Equity

Cash Dividends on Shares of Common Stock

During 2015, the Company declared four quarterly cash dividends of $0.10 per share on its common stock on January 27, 2015, April 23, 2015, July 23, 2015 and on October 22, 2015, which were paid on March 24, 2015, June 23, 2015, September 22, 2015 and on December 22, 2015, respectively, to stockholders of record as of the close of business on March 3, 2015, June 2, 2015, September 1, 2015, and December 1, 2015, respectively, in the aggregate amount of $156.3 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 Networks or authorized committee thereof. See Note 18, Subsequent Events, for discussion of the Company's dividend declaration subsequent to December 31, 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 December 31, 2015, there was $532.5 million of authorized funds remaining under the 2014 Stock Repurchase Program. 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.

The following table summarizes the Company's repurchases and retirements of its common stock under its stock repurchase programs and accelerated share repurchase, and repurchases associated with minimum tax withholdings (in millions, except per share amounts):



	Shares Repurchased	Average price per share		Amount Repurchased
2015
Repurchases under stock repurchase program	45.4	$	25.16	$	1,142.5
Repurchases for tax withholding	0.4	$	26.70	$	11.1
2014
Repurchases under stock repurchase program	46.8	$	22.42	$	1,050.0
Accelerated share repurchase⁽¹⁾	49.3	$	24.35	$	1,200.0
Repurchases for tax withholding	0.6	$	19.69	$	12.5
2013
Repurchases under stock repurchase program	28.9	$	19.76	$	570.6
Repurchases for tax withholding	0.4	$	20.23	$	7.2

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⁽¹⁾

As part of the 2014 Stock Repurchase Program, the Company entered into two separate accelerated share repurchase agreements (collectively, the "ASR") with two financial institutions to repurchase $1.2 billion of the Company's common stock. The Company made an up-front payment of $1.2 billion pursuant to the ASR to repurchase the Company's common stock. The aggregate number of shares ultimately purchased was determined based on a volume weighted average repurchase price, less an agreed upon discount. The shares received with respect to the ASR have been retired. Retired shares return to authorized but unissued shares of common stock.

Future share repurchases under the Company’s stock repurchase programs 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 stock repurchase programs may be discontinued at any time. See Note 18, Subsequent Events, for discussion of the Company's stock repurchase activity subsequent to December 31, 2015.

Accumulated Other Comprehensive Loss, Net of Tax

The components of accumulated other comprehensive loss, net of related taxes, for the years ended December 31, 2015 and December 31, 2014 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, 2013	$	66.2		$	2.2		$	(3.8	)	$	64.6
Other comprehensive gain (loss) before reclassifications	48.7			(4.1		)	(14.2		)	30.4
Amount reclassified from accumulated other comprehensive income	(106.5		)	(2.3		)	—			(108.8		)
Other comprehensive loss	(57.8		)	(6.4		)	(14.2		)	(78.4		)
Balance as of December 31, 2014	$	8.4		$	(4.2	)	$	(18.0	)	$	(13.8	)
Other comprehensive gain (loss) before reclassifications	9.1			(6.7		)	(16.9		)	(14.5		)
Amount reclassified from accumulated other comprehensive income	(0.5		)	9.6			—			9.1
Other comprehensive gain (loss), net	8.6			2.9			(16.9		)	(5.4		)
Balance as of December 31, 2015	$	17.0		$	(1.3	)	$	(34.9	)	$	(19.2	)

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⁽¹⁾	The reclassifications out of accumulated other comprehensive income, net of tax during the years ended December 31, 2015 and December 31, 2014 for realized gains on available-for-sale securities of $0.5 million and $104.3 million, respectively, are included in other (expense) income, net, in the Consolidated Statements of Operations.

⁽²⁾

The reclassifications out of accumulated other comprehensive (loss) income, net of tax during the year ended December 31, 2015 for realized losses on cash flow hedges are included within cost of revenues of $2.9 million, research and development of $0.2 million, sales and marketing of $6.0 million, and general and administrative of $0.5 million in the Consolidated Statements of Operations. The reclassifications out of accumulated other comprehensive income during the year ended December 31, 2014 for realized gains on cash flow hedges are included within research and development of $1.4 million, sales and marketing of $0.3 million, and general and administrative of $0.7 million and for realized losses within cost of revenues of $0.1 million for which the hedged transactions relate in the Consolidated Statements of Operations.