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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, 2023

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)
Delaware77-0422528
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1133 Innovation Way
Sunnyvale,California94089
(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 classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.00001 per shareJNPRNew 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 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 321,360,120 shares of the Company's Common Stock, par value $0.00001, outstanding as of July 26, 2023.



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,
2023202220232022
Net revenues:
Product$963.2 $839.8 $1,875.8 $1,584.1 
Service466.9 429.8 926.1 853.7 
Total net revenues1,430.1 1,269.6 2,801.9 2,437.8 
Cost of revenues:
Product470.7 431.9 925.6 810.4 
Service146.3 143.6 292.0 283.9 
Total cost of revenues617.0 575.5 1,217.6 1,094.3 
Gross margin813.1 694.1 1,584.3 1,343.5 
Operating expenses:
Research and development282.0 244.3 566.8 492.9 
Sales and marketing308.3 274.3 611.5 547.6 
General and administrative65.2 67.2 133.2 127.4 
Restructuring charges16.5 0.5 16.0 9.3 
Total operating expenses672.0 586.3 1,327.5 1,177.2 
Operating income141.1 107.8 256.8 166.3 
Gain (loss) on privately-held investments, net (1) (2)
(92.2)5.9 (92.0)5.9 
Gain on divestiture— 45.8 — 45.8 
Other expense, net (1)
(7.4)(14.0)(16.2)(26.9)
Income before income taxes and loss from equity method investment41.5 145.5 148.6 191.1 
Income tax provision15.0 31.6 34.6 21.5 
Loss from equity method investment, net of tax2.1 0.5 4.2 0.5 
Net income$24.4 $113.4 $109.8 $169.1 
Net income per share:
Basic$0.08 $0.35 $0.34 $0.53 
Diluted$0.07 $0.35 $0.34 $0.51 
Weighted-average shares used to compute net income per share:
Basic319.3 321.0 320.8 321.1 
Diluted326.0 328.1 327.6 329.3 
__________________
(1) The prior period amounts have been reclassified to conform to the current period presentation.
(2) Privately-held investments represent investments in privately-held debt and redeemable preferred stock securities and equity investments without readily determinable fair value.

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,
2023202220232022
Net income$24.4 $113.4 $109.8 $169.1 
Other comprehensive income (loss), net:
Available-for-sale debt securities:
Change in net unrealized gains and losses1.6 (1.7)3.7 (7.4)
Net realized losses reclassified into net income— 0.1 — 0.2 
Net change on available-for-sale debt securities1.6 (1.6)3.7 (7.2)
Cash flow hedges:
Change in net unrealized gains and losses14.0 (1.0)7.1 19.8 
Net realized losses reclassified into net income7.0 4.0 14.4 4.1 
Net change on cash flow hedges21.0 3.0 21.5 23.9 
Change in foreign currency translation adjustments0.2 (13.2)1.7 (14.7)
Other comprehensive income (loss), net22.8 (11.8)26.9 2.0 
Comprehensive income$47.2 $101.6 $136.7 $171.1 

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,
2023		December 31,
2022
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$1,089.4 $880.1 
Short-term investments144.7 210.3 
Accounts receivable, net of allowances908.5 1,227.3 
Inventory925.7 619.4 
Prepaid expenses and other current assets682.7 680.0 
Total current assets3,751.0 3,617.1 
Property and equipment, net689.1 666.8 
Operating lease assets124.3 141.6 
Long-term investments62.3 139.6 
Purchased intangible assets, net126.2 160.5 
Goodwill3,734.4 3,734.4 
Other long-term assets888.2 866.7 
Total assets$9,375.5 $9,326.7 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$371.8 $347.4 
Accrued compensation280.1 306.1 
Deferred revenue1,037.9 1,020.5 
Other accrued liabilities572.4 404.9 
Total current liabilities2,262.2 2,078.9 
Long-term debt1,602.6 1,601.3 
Long-term deferred revenue727.3 642.6 
Long-term income taxes payable197.2 279.4 
Long-term operating lease liabilities95.5 117.7 
Other long-term liabilities135.8 131.7 
Total liabilities5,020.6 4,851.6 
Commitments and contingencies (Note 13)
Stockholders' equity:
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; 317.8 shares and 322.9 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively
— — 
Additional paid-in capital6,749.7 6,846.4 
Accumulated other comprehensive income31.1 4.2 
Accumulated deficit(2,425.9)(2,375.5)
Total stockholders' equity4,354.9 4,475.1 
Total liabilities and stockholders' equity$9,375.5 $9,326.7 

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,
20232022
Cash flows from operating activities:
Net income$109.8 $169.1 
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense
122.9 92.4 
Depreciation, amortization, and accretion98.5 111.5 
Operating lease assets expense20.3 20.3 
Gain on divestiture— (45.8)
Loss (gain) on privately-held investments, net (1)
92.0 (5.9)
Loss from equity method investment (1)
4.2 0.5 
Other (1)
2.7 13.8 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net319.5 (54.2)
Inventory (1)
(315.0)(126.2)
Prepaid expenses and other assets (1)
(100.0)(346.9)
Accounts payable22.0 88.5 
Accrued compensation(26.1)(54.7)
Income taxes payable83.9 (3.9)
Other accrued liabilities(1.5)17.1 
Deferred revenue101.3 50.6 
Net cash provided by (used in) operating activities534.5 (73.8)
Cash flows from investing activities:
Purchases of property and equipment(83.2)(49.5)
Proceeds from divestiture, net— 89.1 
Purchases of available-for-sale debt securities(12.9)(104.1)
Proceeds from sales of available-for-sale debt securities23.9 74.8 
Proceeds from maturities and redemptions of available-for-sale debt securities
128.8 218.8 
Purchases of equity securities
(3.5)(12.2)
Proceeds from sales of equity securities
7.8 3.3 
Payments for business acquisitions, net of cash and cash equivalents acquired
— (3.9)
Funding of loan receivable(7.7)— 
Other1.5 1.4 
Net cash provided by investing activities54.7 217.7 
Cash flows from financing activities:
Repurchase and retirement of common stock
(271.3)(226.3)
Proceeds from issuance of common stock
31.6 29.1 
Payment of dividends
(140.5)(134.8)
Payment of debt issuance costs(1.3)— 
Net cash used in financing activities(381.5)(332.0)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash
1.8 (14.0)
Net increase (decrease) in cash, cash equivalents, and restricted cash209.5 (202.1)
Cash, cash equivalents, and restricted cash at beginning of period
897.7 942.7 
Cash, cash equivalents, and restricted cash at end of period
$1,107.2 $740.6 
Non-cash investing activity:
Equity method investment$— $40.3 
__________________
(1) The prior period amounts have been reclassified to conform to the current period presentation.

See accompanying Notes to Condensed Consolidated Financial Statements
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Juniper Networks, Inc.
 
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In millions, except per share amounts)
(Unaudited)
Three Months Ended June 30, 2023
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Income
Accumulated
Deficit
Total Stockholders' Equity
 
Shares
Balance at March 31, 2023
321.4 $6,808.1 $8.3 $(2,381.2)$4,435.2 
Net income— — — 24.4 24.4 
Other comprehensive income, net— — 22.8 — 22.8 
Issuance of common stock0.5 0.5 — — 0.5 
Repurchase and retirement of common stock (4.1)(50.9)— (69.1)(120.0)
Share-based compensation expense— 61.9 — — 61.9 
Payments of cash dividends ($0.22 per share of common stock)
— (69.9)— — (69.9)
Balance at June 30, 2023
317.8 $6,749.7 $31.1 $(2,425.9)$4,354.9 
Three Months Ended June 30, 2022
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)
Accumulated
Deficit
Total Stockholders' Equity
Shares
Balance at March 31, 2022
322.8 $6,933.1 $11.7 $(2,677.9)$4,266.9 
Net income— — — 113.4 113.4 
Other comprehensive loss, net— — (11.8)— (11.8)
Issuance of common stock0.7 0.5 — — 0.5 
Repurchase and retirement of common stock (3.1)(39.1)— (60.9)(100.0)
Share-based compensation expense— 47.0 — — 47.0 
Payments of cash dividends ($0.21 per share of common stock)
— (67.3)— — (67.3)
Balance at June 30, 2022
320.4 $6,874.2 $(0.1)$(2,625.4)$4,248.7 

 See accompanying Notes to Condensed Consolidated Financial Statements






















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Juniper Networks, Inc.
 
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In millions, except per share amounts)
(Unaudited)
Six Months Ended June 30, 2023
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Income
Accumulated
Deficit
Total Stockholders' Equity
 
Shares
Balance at December 31, 2022
322.9 $6,846.4 $4.2 $(2,375.5)$4,475.1 
Net income— — — 109.8 109.8 
Other comprehensive income, net— — 26.9 — 26.9 
Issuance of common stock3.8 31.6 — — 31.6 
Repurchase and retirement of common stock (8.9)(111.1)— (160.2)(271.3)
Share-based compensation expense— 123.3 — — 123.3 
Payments of cash dividends ($0.44 per share of common stock)
— (140.5)— — (140.5)
Balance at June 30, 2023
317.8 $6,749.7 $31.1 $(2,425.9)$4,354.9 
Six Months Ended June 30, 2022
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Loss
Accumulated
Deficit
Total Stockholders' Equity
Shares
Balance at December 31, 2021
321.6 $6,972.6 $(2.1)$(2,653.6)$4,316.9 
Net income— — — 169.1 169.1 
Other comprehensive income, net— — 2.0 — 2.0 
Issuance of common stock5.5 29.1 — — 29.1 
Repurchase and retirement of common stock (6.7)(85.4)— (140.9)(226.3)
Share-based compensation expense— 92.7 — — 92.7 
Payments of cash dividends ($0.42 per share of common stock)
— (134.8)— — (134.8)
Balance at June 30, 2022
320.4 $6,874.2 $(0.1)$(2,625.4)$4,248.7 

 See accompanying Notes to Condensed Consolidated Financial Statements

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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, 2022 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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, 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, 2022 (the "Form 10-K"). The Company has 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.

Certain prior period amounts have been reclassified to conform to the current period's presentation. None of these reclassifications had a material impact to the unaudited Condensed Consolidated Financial Statements.

Summary of Significant Accounting Policies

There have been no significant changes to the Company's significant accounting policies described in Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies, in Notes to Consolidated Financial Statements in Item 8 of Part II of the Form 10-K for the fiscal year ended December 31, 2022.





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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, 2023 and December 31, 2022 (in millions):
As of June 30, 2023
As of December 31, 2022
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 and mortgage-backed securities$19.5 $— $(0.7)$18.8 $37.8 $— $(1.2)$36.6 
Corporate debt securities155.6 — (3.7)151.9 277.5 — (7.1)270.4 
Commercial paper11.4 — — 11.4 — — — — 
Foreign government debt securities
5.2 — (0.3)4.9 8.8 — (0.4)8.4 
Time deposits352.5 — — 352.5 70.6 — — 70.6 
U.S. government agency securities
17.7 — (0.2)17.5 18.6 — (0.6)18.0 
U.S. government securities6.0 — (0.1)5.9 9.0 — (0.2)8.8 
Total fixed income securities
567.9 — (5.0)562.9 422.3 — (9.5)412.8 
Privately-held debt and redeemable preferred stock securities20.7 37.4 — 58.1 15.5 37.4 — 52.9 
Total available-for-sale debt securities
$588.6 $37.4 $(5.0)$621.0 $437.8 $37.4 $(9.5)$465.7 
Reported as:
Cash equivalents$362.0 $— $— $362.0 $70.6 $— $— $70.6 
Short-term investments141.2 — (2.6)138.6 205.9 — (3.3)202.6 
Long-term investments64.7 — (2.4)62.3 145.8 — (6.2)139.6 
Other long-term assets20.7 37.4 — 58.1 15.5 37.4 — 52.9 
Total$588.6 $37.4 $(5.0)$621.0 $437.8 $37.4 $(9.5)$465.7 


The following table presents the contractual maturities of the Company's total fixed income securities as of June 30, 2023 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$503.2 $500.6 
Due between one and five years64.7 62.3 
Total$567.9 $562.9 


As of June 30, 2023, the Company's unrealized loss of $5.0 million resulted from 163 investments, of which losses aggregating $0.1 million were from investments in an unrealized loss position for less than 12 months, and $4.9 million were from investments in an unrealized loss position for more than 12 months. 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
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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
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 and six months ended June 30, 2023 and June 30, 2022.

During the three and six months ended June 30, 2023 and June 30, 2022, there were no material gross realized gains or losses from available-for-sale debt securities.

Investments in Equity Securities

The following table presents the Company's investments in equity securities as of June 30, 2023 and December 31, 2022 (in millions):
As of
June 30,
2023		December 31,
2022
Equity investments with readily determinable fair value:
Money market funds$445.8 $420.8 
Mutual funds34.6 28.1 
Publicly-traded equity securities6.0 7.7 
Equity investments without readily determinable fair value38.4 137.7 
Equity investment under the equity method of accounting31.8 36.0 
Total equity securities$556.6 $630.3 
Reported as:
Cash equivalents$445.8 $420.8 
Short-term investments6.0 7.7 
Prepaid expenses and other current assets2.8 2.4 
Other long-term assets102.0 199.4 
Total$556.6 $630.3 

For the three and six months ended June 30, 2023 and June 30, 2022, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair value.

For the three and six months ended June 30, 2023, there were no material unrealized gains and $92.2 million of unrealized losses for equity investments without readily determinable fair value. Unrealized losses represent the difference between the estimated fair values and the carrying values of equity investments without readily determinable fair value. The Company estimated the fair value of these investments based on quantitative and qualitative analysis. This analysis involved use of judgment, significant estimates and assumptions, such as the near-term prospects of the investee in the market in which it operates, evaluating the investee’s financial condition in relation to its outstanding obligations, and probabilities of securing additional capital through various alternative scenarios. There were no material unrealized gains and losses for the three and six months ended June 30, 2022 for equity investments without readily determinable fair value.

For the three and six months ended June 30, 2023, the loss recognized from the equity method investment was $2.1 million and $4.2 million, respectively. For the three and six months ended June 30, 2022, the loss recognized from the equity method investment was $0.5 million.

Restricted Cash and Investments

The Company has restricted cash and investments for: (i) amounts under the Company's non-qualified deferred compensation plan for senior-level employees; (ii) amounts held under the Company's short-term disability plan in California; and (iii) amounts held in escrow accounts, as required in connection with certain acquisitions. Restricted investments consist of equity investments. As of June 30, 2023, the carrying value of restricted cash and investments was $52.4 million, of which $18.3
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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
million was included in prepaid expenses and other current assets, and $34.1 million was included in other long-term assets on the Condensed Consolidated Balance Sheets.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 (in millions):
As of
June 30,
2023		December 31,
2022
Cash and cash equivalents$1,089.4 $880.1 
Restricted cash included in prepaid expenses and other current assets15.4 15.2 
Restricted cash included in other long-term assets2.4 2.4 
Total cash, cash equivalents, and restricted cash$1,107.2 $897.7 
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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Note 3. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 (in millions):
Fair Value Measurements at
June 30, 2023
Fair Value Measurements at
December 31, 2022
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities$— $18.8 $— $18.8 $— $36.6 $— $36.6 
Corporate debt securities — 151.9 — 151.9 — 270.4 — 270.4 
Commercial paper— 11.4 — 11.4 — — — — 
Foreign government debt securities— 4.9 — 4.9 — 8.4 — 8.4 
Time deposits— 352.5 — 352.5 — 70.6 — 70.6 
U.S. government agency securities— 17.5 — 17.5 — 18.0 — 18.0 
U.S. government securities5.9 — — 5.9 8.8 — — 8.8 
Privately-held debt and redeemable preferred stock securities— — 58.1 58.1 — — 52.9 52.9 
Total available-for-sale debt securities5.9 557.0 58.1 621.0 8.8 404.0 52.9 465.7 
Equity securities:
Money market funds445.8 — — 445.8 420.8 — — 420.8 
Mutual funds34.6 — — 34.6 28.1 — — 28.1 
Publicly-traded equity securities6.0 — — 6.0 7.7 — — 7.7 
Total equity securities486.4 — — 486.4 456.6 — — 456.6 
Derivative assets:
Foreign exchange contracts— 8.1 — 8.1 — 1.3 — 1.3 
Interest rate contracts— 121.5 — 121.5 — 125.4 — 125.4 
Total derivative assets— 129.6 — 129.6 — 126.7 — 126.7 
Total assets measured at fair value on a recurring basis$492.3 $686.6 $58.1 $1,237.0 $465.4 $530.7 $52.9 $1,049.0 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(18.4)$— $(18.4)$— $(37.6)$— $(37.6)
Interest rate contracts— (87.0)— (87.0)— (87.4)— (87.4)
Total derivative liabilities— (105.4)— (105.4)— (125.0)— (125.0)
Total liabilities measured at fair value on a recurring basis$— $(105.4)$— $(105.4)$— $(125.0)$— $(125.0)
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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Fair Value Measurements at
June 30, 2023
Fair Value Measurements at
December 31, 2022
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Total assets, reported as:
Cash equivalents$445.8 $361.9 $— $807.7 $420.8 $70.6 $— $491.4 
Short-term investments10.9 133.8 — 144.7 14.6 195.7 — 210.3 
Long-term investments1.0 61.3 — 62.3 1.9 137.7 — 139.6 
Prepaid expenses and other current assets
2.8 4.1 — 6.9 2.4 0.8 — 3.2 
Other long-term assets31.8 125.5 58.1 215.4 25.7 125.9 52.9 204.5 
Total assets measured at fair value
$492.3 $686.6 $58.1 $1,237.0 $465.4 $530.7 $52.9 $1,049.0 
Total liabilities, reported as:
Other accrued liabilities$— $(15.4)$— $(15.4)$— $(32.5)$— $(32.5)
Other long-term liabilities— (90.0)— (90.0)— (92.5)— (92.5)
Total liabilities measured at fair value on a recurring basis
$— $(105.4)$— $(105.4)$— $(125.0)$— $(125.0)

The Company's Level 2 available-for-sale debt securities are priced using quoted market prices for similar instruments or non-binding market prices that are corroborated by observable market data. The Company uses inputs such as actual trade data, benchmark yields, broker/dealer quotes, or alternative pricing sources with reasonable levels of price transparency, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets. The Company's derivative instruments are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. During the three and six months ended June 30, 2023, the Company had no transfers into or out of Level 3 of the fair value hierarchy of its assets or liabilities measured at fair value.

The Company's privately-held debt and redeemable preferred stock securities are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of its privately-held debt and redeemable preferred stock securities on a recurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent valuations at the time of financing activities and the investee's capital structure. During the three and six months ended June 30, 2023, there were no significant activities related to privately-held debt and redeemable preferred stock securities.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The Company's investments in equity securities without readily determinable fair value are classified as Level 3 assets due to the lack of observable inputs to determine fair value. The Company estimates the fair value of equity securities without readily determinable fair value, and investments accounted for under the equity method of accounting, on a nonrecurring basis using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. As of June 30, 2023, downward adjustments for equity securities without readily determinable fair value were $92.2 million. There have been no material upward adjustments to the equity securities without readily determinable fair value.

Certain of the Company's assets, including intangible assets and goodwill, are measured at fair value on a nonrecurring basis. There were no significant impairment charges recognized during the three and six months ended June 30, 2023.

As of June 30, 2023 and December 31, 2022, the Company had no liabilities required to be measured at fair value on a nonrecurring basis.

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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Assets and Liabilities Not Measured at Fair Value

The carrying amounts of the Company's accounts receivable, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. As of June 30, 2023 and December 31, 2022, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets was $1,509.4 million and $1,485.6 million, respectively, based on observable market inputs (Level 2).

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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Note 4. Derivative Instruments

The Company uses derivative instruments to manage a variety of risks, including risks related to fluctuations in foreign currency exchange rates and interest rates on debt instruments. The Company does not use derivative financial instruments for speculative purposes.

The notional amount of the Company's derivative instruments is summarized as follows (in millions):
 As of
 June 30,
2023		December 31,
2022
Designated derivatives:
Cash flow hedges:
Foreign currency contracts
$864.7 $775.9 
Interest rate lock contracts
650.0 650.0 
Fair value hedges:
Interest rate swap contracts
600.0 600.0 
Total designated derivatives
2,114.7 2,025.9 
Non-designated derivatives178.2 163.5 
Total$2,292.9 $2,189.4 

The fair value of derivative instruments on the Condensed Consolidated Balance Sheets was as follows:
 As of
 Balance Sheet ClassificationJune 30,
2023		December 31,
2022
Derivative assets:
Derivatives designated as hedging instruments:
Foreign currency contractsOther current assets$4.0 $0.7 
Foreign currency contracts Other long-term assets4.0 0.5 
Interest rate lock contracts Other long-term assets121.5 125.4 
Total derivatives designated as hedging instruments$129.5 $126.6