Equity

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

Equity

Note 10. Equity

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Dividends
Per share	$	0.19	$	0.18	$	0.57	$	0.54
Amount	$	64.7	$	62.1	$	196.4	$	187.0
Repurchased under the 2018 Stock Repurchase Program
Shares	5.1		6.0		13.7		29.3
Average price per share(*)	$	24.90	$	25.62	$	25.45	$	25.62
Amount	$	50.0	$	—	$	350.0	$	750.0

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^(*)  Represents the average price per share of the ASR and open market purchases for the three and nine months ended September 30, 2019.

Cash Dividends on Shares of Common Stock

During the three and nine months ended September 30, 2019, the Company declared a quarterly cash dividend of $0.19 per share of common stock on January 29, 2019, April 25, 2019 and July 25, 2019, respectively, which was paid on March 22, 2019, June 24, 2019 and September 25, 2019, respectively, to stockholders of record on March 1, 2019, June 3, 2019 and September 4, 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 16, Subsequent Events, for discussion of the Company's dividend declaration subsequent to September 30, 2019.

Stock Repurchase Activities

In January 2018, the Board approved a $2.0 billion share repurchase program ("2018 Stock Repurchase Program"). As part of the 2018 Stock Repurchase Program, in February 2018, the Company entered into an ASR to repurchase $750.0 million of its common stock. The Company made an up-front payment of $750.0 million pursuant to the ASR to repurchase its common stock. The aggregate number of shares ultimately repurchased of 29.3 million shares of common stock was determined based on a volume weighted average repurchase price, less an agreed upon discount, of $25.62 per share.

On April 29, 2019, the Company entered into an ASR, to repurchase an aggregate of approximately $300.0 million of the Company’s outstanding common stock. During the three months ended June 30, 2019, the Company made an up-front payment of $300.0 million pursuant to the ASR and received and retired an initial 8.6 million shares of the Company’s common stock for an aggregate price of $240.0 million, based on the market price of $27.94 per share of the Company’s common stock on the date of the transaction. During the three months ended September 30, 2019, the ASR was completed and an additional 3.0 million shares were received for a total repurchase of 11.6 million shares of the Company's common stock at a volume weighted average repurchase price, less an agreed upon discount, of $25.79 per share. The shares received by the Company were retired, accounted for as a reduction to stockholder’s equity in the Condensed Consolidated Balance Sheets, and treated as a repurchase of common stock for purposes of calculating earnings per share.

During the three months ended September 30, 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 September 30, 2019, there was approximately $900.0 million of authorized funds remaining under the 2018 Stock Repurchase Program. The 2018 Stock Repurchase Program does not have a specified termination date. See Note 16, Subsequent Events, for discussion of the Company's stock repurchase activity, increased repurchase authorization and ASR subsequent to September 30, 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.

In addition to repurchases under the 2018 Stock Repurchase Program, the Company also withholds shares of common stock from certain employees in connection with the vesting of stock awards issued to such employees to satisfy applicable tax withholding requirements. Such withheld shares are treated as common stock repurchases in our financial statements as they reduce the number of shares that would have been issued upon vesting. Repurchases associated with tax withholdings were not material during the three and nine months ended September 30, 2019 and September 30, 2018.

Accumulated Other Comprehensive Loss, Net of Tax

The components of accumulated other comprehensive loss, net of related taxes, for the nine months ended September 30, 2019 were as follows (in millions):

	Unrealized Gains/Losses on Available-for- Sale Debt Securities			Unrealized  Gains/Losses on Cash Flow Hedges			Foreign Currency Translation Adjustments			Total
Balance as of December 31, 2018	$	25.5		$	(0.9	)	$	(42.8	)	$	(18.2	)
Other comprehensive income before reclassifications	3.8			(12.3		)	(3.0		)	(11.5		)
Amount reclassified from accumulated other comprehensive loss	(0.1		)	3.0			—			2.9
Other comprehensive income, net	3.7			(9.3		)	(3.0		)	(8.6		)
Balance as of September 30, 2019	$	29.2		$	(10.2	)	$	(45.8	)	$	(26.8	)