Equity

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Note 8. 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,
	2020		2019		2020		2019
Dividends
Per share	$	0.20	$	0.19	$	0.60	$	0.57
Amount	$	66.2	$	64.7	$	197.9	$	196.4

Repurchased under the 2018 Stock Repurchase Program
Shares	4.2		5.1		14.5		13.7
Average price per share(*)	$	23.93	$	24.90	$	23.86	$	25.45
Amount	$	100.0	$	50.0	$	300.0	$	350.0

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(*) During the three months ended September 30, 2020, the $23.93 average price per share includes $100.0 million in open market purchases. During the nine months ended September 30, 2020, the $23.86 average price per share includes $300.0 million in open market purchases, and settlement of the forward contract of $40.0 million under the ASR, which was initiated during the fourth quarter of 2019. During the three and nine months ended September 30, 2019, the $24.90 and $25.45 average price per share includes the forward contract of $60.0 million under the ASR, which was initiated and settled during the second and the third quarter of 2019, respectively.

Cash Dividends on Shares of Common Stock

During the three and nine months ended September 30, 2020, the Company declared a quarterly cash dividend of $0.20 per share of common stock on January 27, 2020, April 28, 2020 and July 28, 2020, respectively, which was paid on March 23, 2020, June 22, 2020 and September 22, 2020, respectively, to stockholders of record on March 2, 2020, June 1, 2020 and September 1, 2020, 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 14, Subsequent Events, for discussion of the Company's dividend declaration subsequent to September 30, 2020.

Stock Repurchase Activities

In January 2018, the Board approved a $2.0 billion share repurchase program ("2018 Stock Repurchase Program"), which replaced our prior authorization. In October 2019, the Board authorized a $1.0 billion increase to the 2018 Stock Repurchase Program for a total of $3.0 billion.

In October 2019, the Company entered into an ASR, to repurchase an aggregate of $200.0 million of the Company’s outstanding common stock. During the three months ended December 31, 2019, the Company made an up-front payment of $200.0 million pursuant to the ASR and received and retired an initial 6.4 million shares of the Company’s common stock for an aggregate price of $160.0 million, based on the market price of $25.15 per share of the Company’s common stock on the date of the transaction. During the three months ended March 31, 2020, the ASR was completed, and an additional 1.8 million shares were received for a total repurchase of 8.2 million shares of the Company's common stock at a volume weighted average repurchase price, less an agreed upon discount, of $24.44 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 nine months ended September 30, 2020, the Company repurchased 14.5 million shares of its common stock in the open market for an aggregate purchase price of $300.0 million at an average price of $23.86 per share, under the 2018 Stock Repurchase Program.

As of September 30, 2020, there was approximately $1.4 billion of authorized funds remaining under the 2018 Stock Repurchase Program.

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, 2020 and September 30, 2019.

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, 2020 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, 2019	$	29.7	$	(4.3)	$	(43.9)	$	(18.5)
Other comprehensive loss before reclassifications	6.2		21.0		(1.5)		25.7
Amount reclassified from accumulated other comprehensive loss	(0.5)		8.5		—		8.0
Other comprehensive loss, net	5.7		29.5		(1.5)		33.7
Balance as of September 30, 2020	$	35.4	$	25.2	$	(45.4)	$	15.2