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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 June 30, 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 331,750,363 shares of the Company's Common Stock, par value $0.00001, outstanding as of July 31, 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 June 30,

Six Months Ended June 30,
 
2020

2019

2020

2019
Net revenues:
 
 
 
 
 
 
 
Product
$
692.3

 
$
713.9

 
$
1,301.1

 
$
1,332.6

Service
394.0

 
388.6

 
783.2

 
771.6

Total net revenues
1,086.3

 
1,102.5

 
2,084.3

 
2,104.2

Cost of revenues:
 
 
 
 
 
 
 
Product
321.7

 
314.3

 
590.7

 
584.3

Service
145.0

 
151.4

 
294.7

 
300.8

Total cost of revenues
466.7

 
465.7

 
885.4

 
885.1

Gross margin
619.6

 
636.8

 
1,198.9

 
1,219.1

Operating expenses:
 
 
 
 
 
 
 
Research and development
241.0

 
244.0

 
473.5

 
471.6

Sales and marketing
224.2

 
229.0

 
463.4

 
457.5

General and administrative
59.1

 
60.0

 
118.4

 
128.2

Restructuring charges
4.8

 
21.4

 
13.7

 
36.7

Total operating expenses
529.1

 
554.4

 
1,069.0

 
1,094.0

Operating income
90.5

 
82.4

 
129.9

 
125.1

Other expense, net
(4.4
)
 
(4.6
)
 
(15.5
)
 
(2.8
)
Income before income taxes
86.1

 
77.8

 
114.4

 
122.3

Income tax provision
24.9

 
31.6

 
32.8

 
45.0

Net income
$
61.2

 
$
46.2

 
$
81.6

 
$
77.3


 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic
$
0.18

 
$
0.13

 
$
0.25

 
$
0.22

Diluted
$
0.18

 
$
0.13

 
$
0.24

 
$
0.22

Weighted-average shares used to compute net income per share:
 
 
 
 
 
 
 
Basic
331.0

 
346.3

 
330.9

 
347.2

Diluted
333.1

 
349.1

 
334.7

 
351.7


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 June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Net income
$
61.2

 
$
46.2

 
$
81.6

 
$
77.3

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
Change in net unrealized gains, net of tax provision of ($2.7) and ($1.9) during the three and six months ended June 30, 2020, respectively, and tax provision of ($0.2) and ($0.8) for the comparable periods in 2019, respectively
8.7

 
2.0

 
5.7

 
3.8

Net realized gains and losses reclassified into net income, net of tax
(0.2
)
 

 
0.3

 

Net change on available-for-sale debt securities, net of tax
8.5

 
2.0

 
6.0

 
3.8

Cash flow hedges:
 
 
 
 
 
 
 
Change in net unrealized gains and (losses), net of tax benefit (provision) of ($1.8) and $2.4 during the three and six months ended June 30, 2020, respectively, and tax benefit (provision) of $0.2 and ($1.1) for the comparable periods in 2019, respectively
16.1

 
(1.8
)
 
(8.8
)
 
0.3

Net realized losses reclassified into net income, net of tax benefit of $0.8 and $0.9 during the three and six months ended June 30, 2020, respectively, and tax provision of ($0.6) and ($0.8) for the comparable periods in 2019, respectively
6.1

 
0.3

 
7.5

 
1.5

Net change on cash flow hedges, net of tax
22.2

 
(1.5
)
 
(1.3
)
 
1.8

Change in foreign currency translation adjustments
5.6

 
(0.9
)
 
(9.1
)
 
1.3

Other comprehensive income (loss), net of tax
36.3

 
(0.4
)
 
(4.4
)
 
6.9

Comprehensive income
$
97.5

 
$
45.8

 
$
77.2

 
$
84.2



See accompanying Notes to Condensed Consolidated Financial Statements


4

Table of Contents

Juniper Networks, Inc.
Condensed Consolidated Balance Sheets
(In millions, except par values)
 
June 30,
2020
 
December 31,
2019
 
(Unaudited)
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,460.3

 
$
1,215.8

Short-term investments
397.6

 
738.0

Accounts receivable, net of allowances
754.7

 
879.7

Prepaid expenses and other current assets
388.6

 
376.3

Total current assets
3,001.2

 
3,209.8

Property and equipment, net
781.6

 
830.9

Operating lease assets
174.2

 
169.7

Long-term investments
712.4

 
589.8

Purchased intangible assets, net
161.3

 
185.8

Goodwill
3,337.1

 
3,337.1

Other long-term assets
573.7

 
514.6

Total assets
$
8,741.5

 
$
8,837.7

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
238.0

 
$
219.5

Accrued compensation
215.7

 
229.0

Deferred revenue
834.5

 
812.9

Other accrued liabilities
308.1

 
282.5

Total current liabilities
1,596.3

 
1,543.9

Long-term debt
1,720.1

 
1,683.9

Long-term deferred revenue
377.1

 
410.5

Long-term income taxes payable
360.3

 
372.6

Long-term operating lease liabilities
162.1

 
158.1

Other long-term liabilities
61.3

 
58.1

Total liabilities
4,277.2

 
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; 331.7 shares and 335.9 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively

 

Additional paid-in capital
7,255.7

 
7,370.5

Accumulated other comprehensive loss
(22.9
)
 
(18.5
)
Accumulated deficit
(2,768.5
)
 
(2,741.4
)
Total stockholders' equity
4,464.3

 
4,610.6

Total liabilities and stockholders' equity
$
8,741.5

 
$
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)
 
Six Months Ended June 30,
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net income
$
81.6

 
$
77.3

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Share-based compensation expense
86.0

 
89.6

Depreciation, amortization, and accretion
106.0

 
101.7

Operating lease assets expense
21.0

 
21.3

Other
3.8

 
0.4

Changes in operating assets and liabilities, net of acquisitions:
 
 
 
Accounts receivable, net
124.7

 
102.3

Prepaid expenses and other assets
(38.7
)
 
(55.2
)
Accounts payable
20.6

 
(28.1
)
Accrued compensation
(11.7
)
 
(15.8
)
Income taxes payable
0.9

 
(3.8
)
Other accrued liabilities
(14.2
)
 
(20.1
)
Deferred revenue
(10.2
)
 
(21.4
)
Net cash provided by operating activities
369.8

 
248.2

Cash flows from investing activities:
 
 
 
Purchases of property and equipment
(43.8
)
 
(55.2
)
Purchases of available-for-sale debt securities
(546.2
)
 
(1,760.0
)
Proceeds from sales of available-for-sale debt securities
156.9

 
628.5

Proceeds from maturities and redemptions of available-for-sale debt securities
622.7

 
906.0

Purchases of equity securities
(3.6
)
 
(9.4
)
Proceeds from sales of equity securities
3.7

 
4.1

Payments for business acquisitions, net of cash and cash equivalents acquired

 
(270.9
)
Subsequent payments related to acquisitions in prior years
(0.2
)


Net cash provided by (used in) investing activities
189.5

 
(556.9
)
Cash flows from financing activities:
 
 
 
Repurchase and retirement of common stock
(205.3
)
 
(303.8
)
Proceeds from issuance of common stock
27.6

 
29.7

Payment of dividends
(131.8
)
 
(131.7
)
Payment of debt

 
(350.0
)
Customer financing arrangement
4.8

 

Net cash used in financing activities
(304.7
)
 
(755.8
)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash
(9.9
)
 
2.1

Net increase (decrease) in cash, cash equivalents, and restricted cash
244.7

 
(1,062.4
)
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
$
1,521.2

 
$
1,443.4


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 June 30, 2020
 
 
 
Common Stock and Additional Paid-in Capital
 
Accumulated Other Comprehensive Loss
 
Accumulated
Deficit 
 
Total Stockholders' Equity
 
Shares 
 
Balance at March 31, 2020
331.0

 
$
7,281.3

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

Net income

 

 

 
61.2

 
61.2

Other comprehensive income, net

 

 
36.3

 

 
36.3

Issuance of common stock
0.8

 
0.5

 

 

 
0.5

Repurchase and retirement of common stock
(0.1
)
 
(3.8
)
 

 
1.7

 
(2.1
)
Share-based compensation expense

 
44.0

 

 

 
44.0

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

 
(66.3
)
 

 

 
(66.3
)
Balance at June 30, 2020
331.7

 
$
7,255.7

 
$
(22.9
)
 
$
(2,768.5
)
 
$
4,464.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2019
 
 
 
Common Stock and Additional Paid-in Capital
 
Accumulated Other Comprehensive Loss
 
Accumulated
Deficit 
 
Total Stockholders' Equity
 
Shares 
 
Balance at March 31, 2019
352.0

 
$
7,668.6

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

Net income

 

 

 
46.2

 
46.2

Other comprehensive loss, net

 

 
(0.4
)
 

 
(0.4
)
Issuance of common stock
1.1

 
0.2

 

 

 
0.2

Common stock assumed upon business combination

 
4.7

 

 

 
4.7

Repurchase and retirement of common stock
(8.6
)
 
(112.5
)
 

 
(128.4
)
 
(240.9
)
Purchase of forward contract under accelerated share repurchase program ("ASR")

 
(60.0
)
 

 

 
(60.0
)
Share-based compensation expense

 
55.7

 

 

 
55.7

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

 
(65.5
)
 

 

 
(65.5
)
Balance at June 30, 2019
344.5

 
$
7,491.2

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


 See accompanying Notes to Condensed Consolidated Financial Statements

7

Table of Contents

Juniper Networks, Inc.
 
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In millions, except per share amounts)
(Unaudited)
 
Six Months Ended June 30, 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

 

 

 
81.6

 
81.6

Other comprehensive loss, net

 

 
(4.4
)
 

 
(4.4
)
Issuance of common stock
6.4

 
27.6

 

 

 
27.6

Repurchase and retirement of common stock
(10.6
)
 
(136.6
)
 

 
(108.7
)
 
(245.3
)
Purchase of forward contract under ASR

 
40.0

 

 

 
40.0

Share-based compensation expense

 
86.0

 

 

 
86.0

Payments of cash dividends ($0.40 per share
of common stock)

 
(131.8
)
 

 

 
(131.8
)
Balance at June 30, 2020
331.7

 
$
7,255.7

 
$
(22.9
)
 
$
(2,768.5
)
 
$
4,464.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 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

 

 

 
77.3

 
77.3

Other comprehensive income, net

 

 
6.9

 

 
6.9

Issuance of common stock
6.8

 
29.7

 

 

 
29.7

Repurchase and retirement of common stock
(8.7
)
 
(113.9
)
 

 
(129.9
)
 
(243.8
)
Common stock assumed upon business combination

 
4.7

 

 

 
4.7

Purchase of forward contract under ASR

 
(60.0
)
 

 

 
(60.0
)
Share-based compensation expense

 
89.6

 

 

 
89.6

Payments of cash dividends ($0.38 per share
of common stock)

 
(131.7
)
 

 

 
(131.7
)
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 June 30, 2019
344.5

 
$
7,491.2

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


 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 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 and six months ended June 30, 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 and the policy for interest rate lock cash flow hedges 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.

The Company records changes in fair value of interest rate locks in accumulated other comprehensive income (loss) in the consolidated balance sheets, in the period of change. When the forecasted transaction occurs, the Company will start to amortize the accumulated gain or losses included as a component of other comprehensive income (loss) related to the interest rate lock cash flow hedges to interest expense. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the gain or loss on the related cash flow hedge from accumulated other comprehensive income (loss) will be reclassified to other income and expense within income statement.

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 required disclosures.

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

9

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

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.

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 of the transition and disclosure requirements of the standard on its Consolidated Financial Statements.

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.


10

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 June 30, 2020 and December 31, 2019 (in millions):


As of June 30, 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
$
73.9


$
0.5


$


$
74.4


$
81.3


$
0.1


$


$
81.4

Certificates of deposit
34.6






34.6


38.6






38.6

Commercial paper
74.2






74.2


168.2






168.2

Corporate debt securities
588.8


6.5


(0.5
)

594.8


604.9


0.7


(0.1
)

605.5

Foreign government debt securities
8.0






8.0


11.4






11.4

Time deposits
169.9






169.9


226.3






226.3

U.S. government agency securities
51.6


0.2




51.8


89.0






89.0

U.S. government securities
402.9


2.1




405.0


394.3


0.3


(0.1
)

394.5

Total fixed income securities
1,403.9


9.3


(0.5
)

1,412.7


1,614.0


1.1


(0.2
)

1,614.9

Privately-held debt and redeemable preferred stock securities
19.3

 
37.4

 

 
56.7


19.1


37.4

 

 
56.5

Total available-for-sale debt securities
$
1,423.2


$
46.7


$
(0.5
)

$
1,469.4


$
1,633.1


$
38.5


$
(0.2
)

$
1,671.4























Reported as:























Cash equivalents
$
307.5


$


$


$
307.5


$
290.9


$


$


$
290.9

Short-term investments
391.5


1.3