Juniper Networks (JNPR) 10-Q 26 Apr 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-34501
Entity Registrant Name	JUNIPER NETWORKS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0422528
Entity Address, Address Line One	1133 Innovation Way
Entity Address, City or Town	Sunnyvale,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94089
City Area Code	408
Local Phone Number	745-2000
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	JNPR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		324,987,897
Entity Central Index Key	0001043604
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Net revenues:
Total net revenues		$ 1,148.9	$ 1,371.8
Cost of revenues:
Total cost of revenues		468	600.6
Gross margin		680.9	771.2
Operating expenses:
Research and development		296.6	284.8
Sales and marketing		305.4	303.2
General and administrative		60.7	68
Restructuring charges		4.1
Restructuring benefits			(0.5)
Merger-related charges	[1]	28.3	0
Total operating expenses		695.1	655.5
Operating (loss) income		(14.2)	115.7
Gain (loss) on privately-held investments, net	[2]	(14.3)	0.2
Other income (expense), net	[3]	2.1	(8.8)
Income (loss) before income taxes and loss from equity method investment		(26.4)	107.1
Income tax (benefit) provision		(27.7)	19.6
Loss from equity method investment, net of tax		2.1	2.1
Net (loss) income		$ (0.8)	$ 85.4
Net (loss) income per share:
Basic (in dollars per share)		$ 0	$ 0.26
Diluted (in dollars per share)		$ 0	$ 0.26
Weighted-average shares used to compute net (loss) income per share:
Basic (in shares)		322.6	322.3
Diluted (in shares)		322.6	329.1
Product
Net revenues:
Total net revenues		$ 651.9	$ 912.6
Cost of revenues:
Total cost of revenues		323.9	454.9
Service
Net revenues:
Total net revenues		497	459.2
Cost of revenues:
Total cost of revenues		$ 144.1	$ 145.7
[1]Represents charges incurred directly in connection with the pending merger with HPE (as defined below). See Note 1, Basis of Presentation and Summary of Significant Accounting Policies , for further information.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (0.8)	$ 85.4
Available-for-sale debt securities:
Change in net unrealized gains and losses	(29)	2.1
Net realized gains reclassified into net income	(0.1)	0
Net change on available-for-sale debt securities	(29.1)	2.1
Cash flow hedges:
Change in net unrealized gains and losses	(5.4)	(6.9)
Net realized losses reclassified into net income	1.2	7.4
Net change on cash flow hedges	(4.2)	0.5
Change in foreign currency translation adjustments	(3.7)	1.5
Other comprehensive (loss) income, net	(37)	4.1
Comprehensive (loss) income	$ (37.8)	$ 89.5

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,069.8	$ 1,068.1
Short-term investments	187.9	139.4
Accounts receivable, net of allowances	814.9	1,044.1
Inventory	958.2	952.4
Prepaid expenses and other current assets	510.1	591.5
Total current assets	3,540.9	3,795.5
Property and equipment, net	688.6	689.9
Operating lease assets	158.4	111.4
Long-term investments	277.2	116.8
Purchased intangible assets, net	74.6	91.8
Goodwill	3,734.3	3,734.4
Other long-term assets	1,004.2	978.7
Total assets	9,478.2	9,518.5
Current liabilities:
Accounts payable	250.2	295.1
Accrued compensation	210.9	292.2
Deferred revenue	1,205.5	1,130
Other accrued liabilities	363.4	386.7
Total current liabilities	2,030	2,104
Long-term debt	1,607.1	1,616.8
Long-term deferred revenue	919.4	894.9
Long-term income taxes payable	173.5	204.5
Long-term operating lease liabilities	130.6	82.9
Other long-term liabilities	136.4	122.7
Total liabilities	4,997	5,025.8
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.00001 par value; 10.0 shares authorized; none issued and outstanding	0	0
Common stock, $0.00001 par value; 1,000.0 shares authorized; 324.9 shares and 320.3 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	6,776.1	6,740
Accumulated other comprehensive income	12.1	49.1
Accumulated deficit	(2,307)	(2,296.4)
Total stockholders' equity	4,481.2	4,492.7
Total liabilities and stockholders' equity	$ 9,478.2	$ 9,518.5

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock - par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock - shares authorized (in shares)	10	10
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	1,000
Common stock - issued (in shares)	324.9	320.3
Common stock - outstanding (in shares)	324.9	320.3

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net (loss) income		$ (0.8)	$ 85.4
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Share-based compensation expense		79.9	60.9
Depreciation, amortization, and accretion		44.2	49.4
Deferred income taxes	[1]	(26.6)	(28.3)
Provision (benefit) for inventory excess and obsolescence	[1]	(1)	22.4
Operating lease assets expense		10.8	10.1
Loss (gain) on privately-held investments, net	[1]	14.3	(0.2)
Loss from equity method investment		2.1	2.1
Other	[1]	(0.3)	3.9
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net		228.8	166.1
Inventory	[1]	(22.5)	(171)
Prepaid expenses and other assets	[1]	70.2	(56)
Accounts payable		(38.3)	15.4
Accrued compensation		(79.4)	(78.4)
Income taxes payable		(24.9)	29.6
Other accrued liabilities	[1]	(32.5)	(16.1)
Deferred revenue		101	96.2
Net cash provided by operating activities		325	191.5
Cash flows from investing activities:
Purchases of property and equipment		(34.8)	(42.1)
Purchases of available-for-sale debt securities		(283.5)	(5)
Proceeds from sales of available-for-sale debt securities		6.1	14
Proceeds from maturities and redemptions of available-for-sale debt securities		45.1	69.4
Purchases of equity securities		(2.7)	(2.4)
Proceeds from sales of equity securities		4.3	7.4
Other		0	0.9
Net cash (used in) provided by investing activities		(265.5)	42.2
Cash flows from financing activities:
Repurchase and retirement of common stock		(14.6)	(151.3)
Proceeds from issuance of common stock		32.1	31.1
Payment of dividends		(71.4)	(70.6)
Net cash used in financing activities		(53.9)	(190.8)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash		(3.6)	1.2
Net increase in cash, cash equivalents, and restricted cash		2	44.1
Cash, cash equivalents, and restricted cash at beginning of period		1,084.3	897.7
Cash, cash equivalents, and restricted cash at end of period		$ 1,086.3	$ 941.8
[1]The prior period amounts have been reclassified to conform to the current period presentation.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Shares	Common Stock and Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Balance (in shares) at Dec. 31, 2022		322.9
Beginning Balance at Dec. 31, 2022	$ 4,475.1		$ 6,846.4	$ 4.2	$ (2,375.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	85.4				85.4
Other comprehensive (loss), income, net	4.1			4.1
Issuance of common stock (in shares)		3.3
Issuance of common stock	31.1		31.1
Repurchase and retirement of common stock (in shares)		(4.8)
Repurchase and retirement of common stock	(151.3)		(60.2)		(91.1)
Share-based compensation expense	61.4		61.4
Payments of cash dividends	(70.6)		(70.6)
Balance (in shares) at Mar. 31, 2023		321.4
Ending Balance at Mar. 31, 2023	$ 4,435.2		6,808.1	8.3	(2,381.2)
Balance (in shares) at Dec. 31, 2023	320.3	320.3
Beginning Balance at Dec. 31, 2023	$ 4,492.7		6,740	49.1	(2,296.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(0.8)				(0.8)
Other comprehensive (loss), income, net	(37)			(37)
Issuance of common stock (in shares)		5
Issuance of common stock	32.1		32.1
Repurchase and retirement of common stock (in shares)		(0.4)
Repurchase and retirement of common stock	(14.6)		(4.8)		(9.8)
Share-based compensation expense	80.2		80.2
Payments of cash dividends	$ (71.4)		(71.4)
Balance (in shares) at Mar. 31, 2024	324.9	324.9
Ending Balance at Mar. 31, 2024	$ 4,481.2		$ 6,776.1	$ 12.1	$ (2,307)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Payments of cash dividends (in dollars per share)	$ 0.22	$ 0.22

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 1. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet as of December 31, 2023 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any future period. These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "Form 10-K"). The Company has evaluated all subsequent events through the date these condensed consolidated financial statements were issued. The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions. Certain prior period amounts have been reclassified to conform to the current period's presentation. None of these reclassifications had a material impact to the unaudited Condensed Consolidated Financial Statements. HPE Merger Agreement On January 9, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Hewlett Packard Enterprise Company, a Delaware corporation (“HPE”), and Jasmine Acquisition Sub, Inc., a Delaware corporation and wholly owned subsidiary of HPE (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of HPE. Under the terms of the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of the Company's common stock (subject to certain exceptions set forth in the Merger Agreement) will be canceled and converted into the right to receive $40.00 in cash, without interest and subject to applicable withholding taxes. The Merger Agreement generally requires the Company to use commercially reasonable efforts to operate the Company's business in the ordinary course, subject to certain exceptions including as required by applicable law, pending consummation of the Merger, and subjects the Company to customary interim operating covenants that restrict the Company from taking certain specified actions without HPE’s approval (such approval not to be unreasonably withheld, conditioned, or delayed) until the Merger is completed or the Merger Agreement is terminated in accordance with its terms. During this period, the Company is permitted to continue paying regular quarterly dividends, substantially in accordance with past practice, at a quarterly rate not to exceed $0.22 per share. The completion of the Merger, which is currently expected to close in late calendar year 2024 or early calendar year 2025, is subject to the receipt of regulatory approvals and other customary closing conditions. On April 2, 2024, the Company received approval of the Merger Agreement from its stockholders. If the transaction is consummated, the Company's common stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934 (the “Exchange Act”). The Merger Agreement can be terminated under certain customary circumstances, including by mutual agreement, the imposition of a final and non-appealable governmental order that permanently enjoins or otherwise prohibits the Merger, an uncured breach of the Merger Agreement by the other party, or if the Merger has not been consummated by January 9, 2025, as may be automatically extended pursuant to the terms of the Merger Agreement. Under certain specified circumstances in which the Merger Agreement is terminated, the Company is required to pay HPE a termination fee equal to $407.5 million , and under certain other specified circumstances in which the Merger Agreement is terminated, HPE is required to pay the Company a termination fee equal to $815.0 million . In connection with the pending Merger, the Company incurred $28.3 million of expenses for the period ended March 31, 2024, including professional services and financial advisory fees, all of which were recorded within "Merger-related charges" in the Condensed Consolidated Statements of Operations. Summary of Significant Accounting Policies There have been no significant changes to the Company's significant accounting policies described in Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies , in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K for the fiscal year ended December 31, 2023. Recent Accounting Standards Not Yet Adopted Improvements to Reportable Segment Disclosures : In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company 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.

Cash Equivalents and Investment

Cash Equivalents and Investments	3 Months Ended
	Mar. 31, 2024
Cash Equivalents and Investments [Abstract]
Cash Equivalents and Investments	Note 2. Cash Equivalents and Investments Investments in Available-for-Sale Debt Securities The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of March 31, 2024 and December 31, 2023 (in millions): As of March 31, 2024 As of December 31, 2023 Amortized Gross Unrealized Gross Unrealized and Credit Losses Estimated Fair Amortized Gross Unrealized Gross Unrealized and Credit Losses Estimated Fair Fixed income securities: Asset-backed and mortgage-backed securities $ 99.3 $ — $ (0.5) $ 98.8 $ 38.2 $ 0.2 $ (0.4) $ 38.0 Corporate debt securities 234.1 0.4 (1.0) 233.5 160.2 0.7 (1.3) 159.6 Certificates of deposit 16.2 — — 16.2 3.0 — — 3.0 Commercial paper 92.1 — — 92.1 41.1 — — 41.1 Foreign government debt securities 5.3 — (0.1) 5.2 5.3 — (0.2) 5.1 Time deposits 282.1 — — 282.1 273.6 — — 273.6 U.S. government agency securities — — — — 4.0 — — 4.0 U.S. government securities 72.0 — (0.2) 71.8 54.8 0.1 — 54.9 Total fixed income securities 801.1 0.4 (1.8) 799.7 580.2 1.0 (1.9) 579.3 Privately-held debt and redeemable preferred stock securities 46.0 — (15.4) 30.6 20.6 37.4 (8.3) 49.7 Total available-for-sale debt securities $ 847.1 $ 0.4 $ (17.2) $ 830.3 $ 600.8 $ 38.4 $ (10.2) $ 629.0 Reported as: Cash equivalents $ 340.2 $ — $ — $ 340.2 $ 328.2 $ — $ — $ 328.2 Short-term investments 183.1 — (0.8) 182.3 135.7 — (1.4) 134.3 Long-term investments 277.8 0.4 (1.0) 277.2 116.3 1.0 (0.5) 116.8 Other long-term assets 46.0 — (15.4) 30.6 20.6 37.4 (8.3) 49.7 Total $ 847.1 $ 0.4 $ (17.2) $ 830.3 $ 600.8 $ 38.4 $ (10.2) $ 629.0 The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2024 (in millions): Amortized Estimated Fair Due in less than one year $ 523.3 $ 522.5 Due between one and five years 277.8 277.2 Total $ 801.1 $ 799.7 As of March 31, 2024, the C ompany's unrealized loss of $1.8 million resulted from 226 fixed income available-for-sale debt securities, of which losses aggregating $0.7 million were from investments in an unrealized loss position for less than 12 months, and $1.1 million were from investments in an unrealized loss position for more than 12 m onths. The gross unrealized losses related to these investments were primarily due to changes in market interest rates. The Company anticipates that it will recover the entire amortized cost basis of such available-for-sale debt securities and has determined that no allowance for credit losses was required to be recognized during the three months ended March 31, 2024 and March 31, 2023. During the three months ended March 31, 2024, the Company recorded an allowance for credit loss of $7.1 million on privately-held debt and redeemable preferred stock investments. The credit loss represents the difference between the estimated fair value and the cost of the investment related to the credit factors. The determination of fair value was based on quantitative and qualitative analysis including factors such as the near-term prospects of the investee in the market in which it operates and an evaluation of the investee's financial condition in relation to its outstanding obligations. As of March 31, 2024 and December 31, 2023, the Company had an allowance for credit loss of $15.4 million and $8.3 million, respectively, on privately-held debt and redeemable preferred stock investments. During the three months ended March 31, 2024 and March 31, 2023, there were no m aterial gross realized gains or losses from available-for-sale debt securities. Investments in Equity Securities The following table presents the Company's investments in equity securities as of March 31, 2024 and December 31, 2023 (in millions): As of March 31, December 31, Equity investments with readily determinable fair value: Money market funds $ 379.6 $ 337.5 Mutual funds 42.6 38.0 Publicly-traded equity securities 5.6 5.1 Equity investments without readily determinable fair value 45.8 45.8 Equity investment under the equity method of accounting 24.2 26.4 Total equity securities $ 497.8 $ 452.8 Reported as: Cash equivalents $ 379.6 $ 337.5 Short-term investments 5.6 5.1 Prepaid expenses and other current assets 3.3 2.5 Other long-term assets 109.3 107.7 Total $ 497.8 $ 452.8 For the three months ended March 31, 2024 and March 31, 2023, there w ere no material unrealized gains or losses recognized for equity investments with readily determinable fair value or equity investments without readily determinable fair value. For the three months ended March 31, 2024 and March 31, 2023, the loss recognized from the equity method investment was $2.2 million and $2.1 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 March 31, 2024, the carrying value of restricted cash and investments was $59.2 million, of which $17.5 million was included in prepaid expenses and other current assets, and $41.7 million was included in other long-term assets on the Condensed Consolidated Balance Sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (in millions): As of March 31, December 31, Cash and cash equivalents $ 1,069.8 $ 1,068.1 Restricted cash included in prepaid expenses and other current assets 14.1 13.8 Restricted cash included in other long-term assets 2.4 2.4 Total cash, cash equivalents, and restricted cash $ 1,086.3 $ 1,084.3

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 3. Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (in millions): Fair Value Measurements at March 31, 2024 Fair Value Measurements at December 31, 2023 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 $ — $ 98.8 $ — $ 98.8 $ — $ 38.0 $ — $ 38.0 Certificates of deposit — 16.2 — 16.2 — 3.0 — 3.0 Corporate debt securities — 233.5 — 233.5 — 159.6 — 159.6 Commercial paper — 92.1 — 92.1 — 41.1 — 41.1 Foreign government debt securities — 5.2 — 5.2 — 5.1 — 5.1 Time deposits — 282.1 — 282.1 — 273.6 — 273.6 U.S. government agency securities — — — — — 4.0 — 4.0 U.S. government securities 48.9 22.9 — 71.8 20.0 34.9 — 54.9 Privately-held debt and redeemable preferred stock securities — — 30.6 30.6 — — 49.7 49.7 Total available-for-sale debt securities 48.9 750.8 30.6 830.3 20.0 559.3 49.7 629.0 Equity securities: Money market funds 379.6 — — 379.6 337.5 — — 337.5 Mutual funds 42.6 — — 42.6 38.0 — — 38.0 Publicly-traded equity securities 5.6 — — 5.6 5.1 — — 5.1 Total equity securities 427.8 — — 427.8 380.6 — — 380.6 Derivative assets: Foreign exchange contracts — 5.6 — 5.6 — 7.2 — 7.2 Total derivative assets — 5.6 — 5.6 — 7.2 — 7.2 Total assets measured at fair value on a recurring basis $ 476.7 $ 756.4 $ 30.6 $ 1,263.7 $ 400.6 $ 566.5 $ 49.7 $ 1,016.8 Liabilities: Derivative liabilities: Foreign exchange contracts $ — $ (9.8) $ — $ (9.8) $ — $ (7.2) $ — $ (7.2) Interest rate contracts — (83.7) — (83.7) — (73.6) — (73.6) Total derivative liabilities — (93.5) — (93.5) — (80.8) — (80.8) Total liabilities measured at fair value on a recurring basis $ — $ (93.5) $ — $ (93.5) $ — $ (80.8) $ — $ (80.8) Fair Value Measurements at March 31, 2024 Fair Value Measurements at Quoted Prices in Significant Other Significant Other Total Quoted Prices in Significant Other Significant Other Total Total assets, reported as: Cash equivalents $ 379.6 $ 340.2 $ — $ 719.8 $ 337.5 $ 328.2 $ — $ 665.7 Short-term investments 18.3 169.6 — 187.9 12.8 126.6 — 139.4 Long-term investments 36.2 241.0 — 277.2 12.3 104.5 — 116.8 Prepaid expenses and other current assets 3.3 4.0 — 7.3 2.5 4.6 — 7.1 Other long-term assets 39.3 1.6 30.6 71.5 35.5 2.6 49.7 87.8 Total assets measured at fair value $ 476.7 $ 756.4 $ 30.6 $ 1,263.7 $ 400.6 $ 566.5 $ 49.7 $ 1,016.8 Total liabilities, reported as: Other accrued liabilities $ — $ (8.4) $ — $ (8.4) $ — $ (6.2) $ — $ (6.2) Other long-term liabilities — (85.1) — (85.1) — (74.6) — (74.6) Total liabilities measured at fair value on a recurring basis $ — $ (93.5) $ — $ (93.5) $ — $ (80.8) $ — $ (80.8) The Company's Level 2 available-for-sale debt securities are priced using quoted market prices for similar instruments or non-binding market prices that are corroborated by observable market data. The Company uses inputs such as actual trade data, benchmark yields, broker/dealer quotes, or alternative pricing sources with reasonable levels of price transparency, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets. The Company's derivative instruments are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. During the three months ended March 31, 2024, the Company had no transfers into or out of Level 3 of the fair value hierarchy of its assets or liabilities measured at fair value. The Company's privately-held debt and redeemable preferred stock securities are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of its privately-held debt and redeemable preferred stock securities on a recurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent valuations at the time of financing activities and the investee's capital structure. In January 2024, the Company invested in a convertible note of a privately-held company for a principal amount of $25.0 million with a maturity period of two years. During the three months ended March 31, 2024, the Company recognized a credit loss of $7.1 million on a privately-held debt investment and redeemable preferred stock securities. Refer to Note 2, Cash Equivalents and Investments . Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company's investments in equity securities without readily determinable fair value are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of equity securities without readily determinable fair value, and investments accounted for under the equity method of accounting, on a nonrecurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. As of March 31, 2024, downward adjustments for equity securities without readily determinable fair value in the aggregate were $89.9 million. There have been no material upward adjustments to the equity securities without readily determinable fair value. Certain of the Company's assets, including intangible assets and goodwill, are measured at fair value on a nonrecurring basis. There were no significant impairment charges recognized during the three months ended March 31, 2024. As of March 31, 2024 and December 31, 2023, the Company had no liabilities required to be measured at fair value on a nonrecurring basis. Assets and Liabilities Not Measured at Fair Value The carrying amounts of the Company's accounts receivable, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. As of March 31, 2024 and December 31, 2023, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets wa s $1,567.8 million and $1,581.7 million, respectively, based on observable market inputs (Level 2).

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 4. Derivative Instruments The Company uses derivative instruments to manage a variety of risks, including risks related to fluctuations in foreign currency exchange rates and interest rates on debt instruments. The Company does not use derivative financial instruments for speculative purposes. The notional amount of the Company's derivative instruments is summarized as follows (in millions): As of March 31, December 31, Designated derivatives: Cash flow hedges: Foreign currency contracts $ 668.8 $ 801.0 Fair value hedges: Interest rate swap contracts 600.0 600.0 Total designated derivatives 1,268.8 1,401.0 Non-designated derivatives 232.4 200.7 Total $ 1,501.2 $ 1,601.7 The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows: As of Balance Sheet Classification March 31, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 3.8 $ 4.4 Foreign currency contracts Other long-term assets 1.7 2.7 Total derivatives designated as hedging instruments $ 5.5 $ 7.1 Derivatives not designated as hedging instruments Other current assets 0.1 0.1 Total derivative assets $ 5.6 $ 7.2 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 8.3 $ 6.0 Foreign currency contracts Other long-term liabilities 1.4 1.0 Interest rate swap contracts Other long-term liabilities 83.7 73.6 Total derivatives designated as hedging instruments $ 93.4 $ 80.6 Derivatives not designated as hedging instruments Other accrued liabilities 0.1 0.2 Total derivative liabilities $ 93.5 $ 80.8 Offsetting of Derivative Instruments The Company presents its derivative instruments at gross fair values in the Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, the potential effects of set-off associated with the derivative contracts would be a reduction to both derivative assets and derivative liabilities by $5.6 million and $7.2 million, respectively. Designated Derivatives The Company uses foreign currency forward contracts or options contracts to hedge the Company's planned cost of revenues and operating expenses denominated in foreign currencies. These derivatives are designated as cash flow hedges and typically have maturities of thirty-six months or less. The Company enters into interest rate swap contracts, designated as fair value hedges, to convert the fixed interest rates of certain Senior Notes ("Notes") to floating interest rates. In April 2021, the Company entered into these contracts for an aggregate notional amount of $300.0 million for its fixed-rate Notes maturing in December 2030 in addition to the contracts entered in 2019 for an aggregate notional amount of $300.0 million for its fixed-rate Notes maturing in March 2041. The interest rate swap contracts will expire within 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 Condensed Consolidated Statements of Operations For cash flow hedges, the Company recognized an unrealized loss of $5.5 million and $9.9 million in accumulated other comprehensive income for the effective portion of its derivative instruments for the three months ended March 31, 2024 and March 31, 2023, respectively. For foreign currency contracts, the Company reclassified a loss o f $1.1 million and $7.8 million out of accumulated other comprehensive income to cost of revenues and operating expenses in the Condensed Consolidated Statements of Operations during the three months ended March 31, 2024 and March 31, 2023, respectively. As of March 31, 2024, an estimated $4.5 million of unrealized net loss within accumulated other comprehensive income is expected to be reclassified into earnings within the next twelve months. Non-Designated Derivatives The Company also uses foreign currency forward contracts to mitigate variability in gains and losses generated from the remeasurement of certain monetary assets and liabilities denominated in foreign currencies. These foreign exchange forward contracts typically have maturities of approximate ly one The outstanding non-designated derivative instruments are carried at fair value. Changes in the fair value of these derivatives, which were recorded in Other expense, net within the Condensed Consolidated Statements of Operations, were not material d uring the three months ended March 31, 2024 and March 31, 2023.

Other Financial Information

Other Financial Information	3 Months Ended
	Mar. 31, 2024
Other Financial Information [Abstract]
Other Financial Information	Note 5. Other Financial Information Total Inventory Total inventory consisted of the following (in millions): As of March 31, December 31, Production and service materials $ 764.2 $ 719.0 Finished goods 271.9 299.0 Total inventory $ 1,036.1 $ 1,018.0 Reported as: Inventory $ 958.2 $ 952.4 Other long-term assets (1) 77.9 65.6 Total inventory $ 1,036.1 $ 1,018.0 __________________ (1) Long-term inventory balance classified as other long-term assets in the Company's Condensed Consolidated Balance Sheets consists of last time buy component inventory to be consumed beyond the Company's normal operating cycle. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in millions): As of March 31, December 31, Contract manufacturer deposits $ 234.0 $ 316.4 Prepaid expenses 149.9 140.9 Other current assets 126.2 134.2 Total prepaid expenses and other current assets $ 510.1 $ 591.5 During the three months ended March 31, 2024, the Company recorded an allowance for credit loss of $7.7 million on note receivables due from a privately-held investee. The credit loss represents the difference between the net amount expected to be collected and the amortized cost of the note receivable. Warranties Changes during the three months ended March 31, 2024 in the Company’s warranty reserve as reported within other accrued liabilities in the Condensed Consolidated Balance Sheets were as follows (in millions): Balance as of December 31, 2023 $ 29.4 Provisions made during the period 12.8 Actual costs incurred during the period (11.6) Balance as of March 31, 2024 $ 30.6 Deferred Revenue Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions): As of March 31, December 31, Deferred product revenue, net $ 104.7 $ 92.1 Deferred service revenue, net 2,020.2 1,932.8 Total $ 2,124.9 $ 2,024.9 Reported as: Current $ 1,205.5 $ 1,130.0 Long-term 919.4 894.9 Total $ 2,124.9 $ 2,024.9 Revenue See Note 10, Segments, for disaggregated revenue by customer solution, customer vertical, and geographic region. Product revenue of $17.2 million included in deferred revenue at January 1, 2024 were recognized during the three months ended March 31, 2024. Service revenue of $345.5 million included in deferred revenue at January 1, 2024 were recognized during the three months ended March 31, 2024. 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 March 31, 2024 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 $ 105.3 $ 90.7 $ 12.3 $ 2.3 Service 2,032.3 1,121.0 696.1 215.2 Total $ 2,137.6 $ 1,211.7 $ 708.4 $ 217.5 __________________ (1) The Company's RPO does not include backlog. Backlog consists of purchase orders for product primarily expected to be shipped to the Company's distributors, resellers, or end customers within the next 90 days. The following amounts are not included in the Company's backlog: (1) deferred revenue, (2) unbilled contract revenue, (3) all service obligations, including software as a service (SaaS), and (4) certain future revenue adjustments for items such as sales return reserves and early payment discounts. Deferred Contract Cost The Company capitalizes direct and incremental costs incurred to acquire contracts, primarily sales commissions, for which the associated revenue is expected to be recognized in future periods. The Company incurs these costs in connection with both initial contracts and renewals. These costs are initially deferred, recorded as prepaid expenses and other current assets or other long-term assets, and are amortized over a period of benefit, which is typically over the term of the customer contracts or when product is delivered and revenue recognized. Commission expense is included in sales and marketing expenses in the accompanying Condensed Consolidated Statements of Operations. Deferred contract cost was $42.9 million as of March 31, 2024. For the three months ended March 31, 2024, amortization expense associated with the deferred commissions was $18.2 million, and there were no impairment charges recognized. Other Income (Expense), Net Other income (expense), net, consisted of the following (in millions): Three Months Ended March 31, 2024 2023 Interest income $ 16.9 $ 9.5 Interest expense (20.5) (19.2) Gain on other investments, net (1) 3.4 0.7 Other 2.3 0.2 Other income (expense), net $ 2.1 $ (8.8) ________________ (1)

Restructuring Charges

Restructuring Charges	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring Charges	Note 6. Restructuring Charges During the third quarter of 2023, the Company initiated the 2023 Transformation Plan to realign the organization and enable investments in long-term growth opportunities. As of March 31, 2024, actions taken under this plan have been substantially completed. The following table presents changes in the restructuring liabilities (in millions) for the three months ended March 31, 2024: Three Months Ended March 31, 2024 Employee severance Facility exit-related and asset impairments Contract terminations and other Total Liability as of December 31, 2023 $ 30.0 $ 0.4 $ 3.2 $ 33.6 Charges 2.3 1.7 0.1 4.1 Cash payments (16.5) (0.1) (3.1) (19.7) Non-cash items (0.1) (1.7) — (1.8) Liability as of March 31, 2024 $ 15.7 $ 0.3 $ 0.2 $ 16.2

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Note 7. Debt Debt The following table summarizes the Company's total debt (in millions, except percentages): As of Maturity Date Effective Interest Rates March 31, December 31, Senior Notes: 1.200% fixed-rate notes December 2025 1.37 % $ 400.0 $ 400.0 3.750% fixed-rate notes August 2029 3.86 % 500.0 500.0 2.000% fixed-rate notes December 2030 2.12 % 400.0 400.0 5.950% fixed-rate notes March 2041 6.03 % 400.0 400.0 Total Notes 1,700.0 1,700.0 Unaccreted discount and debt issuance costs (9.2) (9.6) Hedge accounting fair value adjustments (*) (83.7) (73.6) Total $ 1,607.1 $ 1,616.8 ________________________________ (*) Represents the fair value adjustments for interest rate swap contracts with an aggregate notional amount of $600.0 million. These contracts convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments , for a discussion of the Company's interest rate swap contracts. The Notes above are the Company’s senior unsecured and unsubordinated obligations, ranking equally in right of payment to all of the Company’s existing and future senior unsecured and unsubordinated indebtedness, and senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the Notes. The Company may redeem the Notes, either in whole or in part, at any time, at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments discounted to the redemption date, plus, in either case, accrued and unpaid interest, if any. Upon both a change-of-control and a rating event, the holders of the Notes may require the Company to repurchase for cash all or part of the Notes at a purchase price equal to 101% of the aggregate principal amount, plus accrued and unpaid interest, if any. The terms of the Merger Agreement restrict the Company from redeeming any indebtedness that has a make whole amount, prepayment penalty, or similar obligation, including the Notes, without HPE’s approval. Interest on the Notes is payable in cash semiannually. The effective interest rates for the Notes include the interest on the Notes, accretion of the discount, and amortization of issuance costs. The indenture and the supplemental indentures (together, the "indentures") that govern the Notes also contain various covenants, including limitations on the Company's ability to incur liens or enter into sale-leaseback transactions over certain dollar thresholds. As of March 31, 2024, the Company was in compliance with all covenants in the indentures governing the Notes. Revolving Credit Facility The Company maintains an unsecured revolving credit facility that was entered into in June 2023, with an aggregate lending commitment of $500.0 million and an option to increase the facility by up to an additional $200.0 million for a period of five years with two one-year extension options. As of March 31, 2024, there were no amounts outstanding, and the Company was in compliance with all covenants in the credit agreement. Under the terms of the Merger Agreement, the Company is required to terminate the Revolving Credit Facility upon the closing of the Merger.

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity	Note 8. Equity The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts): Three Months Ended March 31, 2024 2023 Dividends: Per share $ 0.22 $ 0.22 Amount $ 71.4 $ 70.6 Repurchased under the 2018 Stock Repurchase Program: Shares — 4.5 Average price per share $ — $ 31.20 Amount $ — $ 140.0 Cash Dividends on Shares of Common Stock During the three months ended March 31, 2024, the Company declared and paid a quarterly cash dividend of $0.22 per common share, totaling $71.4 million, on its outstanding common stock. Any future dividends, and the establishment of record and payment dates, are subject to approval by the Board of Directors of Juniper or an authorized committee thereof. See Note 14, Subsequent Events, for discussion of the Company's dividend declaration subsequent to March 31, 2024. Stock Repurchase Activities As of March 31, 2024, there was approximately $0.2 billion of authorized funds remaining under the 2018 Stock Repurchase Program. In connection with its entry into the Merger Agreement, the Company is required to suspend its stock repurchase program and did not repurchase its common stock during the three months ended March 31, 2024. In addition to repurchases under the 2018 Stock Repurchase Program, the Company also withholds shares of common stock from certain employees in connection with the vesting of stock awards issued to such employees to satisfy applicable tax withholding requirements. Such withheld shares are treated as common stock repurchases in the Company's financial statements as they reduce the number of shares that would have been issued upon vesting. During the three months ended March 31, 2024 and March 31, 2023, repurchases associated with tax withholdings were $14.6 million and $11.4 million, respectively. Accumulated Other Comprehensive Income, Net of Tax The components of accumulated other comprehensive income, net of related taxes, for the three months ended March 31, 2024 were as follows (in millions): Unrealized Unrealized Foreign Total Balance as of December 31, 2023 $ 28.9 $ 102.3 $ (82.1) $ 49.1 Other comprehensive loss before reclassifications (29.0) (5.4) (3.7) (38.1) Amount reclassified from accumulated other comprehensive income (0.1) 1.2 — 1.1 Other comprehensive loss, net (29.1) (4.2) (3.7) (37.0) Balance as of March 31, 2024 $ (0.2) $ 98.1 $ (85.8) $ 12.1

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Employee Benefit Plans	Note 9. Employee Benefit Plans Equity Incentive Plans The Company has stock-based compensation plans pursuant to which it has granted stock options, restricted stock units (“RSUs”), and performance share awards (“PSAs”). The Company also maintains its 2008 Employee Stock Purchase Plan (the “ESPP”) for all eligible employees. As of March 31, 2024, 0.4 million and 2.3 million shares were available for future issuance under the Company's 2015 Equity Incentive Plan and the ESPP, respectively. In connection with past acquisitions, the Company has also assumed or substituted stock options, RSUs, restricted stock awards ("RSAs"), and PSAs. After signing the Merger Agreement, the Company has suspended the following aspects of the Company's ESPP: (1) commencing a new offering period, (2) permitting new participants, and (3) any increase in the amount of payroll deductions. RSU, RSA, and PSA Activities The Company’s RSU, RSA, and PSA activities and related information as of and for the three months ended March 31, 2024 were as follows (in millions, except per share amounts and years): Outstanding RSUs, RSAs, and PSAs Number of Shares Weighted Average Weighted Average Aggregate Balance as of December 31, 2023 20.2 $ 28.10 Granted (*) 3.0 35.19 Vested (3.6) 26.24 Canceled (1.2) 27.28 Balance as of March 31, 2024 18.4 $ 29.67 1.2 $ 681.7 ________________________________ (*) Includes 1.2 million service-based and 1.8 million performance-based awards. The number of shares subject to performance-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested. Employee Stock Purchase Plan The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts): Three Months Ended March 31, 2024 2023 Shares purchased 1.3 1.3 Average exercise price per share $ 23.81 $ 23.44 Share-Based Compensation Expense Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2024 2023 Cost of revenues - Product $ 1.8 $ 1.7 Cost of revenues - Service 5.5 4.7 Research and development 38.5 25.7 Sales and marketing 24.1 18.6 General and administrative 10.0 10.2 Total $ 79.9 $ 60.9 The following table summarizes share-based compensation expense by award type (in millions): Three Months Ended March 31, 2024 2023 Stock options $ 0.3 $ 0.8 RSUs, RSAs, and PSAs 72.9 53.0 ESPP purchase rights 6.7 7.1 Total $ 79.9 $ 60.9

Segments

Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segments	Note 10. Segments The Company operates in one reportable segment. The Company's Chief Executive Officer, who is the chief operating decision maker, reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance, accompanied by disaggregated information about net revenues by customer solution, customer vertical, and geographic region as presented below. The following table presents net revenues by customer solution (in millions): Three Months Ended March 31, 2024 2023 Customer Solutions (*) : Wide Area Networking $ 350.4 $ 474.5 Data Center 163.1 193.6 Campus and Branch 240.5 317.0 Hardware Maintenance and Professional Services 394.9 386.7 Total $ 1,148.9 $ 1,371.8 ________________ (*) Effective as of the first quarter of 2024, our customer solution revenue categories include the following name changes, and historical revenue by customer solution was not impacted by the name change: 1) Automated WAN Solutions changes to Wide Area Networking , 2) Cloud-Ready Data Center changes to Data Center , and 3) AI-Driven Enterprise changes to Campus and Branch. The following table presents net revenues by customer vertical (in millions): Three Months Ended March 31, 2024 2023 Cloud $ 250.0 $ 264.9 Service Provider 381.9 549.9 Enterprise 517.0 557.0 Total $ 1,148.9 $ 1,371.8 The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions): Three Months Ended March 31, 2024 2023 Americas: United States $ 609.4 $ 733.6 Other 56.1 64.9 Total Americas 665.5 798.5 Europe, Middle East, and Africa 311.1 369.9 Asia Pacific 172.3 203.4 Total $ 1,148.9 $ 1,371.8 For the three months ended March 31, 2024 and March 31, 2023, no customer accounted for more than 10% of total net revenues.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 11. Income Taxes The following table provides details of income taxes (in millions, except percentages): Three Months Ended March 31, 2024 2023 Income (loss) before income taxes $ (26.4) $ 107.1 Income tax (benefit) provision $ (27.7) $ 19.6 Effective tax rate 105.0 % 18.3 % The Company’s effective tax rate differs from the federal statutory rate of 21% primarily due to the tax impact of state taxes, geographic mix of earnings including foreign-derived intangible income deductions and the capitalization of research and development ("R&D") expenditures, R&D and foreign tax credits, tax audit settlements, non-deductible compensation, cost sharing of stock-based compensation, and other transfer pricing adjustments. The Company’s effective tax rate for the three months ended March 31, 2024 includes $19.0 million of one-time benefits from tax settlements related to the geographic mix of earnings. The Company’s effective tax rate for the three months ended March 31, 2023 includes the net effect of one-time benefits. As of March 31, 2024, deferred tax assets increased $35.2 million to $676.1 million from $640.9 million at December 31, 2023. Deferred income taxes are classified as other long-term assets in the Company's Condensed Consolidated Balance Sheets. As of March 31, 2024, the total amount of gross unrecognized tax benefits was $110.9 million. Primarily due to the completion of tax review cycles, the amount decreased by $21.9 million compared to $132.8 million at December 31, 2023. The Company engages in continuous discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. There is a greater than remote likelihood that the balance of the gross unrecognized tax benefits will decrease by up to $43.1 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's examination by the IRS for the 2017 through 2018 tax years closed in February 2024. The closure did not have a significant impact to the income tax provision and the Company is not currently under examination by the IRS for other tax years. The Company is under examination by the India tax authorities for the 2012 through 2020 tax years.

Net (Loss) Income per Share

Net (Loss) Income per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net (Loss) Income per Share	Note 12. Net (Loss) Income per Share The Company computed basic and diluted net income per share as follows (in millions, except per share amounts): Three Months Ended March 31, 2024 2023 Numerator: Net (loss) income $ (0.8) $ 85.4 Denominator: Weighted-average shares used to compute basic net (loss) income per share 322.6 322.3 Dilutive effect of employee stock awards — 6.8 Weighted-average shares used to compute diluted net (loss) income per share 322.6 329.1 Net (loss) income per share: Basic $ (0.00) $ 0.26 Diluted $ (0.00) $ 0.26 Anti-dilutive shares 0.1 2.9

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13. Commitments and Contingencies Commitments Except for the items below, there have been no material changes to the Company's commitments compared to the commitments described in Note 14, Commitments and Contingencies , in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K. Purchase Commitments with Contract Manufacturers and Suppliers In order to reduce manufacturing lead times and in the interest of having access to adequate component supply, the Company enters into agreements with contract manufacturers and certain suppliers to procure inventory based on the Company's requirements. A significant portion of the Company's purchase commitments arising from these agreements consists of firm and non-cancellable commitments. In certain instances, these agreements allow the Company the option to cancel, reschedule, and adjust its requirements based on the Company's business needs prior to firm orders being placed. These purchase commitments totaled $1,140.0 million as of March 31, 2024. HPE Merger Contingencies In connection with the pending Merger, the Company expects to incur additional liabilities of approximately $151.8 million that are subject to the consummation of the Merger. These contingent liabilities include financial advisory fees and certain retention bonuses. Legal Proceedings In the ordinary course of business, the Company is subject to various pending and potential investigations, disputes, litigations, and legal proceedings. The Company records an accrual for loss contingencies for legal proceedings when it believes that an unfavorable outcome is both (a) probable and (b) the amount or range of any possible loss is reasonably estimable. The Company intends to aggressively defend itself in any legal matters, and while the outcome of any pending matters is not currently determinable, the Company believes that none of its currently existing claims or proceedings are likely, individually or in the aggregate, to have a material adverse effect on its financial position. Notwithstanding the foregoing, there are many uncertainties associated with any litigation and these matters or any other third-party claims against the Company may cause the Company to incur costly litigation and/or substantial settlement charges. In addition, the resolution of any intellectual property litigation may require the Company to make royalty payments, which could adversely affect gross margins in future periods. If any of these events were to occur, the Company's business, financial condition, results of operations, and cash flows could be adversely affected. The actual liability in any such matters may be materially different from the Company's estimates, if any, which could result in the need to adjust the liability and record additional expenses. 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 $187.1 million, of which $102.6 million remains in long-term income taxes payable as of March 31, 2024. As of March 31, 2024, the Company also had $70.7 million included in long-term income taxes payable on the Condensed Consolidated Balance Sheets for unrecognized tax positions. At this time, the Company is unable to make a reasonably reliable estimate of the timing of payments related to this amount due to uncertainties in the timing of tax audit outcomes.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 14. Subsequent Events Dividend Declaration On April 25, 2024, the Company announced a cash dividend of $0.22 per share of common stock to be paid on June 24, 2024 to stockholders of record as of the close of business on June 3, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net (loss) income	$ (0.8)	$ 85.4

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the fiscal quarter ended March 31, 2024, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, except as described in the table below: Name & Title Date Adopted Character of Trading Arrangement Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to Trading Arrangement Duration Other Material Terms Date Terminated Kenneth Miller, Chief Financial Officer February 21, 2024 Rule 10b5-1 Trading Arrangement (1) Up to 188,669 shares September 30, 2024 (2) N/A N/A (1) This trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the “Rule”). (2) This trading arrangement permitted or permits transactions through and including the earlier to occur of (i) the completion of all purchases or sales or (ii) the date listed in the table. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permitted or only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule. This arrangement also provides for termination upon (i) death, bankruptcy or insolvency of the officer, (ii) transfer of account assets, (iii) termination or material amendment by the officer, (iv) failure of the officer to comply with applicable law or the terms of the arrangement, (v) public announcement of a tender of the Company's securities, (vi) a definitive acquisition agreement of the Company subjecting the officer's securities to a lock-up provision, (vii) change of control of the Company, (viii) dissolution, liquidation or bankruptcy event of the Company, or (ix) the arrangement violates laws or causes a breach of a contract of the Company.
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Kenneth Miller [Member]
Trading Arrangements, by Individual
Name	Kenneth Miller
Title	Chief Financial Officer
Adoption Date	February 21, 2024
Arrangement Duration	222 days
Aggregate Available	188,669

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet as of December 31, 2023 has been derived from the audited Consolidated Financial Statements at that date. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any future period. These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "Form 10-K"). The Company has evaluated all subsequent events through the date these condensed consolidated financial statements were issued.
Use of Estimates	The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions.
Reclassification	Certain prior period amounts have been reclassified to conform to the current period's presentation. None of these reclassifications had a material impact to the unaudited Condensed Consolidated Financial Statements.
Recent Accounting Standards Not Yet Adopted	Recent Accounting Standards Not Yet Adopted Improvements to Reportable Segment Disclosures : In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company 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.

Cash Equivalents and Investme_2

Cash Equivalents and Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Cash Equivalents and Investments [Abstract]
Schedule of Unrealized Gains and Losses and Fair Value of Available-For-Sale Debt Securities	The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of March 31, 2024 and December 31, 2023 (in millions): As of March 31, 2024 As of December 31, 2023 Amortized Gross Unrealized Gross Unrealized and Credit Losses Estimated Fair Amortized Gross Unrealized Gross Unrealized and Credit Losses Estimated Fair Fixed income securities: Asset-backed and mortgage-backed securities $ 99.3 $ — $ (0.5) $ 98.8 $ 38.2 $ 0.2 $ (0.4) $ 38.0 Corporate debt securities 234.1 0.4 (1.0) 233.5 160.2 0.7 (1.3) 159.6 Certificates of deposit 16.2 — — 16.2 3.0 — — 3.0 Commercial paper 92.1 — — 92.1 41.1 — — 41.1 Foreign government debt securities 5.3 — (0.1) 5.2 5.3 — (0.2) 5.1 Time deposits 282.1 — — 282.1 273.6 — — 273.6 U.S. government agency securities — — — — 4.0 — — 4.0 U.S. government securities 72.0 — (0.2) 71.8 54.8 0.1 — 54.9 Total fixed income securities 801.1 0.4 (1.8) 799.7 580.2 1.0 (1.9) 579.3 Privately-held debt and redeemable preferred stock securities 46.0 — (15.4) 30.6 20.6 37.4 (8.3) 49.7 Total available-for-sale debt securities $ 847.1 $ 0.4 $ (17.2) $ 830.3 $ 600.8 $ 38.4 $ (10.2) $ 629.0 Reported as: Cash equivalents $ 340.2 $ — $ — $ 340.2 $ 328.2 $ — $ — $ 328.2 Short-term investments 183.1 — (0.8) 182.3 135.7 — (1.4) 134.3 Long-term investments 277.8 0.4 (1.0) 277.2 116.3 1.0 (0.5) 116.8 Other long-term assets 46.0 — (15.4) 30.6 20.6 37.4 (8.3) 49.7 Total $ 847.1 $ 0.4 $ (17.2) $ 830.3 $ 600.8 $ 38.4 $ (10.2) $ 629.0
Schedule of Maturities of Fixed Income Securities	The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2024 (in millions): Amortized Estimated Fair Due in less than one year $ 523.3 $ 522.5 Due between one and five years 277.8 277.2 Total $ 801.1 $ 799.7
Schedule of Investments in Equity Securities	The following table presents the Company's investments in equity securities as of March 31, 2024 and December 31, 2023 (in millions): As of March 31, December 31, Equity investments with readily determinable fair value: Money market funds $ 379.6 $ 337.5 Mutual funds 42.6 38.0 Publicly-traded equity securities 5.6 5.1 Equity investments without readily determinable fair value 45.8 45.8 Equity investment under the equity method of accounting 24.2 26.4 Total equity securities $ 497.8 $ 452.8 Reported as: Cash equivalents $ 379.6 $ 337.5 Short-term investments 5.6 5.1 Prepaid expenses and other current assets 3.3 2.5 Other long-term assets 109.3 107.7 Total $ 497.8 $ 452.8
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (in millions): As of March 31, December 31, Cash and cash equivalents $ 1,069.8 $ 1,068.1 Restricted cash included in prepaid expenses and other current assets 14.1 13.8 Restricted cash included in other long-term assets 2.4 2.4 Total cash, cash equivalents, and restricted cash $ 1,086.3 $ 1,084.3

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (in millions): Fair Value Measurements at March 31, 2024 Fair Value Measurements at December 31, 2023 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 $ — $ 98.8 $ — $ 98.8 $ — $ 38.0 $ — $ 38.0 Certificates of deposit — 16.2 — 16.2 — 3.0 — 3.0 Corporate debt securities — 233.5 — 233.5 — 159.6 — 159.6 Commercial paper — 92.1 — 92.1 — 41.1 — 41.1 Foreign government debt securities — 5.2 — 5.2 — 5.1 — 5.1 Time deposits — 282.1 — 282.1 — 273.6 — 273.6 U.S. government agency securities — — — — — 4.0 — 4.0 U.S. government securities 48.9 22.9 — 71.8 20.0 34.9 — 54.9 Privately-held debt and redeemable preferred stock securities — — 30.6 30.6 — — 49.7 49.7 Total available-for-sale debt securities 48.9 750.8 30.6 830.3 20.0 559.3 49.7 629.0 Equity securities: Money market funds 379.6 — — 379.6 337.5 — — 337.5 Mutual funds 42.6 — — 42.6 38.0 — — 38.0 Publicly-traded equity securities 5.6 — — 5.6 5.1 — — 5.1 Total equity securities 427.8 — — 427.8 380.6 — — 380.6 Derivative assets: Foreign exchange contracts — 5.6 — 5.6 — 7.2 — 7.2 Total derivative assets — 5.6 — 5.6 — 7.2 — 7.2 Total assets measured at fair value on a recurring basis $ 476.7 $ 756.4 $ 30.6 $ 1,263.7 $ 400.6 $ 566.5 $ 49.7 $ 1,016.8 Liabilities: Derivative liabilities: Foreign exchange contracts $ — $ (9.8) $ — $ (9.8) $ — $ (7.2) $ — $ (7.2) Interest rate contracts — (83.7) — (83.7) — (73.6) — (73.6) Total derivative liabilities — (93.5) — (93.5) — (80.8) — (80.8) Total liabilities measured at fair value on a recurring basis $ — $ (93.5) $ — $ (93.5) $ — $ (80.8) $ — $ (80.8) Fair Value Measurements at March 31, 2024 Fair Value Measurements at Quoted Prices in Significant Other Significant Other Total Quoted Prices in Significant Other Significant Other Total Total assets, reported as: Cash equivalents $ 379.6 $ 340.2 $ — $ 719.8 $ 337.5 $ 328.2 $ — $ 665.7 Short-term investments 18.3 169.6 — 187.9 12.8 126.6 — 139.4 Long-term investments 36.2 241.0 — 277.2 12.3 104.5 — 116.8 Prepaid expenses and other current assets 3.3 4.0 — 7.3 2.5 4.6 — 7.1 Other long-term assets 39.3 1.6 30.6 71.5 35.5 2.6 49.7 87.8 Total assets measured at fair value $ 476.7 $ 756.4 $ 30.6 $ 1,263.7 $ 400.6 $ 566.5 $ 49.7 $ 1,016.8 Total liabilities, reported as: Other accrued liabilities $ — $ (8.4) $ — $ (8.4) $ — $ (6.2) $ — $ (6.2) Other long-term liabilities — (85.1) — (85.1) — (74.6) — (74.6) Total liabilities measured at fair value on a recurring basis $ — $ (93.5) $ — $ (93.5) $ — $ (80.8) $ — $ (80.8)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The notional amount of the Company's derivative instruments is summarized as follows (in millions): As of March 31, December 31, Designated derivatives: Cash flow hedges: Foreign currency contracts $ 668.8 $ 801.0 Fair value hedges: Interest rate swap contracts 600.0 600.0 Total designated derivatives 1,268.8 1,401.0 Non-designated derivatives 232.4 200.7 Total $ 1,501.2 $ 1,601.7
Schedule of Derivative Assets at Fair Value	The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows: As of Balance Sheet Classification March 31, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 3.8 $ 4.4 Foreign currency contracts Other long-term assets 1.7 2.7 Total derivatives designated as hedging instruments $ 5.5 $ 7.1 Derivatives not designated as hedging instruments Other current assets 0.1 0.1 Total derivative assets $ 5.6 $ 7.2 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 8.3 $ 6.0 Foreign currency contracts Other long-term liabilities 1.4 1.0 Interest rate swap contracts Other long-term liabilities 83.7 73.6 Total derivatives designated as hedging instruments $ 93.4 $ 80.6 Derivatives not designated as hedging instruments Other accrued liabilities 0.1 0.2 Total derivative liabilities $ 93.5 $ 80.8
Schedule of Derivative Liabilities at Fair Value	The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows: As of Balance Sheet Classification March 31, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 3.8 $ 4.4 Foreign currency contracts Other long-term assets 1.7 2.7 Total derivatives designated as hedging instruments $ 5.5 $ 7.1 Derivatives not designated as hedging instruments Other current assets 0.1 0.1 Total derivative assets $ 5.6 $ 7.2 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 8.3 $ 6.0 Foreign currency contracts Other long-term liabilities 1.4 1.0 Interest rate swap contracts Other long-term liabilities 83.7 73.6 Total derivatives designated as hedging instruments $ 93.4 $ 80.6 Derivatives not designated as hedging instruments Other accrued liabilities 0.1 0.2 Total derivative liabilities $ 93.5 $ 80.8

Other Financial Information (Ta

Other Financial Information (Tables)	3 Months Ended
	Mar. 31, 2024
Other Financial Information [Abstract]
Schedule of Inventories	Total inventory consisted of the following (in millions): As of March 31, December 31, Production and service materials $ 764.2 $ 719.0 Finished goods 271.9 299.0 Total inventory $ 1,036.1 $ 1,018.0 Reported as: Inventory $ 958.2 $ 952.4 Other long-term assets (1) 77.9 65.6 Total inventory $ 1,036.1 $ 1,018.0 __________________ (1) Long-term inventory balance classified as other long-term assets in the Company's Condensed Consolidated Balance Sheets consists of last time buy component inventory to be consumed beyond the Company's normal operating cycle.
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in millions): As of March 31, December 31, Contract manufacturer deposits $ 234.0 $ 316.4 Prepaid expenses 149.9 140.9 Other current assets 126.2 134.2 Total prepaid expenses and other current assets $ 510.1 $ 591.5
Schedule of Warranties	Changes during the three months ended March 31, 2024 in the Company’s warranty reserve as reported within other accrued liabilities in the Condensed Consolidated Balance Sheets were as follows (in millions): Balance as of December 31, 2023 $ 29.4 Provisions made during the period 12.8 Actual costs incurred during the period (11.6) Balance as of March 31, 2024 $ 30.6
Schedule of Deferred Revenue	Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions): As of March 31, December 31, Deferred product revenue, net $ 104.7 $ 92.1 Deferred service revenue, net 2,020.2 1,932.8 Total $ 2,124.9 $ 2,024.9 Reported as: Current $ 1,205.5 $ 1,130.0 Long-term 919.4 894.9 Total $ 2,124.9 $ 2,024.9
Schedule of Performance Obligation	The following table summarizes the breakdown of RPO (1) as of March 31, 2024 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 $ 105.3 $ 90.7 $ 12.3 $ 2.3 Service 2,032.3 1,121.0 696.1 215.2 Total $ 2,137.6 $ 1,211.7 $ 708.4 $ 217.5 __________________ (1) The Company's RPO does not include backlog. Backlog consists of purchase orders for product primarily expected to be shipped to the Company's distributors, resellers, or end customers within the next 90 days. The following amounts are not included in the Company's backlog: (1) deferred revenue, (2) unbilled contract revenue, (3) all service obligations, including software as a service (SaaS), and (4) certain future revenue adjustments for items such as sales return reserves and early payment discounts.
Schedule of Other Expense, Net	Other income (expense), net, consisted of the following (in millions): Three Months Ended March 31, 2024 2023 Interest income $ 16.9 $ 9.5 Interest expense (20.5) (19.2) Gain on other investments, net (1) 3.4 0.7 Other 2.3 0.2 Other income (expense), net $ 2.1 $ (8.8) ________________ (1)

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Liabilities	The following table presents changes in the restructuring liabilities (in millions) for the three months ended March 31, 2024: Three Months Ended March 31, 2024 Employee severance Facility exit-related and asset impairments Contract terminations and other Total Liability as of December 31, 2023 $ 30.0 $ 0.4 $ 3.2 $ 33.6 Charges 2.3 1.7 0.1 4.1 Cash payments (16.5) (0.1) (3.1) (19.7) Non-cash items (0.1) (1.7) — (1.8) Liability as of March 31, 2024 $ 15.7 $ 0.3 $ 0.2 $ 16.2

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Total Debt	The following table summarizes the Company's total debt (in millions, except percentages): As of Maturity Date Effective Interest Rates March 31, December 31, Senior Notes: 1.200% fixed-rate notes December 2025 1.37 % $ 400.0 $ 400.0 3.750% fixed-rate notes August 2029 3.86 % 500.0 500.0 2.000% fixed-rate notes December 2030 2.12 % 400.0 400.0 5.950% fixed-rate notes March 2041 6.03 % 400.0 400.0 Total Notes 1,700.0 1,700.0 Unaccreted discount and debt issuance costs (9.2) (9.6) Hedge accounting fair value adjustments (*) (83.7) (73.6) Total $ 1,607.1 $ 1,616.8 ________________________________ (*) Represents the fair value adjustments for interest rate swap contracts with an aggregate notional amount of $600.0 million. These contracts convert the fixed interest rates of certain Notes to floating interest rates and are designated as fair value hedges. See Note 4, Derivative Instruments , for a discussion of the Company's interest rate swap contracts.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Dividends Paid and Stock Repurchases and Retirements Under Stock Repurchase Program	The following table summarizes dividends paid and stock repurchases under the Company's stock repurchase program (in millions, except per share amounts): Three Months Ended March 31, 2024 2023 Dividends: Per share $ 0.22 $ 0.22 Amount $ 71.4 $ 70.6 Repurchased under the 2018 Stock Repurchase Program: Shares — 4.5 Average price per share $ — $ 31.20 Amount $ — $ 140.0
Schedule of Accumulated Other Comprehensive Loss, Net of Taxes	The components of accumulated other comprehensive income, net of related taxes, for the three months ended March 31, 2024 were as follows (in millions): Unrealized Unrealized Foreign Total Balance as of December 31, 2023 $ 28.9 $ 102.3 $ (82.1) $ 49.1 Other comprehensive loss before reclassifications (29.0) (5.4) (3.7) (38.1) Amount reclassified from accumulated other comprehensive income (0.1) 1.2 — 1.1 Other comprehensive loss, net (29.1) (4.2) (3.7) (37.0) Balance as of March 31, 2024 $ (0.2) $ 98.1 $ (85.8) $ 12.1

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Share Activity	The Company’s RSU, RSA, and PSA activities and related information as of and for the three months ended March 31, 2024 were as follows (in millions, except per share amounts and years): Outstanding RSUs, RSAs, and PSAs Number of Shares Weighted Average Weighted Average Aggregate Balance as of December 31, 2023 20.2 $ 28.10 Granted (*) 3.0 35.19 Vested (3.6) 26.24 Canceled (1.2) 27.28 Balance as of March 31, 2024 18.4 $ 29.67 1.2 $ 681.7 ________________________________ (*) Includes 1.2 million service-based and 1.8 million performance-based awards. The number of shares subject to performance-based conditions represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The grant date fair value of RSUs and PSAs was reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested.
Schedule of Employee Stock Purchases through ESPP	The following table summarizes employee stock purchases through the ESPP (in millions, except per share amounts): Three Months Ended March 31, 2024 2023 Shares purchased 1.3 1.3 Average exercise price per share $ 23.81 $ 23.44
Schedule of Employee Service Share-Based Compensation, Allocation of Recognized Period Costs	Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions): Three Months Ended March 31, 2024 2023 Cost of revenues - Product $ 1.8 $ 1.7 Cost of revenues - Service 5.5 4.7 Research and development 38.5 25.7 Sales and marketing 24.1 18.6 General and administrative 10.0 10.2 Total $ 79.9 $ 60.9
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award	The following table summarizes share-based compensation expense by award type (in millions): Three Months Ended March 31, 2024 2023 Stock options $ 0.3 $ 0.8 RSUs, RSAs, and PSAs 72.9 53.0 ESPP purchase rights 6.7 7.1 Total $ 79.9 $ 60.9

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Financial Information by Segment	The following table presents net revenues by customer solution (in millions): Three Months Ended March 31, 2024 2023 Customer Solutions (*) : Wide Area Networking $ 350.4 $ 474.5 Data Center 163.1 193.6 Campus and Branch 240.5 317.0 Hardware Maintenance and Professional Services 394.9 386.7 Total $ 1,148.9 $ 1,371.8 ________________ (*) Effective as of the first quarter of 2024, our customer solution revenue categories include the following name changes, and historical revenue by customer solution was not impacted by the name change: 1) Automated WAN Solutions changes to Wide Area Networking , 2) Cloud-Ready Data Center changes to Data Center , and 3) AI-Driven Enterprise changes to Campus and Branch. The following table presents net revenues by customer vertical (in millions): Three Months Ended March 31, 2024 2023 Cloud $ 250.0 $ 264.9 Service Provider 381.9 549.9 Enterprise 517.0 557.0 Total $ 1,148.9 $ 1,371.8
Schedule of Net Revenues by Geographic Region	The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions): Three Months Ended March 31, 2024 2023 Americas: United States $ 609.4 $ 733.6 Other 56.1 64.9 Total Americas 665.5 798.5 Europe, Middle East, and Africa 311.1 369.9 Asia Pacific 172.3 203.4 Total $ 1,148.9 $ 1,371.8

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table provides details of income taxes (in millions, except percentages): Three Months Ended March 31, 2024 2023 Income (loss) before income taxes $ (26.4) $ 107.1 Income tax (benefit) provision $ (27.7) $ 19.6 Effective tax rate 105.0 % 18.3 %

Net (Loss) Income per Share (Ta

Net (Loss) Income per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net (Loss) Income Per Share	The Company computed basic and diluted net income per share as follows (in millions, except per share amounts): Three Months Ended March 31, 2024 2023 Numerator: Net (loss) income $ (0.8) $ 85.4 Denominator: Weighted-average shares used to compute basic net (loss) income per share 322.6 322.3 Dilutive effect of employee stock awards — 6.8 Weighted-average shares used to compute diluted net (loss) income per share 322.6 329.1 Net (loss) income per share: Basic $ (0.00) $ 0.26 Diluted $ (0.00) $ 0.26 Anti-dilutive shares 0.1 2.9

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Jan. 09, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Merger, right to receive cash per share, held (in dollars per share)				$ 40
Maximum allowable dividends during merger negotiation period (in dollars per share)				$ 0.22
Termination fee payable				$ 407.5
Termination fee receivable				$ 815
Merger transaction expenses	[1]	$ 28.3	$ 0
[1]Represents charges incurred directly in connection with the pending merger with HPE (as defined below). See Note 1, Basis of Presentation and Summary of Significant Accounting Policies , for further information.

Cash Equivalents and Investme_3

Cash Equivalents and Investments - Available-For-Sale (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Available-for-sale debt securities:
Amortized Cost	$ 847.1	$ 600.8
Gross Unrealized Gains	0.4	38.4
Gross Unrealized and Credit Losses	(17.2)	(10.2)
Estimated Fair Value	830.3	629
Cash equivalents
Available-for-sale debt securities:
Amortized Cost	340.2	328.2
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	0	0
Estimated Fair Value	340.2	328.2
Short-term investments
Available-for-sale debt securities:
Amortized Cost	183.1	135.7
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	(0.8)	(1.4)
Estimated Fair Value	182.3	134.3
Long-term investments
Available-for-sale debt securities:
Amortized Cost	277.8	116.3
Gross Unrealized Gains	0.4	1
Gross Unrealized and Credit Losses	(1)	(0.5)
Estimated Fair Value	277.2	116.8
Other long-term assets
Available-for-sale debt securities:
Amortized Cost	46	20.6
Gross Unrealized Gains	0	37.4
Gross Unrealized and Credit Losses	(15.4)	(8.3)
Estimated Fair Value	30.6	49.7
Total fixed income securities
Available-for-sale debt securities:
Amortized Cost	801.1	580.2
Gross Unrealized Gains	0.4	1
Gross Unrealized and Credit Losses	(1.8)	(1.9)
Estimated Fair Value	799.7	579.3
Asset-backed and mortgage-backed securities
Available-for-sale debt securities:
Amortized Cost	99.3	38.2
Gross Unrealized Gains	0	0.2
Gross Unrealized and Credit Losses	(0.5)	(0.4)
Estimated Fair Value	98.8	38
Corporate debt securities
Available-for-sale debt securities:
Amortized Cost	234.1	160.2
Gross Unrealized Gains	0.4	0.7
Gross Unrealized and Credit Losses	(1)	(1.3)
Estimated Fair Value	233.5	159.6
Certificates of deposit
Available-for-sale debt securities:
Amortized Cost	16.2	3
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	0	0
Estimated Fair Value	16.2	3
Commercial paper
Available-for-sale debt securities:
Amortized Cost	92.1	41.1
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	0	0
Estimated Fair Value	92.1	41.1
Foreign government debt securities
Available-for-sale debt securities:
Amortized Cost	5.3	5.3
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	(0.1)	(0.2)
Estimated Fair Value	5.2	5.1
Time deposits
Available-for-sale debt securities:
Amortized Cost	282.1	273.6
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	0	0
Estimated Fair Value	282.1	273.6
U.S. government agency securities
Available-for-sale debt securities:
Amortized Cost	0	4
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	0	0
Estimated Fair Value	0	4
U.S. government securities
Available-for-sale debt securities:
Amortized Cost	72	54.8
Gross Unrealized Gains	0	0.1
Gross Unrealized and Credit Losses	(0.2)	0
Estimated Fair Value	71.8	54.9
Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Amortized Cost	46	20.6
Gross Unrealized Gains	0	37.4
Gross Unrealized and Credit Losses	(15.4)	(8.3)
Estimated Fair Value	$ 30.6	$ 49.7

Cash Equivalents and Investme_4

Cash Equivalents and Investments - Maturities of Fixed Income Securities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Amortized Cost	$ 847.1	$ 600.8
Estimated Fair Value
Total	830.3	629
Total fixed income securities
Amortized Cost
Due in less than one year	523.3
Due between one and five years	277.8
Amortized Cost	801.1	580.2
Estimated Fair Value
Due in less than one year	522.5
Due between one and five years	277.2
Total	$ 799.7	$ 579.3

Cash Equivalents and Investme_5

Cash Equivalents and Investments - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) investment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]
Gross unrealized losses	$ 17,200,000		$ 10,200,000
Total investments in unrealized loss position | investment	226
Unrealized loss position, less than 12 months, accumulated loss	$ 700,000
Unrealized loss position, 12 months or longer, accumulated loss	1,100,000
Allowance for credit losses	7,100,000
Allowance for credit loss	15,400,000		8,300,000
Equity securities, realized gain	0	$ 0
Equity securities, realized loss	0	0
Equity investments, unrealized gains	0	0
Equity investments, unrealized losses	0	0
Loss from equity method investment, net of tax	2,100,000	2,100,000
Restricted cash and investments	59,200,000
OpenLight Photonics, Inc.
Restricted Cash and Cash Equivalents Items [Line Items]
Loss from equity method investment, net of tax	2,200,000	2,100,000
Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and investments	17,500,000
Other long-term assets
Restricted Cash and Cash Equivalents Items [Line Items]
Gross unrealized losses	15,400,000		8,300,000
Restricted cash and investments	41,700,000
Total fixed income securities
Restricted Cash and Cash Equivalents Items [Line Items]
Gross unrealized losses	1,800,000		$ 1,900,000
Debt Securities
Restricted Cash and Cash Equivalents Items [Line Items]
Allowance for credit losses	$ 0	$ 0

Cash Equivalents and Investme_6

Cash Equivalents and Investments - Investments in Equity Securities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments without readily determinable fair value	$ 45.8	$ 45.8
Equity investment under the equity method of accounting	24.2	26.4
Total equity securities	497.8	452.8
Cash equivalents
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	379.6	337.5
Short-term investments
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	5.6	5.1
Prepaid expenses and other current assets
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	3.3	2.5
Other long-term assets
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	109.3	107.7
Money market funds
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair value:	379.6	337.5
Mutual funds
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair value:	42.6	38
Publicly-traded equity securities
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair value:	$ 5.6	$ 5.1

Cash Equivalents and Investme_7

Cash Equivalents and Investments - Restricted Cash and Investments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 1,069.8	$ 1,068.1
Total cash, cash equivalents, and restricted cash	1,086.3	1,084.3	$ 941.8	$ 897.7
Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash included in prepaid expenses and other current and other long-term assets	14.1	13.8
Other long-term assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash included in prepaid expenses and other current and other long-term assets	$ 2.4	$ 2.4

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Available-for-sale debt securities:
Available-for-sale debt securities	$ 830.3	$ 629
Derivative assets:
Derivative assets:	5.6	7.2
Cash equivalents
Available-for-sale debt securities:
Available-for-sale debt securities	340.2	328.2
Short-term investments
Available-for-sale debt securities:
Available-for-sale debt securities	182.3	134.3
Long-term investments
Available-for-sale debt securities:
Available-for-sale debt securities	277.2	116.8
Asset-backed and mortgage-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	98.8	38
Certificates of deposit
Available-for-sale debt securities:
Available-for-sale debt securities	16.2	3
Corporate debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	233.5	159.6
Commercial paper
Available-for-sale debt securities:
Available-for-sale debt securities	92.1	41.1
Foreign government debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	5.2	5.1
Time deposits
Available-for-sale debt securities:
Available-for-sale debt securities	282.1	273.6
U.S. government agency securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	4
U.S. government securities
Available-for-sale debt securities:
Available-for-sale debt securities	71.8	54.9
Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Available-for-sale debt securities	30.6	49.7
Money market funds
Equity securities:
Equity securities	379.6	337.5
Publicly-traded equity securities
Equity securities:
Equity securities	5.6	5.1
Fair Value, Measurements, Recurring
Available-for-sale debt securities:
Available-for-sale debt securities	830.3	629
Equity securities:
Equity securities	427.8	380.6
Derivative assets:
Derivative assets:	5.6	7.2
Total assets measured at fair value on a recurring basis	1,263.7	1,016.8
Liabilities:
Derivative liabilities:	(93.5)	(80.8)
Total liabilities measured at fair value on a recurring basis	(93.5)	(80.8)
Fair Value, Measurements, Recurring | Cash equivalents
Derivative assets:
Total assets measured at fair value on a recurring basis	719.8	665.7
Fair Value, Measurements, Recurring | Short-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	187.9	139.4
Fair Value, Measurements, Recurring | Long-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	277.2	116.8
Fair Value, Measurements, Recurring | Prepaid expenses and other current assets
Derivative assets:
Total assets measured at fair value on a recurring basis	7.3	7.1
Fair Value, Measurements, Recurring | Other long-term assets
Derivative assets:
Total assets measured at fair value on a recurring basis	71.5	87.8
Fair Value, Measurements, Recurring | Other accrued liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	(8.4)	(6.2)
Fair Value, Measurements, Recurring | Other long-term liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	(85.1)	(74.6)
Fair Value, Measurements, Recurring | Foreign exchange contracts
Derivative assets:
Derivative assets:	5.6	7.2
Liabilities:
Derivative liabilities:	(9.8)	(7.2)
Fair Value, Measurements, Recurring | Interest rate contracts
Liabilities:
Derivative liabilities:	(83.7)	(73.6)
Fair Value, Measurements, Recurring | Asset-backed and mortgage-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	98.8	38
Fair Value, Measurements, Recurring | Certificates of deposit
Available-for-sale debt securities:
Available-for-sale debt securities	16.2	3
Fair Value, Measurements, Recurring | Corporate debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	233.5	159.6
Fair Value, Measurements, Recurring | Commercial paper
Available-for-sale debt securities:
Available-for-sale debt securities	92.1	41.1
Fair Value, Measurements, Recurring | Foreign government debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	5.2	5.1
Fair Value, Measurements, Recurring | Time deposits
Available-for-sale debt securities:
Available-for-sale debt securities	282.1	273.6
Fair Value, Measurements, Recurring | U.S. government agency securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	4
Fair Value, Measurements, Recurring | U.S. government securities
Available-for-sale debt securities:
Available-for-sale debt securities	71.8	54.9
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Available-for-sale debt securities	30.6	49.7
Fair Value, Measurements, Recurring | Money market funds
Equity securities:
Equity securities	379.6	337.5
Fair Value, Measurements, Recurring | Mutual funds
Equity securities:
Equity securities	42.6	38
Fair Value, Measurements, Recurring | Publicly-traded equity securities
Equity securities:
Equity securities	5.6	5.1
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities	48.9	20
Equity securities:
Equity securities	427.8	380.6
Derivative assets:
Derivative assets:	0	0
Total assets measured at fair value on a recurring basis	476.7	400.6
Liabilities:
Derivative liabilities:	0	0
Total liabilities measured at fair value on a recurring basis	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Cash equivalents
Derivative assets:
Total assets measured at fair value on a recurring basis	379.6	337.5
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Short-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	18.3	12.8
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Long-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	36.2	12.3
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Prepaid expenses and other current assets
Derivative assets:
Total assets measured at fair value on a recurring basis	3.3	2.5
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other long-term assets
Derivative assets:
Total assets measured at fair value on a recurring basis	39.3	35.5
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other accrued liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Other long-term liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Foreign exchange contracts
Derivative assets:
Derivative assets:	0	0
Liabilities:
Derivative liabilities:	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Interest rate contracts
Liabilities:
Derivative liabilities:	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Asset-backed and mortgage-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Certificates of deposit
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Corporate debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Commercial paper
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Foreign government debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Time deposits
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | U.S. government agency securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | U.S. government securities
Available-for-sale debt securities:
Available-for-sale debt securities	48.9	20
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Money market funds
Equity securities:
Equity securities	379.6	337.5
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Mutual funds
Equity securities:
Equity securities	42.6	38
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Publicly-traded equity securities
Equity securities:
Equity securities	5.6	5.1
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities	750.8	559.3
Equity securities:
Equity securities	0	0
Derivative assets:
Derivative assets:	5.6	7.2
Total assets measured at fair value on a recurring basis	756.4	566.5
Liabilities:
Derivative liabilities:	(93.5)	(80.8)
Total liabilities measured at fair value on a recurring basis	(93.5)	(80.8)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Cash equivalents
Derivative assets:
Total assets measured at fair value on a recurring basis	340.2	328.2
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Short-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	169.6	126.6
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Long-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	241	104.5
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Prepaid expenses and other current assets
Derivative assets:
Total assets measured at fair value on a recurring basis	4	4.6
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other long-term assets
Derivative assets:
Total assets measured at fair value on a recurring basis	1.6	2.6
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other accrued liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	(8.4)	(6.2)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Other long-term liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	(85.1)	(74.6)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign exchange contracts
Derivative assets:
Derivative assets:	5.6	7.2
Liabilities:
Derivative liabilities:	(9.8)	(7.2)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Interest rate contracts
Liabilities:
Derivative liabilities:	(83.7)	(73.6)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Asset-backed and mortgage-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	98.8	38
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Certificates of deposit
Available-for-sale debt securities:
Available-for-sale debt securities	16.2	3
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Corporate debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	233.5	159.6
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Commercial paper
Available-for-sale debt securities:
Available-for-sale debt securities	92.1	41.1
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign government debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	5.2	5.1
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Time deposits
Available-for-sale debt securities:
Available-for-sale debt securities	282.1	273.6
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | U.S. government agency securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	4
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | U.S. government securities
Available-for-sale debt securities:
Available-for-sale debt securities	22.9	34.9
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Money market funds
Equity securities:
Equity securities	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Mutual funds
Equity securities:
Equity securities	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Publicly-traded equity securities
Equity securities:
Equity securities	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3)
Available-for-sale debt securities:
Available-for-sale debt securities	30.6	49.7
Equity securities:
Equity securities	0	0
Derivative assets:
Derivative assets:	0	0
Total assets measured at fair value on a recurring basis	30.6	49.7
Liabilities:
Derivative liabilities:	0	0
Total liabilities measured at fair value on a recurring basis	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Cash equivalents
Derivative assets:
Total assets measured at fair value on a recurring basis	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Short-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Long-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Prepaid expenses and other current assets
Derivative assets:
Total assets measured at fair value on a recurring basis	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other long-term assets
Derivative assets:
Total assets measured at fair value on a recurring basis	30.6	49.7
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other accrued liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Other long-term liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Foreign exchange contracts
Derivative assets:
Derivative assets:	0	0
Liabilities:
Derivative liabilities:	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Interest rate contracts
Liabilities:
Derivative liabilities:	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Asset-backed and mortgage-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Certificates of deposit
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Corporate debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Commercial paper
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Foreign government debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Time deposits
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | U.S. government agency securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | U.S. government securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Available-for-sale debt securities	30.6	49.7
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Money market funds
Equity securities:
Equity securities	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Mutual funds
Equity securities:
Equity securities	0	0
Fair Value, Measurements, Recurring | Significant Other Unobservable Remaining Inputs (Level 3) | Publicly-traded equity securities
Equity securities:
Equity securities	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Jan. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	$ 830,300,000		$ 629,000,000
Allowance for credit losses	7,100,000
Equity securities without readily determinable fair value, downward adjustment	89,900,000
Equity securities without readily determinable fair value, upward adjustment	0
Goodwill impairment	0
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	830,300,000		629,000,000
Financial and nonfinancial liabilities, fair value disclosure	93,500,000		80,800,000
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and nonfinancial liabilities, fair value disclosure	0		0
Significant Other Unobservable Remaining Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	30,600,000		49,700,000
Financial and nonfinancial liabilities, fair value disclosure	0		0
Significant Other Observable Remaining Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total outstanding debt, fair value	1,567,800,000		1,581,700,000
Significant Other Observable Remaining Inputs (Level 2) | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	750,800,000		559,300,000
Financial and nonfinancial liabilities, fair value disclosure	$ 93,500,000		$ 80,800,000
Privately Held Debt | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities		$ 25,000,000
Available-for-sale debt securities, term		2 years

Derivative Instruments - Notion

Derivative Instruments - Notional Amount (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional amount of derivatives	$ 1,501,200,000	$ 1,601,700,000
Derivatives designated as hedging instruments
Derivative [Line Items]
Notional amount of derivatives	1,268,800,000	1,401,000,000
Non-designated derivatives
Derivative [Line Items]
Notional amount of derivatives	232,400,000	200,700,000
Foreign currency contracts | Cash flow hedges | Derivatives designated as hedging instruments
Derivative [Line Items]
Notional amount of derivatives	668,800,000	801,000,000
Interest rate swap contracts | Fair value hedges | Derivatives designated as hedging instruments
Derivative [Line Items]
Notional amount of derivatives	$ 600,000,000	$ 600,000,000

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative assets:	$ 5.6	$ 7.2
Derivative liabilities:	93.5	80.8
Derivatives designated as hedging instruments
Derivative [Line Items]
Derivative assets:	5.5	7.1
Derivative liabilities:	93.4	80.6
Derivatives designated as hedging instruments | Other current assets | Foreign currency contracts
Derivative [Line Items]
Derivative assets:	3.8	4.4
Derivatives designated as hedging instruments | Other long-term assets | Foreign currency contracts
Derivative [Line Items]
Derivative assets:	1.7	2.7
Derivatives designated as hedging instruments | Other accrued liabilities | Foreign currency contracts
Derivative [Line Items]
Derivative liabilities:	8.3	6
Derivatives designated as hedging instruments | Other long-term liabilities | Foreign currency contracts
Derivative [Line Items]
Derivative liabilities:	1.4	1
Derivatives designated as hedging instruments | Other long-term liabilities | Interest rate swap contracts
Derivative [Line Items]
Derivative liabilities:	83.7	73.6
Derivatives not designated as hedging instruments | Other current assets
Derivative [Line Items]
Derivative assets:	0.1	0.1
Derivatives not designated as hedging instruments | Other accrued liabilities
Derivative [Line Items]
Derivative liabilities:	$ 0.1	$ 0.2

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Notional Amount [Line Items]
Derivative asset, fair value, gross asset, period decrease	$ 5,600,000		$ 5,600,000		$ 7,200,000
Derivative liability fair value gross liability period decrease	5,600,000		5,600,000		7,200,000
Notional amount of derivatives	1,501,200,000		1,501,200,000		1,601,700,000
Deferred gain on termination of interest rate locks					133,900,000
Foreign currency contracts
Derivatives, Notional Amount [Line Items]
Foreign currency forward contracts loss, amounts reclassified out of AOCI			$ 1,100,000	$ 7,800,000
Foreign currency contracts | Minimum
Derivatives, Notional Amount [Line Items]
Maturity of foreign currency derivatives			1 month
Foreign currency contracts | Maximum
Derivatives, Notional Amount [Line Items]
Maturity of foreign currency derivatives			4 months
Derivatives designated as hedging instruments
Derivatives, Notional Amount [Line Items]
Notional amount of derivatives	1,268,800,000		$ 1,268,800,000		1,401,000,000
Cash flow hedges
Derivatives, Notional Amount [Line Items]
Derivative instruments, loss recognized in other comprehensive loss, effective portion			$ 5,500,000	$ 9,900,000
Cash flow hedges | Derivatives designated as hedging instruments
Derivatives, Notional Amount [Line Items]
Maximum maturities of cash flow hedge derivatives			36 months
Losses expected to be reclassified into earnings within the next 12 months	4,500,000
Cash flow hedges | Derivatives designated as hedging instruments | Interest rate lock contracts
Derivatives, Notional Amount [Line Items]
Notional amount of derivatives		$ 300,000,000				$ 650,000,000	$ 300,000,000
Derivative, expiration period		7 years
Cash flow hedges | Derivatives designated as hedging instruments | Foreign currency contracts
Derivatives, Notional Amount [Line Items]
Notional amount of derivatives	$ 668,800,000		$ 668,800,000		$ 801,000,000

Other Financial Information - I

Other Financial Information - Inventories, Net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Inventory [Line Items]
Production and service materials	$ 764.2	$ 719
Finished goods	271.9	299
Total inventory	1,036.1	1,018
Inventory
Schedule Of Inventory [Line Items]
Total inventory	958.2	952.4
Other long-term assets
Schedule Of Inventory [Line Items]
Total inventory	$ 77.9	$ 65.6

Other Financial Information - P

Other Financial Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Contract manufacturer deposits	$ 234	$ 316.4
Prepaid expenses	149.9	140.9
Other current assets	126.2	134.2
Total prepaid expenses and other current assets	510.1	$ 591.5
Accounts Receivable
Disaggregation of Revenue [Line Items]
Allowance for credit loss	$ 7.7

Other Financial Information - W

Other Financial Information - Warranties (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Warranty Reserve [Roll Forward]
Balance as of December 31, 2023	$ 29.4
Provisions made during the period	12.8
Actual costs incurred during the period	(11.6)
Balance as of March 31, 2024	$ 30.6

Other Financial Information - D

Other Financial Information - Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Current	$ 1,205.5	$ 1,130
Long-term	919.4	894.9
Total	2,124.9	2,024.9
Deferred product revenue, net
Disaggregation of Revenue [Line Items]
Total	104.7	92.1
Deferred service revenue, net
Disaggregation of Revenue [Line Items]
Total	$ 2,020.2	$ 1,932.8

Other Financial Information - R

Other Financial Information - Revenue, Remaining Performance Obligations and Deferred Contract Cost (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Deferred contract cost	$ 42,900,000
Amortization of deferred commission	18,200,000
Impairment loss	0
Product
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized	17,200,000
Service
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized	$ 345,500,000

Other Financial Information -_2

Other Financial Information - Revenue, Remaining Performance Obligation (Details) $ in Millions	Mar. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 2,137.6
Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	105.3
Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	2,032.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 1,211.7
Revenue recognition expected by period, satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 90.7
Revenue recognition expected by period, satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 1,121
Revenue recognition expected by period, satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 708.4
Revenue recognition expected by period, satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 12.3
Revenue recognition expected by period, satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 696.1
Revenue recognition expected by period, satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 217.5
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 2.3
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 215.2
Revenue recognition expected by period, satisfaction period

Other Financial Information - O

Other Financial Information - Other Income (Expense), Net (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Other Financial Information [Abstract]
Interest income		$ 16.9	$ 9.5
Interest expense		(20.5)	(19.2)
Gain (loss) on other investments, net		3.4	0.7
Other		2.3	0.2
Other income (expense), net	[1]	$ 2.1	$ (8.8)
[1]The prior period amounts have been reclassified to conform to the current period presentation.

Restructuring Charges - Restruc

Restructuring Charges - Restructuring Liabilities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Charges	$ 4.1
2023 Transformation Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	33.6
Charges	4.1
Cash payments	(19.7)
Non-cash items	(1.8)
Restructuring liability, ending balance	16.2
Employee severance | 2023 Transformation Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	30
Charges	2.3
Cash payments	(16.5)
Non-cash items	(0.1)
Restructuring liability, ending balance	15.7
Facility exit-related and asset impairments | 2023 Transformation Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	0.4
Charges	1.7
Cash payments	(0.1)
Non-cash items	(1.7)
Restructuring liability, ending balance	0.3
Contract terminations and other | 2023 Transformation Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	3.2
Charges	0.1
Cash payments	(3.1)
Non-cash items	0
Restructuring liability, ending balance	$ 0.2

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 1,700,000,000	$ 1,700,000,000
Unaccreted discount and debt issuance costs	(9,200,000)	(9,600,000)
Hedge accounting fair value adjustments	(83,700,000)	(73,600,000)
Total	1,607,100,000	1,616,800,000
Notional amount of derivatives	1,501,200,000	1,601,700,000
Derivatives designated as hedging instruments
Debt Instrument [Line Items]
Notional amount of derivatives	1,268,800,000	1,401,000,000
Interest rate swap contracts | Fair value hedges | Derivatives designated as hedging instruments
Debt Instrument [Line Items]
Notional amount of derivatives	$ 600,000,000	600,000,000
Senior notes | 1.200% fixed-rate notes
Debt Instrument [Line Items]
Stated interest rate	1.20%
Effective Interest Rates	1.37%
Long-term debt	$ 400,000,000	400,000,000
Senior notes | 3.750% fixed-rate notes
Debt Instrument [Line Items]
Stated interest rate	3.75%
Effective Interest Rates	3.86%
Long-term debt	$ 500,000,000	500,000,000
Senior notes | 2.000% fixed-rate notes
Debt Instrument [Line Items]
Stated interest rate	2%
Effective Interest Rates	2.12%
Long-term debt	$ 400,000,000	400,000,000
Senior notes | 5.950% fixed-rate notes
Debt Instrument [Line Items]
Stated interest rate	5.95%
Effective Interest Rates	6.03%
Long-term debt	$ 400,000,000	$ 400,000,000

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) extension_option
Line of Credit | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity (up to)	$ 500,000,000
Increase amount of borrowings, subject to lenders' approval (up to)	$ 200,000,000
Long-term debt, term	5 years
Number of extension options | extension_option	2
Extension period	1 year
Long-term line of credit	$ 0
Fixed Rate Note Due 2025 And Fixed Rate Note Due 2029 | Senior notes
Debt Instrument [Line Items]
Redemption price percentage	100%
Repurchase price percentage related to change of control	101%

Equity - Summary of Dividends P

Equity - Summary of Dividends Paid and Stock Repurchases and Retirements (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Dividends:
Per share (in dollars per share)	$ 0.22	$ 0.22
Amount	$ 71.4	$ 70.6
Repurchased under the 2018 Stock Repurchase Program:
Amount	$ 14.6	$ 151.3
Stock Repurchase Program 2018
Repurchased under the 2018 Stock Repurchase Program:
Shares (in shares)	0	4.5
Average price (in dollars per share)	$ 0	$ 31.20
Amount	$ 0	$ 140

Equity - Cash Dividends on Shar

Equity - Cash Dividends on Shares of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.22
Payments of cash dividends (in dollars per share)	$ 0.22	$ 0.22
Cash dividends declared	$ 71.4	$ 70.6

Equity - Stock Repurchase Activ

Equity - Stock Repurchase Activities (Details) - Stock Repurchase Program 2018 - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accelerated Share Repurchases [Line Items]
Stock repurchase program, remaining authorized repurchase amount	$ 200
Stock repurchased during period, tax withholding	$ 14.6	$ 11.4

Equity - Components of Accumula

Equity - Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 4,492.7	$ 4,475.1
Other comprehensive loss before reclassifications	(38.1)
Amount reclassified from accumulated other comprehensive income	1.1
Other comprehensive (loss) income, net	(37)	4.1
Ending Balance	4,481.2	4,435.2
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	49.1	4.2
Other comprehensive (loss) income, net	(37)	4.1
Ending Balance	12.1	$ 8.3
Unrealized Gains/Losses on Available-for- Sale Debt Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	28.9
Other comprehensive loss before reclassifications	(29)
Amount reclassified from accumulated other comprehensive income	(0.1)
Other comprehensive (loss) income, net	(29.1)
Ending Balance	(0.2)
Unrealized Gains/Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	102.3
Other comprehensive loss before reclassifications	(5.4)
Amount reclassified from accumulated other comprehensive income	1.2
Other comprehensive (loss) income, net	(4.2)
Ending Balance	98.1
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(82.1)
Other comprehensive loss before reclassifications	(3.7)
Amount reclassified from accumulated other comprehensive income	0
Other comprehensive (loss) income, net	(3.7)
Ending Balance	$ (85.8)

Employee Benefit Plans - Equity

Employee Benefit Plans - Equity Incentive Plan (Details) shares in Millions	Mar. 31, 2024 shares
Equity incentive plan 2015
Share-Based Compensation Plans
Number of shares available for future issuance (in shares)	0.4
Employee stock purchase plan 2008
Share-Based Compensation Plans
Number of shares available for future issuance (in shares)	2.3

Employee Benefit Plans - Restri

Employee Benefit Plans - Restricted Stock Unit and Performance Share Award Activities (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
RSUs, RSAs, and PSAs
Number of Shares
Balance at beginning of period (in shares)	20.2
Granted (in shares)	3
Vested (in shares)	(3.6)
Canceled (in shares)	(1.2)
Balance at end of period (in shares)	18.4
Weighted Average Grant Date Fair Value per Share
Balance at beginning of period (in dollars per share) | $ / shares	$ 28.10
Granted (in dollars per share) | $ / shares	35.19
Vested (in dollars per share) | $ / shares	26.24
Canceled (in dollars per share) | $ / shares	27.28
Balance at end of period (in dollars per share) | $ / shares	$ 29.67
Weighted Average Remaining Contractual Term (In Years)	1 year 2 months 12 days
Aggregate Intrinsic Value | $	$ 681.7
Service-based RSUs
Number of Shares
Granted (in shares)	1.2
Performance Shares
Number of Shares
Granted (in shares)	1.8

Employee Benefit Plans - Employ

Employee Benefit Plans - Employee Stock Purchase Plan (Details) - Employee stock purchase plan 2008 - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Purchase Plan (ESPP) Disclosures [Line Items]
Shares purchased (in shares)	1.3	1.3
Average exercise price per share (in dollars per share)	$ 23.81	$ 23.44

Employee Benefit Plans - Share

Employee Benefit Plans - Share Based Compensation by Cost and Expense Categories (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	$ 79.9	$ 60.9
Stock options
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	0.3	0.8
RSUs, RSAs, and PSAs
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	72.9	53
ESPP purchase rights
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	6.7	7.1
Cost of revenues - Product
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	1.8	1.7
Cost of revenues - Service
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	5.5	4.7
Research and development
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	38.5	25.7
Sales and marketing
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	24.1	18.6
General and administrative
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	$ 10	$ 10.2

Employee Benefit Plans - Shar_2

Employee Benefit Plans - Share Based Compensation by Share Based Payment Award Types (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Unrecognized compensation cost	$ 369.8
Unrecognized compensation, weighted average recognition period	1 year 9 months 29 days

Segments - Narrative (Details)

Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segments - Revenue by Product (

Segments - Revenue by Product (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total net revenues	$ 1,148.9	$ 1,371.8
Wide Area Networking
Segment Reporting Information [Line Items]
Total net revenues	350.4	474.5
Data Center
Segment Reporting Information [Line Items]
Total net revenues	163.1	193.6
Campus and Branch
Segment Reporting Information [Line Items]
Total net revenues	240.5	317
Hardware Maintenance and Professional Services
Segment Reporting Information [Line Items]
Total net revenues	$ 394.9	$ 386.7

Segments - Revenues by Customer

Segments - Revenues by Customer Vertical (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total net revenues	$ 1,148.9	$ 1,371.8
Cloud
Segment Reporting Information [Line Items]
Total net revenues	250	264.9
Service Provider
Segment Reporting Information [Line Items]
Total net revenues	381.9	549.9
Enterprise
Segment Reporting Information [Line Items]
Total net revenues	$ 517	$ 557

Segments - Geographic (Details)

Segments - Geographic (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total net revenues	$ 1,148.9	$ 1,371.8
Total Americas
Segment Reporting Information [Line Items]
Total net revenues	665.5	798.5
United States
Segment Reporting Information [Line Items]
Total net revenues	609.4	733.6
Other
Segment Reporting Information [Line Items]
Total net revenues	56.1	64.9
Europe, Middle East, and Africa
Segment Reporting Information [Line Items]
Total net revenues	311.1	369.9
Asia Pacific
Segment Reporting Information [Line Items]
Total net revenues	$ 172.3	$ 203.4

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (26.4)	$ 107.1
Income tax (benefit) provision	$ (27.7)	$ 19.6
Effective tax rate	105%	18.30%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
One-time benefits from tax settlements related to geographic mix of earnings	$ 19
Increase in deferred tax assets	35.2
Deferred tax assets	676.1	$ 640.9
Unrecognized tax benefits	110.9	$ 132.8
Unrecognized tax benefits, period decrease	21.9
Unrecognized tax benefits, maximum decrease in the next twelve months (up to)	$ 43.1

Net (Loss) Income per Share (De

Net (Loss) Income per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income (loss)	$ (0.8)	$ 85.4
Denominator:
Weighted-average shares used to compute basic net (loss) income per share (in shares)	322.6	322.3
Dilutive effect of employee stock awards (in shares)	0	6.8
Weighted-average shares used to compute diluted net (loss) income per share (in shares)	322.6	329.1
Net (loss) income per share:
Basic (in dollars per share)	$ 0	$ 0.26
Diluted (in dollars per share)	$ 0	$ 0.26
Anti-dilutive shares (in shares)	0.1	2.9

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Jan. 09, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Purchase commitments	$ 1,140
Merger transaction, contingent liability		$ 151.8
Tax refund, period of recognition	8 years
Income taxes payable	$ 187.1
Unrecognized tax benefits	110.9		$ 132.8
Long-Term Income Taxes
Other Commitments [Line Items]
Unrecognized tax benefits	70.7
Accrued Income Taxes, Noncurrent
Other Commitments [Line Items]
Income taxes payable	$ 102.6

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares			3 Months Ended
	Jun. 24, 2024	Apr. 25, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)			$ 0.22
Payments of cash dividends (in dollars per share)			$ 0.22	$ 0.22
Forecast
Subsequent Event [Line Items]
Payments of cash dividends (in dollars per share)	$ 0.22
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)		$ 0.22