Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 05, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9,826 | ||
Entity Common Stock, Shares Outstanding | 321,907,366 | ||
Documents Incorporated by Reference | As noted herein, the information called for by Part III is incorporated by reference to specified portions of the registrant's definitive proxy statement to be filed in conjunction with the registrant's 2024 Annual Meeting of Stockholders, which is expected to be filed not later than 120 days after the registrant's fiscal year ended December 31, 2023. | ||
Entity Central Index Key | 0001043604 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | San Jose, California |
Auditor Firm ID | 42 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||
Net revenues: | |||||||
Total net revenues | $ 5,564.5 | $ 5,301.2 | $ 4,735.4 | ||||
Cost of revenues: | |||||||
Total cost of revenues | 2,362.6 | 2,342.9 | 1,995.3 | ||||
Gross margin | 3,201.9 | 2,958.3 | 2,740.1 | ||||
Operating expenses: | |||||||
Research and development | 1,144.4 | 1,036.1 | 1,007.2 | ||||
Sales and marketing | 1,233.9 | 1,133.4 | 1,052.7 | ||||
General and administrative | 255.5 | 249.5 | 249.8 | ||||
Restructuring charges | 98 | 20.2 | 42.9 | ||||
Total operating expenses | 2,731.8 | 2,439.2 | 2,352.6 | ||||
Operating income | 470.1 | 519.1 | 387.5 | ||||
Gain (loss) on privately-held investments, net | [1] | (97.3) | [2] | 20.4 | [3] | 12.7 | [2] |
Gain on divestiture | 0 | 45.8 | 0 | ||||
Loss on extinguishment of debt | 0 | 0 | (60.6) | ||||
Other expense, net | [2] | (23.8) | (49) | (29.5) | |||
Income before income taxes and loss from equity method investment | 349 | 536.3 | 310.1 | ||||
Income tax provision | 29.2 | 60.5 | 57.4 | ||||
Loss from equity method investment, net of tax | 9.6 | 4.8 | 0 | ||||
Net income | $ 310.2 | $ 471 | $ 252.7 | ||||
Net income per share: | |||||||
Net income per share, basic (in dollars per share) | $ 0.97 | $ 1.46 | $ 0.78 | ||||
Net income per share, diluted (in dollars per share) | $ 0.95 | $ 1.43 | $ 0.76 | ||||
Shares used in computing net income per share: | |||||||
Shares used in computing net income per share, basic (in shares) | 320 | 322.1 | 324.4 | ||||
Shares used in computing net income per share, diluted (in shares) | 325.9 | 329.5 | 331.6 | ||||
Product | |||||||
Net revenues: | |||||||
Total net revenues | $ 3,632.5 | $ 3,539.9 | $ 3,078.1 | ||||
Cost of revenues: | |||||||
Total cost of revenues | 1,781.6 | 1,761.7 | 1,409.4 | ||||
Service | |||||||
Net revenues: | |||||||
Total net revenues | 1,932 | 1,761.3 | 1,657.3 | ||||
Cost of revenues: | |||||||
Total cost of revenues | $ 581 | $ 581.2 | $ 585.9 | ||||
[1]Privately-held investments represent investments in privately-held debt, redeemable preferred stock securities, and equity investments without readily determinable fair value. Refer to Note 2, Cash Equivalents and Investments. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 310.2 | $ 471 | $ 252.7 |
Available-for-sale debt securities: | |||
Change in net unrealized gains and losses | 7.1 | (6.5) | (5) |
Net realized losses (gains) reclassified into net income | 0 | 0.4 | (1.2) |
Net change on available-for-sale debt securities | 7.1 | (6.1) | (6.2) |
Cash flow hedges: | |||
Change in net unrealized gains and losses | 11.7 | 15.7 | (13.5) |
Net realized losses (gains) reclassified into net income | 29.1 | 26.8 | (25.2) |
Net change on cash flow hedges | 40.8 | 42.5 | (38.7) |
Change in foreign currency translation adjustments | (3) | (30.1) | (12.8) |
Other comprehensive income (loss), net | 44.9 | 6.3 | (57.7) |
Comprehensive income | $ 355.1 | $ 477.3 | $ 195 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,068.1 | $ 880.1 |
Short-term investments | 139.4 | 210.3 |
Accounts receivable, net of allowance for doubtful accounts of $9.8 and $11.1 as of December 31, 2023 and 2022, respectively | 1,044.1 | 1,227.3 |
Inventory | 952.4 | 619.4 |
Prepaid expenses and other current assets | 591.5 | 680 |
Total current assets | 3,795.5 | 3,617.1 |
Property and equipment, net | 689.9 | 666.8 |
Operating lease assets | 111.4 | 141.6 |
Long-term investments | 116.8 | 139.6 |
Purchased intangible assets, net | 91.8 | 160.5 |
Goodwill | 3,734.4 | 3,734.4 |
Other long-term assets | 978.7 | 866.7 |
Total assets | 9,518.5 | 9,326.7 |
Current liabilities: | ||
Accounts payable | 295.1 | 347.4 |
Accrued compensation | 292.2 | 306.1 |
Deferred revenue | 1,130 | 1,020.5 |
Other accrued liabilities | 386.7 | 404.9 |
Total current liabilities | 2,104 | 2,078.9 |
Long-term debt | 1,616.8 | 1,601.3 |
Long-term deferred revenue | 894.9 | 642.6 |
Long-term income taxes payable | 204.5 | 279.4 |
Long-term operating lease liabilities | 82.9 | 117.7 |
Other long-term liabilities | 122.7 | 131.7 |
Total liabilities | 5,025.8 | 4,851.6 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity: | ||
Preferred stock, $0.00001 par value; 10.0 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.00001 par value; 1,000.0 shares authorized; 320.3 shares and 322.9 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 0 | 0 |
Additional paid-in capital | 6,740 | 6,846.4 |
Accumulated other comprehensive income | 49.1 | 4.2 |
Accumulated deficit | (2,296.4) | (2,375.5) |
Total stockholders' equity | 4,492.7 | 4,475.1 |
Total liabilities and stockholders' equity | $ 9,518.5 | $ 9,326.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable, current | $ 9.8 | $ 11.1 |
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 - shares issued (in shares) | 320,300,000 | 322,900,000 |
Common stock - outstanding (in shares) | 320,300,000 | 322,900,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||
Cash flows from operating activities: | |||||||
Net income | $ 310.2 | $ 471 | $ 252.7 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Share-based compensation expense | 279.4 | 209.3 | 222.6 | ||||
Depreciation, amortization, and accretion | 194.7 | 217.7 | 237.4 | ||||
Deferred income taxes | (262.1) | (222.5) | 71.7 | ||||
Provision for inventory excess and obsolescence | 109.8 | 36.9 | 4.9 | ||||
Operating lease assets expense | 40.7 | 40.3 | 44.9 | ||||
Gain on divestiture | 0 | (45.8) | 0 | ||||
Loss (gain) on privately-held investments, net | [1] | 97.3 | [2] | (20.4) | [3] | (12.7) | [2] |
Loss from equity method investment | 9.6 | 4.8 | 0 | ||||
Loss on extinguishment of debt | 0 | 0 | 60.6 | ||||
Impairment of assets | [3] | 28 | 5.1 | 16.3 | |||
Loss (gain) on non-qualified deferred compensation plan and other | [3] | (4.8) | 12.7 | (4.7) | |||
Changes in operating assets and liabilities, net of acquisitions: | |||||||
Accounts receivable, net | 183.4 | (232) | (31.8) | ||||
Inventory | [3] | (484.4) | (394.2) | (60.4) | |||
Prepaid expenses and other assets | [3] | 182.2 | (299) | (249.9) | |||
Accounts payable | (51.9) | 67.4 | 0.2 | ||||
Accrued compensation | (13.2) | (23.1) | 70.3 | ||||
Income taxes payable | (99.6) | 21.1 | 24.3 | ||||
Other accrued liabilities | (7.5) | (3.3) | (85.4) | ||||
Deferred revenue | 361 | 251.6 | 128.7 | ||||
Net cash provided by operating activities | 872.8 | 97.6 | 689.7 | ||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (159.4) | (105.1) | (100) | ||||
Proceeds from divestiture, net | 0 | 89.1 | 0 | ||||
Purchases of available-for-sale debt securities | (155) | (104.1) | (649.8) | ||||
Proceeds from sales of available-for-sale debt securities | 31.9 | 118.2 | 546.1 | ||||
Proceeds from maturities and redemptions of available-for-sale debt securities | 217.3 | 390.3 | 394 | ||||
Purchases of equity securities | (11.6) | (16.5) | (10.1) | ||||
Proceeds from sales of equity securities | 15.7 | 47.7 | 25.6 | ||||
Payments for business acquisitions, net of cash and cash equivalents acquired | 0 | 0 | (182.6) | ||||
Subsequent payments related to acquisitions in prior years | (0.7) | (14.6) | (10.1) | ||||
Funding of loan receivable and other | (5.8) | 2.5 | 0.7 | ||||
Net cash provided by (used in) investing activities | (67.6) | 407.5 | 13.8 | ||||
Cash flows from financing activities: | |||||||
Repurchase and retirement of common stock | (397.6) | (315.2) | (443.5) | ||||
Proceeds from issuance of common stock | 61.9 | 57.2 | 56.4 | ||||
Payment of dividends | (280.8) | (270.4) | (259.1) | ||||
Payment of debt | 0 | 0 | (423.8) | ||||
Payment of debt extinguishment costs | 0 | 0 | (58.3) | ||||
Payment of debt issuance costs and other | (2.3) | 0 | (3.4) | ||||
Net cash used in financing activities | (618.8) | (528.4) | (1,131.7) | ||||
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash | 0.2 | (21.7) | (12.1) | ||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 186.6 | (45) | (440.3) | ||||
Cash, cash equivalents, and restricted cash at beginning of period | 897.7 | 942.7 | 1,383 | ||||
Cash, cash equivalents, and restricted cash at end of period | 1,084.3 | 897.7 | 942.7 | ||||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for interest, net of amounts capitalized | 81.5 | 67.3 | 62.6 | ||||
Cash paid for income taxes, net | 400.9 | 253.2 | 113.2 | ||||
Non-cash investing activity: | |||||||
Equity method investment | $ 0 | $ 40.3 | $ 0 | ||||
[1]Privately-held investments represent investments in privately-held debt, redeemable preferred stock securities, and equity investments without readily determinable fair value. Refer to Note 2, Cash Equivalents and Investments. |
Consolidated Statements of Chan
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 |
Beginning balance (in shares) at Dec. 31, 2020 | 327.7 | ||||
Beginning balance at Dec. 31, 2020 | $ 4,543.5 | $ 7,156.9 | $ 55.6 | $ (2,669) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 252.7 | 252.7 | |||
Other comprehensive income (loss), net | (57.7) | (57.7) | |||
Issuance of common stock (in shares) | 9.9 | ||||
Issuance of common stock | 56.4 | 56.4 | |||
Common stock assumed upon business combination | 2.7 | 2.7 | |||
Repurchase and retirement of common stock (in shares) | (16) | ||||
Repurchase and retirement of common stock | (443.5) | (206.2) | (237.3) | ||
Share-based compensation expense | 221.9 | 221.9 | |||
Payment of cash dividends | (259.1) | (259.1) | |||
Ending balance (in shares) at Dec. 31, 2021 | 321.6 | ||||
Ending 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 | 471 | 471 | |||
Other comprehensive income (loss), net | 6.3 | 6.3 | |||
Issuance of common stock (in shares) | 10.9 | ||||
Issuance of common stock | 57.2 | 57.2 | |||
Repurchase and retirement of common stock (in shares) | (9.6) | ||||
Repurchase and retirement of common stock | (315.2) | (122.3) | (192.9) | ||
Share-based compensation expense | 209.3 | 209.3 | |||
Payment of cash dividends | $ (270.4) | (270.4) | |||
Ending balance (in shares) at Dec. 31, 2022 | 322.9 | 322.9 | |||
Ending 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 | 310.2 | 310.2 | |||
Other comprehensive income (loss), net | 44.9 | 44.9 | |||
Issuance of common stock (in shares) | 10.8 | ||||
Issuance of common stock | 61.9 | 61.9 | |||
Repurchase and retirement of common stock (in shares) | (13.4) | ||||
Repurchase and retirement of common stock | (398.4) | (167.3) | (231.1) | ||
Share-based compensation expense | 279.8 | 279.8 | |||
Payment of cash dividends | $ (280.8) | (280.8) | |||
Ending balance (in shares) at Dec. 31, 2023 | 320.3 | 320.3 | |||
Ending balance at Dec. 31, 2023 | $ 4,492.7 | $ 6,740 | $ 49.1 | $ (2,296.4) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Oct. 26, 2023 | Jul. 27, 2023 | Apr. 25, 2023 | Jan. 31, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||||||||||
Payments of cash dividends (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.88 | $ 0.84 | $ 0.80 |
Description of Business, Basis
Description of Business, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business, Basis of Presentation and Significant Accounting Policies | Note 1. Description of Business, Basis of Presentation and Significant Accounting Policies Description of Business Juniper Networks, Inc. (the “Company” or “Juniper”) designs, develops, and sells products and services for high-performance networks, to enable customers to build scalable, reliable, secure and cost-effective networks for their businesses, while achieving agility and improved operating efficiency through automation. Juniper challenges the inherent complexity that comes with networking in the multicloud era. Juniper does this with products, solutions and services that transform the way people connect, work and live. Juniper simplifies the process of transitioning to a secure and automated multicloud environment to enable secure, AI-driven networks that connect the world. Basis of Presentation The Consolidated Financial Statements, which include the Company and its wholly-owned subsidiaries, are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). All intercompany balances and transactions have been eliminated. 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 Consolidated Financial Statements and the accompanying notes. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes are reasonable under the circumstances, to determine the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Change in Accounting Estimate In December 2023, the Company completed an assessment of the useful lives of certain property and equipment. Effective January 1, 2024, the Company has increased the expected useful life of certain lab equipment from 3-5 years to 7 years to better reflect the economic value of our assets. The Company considered several factors in making this change, including current and historical usage patterns, as well as expected technology and overall changes in our product roadmap. This change in estimate will be applied prospectively beginning in the first quarter of 2024. Cash, Cash Equivalents, and Investments Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with banks, highly liquid investments in money market funds, commercial paper, government securities, certificates of deposits, time deposits, and corporate debt securities, which are readily convertible into cash. All highly liquid investments with original maturities of three months or less from Juniper's purchase date are classified as cash equivalents. Investments in Available-for-Sale Debt Securities The Company's investments in debt securities are classified as available-for-sale and include the Company's fixed income securities and investments in privately-held companies, consisting of debt and redeemable preferred stock securities. Fixed income securities primarily consist of corporate debt securities, U.S. treasury securities, time deposits, asset-backed and mortgage-backed securities, certificate of deposits, commercial paper, U.S. government agency securities, and foreign government debt securities. Fixed income securities are initially recorded at cost and periodically adjusted to fair value in the Consolidated Balance Sheets. The Company periodically evaluates these investments to determine if impairment charges are required. The Company determines whether a credit loss exists for available-for-sale debt securities in an unrealized loss position. When the fair value of a security is below its amortized cost, the amortized cost will be reduced to its fair value and the resulting loss will be recorded in Consolidated Statements of Operations, if it is more likely than not that we are required to sell the impaired security before recovery of its amortized cost basis, or we have the intention to sell the security. If neither of these conditions are met, the Company considers the extent to which the fair value is less than the amortized cost, any changes to the rating of the security by a rating agency, and review of the issuer's financial statements. If factors indicate a credit loss exists, an allowance for credit loss is recorded through other expense, net, limited by the amount that the fair value is less than the amortized cost basis. The Company's privately-held debt and redeemable preferred stock securities are included in other long-term assets in the Consolidated Balance Sheets and are recorded at fair value. In determining the estimated fair value of such securities, the Company utilizes the most recent data available for the investee including known acquisition offers and subsequent funding rounds. The Company periodically evaluates these securities for indicators of impairment, including the inability to recover a portion of or the entire carrying amount of the investment, the inability of the investee to sustain earnings, the reduction in or termination of financial commitment to the investee from other investors, the intention to sell the investment, and whether it is more likely than not that the Company will be required to sell the investment before recovery of the entire amortized cost basis. If the Company determines that the decline in an investment's value indicates credit losses, the difference is recognized as an impairment loss in its Consolidated Statements of Operations. For all available-for-sale debt securities, unrealized gains and the amount of unrealized loss relating to factors other than credit loss are reported as a separate component of accumulated other comprehensive loss in the Consolidated Balance Sheets. Realized gains and losses are determined based on the specific identification method and are reported in the Consolidated Statements of Operations. Investments in Equity Securities The Company's investments in equity securities with readily determinable fair values consist of money market funds, amounts under the non-qualified compensation plan ("NQDC") that are invested in mutual funds, and investments in public companies. These investments are measured at fair value with changes in fair value recognized in the Consolidated Statements of Operations. Equity securities without readily determinable fair values include the Company's investments in privately-held companies consisting of non-redeemable preferred stock and common stock securities. The Company accounts for these securities at cost, adjusted for changes from observable transactions for identical or similar investments of the same issuer, less impairments. Fair value of these equity securities is reassessed when the Company identifies observable price changes indicating that an adjustment upward or downward to the carrying value is necessary. Any observable changes in fair value are recognized in earnings as of the date that the observable transaction took place. In addition, the Company periodically evaluates equity securities without readily determinable fair values to determine if impairment charges are required by evaluating whether an event or change in circumstance has occurred that may have a significant adverse effect on the fair value of the investment. A qualitative assessment is performed each reporting period to assess whether there are any impairment indicators, including, but not limited to, significant deterioration in the investee's earnings performance; credit rating; asset quality or business prospects; adverse change in the regulatory, economic, or technological environment; change in the general market condition of the geographic area or industry; acquisition offers; and the ability to continue as a going concern. If such indicators are present, the Company estimates the fair value of impaired investments and recognizes an impairment loss in the Consolidated Statement of Operations equal to the difference between the carrying value and fair value. The Company accounts for investments in companies over which it has the ability to exercise significant influence, but does not have control over the investee, under the equity method of accounting. The investment is initially measured at fair value and subsequently adjusted for any impairment, investee capital transactions, dividend received, plus or minus the Company's proportionate share of the equity method investee's income or loss. The Company records its interest in the net earnings or loss of its equity method investment along with adjustments for unrealized profits or losses on intra-entity transactions, within its Consolidated Statements of Operations. Depending on the timing of such financial statements of the investee, there may be a lag between the timing of such financial statement and the Company's quarter-end date. For the Company's sole equity method investment as of December 31, 2023, the Company's share of the investee's net earnings or loss is recorded two months in arrears. The Company records an impairment when factors indicate that the carrying amount of the investment might not be recoverable. Fair Value Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, the Company considers the principal or most advantageous market in which it transacts, and considers assumptions that market participants would use when pricing the asset or liability. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. These inputs are valued using market-based approaches. Level 3 – Inputs are unobservable inputs based on the Company’s assumptions. These inputs, if any, are valued using internal financial models. Derivative Instruments The Company uses derivative instruments, primarily foreign currency forward and interest rate contracts, to hedge certain foreign currency and interest rate exposures. The Company does not enter into derivatives for speculative or trading purposes. The Company uses foreign currency forward contracts or options contracts to hedge certain forecasted foreign currency transactions relating to operating expenses. These derivatives are designated as cash flow hedges, which are carried at fair value with the derivative's gain or loss initially reported as a component of accumulated other comprehensive loss, and upon occurrence of the forecasted transaction, is subsequently reclassified into the costs of services or operating expense line item to which the hedged transaction relates. Cash flows from such hedges are classified as operating activities. The Company also uses foreign currency forward contracts to mitigate variability in gains and losses generated from the re-measurement of certain monetary assets and liabilities denominated in non-functional currencies. These derivatives are carried at fair value with changes recorded in other expense, net in the Consolidated Statements of Operations in the same period as the changes in the fair value from the re-measurement of the underlying assets and liabilities. Cash flows from such derivatives are classified as operating activities. The Company uses interest rate swap contracts to convert certain of our fixed interest rate notes to floating interest rates based on the Secured Overnight Financing Rate (SOFR). All interest rate swap contracts will expire within seven years. The change in fair value of the derivative instrument substantially offsets the change in the fair value of the hedged item. These derivatives are classified in the Consolidated Statements of Cash Flows in the same section as the underlying item. The Company uses interest rate lock contracts, which fix the benchmark interest rates of future debt issuance. The Company records changes in fair value of these contracts in accumulated other comprehensive income (loss) in the consolidated balance sheets, in the period of change. When the forecasted transaction occurs, the Company will start to amortize the accumulated gains or losses included as a component of other comprehensive income (loss) related to the interest rate lock cash flow hedges to interest expense. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the gains or losses on the related cash flow hedge from accumulated other comprehensive income (loss) will be reclassified to other income and expense within the income statement. During the year ended December 31, 2023 , the Company terminated these interest rate lock contracts. Refer to Note 4, Derivative Instruments . The Company presents its derivative assets and derivative liabilities on a gross basis in the Consolidated Balance Sheets. However, under agreements containing provisions on set-off with certain counterparties, subject to applicable requirements, the Company is allowed to net-settle transactions, with a single net amount payable by one party to the other. The Company is neither required to pledge nor entitled to receive cash collateral related to these derivative transactions. Inventory Inventory consists primarily of component parts to be used in the manufacturing process and finished goods, and is stated at the lower of cost or net realizable value. In addition, the Company purchases and holds inventory to provide adequate component supplies over the life of the underlying products. Cost is computed using standard cost, which approximates actual cost, on a first-in, first-out basis. A charge is recorded to cost of product when inventory is determined to be in excess of anticipated demand or considered obsolete. At the point of loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in the newly established cost basis. Leases The Company determines if an arrangement is a lease at inception. The Company evaluates classification of leases as either operating or finance at commencement and, as necessary, at modification. As of December 31, 2023, the Company did not have any finance leases. Operating leases are included in operating lease right-of-use ("ROU") assets, other accrued liabilities, and operating lease liabilities on the Company's Consolidated Balance Sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made prior to lease commencement and excludes lease incentives. Variable lease payments not dependent on an index or a rate, are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs incurred by lessors for common area maintenance and utilities. The Company's lease terms are the noncancelable period, including any rent-free periods provided by the lessor, and include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. At lease inception, and in subsequent periods as necessary, the Company estimates the lease term based on its assessment of extension and termination options that are reasonably certain to be exercised. Lease costs are recognized on a straight-line basis over the lease term. The Company does not separate non-lease components from lease components for all underlying classes of assets. In addition, the Company does not recognize ROU assets and lease liabilities for short-term leases, which have a lease term of twelve months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. Lease cost for short-term leases is recognized on a straight-line basis over the lease term. Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated using the straight-line method, over the estimated useful lives of the following assets: Estimated Useful Life (years) Computers, equipment, and software (*) 1.5 to 10 Furniture and fixtures 5 to 7 Building and building improvements 7 to 40 Land improvements 10 to 40 Leasehold improvements Lease term, not to exceed 10 years ________________________________ (*) Effective January 1, 2024, we increased the expected useful life of certain lab equipment from 3-5 years to 7 years to better reflect the economic value of our assets. Land is not depreciated. Construction-in-process is related to the construction or development of property and equipment that have not yet been placed in service for their intended use. Business Combinations The purchase price of an acquired entity is allocated to tangible assets, liabilities, and intangible assets based on their estimated fair values with the residual of the purchase price recorded as goodwill. The determination of the value of the intangible assets acquired involves certain estimates, such as expected future cash flows, which include consideration of future growth rates and margins, attrition rates, future changes in technology, discount rates, and the expected use of the acquired assets. These factors are also considered in determining the useful life of the acquired intangible assets. Acquisition related expenses are recognized separately from the business combination and are expensed as incurred. The Company's Consolidated Financial Statements include the operating results of acquired businesses from the date of each acquisition. Goodwill and Intangible Assets Goodwill is tested for impairment annually on November 1 or more frequently if certain circumstances indicate the carrying value of goodwill is impaired. Goodwill is tested for impairment at the reporting unit level. A qualitative assessment is first performed to determine whether it is necessary to quantitatively test goodwill for impairment. This initial assessment includes, among others, consideration of macroeconomic conditions and financial performance. If the qualitative assessment indicates that it is more likely than not that an impairment exists, a quantitative analysis is performed by determining the fair value of the reporting unit using a combination of the discounted cash flow and the market approaches. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. A goodwill impairment loss is recognized for the amount that the carrying amount of the reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. Intangible assets consist of existing technology, customer relationships, and trade name, which are amortized over the period of estimated benefit using the straight-line method and estimated useful lives of 4 or 5 years. Impairment of Long-lived Assets Long-lived assets, such as property, plant, and equipment, ROU assets, and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset, or asset group, to estimated undiscounted future cash flows expected to be generated by the asset, or asset group. An impairment charge is recognized by the amount by which the carrying amount of the asset, or asset group, exceeds its fair value. Warranty Reserves The Company generally offers a one-year warranty or limited life-time warranty on most of its hardware products, and a 90-day warranty on the media that contains the software embedded in the products. Warranty costs are recognized as part of the Company's cost of sales based on associated material costs, logistics costs, labor costs, and overhead at the time revenue is recognized. Material costs are estimated primarily based upon the historical costs to repair or replace product returns within the warranty period. Labor, logistics, and overhead costs are estimated primarily based upon historical trends in the cost to support customer cases within the warranty period. Warranty reserve is reported within other accrued liabilities in the Consolidated Balance Sheets. Contract Manufacturer Liabilities The Company establishes a liability for non-cancelable, non-returnable purchase commitments with its contract manufacturers for carrying charges, quantities in excess of its demand forecasts, or obsolete material charges for components purchased by the contract manufacturers to meet the Company’s demand forecast or customer orders. The demand forecasts are based upon historical trends and analysis, adjusted for overall market conditions. Loss Contingencies The Company is subject to the possibility of various loss contingencies arising in the ordinary course of business. Management considers the likelihood of loss related to the occurrence of a liability as well as its ability to reasonably estimate the amount of loss, in determining loss contingencies. An estimated loss contingency is accrued when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company regularly evaluates current information available to determine whether such accruals should be adjusted and whether new accruals are required. Foreign Currency Assets and liabilities of foreign operations with non-U.S. Dollar functional currency are translated to U.S. Dollars using exchange rates in effect at the end of the period. Revenue and expenses are translated to U.S. Dollars using rates that approximate those in effect during the period. The resulting translation adjustments are included in the Company’s Consolidated Balance Sheets in the stockholders’ equity section as a component of accumulated other comprehensive loss. The Company remeasures monetary assets and monetary liabilities in non-functional currencies and records the resulting foreign exchange transaction gains and losses in other expense, net in the Consolidated Statements of Operations. Revenue Recognition Revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services by following a five-step process, (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price, and (5) recognize revenue when or as the Company satisfies a performance obligation, as further described below. Identify the contract with a customer . The Company generally considers a sales contract and/or agreement with an approved purchase order as a customer contract provided that collection is considered probable, which is assessed based on the creditworthiness of the customer as determined by credit checks, payment histories, and/or other circumstances. The Company combines contracts with a customer if contracts are negotiated with a single commercial substance or contain price dependencies. Identify the performance obligations in the contract . Product performance obligations include hardware, software licenses including perpetual and term-based licenses, and service performance obligations including maintenance services, Software-as-a-Service ("SaaS"), education and training, and professional services. Determine the transaction price . The transaction price for the Company’s contracts with its customers consists of both fixed and variable consideration, provided it is probable that a significant reversal of revenue will not occur when the uncertainty related to variable consideration is resolved. Fixed consideration includes amounts to be contractually billed to the customer while variable consideration includes estimates for rights of return, rebates, and price protection, which are based on historical sales returns and price protection credits, specific criteria outlined in rebate agreements, and other factors known at the time. The Company generally invoices customers for hardware, software licenses and related maintenance arrangements at time of delivery, and professional services either upfront or upon meeting certain milestones. Customer invoices are generally due within 30 to 90 days after issuance. The Company’s contracts with customers typically do not include significant financing components as the period between the transfer of performance obligations and timing of payment are generally within one year. Allocate the transaction price to the performance obligations in the contract . For contracts that contain multiple performance obligations, the Company allocates the transaction price to the performance obligations on a relative stand-alone selling price ("SSP") basis. SSP is based on multiple factors including, but not limited to historical discounting trends for products and services, pricing practices in different geographies and through different sales channels, gross margin objectives, internal costs, competitor pricing strategies, and industry technology lifecycles. Recognize revenue when or as the Company satisfies a performance obligation . Revenue for hardware and certain software licenses, are recognized at a point in time, which is generally upon shipment or delivery. Certain software licenses are recognized on a ratable basis over the term of the license. Revenue for maintenance services and SaaS is recognized on a ratable basis over the contract term. Revenue from education, training, and professional services is recognized as services are completed or ratably over the contractual period of generally one year or less. Deferred product revenue represents unrecognized revenue related to undelivered product commitments and other shipments that have not met revenue recognition criteria. Deferred service revenue represents billed amounts for service contracts, which include technical support, hardware and software maintenance, professional services, SaaS, and education and training, for which services have not been rendered. Revenue is recognized net of any taxes collected, which are subsequently remitted to governmental authorities. Deferred Contract Costs Sales commissions earned by the Company’s sales force are considered incremental and recoverable costs of obtaining a contract with a customer. The Company capitalizes these costs, for which the transfer of the goods or services to which the asset relates will occur in future periods. These costs are recorded as prepaid expenses or other long-term assets and are deferred and then amortized over a period of benefit which is typically over the term of the customer contracts. Amortization expense is included in sales and marketing expenses in the accompanying Consolidated Statements of Operations. Research and Development Costs to research, design, and develop the Company's products are expensed as incurred. Software Development Costs Capitalization of software development costs for software to be sold, leased, or otherwise marketed begins when a product's technological feasibility has been established and ends when a product is available for general release to customers. Generally, the Company's products are released soon after technological feasibility has been established. As a result, costs incurred between achieving technological feasibility and product general availability have not been significant. The Company capitalizes costs associated with internal-use software systems during the application development stage. Such capitalized costs include external direct costs incurred in developing or obtaining the applications and payroll and payroll-related costs for employees, who are directly associated with the development of the applications. Advertising Advertising costs are charged to sales and marketing expense as incurred. Costs to produce advertising were approximately $4.9 million for 2023, and $7.4 million for 2022 and 2021. Costs to communicate advertising totaled approximately $25.9 million, $30.0 million, and $26.6 million, for 2023, 2022, and 2021, respectively. Share-Based Compensation The Company measures and recognizes compensation cost for all share-based awards made to employees and directors, including employee stock options, restricted stock awards ("RSAs"), restricted stock units ("RSUs"), performance share awards ("PSAs") and employee stock purchases related to the Employee Stock Purchase Plan ("ESPP"). For service condition only awards, share-based compensation expense is based on the fair value of the underlying awards and amortized on a straight-line basis. For PSAs, share-based compensation expense is amortized on a straight-line basis for each separate vesting portion of the awards. The Company accounts for forfeitures as they occur. The Company utilizes the Black-Scholes-Merton (“BSM”) option-pricing model to estimate the fair value of its ESPP purchase rights. The BSM model requires various highly subjective assumptions that represent management's best estimates of volatility, risk-free interest rate, expected life, and dividend yield. The Company estimates expected volatility based on the implied volatility of market-traded options, on the Company's common stock, adjusted for other relevant factors including historical volatility of the Company’s common stock over the most recent period commensurate with the estimated expected life of the Company’s ESPP. The expected life of ESPP purchase rights approximates the offering period. The Company determines the grant date fair value of its RSUs, RSAs, and PSAs based on the closing market price of the Company’s common stock on the date of grant, adjusted by the present value of the 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. For market-based RSUs, the Company estimates the fair value and derived service period using the Monte Carlo simulation option pricing model ("Monte Carlo model"). The determination of the grant date fair value and derived service periods using the Monte Carlo model is affected by the Company's stock price, comparative market-based returns, as well as various highly subjective assumptions that represent management's best estimates of volatility, risk-free interest rate, and dividend yield. The Company estimates expected volatility based on the implied volatility of market-traded options, on the Company's common stock, adjusted for other relevant factors, including historical volatility of the Company’s common stock over the contractual life of the Company's market-based RSUs. Provision for Income Taxes Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The Company accounts for uncertainty in income taxes using a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is mo |
Cash Equivalents and Investment
Cash Equivalents and Investments | 12 Months Ended |
Dec. 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 December 31, 2023 and December 31, 2022 (in millions): As of December 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 $ 38.2 $ 0.2 $ (0.4) $ 38.0 $ 37.8 $ — $ (1.2) $ 36.6 Certificates of deposit 3.0 — — 3.0 — — — — Commercial paper 41.1 — — 41.1 — — — — Corporate debt securities 160.2 0.7 (1.3) 159.6 277.5 — (7.1) 270.4 Foreign government debt securities 5.3 — (0.2) 5.1 8.8 — (0.4) 8.4 Time deposits 273.6 — — 273.6 70.6 — — 70.6 U.S. government agency securities 4.0 — — 4.0 18.6 — (0.6) 18.0 U.S. government securities 54.8 0.1 — 54.9 9.0 — (0.2) 8.8 Total fixed income securities 580.2 1.0 (1.9) 579.3 422.3 — (9.5) 412.8 Privately-held debt and redeemable preferred stock securities 20.6 37.4 (8.3) 49.7 15.5 37.4 — 52.9 Total available-for-sale debt securities $ 600.8 $ 38.4 $ (10.2) $ 629.0 $ 437.8 $ 37.4 $ (9.5) $ 465.7 Reported as: Cash equivalents $ 328.2 $ — $ — $ 328.2 $ 70.6 $ — $ — $ 70.6 Short-term investments 135.7 — (1.4) 134.3 205.9 — (3.3) 202.6 Long-term investments 116.3 1.0 (0.5) 116.8 145.8 — (6.2) 139.6 Other long-term assets 20.6 37.4 (8.3) 49.7 15.5 37.4 — 52.9 Total $ 600.8 $ 38.4 $ (10.2) $ 629.0 $ 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 December 31, 2023 (in millions): Amortized Estimated Fair Due in less than one year $ 463.9 $ 462.5 Due between one and five years 116.3 116.8 Total $ 580.2 $ 579.3 As of December 31, 2023, the Company had an unrea lized loss of $1.9 million from 93 fixed income available-for-sale debt securities in an unrealized loss position for more than 12 months. The gross unrealized losses related to these investments were primarily due to changes in market interest rates. The Company anticipates that it will recover the entire amortized cost basis of such available-for-sale debt securities and has determined that no allowance for credit losses was required to be recognized during the years ended December 31, 2023 and December 31, 2022. During the year ended December 31, 2023, the Company recognized an allowance for credit loss of $8.3 million on privately-held debt and redeemable preferred stock investments. The unrealized loss represents the difference between the estimated fair value and the cost of the investment. The determination of fair value was based on quantitative and qualitative analysis including factors such as the near-term prospects of the investee in the market in which it operates and evaluating the investee’s financial condition in relation to its outstanding obligations. During the years ended December 31, 2022 and December 31, 2021, there were no unrealized losses related to Company's privately-held debt and redeemable preferred stock investments. During the years ended December 31, 2023 and December 31, 2022, the Company had no material gross realized gains or losses from available-for-sale debt securities. During the year ended December 31, 2021, the Company had gross realized gains of $15.3 million and no material gross realized losses from available-for-sale debt securities. Investments in Equity Securities The following table presents the Company's investments in equity securities as of December 31, 2023 and 2022 (in millions): As of December 31, 2023 2022 Equity investments with readily determinable fair value Money market funds $ 337.5 $ 420.8 Mutual funds 38.0 28.1 Publicly-traded equity securities 5.1 7.7 Equity investments without readily determinable fair value 45.8 137.7 Equity investment under the equity method of accounting 26.4 36.0 Total equity securities $ 452.8 $ 630.3 Reported as: Cash equivalents $ 337.5 $ 420.8 Short-term investments 5.1 7.7 Prepaid expenses and other current assets 2.5 2.4 Other long-term assets 107.7 199.4 Total $ 452.8 $ 630.3 During the years ended December 31, 2023, 2022, and 2021, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair values. During the year ended December 31, 2023, there were no material unrealized gains and $89.9 million unrealized losses for equity investments without readily determinable fair value. The unrealized losses represent the difference between the estimated fair values and the carrying values of equity investments without readily determinable fair value. The Company estimated the fair value of these investments based on quantitative and qualitative analysis. This analysis involved use of judgment, significant estimates and assumptions, such as the near-term prospects of the investee in the market in which it operates, evaluating the investee’s financial condition in relation to its outstanding obligations, and probabilities of securing additional capital through various alternative scenarios. During the years ended December 31, 2022 and 2021, there were no material unrealized gains or losses recognized for equity investments without readily determinable fair value. As of December 31, 2023 and 2022, the Company's ownership in the investment accounted for under the equity method of accounting represented approximately 24.1% and 25.0%, respectively. During the years ended December 31, 2023 and 2022, the loss recognized from the equity method investment was $9.6 million and $4.8 million, respectively. Restricted Cash and Investments The Company has restricted cash and investments for: (i) amounts under the Company's non-qualified deferred compensation plan for senior-level employees; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts held in escrow accounts, as required in connection with certain acquisitions. Restricted investments consist of equity investments. As of December 31, 2023, the carrying value of restricted cash and investments was $54.3 million, of which $16.4 million was included in prepaid expenses and other current assets and $37.9 million was included in other long-term assets on the Consolidated Balance Sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022 (in millions): As of December 31, 2023 2022 Cash and cash equivalents $ 1,068.1 $ 880.1 Restricted cash included in Prepaid expenses and other current assets 13.8 15.2 Restricted cash included in Other long-term assets 2.4 2.4 Total cash, cash equivalents, and restricted cash $ 1,084.3 $ 897.7 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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 Consolidated Balance Sheets (in millions): Fair Value Measurements at December 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 $ — $ 38.0 $ — $ 38.0 $ — $ 36.6 $ — $ 36.6 Certificates of deposit — 3.0 — 3.0 — — — — Commercial paper — 41.1 — 41.1 — — — — Corporate debt securities — 159.6 — 159.6 — 270.4 — 270.4 Foreign government debt securities — 5.1 — 5.1 — 8.4 — 8.4 Time deposits — 273.6 — 273.6 — 70.6 — 70.6 U.S. government agency securities — 4.0 — 4.0 — 18.0 — 18.0 U.S. government securities 20.0 34.9 — 54.9 8.8 — — 8.8 Privately-held debt and redeemable preferred stock securities — — 49.7 49.7 — — 52.9 52.9 Total available-for-sale debt securities 20.0 559.3 49.7 629.0 8.8 404.0 52.9 465.7 Equity securities: Money market funds 337.5 — — 337.5 420.8 — — 420.8 Mutual funds 38.0 — — 38.0 28.1 — — 28.1 Publicly-traded equity securities 5.1 — — 5.1 7.7 — — 7.7 Total equity securities 380.6 — — 380.6 456.6 — — 456.6 Derivative assets: Foreign exchange contracts — 7.2 — 7.2 — 1.3 — 1.3 Interest rate contracts — — — — — 125.4 — 125.4 Total derivative assets — 7.2 — 7.2 — 126.7 — 126.7 Total assets measured at fair value on a recurring basis $ 400.6 $ 566.5 $ 49.7 $ 1,016.8 $ 465.4 $ 530.7 $ 52.9 $ 1,049.0 Liabilities: Derivative liabilities: Foreign exchange contracts $ — $ (7.2) $ — $ (7.2) $ — $ (37.6) $ — $ (37.6) Interest rate contracts — (73.6) — (73.6) — (87.4) — (87.4) Total derivative liabilities — (80.8) — (80.8) — (125.0) — (125.0) Total liabilities measured at fair value on a recurring basis $ — $ (80.8) $ — $ (80.8) $ — $ (125.0) $ — $ (125.0) Total assets, reported as: Cash equivalents $ 337.5 $ 328.2 $ — $ 665.7 $ 420.8 $ 70.6 $ — $ 491.4 Short-term investments 12.8 126.6 — 139.4 14.6 195.7 — 210.3 Long-term investments 12.3 104.5 — 116.8 1.9 137.7 — 139.6 Prepaid expenses and other current assets 2.5 4.6 — 7.1 2.4 0.8 — 3.2 Other long-term assets 35.5 2.6 49.7 87.8 25.7 125.9 52.9 204.5 Total assets measured at fair value on a recurring basis $ 400.6 $ 566.5 $ 49.7 $ 1,016.8 $ 465.4 $ 530.7 $ 52.9 $ 1,049.0 Fair Value Measurements at December 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 Total liabilities, reported as: Other accrued liabilities $ — $ (6.2) $ — $ (6.2) $ — $ (32.5) $ — $ (32.5) Other long-term liabilities — (74.6) — (74.6) — (92.5) — (92.5) Total liabilities measured at fair value on a recurring basis $ — $ (80.8) $ — $ (80.8) $ — $ (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 years ended December 31, 2023 and 2022, the Company had no transfers into or out of Level 3 of the fair value hierarchy of its assets or liabilities measured at fair value. The Company's privately-held debt and redeemable preferred stock securities are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of its privately-held debt and redeemable preferred stock securities on a recurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent valuations at the time of financing activities and the investee's capital structure. During the year ended December 31, 2023, the Company recognized an unrealized loss of $8.3 million on its privately-held debt and redeemable preferred stock securities. Refer to Note 2, Cash Equivalents and Investments. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company's investments in equity securities without readily determinable fair value are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of equity securities without readily determinable fair value and investments accounted for under the equity method of accounting, on a nonrecurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. As of December 31, 2023, downward adjustments for equity securities without readily determinable fair value in the aggregate were $89.9 million. Refer to Note 2, Cash Equivalents and Investments. There have been no material upward adjustments to the equity securities without readily determinable fair value. Certain of the Company's assets, including intangible assets, goodwill and property plant and equipment, are measured at fair value on a nonrecurring basis. During the year ended December 31, 2023 , the Company recognized impairment charges of $28.0 million, which relate to the Company's property and equipment and other assets. There were no significant impairment charges recognized during the years ended December 2022 and 2021. As of December 31, 2023 and 2022, the Company had no liabilities required to be measured at fair value on a nonrecurring basis. Assets and Liabilities Not Measured at Fair Value The carrying amounts of the Company's accounts receivable, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. As of December 31, 2023 and December 31, 2022, the estimated fair value of the Company's total outstanding debt in the Consolidated Balance Sheets was $1,581.7 million |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 4. Derivative Instruments The notional amount of the Company's derivative instruments is summarized as follows (in millions): As of December 31, 2023 2022 Designated derivatives: Cash flow hedges: Foreign currency contracts $ 801.0 $ 775.9 Interest rate lock contracts — 650.0 Fair value hedges: Interest rate swap contracts 600.0 600.0 Total designated derivatives $ 1,401.0 $ 2,025.9 Non-designated derivatives 200.7 163.5 Total $ 1,601.7 $ 2,189.4 The fair value of derivative instruments on the Consolidated Balance Sheets was as follows: As of December 31, Balance Sheet Location 2023 2022 Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts as cash flow hedges Other current assets $ 4.4 $ 0.7 Foreign currency contracts as cash flow hedges Other long-term assets 2.7 0.5 Interest rate lock contracts Other long-term assets — 125.4 Total derivatives designated as hedging instruments $ 7.1 $ 126.6 Derivatives not designated as hedging instruments Other current assets 0.1 0.1 Total derivative assets $ 7.2 $ 126.7 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 6.0 $ 32.3 Foreign currency contracts Other long-term liabilities 1.0 5.1 Interest rate swap contracts Other long-term liabilities 73.6 87.4 Total derivatives designated as hedging instruments $ 80.6 $ 124.8 Derivatives not designated as hedging instruments Other accrued liabilities 0.2 0.2 Total derivative liabilities $ 80.8 $ 125.0 Offsetting of Derivative Instruments The Company presents its derivative instruments at gross fair values in the Consolidated Balance Sheets. As of December 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 b y $7.2 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 swap contracts, designated as fair value hedges, to convert the fixed interest rates of certain Senior Notes ("Notes") to floating interest rates. In April 2021, the Company entered into these contracts for an aggregate notional amount of $300.0 million for its fixed-rate Notes maturing in December 2030 in addition to the contracts entered in 2019 for an aggregate notional amount of $300.0 million for its fixed-rate Notes maturing in March 2041. The interest rate swap contracts will expire within seven years. In 2020, the Company entered into interest rate lock contracts with large financial institutions, which fix the benchmark interest rates of future debt issuances for an aggregate notional amount of $650.0 million. These contracts were designated as cash flow hedges for a forecasted debt issuance which was expected to occur by the end of 2025 . During the year ended December 31, 2023 , the Company terminated the interest rate lock contracts, resulting in a deferred gain of $133.9 million recognized in accumulated other comprehensive income, which will be deferred and amortized to interest expense over the term of the anticipated debt unless it becomes probable that the debt will not be issued with the terms anticipated at the hedge's inception. The Company classifies the cash flow in the same section as the underlying item resulting in the proceeds from sale being presented as operating activities. Effect of Derivative Instruments on the Consolidated Statements of Operations For cash flow hedges, the Company recognized an unrealized gain of $15.1 million , unrealized gain of $33.1 million and unrealized loss of $9.1 million in accumulated other comprehensive loss for the effective portion of its derivative instruments during the years ended December 31, 2023, 2022, and 2021, respectively. For foreign currency contracts, the Company reclassified a loss of $29.8 million, a loss of $25.8 million and a gain of $28.9 million out of accumulated other comprehensive loss to cost of revenues and operating expenses in the Consolidated Statements of Operations during the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, an estimated $1.6 million of unrealized net loss within accumulated other comprehensive income is expected to be reclassified into earnings within the next twelve months. Non-Designated Derivatives The Company also uses foreign currency forward contracts to mitigate variability in gains and losses generated from the remeasurement of certain monetary assets and liabilities denominated in foreign currencies. These foreign exchange forward contracts typically have maturities of approximately one 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 Consolidated Statements of Operations, were not material during the years ended December 31, 2023, 2022, and 2021, respectively. See Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies, for the Company’s policy regarding the offsetting of derivative assets and derivative liabilities. |
Goodwill and Purchased Intangib
Goodwill and Purchased Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Purchased Intangible Assets | Note 5. Goodwill and Purchased Intangible Assets Goodwill The Company's goodwill activity was as follows (in millions): Amount December 31, 2021 $ 3,762.1 Other (*) (27.7) December 31, 2022 3,734.4 Other — December 31, 2023 $ 3,734.4 ______________________ (*) Other primarily consists of $28.9 million reduction in goodwill due to the divestiture of the Company's silicon photonics business. We conducted our annual impairment test of goodwill during the fourth quarter of 2023; the estimated fair value of our reporting unit was substantially in excess of the carrying value. There was no goodwill impairment during the years ended December 31, 2023, 2022, and 2021. Purchased Intangible Assets The Company’s purchased intangible assets, net, were as follows (in millions): As of December 31, 2023 As of December 31, 2022 Gross Accumulated Accumulated Impairments and Net Gross Accumulated Accumulated Impairments and Net Finite-lived intangible assets: Technologies and patents $ 913.1 $ (779.1) $ (55.1) $ 78.9 $ 913.1 $ (721.3) $ (55.1) $ 136.7 Customer contracts, support agreements, and related relationships 136.3 (120.9) (2.8) 12.6 136.3 (111.2) (2.8) 22.3 Trade names and other 9.6 (9.3) — 0.3 9.6 (8.1) — 1.5 Total purchased intangible assets $ 1,059.0 $ (909.3) $ (57.9) $ 91.8 $ 1,059.0 $ (840.6) $ (57.9) $ 160.5 Amortization expense related to purchased intangible assets with finite lives was $68.7 million, $74.8 million, and $79.5 million for the years ended December 31, 2023, 2022, and 2021, respectively. There were no significant impairment charges related to purchased intangible assets during the years ended December 31, 2023, 2022, and 2021. As of December 31, 2023, the estimated future amortization expense of purchased intangible assets with finite lives was as follows (in millions): Years Ending December 31, Amount 2024 $ 49.2 2025 39.6 2026 3.0 2027 — 2028 — Total $ 91.8 |
Other Financial Information
Other Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Other Financial Information [Abstract] | |
Other Financial Information | Note 6. Other Financial Information Total Inventory Total inventory consisted of the following (in millions): As of December 31, 2023 2022 Production and service materials $ 719.0 $ 479.6 Finished goods 299.0 163.3 Total inventory $ 1,018.0 $ 642.9 Reported as: Inventory $ 952.4 $ 619.4 Other long-term assets (1) 65.6 23.5 Total inventory $ 1,018.0 $ 642.9 __________________ (1) Long-term inventory balance classified as other long-term assets in the Company's Consolidated Balance Sheets consists of last time buy component inventory to be consumed beyond the Company's normal operating cycle. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in millions): As of December 31, 2023 2022 Contract manufacturer deposits $ 316.4 $ 434.7 Prepaid expenses 140.9 104.3 Other current assets 134.2 141.0 Total prepaid expenses and other current assets $ 591.5 $ 680.0 Property and Equipment, Net Property and equipment, net, consisted of the following (in millions): As of December 31, 2023 2022 Computers and equipment $ 990.0 $ 940.0 Software 221.3 220.3 Leasehold improvements 185.9 189.2 Furniture and fixtures 45.3 45.4 Building and building improvements 292.8 271.9 Land and land improvements 243.6 243.6 Construction-in-process 4.1 12.1 Property and equipment, gross 1,983.0 1,922.5 Accumulated depreciation (1,293.1) (1,255.7) Property and equipment, net $ 689.9 $ 666.8 Depreciation expense was $123.5 million, $137.7 million, and $151.0 million in 2023, 2022, and 2021, respectively. Warranties Changes in the Company’s warranty reserve were as follows (in millions): As of December 31, 2023 2022 Beginning balance $ 29.5 $ 33.0 Provisions made during the period, net 31.9 30.1 Actual costs incurred during the period (32.0) (33.6) Ending balance $ 29.4 $ 29.5 Deferred Revenue Details of the Company's deferred revenue, as reported in the Consolidated Balance Sheets, were as follows (in millions): As of December 31, 2023 2022 Deferred product revenue, net $ 92.1 $ 108.8 Deferred service revenue, net 1,932.8 1,554.3 Total $ 2,024.9 $ 1,663.1 Reported as: Current $ 1,130.0 $ 1,020.5 Long-term 894.9 642.6 Total $ 2,024.9 $ 1,663.1 Revenue See Note 11, Segments, for disaggregated revenue by customer solution, customer vertical, and geographic region. Product revenue of $48.3 million included in deferred revenue at January 1, 2023 was recognized during the year ended December 31, 2023. Service revenue of $907.3 million included in deferred revenue at January 1, 2023 was recognized during the year ended December 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. The following table summarizes the breakdown of RPO (1) as of December 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 $ 92.9 $ 77.3 $ 12.9 $ 2.7 Service 1,943.9 1,059.2 666.2 218.5 Total $ 2,036.8 $ 1,136.5 $ 679.1 $ 221.2 _______________ (1) The Company's RPO does not include backlog. Backlog consists of purchase orders for product expected to be shipped to the Company's distributors, resellers, or end-customers within the next twelve months. The following amounts are not included in the Company's backlog: (1) deferred revenue, (2) unbilled contract revenue, (3) all service obligations, including software as a service (SaaS), and (4) certain future revenue adjustments for items such as sales return reserves and early payment discounts. Deferred Contract Costs Deferred contract costs were $41.9 million and $28.2 million as of December 31, 2023 and 2022, respectively. During the years ended December 31, 2023 and 2022, amortization expense for the deferred contract cost were $42.4 million and $35.0 million, respectively, and there were no material impairment charges recognized. Other Expense, Net Other expense, net consisted of the following (in millions): Years Ended December 31, 2023 2022 2021 Interest income $ 50.6 $ 19.6 $ 14.9 Interest expense (80.0) (58.6) (50.8) Gain (loss) on other investments, net (1) (2) 6.0 (11.6) 4.9 Other (0.4) 1.6 1.5 Other expense, net $ (23.8) $ (49.0) $ (29.5) _______________ (1) Other investments represent fixed income securities and equity investments with readily determinable fair value. (2) |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Note 7. Restructuring Charges The Company’s restructuring events are primarily intended to realign its workforce, optimize cost structure, and consolidate facilities as a result of organizational and leadership changes to effectively support the Company’s long-term strategic objectives. Restructuring charges include termination benefits related to workforce reductions, facility exit-related costs, contract termination costs, impairment of certain assets and other related costs associated with exit or disposal activities. Workforce reduction-related benefits are provided to employees primarily under the Company’s ongoing benefit arrangements, which are accrued when the existing situation or set of circumstances indicates that an obligation has been incurred, it is probable the benefits will be paid, and the amount can be reasonably estimated in accordance with the provisions of the applicable accounting guidance. The following table presents restructuring charges included in the Consolidated Statements of Operations (in millions): Years Ended December 31, 2023 2022 2021 Employee severance $ 56.8 $ 12.4 $ 13.6 Facility exit-related and asset impairments 22.1 3.1 8.1 Contract terminations and other 19.1 4.7 21.2 Total $ 98.0 $ 20.2 $ 42.9 2023 Restructuring Plans During the third quarter of 2023, as a result of a thorough review of the Company’s business and strategic objectives, the Company initiated and approved a restructuring plan (“2023 Transformation Plan”) intended to reallocate resources and investments in long-term growth opportunities, realign its workforce, and optimize its real estate and asset portfolios to efficiently support the Company’s strategic priorities and goals. During the fourth quarter of 2023, the Company continued to implement the 2023 Transformation Plan, which primarily resulted in additional workforce reductions. In connection with the 2023 Transformation Plan, the Company incurred aggregate charges of $68.6 million, consisting of employee severance, facility exit-related, asset impairment, and other restructuring-related charges. The actions taken under the 2023 Transformation Plan are expected to be substantially completed by the end of the first quarter of 2024, though certain facility exits and workforce reduction actions may take longer to implement. The Company also incurred aggregate charges of $31.9 million related to employee severance, asset impairments, and contract terminations under another restructuring plan initiated during the first half of 2023. As of December 31, 2023, approved actions under this plan have been substantially completed. Prior Year Restructuring Activities In 2022 and 2021, the Company initiated restructuring plans designed to enable reinvestment in certain key priority areas to align with strategic changes, which resulted in severance costs from workforce reductions, facility exit-related costs, contract terminations, and other exit-related costs. As of December 31, 2023, activities under these plans have been substantially completed. Restructuring Liabilities The following table provides a summary of changes in the restructuring liabilities (in millions) under the Company's approved restructuring plans for the twelve months ended December 31, 2023: 2023 Restructuring Plans Prior Year Plans Employee severance Facility exit-related and asset impairments Contract terminations and other Employee severance Facility exit-related and asset impairments Contract terminations and other Total Liability as of December 31, 2022 $ — $ — $ — $ 3.0 $ 1.2 $ 1.9 $ 6.1 Charges 57.3 24.1 19.1 (0.5) (2.0) — 98.0 Cash payments (28.4) (0.3) (14.7) (1.5) (0.4) (1.9) (47.2) Non-cash items 0.1 (23.6) (1.2) — 1.4 — (23.3) Liability as of December 31, 2023 $ 29.0 $ 0.2 $ 3.2 $ 1.0 $ 0.2 $ — $ 33.6 |
Debt and Financing
Debt and Financing | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instruments [Abstract] | |
Debt and Financing | Note 8. Debt and Financing Debt The following table summarizes the Company's total debt (in millions, except percentages): As of December 31, Maturity Date Effective Interest 2023 2022 Senior Notes ("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 (9.6) (11.3) Hedge accounting fair value adjustments (*) (73.6) (87.4) Total $ 1,616.8 $ 1,601.3 ________________________________ (*) Represents the fair value adjustments for interest rate swap contracts with an aggregate notional amount of $600.0 million. These contracts convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments , for a discussion of the Company's interest rate swap contracts. The Notes above are the Company’s senior unsecured and unsubordinated obligations, ranking equally in right of payment to all of the Company’s existing and future senior unsecured and unsubordinated indebtedness, and senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the Notes. As of December 31, 2023, the Company's aggregate debt maturities based on outstanding principal were as follows (in millions): Years Ending December 31, Amount 2024 $ — 2025 400.0 2026 — 2027 — 2028 — Thereafter 1,300.0 Total $ 1,700.0 The Company may redeem the Notes, either in whole or in part, at any time at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments discounted to the redemption date, plus, in either case, accrued and unpaid interest, if any. In the event of a change of control repurchase event, the holders of the Notes may require the Company to repurchase for cash all or part of the Notes at a purchase price equal to 101% of the aggregate principal amount, plus accrued and unpaid interest, if any. 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 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 December 31, 2023, the Company was in compliance with all covenants in the indentures governing the Notes. Revolving Credit Facility In June 2023, the Company entered into a new credit agreement with certain institutional lenders that provides for a five-year $500.0 million unsecured revolving credit facility (the "Revolving Credit Facility"), with an option to increase the Revolving Credit Facility by up to an additional $200.0 million, subject to the lenders' approval. Proceeds of loans made under the Revolving Credit Facility may be used by the Company for general corporate purposes. The Revolving Credit Facility will terminate in June 2028, subject to two one-year maturity extension options, on the terms and conditions set forth in the credit agreement. Revolving loans will bear interest, at the Company’s option, at either (i) a per annum rate equal to (x) with respect to borrowings in U.S. dollars, the adjusted term Secured Overnight Financing Rate ("SOFR"), (y) with respect to borrowings in Euros, the adjusted Euro Interbank Offered Rate ("EURIBOR"), and (z) with respect to borrowings in pounds sterling, daily simple Sterling Overnight Index Average ("SONIA"), in each case, plus a margin of between 0.875% and 1.500%, depending on the Company’s public debt rating, or (ii) with respect to borrowings in U.S. dollars, a per annum rate equal to the Base Rate plus a margin of between 0.000% and 0.500%, depending on the Company’s public debt rating. Base Rate is defined as the greatest of (A) the Wall Street Journal prime rate, (B) the greater of the U.S. federal funds rate and the overnight bank funding rate plus 0.500% and (C) the adjusted term SOFR for a period of one month plus 1.00%. The Revolving Credit Facility also requires payment of a commitment fee on undrawn amounts at a rate of 0.075% to 0.225%, depending on the Company’s public debt rating. The Revolving Credit Facility requires the Company to maintain a leverage ratio no greater than 3.0x (provided that if a material acquisition has been consummated, the Company is permitted to maintain a leverage ratio no greater than 3.5x for up to four quarters). As of December 31, 2023, no amounts were outstanding under the Revolving Credit Facility and the Company was in compliance with all covenants in the Credit Agreement. Financing Arrangements The Company provides certain customers with access to extended financing arrangements that allow for longer payment terms than those typically provided by the Company by factoring accounts receivable to third-party financing providers ("financing providers"). The program does not and is not intended to affect the timing of the Company's revenue recognition. Under the financing arrangements, proceeds from the financing providers are due to the Company within 1 to 90 days from the sale of the receivable. In these transactions with the financing providers, the Company surrenders control over the transferred assets. Pursuant to the financing arrangements for the sale of receivables, the Company sold receivables of $37.4 million, $50.6 million and $31.9 million during the years ended December 31, 2023, 2022, and 2021, respectively. The Company received cash proceeds from financing providers of $48.0 million, $41.5 million, and $32.5 million during the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023 and December 31, 2022, the amounts owed by the financing providers were $0.6 million and $11.8 million, respectively, which were recorded in accounts receivable on the Company’s Consolidated Balance Sheets. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | Note 9. Equity The following table summarizes dividends paid, stock repurchases and retirements under the Company's stock repurchase programs, and stock repurchases for tax withholdings (in millions, except per share amounts): Dividends Stock Repurchases Total Year Per Share Amount Shares Average price Amount Tax Withholding Amount 2023 $ 0.88 $ 280.8 13.1 $ 29.47 $ 385.0 $ 12.7 $ 678.5 2022 $ 0.84 $ 270.4 9.2 $ 32.32 $ 299.7 $ 15.4 $ 585.5 2021 $ 0.80 $ 259.1 15.7 $ 27.56 $ 433.3 $ 10.2 $ 702.6 Cash Dividends on Shares of Common Stock During 2023, 2022, and 2021, the Company declared and paid quarterly cash dividends of $0.22, $0.21, and $0.20 per common share, totaling $280.8 million, $270.4 million, and $259.1 million, respectively, on its outstanding common stock. Any future dividends, and the establishment of record and payment dates, are subject to approval by the Board of Directors (the "Board") of Juniper or an authorized committee thereof. See Note 15, Subsequent Events, for discussion of the Company's dividend declaration subsequent to December 31, 2023. Stock Repurchase Activities In January 2018, the Board approved a $2.0 billion share repurchase program ("2018 Stock Repurchase Program"). In October 2019, the Board authorized a $1.0 billion increase to the 2018 Stock Repurchase Program for a total of $3.0 billion. During the fiscal year ended December 31, 2023, the Company repurchased 13.1 million shares of its common stock in the open market at an average price of $29.47 per share for an aggregate purchase price of $385.0 million under the 2018 Stock Repurchase Program. As of December 31, 2023, there were $0.2 billion of authorized funds remaining under the 2018 Stock Repurchase Program. In addition, the Company 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 $12.7 million, $15.4 million, and $10.2 million during 2023, 2022, and 2021, respectively. Accumulated Other Comprehensive Income (Loss), Net of Tax The components of accumulated other comprehensive income (loss), net of related taxes, for the years ended December 31, 2023, 2022, and 2021 were as follows (in millions): Unrealized Gains/Losses on Available-for- Sale Debt Securities (1) Unrealized Gains/Losses on Cash Flow Hedges (2) Foreign Total Balance as of December 31, 2020 $ 34.1 $ 57.7 $ (36.2) $ 55.6 Other comprehensive loss before reclassifications (5.0) (13.5) (12.8) (31.3) Amount reclassified from accumulated other comprehensive income (loss) (1.2) (25.2) — (26.4) Other comprehensive loss, net (6.2) (38.7) (12.8) (57.7) Balance as of December 31, 2021 $ 27.9 $ 19.0 $ (49.0) $ (2.1) Other comprehensive income (loss) before reclassifications (6.5) 15.7 (30.1) (20.9) Amount reclassified from accumulated other comprehensive income (loss) 0.4 26.8 — 27.2 Other comprehensive income (loss), net (6.1) 42.5 (30.1) 6.3 Balance as of December 31, 2022 $ 21.8 $ 61.5 $ (79.1) $ 4.2 Other comprehensive income (loss) before reclassifications 7.1 11.7 (3.0) 15.8 Amount reclassified from accumulated other comprehensive income (loss) — 29.1 — 29.1 Other comprehensive income (loss), net 7.1 40.8 (3.0) 44.9 Balance as of December 31, 2023 $ 28.9 $ 102.3 $ (82.1) $ 49.1 ________________________________ (1) The reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31, 2023, 2022 , and 2021 for realized gains on available-for-sale debt securities were not material, and were included in other expense, net, in the Consolidated Statements of Operations. (2) The reclassifications out of accumulated other comprehensive income (loss) for realized gains (losses) on cash flow hedges was $(29.8) million, $(25.8) million and $28.9 million for the year ended December 31, 2023, 2022 and 2021, respectively. The reclassified amounts were included within cost of revenues, research and development, sales and marketing, and general and administrative in the Consolidated Statements of Operations. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Benefit Plans | Note 10. Employee Benefit Plans Equity Incentive Plans The Company’s equity incentive plans include the 2015 Equity Incentive Plan (the “2015 Plan”) and the 2008 Employee Stock Purchase Plan (the “ESPP”). The Company has granted RSUs and PSAs under the 2015 Plan and purchase rights under the ESPP. In addition, in connection with certain past acquisitions, the Company has assumed or substituted stock options, RSUs, RSAs, and PSAs granted under the stock plans of the acquired companies. Such awards were converted into or replaced with the Company's stock options, RSUs, RSAs, and PSAs, respectively. The 2015 Plan was adopted and approved by the Company's stockholders in May 2015 and had an initial authorized share reserve of 38.0 million shares of common stock, plus the addition of any shares subject to outstanding awards under the 2006 Equity Incentive Plan and the Amended and Restated 1996 Stock Plan that were outstanding as of May 19, 2015, and that subsequently expire or otherwise terminate, up to a maximum of an additional 29.0 million shares. In May 2017, May 2019, May 2022 and May 2023, the Company's stockholders approved an additional 23.0 million, 3.7 million, 4.5 million, and 7.0 million shares of common stock, respectively, for issuance under the 2015 Plan. As of December 31, 2023, an aggregate of 17.3 million shares were subject to outstanding equity awards and 2.3 million shares were available for future issuance under the 2015 Plan. The ESPP was adopted and approved by the Company's stockholders in May 2008. In May 2020, the Company's stockholders approved an additional 8.0 million shares of common stock for issuance under the ESPP. To date, the Company's stockholders have approved a share reserve of 43.0 million shares of the Company's common stock for issuance under the ESPP. The ESPP permits eligible employees to acquire shares of the Company’s common stock at a 15% discount (as determined in the ESPP) through periodic payroll deductions of up to 10% of base compensation, subject to individual purchase limits of 6,000 shares in any twelve-month period or $25,000 worth of stock, determined at the fair market value of the shares at the time the stock purchase option is granted, in one RSU, RSA, and PSA Activities RSUs generally vest over three years from the date of grant, and RSAs and PSAs generally vest over a period of one The following table summarizes the Company’s RSU, RSA, and PSA activity and related information as of and for the year ended December 31, 2023 (in millions, except per share amounts and years): Outstanding RSUs, RSAs, and PSAs Number of Shares Weighted Average Weighted Average Aggregate Balance at December 31, 2022 20.2 $ 26.78 Granted (1)(2) 9.6 28.88 Vested (3) (7.9) 26.04 Canceled (1.7) 26.37 Balance at December 31, 2023 20.2 $ 28.10 1.1 $ 593.6 As of December 31, 2023 Vested and expected-to-vest RSUs, RSAs, and PSAs 17.6 $ 27.67 1.1 $ 518.8 ________________________________ (1) Includes 7.8 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. (2) The weighted-average grant-date fair value of RSUs, RSAs, and PSAs granted and assumed or substituted during 2023, 2022, and 2021 was $28.88, $29.62, and $26.21, respectively. 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. During 2023, the Company declared a quarterly cash dividend of $0.22 per share of common stock on January 31, 2023, April 25, 2023, July 27, 2023, and October 26, 2023. (3) Total fair value of RSUs, RSAs, and PSAs vested during 2023, 2022, and 2021 was $206.8 million, $202.2 million, and $184.2 million, respectively. Shares Available for Grant The following table presents the stock activity and the total number of shares available for grant under the 2015 Plan (in millions): Number of Shares Balance as of December 31, 2022 3.4 Additional shares authorized 7.0 Options, RSUs, and PSAs granted (9.3) RSUs and PSAs canceled 1.2 Balance as of December 31, 2023 2.3 Employee Stock Purchase Plan During 2023, 2022, and 2021, employees purchased 2.6 million, 2.6 million, and 2.8 million shares of common stock through the ESPP at an average exercise price of $23.53, $21.59, and $19.81 per share, respectively. Valuation Assumptions The weighted-average assumptions used and the resulting estimates of fair value for ESPP purchase rights and market-based RSUs were as follows: Years Ended December 31, 2023 2022 2021 ESPP Purchase Rights: Volatility 28% 29% 32% Risk-free interest rate 4.6% 1.1% 0.1% Expected life (years) 1.3 1.3 1.3 Dividend yield 2.8% 2.5% 3.0% Weighted-average fair value per share $7.97 $8.84 $6.96 Market-based RSUs: Volatility 28% 30% 30% Risk-free interest rate 4.3% 1.7% 0.2% Dividend yield 2.8% 2.5% 3.4% Weighted-average fair value per share $37.45 $47.96 $30.70 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 Company's Consolidated Statements of Operations (in millions): Years Ended December 31, 2023 2022 2021 Cost of revenues - Product $ 6.7 $ 5.9 $ 5.3 Cost of revenues - Service 20.8 17.4 18.2 Research and development 129.2 84.0 93.1 Sales and marketing 85.2 59.1 65.9 General and administrative 37.5 42.9 40.1 Total $ 279.4 $ 209.3 $ 222.6 The following table summarizes share-based compensation expense by award type (in millions): Years Ended December 31, 2023 2022 2021 Stock options $ 2.2 $ 5.4 $ 9.3 RSUs, RSAs, and PSAs 249.1 181.9 196.2 ESPP Purchase Rights 28.1 22.0 17.1 Total $ 279.4 $ 209.3 $ 222.6 For the years ended December 31, 2023, 2022, and 2021, the Company recognized tax benefits on total stock-based compensation expense, which are reflected in the income tax provision in the Consolidated Statements of Operations, of $36.9 million, $25.7 million, and $28.2 million, respectively. For the years ended December 31, 2023, 2022, and 2021, the realized tax benefit related to awards vested or exercised during the period was $34.4 million, $38.6 million, and $31.7 million, respectively. These amounts do not include the indirect effects of stock-based awards, which primarily relate to the research and development tax credit. As of December 31, 2023, the total unrecognized compensation cost related to unvested share-based awards was $383.4 million to be recognized over a weighted-average period of 1.8 years. 401(k) Plan The Company maintains a savings and retirement plan qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended (the "IRC"). Employees meeting the eligibility requirements, as defined under the IRC, may contribute up to the statutory limits each year. The Company currently matches 30% of all eligible employee contributions which vest immediately. The Company’s matching contributions to the plan totaled $27.3 million, $23.5 million, and $22.3 million during 2023, 2022, and 2021, respectively. Deferred Compensation Plan |
Segments
Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | Note 11. Segments The Company operates in one reportable segment. The Company's chief executive officer, who is the chief operating decision maker, reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance, accompanied by disaggregated information about net revenues by customer solution, customer vertical, and geographic region as presented below. The following table presents net revenues by customer solution (in millions): Years Ended December 31, 2023 2022 2021 Customer Solutions: Automated WAN Solutions $ 1,839.3 $ 1,865.3 $ 1,665.0 Cloud-Ready Data Center 744.7 878.9 727.1 AI-Driven Enterprise 1,391.8 1,026.2 830.4 Hardware Maintenance and Professional Services 1,588.7 1,530.8 1,512.9 Total $ 5,564.5 $ 5,301.2 $ 4,735.4 The following table presents net revenues by customer vertical (in millions): Years Ended December 31, 2023 2022 2021 Cloud $ 1,162.8 $ 1,393.6 $ 1,228.0 Service Provider 1,842.5 1,891.2 1,839.1 Enterprise 2,559.2 2,016.4 1,668.3 Total $ 5,564.5 $ 5,301.2 $ 4,735.4 The Company attributes revenues to geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions): Years Ended December 31, 2023 2022 2021 Americas: United States $ 3,066.5 $ 2,931.6 $ 2,426.9 Other 266.8 225.2 222.2 Total Americas 3,333.3 3,156.8 2,649.1 Europe, Middle East, and Africa 1,405.7 1,370.0 1,314.5 Asia Pacific 825.5 774.4 771.8 Total $ 5,564.5 $ 5,301.2 $ 4,735.4 During the years ended December 31, 2023, 2022, and 2021, no customer accounted for greater than 10% of the Company's net revenues. The following table presents geographic information for property and equipment, net (in millions). As of December 31, 2023 2022 United States $ 597.0 $ 579.3 International 92.9 87.5 Property and equipment, net $ 689.9 $ 666.8 The Company tracks assets by physical location. The majority of the Company’s assets, excluding cash and cash equivalents and investments, as of December 31, 2023 and December 31, 2022, were attributable to U.S. operations. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12. Income Taxes The components of pretax income are summarized as follows (in millions): Years Ended December 31, 2023 2022 2021 Domestic $ 340.4 $ 509.5 $ 264.6 Foreign 8.6 26.8 45.5 Total pretax income $ 349.0 $ 536.3 $ 310.1 The provision (benefit) for income taxes is summarized as follows (in millions): Years Ended December 31, 2023 2022 2021 Current provision (benefit): Federal $ 219.0 $ 223.6 $ 63.4 States 25.9 23.9 15.9 Foreign 46.5 36.2 48.2 Total current provision (benefit) 291.4 283.7 127.5 Deferred (benefit) provision: Federal (250.0) (199.3) (54.3) States (13.6) (13.6) (4.1) Foreign 1.4 (10.3) (11.7) Total deferred (benefit) provision (262.2) (223.2) (70.1) Total provision for income taxes $ 29.2 $ 60.5 $ 57.4 The provision (benefit) for income taxes differs from the amount computed by applying the federal statutory tax rate of 21% to pretax income for each of the years presented as follows (in millions): Years Ended December 31, 2023 2022 2021 Expected provision at statutory rate $ 73.3 $ 112.7 $ 65.1 State taxes, net of federal benefit 7.0 12.0 6.5 Foreign income at different tax rates (24.4) (18.1) (0.2) R&D tax credits (31.4) (23.6) (16.6) Share-based compensation (5.2) (7.4) (2.2) Non-deductible compensation 5.1 4.0 4.2 Recognition of previously unrecognized tax benefits — (8.1) — Other 4.8 (11.0) 0.6 Total provision for income taxes $ 29.2 $ 60.5 $ 57.4 In 2023, classified within "Other" above, the Company recorded a tax expense of $9.8 million on adjustments for certain privately-held investments and $5.0 million related to interest on income tax reserves. This was partially offset by income tax benefits of $10.9 million due to changes in tax legislation. Deferred income taxes reflect the net tax effects of tax carry-forward items and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred income taxes are classified as other long-term assets in the Company's Consolidated Balance Sheets. Significant components of the Company's long-term deferred tax assets and deferred tax liabilities are as follows (in millions): As of December 31, 2023 2022 Deferred tax assets: Net operating loss carry-forwards $ 44.4 $ 57.2 Research and other credit carry-forwards 294.4 281.3 Deferred revenue 74.9 58.1 Share-based compensation 25.4 17.2 Capitalized R&D expenditure 475.7 293.1 Reserves and accruals not currently deductible 133.0 66.1 Operating lease liabilities 31.9 39.7 Other 12.1 13.2 Total deferred tax assets 1,091.8 825.9 Valuation allowance (326.9) (310.9) Deferred tax assets, net of valuation allowance 764.9 515.0 Deferred tax liabilities: Property and equipment basis differences (5.5) — Purchased intangible assets (23.0) (32.3) Unremitted foreign earnings (24.1) (23.7) Net unrealized gain (41.9) (35.8) Operating lease assets (29.5) (36.1) Total deferred tax liabilities (124.0) (127.9) Net deferred tax assets $ 640.9 $ 387.1 As of December 31, 2023 and 2022, the Company had a valuation allowance on its U.S. and foreign deferred tax assets of $326.9 million and $310.9 million, respectively. The balance at December 31, 2023 consisted of $5.2 million, $312.9 million, and $8.8 million against the Company's U.S. federal, state, and foreign deferred tax assets, respectively, which the Company believes are not more likely than not to be utilized in future years. The valuation allowance increased in 2023 and 2022 by $16 million and $10 million, respectively, primarily related to changes in state R&D tax credits. As of December 31, 2023, the Company had federal, California and other states net operating loss carry-forwards of approximately $104.3 million, $129.1 million, and $138.8 million, respectively. The California net operating loss carry-forwards of $129.1 million are expected to expire unused. The Company also had federal, California, and other state tax credit carry-forwards of approximately $2.4 million, $326.7 million, and $32.8 million, respectively. Unused net operating loss and other state tax credit carry-forwards will expire at various dates beginning in the year 2024. The California tax credit carry-forwards will carry forward indefinitely. The Company provides deferred tax liabilities for all tax consequences associated with the undistributed earnings that are expected to be repatriated to subsidiaries' parent unless the subsidiaries' earnings are considered indefinitely reinvested. The Company has made no provision for deferred taxes on approximately $156.7 million of cumulative undistributed earnings of certain foreign subsidiaries through December 31, 2023. These earnings are considered indefinitely invested in operations of the subsidiaries, as the Company intends to utilize these amounts to fund future expansion of its operations. If these earnings were distributed to the parent, the Company would be subject to additional taxes of approximately $31.7 million. As of December 31, 2023, 2022, and 2021, the total amount of gross unrecognized tax benefits was $132.8 million, $116.0 million, and $113.4 million, respectively. As of December 31, 2023, approximately $127.8 million of the gross unrecognized tax benefits, if recognized, would affect the effective tax rate before considering valuation allowance. A reconciliation of the beginning and ending amount of the Company's total gross unrecognized tax benefits was as follows (in millions): Years Ended December 31, 2023 2022 2021 Balance at beginning of year $ 116.0 $ 113.4 $ 116 Tax positions related to current year: Additions 8.9 5.8 7.7 Tax positions related to prior years: Additions 8.9 6.9 3.3 Reductions — (2.5) (3.6) Settlements — — (9.4) Lapses in statutes of limitations (1.0) (7.6) (0.6) Balance at end of year $ 132.8 $ 116.0 $ 113.4 As of December 31, 2023, 2022, and 2021, the Company had accrued interest and penalties related to unrecognized tax benefits of $12.0 million, $5.6 million, and $8.1 million, respectively, as other long-term liabilities in the Consolidated Balance Sheets. Due to the changes in the level of gross unrecognized tax benefits, the Company recognized a (benefit), or expense, for net interest and penalties of $6.3 million, $(2.5) million, and $2.7 million in its Consolidated Statements of Operations during the years ended December 31, 2023, 2022, and 2021, respectively. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. 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 $49.9 million within the next twelve months due to the completion of tax review cycles in various tax jurisdictions and lapses of applicable statutes of limitation. The Company conducts business globally and, as a result, Juniper Networks or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including such jurisdictions as the Netherlands, U.K., France, Germany, Japan, China, Australia, India, and the U.S. With few exceptions, the Company is no longer subject to U.S. federal, state and local, and non-U.S. income tax examinations for years before 2012. The Company is currently under examination by the Internal Revenue Service and the India tax authorities for the 2017 through 2018 tax years and the 2012 through 2020 tax years, respectively. The Company regularly assesses the likelihood of an adverse outcome resulting from such examinations. As of December 31, 2023, the Company believes the resolution of the audits is unlikely to have a material effect on its consolidated financial condition or results of operations. The Company is pursuing all available administrative remedies relative to ongoing matters. The Company believes that it has adequately provided for any reasonably foreseeable outcomes related to proposed adjustments and the ultimate resolution of these matters is unlikely to have a material effect on its consolidated financial condition or results of operations; however, there is still a possibility that an adverse outcome of these matters could have a material effect on its consolidated financial condition and results of operations. |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income per Share | Note 13. Net Income per Share The Company computed basic and diluted net income per share as follows (in millions, except per share amounts): Years Ended December 31, 2023 2022 2021 Numerator: Net income $ 310.2 $ 471.0 $ 252.7 Denominator: Weighted-average shares used to compute basic net income per share 320.0 322.1 324.4 Dilutive effect of employee stock awards 5.9 7.4 7.2 Weighted-average shares used to compute diluted net income per share 325.9 329.5 331.6 Net income per share: Basic $ 0.97 $ 1.46 $ 0.78 Diluted $ 0.95 $ 1.43 $ 0.76 Anti-dilutive shares 6.4 3.4 0.5 Basic net income per share is computed using net income available to common stockholders and the weighted-average number of common shares outstanding for the period. Diluted net income per share is computed using net income available to common stockholders and the weighted-average number of common shares outstanding plus potentially dilutive common shares outstanding during the period. Dilutive potential common shares consist of common shares issuable upon exercise of stock options and purchase rights, and vesting of RSUs, RSAs, and PSAs. The Company includes the common shares underlying PSAs in the calculation of diluted net income per share only when they become contingently issuable. Anti-dilutive shares are excluded from the computation of diluted net income per share. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14. Commitments and Contingencies Commitments Unconditional purchase obligations consist of agreements that include firm and non-cancelable terms to transfer funds in the future for fixed or minimum amounts or quantities to be purchased at fixed or minimum prices. For obligations with cancellation provisions, the amounts included in the following tables were limited to the non-cancelable portion of the agreement terms or the minimum cancellation fee. 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. The following table summarizes the Company’s purchase commitments as of December 31, 2023 (in millions): Years Ending December 31, Purchase Commitments 2024 $ 989.5 2025 137.1 2026 80.0 2027 85.0 Total $ 1,291.6 The Company establishes a liability in connection with purchase commitments related to quantities in excess of its demand forecasts or obsolete materials charges for components purchased by the contract manufacturers based on the Company’s demand forecast or customer orders. As of December 31, 2023, the Company had accrued $36.0 million related to such charges. Other Purchase Obligations The following table summarizes the Company’s unconditional purchase obligations other than with contract manufacturers and suppliers as of December 31, 2023 (in millions): Years Ending December 31, Unconditional Purchase Obligations 2024 $ 33.1 2025 30.1 2026 5.2 2027 1.0 2028 0.2 Total $ 69.6 In December 2018, the Company entered into a Master Services Agreement and certain Statements of Work, as subsequently amended (collectively, the “Agreement”), with International Business Machines Corporation ("IBM"). As of December 31, 2023, the Company expects to pay IBM $56.3 million over the remaining initial term of the Agreement. The table above does not include fees payable to IBM under the contract as the Company is unable to make a reasonably reliable estimate of the amount of the payments related to each of the years under this contract due to uncertainties in the usage of the services. Leases The Company leases its facilities and certain equipment under non-cancelable operating leases that have remaining lease terms of 1 to 8 years and 1 to 4 years, respectively. Each leased facility is subject to an individual lease or sublease, which could provide various options to extend or terminate the lease agreement. Facilities are primarily comprised of corporate offices, data centers, and R&D facilities. Equipment includes vehicles and various office equipment. The Company also has variable lease payments that are primarily comprised of common area maintenance and utility charges. The Company's lease agreements do not contain any residual value guarantees or restrictive covenants. The components of lease costs and other information related to leases were as follows (in millions, except years and percentages): Years Ended December 31, 2023 2022 Operating lease cost $ 46.6 $ 48.4 Variable lease cost 11.9 10.0 Total lease cost $ 58.5 $ 58.4 Operating cash outflows from operating leases $ 51.6 $ 53.1 ROU assets obtained in exchange for new operating lease liabilities $ 12.4 $ 26.0 As of December 31, 2023 2022 Weighted average remaining lease term (years) 3.6 4.1 Weighted average discount rate 3.8 % 3.5 % As of December 31, 2023, future operating lease payments for each of the next five years and thereafter are as follows (in millions): Years Ending December 31, Amount 2024 $ 47.1 2025 42.4 2026 21.2 2027 13.5 2028 6.9 Thereafter 7.6 Total lease payments 138.7 Less: interest (9.4) Total $ 129.3 Balance Sheet Information Other accrued liabilities $ 46.4 Long-term operating lease liabilities 82.9 Total $ 129.3 Debt and Interest Payment on Debt As of December 31, 2023, the Company held total outstanding debt consisting of the Notes with a carrying value of $1,616.8 million. See Note 8, Debt and Financing , for further discussion of the Company's long-term debt and expected future principal maturities. Tax Liability Our transition tax liability represents future cash payments on accumulated foreign earnings of subsidiaries as a result of the Tax Cuts and Jobs Act of 2017 ("Tax Act"). The Company has elected to pay its transition tax, net of applicable tax refunds, over the eight-year period provided in the Tax Act. The remaining balance of the Company's transition tax obligation was $179.7 million, of which $106.3 million remains in long-term income taxes payable as of December 31, 2023. As of December 31, 2023, the Company also had $92.7 million included in long-term income taxes payable on the Consolidated Balance Sheets for unrecognized tax positions. At this time, the Company is unable to make a reasonably reliable estimate of the timing of payments related to this amount due to uncertainties in the timing of tax audit outcomes. Guarantees The Company has financial guarantees consisting of third-party financing arrangements extended to end-user customers and standby letters of credit for certain lease facilities, insurance programs and customs of $32.5 million and $27.4 million, as of December 31, 2023 and December 31, 2022, respectively. Legal Proceedings The Company is involved in investigations, disputes, litigation, and legal proceedings. The Company records an accrual for loss contingencies for legal proceedings when it believes that an unfavorable outcome is both (a) probable and (b) the amount or range of any possible loss is reasonably estimable. The Company intends to aggressively defend itself in these matters, and while there can be no assurances and the outcome of these matters is currently not determinable, the Company currently believes that these existing claims or proceedings are not likely, individually and 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 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 those 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 | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15. Subsequent Events Dividend Declaration On January 30, 2024, the Company announced a cash dividend of $0.22 per share of common stock to be paid on March 22, 2024 to stockholders of record as of the close of business on March 1, 2024. Merger Agreement On January 9, 2024, HPE and Juniper Networks, Inc. announced that the companies entered into a definitive Merger Agreement under which HPE will acquire Juniper in an all-cash transaction. Under the terms of this agreement, Juniper shareholders will receive $40.00 per share in cash upon the completion of the transaction, representing an equity value of approximately $14 billion. The transaction is currently expected to close in late calendar year 2024 or early calendar year 2025, subject to receipt of regulatory approvals, approval of the transaction by Juniper shareholders, and satisfaction of other customary closing conditions. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Juniper Networks, Inc. Schedule II - Valuation and Qualifying Accounts Years Ended December 31, 2023, 2022, and 2021 (In millions) Allowance for Doubtful Accounts Balance at Charged to Write-offs, Balance at 2023 $ 12.0 $ (0.8) $ — $ 11.2 2022 $ 6.7 $ 5.3 $ — $ 12.0 2021 $ 9.9 $ (3.2) $ — $ 6.7 Sales Return Reserve Balance at Provisions for Returns / Stock Rotation Returns / Stock Rotation Balance at 2023 $ 43.0 $ 93.5 $ (95.5) $ 41.0 2022 $ 31.4 $ 111.9 $ (100.3) $ 43.0 2021 $ 28.4 $ 57.6 $ (54.6) $ 31.4 Excess and Obsolete Inventory Reserve Balance at Provisions Disposals Balance at 2023 $ 211.7 $ 127.2 $ (19.0) $ 319.9 2022 $ 192.2 $ 29.8 $ (10.3) $ 211.7 2021 $ 187.6 $ 9.9 $ (5.3) $ 192.2 Contract Manufacturer Liabilities Balance at Provisions Disposals Balance at 2023 $ 21.5 $ 30.4 $ (15.9) $ 36.0 2022 $ 19.7 $ 7.5 $ (5.7) $ 21.5 2021 $ 15.2 $ 8.2 $ (3.7) $ 19.7 All other schedules have been omitted as the required information is not applicable or the information is presented in the Consolidated Financial Statements or notes thereto under Item 8 herein. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income | $ 310.2 | $ 471 | $ 252.7 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Description of Business, Basi_2
Description of Business, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Use of Estimates | 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 Consolidated Financial Statements and the accompanying notes. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes are reasonable under the circumstances, to determine the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. |
Change in Accounting Estimates | Change in Accounting Estimate |
Cash, Cash Equivalents, and Investments | Cash, Cash Equivalents, and Investments Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with banks, highly liquid investments in money market funds, commercial paper, government securities, certificates of deposits, time deposits, and corporate debt securities, which are readily convertible into cash. All highly liquid investments with original maturities of three months or less from Juniper's purchase date are classified as cash equivalents. |
Investments in Available-for-Sale Debt Securities and Equity Securities | Investments in Available-for-Sale Debt Securities The Company's investments in debt securities are classified as available-for-sale and include the Company's fixed income securities and investments in privately-held companies, consisting of debt and redeemable preferred stock securities. Fixed income securities primarily consist of corporate debt securities, U.S. treasury securities, time deposits, asset-backed and mortgage-backed securities, certificate of deposits, commercial paper, U.S. government agency securities, and foreign government debt securities. Fixed income securities are initially recorded at cost and periodically adjusted to fair value in the Consolidated Balance Sheets. The Company periodically evaluates these investments to determine if impairment charges are required. The Company determines whether a credit loss exists for available-for-sale debt securities in an unrealized loss position. When the fair value of a security is below its amortized cost, the amortized cost will be reduced to its fair value and the resulting loss will be recorded in Consolidated Statements of Operations, if it is more likely than not that we are required to sell the impaired security before recovery of its amortized cost basis, or we have the intention to sell the security. If neither of these conditions are met, the Company considers the extent to which the fair value is less than the amortized cost, any changes to the rating of the security by a rating agency, and review of the issuer's financial statements. If factors indicate a credit loss exists, an allowance for credit loss is recorded through other expense, net, limited by the amount that the fair value is less than the amortized cost basis. The Company's privately-held debt and redeemable preferred stock securities are included in other long-term assets in the Consolidated Balance Sheets and are recorded at fair value. In determining the estimated fair value of such securities, the Company utilizes the most recent data available for the investee including known acquisition offers and subsequent funding rounds. The Company periodically evaluates these securities for indicators of impairment, including the inability to recover a portion of or the entire carrying amount of the investment, the inability of the investee to sustain earnings, the reduction in or termination of financial commitment to the investee from other investors, the intention to sell the investment, and whether it is more likely than not that the Company will be required to sell the investment before recovery of the entire amortized cost basis. If the Company determines that the decline in an investment's value indicates credit losses, the difference is recognized as an impairment loss in its Consolidated Statements of Operations. For all available-for-sale debt securities, unrealized gains and the amount of unrealized loss relating to factors other than credit loss are reported as a separate component of accumulated other comprehensive loss in the Consolidated Balance Sheets. Realized gains and losses are determined based on the specific identification method and are reported in the Consolidated Statements of Operations. Investments in Equity Securities The Company's investments in equity securities with readily determinable fair values consist of money market funds, amounts under the non-qualified compensation plan ("NQDC") that are invested in mutual funds, and investments in public companies. These investments are measured at fair value with changes in fair value recognized in the Consolidated Statements of Operations. Equity securities without readily determinable fair values include the Company's investments in privately-held companies consisting of non-redeemable preferred stock and common stock securities. The Company accounts for these securities at cost, adjusted for changes from observable transactions for identical or similar investments of the same issuer, less impairments. Fair value of these equity securities is reassessed when the Company identifies observable price changes indicating that an adjustment upward or downward to the carrying value is necessary. Any observable changes in fair value are recognized in earnings as of the date that the observable transaction took place. In addition, the Company periodically evaluates equity securities without readily determinable fair values to determine if impairment charges are required by evaluating whether an event or change in circumstance has occurred that may have a significant adverse effect on the fair value of the investment. A qualitative assessment is performed each reporting period to assess whether there are any impairment indicators, including, but not limited to, significant deterioration in the investee's earnings performance; credit rating; asset quality or business prospects; adverse change in the regulatory, economic, or technological environment; change in the general market condition of the geographic area or industry; acquisition offers; and the ability to continue as a going concern. If such indicators are present, the Company estimates the fair value of impaired investments and recognizes an impairment loss in the Consolidated Statement of Operations equal to the difference between the carrying value and fair value. The Company accounts for investments in companies over which it has the ability to exercise significant influence, but does not have control over the investee, under the equity method of accounting. The investment is initially measured at fair value and subsequently adjusted for any impairment, investee capital transactions, dividend received, plus or minus the Company's proportionate share of the equity method investee's income or loss. The Company records its interest in the net earnings or loss of its equity method investment along with adjustments for unrealized profits or losses on intra-entity transactions, within its Consolidated Statements of Operations. Depending on the timing of such financial statements of the investee, there may be a lag between the timing of such financial statement and the Company's quarter-end date. For the Company's sole equity method investment as of December 31, 2023, the Company's share of the investee's net earnings or loss is recorded two months in arrears. The Company records an impairment when factors indicate that the carrying amount of the investment might not be recoverable. |
Fair Value | Fair Value Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, the Company considers the principal or most advantageous market in which it transacts, and considers assumptions that market participants would use when pricing the asset or liability. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. These inputs are valued using market-based approaches. Level 3 – Inputs are unobservable inputs based on the Company’s assumptions. These inputs, if any, are valued using internal financial models. |
Derivative Instruments | Derivative Instruments The Company uses derivative instruments, primarily foreign currency forward and interest rate contracts, to hedge certain foreign currency and interest rate exposures. The Company does not enter into derivatives for speculative or trading purposes. The Company uses foreign currency forward contracts or options contracts to hedge certain forecasted foreign currency transactions relating to operating expenses. These derivatives are designated as cash flow hedges, which are carried at fair value with the derivative's gain or loss initially reported as a component of accumulated other comprehensive loss, and upon occurrence of the forecasted transaction, is subsequently reclassified into the costs of services or operating expense line item to which the hedged transaction relates. Cash flows from such hedges are classified as operating activities. The Company also uses foreign currency forward contracts to mitigate variability in gains and losses generated from the re-measurement of certain monetary assets and liabilities denominated in non-functional currencies. These derivatives are carried at fair value with changes recorded in other expense, net in the Consolidated Statements of Operations in the same period as the changes in the fair value from the re-measurement of the underlying assets and liabilities. Cash flows from such derivatives are classified as operating activities. The Company uses interest rate swap contracts to convert certain of our fixed interest rate notes to floating interest rates based on the Secured Overnight Financing Rate (SOFR). All interest rate swap contracts will expire within seven years. The change in fair value of the derivative instrument substantially offsets the change in the fair value of the hedged item. These derivatives are classified in the Consolidated Statements of Cash Flows in the same section as the underlying item. The Company uses interest rate lock contracts, which fix the benchmark interest rates of future debt issuance. The Company records changes in fair value of these contracts in accumulated other comprehensive income (loss) in the consolidated balance sheets, in the period of change. When the forecasted transaction occurs, the Company will start to amortize the accumulated gains or losses included as a component of other comprehensive income (loss) related to the interest rate lock cash flow hedges to interest expense. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the gains or losses on the related cash flow hedge from accumulated other comprehensive income (loss) will be reclassified to other income and expense within the income statement. During the year ended December 31, 2023 , the Company terminated these interest rate lock contracts. Refer to Note 4, Derivative Instruments . The Company presents its derivative assets and derivative liabilities on a gross basis in the Consolidated Balance Sheets. However, under agreements containing provisions on set-off with certain counterparties, subject to applicable requirements, the Company is allowed to net-settle transactions, with a single net amount payable by one party to the other. The Company is neither required to pledge nor entitled to receive cash collateral related to these derivative transactions. |
Inventory | Inventory Inventory consists primarily of component parts to be used in the manufacturing process and finished goods, and is stated at the lower of cost or net realizable value. In addition, the Company purchases and holds inventory to provide adequate component supplies over the life of the underlying products. Cost is computed using standard cost, which approximates actual cost, on a first-in, first-out basis. A charge is recorded to cost of product when inventory is determined to be in excess of anticipated demand or considered obsolete. At the point of loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in the newly established cost basis. |
Leases | Leases The Company determines if an arrangement is a lease at inception. The Company evaluates classification of leases as either operating or finance at commencement and, as necessary, at modification. As of December 31, 2023, the Company did not have any finance leases. Operating leases are included in operating lease right-of-use ("ROU") assets, other accrued liabilities, and operating lease liabilities on the Company's Consolidated Balance Sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated using the straight-line method, over the estimated useful lives of the following assets: Estimated Useful Life (years) Computers, equipment, and software (*) 1.5 to 10 Furniture and fixtures 5 to 7 Building and building improvements 7 to 40 Land improvements 10 to 40 Leasehold improvements Lease term, not to exceed 10 years ________________________________ (*) Effective January 1, 2024, we increased the expected useful life of certain lab equipment from 3-5 years to 7 years to better reflect the economic value of our assets. |
Business Combinations | Business Combinations The purchase price of an acquired entity is allocated to tangible assets, liabilities, and intangible assets based on their estimated fair values with the residual of the purchase price recorded as goodwill. The determination of the value of the intangible assets acquired involves certain estimates, such as expected future cash flows, which include consideration of future growth rates and margins, attrition rates, future changes in technology, discount rates, and the expected use of the acquired assets. These factors are also considered in determining the useful life of the acquired intangible assets. Acquisition related expenses are recognized separately from the business combination and are expensed as incurred. The Company's Consolidated Financial Statements include the operating results of acquired businesses from the date of each acquisition. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is tested for impairment annually on November 1 or more frequently if certain circumstances indicate the carrying value of goodwill is impaired. Goodwill is tested for impairment at the reporting unit level. A qualitative assessment is first performed to determine whether it is necessary to quantitatively test goodwill for impairment. This initial assessment includes, among others, consideration of macroeconomic conditions and financial performance. If the qualitative assessment indicates that it is more likely than not that an impairment exists, a quantitative analysis is performed by determining the fair value of the reporting unit using a combination of the discounted cash flow and the market approaches. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. A goodwill impairment loss is recognized for the amount that the carrying amount of the reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets Long-lived assets, such as property, plant, and equipment, ROU assets, and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset, or asset group, to estimated undiscounted future cash flows expected to be generated by the asset, or asset group. An impairment charge is recognized by the amount by which the carrying amount of the asset, or asset group, exceeds its fair value. |
Warranty Reserves | Warranty Reserves The Company generally offers a one-year warranty or limited life-time warranty on most of its hardware products, and a 90-day warranty on the media that contains the software embedded in the products. Warranty costs are recognized as part of the Company's cost of sales based on associated material costs, logistics costs, labor costs, and overhead at the time revenue is recognized. Material costs are estimated primarily based upon the historical costs to repair or replace product returns within the warranty period. Labor, logistics, and overhead costs are estimated primarily based upon historical trends in the cost to support customer cases within the warranty period. Warranty reserve is reported within other accrued liabilities in the Consolidated Balance Sheets. |
Contract Manufacturer Liabilities | Contract Manufacturer Liabilities |
Loss Contingencies | Loss Contingencies |
Foreign Currency | Foreign Currency Assets and liabilities of foreign operations with non-U.S. Dollar functional currency are translated to U.S. Dollars using exchange rates in effect at the end of the period. Revenue and expenses are translated to U.S. Dollars using rates that approximate those in effect during the period. The resulting translation adjustments are included in the Company’s Consolidated Balance Sheets in the stockholders’ equity section as a component of accumulated other comprehensive loss. The Company remeasures monetary assets and monetary liabilities in non-functional currencies and records the resulting foreign exchange transaction gains and losses in other expense, net in the Consolidated Statements of Operations. |
Revenue Recognition and Deferred Contract Costs | Revenue Recognition Revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services by following a five-step process, (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price, and (5) recognize revenue when or as the Company satisfies a performance obligation, as further described below. Identify the contract with a customer . The Company generally considers a sales contract and/or agreement with an approved purchase order as a customer contract provided that collection is considered probable, which is assessed based on the creditworthiness of the customer as determined by credit checks, payment histories, and/or other circumstances. The Company combines contracts with a customer if contracts are negotiated with a single commercial substance or contain price dependencies. Identify the performance obligations in the contract . Product performance obligations include hardware, software licenses including perpetual and term-based licenses, and service performance obligations including maintenance services, Software-as-a-Service ("SaaS"), education and training, and professional services. Determine the transaction price . The transaction price for the Company’s contracts with its customers consists of both fixed and variable consideration, provided it is probable that a significant reversal of revenue will not occur when the uncertainty related to variable consideration is resolved. Fixed consideration includes amounts to be contractually billed to the customer while variable consideration includes estimates for rights of return, rebates, and price protection, which are based on historical sales returns and price protection credits, specific criteria outlined in rebate agreements, and other factors known at the time. The Company generally invoices customers for hardware, software licenses and related maintenance arrangements at time of delivery, and professional services either upfront or upon meeting certain milestones. Customer invoices are generally due within 30 to 90 days after issuance. The Company’s contracts with customers typically do not include significant financing components as the period between the transfer of performance obligations and timing of payment are generally within one year. Allocate the transaction price to the performance obligations in the contract . For contracts that contain multiple performance obligations, the Company allocates the transaction price to the performance obligations on a relative stand-alone selling price ("SSP") basis. SSP is based on multiple factors including, but not limited to historical discounting trends for products and services, pricing practices in different geographies and through different sales channels, gross margin objectives, internal costs, competitor pricing strategies, and industry technology lifecycles. Recognize revenue when or as the Company satisfies a performance obligation . Revenue for hardware and certain software licenses, are recognized at a point in time, which is generally upon shipment or delivery. Certain software licenses are recognized on a ratable basis over the term of the license. Revenue for maintenance services and SaaS is recognized on a ratable basis over the contract term. Revenue from education, training, and professional services is recognized as services are completed or ratably over the contractual period of generally one year or less. Deferred product revenue represents unrecognized revenue related to undelivered product commitments and other shipments that have not met revenue recognition criteria. Deferred service revenue represents billed amounts for service contracts, which include technical support, hardware and software maintenance, professional services, SaaS, and education and training, for which services have not been rendered. Revenue is recognized net of any taxes collected, which are subsequently remitted to governmental authorities. Deferred Contract Costs Sales commissions earned by the Company’s sales force are considered incremental and recoverable costs of obtaining a contract with a customer. The Company capitalizes these costs, for which the transfer of the goods or services to which the asset relates will occur in future periods. These costs are recorded as prepaid expenses or other long-term assets and are deferred and then amortized over a period of benefit which is typically over the term of the customer contracts. Amortization expense is included in sales and marketing expenses in the accompanying Consolidated Statements of Operations. |
Research and Development | Research and Development |
Software Development Costs | Software Development Costs Capitalization of software development costs for software to be sold, leased, or otherwise marketed begins when a product's technological feasibility has been established and ends when a product is available for general release to customers. Generally, the Company's products are released soon after technological feasibility has been established. As a result, costs incurred between achieving technological feasibility and product general availability have not been significant. The Company capitalizes costs associated with internal-use software systems during the application development stage. Such capitalized costs include external direct costs incurred in developing or obtaining the applications and payroll and payroll-related costs for employees, who are directly associated with the development of the applications. |
Advertising | Advertising |
Share-Based Compensation | Share-Based Compensation The Company measures and recognizes compensation cost for all share-based awards made to employees and directors, including employee stock options, restricted stock awards ("RSAs"), restricted stock units ("RSUs"), performance share awards ("PSAs") and employee stock purchases related to the Employee Stock Purchase Plan ("ESPP"). For service condition only awards, share-based compensation expense is based on the fair value of the underlying awards and amortized on a straight-line basis. For PSAs, share-based compensation expense is amortized on a straight-line basis for each separate vesting portion of the awards. The Company accounts for forfeitures as they occur. The Company utilizes the Black-Scholes-Merton (“BSM”) option-pricing model to estimate the fair value of its ESPP purchase rights. The BSM model requires various highly subjective assumptions that represent management's best estimates of volatility, risk-free interest rate, expected life, and dividend yield. The Company estimates expected volatility based on the implied volatility of market-traded options, on the Company's common stock, adjusted for other relevant factors including historical volatility of the Company’s common stock over the most recent period commensurate with the estimated expected life of the Company’s ESPP. The expected life of ESPP purchase rights approximates the offering period. The Company determines the grant date fair value of its RSUs, RSAs, and PSAs based on the closing market price of the Company’s common stock on the date of grant, adjusted by the present value of the 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. |
Provision for Income Taxes | Provision for Income Taxes Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. The Company accounts for uncertainty in income taxes using a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies the liability for unrecognized tax benefits as current to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes. The Company accounts for the current impacts of U.S. tax on certain foreign subsidiaries income, which is referred to as Global Intangible Low-Taxed Income, in the year earned. |
Concentrations of Risk | Concentrations of Risk Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, investments, derivatives, and accounts receivable. The Company invests only in high-quality credit instruments and maintains its cash, cash equivalents, and available-for-sale investments in fixed income securities with several high-quality institutions. Deposits held with banks, including those held in foreign branches of global banks, may exceed the amount of insurance provided on such deposits. We mitigate the concentration of credit risk in our investment portfolio through diversification of the investments in various industries and asset classes, and limits to the amount of credit exposure to any single issuer and credit rating. The Company’s derivatives expose it to credit risk to the extent that counterparties may be unable to meet the terms of the agreement. The Company has a risk assessment and mitigation framework to evaluate the potential risk of loss with any one counterparty resulting from this type of credit risk. As part of this risk mitigation framework, the Company transacts with major financial institutions with high credit ratings and also enters into master netting agreements, which permit net settlement of the transactions with the same counterparty. The Company performs periodic evaluations of the relative credit standing of these financial institutions. Therefore, the Company does not expect material losses as a result of defaults by counterparties. Generally, credit risk with respect to accounts receivable is diversified due to the number of entities comprising the Company's customer base and their dispersion across different geographic locations throughout the world. The Company performs ongoing credit evaluations of its customers and generally does not require collateral on accounts receivable. For the years ended December 31, 2023, 2022, and 2021, no single customer accounted for 10% or more of net revenues. |
Recent Accounting Standards Not Yet Adopted | Recent Accounting Standards Not Yet Adopted Improvements to Reportable Segment Disclosures: In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The Company is currently evaluating the effect of this pronouncement on its disclosures. Improvements to Income Tax Disclosures: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which expands the disclosures required for income taxes. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the effect of this pronouncement on its disclosures. |
Net Income per Share | Basic net income per share is computed using net income available to common stockholders and the weighted-average number of common shares outstanding for the period. Diluted net income per share is computed using net income available to common stockholders and the weighted-average number of common shares outstanding plus potentially dilutive common shares outstanding during the period. Dilutive potential common shares consist of common shares issuable upon exercise of stock options and purchase rights, and vesting of RSUs, RSAs, and PSAs. The Company includes the common shares underlying PSAs in the calculation of diluted net income per share only when they become contingently issuable. Anti-dilutive shares are excluded from the computation of diluted net income per share. |
Description of Business, Basi_3
Description of Business, Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated using the straight-line method, over the estimated useful lives of the following assets: Estimated Useful Life (years) Computers, equipment, and software (*) 1.5 to 10 Furniture and fixtures 5 to 7 Building and building improvements 7 to 40 Land improvements 10 to 40 Leasehold improvements Lease term, not to exceed 10 years ________________________________ (*) Effective January 1, 2024, we increased the expected useful life of certain lab equipment from 3-5 years to 7 years to better reflect the economic value of our assets. Property and equipment, net, consisted of the following (in millions): As of December 31, 2023 2022 Computers and equipment $ 990.0 $ 940.0 Software 221.3 220.3 Leasehold improvements 185.9 189.2 Furniture and fixtures 45.3 45.4 Building and building improvements 292.8 271.9 Land and land improvements 243.6 243.6 Construction-in-process 4.1 12.1 Property and equipment, gross 1,983.0 1,922.5 Accumulated depreciation (1,293.1) (1,255.7) Property and equipment, net $ 689.9 $ 666.8 |
Cash Equivalents and Investme_2
Cash Equivalents and Investments (Tables) | 12 Months Ended |
Dec. 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 December 31, 2023 and December 31, 2022 (in millions): As of December 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 $ 38.2 $ 0.2 $ (0.4) $ 38.0 $ 37.8 $ — $ (1.2) $ 36.6 Certificates of deposit 3.0 — — 3.0 — — — — Commercial paper 41.1 — — 41.1 — — — — Corporate debt securities 160.2 0.7 (1.3) 159.6 277.5 — (7.1) 270.4 Foreign government debt securities 5.3 — (0.2) 5.1 8.8 — (0.4) 8.4 Time deposits 273.6 — — 273.6 70.6 — — 70.6 U.S. government agency securities 4.0 — — 4.0 18.6 — (0.6) 18.0 U.S. government securities 54.8 0.1 — 54.9 9.0 — (0.2) 8.8 Total fixed income securities 580.2 1.0 (1.9) 579.3 422.3 — (9.5) 412.8 Privately-held debt and redeemable preferred stock securities 20.6 37.4 (8.3) 49.7 15.5 37.4 — 52.9 Total available-for-sale debt securities $ 600.8 $ 38.4 $ (10.2) $ 629.0 $ 437.8 $ 37.4 $ (9.5) $ 465.7 Reported as: Cash equivalents $ 328.2 $ — $ — $ 328.2 $ 70.6 $ — $ — $ 70.6 Short-term investments 135.7 — (1.4) 134.3 205.9 — (3.3) 202.6 Long-term investments 116.3 1.0 (0.5) 116.8 145.8 — (6.2) 139.6 Other long-term assets 20.6 37.4 (8.3) 49.7 15.5 37.4 — 52.9 Total $ 600.8 $ 38.4 $ (10.2) $ 629.0 $ 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 December 31, 2023 (in millions): Amortized Estimated Fair Due in less than one year $ 463.9 $ 462.5 Due between one and five years 116.3 116.8 Total $ 580.2 $ 579.3 |
Schedule of Investments in Equity Securities | The following table presents the Company's investments in equity securities as of December 31, 2023 and 2022 (in millions): As of December 31, 2023 2022 Equity investments with readily determinable fair value Money market funds $ 337.5 $ 420.8 Mutual funds 38.0 28.1 Publicly-traded equity securities 5.1 7.7 Equity investments without readily determinable fair value 45.8 137.7 Equity investment under the equity method of accounting 26.4 36.0 Total equity securities $ 452.8 $ 630.3 Reported as: Cash equivalents $ 337.5 $ 420.8 Short-term investments 5.1 7.7 Prepaid expenses and other current assets 2.5 2.4 Other long-term assets 107.7 199.4 Total $ 452.8 $ 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 Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022 (in millions): As of December 31, 2023 2022 Cash and cash equivalents $ 1,068.1 $ 880.1 Restricted cash included in Prepaid expenses and other current assets 13.8 15.2 Restricted cash included in Other long-term assets 2.4 2.4 Total cash, cash equivalents, and restricted cash $ 1,084.3 $ 897.7 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 Consolidated Balance Sheets (in millions): Fair Value Measurements at December 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 $ — $ 38.0 $ — $ 38.0 $ — $ 36.6 $ — $ 36.6 Certificates of deposit — 3.0 — 3.0 — — — — Commercial paper — 41.1 — 41.1 — — — — Corporate debt securities — 159.6 — 159.6 — 270.4 — 270.4 Foreign government debt securities — 5.1 — 5.1 — 8.4 — 8.4 Time deposits — 273.6 — 273.6 — 70.6 — 70.6 U.S. government agency securities — 4.0 — 4.0 — 18.0 — 18.0 U.S. government securities 20.0 34.9 — 54.9 8.8 — — 8.8 Privately-held debt and redeemable preferred stock securities — — 49.7 49.7 — — 52.9 52.9 Total available-for-sale debt securities 20.0 559.3 49.7 629.0 8.8 404.0 52.9 465.7 Equity securities: Money market funds 337.5 — — 337.5 420.8 — — 420.8 Mutual funds 38.0 — — 38.0 28.1 — — 28.1 Publicly-traded equity securities 5.1 — — 5.1 7.7 — — 7.7 Total equity securities 380.6 — — 380.6 456.6 — — 456.6 Derivative assets: Foreign exchange contracts — 7.2 — 7.2 — 1.3 — 1.3 Interest rate contracts — — — — — 125.4 — 125.4 Total derivative assets — 7.2 — 7.2 — 126.7 — 126.7 Total assets measured at fair value on a recurring basis $ 400.6 $ 566.5 $ 49.7 $ 1,016.8 $ 465.4 $ 530.7 $ 52.9 $ 1,049.0 Liabilities: Derivative liabilities: Foreign exchange contracts $ — $ (7.2) $ — $ (7.2) $ — $ (37.6) $ — $ (37.6) Interest rate contracts — (73.6) — (73.6) — (87.4) — (87.4) Total derivative liabilities — (80.8) — (80.8) — (125.0) — (125.0) Total liabilities measured at fair value on a recurring basis $ — $ (80.8) $ — $ (80.8) $ — $ (125.0) $ — $ (125.0) Total assets, reported as: Cash equivalents $ 337.5 $ 328.2 $ — $ 665.7 $ 420.8 $ 70.6 $ — $ 491.4 Short-term investments 12.8 126.6 — 139.4 14.6 195.7 — 210.3 Long-term investments 12.3 104.5 — 116.8 1.9 137.7 — 139.6 Prepaid expenses and other current assets 2.5 4.6 — 7.1 2.4 0.8 — 3.2 Other long-term assets 35.5 2.6 49.7 87.8 25.7 125.9 52.9 204.5 Total assets measured at fair value on a recurring basis $ 400.6 $ 566.5 $ 49.7 $ 1,016.8 $ 465.4 $ 530.7 $ 52.9 $ 1,049.0 Fair Value Measurements at December 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 Total liabilities, reported as: Other accrued liabilities $ — $ (6.2) $ — $ (6.2) $ — $ (32.5) $ — $ (32.5) Other long-term liabilities — (74.6) — (74.6) — (92.5) — (92.5) Total liabilities measured at fair value on a recurring basis $ — $ (80.8) $ — $ (80.8) $ — $ (125.0) $ — $ (125.0) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 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 December 31, 2023 2022 Designated derivatives: Cash flow hedges: Foreign currency contracts $ 801.0 $ 775.9 Interest rate lock contracts — 650.0 Fair value hedges: Interest rate swap contracts 600.0 600.0 Total designated derivatives $ 1,401.0 $ 2,025.9 Non-designated derivatives 200.7 163.5 Total $ 1,601.7 $ 2,189.4 |
Schedule of Derivative Liabilities at Fair Value | The fair value of derivative instruments on the Consolidated Balance Sheets was as follows: As of December 31, Balance Sheet Location 2023 2022 Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts as cash flow hedges Other current assets $ 4.4 $ 0.7 Foreign currency contracts as cash flow hedges Other long-term assets 2.7 0.5 Interest rate lock contracts Other long-term assets — 125.4 Total derivatives designated as hedging instruments $ 7.1 $ 126.6 Derivatives not designated as hedging instruments Other current assets 0.1 0.1 Total derivative assets $ 7.2 $ 126.7 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 6.0 $ 32.3 Foreign currency contracts Other long-term liabilities 1.0 5.1 Interest rate swap contracts Other long-term liabilities 73.6 87.4 Total derivatives designated as hedging instruments $ 80.6 $ 124.8 Derivatives not designated as hedging instruments Other accrued liabilities 0.2 0.2 Total derivative liabilities $ 80.8 $ 125.0 |
Schedule of Derivative Assets at Fair Value | The fair value of derivative instruments on the Consolidated Balance Sheets was as follows: As of December 31, Balance Sheet Location 2023 2022 Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts as cash flow hedges Other current assets $ 4.4 $ 0.7 Foreign currency contracts as cash flow hedges Other long-term assets 2.7 0.5 Interest rate lock contracts Other long-term assets — 125.4 Total derivatives designated as hedging instruments $ 7.1 $ 126.6 Derivatives not designated as hedging instruments Other current assets 0.1 0.1 Total derivative assets $ 7.2 $ 126.7 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 6.0 $ 32.3 Foreign currency contracts Other long-term liabilities 1.0 5.1 Interest rate swap contracts Other long-term liabilities 73.6 87.4 Total derivatives designated as hedging instruments $ 80.6 $ 124.8 Derivatives not designated as hedging instruments Other accrued liabilities 0.2 0.2 Total derivative liabilities $ 80.8 $ 125.0 |
Goodwill and Purchased Intang_2
Goodwill and Purchased Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The Company's goodwill activity was as follows (in millions): Amount December 31, 2021 $ 3,762.1 Other (*) (27.7) December 31, 2022 3,734.4 Other — December 31, 2023 $ 3,734.4 ______________________ |
Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class | The Company’s purchased intangible assets, net, were as follows (in millions): As of December 31, 2023 As of December 31, 2022 Gross Accumulated Accumulated Impairments and Net Gross Accumulated Accumulated Impairments and Net Finite-lived intangible assets: Technologies and patents $ 913.1 $ (779.1) $ (55.1) $ 78.9 $ 913.1 $ (721.3) $ (55.1) $ 136.7 Customer contracts, support agreements, and related relationships 136.3 (120.9) (2.8) 12.6 136.3 (111.2) (2.8) 22.3 Trade names and other 9.6 (9.3) — 0.3 9.6 (8.1) — 1.5 Total purchased intangible assets $ 1,059.0 $ (909.3) $ (57.9) $ 91.8 $ 1,059.0 $ (840.6) $ (57.9) $ 160.5 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The Company’s purchased intangible assets, net, were as follows (in millions): As of December 31, 2023 As of December 31, 2022 Gross Accumulated Accumulated Impairments and Net Gross Accumulated Accumulated Impairments and Net Finite-lived intangible assets: Technologies and patents $ 913.1 $ (779.1) $ (55.1) $ 78.9 $ 913.1 $ (721.3) $ (55.1) $ 136.7 Customer contracts, support agreements, and related relationships 136.3 (120.9) (2.8) 12.6 136.3 (111.2) (2.8) 22.3 Trade names and other 9.6 (9.3) — 0.3 9.6 (8.1) — 1.5 Total purchased intangible assets $ 1,059.0 $ (909.3) $ (57.9) $ 91.8 $ 1,059.0 $ (840.6) $ (57.9) $ 160.5 |
Schedule of Estimated Future Amortization Expense of Purchased Intangible Assets with Finite Lives | As of December 31, 2023, the estimated future amortization expense of purchased intangible assets with finite lives was as follows (in millions): Years Ending December 31, Amount 2024 $ 49.2 2025 39.6 2026 3.0 2027 — 2028 — Total $ 91.8 |
Other Financial Information (Ta
Other Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Financial Information [Abstract] | |
Schedule of Total Inventory | Total inventory consisted of the following (in millions): As of December 31, 2023 2022 Production and service materials $ 719.0 $ 479.6 Finished goods 299.0 163.3 Total inventory $ 1,018.0 $ 642.9 Reported as: Inventory $ 952.4 $ 619.4 Other long-term assets (1) 65.6 23.5 Total inventory $ 1,018.0 $ 642.9 __________________ (1) Long-term inventory balance classified as other long-term assets in the Company's Consolidated Balance Sheets consists of last time buy component inventory to be consumed beyond the Company's normal operating cycle. |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in millions): As of December 31, 2023 2022 Contract manufacturer deposits $ 316.4 $ 434.7 Prepaid expenses 140.9 104.3 Other current assets 134.2 141.0 Total prepaid expenses and other current assets $ 591.5 $ 680.0 |
Schedule of Property and Equipment, Net | Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated using the straight-line method, over the estimated useful lives of the following assets: Estimated Useful Life (years) Computers, equipment, and software (*) 1.5 to 10 Furniture and fixtures 5 to 7 Building and building improvements 7 to 40 Land improvements 10 to 40 Leasehold improvements Lease term, not to exceed 10 years ________________________________ (*) Effective January 1, 2024, we increased the expected useful life of certain lab equipment from 3-5 years to 7 years to better reflect the economic value of our assets. Property and equipment, net, consisted of the following (in millions): As of December 31, 2023 2022 Computers and equipment $ 990.0 $ 940.0 Software 221.3 220.3 Leasehold improvements 185.9 189.2 Furniture and fixtures 45.3 45.4 Building and building improvements 292.8 271.9 Land and land improvements 243.6 243.6 Construction-in-process 4.1 12.1 Property and equipment, gross 1,983.0 1,922.5 Accumulated depreciation (1,293.1) (1,255.7) Property and equipment, net $ 689.9 $ 666.8 |
Schedule of Warranties | Changes in the Company’s warranty reserve were as follows (in millions): As of December 31, 2023 2022 Beginning balance $ 29.5 $ 33.0 Provisions made during the period, net 31.9 30.1 Actual costs incurred during the period (32.0) (33.6) Ending balance $ 29.4 $ 29.5 |
Schedule of Deferred Revenue | Details of the Company's deferred revenue, as reported in the Consolidated Balance Sheets, were as follows (in millions): As of December 31, 2023 2022 Deferred product revenue, net $ 92.1 $ 108.8 Deferred service revenue, net 1,932.8 1,554.3 Total $ 2,024.9 $ 1,663.1 Reported as: Current $ 1,130.0 $ 1,020.5 Long-term 894.9 642.6 Total $ 2,024.9 $ 1,663.1 |
Schedule of Remaining Performance Obligations | The following table summarizes the breakdown of RPO (1) as of December 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 $ 92.9 $ 77.3 $ 12.9 $ 2.7 Service 1,943.9 1,059.2 666.2 218.5 Total $ 2,036.8 $ 1,136.5 $ 679.1 $ 221.2 _______________ (1) The Company's RPO does not include backlog. Backlog consists of purchase orders for product expected to be shipped to the Company's distributors, resellers, or end-customers within the next twelve months. The following amounts are not included in the Company's backlog: (1) deferred revenue, (2) unbilled contract revenue, (3) all service obligations, including software as a service (SaaS), and (4) certain future revenue adjustments for items such as sales return reserves and early payment discounts. |
Schedule of Other Expense, Net | Other expense, net consisted of the following (in millions): Years Ended December 31, 2023 2022 2021 Interest income $ 50.6 $ 19.6 $ 14.9 Interest expense (80.0) (58.6) (50.8) Gain (loss) on other investments, net (1) (2) 6.0 (11.6) 4.9 Other (0.4) 1.6 1.5 Other expense, net $ (23.8) $ (49.0) $ (29.5) _______________ (1) Other investments represent fixed income securities and equity investments with readily determinable fair value. (2) |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges | The following table presents restructuring charges included in the Consolidated Statements of Operations (in millions): Years Ended December 31, 2023 2022 2021 Employee severance $ 56.8 $ 12.4 $ 13.6 Facility exit-related and asset impairments 22.1 3.1 8.1 Contract terminations and other 19.1 4.7 21.2 Total $ 98.0 $ 20.2 $ 42.9 |
Schedule of Restructuring Liabilities | The following table provides a summary of changes in the restructuring liabilities (in millions) under the Company's approved restructuring plans for the twelve months ended December 31, 2023: 2023 Restructuring Plans Prior Year Plans Employee severance Facility exit-related and asset impairments Contract terminations and other Employee severance Facility exit-related and asset impairments Contract terminations and other Total Liability as of December 31, 2022 $ — $ — $ — $ 3.0 $ 1.2 $ 1.9 $ 6.1 Charges 57.3 24.1 19.1 (0.5) (2.0) — 98.0 Cash payments (28.4) (0.3) (14.7) (1.5) (0.4) (1.9) (47.2) Non-cash items 0.1 (23.6) (1.2) — 1.4 — (23.3) Liability as of December 31, 2023 $ 29.0 $ 0.2 $ 3.2 $ 1.0 $ 0.2 $ — $ 33.6 |
Debt and Financing (Tables)
Debt and Financing (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instruments [Abstract] | |
Schedule of Long-term Debt | The following table summarizes the Company's total debt (in millions, except percentages): As of December 31, Maturity Date Effective Interest 2023 2022 Senior Notes ("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 (9.6) (11.3) Hedge accounting fair value adjustments (*) (73.6) (87.4) Total $ 1,616.8 $ 1,601.3 ________________________________ (*) Represents the fair value adjustments for interest rate swap contracts with an aggregate notional amount of $600.0 million. These contracts convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments , for a discussion of the Company's interest rate swap contracts. |
Schedule of Maturities of Long-term Debt | As of December 31, 2023, the Company's aggregate debt maturities based on outstanding principal were as follows (in millions): Years Ending December 31, Amount 2024 $ — 2025 400.0 2026 — 2027 — 2028 — Thereafter 1,300.0 Total $ 1,700.0 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Dividends Paid and Stock Repurchases and Retirements Under Stock Repurchase Program | The following table summarizes dividends paid, stock repurchases and retirements under the Company's stock repurchase programs, and stock repurchases for tax withholdings (in millions, except per share amounts): Dividends Stock Repurchases Total Year Per Share Amount Shares Average price Amount Tax Withholding Amount 2023 $ 0.88 $ 280.8 13.1 $ 29.47 $ 385.0 $ 12.7 $ 678.5 2022 $ 0.84 $ 270.4 9.2 $ 32.32 $ 299.7 $ 15.4 $ 585.5 2021 $ 0.80 $ 259.1 15.7 $ 27.56 $ 433.3 $ 10.2 $ 702.6 |
Schedule of Accumulated Other Comprehensive Loss, Net of Taxes | The components of accumulated other comprehensive income (loss), net of related taxes, for the years ended December 31, 2023, 2022, and 2021 were as follows (in millions): Unrealized Gains/Losses on Available-for- Sale Debt Securities (1) Unrealized Gains/Losses on Cash Flow Hedges (2) Foreign Total Balance as of December 31, 2020 $ 34.1 $ 57.7 $ (36.2) $ 55.6 Other comprehensive loss before reclassifications (5.0) (13.5) (12.8) (31.3) Amount reclassified from accumulated other comprehensive income (loss) (1.2) (25.2) — (26.4) Other comprehensive loss, net (6.2) (38.7) (12.8) (57.7) Balance as of December 31, 2021 $ 27.9 $ 19.0 $ (49.0) $ (2.1) Other comprehensive income (loss) before reclassifications (6.5) 15.7 (30.1) (20.9) Amount reclassified from accumulated other comprehensive income (loss) 0.4 26.8 — 27.2 Other comprehensive income (loss), net (6.1) 42.5 (30.1) 6.3 Balance as of December 31, 2022 $ 21.8 $ 61.5 $ (79.1) $ 4.2 Other comprehensive income (loss) before reclassifications 7.1 11.7 (3.0) 15.8 Amount reclassified from accumulated other comprehensive income (loss) — 29.1 — 29.1 Other comprehensive income (loss), net 7.1 40.8 (3.0) 44.9 Balance as of December 31, 2023 $ 28.9 $ 102.3 $ (82.1) $ 49.1 ________________________________ (1) The reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31, 2023, 2022 , and 2021 for realized gains on available-for-sale debt securities were not material, and were included in other expense, net, in the Consolidated Statements of Operations. (2) The reclassifications out of accumulated other comprehensive income (loss) for realized gains (losses) on cash flow hedges was $(29.8) million, $(25.8) million and $28.9 million for the year ended December 31, 2023, 2022 and 2021, respectively. The reclassified amounts were included within cost of revenues, research and development, sales and marketing, and general and administrative in the Consolidated Statements of Operations. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Nonvested Share Activity | The following table summarizes the Company’s RSU, RSA, and PSA activity and related information as of and for the year ended December 31, 2023 (in millions, except per share amounts and years): Outstanding RSUs, RSAs, and PSAs Number of Shares Weighted Average Weighted Average Aggregate Balance at December 31, 2022 20.2 $ 26.78 Granted (1)(2) 9.6 28.88 Vested (3) (7.9) 26.04 Canceled (1.7) 26.37 Balance at December 31, 2023 20.2 $ 28.10 1.1 $ 593.6 As of December 31, 2023 Vested and expected-to-vest RSUs, RSAs, and PSAs 17.6 $ 27.67 1.1 $ 518.8 ________________________________ (1) Includes 7.8 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. (2) The weighted-average grant-date fair value of RSUs, RSAs, and PSAs granted and assumed or substituted during 2023, 2022, and 2021 was $28.88, $29.62, and $26.21, respectively. 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. During 2023, the Company declared a quarterly cash dividend of $0.22 per share of common stock on January 31, 2023, April 25, 2023, July 27, 2023, and October 26, 2023. (3) Total fair value of RSUs, RSAs, and PSAs vested during 2023, 2022, and 2021 was $206.8 million, $202.2 million, and $184.2 million, respectively. |
Shares Available for Grant | The following table presents the stock activity and the total number of shares available for grant under the 2015 Plan (in millions): Number of Shares Balance as of December 31, 2022 3.4 Additional shares authorized 7.0 Options, RSUs, and PSAs granted (9.3) RSUs and PSAs canceled 1.2 Balance as of December 31, 2023 2.3 |
Schedule Of Share-based Payment Award, Stock Options and Employee Stock Purchase Plan, Valuation Assumptions | The weighted-average assumptions used and the resulting estimates of fair value for ESPP purchase rights and market-based RSUs were as follows: Years Ended December 31, 2023 2022 2021 ESPP Purchase Rights: Volatility 28% 29% 32% Risk-free interest rate 4.6% 1.1% 0.1% Expected life (years) 1.3 1.3 1.3 Dividend yield 2.8% 2.5% 3.0% Weighted-average fair value per share $7.97 $8.84 $6.96 Market-based RSUs: Volatility 28% 30% 30% Risk-free interest rate 4.3% 1.7% 0.2% Dividend yield 2.8% 2.5% 3.4% Weighted-average fair value per share $37.45 $47.96 $30.70 |
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 Company's Consolidated Statements of Operations (in millions): Years Ended December 31, 2023 2022 2021 Cost of revenues - Product $ 6.7 $ 5.9 $ 5.3 Cost of revenues - Service 20.8 17.4 18.2 Research and development 129.2 84.0 93.1 Sales and marketing 85.2 59.1 65.9 General and administrative 37.5 42.9 40.1 Total $ 279.4 $ 209.3 $ 222.6 |
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes share-based compensation expense by award type (in millions): Years Ended December 31, 2023 2022 2021 Stock options $ 2.2 $ 5.4 $ 9.3 RSUs, RSAs, and PSAs 249.1 181.9 196.2 ESPP Purchase Rights 28.1 22.0 17.1 Total $ 279.4 $ 209.3 $ 222.6 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Segment | The following table presents net revenues by customer solution (in millions): Years Ended December 31, 2023 2022 2021 Customer Solutions: Automated WAN Solutions $ 1,839.3 $ 1,865.3 $ 1,665.0 Cloud-Ready Data Center 744.7 878.9 727.1 AI-Driven Enterprise 1,391.8 1,026.2 830.4 Hardware Maintenance and Professional Services 1,588.7 1,530.8 1,512.9 Total $ 5,564.5 $ 5,301.2 $ 4,735.4 The following table presents net revenues by customer vertical (in millions): Years Ended December 31, 2023 2022 2021 Cloud $ 1,162.8 $ 1,393.6 $ 1,228.0 Service Provider 1,842.5 1,891.2 1,839.1 Enterprise 2,559.2 2,016.4 1,668.3 Total $ 5,564.5 $ 5,301.2 $ 4,735.4 |
Schedule of Net Revenues by Geographic Region | The Company attributes revenues to geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions): Years Ended December 31, 2023 2022 2021 Americas: United States $ 3,066.5 $ 2,931.6 $ 2,426.9 Other 266.8 225.2 222.2 Total Americas 3,333.3 3,156.8 2,649.1 Europe, Middle East, and Africa 1,405.7 1,370.0 1,314.5 Asia Pacific 825.5 774.4 771.8 Total $ 5,564.5 $ 5,301.2 $ 4,735.4 |
Schedule of Property and Equipment by Geographic Region | The following table presents geographic information for property and equipment, net (in millions). As of December 31, 2023 2022 United States $ 597.0 $ 579.3 International 92.9 87.5 Property and equipment, net $ 689.9 $ 666.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Pretax Income | The components of pretax income are summarized as follows (in millions): Years Ended December 31, 2023 2022 2021 Domestic $ 340.4 $ 509.5 $ 264.6 Foreign 8.6 26.8 45.5 Total pretax income $ 349.0 $ 536.3 $ 310.1 |
Schedule of Components of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes is summarized as follows (in millions): Years Ended December 31, 2023 2022 2021 Current provision (benefit): Federal $ 219.0 $ 223.6 $ 63.4 States 25.9 23.9 15.9 Foreign 46.5 36.2 48.2 Total current provision (benefit) 291.4 283.7 127.5 Deferred (benefit) provision: Federal (250.0) (199.3) (54.3) States (13.6) (13.6) (4.1) Foreign 1.4 (10.3) (11.7) Total deferred (benefit) provision (262.2) (223.2) (70.1) Total provision for income taxes $ 29.2 $ 60.5 $ 57.4 |
Schedule of Effective Income Tax Rate Reconciliation | The provision (benefit) for income taxes differs from the amount computed by applying the federal statutory tax rate of 21% to pretax income for each of the years presented as follows (in millions): Years Ended December 31, 2023 2022 2021 Expected provision at statutory rate $ 73.3 $ 112.7 $ 65.1 State taxes, net of federal benefit 7.0 12.0 6.5 Foreign income at different tax rates (24.4) (18.1) (0.2) R&D tax credits (31.4) (23.6) (16.6) Share-based compensation (5.2) (7.4) (2.2) Non-deductible compensation 5.1 4.0 4.2 Recognition of previously unrecognized tax benefits — (8.1) — Other 4.8 (11.0) 0.6 Total provision for income taxes $ 29.2 $ 60.5 $ 57.4 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company's long-term deferred tax assets and deferred tax liabilities are as follows (in millions): As of December 31, 2023 2022 Deferred tax assets: Net operating loss carry-forwards $ 44.4 $ 57.2 Research and other credit carry-forwards 294.4 281.3 Deferred revenue 74.9 58.1 Share-based compensation 25.4 17.2 Capitalized R&D expenditure 475.7 293.1 Reserves and accruals not currently deductible 133.0 66.1 Operating lease liabilities 31.9 39.7 Other 12.1 13.2 Total deferred tax assets 1,091.8 825.9 Valuation allowance (326.9) (310.9) Deferred tax assets, net of valuation allowance 764.9 515.0 Deferred tax liabilities: Property and equipment basis differences (5.5) — Purchased intangible assets (23.0) (32.3) Unremitted foreign earnings (24.1) (23.7) Net unrealized gain (41.9) (35.8) Operating lease assets (29.5) (36.1) Total deferred tax liabilities (124.0) (127.9) Net deferred tax assets $ 640.9 $ 387.1 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of the Company's total gross unrecognized tax benefits was as follows (in millions): Years Ended December 31, 2023 2022 2021 Balance at beginning of year $ 116.0 $ 113.4 $ 116 Tax positions related to current year: Additions 8.9 5.8 7.7 Tax positions related to prior years: Additions 8.9 6.9 3.3 Reductions — (2.5) (3.6) Settlements — — (9.4) Lapses in statutes of limitations (1.0) (7.6) (0.6) Balance at end of year $ 132.8 $ 116.0 $ 113.4 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Net Income Per Share | The Company computed basic and diluted net income per share as follows (in millions, except per share amounts): Years Ended December 31, 2023 2022 2021 Numerator: Net income $ 310.2 $ 471.0 $ 252.7 Denominator: Weighted-average shares used to compute basic net income per share 320.0 322.1 324.4 Dilutive effect of employee stock awards 5.9 7.4 7.2 Weighted-average shares used to compute diluted net income per share 325.9 329.5 331.6 Net income per share: Basic $ 0.97 $ 1.46 $ 0.78 Diluted $ 0.95 $ 1.43 $ 0.76 Anti-dilutive shares 6.4 3.4 0.5 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Long-Term Purchase Commitment | The following table summarizes the Company’s purchase commitments as of December 31, 2023 (in millions): Years Ending December 31, Purchase Commitments 2024 $ 989.5 2025 137.1 2026 80.0 2027 85.0 Total $ 1,291.6 |
Schedule of Unconditional Purchase Obligations | The following table summarizes the Company’s unconditional purchase obligations other than with contract manufacturers and suppliers as of December 31, 2023 (in millions): Years Ending December 31, Unconditional Purchase Obligations 2024 $ 33.1 2025 30.1 2026 5.2 2027 1.0 2028 0.2 Total $ 69.6 |
Schedule of Lease Costs | The components of lease costs and other information related to leases were as follows (in millions, except years and percentages): Years Ended December 31, 2023 2022 Operating lease cost $ 46.6 $ 48.4 Variable lease cost 11.9 10.0 Total lease cost $ 58.5 $ 58.4 Operating cash outflows from operating leases $ 51.6 $ 53.1 ROU assets obtained in exchange for new operating lease liabilities $ 12.4 $ 26.0 As of December 31, 2023 2022 Weighted average remaining lease term (years) 3.6 4.1 Weighted average discount rate 3.8 % 3.5 % |
Schedule of Future Operating Lease Payments | As of December 31, 2023, future operating lease payments for each of the next five years and thereafter are as follows (in millions): Years Ending December 31, Amount 2024 $ 47.1 2025 42.4 2026 21.2 2027 13.5 2028 6.9 Thereafter 7.6 Total lease payments 138.7 Less: interest (9.4) Total $ 129.3 Balance Sheet Information Other accrued liabilities $ 46.4 Long-term operating lease liabilities 82.9 Total $ 129.3 |
Description of Business, Basi_4
Description of Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Recording period lag | 2 months | ||
Warranty period for hardware products | 1 year | ||
Warranty period for software | 90 days | ||
Production Of Advertising | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Advertising expense | $ 4.9 | $ 7.4 | $ 7.4 |
Communication Of Advertising | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Advertising expense | $ 25.9 | $ 30 | $ 26.6 |
Minimum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Intangible assets, estimated useful life | 4 years | ||
Revenue from contract with customers, terms of payment | 30 days | ||
Maximum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Intangible assets, estimated useful life | 5 years | ||
Revenue from contract with customers, terms of payment | 90 days | ||
Interest rate swap contracts | Maximum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Expiration period | 7 years |
Description of Business, Basi_5
Description of Business, Basis of Presentation and Significant Accounting Policies - Property, Plant and Equipment, Useful Lives (Details) | Jan. 01, 2024 | Dec. 31, 2023 |
Computers, equipment, and software | Minimum | ||
Property and Equipment [Line Items] | ||
Estimated Useful Life (years) | 1 year 6 months | |
Computers, equipment, and software | Maximum | ||
Property and Equipment [Line Items] | ||
Estimated Useful Life (years) | 10 years | |
Lab Equipment | Subsequent Event | ||
Property and Equipment [Line Items] | ||
Estimated Useful Life (years) | 7 years | |
Lab Equipment | Minimum | ||
Property and Equipment [Line Items] | ||
Estimated Useful Life (years) | 3 years | |
Lab Equipment | Maximum | ||
Property and Equipment [Line Items] | ||
Estimated Useful Life (years) | 5 years | |
Furniture and fixtures | Minimum | ||
Property and Equipment [Line Items] | ||
Estimated Useful Life (years) | 5 years | |
Furniture and fixtures | Maximum | ||
Property and Equipment [Line Items] | ||
Estimated Useful Life (years) | 7 years | |
Building and building improvements | Minimum | ||
Property and Equipment [Line Items] | ||
Estimated Useful Life (years) | 7 years | |
Building and building improvements | Maximum | ||
Property and Equipment [Line Items] | ||
Estimated Useful Life (years) | 40 years | |
Land improvements | Minimum | ||
Property and Equipment [Line Items] | ||
Estimated Useful Life (years) | 10 years | |
Land improvements | Maximum | ||
Property and Equipment [Line Items] | ||
Estimated Useful Life (years) | 40 years | |
Leasehold improvements | ||
Property and Equipment [Line Items] | ||
Estimated Useful Life (years) | 10 years |
Cash Equivalents and Investme_3
Cash Equivalents and Investments - Available-For-Sale (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale debt securities: | ||
Amortized Cost | $ 600.8 | $ 437.8 |
Gross Unrealized Gains | 38.4 | 37.4 |
Gross Unrealized Losses | (10.2) | (9.5) |
Estimated Fair Value | 629 | 465.7 |
Cash equivalents | ||
Available-for-sale debt securities: | ||
Amortized Cost | 328.2 | 70.6 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 328.2 | 70.6 |
Short-term investments | ||
Available-for-sale debt securities: | ||
Amortized Cost | 135.7 | 205.9 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1.4) | (3.3) |
Estimated Fair Value | 134.3 | 202.6 |
Long-term investments | ||
Available-for-sale debt securities: | ||
Amortized Cost | 116.3 | 145.8 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (0.5) | (6.2) |
Estimated Fair Value | 116.8 | 139.6 |
Other long-term assets | ||
Available-for-sale debt securities: | ||
Amortized Cost | 20.6 | 15.5 |
Gross Unrealized Gains | 37.4 | 37.4 |
Gross Unrealized Losses | (8.3) | 0 |
Estimated Fair Value | 49.7 | 52.9 |
Total fixed income securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 580.2 | 422.3 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (1.9) | (9.5) |
Estimated Fair Value | 579.3 | 412.8 |
Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 38.2 | 37.8 |
Gross Unrealized Gains | 0.2 | 0 |
Gross Unrealized Losses | (0.4) | (1.2) |
Estimated Fair Value | 38 | 36.6 |
Certificates of deposit | ||
Available-for-sale debt securities: | ||
Amortized Cost | 3 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 3 | 0 |
Commercial paper | ||
Available-for-sale debt securities: | ||
Amortized Cost | 41.1 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 41.1 | 0 |
Corporate debt securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 160.2 | 277.5 |
Gross Unrealized Gains | 0.7 | 0 |
Gross Unrealized Losses | (1.3) | (7.1) |
Estimated Fair Value | 159.6 | 270.4 |
Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 5.3 | 8.8 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (0.2) | (0.4) |
Estimated Fair Value | 5.1 | 8.4 |
Time deposits | ||
Available-for-sale debt securities: | ||
Amortized Cost | 273.6 | 70.6 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 273.6 | 70.6 |
U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 4 | 18.6 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (0.6) |
Estimated Fair Value | 4 | 18 |
U.S. government securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 54.8 | 9 |
Gross Unrealized Gains | 0.1 | 0 |
Gross Unrealized Losses | 0 | (0.2) |
Estimated Fair Value | 54.9 | 8.8 |
Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 20.6 | 15.5 |
Gross Unrealized Gains | 37.4 | 37.4 |
Gross Unrealized Losses | (8.3) | 0 |
Estimated Fair Value | $ 49.7 | $ 52.9 |
Cash Equivalents and Investme_4
Cash Equivalents and Investments - Maturities of Fixed Income Securities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Amortized Cost | $ 600.8 | $ 437.8 |
Estimated Fair Value | ||
Total | 629 | 465.7 |
Fixed income securities | ||
Amortized Cost | ||
Due in less than one year | 463.9 | |
Due between one and five years | 116.3 | |
Amortized Cost | 580.2 | 422.3 |
Estimated Fair Value | ||
Due in less than one year | 462.5 | |
Due between one and five years | 116.8 | |
Total | $ 579.3 | $ 412.8 |
Cash Equivalents and Investme_5
Cash Equivalents and Investments - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) investment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Gross unrealized losses | $ 10,200,000 | $ 9,500,000 | |
Total investments In unrealized loss position | investment | 93 | ||
Allowance for credit loss on available-for-sale debt securities | $ 0 | 0 | |
Allowance for credit losses on privately-held debt and redeemable preferred stock investments | 8,300,000 | 0 | $ 0 |
Gross realized gains from available-for-sale debt securities | 0 | 0 | 15,300,000 |
Gross realized losses from available-for-sale debt securities | 0 | 0 | 0 |
Equity investments, unrealized gains | 0 | 0 | 0 |
Equity investments, unrealized losses | 0 | 0 | 0 |
Equity securities without readily determinable fair value, upward adjustment | 0 | 0 | 0 |
Equity securities without readily determinable fair value, downward adjustment | 89,900,000 | 0 | 0 |
Loss from equity method investment | 9,600,000 | 4,800,000 | $ 0 |
Restricted cash and investments | 54,300,000 | ||
Total fixed income securities | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Gross unrealized losses | 1,900,000 | 9,500,000 | |
OpenLight Photonics, Inc. | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Loss from equity method investment | $ 9,600,000 | $ 4,800,000 | |
Ownership percentage | 24.10% | 25% | |
Prepaid expenses and other current assets | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and investments | $ 16,400,000 | ||
Other long-term assets | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Gross unrealized losses | 8,300,000 | $ 0 | |
Restricted cash and investments | $ 37,900,000 |
Cash Equivalents and Investme_6
Cash Equivalents and Investments - Investments in Equity Securities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Equity investments without readily determinable fair value | $ 45.8 | $ 137.7 |
Equity investment under the equity method of accounting | 26.4 | 36 |
Total equity securities | 452.8 | 630.3 |
Cash equivalents | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Total equity securities | 337.5 | 420.8 |
Short-term investments | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Total equity securities | 5.1 | 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 | 107.7 | 199.4 |
Money market funds | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Equity investments with readily determinable fair value | 337.5 | 420.8 |
Mutual funds | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Equity investments with readily determinable fair value | 38 | 28.1 |
Publicly-traded equity securities | ||
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items] | ||
Equity investments with readily determinable fair value | $ 5.1 | $ 7.7 |
Cash Equivalents and Investme_7
Cash Equivalents and Investments - Restricted Cash and Investments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 1,068.1 | $ 880.1 | ||
Total cash, cash equivalents, and restricted cash | 1,084.3 | 897.7 | $ 942.7 | $ 1,383 |
Prepaid expenses and other current assets | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash included in Prepaid expenses and other current assets and Other long-term assets | 13.8 | 15.2 | ||
Other long-term assets | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted cash included in Prepaid expenses and other current assets 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative assets: | ||
Derivative assets | $ 7.2 | $ 126.7 |
Money market funds | ||
Equity securities: | ||
Equity securities | 337.5 | 420.8 |
Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | 5.1 | 7.7 |
Fair Value, Measurements, Recurring | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 629 | 465.7 |
Equity securities: | ||
Equity securities | 380.6 | 456.6 |
Derivative assets: | ||
Derivative assets | 7.2 | 126.7 |
Total assets measured at fair value on a recurring basis | 1,016.8 | 1,049 |
Derivative liabilities: | ||
Derivative liabilities | (80.8) | (125) |
Total liabilities measured at fair value on a recurring basis | (80.8) | (125) |
Fair Value, Measurements, Recurring | Cash equivalents | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 665.7 | 491.4 |
Fair Value, Measurements, Recurring | Short-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 139.4 | 210.3 |
Fair Value, Measurements, Recurring | Long-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 116.8 | 139.6 |
Fair Value, Measurements, Recurring | Prepaid expenses and other current assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 7.1 | 3.2 |
Fair Value, Measurements, Recurring | Other long-term assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 87.8 | 204.5 |
Fair Value, Measurements, Recurring | Other accrued liabilities | ||
Derivative liabilities: | ||
Total liabilities measured at fair value on a recurring basis | (6.2) | (32.5) |
Fair Value, Measurements, Recurring | Other long-term liabilities | ||
Derivative liabilities: | ||
Total liabilities measured at fair value on a recurring basis | (74.6) | (92.5) |
Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Derivative assets: | ||
Derivative assets | 7.2 | 1.3 |
Derivative liabilities: | ||
Derivative liabilities | (7.2) | (37.6) |
Fair Value, Measurements, Recurring | Interest rate contracts | ||
Derivative assets: | ||
Derivative assets | 0 | 125.4 |
Derivative liabilities: | ||
Derivative liabilities | (73.6) | (87.4) |
Fair Value, Measurements, Recurring | Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 38 | 36.6 |
Fair Value, Measurements, Recurring | Certificates of deposit | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 3 | 0 |
Fair Value, Measurements, Recurring | Commercial paper | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 41.1 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 159.6 | 270.4 |
Fair Value, Measurements, Recurring | Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 5.1 | 8.4 |
Fair Value, Measurements, Recurring | Time deposits | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 273.6 | 70.6 |
Fair Value, Measurements, Recurring | U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 4 | 18 |
Fair Value, Measurements, Recurring | U.S. government securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 54.9 | 8.8 |
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 49.7 | 52.9 |
Fair Value, Measurements, Recurring | Money market funds | ||
Equity securities: | ||
Equity securities | 337.5 | 420.8 |
Fair Value, Measurements, Recurring | Mutual funds | ||
Equity securities: | ||
Equity securities | 38 | 28.1 |
Fair Value, Measurements, Recurring | Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | 5.1 | 7.7 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 20 | 8.8 |
Equity securities: | ||
Equity securities | 380.6 | 456.6 |
Derivative assets: | ||
Derivative assets | 0 | 0 |
Total assets measured at fair value on a recurring basis | 400.6 | 465.4 |
Derivative liabilities: | ||
Derivative liabilities | 0 | 0 |
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Cash equivalents | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 337.5 | 420.8 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Short-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 12.8 | 14.6 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Long-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 12.3 | 1.9 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Prepaid expenses and other current assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 2.5 | 2.4 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Other long-term assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 35.5 | 25.7 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Other accrued liabilities | ||
Derivative liabilities: | ||
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Other long-term liabilities | ||
Derivative liabilities: | ||
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Derivative assets: | ||
Derivative assets | 0 | 0 |
Derivative liabilities: | ||
Derivative liabilities | 0 | 0 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Interest rate contracts | ||
Derivative assets: | ||
Derivative assets | 0 | 0 |
Derivative liabilities: | ||
Derivative liabilities | 0 | 0 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Certificates of deposit | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Commercial paper | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Time deposits | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | U.S. government securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 20 | 8.8 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Money market funds | ||
Equity securities: | ||
Equity securities | 337.5 | 420.8 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Mutual funds | ||
Equity securities: | ||
Equity securities | 38 | 28.1 |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | 5.1 | 7.7 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 559.3 | 404 |
Equity securities: | ||
Equity securities | 0 | 0 |
Derivative assets: | ||
Derivative assets | 7.2 | 126.7 |
Total assets measured at fair value on a recurring basis | 566.5 | 530.7 |
Derivative liabilities: | ||
Derivative liabilities | (80.8) | (125) |
Total liabilities measured at fair value on a recurring basis | (80.8) | (125) |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Cash equivalents | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 328.2 | 70.6 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Short-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 126.6 | 195.7 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Long-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 104.5 | 137.7 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Prepaid expenses and other current assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 4.6 | 0.8 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Other long-term assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 2.6 | 125.9 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Other accrued liabilities | ||
Derivative liabilities: | ||
Total liabilities measured at fair value on a recurring basis | (6.2) | (32.5) |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Other long-term liabilities | ||
Derivative liabilities: | ||
Total liabilities measured at fair value on a recurring basis | (74.6) | (92.5) |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Derivative assets: | ||
Derivative assets | 7.2 | 1.3 |
Derivative liabilities: | ||
Derivative liabilities | (7.2) | (37.6) |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Interest rate contracts | ||
Derivative assets: | ||
Derivative assets | 0 | 125.4 |
Derivative liabilities: | ||
Derivative liabilities | (73.6) | (87.4) |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 38 | 36.6 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Certificates of deposit | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 3 | 0 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Commercial paper | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 41.1 | 0 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 159.6 | 270.4 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 5.1 | 8.4 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Time deposits | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 273.6 | 70.6 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 4 | 18 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | U.S. government securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 34.9 | 0 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Money market funds | ||
Equity securities: | ||
Equity securities | 0 | 0 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Mutual funds | ||
Equity securities: | ||
Equity securities | 0 | 0 |
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring | Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 49.7 | 52.9 |
Equity securities: | ||
Equity securities | 0 | 0 |
Derivative assets: | ||
Derivative assets | 0 | 0 |
Total assets measured at fair value on a recurring basis | 49.7 | 52.9 |
Derivative liabilities: | ||
Derivative liabilities | 0 | 0 |
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Cash equivalents | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Short-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Long-term investments | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Prepaid expenses and other current assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Other long-term assets | ||
Derivative assets: | ||
Total assets measured at fair value on a recurring basis | 49.7 | 52.9 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Other accrued liabilities | ||
Derivative liabilities: | ||
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Other long-term liabilities | ||
Derivative liabilities: | ||
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Derivative assets: | ||
Derivative assets | 0 | 0 |
Derivative liabilities: | ||
Derivative liabilities | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Interest rate contracts | ||
Derivative assets: | ||
Derivative assets | 0 | 0 |
Derivative liabilities: | ||
Derivative liabilities | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Asset-backed and mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Certificates of deposit | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Commercial paper | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Foreign government debt securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Time deposits | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | U.S. government securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities | ||
Available-for-sale debt securities: | ||
Available-for-sale debt securities | 49.7 | 52.9 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Money market funds | ||
Equity securities: | ||
Equity securities | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Mutual funds | ||
Equity securities: | ||
Equity securities | 0 | 0 |
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring | Publicly-traded equity securities | ||
Equity securities: | ||
Equity securities | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities without readily determinable fair value, downward adjustment | $ 89,900,000 | $ 0 | $ 0 |
Equity securities without readily determinable fair value, upward adjustment | 0 | 0 | 0 |
Impairment of property and equipment and other assets | $ 28,000,000 | $ 0 | $ 0 |
Impairment Long Lived Asset Held For Use, Statement Of Income Or Comprehensive Income, Extensible Enumeration, Not Disclosed Flag | impairment charges | impairment charges | impairment charges |
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 | $ 1,581,700,000 | $ 1,485,600,000 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial and nonfinancial liabilities, fair value disclosure | 80,800,000 | 125,000,000 | |
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial and nonfinancial liabilities, fair value disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial and nonfinancial liabilities, fair value disclosure | 80,800,000 | 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 | |
Privately-held debt and redeemable preferred stock securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss on privately-held debt and redeemable preferred stock | $ 8,300,000 |
Derivative Instruments - Notion
Derivative Instruments - Notional Amount (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | |||||
Notional amount of derivatives | $ 1,601,700,000 | $ 2,189,400,000 | |||
Designated derivatives | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount of derivatives | 1,401,000,000 | 2,025,900,000 | |||
Non-designated derivatives | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount of derivatives | 200,700,000 | 163,500,000 | |||
Foreign currency contracts | Designated derivatives | Cash flow hedges: | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount of derivatives | 801,000,000 | 775,900,000 | |||
Interest rate lock contracts | Designated derivatives | Cash flow hedges: | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount of derivatives | 0 | 650,000,000 | $ 300,000,000 | $ 650,000,000 | $ 300,000,000 |
Interest rate swap contracts | Designated derivatives | Fair value hedges: | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount of derivatives | $ 600,000,000 | $ 600,000,000 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Total derivative assets | $ 7.2 | $ 126.7 |
Total derivative liabilities | 80.8 | 125 |
Designated derivatives | ||
Derivative [Line Items] | ||
Total derivative assets | 7.1 | 126.6 |
Total derivative liabilities | 80.6 | 124.8 |
Other current assets | Designated derivatives | Foreign currency contracts | ||
Derivative [Line Items] | ||
Total derivative assets | 4.4 | 0.7 |
Other current assets | Non-designated derivatives | ||
Derivative [Line Items] | ||
Total derivative assets | 0.1 | 0.1 |
Other long-term assets | Designated derivatives | Foreign currency contracts | ||
Derivative [Line Items] | ||
Total derivative assets | 2.7 | 0.5 |
Other long-term assets | Designated derivatives | Interest rate lock contracts | ||
Derivative [Line Items] | ||
Total derivative assets | 0 | 125.4 |
Other accrued liabilities | Designated derivatives | Foreign currency contracts | ||
Derivative [Line Items] | ||
Total derivative liabilities | 6 | 32.3 |
Other accrued liabilities | Non-designated derivatives | ||
Derivative [Line Items] | ||
Total derivative liabilities | 0.2 | 0.2 |
Other long-term liabilities | Designated derivatives | Foreign currency contracts | ||
Derivative [Line Items] | ||
Total derivative liabilities | 1 | 5.1 |
Other long-term liabilities | Designated derivatives | Interest rate swap contracts | ||
Derivative [Line Items] | ||
Total derivative liabilities | $ 73.6 | $ 87.4 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives, Fair Value [Line Items] | ||||||
Reduction in derivative asset | $ 7,200,000 | |||||
Reduction in derivative liability | $ 73,800,000 | |||||
Notional amount of derivatives | 1,601,700,000 | 2,189,400,000 | ||||
Deferred gain on discontinuation of interest Rrate fair value edge | 133,900,000 | |||||
Foreign exchange contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Foreign currency forward contracts, amounts of (loss) gain reclassified out of AOCI | (29,800,000) | (25,800,000) | $ 28,900,000 | |||
Cash flow hedges: | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative instruments, gain (loss) recognized in other comprehensive income (loss), effective portion | $ 15,100,000 | 33,100,000 | $ (9,100,000) | |||
Foreign exchange contracts | Minimum | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Maturity of foreign currency derivatives | 1 month | |||||
Foreign exchange contracts | Maximum | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Maturity of foreign currency derivatives | 4 months | |||||
Designated derivatives | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional amount of derivatives | $ 1,401,000,000 | 2,025,900,000 | ||||
Designated derivatives | Cash flow hedges: | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Maximum maturities of cash flow hedge derivatives | 36 months | |||||
Losses expected to be reclassified into earnings within the next 12 months | $ 1,600,000 | |||||
Designated derivatives | Cash flow hedges: | Interest rate lock contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional amount of derivatives | $ 0 | 650,000,000 | $ 300,000,000 | $ 650,000,000 | $ 300,000,000 | |
Derivative, expiration period | 7 years | |||||
Designated derivatives | Cash flow hedges: | Foreign exchange contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional amount of derivatives | $ 801,000,000 | $ 775,900,000 |
Goodwill and Purchased Intang_3
Goodwill and Purchased Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | $ 3,734.4 | $ 3,762.1 |
Other | 0 | (27.7) |
Goodwill, end of period | 3,734.4 | $ 3,734.4 |
Disposal Group, Held-for-sale, Not Discontinued Operations | Silicon Photonics Business | ||
Goodwill [Roll Forward] | ||
Disposal group, including discontinued operation, goodwill | $ 28.9 |
Goodwill and Purchased Intang_4
Goodwill and Purchased Intangible Assets - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Amortization of Intangible Assets | 68,700,000 | 74,800,000 | 79,500,000 |
Impairment of intangible assets | $ 0 | $ 0 | $ 0 |
Goodwill and Purchased Intang_5
Goodwill and Purchased Intangible Assets - Purchased Intangible Assets, Net (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 1,059 | $ 1,059 |
Accumulated Amortization | (909.3) | (840.6) |
Accumulated Impairments and Other Charges | (57.9) | (57.9) |
Net | 91.8 | 160.5 |
Technologies and patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 913.1 | 913.1 |
Accumulated Amortization | (779.1) | (721.3) |
Accumulated Impairments and Other Charges | (55.1) | (55.1) |
Net | 78.9 | 136.7 |
Customer contracts, support agreements, and related relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 136.3 | 136.3 |
Accumulated Amortization | (120.9) | (111.2) |
Accumulated Impairments and Other Charges | (2.8) | (2.8) |
Net | 12.6 | 22.3 |
Trade names and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 9.6 | 9.6 |
Accumulated Amortization | (9.3) | (8.1) |
Accumulated Impairments and Other Charges | 0 | 0 |
Net | $ 0.3 | $ 1.5 |
Goodwill and Purchased Intang_6
Goodwill and Purchased Intangible Assets - Estimated Future Amortization Expense Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Amount | ||
2024 | $ 49.2 | |
2025 | 39.6 | |
2026 | 3 | |
2027 | 0 | |
2028 | 0 | |
Net | $ 91.8 | $ 160.5 |
Other Financial Information - T
Other Financial Information - Total Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Inventory [Line Items] | ||
Production and service materials | $ 719 | $ 479.6 |
Finished goods | 299 | 163.3 |
Total inventory | 1,018 | 642.9 |
Inventory | ||
Schedule Of Inventory [Line Items] | ||
Total inventory | 952.4 | 619.4 |
Other long-term assets | ||
Schedule Of Inventory [Line Items] | ||
Total inventory | $ 65.6 | $ 23.5 |
Other Financial Information - P
Other Financial Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Financial Information [Abstract] | ||
Contract manufacturer deposits | $ 316.4 | $ 434.7 |
Prepaid expenses | 140.9 | 104.3 |
Other current assets | 134.2 | 141 |
Total prepaid expenses and other current assets | $ 591.5 | $ 680 |
Other Financial Information -_2
Other Financial Information - Property and Equipment, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 1,983 | $ 1,922.5 | |
Accumulated depreciation | (1,293.1) | (1,255.7) | |
Property and equipment, net | 689.9 | 666.8 | |
Depreciation expense | 123.5 | 137.7 | $ 151 |
Computers and equipment | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 990 | 940 | |
Software | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 221.3 | 220.3 | |
Leasehold improvements | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 185.9 | 189.2 | |
Furniture and fixtures | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 45.3 | 45.4 | |
Building and building improvements | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 292.8 | 271.9 | |
Land and land improvements | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 243.6 | 243.6 | |
Construction-in-process | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 4.1 | $ 12.1 |
Other Financial Information - W
Other Financial Information - Warranties (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Warranty Reserve [Roll Forward] | ||
Beginning balance | $ 29.5 | $ 33 |
Provisions made during the period, net | 31.9 | 30.1 |
Actual costs incurred during the period | (32) | (33.6) |
Ending balance | $ 29.4 | $ 29.5 |
Other Financial Information - D
Other Financial Information - Deferred Revenue (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||
Current | $ 1,130 | $ 1,020.5 |
Long-term | 894.9 | 642.6 |
Total | 2,024.9 | 1,663.1 |
Product | ||
Disaggregation of Revenue [Line Items] | ||
Total | 92.1 | 108.8 |
Service | ||
Disaggregation of Revenue [Line Items] | ||
Total | $ 1,932.8 | $ 1,554.3 |
Other Financial Information - R
Other Financial Information - Revenue, Remaining Performance Obligations and Deferred Commissions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Deferred commission | $ 41.9 | $ 28.2 |
Amortization of deferred commission | 42.4 | 35 |
Impairment loss | 0 | $ 0 |
Product | ||
Disaggregation of Revenue [Line Items] | ||
Contract with customer, liability, revenue recognized | 48.3 | |
Service | ||
Disaggregation of Revenue [Line Items] | ||
Contract with customer, liability, revenue recognized | $ 907.3 |
Other Financial Information -_3
Other Financial Information - Revenue, Remaining Performance Obligation (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 2,036.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | 1,136.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | 679.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | 221.2 |
Product | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | 92.9 |
Product | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 77.3 |
Revenue recognition expected by period, satisfaction period | 1 year |
Product | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 12.9 |
Revenue recognition expected by period, satisfaction period | 2 years |
Product | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 2.7 |
Revenue recognition expected by period, satisfaction period | |
Service | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 1,943.9 |
Service | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 1,059.2 |
Revenue recognition expected by period, satisfaction period | 1 year |
Service | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 666.2 |
Revenue recognition expected by period, satisfaction period | 2 years |
Service | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Disaggregation of Revenue [Line Items] | |
Revenue recognition expected by period | $ 218.5 |
Revenue recognition expected by period, satisfaction period |
Other Financial Information - O
Other Financial Information - Other Expense, Net (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Other Financial Information [Abstract] | ||||
Interest income | $ 50.6 | $ 19.6 | $ 14.9 | |
Interest expense | (80) | (58.6) | (50.8) | |
Gain (loss) on other investments, net | 6 | (11.6) | 4.9 | |
Other | (0.4) | 1.6 | 1.5 | |
Other expense, net | [1] | $ (23.8) | $ (49) | $ (29.5) |
[1]The prior period amounts have been reclassified to conform to the current period presentation. |
Restructuring Charges - Schedul
Restructuring Charges - Schedule of Restructuring Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Total | $ 98 | $ 20.2 | $ 42.9 |
Employee severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 56.8 | 12.4 | 13.6 |
Facility exit-related and asset impairments | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | 22.1 | 3.1 | 8.1 |
Contract terminations and other | |||
Restructuring Cost and Reserve [Line Items] | |||
Total | $ 19.1 | $ 4.7 | $ 21.2 |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 98 | $ 20.2 | $ 42.9 |
2023 Transformation Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 68.6 | ||
2023 Transformation Plan | Employee Severance, Asset Impairment, and Contract Termination | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 31.9 |
Restructuring Charges - Restruc
Restructuring Charges - Restructuring Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | |||
Charges | $ 98 | $ 20.2 | $ 42.9 |
2023 Transformation Plan | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 68.6 | ||
2023 Transformation Plan | Employee severance | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring liability, beginning balance | 0 | ||
Charges | 57.3 | ||
Cash payments | (28.4) | ||
Non-cash items | 0.1 | ||
Restructuring liability, ending balance | 29 | 0 | |
2023 Transformation Plan | Facility exit-related and asset impairments | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring liability, beginning balance | 0 | ||
Charges | 24.1 | ||
Cash payments | (0.3) | ||
Non-cash items | (23.6) | ||
Restructuring liability, ending balance | 0.2 | 0 | |
2023 Transformation Plan | Contract terminations and other | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring liability, beginning balance | 0 | ||
Charges | 19.1 | ||
Cash payments | (14.7) | ||
Non-cash items | (1.2) | ||
Restructuring liability, ending balance | 3.2 | 0 | |
2022 Restructuring Plan | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring liability, beginning balance | 6.1 | ||
Charges | 98 | ||
Cash payments | (47.2) | ||
Non-cash items | (23.3) | ||
Restructuring liability, ending balance | 33.6 | 6.1 | |
2022 Restructuring Plan | Employee severance | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring liability, beginning balance | 3 | ||
Charges | (0.5) | ||
Cash payments | (1.5) | ||
Non-cash items | 0 | ||
Restructuring liability, ending balance | 1 | 3 | |
2022 Restructuring Plan | Facility exit-related and asset impairments | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring liability, beginning balance | 1.2 | ||
Charges | (2) | ||
Cash payments | (0.4) | ||
Non-cash items | 1.4 | ||
Restructuring liability, ending balance | 0.2 | 1.2 | |
2022 Restructuring Plan | Contract terminations and other | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring liability, beginning balance | 1.9 | ||
Charges | 0 | ||
Cash payments | (1.9) | ||
Non-cash items | 0 | ||
Restructuring liability, ending balance | $ 0 | $ 1.9 |
Debt and Financing - Schedule o
Debt and Financing - Schedule of Debt (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,700,000,000 | |
Unaccreted discount and debt issuance costs | (9,600,000) | $ (11,300,000) |
Hedge accounting fair value adjustments | (73,600,000) | (87,400,000) |
Total | 1,616,800,000 | 1,601,300,000 |
Notional amount of derivatives | 1,601,700,000 | 2,189,400,000 |
Designated derivatives | ||
Debt Instrument [Line Items] | ||
Notional amount of derivatives | 1,401,000,000 | 2,025,900,000 |
Fair value hedges: | Interest rate swap contracts | Designated derivatives | ||
Debt Instrument [Line Items] | ||
Notional amount of derivatives | 600,000,000 | 600,000,000 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,700,000,000 | 1,700,000,000 |
Senior Notes | 1.200% fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 1.20% | |
Effective interest rate | 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 rate | 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 rate | 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 rate | 6.03% | |
Long-term debt | $ 400,000,000 | $ 400,000,000 |
Debt and Financing - Schedule_2
Debt and Financing - Schedule of Aggregate Debt Maturities (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Instruments [Abstract] | |
2024 | $ 0 |
2025 | 400 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
Thereafter | 1,300 |
Total | $ 1,700 |
Debt and Financing - Narrative
Debt and Financing - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) acquisition | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Sale of receivables | $ 37,400,000 | $ 50,600,000 | $ 31,900,000 | |
Proceeds from sale and collection of receivables | 48,000,000 | 41,500,000 | $ 32,500,000 | |
Receivables from sale of receivables | $ 600,000 | $ 11,800,000 | ||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Number of days due from receivable | 1 day | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Number of days due from receivable | 90 days | |||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Amounts outstanding | $ 0 | |||
Revolving Credit Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Debt, term | 5 years | |||
Maximum borrowing capacity | $ 500,000,000 | |||
Additional borrowing capacity | $ 200,000,000 | |||
Debt instrument, number of extension options | acquisition | 2 | |||
Debt instrument, extension period | 1 year | |||
Maximum leverage ratio | 3 | |||
Maximum leverage ratio, if acquisition is consummated | 3.5 | |||
Revolving Credit Facility | Line of Credit | Federal Funds Rate | Variable Rate Component, Federal Funds | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1% | |||
Revolving Credit Facility | Line of Credit | Minimum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 0.075% | |||
Revolving Credit Facility | Line of Credit | Minimum | Sterling Overnight Index Average (SONIA) | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.875% | |||
Revolving Credit Facility | Line of Credit | Minimum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0% | |||
Revolving Credit Facility | Line of Credit | Maximum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 0.225% | |||
Revolving Credit Facility | Line of Credit | Maximum | Sterling Overnight Index Average (SONIA) | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.50% | |||
Revolving Credit Facility | Line of Credit | Maximum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
Fixed Rate Note Due 2025 And Fixed Rate Note Due 2029 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, redemption price, percent | 100% | |||
Repurchase price percentage related to change in control | 101% |
Equity - Stock Repurchase Activ
Equity - Stock Repurchase Activities (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Oct. 26, 2023 | Jul. 27, 2023 | Apr. 25, 2023 | Jan. 31, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends | |||||||||||||||||||
Per Share (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.88 | $ 0.84 | $ 0.80 |
Amount | $ 280.8 | $ 270.4 | $ 259.1 | ||||||||||||||||
Stock Repurchases | |||||||||||||||||||
Amount | $ 398.4 | $ 315.2 | $ 443.5 | ||||||||||||||||
Stock Repurchase Program 2018 | |||||||||||||||||||
Stock Repurchases | |||||||||||||||||||
Shares (in shares) | 13.1 | 9.2 | 15.7 | ||||||||||||||||
Average price per share (in dollars per share) | $ 29.47 | $ 32.32 | $ 27.56 | ||||||||||||||||
Amount | $ 385 | $ 299.7 | $ 433.3 | ||||||||||||||||
Tax Withholding Amount | 12.7 | 15.4 | 10.2 | ||||||||||||||||
Amount | $ 678.5 | $ 585.5 | $ 702.6 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Oct. 26, 2023 | Jul. 27, 2023 | Apr. 25, 2023 | Jan. 31, 2023 | Oct. 31, 2019 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||||||||
Cash dividends declared per share of common stock (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | |||||||||
Payments of cash dividends (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.88 | $ 0.84 | $ 0.80 | ||
Cash dividends | $ 280,800,000 | $ 270,400,000 | $ 259,100,000 | ||||||||||||||||||
Amount | $ 398,400,000 | 315,200,000 | 443,500,000 | ||||||||||||||||||
Stock Repurchase Program 2018 | |||||||||||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||||||||
Stock repurchase program, authorized amount | $ 3,000,000,000 | $ 2,000,000,000 | |||||||||||||||||||
Stock repurchase program, increased amount | $ 1,000,000,000 | ||||||||||||||||||||
Stock repurchased (in shares) | 13.1 | ||||||||||||||||||||
Stock repurchased average cost (in dollars per share) | $ 29.47 | ||||||||||||||||||||
Amount | $ 385,000,000 | 299,700,000 | 433,300,000 | ||||||||||||||||||
Stock repurchase program, authorized funds remaining | $ 200,000,000 | 200,000,000 | |||||||||||||||||||
Tax withholding amount | $ 12,700,000 | $ 15,400,000 | $ 10,200,000 |
Equity - Accumulated Other Comp
Equity - Accumulated Other Comprehensive Income (loss), Net of Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward] | |||
Beginning balance | $ 4,475.1 | $ 4,316.9 | $ 4,543.5 |
Other comprehensive loss before reclassifications | 15.8 | (20.9) | (31.3) |
Amount reclassified from accumulated other comprehensive income (loss) | 29.1 | 27.2 | (26.4) |
Other comprehensive income (loss), net | 44.9 | 6.3 | (57.7) |
Ending balance | 4,492.7 | 4,475.1 | 4,316.9 |
Other comprehensive income (loss) | (29.8) | (25.8) | 28.9 |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward] | |||
Beginning balance | 4.2 | (2.1) | 55.6 |
Other comprehensive income (loss), net | 44.9 | 6.3 | (57.7) |
Ending balance | 49.1 | 4.2 | (2.1) |
Unrealized Gains/Losses on Available-for- Sale Debt Securities | |||
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward] | |||
Beginning balance | 21.8 | 27.9 | 34.1 |
Other comprehensive loss before reclassifications | 7.1 | (6.5) | (5) |
Amount reclassified from accumulated other comprehensive income (loss) | 0 | 0.4 | (1.2) |
Other comprehensive income (loss), net | 7.1 | (6.1) | (6.2) |
Ending balance | 28.9 | 21.8 | 27.9 |
Unrealized Gains/Losses on Cash Flow Hedges | |||
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward] | |||
Beginning balance | 61.5 | 19 | 57.7 |
Other comprehensive loss before reclassifications | 11.7 | 15.7 | (13.5) |
Amount reclassified from accumulated other comprehensive income (loss) | 29.1 | 26.8 | (25.2) |
Other comprehensive income (loss), net | 40.8 | 42.5 | (38.7) |
Ending balance | 102.3 | 61.5 | 19 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward] | |||
Beginning balance | (79.1) | (49) | (36.2) |
Other comprehensive loss before reclassifications | (3) | (30.1) | (12.8) |
Amount reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Other comprehensive income (loss), net | (3) | (30.1) | (12.8) |
Ending balance | $ (82.1) | $ (79.1) | $ (49) |
Employee Benefit Plans - Equity
Employee Benefit Plans - Equity Incentive Plans (Details) | 1 Months Ended | 12 Months Ended | ||||||
May 31, 2023 shares | May 31, 2022 shares | May 31, 2020 shares | May 31, 2019 shares | May 31, 2017 shares | Dec. 31, 2023 USD ($) offeringPeriod shares | Dec. 31, 2022 shares | May 31, 2015 shares | |
Share-Based Compensation Plans | ||||||||
ESPP, offering period | 24 months | |||||||
ESPP, number of offering period | offeringPeriod | 4 | |||||||
ESPP, purchase period | 6 months | |||||||
ESPP, purchase price | 85% | |||||||
Common stock - shares issued (in shares) | 320,300,000 | 322,900,000 | ||||||
Equity Incentive Plan 2015 | ||||||||
Share-Based Compensation Plans | ||||||||
Number of shares authorized (in shares) | 38,000,000 | |||||||
Additional shares authorized (in shares) | 7,000,000 | 4,500,000 | 3,700,000 | 23,000,000 | 7,000,000 | |||
Aggregate shares subject to outstanding equity awards (in shares) | 17,300,000 | |||||||
Number of shares available for future issuance (in shares) | 2,300,000 | 3,400,000 | ||||||
Equity Incentive Plan 1996 and 2006 | ||||||||
Share-Based Compensation Plans | ||||||||
Maximum additional shares expired, unexercised, canceled (in shares) | 29,000,000 | |||||||
Employee Stock Purchase Plan 2008 | ||||||||
Share-Based Compensation Plans | ||||||||
Number of shares authorized (in shares) | 43,000,000 | |||||||
Additional shares authorized (in shares) | 8,000,000 | |||||||
Number of shares available for future issuance (in shares) | 3,600,000 | |||||||
Discount on share purchase price for purchases made under ESPP | 15% | |||||||
Periodic payroll deduction - percentage of base salary | 10% | |||||||
ESPP individual purchase limits (in shares) | 6,000 | |||||||
Period for share purchases under ESPP | 12 months | |||||||
ESPP individual purchase limits | $ | $ 25,000 | |||||||
Period for ESPP purchases | 1 year | |||||||
Common stock - shares issued (in shares) | 39,400,000 |
Employee Benefit Plans - RSU, R
Employee Benefit Plans - RSU, RSA, and PSA Activities (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Oct. 26, 2023 | Jul. 27, 2023 | Apr. 25, 2023 | Jan. 31, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted Average Grant-Date Fair Value per Share | |||||||||||||||||||
Payments of cash dividends (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.88 | $ 0.84 | $ 0.80 |
Restricted Stock Units (RSU) and Restricted Stock | Minimum | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Award vesting period | 3 years | ||||||||||||||||||
Performance Shares (PSAs) | |||||||||||||||||||
Number of Shares | |||||||||||||||||||
Granted (in shares) | 1.4 | ||||||||||||||||||
Performance Shares (PSAs) | Minimum | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Award vesting period | 1 year | ||||||||||||||||||
Performance Shares (PSAs) | Maximum | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Award vesting period | 3 years | ||||||||||||||||||
RSUs, RSAs, and PSAs | |||||||||||||||||||
Number of Shares | |||||||||||||||||||
Balance at beginning of period (in shares) | 20.2 | 20.2 | |||||||||||||||||
Granted (in shares) | 9.6 | ||||||||||||||||||
Vested (in shares) | (7.9) | ||||||||||||||||||
Canceled (in shares) | (1.7) | ||||||||||||||||||
Balance at end of period (in shares) | 20.2 | 20.2 | 20.2 | 20.2 | |||||||||||||||
Vested and expected-to-vest RSUs, RSAs and PSAs, Number of Shares (in shares) | 17.6 | 17.6 | |||||||||||||||||
Weighted Average Grant-Date Fair Value per Share | |||||||||||||||||||
Balance at beginning of period (in dollars per share) | $ 26.78 | $ 26.78 | |||||||||||||||||
Granted (in dollars per share) | 28.88 | ||||||||||||||||||
Vested (in dollars per share) | 26.04 | ||||||||||||||||||
Canceled (in dollars per share) | 26.37 | ||||||||||||||||||
Balance at end of period (in dollars per share) | $ 28.10 | $ 26.78 | 28.10 | $ 26.78 | |||||||||||||||
Vested and expected-to-vest RSUs, RSAs and PSA, Weighted Average Grant-Date Fair Value per Share (in dollars per share) | $ 27.67 | ||||||||||||||||||
Weighted Average Remaining Contractual Term (In Years) | 1 year 1 month 6 days | ||||||||||||||||||
Vested and expected to vest RSUs, RSAs, and PSAs, Weighted Average Remaining Contractual Term (In Years) | 1 year 1 month 6 days | ||||||||||||||||||
Aggregate Intrinsic Value | $ 593.6 | $ 593.6 | |||||||||||||||||
Vested and expected-to-vest RSUs, RSAs and PSA, Aggregate Intrinsic Value | $ 518.8 | ||||||||||||||||||
Weighted-average grant-date fair value, RSUs, RSAs, PSUs granted, assumed or substituted (in dollars per share) | $ 28.88 | $ 29.62 | $ 26.21 | ||||||||||||||||
Fair value of RSUs, RSAs and PSAs | $ 206.8 | $ 202.2 | $ 184.2 | ||||||||||||||||
Service-based RSUs | |||||||||||||||||||
Number of Shares | |||||||||||||||||||
Granted (in shares) | 7.8 | ||||||||||||||||||
Marked-based RSUs | |||||||||||||||||||
Number of Shares | |||||||||||||||||||
Granted (in shares) | 0.4 |
Employee Benefit Plans - Shares
Employee Benefit Plans - Shares Available For Grant (Details) - shares | 1 Months Ended | 12 Months Ended | |||
May 31, 2023 | May 31, 2022 | May 31, 2019 | May 31, 2017 | Dec. 31, 2023 | |
Restricted Stock Units (RSU) and Restricted Stock | |||||
Number of Shares | |||||
Shares authorized per unit, lower than hundred percent of fair value (in shares) | 2 | ||||
Performance Shares (PSAs) | |||||
Number of Shares | |||||
Shares authorized per unit, lower than hundred percent of fair value (in shares) | 0.1 | ||||
Equity Incentive Plan 2015 | |||||
Number of Shares | |||||
Balance as of beginning of period (in shares) | 3,400,000 | ||||
Additional shares authorized (in shares) | 7,000,000 | 4,500,000 | 3,700,000 | 23,000,000 | 7,000,000 |
RSUs and PSAs granted (in shares) | (9,300,000) | ||||
RSUs and PSAs canceled (in shares) | 1,200,000 | ||||
Balance as of end of period (in shares) | 2,300,000 |
Employee Benefit Plans - Employ
Employee Benefit Plans - Employee Stock Purchase Plan and Valuation Assumptions (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
ESPP Purchase Rights | |||
Estimates of Fair Value | |||
Volatility | 28% | 29% | 32% |
Risk-free interest rate | 4.60% | 1.10% | 0.10% |
Expected life (years) | 1 year 3 months 18 days | 1 year 3 months 18 days | 1 year 3 months 18 days |
Dividend yield | 2.80% | 2.50% | 3% |
Weighted-average fair value per share (in dollars per share) | $ 7.97 | $ 8.84 | $ 6.96 |
Market-based RSUs | |||
Estimates of Fair Value | |||
Volatility | 28% | 30% | 30% |
Risk-free interest rate | 4.30% | 1.70% | 0.20% |
Dividend yield | 2.80% | 2.50% | 3.40% |
Weighted-average fair value per share (in dollars per share) | $ 37.45 | $ 47.96 | $ 30.70 |
Employee Stock Purchase Plan 2008 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares purchased through ESPP (in shares) | 2.6 | 2.6 | 2.8 |
Average exercise price of shares purchased through ESPP (in dollars per share) | $ 23.53 | $ 21.59 | $ 19.81 |
Employee Benefit Plans - Share-
Employee Benefit Plans - Share-Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Based Compensation Expense Recorded in Cost and Expense Categories | |||
Share-based compensation expense | $ 279.4 | $ 209.3 | $ 222.6 |
Stock options | |||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | |||
Share-based compensation expense | 2.2 | 5.4 | 9.3 |
RSUs, RSAs, and PSAs | |||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | |||
Share-based compensation expense | 249.1 | 181.9 | 196.2 |
ESPP Purchase Rights | |||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | |||
Share-based compensation expense | 28.1 | 22 | 17.1 |
Cost of revenues - Product | |||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | |||
Share-based compensation expense | 6.7 | 5.9 | 5.3 |
Cost of revenues - Service | |||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | |||
Share-based compensation expense | 20.8 | 17.4 | 18.2 |
Research and development | |||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | |||
Share-based compensation expense | 129.2 | 84 | 93.1 |
Sales and marketing | |||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | |||
Share-based compensation expense | 85.2 | 59.1 | 65.9 |
General and administrative | |||
Stock Based Compensation Expense Recorded in Cost and Expense Categories | |||
Share-based compensation expense | $ 37.5 | $ 42.9 | $ 40.1 |
Employee Benefit Plans - Shar_2
Employee Benefit Plans - Share-Based Compensation Expense Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Company recognized tax benefits on total stock-based compensation expense | $ 36.9 | $ 25.7 | $ 28.2 |
Tax benefit realized related to awards vested or exercised during the period | 34.4 | $ 38.6 | $ 31.7 |
Unrecognized compensation cost | $ 383.4 | ||
Weighted average period that unrecognized compensation cost will be recognized | 1 year 9 months 18 days |
Employee Benefit Plans - 401(k)
Employee Benefit Plans - 401(k) plan, Deferred Compensation Plan and Non-US Pension Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefit Textuals [Abstract] | |||
Employee contribution matched | 30% | ||
Matching contributions to plan | $ 27.3 | $ 23.5 | $ 22.3 |
NQDC | |||
Employee Benefit Textuals [Abstract] | |||
Deferred compensation liability | 38 | 28.1 | |
Investment | 38 | 28.1 | |
NQDC | Other accrued liabilities | |||
Employee Benefit Textuals [Abstract] | |||
Deferred compensation liability | 2.5 | 2.4 | |
NQDC | Other long-term liabilities | |||
Employee Benefit Textuals [Abstract] | |||
Deferred compensation liability | 35.5 | 25.7 | |
NQDC | Inventory | |||
Employee Benefit Textuals [Abstract] | |||
Investment | 2.5 | 2.4 | |
NQDC | Other Noncurrent Assets [Member] | |||
Employee Benefit Textuals [Abstract] | |||
Investment | $ 35.5 | $ 25.7 |
Segments - Revenue by Product (
Segments - Revenue by Product (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 1 | ||
Total | $ 5,564.5 | $ 5,301.2 | $ 4,735.4 |
Automated WAN Solutions | |||
Segment Reporting Information [Line Items] | |||
Total | 1,839.3 | 1,865.3 | 1,665 |
Cloud-Ready Data Center | |||
Segment Reporting Information [Line Items] | |||
Total | 744.7 | 878.9 | 727.1 |
AI-Driven Enterprise | |||
Segment Reporting Information [Line Items] | |||
Total | 1,391.8 | 1,026.2 | 830.4 |
Hardware Maintenance and Professional Services | |||
Segment Reporting Information [Line Items] | |||
Total | $ 1,588.7 | $ 1,530.8 | $ 1,512.9 |
Segments - Revenue (Details)
Segments - Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Revenues [Abstract] | |||
Total | $ 5,564.5 | $ 5,301.2 | $ 4,735.4 |
Cloud | |||
Net Revenues [Abstract] | |||
Total | 1,162.8 | 1,393.6 | 1,228 |
Service Provider | |||
Net Revenues [Abstract] | |||
Total | 1,842.5 | 1,891.2 | 1,839.1 |
Enterprise | |||
Net Revenues [Abstract] | |||
Total | $ 2,559.2 | $ 2,016.4 | $ 1,668.3 |
Segments - Geographical (Detail
Segments - Geographical (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Revenues by Geographic Region [Line Items] | |||
Total | $ 5,564.5 | $ 5,301.2 | $ 4,735.4 |
Property and equipment, net | 689.9 | 666.8 | |
Total Americas | |||
Net Revenues by Geographic Region [Line Items] | |||
Total | 3,333.3 | 3,156.8 | 2,649.1 |
United States | |||
Net Revenues by Geographic Region [Line Items] | |||
Total | 3,066.5 | 2,931.6 | 2,426.9 |
Property and equipment, net | 597 | 579.3 | |
Other | |||
Net Revenues by Geographic Region [Line Items] | |||
Total | 266.8 | 225.2 | 222.2 |
Europe, Middle East, and Africa | |||
Net Revenues by Geographic Region [Line Items] | |||
Total | 1,405.7 | 1,370 | 1,314.5 |
Asia Pacific | |||
Net Revenues by Geographic Region [Line Items] | |||
Total | 825.5 | 774.4 | $ 771.8 |
International | |||
Net Revenues by Geographic Region [Line Items] | |||
Property and equipment, net | $ 92.9 | $ 87.5 |
Income Taxes - Components of Pr
Income Taxes - Components of Pretax Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of income before provision for income taxes and noncontrolling interest | |||
Domestic | $ 340.4 | $ 509.5 | $ 264.6 |
Foreign | 8.6 | 26.8 | 45.5 |
Income before income taxes and loss from equity method investment | 349 | 536.3 | 310.1 |
Current provision (benefit): | |||
Federal | 219 | 223.6 | 63.4 |
States | 25.9 | 23.9 | 15.9 |
Foreign | 46.5 | 36.2 | 48.2 |
Total current provision (benefit) | 291.4 | 283.7 | 127.5 |
Deferred (benefit) provision: | |||
Federal | (250) | (199.3) | (54.3) |
States | (13.6) | (13.6) | (4.1) |
Foreign | 1.4 | (10.3) | (11.7) |
Total deferred (benefit) provision | (262.2) | (223.2) | (70.1) |
Total provision for income taxes | 29.2 | 60.5 | 57.4 |
Income tax reconciliation | |||
Expected provision at statutory rate | 73.3 | 112.7 | 65.1 |
State taxes, net of federal benefit | 7 | 12 | 6.5 |
Foreign income at different tax rates | (24.4) | (18.1) | (0.2) |
R&D tax credits | (31.4) | (23.6) | (16.6) |
Share-based compensation | (5.2) | (7.4) | (2.2) |
Non-deductible compensation | 5.1 | 4 | 4.2 |
Recognition of previously unrecognized tax benefits | 0 | (8.1) | 0 |
Other | 4.8 | (11) | 0.6 |
Total provision for income taxes | $ 29.2 | $ 60.5 | $ 57.4 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | ||||
Adjustments for certain privately-held investments | $ 9.8 | |||
Adjustments related to interest on income tax reserves | 5 | |||
Income tax benefits from provision to return adjustments due to changes in tax legislation | (10.9) | |||
Valuation allowance | 326.9 | $ 310.9 | ||
Increase (decrease) in DTA valuation allowance | 16 | 10 | ||
Undistributed earnings of foreign subsidiaries | 156.7 | |||
Additional income tax expense related to undistributed earnings | 31.7 | |||
Unrecognized tax benefits | 132.8 | 116 | $ 113.4 | $ 116 |
Unrecognized tax benefits that would impact effective tax rate | 127.8 | |||
Unrecognized tax benefits, penalties and interest | 6.3 | (2.5) | 2.7 | |
Reductions in unrecognized tax benefits (up to) | 0 | 2.5 | 3.6 | |
Minimum | ||||
Income Tax Contingency [Line Items] | ||||
Reductions in unrecognized tax benefits (up to) | 49.9 | |||
Other long-term liabilities | ||||
Income Tax Contingency [Line Items] | ||||
Interest and penalties accrued related to unrecognized tax benefits | 12 | $ 5.6 | $ 8.1 | |
Federal | ||||
Income Tax Contingency [Line Items] | ||||
Valuation allowance | 5.2 | |||
Net operating loss carry-forwards | 104.3 | |||
Tax credit carry-forwards | 2.4 | |||
State and Local Jurisdiction | ||||
Income Tax Contingency [Line Items] | ||||
Valuation allowance | 312.9 | |||
State and Local Jurisdiction | California | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carry-forwards | 129.1 | |||
State and Local Jurisdiction | Other States | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carry-forwards | 138.8 | |||
Tax credit carry-forwards | 32.8 | |||
State and Local Jurisdiction | California Deferred Tax Assets | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carry-forwards | 129.1 | |||
Tax credit carry-forwards | 326.7 | |||
Foreign Tax Authority | ||||
Income Tax Contingency [Line Items] | ||||
Valuation allowance | $ 8.8 |
Income Taxes - Deferred Taxes (
Income Taxes - Deferred Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss carry-forwards | $ 44.4 | $ 57.2 |
Research and other credit carry-forwards | 294.4 | 281.3 |
Deferred revenue | 74.9 | 58.1 |
Share-based compensation | 25.4 | 17.2 |
Capitalized R&D expenditure | 475.7 | 293.1 |
Reserves and accruals not currently deductible | 133 | 66.1 |
Operating lease liabilities | 31.9 | 39.7 |
Other | 12.1 | 13.2 |
Total deferred tax assets | 1,091.8 | 825.9 |
Valuation allowance | (326.9) | (310.9) |
Deferred tax assets, net of valuation allowance | 764.9 | 515 |
Deferred tax liabilities: | ||
Property and equipment basis differences | (5.5) | 0 |
Purchased intangible assets | (23) | (32.3) |
Unremitted foreign earnings | (24.1) | (23.7) |
Net unrealized gain | (41.9) | (35.8) |
Operating lease assets | (29.5) | (36.1) |
Total deferred tax liabilities | (124) | (127.9) |
Net deferred tax assets | $ 640.9 | $ 387.1 |
Income Taxes - Income Tax Conti
Income Taxes - Income Tax Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 116 | $ 113.4 | $ 116 |
Tax positions related to current year: | |||
Additions | 8.9 | 5.8 | 7.7 |
Tax positions related to prior years: | |||
Additions | 8.9 | 6.9 | 3.3 |
Reductions | 0 | (2.5) | (3.6) |
Settlements | 0 | 0 | (9.4) |
Lapses in statutes of limitations | (1) | (7.6) | (0.6) |
Balance at end of year | $ 132.8 | $ 116 | $ 113.4 |
Net Income per Share (Details)
Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | |||
Net income | $ 310.2 | $ 471 | $ 252.7 |
Denominator: | |||
Weighted-average shares used to compute basic net income per share (in shares) | 320 | 322.1 | 324.4 |
Dilutive effect of employee stock awards (in shares) | 5.9 | 7.4 | 7.2 |
Weighted-average shares used to compute diluted net income per share (in shares) | 325.9 | 329.5 | 331.6 |
Net income per share: | |||
Net income per share, basic (in dollars per share) | $ 0.97 | $ 1.46 | $ 0.78 |
Net income per share, diluted (in dollars per share) | $ 0.95 | $ 1.43 | $ 0.76 |
Anti-dilutive shares (in shares) | 6.4 | 3.4 | 0.5 |
Commitments and Contingencies -
Commitments and Contingencies - Unconditional Purchase Obligations (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Purchase Commitments | |
2024 | $ 989.5 |
2025 | 137.1 |
2026 | 80 |
2027 | 85 |
Total | 1,291.6 |
Unconditional Purchase Obligations | |
2024 | 33.1 |
2025 | 30.1 |
2026 | 5.2 |
2027 | 1 |
2028 | 0.2 |
Total | $ 69.6 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Guarantor Obligations [Line Items] | ||||
Accrued estimated carrying charges | $ 36 | |||
Long-term debt | $ 1,616.8 | $ 1,601.3 | ||
Tax refund, period of recognition | 8 years | |||
Income taxes payable | $ 179.7 | |||
Unrecognized tax benefits | 132.8 | 116 | $ 113.4 | $ 116 |
Long-Term Income Taxes | ||||
Guarantor Obligations [Line Items] | ||||
Income taxes payable | 106.3 | |||
Financing Guarantees, Bank Guarantees, and Standby Letters of Credit | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor obligations, current carrying value | 32.5 | $ 27.4 | ||
Master Service Agreement | ||||
Guarantor Obligations [Line Items] | ||||
Expected payment | $ 56.3 | |||
Facilities | Minimum | ||||
Guarantor Obligations [Line Items] | ||||
Lease term | 1 year | |||
Facilities | Maximum | ||||
Guarantor Obligations [Line Items] | ||||
Lease term | 8 years | |||
Equipment | Minimum | ||||
Guarantor Obligations [Line Items] | ||||
Lease term | 1 year | |||
Equipment | Maximum | ||||
Guarantor Obligations [Line Items] | ||||
Lease term | 4 years | |||
Long-term Income Taxes | ||||
Guarantor Obligations [Line Items] | ||||
Unrecognized tax benefits | $ 92.7 |
Commitments and Contingencies_3
Commitments and Contingencies - Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 46.6 | $ 48.4 |
Variable lease cost | 11.9 | 10 |
Total lease cost | 58.5 | 58.4 |
Operating cash outflows from operating leases | 51.6 | 53.1 |
ROU assets obtained in exchange for new operating lease liabilities | $ 12.4 | $ 26 |
Weighted average remaining lease term (years) | 3 years 7 months 6 days | 4 years 1 month 6 days |
Weighted average discount rate | 3.80% | 3.50% |
Commitments and Contingencies_4
Commitments and Contingencies - Future Operating Lease Payments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Amount | ||
2024 | $ 47.1 | |
2025 | 42.4 | |
2026 | 21.2 | |
2027 | 13.5 | |
2028 | 6.9 | |
Thereafter | 7.6 | |
Total lease payments | 138.7 | |
Less: interest | (9.4) | |
Total | 129.3 | |
Balance Sheet Information | ||
Other accrued liabilities | 46.4 | |
Long-term operating lease liabilities | $ 82.9 | $ 117.7 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Billions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 22, 2024 | Jan. 30, 2024 | Jan. 09, 2024 | Oct. 26, 2023 | Jul. 27, 2023 | Apr. 25, 2023 | Jan. 31, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||||||||||||||||||||||
Cash dividends declared per share of common stock (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | ||||||||||
Payments of cash dividends (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.88 | $ 0.84 | $ 0.80 | |||
Forecast | Juniper Networks, Inc | Hewlett Packard Enterprise | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Business acquisition, share price (in dollars per share) | $ 40 | |||||||||||||||||||||
Equity value of acquisition | $ 14 | |||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Cash dividends declared per share of common stock (in dollars per share) | $ 0.22 | |||||||||||||||||||||
Payments of cash dividends (in dollars per share) | $ 0.22 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Account (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 12 | $ 6.7 | $ 9.9 |
Charge to Costs and Expenses | 5.3 | ||
Reversed from Costs and Expenses, Returns/Stock Rotation, Disposals | (0.8) | (3.2) | |
Balance at End of Year | 11.2 | 12 | 6.7 |
Sales Return Reserve | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 43 | 31.4 | 28.4 |
Charge to Costs and Expenses | 93.5 | 111.9 | 57.6 |
Reversed from Costs and Expenses, Returns/Stock Rotation, Disposals | (95.5) | (100.3) | (54.6) |
Balance at End of Year | 41 | 43 | 31.4 |
Excess and Obsolete Inventory Reserve | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 211.7 | 192.2 | 187.6 |
Charge to Costs and Expenses | 127.2 | 29.8 | 9.9 |
Reversed from Costs and Expenses, Returns/Stock Rotation, Disposals | (19) | (10.3) | (5.3) |
Balance at End of Year | 319.9 | 211.7 | 192.2 |
Contract Manufacturer Liabilities | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 21.5 | 19.7 | 15.2 |
Charge to Costs and Expenses | 30.4 | 7.5 | 8.2 |
Reversed from Costs and Expenses, Returns/Stock Rotation, Disposals | (15.9) | (5.7) | (3.7) |
Balance at End of Year | $ 36 | $ 21.5 | $ 19.7 |