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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 March 31, 2020

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 331,352,347 shares of the Company's Common Stock, par value $0.00001, outstanding as of April 30, 2020.

 



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 March 31,
 
2020

2019
Net revenues:
 
 
 
Product
$
608.8

 
$
618.7

Service
389.2

 
383.0

Total net revenues
998.0

 
1,001.7

Cost of revenues:
 
 
 
Product
269.0

 
270.0

Service
149.7

 
149.4

Total cost of revenues
418.7

 
419.4

Gross margin
579.3

 
582.3

Operating expenses:
 
 
 
Research and development
232.5

 
227.6

Sales and marketing
239.2

 
228.5

General and administrative
59.3

 
68.2

Restructuring charges
8.9

 
15.3

Total operating expenses
539.9

 
539.6

Operating income
39.4

 
42.7

Other (expense) income, net
(11.1
)
 
1.8

Income before income taxes
28.3

 
44.5

Income tax provision
7.9

 
13.4

Net income
$
20.4

 
$
31.1


 
 
 
Net income per share:
 
 
 
Basic
$
0.06

 
$
0.09

Diluted
$
0.06

 
$
0.09

Weighted-average shares used to compute net income per share:
 
 
 
Basic
330.8

 
348.1

Diluted
335.1

 
352.7


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 March 31,
 
2020
 
2019
Net income
$
20.4

 
$
31.1

Other comprehensive (loss) income, net of tax:
 
 
 
Available-for-sale debt securities:
 
 
 
Change in net unrealized gains and losses, net of tax benefit (provision) of $0.8 and ($0.6), respectively
(3.0
)
 
1.8

Net realized losses reclassified into net income, net of tax benefit of $0.1 and zero, respectively
0.5

 

Net change on available-for-sale debt securities, net of tax
(2.5
)
 
1.8

Cash flow hedges:
 
 
 
Change in net unrealized gains and losses, net of tax benefit (provision) of $4.2 and ($1.3), respectively
(24.9
)
 
2.1

Net realized losses reclassified into net income, net of tax benefit (provision) of $0.1 and ($0.2), respectively
1.4

 
1.2

Net change on cash flow hedges, net of tax
(23.5
)
 
3.3

Change in foreign currency translation adjustments
(14.7
)
 
2.2

Other comprehensive (loss) income, net of tax
(40.7
)
 
7.3

Comprehensive (loss) income
$
(20.3
)
 
$
38.4



See accompanying Notes to Condensed Consolidated Financial Statements


4

Table of Contents

Juniper Networks, Inc.
Condensed Consolidated Balance Sheets
(In millions, except par values)
 
March 31,
2020
 
December 31,
2019
 
(Unaudited)
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,398.6

 
$
1,215.8

Short-term investments
523.0

 
738.0

Accounts receivable, net of allowances
675.1

 
879.7

Prepaid expenses and other current assets
376.0

 
376.3

Total current assets
2,972.7

 
3,209.8

Property and equipment, net
802.9

 
830.9

Operating lease assets
165.8

 
169.7

Long-term investments
608.3

 
589.8

Purchased intangible assets, net
170.7

 
185.8

Goodwill
3,337.1

 
3,337.1

Other long-term assets
552.0

 
514.6

Total assets
$
8,609.5

 
$
8,837.7

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
236.4

 
$
219.5

Accrued compensation
165.9

 
229.0

Deferred revenue
854.7

 
812.9

Other accrued liabilities
279.5

 
282.5

Total current liabilities
1,536.5

 
1,543.9

Long-term debt
1,712.9

 
1,683.9

Long-term deferred revenue
400.1

 
410.5

Long-term income taxes payable
369.9

 
372.6

Long-term operating lease liabilities
153.6

 
158.1

Other long-term liabilities
45.8

 
58.1

Total liabilities
4,218.8

 
4,227.1

Commitments and contingencies (Note 13)


 


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; 331.0 shares and 335.9 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively

 

Additional paid-in capital
7,281.3

 
7,370.5

Accumulated other comprehensive loss
(59.2
)
 
(18.5
)
Accumulated deficit
(2,831.4
)
 
(2,741.4
)
Total stockholders' equity
4,390.7

 
4,610.6

Total liabilities and stockholders' equity
$
8,609.5

 
$
8,837.7


See accompanying Notes to Condensed Consolidated Financial Statements

5

Table of Contents

Juniper Networks, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
 
Three Months Ended March 31,
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net income
$
20.4

 
$
31.1

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Share-based compensation expense
42.0

 
33.9

Depreciation, amortization, and accretion
54.0

 
48.7

Operating lease assets expense
10.5

 
9.6

Other
10.3

 
(2.2
)
Changes in operating assets and liabilities, net of acquisitions:
 
 
 
Accounts receivable, net
202.6

 
108.6

Prepaid expenses and other assets
(37.1
)
 
(9.1
)
Accounts payable
18.4

 
10.1

Accrued compensation
(59.8
)
 
(54.9
)
Income taxes payable
5.1

 
(5.7
)
Other accrued liabilities
(27.0
)
 
(27.9
)
Deferred revenue
32.8

 
17.2

Net cash provided by operating activities
272.2

 
159.4

Cash flows from investing activities:
 
 
 
Purchases of property and equipment
(21.8
)
 
(27.9
)
Purchases of available-for-sale debt securities
(257.1
)
 
(884.4
)
Proceeds from sales of available-for-sale debt securities
94.0

 
232.8

Proceeds from maturities and redemptions of available-for-sale debt securities
354.0

 
578.3

Purchases of equity securities
(3.1
)
 
(5.1
)
Proceeds from sales of equity securities
3.1

 
2.2

Subsequent payments related to acquisitions in prior years
(0.2
)


Net cash provided by (used in) investing activities
168.9

 
(104.1
)
Cash flows from financing activities:
 
 
 
Repurchase and retirement of common stock
(203.2
)
 
(2.9
)
Proceeds from issuance of common stock
27.1

 
29.5

Payment of dividends
(65.5
)
 
(66.2
)
Payment of debt

 
(350.0
)
Net cash used in financing activities
(241.6
)
 
(389.6
)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash
(16.2
)
 
1.6

Net increase (decrease) in cash, cash equivalents, and restricted cash
183.3

 
(332.7
)
Cash, cash equivalents, and restricted cash at beginning of period
1,276.5

 
2,505.8

Cash, cash equivalents, and restricted cash at end of period
$
1,459.8

 
$
2,173.1


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 March 31, 2020
 
 
 
Common Stock and Additional Paid-in Capital
 
Accumulated Other Comprehensive Loss
 
Accumulated
Deficit 
 
Total Stockholders' Equity
 
Shares 
 
Balance at December 31, 2019
335.9

 
$
7,370.5

 
$
(18.5
)
 
$
(2,741.4
)
 
$
4,610.6

Net income

 

 

 
20.4

 
20.4

Other comprehensive loss, net

 

 
(40.7
)
 

 
(40.7
)
Issuance of common stock
5.6

 
27.1

 

 

 
27.1

Repurchase and retirement of common stock
(10.5
)
 
(132.8
)
 

 
(110.4
)
 
(243.2
)
Purchase of forward contract under accelerated share repurchase program ("ASR")

 
40.0

 

 

 
40.0

Share-based compensation expense

 
42.0

 

 

 
42.0

Payments of cash dividends ($0.20 per share
of common stock)

 
(65.5
)
 

 

 
(65.5
)
Balance at March 31, 2020
331.0

 
$
7,281.3

 
$
(59.2
)
 
$
(2,831.4
)
 
$
4,390.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 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

 

 

 
31.1

 
31.1

Other comprehensive income, net

 

 
7.3

 

 
7.3

Issuance of common stock
5.7

 
29.5

 

 

 
29.5

Repurchase and retirement of common stock
(0.1
)
 
(1.4
)
 

 
(1.5
)
 
(2.9
)
Share-based compensation expense

 
33.9

 

 

 
33.9

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

 
(66.2
)
 

 

 
(66.2
)
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 March 31, 2019
352.0

 
$
7,668.6

 
$
(10.9
)
 
$
(2,806.5
)
 
$
4,851.2


 See accompanying Notes to Condensed Consolidated Financial Statements


7

Table of Contents

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

Note 1. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The Condensed Consolidated Financial Statements of Juniper Networks, Inc. (the “Company” or “Juniper”) were 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, 2019 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 months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, or any future period.

These Condensed Consolidated Financial Statements and accompanying notes should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 (the "Form 10-K"). We have evaluated all subsequent events through the date these condensed consolidated financial statements were issued.

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

Except for the change in certain policies upon adoption of the accounting standards described below, there have been no significant changes to the Company's significant 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

Fair Value Measurement: On January 1, 2020, the Company adopted 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. The Company adopted the standard under the prospective approach for certain modified or new disclosure requirements, and all other amendments in the standard under the retrospective approach. See Note 3, Fair Value Measurements for disclosures required upon adoption of the standard.

Simplifying the Test for Goodwill Impairment: On January 1, 2020, the Company adopted 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 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. The Company adopted the standard under the prospective approach. Upon adoption, the standard did not have a material impact on the Consolidated Financial Statements.

Credit Losses on Financial Instruments: On January 1, 2020, the Company adopted ASU 2016-13 (Topic 326) Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, as further clarified by the Financial Accounting Standards Board (the "FASB") through the issuance of additional related ASUs, which requires the measurement and recognition of current expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model, which requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. The Company adopted the standard under the modified retrospective approach. Upon adoption, the standard did not have a material impact on the Consolidated Financial Statements.



8

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


Recent Accounting Standards Not Yet Adopted

Reference Rate Reform: In March 2020, the FASB issued ASU No. 2020-04 (Topic 848), Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (SOFR). The standard was effective upon issuance and may generally be applied through December 31, 2022 to any new or amended contracts, hedging relationships, and other transactions that reference LIBOR. The Company is currently evaluating the impact to the Consolidated Financial Statements, the transition, and disclosure requirements of the standard.

Simplifying the Accounting for Income Taxes: In December 2019, the FASB issued ASU No. 2019-12 (Topic 740) Income Taxes — Simplifying the Accounting for Income Taxes, which enhances and simplifies various aspects related to accounting for income taxes. This ASU is to be applied on a prospective basis with the exception of certain amendments that are to be applied on either a retrospective or modified retrospective basis. The new standard is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of adoption on its Consolidated Financial Statements.


9

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

Note 2. 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 March 31, 2020 and December 31, 2019 (in millions):


As of March 31, 2020

As of December 31, 2019

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
$
82.8


$


$
(0.6
)

$
82.2


$
81.3


$
0.1


$


$
81.4

Certificates of deposit
36.8






36.8


38.6






38.6

Commercial paper
109.3






109.3


168.2






168.2

Corporate debt securities
551.6


0.6


(5.4
)

546.8


604.9


0.7


(0.1
)

605.5

Foreign government debt securities
11.2






11.2


11.4






11.4

Time deposits








226.3






226.3

U.S. government agency securities
64.5


0.3




64.8


89.0






89.0

U.S. government securities
351.5


2.8




354.3


394.3


0.3


(0.1
)

394.5

Total fixed income securities
1,207.7


3.7


(6.0
)

1,205.4


1,614.0


1.1


(0.2
)

1,614.9

Privately-held debt and redeemable preferred stock securities
19.1

 
37.4

 

 
56.5


19.1


37.4

 

 
56.5

Total available-for-sale debt securities
$
1,226.8


$
41.1


$
(6.0
)

$
1,261.9


$
1,633.1


$
38.5


$
(0.2
)

$
1,671.4























Reported as:























Cash equivalents
$
76.2


$


$


$
76.2


$
290.9


$


$


$
290.9

Short-term investments
520.8


1.1


(1.0
)

520.9


733.7


0.5




734.2

Long-term investments
610.7


2.6


(5.0
)

608.3


589.4


0.6


(0.2
)

589.8

Other long-term assets
19.1

 
37.4

 

 
56.5

 
19.1

 
37.4

 

 
56.5

Total
$
1,226.8


$
41.1


$
(6.0
)

$
1,261.9


$
1,633.1


$
38.5


$
(0.2
)

$
1,671.4




The following table presents the contractual maturities of the Company's total fixed income securities as of March 31, 2020 (in millions):
 
Amortized
Cost
 
Estimated Fair
Value
Due in less than one year
$
597.0

 
$
597.1

Due between one and five years
610.7

 
608.3

Total
$
1,207.7

 
$
1,205.4




10

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

The following tables present the Company's total fixed income securities that were in an unrealized loss position as of March 31, 2020 and December 31, 2019 (in millions):
 
As of March 31, 2020
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
76.4

 
$
(0.6
)
 
$

 
$

 
$
76.4

 
$
(0.6
)
Commercial paper
2.5

 

 

 

 
2.5

 

Corporate debt securities
392.8

 
(5.4
)
 

 

 
392.8

 
(5.4
)
Foreign government debt securities
4.0

 

 
4.0

 

 
8.0

 

U.S. government securities
12.0

 

 

 

 
12.0

 

Total fixed income securities
$
487.7

 
$
(6.0
)
 
$
4.0

 
$

 
$
491.7

 
$
(6.0
)


 
As of December 31, 2019
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
21.6

 
$

 
$
5.2

 
$

 
$
26.8

 
$

Corporate debt securities
142.6

 
(0.1
)
 
2.1

 

 
144.7

 
(0.1
)
Foreign government debt securities
4.0

 

 
4.0

 

 
8.0

 

U.S. government agency securities
20.0

 

 

 

 
20.0

 

U.S. government securities
71.6

 
(0.1
)
 

 

 
71.6

 
(0.1
)
Total fixed income securities
$
259.8

 
$
(0.2
)
 
$
11.3

 
$

 
$
271.1

 
$
(0.2
)


For available-for-sale debt securities that have unrealized losses, the Company assesses impairment by evaluating various factors, including 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. The Company periodically assesses performance indicators of the investment by evaluating various factors such as (i) changes in the credit ratings and (ii) review of issuer. As of March 31, 2020, the Company had 409 investments in unrealized loss positions. The gross unrealized losses related to these investments were primarily due to changes in market interest rates. The Company anticipates that it will recover the entire amortized cost basis of such available-for-sale debt securities and has determined that no allowance for credit losses was required to be recognized during the three months ended March 31, 2020 and March 31, 2019.

During the three months ended March 31, 2020 and March 31, 2019, there were no material gross realized gains or losses from available-for-sale debt securities.


11

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

Investments in Equity Securities

The following table presents the Company's investments in equity securities as of March 31, 2020 and December 31, 2019 (in millions):
 
As of
 
March 31,
2020
 
December 31,
2019
Equity investments with readily determinable fair value
 
 
 
  Money market funds
$
760.3

 
$
446.4

  Mutual funds
21.5

 
26.8

  Publicly-traded equity securities
2.1

 
3.8

Equity investments without readily determinable fair value
135.0

 
133.3

  Total equity securities
$
918.9

 
$
610.3

 
 
 
 
Reported as:
 
 
 
Cash equivalents
$
756.3

 
$
442.3

Short-term investments
2.1

 
3.8

Prepaid expenses and other current assets
6.6

 
4.1

Other long-term assets
153.9

 
160.1

Total
$
918.9

 
$
610.3



For the three months ended March 31, 2020 and March 31, 2019, there were no material unrealized gains or losses recognized for equity investments.

Restricted Cash and Investments

The Company has restricted cash and investments for: (i) amounts held in escrow accounts, as required in connection with certain acquisitions completed primarily between 2015 and 2019; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts under the Company's non-qualified deferred compensation plan ("NQDC") for senior-level employees. Restricted investments consist of equity investments. As of March 31, 2020, the carrying value of restricted cash and investments was $86.8 million, of which $67.7 million was included in prepaid expenses and other current assets and $19.1 million was included in other long-term assets on the Condensed Consolidated Balance Sheet.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 (in millions):
 
As of
 
March 31,
2020
 
December 31,
2019
Cash and cash equivalents
$
1,398.6

 
$
1,215.8

Restricted cash included in Prepaid expenses and other current assets
61.2

 
60.7

  Total cash, cash equivalents, and restricted cash
$
1,459.8

 
$
1,276.5



12

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

Note 3. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides 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
March 31, 2020

Fair Value Measurements at
December 31, 2019

Quoted Prices in
Active Markets For
Identical Assets
(Level 1)

Significant Other
Observable
Remaining Inputs
(Level 2)

Significant Other
Unobservable
Remaining Inputs
(Level 3)

Total

Quoted Prices in
Active Markets For
Identical Assets
(Level 1)

Significant Other
Observable
Remaining Inputs
(Level 2)

Significant Other
Unobservable
Remaining Inputs
(Level 3)

Total
Assets:















Available-for-sale debt securities:





















Asset-backed securities
$


$
82.2


$


$
82.2


$


$
81.4


$


$
81.4

Certificates of deposit


36.8




36.8




38.6




38.6

Commercial paper


109.3




109.3




168.2