Fortinet (FTNT) 10-Q 6 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-34511
Entity Registrant Name	FORTINET, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0560389
Entity Address, Address Line One	909 Kifer Road
Entity Address, City or Town	Sunnyvale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94086
City Area Code	408
Local Phone Number	235-7700
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	FTNT
Security Exchange Name	NASDAQ
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		763,938,008
Entity Central Index Key	0001262039
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 1,926.3	$ 1,397.9
Short-term investments	1,075.4	1,021.5
Marketable equity securities	21.4	21
Accounts receivable—net	996.2	1,402
Inventory	439.5	484.8
Prepaid expenses and other current assets	100.9	101.1
Total current assets	4,559.7	4,428.3
PROPERTY AND EQUIPMENT—NET	1,247.4	1,044.4
DEFERRED CONTRACT COSTS	600	605.6
DEFERRED TAX ASSETS	942.5	868.8
GOODWILL	129	126.5
OTHER INTANGIBLE ASSETS—NET	34.1	35.3
OTHER ASSETS	149.4	150
TOTAL ASSETS	7,662.1	7,258.9
CURRENT LIABILITIES:
Accounts payable	135.2	204.3
Accrued liabilities	538.7	423.7
Accrued payroll and compensation	214.5	242.3
Deferred revenue	2,912	2,848.7
Total current liabilities	3,800.4	3,719
DEFERRED REVENUE	2,877.9	2,886.3
LONG-TERM DEBT	992.8	992.3
OTHER LIABILITIES	128.5	124.7
Total liabilities	7,799.6	7,722.3
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS’ DEFICIT:
Common stock, $0.001 par value—1,500.0 shares authorized; 763.2 and 761.0 shares issued and outstanding on March 31, 2024 and December 31, 2023, respectively	0.8	0.8
Additional paid-in capital	1,448.9	1,416.4
Accumulated other comprehensive loss	(24.8)	(18.9)
Accumulated deficit	(1,562.4)	(1,861.7)
Total stockholders’ deficit	(137.5)	(463.4)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 7,662.1	$ 7,258.9

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common Stock, par value (dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized	1,500,000,000	1,500,000,000
Common Stock, shares issued	763,200,000	761,000,000
Common Stock, shares outstanding	763,200,000	761,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE:
Total revenue	$ 1,353.3	$ 1,262.3
COST OF REVENUE:
Total cost of revenue	304.7	307.8
GROSS PROFIT:
Total gross profit	1,048.6	954.5
OPERATING EXPENSES:
Research and development	173	151.1
Sales and marketing	501.1	478.3
General and administrative	54.4	52.8
Gain on intellectual property matter	(1.1)	(1.2)
Total operating expenses	727.4	681
OPERATING INCOME	321.2	273.5
INTEREST INCOME	32.2	20.6
INTEREST EXPENSE	(5.1)	(5)
OTHER INCOME (EXPENSE)—NET	(2.9)	2
INCOME BEFORE INCOME TAXES AND LOSS FROM EQUITY METHOD INVESTMENTS	345.4	291.1
PROVISION FOR INCOME TAXES	39.5	21.3
LOSS FROM EQUITY METHOD INVESTMENTS	(6.6)	(22.1)
NET INCOME	$ 299.3	$ 247.7
Net income per share attributable to Fortinet, Inc. (Note 9):
Basic (in dollars per share)	$ 0.39	$ 0.32
Diluted (in dollars per share)	$ 0.39	$ 0.31
Weighted-average shares outstanding:
Basic (in shares)	762.4	783.2
Diluted (in shares)	770.5	793.4
Product
REVENUE:
Total revenue	$ 408.9	$ 500.7
COST OF REVENUE:
Total cost of revenue	182.8	193.6
GROSS PROFIT:
Total gross profit	226.1	307.1
Service
REVENUE:
Total revenue	944.4	761.6
COST OF REVENUE:
Total cost of revenue	121.9	114.2
GROSS PROFIT:
Total gross profit	$ 822.5	$ 647.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 299.3	$ 247.7
Other comprehensive income (loss):
Change in foreign currency translation	(5.2)	(0.8)
Change in unrealized gains (losses) on investments	(0.9)	3.8
Less: tax provision (benefit) related to items of other comprehensive income (loss)	(0.2)	0.9
Other comprehensive income (loss)	(5.9)	2.1
Comprehensive income	$ 293.4	$ 249.8

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance, shares at Dec. 31, 2022		781.5
Balance, beginning of period at Dec. 31, 2022	$ (281.6)	$ 0.8	$ 1,284.2	$ (20.2)	$ (1,546.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with equity incentive plans - net of tax withholding (in shares)		2.9
Issuance of common stock in connection with equity incentive plans - net of tax withholding	(13.1)		(13.1)
Stock-based compensation expense	56.3		56.3
Net unrealized gain (loss) on investments - net of tax	2.9			2.9
Foreign currency translation adjustment	(0.8)			(0.8)
Net income	247.7				247.7
Balance, shares at Mar. 31, 2023		784.4
Balance, end of period at Mar. 31, 2023	11.4	$ 0.8	1,327.4	(18.1)	(1,298.7)
Balance, shares at Dec. 31, 2023		761
Balance, beginning of period at Dec. 31, 2023	(463.4)	$ 0.8	1,416.4	(18.9)	(1,861.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with equity incentive plans - net of tax withholding (in shares)		2.2
Issuance of common stock in connection with equity incentive plans - net of tax withholding	(29.8)		(29.8)
Stock-based compensation expense	62.3		62.3
Net unrealized gain (loss) on investments - net of tax	(0.7)			(0.7)
Foreign currency translation adjustment	(5.2)			(5.2)
Net income	299.3				299.3
Balance, shares at Mar. 31, 2024		763.2
Balance, end of period at Mar. 31, 2024	$ (137.5)	$ 0.8	$ 1,448.9	$ (24.8)	$ (1,562.4)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 299.3	$ 247.7
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	62.3	56.3
Amortization of deferred contract costs	72	62.5
Depreciation and amortization	28.6	27.5
Amortization of investment discounts	(12.2)	(0.3)
Loss from equity method investments	6.6	22.1
Other	3.3	3.8
Changes in operating assets and liabilities, net of impact of business combination:
Accounts receivable—net	405.6	171.1
Inventory	36.5	(45.3)
Prepaid expenses and other current assets	(0.1)	(16)
Deferred contract costs	(66.5)	(81.2)
Deferred tax assets	(73.9)	(81.1)
Other assets	(6.2)	4.5
Accounts payable	(61.6)	(4.1)
Accrued liabilities	105	80
Accrued payroll and compensation	(27.4)	(6)
Other liabilities	4.3	(4.7)
Deferred revenue	54.8	240.7
Net cash provided by operating activities	830.4	677.5
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments	(436.1)	(207.2)
Maturities of investments	393.4	195
Purchases of property and equipment	(221.9)	(30.3)
Payment made in connection with a business combination, net of cash acquired	(5.7)	0
Other	0	0.1
Net cash used in investing activities	(270.3)	(42.4)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	13.4	21.2
Taxes paid related to net share settlement of equity awards	(42.9)	(34.5)
Other	(0.8)	(0.4)
Net cash used in financing activities	(30.3)	(13.7)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(1.4)	(0.1)
NET INCREASE IN CASH AND CASH EQUIVALENTS	528.4	621.3
CASH AND CASH EQUIVALENTS—Beginning of period	1,397.9	1,682.9
CASH AND CASH EQUIVALENTS—End of period	1,926.3	2,304.2
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes—net	31.1	20.7
Operating lease liabilities arising from obtaining right-of-use assets	15	4.7
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Transfers of evaluation units from inventory to property and equipment	6.5	6.9
Liability for purchase of property and equipment	$ 27.6	$ 18.8

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Preparation —The unaudited condensed consolidated financial statements of Fortinet, Inc. and its subsidiaries (collectively, “we,” “us” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information, as well as the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, and should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2023, contained in our Annual Report on Form 10-K filed with the SEC on February 26, 2024. In the opinion of management, all adjustments, which include normal recurring adjustments, considered necessary for a fair presentation, have been included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year or for any future periods. The condensed consolidated balance sheet as of December 31, 2023 is derived from the audited consolidated financial statements for the year ended December 31, 2023. The condensed consolidated financial statements include the accounts of Fortinet, Inc. and its subsidiaries. We consolidate all legal entities in which we have an absolute controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. There have been no material changes to our significant accounting policies as of and for the three months ended March 31, 2024, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC. Recent Accounting Standards Not Yet Effective Segment Reporting In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments are effective for our annual reporting for fiscal year 2024, and for our interim period reporting starting in fiscal year 2025 retrospectively, with early adoption permitted. We are currently evaluating the ASU to determine its impact on our disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for our annual period beginning fiscal year 2025, with early adoption permitted, and should be applied prospectively. We are currently evaluating the ASU to determine its impact on our disclosures.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Disaggregation of Revenue The following table presents our revenue disaggregated by major product and service lines (in millions): Three Months Ended March 31, March 31, Product $ 408.9 $ 500.7 Service: Security subscription 536.9 421.7 Technical support and other 407.5 339.9 Total service revenue 944.4 761.6 Total revenue $ 1,353.3 $ 1,262.3 Deferred Revenue During the three months ended March 31, 2024 and 2023, we recognized $851.1 million and $675.9 million in service revenue that was included in the deferred revenue balance as of December 31, 2023 and 2022, respectively. Transaction Price Allocated to the Remaining Performance Obligations As of March 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $5.81 billion, which was substantially comprised of deferred security subscription and technical support services revenue that will be recognized in future periods. We expect to recognize approximately $2.93 billion as revenue over the next 12 months and the remainder thereafter. Accounts Receivable Trade accounts receivable are recorded at the invoiced amount, net of an allowance for expected credit losses. We measure expected credit losses of accounts receivable on a collective (pooled) basis, aggregating accounts receivable that are either current or no more than 60 days past due, and aggregating accounts receivable that are more than 60 days past due. We apply a credit-loss percentage to each of the pools that is based on our historical credit losses. We review whether each of our significant accounts receivable that is more than 60 days past due continues to exhibit similar risk characteristics with the other accounts receivable in the pool. If we determine that it does not, we evaluate it for expected credit losses on an individual basis. Expected credit losses are recorded as general and administrative expenses on our condensed consolidated statements of income. The allowance for credit losses was $6.9 million and $8.2 million as of March 31, 2024 and December 31, 2023, respectively. Provisions, write-offs and recoveries were not material during the three months ended March 31, 2024 and 2023. Deferred Contract Costs

Financial Instruments and Fair

Financial Instruments and Fair Value	3 Months Ended
	Mar. 31, 2024
Financial Instruments and Fair Value [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE	FINANCIAL INSTRUMENTS AND FAIR VALUE Available-for-Sale Investments The following tables summarize our available-for-sale investments (in millions): March 31, 2024 Amortized Unrealized Unrealized Fair U.S. government and agency securities $ 479.9 $ — $ (0.4) $ 479.5 Commercial paper 478.1 — (0.4) 477.7 Certificates of deposit and term deposits 71.6 — — 71.6 Corporate debt securities 46.6 — — 46.6 Total available-for-sale investments $ 1,076.2 $ — $ (0.8) $ 1,075.4 December 31, 2023 Amortized Unrealized Unrealized Fair U.S. government and agency securities $ 461.5 $ 0.2 $ (0.3) $ 461.4 Commercial paper 401.7 0.2 (0.1) 401.8 Certificates of deposit and term deposits 88.2 0.1 — 88.3 Corporate debt securities 70.0 0.1 (0.1) 70.0 Total available-for-sale investments $ 1,021.4 $ 0.6 $ (0.5) $ 1,021.5 The following tables show the gross unrealized losses and the related fair values of our available-for-sale investments that have been in a continuous unrealized loss position (in millions): March 31, 2024 Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government and agency securities $ 302.1 $ (0.3) $ 9.9 $ (0.1) $ 312.0 $ (0.4) Commercial paper 417.5 (0.4) — — 417.5 (0.4) Corporate debt securities 29.1 — 2.0 — 31.1 — Total available-for-sale investments $ 748.7 $ (0.7) $ 11.9 $ (0.1) $ 760.6 $ (0.8) December 31, 2023 Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government and agency securities $ 47.1 $ — $ 11.7 $ (0.3) $ 58.8 $ (0.3) Commercial paper 200.8 (0.1) — — 200.8 (0.1) Corporate debt securities 21.8 — 26.9 (0.1) 48.7 (0.1) Total available-for-sale investments $ 269.7 $ (0.1) $ 38.6 $ (0.4) $ 308.3 $ (0.5) The contractual maturities of our investments were (in millions): March 31, December 31, Due within one year $ 1,075.4 $ 1,021.5 Due within one to three years — — Total $ 1,075.4 $ 1,021.5 Available-for-sale investments are reported at fair value, with unrealized gains and losses and the related tax impact included as a separate component of stockholders’ equity (deficit) and in comprehensive income. We do not intend to sell any of the securities in an unrealized loss position and it is not more likely than not that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. Realized gains and losses on available-for-sale investments were insignificant in the periods presented. Marketable Equity Securities Our marketable equity securities were $21.4 million and $21.0 million as of March 31, 2024 and December 31, 2023. The changes in fair value of our marketable equity securities are recorded in other income (expense)—net on the condensed consolidated statements of income. We recognized a $0.3 million and $0.6 million gain during the three months ended March 31, 2024 and 2023, respectively. Fair Value of Financial Instruments Fair Value Accounting—We apply the following fair value hierarchy for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments. Level 3—Unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation. We measure the fair value of money market funds, certain U.S. government and agency securities and marketable equity securities using quoted prices in active markets for identical assets. The fair value of all other financial instruments was based on quoted prices for similar assets in active markets, or model-driven valuations using significant inputs derived from or corroborated by observable market data. We classify investments within Level 1 if quoted prices are available in active markets for identical securities. We classify items within Level 2 if the investments are valued using model-driven valuations using observable inputs such as quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Investments are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models. Assets Measured at Fair Value on a Recurring Basis The following tables present the fair value of our financial assets measured at fair value on a recurring basis (in millions): March 31, 2024 December 31, 2023 Aggregate Quoted Significant Significant Aggregate Quoted Significant Significant (Level 1) (Level 2) (Level 3) (Level 1) (Level 2) (Level 3) Assets: U.S. government and agency securities $ 495.4 $ 438.9 $ 56.5 $ — $ 501.4 $ 433.3 $ 68.1 $ — Commercial paper 555.3 — 555.3 — 472.2 — 472.2 — Certificates of deposit and term deposits 92.8 — 92.8 — 104.8 — 104.8 — Corporate debt securities 47.5 — 47.5 — 73.0 — 73.0 — Money market funds 254.6 254.6 — — 277.1 277.1 — — Marketable equity securities 21.4 21.4 — — 21.0 21.0 — — Total $ 1,467.0 $ 714.9 $ 752.1 $ — $ 1,449.5 $ 731.4 $ 718.1 $ — Reported as: Cash equivalents $ 370.2 $ 407.0 Marketable equity securities 21.4 21.0 Short-term investments 1,075.4 1,021.5 Total $ 1,467.0 $ 1,449.5 There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three months ended March 31, 2024 and year ended December 31, 2023.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY Inventory, net of reserves, consisted of (in millions): March 31, December 31, Raw materials $ 104.5 $ 92.1 Work in process 6.2 7.7 Finished goods 328.8 385.0 Inventory $ 439.5 $ 484.8 The excess and obsolete inventory reserve was $101.6 million and $89.2 million as of March 31, 2024 and December 31, 2023, respectively. Inventory write-downs related to excess and obsolete inventory were $18.1 million for the three months ended March 31, 2024, and were not material for the three months ended March 31, 2023. These were recorded in cost of product revenue on the condensed consolidated statements of income.

Property and Equipment_Net

Property and Equipment—Net	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT—Net	PROPERTY AND EQUIPMENT—Net Property and equipment—net consisted of (in millions): March 31, December 31, Land $ 453.0 $ 351.7 Buildings and improvements 712.5 595.5 Computer equipment and software 265.6 261.1 Leasehold improvements 66.7 61.4 Evaluation units 32.3 30.8 Furniture and fixtures 35.2 33.6 Construction-in-progress 56.0 63.3 Total property and equipment 1,621.3 1,397.4 Less: accumulated depreciation (373.9) (353.0) Property and equipment—net $ 1,247.4 $ 1,044.4 During the three months ended March 31, 2024, we purchased certain real estate properties in California for a total purchase price of $207.1 million to be used predominantly for research and development and warehousing operations. The purchases were accounted for under the asset acquisition method. The cost of the assets allocated to land, buildings and improvements, and furniture and fixtures were $101.4 million, $104.8 million, and $0.9 million, respectively, based on their relative fair values. Depreciation expense was $25.6 million and

Investments in Privately Held C

Investments in Privately Held Companies	3 Months Ended
	Mar. 31, 2024
Investments, All Other Investments [Abstract]
INVESTMENTS IN PRIVATELY HELD COMPANIES	INVESTMENT IN PRIVATELY HELD COMPANY Linksys Holdings, Inc. During 2021, we invested $160.0 million in cash for shares of the Series A Preferred Stock of privately held Linksys Holdings, Inc. (“Linksys”), for a 50.8% ownership interest in outstanding equity of Linksys. As of March 31, 2024 and December 31, 2023, our ownership interest remained the same. Linksys provides router connectivity solutions to the consumer and small business markets. We have concluded that our investment in Linksys is an in-substance common stock investment and that we do not hold an absolute controlling financial interest in Linksys, but that we have the ability to exercise significant influence over the operating and financial policies of Linksys. Determining that we have significant influence but not control over the operating and financial policies of Linksys required significant judgement of many factors, including but not limited to the ownership interest in Linksys, board representation, participation in policy-making processes and participation rights in certain significant financial and operating decisions of Linksys in the ordinary course of business. Therefore, we determined to account for this investment using the equity method of accounting. We record our share of Linksys’ financial results on a three-month lag basis, with the exception of material transactions or events that occur during the intervening period that materially affect the financial position or results of operations. We determined that there was a basis difference between the cost of our investment in Linksys and the amount of underlying equity in net assets of Linksys. Our share of loss of Linksys’ financial results, as well as our share of the amortization of the basis differences, totaled $6.4 million and $22.1 million for the three months ended March 31, 2024 and 2023, respectively, and has been recorded in loss from equity method investments on the condensed consolidated statements of income. The carrying amount of our Linksys investment was $35.8 million and $42.2 million as of March 31, 2024 and December 31, 2023, respectively, and the investment was included in other assets on our condensed consolidated balance sheets. Due to the presence of impairment indicators, such as a series of operating losses, we evaluated our equity method investment for an other-than-temporary impairment (“OTTI”) during the three months ended March 31, 2024. We considered various factors in determining whether an OTTI has occurred, including the limited operating history available, our ability and intent to hold the investment until its fair value recovers, the implied revenue valuation multiples compared to guideline public

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets - Net	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS - Net	GOODWILL AND OTHER INTANGIBLE ASSETS—Net Goodwill The following table presents the changes in the carrying amount of goodwill (in millions): Amount Balance—December 31, 2023 $ 126.5 Additions due to business combination 3.9 Foreign currency translation adjustments (1.4) Balance—March 31, 2024 $ 129.0 There were no impairments to goodwill during the three months ended March 31, 2024 or during prior periods. Other Intangible Assets—Net The following tables present other intangible assets—net (in millions, except years): March 31, 2024 Weighted-Average Useful Life (in Years) Gross Accumulated Amortization Net Other intangible assets—net: Finite-lived intangible assets: Developed technologies 4.6 $ 80.1 $ 62.0 $ 18.1 Customer relationships 7.0 30.6 18.0 12.6 Trade name 10.0 4.6 1.2 3.4 Backlog 1.0 3.6 3.6 — Total other intangible assets—net $ 118.9 $ 84.8 $ 34.1 December 31, 2023 Weighted-Average Useful Life (in Years) Gross Accumulated Amortization Net Other intangible assets—net: Finite-lived intangible assets: Developed technologies 4.4 $ 79.4 $ 60.6 $ 18.8 Customer relationships 7.1 30.4 17.7 12.7 Trade name 10.0 5.0 1.2 3.8 Backlog 1.0 3.9 3.9 — Total other intangible assets—net $ 118.7 $ 83.4 $ 35.3 Amortization expense was $3.0 million and $4.7 million during the three months ended March 31, 2024 and 2023, respectively. The following table summarizes estimated future amortization expense of finite-lived intangible assets—net (in millions): Amount Years: 2024 (the remainder of 2024) $ 9.5 2025 8.6 2026 4.8 2027 4.4 2028 1.5 Thereafter 5.3 Total $ 34.1

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period, plus the dilutive effects of restricted stock units (“RSUs”), stock options and performance stock units (“PSUs”). Dilutive shares of common stock are determined by applying the treasury stock method. A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per share is (in millions, except per share amounts): Three Months Ended March 31, March 31, Numerator: Net income $ 299.3 $ 247.7 Denominator: Basic shares: Weighted-average common stock outstanding-basic 762.4 783.2 Diluted shares: Weighted-average common stock outstanding-basic 762.4 783.2 Effect of potentially dilutive securities: RSUs 2.7 3.6 Stock options 5.1 6.6 PSUs 0.3 — Weighted-average shares used to compute diluted net income per share 770.5 793.4 Net income per share Basic $ 0.39 $ 0.32 Diluted $ 0.39 $ 0.31 The following weighted-average shares of common stock were excluded from the computation of diluted net income per share for the periods presented, as their effect would have been antidilutive (in millions): Three Months Ended March 31, March 31, RSUs — 1.8 Stock options 3.1 2.3 Total 3.1 4.1

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT 2026 and 2031 Senior Notes On March 5, 2021, we issued $1.0 billion aggregate principal amount of senior notes (collectively, the “Senior Notes”), consisting of $500.0 million aggregate principal amount of 1.0% notes due March 15, 2026 (the “2026 Senior Notes”) and $500.0 million aggregate principal amount of 2.2% notes due March 15, 2031 (the “2031 Senior Notes”), in an underwritten registered public offering. The Senior Notes are senior unsecured obligations and rank equally with each other in right of payment and with our other outstanding obligations. We may redeem the Senior Notes at any time in whole or in part for cash, at specified redemption prices that include accrued and unpaid interest, if any, and a make-whole premium. However, no make-whole premium will be paid for redemptions of the 2026 Senior Notes on or after February 15, 2026, or the 2031 Senior Notes on or after December 15, 2030. Interest on the Senior Notes is payable on March 15 and September 15 of each year, beginning on September 15, 2021. As of March 31, 2024 and December 31, 2023, the Senior Notes were recorded as long-term debt, net of discount and issuance costs, which are amortized to interest expense over the respective contractual terms of these notes using the effective interest method. The total outstanding debt is summarized below (in millions, except percentages): Maturity Coupon Rate Effective Interest Rate March 31, December 31, Debt 2026 Senior Notes March 2026 1.0% 1.3% $ 500.0 $ 500.0 2031 Senior Notes March 2031 2.2% 2.3% 500.0 500.0 Total debt 1,000.0 1,000.0 Less: Unamortized discount and debt issuance costs 7.2 7.7 Total long-term debt $ 992.8 $ 992.3 As of March 31, 2024 and December 31, 2023, we accrued interest payable of $0.7 million and $4.7 million, respectively, and there are no financial covenants with which we must comply. During the three months ended March 31, 2024 and 2023, we recorded $4.5 million of total interest expense in relation to these Senior Notes in each period. No interest costs were capitalized for the three months ended March 31, 2024 and 2023, as the costs that qualified for capitalization were not material. The total estimated fair value of the outstanding Senior Notes was approximately $878.9 million, including accrued and unpaid interest, as of March 31, 2024. The fair value was determined based on observable market prices of identical instruments in less active markets. The estimated fair values are based on Level 2 inputs.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The following table summarizes our inventory purchase commitments as of March 31, 2024 (in millions): Total 2024 Thereafter Inventory purchase commitments $ 629.7 $ 575.4 $ 54.3 Inventory Purchase Commitments —We purchase components of our inventory from certain suppliers and use several independent contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that allow them to procure inventory based upon criteria as defined by us or establish the parameters defining our requirements. A significant portion of our reported purchase commitments arising from these agreements consists of firm, non-cancelable and unconditional commitments. Certain of these inventory purchase commitments with contract manufacturers and suppliers relate to arrangements to secure supply and pricing for certain product components for multi-year periods. In certain instances, these agreements allow us the option to reschedule and adjust our requirements based on our business needs prior to firm orders being placed. As of March 31, 2024, we had $629.7 million of non-cancelable inventory purchase commitments with our independent contract manufacturers. We recorded a liability for these purchase commitments for quantities in excess of our future estimated demand forecasts, consistent with the valuation of our excess and obsolete inventory. As of March 31, 2024 and December 31, 2023, the liability for these inventory purchase commitments was $115.0 million and $84.7 million, respectively, and was recorded in accrued liabilities on our condensed consolidated balance sheets. The expense related to such accrued liability for inventory purchase commitments was $31.6 million and $10.4 million during the three months ended March 31, 2024 and 2023, respectively, and was recorded in cost of product revenue on the condensed consolidated statements of income. Other Contractual Commitments and Open Purchase Orders —In addition to commitments with contract manufacturers, we have open purchase orders and contractual obligations in the ordinary course of business for which we have not received goods or services. A significant portion of our reported purchase commitments consist of non-cancelable commitments. In certain instances, contractual commitments allow us the option to cancel, reschedule and adjust our requirements based on our business needs prior to firm orders being placed. As of March 31, 2024, we had $40.4 million in other contractual commitments having a remaining term in excess of one year that are non-cancelable. As of March 31, 2024, we had $89.8 million in contractual commitments related to payments for operating leases. Litigation —We are involved in disputes, litigation, and other legal actions. For lawsuits where we are the defendant, we are in the process of defending these litigation matters, and while there can be no assurances and the outcome of certain of these matters is currently not determinable and not predictable, we currently are unaware of any existing claims or proceedings that we believe are likely to have a material adverse effect on our financial position. There are many uncertainties associated with any litigation and these actions or other third-party claims against us may cause us to incur costly litigation fees, costs and substantial settlement charges, and possibly subject us to damages and other penalties. In addition, the resolution of any intellectual property (“IP”) litigation may require us to make royalty payments, which could adversely affect our gross margins in future periods. If any of those events were to occur, our business, financial condition, results of operations, and cash flows could be adversely affected. Litigation is unpredictable and the actual liability in any such matters may be materially different from our current estimates, which could result in the need to adjust any accrued liability and record additional expenses. We accrue for contingencies when we believe that a loss is probable and that we can reasonably estimate the amount of any such loss. These accruals are generally based on a range of possible outcomes that require significant management judgement. If no amount within a range is a better estimate than any other, we accrue the minimum amount. Litigation loss contingency accruals associated with outstanding cases were not material as of March 31, 2024, and December 31, 2023. On March 21, 2019, we were sued by Alorica Inc. (“Alorica”) in Santa Clara County Superior Court in California. Alorica has alleged breach of warranty and misrepresentation claims, which we deny. Fact discovery closed during the quarter ended June 30, 2023 and trial is currently set for September 2024. Although we believe that the ultimate outcome of this matter will not materially impact our financial position, results of operations or cash flows, legal proceedings are subject to inherent uncertainties, and an unfavorable ruling could occur, which may result in a material adverse impact on our business, financial position, results of operations and cash flows. No loss accrual had been recorded as of March 31, 2024 or December 31, 2023 related to this litigation. Indemnification and Other Matters —Under the indemnification provisions of our standard sales contracts, we agree to defend our customers against third-party claims asserting various allegations such as product defects and infringement of certain IP rights, which may include patents, copyrights, trademarks or trade secrets, and to pay judgments entered on such claims. In some contracts, our exposure under these indemnification provisions is limited by the terms of the contracts to certain defined limits, such as the total amount paid by our customer under the agreement. However, certain agreements include covenants, penalties and indemnification provisions including and beyond indemnification for third-party claims of IP infringement that could potentially expose us to losses in excess of the amount received under the agreement, and in some instances to potential liability that is not contractually limited. Although from time to time there are indemnification claims asserted against us and currently there are pending indemnification claims, to date there have been no material awards under such indemnification provisions. Similar to other security companies and companies in other industries, we have experienced and may experience in the future, cybersecurity threats, malicious activity directed against our information technology infrastructure or unauthorized attempts to gain access to our and our customers’ sensitive information and systems. We currently are unaware of any existing claims or proceedings related to these types of matters, including any that we believe are likely to have a material adverse effect on our financial position.

Equity Plans and Share Repurcha

Equity Plans and Share Repurchase Program	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
EQUITY PLANS AND SHARE REPURCHASE PROGRAM	EQUITY PLANS AND SHARE REPURCHASE PROGRAM Stock-Based Compensation Plans We maintain the Amended and Restated Fortinet, Inc. 2009 Equity Incentive Plan (the “Amended Plan”) pursuant to which we have granted RSUs, stock options and PSUs. As of March 31, 2024, there were a total of 50.8 million shares of common stock available for grant under the Amended Plan. Restricted Stock Units The following table summarizes the activity and related information for RSUs for the periods presented below (in millions, except per share amounts): Restricted Stock Units Outstanding Number of Shares Weighted-Average Grant Date Fair Value per Share Balance—December 31, 2023 9.1 $ 53.61 Granted 2.7 65.34 Forfeited (0.2) 55.59 Vested (1.7) 47.69 Balance—March 31, 2024 9.9 $ 57.90 Stock compensation expense is recognized on a straight-line basis over the vesting period of each RSU. As of March 31, 2024, total compensation expense related to unvested RSUs granted to employees and non-employees under the Amended Plan, but not yet recognized, was $529.6 million, with a weighted-average remaining vesting period of 2.9 years. RSUs settle into shares of common stock upon vesting. Upon the vesting of the RSUs, we net-settle the RSUs and withhold a portion of the shares to satisfy employee withholding tax requirements. The payment of the withheld taxes to the tax authorities is reflected as a financing activity within the condensed consolidated statements of cash flows. The following summarizes the number and value of the shares withheld for employee taxes (in millions): Three Months Ended March 31, March 31, Shares withheld for taxes 0.6 0.7 Amount withheld for taxes $ 42.9 $ 34.6 Employee Stock Options The following table summarizes the weighted-average assumptions relating to our employee stock options: Three Months Ended March 31, March 31, Expected term in years 4.5 4.4 Volatility 42.9 % 42.0 % Risk-free interest rate 4.34 % 4.2 % Dividend rate — % — % The following table summarizes the stock option activity and related information for the periods presented below (in millions, except exercise prices and contractual life): Options Outstanding Number Weighted- Weighted- Aggregate Balance—December 31, 2023 11.2 $ 31.14 3.3 $ 315.8 Granted 0.6 65.34 Forfeited — 56.93 Exercised (1.0) 13.50 Balance—March 31, 2024 10.8 $ 34.64 Options vested and expected to vest—March 31, 2024 10.8 $ 34.64 3.5 $ 365.3 Options exercisable—March 31, 2024 7.9 $ 26.34 2.7 $ 330.1 The aggregate intrinsic value represents the difference between the exercise price of stock options and the quoted market price of our common stock for all in-the-money stock options. Stock compensation expense is recognized on a straight-line basis over the vesting period of each stock option. As of March 31, 2024, total compensation expense related to unvested stock options granted to employees but not yet recognized was $63.6 million, with a weighted-average remaining vesting period of 2.7 years. Additional information related to our stock options is summarized below (in millions, except per share amounts): Three Months Ended March 31, March 31, Weighted-average fair value per share granted $ 26.92 $ 24.24 Intrinsic value of options exercised $ 51.8 $ 72.7 Fair value of options vested $ 12.1 $ 11.7 Market/Performance-Based PSUs We granted market/performance-based PSUs under the Amended Plan to certain of our executives. Based on the achievement of the market/performance-based vesting conditions during the performance period, the final settlement of the PSUs will range between 0% and 200% of the target shares underlying the PSUs based on the percentile ranking of our total stockholder return over one two three one two three The following table summarizes the weighted-average assumptions relating to our PSUs: Three Months Ended March 31, March 31, Expected term in years 2.7 2.7 Volatility 45.5 % 47.5 % Risk-free interest rate 4.5 % 4.6 % Dividend rate — % — % We granted approximately 0.3 million shares of PSU awards with a weighted-average grant date fair value of $98.19 and $90.96 per share to certain of our executives during the first quarter of 2024 and 2023, respectively. The grant date fair value of these awards was determined using a Monte Carlo simulation pricing model. Approximately 0.1 million shares of PSU awards vested during the three months ended March 31, 2024. No shares of PSU awards vested during the three months ended March 31, 2023. None of these PSU awards were forfeited during the three months ended March 31, 2024 and 2023. As of March 31, 2024, total compensation expense related to unvested PSUs that were granted to certain of our executives, but not yet recognized, was $38.7 million. This expense is expected to be amortized on a graded vesting method over a weighted-average vesting period of 2.5 years. Stock-Based Compensation Expense Stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, is included in costs and expenses (in millions): Three Months Ended March 31, March 31, Cost of product revenue $ 0.5 $ 0.4 Cost of service revenue 6.2 5.1 Research and development 19.8 17.0 Sales and marketing 26.7 26.3 General and administrative 9.8 8.2 Total stock-based compensation expense $ 63.0 $ 57.0 The following table summarizes stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, by award type (in millions): Three Months Ended March 31, March 31, RSUs $ 52.0 $ 49.1 Stock options 7.3 6.7 PSUs 3.7 1.2 Total stock-based compensation expense $ 63.0 $ 57.0 Total income tax benefit associated with stock-based compensation that is recognized in the condensed consolidated statements of income is (in millions): Three Months Ended March 31, March 31, Income tax benefit associated with stock-based compensation $ 13.9 $ 12.6 Share Repurchase Program In January 2024, our board of directors approved a $500.0 million increase in the authorized share repurchase amount under the Repurchase Program, bringing the aggregate amount authorized to be repurchased to $7.25 billion of our outstanding common stock. In February 2024, our board of directors approved an extension of the Repurchase Program to February 28, 2025. Share repurchases may be made by us from time to time in privately negotiated transactions or in open-market transactions. The Repurchase Program does not require us to purchase a minimum number of shares, and may be suspended, modified or discontinued at any time without prior notice. There were no shares repurchased under the Repurchase Program during the three months ended March 31, 2024. As of March 31, 2024, $1.03 billion remained available for future share repurchases under the Repurchase Program.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective tax rate was 11% for the three months ended March 31, 2024, compared to an effective tax rate of 7% for the same period last year. The tax rates for the three months ended March 31, 2024 and 2023 were composed of U.S. federal and state taxes, withholding taxes and foreign taxes that amounted to $81.7 million and $85.8 million , respectively. The tax rate for the three months ended March 31, 2024 was impacted by a tax benefit of $24.0 million from the FDII deduction, and excess tax benefits from stock-based compensation expense of $18.2 million . The tax rate for the three months ended March 31, 2023 was impacted by a tax benefit of $38.2 million from the FDII deduction and excess tax benefits from stock-based compensation expense of $26.3 million. As of March 31, 2024 and December 31, 2023, unrecognized tax benefits were $66.0 million and $65.8 million , respectively. If recognized, $55.4 million of the unrecognized tax benefits as of March 31, 2024 would favorably affect our effective tax rate. It is our policy to include accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of March 31, 2024 and December 31, 2023, accrued interest and penalties were $6.9 million and $6.4 million, respectively. It is reasonably possible that our gross unrecognized tax benefits will decrease by up to $4.7 million in the next 12 months, due to the lapse of statutes of limitation in various jurisdictions. This decrease, if recognized, would favorably impact our effective tax rate, and would be recognized as an additional tax benefit. We file income tax returns in the U.S. federal jurisdiction and in various U.S. state and foreign jurisdictions. Generally, we are no longer subject to examination by U.S federal income tax authorities for tax years prior to 2015. We are no longer subject to U.S. state and foreign income tax examinations by tax authorities for tax years prior to 2010. We currently have ongoing tax audits in the United Kingdom, Canada and several other foreign jurisdictions. The focus of these audits is the inter-company profit allocation. On January 4, 2022, the U.S. Treasury published another tranche of final regulations regarding the foreign tax credit. These final regulations impose new requirements that a foreign tax must meet in order to be creditable against U.S. income taxes, and generally apply to tax years beginning on or after December 28, 2021. On July 26, 2022, the U.S. Treasury released corrections to the final regulations. On July 21, 2023, the IRS released a notice that suspended the application of significant portions of the final regulations regarding the foreign tax credit for tax years 2022 and 2023. The notice released in July 2023 favorably impacted our ability to claim foreign tax credits in the United States for certain taxes imposed by certain foreign jurisdictions. On December 11, 2023, the IRS released a notice that extended the suspension of significant portions of the final regulations beyond December 31, 2023, until further guidance is issued.

Defined Contribution Plans

Defined Contribution Plans	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
DEFINED CONTRIBUTION PLANS	DEFINED CONTRIBUTION PLANS Our tax-deferred savings plan under our 401(k) Plan permits participating U.S. employees to contribute a portion of their pre-tax or after-tax earnings. In Canada, we have a Group Registered Retirement Savings Plan Program (the “RRSP”), which permits participants to make pre-tax contributions. Our board of directors approved 50% matching contributions on employee contributions up to 4% of each employee’s eligible earnings. Our matching contributions to our 401(k) Plan and the RRSP for the three months ended March 31, 2024 and 2023

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our chief operating decision maker is our chief executive officer. Our chief executive officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by geographic region for purposes of allocating resources and evaluating financial performance. We have one business activity, and there are no segment managers who are held accountable for operations, operating results and plans for levels or components below the consolidated unit level. Accordingly, we have determined that we have one operating segment, and therefore, one reportable segment. Revenue by geographic region is based on the billing address of our customers. The following tables set forth revenue and property and equipment—net by geographic region (in millions): Three Months Ended Revenue March 31, March 31, Americas: United States $ 407.1 $ 384.1 Other Americas 149.9 139.4 Total Americas 557.0 523.5 Europe, Middle East and Africa (“EMEA”) 539.4 478.2 Asia Pacific (“APAC”) 256.9 260.6 Total revenue $ 1,353.3 $ 1,262.3 Property and Equipment — net March 31, December 31, Americas: United States $ 908.0 $ 701.6 Canada 213.2 212.8 Latin America 2.3 2.3 Total Americas 1,123.5 916.7 EMEA 63.5 65.5 APAC 60.4 62.2 Total property and equipment—net $ 1,247.4 $ 1,044.4 The following distributors accounted for 10% or more of our revenue: Three Months Ended March 31, March 31, Distributor A 31 % 28 % Distributor B 15 % 14 % Distributor C 13 % 14 % The following distributors accounted for 10% or more of net accounts receivable: March 31, December 31, Distributor A 28 % 33 % Distributor B 13 % 14 % Distributor C 13 % 10 %

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 299.3	$ 247.7

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Trading Plans On March 6, 2024, Keith Jensen, our Chief Financial Officer, entered into a pre-arranged written stock sale plan in accordance with Rule 10b5-1 under the Exchange Act for the sale of shares of our common stock (the “Jensen Plan”) during an open trading window in accordance with our insider trading policy. The Jensen Plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Jensen Plan provides for the potential sale by Keith Jensen of up to (a) 163,170 shares of our common stock, including upon the (i) vesting and settlement of RSUs and PSUs for shares of our common stock or (ii) exercise of vested options to purchase shares of our common stock, and (b) the net shares (which are not yet determinable) after shares are withheld to satisfy tax obligations upon such vesting and settlement, in each case, at the market price, all between June 5, 2024 and June 7, 2025. The Jensen Plan includes a representation from Keith Jensen to the broker administering the plan that he was not in possession of any material nonpublic information regarding us or the securities subject to the Jensen Plan at the time that he entered into the Jensen Plan. He made a similar representation to us in connection with the adoption of the Jensen Plan under our insider trading policy. The representation was made as of March 6, 2024 and speaks only as of that date. In making the representation, Mr. Jensen did not provide assurance with respect to any material nonpublic information of which he was unaware, or with respect to any material nonpublic information acquired by him or us after the date of the representation. Once executed, transactions under the Jensen Plan will be disclosed publicly through Form 4 and/or Form 144 filings with the SEC in accordance with applicable securities laws, rules and regulations. Except as may be required by law, we do not undertake any obligation to update or report any modification, termination or other activity under current or future Rule 10b5-1 plans that may be adopted by Keith Jensen or our other officers or directors or their affiliated entities.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Keith Jensen [Member]
Trading Arrangements, by Individual
Name	Keith Jensen
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 6, 2024
Arrangement Duration	367 days
Aggregate Available	163,170

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Preparation	Basis of Presentation and Preparation —The unaudited condensed consolidated financial statements of Fortinet, Inc. and its subsidiaries (collectively, “we,” “us” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information, as well as the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, and should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2023, contained in our Annual Report on Form 10-K filed with the SEC on February 26, 2024. In the opinion of management, all adjustments, which include normal recurring adjustments, considered necessary for a fair presentation, have been included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year or for any future periods. The condensed consolidated balance sheet as of December 31, 2023 is derived from the audited consolidated financial statements for the year ended December 31, 2023. The condensed consolidated financial statements include the accounts of Fortinet, Inc. and its subsidiaries. We consolidate all legal entities in which we have an absolute controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. There have been no material changes to our significant accounting policies as of and for the three months ended March 31, 2024, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC.
Recent Accounting Standards Not Yet Effective	Recent Accounting Standards Not Yet Effective Segment Reporting In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments are effective for our annual reporting for fiscal year 2024, and for our interim period reporting starting in fiscal year 2025 retrospectively, with early adoption permitted. We are currently evaluating the ASU to determine its impact on our disclosures. Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for our annual period beginning fiscal year 2025, with early adoption permitted, and should be applied prospectively. We are currently evaluating the ASU to determine its impact on our disclosures.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents our revenue disaggregated by major product and service lines (in millions): Three Months Ended March 31, March 31, Product $ 408.9 $ 500.7 Service: Security subscription 536.9 421.7 Technical support and other 407.5 339.9 Total service revenue 944.4 761.6 Total revenue $ 1,353.3 $ 1,262.3

Financial Instruments and Fai_2

Financial Instruments and Fair Value (Tables)	3 Months Ended
	Mar. 31, 2024
Financial Instruments and Fair Value [Abstract]
Summary of Investments	The following tables summarize our available-for-sale investments (in millions): March 31, 2024 Amortized Unrealized Unrealized Fair U.S. government and agency securities $ 479.9 $ — $ (0.4) $ 479.5 Commercial paper 478.1 — (0.4) 477.7 Certificates of deposit and term deposits 71.6 — — 71.6 Corporate debt securities 46.6 — — 46.6 Total available-for-sale investments $ 1,076.2 $ — $ (0.8) $ 1,075.4 December 31, 2023 Amortized Unrealized Unrealized Fair U.S. government and agency securities $ 461.5 $ 0.2 $ (0.3) $ 461.4 Commercial paper 401.7 0.2 (0.1) 401.8 Certificates of deposit and term deposits 88.2 0.1 — 88.3 Corporate debt securities 70.0 0.1 (0.1) 70.0 Total available-for-sale investments $ 1,021.4 $ 0.6 $ (0.5) $ 1,021.5
Schedule of Unrealized Loss on Investments	The following tables show the gross unrealized losses and the related fair values of our available-for-sale investments that have been in a continuous unrealized loss position (in millions): March 31, 2024 Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government and agency securities $ 302.1 $ (0.3) $ 9.9 $ (0.1) $ 312.0 $ (0.4) Commercial paper 417.5 (0.4) — — 417.5 (0.4) Corporate debt securities 29.1 — 2.0 — 31.1 — Total available-for-sale investments $ 748.7 $ (0.7) $ 11.9 $ (0.1) $ 760.6 $ (0.8) December 31, 2023 Less Than 12 Months 12 Months or Greater Total Fair Unrealized Fair Unrealized Fair Unrealized U.S. government and agency securities $ 47.1 $ — $ 11.7 $ (0.3) $ 58.8 $ (0.3) Commercial paper 200.8 (0.1) — — 200.8 (0.1) Corporate debt securities 21.8 — 26.9 (0.1) 48.7 (0.1) Total available-for-sale investments $ 269.7 $ (0.1) $ 38.6 $ (0.4) $ 308.3 $ (0.5)
Investments Classified by Contractual Maturity Date	The contractual maturities of our investments were (in millions): March 31, December 31, Due within one year $ 1,075.4 $ 1,021.5 Due within one to three years — — Total $ 1,075.4 $ 1,021.5
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the fair value of our financial assets measured at fair value on a recurring basis (in millions): March 31, 2024 December 31, 2023 Aggregate Quoted Significant Significant Aggregate Quoted Significant Significant (Level 1) (Level 2) (Level 3) (Level 1) (Level 2) (Level 3) Assets: U.S. government and agency securities $ 495.4 $ 438.9 $ 56.5 $ — $ 501.4 $ 433.3 $ 68.1 $ — Commercial paper 555.3 — 555.3 — 472.2 — 472.2 — Certificates of deposit and term deposits 92.8 — 92.8 — 104.8 — 104.8 — Corporate debt securities 47.5 — 47.5 — 73.0 — 73.0 — Money market funds 254.6 254.6 — — 277.1 277.1 — — Marketable equity securities 21.4 21.4 — — 21.0 21.0 — — Total $ 1,467.0 $ 714.9 $ 752.1 $ — $ 1,449.5 $ 731.4 $ 718.1 $ — Reported as: Cash equivalents $ 370.2 $ 407.0 Marketable equity securities 21.4 21.0 Short-term investments 1,075.4 1,021.5 Total $ 1,467.0 $ 1,449.5

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventory	Inventory, net of reserves, consisted of (in millions): March 31, December 31, Raw materials $ 104.5 $ 92.1 Work in process 6.2 7.7 Finished goods 328.8 385.0 Inventory $ 439.5 $ 484.8

Property and Equipment_Net (Tab

Property and Equipment—Net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment - Net	Property and equipment—net consisted of (in millions): March 31, December 31, Land $ 453.0 $ 351.7 Buildings and improvements 712.5 595.5 Computer equipment and software 265.6 261.1 Leasehold improvements 66.7 61.4 Evaluation units 32.3 30.8 Furniture and fixtures 35.2 33.6 Construction-in-progress 56.0 63.3 Total property and equipment 1,621.3 1,397.4 Less: accumulated depreciation (373.9) (353.0) Property and equipment—net $ 1,247.4 $ 1,044.4

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets - Net (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill	The following table presents the changes in the carrying amount of goodwill (in millions): Amount Balance—December 31, 2023 $ 126.5 Additions due to business combination 3.9 Foreign currency translation adjustments (1.4) Balance—March 31, 2024 $ 129.0
Schedule of Finite-Lived Intangible Assets by Major Class	The following tables present other intangible assets—net (in millions, except years): March 31, 2024 Weighted-Average Useful Life (in Years) Gross Accumulated Amortization Net Other intangible assets—net: Finite-lived intangible assets: Developed technologies 4.6 $ 80.1 $ 62.0 $ 18.1 Customer relationships 7.0 30.6 18.0 12.6 Trade name 10.0 4.6 1.2 3.4 Backlog 1.0 3.6 3.6 — Total other intangible assets—net $ 118.9 $ 84.8 $ 34.1 December 31, 2023 Weighted-Average Useful Life (in Years) Gross Accumulated Amortization Net Other intangible assets—net: Finite-lived intangible assets: Developed technologies 4.4 $ 79.4 $ 60.6 $ 18.8 Customer relationships 7.1 30.4 17.7 12.7 Trade name 10.0 5.0 1.2 3.8 Backlog 1.0 3.9 3.9 — Total other intangible assets—net $ 118.7 $ 83.4 $ 35.3
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table summarizes estimated future amortization expense of finite-lived intangible assets—net (in millions): Amount Years: 2024 (the remainder of 2024) $ 9.5 2025 8.6 2026 4.8 2027 4.4 2028 1.5 Thereafter 5.3 Total $ 34.1

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per share is (in millions, except per share amounts): Three Months Ended March 31, March 31, Numerator: Net income $ 299.3 $ 247.7 Denominator: Basic shares: Weighted-average common stock outstanding-basic 762.4 783.2 Diluted shares: Weighted-average common stock outstanding-basic 762.4 783.2 Effect of potentially dilutive securities: RSUs 2.7 3.6 Stock options 5.1 6.6 PSUs 0.3 — Weighted-average shares used to compute diluted net income per share 770.5 793.4 Net income per share Basic $ 0.39 $ 0.32 Diluted $ 0.39 $ 0.31
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following weighted-average shares of common stock were excluded from the computation of diluted net income per share for the periods presented, as their effect would have been antidilutive (in millions): Three Months Ended March 31, March 31, RSUs — 1.8 Stock options 3.1 2.3 Total 3.1 4.1

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of Outstanding Debt	The total outstanding debt is summarized below (in millions, except percentages): Maturity Coupon Rate Effective Interest Rate March 31, December 31, Debt 2026 Senior Notes March 2026 1.0% 1.3% $ 500.0 $ 500.0 2031 Senior Notes March 2031 2.2% 2.3% 500.0 500.0 Total debt 1,000.0 1,000.0 Less: Unamortized discount and debt issuance costs 7.2 7.7 Total long-term debt $ 992.8 $ 992.3

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Inventory Purchase Commitments, Fiscal Year Maturity Schedule	The following table summarizes our inventory purchase commitments as of March 31, 2024 (in millions): Total 2024 Thereafter Inventory purchase commitments $ 629.7 $ 575.4 $ 54.3

Equity Plans and Share Repurc_2

Equity Plans and Share Repurchase Program (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	The following table summarizes the activity and related information for RSUs for the periods presented below (in millions, except per share amounts): Restricted Stock Units Outstanding Number of Shares Weighted-Average Grant Date Fair Value per Share Balance—December 31, 2023 9.1 $ 53.61 Granted 2.7 65.34 Forfeited (0.2) 55.59 Vested (1.7) 47.69 Balance—March 31, 2024 9.9 $ 57.90
Schedule of Share-based Compensation, Shares Withheld for Taxes	The following summarizes the number and value of the shares withheld for employee taxes (in millions): Three Months Ended March 31, March 31, Shares withheld for taxes 0.6 0.7 Amount withheld for taxes $ 42.9 $ 34.6
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following table summarizes the weighted-average assumptions relating to our employee stock options: Three Months Ended March 31, March 31, Expected term in years 4.5 4.4 Volatility 42.9 % 42.0 % Risk-free interest rate 4.34 % 4.2 % Dividend rate — % — %
Schedule of Share-based Compensation, Stock Options, Activity	The following table summarizes the stock option activity and related information for the periods presented below (in millions, except exercise prices and contractual life): Options Outstanding Number Weighted- Weighted- Aggregate Balance—December 31, 2023 11.2 $ 31.14 3.3 $ 315.8 Granted 0.6 65.34 Forfeited — 56.93 Exercised (1.0) 13.50 Balance—March 31, 2024 10.8 $ 34.64 Options vested and expected to vest—March 31, 2024 10.8 $ 34.64 3.5 $ 365.3 Options exercisable—March 31, 2024 7.9 $ 26.34 2.7 $ 330.1
Schedule of Share-based Compensation, Stock Options, Activity, Additional Information	Additional information related to our stock options is summarized below (in millions, except per share amounts): Three Months Ended March 31, March 31, Weighted-average fair value per share granted $ 26.92 $ 24.24 Intrinsic value of options exercised $ 51.8 $ 72.7 Fair value of options vested $ 12.1 $ 11.7
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	The following table summarizes the weighted-average assumptions relating to our PSUs: Three Months Ended March 31, March 31, Expected term in years 2.7 2.7 Volatility 45.5 % 47.5 % Risk-free interest rate 4.5 % 4.6 % Dividend rate — % — %
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	Stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, is included in costs and expenses (in millions): Three Months Ended March 31, March 31, Cost of product revenue $ 0.5 $ 0.4 Cost of service revenue 6.2 5.1 Research and development 19.8 17.0 Sales and marketing 26.7 26.3 General and administrative 9.8 8.2 Total stock-based compensation expense $ 63.0 $ 57.0
Schedule of Employee Service Share based Compensation Allocation of Recognized Period Costs by Award Type	The following table summarizes stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, by award type (in millions): Three Months Ended March 31, March 31, RSUs $ 52.0 $ 49.1 Stock options 7.3 6.7 PSUs 3.7 1.2 Total stock-based compensation expense $ 63.0 $ 57.0
Income Tax Benefit from Stock Option Plans	Total income tax benefit associated with stock-based compensation that is recognized in the condensed consolidated statements of income is (in millions): Three Months Ended March 31, March 31, Income tax benefit associated with stock-based compensation $ 13.9 $ 12.6

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Revenue From External Customers by Geographic Region	Revenue by geographic region is based on the billing address of our customers. The following tables set forth revenue and property and equipment—net by geographic region (in millions): Three Months Ended Revenue March 31, March 31, Americas: United States $ 407.1 $ 384.1 Other Americas 149.9 139.4 Total Americas 557.0 523.5 Europe, Middle East and Africa (“EMEA”) 539.4 478.2 Asia Pacific (“APAC”) 256.9 260.6 Total revenue $ 1,353.3 $ 1,262.3
Property and Equipment by Geographic Region	Property and Equipment — net March 31, December 31, Americas: United States $ 908.0 $ 701.6 Canada 213.2 212.8 Latin America 2.3 2.3 Total Americas 1,123.5 916.7 EMEA 63.5 65.5 APAC 60.4 62.2 Total property and equipment—net $ 1,247.4 $ 1,044.4
Schedule of Distributor Concentration	The following distributors accounted for 10% or more of our revenue: Three Months Ended March 31, March 31, Distributor A 31 % 28 % Distributor B 15 % 14 % Distributor C 13 % 14 % The following distributors accounted for 10% or more of net accounts receivable: March 31, December 31, Distributor A 28 % 33 % Distributor B 13 % 14 % Distributor C 13 % 10 %

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,353.3	$ 1,262.3
Product
Disaggregation of Revenue [Line Items]
Total revenue	408.9	500.7
Service
Disaggregation of Revenue [Line Items]
Total revenue	944.4	761.6
Security subscription
Disaggregation of Revenue [Line Items]
Total revenue	536.9	421.7
Technical support and other
Disaggregation of Revenue [Line Items]
Total revenue	$ 407.5	$ 339.9

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Threshold period past due	60 days
Allowance for credit losses	$ 6.9		$ 8.2
Amortization of deferred contract costs	72	$ 62.5
Service
Disaggregation of Revenue [Line Items]
Deferred revenue recognized in period	$ 851.1	$ 675.9

Revenue Recognition - Performan

Revenue Recognition - Performance Obligation Satisfaction Period (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 5,810
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,930
Performance obligation expected recognition period for three-fourths of remaining obligation	12 months

Financial Instruments and Fai_3

Financial Instruments and Fair Value , Investments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,076.2	$ 1,021.4
Unrealized Gains	0	0.6
Unrealized Losses	(0.8)	(0.5)
Fair Value	1,075.4	1,021.5
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less Than 12 Months, Fair Value	748.7	269.7
Less Than 12 Months, Unrealized Losses	(0.7)	(0.1)
12 Months or Greater, Fair Value	11.9	38.6
12 Months or Greater, Unrealized Losses	(0.1)	(0.4)
Total, Fair Value	760.6	308.3
Total, Unrealized Losses	(0.8)	(0.5)
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Due within one year	1,075.4	1,021.5
Due within one to three years	0	0
Fair Value	1,075.4	1,021.5
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	479.9	461.5
Unrealized Gains	0	0.2
Unrealized Losses	(0.4)	(0.3)
Fair Value	479.5	461.4
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less Than 12 Months, Fair Value	302.1	47.1
Less Than 12 Months, Unrealized Losses	(0.3)	0
12 Months or Greater, Fair Value	9.9	11.7
12 Months or Greater, Unrealized Losses	(0.1)	(0.3)
Total, Fair Value	312	58.8
Total, Unrealized Losses	(0.4)	(0.3)
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fair Value	479.5	461.4
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	478.1	401.7
Unrealized Gains	0	0.2
Unrealized Losses	(0.4)	(0.1)
Fair Value	477.7	401.8
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less Than 12 Months, Fair Value	417.5	200.8
Less Than 12 Months, Unrealized Losses	(0.4)	(0.1)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Total, Fair Value	417.5	200.8
Total, Unrealized Losses	(0.4)	(0.1)
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fair Value	477.7	401.8
Certificates of deposit and term deposits
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71.6	88.2
Unrealized Gains	0	0.1
Unrealized Losses	0	0
Fair Value	71.6	88.3
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fair Value	71.6	88.3
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46.6	70
Unrealized Gains	0	0.1
Unrealized Losses	0	(0.1)
Fair Value	46.6	70
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less Than 12 Months, Fair Value	29.1	21.8
Less Than 12 Months, Unrealized Losses	0	0
12 Months or Greater, Fair Value	2	26.9
12 Months or Greater, Unrealized Losses	0	(0.1)
Total, Fair Value	31.1	48.7
Total, Unrealized Losses	0	(0.1)
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fair Value	$ 46.6	$ 70

Financial Instruments and Fai_4

Financial Instruments and Fair Value , Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,075.4		$ 1,021.5
Recognized gain (loss) on marketable equity securities	0.3	$ 0.6
Marketable equity securities | Reported as [Member] | Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 21.4		$ 21

Financial Instruments and Fai_5

Financial Instruments and Fair Value , Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,075.4	$ 1,021.5
U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	479.5	461.4
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	477.7	401.8
Certificates of deposit and term deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	71.6	88.3
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	46.6	70
Recurring Basis [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets, Fair Value Disclosure	1,467	1,449.5
Recurring Basis [Member] | Fair Value [Member] | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets, Fair Value Disclosure	714.9	731.4
Recurring Basis [Member] | Fair Value [Member] | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets, Fair Value Disclosure	752.1	718.1
Recurring Basis [Member] | Fair Value [Member] | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets, Fair Value Disclosure	0	0
Recurring Basis [Member] | Fair Value [Member] | U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	495.4	501.4
Recurring Basis [Member] | Fair Value [Member] | U.S. government and agency securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	438.9	433.3
Recurring Basis [Member] | Fair Value [Member] | U.S. government and agency securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	56.5	68.1
Recurring Basis [Member] | Fair Value [Member] | U.S. government and agency securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Recurring Basis [Member] | Fair Value [Member] | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	555.3	472.2
Recurring Basis [Member] | Fair Value [Member] | Commercial paper | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Recurring Basis [Member] | Fair Value [Member] | Commercial paper | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	555.3	472.2
Recurring Basis [Member] | Fair Value [Member] | Commercial paper | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Recurring Basis [Member] | Fair Value [Member] | Certificates of deposit and term deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	92.8	104.8
Recurring Basis [Member] | Fair Value [Member] | Certificates of deposit and term deposits | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Recurring Basis [Member] | Fair Value [Member] | Certificates of deposit and term deposits | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	92.8	104.8
Recurring Basis [Member] | Fair Value [Member] | Certificates of deposit and term deposits | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Recurring Basis [Member] | Fair Value [Member] | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	47.5	73
Recurring Basis [Member] | Fair Value [Member] | Corporate debt securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Recurring Basis [Member] | Fair Value [Member] | Corporate debt securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	47.5	73
Recurring Basis [Member] | Fair Value [Member] | Corporate debt securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Recurring Basis [Member] | Fair Value [Member] | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	254.6	277.1
Recurring Basis [Member] | Fair Value [Member] | Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	254.6	277.1
Recurring Basis [Member] | Fair Value [Member] | Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Recurring Basis [Member] | Fair Value [Member] | Money market funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Recurring Basis [Member] | Fair Value [Member] | Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	21.4	21
Recurring Basis [Member] | Fair Value [Member] | Marketable equity securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	21.4	21
Recurring Basis [Member] | Fair Value [Member] | Marketable equity securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Recurring Basis [Member] | Fair Value [Member] | Marketable equity securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Recurring Basis [Member] | Reported as [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets, Fair Value Disclosure	1,467	1,449.5
Recurring Basis [Member] | Reported as [Member] | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	370.2	407
Recurring Basis [Member] | Reported as [Member] | Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	21.4	21
Recurring Basis [Member] | Reported as [Member] | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,075.4	$ 1,021.5

Inventory (Details)

Inventory (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Inventory, Net [Abstract]
Raw materials	$ 104.5		$ 92.1
Work in process	6.2		7.7
Finished goods	328.8		385
Inventory	439.5		484.8
Inventory reserve	101.6		$ 89.2
Inventory write-down	$ 18.1	$ 0

Property and Equipment_Net (Det

Property and Equipment—Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	$ 1,621.3		$ 1,397.4
Less: accumulated depreciation	(373.9)		(353)
Property and equipment—net	1,247.4		1,044.4
Purchase of property and equipment	221.9	$ 30.3
Depreciation expense	25.6	$ 22.8
California
Property, Plant and Equipment, Net, by Type [Abstract]
Purchase of property and equipment	207.1
Land
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	453		351.7
Land | California
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	101.4
Buildings and improvements
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	712.5		595.5
Buildings and improvements | California
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	104.8
Computer equipment and software
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	265.6		261.1
Leasehold improvements
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	66.7		61.4
Evaluation units
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	32.3		30.8
Furniture and fixtures
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	35.2		33.6
Furniture and fixtures | California
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	0.9
Construction-in-progress
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	$ 56		$ 63.3

Investments in Privately Held_2

Investments in Privately Held Companies (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Loss from equity method investments	$ 6.6	$ 22.1
Linksys
Schedule of Equity Method Investments [Line Items]
Cash investment in privately held company			$ 160
Ownership interest percentage			50.80%
Loss from equity method investments	6.4	$ 22.1
Equity method investment carrying value	$ 35.8			$ 42.2

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Net - Changes in Carrying Amount of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Balance - beginning of period	$ 126.5
Additions due to business combination	3.9
Foreign currency translation adjustments	(1.4)
Balance - end of period	$ 129

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Net - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill [Line Items]
Goodwill impairment	$ 0	$ 0
Amortization expense	$ 3,000,000	$ 4,700,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Net - Other Intangible Assets, Net (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 118.9	$ 118.7
Accumulated Amortization	84.8	83.4
Total	$ 34.1	$ 35.3
Developed technologies
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life (in Years)	4 years 7 months 6 days	4 years 4 months 24 days
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 80.1	$ 79.4
Accumulated Amortization	62	60.6
Total	$ 18.1	$ 18.8
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life (in Years)	7 years	7 years 1 month 6 days
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 30.6	$ 30.4
Accumulated Amortization	18	17.7
Total	$ 12.6	$ 12.7
Trade name
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life (in Years)	10 years	10 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 4.6	$ 5
Accumulated Amortization	1.2	1.2
Total	$ 3.4	$ 3.8
Backlog
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life (in Years)	1 year	1 year
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 3.6	$ 3.9
Accumulated Amortization	3.6	3.9
Total	$ 0	$ 0

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Net - Estimated Future Amortization Expense (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fiscal Years:
2024 (the remainder of 2024)	$ 9.5
2025	8.6
2026	4.8
2027	4.4
2028	1.5
Thereafter	5.3
Total	$ 34.1	$ 35.3

Net Income Per Share - Calculat

Net Income Per Share - Calculation of Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Line Items]
Net income	$ 299.3	$ 247.7
Basic shares:
Weighted-average common shares outstanding-basic (in shares)	762.4	783.2
Diluted shares:
Weighted-average common shares outstanding-basic (in shares)	762.4	783.2
Effect of potentially dilutive securities:
Weighted-average shares used to compute diluted net income per share (in shares)	770.5	793.4
Net income per share
Basic (in dollars per share)	$ 0.39	$ 0.32
Diluted (in dollars per share)	$ 0.39	$ 0.31
RSUs
Effect of potentially dilutive securities:
RSUs and stock options (in shares)	2.7	3.6
Stock options
Effect of potentially dilutive securities:
RSUs and stock options (in shares)	5.1	6.6
PSUs
Effect of potentially dilutive securities:
RSUs and stock options (in shares)	0.3	0

Net Income Per Share - Anti Dil

Net Income Per Share - Anti Dilutive Securities (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	3.1	4.1
RSUs | Share-based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	1.8
Stock options | Share-based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	3.1	2.3

Debt - Narrative (Details)

Debt - Narrative (Details) - Senior Notes - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 05, 2021
Debt Instrument [Line Items]
Aggregate principal amount				$ 1,000,000,000
Accrued interest payable	$ 700,000		$ 4,700,000
Interest expense		$ 4,500,000
Interest costs capitalized	0	$ 0
Level 2
Debt Instrument [Line Items]
Estimated fair value of outstanding debt	$ 878,900,000
2026 Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount				$ 500,000,000
Stated interest rate	1%			1%
2031 Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount				$ 500,000,000
Stated interest rate	2.20%			2.20%

Debt - Summary of Outstanding D

Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 05, 2021
Debt Instrument [Line Items]
Total debt	$ 1,000	$ 1,000
Less: Unamortized discount and debt issuance costs	7.2	7.7
LONG-TERM DEBT	$ 992.8	992.3
Senior Notes | 2026 Senior Notes
Debt Instrument [Line Items]
Coupon Rate	1%		1%
Effective Interest Rate	1.30%
Total debt	$ 500	500
Senior Notes | 2031 Senior Notes
Debt Instrument [Line Items]
Coupon Rate	2.20%		2.20%
Effective Interest Rate	2.30%
Total debt	$ 500	$ 500

Commitments and Contingencies -

Commitments and Contingencies - Summary of Inventory Purchase Commitments (Details) $ in Millions	Mar. 31, 2024 USD ($)
Inventory purchase commitments
Total	$ 629.7
2024	575.4
Thereafter	$ 54.3

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Inventory purchase commitments	$ 629.7
Accrued inventory purchase commitments	115		$ 84.7
Inventory purchase expense	31.6	$ 10.4
Other contractual commitments and open purchase orders	$ 40.4
Non-cancelable remaining contract term (in excess of)	1 year
Operating lease liability	$ 89.8

Equity Plans and Share Repurc_3

Equity Plans and Share Repurchase Program - Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Weighted-Average Grant Date Fair Value per Share
Shares withheld for taxes	0.6	0.7
Amount withheld for taxes	$ 42.9	$ 34.6
Stock-based Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining shares available for grant under the plans	50.8
RSUs
Number of Shares
Balance, beginning (shares)	9.1
Granted (shares)	2.7
Forfeited (shares)	(0.2)
Vested (shares)	(1.7)
Balance, ending (shares)	9.9
Weighted-Average Grant Date Fair Value per Share
Balance, beginning (in dollars per share)	$ 53.61
Granted (in dollars per share)	65.34
Forfeited (in dollars per share)	55.59
Vested (in dollars per share)	47.69
Balance, ending (in dollars per share)	$ 57.90
Compensation cost not yet recognized	$ 529.6
Compensation cost not yet recognized period of recognition	2 years 10 months 24 days

Equity Plans and Share Repurc_4

Equity Plans and Share Repurchase Program - Employee Stock Options (Details) - Stock options - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term in years	4 years 6 months	4 years 4 months 24 days
Volatility	42.90%	42%
Risk-free interest rate	4.34%	4.20%
Dividend rate	0%	0%
Number of Shares
Balance - Beginning (in shares)	11.2
Granted (in shares)	0.6
Forfeited (in shares)	0
Exercised (in shares)	(1)
Balance - Ending (in shares)	10.8		11.2
Weighted- Average Exercise Price
Balance - Beginning (in dollars per share)	$ 31.14
Granted (in dollars per share)	65.34
Forfeited (in dollars per share)	56.93
Exercised (in dollars per share)	13.50
Balance - Ending (in dollars per share)	$ 34.64		$ 31.14
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, Weighted average remaining contractual life (in years)			3 years 3 months 18 days
Options outstanding, Aggregate intrinsic value			$ 315.8
Options vested and expected to vest, Outstanding (in shares)	10.8
Options vested and expected to vest, Weighted average exercise price (in dollars per share)	$ 34.64
Options vested and expected to vest, Weighted average remaining contractual life (in years)	3 years 6 months
Options vested and expected to vest, Aggregate intrinsic value	$ 365.3
Options exercisable, Outstanding (in shares)	7.9
Options exercisable, Weighted average exercise price (in dollars per share)	$ 26.34
Options exercisable, Weighted average remaining contractual life (in years)	2 years 8 months 12 days
Options exercisable, Aggregate intrinsic value	$ 330.1
Compensation cost not yet recognized	$ 63.6
Compensation cost not yet recognized period of recognition	2 years 8 months 12 days
Weighted-average fair value per share granted	$ 26.92	$ 24.24
Intrinsic value of options exercised	$ 51.8	$ 72.7
Fair value of options vested	$ 12.1	$ 11.7

Equity Plans and Share Repurc_5

Equity Plans and Share Repurchase Program - Market Based PSUs (Details) - PSUs - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term in years	2 years 8 months 12 days	2 years 8 months 12 days
Volatility	45.50%	47.50%
Risk-free interest rate	4.50%	4.60%
Dividend rate	0%	0%
Granted (shares)	300,000	300,000
Granted (in dollars per share)	$ 98.19	$ 90.96
Vested (shares)	100,000	0
Forfeited (shares)	0	0
Compensation cost not yet recognized	$ 38.7
Compensation cost not yet recognized period of recognition	2 years 6 months
Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	1 year
Vesting percentage	20%
Award vesting period	1 year
Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	2 years
Vesting percentage	20%
Award vesting period	2 years
Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Vesting percentage	20%
Award vesting period	3 years
Share-Based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	4 years
Vesting percentage	40%
Award vesting period	4 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market-based vesting percentage range	0%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market-based vesting percentage range	200%

Equity Plans and Share Repurc_6

Equity Plans and Share Repurchase Program - Allocation of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 63	$ 57
Income tax benefit associated with stock-based compensation	13.9	12.6
RSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	52	49.1
Stock options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	7.3	6.7
PSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3.7	1.2
Cost of product revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	0.5	0.4
Cost of service revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	6.2	5.1
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	19.8	17
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	26.7	26.3
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 9.8	$ 8.2

Equity Plans and Share Repurc_7

Equity Plans and Share Repurchase Program - Share Repurchase Program (Details) - Repurchase Program - USD ($)	1 Months Ended
	Jan. 31, 2024	Mar. 31, 2024
Share Repurchase Program [Line Items]
Increase in authorized stock repurchase amount	$ 500,000,000
Stock repurchase program, authorized amount	$ 7,250,000,000
Stock repurchase program, unused balance		$ 1,030,000,000

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (percent)	11%	7%
U.S. federal and state taxes, withholding taxes and foreign taxes	$ 81.7	$ 85.8
Tax benefit from foreign-derived intangible income deduction	24	38.2
Excess tax benefits on stock compensation	18.2	$ 26.3
Unrecognized tax benefits	66		$ 65.8
Unrecognized tax benefits that would favorably affect effective tax rate	55.4
Accrued interest and penalties related to uncertain tax benefits	6.9		$ 6.4
Possible decrease in unrecognized tax benefits	$ 4.7

Defined Contribution Plans (Det

Defined Contribution Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Matching contribution on employee contributions, Percent	50%
Maximum contribution percentage of each employee's eligible earnings, Percent	4%
Matching contributions to the RRSP and 401(k) Plans	$ 6.3	$ 4.4

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) operating_segment segment_manager business_activity reportable_segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Business activity (in business activities) | business_activity	1
Segment managers responsible for operations (in segment managers) | segment_manager	0
Number of operating segments (in operating segments) | operating_segment	1
Number of reportable segments (in reportable segments) | reportable_segment	1
Total revenue	$ 1,353.3	$ 1,262.3
Property and equipment - net	$ 1,247.4		$ 1,044.4
Distributor A | Customer Concentration Risk | Revenue
Segment Reporting Information [Line Items]
Concentration (percent)	31%	28%
Distributor A | Customer Concentration Risk | Accounts Receivable
Segment Reporting Information [Line Items]
Concentration (percent)	28%		33%
Distributor B | Customer Concentration Risk | Revenue
Segment Reporting Information [Line Items]
Concentration (percent)	15%	14%
Distributor B | Customer Concentration Risk | Accounts Receivable
Segment Reporting Information [Line Items]
Concentration (percent)	13%		14%
Distributor C | Customer Concentration Risk | Revenue
Segment Reporting Information [Line Items]
Concentration (percent)	13%	14%
Distributor C | Customer Concentration Risk | Accounts Receivable
Segment Reporting Information [Line Items]
Concentration (percent)	13%		10%
Americas
Segment Reporting Information [Line Items]
Total revenue	$ 557	$ 523.5
Property and equipment - net	1,123.5		$ 916.7
United States
Segment Reporting Information [Line Items]
Total revenue	407.1	384.1
Property and equipment - net	908		701.6
Canada
Segment Reporting Information [Line Items]
Property and equipment - net	213.2		212.8
Other Americas
Segment Reporting Information [Line Items]
Total revenue	149.9	139.4
Latin America
Segment Reporting Information [Line Items]
Property and equipment - net	2.3		2.3
EMEA
Segment Reporting Information [Line Items]
Total revenue	539.4	478.2
Property and equipment - net	63.5		65.5
APAC
Segment Reporting Information [Line Items]
Total revenue	256.9	$ 260.6
Property and equipment - net	$ 60.4		$ 62.2