Juniper Networks (JNPR) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		331,089,057
Entity Central Index Key	0001043604
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net revenues:
Total net revenues		$ 1,331	$ 1,397.8	$ 3,669.5	$ 4,199.7
Cost of revenues:
Total cost of revenues		557.6	587.4	1,526.7	1,805
Gross margin		773.4	810.4	2,142.8	2,394.7
Operating expenses:
Research and development		290.6	288.5	861.8	855.3
Sales and marketing		308.2	311.5	911	923
General and administrative		62.1	60.3	183.6	193.5
Restructuring charges		4.8	62.5	10.5	78.5
Merger-related charges	[1]	13.6	0	51	0
Total operating expenses		679.3	722.8	2,017.9	2,050.3
Operating income		94.1	87.6	124.9	344.4
Gain (loss) on privately-held investments, net		0.5	0	(13.1)	(92)
Other income (expense), net		2.3	(4.8)	5.7	(21)
Income before income taxes and loss from equity method investment		96.9	82.8	117.5	231.4
Income tax provision (benefit)		2.1	5	(14.8)	39.6
Loss from equity method investment, net of tax		2.2	1.7	6.4	5.9
Net income		$ 92.6	$ 76.1	$ 125.9	$ 185.9
Net income per share:
Basic (in dollars per share)		$ 0.28	$ 0.24	$ 0.39	$ 0.58
Diluted (in dollars per share)		$ 0.28	$ 0.24	$ 0.38	$ 0.57
Weighted-average shares used to compute net income per share:
Basic (in shares)		329.4	319.3	325.7	320.3
Diluted (in shares)		335.9	323.8	333.4	326.3
Product
Net revenues:
Total net revenues		$ 816.7	$ 898.1	$ 2,149.8	$ 2,773.9
Cost of revenues:
Total cost of revenues		409.3	445.6	1,089.4	1,371.2
Service
Net revenues:
Total net revenues		514.3	499.7	1,519.7	1,425.8
Cost of revenues:
Total cost of revenues		$ 148.3	$ 141.8	$ 437.3	$ 433.8
[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 Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 92.6	$ 76.1	$ 125.9	$ 185.9
Available-for-sale debt securities:
Change in net unrealized gains and losses	3.1	1.2	(25.3)	4.9
Net realized gains reclassified into net income	(0.1)	0	(0.3)	0
Net change on available-for-sale debt securities	3	1.2	(25.6)	4.9
Cash flow hedges:
Change in net unrealized gains and losses	12.2	(7.7)	3.2	(0.6)
Net realized losses reclassified into net income	1.8	6	5.3	20.4
Net change on cash flow hedges	14	(1.7)	8.5	19.8
Change in foreign currency translation adjustments	5.8	(8.5)	(0.2)	(6.8)
Other comprehensive income (loss), net	22.8	(9)	(17.3)	17.9
Comprehensive income	$ 115.4	$ 67.1	$ 108.6	$ 203.8

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,065	$ 1,068.1
Short-term investments	166.7	139.4
Accounts receivable, net of allowances	958.1	1,044.1
Inventory	872.5	952.4
Prepaid expenses and other current assets	463.2	591.5
Total current assets	3,525.5	3,795.5
Property and equipment, net	684.9	689.9
Operating lease assets	148.5	111.4
Long-term investments	331.2	116.8
Purchased intangible assets, net	53.1	91.8
Goodwill	3,734.4	3,734.4
Other long-term assets	1,118	978.7
Total assets	9,595.6	9,518.5
Current liabilities:
Accounts payable	258	295.1
Accrued compensation	314.4	292.2
Deferred revenue	1,118.1	1,130
Other accrued liabilities	357.6	386.7
Total current liabilities	2,048.1	2,104
Long-term debt	1,632.6	1,616.8
Long-term deferred revenue	950.2	894.9
Long-term income taxes payable	81.1	204.5
Long-term operating lease liabilities	124	82.9
Other long-term liabilities	116.9	122.7
Total liabilities	4,952.9	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; 330.9 shares and 320.3 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	6,791.6	6,740
Accumulated other comprehensive income	31.8	49.1
Accumulated deficit	(2,180.7)	(2,296.4)
Total stockholders' equity	4,642.7	4,492.7
Total liabilities and stockholders' equity	$ 9,595.6	$ 9,518.5

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Sep. 30, 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)	330.9	320.3
Common stock - outstanding (in shares)	330.9	320.3

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income		$ 125.9	$ 185.9
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense		211.4	197.6
Depreciation, amortization, and accretion		119.6	147.4
Deferred income taxes		(147.6)	(154.5)
Provision for inventory excess and obsolescence	[1]	26.3	100.5
Operating lease assets expense		32.3	30.5
Loss on privately-held investments, net		13.1	92
Loss from equity method investment		6.4	5.9
Impairment of assets		5.2	26.1
Other		(7.3)	(2.3)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net		86.4	289.7
Inventory	[1]	34.8	(472.6)
Prepaid expenses and other assets		130.2	193.3
Accounts payable		(31.2)	(21.9)
Accrued compensation		22.5	(82.5)
Income taxes payable		(97.6)	135.7
Other accrued liabilities	[1]	(65.6)	16.4
Deferred revenue		43.5	176.5
Net cash provided by operating activities		508.3	863.7
Cash flows from investing activities:
Purchases of property and equipment		(88.3)	(124)
Purchases of available-for-sale debt securities		(471.3)	(28.1)
Proceeds from sales of available-for-sale debt securities		36.7	28.2
Proceeds from maturities and redemptions of available-for-sale debt securities		182.3	175.1
Purchases of equity securities		(7.1)	(5.5)
Proceeds from sales of equity securities		5.5	11
Funding of loan receivable		0	(7.7)
Other		0	1.8
Net cash (used in) provided by investing activities		(342.2)	50.8
Cash flows from financing activities:
Repurchase and retirement of common stock		(15.2)	(396.8)
Proceeds from issuance of common stock		60.5	61.7
Payment of dividends		(215.6)	(210.5)
Payment of debt issuance costs		0	(1.3)
Other		1.4	0
Net cash used in financing activities		(168.9)	(546.9)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash		(1.1)	(4.1)
Net (decrease) increase in cash, cash equivalents, and restricted cash		(3.9)	363.5
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		$ 1,080.4	$ 1,261.2
[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
Beginning 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 income	185.9				185.9
Other comprehensive income (loss), net	17.9			17.9
Issuance of common stock (in shares)		9.3
Issuance of common stock	61.7		61.7
Repurchase and retirement of common stock (in shares)		(13.4)
Repurchase and retirement of common stock	(396.8)		(166.6)		(230.2)
Share-based compensation expense	197.9		197.9
Payments of cash dividends	(210.5)		(210.5)
Ending balance (in shares) at Sep. 30, 2023		318.8
Ending balance at Sep. 30, 2023	4,331.2		6,728.9	22.1	(2,419.8)
Beginning balance (in shares) at Jun. 30, 2023		317.8
Beginning balance at Jun. 30, 2023	4,354.9		6,749.7	31.1	(2,425.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	76.1				76.1
Other comprehensive income (loss), net	(9)			(9)
Issuance of common stock (in shares)		5.5
Issuance of common stock	30.1		30.1
Repurchase and retirement of common stock (in shares)		(4.5)
Repurchase and retirement of common stock	(125.5)		(55.5)		(70)
Share-based compensation expense	74.6		74.6
Payments of cash dividends	(70)		(70)
Ending balance (in shares) at Sep. 30, 2023		318.8
Ending balance at Sep. 30, 2023	$ 4,331.2		6,728.9	22.1	(2,419.8)
Beginning 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 income	125.9				125.9
Other comprehensive income (loss), net	(17.3)			(17.3)
Issuance of common stock (in shares)		11
Issuance of common stock	60.5		60.5
Repurchase and retirement of common stock (in shares)		(0.4)
Repurchase and retirement of common stock	(15.2)		(5)		(10.2)
Share-based compensation expense	211.7		211.7
Payments of cash dividends	$ (215.6)		(215.6)
Ending balance (in shares) at Sep. 30, 2024	330.9	330.9
Ending balance at Sep. 30, 2024	$ 4,642.7		6,791.6	31.8	(2,180.7)
Beginning balance (in shares) at Jun. 30, 2024		325.3
Beginning balance at Jun. 30, 2024	4,502		6,765.9	9	(2,272.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	92.6				92.6
Other comprehensive income (loss), net	22.8			22.8
Issuance of common stock (in shares)		5.6
Issuance of common stock	28.4		28.4
Repurchase and retirement of common stock	(0.6)		(0.2)		(0.4)
Share-based compensation expense	70.2		70.2
Payments of cash dividends	$ (72.7)		(72.7)
Ending balance (in shares) at Sep. 30, 2024	330.9	330.9
Ending balance at Sep. 30, 2024	$ 4,642.7		$ 6,791.6	$ 31.8	$ (2,180.7)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Payments of cash dividends (in dollars per share)	$ 0.22	$ 0.22	$ 0.22	$ 0.22	$ 0.66	$ 0.66

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 cancelled 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, HPE is required to pay the Company a termination fee equal to $815.0 million . In connection with the pending Merger, the Company incurred $13.6 million and $51.0 million of expenses for the three and nine months ended September 30, 2024, respectively, including professional services, financial advisory fees, and certain retention costs, 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 does not expect the adoption of this guidance to have a significant impact on its Condensed Consolidated Financial Statements. 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	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023 (in millions): As of September 30, 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 $ 108.1 $ 0.9 $ (0.2) $ 108.8 $ 38.2 $ 0.2 $ (0.4) $ 38.0 Corporate debt securities 274.3 2.2 (0.1) 276.4 160.2 0.7 (1.3) 159.6 Certificates of deposit 4.0 — — 4.0 3.0 — — 3.0 Commercial paper 66.6 — — 66.6 41.1 — — 41.1 Foreign government debt securities — — — — 5.3 — (0.2) 5.1 Time deposits 226.8 — — 226.8 273.6 — — 273.6 U.S. government agency securities — — — — 4.0 — — 4.0 U.S. government securities 84.6 0.5 — 85.1 54.8 0.1 — 54.9 Total fixed income securities 764.4 3.6 (0.3) 767.7 580.2 1.0 (1.9) 579.3 Privately-held debt and redeemable preferred stock securities 47.0 — (15.4) 31.6 20.6 37.4 (8.3) 49.7 Total available-for-sale debt securities $ 811.4 $ 3.6 $ (15.7) $ 799.3 $ 600.8 $ 38.4 $ (10.2) $ 629.0 Reported as: Cash equivalents $ 282.5 $ — $ — $ 282.5 $ 328.2 $ — $ — $ 328.2 Short-term investments 153.8 0.2 — 154.0 135.7 — (1.4) 134.3 Long-term investments 328.1 3.4 (0.3) 331.2 116.3 1.0 (0.5) 116.8 Other long-term assets 47.0 — (15.4) 31.6 20.6 37.4 (8.3) 49.7 Total $ 811.4 $ 3.6 $ (15.7) $ 799.3 $ 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 September 30, 2024 (in millions): Amortized Estimated Fair Due in less than one year $ 436.3 $ 436.5 Due between one and five years 328.1 331.2 Total $ 764.4 $ 767.7 As of September 30, 2024, the C ompany's unrealized loss of $0.3 million resulted from 47 fixed income available-for-sale debt securities, of which losses aggregating $0.1 million were from investments in an unrealized loss position for less than 12 months, and $0.2 million were from investments in an unrealized loss position for more than 12 months. The gross unrealized losses related to these investments were primarily due to changes in market interest rates. The Company anticipates that it will recover the entire amortized cost basis of such available-for-sale debt securities and has determined that no al lowance for credit losses was required to be recognized during the three and nine months ended September 30, 2024 and September 30, 2023. During the three months ended September 30, 2024 , the Company did not record any material allowance for credit loss. During the nine months ended September 30, 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 September 30, 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 and nine months ended September 30, 2024 and September 30, 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 September 30, 2024 and December 31, 2023 (in millions): As of September 30, December 31, Equity investments with readily determinable fair value: Money market funds $ 514.1 $ 337.5 Mutual funds 47.6 38.0 Publicly-traded equity securities 12.7 5.1 Equity investments without readily determinable fair value 50.8 45.8 Equity investment under the equity method of accounting 20.0 26.4 Total equity securities $ 645.2 $ 452.8 Reported as: Cash equivalents $ 514.1 $ 337.5 Short-term investments 12.7 5.1 Prepaid expenses and other current assets 3.2 2.5 Other long-term assets 115.2 107.7 Total $ 645.2 $ 452.8 For the three and nine months ended September 30, 2024 and September 30, 2023, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair value or equity investments without readily determinable fair value except $89.9 million unrealized losses recognized for equity securities without readily determinable fair value in the nine months ended September 30, 2023. For the three and nine months ended September 30, 2024, the loss recognized from the equity method investment was $2.2 million and $6.4 million, respectively. For the three and nine months ended September 30, 2023, the loss recognized from the equity method investment was $1.7 million and $5.9 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 September 30, 2024, the carrying value of restricted cash and investments was $63.1 million, of which $16.2 million was included in prepaid expenses and other current assets, and $46.9 million was in cluded 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 September 30, 2024 and December 31, 2023 (in millions): As of September 30, December 31, Cash and cash equivalents $ 1,065.0 $ 1,068.1 Restricted cash included in prepaid expenses and other current assets 13.0 13.8 Restricted cash included in other long-term assets 2.4 2.4 Total cash, cash equivalents, and restricted cash $ 1,080.4 $ 1,084.3

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023 (in millions): Fair Value Measurements at September 30, 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 $ — $ 108.8 $ — $ 108.8 $ — $ 38.0 $ — $ 38.0 Certificates of deposit — 4.0 — 4.0 — 3.0 — 3.0 Corporate debt securities — 276.4 — 276.4 — 159.6 — 159.6 Commercial paper — 66.6 — 66.6 — 41.1 — 41.1 Foreign government debt securities — — — — — 5.1 — 5.1 Time deposits — 226.8 — 226.8 — 273.6 — 273.6 U.S. government agency securities — — — — — 4.0 — 4.0 U.S. government securities 51.9 33.2 — 85.1 20.0 34.9 — 54.9 Privately-held debt and redeemable preferred stock securities — — 31.6 31.6 — — 49.7 49.7 Total available-for-sale debt securities 51.9 715.8 31.6 799.3 20.0 559.3 49.7 629.0 Equity securities: Money market funds 514.1 — — 514.1 337.5 — — 337.5 Mutual funds 47.6 — — 47.6 38.0 — — 38.0 Publicly-traded equity securities 12.7 — — 12.7 5.1 — — 5.1 Total equity securities 574.4 — — 574.4 380.6 — — 380.6 Derivative assets: Foreign exchange contracts — 11.7 — 11.7 — 7.2 — 7.2 Total derivative assets — 11.7 — 11.7 — 7.2 — 7.2 Total assets measured at fair value on a recurring basis $ 626.3 $ 727.5 $ 31.6 $ 1,385.4 $ 400.6 $ 566.5 $ 49.7 $ 1,016.8 Liabilities: Derivative liabilities: Foreign exchange contracts $ — $ (3.1) $ — $ (3.1) $ — $ (7.2) $ — $ (7.2) Interest rate contracts — (59.1) — (59.1) — (73.6) — (73.6) Total derivative liabilities — (62.2) — (62.2) — (80.8) — (80.8) Total liabilities measured at fair value on a recurring basis $ — $ (62.2) $ — $ (62.2) $ — $ (80.8) $ — $ (80.8) Fair Value Measurements at September 30, 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 $ 514.1 $ 282.5 $ — $ 796.6 $ 337.5 $ 328.2 $ — $ 665.7 Short-term investments 20.9 145.8 — 166.7 12.8 126.6 — 139.4 Long-term investments 43.6 287.6 — 331.2 12.3 104.5 — 116.8 Prepaid expenses and other current assets 3.1 9.7 — 12.8 2.5 4.6 — 7.1 Other long-term assets 44.6 1.9 31.6 78.1 35.5 2.6 49.7 87.8 Total assets measured at fair value $ 626.3 $ 727.5 $ 31.6 $ 1,385.4 $ 400.6 $ 566.5 $ 49.7 $ 1,016.8 Total liabilities, reported as: Other accrued liabilities $ — $ (2.7) $ — $ (2.7) $ — $ (6.2) $ — $ (6.2) Other long-term liabilities — (59.5) — (59.5) — (74.6) — (74.6) Total liabilities measured at fair value on a recurring basis $ — $ (62.2) $ — $ (62.2) $ — $ (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 and nine months ended September 30, 2024, the Company ha d 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 September 30, 2024 , the Company did not record any material allowance for credit loss. During nine months ended September 30, 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 September 30, 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 and nine months ended September 30, 2024. As of September 30, 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 September 30, 2024 and December 31, 2023, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets wa s $1,621.9 million and $1,581.7 million, respectively, based on observable market inputs (Level 2).

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 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 September 30, December 31, Designated derivatives: Cash flow hedges: Foreign currency contracts $ 539.8 $ 801.0 Fair value hedges: Interest rate swap contracts 600.0 600.0 Total designated derivatives 1,139.8 1,401.0 Non-designated derivatives 224.5 200.7 Total $ 1,364.3 $ 1,601.7 The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows: As of Balance Sheet Classification September 30, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 9.3 $ 4.4 Foreign currency contracts Other long-term assets 2.0 2.7 Total derivatives designated as hedging instruments $ 11.3 $ 7.1 Derivatives not designated as hedging instruments Other current assets 0.4 0.1 Total derivative assets $ 11.7 $ 7.2 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 2.5 $ 6.0 Foreign currency contracts Other long-term liabilities 0.4 1.0 Interest rate swap contracts Other long-term liabilities 59.1 73.6 Total derivatives designated as hedging instruments $ 62.0 $ 80.6 Derivatives not designated as hedging instruments Other accrued liabilities 0.2 0.2 Total derivative liabilities $ 62.2 $ 80.8 Offsetting of Derivative Instruments The Company presents its derivative instruments at gross fair values in the Condensed Consolidated Balance Sheets. As of September 30, 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 b y $11.0 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 six 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 gain of $12.0 million and $3.2 million in accumulated other comprehensive income for the effective portion of its derivative instruments for the three and nine months ended September 30, 2024, respectively. The Company recognized an unrealized loss of $5.5 million and an unrealized gain of $1.7 million in accumulated other comprehensive income for the effective portion of its derivative instruments for the three and nine months ended September 30, 2023, respectively. For foreign currency contracts, the Company recla ssified a loss of $1.7 million and $5.1 million out of accumulated other comprehensive income to cost of revenues and operating expenses in the Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2024, respectively, and a loss of $6.0 million and $21.0 million for the comparable periods ended September 30, 2023, respectively. As of September 30, 2024, an estimated $6.8 million of unrealized net gain 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 and nine months ended September 30, 2024 and September 30, 2023.

Other Financial Information

Other Financial Information	9 Months Ended
	Sep. 30, 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 September 30, December 31, Production and service materials $ 678.3 $ 719.0 Finished goods 265.9 299.0 Total inventory $ 944.2 $ 1,018.0 Reported as: Inventory $ 872.5 $ 952.4 Other long-term assets (1) 71.7 65.6 Total inventory $ 944.2 $ 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 September 30, December 31, Contract manufacturer deposits $ 151.1 $ 316.4 Prepaid expenses 127.5 140.9 Other current assets 184.6 134.2 Total prepaid expenses and other current assets $ 463.2 $ 591.5 During the three months ended September 30, 2024, the Company did not record any material allowance for credit loss. During the nine months ended September 30, 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 nine months ended September 30, 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 31.0 Actual costs incurred during the period (29.4) Balance as of September 30, 2024 $ 31.0 Deferred Revenue Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions): As of September 30, December 31, Deferred product revenue, net $ 60.7 $ 92.1 Deferred service revenue, net 2,007.6 1,932.8 Total $ 2,068.3 $ 2,024.9 Reported as: Current $ 1,118.1 $ 1,130.0 Long-term 950.2 894.9 Total $ 2,068.3 $ 2,024.9 Revenue See Note 10, Segments, for disaggregated revenue by customer solution, customer vertical, and geographic region. Product revenue of $20.1 million and $60.2 million included in deferred revenue at January 1, 2024 were recognized during the three and nine months ended September 30, 2024, respectively. Service revenue of $229.8 million and $865.8 million included in deferred revenue at January 1, 2024 were recognized during the three and nine months ended September 30, 2024, respectively. Remaining Performance Obligations Remaining Performance Obligations ( “ RPO ” ) are comprised mainly of deferred product and service revenue, and to a lesser extent, unbilled service revenue from non-cancellable contracts for which the Company has not invoiced and has an obligation to perform, and for which revenue has not yet been recognized in the financial statements. The following table summarizes the breakdown of RPO (1) as of September 30, 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 $ 61.2 $ 47.7 $ 11.7 $ 1.8 Service 2,019.8 1,078.5 726.7 214.6 Total $ 2,081.0 $ 1,126.2 $ 738.4 $ 216.4 __________________ (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 $41.4 million as of September 30, 2024. For the three and nine months ended September 30, 2024, amortization expense associated with the deferred commissions was $28.6 million and $69.8 million, respectively, and there were no impairment charges recognized. Other Income (Expense), Net Other income (expense), net, consisted of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest income $ 19.7 $ 14.1 $ 53.3 $ 35.3 Interest expense (20.6) (20.5) (61.6) (59.4) Gain on other investments, net (1) 4.8 0.4 12.8 2.3 Other (1.6) 1.2 1.2 0.8 Other income (expense), net $ 2.3 $ (4.8) $ 5.7 $ (21.0) ________________ (1)

Restructuring Charges

Restructuring Charges	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Charges	Note 6. Restructuring Charges During the third quarter of 2024, the Company initiated a restructuring plan designed to realign its workforce with the Company's strategic objectives, which resulted in $3.9 million in employee severance charges. The following table presents changes in the restructuring liabilities (in millions): Nine Months Ended September 30, 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 7.1 2.7 0.7 10.5 Cash payments (30.7) (0.1) (3.9) (34.7) Non-cash items (0.1) (2.9) — (3.0) Liability as of September 30, 2024 $ 6.3 $ 0.1 $ — $ 6.4

Debt

Debt	9 Months Ended
	Sep. 30, 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 September 30, 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 (8.3) (9.6) Hedge accounting fair value adjustments (*) (59.1) (73.6) Total $ 1,632.6 $ 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 September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Dividends: Per share $ 0.22 $ 0.22 $ 0.66 $ 0.66 Amount $ 72.7 $ 70.0 $ 215.6 $ 210.5 Repurchased under the 2018 Stock Repurchase Program: Shares — 4.5 — 13.1 Average price per share $ — $ 27.95 $ — $ 29.47 Amount $ — $ 125.0 $ — $ 385.0 Cash Dividends on Shares of Common Stock During the three and nine months ended September 30, 2024, the Company declared and paid a quarterly cash dividend of $0.22 per common share, totaling $72.7 million and $215.6 million, respectively, on its outstanding common stock. Any future dividends, and the establishment of record and payment dates, are subject to approval by the Board of Directors of Juniper or an authorized committee thereof. See Note 14, Subsequent Events, for discussion of the Company's dividend declaration subsequent to September 30, 2024. Stock Repurchase Activities As of September 30, 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 and nine months ended September 30, 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 nine months ended September 30, 2024 and September 30, 2023, repurchases associated with tax withholdings were $15.2 million and $11.9 million, respectively. Accumulated Other Comprehensive Income, Net of Tax The components of accumulated other comprehensive income, net of related taxes, for the nine months ended September 30, 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) income, net before reclassifications (25.3) 3.2 (0.2) (22.3) Amount reclassified from accumulated other comprehensive income (0.3) 5.3 — 5.0 Other comprehensive (loss) income, net (25.6) 8.5 (0.2) (17.3) Balance as of September 30, 2024 $ 3.3 $ 110.8 $ (82.3) $ 31.8

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 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. In June 2024, the Company's stockholders approved an additional 7.0 million shares of common stock for issuance under the Company's 2015 Equity Incentive Plan and an additional 3.0 million shares of common stock for issuance under the Company's ESPP. As of September 30, 2024, 2.3 million and 4.1 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 nine months ended September 30, 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 (*) 8.7 35.40 Vested (8.4) 26.80 Cancelled (1.8) 28.16 Balance as of September 30, 2024 18.7 $ 32.09 1.3 $ 727.6 ________________________________ (*) Includes 6.9 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Shares purchased 1.2 1.3 2.5 2.6 Average exercise price per share $ 23.81 $ 23.63 $ 23.81 $ 23.53 Share-Based Compensation Expense Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenues - Product $ 1.8 $ 1.6 $ 5.0 $ 5.0 Cost of revenues - Service 5.7 5.4 16.1 14.8 Research and development 30.7 34.0 95.6 85.8 Sales and marketing 21.5 23.3 64.3 61.3 General and administrative 10.5 10.4 30.4 30.7 Total $ 70.2 $ 74.7 $ 211.4 $ 197.6 The following table summarizes share-based compensation expense by award type (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock options $ 0.2 $ 0.4 $ 0.8 $ 1.8 RSUs, RSAs, and PSAs 64.4 65.9 193.5 173.8 ESPP purchase rights 5.6 8.4 17.1 22.0 Total $ 70.2 $ 74.7 $ 211.4 $ 197.6

Segments

Segments	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Customer Solutions (*) : Wide Area Networking $ 363.2 $ 436.1 $ 1,054.4 $ 1,385.2 Data Center 244.6 170.0 576.4 563.9 Campus and Branch 319.3 382.5 839.7 1,070.6 Hardware Maintenance and Professional Services 403.9 409.2 1,199.0 1,180.0 Total $ 1,331.0 $ 1,397.8 $ 3,669.5 $ 4,199.7 ________________ (*) 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 changed to Wide Area Networking , 2) Cloud-Ready Data Center changed to Data Center , and 3) AI-Driven Enterprise changed to Campus and Branch. The following table presents net revenues by customer vertical (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cloud $ 349.6 $ 269.6 $ 867.5 $ 845.5 Service Provider 389.0 418.8 1,138.0 1,442.3 Enterprise 592.4 709.4 1,664.0 1,911.9 Total $ 1,331.0 $ 1,397.8 $ 3,669.5 $ 4,199.7 The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Americas: United States $ 786.7 $ 760.5 $ 2,050.7 $ 2,270.4 Other 57.4 76.0 172.9 213.2 Total Americas 844.1 836.5 2,223.6 2,483.6 Europe, Middle East, and Africa 302.1 345.4 909.6 1,069.9 Asia Pacific 184.8 215.9 536.3 646.2 Total $ 1,331.0 $ 1,397.8 $ 3,669.5 $ 4,199.7 For the three and nine months ended September 30, 2024 and September 30, 2023, no customer accounted for more than 10% of total net revenues.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Income before income taxes $ 96.9 $ 82.8 $ 117.5 $ 231.4 Income tax provision (benefit) $ 2.1 $ 5.0 $ (14.8) $ 39.6 Effective tax rate 2.2 % 6.0 % (12.6) % 17.1 % 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 nine months ended September 30, 2024 includes $19.0 million of one-time benefits from tax settlements related to the geographic mix of earnings and $14.0 million of excess tax benefits associated with stock-based compensation. The Company’s effective tax rate for the nine months ended September 30, 2023 includes one-time benefits from tax legislation changes, restructuring charges, and excess tax benefits associated with stock-based compensation, partially offset by tax expense on adjustments for certain privately-held investments. As of September 30, 2024, deferred tax assets increased $155.4 million to $796.3 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 September 30, 2024, the total amount of gross unrecognized tax benefits was $118.2 million. Primarily due to the completion of tax review cycles, the amount decreased by $14.6 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 $0.4 million within the next 12 months and $54.6 million within the next 15 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 Income per Share

Net Income per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income per Share	Note 12. Net Income per Share The Company computed basic and diluted net income per share as follows (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income $ 92.6 $ 76.1 $ 125.9 $ 185.9 Denominator: Weighted-average shares used to compute basic net income per share 329.4 319.3 325.7 320.3 Dilutive effect of employee stock awards 6.5 4.5 7.7 6.0 Weighted-average shares used to compute diluted net income per share 335.9 323.8 333.4 326.3 Net income per share: Basic $ 0.28 $ 0.24 $ 0.39 $ 0.58 Diluted $ 0.28 $ 0.24 $ 0.38 $ 0.57 Anti-dilutive shares — 8.2 — 6.7

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 $1,158.0 million as of September 30, 2024. HPE Merger Contingencies In connection with the pending Merger, the Company expects to incur additional liabilities of approximately $156.0 million that are subject to the consummation of the Merger. These contingent liabilities include financial advisory fees, certain retention bonuses and legal fees. Legal Proceedings In the ordinary course of business, the Company is subject to various pending and potential investigations, disputes, litigation, and legal proceedings. The Company records an accrual for loss contingencies for legal proceedings when it believes that an unfavorable outcome is both (a) probable and (b) the amount or range of any possible loss is reasonably estimable. The Company intends to aggressively defend itself in 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 of $102.0 million is to be paid within the next 12 months and is included within short-term income taxes payable as of September 30, 2024. Short-term income taxes payable are classified as other accrued liabilities in the Company's Condensed Consolidated Balance Sheets. As of September 30, 2024, the Company also had $81.1 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	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 14. Subsequent Events Dividend Declaration On October 31, 2024, the Company announced a cash dividend of $0.22 per share of common stock to be paid on December 23, 2024 to stockholders of record as of the close of business on December 2, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 92.6	$ 76.1	$ 125.9	$ 185.9

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 does not expect the adoption of this guidance to have a significant impact on its Condensed Consolidated Financial Statements. 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)	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023 (in millions): As of September 30, 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 $ 108.1 $ 0.9 $ (0.2) $ 108.8 $ 38.2 $ 0.2 $ (0.4) $ 38.0 Corporate debt securities 274.3 2.2 (0.1) 276.4 160.2 0.7 (1.3) 159.6 Certificates of deposit 4.0 — — 4.0 3.0 — — 3.0 Commercial paper 66.6 — — 66.6 41.1 — — 41.1 Foreign government debt securities — — — — 5.3 — (0.2) 5.1 Time deposits 226.8 — — 226.8 273.6 — — 273.6 U.S. government agency securities — — — — 4.0 — — 4.0 U.S. government securities 84.6 0.5 — 85.1 54.8 0.1 — 54.9 Total fixed income securities 764.4 3.6 (0.3) 767.7 580.2 1.0 (1.9) 579.3 Privately-held debt and redeemable preferred stock securities 47.0 — (15.4) 31.6 20.6 37.4 (8.3) 49.7 Total available-for-sale debt securities $ 811.4 $ 3.6 $ (15.7) $ 799.3 $ 600.8 $ 38.4 $ (10.2) $ 629.0 Reported as: Cash equivalents $ 282.5 $ — $ — $ 282.5 $ 328.2 $ — $ — $ 328.2 Short-term investments 153.8 0.2 — 154.0 135.7 — (1.4) 134.3 Long-term investments 328.1 3.4 (0.3) 331.2 116.3 1.0 (0.5) 116.8 Other long-term assets 47.0 — (15.4) 31.6 20.6 37.4 (8.3) 49.7 Total $ 811.4 $ 3.6 $ (15.7) $ 799.3 $ 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 September 30, 2024 (in millions): Amortized Estimated Fair Due in less than one year $ 436.3 $ 436.5 Due between one and five years 328.1 331.2 Total $ 764.4 $ 767.7
Schedule of Investments in Equity Securities	The following table presents the Company's investments in equity securities as of September 30, 2024 and December 31, 2023 (in millions): As of September 30, December 31, Equity investments with readily determinable fair value: Money market funds $ 514.1 $ 337.5 Mutual funds 47.6 38.0 Publicly-traded equity securities 12.7 5.1 Equity investments without readily determinable fair value 50.8 45.8 Equity investment under the equity method of accounting 20.0 26.4 Total equity securities $ 645.2 $ 452.8 Reported as: Cash equivalents $ 514.1 $ 337.5 Short-term investments 12.7 5.1 Prepaid expenses and other current assets 3.2 2.5 Other long-term assets 115.2 107.7 Total $ 645.2 $ 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 September 30, 2024 and December 31, 2023 (in millions): As of September 30, December 31, Cash and cash equivalents $ 1,065.0 $ 1,068.1 Restricted cash included in prepaid expenses and other current assets 13.0 13.8 Restricted cash included in other long-term assets 2.4 2.4 Total cash, cash equivalents, and restricted cash $ 1,080.4 $ 1,084.3

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023 (in millions): Fair Value Measurements at September 30, 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 $ — $ 108.8 $ — $ 108.8 $ — $ 38.0 $ — $ 38.0 Certificates of deposit — 4.0 — 4.0 — 3.0 — 3.0 Corporate debt securities — 276.4 — 276.4 — 159.6 — 159.6 Commercial paper — 66.6 — 66.6 — 41.1 — 41.1 Foreign government debt securities — — — — — 5.1 — 5.1 Time deposits — 226.8 — 226.8 — 273.6 — 273.6 U.S. government agency securities — — — — — 4.0 — 4.0 U.S. government securities 51.9 33.2 — 85.1 20.0 34.9 — 54.9 Privately-held debt and redeemable preferred stock securities — — 31.6 31.6 — — 49.7 49.7 Total available-for-sale debt securities 51.9 715.8 31.6 799.3 20.0 559.3 49.7 629.0 Equity securities: Money market funds 514.1 — — 514.1 337.5 — — 337.5 Mutual funds 47.6 — — 47.6 38.0 — — 38.0 Publicly-traded equity securities 12.7 — — 12.7 5.1 — — 5.1 Total equity securities 574.4 — — 574.4 380.6 — — 380.6 Derivative assets: Foreign exchange contracts — 11.7 — 11.7 — 7.2 — 7.2 Total derivative assets — 11.7 — 11.7 — 7.2 — 7.2 Total assets measured at fair value on a recurring basis $ 626.3 $ 727.5 $ 31.6 $ 1,385.4 $ 400.6 $ 566.5 $ 49.7 $ 1,016.8 Liabilities: Derivative liabilities: Foreign exchange contracts $ — $ (3.1) $ — $ (3.1) $ — $ (7.2) $ — $ (7.2) Interest rate contracts — (59.1) — (59.1) — (73.6) — (73.6) Total derivative liabilities — (62.2) — (62.2) — (80.8) — (80.8) Total liabilities measured at fair value on a recurring basis $ — $ (62.2) $ — $ (62.2) $ — $ (80.8) $ — $ (80.8) Fair Value Measurements at September 30, 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 $ 514.1 $ 282.5 $ — $ 796.6 $ 337.5 $ 328.2 $ — $ 665.7 Short-term investments 20.9 145.8 — 166.7 12.8 126.6 — 139.4 Long-term investments 43.6 287.6 — 331.2 12.3 104.5 — 116.8 Prepaid expenses and other current assets 3.1 9.7 — 12.8 2.5 4.6 — 7.1 Other long-term assets 44.6 1.9 31.6 78.1 35.5 2.6 49.7 87.8 Total assets measured at fair value $ 626.3 $ 727.5 $ 31.6 $ 1,385.4 $ 400.6 $ 566.5 $ 49.7 $ 1,016.8 Total liabilities, reported as: Other accrued liabilities $ — $ (2.7) $ — $ (2.7) $ — $ (6.2) $ — $ (6.2) Other long-term liabilities — (59.5) — (59.5) — (74.6) — (74.6) Total liabilities measured at fair value on a recurring basis $ — $ (62.2) $ — $ (62.2) $ — $ (80.8) $ — $ (80.8)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, December 31, Designated derivatives: Cash flow hedges: Foreign currency contracts $ 539.8 $ 801.0 Fair value hedges: Interest rate swap contracts 600.0 600.0 Total designated derivatives 1,139.8 1,401.0 Non-designated derivatives 224.5 200.7 Total $ 1,364.3 $ 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 September 30, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 9.3 $ 4.4 Foreign currency contracts Other long-term assets 2.0 2.7 Total derivatives designated as hedging instruments $ 11.3 $ 7.1 Derivatives not designated as hedging instruments Other current assets 0.4 0.1 Total derivative assets $ 11.7 $ 7.2 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 2.5 $ 6.0 Foreign currency contracts Other long-term liabilities 0.4 1.0 Interest rate swap contracts Other long-term liabilities 59.1 73.6 Total derivatives designated as hedging instruments $ 62.0 $ 80.6 Derivatives not designated as hedging instruments Other accrued liabilities 0.2 0.2 Total derivative liabilities $ 62.2 $ 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 September 30, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 9.3 $ 4.4 Foreign currency contracts Other long-term assets 2.0 2.7 Total derivatives designated as hedging instruments $ 11.3 $ 7.1 Derivatives not designated as hedging instruments Other current assets 0.4 0.1 Total derivative assets $ 11.7 $ 7.2 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 2.5 $ 6.0 Foreign currency contracts Other long-term liabilities 0.4 1.0 Interest rate swap contracts Other long-term liabilities 59.1 73.6 Total derivatives designated as hedging instruments $ 62.0 $ 80.6 Derivatives not designated as hedging instruments Other accrued liabilities 0.2 0.2 Total derivative liabilities $ 62.2 $ 80.8

Other Financial Information (Ta

Other Financial Information (Tables)	9 Months Ended
	Sep. 30, 2024
Other Financial Information [Abstract]
Schedule of Inventories	Total inventory consisted of the following (in millions): As of September 30, December 31, Production and service materials $ 678.3 $ 719.0 Finished goods 265.9 299.0 Total inventory $ 944.2 $ 1,018.0 Reported as: Inventory $ 872.5 $ 952.4 Other long-term assets (1) 71.7 65.6 Total inventory $ 944.2 $ 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 September 30, December 31, Contract manufacturer deposits $ 151.1 $ 316.4 Prepaid expenses 127.5 140.9 Other current assets 184.6 134.2 Total prepaid expenses and other current assets $ 463.2 $ 591.5
Schedule of Warranties	Changes during the nine months ended September 30, 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 31.0 Actual costs incurred during the period (29.4) Balance as of September 30, 2024 $ 31.0
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 September 30, December 31, Deferred product revenue, net $ 60.7 $ 92.1 Deferred service revenue, net 2,007.6 1,932.8 Total $ 2,068.3 $ 2,024.9 Reported as: Current $ 1,118.1 $ 1,130.0 Long-term 950.2 894.9 Total $ 2,068.3 $ 2,024.9
Schedule of Performance Obligation	The following table summarizes the breakdown of RPO (1) as of September 30, 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 $ 61.2 $ 47.7 $ 11.7 $ 1.8 Service 2,019.8 1,078.5 726.7 214.6 Total $ 2,081.0 $ 1,126.2 $ 738.4 $ 216.4 __________________ (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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest income $ 19.7 $ 14.1 $ 53.3 $ 35.3 Interest expense (20.6) (20.5) (61.6) (59.4) Gain on other investments, net (1) 4.8 0.4 12.8 2.3 Other (1.6) 1.2 1.2 0.8 Other income (expense), net $ 2.3 $ (4.8) $ 5.7 $ (21.0) ________________ (1)

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Liabilities	The following table presents changes in the restructuring liabilities (in millions): Nine Months Ended September 30, 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 7.1 2.7 0.7 10.5 Cash payments (30.7) (0.1) (3.9) (34.7) Non-cash items (0.1) (2.9) — (3.0) Liability as of September 30, 2024 $ 6.3 $ 0.1 $ — $ 6.4

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 (8.3) (9.6) Hedge accounting fair value adjustments (*) (59.1) (73.6) Total $ 1,632.6 $ 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Dividends: Per share $ 0.22 $ 0.22 $ 0.66 $ 0.66 Amount $ 72.7 $ 70.0 $ 215.6 $ 210.5 Repurchased under the 2018 Stock Repurchase Program: Shares — 4.5 — 13.1 Average price per share $ — $ 27.95 $ — $ 29.47 Amount $ — $ 125.0 $ — $ 385.0
Schedule of Accumulated Other Comprehensive Loss, Net of Taxes	The components of accumulated other comprehensive income, net of related taxes, for the nine months ended September 30, 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) income, net before reclassifications (25.3) 3.2 (0.2) (22.3) Amount reclassified from accumulated other comprehensive income (0.3) 5.3 — 5.0 Other comprehensive (loss) income, net (25.6) 8.5 (0.2) (17.3) Balance as of September 30, 2024 $ 3.3 $ 110.8 $ (82.3) $ 31.8

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 (*) 8.7 35.40 Vested (8.4) 26.80 Cancelled (1.8) 28.16 Balance as of September 30, 2024 18.7 $ 32.09 1.3 $ 727.6 ________________________________ (*) Includes 6.9 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Shares purchased 1.2 1.3 2.5 2.6 Average exercise price per share $ 23.81 $ 23.63 $ 23.81 $ 23.53
Schedule of Employee Service Share-Based Compensation, Allocation of Recognized Period Costs	Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP purchase rights was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenues - Product $ 1.8 $ 1.6 $ 5.0 $ 5.0 Cost of revenues - Service 5.7 5.4 16.1 14.8 Research and development 30.7 34.0 95.6 85.8 Sales and marketing 21.5 23.3 64.3 61.3 General and administrative 10.5 10.4 30.4 30.7 Total $ 70.2 $ 74.7 $ 211.4 $ 197.6
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award	The following table summarizes share-based compensation expense by award type (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock options $ 0.2 $ 0.4 $ 0.8 $ 1.8 RSUs, RSAs, and PSAs 64.4 65.9 193.5 173.8 ESPP purchase rights 5.6 8.4 17.1 22.0 Total $ 70.2 $ 74.7 $ 211.4 $ 197.6

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Financial Information by Segment	The following table presents net revenues by customer solution (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Customer Solutions (*) : Wide Area Networking $ 363.2 $ 436.1 $ 1,054.4 $ 1,385.2 Data Center 244.6 170.0 576.4 563.9 Campus and Branch 319.3 382.5 839.7 1,070.6 Hardware Maintenance and Professional Services 403.9 409.2 1,199.0 1,180.0 Total $ 1,331.0 $ 1,397.8 $ 3,669.5 $ 4,199.7 ________________ (*) 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 changed to Wide Area Networking , 2) Cloud-Ready Data Center changed to Data Center , and 3) AI-Driven Enterprise changed to Campus and Branch. The following table presents net revenues by customer vertical (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cloud $ 349.6 $ 269.6 $ 867.5 $ 845.5 Service Provider 389.0 418.8 1,138.0 1,442.3 Enterprise 592.4 709.4 1,664.0 1,911.9 Total $ 1,331.0 $ 1,397.8 $ 3,669.5 $ 4,199.7
Schedule of Net Revenues by Geographic Region	The Company attributes revenues to a geographic region based on the customer’s shipping address. The following table presents net revenues by geographic region (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Americas: United States $ 786.7 $ 760.5 $ 2,050.7 $ 2,270.4 Other 57.4 76.0 172.9 213.2 Total Americas 844.1 836.5 2,223.6 2,483.6 Europe, Middle East, and Africa 302.1 345.4 909.6 1,069.9 Asia Pacific 184.8 215.9 536.3 646.2 Total $ 1,331.0 $ 1,397.8 $ 3,669.5 $ 4,199.7

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Income before income taxes $ 96.9 $ 82.8 $ 117.5 $ 231.4 Income tax provision (benefit) $ 2.1 $ 5.0 $ (14.8) $ 39.6 Effective tax rate 2.2 % 6.0 % (12.6) % 17.1 %

Net Income per Share (Tables)

Net Income per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net Income Per Share	The Company computed basic and diluted net income per share as follows (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income $ 92.6 $ 76.1 $ 125.9 $ 185.9 Denominator: Weighted-average shares used to compute basic net income per share 329.4 319.3 325.7 320.3 Dilutive effect of employee stock awards 6.5 4.5 7.7 6.0 Weighted-average shares used to compute diluted net income per share 335.9 323.8 333.4 326.3 Net income per share: Basic $ 0.28 $ 0.24 $ 0.39 $ 0.58 Diluted $ 0.28 $ 0.24 $ 0.38 $ 0.57 Anti-dilutive shares — 8.2 — 6.7

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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 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 receivable						$ 815
Merger transaction expenses	[1]	$ 13.6	$ 0	$ 51	$ 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	Sep. 30, 2024	Dec. 31, 2023
Available-for-sale debt securities:
Amortized Cost	$ 811.4	$ 600.8
Gross Unrealized Gains	3.6	38.4
Gross Unrealized and Credit Losses	(15.7)	(10.2)
Estimated Fair Value	799.3	629
Cash equivalents
Available-for-sale debt securities:
Amortized Cost	282.5	328.2
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	0	0
Estimated Fair Value	282.5	328.2
Short-term investments
Available-for-sale debt securities:
Amortized Cost	153.8	135.7
Gross Unrealized Gains	0.2	0
Gross Unrealized and Credit Losses	0	(1.4)
Estimated Fair Value	154	134.3
Long-term investments
Available-for-sale debt securities:
Amortized Cost	328.1	116.3
Gross Unrealized Gains	3.4	1
Gross Unrealized and Credit Losses	(0.3)	(0.5)
Estimated Fair Value	331.2	116.8
Other long-term assets
Available-for-sale debt securities:
Amortized Cost	47	20.6
Gross Unrealized Gains	0	37.4
Gross Unrealized and Credit Losses	(15.4)	(8.3)
Estimated Fair Value	31.6	49.7
Total fixed income securities
Available-for-sale debt securities:
Amortized Cost	764.4	580.2
Gross Unrealized Gains	3.6	1
Gross Unrealized and Credit Losses	(0.3)	(1.9)
Estimated Fair Value	767.7	579.3
Asset-backed and mortgage-backed securities
Available-for-sale debt securities:
Amortized Cost	108.1	38.2
Gross Unrealized Gains	0.9	0.2
Gross Unrealized and Credit Losses	(0.2)	(0.4)
Estimated Fair Value	108.8	38
Corporate debt securities
Available-for-sale debt securities:
Amortized Cost	274.3	160.2
Gross Unrealized Gains	2.2	0.7
Gross Unrealized and Credit Losses	(0.1)	(1.3)
Estimated Fair Value	276.4	159.6
Certificates of deposit
Available-for-sale debt securities:
Amortized Cost	4	3
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	0	0
Estimated Fair Value	4	3
Commercial paper
Available-for-sale debt securities:
Amortized Cost	66.6	41.1
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	0	0
Estimated Fair Value	66.6	41.1
Foreign government debt securities
Available-for-sale debt securities:
Amortized Cost	0	5.3
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	0	(0.2)
Estimated Fair Value	0	5.1
Time deposits
Available-for-sale debt securities:
Amortized Cost	226.8	273.6
Gross Unrealized Gains	0	0
Gross Unrealized and Credit Losses	0	0
Estimated Fair Value	226.8	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	84.6	54.8
Gross Unrealized Gains	0.5	0.1
Gross Unrealized and Credit Losses	0	0
Estimated Fair Value	85.1	54.9
Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Amortized Cost	47	20.6
Gross Unrealized Gains	0	37.4
Gross Unrealized and Credit Losses	(15.4)	(8.3)
Estimated Fair Value	$ 31.6	$ 49.7

Cash Equivalents and Investme_4

Cash Equivalents and Investments - Maturities of Fixed Income Securities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Amortized Cost	$ 811.4	$ 600.8
Estimated Fair Value
Total	799.3	629
Total fixed income securities
Amortized Cost
Due in less than one year	436.3
Due between one and five years	328.1
Amortized Cost	764.4	580.2
Estimated Fair Value
Due in less than one year	436.5
Due between one and five years	331.2
Total	$ 767.7	$ 579.3

Cash Equivalents and Investme_5

Cash Equivalents and Investments - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) investment	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) investment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]
Gross unrealized losses	$ 15,700,000		$ 15,700,000		$ 10,200,000
Total investments in unrealized loss position | investment	47		47
Unrealized loss position, less than 12 months, accumulated loss	$ 100,000		$ 100,000
Unrealized loss position, 12 months or longer, accumulated loss	200,000		200,000
Allowance for credit losses	0		7,100,000
Allowance for credit loss	15,400,000		15,400,000		8,300,000
Equity securities, realized gain	0	$ 0	0	$ 0
Equity securities, realized loss	0	0	0	0
Equity investments, unrealized gains	0	0	0	0
Equity investments, unrealized losses	0	0	0	0
Equity securities without readily determinable fair value, downward adjustment			89,900,000	89,900,000
Loss from equity method investment, net of tax	2,200,000	1,700,000	6,400,000	5,900,000
Restricted cash and investments	63,100,000		63,100,000
OpenLight Photonics, Inc.
Restricted Cash and Cash Equivalents Items [Line Items]
Loss from equity method investment, net of tax	2,200,000	1,700,000	6,400,000	5,900,000
Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and investments	16,200,000		16,200,000
Other long-term assets
Restricted Cash and Cash Equivalents Items [Line Items]
Gross unrealized losses	15,400,000		15,400,000		8,300,000
Restricted cash and investments	46,900,000		46,900,000
Total fixed income securities
Restricted Cash and Cash Equivalents Items [Line Items]
Gross unrealized losses	300,000		300,000		$ 1,900,000
Debt Securities
Restricted Cash and Cash Equivalents Items [Line Items]
Allowance for credit losses	$ 0	$ 0	$ 0	$ 0

Cash Equivalents and Investme_6

Cash Equivalents and Investments - Investments in Equity Securities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments without readily determinable fair value	$ 50.8	$ 45.8
Equity investment under the equity method of accounting	20	26.4
Total equity securities	645.2	452.8
Cash equivalents
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	514.1	337.5
Short-term investments
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	12.7	5.1
Prepaid expenses and other current assets
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	3.2	2.5
Other long-term assets
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Total equity securities	115.2	107.7
Money market funds
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair value:	514.1	337.5
Mutual funds
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair value:	47.6	38
Publicly-traded equity securities
Debt Securities, Trading, and Equity Securities, FV-NI [Line Items]
Equity investments with readily determinable fair value:	$ 12.7	$ 5.1

Cash Equivalents and Investme_7

Cash Equivalents and Investments - Restricted Cash and Investments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 1,065	$ 1,068.1
Total cash, cash equivalents, and restricted cash	1,080.4	1,084.3	$ 1,261.2	$ 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	13	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	Sep. 30, 2024	Dec. 31, 2023
Available-for-sale debt securities:
Available-for-sale debt securities	$ 799.3	$ 629
Derivative assets:
Derivative assets:	11.7	7.2
Cash equivalents
Available-for-sale debt securities:
Available-for-sale debt securities	282.5	328.2
Short-term investments
Available-for-sale debt securities:
Available-for-sale debt securities	154	134.3
Long-term investments
Available-for-sale debt securities:
Available-for-sale debt securities	331.2	116.8
Asset-backed and mortgage-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	108.8	38
Certificates of deposit
Available-for-sale debt securities:
Available-for-sale debt securities	4	3
Corporate debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	276.4	159.6
Commercial paper
Available-for-sale debt securities:
Available-for-sale debt securities	66.6	41.1
Foreign government debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	5.1
Time deposits
Available-for-sale debt securities:
Available-for-sale debt securities	226.8	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	85.1	54.9
Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Available-for-sale debt securities	31.6	49.7
Money market funds
Equity securities:
Equity securities	514.1	337.5
Publicly-traded equity securities
Equity securities:
Equity securities	12.7	5.1
Fair Value, Measurements, Recurring
Available-for-sale debt securities:
Available-for-sale debt securities	799.3	629
Equity securities:
Equity securities	574.4	380.6
Derivative assets:
Derivative assets:	11.7	7.2
Total assets measured at fair value on a recurring basis	1,385.4	1,016.8
Liabilities:
Derivative liabilities:	(62.2)	(80.8)
Total liabilities measured at fair value on a recurring basis	(62.2)	(80.8)
Fair Value, Measurements, Recurring | Cash equivalents
Derivative assets:
Total assets measured at fair value on a recurring basis	796.6	665.7
Fair Value, Measurements, Recurring | Short-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	166.7	139.4
Fair Value, Measurements, Recurring | Long-term investments
Derivative assets:
Total assets measured at fair value on a recurring basis	331.2	116.8
Fair Value, Measurements, Recurring | Prepaid expenses and other current assets
Derivative assets:
Total assets measured at fair value on a recurring basis	12.8	7.1
Fair Value, Measurements, Recurring | Other long-term assets
Derivative assets:
Total assets measured at fair value on a recurring basis	78.1	87.8
Fair Value, Measurements, Recurring | Other accrued liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	(2.7)	(6.2)
Fair Value, Measurements, Recurring | Other long-term liabilities
Liabilities:
Total liabilities measured at fair value on a recurring basis	(59.5)	(74.6)
Fair Value, Measurements, Recurring | Foreign exchange contracts
Derivative assets:
Derivative assets:	11.7	7.2
Liabilities:
Derivative liabilities:	(3.1)	(7.2)
Fair Value, Measurements, Recurring | Interest rate contracts
Liabilities:
Derivative liabilities:	(59.1)	(73.6)
Fair Value, Measurements, Recurring | Asset-backed and mortgage-backed securities
Available-for-sale debt securities:
Available-for-sale debt securities	108.8	38
Fair Value, Measurements, Recurring | Certificates of deposit
Available-for-sale debt securities:
Available-for-sale debt securities	4	3
Fair Value, Measurements, Recurring | Corporate debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	276.4	159.6
Fair Value, Measurements, Recurring | Commercial paper
Available-for-sale debt securities:
Available-for-sale debt securities	66.6	41.1
Fair Value, Measurements, Recurring | Foreign government debt securities
Available-for-sale debt securities:
Available-for-sale debt securities	0	5.1
Fair Value, Measurements, Recurring | Time deposits
Available-for-sale debt securities:
Available-for-sale debt securities	226.8	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	85.1	54.9
Fair Value, Measurements, Recurring | Privately-held debt and redeemable preferred stock securities
Available-for-sale debt securities:
Available-for-sale debt securities	31.6	49.7
Fair Value, Measurements, Recurring | Money market funds
Equity securities:
Equity securities	514.1	337.5
Fair Value, Measurements, Recurring | Mutual funds
Equity securities:
Equity securities	47.6	38
Fair Value, Measurements, Recurring | Publicly-traded equity securities
Equity securities:
Equity securities	12.7	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	51.9	20
Equity securities:
Equity securities	574.4	380.6
Derivative assets:
Derivative assets:	0	0
Total assets measured at fair value on a recurring basis	626.3	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	514.1	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	20.9	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	43.6	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	3.1	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	44.6	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	51.9	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	514.1	337.5
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Mutual funds
Equity securities:
Equity securities	47.6	38
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets For Identical Assets (Level 1) | Publicly-traded equity securities
Equity securities:
Equity securities	12.7	5.1
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities	715.8	559.3
Equity securities:
Equity securities	0	0
Derivative assets:
Derivative assets:	11.7	7.2
Total assets measured at fair value on a recurring basis	727.5	566.5
Liabilities:
Derivative liabilities:	(62.2)	(80.8)
Total liabilities measured at fair value on a recurring basis	(62.2)	(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	282.5	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	145.8	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	287.6	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	9.7	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	1.9	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	(2.7)	(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	(59.5)	(74.6)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Foreign exchange contracts
Derivative assets:
Derivative assets:	11.7	7.2
Liabilities:
Derivative liabilities:	(3.1)	(7.2)
Fair Value, Measurements, Recurring | Significant Other Observable Remaining Inputs (Level 2) | Interest rate contracts
Liabilities:
Derivative liabilities:	(59.1)	(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	108.8	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	4	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	276.4	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	66.6	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	0	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	226.8	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	33.2	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	31.6	49.7
Equity securities:
Equity securities	0	0
Derivative assets:
Derivative assets:	0	0
Total assets measured at fair value on a recurring basis	31.6	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	31.6	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	31.6	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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Jan. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	$ 799,300,000	$ 799,300,000			$ 629,000,000
Allowance for credit losses	0	7,100,000
Equity securities without readily determinable fair value, downward adjustment		89,900,000	$ 89,900,000
Equity securities without readily determinable fair value, upward adjustment		0
Goodwill impairment	0	0
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	799,300,000	799,300,000			629,000,000
Financial and nonfinancial liabilities, fair value disclosure	62,200,000	62,200,000			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			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	1,621,900,000	1,621,900,000			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	715,800,000	715,800,000			559,300,000
Financial and nonfinancial liabilities, fair value disclosure	$ 62,200,000	$ 62,200,000			$ 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 ($)	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional amount of derivatives	$ 1,364,300,000	$ 1,601,700,000
Derivatives designated as hedging instruments
Derivative [Line Items]
Notional amount of derivatives	1,139,800,000	1,401,000,000
Non-designated derivatives
Derivative [Line Items]
Notional amount of derivatives	224,500,000	200,700,000
Foreign currency contracts | Cash flow hedges | Derivatives designated as hedging instruments
Derivative [Line Items]
Notional amount of derivatives	539,800,000	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	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative assets:	$ 11.7	$ 7.2
Derivative liabilities:	62.2	80.8
Derivatives designated as hedging instruments
Derivative [Line Items]
Derivative assets:	11.3	7.1
Derivative liabilities:	62	80.6
Derivatives designated as hedging instruments | Other current assets | Foreign currency contracts
Derivative [Line Items]
Derivative assets:	9.3	4.4
Derivatives designated as hedging instruments | Other long-term assets | Foreign currency contracts
Derivative [Line Items]
Derivative assets:	2	2.7
Derivatives designated as hedging instruments | Other accrued liabilities | Foreign currency contracts
Derivative [Line Items]
Derivative liabilities:	2.5	6
Derivatives designated as hedging instruments | Other long-term liabilities | Foreign currency contracts
Derivative [Line Items]
Derivative liabilities:	0.4	1
Derivatives designated as hedging instruments | Other long-term liabilities | Interest rate swap contracts
Derivative [Line Items]
Derivative liabilities:	59.1	73.6
Derivatives not designated as hedging instruments | Other current assets
Derivative [Line Items]
Derivative assets:	0.4	0.1
Derivatives not designated as hedging instruments | Other accrued liabilities
Derivative [Line Items]
Derivative liabilities:	$ 0.2	$ 0.2

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Notional Amount [Line Items]
Derivative asset, fair value, gross asset, period decrease		$ 11,000,000		$ 11,000,000		$ 7,200,000
Derivative liability fair value gross liability period decrease		11,000,000		11,000,000		7,200,000
Notional amount of derivatives		1,364,300,000		1,364,300,000		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		1,700,000	$ 6,000,000	$ 5,100,000	$ 21,000,000
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		1,139,800,000		$ 1,139,800,000		1,401,000,000
Cash flow hedges
Derivatives, Notional Amount [Line Items]
Derivative instruments, (loss) gain recognized in other comprehensive loss, effective portion		12,000,000	$ (5,500,000)	$ 3,200,000	$ 1,700,000
Cash flow hedges | Derivatives designated as hedging instruments
Derivatives, Notional Amount [Line Items]
Maximum maturities of cash flow hedge derivatives				36 months
Gains expected to be reclassified into earnings within the next 12 months				$ 6,800,000
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	6 years
Cash flow hedges | Derivatives designated as hedging instruments | Foreign currency contracts
Derivatives, Notional Amount [Line Items]
Notional amount of derivatives		$ 539,800,000		$ 539,800,000		$ 801,000,000

Other Financial Information - I

Other Financial Information - Inventories, Net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Financial Information [Abstract]
Production and service materials	$ 678.3	$ 719
Finished goods	265.9	299
Total inventory	944.2	1,018
Inventory	872.5	952.4
Other long-term assets	$ 71.7	$ 65.6

Other Financial Information - P

Other Financial Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Contract manufacturer deposits	$ 151.1	$ 151.1	$ 316.4
Prepaid expenses	127.5	127.5	140.9
Other current assets	184.6	184.6	134.2
Total prepaid expenses and other current assets	463.2	463.2	$ 591.5
Accounts Receivable
Disaggregation of Revenue [Line Items]
Allowance for credit loss	$ 0	$ 7.7

Other Financial Information - W

Other Financial Information - Warranties (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Warranty Reserve [Roll Forward]
Balance as of December 31, 2023	$ 29.4
Provisions made during the period	31
Actual costs incurred during the period	(29.4)
Balance as of September 30, 2024	$ 31

Other Financial Information - D

Other Financial Information - Deferred Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Current	$ 1,118.1	$ 1,130
Long-term	950.2	894.9
Total	2,068.3	2,024.9
Deferred product revenue, net
Disaggregation of Revenue [Line Items]
Total	60.7	92.1
Deferred service revenue, net
Disaggregation of Revenue [Line Items]
Total	$ 2,007.6	$ 1,932.8

Other Financial Information - R

Other Financial Information - Revenue, Remaining Performance Obligations and Deferred Contract Cost (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Deferred contract cost	$ 41,400,000	$ 41,400,000
Amortization of deferred commission	28,600,000	69,800,000
Impairment loss	0	0
Product
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized	20,100,000	60,200,000
Service
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized	$ 229,800,000	$ 865,800,000

Other Financial Information -_2

Other Financial Information - Revenue, Remaining Performance Obligation (Details) $ in Millions	Sep. 30, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 2,081
Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	61.2
Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	2,019.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 1,126.2
Revenue recognition expected by period, satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 47.7
Revenue recognition expected by period, satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 1,078.5
Revenue recognition expected by period, satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 738.4
Revenue recognition expected by period, satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 11.7
Revenue recognition expected by period, satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 726.7
Revenue recognition expected by period, satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 216.4
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01 | Product
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 1.8
Revenue recognition expected by period, satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01 | Service
Disaggregation of Revenue [Line Items]
Revenue recognition expected by period	$ 214.6
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Financial Information [Abstract]
Interest income	$ 19.7	$ 14.1	$ 53.3	$ 35.3
Interest expense	(20.6)	(20.5)	(61.6)	(59.4)
Gain (loss) on other investments, net	4.8	0.4	12.8	2.3
Other	(1.6)	1.2	1.2	0.8
Other income (expense), net	$ 2.3	$ (4.8)	$ 5.7	$ (21)

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring and Related Activities [Abstract]
Employee severance charges	$ 3.9

Restructuring Charges - Restruc

Restructuring Charges - Restructuring Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Charges	$ 4.8	$ 62.5	$ 10.5	$ 78.5
2023 Transformation Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance			33.6
Charges			10.5
Cash payments			(34.7)
Non-cash items			(3)
Restructuring liability, ending balance	6.4		6.4
Employee severance | 2023 Transformation Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance			30
Charges			7.1
Cash payments			(30.7)
Non-cash items			(0.1)
Restructuring liability, ending balance	6.3		6.3
Facility exit-related and asset impairments | 2023 Transformation Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance			0.4
Charges			2.7
Cash payments			(0.1)
Non-cash items			(2.9)
Restructuring liability, ending balance	0.1		0.1
Contract terminations and other | 2023 Transformation Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance			3.2
Charges			0.7
Cash payments			(3.9)
Non-cash items			0
Restructuring liability, ending balance	$ 0		$ 0

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Sep. 30, 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	(8,300,000)	(9,600,000)
Hedge accounting fair value adjustments	(59,100,000)	(73,600,000)
Total	1,632,600,000	1,616,800,000
Notional amount of derivatives	1,364,300,000	1,601,700,000
Derivatives designated as hedging instruments
Debt Instrument [Line Items]
Notional amount of derivatives	1,139,800,000	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)	9 Months Ended
	Sep. 30, 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				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Dividends:
Per share (in dollars per share)	$ 0.22	$ 0.22	$ 0.22	$ 0.22	$ 0.66	$ 0.66
Amount	$ 72.7			$ 70	$ 215.6	$ 210.5
Repurchased under the 2018 Stock Repurchase Program:
Amount	$ 0.6			$ 125.5	$ 15.2	$ 396.8
Stock Repurchase Program 2018
Repurchased under the 2018 Stock Repurchase Program:
Shares (in shares)	0			4.5	0	13.1
Average price (in dollars per share)	$ 0			$ 27.95	$ 0	$ 29.47
Amount	$ 0			$ 125	$ 0	$ 385

Equity - Cash Dividends on Shar

Equity - Cash Dividends on Shares of Common Stock (Details) - $ / shares	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.22	$ 0.22	$ 0.22
Payments of cash dividends (in dollars per share)	$ 0.22	$ 0.22	$ 0.22	$ 0.22	$ 0.66	$ 0.66

Equity - Stock Repurchase Activ

Equity - Stock Repurchase Activities (Details) - Stock Repurchase Program 2018 - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accelerated Share Repurchases [Line Items]
Stock repurchase program, remaining authorized repurchase amount	$ 200
Stock repurchased during period, tax withholding	$ 15.2	$ 11.9

Equity - Components of Accumula

Equity - Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 4,502	$ 4,354.9	$ 4,492.7	$ 4,475.1
Other comprehensive (loss) income, net before reclassifications			(22.3)
Amount reclassified from accumulated other comprehensive income			5
Other comprehensive income (loss), net	22.8	(9)	(17.3)	17.9
Ending balance	4,642.7	4,331.2	4,642.7	4,331.2
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	9	31.1	49.1	4.2
Other comprehensive income (loss), net	22.8	(9)	(17.3)	17.9
Ending balance	31.8	$ 22.1	31.8	$ 22.1
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) income, net before reclassifications			(25.3)
Amount reclassified from accumulated other comprehensive income			(0.3)
Other comprehensive income (loss), net			(25.6)
Ending balance	3.3		3.3
Unrealized Gains/Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			102.3
Other comprehensive (loss) income, net before reclassifications			3.2
Amount reclassified from accumulated other comprehensive income			5.3
Other comprehensive income (loss), net			8.5
Ending balance	110.8		110.8
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(82.1)
Other comprehensive (loss) income, net before reclassifications			(0.2)
Amount reclassified from accumulated other comprehensive income			0
Other comprehensive income (loss), net			(0.2)
Ending balance	$ (82.3)		$ (82.3)

Employee Benefit Plans - Equity

Employee Benefit Plans - Equity Incentive Plan (Details) - shares shares in Millions	1 Months Ended
	Jun. 30, 2024	Sep. 30, 2024
Equity incentive plan 2015
Share-Based Compensation Plans
Additional shares authorized (in shares)	7
Number of shares available for future issuance (in shares)		2.3
Employee stock purchase plan 2008
Share-Based Compensation Plans
Additional shares authorized (in shares)	3
Number of shares available for future issuance (in shares)		4.1

Employee Benefit Plans - Restri

Employee Benefit Plans - Restricted Stock Unit and Performance Share Award Activities (Details) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
RSUs, RSAs, and PSAs
Number of Shares
Balance at beginning of period (in shares)	20.2
Granted (in shares)	8.7
Vested (in shares)	(8.4)
Cancelled (in shares)	(1.8)
Balance at end of period (in shares)	18.7
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	35.40
Vested (in dollars per share) | $ / shares	26.80
Cancelled (in dollars per share) | $ / shares	28.16
Balance at end of period (in dollars per share) | $ / shares	$ 32.09
Weighted Average Remaining Contractual Term (In Years)	1 year 3 months 18 days
Aggregate Intrinsic Value | $	$ 727.6
Service-based RSUs
Number of Shares
Granted (in shares)	6.9
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Stock Purchase Plan (ESPP) Disclosures [Line Items]
Shares purchased (in shares)	1.2	1.3	2.5	2.6
Average exercise price per share (in dollars per share)	$ 23.81	$ 23.63	$ 23.81	$ 23.53

Employee Benefit Plans - Share

Employee Benefit Plans - Share Based Compensation by Cost and Expense Categories (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	$ 70.2	$ 74.7	$ 211.4	$ 197.6
Stock options
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	0.2	0.4	0.8	1.8
RSUs, RSAs, and PSAs
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	64.4	65.9	193.5	173.8
ESPP purchase rights
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	5.6	8.4	17.1	22
Cost of revenues - Product
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	1.8	1.6	5	5
Cost of revenues - Service
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	5.7	5.4	16.1	14.8
Research and development
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	30.7	34	95.6	85.8
Sales and marketing
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	21.5	23.3	64.3	61.3
General and administrative
Stock Based Compensation Expense Recorded in Cost and Expense Categories
Share-based compensation expense	$ 10.5	$ 10.4	$ 30.4	$ 30.7

Employee Benefit Plans - Shar_2

Employee Benefit Plans - Share Based Compensation by Share Based Payment Award Types (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Unrecognized compensation cost	$ 421.6
Unrecognized compensation, weighted average recognition period	2 years 25 days

Segments - Narrative (Details)

Segments - Narrative (Details)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total net revenues	$ 1,331	$ 1,397.8	$ 3,669.5	$ 4,199.7
Wide Area Networking
Segment Reporting Information [Line Items]
Total net revenues	363.2	436.1	1,054.4	1,385.2
Data Center
Segment Reporting Information [Line Items]
Total net revenues	244.6	170	576.4	563.9
Campus and Branch
Segment Reporting Information [Line Items]
Total net revenues	319.3	382.5	839.7	1,070.6
Hardware Maintenance and Professional Services
Segment Reporting Information [Line Items]
Total net revenues	$ 403.9	$ 409.2	$ 1,199	$ 1,180

Segments - Revenues by Customer

Segments - Revenues by Customer Vertical (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total net revenues	$ 1,331	$ 1,397.8	$ 3,669.5	$ 4,199.7
Cloud
Segment Reporting Information [Line Items]
Total net revenues	349.6	269.6	867.5	845.5
Service Provider
Segment Reporting Information [Line Items]
Total net revenues	389	418.8	1,138	1,442.3
Enterprise
Segment Reporting Information [Line Items]
Total net revenues	$ 592.4	$ 709.4	$ 1,664	$ 1,911.9

Segments - Geographic (Details)

Segments - Geographic (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total net revenues	$ 1,331	$ 1,397.8	$ 3,669.5	$ 4,199.7
Total Americas
Segment Reporting Information [Line Items]
Total net revenues	844.1	836.5	2,223.6	2,483.6
United States
Segment Reporting Information [Line Items]
Total net revenues	786.7	760.5	2,050.7	2,270.4
Other
Segment Reporting Information [Line Items]
Total net revenues	57.4	76	172.9	213.2
Europe, Middle East, and Africa
Segment Reporting Information [Line Items]
Total net revenues	302.1	345.4	909.6	1,069.9
Asia Pacific
Segment Reporting Information [Line Items]
Total net revenues	$ 184.8	$ 215.9	$ 536.3	$ 646.2

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 96.9	$ 82.8	$ 117.5	$ 231.4
Income tax provision (benefit)	$ 2.1	$ 5	$ (14.8)	$ 39.6
Effective tax rate	2.20%	6%	(12.60%)	17.10%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
One-time benefits from tax settlements related to geographic mix of earnings	$ 19
Excess tax benefits associated with stock-based compensation	14
Increase in deferred tax assets	155.4
Deferred tax assets	796.3	$ 640.9
Unrecognized tax benefits	118.2	$ 132.8
Unrecognized tax benefits, period decrease	14.6
Unrecognized tax benefits, maximum decrease in the next twelve months (up to)	0.4
Unrecognized tax benefits, maximum decrease in the next fifteen months (up to)	$ 54.6

Net Income per Share (Details)

Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 92.6	$ 76.1	$ 125.9	$ 185.9
Denominator:
Weighted-average shares used to compute basic net income per share (in shares)	329.4	319.3	325.7	320.3
Dilutive effect of employee stock awards (in shares)	6.5	4.5	7.7	6
Weighted-average shares used to compute diluted net income per share (in shares)	335.9	323.8	333.4	326.3
Net income per share:
Basic (in dollars per share)	$ 0.28	$ 0.24	$ 0.39	$ 0.58
Diluted (in dollars per share)	$ 0.28	$ 0.24	$ 0.38	$ 0.57
Anti-dilutive shares (in shares)	0	8.2	0	6.7

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Jan. 09, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Purchase commitments	$ 1,158
Merger transaction, contingent liability		$ 156
Tax refund, period of recognition	8 years
Income taxes payable	$ 102
Unrecognized tax benefits	118.2		$ 132.8
Long-Term Income Taxes
Other Commitments [Line Items]
Unrecognized tax benefits	$ 81.1

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares			3 Months Ended				9 Months Ended
	Dec. 23, 2024	Oct. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)			$ 0.22	$ 0.22	$ 0.22
Payments of cash dividends (in dollars per share)			$ 0.22	$ 0.22	$ 0.22	$ 0.22	$ 0.66	$ 0.66
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