Equity

12 Months Ended

Dec. 31, 2019

The following table summarizes dividends paid, stock repurchases and retirements under the Company's stock repurchase programs, and stock repurchases for tax withholdings (in millions, except per share amounts):



	Dividends				Stock Repurchases							Total
Year	Per Share		Amount		Shares	Average price per share ⁽¹⁾		Amount ⁽²⁾		Tax Withholding Amount		Amount
2019	$	0.76	$	260.1	20.1	$	25.36	$	550.0	$	5.0	$	815.1
2018	$	0.72	$	249.3	29.3	$	25.62	$	750.0	$	6.6	$	1,005.9
2017	$	0.40	$	150.4	26.1	$	27.61	$	719.7	$	6.1	$	876.2

________________________________


⁽¹⁾	$25.36 average price per share for 2019 excludes the $40.0 million covered by the forward contract discussed below.


⁽²⁾	2019 and 2018 shares were repurchased under the 2018 Stock Repurchase Program. 2017 shares were repurchased under the 2014 Stock Repurchase Program.

Cash Dividends on Shares of Common Stock

During 2019, the Company declared four quarterly cash dividends of $0.19 per share on its common stock on January 29, 2019, April 25, 2019, July 25, 2019 and October 24, 2019, respectively, which were paid on March 22, 2019, June 24, 2019, September 25, 2019 and December 23, 2019, respectively, to stockholders of record as of the close of business on March 1, 2019, June 3, 2019, September 4, 2019, and December 2, 2019, respectively. 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 18, Subsequent Events, for discussion of the Company's dividend declaration subsequent to December 31, 2019.

Stock Repurchase Activities

In January 2018, the Board approved a $2.0 billion share repurchase program ("2018 Stock Repurchase Program"). In October 2019, the Board authorized a $1.0 billion increase to the 2018 Stock Repurchase Program for a total of $3.0 billion. The 2018 Stock Repurchase Program replaces the previous authorization approved by the Board in 2014 ("2014 Stock Repurchase Program").

As part of the 2018 Stock Repurchase Program, in February 2018 and April 2019, the Company entered into two accelerated share repurchase programs ("ASR") and repurchased $750.0 million and $300.0 million of the Company's common stock, respectively. The aggregate number of shares ultimately repurchased of 29.3 million and 11.6 million shares of the Company's common stock was determined based on a volume weighted average repurchase price, less an agreed upon discount, of $25.62 and $25.79 per share, respectively. The shares received by the Company were retired, accounted for as a reduction to stockholder’s equity in the Consolidated Balance Sheets, and treated as a repurchase of common stock for purposes of calculating earnings per share.

As part of the 2018 Stock Repurchase Program, in October 2019, the Company entered into an ASR with a financial institution to repurchase an aggregate of $200.0 million of the Company's outstanding common stock. The Company made an up-front payment of $200.0 million pursuant to the ASR and received and retired an initial 6.4 million shares of the Company's common stock for an aggregate price of $160.0 million based on the market price of $25.15 per share of the Company’s common stock on the date of the transaction. The initial shares received by the Company were retired, accounted for as a reduction to stockholder’s equity in the Consolidated Balance Sheets, and treated as a repurchase of common stock for purposes of calculating earnings per share. The forward contract for the remaining $40.0 million is considered indexed to the Company's common stock and met all of the applicable criteria for equity classification. See Note 18, Subsequent Events, for a discussion of the Company's ASR completion subsequent to December 31, 2019.

During the fiscal year ended December 31, 2019, the Company also repurchased 2.1 million shares of its common stock in the open market for an aggregate purchase price of $50.0 million at an average price of $23.63 per share, under the 2018 Stock Repurchase Program.

As of December 31, 2019, there were $1.7 billion of authorized funds remaining under the 2018 Stock Repurchase Program. See Note 18, Subsequent Events, for a discussion of the Company's stock repurchase activity subsequent to December 31, 2019.

Future share repurchases under the 2018 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. The Company's 2018 Stock Repurchase Program may be discontinued at any time.

Accumulated Other Comprehensive Loss, Net of Tax

The components of accumulated other comprehensive loss, net of related taxes, for the years ended December 31, 2019, 2018, and 2017 were as follows (in millions):



	Unrealized Gains/Losses on Available-for- Sale Debt Securities⁽¹⁾			Unrealized Gains/Losses on Cash Flow Hedges⁽²⁾			Foreign Currency Translation Adjustments			Total
Balance as of December 31, 2016	$	16.6		$	(4.5	)	$	(49.4	)	$	(37.3	)
Other comprehensive income before reclassifications	4.5			15.7			19.0			39.2
Amount reclassified from accumulated other comprehensive loss	(2.1		)	(5.2		)	—			(7.3		)
Other comprehensive income, net	2.4			10.5			19.0			31.9
Balance as of December 31, 2017	$	19.0		$	6.0		$	(30.4	)	$	(5.4	)
Other comprehensive income (loss) before reclassifications	0.6			(6.4		)	(12.4		)	(18.2		)
Amount reclassified from accumulated other comprehensive income (loss)	0.9			(1.2		)	—			(0.3		)
Other comprehensive income (loss), net	1.5			(7.6		)	(12.4		)	(18.5		)
Reclassification of tax effects upon adoption of ASU 2018-02	5.0			0.7			—			5.7
Balance as of December 31, 2018	$	25.5		$	(0.9	)	$	(42.8	)	$	(18.2	)
Other comprehensive income (loss) before reclassifications	4.6			(8.9		)	(1.1		)	(5.4		)
Amount reclassified from accumulated other comprehensive income (loss)	(0.4		)	5.5			—			5.1
Other comprehensive income (loss), net	4.2			(3.4		)	(1.1		)	(0.3		)
Balance as of December 31, 2019	$	29.7		$	(4.3	)	$	(43.9	)	$	(18.5	)

________________________________


⁽¹⁾	The reclassifications out of accumulated other comprehensive loss during the years ended December 31, 2019, 2018, and 2017 for realized gains on available-for-sale debt securities were not material, and were included in other expense, net, in the Consolidated Statements of Operations.

⁽²⁾

The reclassifications out of accumulated other comprehensive loss during the years ended December 31, 2019, 2018, and 2017 for realized gains and losses on cash flow hedges were not material, and were included within cost of revenues, research and development, sales and marketing, and general and administrative in the Consolidated Statements of Operations.