JUNIPER NETWORKS INC, 10-Q filed on 11/5/2015
Quarterly Report
Document and Entity Information
9 Months Ended
Sep. 30, 2015
Oct. 30, 2015
Document and Entity Information [Abstract]
 
 
Entity Registrant Name
JUNIPER NETWORKS INC 
 
Entity Central Index Key
0001043604 
 
Document Type
10-Q 
 
Document Period End Date
Sep. 30, 2015 
 
Amendment Flag
false 
 
Document Fiscal Year Focus
2015 
 
Document Fiscal Period Focus
Q3 
 
Current Fiscal Year End Date
--12-31 
 
Entity Well-known Seasoned Issuer
Yes 
 
Entity Voluntary Filers
No 
 
Entity Current Reporting Status
Yes 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
385,852,233 
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Net revenues:
 
 
 
 
Product
$ 925.4 
$ 809.5 
$ 2,589.2 
$ 2,614.7 
Service
323.2 
316.4 
949.0 
910.8 
Total net revenues
1,248.6 
1,125.9 
3,538.2 
3,525.5 
Cost of revenues:
 
 
 
 
Product
322.6 
290.0 
923.1 
975.9 
Service
128.6 
121.1 
378.9 
366.5 
Total cost of revenues
451.2 
411.1 
1,302.0 
1,342.4 
Gross margin
797.4 
714.8 
2,236.2 
2,183.1 
Operating expenses:
 
 
 
 
Research and development
247.0 
253.2 
747.3 
772.7 
Sales and marketing
235.3 
249.2 
687.9 
780.6 
General and administrative
57.1 
55.0 
168.6 
190.5 
Restructuring and other (benefits) charges
0 
(15.0)
(0.5)
157.2 
Total operating expenses
539.4 
542.4 
1,603.3 
1,901.0 
Operating income
258.0 
172.4 
632.9 
282.1 
Other (expense) income, net
(8.4)
(6.8)
(41.3)
326.0 
Income before income taxes
249.6 
165.6 
591.6 
608.1 
Income tax provision
51.9 
62.0 
155.7 
172.8 
Net income
$ 197.7 
$ 103.6 
$ 435.9 
$ 435.3 
Net income per share:
 
 
 
 
Basic, in dollars per share
$ 0.52 
$ 0.23 
$ 1.11 
$ 0.93 
Diluted, in dollars per share
$ 0.51 
$ 0.23 
$ 1.09 
$ 0.91 
Shares used in computing net income per share:
 
 
 
 
Basic (in shares)
382.8 
448.4 
393.2 
468.1 
Diluted (in shares)
389.2 
454.8 
401.2 
477.0 
Cash dividends declared per common stock (in dollar per share)
$ 0.10 
$ 0.10 
$ 0.3 
$ 0.10 
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
 
Net income
$ 197.7 
$ 103.6 
$ 435.9 
$ 435.3 
Available-for-sale securities:
 
 
 
 
Unrealized (losses) gains on available-for-sale securities, net of tax (provisions) benefit of ($3.7) and ($2.1) during the three and nine months ended September 30, 2015, respectively, and $2.0 and ($26.2) for the corresponding periods of the fiscal year ended December 31, 2014 (fiscal 2014), respectively
(3.6)
(4.4)
4.6 
44.0 
Reclassification adjustment for realized net gains on available-for-sale securities included in net income, net of tax provisions of zero during the three and nine months ended September 30, 2015, respectively, and $0.1 and $60.5 for the corresponding periods of fiscal 2014, respectively
(0.1)
(0.2)
(0.6)
(104.0)
Net change on available-for-sale securities, net of taxes
(3.7)
(4.6)
4.0 
(60.0)
Cash flow hedges:
 
 
 
 
Unrealized (losses) gain on cash flow hedges, net of tax benefit (provisions) of $0.5 and ($0.2) during the three and nine months ended September 30, 2015, respectively, and zero and ($1.3) for the corresponding periods of fiscal 2014, respectively
(1.4)
(2.8)
(5.4)
0.4 
Reclassification adjustment for realized net losses (gains) on cash flow hedges included in net income, net of tax (benefit) provisions of ($0.1) and zero during the three and nine months ended September 30, 2015, respectively, and $0.5 and $0.8 for the corresponding periods of fiscal 2014, respectively
1.8 
(1.0)
8.7 
(4.2)
Net change on cash flow hedges, net of taxes
0.4 
(3.8)
3.3 
(3.8)
Change in foreign currency translation adjustments
(8.8)
(7.7)
(12.9)
(3.8)
Other comprehensive loss, net of tax
(12.1)
(16.1)
(5.6)
(67.6)
Comprehensive income
$ 185.6 
$ 87.5 
$ 430.3 
$ 367.7 
Condensed Consolidated Statements of Comprehensive Income Parentheticals (Unaudited) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
 
Tax benefit (provision) on change in unrealized (losses) gains on available-for-sale securities
$ (3.7)
$ 2.0 
$ (2.1)
$ (26.2)
Tax provision on reclassification adjustment for realized net gains on available-for-sale securities included in net income
0 
0.1 
0 
60.5 
Tax benefit (provision) on change in unrealized gains (losses) on cash flow hedges
0.5 
0 
(0.2)
(1.3)
Tax provision on reclassification adjustment for realized losses (gains) included in net income
$ (0.1)
$ 0.5 
$ 0 
$ 0.8 
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Current assets:
 
 
Cash and cash equivalents
$ 1,453.5 
$ 1,639.6 
Short-term investments
529.9 
332.2 
Accounts receivable, net of allowances
577.5 
598.9 
Deferred tax assets, net
198.4 
147.0 
Prepaid expenses and other current assets
138.8 
239.9 
Total current assets
2,898.1 
2,957.6 
Property and equipment, net
959.9 
904.3 
Long-term investments
1,263.6 
1,133.1 
Restricted cash and investments
33.9 
46.0 
Purchased intangible assets, net
39.2 
62.4 
Goodwill
2,981.3 
2,981.5 
Other long-term assets
329.9 
303.9 
Total assets
8,505.9 
8,388.8 
Current liabilities:
 
 
Short-term debt
299.9 
0 
Accounts payable
209.1 
234.6 
Accrued compensation
193.7 
225.0 
Deferred revenue
814.4 
780.8 
Other accrued liabilities
217.8 
273.0 
Total current liabilities
1,734.9 
1,513.4 
Long-term debt
1,648.7 
1,349.0 
Long-term deferred revenue
310.5 
294.9 
Long-term income taxes payable
185.0 
177.5 
Other long-term liabilities
198.7 
134.9 
Total liabilities
4,077.8 
3,469.7 
Commitments and contingencies (Note 15)
   
   
Stockholders' equity:
 
 
Convertible preferred stock, $0.00001 par value; 10.0 shares authorized; none issued and outstanding
0 
0 
Common stock, $0.00001 par value; 1,000.0 shares authorized; 384.8 shares and 416.2 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively
0 
0 
Additional paid-in capital
8,334.3 
8,794.0 
Accumulated other comprehensive loss
(19.4)
(13.8)
Accumulated deficit
(3,886.8)
(3,861.1)
Total stockholders' equity
4,428.1 
4,919.1 
Total liabilities and stockholders' equity
$ 8,505.9 
$ 8,388.8 
Condensed Consolidated Balance Sheets Parentheticals (Unaudited) (USD $)
Sep. 30, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]
 
 
Convertible preferred stock - par value (in dollars per share)
$ 0.00001 
$ 0.00001 
Convertible preferred stock - shares authorized
10,000,000 
10,000,000 
Convertible preferred stock - issued
0 
0 
Convertible preferred stock - outstanding
0 
0 
Common stock - par value (in dollars per share)
$ 0.00001 
$ 0.00001 
Common stock - shares authorized
1,000,000,000 
1,000,000,000 
Common stock - issued
384,800,000 
416,200,000 
Common stock - outstanding
384,800,000 
416,200,000 
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:
 
 
Net income
$ 435.9 
$ 435.3 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Share-based compensation expense
161.3 
185.4 
Depreciation, amortization, and accretion
131.5 
141.9 
Restructuring and other (benefits) charges
(4.0)
179.4 
Deferred income taxes
10.0 
(85.4)
Gain on investments, net
(6.8)
(165.1)
Gain on legal settlement, net
0 
(121.1)
Excess tax benefits from share-based compensation
(7.4)
(8.8)
Loss on disposal of fixed assets
0.4 
1.9 
Changes in operating assets and liabilities, net of effects from acquisitions:
 
 
Accounts receivable, net
(15.7)
(33.2)
Prepaid expenses and other assets
8.8 
(19.9)
Accounts payable
(21.8)
49.9 
Accrued compensation
(29.0)
(78.3)
Income taxes payable
108.2 
86.1 
Other accrued liabilities
(45.0)
(130.5)
Deferred revenue
49.1 
40.9 
Net cash provided by operating activities
775.5 
478.5 
Cash flows from investing activities:
 
 
Purchases of property and equipment
(154.9)
(141.0)
Purchases of available-for-sale investments
(1,147.6)
(1,970.5)
Proceeds from sales of available-for-sale investments
625.9 
1,918.7 
Proceeds from maturities of available-for-sale investments
197.4 
339.0 
Purchases of trading investments
(3.8)
(3.5)
Proceeds from sales of privately-held investments
10.3 
2.5 
Purchases of privately-held investments
(5.4)
(12.3)
Payments for business acquisitions, net of cash and cash equivalents acquired
(3.5)
(27.1)
Changes in restricted cash
11.6 
45.0 
Net cash (used in) provided by investing activities
(470.0)
150.8 
Cash flows from financing activities:
 
 
Proceeds from issuance of common stock
97.0 
157.6 
Purchases and retirement of common stock
(1,057.6)
(1,761.0)
Issuance of long-term debt, net
594.6 
346.5 
Payment for capital lease obligation
0.4 
(0.4)
Customer financing arrangements
0 
0.8 
Excess tax benefits from share-based compensation
7.4 
8.8 
Payment of cash dividends
(118.0)
(43.8)
Net cash used in financing activities
(476.2)
(1,291.5)
Effect of foreign currency exchange rates on cash and cash equivalents
(15.4)
(5.9)
Net decrease in cash and cash equivalents
(186.1)
(668.1)
Cash and cash equivalents at beginning of period
1,639.6 
2,284.0 
Cash and cash equivalents at end of period
$ 1,453.5 
$ 1,615.9 
Basis of Presentation
Basis of Presentation
Basis of Presentation

Basis of Presentation

The unaudited Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet as of September 30, 2015, is derived from the audited Consolidated Financial Statements for the year ended December 31, 2014. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three and nine months ended September 30, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015, or any future period. The information included in this Quarterly Report on Form 10-Q (“Report”) should be read in conjunction with “Management's Discussion and Analysis of Financial Condition and Results of Operations,” “Risk Factors,” “Quantitative and Qualitative Disclosures About Market Risk,” and the Consolidated Financial Statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. Certain amounts in the prior year Financial Statements contained in this Report have been reclassified to conform to the current year presentation.

The preparation of the financial statements and related disclosures in accordance with U.S. GAAP requires the Company to make judgments, assumptions, and estimates that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions.
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies

There have been no material changes to the Company's significant accounting policies compared to the accounting policies described in Note 2, Significant Accounting Policies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Annual Report on Form 10-K for the year ended December 31, 2014.

Recent Accounting Pronouncements

In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-16 (Topic 805) - Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments, which replaces the requirement that an acquirer in a business combination account for measurement period adjustments retrospectively, with a requirement that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 requires the entity to record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendment requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendment should be applied prospectively to adjustments to provisional amounts that occur after the effective date of the guidance, with early adoption permitted for financial statements that have not been issued. The adoption of this standard is not expected to have a significant impact on the Company's Condensed Consolidated Financial Statements.

In July 2015, the FASB issued ASU No. 2015-11 (Subtopic 330) - Simplifying the Measurement of Inventory, which provides guidance to companies who account for inventory using either the first-in, first-out ("FIFO") or average cost methods. The guidance states that companies should measure inventory at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of the adoption on its Condensed Consolidated Financial Statements, if any.

In June 2015, the FASB issued ASU No. 2015-10 - Technical Corrections and Improvements, which contains minor guidance clarifications and reference corrections, simplification of the Codification, and minor improvements on a wide variety of topics. ASU 2015-10 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact of the adoption on its Condensed Consolidated Financial Statements, if any.

In April 2015, the FASB issued ASU No. 2015-05 (Subtopic 350-40) - Customer's Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 is effective for fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact of the adoption on its Condensed Consolidated Financial Statements, if any.

In April 2015, the FASB issued ASU No. 2015-03 (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this standard would reduce the debt issuance cost asset on the Company's Condensed Consolidated Balance Sheet by approximately $11.0 million and correspondingly reduce its debt liabilities by approximately $11.0 million. The Company plans to adopt this standard in the first quarter of 2016. The adoption of this standard will not have an impact to the Condensed Consolidated Statement of Operations.

In August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. The amendment states that an entity may defer and present debt issuance costs associated with line-of-credit arrangements as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The adoption of ASU 2015-15 is not expected to have an impact on the Company's Condensed Consolidated Financial Statements.

In January 2015, the FASB issued ASU No. 2015-01 (Subtopic 225-20) - Income Statement - Extraordinary and Unusual Items, which eliminates the concept of extraordinary items. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this standard will not have an impact on the Company's Condensed Consolidated Financial Statements.

In November 2014, the FASB issued ASU No. 2014-16 (Topic 815) - Derivatives and Hedging, which provides clarification on how current guidance should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments clarify that an entity should consider all relevant terms and features in evaluating the host contract and that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. ASU 2014-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The amendment should be applied on a modified retrospective basis to existing hybrid financial instruments issued in the form of a share as of the beginning of the year for which the amendments are effective. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's Condensed Consolidated Financial Statements.

In August 2014, the FASB issued ASU No. 2014-15 (Subtopic 205-40) - Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”) which provides guidance about management's responsibility to evaluate whether or not there is substantial doubt about the Company's ability to continue as a going concern and to provide related footnote disclosure. ASU 2014-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early application is permitted. The adoption of this standard is not expected to have an impact on the Company's Condensed Consolidated Financial Statements.

In June 2014, the FASB issued ASU No. 2014-12 (Topic 718) - Compensation - Stock Compensation (“ASU 2014-12”) which provides guidance that a performance target that affects vesting of a share-based payment and that could be achieved after the requisite service period is a performance condition. As a result, the target is not reflected in the estimation of the award’s grant date fair value. Compensation cost for such an award would be recognized over the required service period, if it is probable that the performance condition will be achieved. ASU 2014-12 is effective for all entities for annual periods beginning after December 15, 2015 and interim periods within those annual periods. ASU 2014-12 should be applied on a prospective basis to awards that are granted or modified on or after the effective date. The adoption of this standard is not expected to have an impact on the Company's Condensed Consolidated Financial Statements.

In May 2014, the FASB issued ASU No. 2014-09 (Topic 606)—Revenue from Contracts with Customers (“ASU 2014-09”) which provides guidance for revenue recognition. This ASU affects all contracts that the Company enters into with customers to transfer goods and services or for the transfer of nonfinancial assets. This ASU will supersede the revenue recognition requirements in Topic 605, and most industry specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The standard's core principle is that revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. In doing so, the Company will need to use additional judgment and estimates than under the existing guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of the new revenue standard from December 15, 2016 to December 15, 2017, with early adoption permitted as of annual reporting periods beginning after December 15, 2016. As a result, the Company will apply the new revenue standard for annual and interim periods beginning after December 15, 2017. Accordingly, the ASU will be effective for the Company beginning fiscal year 2018. The Company is currently evaluating the impact of the adoption of this standard on its Condensed Consolidated Financial Statements.
Cash Equivalents and Investments
Cash Equivalents and Investments
Cash Equivalents and Investments

Investments in Available-for-Sale and Trading Securities

The following tables summarize the Company's unrealized gains and losses and fair value of investments designated as available-for-sale and trading securities as of September 30, 2015 and December 31, 2014 (in millions):
 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
As of September 30, 2015
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
Asset-backed securities
$
324.2

 
$
0.1

 
$
(0.2
)
 
$
324.1

Certificates of deposit
3.8

 
—

 
—

 
3.8

Commercial paper
9.4

 
—

 
—

 
9.4

Corporate debt securities
935.8

 
0.7

 
(1.9
)
 
934.6

Foreign government debt securities
16.5

 
—

 
—

 
16.5

Government-sponsored enterprise obligations
214.1

 
0.1

 
—

 
214.2

U.S. government securities
265.3

 
0.2

 
(0.1
)
 
265.4

Total fixed income securities
1,769.1

 
1.1

 
(2.2
)
 
1,768.0

Money market funds
196.0

 
—

 
—

 
196.0

Mutual funds
3.7

 
0.1

 
—

 
3.8

Publicly-traded equity securities
8.0

 
0.7

 
—

 
8.7

Total available-for-sale securities
1,976.8

 
1.9

 
(2.2
)
 
1,976.5

Trading securities in mutual funds(1)
16.8

 
—

 
—

 
16.8

Total
$
1,993.6

 
$
1.9

 
$
(2.2
)
 
$
1,993.3

 
 
 
 
 
 
 
 
Reported as:
 
 
 
 
 
 
 
Cash equivalents
$
166.3

 
$
—

 
$
—

 
$
166.3

Restricted investments
33.4

 
0.1

 
—

 
33.5

Short-term investments
529.1

 
0.9

 
(0.1
)
 
529.9

Long-term investments
1,264.8

 
0.9

 
(2.1
)
 
1,263.6

Total
$
1,993.6

 
$
1.9

 
$
(2.2
)
 
$
1,993.3


________________________________
(1) 
Balance consists of the Company's non-qualified deferred compensation plan assets.
 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
As of December 31, 2014
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
Asset-backed securities
$
269.3

 
$
—

 
$
(0.3
)
 
$
269.0

Certificates of deposit
10.6

 
—

 
—

 
10.6

Commercial paper
20.3

 
—

 
—

 
20.3

Corporate debt securities
738.6

 
0.5

 
(1.1
)
 
738.0

Foreign government debt securities
24.6

 
—

 
—

 
24.6

Government-sponsored enterprise obligations
162.2

 
—

 
(0.1
)
 
162.1

U.S. government securities
246.1

 
—

 
(0.1
)
 
246.0

Total fixed income securities
1,471.7

 
0.5

 
(1.6
)
 
1,470.6

Money market funds
594.2

 
—

 
—

 
594.2

Mutual funds
3.9

 
0.1

 
—

 
4.0

Publicly-traded equity securities
2.1

 
—

 
(0.1
)
 
2.0

Total available-for-sale securities
2,071.9

 
0.6

 
(1.7
)
 
2,070.8

Trading securities in mutual funds(1)
16.3

 
—

 
—

 
16.3

Total
$
2,088.2

 
$
0.6

 
$
(1.7
)
 
$
2,087.1

 
 
 
 
 
 
 
 
Reported as:
 
 
 
 
 
 
 
Cash equivalents
$
576.6

 
$
—

 
$
—

 
$
576.6

Restricted investments
45.2

 
—

 
—

 
45.2

Short-term investments
332.2

 
0.2

 
(0.2
)
 
332.2

Long-term investments
1,134.2

 
0.4

 
(1.5
)
 
1,133.1

Total
$
2,088.2

 
$
0.6

 
$
(1.7
)
 
$
2,087.1


________________________________
(1) 
Balance consists of the Company's non-qualified deferred compensation plan assets.

The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2015 (in millions):
 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
Due in less than one year
$
504.2

 
$
0.3

 
$
(0.1
)
 
$
504.4

Due between one and five years
1,264.9

 
0.8

 
(2.1
)
 
1,263.6

Total
$
1,769.1

 
$
1.1

 
$
(2.2
)
 
$
1,768.0



The Company had 440 and 437 investments in unrealized loss positions as of September 30, 2015 and December 31, 2014, respectively. The gross unrealized losses related to these investments were primarily due to changes in market interest rates and stock prices. The Company periodically reviews its investments to identify and evaluate investments that have an indication of possible impairment. The Company aggregates its investments by category and length of time the securities have been in a continuous unrealized loss position to facilitate its evaluation.

For available-for-sale debt securities that have unrealized losses, the Company evaluates whether (i) it has the intention to sell any of these investments and (ii) whether it is more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. As of September 30, 2015, the Company anticipates that it will recover the entire amortized cost basis of such available-for-sale debt securities and has determined that no other-than-temporary impairments associated with credit losses were required to be recognized during the three and nine months ended September 30, 2015 and September 30, 2014.

For available-for-sale equity securities that have unrealized losses, the Company evaluates whether there is an indication of other-than-temporary impairments. This determination is based on several factors, including the financial condition and near-term prospects of the issuer and the Company's intent and ability to hold the publicly-traded equity securities for a period of time sufficient to allow for any anticipated recovery in market value. During the three and nine months ended September 30, 2015, the Company did not recognize other-than-temporary impairments associated with these investments. During the three and nine months ended September 30, 2014, the Company determined that certain available-for-sale equity securities were other-than-temporarily impaired, resulting in an impairment charge of $1.1 million and $2.7 million, respectively, which were recorded within other (expense) income, net, in the Condensed Consolidated Statements of Operations.

During the three and nine months ended September 30, 2015, there were no material gross realized gains or losses from available-for-sale securities and there were no material gross realized gains or losses from trading securities. During the nine months ended September 30, 2014, gross realized gains from available-for-sale securities were $166.3 million and gross realized losses were not material, excluding the impairment charge noted above. During the three months ended September 30, 2014, there were no material gross realized gains or losses from available-for-sale securities and during the three and nine months ended September 30, 2014, there were no material gross realized gains or losses from trading securities.

The following tables present the Company's available-for-sale securities that were in an unrealized loss position as of September 30, 2015 and December 31, 2014 (in millions):
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
As of September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities(1)
$
188.5

 
$
(0.2
)
 
$
34.2

 
$
—

 
$
222.7

 
$
(0.2
)
Corporate debt securities
522.0

 
(1.8
)
 
17.5

 
(0.1
)
 
539.5

 
(1.9
)
Foreign government debt securities(1)(2)
13.5

 
—

 
—

 
—

 
13.5

 
—

Government-sponsored enterprise obligations(1)(2)
41.8

 
—

 
—

 
—

 
41.8

 
—

U.S. government securities(1)
119.5

 
(0.1
)
 
—

 
—

 
119.5

 
(0.1
)
Total fixed income securities
885.3

 
(2.1
)
 
51.7

 
(0.1
)
 
937.0

 
(2.2
)
Total available-for-sale securities
$
885.3

 
$
(2.1
)
 
$
51.7

 
$
(0.1
)
 
$
937.0

 
$
(2.2
)
________________________________
(1) Balances greater than 12 months include investments that were in an immaterial unrealized loss position as of September 30, 2015.
(2) Balances less than 12 months include investments that were in an immaterial unrealized loss position as of September 30, 2015.

 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
As of December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
221.9

 
$
(0.3
)
 
$
—

 
$
—

 
$
221.9

 
$
(0.3
)
Corporate debt securities
515.9

 
(1.1
)
 
—

 
—

 
515.9

 
(1.1
)
Foreign government debt securities(1)
24.6

 
—

 
—

 
—

 
24.6

 
—

Government-sponsored enterprise obligations
113.8

 
(0.1
)
 
—

 
—

 
113.8

 
(0.1
)
U.S. government securities
189.0

 
(0.1
)
 
—

 
—

 
189.0

 
(0.1
)
Total fixed income securities
1,065.2

 
(1.6
)
 
—

 
—

 
1,065.2

 
(1.6
)
Publicly-traded equity securities
2.0

 
(0.1
)
 
—

 
—

 
2.0

 
(0.1
)
Total available-for-sale securities
$
1,067.2

 
$
(1.7
)
 
$
—

 
$
—

 
$
1,067.2

 
$
(1.7
)
 ________________________________
(1) 
Balances less than 12 months include investments that were in an immaterial unrealized loss position as of December 31, 2014.

Restricted Cash and Investments

The Company classifies certain cash and investments as restricted cash and investments on its Condensed Consolidated Balance Sheets for: (i) amounts held in escrow accounts, as required in connection with certain acquisitions completed between 2005 and 2014; (ii) the India Gratuity Trust and Israel Retirement Trust, which cover statutory severance obligations in the event of termination of any of the Company's India and Israel employees, respectively; and (iii) the Directors and Officers indemnification trust (“D&O Trust”). The restricted investments are designated as available-for-sale securities.

Privately-Held Investments

The Company has privately-held investments, which include debt and redeemable preferred stock securities that are carried at fair value, and non-redeemable preferred stock securities that are carried at cost.

As of September 30, 2015 and December 31, 2014, the carrying values of the Company's privately-held investments of $91.3 million and $89.9 million, respectively, were included in other long-term assets in the Condensed Consolidated Balance Sheets. As of September 30, 2015 and December 31, 2014, the carrying value of the privately-held investments includes debt and redeemable preferred stock securities of $48.9 million and $47.5 million, respectively. For the three and nine months ended September 30, 2015, there were no unrealized gains or losses associated with the privately-held debt and redeemable preferred stock securities. For the nine months ended September 30, 2014, the Company recorded $10.0 million in other comprehensive income for unrealized gains associated with its privately-held debt securities. During the three months ended September 30, 2014, there were no unrealized gains or losses associated with its privately-held debt securities and redeemable preferred stock securities.

The Company reviews its investments to identify and evaluate investments that have an indication of possible impairment. During the three and nine months ended September 30, 2015, the Company determined that no privately-held investments were other-than-temporarily impaired. During the three and nine months ended September 30, 2014, the Company determined that certain privately-held investments were other than temporarily impaired, resulting in impairment charges of $1.1 million that were recorded within other (expense) income, net in the Condensed Consolidated Statements of Operations.
Fair Value Measurements
Fair Value Measurements
Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables provide a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets (in millions):
 
Fair Value Measurements at September 30, 2015 Using:
 
 
 
Quoted Prices in
Active Markets For
Identical Assets
 
Significant Other
Observable
Remaining Inputs
 
Significant Other
Unobservable
Remaining Inputs
 
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
Assets measured at fair value:
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Asset-backed securities
$
—

 
$
324.1

 
$
—

 
$
324.1

Certificates of deposit
—

 
3.8

 
—

 
3.8

Commercial paper
—

 
9.4

 
—

 
9.4

Corporate debt securities
—

 
934.6

 
—

 
934.6

Foreign government debt securities
—

 
16.5

 
—

 
16.5

Government-sponsored enterprise obligations
—

 
214.2

 
—

 
214.2

Money market funds(1)
196.0

 
—

 
—

 
196.0

Mutual funds(2)
3.8

 
—

 
—

 
3.8

Publicly-traded equity securities
8.7

 
—

 
—

 
8.7

U.S. government securities
265.4

 
—

 
—

 
265.4

Total available-for-sale securities
473.9

 
1,502.6

 
—

 
1,976.5

Trading securities in mutual funds(3)
16.8

 
—

 
—

 
16.8

Privately-held debt and redeemable preferred stock
  securities
—

 
—

 
48.9

 
48.9

Derivative assets:
 
 
 
 
 
 
 
Foreign exchange contracts
—

 
0.6

 
—

 
0.6

Total assets measured at fair value
$
490.7

 
$
1,503.2

 
$
48.9

 
$
2,042.8

Liabilities measured at fair value:
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
Foreign exchange contracts
$
—

 
$
(1.3
)
 
$
—

 
$
(1.3
)
Total liabilities measured at fair value
$
—

 
$
(1.3
)
 
$
—

 
$
(1.3
)
 
 
 
 
 
 
 
 
Total assets measured at fair value, reported as:
 
 
 
 
 
 
 
Cash equivalents
$
166.3

 
$
—

 
$
—

 
$
166.3

Restricted investments
33.5

 
—

 
—

 
33.5

Short-term investments
135.1

 
394.8

 
—

 
529.9

Long-term investments
155.8

 
1,107.8

 
—

 
1,263.6

Prepaid expenses and other current assets
—

 
0.6

 
—

 
0.6

Other long-term assets
—

 
—

 
48.9

 
48.9

Total assets measured at fair value
$
490.7

 
$
1,503.2

 
$
48.9

 
$
2,042.8

 
 
 
 
 
 
 
 
Total liabilities measured at fair value, reported as:
 
 
 
 
 
 
 
Other accrued liabilities
$
—

 
$
(1.3
)
 
$
—

 
$
(1.3
)
Total liabilities measured at fair value
$
—

 
$
(1.3
)
 
$
—

 
$
(1.3
)
________________________________
(1) 
Balance includes $29.7 million of restricted investments measured at fair market value related to the Company's D&O Trust and acquisition-related escrows.
(2) 
Balance relates to restricted investments measured at fair market value related to the Company's India Gratuity Trust.
(3) 
Balance relates to investments measured at fair value related to the Company's non-qualified deferred compensation plan assets.
 
Fair Value Measurements at December 31, 2014 Using:
 
 
 
Quoted Prices in
Active Markets For
Identical Assets
 
Significant Other
Observable
Remaining Inputs
 
Significant Other
Unobservable
Remaining Inputs
 
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
Assets measured at fair value:
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Asset-backed securities
$
—

 
$
269.0

 
$
—

 
$
269.0

Certificates of deposit
—

 
10.6

 
—

 
10.6

Commercial paper
—

 
20.3

 
—

 
20.3

Corporate debt securities
—

 
738.0

 
—

 
738.0

Foreign government debt securities
—

 
24.6

 
—

 
24.6

Government-sponsored enterprise obligations
—

 
162.1

 
—

 
162.1

Money market funds(1)
594.2

 
—

 
—

 
594.2

Mutual funds(2)
4.0

 
—

 
—

 
4.0

Publicly-traded equity securities
2.0

 
—

 
—

 
2.0

U.S. government securities
246.0

 
—

 
—

 
246.0

Total available-for-sale securities
846.2

 
1,224.6

 
—

 
2,070.8

Trading securities in mutual funds(3)
16.3

 
—

 
—

 
16.3

Privately-held debt and redeemable preferred stock
  securities
—

 
—

 
47.5

 
47.5

Derivative assets:
 
 
 
 
 
 
 
Foreign exchange contracts
—

 
0.1

 
—

 
0.1

Total assets measured at fair value
$
862.5

 
$
1,224.7

 
$
47.5

 
$
2,134.7

Liabilities measured at fair value:
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
Foreign exchange contracts
$
—

 
$
(3.9
)
 
$
—

 
$
(3.9
)
Total liabilities measured at fair value
$
—

 
$
(3.9
)
 
$
—

 
$
(3.9
)
 
 
 
 
 
 
 
 
Total assets measured at fair value, reported as:
 
 
 
 
 
 
 
Cash equivalents
$
552.9

 
$
23.7

 
$
—

 
$
576.6

Restricted investments
45.2

 
—

 
—

 
45.2

Short-term investments
87.0

 
245.2

 
—

 
332.2

Long-term investments
177.4

 
955.7

 
—

 
1,133.1

Prepaid expenses and other current assets
—

 
0.1

 
—

 
0.1

Other long-term assets
—

 
—

 
47.5

 
47.5

Total assets measured at fair value
$
862.5

 
$
1,224.7

 
$
47.5

 
$
2,134.7

 
 
 
 
 
 
 
 
Total liabilities measured at fair value, reported as:
 
 
 
 
 
 
 
Other accrued liabilities
$
—

 
$
(3.9
)
 
$
—

 
$
(3.9
)
Total liabilities measured at fair value
$
—

 
$
(3.9
)
 
$
—

 
$
(3.9
)

________________________________
(1) 
Balance includes $41.3 million of restricted investments measured at fair market value related to the Company's D&O Trust and acquisition-related escrows.
(2) 
Balance relates to restricted investments measured at fair market value related to the Company's India Gratuity Trust.
(3) 
Balance relates to investments measured at fair value related to the Company's non-qualified deferred compensation plan assets.

The Company's Level 2 available-for-sale fixed income securities are priced using quoted market prices for similar instruments or non-binding market prices that are corroborated by observable market data. The Company uses inputs such as actual trade data, benchmark yields, broker/dealer quotes, or alternative pricing sources with reasonable levels of price transparency which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets. The Company's derivative instruments are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. The Company's policy is to recognize asset or liability transfers among Level 1, Level 2, and Level 3 at the beginning of the quarter in which a change in circumstances resulted in a transfer. During the three and nine months ended September 30, 2015, the Company had no transfers between levels of the fair value hierarchy of its assets or liabilities measured at fair value.

All of the Company's privately-held debt and redeemable preferred stock securities, are classified as Level 3 assets due to the absence of quoted market prices and an inherent lack of liquidity. The Company estimates the fair value of its privately-held debt investments on a recurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. During the three and nine months ended September 30, 2015, there were purchases related to privately-held debt securities of $2.2 million and $5.0 million, respectively.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain of the Company's assets, including intangible assets, goodwill, and privately-held equity investments, are measured at fair value on a nonrecurring basis, only if impairment is indicated. Privately-held equity investments, which are normally carried at cost, are measured at fair value on a nonrecurring basis due to events and circumstances that the Company identifies as significantly impacting the fair value of investments. The Company estimates the fair value of its privately-held equity investments using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. Purchased intangible assets are measured at fair value primarily using discounted cash flow projections.

As of September 30, 2015, the Company had no assets measured at fair value on a nonrecurring basis. As of December 31, 2014, the Company recorded a goodwill impairment charge of $850.0 million for its Security reporting unit measured at fair value on a nonrecurring basis. The remeasurement of goodwill is classified as a Level 3 value assessment due to the significance of unobservable inputs developed using company-specific information. As of December 31, 2014, the Company had no significant privately-held equity investments measured at fair value on a nonrecurring basis.

As of September 30, 2015 and December 31, 2014, the Company had no liabilities measured at fair value on a nonrecurring basis.

Assets and Liabilities Not Measured at Fair Value

The carrying amounts of the Company's accounts receivable, financing receivables, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. As of September 30, 2015 and December 31, 2014, the estimated fair value of the Company's short-term and long-term debt in the Condensed Consolidated Balance Sheets was approximately $1,976.0 million and $1,395.2 million, respectively, based on observable market inputs (Level 2). As of September 30, 2015 and December 31, 2014, the carrying value of the promissory note of $125.0 million issued to the Company in connection with the sale of Junos Pulse recorded in other long-term assets in the Condensed Consolidated Balance Sheet approximates its fair value. The promissory note is classified as a Level 3 asset due to the absence of quoted market prices and inherent lack of liquidity.
Derivative Instruments
Derivative Instruments
Derivative Instruments

The Company uses derivatives to partially offset its market exposure to fluctuations in certain foreign currencies and does not enter into derivatives for speculative or trading purposes.

The notional amount of the Company's foreign currency derivatives are summarized as follows (in millions):
 
As of
 
September 30,
2015
 
December 31,
2014
Cash flow hedges
$
116.3

 
$
160.7

Non-designated derivatives
55.9

 
78.0

     Total
$
172.2

 
$
238.7



Cash Flow Hedges

The Company uses foreign currency forward or option contracts to hedge certain forecasted foreign currency transactions relating to cost of services and operating expenses. The derivatives are intended to hedge the U.S. Dollar equivalent of the Company's planned cost of services and operating expenses denominated in certain foreign currencies. These derivatives are designated as cash flow hedges. Execution of these cash flow hedge derivatives typically occurs every month with maturities of one year or less. The effective portion of the derivative's gain or loss is initially reported as a component of accumulated other comprehensive loss, and upon occurrence of the forecasted transaction, is subsequently reclassified into the cost of services or operating expense line item to which the hedged transaction relates. The Company records any ineffectiveness of the hedging instruments in other (expense) income, net, on its Condensed Consolidated Statements of Operations. Cash flows from such hedges are classified as operating activities. All amounts within other comprehensive income are expected to be reclassified into earnings within the next twelve months.

See Note 4, Fair Value Measurements, for the fair values of the Company's derivative instruments in the Condensed Consolidated Balance Sheets.

During the three and nine months ended September 30, 2015, the Company recognized unrealized losses of $1.9 million and $5.2 million, respectively, in accumulated other comprehensive loss for the effective portion of its derivative instruments and reclassified a realized loss of $1.9 million and $8.7 million, respectively, from other comprehensive income to operating expense in the Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2014, the Company recognized an unrealized loss of $2.8 million and an unrealized gain of $1.7 million, respectively, in accumulated other comprehensive loss for the effective portion of its derivative instruments and reclassified a realized gain of $1.5 million and $5.0 million, respectively, during the three and nine months ended September 30, 2014 from other comprehensive income to operating expense in the Condensed Consolidated Statements of Operations.

The ineffective portion of the Company's derivative instruments recognized in its Condensed Consolidated Statements of Operations was not material during the three and nine months ended September 30, 2015 and September 30, 2014.

Non-Designated Derivatives

The Company also uses foreign currency forward contracts to mitigate variability in gains and losses generated from the remeasurement of certain monetary assets and liabilities denominated in foreign currencies. These derivatives are carried at fair value with changes recorded in other (expense) income, net, in the Condensed Consolidated Statements of Operations. Changes in the fair value of these derivatives are largely offset by remeasurement of the underlying assets and liabilities. Cash flows from such derivatives are classified as operating activities. These foreign exchange forward contracts have maturities within two months.

During the three and nine months ended September 30, 2015, the Company recognized a net loss of $0.1 million and $0.4 million, respectively, on non-designated derivative instruments within other (expense) income, net, in its Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2014, the Company recognized net losses of $0.3 million and $3.3 million, respectively, on non-designated derivative instruments within other (expense) income, net, in its Condensed Consolidated Statements of Operations.

Offsetting of Derivatives

The Company presents its derivative assets and derivative liabilities on a gross basis in the Condensed Consolidated Balance Sheets. However, under agreements containing provisions on netting with certain counterparties of foreign exchange contracts, subject to applicable requirements, the Company is allowed to net-settle transactions on the same date in the same currency, with a single net amount payable by one party to the other. As of September 30, 2015 and December 31, 2014, the potential effect of rights of setoff associated with derivative instruments was not material. The Company is neither required to pledge nor entitled to receive cash collateral related to these derivative transactions.
Goodwill and Purchased Intangible Assets
Goodwill and Purchased Intangible Assets
Goodwill and Purchased Intangible Assets

Goodwill
The following table presents goodwill activity during the nine months ended September 30, 2015 (in millions):
Balance as of December 31, 2014
$
2,981.5

Other
(0.2
)
Balance as of September 30, 2015
$
2,981.3



There were no impairments to goodwill during the three and nine months ended September 30, 2015 and September 30, 2014.

Purchased Intangible Assets

The Company’s purchased intangible assets were as follows (in millions):
 
Gross
 
Accumulated
Amortization
 
Accumulated Impairments and
Other Charges
 
Net
As of September 30, 2015
 
 
 
 
 
 
 
Intangible assets with finite lives:
 
 
 
 
 
 
 
Technologies and patents
$
567.7

 
$
(487.2
)
 
$
(49.9
)
 
$
30.6

Customer contracts, support agreements, and
  related relationships
78.1

 
(67.2
)
 
(2.8
)
 
8.1

Other
1.1

 
(0.6
)
 
—

 
0.5

Total purchased intangible assets
$
646.9

 
$
(555.0
)
 
$
(52.7
)
 
$
39.2

 
 
 
 
 
 
 
 
As of December 31, 2014
 
 
 
 
 
 
 
Intangible assets with finite lives:
 
 
 
 
 
 
 
Technologies and patents
$
567.7

 
$
(466.1
)
 
$
(49.9
)
 
$
51.7

Customer contracts, support agreements, and
  related relationships
78.1

 
(65.2
)
 
(2.8
)
 
10.1

Other
1.1

 
(0.5
)
 
—

 
0.6

Total purchased intangible assets
$
646.9

 
$
(531.8
)
 
$
(52.7
)
 
$
62.4



The following table presents the amortization of intangible assets included in the Condensed Consolidated Statements of Operations (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Cost of revenues
$
4.7

 
$
7.1

 
$
20.2

 
$
23.7

Operating expenses:
 
 
 
 
 
 
 
Sales and marketing
0.7

 
1.1

 
2.1

 
3.2

General and administrative
0.2

 
0.3

 
0.9

 
0.9

Total operating expenses
0.9

 
1.4

 
3.0

 
4.1

Total
$
5.6

 
$
8.5

 
$
23.2

 
$
27.8



During the nine months ended September 30, 2015, the Company recorded $5.6 million to cost of revenues in the Condensed Consolidated Statements of Operations, related to the acceleration of the end-of-life of certain intangible assets. There were no such charges during the three months ended September 30, 2015 and three and nine months ended September 30, 2014.

There were no impairment charges related to purchased intangible assets during the three and nine months ended September 30, 2015 and September 30, 2014.

As of September 30, 2015, the estimated future amortization expense of purchased intangible assets with finite lives is as follows (in millions):
Years Ending December 31,
Amount
Remainder of 2015
$
5.3

2016
11.6

2017
7.0

2018
5.1

2019
4.9

Thereafter
5.3

Total
$
39.2

Other Financial Information
Other Financial Information
Other Financial Information

Inventories

The Company purchases and holds inventory to help ensure adequate component supplies over the life of the underlying products. The majority of the Company's inventory is production components to be used in the manufacturing process and finished goods inventory in transit. Inventories are reported both within prepaid expenses and other current assets and other long-term assets in the Condensed Consolidated Balance Sheets. Total inventories consisted of the following (in millions):
 
As of
 
September 30,
2015
 
December 31,
2014
Production materials
$
45.2

 
$
38.3

Finished goods
27.1

 
24.2

Inventories
$
72.3

 
$
62.5



In connection with the 2014 Restructuring Plan discussed in Note 8, Restructuring and Other Charges, the Company accelerated the end-of-service life of certain products resulting in inventory charges of $15.5 million, recorded within cost of revenues in the Condensed Consolidated Statement of Operations for the nine months ended September 30, 2014. There were no similar charges recorded for the three months ended September 30, 2014 and the three and nine months ended September 30, 2015.

Other Long-Term Assets

Other long-term assets consisted of the following (in millions):
 
As of
 
September 30,
2015
 
December 31,
2014
Privately-held investments
$
91.3

 
$
89.9

Licensed software
7.7

 
8.6

Federal income tax receivable
28.9

 
20.0

Customer financing receivable
1.5

 
16.9

Inventory
8.7

 
8.0

Prepaid costs, deposits, and other
60.5

 
35.5

Promissory note in connection with the sale of Junos Pulse
125.0

 
125.0

Interest receivable in connection with Promissory note
6.3

 
—

Other long-term assets
$
329.9

 
$
303.9



On October 1, 2014, the Company completed the sale of its Junos Pulse product portfolio. The Company received total consideration of $230.7 million, of which $105.7 million was in cash, net of a $19.3 million working capital adjustment, and $125.0 million was in the form of a non-contingent interest-bearing promissory note due to the Company on April 1, 2016 (the “Pulse Note”). As of September 30, 2015, the Company did not receive scheduled interest payments of $3.1 million on the Pulse Note and expected further delayed payments beyond the original term of the agreement. On October 2, 2015, the Company and the issuer of the Pulse Note mutually agreed to amend the original terms of the Pulse Note. Under the terms of the modified Pulse Note, the parties agreed to extend the maturity date from April 1, 2016 to December 31, 2018, provide that interest due on the Pulse Note through December 31, 2015 shall be paid in kind by increasing the outstanding principal amount of the note, increase the interest payable on the Pulse Note, and include semi-annual excess cash flow sweeps commencing in 2016. The issuer of the Pulse Note is also required to make a minimum payment of $75.0 million on or prior to April 1, 2017, less any amount previously pre-paid to the Company, and use commercially reasonable efforts to refinance the entire note, with any remaining balance due by December 31, 2018. Certain holding companies of the issue also provided the Company with collateral and guarantees. See Note 16, Subsequent Events, for further details on the modified terms. The note receivable, along with the related interest receivable, are classified as long-term assets based on expected collection beyond twelve months from the Condensed Consolidated Balance Sheet date.

The Company measures any impairment to the Pulse Note based on the present value of expected cash flows, which are discounted at the note’s effective interest rate, compared to the recorded investment of the note, including principal and accrued interest. Based on this calculation, no impairment charge was required to the Pulse Note as of September 30, 2015. Interest income on the Pulse Note is accrued and credited to interest income as it is earned, unless it is not probable the Company will collect the amounts due or if the present value of expected future cash flow is less than the recorded investment. During the three and nine months ended September 30, 2015, the related amount of interest income recognized was $1.6 million and $4.7 million, respectively.

Warranties

The Company accrues for warranty costs based on associated material, labor for customer support, and overhead at the time revenue is recognized. This accrual is reported within other accrued liabilities in the Condensed Consolidated Balance Sheets. Changes in the Company’s warranty reserve during the nine months ended September 30, 2015 were as follows (in millions):
Balance as of December 31, 2014
$
28.7

Provisions made during the period
20.8

Actual costs incurred during the period
(21.2
)
Balance as of September 30, 2015
$
28.3



Deferred Revenue

Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions):
 
As of
 
September 30,
2015
 
December 31,
2014
Deferred product revenue:
 
 
 
Undelivered product commitments and other product deferrals
$
221.7

 
$
180.3

Distributor inventory and other sell-through items
63.1

 
103.7

Deferred gross product revenue
284.8

 
284.0

Deferred cost of product revenue
(43.7
)
 
(58.4
)
Deferred product revenue, net
241.1

 
225.6

Deferred service revenue
883.8

 
850.1

Total
$
1,124.9

 
$
1,075.7

Reported as:
 
 
 
Current
$
814.4

 
$
780.8

Long-term
310.5

 
294.9

Total
$
1,124.9

 
$
1,075.7



Deferred product revenue represents unrecognized revenue related to shipments to distributors that have not sold through to end-users, undelivered product commitments, and other shipments that have not met all revenue recognition criteria. In circumstances when costs are deferred, deferred product revenue is recorded net of the related costs of product revenue. Deferred service revenue represents billable amounts for service contracts, which include technical support, hardware and software maintenance, professional services, and training, for which services have not been rendered.

Other (Expense) Income, Net

Other (expense) income, net, consisted of the following (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Interest income
$
5.7

 
$
2.7

 
$
16.3

 
$
6.9

Interest expense
(21.6
)
 
(16.9
)
 
(61.9
)
 
(50.2
)
Net gain on legal settlement
—

 
0.8

 
—

 
196.1

Gain (loss) on investments
6.0

 
(1.9
)
 
6.8

 
165.1

Other
1.5

 
8.5

 
(2.5
)
 
8.1

Other (expense) income, net
$
(8.4
)
 
$
(6.8
)
 
$
(41.3
)
 
$
326.0



Interest income primarily includes interest earned on the Company’s cash, cash equivalents, investments, and on the promissory note issued to the Company in connection with the sale of Junos Pulse. Interest expense primarily includes interest, net of capitalized interest expense, from short-term debt, long-term debt, and customer financing arrangements. Other typically consists of investment and foreign exchange gains and losses and other non-operational income and expense items.

During the nine months ended September 30, 2014, the Company entered into a settlement agreement with Palo Alto Networks, Inc. (“PAN”) resolving patent litigation between the two companies, which resulted in a realized gain on legal settlement of $196.1 million, net of legal fees. Under the terms of the settlement, PAN made a one-time payment to the Company of $75.0 million in cash and issued the Company PAN common stock and warrants. The fair value of the PAN common stock and warrants at the date of receipt was included in net realized gain. All such PAN securities were sold in the third quarter of 2014, and the Company recorded an additional $0.8 million gain during the three months ended September 30, 2014.

During the three and nine months ended September 30, 2015, the Company recorded a gain of $6.0 million primarily related to the sale of its privately-held investments. During the nine months ended September 30, 2014, the Company recorded a gain of $163.0 million primarily related to the sale of investments which were converted from privately-held investments to publicly-traded equity upon initial public offering and subsequently sold.
Restructuring and Other Charges
Restructuring and Other Charges
Restructuring and Other Charges

2014 Restructuring Plan and Other Restructuring Plans

In the first quarter of 2014, the Company initiated a restructuring plan (the “2014 Restructuring Plan”) designed to refocus the Company's strategy, optimize its structure, and improve operational efficiencies. The 2014 Restructuring Plan consisted of workforce reductions, facility consolidations and closures, asset write-downs, contract terminations and other charges. The Company had also initiated restructuring plans in each of the fiscal years from 2011 through 2013 (the “Other Restructuring Plans”) which focused on improving the Company's cost structure through product portfolio rationalizations, workforce reductions, contract terminations, project cancellations, and facility closures and consolidations. As of December 31, 2014, the Company's restructuring plans have been substantially completed and the Company does not expect to record significant future charges under any of these restructuring plans.

The following table presents restructuring and other charges and (benefits) included in cost of revenues and restructuring and other (benefits) charges in the Condensed Consolidated Statements of Operations under the Company's restructuring plans (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Severance
$
—

 
$
7.1

 
$
0.4

 
$
45.6

Facilities
—

 
(25.0
)
 
(0.9
)
 
12.8

Contract terminations
—

 
—

 
—

 
2.3

Asset impairment and write-downs
(3.5
)
 
2.9

 
(3.5
)
 
118.7

Total
$
(3.5
)
 
$
(15.0
)
 
$
(4.0
)
 
$
179.4

 
 
 
 
 
 
 
 
Reported as:
 
 
 
 
 
 
 
Cost of revenues
$
(3.5
)
 
$
—

 
$
(3.5
)
 
$
22.2

Restructuring and other (benefits) charges
—

 
(15.0
)
 
(0.5
)
 
157.2

Total
$
(3.5
)
 
$
(15.0
)
 
$
(4.0
)
 
$
179.4



During the three months ended September 30, 2015, the Company recorded a benefit of $3.5 million for a previously recorded charge related to products with contract manufacturers for acceleration of the end-of-service life of certain products to cost of revenues in the Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2015, the Company recorded $0.4 million of severance costs and a benefit of $0.9 million for facilities that were recorded in restructuring and other (benefits) charges in the Condensed Consolidated Statements of Operations, in connection with the 2014 Restructuring Plan.

During the three months ended September 30, 2014, the Company recorded $7.1 million of severance costs, a benefit of $25.0 million for facility consolidation and closures, and $2.9 million of asset write-downs, that were recorded to restructuring and other (benefits) charges in the Condensed Consolidated Statement of Operations. In connection with the facility consolidation and closures charge, the Company with the consent of its landlord and the administrative agent to its lienholder, assigned certain of its real property leases, totaling approximately 0.4 million square feet, to a third party. Concurrently with the assignments, the Company executed a sublease with the assignee for one of the properties of approximately 0.1 million square feet, for a period of two years, with a one-time right to extend the term for up to six months. Under these arrangements, the Company paid $12.3 million to the landlord and was released from all future lease obligations following the date of the assignments. The Company also incurred $5.3 million of transaction fees, which were recorded to restructuring and other (benefits) charges in the Condensed Consolidated Statements of Operations. As a result of the lease assignments, the Company recorded a benefit of approximately $25.0 million, which included a reversal of previously recorded restructuring liability and additional charges relating to facility consolidation activities, in the third quarter of 2014.

During the nine months ended September 30, 2014, the Company recorded $45.0 million of severance costs, $12.6 million of facility consolidation and closures, $84.7 million of impairment charges related to licensed software, $11.8 million of asset write-downs, and $2.3 million of charges related to contract terminations, which were recorded in restructuring and other (benefits) charges in the Condensed Consolidated Statements of Operations, in connection with the 2014 Restructuring Plan. The Company also recorded inventory write-downs of $15.5 million and a charge related to products with contract manufacturers of $6.7 million for acceleration of the end-of-service life of certain products to cost of revenues in the Condensed Consolidated Statement of Operations during the nine months ended September 30, 2014, in connection with the 2014 Restructuring Plan. The remaining $0.8 million of charges were incurred for the Other Restructuring Plans during the nine months ended September 30, 2014.

Restructuring and other (benefits) charges noted above are based on the 2014 Restructuring Plan and Other Restructuring Plans that were committed to by management. Any changes in the estimates of executing the approved restructuring plans are reflected in the Company's results of operations.

Restructuring Liability

Restructuring liabilities are reported within other accrued liabilities and other long-term liabilities in the Condensed Consolidated Balance Sheets. The following table provides a summary of changes in the restructuring liability related to the Company's plans during the nine months ended September 30, 2015 (in millions):
 
December 31,
2014
 
Charges
 
Cash
Payments
 
Non-cash
Settlements and
Other
 
September 30,
2015
Severance
$
9.4

 
$
0.4

 
$
(8.0
)
 
$
(1.8
)
 
$
—

Facilities
7.4

 
(0.9
)
 
(2.3
)
 
(0.7
)
 
3.5

Contract terminations and other
0.2

 
(3.5
)
 
—

 
3.3

 
—

Total
$
17.0

 
$
(4.0
)
 
$
(10.3
)
 
$
0.8

 
$
3.5



As of September 30, 2015, the Company's restructuring liability was $3.5 million related to facility closures which are expected to be paid through March 2018.
Debt and Financing
Debt and Financing
Debt and Financing

Debt

The following table summarizes the Company's short-term and long-term debt (in millions, except percentages):
 
As of September 30, 2015
 
Amount
 
Effective Interest
Rates
Senior Notes:
 
 
 
3.10% fixed-rate notes, due March 2016
$
300.0

 
3.25
%
3.30% fixed-rate notes, due June 2020
300.0

 
3.47
%
4.60% fixed-rate notes, due March 2021
300.0

 
4.69
%
4.50% fixed-rate notes, due March 2024
350.0

 
4.63
%
4.35% fixed-rate notes, due June 2025
300.0

 
4.47
%
5.95% fixed-rate notes, due March 2041
400.0

 
6.03
%
Total senior notes
1,950.0

 
 
Unaccreted discount
(1.4
)
 
 
Total
$
1,948.6

 
 
 
 
 
 
Reported as:
 
 
 
Short-term debt
$
299.9

 

Long-term debt
1,648.7

 
 
Total
$
1,948.6

 
 

In March 2015, the Company issued $300.0 million aggregate principal amount of 3.30% senior notes due 2020 ("2020 Notes") and $300.0 million aggregate principal amount of 4.35% senior notes due 2025 ("2025 Notes"). In March 2014, the Company issued $350.0 million aggregate principal amount of 4.50% senior notes due 2024 ("2024 Notes"). In March 2011, the Company issued $300.0 million aggregate principal amount of 3.10% senior notes due 2016 ("2016 Notes"), $300.0 million aggregate principal amount of 4.60% senior notes due 2021 ("2021 Notes"), and $400.0 million aggregate principal amount of 5.95% senior notes due 2041 ("2041 Notes").

The "2016 Notes," "2020 Notes," "2021 Notes," "2024 Notes," "2025 Notes" and "2041 Notes" collectively the "Notes" are the Company’s senior unsecured and unsubordinated obligations, ranking equally in right of payment to all of the Company’s existing and future senior unsecured and unsubordinated indebtedness and senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the Notes.

The Company may redeem the 2020 Notes and 2025 Notes, either in whole or in part, at any time one month prior to the maturity date of the 2020 Notes, and three months prior to the maturity date of the 2025 Notes, at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the 2020 Notes and 2025 Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments discounted at the Treasury rate plus 30 basis points for the 2020 Notes, or the Treasury rate plus 37.5 basis points for the 2025 Notes, plus, in the case of each of the clauses (i) and (ii) above, accrued and unpaid interest, if any. At any time on or after May 15, 2020, in the case of the 2020 Notes, and at any time on or after March 15, 2025, in the case of the 2025 Notes, the Company may redeem Notes of such series, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2020 Notes and the 2025 Notes to be redeemed, plus accrued and unpaid interest, if any. The Company may redeem the other Notes, either in whole or in part, at any time at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments discounted to the redemption date, plus, in either case, accrued and unpaid interest, if any.

In the event of a change of control repurchase event, the holders of the Notes may require the Company to repurchase for cash all or part of the Notes at a purchase price equal to 101% of the aggregate principal amount, plus accrued and unpaid interest, if any.

Interest on the Notes is payable in cash semiannually. The effective interest rates for the Notes include the interest on the Notes, accretion of the discount, and amortization of issuance costs. The indentures that govern the Notes also contain various covenants, including limitations on the Company's ability to incur liens or enter into sale-leaseback transactions over certain dollar thresholds.

As of September 30, 2015, the Company was in compliance with all covenants in the indentures governing the Notes.

Revolving Credit Facility

On June 27, 2014, the Company entered into a Credit Agreement (“Credit Agreement”) with certain institutional lenders and Citibank, N.A., as administrative agent, that provides for a $500.0 million unsecured revolving credit facility, with an option of the Company to increase the amount of the credit facility by up to an additional $200.0 million, subject to certain conditions. Proceeds of loans made under the Credit Agreement may be used by the Company for working capital and general corporate purposes. Revolving loans may be borrowed, repaid and reborrowed until June 27, 2019, at which time all amounts borrowed must be repaid. Borrowings may be denominated, at the Company's option, in U.S. dollars, Pounds Sterling or Euro.

Borrowings under the Credit Agreement will bear interest at either i) a floating rate per annum equal to the base rate plus a margin of between 0.00% and 0.50%, depending on the Company's public debt rating or ii) a per annum rate equal to the reserve adjusted Eurocurrency rate, plus a margin of between 0.90% and 1.50%, depending on the Company's public debt rating. Base rate is defined as the greatest of (A) Citibank's base rate, (B) the Federal funds rate plus 0.50% or (C) the ICE Benchmark Administration Settlement Rate applicable to dollars for a period of one month plus 1.00%. The Eurocurrency rate is determined for U.S. dollars and Pounds Sterling as the rate at which deposits in such currency are offered in the London interbank market for the applicable interest period and for Euro as the rate specified for deposits in Euro with a maturity comparable to the applicable interest period.

As of September 30, 2015, the Company was in compliance with all covenants in the Credit Agreement, and no amounts were outstanding.

Customer Financing Arrangements

The Company provides certain distribution partners access to extended financing arrangements for certain end-user customers that require longer payment terms than those typically provided by the Company through factoring accounts receivable to third-party financing providers (“financing providers”). The program does not and is not intended to affect the timing of the Company's revenue recognition. Under the financing arrangements, proceeds from the financing provider are due to the Company within 30 to 90 days from the sale of the receivable. In these transactions with the financing provider, the Company surrenders control over the transferred assets. The factored accounts receivable are isolated from the Company and put beyond the reach of the Company's creditors, even in the event of bankruptcy. The Company does not maintain effective control over the transferred assets through obligations or rights to redeem, transfer, or repurchase the receivables after they have been transferred. In 2014, the Company transitioned certain distribution partners from the third party financing program to the Company's commercial payment terms. As a result, the Company's customer financing activities significantly declined from fiscal year 2014 through the third quarter of 2015.

Pursuant to the financing arrangements for the sale of receivables, the Company sold net receivables of $11.4 million and $92.8 million during the three months ended September 30, 2015 and September 30, 2014, respectively, and $69.9 million and $429.2 million during the nine months ended September 30, 2015 and September 30, 2014, respectively.

The Company received cash proceeds from the financing provider of $9.1 million and $128.9 million during the three months ended September 30, 2015 and September 30, 2014, respectively, and $94.6 million and $473.3 million during the nine months ended September 30, 2015 and September 30, 2014, respectively. As of September 30, 2015 and December 31, 2014, the amounts owed to the Company by the financing provider were $3.7 million and $28.0 million, respectively, and were recorded in accounts receivable on the Condensed Consolidated Balance Sheets.

The Company has provided guarantees to third-party financing companies for certain third-party financing arrangements extended to certain end-user customers, which have terms of up to four years. The Company is liable for the aggregate unpaid payments to the third-party financing company in the event of customer default. As of September 30, 2015, the Company has not been required to make any payments under these arrangements. Pursuant to these arrangements, the Company has guarantees for third-party financing arrangements of $11.2 million as of September 30, 2015.

The portion of the receivable financed that has not been recognized as revenue is accounted for as a financing arrangement and is included in other accrued liabilities and other long-term liabilities in the Condensed Consolidated Balance Sheets. As of September 30, 2015 and December 31, 2014, the estimated cash received from the financing provider not recognized as revenue was $16.8 million and $67.5 million, respectively.
Equity
Equity
Equity

Cash Dividends on Shares of Common Stock

During the nine months ended September 30, 2015, the Company declared a quarterly cash dividend of $0.10 per share of common stock on January 27, 2015, April 23, 2015, and on July 23, 2015 which were paid on March 24, 2015, June 23, 2015, and on September 22, 2015, respectively, to stockholders of record on March 3, 2015, June 2, 2015, and on September 1, 2015, respectively, in the aggregate amount of $118.0 million. Any future dividends, and the establishment of record and payment dates, are subject to approval by the Board of Directors (the “Board”) of Juniper or an authorized committee thereof. See Note 16, Subsequent Events, for discussion of the Company's dividend declaration subsequent to September 30, 2015.

Stock Repurchase Activities

In February 2014, the Company's Board approved a stock repurchase program that authorized the Company to repurchase up to $2.1 billion of its common stock, including $1.2 billion pursuant to an accelerated share repurchase program (“2014 Stock Repurchase Program”). In October 2014 and July 2015, the Board authorized a $1.3 billion and $500.0 million increase, respectively, to the 2014 Stock Repurchase Program for a total of $3.9 billion. As of September 30, 2015, there was $625.0 million of authorized funds remaining under the 2014 Stock Repurchase Program.

During the three and nine months ended September 30, 2015, the Company repurchased and retired approximately 1.8 million and 42.4 million shares of its common stock, respectively, at an average price of $28.01 and $24.78 per share, respectively, for an aggregate purchase price of $50.0 million and $1.1 billion, respectively.

During the nine months ended September 30, 2014, the Company entered into two separate accelerated share repurchase agreements (collectively, the “ASR”) with two financial institutions to repurchase an aggregate of $1.2 billion of the Company's common stock. During the first quarter of 2014, the Company made an up-front payment of $1.2 billion pursuant to the ASR and received and retired an initial 33.3 million shares ("Initial Shares") of the Company's common stock for an aggregate price of $900.0 million based on the market value of the Company's common stock on the date of the transaction. On July 23, 2014, the ASR was completed and the Company received an additional 16.0 million shares from the financial institutions for the remaining $300.0 million for a total repurchase of 49.3 million shares of the Company's common stock, which resulted in a volume weighted average repurchase price, less an agreed upon discount, of $24.35. The shares received with respect to the ASR have been retired. Retired shares return to authorized but unissued shares of common stock. Subsequent to the completion of the ASR, the Company repurchased and retired approximately 23.5 million shares of its common stock under the 2014 Stock Repurchase Program at an average price of $23.44 per share for an aggregate purchase price of $550.0 million during the three months ended September 30, 2014.

In addition to repurchases under the Company’s stock repurchase program, the Company also repurchases common stock from certain employees in connection with the net issuance of shares to satisfy minimum tax withholding obligations upon the vesting of certain stock awards issued to such employees. Repurchases associated with tax withholdings were not significant during the three and nine months ended September 30, 2015 and September 30, 2014.

Future stock repurchases under the Company’s stock repurchase program will be subject to a review of the circumstances at that time and will be made from time to time in private transactions or open market purchases as permitted by securities laws and other legal requirements.

See Note 16, Subsequent Events, for discussion of the Company's stock repurchase activity subsequent to September 30, 2015.

Accumulated Other Comprehensive Loss, Net of Tax

The components of accumulated other comprehensive loss, net of related taxes, during the nine months ended September 30, 2015 were as follows (in millions):
 
Unrealized
Gains (Losses)
on Available-for-
Sale Securities(1)
 
Unrealized
Gains (Losses)
on Cash Flow
Hedges(2)
 
Foreign
Currency
Translation
Adjustments
 
Total
Balance as of December 31, 2014
$
8.4

 
$
(4.2
)
 
$
(18.0
)
 
$
(13.8
)
Other comprehensive gain (loss) before reclassifications
4.6

 
(5.4
)
 
(12.9
)
 
(13.7
)
Amount reclassified from accumulated other
   comprehensive income
(0.6
)
 
8.7

 
—

 
8.1

Other comprehensive gains (losses), net
4.0

 
3.3

 
(12.9
)
 
(5.6
)
Balance as of September 30, 2015
$
12.4

 
$
(0.9
)
 
$
(30.9
)
 
$
(19.4
)
________________________________
(1) 
The reclassifications out of accumulated other comprehensive loss during the nine months ended September 30, 2015 for realized gains on available-for-sale securities of $0.6 million are included in other (expense) income, net, in the Condensed Consolidated Statements of Operations.
(2) 
The reclassifications out of accumulated other comprehensive loss during the nine months ended September 30, 2015 for realized losses on cash flow hedges are included within cost of revenues of $2.6 million, sales and marketing of $5.5 million, general and administrative of $0.5 million, and research and development of $0.1 million for which the hedged transactions relate in the Condensed Consolidated Statements of Operations.
Employee Benefit Plans
Employee Benefit Plans
Employee Benefit Plans

Equity Incentive Plans

The Company’s equity incentive plans include the 2015 Equity Incentive Plan (the “2015 Plan”), the 2006 Equity Incentive Plan (the “2006 Plan”), the Amended and Restated 1996 Stock Plan (the “1996 Plan”), various equity incentive plans assumed through acquisitions, and the 2008 Employee Stock Purchase Plan (the “ESPP”). Under these plans, the Company has granted (or, in the case of acquired plans, assumed) stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”), and performance share awards (“PSAs”).

The 2015 Plan was adopted and approved by the Company's stockholders in May 2015 and had an initial authorized share reserve of 38.0 million shares of common stock plus the addition of any shares subject to outstanding awards under the 2006 Plan and the 1996 Plan that were outstanding as of May 19, 2015, and that subsequently expire or otherwise terminate, up to a maximum of an additional 29.0 million shares. As of September 30, 2015, an aggregate of 22.1 million shares were subject to outstanding equity awards under the 2015 Plan, the 2006 Plan and the 1996 Plan. As of September 30, 2015, 37.7 million shares were available for future issuance under the 2015 Plan and no shares were available for future issuance under the 2006 Plan or the 1996 Plan.

The ESPP was adopted and approved by the Company's stockholders in May 2008. To date, the Company's stockholders have approved a share reserve of 26.0 million shares of the Company's common stock for issuance under this plan, which includes an additional 7.0 million shares approved by the Company's stockholders in May 2015. The ESPP permits eligible employees to acquire shares of the Company’s common stock at a 15% discount to the offering price (as determined in the ESPP) through periodic payroll deductions of up to 10% of base compensation, subject to individual purchase limits of 6,000 shares in any twelve-month period or $25,000 worth of stock, determined at the fair market value of the shares at the time the stock purchase option is granted, in one calendar year. As of September 30, 2015, approximately 18.4 million shares have been issued and 7.6 million shares remain available for future issuance under the ESPP.

In connection with certain past acquisitions, the Company assumed stock options, RSUs, RSAs and PSAs under the assumed stock plans of the acquired companies and exchanged the assumed awards for the Company's stock options, RSUs, RSAs and PSAs, respectively. No new equity awards can be granted under these assumed plans. As of September 30, 2015, stock options, RSUs, RSAs and PSAs representing approximately 2.3 million shares of common stock were outstanding under all awards assumed through the Company's acquisitions.

Stock Option Activities

The following table summarizes the Company’s stock option activity and related information as of and for the nine months ended September 30, 2015 (in millions, except for per share amounts and years):
 
Outstanding Options
 
Number of Shares
 
Weighted Average
Exercise Price
per Share
 
Weighted Average
Remaining
Contractual Term
(In Years)
 
Aggregate
Intrinsic
Value
Balance as of December 31, 2014
9.9

 
$
24.87

 
 
 
 
Canceled
(0.1
)
 
23.65

 
 
 
 
Exercised
(2.4
)
 
19.10

 
 
 
 
Expired
(2.6
)
 
27.91

 
 
 
 
Balance as of September 30, 2015
4.8

 
$
26.07

 
2.1
 
$
20.3

 
 
 
 
 
 
 
 
As of September 30, 2015:
 
 
 
 
 
 
 
Vested and expected-to-vest options
4.8

 
$
26.16

 
2.0
 
$
19.9

Exercisable options
4.5

 
$
27.35

 
1.8
 
$
14.6



The aggregate intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the period, which was $25.71 per share as of September 30, 2015, and the exercise price of the applicable options multiplied by the number of related options. The pre-tax intrinsic value of options exercised, representing the difference between the fair market value of the Company’s common stock on the date of exercise and the exercise price of each option, was $3.2 million and $17.1 million for the three and nine months ended September 30, 2015, respectively.

Restricted Stock Unit, Restricted Stock Award, and Performance Share Award Activities

The following table summarizes the Company’s RSU, RSA, and PSA activity and related information as of and for the nine months ended September 30, 2015 (in millions, except per share amounts and years):
 
Outstanding RSUs, RSAs, and PSAs
 
Number of Shares
 
Weighted Average
Grant-Date Fair
Value per Share
 
Weighted Average
Remaining
Contractual Term
(In Years)
 
Aggregate
Intrinsic
Value
Balance as of December 31, 2014
21.3

 
$
22.05

 
 
 
 
RSUs granted (1)(3)
8.1

 
22.90

 
 
 
 
PSAs granted (2)(3)
0.8

 
22.44

 
 
 
 
RSUs vested
(6.0
)
 
23.19

 
 
 
 
RSAs vested
(1.4
)
 
20.28

 
 
 
 
PSAs vested
(0.3
)
 
22.52

 
 
 
 
RSUs canceled
(1.9
)
 
22.09

 
 
 
 
PSAs canceled
(1.0
)
 
22.28

 
 
 
 
Balance as of September 30, 2015
19.6

 
$
22.15

 
1.2
 
$
504.4

________________________________
(1) 
Includes service-based and market-based RSUs granted under the 2015 Plan and the 2006 Plan according to its terms.
(2) 
The number of shares subject to PSAs granted represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The aggregate number of shares subject to these PSAs that would be issued if performance goals determined by the Compensation Committee are achieved at target is 0.5 million shares. Depending on achievement of such performance goals, the range of shares that could be issued under these awards is 0 to 0.8 million shares.
(3) 
The grant date fair value of RSUs and PSAs were reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested. On July 23, 2015, the Company declared a cash dividend of $0.10 per share of common stock, or $38.5 million in the aggregate, to stockholders of record on September 1, 2015, which was paid on September 22, 2015.

Employee Stock Purchase Plan

The ESPP is implemented in a series of offering periods, each currently six months in duration, or such other period as determined by the Board. Employees purchased 1.3 million and 2.7 million shares of common stock through the ESPP at an average exercise price of $19.18 and $19.25 per share for the three and nine months ended September 30, 2015, respectively, and 1.4 million and 2.9 million shares at an average per share price of $20.01 and $19.30 for the three and nine months ended September 30, 2014, respectively.

Valuation Assumptions

The weighted-average assumptions used and the resulting estimates of fair value for ESPP and market-based RSUs during the three and nine months ended September 30, 2015 and September 30, 2014 were as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
ESPP (1):
 
 
 
 
 
 
 
Volatility
26%
 
27%
 
29%
 
30%
Risk-free interest rate
0.2%
 
0.1%
 
0.1%
 
0.1%
Expected life (years)
0.5
 
0.5
 
0.5
 
0.5
Dividend yield
1.4%
 
1.8%
 
1.7%
 
1.0%
Weighted-average fair value per share
$6.20
 
$5.13
 
$5.63
 
$5.72
 
 
 
 
 
 
 
 
Market-based RSUs (2):
 
 
 
 
 
 
 
Volatility
—
 
—
 
34%
 
36%
Risk-free interest rate
—
 
—
 
1.4%
 
1.6%
Dividend yield
—
 
—
 
1.8%
 
0% - 1.5%
Weighted-average fair value per share
—
 
—
 
$14.97
 
$18.28
________________________________
(1) 
The Black-Scholes-Merton option-pricing model is utilized to estimate the fair value of shares issuable under the ESPP.
(2) 
The fair value of market-based RSUs utilizes a Monte Carlo valuation methodology. The Company amortizes the fair value of these awards over the derived service period adjusted for estimated forfeitures for each separately vesting tranche of the award. Provided that the derived service is rendered, the total fair value of the market-based RSUs at the date of grant is recognized as compensation expense even if the market condition is not achieved. However, the number of shares that ultimately vest can vary significantly with the performance of the specified market criteria.     

Share-Based Compensation Expense

Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Cost of revenues - Product
$
1.3

 
$
1.3

 
$
4.5

 
$
3.9

Cost of revenues - Service
3.2

 
3.6

 
10.4

 
10.7

Research and development
31.0

 
37.1

 
94.1

 
100.8

Sales and marketing
13.0

 
15.9

 
32.2

 
44.9

General and administrative
8.0

 
7.4

 
20.1

 
25.1

Total
$
56.5

 
$
65.3

 
$
161.3

 
$
185.4



The following table summarizes share-based compensation expense by award type (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Stock options
$
1.5

 
$
3.2

 
$
5.2

 
$
12.0

RSUs, RSAs, and PSAs
52.4

 
58.2

 
146.3

 
161.9

ESPP
2.6

 
3.9

 
9.8

 
11.5

Total
$
56.5

 
$
65.3

 
$
161.3

 
$
185.4



The following table presents unrecognized compensation cost, adjusted for estimated forfeitures, recognized over a weighted-average period related to unvested stock options, RSUs, RSAs, and PSAs as of September 30, 2015 (in millions, except years):
 
Unrecognized
Compensation Cost
 
Weighted Average
Period
(In Years)
Stock options
$
3.8

 
0.8
RSUs, RSAs, and PSAs
$
241.9

 
1.8
Segments
Segments
Segments

The Company realigned its organization into a One-Juniper structure which includes consolidating each of the Company's R&D and go-to-market functions. As a result of these changes, the consolidated business is considered to be one reportable segment, consistent with how the Company’s chief operating decision maker ("CODM") views the business, allocates resources, and assesses the performance of the Company.

The Company sells its high-performance networking products and service offerings across routing, switching, and security to service provider and enterprise markets.

The following table presents net revenues by product and service (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Routing
$
604.4

 
$
533.2

 
$
1,711.6

 
$
1,700.8

Switching
201.4

 
155.0

 
558.1

 
546.8

Security
119.6

 
121.3

 
319.5

 
367.1

Total product
925.4

 
809.5

 
2,589.2

 
2,614.7

 
 
 
 
 
 
 
 
Total service
323.2

 
316.4

 
949.0

 
910.8

Total
$
1,248.6

 
$
1,125.9

 
$
3,538.2

 
$
3,525.5



The Company attributes revenues to geographic region based on the customer’s ship-to location. The following table presents net revenues by geographic region (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Americas:
 
 
 
 
 
 
 
United States
$
665.6

 
$
621.3

 
$
1,869.7

 
$
1,905.7

Other
47.2

 
57.0

 
167.9

 
165.1

Total Americas
712.8

 
678.3

 
2,037.6

 
2,070.8

Europe, Middle East, and Africa
355.0

 
290.5

 
975.1

 
911.0

Asia Pacific
180.8

 
157.1

 
525.5

 
543.7

Total
$
1,248.6

 
$
1,125.9

 
$
3,538.2

 
$
3,525.5


No customer accounted for 10% or more of the Company's net revenues during the three and nine months ended September 30, 2015 and September 30, 2014, respectively.

The following table presents geographic information for property and equipment, net and purchased intangible assets, net (in millions):
 
As of
 
September 30,
2015
 
December 31,
2014
United States
$
879.1

 
$
871.7

International
120.0

 
95.0

Property and equipment, net and purchased intangible assets, net
$
999.1

 
$
966.7



The Company tracks assets by physical location. The majority of the Company’s assets, excluding cash and cash equivalents and investments, as of September 30, 2015 and December 31, 2014, were attributable to U.S. operations.
Income Taxes
Income Taxes
Income Taxes

The Company's effective tax rate for the three and nine months ended September 30, 2015 of 20.8% and 26.3%, respectively, differs from the federal statutory rate of 35% primarily due to the benefit of the Section 199 deduction for U.S. production activities, earnings in foreign jurisdictions, which are subject to lower tax rates, and an income tax benefit resulting from a change in the tax treatment of share-based compensation in its cost-sharing arrangement as noted below. The effective rate for the period does not reflect the benefit of the federal research and development (“R&D”) credit, which expired on December 31, 2014.

The Company's effective tax rate for the three and nine months ended September 30, 2014 of 37.4% and 28.4%, respectively, differs from the federal statutory rate of 35% primarily due to the impact of the discrete items referenced below offset by the benefit from the Section 199 deduction for U.S. production activities and earnings in foreign jurisdictions, which are subject to lower tax rates. The effective rate for the period does not reflect the benefit of the federal R&D credit, which expired on December 31, 2013.

The effective tax rates for the three and nine months ended September 30, 2015 and September 30, 2014 include the tax expense (benefit) of the following discrete items (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Cost-sharing adjustment(1)
$
(13.2
)
 
$
—

 
$
(13.2
)
 
$
—

Tax on equity investments(2)
$
—

 
$
0.7

 
$
—

 
$
36.3

Restructuring
$
—

 
$
9.2

 
$
—

 
$
(46.7
)
Legal settlement
$
—

 
$
—

 
$
—

 
$
44.7


________________________________
(1) Represents cumulative impact through fiscal year 2014 for the change in treatment of share-based compensation as a result of the U.S. Tax Court decision in Altera (see further explanation below). The total net benefit to the Condensed Consolidated Statements of Operations including the nine months ended September 30, 2015 was approximately $18.0 million.
(2) During the nine months ended September 30, 2014, tax on equity investments of $36.3 million is net of a valuation allowance release of $24.7 million.

In July 2015, the United States Tax Court (the “Court”) issued an opinion favorable to Altera Corporation (“Altera”) with respect to Altera’s litigation with the Internal Revenue Service (“IRS”). The litigation relates to the treatment of share-based compensation expense in an inter-company cost-sharing arrangement with Altera’s foreign subsidiary. In its opinion, the Court accepted Altera’s position of excluding share-based compensation from its inter-company cost-sharing arrangement. As a result, the Company has reversed the inclusion of share-based compensation in cost-sharing arrangement as a cumulative adjustment for this quarter. Because this change to cost sharing increases the Company's cumulative foreign earnings, approximately $70.3 million of the gross income tax benefit associated with this change has been offset by an increase in income tax expense accrued upon the company’s foreign earnings. The Company will continue to monitor ongoing developments and potential impacts to its financial statements.

As of September 30, 2015, the total amount of gross unrecognized tax benefits was $211.4 million, of which $176.7 million, if recognized, would affect the Company's effective tax rate.

The Company engages in continuous discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. There is a greater than remote likelihood that the balance of the gross unrecognized tax benefits will decrease by approximately $4.7 million within the next twelve months due to lapses of applicable statutes of limitations and the completion of tax review cycles in various tax jurisdictions.

The Company is currently under examination by the Internal Revenue Service (“IRS”) for the 2007 through 2009 tax years and the California Franchise Tax Board for the 2004 through 2006 tax years. During the first quarter of 2015, the IRS issued “Notices of Proposed Adjustments” related to the examination. The Company regularly assesses the likelihood of an adverse outcome resulting from such examinations. As of September 30, 2015, the Company believes the resolution of the audits will not have a material adverse impact on the financial statements.

The Company is also subject to separate ongoing examinations by the India tax authorities for the 2004 tax year, 2004 through 2008 tax years, and the 2008 through 2010 tax years.

In 2008, the Company received a proposed adjustment from the India tax authorities related to the 2004 tax year. In 2009, the India tax authorities commenced a separate investigation of our 2004 through 2008 tax returns and are disputing the Company's determination of taxable income due to the cost basis of certain fixed assets. The Company accrued $4.6 million in penalties and interest in 2009 related to this matter. The Company understands that in accordance with the administrative and judicial process in India, the Company may be required to make payments that are substantially higher than the amount accrued in order to ultimately settle this issue. The Company strongly believes that any assessment it may receive in excess of the amount accrued would be inconsistent with applicable India tax laws and intends to defend this position vigorously.

The Company is pursuing all available administrative remedies relative to these matters. The Company believes that it has adequately provided for any reasonably foreseeable outcomes related to these proposed adjustments and the ultimate resolution of these matters is unlikely to have a material effect on its consolidated financial condition or results of operations; however there is still a possibility that an adverse outcome of these matters could have a material effect on its consolidated financial condition and results of operations.

The Company is not aware of any other examinations by tax authorities in any other major jurisdictions in which it files income tax returns as of September 30, 2015.
Net Income Per Share
Net Income Per Share
Net Income Per Share

The Company computed basic and diluted net income per share attributable to Juniper Networks common stockholders as follows (in millions, except per share amounts):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Numerator:
 
 
 
 
 
 
 
Net income
$
197.7

 
$
103.6

 
$
435.9

 
$
435.3

Denominator:
 
 
 
 
 
 
 
Weighted-average shares used to compute
  basic net income per share
382.8

 
448.4

 
393.2

 
468.1

Dilutive effect of employee stock awards
6.4

 
6.4

 
8.0

 
8.9

Weighted-average shares used to compute
  diluted net income per share
389.2

 
454.8

 
401.2

 
477.0

Net income per share attributable to Juniper
  Networks common stockholders:
 
 
 
 
 
 
 
Basic
$
0.52

 
$
0.23

 
$
1.11

 
$
0.93

Diluted
$
0.51

 
$
0.23

 
$
1.09

 
$
0.91

 
 
 
 
 
 
 
 
Anti-dilutive:
 
 
 
 
 
 
 
Potential anti-dilutive shares
3.1

 
10.2

 
3.7

 
10.8



Basic net income per share is computed using net income available to common stockholders and the weighted-average number of common shares outstanding for the period. Diluted net income per share is computed using net income available to common stockholders and the weighted-average number of common shares outstanding plus potentially dilutive common shares outstanding during the period. Dilutive potential common shares consist of common shares issuable upon exercise of stock options, issuances of ESPP, and vesting of RSUs, RSAs, and PSAs. The Company includes the common shares underlying PSAs in the calculation of diluted net income per share when they become contingently issuable and excludes such shares when they are not contingently issuable. Potentially dilutive common shares were excluded from the computation of diluted net income per share because their effect would be anti-dilutive.
Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies

Commitments

Operating Leases

The Company leases its facilities and certain equipment under non-cancelable operating leases that expire at various dates through October 31, 2024. Certain leases require the Company to pay variable costs such as taxes, maintenance, and insurance and include renewal options and escalation clauses. Future minimum payments under the non-cancelable operating leases totaled $123.1 million as of September 30, 2015. Rent expense was $10.8 million and $33.2 million for the three and nine months ended September 30, 2015, respectively, and $10.8 million and $36.5 million for the three and nine months ended September 30, 2014, respectively.

Data Center Lease Agreement

On July 10, 2015, the Company entered into a data center lease agreement through March 2026 in which the Company has the option to extend the term of the lease for up to twenty years in increments of either five years or ten years, for approximately 63,000 square feet of space in the State of Washington. The total payment for the lease is expected to be approximately $118.1 million over the ten-year term. The lease agreement provides the Company with a tenant allowance of $6.0 million to be used for tenant leasehold improvements. Any unused tenant allowance may be applied as a credit to the rent payment. The space will be used, among other things, to consolidate certain of the Company's laboratory operations currently located in Sunnyvale, California.

As the Company is subject to certain contractual obligations during the construction period, the Company is deemed the owner of the property during the construction period. Accordingly, as of September 30, 2015, the Company capitalized the construction cost by recording a build-to-suit lease asset under construction in progress of $10.1 million, which is a component of property and equipment, net, and a corresponding build-to-suit financing liability, which is a component of other long-term liabilities, in the Condensed Consolidated Balance Sheets.

Purchase Commitments with Contract Manufacturers and Suppliers

In order to reduce manufacturing lead times and help ensure adequate component supply, the Company enters into agreements with contract manufacturers and certain suppliers to procure inventory based on the Company's requirements. A significant portion of the Company's purchase commitments arising from these agreements consists of firm and non-cancelable commitments. These purchase commitments totaled $558.7 million as of September 30, 2015.

The Company establishes a liability in connection with purchase commitments related to quantities in excess of its demand forecasts or obsolete materials charges for components purchased by the contract manufacturers based on the Company’s demand forecast or customer orders. As of September 30, 2015, the Company accrued $19.2 million based on its estimate of such charges.

Debt and Interest Payment on Debt

As of September 30, 2015, the Company held short-term and long-term debt consisting of senior notes with a carrying value of $299.9 million and $1,648.7 million, respectively. Of these Notes, $300.0 million will mature in 2016 and bears interest at a fixed rate of 3.10%, $300.0 million will mature in 2020 and bears interest at a rate of 3.30%, $300.0 million will mature in 2021 and bears interest at a fixed rate of 4.60%, $350.0 million will mature in 2024 and bears interest at a fixed rate of 4.50%, $300.0 million will mature in 2025 and bears interest at a fixed rate of 4.35%, and $400.0 million will mature in 2041 and bears interest at a fixed rate of 5.95%. Interest on the Notes is payable semiannually. See Note 9, Debt and Financing, for further discussion of the Company's short-term and long-term debt.

Other Contractual Obligations

As of September 30, 2015, other contractual obligations primarily consisted of (1) $33.9 million in indemnity and employee-related obligations and service-related escrows, including those required in connection with certain asset purchases and acquisitions completed by the Company between 2005 and 2014; (2) $3.5 million in campus build-out obligations; and (3) $22.5 million of agreements that include firm and non-cancelable terms to transfer funds in the future for fixed or minimum amounts or quantities to be purchased at fixed or minimum prices.
Tax Liabilities

As of September 30, 2015, the Company had $185.0 million included in long-term income taxes payable in the Condensed Consolidated Balance Sheets for unrecognized tax positions. At this time, the Company is unable to make a reasonably reliable estimate of the timing of payments related to this amount due to uncertainties in the timing of tax audit outcomes.

Guarantees

The Company enters into agreements with customers that contain indemnification provisions relating to potential situations where claims could be alleged that the Company’s products solely, or in combination with other third party products, infringe the intellectual property rights of a third-party. As of September 30, 2015, the Company recorded a $15.0 million liability for such indemnification obligations in other accrued liabilities in the Condensed Consolidated Balance Sheets. The Company also has financial guarantees consisting of guarantees of product and service performance, guarantees related to third-party customer-financing arrangements, custom and duty guarantees, and standby letters of credit for certain lease facilities. As of September 30, 2015 and December 31, 2014, the Company had $16.8 million and $26.2 million, respectively, in financing arrangements, bank guarantees, and standby letters of credit related to these financial guarantees, of which $11.2 million in financing guarantees was recorded in other accrued liabilities and other long-term liabilities in the Condensed Consolidated Balance Sheets as of September 30, 2015. See Note 9, Debt and Financing, for further discussion of the Company's third-party customer financing arrangements that contain guarantee provisions.

Legal Proceedings

Investigations

The U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ) are conducting investigations into possible violations by the Company of the U.S. Foreign Corrupt Practices Act (FCPA). The Company is cooperating with these agencies regarding these matters. The Company’s Audit Committee, with the assistance of independent advisors, has been investigating and conducting a thorough review of possible violations of the FCPA, and has made recommendations for remedial measures, including employee disciplinary actions in foreign jurisdictions, which the Company has implemented and continues to implement. The Company is unable to predict the duration, scope or outcome of the SEC and DOJ investigations, but believes that an adverse outcome is reasonably possible. However, the Company is not able to estimate a reasonable range of possible loss. The SEC and/or DOJ could take action against us or we could agree to settle. In such event, we could be required to pay substantial fines and sanctions and/or implement additional remedial measures; in addition, it may be determined that we violated the FCPA.

Other Litigation

In addition to the investigations discussed above, the Company is involved in other disputes, litigation, and other legal actions. The Company is aggressively defending these current litigation matters, and while there can be no assurances and the outcome of these matters is currently not determinable, and the Company currently believes that none of these existing claims or proceedings are likely to have a material adverse effect on its financial position. There are many uncertainties associated with any litigation and these actions or other third-party claims against the Company may cause the Company to incur costly litigation and/or substantial settlement charges. In addition, the resolution of any intellectual property litigation may require the Company to make royalty payments, which could adversely affect gross margins in future periods. If any of those events were to occur, the Company's business, financial condition, results of operations, and cash flows could be adversely affected. The actual liability in any such matters may be materially different from the Company's estimates, if any, which could result in the need to adjust the liability and record additional expenses.

We record an accrual for loss contingencies for legal proceedings when we believe that an unfavorable outcome is both (a) probable and (b) the amount or range of any possible loss is reasonably estimable. We have not recorded any accrual for loss contingencies associated with such legal proceedings or the investigations discussed above.
Subsequent Events
Subsequent Events
Subsequent Events

Promissory note in connection with the sale of Junos Pulse

On October 2, 2015, the Company and the issuer of the promissory note in the original principal amount of $125.0 million that was issued to the Company in connection with the sale of Junos Pulse mutually agreed to amend the terms of the promissory note. The amended promissory note, among other things, extends the maturity date from April 1, 2016 to December 31, 2018, provides that interest due and payable on the promissory note through December 31, 2015 shall be paid in kind by increasing the outstanding principal amount of the note, increases the interest rate on the promissory note, adds semi-annual excess cash flow sweeps commencing in 2016, and requires certain other debt to be subordinated to the promissory note issued to the Company. In addition, under the amended terms of the promissory note, the issuer is required to make a minimum payment of $75.0 million on or prior to April 1, 2017, less any amounts previously pre-paid to the Company, and to use commercially reasonable efforts to refinance the entire note, with any remaining balance due by December 31, 2018. In connection with the amendment, certain holding companies of the issuer also provided the Company with a guarantee and additional collateral to secure the repayment of the amended promissory note.

Dividend Declaration

On October 22, 2015, the Company announced that it had declared a cash dividend of $0.10 per share of common stock payable on December 22, 2015 to stockholders of record as of the close of business on December 1, 2015.

Stock Repurchase Activities

Subsequent to September 30, 2015, through the filing of this Report, the Company repurchased 1.1 million shares of its common stock, for an aggregate of $35.0 million at an average purchase price of $31.59 per share, under the 2014 Stock Repurchase Program. Repurchases of 0.8 million shares were settled prior to the filing of this Report and the remaining shares will be settled after the filing date. Under the 2014 Stock Repurchase Program, the Company has $590.0 million authorized funds remaining as of the filing date. Purchases under the Company's stock repurchase program are subject to review of the circumstances in place at the time and will be made from time to time as permitted by securities laws and other legal requirements. This program may be discontinued at any time.
Summary of Significant Accounting Policies (Policies)
Recent accounting pronouncements
Recent Accounting Pronouncements

In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-16 (Topic 805) - Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments, which replaces the requirement that an acquirer in a business combination account for measurement period adjustments retrospectively, with a requirement that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 requires the entity to record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendment requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendment should be applied prospectively to adjustments to provisional amounts that occur after the effective date of the guidance, with early adoption permitted for financial statements that have not been issued. The adoption of this standard is not expected to have a significant impact on the Company's Condensed Consolidated Financial Statements.

In July 2015, the FASB issued ASU No. 2015-11 (Subtopic 330) - Simplifying the Measurement of Inventory, which provides guidance to companies who account for inventory using either the first-in, first-out ("FIFO") or average cost methods. The guidance states that companies should measure inventory at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of the adoption on its Condensed Consolidated Financial Statements, if any.

In June 2015, the FASB issued ASU No. 2015-10 - Technical Corrections and Improvements, which contains minor guidance clarifications and reference corrections, simplification of the Codification, and minor improvements on a wide variety of topics. ASU 2015-10 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact of the adoption on its Condensed Consolidated Financial Statements, if any.

In April 2015, the FASB issued ASU No. 2015-05 (Subtopic 350-40) - Customer's Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 is effective for fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact of the adoption on its Condensed Consolidated Financial Statements, if any.

In April 2015, the FASB issued ASU No. 2015-03 (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this standard would reduce the debt issuance cost asset on the Company's Condensed Consolidated Balance Sheet by approximately $11.0 million and correspondingly reduce its debt liabilities by approximately $11.0 million. The Company plans to adopt this standard in the first quarter of 2016. The adoption of this standard will not have an impact to the Condensed Consolidated Statement of Operations.

In August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 provides additional guidance to ASU 2015-03, which did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. The amendment states that an entity may defer and present debt issuance costs associated with line-of-credit arrangements as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The adoption of ASU 2015-15 is not expected to have an impact on the Company's Condensed Consolidated Financial Statements.

In January 2015, the FASB issued ASU No. 2015-01 (Subtopic 225-20) - Income Statement - Extraordinary and Unusual Items, which eliminates the concept of extraordinary items. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this standard will not have an impact on the Company's Condensed Consolidated Financial Statements.

In November 2014, the FASB issued ASU No. 2014-16 (Topic 815) - Derivatives and Hedging, which provides clarification on how current guidance should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments clarify that an entity should consider all relevant terms and features in evaluating the host contract and that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. ASU 2014-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The amendment should be applied on a modified retrospective basis to existing hybrid financial instruments issued in the form of a share as of the beginning of the year for which the amendments are effective. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's Condensed Consolidated Financial Statements.

In August 2014, the FASB issued ASU No. 2014-15 (Subtopic 205-40) - Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”) which provides guidance about management's responsibility to evaluate whether or not there is substantial doubt about the Company's ability to continue as a going concern and to provide related footnote disclosure. ASU 2014-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early application is permitted. The adoption of this standard is not expected to have an impact on the Company's Condensed Consolidated Financial Statements.

In June 2014, the FASB issued ASU No. 2014-12 (Topic 718) - Compensation - Stock Compensation (“ASU 2014-12”) which provides guidance that a performance target that affects vesting of a share-based payment and that could be achieved after the requisite service period is a performance condition. As a result, the target is not reflected in the estimation of the award’s grant date fair value. Compensation cost for such an award would be recognized over the required service period, if it is probable that the performance condition will be achieved. ASU 2014-12 is effective for all entities for annual periods beginning after December 15, 2015 and interim periods within those annual periods. ASU 2014-12 should be applied on a prospective basis to awards that are granted or modified on or after the effective date. The adoption of this standard is not expected to have an impact on the Company's Condensed Consolidated Financial Statements.

In May 2014, the FASB issued ASU No. 2014-09 (Topic 606)—Revenue from Contracts with Customers (“ASU 2014-09”) which provides guidance for revenue recognition. This ASU affects all contracts that the Company enters into with customers to transfer goods and services or for the transfer of nonfinancial assets. This ASU will supersede the revenue recognition requirements in Topic 605, and most industry specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The standard's core principle is that revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. In doing so, the Company will need to use additional judgment and estimates than under the existing guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of the new revenue standard from December 15, 2016 to December 15, 2017, with early adoption permitted as of annual reporting periods beginning after December 15, 2016. As a result, the Company will apply the new revenue standard for annual and interim periods beginning after December 15, 2017. Accordingly, the ASU will be effective for the Company beginning fiscal year 2018. The Company is currently evaluating the impact of the adoption of this standard on its Condensed Consolidated Financial Statements.
Cash Equivalents and Investments (Tables)
Unrealized gains and losses and fair value of available-for-sale and trading securities 
The following tables summarize the Company's unrealized gains and losses and fair value of investments designated as available-for-sale and trading securities as of September 30, 2015 and December 31, 2014 (in millions):
 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
As of September 30, 2015
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
Asset-backed securities
$
324.2

 
$
0.1

 
$
(0.2
)
 
$
324.1

Certificates of deposit
3.8

 
—

 
—

 
3.8

Commercial paper
9.4

 
—

 
—

 
9.4

Corporate debt securities
935.8

 
0.7

 
(1.9
)
 
934.6

Foreign government debt securities
16.5

 
—

 
—

 
16.5

Government-sponsored enterprise obligations
214.1

 
0.1

 
—

 
214.2

U.S. government securities
265.3

 
0.2

 
(0.1
)
 
265.4

Total fixed income securities
1,769.1

 
1.1

 
(2.2
)
 
1,768.0

Money market funds
196.0

 
—

 
—

 
196.0

Mutual funds
3.7

 
0.1

 
—

 
3.8

Publicly-traded equity securities
8.0

 
0.7

 
—

 
8.7

Total available-for-sale securities
1,976.8

 
1.9

 
(2.2
)
 
1,976.5

Trading securities in mutual funds(1)
16.8

 
—

 
—

 
16.8

Total
$
1,993.6

 
$
1.9

 
$
(2.2
)
 
$
1,993.3

 
 
 
 
 
 
 
 
Reported as:
 
 
 
 
 
 
 
Cash equivalents
$
166.3

 
$
—

 
$
—

 
$
166.3

Restricted investments
33.4

 
0.1

 
—

 
33.5

Short-term investments
529.1

 
0.9

 
(0.1
)
 
529.9

Long-term investments
1,264.8

 
0.9

 
(2.1
)
 
1,263.6

Total
$
1,993.6

 
$
1.9

 
$
(2.2
)
 
$
1,993.3


________________________________
(1) 
Balance consists of the Company's non-qualified deferred compensation plan assets.
 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
As of December 31, 2014
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
Asset-backed securities
$
269.3

 
$
—

 
$
(0.3
)
 
$
269.0

Certificates of deposit
10.6

 
—

 
—

 
10.6

Commercial paper
20.3

 
—

 
—

 
20.3

Corporate debt securities
738.6

 
0.5

 
(1.1
)
 
738.0

Foreign government debt securities
24.6

 
—

 
—

 
24.6

Government-sponsored enterprise obligations
162.2

 
—

 
(0.1
)
 
162.1

U.S. government securities
246.1

 
—

 
(0.1
)
 
246.0

Total fixed income securities
1,471.7

 
0.5

 
(1.6
)
 
1,470.6

Money market funds
594.2

 
—

 
—

 
594.2

Mutual funds
3.9

 
0.1

 
—

 
4.0

Publicly-traded equity securities
2.1

 
—

 
(0.1
)
 
2.0

Total available-for-sale securities
2,071.9

 
0.6

 
(1.7
)
 
2,070.8

Trading securities in mutual funds(1)
16.3

 
—

 
—

 
16.3

Total
$
2,088.2

 
$
0.6

 
$
(1.7
)
 
$
2,087.1

 
 
 
 
 
 
 
 
Reported as:
 
 
 
 
 
 
 
Cash equivalents
$
576.6

 
$
—

 
$
—

 
$
576.6

Restricted investments
45.2

 
—

 
—

 
45.2

Short-term investments
332.2

 
0.2

 
(0.2
)
 
332.2

Long-term investments
1,134.2

 
0.4

 
(1.5
)
 
1,133.1

Total
$
2,088.2

 
$
0.6

 
$
(1.7
)
 
$
2,087.1


________________________________
(1) 
Balance consists of the Company's non-qualified deferred compensation plan assets.
Maturities of fixed income securities 
The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2015 (in millions):
 
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Estimated Fair
Value
Due in less than one year
$
504.2

 
$
0.3

 
$
(0.1
)
 
$
504.4

Due between one and five years
1,264.9

 
0.8

 
(2.1
)
 
1,263.6

Total
$
1,769.1

 
$
1.1

 
$
(2.2
)
 
$
1,768.0

Available-for-sale securities in unrealized loss position 
The following tables present the Company's available-for-sale securities that were in an unrealized loss position as of September 30, 2015 and December 31, 2014 (in millions):
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
As of September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities(1)
$
188.5

 
$
(0.2
)
 
$
34.2

 
$
—

 
$
222.7

 
$
(0.2
)
Corporate debt securities
522.0

 
(1.8
)
 
17.5

 
(0.1
)
 
539.5

 
(1.9
)
Foreign government debt securities(1)(2)
13.5

 
—

 
—

 
—

 
13.5

 
—

Government-sponsored enterprise obligations(1)(2)
41.8

 
—

 
—

 
—

 
41.8

 
—

U.S. government securities(1)
119.5

 
(0.1
)
 
—

 
—

 
119.5

 
(0.1
)
Total fixed income securities
885.3

 
(2.1
)
 
51.7

 
(0.1
)
 
937.0

 
(2.2
)
Total available-for-sale securities
$
885.3

 
$
(2.1
)
 
$
51.7

 
$
(0.1
)
 
$
937.0

 
$
(2.2
)
________________________________
(1) Balances greater than 12 months include investments that were in an immaterial unrealized loss position as of September 30, 2015.
(2) Balances less than 12 months include investments that were in an immaterial unrealized loss position as of September 30, 2015.

 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
As of December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
221.9

 
$
(0.3
)
 
$
—

 
$
—

 
$
221.9

 
$
(0.3
)
Corporate debt securities
515.9

 
(1.1
)
 
—

 
—

 
515.9

 
(1.1
)
Foreign government debt securities(1)
24.6

 
—

 
—

 
—

 
24.6

 
—

Government-sponsored enterprise obligations
113.8

 
(0.1
)
 
—

 
—

 
113.8

 
(0.1
)
U.S. government securities
189.0

 
(0.1
)
 
—

 
—

 
189.0

 
(0.1
)
Total fixed income securities
1,065.2

 
(1.6
)
 
—

 
—

 
1,065.2

 
(1.6
)
Publicly-traded equity securities
2.0

 
(0.1
)
 
—

 
—

 
2.0

 
(0.1
)
Total available-for-sale securities
$
1,067.2

 
$
(1.7
)
 
$
—

 
$
—

 
$
1,067.2

 
$
(1.7
)
 ________________________________
(1) 
Balances less than 12 months include investments that were in an immaterial unrealized loss position as of December 31, 2014.
Fair Value Measurements (Tables)
Assets measured at fair value on a recurring basis
The following tables provide a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets (in millions):
 
Fair Value Measurements at September 30, 2015 Using:
 
 
 
Quoted Prices in
Active Markets For
Identical Assets
 
Significant Other
Observable
Remaining Inputs
 
Significant Other
Unobservable
Remaining Inputs
 
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
Assets measured at fair value:
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Asset-backed securities
$
—

 
$
324.1

 
$
—

 
$
324.1

Certificates of deposit
—

 
3.8

 
—

 
3.8

Commercial paper
—

 
9.4

 
—

 
9.4

Corporate debt securities
—

 
934.6

 
—

 
934.6

Foreign government debt securities
—

 
16.5

 
—

 
16.5

Government-sponsored enterprise obligations
—

 
214.2

 
—

 
214.2

Money market funds(1)
196.0

 
—

 
—

 
196.0

Mutual funds(2)
3.8

 
—

 
—

 
3.8

Publicly-traded equity securities
8.7

 
—

 
—

 
8.7

U.S. government securities
265.4

 
—

 
—

 
265.4

Total available-for-sale securities
473.9

 
1,502.6

 
—

 
1,976.5

Trading securities in mutual funds(3)
16.8

 
—

 
—

 
16.8

Privately-held debt and redeemable preferred stock
  securities
—

 
—

 
48.9

 
48.9

Derivative assets:
 
 
 
 
 
 
 
Foreign exchange contracts
—

 
0.6

 
—

 
0.6

Total assets measured at fair value
$
490.7

 
$
1,503.2

 
$
48.9

 
$
2,042.8

Liabilities measured at fair value:
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
Foreign exchange contracts
$
—

 
$
(1.3
)
 
$
—

 
$
(1.3
)
Total liabilities measured at fair value
$
—

 
$
(1.3
)
 
$
—

 
$
(1.3
)
 
 
 
 
 
 
 
 
Total assets measured at fair value, reported as:
 
 
 
 
 
 
 
Cash equivalents
$
166.3

 
$
—

 
$
—

 
$
166.3

Restricted investments
33.5

 
—

 
—

 
33.5

Short-term investments
135.1

 
394.8

 
—

 
529.9

Long-term investments
155.8

 
1,107.8

 
—

 
1,263.6

Prepaid expenses and other current assets
—

 
0.6

 
—

 
0.6

Other long-term assets
—

 
—

 
48.9

 
48.9

Total assets measured at fair value
$
490.7

 
$
1,503.2

 
$
48.9

 
$
2,042.8

 
 
 
 
 
 
 
 
Total liabilities measured at fair value, reported as:
 
 
 
 
 
 
 
Other accrued liabilities
$
—

 
$
(1.3
)
 
$
—

 
$
(1.3
)
Total liabilities measured at fair value
$
—

 
$
(1.3
)
 
$
—

 
$
(1.3
)
________________________________
(1) 
Balance includes $29.7 million of restricted investments measured at fair market value related to the Company's D&O Trust and acquisition-related escrows.
(2) 
Balance relates to restricted investments measured at fair market value related to the Company's India Gratuity Trust.
(3) 
Balance relates to investments measured at fair value related to the Company's non-qualified deferred compensation plan assets.
 
Fair Value Measurements at December 31, 2014 Using:
 
 
 
Quoted Prices in
Active Markets For
Identical Assets
 
Significant Other
Observable
Remaining Inputs
 
Significant Other
Unobservable
Remaining Inputs
 
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
Assets measured at fair value:
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Asset-backed securities
$
—

 
$
269.0

 
$
—

 
$
269.0

Certificates of deposit
—

 
10.6

 
—

 
10.6

Commercial paper
—

 
20.3

 
—

 
20.3

Corporate debt securities
—

 
738.0

 
—

 
738.0

Foreign government debt securities
—

 
24.6

 
—

 
24.6

Government-sponsored enterprise obligations
—

 
162.1

 
—

 
162.1

Money market funds(1)
594.2

 
—

 
—

 
594.2

Mutual funds(2)
4.0

 
—

 
—

 
4.0

Publicly-traded equity securities
2.0

 
—

 
—

 
2.0

U.S. government securities
246.0

 
—

 
—

 
246.0

Total available-for-sale securities
846.2

 
1,224.6

 
—

 
2,070.8

Trading securities in mutual funds(3)
16.3

 
—

 
—

 
16.3

Privately-held debt and redeemable preferred stock
  securities
—

 
—

 
47.5

 
47.5

Derivative assets:
 
 
 
 
 
 
 
Foreign exchange contracts
—

 
0.1

 
—

 
0.1

Total assets measured at fair value
$
862.5

 
$
1,224.7

 
$
47.5

 
$
2,134.7

Liabilities measured at fair value:
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
Foreign exchange contracts
$
—

 
$
(3.9
)
 
$
—

 
$
(3.9
)
Total liabilities measured at fair value
$
—

 
$
(3.9
)
 
$
—

 
$
(3.9
)
 
 
 
 
 
 
 
 
Total assets measured at fair value, reported as:
 
 
 
 
 
 
 
Cash equivalents
$
552.9

 
$
23.7

 
$
—

 
$
576.6

Restricted investments
45.2

 
—

 
—

 
45.2

Short-term investments
87.0

 
245.2

 
—

 
332.2

Long-term investments
177.4

 
955.7

 
—

 
1,133.1

Prepaid expenses and other current assets
—

 
0.1

 
—

 
0.1

Other long-term assets
—

 
—

 
47.5

 
47.5

Total assets measured at fair value
$
862.5

 
$
1,224.7

 
$
47.5

 
$
2,134.7

 
 
 
 
 
 
 
 
Total liabilities measured at fair value, reported as:
 
 
 
 
 
 
 
Other accrued liabilities
$
—

 
$
(3.9
)
 
$
—

 
$
(3.9
)
Total liabilities measured at fair value
$
—

 
$
(3.9
)
 
$
—

 
$
(3.9
)

________________________________
(1) 
Balance includes $41.3 million of restricted investments measured at fair market value related to the Company's D&O Trust and acquisition-related escrows.
(2) 
Balance relates to restricted investments measured at fair market value related to the Company's India Gratuity Trust.
(3) 
Balance relates to investments measured at fair value related to the Company's non-qualified deferred compensation plan assets.
Derivative Instruments (Tables)
Derivative instruments
The notional amount of the Company's foreign currency derivatives are summarized as follows (in millions):
 
As of
 
September 30,
2015
 
December 31,
2014
Cash flow hedges
$
116.3

 
$
160.7

Non-designated derivatives
55.9

 
78.0

     Total
$
172.2

 
$
238.7

Goodwill and Purchased Intangible Assets (Tables)
Goodwill 
The following table presents goodwill activity during the nine months ended September 30, 2015 (in millions):
Balance as of December 31, 2014
$
2,981.5

Other
(0.2
)
Balance as of September 30, 2015
$
2,981.3

Finite-lived intangible assets by major class 
The Company’s purchased intangible assets were as follows (in millions):
 
Gross
 
Accumulated
Amortization
 
Accumulated Impairments and
Other Charges
 
Net
As of September 30, 2015
 
 
 
 
 
 
 
Intangible assets with finite lives:
 
 
 
 
 
 
 
Technologies and patents
$
567.7

 
$
(487.2
)
 
$
(49.9
)
 
$
30.6

Customer contracts, support agreements, and
  related relationships
78.1

 
(67.2
)
 
(2.8
)
 
8.1

Other
1.1

 
(0.6
)
 
—

 
0.5

Total purchased intangible assets
$
646.9

 
$
(555.0
)
 
$
(52.7
)
 
$
39.2

 
 
 
 
 
 
 
 
As of December 31, 2014
 
 
 
 
 
 
 
Intangible assets with finite lives:
 
 
 
 
 
 
 
Technologies and patents
$
567.7

 
$
(466.1
)
 
$
(49.9
)
 
$
51.7

Customer contracts, support agreements, and
  related relationships
78.1

 
(65.2
)
 
(2.8
)
 
10.1

Other
1.1

 
(0.5
)
 
—

 
0.6

Total purchased intangible assets
$
646.9

 
$
(531.8
)
 
$
(52.7
)
 
$
62.4

Amortization of intangible assets included in the Condensed Consolidated Statements of Operations 
The following table presents the amortization of intangible assets included in the Condensed Consolidated Statements of Operations (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Cost of revenues
$
4.7

 
$
7.1

 
$
20.2

 
$
23.7

Operating expenses:
 
 
 
 
 
 
 
Sales and marketing
0.7

 
1.1

 
2.1

 
3.2

General and administrative
0.2

 
0.3

 
0.9

 
0.9

Total operating expenses
0.9

 
1.4

 
3.0

 
4.1

Total
$
5.6

 
$
8.5

 
$
23.2

 
$
27.8

Estimated future amortization expense of purchased intangible assets with finite lives 
As of September 30, 2015, the estimated future amortization expense of purchased intangible assets with finite lives is as follows (in millions):
Years Ending December 31,
Amount
Remainder of 2015
$
5.3

2016
11.6

2017
7.0

2018
5.1

2019
4.9

Thereafter
5.3

Total
$
39.2

Other Financial Information (Tables)
Inventories 
Total inventories consisted of the following (in millions):
 
As of
 
September 30,
2015
 
December 31,
2014
Production materials
$
45.2

 
$
38.3

Finished goods
27.1

 
24.2

Inventories
$
72.3

 
$
62.5

Other long-term assets 
Other long-term assets consisted of the following (in millions):
 
As of
 
September 30,
2015
 
December 31,
2014
Privately-held investments
$
91.3

 
$
89.9

Licensed software
7.7

 
8.6

Federal income tax receivable
28.9

 
20.0

Customer financing receivable
1.5

 
16.9

Inventory
8.7

 
8.0

Prepaid costs, deposits, and other
60.5

 
35.5

Promissory note in connection with the sale of Junos Pulse
125.0

 
125.0

Interest receivable in connection with Promissory note
6.3

 
—

Other long-term assets
$
329.9

 
$
303.9

Warranties 
Changes in the Company’s warranty reserve during the nine months ended September 30, 2015 were as follows (in millions):
Balance as of December 31, 2014
$
28.7

Provisions made during the period
20.8

Actual costs incurred during the period
(21.2
)
Balance as of September 30, 2015
$
28.3

Deferred revenue 
Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions):
 
As of
 
September 30,
2015
 
December 31,
2014
Deferred product revenue:
 
 
 
Undelivered product commitments and other product deferrals
$
221.7

 
$
180.3

Distributor inventory and other sell-through items
63.1

 
103.7

Deferred gross product revenue
284.8

 
284.0

Deferred cost of product revenue
(43.7
)
 
(58.4
)
Deferred product revenue, net
241.1

 
225.6

Deferred service revenue
883.8

 
850.1

Total
$
1,124.9

 
$
1,075.7

Reported as:
 
 
 
Current
$
814.4

 
$
780.8

Long-term
310.5

 
294.9

Total
$
1,124.9

 
$
1,075.7

Other income (expense), net 
Other (expense) income, net, consisted of the following (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Interest income
$
5.7

 
$
2.7

 
$
16.3

 
$
6.9

Interest expense
(21.6
)
 
(16.9
)
 
(61.9
)
 
(50.2
)
Net gain on legal settlement
—

 
0.8

 
—

 
196.1

Gain (loss) on investments
6.0

 
(1.9
)
 
6.8

 
165.1

Other
1.5

 
8.5

 
(2.5
)
 
8.1

Other (expense) income, net
$
(8.4
)
 
$
(6.8
)
 
$
(41.3
)
 
$
326.0

Restructuring and Other Charges (Tables)
Summary of restructuring and other charges 
The following table presents restructuring and other charges and (benefits) included in cost of revenues and restructuring and other (benefits) charges in the Condensed Consolidated Statements of Operations under the Company's restructuring plans (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Severance
$
—

 
$
7.1

 
$
0.4

 
$
45.6

Facilities
—

 
(25.0
)
 
(0.9
)
 
12.8

Contract terminations
—

 
—

 
—

 
2.3

Asset impairment and write-downs
(3.5
)
 
2.9

 
(3.5
)
 
118.7

Total
$
(3.5
)
 
$
(15.0
)
 
$
(4.0
)
 
$
179.4

 
 
 
 
 
 
 
 
Reported as:
 
 
 
 
 
 
 
Cost of revenues
$
(3.5
)
 
$
—

 
$
(3.5
)
 
$
22.2

Restructuring and other (benefits) charges
—

 
(15.0
)
 
(0.5
)
 
157.2

Total
$
(3.5
)
 
$
(15.0
)
 
$
(4.0
)
 
$
179.4

Changes in restructuring liability 
The following table provides a summary of changes in the restructuring liability related to the Company's plans during the nine months ended September 30, 2015 (in millions):
 
December 31,
2014
 
Charges
 
Cash
Payments
 
Non-cash
Settlements and
Other
 
September 30,
2015
Severance
$
9.4

 
$
0.4

 
$
(8.0
)
 
$
(1.8
)
 
$
—

Facilities
7.4

 
(0.9
)
 
(2.3
)
 
(0.7
)
 
3.5

Contract terminations and other
0.2

 
(3.5
)
 
—

 
3.3

 
—

Total
$
17.0

 
$
(4.0
)
 
$
(10.3
)
 
$
0.8

 
$
3.5

Debt and Financing (Tables)
Long-term debt
The following table summarizes the Company's short-term and long-term debt (in millions, except percentages):
 
As of September 30, 2015
 
Amount
 
Effective Interest
Rates
Senior Notes:
 
 
 
3.10% fixed-rate notes, due March 2016
$
300.0

 
3.25
%
3.30% fixed-rate notes, due June 2020
300.0

 
3.47
%
4.60% fixed-rate notes, due March 2021
300.0

 
4.69
%
4.50% fixed-rate notes, due March 2024
350.0

 
4.63
%
4.35% fixed-rate notes, due June 2025
300.0

 
4.47
%
5.95% fixed-rate notes, due March 2041
400.0

 
6.03
%
Total senior notes
1,950.0

 
 
Unaccreted discount
(1.4
)
 
 
Total
$
1,948.6

 
 
 
 
 
 
Reported as:
 
 
 
Short-term debt
$
299.9

 

Long-term debt
1,648.7

 
 
Total
$
1,948.6

 
 

Equity (Tables)
Components of accumulated other comprehensive income, net of taxes
The components of accumulated other comprehensive loss, net of related taxes, during the nine months ended September 30, 2015 were as follows (in millions):
 
Unrealized
Gains (Losses)
on Available-for-
Sale Securities(1)
 
Unrealized
Gains (Losses)
on Cash Flow
Hedges(2)
 
Foreign
Currency
Translation
Adjustments
 
Total
Balance as of December 31, 2014
$
8.4

 
$
(4.2
)
 
$
(18.0
)
 
$
(13.8
)
Other comprehensive gain (loss) before reclassifications
4.6

 
(5.4
)
 
(12.9
)
 
(13.7
)
Amount reclassified from accumulated other
   comprehensive income
(0.6
)
 
8.7

 
—

 
8.1

Other comprehensive gains (losses), net
4.0

 
3.3

 
(12.9
)
 
(5.6
)
Balance as of September 30, 2015
$
12.4

 
$
(0.9
)
 
$
(30.9
)
 
$
(19.4
)
________________________________
(1) 
The reclassifications out of accumulated other comprehensive loss during the nine months ended September 30, 2015 for realized gains on available-for-sale securities of $0.6 million are included in other (expense) income, net, in the Condensed Consolidated Statements of Operations.
(2) 
The reclassifications out of accumulated other comprehensive loss during the nine months ended September 30, 2015 for realized losses on cash flow hedges are included within cost of revenues of $2.6 million, sales and marketing of $5.5 million, general and administrative of $0.5 million, and research and development of $0.1 million for which the hedged transactions relate in the Condensed Consolidated Statements of Operations.
Employee Benefit Plans (Tables)
Schedule of share-based compensation, stock options, activity 
The following table summarizes the Company’s stock option activity and related information as of and for the nine months ended September 30, 2015 (in millions, except for per share amounts and years):
 
Outstanding Options
 
Number of Shares
 
Weighted Average
Exercise Price
per Share
 
Weighted Average
Remaining
Contractual Term
(In Years)
 
Aggregate
Intrinsic
Value
Balance as of December 31, 2014
9.9

 
$
24.87

 
 
 
 
Canceled
(0.1
)
 
23.65

 
 
 
 
Exercised
(2.4
)
 
19.10

 
 
 
 
Expired
(2.6
)
 
27.91

 
 
 
 
Balance as of September 30, 2015
4.8

 
$
26.07

 
2.1
 
$
20.3

 
 
 
 
 
 
 
 
As of September 30, 2015:
 
 
 
 
 
 
 
Vested and expected-to-vest options
4.8

 
$
26.16

 
2.0
 
$
19.9

Exercisable options
4.5

 
$
27.35

 
1.8
 
$
14.6

Schedule of nonvested share activity 
The following table summarizes the Company’s RSU, RSA, and PSA activity and related information as of and for the nine months ended September 30, 2015 (in millions, except per share amounts and years):
 
Outstanding RSUs, RSAs, and PSAs
 
Number of Shares
 
Weighted Average
Grant-Date Fair
Value per Share
 
Weighted Average
Remaining
Contractual Term
(In Years)
 
Aggregate
Intrinsic
Value
Balance as of December 31, 2014
21.3

 
$
22.05

 
 
 
 
RSUs granted (1)(3)
8.1

 
22.90

 
 
 
 
PSAs granted (2)(3)
0.8

 
22.44

 
 
 
 
RSUs vested
(6.0
)
 
23.19

 
 
 
 
RSAs vested
(1.4
)
 
20.28

 
 
 
 
PSAs vested
(0.3
)
 
22.52

 
 
 
 
RSUs canceled
(1.9
)
 
22.09

 
 
 
 
PSAs canceled
(1.0
)
 
22.28

 
 
 
 
Balance as of September 30, 2015
19.6

 
$
22.15

 
1.2
 
$
504.4

________________________________
(1) 
Includes service-based and market-based RSUs granted under the 2015 Plan and the 2006 Plan according to its terms.
(2) 
The number of shares subject to PSAs granted represents the aggregate maximum number of shares that may be issued pursuant to the award over its full term. The aggregate number of shares subject to these PSAs that would be issued if performance goals determined by the Compensation Committee are achieved at target is 0.5 million shares. Depending on achievement of such performance goals, the range of shares that could be issued under these awards is 0 to 0.8 million shares.
(3) 
The grant date fair value of RSUs and PSAs were reduced by the present value of dividends expected to be paid on the underlying shares of common stock during the requisite and derived service period as these awards are not entitled to receive dividends until vested. On July 23, 2015, the Company declared a cash dividend of $0.10 per share of common stock, or $38.5 million in the aggregate, to stockholders of record on September 1, 2015, which was paid on September 22, 2015.

Estimates of weighted average fair value per share under employee purchase plan and stock option plan 
The weighted-average assumptions used and the resulting estimates of fair value for ESPP and market-based RSUs during the three and nine months ended September 30, 2015 and September 30, 2014 were as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
ESPP (1):
 
 
 
 
 
 
 
Volatility
26%
 
27%
 
29%
 
30%
Risk-free interest rate
0.2%
 
0.1%
 
0.1%
 
0.1%
Expected life (years)
0.5
 
0.5
 
0.5
 
0.5
Dividend yield
1.4%
 
1.8%
 
1.7%
 
1.0%
Weighted-average fair value per share
$6.20
 
$5.13
 
$5.63
 
$5.72
 
 
 
 
 
 
 
 
Market-based RSUs (2):
 
 
 
 
 
 
 
Volatility
—
 
—
 
34%
 
36%
Risk-free interest rate
—
 
—
 
1.4%
 
1.6%
Dividend yield
—
 
—
 
1.8%
 
0% - 1.5%
Weighted-average fair value per share
—
 
—
 
$14.97
 
$18.28
________________________________
(1) 
The Black-Scholes-Merton option-pricing model is utilized to estimate the fair value of shares issuable under the ESPP.
(2) 
The fair value of market-based RSUs utilizes a Monte Carlo valuation methodology. The Company amortizes the fair value of these awards over the derived service period adjusted for estimated forfeitures for each separately vesting tranche of the award. Provided that the derived service is rendered, the total fair value of the market-based RSUs at the date of grant is recognized as compensation expense even if the market condition is not achieved. However, the number of shares that ultimately vest can vary significantly with the performance of the specified market criteria.     

Schedule of employee service share-based compensation, allocation of recognized period costs 
Share-based compensation expense associated with stock options, RSUs, RSAs, PSAs, and ESPP was recorded in the following cost and expense categories in the Condensed Consolidated Statements of Operations (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Cost of revenues - Product
$
1.3

 
$
1.3

 
$
4.5

 
$
3.9

Cost of revenues - Service
3.2

 
3.6

 
10.4

 
10.7

Research and development
31.0

 
37.1

 
94.1

 
100.8

Sales and marketing
13.0

 
15.9

 
32.2

 
44.9

General and administrative
8.0

 
7.4

 
20.1

 
25.1

Total
$
56.5

 
$
65.3

 
$
161.3

 
$
185.4

Disclosure of share-based compensation arrangements by share-based payment award 
The following table summarizes share-based compensation expense by award type (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Stock options
$
1.5

 
$
3.2

 
$
5.2

 
$
12.0

RSUs, RSAs, and PSAs
52.4

 
58.2

 
146.3

 
161.9

ESPP
2.6

 
3.9

 
9.8

 
11.5

Total
$
56.5

 
$
65.3

 
$
161.3

 
$
185.4

Schedule of unrecognized compensation cost, nonvested awards 
The following table presents unrecognized compensation cost, adjusted for estimated forfeitures, recognized over a weighted-average period related to unvested stock options, RSUs, RSAs, and PSAs as of September 30, 2015 (in millions, except years):
 
Unrecognized
Compensation Cost
 
Weighted Average
Period
(In Years)
Stock options
$
3.8

 
0.8
RSUs, RSAs, and PSAs
$
241.9

 
1.8


Segments (Tables)
Financial information for each segment 
The following table presents net revenues by product and service (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Routing
$
604.4

 
$
533.2

 
$
1,711.6

 
$
1,700.8

Switching
201.4

 
155.0

 
558.1

 
546.8

Security
119.6

 
121.3

 
319.5

 
367.1

Total product
925.4

 
809.5

 
2,589.2

 
2,614.7

 
 
 
 
 
 
 
 
Total service
323.2

 
316.4

 
949.0

 
910.8

Total
$
1,248.6

 
$
1,125.9

 
$
3,538.2

 
$
3,525.5

Net revenues by geographic region 
The Company attributes revenues to geographic region based on the customer’s ship-to location. The following table presents net revenues by geographic region (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Americas:
 
 
 
 
 
 
 
United States
$
665.6

 
$
621.3

 
$
1,869.7

 
$
1,905.7

Other
47.2

 
57.0

 
167.9

 
165.1

Total Americas
712.8

 
678.3

 
2,037.6

 
2,070.8

Europe, Middle East, and Africa
355.0

 
290.5

 
975.1

 
911.0

Asia Pacific
180.8

 
157.1

 
525.5

 
543.7

Total
$
1,248.6

 
$
1,125.9

 
$
3,538.2

 
$
3,525.5

Long-lived Assets by Geographic Areas 
The following table presents geographic information for property and equipment, net and purchased intangible assets, net (in millions):
 
As of
 
September 30,
2015
 
December 31,
2014
United States
$
879.1

 
$
871.7

International
120.0

 
95.0

Property and equipment, net and purchased intangible assets, net
$
999.1

 
$
966.7

Income Taxes (Tables)
Schedule of effective income tax rate reconciliation
The effective tax rates for the three and nine months ended September 30, 2015 and September 30, 2014 include the tax expense (benefit) of the following discrete items (in millions):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Cost-sharing adjustment(1)
$
(13.2
)
 
$
—

 
$
(13.2
)
 
$
—

Tax on equity investments(2)
$
—

 
$
0.7

 
$
—

 
$
36.3

Restructuring
$
—

 
$
9.2

 
$
—

 
$
(46.7
)
Legal settlement
$
—

 
$
—

 
$
—

 
$
44.7


________________________________
(1) Represents cumulative impact through fiscal year 2014 for the change in treatment of share-based compensation as a result of the U.S. Tax Court decision in Altera (see further explanation below). The total net benefit to the Condensed Consolidated Statements of Operations including the nine months ended September 30, 2015 was approximately $18.0 million.
(2) During the nine months ended September 30, 2014, tax on equity investments of $36.3 million is net of a valuation allowance release of $24.7 million.
Net Income Per Share (Tables)
Schedule of earnings per share, basic and diluted
The Company computed basic and diluted net income per share attributable to Juniper Networks common stockholders as follows (in millions, except per share amounts):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Numerator:
 
 
 
 
 
 
 
Net income
$
197.7

 
$
103.6

 
$
435.9

 
$
435.3

Denominator:
 
 
 
 
 
 
 
Weighted-average shares used to compute
  basic net income per share
382.8

 
448.4

 
393.2

 
468.1

Dilutive effect of employee stock awards
6.4

 
6.4

 
8.0

 
8.9

Weighted-average shares used to compute
  diluted net income per share
389.2

 
454.8

 
401.2

 
477.0

Net income per share attributable to Juniper
  Networks common stockholders:
 
 
 
 
 
 
 
Basic
$
0.52

 
$
0.23

 
$
1.11

 
$
0.93

Diluted
$
0.51

 
$
0.23

 
$
1.09

 
$
0.91

 
 
 
 
 
 
 
 
Anti-dilutive:
 
 
 
 
 
 
 
Potential anti-dilutive shares
3.1

 
10.2

 
3.7

 
10.8

Summary of Significant Accounting Policies (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Mar. 31, 2016
Scenario, Forecast [Member]
ASU No. 2015-03 [Member]
Adjustments for new accounting pronouncements [Line Items]
 
 
Expected reduction in debt issuance cost asset
 
$ 11.0 
Expected reduction in debt liabilities
$ (1,948.6)
$ 11.0 
Cash Equivalents and Investments - Available-For-Sale and Trading Securities (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Available-for-sale securities:
 
 
Available-for-sale securities, amortized cost
$ 1,976.8 
$ 2,071.9 
Available-for-sale securities, gross unrealized gains
1.9 
0.6 
Available-for-sale securities, gross unrealized losses
(2.2)
(1.7)
Available-for-sale securities, estimated fair value
1,976.5 
2,070.8 
Trading securities:
 
 
Trading securities, amortized cost
16.8 
16.3 
Trading securities, gross unrealized gains
0 
0 
Trading securities, gross unrealized losses
0 
0 
Trading securities, estimated fair value
16.8 
16.3 
Available-for-sale and Trading Securities [Abstract]
 
 
Total investments, amortized cost
1,993.6 
2,088.2 
Total investments, gross unrealized gains
1.9 
0.6 
Total investments, gross unrealized losses
(2.2)
(1.7)
Total investments, estimated fair value
1,993.3 
2,087.1 
Cash equivalents [Member]
 
 
Available-for-sale and Trading Securities [Abstract]
 
 
Total investments, amortized cost
166.3 
576.6 
Total investments, gross unrealized gains
0 
0 
Total investments, gross unrealized losses
0 
0 
Total investments, estimated fair value
166.3 
576.6 
Restricted investments [Member]
 
 
Available-for-sale and Trading Securities [Abstract]
 
 
Total investments, amortized cost
33.4 
45.2 
Total investments, gross unrealized gains
0.1 
0 
Total investments, gross unrealized losses
0 
0 
Total investments, estimated fair value
33.5 
45.2 
Short-term investments [Member]
 
 
Available-for-sale and Trading Securities [Abstract]
 
 
Total investments, amortized cost
529.1 
332.2 
Total investments, gross unrealized gains
0.9 
0.2 
Total investments, gross unrealized losses
(0.1)
(0.2)
Total investments, estimated fair value
529.9 
332.2 
Long-term investments [Member]
 
 
Available-for-sale and Trading Securities [Abstract]
 
 
Total investments, amortized cost
1,264.8 
1,134.2 
Total investments, gross unrealized gains
0.9 
0.4 
Total investments, gross unrealized losses
(2.1)
(1.5)
Total investments, estimated fair value
1,263.6 
1,133.1 
Debt Securities [Member]
 
 
Available-for-sale securities:
 
 
Available-for-sale securities, amortized cost
1,769.1 
1,471.7 
Available-for-sale securities, gross unrealized gains
1.1 
0.5 
Available-for-sale securities, gross unrealized losses
(2.2)
(1.6)
Available-for-sale securities, estimated fair value
1,768.0 
1,470.6 
Asset-backed securities [Member]
 
 
Available-for-sale securities:
 
 
Available-for-sale securities, amortized cost
324.2 
269.3 
Available-for-sale securities, gross unrealized gains
0.1 
0 
Available-for-sale securities, gross unrealized losses
(0.2)
(0.3)
Available-for-sale securities, estimated fair value
324.1 
269.0 
Certificates of deposit [Member]
 
 
Available-for-sale securities:
 
 
Available-for-sale securities, amortized cost
3.8 
10.6 
Available-for-sale securities, gross unrealized gains
0 
0 
Available-for-sale securities, gross unrealized losses
0 
0 
Available-for-sale securities, estimated fair value
3.8 
10.6 
Commercial paper [Member]
 
 
Available-for-sale securities:
 
 
Available-for-sale securities, amortized cost
9.4 
20.3 
Available-for-sale securities, gross unrealized gains
0 
0 
Available-for-sale securities, gross unrealized losses
0 
0 
Available-for-sale securities, estimated fair value
9.4 
20.3 
Corporate debt securities [Member]
 
 
Available-for-sale securities:
 
 
Available-for-sale securities, amortized cost
935.8 
738.6 
Available-for-sale securities, gross unrealized gains
0.7 
0.5 
Available-for-sale securities, gross unrealized losses
(1.9)
(1.1)
Available-for-sale securities, estimated fair value
934.6 
738.0 
Foreign government debt securities [Member]
 
 
Available-for-sale securities:
 
 
Available-for-sale securities, amortized cost
16.5 
24.6 
Available-for-sale securities, gross unrealized gains
0 
0 
Available-for-sale securities, gross unrealized losses
0 
0 
Available-for-sale securities, estimated fair value
16.5 
24.6 
Government-sponsored enterprise obligations [Member]
 
 
Available-for-sale securities:
 
 
Available-for-sale securities, amortized cost
214.1 
162.2 
Available-for-sale securities, gross unrealized gains
0.1 
0 
Available-for-sale securities, gross unrealized losses
0 
(0.1)
Available-for-sale securities, estimated fair value
214.2 
162.1 
US government securities [Member]
 
 
Available-for-sale securities:
 
 
Available-for-sale securities, amortized cost
265.3 
246.1 
Available-for-sale securities, gross unrealized gains
0.2 
0 
Available-for-sale securities, gross unrealized losses
(0.1)
(0.1)
Available-for-sale securities, estimated fair value
265.4 
246.0 
Money market funds [Member]
 
 
Available-for-sale securities:
 
 
Available-for-sale securities, amortized cost
196.0 
594.2 
Available-for-sale securities, gross unrealized gains
0 
0 
Available-for-sale securities, gross unrealized losses
0 
0 
Available-for-sale securities, estimated fair value
196.0 
594.2 
Mutual funds [Member]
 
 
Available-for-sale securities:
 
 
Available-for-sale securities, amortized cost
3.7 
3.9 
Available-for-sale securities, gross unrealized gains
0.1 
0.1 
Available-for-sale securities, gross unrealized losses
0 
0 
Available-for-sale securities, estimated fair value
3.8 
4.0 
Publicly-traded equity securities [Member]
 
 
Available-for-sale securities:
 
 
Available-for-sale securities, amortized cost
8.0 
2.1 
Available-for-sale securities, gross unrealized gains
0.7 
0 
Available-for-sale securities, gross unrealized losses
0 
(0.1)
Available-for-sale securities, estimated fair value
$ 8.7 
$ 2.0 
Cash Equivalents and Investments - Maturities of Fixed Income Investments (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Schedule of Fixed Income Securities Maturities [Abstract]
 
Amortized cost due within one year
$ 504.2 
Gross unrealized gains due within one year
0.3 
Gross unrealized losses due within one year
(0.1)
Estimated fair value due within one year
504.4 
Amortized cost due between one and five years
1,264.9 
Gross unrealized gains due between one and five years
0.8 
Gross unrealized losses due between one and five year
(2.1)
Estimated fair value due between one and five year
1,263.6 
Total investments, amortized cost
1,769.1 
Gross Unrealized Gains
1.1 
Gross Unrealized Losses
(2.2)
Total investments, estimated fair value
$ 1,768.0 
Cash Equivalents, and Investments, Narrative (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Investment
Sep. 30, 2014
Sep. 30, 2015
Investment
Sep. 30, 2014
Dec. 31, 2014
Investment
Cash Equivalents and Investments [Abstract]
 
 
 
 
 
Total investments in unrealized loss position
440 
 
440 
 
437 
Available-for-sale securities, other than temporary impairment
$ 0 
$ 1.1 
$ 0 
$ 2.7 
 
Available-for-sale securities, gross realized gains
 
 
 
166.3 
 
Privately-held investments
91.3 
 
91.3 
 
89.9 
Privately held investments at fair value
48.9 
 
48.9 
 
47.5 
Unrealized gain (loss) on privately-held debt securities
0 
0 
0 
10.0 
 
Other than temporary impairment of privately-held investments
$ 0 
$ 1.1 
$ 0 
$ 1.1 
 
Cash Equivalents and Investments - Unrealized Loss on Available-for-Sale Securities (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
 
 
Fair value, less than 12 months
$ 885.3 
$ 1,067.2 
Unrealized loss, less than 12 months
(2.1)
(1.7)
Fair value, 12 months or greater
51.7 
0 
Unrealized loss, 12 months or greater
(0.1)
0 
Total fair value, available-for-sale investments in continuous unrealized loss position
937.0 
1,067.2 
Total unrealized loss, available-for-sale investments in continuous unrealized loss position
(2.2)
(1.7)
Debt Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Fair value, less than 12 months
885.3 
1,065.2 
Unrealized loss, less than 12 months
(2.1)
(1.6)
Fair value, 12 months or greater
51.7 
0 
Unrealized loss, 12 months or greater
(0.1)
0 
Total fair value, available-for-sale investments in continuous unrealized loss position
937.0 
1,065.2 
Total unrealized loss, available-for-sale investments in continuous unrealized loss position
(2.2)
(1.6)
Asset-backed securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Fair value, less than 12 months
188.5 
221.9 
Unrealized loss, less than 12 months
(0.2)
(0.3)
Fair value, 12 months or greater
34.2 
0 
Unrealized loss, 12 months or greater
0 
0 
Total fair value, available-for-sale investments in continuous unrealized loss position
222.7 
221.9 
Total unrealized loss, available-for-sale investments in continuous unrealized loss position
(0.2)
(0.3)
Corporate debt securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Fair value, less than 12 months
522.0 
515.9 
Unrealized loss, less than 12 months
(1.8)
(1.1)
Fair value, 12 months or greater
17.5 
0 
Unrealized loss, 12 months or greater
(0.1)
0 
Total fair value, available-for-sale investments in continuous unrealized loss position
539.5 
515.9 
Total unrealized loss, available-for-sale investments in continuous unrealized loss position
(1.9)
(1.1)
Foreign government debt securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Fair value, less than 12 months
13.5 
24.6 
Unrealized loss, less than 12 months
0 
0 
Fair value, 12 months or greater
0 
0 
Unrealized loss, 12 months or greater
0 
0 
Total fair value, available-for-sale investments in continuous unrealized loss position
13.5 
24.6 
Total unrealized loss, available-for-sale investments in continuous unrealized loss position
0 
0 
Government-sponsored enterprise obligations [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Fair value, less than 12 months
41.8 
113.8 
Unrealized loss, less than 12 months
0 
(0.1)
Fair value, 12 months or greater
0 
0 
Unrealized loss, 12 months or greater
0 
0 
Total fair value, available-for-sale investments in continuous unrealized loss position
41.8 
113.8 
Total unrealized loss, available-for-sale investments in continuous unrealized loss position
0 
(0.1)
US government securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Fair value, less than 12 months
119.5 
189.0 
Unrealized loss, less than 12 months
(0.1)
(0.1)
Fair value, 12 months or greater
0 
0 
Unrealized loss, 12 months or greater
0 
0 
Total fair value, available-for-sale investments in continuous unrealized loss position
119.5 
189.0 
Total unrealized loss, available-for-sale investments in continuous unrealized loss position
(0.1)
(0.1)
Publicly-traded equity securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Fair value, less than 12 months
 
2.0 
Unrealized loss, less than 12 months
 
(0.1)
Fair value, 12 months or greater
 
0 
Unrealized loss, 12 months or greater
 
0 
Total fair value, available-for-sale investments in continuous unrealized loss position
 
2.0 
Total unrealized loss, available-for-sale investments in continuous unrealized loss position
 
$ (0.1)
Fair Value Measurements (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2015
Dec. 31, 2014
Available-for-sale securities:
 
 
 
Available-for-sale securities
$ 1,976.5 
$ 1,976.5 
$ 2,070.8 
Trading securities:
 
 
 
Trading securities
16.8 
16.8 
16.3 
Fair Value Measurements (Textuals)
 
 
 
Restricted investments
29.7 
29.7 
41.3 
Asset-backed Securities [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
324.1 
324.1 
269.0 
Certificates of deposit [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
3.8 
3.8 
10.6 
Commercial paper [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
9.4 
9.4 
20.3 
Corporate debt securities [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
934.6 
934.6 
738.0 
Foreign government debt securities [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
16.5 
16.5 
24.6 
Government-sponsored enterprise obligations [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
214.2 
214.2 
162.1 
Money market funds [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
196.0 
196.0 
594.2 
Mutual funds [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
3.8 
3.8 
4.0 
Publicly-traded equity securities [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
8.7 
8.7 
2.0 
US government securities [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
265.4 
265.4 
246.0 
Privately-held debt and redeemable preferred stock securities [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
1,768.0 
1,768.0 
1,470.6 
Fair Value, Measurements, Recurring [Member]
 
 
 
Derivative assets:
 
 
 
Total assets measured at fair value
2,042.8 
2,042.8 
2,134.7 
Liabilities measured at fair value:
 
 
 
Other accrued liabilities
(1.3)
(1.3)
(3.9)
Total liabilities measured at fair value
(1.3)
(1.3)
(3.9)
Cash equivalents
166.3 
166.3 
576.6 
Restricted investments
33.5 
33.5 
45.2 
Short-term investments
529.9 
529.9 
332.2 
Long-term investments
1,263.6 
1,263.6 
1,133.1 
Prepaid expenses and other current assets
0.6 
0.6 
0.1 
Other long-term assets
48.9 
48.9 
47.5 
Fair Value, Measurements, Recurring [Member] |
Foreign exchange contract [Member]
 
 
 
Derivative assets:
 
 
 
Foreign exchange contracts
0.6 
0.6 
0.1 
Liabilities measured at fair value:
 
 
 
Derivative liabilities
(1.3)
(1.3)
(3.9)
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Derivative assets:
 
 
 
Total assets measured at fair value
490.7 
490.7 
862.5 
Liabilities measured at fair value:
 
 
 
Other accrued liabilities
0 
0 
0 
Total liabilities measured at fair value
0 
0 
0 
Cash equivalents
166.3 
166.3 
552.9 
Restricted investments
33.5 
33.5 
45.2 
Short-term investments
135.1 
135.1 
87.0 
Long-term investments
155.8 
155.8 
177.4 
Prepaid expenses and other current assets
0 
0 
0 
Other long-term assets
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 1 [Member] |
Foreign exchange contract [Member]
 
 
 
Derivative assets:
 
 
 
Foreign exchange contracts
0 
0 
0 
Liabilities measured at fair value:
 
 
 
Derivative liabilities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Derivative assets:
 
 
 
Total assets measured at fair value
1,503.2 
1,503.2 
1,224.7 
Liabilities measured at fair value:
 
 
 
Other accrued liabilities
(1.3)
(1.3)
(3.9)
Total liabilities measured at fair value
(1.3)
(1.3)
(3.9)
Cash equivalents
0 
0 
23.7 
Restricted investments
0 
0 
0 
Short-term investments
394.8 
394.8 
245.2 
Long-term investments
1,107.8 
1,107.8 
955.7 
Prepaid expenses and other current assets
0.6 
0.6 
0.1 
Other long-term assets
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 2 [Member] |
Foreign exchange contract [Member]
 
 
 
Derivative assets:
 
 
 
Foreign exchange contracts
0.6 
0.6 
0.1 
Liabilities measured at fair value:
 
 
 
Derivative liabilities
(1.3)
(1.3)
(3.9)
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Derivative assets:
 
 
 
Total assets measured at fair value
48.9 
48.9 
47.5 
Liabilities measured at fair value:
 
 
 
Other accrued liabilities
0 
0 
0 
Total liabilities measured at fair value
0 
0 
0 
Cash equivalents
0 
0 
0 
Restricted investments
0 
0 
0 
Short-term investments
0 
0 
0 
Long-term investments
0 
0 
0 
Prepaid expenses and other current assets
0 
0 
0 
Other long-term assets
48.9 
48.9 
47.5 
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 3 [Member] |
Foreign exchange contract [Member]
 
 
 
Derivative assets:
 
 
 
Foreign exchange contracts
0 
0 
0 
Liabilities measured at fair value:
 
 
 
Derivative liabilities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Asset-backed Securities [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
324.1 
324.1 
269.0 
Fair Value, Measurements, Recurring [Member] |
Asset-backed Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Asset-backed Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
324.1 
324.1 
269.0 
Fair Value, Measurements, Recurring [Member] |
Asset-backed Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Certificates of deposit [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
3.8 
3.8 
10.6 
Fair Value, Measurements, Recurring [Member] |
Certificates of deposit [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Certificates of deposit [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
3.8 
3.8 
10.6 
Fair Value, Measurements, Recurring [Member] |
Certificates of deposit [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Commercial paper [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
9.4 
9.4 
20.3 
Fair Value, Measurements, Recurring [Member] |
Commercial paper [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Commercial paper [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
9.4 
9.4 
20.3 
Fair Value, Measurements, Recurring [Member] |
Commercial paper [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Corporate debt securities [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
934.6 
934.6 
738.0 
Fair Value, Measurements, Recurring [Member] |
Corporate debt securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Corporate debt securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
934.6 
934.6 
738.0 
Fair Value, Measurements, Recurring [Member] |
Corporate debt securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Foreign government debt securities [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
16.5 
16.5 
24.6 
Fair Value, Measurements, Recurring [Member] |
Foreign government debt securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Foreign government debt securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
16.5 
16.5 
24.6 
Fair Value, Measurements, Recurring [Member] |
Foreign government debt securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Government-sponsored enterprise obligations [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
214.2 
214.2 
162.1 
Fair Value, Measurements, Recurring [Member] |
Government-sponsored enterprise obligations [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Government-sponsored enterprise obligations [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
214.2 
214.2 
162.1 
Fair Value, Measurements, Recurring [Member] |
Government-sponsored enterprise obligations [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Money market funds [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
196.0 
196.0 
594.2 
Fair Value, Measurements, Recurring [Member] |
Money market funds [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
196.0 
196.0 
594.2 
Fair Value, Measurements, Recurring [Member] |
Money market funds [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Money market funds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Mutual funds [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
3.8 
3.8 
4.0 
Trading securities:
 
 
 
Trading securities
16.8 
16.8 
16.3 
Fair Value, Measurements, Recurring [Member] |
Mutual funds [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
3.8 
3.8 
4.0 
Trading securities:
 
 
 
Trading securities
16.8 
16.8 
16.3 
Fair Value, Measurements, Recurring [Member] |
Mutual funds [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Trading securities:
 
 
 
Trading securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Mutual funds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Trading securities:
 
 
 
Trading securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Publicly-traded equity securities [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
8.7 
8.7 
2.0 
Fair Value, Measurements, Recurring [Member] |
Publicly-traded equity securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
8.7 
8.7 
2.0 
Fair Value, Measurements, Recurring [Member] |
Publicly-traded equity securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Publicly-traded equity securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
US government securities [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
265.4 
265.4 
246.0 
Fair Value, Measurements, Recurring [Member] |
US government securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
265.4 
265.4 
246.0 
Fair Value, Measurements, Recurring [Member] |
US government securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
US government securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Available-for-sale securities [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
1,976.5 
1,976.5 
2,070.8 
Fair Value, Measurements, Recurring [Member] |
Available-for-sale securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
473.9 
473.9 
846.2 
Fair Value, Measurements, Recurring [Member] |
Available-for-sale securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
1,502.6 
1,502.6 
1,224.6 
Fair Value, Measurements, Recurring [Member] |
Available-for-sale securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Available-for-sale securities:
 
 
 
Available-for-sale securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Privately-held debt and redeemable preferred stock securities [Member]
 
 
 
Trading securities:
 
 
 
Privately-held debt and redeemable preferred stock securities
48.9 
48.9 
47.5 
Fair Value, Measurements, Recurring [Member] |
Privately-held debt and redeemable preferred stock securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Trading securities:
 
 
 
Privately-held debt and redeemable preferred stock securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Privately-held debt and redeemable preferred stock securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Trading securities:
 
 
 
Privately-held debt and redeemable preferred stock securities
0 
0 
0 
Fair Value, Measurements, Recurring [Member] |
Privately-held debt and redeemable preferred stock securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Trading securities:
 
 
 
Privately-held debt and redeemable preferred stock securities
48.9 
48.9 
47.5 
Fair Value Measurements (Textuals)
 
 
 
Purchases of privately-held investments
$ 2.2 
$ 5.0 
 
Fair Value Measurements - Narrative (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 3 Months Ended 9 Months Ended
Dec. 31, 2014
Security [Member]
Sep. 30, 2015
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2014
Fair Value, Inputs, Level 3 [Member]
Sep. 30, 2015
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2014
Fair Value, Inputs, Level 2 [Member]
Sep. 30, 2015
Debt Securities [Member]
Fair Value, Inputs, Level 3 [Member]
Fair Value, Measurements, Recurring [Member]
Sep. 30, 2015
Debt Securities [Member]
Fair Value, Inputs, Level 3 [Member]
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
 
Purchases of privately-held investments
 
 
 
 
 
$ 2.2 
$ 5.0 
Goodwill impairment loss
850.0 
 
 
 
 
 
 
Short-term and Long-term debt, fair value
 
 
 
1,976.0 
1,395.2 
 
 
Note receivable, fair value
 
$ 125.0 
$ 125.0 
 
 
 
 
Derivative Instruments (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Derivatives, Fair Value [Line Items]
 
 
Notional amount of foreign currency derivatives
$ 172.2 
$ 238.7 
Cash flow hedges [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Notional amount of foreign currency derivatives
116.3 
160.7 
Non-designated derivatives [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Notional amount of foreign currency derivatives
$ 55.9 
$ 78.0 
Derivative Instruments, Cash Flow Hedges and Offsetting of Derivatives (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Derivatives, Fair Value [Line Items]
 
 
 
 
Maximum length of time hedged in cash flow hedge
 
 
1 year 
 
Foreign exchange contract [Member] |
Cash flow hedging [Member]
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Derivative instruments, gain (loss) recognized in other comprehensive income (loss), Effective portion
$ (1.9)
$ (2.8)
$ (5.2)
$ 1.7 
Foreign exchange contract [Member] |
Cash flow hedging [Member] |
Operating expense [Member]
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Derivative instruments, gain (loss) reclassified from accumulated OCI into operating expense, Effective portion
$ (1.9)
$ 1.5 
$ (8.7)
$ 5.0 
Derivative Instruments, Non-Designated Hedges (Details) (Foreign exchange contract [Member], USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Maturity period of non designated hedges derivatives
 
 
2 months 
 
Other income (expense), net [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Net gain (loss) on non-designated derivative instruments
$ (0.1)
$ (0.3)
$ (0.4)
$ (3.3)
Goodwill and Purchased Intangible Assets, Goodwill (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Goodwill [Roll Forward]
 
Balance as of December 31, 2014
$ 2,981.5 
Other
(0.2)
Balance as of September 30, 2015
$ 2,981.3 
Goodwill and Purchased Intangible Assets, Purchased Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Purchased Intangible Assets [Line Items]
 
 
Finite-lived intangible assets, net
$ 39.2 
 
Total purchased intangible assets, gross
646.9 
646.9 
Total purchased intangible assets, accumulated amortization
(555.0)
(531.8)
Total purchased intangible assets, impairments and other charges
(52.7)
(52.7)
Total purchased intangible assets, net
39.2 
62.4 
Technologies and patents [Member]
 
 
Purchased Intangible Assets [Line Items]
 
 
Finite-lived intangible assets, gross
567.7 
567.7 
Finite-lived intangible assets, accumulated amortization
(487.2)
(466.1)
Finite-lived intangible assets, impairments and other charges
(49.9)
(49.9)
Finite-lived intangible assets, net
30.6 
51.7 
Customer contracts, support agreements, and related relationships [Member]
 
 
Purchased Intangible Assets [Line Items]
 
 
Finite-lived intangible assets, gross
78.1 
78.1 
Finite-lived intangible assets, accumulated amortization
(67.2)
(65.2)
Finite-lived intangible assets, impairments and other charges
(2.8)
(2.8)
Finite-lived intangible assets, net
8.1 
10.1 
Other intangible assets [Member]
 
 
Purchased Intangible Assets [Line Items]
 
 
Finite-lived intangible assets, gross
1.1 
1.1 
Finite-lived intangible assets, accumulated amortization
(0.6)
(0.5)
Finite-lived intangible assets, impairments and other charges
0 
0 
Finite-lived intangible assets, net
$ 0.5 
$ 0.6 
Goodwill and Purchased Intangible Assets, Finite Lived Intangible Assets by Class (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
 
 
 
 
Amortization of intangible assets
$ 5.6 
$ 8.5 
$ 23.2 
$ 27.8 
Acceleration of the end of life of certain intangible assets, finite-lived
0 
0 
5.6 
0 
Cost of Revenues [Member]
 
 
 
 
Acquired Finite-Lived Intangible Assets [Line Items]
 
 
 
 
Amortization of intangible assets
4.7 
7.1 
20.2 
23.7 
Sales and Marketing Expense [Member]
 
 
 
 
Acquired Finite-Lived Intangible Assets [Line Items]
 
 
 
 
Amortization of intangible assets
0.7 
1.1 
2.1 
3.2 
General and Administrative Expense [Member]
 
 
 
 
Acquired Finite-Lived Intangible Assets [Line Items]
 
 
 
 
Amortization of intangible assets
0.2 
0.3 
0.9 
0.9 
Operating expense [Member]
 
 
 
 
Acquired Finite-Lived Intangible Assets [Line Items]
 
 
 
 
Amortization of intangible assets
$ 0.9 
$ 1.4 
$ 3.0 
$ 4.1 
Goodwill and Purchased Intangible Assets, Estimated Future Amortization Expense Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
 
Remainder of 2015
$ 5.3 
2016
11.6 
2017
7.0 
2018
5.1 
2019
4.9 
Thereafter
5.3 
Finite-lived intangible assets, net
$ 39.2 
Other Financial Information, Inventories, Net (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Sep. 30, 2015
Restructuring Plan 2014 [Member]
Inventory Write-down [Member]
Sep. 30, 2014
Restructuring Plan 2014 [Member]
Inventory Write-down [Member]
Sep. 30, 2015
Restructuring Plan 2014 [Member]
Inventory Write-down [Member]
Sep. 30, 2014
Restructuring Plan 2014 [Member]
Inventory Write-down [Member]
Other Financial Information [Abstract]
 
 
 
 
 
 
Production materials
$ 45.2 
$ 38.3 
 
 
 
 
Finished goods
27.1 
24.2 
 
 
 
 
Inventories
72.3 
62.5 
 
 
 
 
Statement [Line Items]
 
 
 
 
 
 
Restructuring charges
$ (4.0)
 
$ 0 
$ 0 
$ 0 
$ 15.5 
Other Financial Information, Other Long Term Assets (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 18 Months Ended
Sep. 30, 2015
Sep. 30, 2015
Dec. 31, 2014
Oct. 1, 2014
Junos Pulse [Member]
Apr. 1, 2017
Junos Pulse [Member]
Scenario, Forecast [Member]
Subsequent Event [Member]
Other Financial Information [Line Items]
 
 
 
 
 
Privately-held investments
$ 91.3 
$ 91.3 
$ 89.9 
 
 
Licensed software
7.7 
7.7 
8.6 
 
 
Federal income tax receivable
28.9 
28.9 
20.0 
 
 
Customer financing receivable
1.5 
1.5 
16.9 
 
 
Inventory
8.7 
8.7 
8.0 
 
 
Prepaid costs, deposits, and other
60.5 
60.5 
35.5 
 
 
Promissory note in connection with the sale of Junos Pulse
125.0 
125.0 
125.0 
125.0 
 
Interest Receivable
6.3 
6.3 
0 
 
 
Other long-term assets
329.9 
329.9 
303.9 
 
 
Consideration
 
 
 
230.7 
 
Cash Consideration
 
 
 
105.7 
 
Working capital adjustment
 
 
 
19.3 
 
Scheduled interest payments not received
3.1 
3.1 
 
 
 
Required minimum payment due on notes receivable
 
 
 
 
75.0 
Interest income
$ 1.6 
$ 4.7 
 
 
 
Other Financial Information, Warranties (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Movement in Standard Product Warranty Accrual [Roll Forward]
 
Balance as of December 31, 2014
$ 28.7 
Provisions made during the period
20.8 
Adjustments related to pre-existing warranties
(21.2)
Balance as of September 30, 2015
$ 28.3 
Other Financial Information, Deferred Revenue (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Deferred revenue:
 
 
Total deferred revenue
$ 1,124.9 
$ 1,075.7 
Reported as:
 
 
Current
814.4 
780.8 
Long-term
310.5 
294.9 
Total deferred revenue
1,124.9 
1,075.7 
Sales Revenue, Product, Net [Member]
 
 
Deferred revenue:
 
 
Undelivered product commitments and other product deferrals
221.7 
180.3 
Distributor inventory and other sell-through items
63.1 
103.7 
Deferred gross product revenue
284.8 
284.0 
Deferred cost of product revenue
(43.7)
(58.4)
Total deferred revenue
241.1 
225.6 
Reported as:
 
 
Total deferred revenue
241.1 
225.6 
Sales Revenue, Service, Net [Member]
 
 
Deferred revenue:
 
 
Total deferred revenue
883.8 
850.1 
Reported as:
 
 
Total deferred revenue
$ 883.8 
$ 850.1 
Other Financial Information, Other Income (Expense), Net (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Other Financial Information [Abstract]
 
 
 
 
Interest income
$ 5.7 
$ 2.7 
$ 16.3 
$ 6.9 
Interest expense
(21.6)
(16.9)
(61.9)
(50.2)
Net gain on legal settlement
0 
0.8 
0 
196.1 
Gain (loss) on investments
6.0 
(1.9)
6.8 
165.1 
Other
1.5 
8.5 
(2.5)
8.1 
Other (expense) income, net
(8.4)
(6.8)
(41.3)
326.0 
Gain Contingencies [Line Items]
 
 
 
 
Publicly-traded equity and privately-held investments, net realized gain
 
 
 
163.0 
Net gain on legal settlement
0 
0.8 
0 
196.1 
Gain (loss) on sale of securities
 
0.8 
 
 
Cost-method investments, realized gain (loss)
6.0 
 
6.0 
 
Palo Alto Networks [Member]
 
 
 
 
Other Financial Information [Abstract]
 
 
 
 
Net gain on legal settlement
 
 
 
196.1 
Gain Contingencies [Line Items]
 
 
 
 
Net gain on legal settlement
 
 
 
196.1 
Proceeds from legal settlements
 
 
 
$ 75.0 
Restructuring and Other Charges (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
sqft
right
Sep. 30, 2015
Sep. 30, 2014
right
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring and other (benefits) charges
$ (3.5)
$ (15.0)
$ (4.0)
$ 179.4 
Restructuring charges
 
 
(4.0)
 
Area subject to Restructuring Activities
 
400,000 
 
 
Area subject to Sublease
 
100,000 
 
 
Duration of sublease
 
2 years 
 
 
Renewal Rights
 
1 
 
1 
Duration of renewal period
 
6 months 
 
 
Restructuring Reserve [Roll Forward]
 
 
 
 
Restructuring reserve, beginning of period
 
 
17.0 
 
Charges
 
 
(4.0)
 
Cash Payments
 
 
(10.3)
 
Non-cash Settlements and Other
 
 
0.8 
 
Restructuring reserve, end of period
3.5 
 
3.5 
 
Restructuring reserve
3.5 
 
3.5 
 
Cost of Revenues [Member]
 
 
 
 
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring and other (benefits) charges
(3.5)
0 
(3.5)
22.2 
Restructuring and other (benefits) charges [Member]
 
 
 
 
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring and other (benefits) charges
0 
(15.0)
(0.5)
157.2 
Severance [Member]
 
 
 
 
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring and other (benefits) charges
0 
7.1 
0.4 
45.6 
Restructuring charges
 
 
0.4 
 
Restructuring Reserve [Roll Forward]
 
 
 
 
Restructuring reserve, beginning of period
 
 
9.4 
 
Charges
 
 
0.4 
 
Cash Payments
 
 
(8.0)
 
Non-cash Settlements and Other
 
 
(1.8)
 
Restructuring reserve, end of period
0 
 
0 
 
Restructuring reserve
0 
 
0 
 
Severance [Member] |
Restructuring Plan 2014 [Member]
 
 
 
 
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring charges
 
7.1 
0.4 
45.0 
Restructuring Reserve [Roll Forward]
 
 
 
 
Charges
 
7.1 
0.4 
45.0 
Facilities [Member]
 
 
 
 
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring and other (benefits) charges
0 
(25.0)
(0.9)
12.8 
Restructuring charges
 
 
(0.9)
 
Restructuring Reserve [Roll Forward]
 
 
 
 
Restructuring reserve, beginning of period
 
 
7.4 
 
Charges
 
 
(0.9)
 
Cash Payments
 
 
(2.3)
 
Non-cash Settlements and Other
 
 
(0.7)
 
Restructuring reserve, end of period
3.5 
 
3.5 
 
Restructuring reserve
3.5 
 
3.5 
 
Facilities [Member] |
Restructuring Plan 2014 [Member]
 
 
 
 
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring charges
 
(25.0)
(0.9)
12.6 
Amount paid to Landlord
 
12.3 
 
 
Transaction Fees
 
5.3 
 
 
Restructuring Reserve [Roll Forward]
 
 
 
 
Charges
 
(25.0)
(0.9)
12.6 
Impairment charges related to licensed software [Member] |
Restructuring Plan 2014 [Member]
 
 
 
 
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring charges
 
 
 
84.7 
Restructuring Reserve [Roll Forward]
 
 
 
 
Charges
 
 
 
84.7 
Contract terminations [Member]
 
 
 
 
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring and other (benefits) charges
0 
0 
0 
2.3 
Restructuring charges
 
 
(3.5)
 
Restructuring Reserve [Roll Forward]
 
 
 
 
Restructuring reserve, beginning of period
 
 
0.2 
 
Charges
 
 
(3.5)
 
Cash Payments
 
 
0 
 
Non-cash Settlements and Other
 
 
3.3 
 
Restructuring reserve, end of period
0 
 
0 
 
Restructuring reserve
0 
 
0 
 
Contract terminations [Member] |
Restructuring Plan 2014 [Member]
 
 
 
 
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring charges
 
 
 
2.3 
Restructuring Reserve [Roll Forward]
 
 
 
 
Charges
 
 
 
2.3 
Asset impairment and write-downs [Member]
 
 
 
 
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring and other (benefits) charges
(3.5)
2.9 
(3.5)
118.7 
Asset impairment and write-downs [Member] |
Restructuring Plan 2014 [Member]
 
 
 
 
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring charges
 
 
 
0.8 
Restructuring Reserve [Roll Forward]
 
 
 
 
Charges
 
 
 
0.8 
Acceleration of Certain End of Life Products [Member] |
Restructuring Plan 2014 [Member]
 
 
 
 
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring charges
(3.5)
 
 
6.7 
Restructuring Reserve [Roll Forward]
 
 
 
 
Charges
(3.5)
 
 
6.7 
Asset Write-Down [Member] |
Restructuring Plan 2014 [Member]
 
 
 
 
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring charges
 
2.9 
 
11.8 
Restructuring Reserve [Roll Forward]
 
 
 
 
Charges
 
2.9 
 
11.8 
Inventory Write-down [Member] |
Restructuring Plan 2014 [Member]
 
 
 
 
Restructuring Reserve [Line Items]
 
 
 
 
Restructuring charges
0 
0 
0 
15.5 
Restructuring Reserve [Roll Forward]
 
 
 
 
Charges
$ 0 
$ 0 
$ 0 
$ 15.5 
Debt and Financing (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Sep. 30, 2015
Financing guarantee with recourse [Member]
Sep. 30, 2015
Minimum [Member]
Sep. 30, 2015
Maximum [Member]
Sep. 30, 2015
Fixed rate note due 2016 [Member]
Mar. 31, 2011
Fixed rate note due 2016 [Member]
Sep. 30, 2015
Fixed rate note due 2020 [Member]
Mar. 31, 2015
Fixed rate note due 2020 [Member]
Sep. 30, 2015
Fixed rate note due 2020 [Member]
One Month Prior to Maturity [Member]
Sep. 30, 2015
Fixed rate note due 2020 [Member]
Three Months Prior to Maturity [Member]
Treasury Rate [Member]
Sep. 30, 2015
Fixed rate note due 2020 [Member]
On or After May 15, 2020 [Member]
Sep. 30, 2015
Fixed rate note due 2021 [Member]
Mar. 31, 2011
Fixed rate note due 2021 [Member]
Sep. 30, 2015
Fixed rate note due 2024 [Member]
Mar. 31, 2014
Fixed rate note due 2024 [Member]
Sep. 30, 2015
Fixed rate note due 2025 [Member]
Mar. 31, 2015
Fixed rate note due 2025 [Member]
Sep. 30, 2015
Fixed rate note due 2025 [Member]
One Month Prior to Maturity [Member]
Treasury Rate [Member]
Sep. 30, 2015
Fixed rate note due 2025 [Member]
Three Months Prior to Maturity [Member]
Sep. 30, 2015
Fixed rate note due 2025 [Member]
On or After March 15, 2025 [Member]
Sep. 30, 2015
Fixed rate note due 2041 [Member]
Mar. 31, 2011
Fixed rate note due 2041 [Member]
Sep. 30, 2015
Other Fixed Rate Notes [Member]
Debt [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt, gross
 
 
 
 
 
 
 
 
$ 300.0 
$ 300.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt, gross
 
 
 
 
 
 
 
 
 
 
300.0 
300.0 
 
 
 
300.0 
300.0 
350.0 
350.0 
300.0 
300.0 
 
 
 
400.0 
400.0 
 
Total senior notes
1,950.0 
 
1,950.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unaccreted discount
(1.4)
 
(1.4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term and Long-term debt, net of discount
1,948.6 
 
1,948.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt
299.9 
 
299.9 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
1,648.7 
 
1,648.7 
 
1,349.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective interest rate
 
 
 
 
 
 
 
 
3.25% 
 
3.47% 
 
 
 
 
4.69% 
 
4.63% 
 
4.47% 
 
 
 
 
6.03% 
 
 
Long-term debt, stated interest rate
 
 
 
 
 
 
 
 
3.10% 
3.10% 
3.30% 
3.30% 
 
 
 
4.60% 
4.60% 
4.50% 
4.50% 
4.35% 
4.35% 
 
 
 
5.95% 
5.95% 
 
Redemption period
 
 
 
 
 
 
 
 
 
 
1 month 
 
 
 
 
 
 
 
 
3 months 
 
 
 
 
 
 
 
Redemption price
 
 
 
 
 
 
 
 
 
 
 
 
100.00% 
 
100.00% 
 
 
 
 
 
 
 
100.00% 
100.00% 
 
 
100.00% 
Redemption discount rate, basis spread on variable rate
 
 
 
 
 
 
 
 
 
 
 
 
 
0.30% 
 
 
 
 
 
 
 
0.375% 
 
 
 
 
 
Redemption percent due to change in control
101.00% 
 
101.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing Arrangements [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of days due from receivable
 
 
 
 
 
 
30 days 
90 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sale of receivable
11.4 
92.8 
69.9 
429.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from sale and collection of receivables
9.1 
128.9 
94.6 
473.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Receivables from sale of receivables
3.7 
 
3.7 
 
28.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum term for guarantees related to third-party financing arrangements
 
 
4 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guarantor obligations, current carrying value
 
 
 
 
 
11.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash received from financing provider that has not been recognized as revenue
$ 16.8 
 
$ 16.8 
 
$ 67.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt and Financing Revolving Credit Facility (Details) (Revolving Credit Facility [Member], USD $)
0 Months Ended
Jun. 27, 2014
Line of Credit Facility [Line Items]
 
Revolving credit facility limit
$ 500,000,000.0 
Revolving credit facility, additional borrowing capacity
$ 200,000,000 
Base Rate [Member] |
Minimum [Member]
 
Line of Credit Facility [Line Items]
 
Basis spread on variable rate
0.00% 
Base Rate [Member] |
Maximum [Member]
 
Line of Credit Facility [Line Items]
 
Basis spread on variable rate
0.50% 
Eurodollar [Member] |
Minimum [Member]
 
Line of Credit Facility [Line Items]
 
Basis spread on variable rate
0.90% 
Eurodollar [Member] |
Maximum [Member]
 
Line of Credit Facility [Line Items]
 
Basis spread on variable rate
1.50% 
Federal Funds Rate [Member]
 
Line of Credit Facility [Line Items]
 
Basis spread on variable rate
0.50% 
ICE Benchmark Administration Settlement Rate [Member]
 
Line of Credit Facility [Line Items]
 
Basis spread on variable rate
1.00% 
Equity, Cash Dividends on Shares of Common Stock (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
0 Months Ended 3 Months Ended 9 Months Ended
Sep. 22, 2015
Jul. 23, 2015
Apr. 23, 2015
Jan. 27, 2015
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Stockholders' Equity Note [Abstract]
 
 
 
 
 
 
 
 
Cash dividends declared per common stock (in dollar per share)
 
$ 0.10 
$ 0.1 
$ 0.1 
$ 0.10 
$ 0.10 
$ 0.3 
$ 0.10 
Common stock dividends paid
$ 38.5 
 
 
 
 
 
$ 118.0 
 
Equity, Stock Repurchase Activities (Details) (USD $)
Share data in Millions, except Per Share data, unless otherwise specified
0 Months Ended 3 Months Ended 9 Months Ended 0 Months Ended 3 Months Ended
Jul. 23, 2015
Apr. 23, 2015
Jan. 27, 2015
Jul. 23, 2014
Sep. 30, 2015
Sep. 30, 2014
Mar. 31, 2014
Sep. 30, 2015
Sep. 30, 2014
institution
agreement
Feb. 28, 2014
Jul. 23, 2014
2014 Stock Repurchase Program [Member]
Mar. 31, 2014
2014 Stock Repurchase Program [Member]
Sep. 30, 2015
2014 Stock Repurchase Program [Member]
Jul. 31, 2015
2014 Stock Repurchase Program [Member]
Oct. 31, 2014
2014 Stock Repurchase Program [Member]
Sep. 30, 2014
2014 Stock Repurchase Program [Member]
Feb. 28, 2014
2014 Stock Repurchase Program [Member]
Accelerated Share Repurchases [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash dividends declared per common stock (in dollar per share)
$ 0.10 
$ 0.1 
$ 0.1 
 
$ 0.10 
$ 0.10 
 
$ 0.3 
$ 0.10 
 
 
 
 
 
 
 
 
Common stock repurchased under stock repurchase program average purchase price (in dollars per share)
 
 
 
 
$ 28.01 
$ 23.44 
 
$ 24.78 
 
 
 
 
 
 
 
 
 
Stock repurchase program, remaining authorized repurchase amount
 
 
 
 
 
 
 
 
 
 
 
 
$ 625,000,000 
 
 
 
 
Stock repurchase program, authorized amount
 
 
 
 
 
 
 
 
 
2,100,000,000 
 
 
 
3,900,000,000 
 
1,200,000,000 
1,200,000,000 
Additional amount authorized under Stock Repurchase Plan
 
 
 
 
 
 
 
 
 
 
 
 
 
500,000,000 
1,300,000,000 
 
 
Stock repurchased and retired
 
 
 
 
1.8 
23.5 
 
42.4 
 
 
 
33.3 
 
 
 
 
 
Common stock repurchased and retired under stock repurchase program, value
 
 
 
 
50,000,000 
550,000,000 
900,000,000 
1,100,000,000 
 
 
 
 
 
 
 
 
 
Number of accelerated share repurchase agreements
 
 
 
 
 
 
 
 
2 
 
 
 
 
 
 
 
 
Number of financial institutions for ASR
 
 
 
 
 
 
 
 
2 
 
 
 
 
 
 
 
 
Accelerated share repurchases, aggregate payments made during period
 
 
 
 
 
 
1,200,000,000 
 
 
 
 
 
 
 
 
 
 
Additional shares repurchased under ASR
 
 
 
16.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accelerated share repurchases, remaining amount recorded in equity
 
 
 
 
 
 
 
 
 
 
$ 300,000,000 
 
 
 
 
 
 
Total accelerated share repurchases, shares repurchased
 
 
 
49.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accelerated share repurchases, weighted average repurchase price (in USD per share)
 
 
 
$ 24.35 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity, Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
 
 
 
 
Balance as of December 31, 2014
 
 
$ (13.8)
 
Other comprehensive gain (loss) before reclassifications
 
 
(13.7)
 
Amount reclassified from accumulated other comprehensive income
 
 
8.1 
 
Other comprehensive loss, net of tax
(12.1)
(16.1)
(5.6)
(67.6)
Balance as of September 30, 2015
(19.4)
 
(19.4)
 
Cost of revenues
451.2 
411.1 
1,302.0 
1,342.4 
Sales and marketing
235.3 
249.2 
687.9 
780.6 
General and administrative
57.1 
55.0 
168.6 
190.5 
Research and development expense
247.0 
253.2 
747.3 
772.7 
Unrealized Gains (Losses) on Available-for- Sale Securities
 
 
 
 
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
 
 
 
 
Balance as of December 31, 2014
 
 
8.4 
 
Other comprehensive gain (loss) before reclassifications
 
 
4.6 
 
Amount reclassified from accumulated other comprehensive income
 
 
(0.6)
 
Other comprehensive loss, net of tax
 
 
4.0 
 
Balance as of September 30, 2015
12.4 
 
12.4 
 
Unrealized Gains (Losses) on Cash Flow Hedges
 
 
 
 
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
 
 
 
 
Balance as of December 31, 2014
 
 
(4.2)
 
Other comprehensive gain (loss) before reclassifications
 
 
(5.4)
 
Amount reclassified from accumulated other comprehensive income
 
 
8.7 
 
Other comprehensive loss, net of tax
 
 
3.3 
 
Balance as of September 30, 2015
(0.9)
 
(0.9)
 
Cost of revenues
 
 
2.6 
 
Sales and marketing
 
 
5.5 
 
General and administrative
 
 
0.5 
 
Research and development expense
 
 
0.1 
 
Foreign Currency Translation Adjustments
 
 
 
 
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
 
 
 
 
Balance as of December 31, 2014
 
 
(18.0)
 
Other comprehensive gain (loss) before reclassifications
 
 
(12.9)
 
Amount reclassified from accumulated other comprehensive income
 
 
0 
 
Other comprehensive loss, net of tax
 
 
(12.9)
 
Balance as of September 30, 2015
$ (30.9)
 
$ (30.9)
 
Employee Benefit Plans (Details) (USD $)
3 Months Ended 9 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2015
Dec. 31, 2014
Sep. 30, 2015
Equity incentive plan 2015 [Member]
May 19, 2015
Equity incentive plan 2015 [Member]
Sep. 30, 2015
Equity Incentive Plan 2015, 2006, and 1996 [Member]
Sep. 30, 2015
Equity Incentive Plan 1996, 2000, and 2006 [Member]
May 19, 2015
Equity Incentive Plan 1996, 2000, and 2006 [Member]
Sep. 30, 2015
Employee stock purchase plan 2008 [Member]
Sep. 30, 2015
Employee Stock Purchase Plan 2008 Additional Authorization [Member]
Share-Based Compensation Plans
 
 
 
 
 
 
 
 
 
 
Number of shares in authorized
 
 
 
 
38,000,000 
 
 
 
 
 
Maximum additional shares expire unexercised, under 1996 and 2000 plan
 
 
 
 
 
 
 
29,000,000 
 
 
Number of shares outstanding
 
 
 
 
 
22,100,000 
 
 
 
 
Number of shares available for future issuance
 
 
 
37,700,000 
 
 
0 
 
7,600,000 
 
Common stock, capital shares reserved for future issuance
 
 
 
 
 
 
 
 
26,000,000 
7,000,000 
Share-based compensation arrangement by share-based payment award, discount from market price
 
 
 
 
 
 
 
 
15.00% 
 
Periodic payroll deduction - percentage of base salary
 
 
 
 
 
 
 
 
10.00% 
 
Maximum purchase of common stock, shares
 
 
 
 
 
 
 
 
6,000 
 
Share-based compensation arrangement by share-based payment award, offering period
 
 
 
 
 
 
 
 
12 months 
 
Maximum purchase of common stock, value
 
 
 
 
 
 
 
 
$ 25,000 
 
Share-based compensation arrangement by share-based payment award, expiration period
 
 
 
 
 
 
 
 
1 year 
 
Common stock, shares, issued
384,800,000 
384,800,000 
416,200,000 
 
 
 
 
 
18,400,000 
 
Outstanding stock options, restricted stock units, and restricted stock awards from awards assumed
2,300,000 
2,300,000 
 
 
 
 
 
 
 
 
Number of Shares
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2014 (in shares)
 
9,900,000 
 
 
 
 
 
 
 
 
Canceled (in shares)
 
(100,000)
 
 
 
 
 
 
 
 
Exercised (in shares)
 
(2,400,000)
 
 
 
 
 
 
 
 
Expired (in shares)
 
(2,600,000)
 
 
 
 
 
 
 
 
Balance as of September 30, 2015 (in shares)
4,800,000 
4,800,000 
 
 
 
 
 
 
 
 
Weighted Average Exercise Price per Share
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2014 (in dollars per share)
 
$ 24.87 
 
 
 
 
 
 
 
 
Canceled (in dollars per share)
 
$ 23.65 
 
 
 
 
 
 
 
 
Exercised (in dollars per share)
 
$ 19.10 
 
 
 
 
 
 
 
 
Expired (in dollars per share)
 
$ 27.91 
 
 
 
 
 
 
 
 
Balance as of September 30, 2015 (in dollars per share)
$ 26.07 
$ 26.07 
 
 
 
 
 
 
 
 
Weighted average remaining contractual term at September 30, 2015
 
2 years 1 month 6 days 
 
 
 
 
 
 
 
 
Aggregate intrinsic value at September 30, 2015
20,300,000 
20,300,000 
 
 
 
 
 
 
 
 
Vested or expected-to-vest options at September 30, 2015 (in shares)
4,800,000 
4,800,000 
 
 
 
 
 
 
 
 
Vested or expected-to-vest options, weighted average exercise price at September 30, 2015 (in dollars per share)
$ 26.16 
$ 26.16 
 
 
 
 
 
 
 
 
Vested and expected-to-vest options, weighted average remaining contractual term at September 30, 2015
 
2 years 
 
 
 
 
 
 
 
 
Vested or expected-to-vest options, aggregate intrinsic value at September 30, 2015
19,900,000 
19,900,000 
 
 
 
 
 
 
 
 
Exercisable options at September 30, 2015 (in shares)
4,500,000 
4,500,000 
 
 
 
 
 
 
 
 
Exercisable options, weighted average exercise price at September 30, 2015 (in dollars per share)
$ 27.35 
$ 27.35 
 
 
 
 
 
 
 
 
Exercisable options, weighted average remaining contractual term at September 30, 2015
 
1 year 9 months 18 days 
 
 
 
 
 
 
 
 
Exercisable options, aggregate intrinsic value at September 30, 2015
14,600,000 
14,600,000 
 
 
 
 
 
 
 
 
Share price (in dollars per share)
$ 25.71 
$ 25.71 
 
 
 
 
 
 
 
 
Pre-tax intrinsic value of options exercised
$ 3,200,000 
$ 17,100,000 
 
 
 
 
 
 
 
 
Employee Benefit Plans, Share Based Compensation, Equity Instruments Other Than Options (Details) (USD $)
In Millions, except Share data, unless otherwise specified
0 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 22, 2015
Sep. 30, 2015
Sep. 30, 2015
Employee stock purchase plan 2008 [Member]
Sep. 30, 2014
Employee stock purchase plan 2008 [Member]
Sep. 30, 2015
Employee stock purchase plan 2008 [Member]
Sep. 30, 2014
Employee stock purchase plan 2008 [Member]
Sep. 30, 2015
RSUs, RSAs, and PSAs [Member]
Sep. 30, 2015
Restricted stock units (RSUs)
Sep. 30, 2015
Performance shares (PSAs)
Sep. 30, 2015
Restricted stock awards (RSAs)
Number of Shares
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2014 (in shares)
 
 
 
 
 
 
21,300,000 
 
 
 
Granted (in shares)
 
 
 
 
 
 
 
8,100,000 
800,000 
 
Vested (in shares)
 
 
 
 
 
 
 
(6,000,000)
(300,000)
(1,400,000)
Canceled (in shares)
 
 
 
 
 
 
 
(1,900,000)
(1,000,000)
 
Balance as of September 30, 2015 (in shares)
 
 
 
 
 
 
19,600,000 
 
 
 
Weighted Average Grant-Date Fair Value per Share
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2014 (in dollars per share)
 
 
 
 
 
 
$ 22.05 
 
 
 
Granted (in dollars per share)
 
 
 
 
 
 
 
$ 22.90 
$ 22.44 
 
Vested (in dollars per share)
 
 
 
 
 
 
 
$ 23.19 
$ 22.52 
$ 20.28 
Canceled (in dollars per share)
 
 
 
 
 
 
 
$ 22.09 
$ 22.28 
 
Balance as of September 30, 2015 (in dollars per share)
 
 
 
 
 
 
$ 22.15 
 
 
 
Weighted Average Remaining Contractual Term (In Years)
 
 
 
 
 
 
1 year 2 months 12 days 
 
 
 
Aggregate Intrinsic Value
 
 
 
 
 
 
$ 504.4 
 
 
 
Aggregate number of shares subject to PSAs granted
 
 
 
 
 
 
 
 
500,000 
 
Minimum shares to be issued on achievement of performance goals in respect of PSAs
 
 
 
 
 
 
 
 
0 
 
Maximum shares to be issued on achievement of performance goals in respect of PSAs
 
 
 
 
 
 
 
 
800,000 
 
Common stock, dividends paid per share (in dollar per share)
$ 0.1 
 
 
 
 
 
 
 
 
 
Common stock dividends paid
$ 38.5 
$ 118.0 
 
 
 
 
 
 
 
 
Employee Stock Purchase Plan
 
 
 
 
 
 
 
 
 
 
Employee stock purchase plans offering period duration
 
 
 
 
6 months 
 
 
 
 
 
Stock issued during period, shares, employee stock purchase plans
 
 
1,300,000 
1,400,000 
2,700,000 
2,900,000 
 
 
 
 
Average price of common stock, per share (in dollars per share)
 
 
$ 19.18 
$ 20.01 
$ 19.25 
$ 19.30 
 
 
 
 
Employee Benefit Plans, Assumptions and Resulting Estimates of Fair Value (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
ESPP [Member]
 
 
 
 
Estimates of Fair Value
 
 
 
 
Volatility
26.00% 
27.00% 
29.00% 
30.00% 
Risk-free interest rate
0.20% 
0.10% 
0.10% 
0.10% 
Expected life (years)
6 months 
6 months 
6 months 
6 months 
Dividend yield
1.40% 
1.80% 
1.70% 
1.00% 
Weighted-average fair value per share (in dollars per share)
$ 6.20 
$ 5.13 
$ 5.63 
$ 5.72 
Market-based RSUs [Member]
 
 
 
 
Estimates of Fair Value
 
 
 
 
Volatility
 
 
34.00% 
36.00% 
Risk-free interest rate
 
 
1.40% 
1.60% 
Dividend yield
 
 
1.80% 
 
Weighted-average fair value per share (in dollars per share)
 
 
$ 14.97 
$ 18.28 
Market-based RSUs [Member] |
Minimum [Member]
 
 
 
 
Estimates of Fair Value
 
 
 
 
Dividend yield
 
 
 
0.00% 
Market-based RSUs [Member] |
Maximum [Member]
 
 
 
 
Estimates of Fair Value
 
 
 
 
Dividend yield
 
 
 
1.50% 
Employee Benefit Plans, Share Based Compensation by Cost and Expense Categories (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Stock Based Compensation Expense Recorded in Cost and Expense Categories
 
 
 
 
Share-based compensation expense
$ 56.5 
$ 65.3 
$ 161.3 
$ 185.4 
Stock Options [Member]
 
 
 
 
Stock Based Compensation Expense Recorded in Cost and Expense Categories
 
 
 
 
Share-based compensation expense
1.5 
3.2 
5.2 
12.0 
RSUs, RSAs, and PSAs [Member]
 
 
 
 
Stock Based Compensation Expense Recorded in Cost and Expense Categories
 
 
 
 
Share-based compensation expense
52.4 
58.2 
146.3 
161.9 
ESPP [Member]
 
 
 
 
Stock Based Compensation Expense Recorded in Cost and Expense Categories
 
 
 
 
Share-based compensation expense
2.6 
3.9 
9.8 
11.5 
Cost of Revenues, Product [Member]
 
 
 
 
Stock Based Compensation Expense Recorded in Cost and Expense Categories
 
 
 
 
Share-based compensation expense
1.3 
1.3 
4.5 
3.9 
Cost of Revenues, Service [Member]
 
 
 
 
Stock Based Compensation Expense Recorded in Cost and Expense Categories
 
 
 
 
Share-based compensation expense
3.2 
3.6 
10.4 
10.7 
Research and Development [Member]
 
 
 
 
Stock Based Compensation Expense Recorded in Cost and Expense Categories
 
 
 
 
Share-based compensation expense
31.0 
37.1 
94.1 
100.8 
Sales and Marketing [Member]
 
 
 
 
Stock Based Compensation Expense Recorded in Cost and Expense Categories
 
 
 
 
Share-based compensation expense
13.0 
15.9 
32.2 
44.9 
General and Administrative [Member]
 
 
 
 
Stock Based Compensation Expense Recorded in Cost and Expense Categories
 
 
 
 
Share-based compensation expense
$ 8.0 
$ 7.4 
$ 20.1 
$ 25.1 
Employee Benefit Plans, Share Based Compensation by Share Based Payment Award Types (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Stock Options [Member]
 
Unrecognized Compensation Cost [Abstract]
 
Unrecognized Compensation Cost
$ 3.8 
Weighted Average Period (In Years)
9 months 18 days 
RSUs, RSAs, and PSAs [Member]
 
Unrecognized Compensation Cost [Abstract]
 
Unrecognized Compensation Cost
$ 241.9 
Weighted Average Period (In Years)
1 year 9 months 18 days 
Segments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Segment Reporting Information [Line Items]
 
 
 
 
Total net revenues
$ 1,248.6 
$ 1,125.9 
$ 3,538.2 
$ 3,525.5 
Routing [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total net revenues
604.4 
533.2 
1,711.6 
1,700.8 
Switching [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total net revenues
201.4 
155.0 
558.1 
546.8 
Security [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total net revenues
119.6 
121.3 
319.5 
367.1 
Total product [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total net revenues
925.4 
809.5 
2,589.2 
2,614.7 
Total service [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total net revenues
$ 323.2 
$ 316.4 
$ 949.0 
$ 910.8 
Segments, Geographical (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Net Revenues by Geographic Region [Line Items]
 
 
 
 
 
Total net revenues
$ 1,248.6 
$ 1,125.9 
$ 3,538.2 
$ 3,525.5 
 
Property and equipment, net and purchased intangible assets, net
999.1 
 
999.1 
 
966.7 
United States [Member]
 
 
 
 
 
Net Revenues by Geographic Region [Line Items]
 
 
 
 
 
Total net revenues
665.6 
621.3 
1,869.7 
1,905.7 
 
Property and equipment, net and purchased intangible assets, net
879.1 
 
879.1 
 
871.7 
Other [Member]
 
 
 
 
 
Net Revenues by Geographic Region [Line Items]
 
 
 
 
 
Total net revenues
47.2 
57.0 
167.9 
165.1 
 
Americas [Member]
 
 
 
 
 
Net Revenues by Geographic Region [Line Items]
 
 
 
 
 
Total net revenues
712.8 
678.3 
2,037.6 
2,070.8 
 
EMEA [Member]
 
 
 
 
 
Net Revenues by Geographic Region [Line Items]
 
 
 
 
 
Total net revenues
355.0 
290.5 
975.1 
911.0 
 
Asia Pacific [Member]
 
 
 
 
 
Net Revenues by Geographic Region [Line Items]
 
 
 
 
 
Total net revenues
180.8 
157.1 
525.5 
543.7 
 
International [Member]
 
 
 
 
 
Net Revenues by Geographic Region [Line Items]
 
 
 
 
 
Property and equipment, net and purchased intangible assets, net
$ 120.0 
 
$ 120.0 
 
$ 95.0 
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
1 Months Ended 3 Months Ended 9 Months Ended
Jul. 31, 2015
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2009
Foreign country
Sep. 30, 2015
Maximum [Member]
Income Tax Contingency [Line Items]
 
 
 
 
 
 
 
Effective income tax rate reconciliation, at federal statutory income tax rate
 
20.80% 
37.40% 
26.30% 
28.40% 
 
 
Federal statutory rate
 
 
35.00% 
35.00% 
 
 
 
Cost-sharing adjustment, discrete amount
 
$ 13.2 
$ 0 
$ 13.2 
$ 0 
 
 
Tax on equity investments
 
0 
0.7 
0 
36.3 
 
 
Restructuring
 
0 
9.2 
0 
(46.7)
 
 
Tax on gain on litigation settlement
 
0 
0 
0 
44.7 
 
 
Cost-sharing adjustment
70.3 
 
 
18.0 
 
 
 
Valuation allowance release related to gain on sale of equity investments
 
 
 
 
24.7 
 
 
Unrecognized tax benefits
 
211.4 
 
211.4 
 
 
 
Unrecognized tax benefits that would impact effective tax rate
 
176.7 
 
176.7 
 
 
 
Greater than remote likelihood decrease in gross unrecognized tax benefits within next 12 months
 
 
 
 
 
 
4.7 
Interest and penalties recorded
 
 
 
 
 
$ 4.6 
 
Net Income Per Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Numerator
 
 
 
 
Net income
$ 197.7 
$ 103.6 
$ 435.9 
$ 435.3 
Denominator
 
 
 
 
Weighted-average shares used to compute basic net income per share
382.8 
448.4 
393.2 
468.1 
Dilutive effect of employee stock awards
6.4 
6.4 
8.0 
8.9 
Weighted-average shares used to compute diluted net income per share
389.2 
454.8 
401.2 
477.0 
Net income per share:
 
 
 
 
Basic, in dollars per share
$ 0.52 
$ 0.23 
$ 1.11 
$ 0.93 
Diluted, in dollars per share
$ 0.51 
$ 0.23 
$ 1.09 
$ 0.91 
Net Income per Share Textuals
 
 
 
 
Potential anti-dilutive shares
3.1 
10.2 
3.7 
10.8 
Commitments and Contingencies (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended 3 Months Ended 9 Months Ended 0 Months Ended
Jul. 10, 2015
sqft
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Jul. 10, 2015
Dec. 31, 2014
Sep. 30, 2015
Construction in Progress [Member]
Sep. 30, 2015
Fixed rate note due 2016 [Member]
Mar. 31, 2011
Fixed rate note due 2016 [Member]
Sep. 30, 2015
Fixed rate note due 2020 [Member]
Mar. 31, 2015
Fixed rate note due 2020 [Member]
Sep. 30, 2015
Fixed rate note due 2021 [Member]
Mar. 31, 2011
Fixed rate note due 2021 [Member]
Sep. 30, 2015
Fixed rate note due 2024 [Member]
Mar. 31, 2014
Fixed rate note due 2024 [Member]
Sep. 30, 2015
Fixed rate note due 2025 [Member]
Mar. 31, 2015
Fixed rate note due 2025 [Member]
Sep. 30, 2015
Fixed rate note due 2041 [Member]
Mar. 31, 2011
Fixed rate note due 2041 [Member]
Jul. 10, 2015
Minimum [Member]
Jul. 10, 2015
Maximum [Member]
Summarization of principal contractual obligations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Future minimum payments under the non-cancelable operating leases
 
$ 123.1 
 
$ 123.1 
 
$ 118.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rent expense
 
33.2 
36.5 
10.8 
10.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lease term, option to extend
20 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increment for lease extension
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5 years 
10 years 
Square feet of leased space
63,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term of lease
10 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tenant allowance
6.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
 
959.9 
 
959.9 
 
 
904.3 
10.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total purchase commitments
 
558.7 
 
558.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrual for estimated carrying charges or obsolete materials charges
 
19.2 
 
19.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt
 
299.9 
 
299.9 
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt, carrying value
 
1,648.7 
 
1,648.7 
 
 
1,349.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt, gross
 
 
 
 
 
 
 
 
300.0 
300.0 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt, gross
 
 
 
 
 
 
 
 
 
 
300.0 
300.0 
300.0 
300.0 
350.0 
350.0 
300.0 
300.0 
400.0 
400.0 
 
 
Short-term and Long-term debt, stated interest rate
 
 
 
 
 
 
 
 
3.10% 
3.10% 
3.30% 
3.30% 
4.60% 
4.60% 
4.50% 
4.50% 
4.35% 
4.35% 
5.95% 
5.95% 
 
 
Indemnity-related and service-related escrows
 
33.9 
 
33.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Campus build out commitments
 
3.5 
 
3.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other contractual obligations
 
22.5 
 
22.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term income taxes payable
 
$ 185.0 
 
$ 185.0 
 
 
$ 177.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commitments and Contingencies, Guarantees (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Financing guarantees, bank guarantees, and standby letters of credit [Member]
 
 
Guarantor Obligations [Line Items]
 
 
Guarantor obligations, current carrying value
$ 16.8 
$ 26.2 
Financing guarantee with recourse [Member]
 
 
Guarantor Obligations [Line Items]
 
 
Guarantor obligations, current carrying value
11.2 
 
Other Current Liabilities [Member] |
Indemnification Agreement [Member]
 
 
Guarantor Obligations [Line Items]
 
 
Guarantor obligations, current carrying value
$ 15.0 
 
Subsequent Events (Details) (USD $)
Share data in Millions, except Per Share data, unless otherwise specified
0 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 0 Months Ended 1 Months Ended 18 Months Ended
Jul. 23, 2015
Apr. 23, 2015
Jan. 27, 2015
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Mar. 31, 2014
2014 Stock Repurchase Program [Member]
Sep. 30, 2015
2014 Stock Repurchase Program [Member]
Oct. 1, 2014
Junos Pulse [Member]
Oct. 22, 2015
Subsequent Event [Member]
Nov. 5, 2015
Subsequent Event [Member]
2014 Stock Repurchase Program [Member]
Apr. 1, 2017
Subsequent Event [Member]
Scenario, Forecast [Member]
Junos Pulse [Member]
Subsequent Event [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Promissory note in connection with the sale of Junos Pulse
 
 
 
$ 125,000,000 
 
$ 125,000,000 
 
$ 125,000,000 
 
 
$ 125,000,000 
 
 
 
Required minimum payment due on notes receivable
 
 
 
 
 
 
 
 
 
 
 
 
 
75,000,000 
Cash dividends declared per common stock (in dollar per share)
$ 0.10 
$ 0.1 
$ 0.1 
$ 0.10 
$ 0.10 
$ 0.3 
$ 0.10 
 
 
 
 
$ 0.1 
 
 
Shares repurchased, in shares
 
 
 
 
 
 
 
 
 
 
 
 
1.1 
 
Shares repurchased, value
 
 
 
 
 
 
 
 
 
 
 
 
35,000,000 
 
Common stock repurchased under stock repurchase program average purchase price (in dollars per share)
 
 
 
$ 28.01 
$ 23.44 
$ 24.78 
 
 
 
 
 
 
$ 31.59 
 
Stock repurchased and retired
 
 
 
1.8 
23.5 
42.4 
 
 
33.3 
 
 
 
0.8 
 
Stock repurchase program, remaining authorized repurchase amount
 
 
 
 
 
 
 
 
 
$ 625,000,000 
 
 
$ 590,000,000