Other Financial Information (Tables)

3 Months Ended

Mar. 31, 2025

Other Financial Information [Abstract]

Schedule of Inventories

Total inventory consisted of the following (in millions):

	As of
	March 31, 2025		December 31, 2024
Production and service materials	$	549.0	$	592.7
Finished goods	332.6		292.7
Total inventory	$	881.6	$	885.4
Reported as:
Inventory	$	824.7	$	830.1
Other long-term assets (1)	56.9		55.3
Total inventory	$	881.6	$	885.4

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(1) Long-term inventory balance classified as other long-term assets in the Company's Condensed Consolidated Balance Sheets consists of last time buy component inventory to be consumed beyond the Company's normal operating cycle.

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in millions):

	As of
	March 31, 2025		December 31, 2024
Contract manufacturer deposits	$	121.3	$	127.1
Prepaid expenses	134.0		156.9
Other current assets	180.8		183.6
Total prepaid expenses and other current assets	$	436.1	$	467.6

Schedule of Warranties

Changes during the three months ended March 31, 2025 in the Company’s warranty reserve as reported within other accrued liabilities in the Condensed Consolidated Balance Sheets were as follows (in millions):

Balance as of December 31, 2024	$	30.8
Provisions made during the period	8.7
Actual costs incurred during the period	(8.0)
Balance as of March 31, 2025	$	31.5

Schedule of Deferred Revenue

Details of the Company's deferred revenue, as reported in the Condensed Consolidated Balance Sheets, were as follows (in millions):

	As of
	March 31, 2025		December 31, 2024
Deferred product revenue, net	$	58.7	$	72.5
Deferred service revenue, net	2,257.7		2,169.5
Total	$	2,316.4	$	2,242.0
Reported as:
Current	$	1,283.0	$	1,228.4
Long-term	1,033.4		1,013.6
Total	$	2,316.4	$	2,242.0

Schedule of Performance Obligation

The following table summarizes the breakdown of RPO(1) as of March 31, 2025 and when the Company expects to recognize the amounts as revenue (in millions):

	Revenue Recognition Expected by Period
	Total		Less than 1 year		1-3 years		More than 3 years
Product	$	60.4	$	46.7	$	12.0	$	1.7
Service	2,266.4		1,244.2		785.6		236.6
Total	$	2,326.8	$	1,290.9	$	797.6	$	238.3

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(1) The Company's RPO does not include backlog. Backlog consists of purchase orders for product primarily expected to be shipped to the Company's distributors, resellers, or end-customers within the next 90 days. The following amounts are not included in the Company's backlog: (1) deferred revenue, (2) unbilled contract revenue, (3) all service obligations, including software as a service (SaaS), and (4) certain future revenue adjustments for items such as sales return reserves and early payment discounts.

Schedule of Other Expense, Net

Other (expense) income, net, consisted of the following (in millions):

	Three Months Ended March 31,
	2025		2024
Interest income	$	19.6	$	16.9
Interest expense	(18.9)		(20.5)
Gain (loss) on other investments, net (1)	(4.1)		3.4
Other	(0.9)		2.3
Other (expense) income, net	$	(4.3)	$	2.1

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(1) Other investments represent fixed income securities and equity investments with readily determinable fair value.