Equity

12 Months Ended

Dec. 31, 2020

Note 10. Equity

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


	Dividends				Stock Repurchases							Total
Year	Per Share		Amount		Shares	Average price per share (*)		Amount		Tax Withholding Amount		Amount
2020	$	0.80	$	264.1	17.9	$	23.47	$	375.0	$	6.2	$	645.3
2019	$	0.76	$	260.1	20.1	$	25.36	$	550.0	$	5.0	$	815.1
2018	$	0.72	$	249.3	29.3	$	25.62	$	750.0	$	6.6	$	1,005.9

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(*) $23.47 average price per share for 2020 includes $375.0 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.

Cash Dividends on Shares of Common Stock

During 2020, 2019, and 2018, the Company declared and paid quarterly cash dividends of $0.20, $0.19 and $0.18 per common share, totaling $264.1 million, $260.1 million, and $249.3 million, respectively, on its outstanding common stock. 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 17, Subsequent Events, for discussion of the Company's dividend declaration subsequent to December 31, 2020.

Stock Repurchase Activities

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

As part of the 2018 Stock Repurchase Program, in February 2018 and April 2019, the Company entered into two accelerated share repurchase programs ("ASR") and repurchased $750.0 million and $300.0 million of the Company's common stock, respectively. The aggregate number of shares ultimately repurchased of 29.3 million and 11.6 million shares of the Company's common stock was determined based on a volume weighted average repurchase price, less an agreed upon discount, of $25.62 and $25.79 per share, respectively. The shares received by the Company were retired, accounted for as a reduction to stockholder’s equity in the Consolidated Balance Sheets, and treated as a repurchase of common stock for purposes of calculating earnings per share.

As part of the 2018 Stock Repurchase Program, in October 2019, the Company entered into an ASR with a financial institution to repurchase an aggregate of $200.0 million of the Company's outstanding common stock. 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. In January, 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 Consolidated Balance Sheets, and treated as a repurchase of common stock for purposes of calculating earnings per share.

During the fiscal year ended December 31, 2020, the Company repurchased 16.1 million shares of its common stock in the open market, for an aggregate purchase price of $375.0 million at an average price of $23.36 per share, under the 2018 Stock Repurchase Program.

As of December 31, 2020, there were $1.3 billion of authorized funds remaining under the 2018 Stock Repurchase Program. See Note 17, Subsequent Events, for a discussion of the Company's stock repurchase activity subsequent to December 31, 2020.

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.

In addition to repurchases under the 2018 Stock Repurchase Program, the Company 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 years ended December 31, 2020, 2019, and 2018.

Accumulated Other Comprehensive Loss, Net of Tax

The components of accumulated other comprehensive loss, net of related taxes, for the years ended December 31, 2020, 2019, and 2018 were as follows (in millions):


	Unrealized Gains/Losses on Available-for- Sale Debt Securities(1)		Unrealized Gains/Losses on Cash Flow Hedges(2)		Foreign Currency Translation Adjustments		Total
Balance as of December 31, 2017	$	19.0	$	6.0	$	(30.4)	$	(5.4)
Other comprehensive income (loss) before reclassifications	0.6		(6.4)		(12.4)		(18.2)
Amount reclassified from accumulated other comprehensive income (loss)	0.9		(1.2)		—		(0.3)
Other comprehensive income (loss), net	1.5		(7.6)		(12.4)		(18.5)
Reclassification of tax effects upon adoption of ASU 2018-02	5.0		0.7		—		5.7
Balance as of December 31, 2018	$	25.5	$	(0.9)	$	(42.8)	$	(18.2)
Other comprehensive income (loss) before reclassifications	4.6		(8.9)		(1.1)		(5.4)
Amount reclassified from accumulated other comprehensive income (loss)	(0.4)		5.5		—		5.1
Other comprehensive income (loss), net	4.2		(3.4)		(1.1)		(0.3)
Balance as of December 31, 2019	$	29.7	$	(4.3)	$	(43.9)	$	(18.5)
Other comprehensive income before reclassifications	5.7		54.4		7.7		67.8
Amount reclassified from accumulated other comprehensive income (loss)	(1.3)		7.6		—		6.3
Other comprehensive income, net	4.4		62.0		7.7		74.1
Balance as of December 31, 2020	$	34.1	$	57.7	$	(36.2)	$	55.6

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(1) The reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31, 2020, 2019, and 2018 for realized gains on available-for-sale debt securities were not material, and were included in other expense, net, in the Consolidated Statements of Operations.

(2) The reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31, 2020, 2019, and 2018 for realized gains and losses on cash flow hedges were not material, and were included within cost of revenues, research and development, sales and marketing, and general and administrative in the Consolidated Statements of Operations.