2.4	$ 2.4

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative assets:
Derivative assets:	$ 113.4	$ 126.7
Money market funds
Equity securities:
Equity securities	496.7	420.8
Publicly-traded equity securities
Equity securities:
Equity securities	6.5	7.7
Fair Value, Measurements, Recurring
Available-for-sale debt securities:
Available-for-sale debt securities	408.8	465.7
Equity securities:
Equity securities	535.1	456.6
Derivative assets:
Derivative assets:	113.3	126.7
Total assets measured at fair value on a recurring basis	1,057.2	1,049
Liabilities:
Derivative liabilities:	(98.8)	(125)
Total liabilities measured at fair value on a recurring basis	(98.8)	(125)
Fair Value, Measurements, Recurring | Cash equivalents
Derivative assets:
Total assets measured at fair value on a recurring basis	586.4	491.4
Fair Value, Measurements, Recurring | Short-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	174.9	210.3
Fair Value, Measurements, Recurring | Long-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	92.6	139.6
Fair Value, Measurements, Recurring | Prepaid expenses and other current assets
Derivative assets:
Total assets measured at fair value on a recurring basis	3.7	3.2
Fair Value, Measurements, Recurring | Other long-term assets
Derivative assets:
Total assets measured at fair value on a recurring basis	199.6	204.5
Fair Value, Measurements, Recurring | Other accrued liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	(22.6)	(32.5)
Fair Value, Measurements, Recurring | Other long-term liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	(76.2)	(92.5)
Fair Value, Measurements, Recurring | Foreign exchange contracts
Derivative assets:
Derivative assets:	1.9	1.3
Liabilities:
Derivative liabilities:	(26.4)	(37.6)
Fair Value, Measurements, Recurring | Interest rate contracts
Derivative assets:
Derivative assets:	111.4	125.4
Liabilities:
Derivative liabilities:	(72.4)	(87.4)
Fair Value, Measurements, Recurring | Asset-backed and mortgage-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	23.8	36.6
Fair Value, Measurements, Recurring | Corporate debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	205.6	270.4
Fair Value, Measurements, Recurring | Foreign government debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	8.5	8.4
Fair Value, Measurements, Recurring | Time deposits
Available-for-sale debt securities:
Available-for-sale debt securities	89.7	70.6
Fair Value, Measurements, Recurring | U.S. government agency securities
Available-for-sale debt securities:
Available-for-sale debt securities	18.2	18
Fair Value, Measurements, Recurring | U.S. government securities
Available-for-sale debt securities:
Available-for-sale debt securities	4.9	8.8
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Available-for-sale debt securities	58.1	52.9
Fair Value, Measurements, Recurring | Money market funds
Equity securities:
Equity securities	496.7	420.8
Fair Value, Measurements, Recurring | Mutual funds
Equity securities:
Equity securities	31.9	28.1
Fair Value, Measurements, Recurring | Publicly-traded equity securities
Equity securities:
Equity securities	6.5	7.7
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities	4.9	8.8
Equity securities:
Equity securities	535.1	456.6
Derivative assets:
Derivative assets:	0	0
Total assets measured at fair value on a recurring basis	540	465.4
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	496.7	420.8
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Short-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	9.5	14.6
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Long-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	1.9	1.9
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Prepaid expenses and other current assets
Derivative assets:
Total assets measured at fair value on a recurring basis	2.5	2.4
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other long-term assets
Derivative assets:
Total assets measured at fair value on a recurring basis	29.4	25.7
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other accrued liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	0	0
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) | 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	4.9	8.8
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Money market funds
Equity securities:
Equity securities	496.7	420.8
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Mutual funds
Equity securities:
Equity securities	31.9	28.1
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Publicly-traded equity securities
Equity securities:
Equity securities	6.5	7.7
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities	345.8	404
Equity securities:
Equity securities	0	0
Derivative assets:
Derivative assets:	113.3	126.7
Total assets measured at fair value on a recurring basis	459.1	530.7
Liabilities:
Derivative liabilities:	(98.8)	(125)
Total liabilities measured at fair value on a recurring basis	(98.8)	(125)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Cash equivalents
Derivative assets:
Total assets measured at fair value on a recurring basis	89.7	70.6
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Short-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	165.4	195.7
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Long-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	90.7	137.7
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Prepaid expenses and other current assets
Derivative assets:
Total assets measured at fair value on a recurring basis	1.2	0.8
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other long-term assets
Derivative assets:
Total assets measured at fair value on a recurring basis	112.1	125.9
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other accrued liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	(22.6)	(32.5)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other long-term liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	(76.2)	(92.5)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign exchange contracts
Derivative assets:
Derivative assets:	1.9	1.3
Liabilities:
Derivative liabilities:	(26.4)	(37.6)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Interest rate contracts
Derivative assets:
Derivative assets:	111.4	125.4
Liabilities:
Derivative liabilities:	(72.4)	(87.4)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Asset-backed and mortgage-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	23.8	36.6
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Corporate debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	205.6	270.4
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign government debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	8.5	8.4
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Time deposits
Available-for-sale debt securities:
Available-for-sale debt securities	89.7	70.6
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | U.S. government agency securities
Available-for-sale debt securities:
Available-for-sale debt securities	18.2	18
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | U.S. government securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
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	58.1	52.9
Equity securities:
Equity securities	0	0
Derivative assets:
Derivative assets:	0	0
Total assets measured at fair value on a recurring basis	58.1	52.9
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	58.1	52.9
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other accrued liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	0	0
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) | 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	58.1	52.9
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
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities without readily determinable fair value, upward adjustment	$ 0
Equity securities without readily determinable fair value, downward adjustment	0
Goodwill and intangible impairment	0
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and nonfinancial liabilities, fair value disclosure	98,800,000	$ 125,000,000
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and nonfinancial liabilities, fair value disclosure	0	0
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and nonfinancial liabilities, fair value disclosure	0	0
Significant Other Observable Remaining Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total outstanding debt, fair value	1,557,000,000	1,485,600,000
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and nonfinancial liabilities, fair value disclosure	98,800,000	$ 125,000,000
Privately-held debt and redeemable preferred stock securities | Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investments	$ 0

Derivative Instruments - Notion

Derivative Instruments - Notional Amount (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Apr. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional amount of derivatives	$ 2,258,800,000	$ 2,189,400,000
Designated derivatives
Derivative [Line Items]
Notional amount of derivatives	2,060,200,000	2,025,900,000
Non-designated derivatives
Derivative [Line Items]
Notional amount of derivatives	198,600,000	163,500,000
Foreign currency contracts | Cash flow hedges | Designated derivatives
Derivative [Line Items]
Notional amount of derivatives	810,200,000	775,900,000
Interest rate lock contracts | Cash flow hedges | Designated derivatives
Derivative [Line Items]
Notional amount of derivatives	650,000,000	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	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative assets:	$ 113.4	$ 126.7
Derivative liabilities:	98.8	125
Designated derivatives
Derivative [Line Items]
Derivative assets:	113.3	126.6
Derivative liabilities:	98.7	124.8
Designated derivatives | Other current assets | Foreign currency contracts
Derivative [Line Items]
Derivative assets:	1.2	0.7
Designated derivatives | Other long-term assets | Foreign currency contracts
Derivative [Line Items]
Derivative assets:	0.7	0.5
Designated derivatives | Other long-term assets | Interest rate lock contracts
Derivative [Line Items]
Derivative assets:	111.4	125.4
Designated derivatives | Other accrued liabilities | Foreign currency contracts
Derivative [Line Items]
Derivative liabilities:	22.5	32.3
Designated derivatives | Other long-term liabilities | Foreign currency contracts
Derivative [Line Items]
Derivative liabilities:	3.8	5.1
Designated derivatives | Other long-term liabilities | Interest rate swap contracts
Derivative [Line Items]
Derivative liabilities:	72.4	87.4
Derivatives not designated as hedging instruments | Other current assets
Derivative [Line Items]
Derivative assets:	0.1	0.1
Derivatives not designated as hedging instruments | Other accrued liabilities
Derivative [Line Items]
Derivative liabilities:	$ 0.1	$ 0.2

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)			3 Months Ended		12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2020	Apr. 30, 2021	Dec. 31, 2019
Derivatives, Notional Amount [Line Items]
Derivative asset, fair value, gross asset, period decrease	$ 61,800,000	$ 73,800,000
Derivative liability fair value gross liability period decrease	61,800,000	73,800,000
Notional amount of derivatives	2,258,800,000	2,189,400,000	$ 2,258,800,000
Foreign currency contracts
Derivatives, Notional Amount [Line Items]
Foreign currency forward contracts, amounts reclassified out of AOCI			$ (7,800,000)	$ 400,000
Foreign currency contracts | Minimum
Derivatives, Notional Amount [Line Items]
Maturity of foreign currency derivatives			1 month
Foreign currency contracts | Maximum
Derivatives, Notional Amount [Line Items]
Maturity of foreign currency derivatives			7 months
Designated derivatives
Derivatives, Notional Amount [Line Items]
Notional amount of derivatives	2,060,200,000	2,025,900,000	$ 2,060,200,000
Cash flow hedges
Derivatives, Notional Amount [Line Items]
Derivative instruments, gain (loss) recognized in other comprehensive income (loss), effective portion			$ (9,900,000)	$ 28,100,000
Cash flow hedges | Designated derivatives
Derivatives, Notional Amount [Line Items]
Maximum maturities of cash flow hedge derivatives			36 months
Losses expected to be reclassified into earnings within the next 12 months	(21,400,000)
Cash flow hedges | Designated derivatives | Interest rate lock contracts
Derivatives, Notional Amount [Line Items]
Notional amount of derivatives	650,000,000	650,000,000	$ 650,000,000		$ 650,000,000	$ 300,000,000	$ 300,000,000
Derivative, expiration period			8 years
Swaps designated as cash flow hedges, expected termination period					3 years
Cash flow hedges | Designated derivatives | Foreign currency contracts
Derivatives, Notional Amount [Line Items]
Notional amount of derivatives	$ 810,200,000	$ 775,900,000	$ 810,200,000

Other Financial Information - I

Other Financial Information - Inventories, Net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Inventory [Line Items]
Production and service materials	$ 548.8	$ 479.6
Finished goods	239.9	163.3
Total inventory	788.7	642.9
Inventory
Schedule Of Inventory [Line Items]
Total inventory	761.5	619.4
Other long-term assets
Schedule Of Inventory [Line Items]
Total inventory	$ 27.2	$ 23.5

Other Financial Information - P

Other Financial Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other Financial Information [Abstract]
Contract manufacturer deposits	$ 425.3	$ 434.7
Prepaid expenses	130.5	104.3
Other current assets	180.6	141
Total prepaid expenses and other current assets	$ 736.4	$ 680

Other Financial Information - W

Other Financial Information - Warranties (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance as of December 31, 2022	$ 29.5
Provisions made during the period	7.6
Actual costs incurred during the period	(8)
Balance as of March 31, 2023	$ 29.1

Other Financial Information - D

Other Financial Information - Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Current	$ 1,074.3	$ 1,020.5
Long-term	685.6	642.6
Total	1,759.9	1,663.1
Product
Disaggregation of Revenue [Line Items]
Total	95.8	108.8
Service
Disaggregation of Revenue [Line Items]
Total	$ 1,664.1	$ 1,554.3

Other Financial Information - R

Other Financial Information - Revenue, Remaining Performance Obligations and Deferred Contract Cost (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Deferred commission	$ 48,600,000
Amortization of deferred commission	8,100,000
Impairment loss	0
Product
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized	19,200,000
Service
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized	$ 315,200,000

Other Financial Information -_2

Other Financial Information - Revenue, Remaining Performance Obligation (Details) $ in Millions	Mar. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 1,771.5
Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	99
Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	1,672.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 1,086
Revenue recognition expected by period, satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 80.6
Revenue recognition expected by period, satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 1,005.4
Revenue recognition expected by period, satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 521.8
Revenue recognition expected by period, satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 14.6
Revenue recognition expected by period, satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 507.2
Revenue recognition expected by period, satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 163.7
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 3.8
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 159.9
Revenue recognition expected by period, satisfaction period

Other Financial Information - O

Other Financial Information - Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Financial Information [Abstract]
Interest income	$ 9.5	$ 2.6
Interest expense	(19.2)	(12.5)
Gain (loss) on investments, net	0.9	(3.3)
Other	0.2	0.3
Other expense, net	$ (8.6)	$ (12.9)

Restructuring Charges - Changes

Restructuring Charges - Changes to Restructuring Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Reserve [Roll Forward]
Charges	$ (0.5)	$ 8.8
2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	6.1
Charges	(0.5)
Cash Payments	(2.8)
Other	1.4
Restructuring liability, ending balance	4.2
Severance | 2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	3
Charges	1.4
Cash Payments	(0.7)
Other	0
Restructuring liability, ending balance	3.7
Contract terminations and facility exit-related | 2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	3.1
Charges	(1.9)
Cash Payments	(2.1)
Other	1.4
Restructuring liability, ending balance	$ 0.5

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 1,700,000,000	$ 1,700,000,000
Unaccreted discount and debt issuance costs	(10,800,000)	(11,300,000)
Hedge accounting fair value adjustments	(72,500,000)	(87,400,000)
Total	1,616,700,000	1,601,300,000
Notional amount of derivatives	2,258,800,000	2,189,400,000
Interest rate swap contracts | Fair value hedges
Debt Instrument [Line Items]
Notional amount of derivatives	$ 600,000,000
Senior notes | 1.200% fixed-rate notes
Debt Instrument [Line Items]
Stated interest rate	1.20%
Effective Interest Rates	1.37%
Long-term debt	$ 400,000,000	400,000,000
Senior notes | 3.750% fixed-rate notes
Debt Instrument [Line Items]
Stated interest rate	3.75%
Effective Interest Rates	3.86%
Long-term debt	$ 500,000,000	500,000,000
Senior notes | 2.000% fixed-rate 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
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 ($)	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Amount outstanding	$ 1,616,700,000	$ 1,601,300,000
Unsecured Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity (up to)	500,000,000
Increase amount of borrowings, subject to lenders' approval (up to)	200,000,000
Amount outstanding	$ 0

Equity - Summary of Dividends P

Equity - Summary of Dividends Paid and Stock Repurchases and Retirements (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Dividends:
Per share (in dollars per share)	$ 0.22	$ 0.21
Amount	$ 70.6	$ 67.5
Repurchased under the 2018 Stock Repurchase Program:
Amount	$ 151.3	$ 126.3
Stock Repurchase Program 2018
Repurchased under the 2018 Stock Repurchase Program:
Shares (in shares)	4.5	3.2
Average price (in dollars per share)	$ 31.20	$ 34.55
Amount	$ 140	$ 112.2

Equity - Cash Dividends on Shar

Equity - Cash Dividends on Shares of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.22
Cash dividends declared	$ 70.6	$ 67.5

Equity - Stock Repurchase Activ

Equity - Stock Repurchase Activities (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accelerated Share Repurchases [Line Items]
Common stock received, aggregate price	$ 151.3	$ 126.3
Stock Repurchase Program 2018
Accelerated Share Repurchases [Line Items]
Stock repurchased (in shares)	4.5
Common stock repurchased, average cost per share (in dollars per share)	$ 31.20
Common stock received, aggregate price	$ 140	112.2
Stock repurchase program, remaining authorized repurchase amount	500
Stock repurchased during period, tax withholding	$ 11.4	$ 14.1

Equity - Components of Accumula

Equity - Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	$ 4,475.1	$ 4,316.9
Other comprehensive income (loss) before reclassifications	(3.3)
Amount reclassified from accumulated other comprehensive income	7.4
Other comprehensive income, net	4.1	13.8
Balance	4,435.2	4,266.9
Unrealized Gains/Losses on Available-for- Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	21.8
Other comprehensive income (loss) before reclassifications	2.1
Amount reclassified from accumulated other comprehensive income	0
Other comprehensive income, net	2.1
Balance	23.9
Unrealized Gains/Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	61.5
Other comprehensive income (loss) before reclassifications	(6.9)
Amount reclassified from accumulated other comprehensive income	7.4
Other comprehensive income, net	0.5
Balance	62
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(79.1)
Other comprehensive income (loss) before reclassifications	1.5
Amount reclassified from accumulated other comprehensive income	0
Other comprehensive income, net	1.5
Balance	(77.6)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	4.2	(2.1)
Other comprehensive income, net	4.1	13.8
Balance	$ 8.3	$ 11.7

Employee Benefit Plans - Equity

Employee Benefit Plans - Equity Incentive Plan (Details) shares in Millions	Mar. 31, 2023 shares
Equity incentive plan 2015
Share-Based Compensation Plans
Number of shares available for future issuance (in shares)	1.2
Employee stock purchase plan 2008
Share-Based Compensation Plans
Number of shares available for future issuance (in shares)	4.9

Employee Benefit Plans - Restri

Employee Benefit Plans - Restricted Stock Unit and Performance Share Award Activities (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
RSUs, RSAs, and PSAs
Number of Shares
Balance at beginning of period (in shares)	20.2
Granted (in shares)	2.9
Vested (in shares)	(1.9)
Canceled (in shares)	(0.9)
Balance at end of period (in shares)	20.3
Weighted Average Grant Date Fair Value per Share
Balance at beginning of period (in dollars per share) | $ / shares	$ 26.78
Granted (in dollars per share) | $ / shares	31.03
Vested (in dollars per share) | $ / shares	26.57
Canceled (in dollars per share) | $ / shares	25.83
Balance at end of period (in dollars per share) | $ / shares	$ 27.44
Weighted Average Remaining Contractual Term (In Years)	1 year 3 months 18 days
Aggregate Intrinsic Value | $	$ 699
Service-based RSUs
Number of Shares
Granted (in shares)	1.1
Performance Shares
Number of Shares
Granted (in shares)	1.4
Market-based RSUs
Number of Shares
Granted (in shares)	0.4

Employee Benefit Plans - Employ

Employee Benefit Plans - Employee Stock Purchase Plan (Details) - Employee stock purchase plan 2008 - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Stock Purchase Plan (ESPP) Disclosures [Line Items]
Shares purchased (in shares)	1.3	1.4
Average exercise price per share (in dollars per share)	$ 23.44	$ 20.07

Employee Benefit Plans - Share

Employee Benefit Plans - Share Based Compensation by Cost and Expense Categories (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	$ 60.9	$ 45.2
Stock options
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	0.8	1.5
RSUs, RSAs, and PSAs
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	53	38.5
ESPP purchase rights
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	7.1	5.2
Cost of revenues - Product
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	1.7	1.4
Cost of revenues - Service
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	4.7	4.5
Research and development
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	25.7	16.6
Sales and marketing
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	18.6	12.5
General and administrative
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	$ 10.2	$ 10.2

Employee Benefit Plans - Shar_2

Employee Benefit Plans - Share Based Compensation by Share Based Payment Award Types (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Share-Based Payment Arrangement [Abstract]
Unrecognized compensation cost	$ 388.9
Unrecognized compensation, weighted average recognition period	1 year 10 months 17 days

Segments - Narrative (Details)

Segments - Narrative (Details) - segment	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Number of reportable segments	1
Customer Concentration Risk | One Customer | Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage		10%

Segments - Revenue by Product (

Segments - Revenue by Product (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total net revenues	$ 1,371.8	$ 1,168.2
Automated WAN Solutions
Segment Reporting Information [Line Items]
Total net revenues	474.5	390.7
Cloud-Ready Data Center
Segment Reporting Information [Line Items]
Total net revenues	193.6	188.8
AI-Driven Enterprise
Segment Reporting Information [Line Items]
Total net revenues	317	214
Hardware Maintenance and Professional Services
Segment Reporting Information [Line Items]
Total net revenues	$ 386.7	$ 374.7

Segments - Revenues by Customer

Segments - Revenues by Customer Vertical (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total net revenues	$ 1,371.8	$ 1,168.2
Cloud
Segment Reporting Information [Line Items]
Total net revenues	264.9	307
Service Provider
Segment Reporting Information [Line Items]
Total net revenues	549.9	428
Enterprise
Segment Reporting Information [Line Items]
Total net revenues	$ 557	$ 433.2

Segments - Geographic (Details)

Segments - Geographic (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total net revenues	$ 1,371.8	$ 1,168.2
Total Americas
Segment Reporting Information [Line Items]
Total net revenues	798.5	655
United States
Segment Reporting Information [Line Items]
Total net revenues	733.6	603.6
Other
Segment Reporting Information [Line Items]
Total net revenues	64.9	51.4
Europe, Middle East, and Africa
Segment Reporting Information [Line Items]
Total net revenues	369.9	333.9
Asia Pacific
Segment Reporting Information [Line Items]
Total net revenues	$ 203.4	$ 179.3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 107.1	$ 45.6
Income tax provision (benefit)	$ 19.6	$ (10.1)
Effective tax rate	18.30%	(21.90%)
Unrecognized tax benefits	$ 117.2
Unrecognized tax benefits, maximum decrease in the next twelve months (up to)	$ 45.6

Net Income per Share (Details)

Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income	$ 85.4	$ 55.7
Denominator:
Weighted-average shares used to compute basic net income per share (in shares)	322.3	321.8
Dilutive effect of employee stock awards (in shares)	6.8	9.3
Weighted-average shares used to compute diluted net income per share (in shares)	329.1	331.1
Net income per share:
Basic (in dollars per share)	$ 0.26	$ 0.17
Diluted (in dollars per share)	$ 0.26	$ 0.17
Anti-dilutive shares (in shares)	2.9	2.2

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments	$ 2,298.8

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares			3 Months Ended
	Jun. 22, 2023	Apr. 25, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)			$ 0.22
Cash dividends (in dollars per share)			$ 0.22	$ 0.21
Forecast
Subsequent Event [Line Items]
Cash dividends (in dollars per share)	$ 0.22
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)		$ 0.22