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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019

or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from_________ to_________
Commission file number: 001-34501

JUNIPER NETWORKS, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
77-0422528
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
1133 Innovation Way
 
 
Sunnyvale,
California
 
94089
(Address of principal executive offices)
 
(Zip code)
(408) 745-2000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.00001 per share
JNPR
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No x
There were 334,707,050 shares of the Company's Common Stock, par value $0.00001, outstanding as of November 4, 2019.

 



Juniper Networks, Inc.
Table of Contents
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Juniper Networks, Inc.
Condensed Consolidated Statements of Operations
(In millions, except per share amounts)
(Unaudited)
 
Three Months Ended September 30,

Nine Months Ended September 30,
 
2019

2018

2019

2018
Net revenues:
 
 
 
 
 
 
 
Product
$
743.2

 
$
794.7

 
$
2,075.8

 
$
2,330.4

Service
389.9

 
385.1

 
1,161.5

 
1,136.1

Total net revenues
1,133.1

 
1,179.8

 
3,237.3

 
3,466.5

Cost of revenues:
 
 
 
 
 
 
 
Product
304.0

 
312.5

 
888.3

 
955.5

Service
150.7

 
156.3

 
451.5

 
480.7

Total cost of revenues
454.7

 
468.8

 
1,339.8

 
1,436.2

Gross margin
678.4

 
711.0

 
1,897.5

 
2,030.3

Operating expenses:
 
 
 
 
 
 
 
Research and development
244.5

 
253.8

 
716.1

 
772.0

Sales and marketing
235.3

 
224.8

 
692.8

 
702.5

General and administrative
61.2

 
67.9

 
189.4

 
178.1

Restructuring (benefits) charges
(1.1
)
 
4.4

 
35.6

 
2.3

Total operating expenses
539.9

 
550.9

 
1,633.9

 
1,654.9

Operating income
138.5

 
160.1

 
263.6

 
375.4

Other expense, net
(20.4
)
 
(8.1
)
 
(23.2
)
 
(31.1
)
Income before income taxes
118.1

 
152.0

 
240.4

 
344.3

Income tax provision (benefit)
18.8

 
(71.8
)
 
63.8

 
(30.4
)
Net income
$
99.3

 
$
223.8

 
$
176.6

 
$
374.7


 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic
$
0.29

 
$
0.65

 
$
0.51

 
$
1.07

Diluted
$
0.29

 
$
0.64

 
$
0.50

 
$
1.05

Shares used in computing net income per share:
 
 
 
 
 
 
 
Basic
342.2

 
346.2

 
345.5

 
350.1

Diluted
345.5

 
350.5

 
350.1

 
355.2


See accompanying Notes to Condensed Consolidated Financial Statements


3

Table of Contents

Juniper Networks, Inc.
Condensed Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
99.3

 
$
223.8

 
$
176.6

 
$
374.7

Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
Change in net unrealized gains and losses, net of tax (provision) of zero and ($0.8) during the three and nine months ended September 30, 2019, respectively, and tax (provision) benefit of ($0.3) and $0.9 for the comparable periods in 2018, respectively

 
0.9

 
3.8

 
(0.6
)
Net realized losses reclassified into net income, net of tax provisions of zero for each period
(0.1
)
 

 
(0.1
)
 
0.9

Net change on available-for-sale debt securities, net of tax
(0.1
)
 
0.9

 
3.7

 
0.3

Cash flow hedges:
 
 
 
 
 
 
 
Change in net unrealized gains and losses, net of tax provisions of $0.2 and $1.3 during the three and nine months ended September 30, 2019, respectively, and tax benefits of $1.5 and $2.7 for the comparable periods in 2018, respectively
(12.6
)
 
(4.6
)
 
(12.3
)
 
(5.9
)
Net realized (gains) and losses reclassified into net income, net of tax provisions of $0.7 and $1.5 during the three and nine months ended September 30, 2019, respectively, and tax (benefit) provision of ($0.5) and $0.3 for the comparable periods in 2018, respectively
1.5

 
2.6

 
3.0

 
(5.5
)
Net change on cash flow hedges, net of tax
(11.1
)
 
(2.0
)
 
(9.3
)
 
(11.4
)
Change in foreign currency translation adjustments
(4.3
)
 
(7.0
)
 
(3.0
)
 
(13.7
)
Other comprehensive (loss) income, net of tax
(15.5
)
 
(8.1
)
 
(8.6
)
 
(24.8
)
Comprehensive income
$
83.8

 
$
215.7

 
$
168.0

 
$
349.9



See accompanying Notes to Condensed Consolidated Financial Statements


4

Table of Contents

Juniper Networks, Inc.
Condensed Consolidated Balance Sheets
(In millions, except par values)
 
September 30,
2019
 
December 31,
2018
 
(Unaudited)
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,204.8

 
$
2,489.0

Short-term investments
1,040.8

 
1,070.1

Accounts receivable, net of allowances
635.8

 
754.6

Prepaid expenses and other current assets
306.1

 
268.1

Total current assets
3,187.5

 
4,581.8

Property and equipment, net
848.7

 
951.7

Operating lease assets
171.9

 

Long-term investments
581.1

 
199.0

Purchased intangible assets, net
195.7

 
118.5

Goodwill
3,338.3

 
3,108.8

Other long-term assets
430.4

 
403.5

Total assets
$
8,753.6

 
$
9,363.3

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
229.0

 
$
208.8

Accrued compensation
176.9

 
221.0

Deferred revenue
741.6

 
829.3

Short-term portion of long-term debt

 
349.9

Other accrued liabilities
275.4

 
233.5

Total current liabilities
1,422.9

 
1,842.5

Long-term debt
1,687.6

 
1,789.1

Long-term deferred revenue
377.1

 
384.3

Long-term income taxes payable
402.0

 
404.4

Long-term operating lease liabilities
163.5

 

Other long-term liabilities
58.1

 
119.8

Total liabilities
4,111.2

 
4,540.1

Commitments and contingencies (Note 15)


 


Stockholders' equity:
 
 
 
Convertible preferred stock, $0.00001 par value; 10.0 shares authorized; none issued and outstanding

 

Common stock, $0.00001 par value; 1,000.0 shares authorized; 341.0 shares and 346.4 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively

 

Additional paid-in capital
7,501.9

 
7,672.8

Accumulated other comprehensive loss
(26.8
)
 
(18.2
)
Accumulated deficit
(2,832.7
)
 
(2,831.4
)
Total stockholders' equity
4,642.4

 
4,823.2

Total liabilities and stockholders' equity
$
8,753.6

 
$
9,363.3


See accompanying Notes to Condensed Consolidated Financial Statements

5

Table of Contents

Juniper Networks, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
 
Nine Months Ended September 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
176.6

 
$
374.7

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Share-based compensation expense
147.1

 
180.2

Depreciation, amortization, and accretion
155.5

 
159.2

Operating lease assets expense
32.0

 

Loss on extinguishment of debt
15.3

 

Other
3.6

 
3.5

Changes in operating assets and liabilities, net of acquisitions:
 
 
 
Accounts receivable, net
125.2

 
200.9

Prepaid expenses and other assets
(33.8
)
 
43.9

Accounts payable
19.1

 
(27.6
)
Accrued compensation
(45.4
)
 
(4.2
)
Income taxes payable
(8.7
)
 
(244.0
)
Other accrued liabilities
(49.5
)
 
(14.5
)
Deferred revenue
(103.8
)
 
(23.4
)
Net cash provided by operating activities
433.2

 
648.7

Cash flows from investing activities:
 
 
 
Purchases of property and equipment
(83.5
)
 
(110.9
)
Purchases of available-for-sale debt securities
(2,789.6
)
 
(608.1
)
Proceeds from sales of available-for-sale debt securities
1,035.0

 
1,012.2

Proceeds from maturities and redemptions of available-for-sale debt securities
1,410.1

 
446.6

Purchases of equity securities
(10.2
)
 
(8.1
)
Proceeds from sales of equity securities
5.0

 
29.8

Payments for business acquisitions, net of cash and cash equivalents acquired
(270.9
)
 

Subsequent payments related to acquisitions in prior years


(31.5
)
Net cash (used in) provided by investing activities
(704.1
)
 
730.0

Cash flows from financing activities:
 
 
 
Repurchase and retirement of common stock
(354.9
)
 
(755.5
)
Proceeds from issuance of common stock
55.4

 
56.8

Payment of dividends
(196.4
)
 
(187.0
)
Payment of debt
(950.0
)
 

Issuance of debt, net
495.2

 

Payment for debt extinguishment costs
(14.6
)
 

Change in customer financing arrangement

 
(16.9
)
Other

 
(1.5
)
Net cash used in financing activities
(965.3
)
 
(904.1
)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash
(3.6
)
 
(10.9
)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(1,239.8
)
 
463.7

Cash, cash equivalents, and restricted cash at beginning of period
2,505.8

 
2,059.1

Cash, cash equivalents, and restricted cash at end of period
$
1,266.0

 
$
2,522.8


See accompanying Notes to Condensed Consolidated Financial Statements

6

Table of Contents

Juniper Networks, Inc.
 
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In millions, except per share amounts)
(Unaudited)
 
Three Months Ended September 30, 2019
 
 
 
Common Stock and Additional Paid-in Capital
 
Accumulated Other Comprehensive Loss
 
Accumulated
Deficit 
 
Total Stockholders' Equity
 
Shares 
 
Balance at June 30, 2019
344.5

 
$
7,491.2

 
$
(11.3
)
 
$
(2,888.7
)
 
$
4,591.2

Net income

 

 

 
99.3

 
99.3

Other comprehensive loss, net

 

 
(15.5
)
 

 
(15.5
)
Issuance of common stock
1.7

 
25.7

 

 

 
25.7

Repurchase and retirement of common stock
(5.2
)
 
(67.8
)
 

 
(43.3
)
 
(111.1
)
Purchase of forward contract under accelerated share repurchase program ("ASR")

 
60.0

 

 

 
60.0

Share-based compensation expense

 
57.5

 

 

 
57.5

Payments of cash dividends ($0.19 per share
of common stock)

 
(64.7
)
 

 

 
(64.7
)
Balance at September 30, 2019
341.0

 
$
7,501.9

 
$
(26.8
)
 
$
(2,832.7
)
 
$
4,642.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2018
 
 
 
Common Stock and Additional Paid-in Capital
 
Accumulated Other Comprehensive Loss
 
Accumulated
Deficit 
 
Total Stockholders' Equity
 
Shares 
 
Balance at June 30, 2018
349.4

 
$
7,609.8

 
$
(16.4
)
 
$
(3,175.7
)
 
$
4,417.7

Net income

 

 

 
223.8

 
223.8

Other comprehensive loss, net

 

 
(8.1
)
 

 
(8.1
)
Issuance of common stock
1.7

 
27.3

 

 

 
27.3

Repurchase and retirement of common stock
(6.0
)
 
(80.2
)
 

 
(71.1
)
 
(151.3
)
Purchase of equity forward contract

 
150.0

 

 

 
150.0

Share-based compensation expense

 
53.6

 

 

 
53.6

Payments of cash dividends ($0.18 per share
of common stock)

 
(62.1
)
 

 

 
(62.1
)
Balance at September 30, 2018
345.1

 
$
7,698.4

 
$
(24.5
)
 
$
(3,023.0
)
 
$
4,650.9


 See accompanying Notes to Condensed Consolidated Financial Statements

7

Table of Contents

Juniper Networks, Inc.
 
Condensed Consolidated Statements of Changes in Stockholders' Equity (Continued)
(In millions, except per share amounts)
(Unaudited)
 
Nine Months Ended September 30, 2019
 
 
 
Common Stock and Additional Paid-in Capital
 
Accumulated Other Comprehensive Loss
 
Accumulated
Deficit 
 
Total Stockholders' Equity
 
Shares 
 
Balance at December 31, 2018
346.4

 
$
7,672.8

 
$
(18.2
)
 
$
(2,831.4
)
 
$
4,823.2

Net income

 

 

 
176.6

 
176.6

Other comprehensive loss, net

 

 
(8.6
)
 

 
(8.6
)
Issuance of common stock
8.5

 
55.4

 

 

 
55.4

Repurchase and retirement of common stock
(13.9
)
 
(181.7
)
 

 
(173.2
)
 
(354.9
)
Common stock assumed upon business combination

 
4.7

 

 

 
4.7

Share-based compensation expense

 
147.1

 

 

 
147.1

Payments of cash dividends ($0.57 per share
of common stock)

 
(196.4
)
 

 

 
(196.4
)
 Cumulative adjustment upon adoption of
    Accounting Standards Update ("ASU")
    2017-12 ("Topic 815"), net

 

 

 
0.1

 
0.1

Cumulative adjustment upon adoption of
   ASU 2016-02 ("Topic 842"), net

 

 

 
(4.8
)
 
(4.8
)
Balance at September 30, 2019
341.0

 
$
7,501.9

 
$
(26.8
)
 
$
(2,832.7
)
 
$
4,642.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2018
 
 
 
Common Stock and Additional Paid-in Capital
 
Accumulated Other Comprehensive Loss
 
Accumulated
Deficit 
 
Total Stockholders' Equity
 
Shares 
 
Balance at December 31, 2017
365.5

 
$
8,042.1

 
$
(5.4
)
 
$
(3,355.8
)
 
$
4,680.9

Net income

 

 

 
374.7

 
374.7

Other comprehensive loss, net

 

 
(24.8
)
 

 
(24.8
)
Issuance of common stock
9.1

 
56.8

 

 

 
56.8

Repurchase and retirement of common stock
(29.5
)
 
(394.6
)
 

 
(360.9
)
 
(755.5
)
Share-based compensation expense

 
181.1

 

 

 
181.1

Payments of cash dividends ($0.54 per share
of common stock)

 
(187.0
)
 

 

 
(187.0
)
Cumulative adjustment upon adoption of
   ASU 2014-09 ("Topic 606"), net

 

 

 
324.7

 
324.7

Reclassification of tax effects upon
  adoption of ASU 2018-02 ("Topic 220"), net

 

 
5.7

 
(5.7
)
 

Balance at September 30, 2018
345.1

 
$
7,698.4

 
$
(24.5
)
 
$
(3,023.0
)
 
$
4,650.9


 See accompanying Notes to Condensed Consolidated Financial Statements

8

Table of Contents

Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 1. 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 U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet as of December 31, 2018 has been derived from the audited Consolidated Financial Statements at that date. 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, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019, or any future period.

The information included in this Quarterly Report on Form 10-Q (“Report”) should be read in conjunction with the “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, 2018 (the "Form 10-K").

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.


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Table of Contents
Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)

Note 2. Summary of Significant Accounting Policies

Except for the change in certain policies upon adoption of the accounting standards described below, 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 Form 10-K.

Recently Adopted Accounting Standards

Cloud Computing Arrangement: On January 1, 2019, the Company early adopted FASB ASU No. 2018-15 (Subtopic 350-40) Intangibles — Goodwill and Other-Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which provides guidance on a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by a service contract. The Company has adopted the standard prospectively, and the adoption did not have a material impact on all applicable implementation costs incurred after the adoption date.

Derivatives and Hedging: On January 1, 2019, the Company adopted FASB ASU No. 2017-12 (Topic 815) Derivatives and Hedging — Targeted Improvements to Accounting for Hedging Activities, and an amendment thereafter, which expands an entity's ability to hedge financial and nonfinancial risk components and amends how companies assess effectiveness as well as changes to the presentation and disclosure requirements. The Company adopted the standard under the modified retrospective approach, and its amendment and presentation and disclosure requirements on a prospective basis. The adoption did not have a material impact on the Condensed Consolidated Financial Statements. See Note 6, Derivative Instruments for additional disclosures required upon adopting the standard.

Amortization on Purchased Callable Debt Securities: On January 1, 2019, the Company adopted FASB ASU No. 2017-08 Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. The standard will not impact debt securities held at a discount. The Company adopted the standard under the modified retrospective approach. The adoption did not have a material impact on the Condensed Consolidated Financial Statements.

Leases: On January 1, 2019, the Company adopted FASB ASU No. 2016-02, Leases (Topic 842), and the related subsequent amendments ("ASC 842"), which require recognition by the lessees of right-of-use ("ROU") assets and lease liabilities for most leases on the Company's Condensed Consolidated Balance Sheets. The Company adopted the new standard under the modified retrospective approach and recorded a cumulative-effect adjustment to the opening balance of accumulated deficit as of the effective date. Under the modified retrospective method, financial results reported in periods prior to 2019 are unchanged. The Company elected the package of practical expedients, which did not require the reassessment of existing leases under the new guidance. The Company also elected not to separate non-lease components from lease components and to not recognize ROU assets and lease liabilities for short-term leases.


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Table of Contents
Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)

The cumulative effect of the adjustments made to the Company's Condensed Consolidated Balance Sheet as of the adoption date is detailed as follows (in millions):
 
December 31, 2018
 
 
 
January 1, 2019
 
As reported
 
Adjustments due to ASC 842
 
As adjusted
Assets:
 
 
 
 
 
Prepaid expenses and other current assets
$
268.1

 
$
(1.4
)
 
$
266.7

Property and equipment, net
951.7

 
(42.9
)
 
908.8

Operating lease assets

 
192.5

 
192.5

Other long-term assets
403.5

 
1.3

 
404.8

Total assets
$
9,363.3

 
$
149.5

 
$
9,512.8

 
 
 
 
 
 
Liabilities:
 
 
 
 
 
Other accrued liabilities
$
233.5

 
$
35.6

 
$
269.1

Long-term operating lease liabilities

 
185.5

 
185.5

Other long-term liabilities
119.8

 
(66.7
)
 
53.1

Total liabilities
$
4,540.1

 
$
154.4

 
$
4,694.5

 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
Accumulated deficit
$
(2,831.4
)
 
$
(4.9
)
 
$
(2,836.3
)


The adoption of the standard had no impact on the Company's Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows or debt-covenant compliance under its current agreements. See Note 15, Commitments and Contingencies, for additional disclosures required upon adopting the standard.

Leases

The Company determines if an arrangement is a lease at inception. The Company evaluates classification of leases at commencement and, as necessary, at modification. As of September 30, 2019, the Company did not have any finance leases. Operating leases are included in operating lease ROU assets, other accrued liabilities, and operating lease liabilities on the Company's Condensed Consolidated Balance Sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease.

Operating lease ROU assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any lease payments made prior to lease commencement and excludes lease incentives. Variable lease payments not dependent on an index or a rate, are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs incurred by lessors for common area maintenance and utilities. The Company's lease terms are the noncancelable period, including any rent-free periods provided by the lessor, and include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. At lease inception, and in subsequent periods as necessary, the Company estimates the lease term based on its assessment of extension and termination options that are reasonably certain to be exercised. Lease costs are recognized on a straight-line basis over the lease term.

The Company does not separate non-lease components from lease components for all underlying classes of assets. In addition, the Company does not recognize ROU assets and lease liabilities for short-term leases, which have a lease term of twelve months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. Lease cost for short-term leases is recognized on a straight-line basis over the lease term.


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Table of Contents
Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)

Recent Accounting Standards Not Yet Adopted

Fair Value Measurement: In August 2018, the FASB issued ASU No. 2018-13 (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds, and modifies certain disclosure requirements for fair value measurements under ASC 820. This ASU is to be applied on a prospective basis for certain modified or new disclosure requirements, and all other amendments in the standard are to be applied on a retrospective basis. The new standard is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of adoption on the Consolidated Financial Statements.

Simplifying the Test for Goodwill Impairment: In January 2017, the FASB issued ASU No. 2017-04 (Topic 350) Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment, which removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under the amended guidance, a goodwill impairment charge will now be recognized for the amount by which the carrying value of a reporting unit exceeds its fair value, not to exceed the carrying amount of goodwill. This ASU will be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for any impairment tests performed after January 1, 2017. The Company does not expect the adoption to have a material impact on the Consolidated Financial Statements.

Credit Losses on Financial Instruments: In June 2016, the FASB issued ASU No. 2016-13 (Topic 326) Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which provides more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. An amendment issued by the FASB in November 2018 clarifies that receivables arising from operating leases are not within the scope of Topic 326 and should be accounted for in accordance with Topic 842. This pronouncement and its amendments are effective for reporting periods beginning after December 15, 2019, and interim periods within those fiscal years, using a modified retrospective adoption method. Early adoption is permitted. The Company is currently evaluating the impact of adoption on the Consolidated Financial Statements.


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Table of Contents
Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)

Note 3. Business Combinations

On April 1, 2019, the Company acquired 100% ownership of Mist Systems, Inc. (“Mist”) for $359.2 million. The purchase consideration consisted of cash of $354.5 million and $4.7 million in share-based awards attributable to services prior to the acquisition. The acquisition of Mist, a company that provides cloud-managed wireless networks powered by artificial intelligence, is expected to enhance Juniper's enterprise networking portfolio by combining Mist’s next-generation Wireless LAN platform with Juniper's wired LAN, SD-WAN, and security solutions to deliver integrated end-to-end user and IT experiences. 

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the acquisition date (in millions):

Amount
Cash and cash equivalents
$
38.9

Goodwill
228.9

Intangible assets
102.0

Other assets acquired
15.8

Liabilities assumed
(26.4
)
Total
$
359.2



The goodwill recognized in connection with the acquisition is primarily attributable to anticipated synergies from future growth and will not be deductible for income tax purposes.

The following table summarizes the fair value of the separately identifiable intangible assets at the time of acquisition (in millions):
 
Amount
Intangible assets(*):
 
Developed technology
$
81.0

Customer relationships
15.0

Trade name
6.0

Total intangible assets acquired
$
102.0

 ________________________________
(*) Estimated useful life of each of the assets is 5 years.

Acquisition-related costs were not material during the three and nine months ended September 30, 2019 and were expensed in the period incurred within general and administrative expense in the Company's Condensed Consolidated Statements of Operations.

The Company's Condensed Consolidated Financial Statements include the operating results of this business combination from the date of acquisition. Pro forma results of operations for this acquisition have not been presented, as the financial impact to the Company's consolidated results of operations is not material. The primary areas of the preliminary purchase price allocation that are subject to change relate to certain legal and income tax matters.


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Table of Contents
Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)

Note 4. Cash Equivalents and Investments

Investments in Available-for-Sale Debt Securities

The following table summarizes the Company's unrealized gains and losses and fair value of investments designated as available-for-sale debt securities as of September 30, 2019 and December 31, 2018 (in millions):


As of September 30, 2019

As of December 31, 2018

Amortized
Cost

Gross Unrealized
Gains

Gross Unrealized
Losses

Estimated Fair
Value

Amortized
Cost

Gross Unrealized
Gains

Gross Unrealized
Losses

Estimated Fair
Value
Fixed income securities:















Asset-backed securities
$
77.4


$
0.1


$