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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 September 30, 2024

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 331,089,057 shares of the Company's Common Stock, par value $0.00001, outstanding as of October 29, 2024.



Juniper Networks, Inc.
Table of Contents
Page

2
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 September 30,Nine Months Ended September 30,
2024202320242023
Net revenues:
Product$816.7 $898.1 $2,149.8 $2,773.9 
Service514.3 499.7 1,519.7 1,425.8 
Total net revenues1,331.0 1,397.8 3,669.5 4,199.7 
Cost of revenues:
Product409.3 445.6 1,089.4 1,371.2 
Service148.3 141.8 437.3 433.8 
Total cost of revenues557.6 587.4 1,526.7 1,805.0 
Gross margin773.4 810.4 2,142.8 2,394.7 
Operating expenses:
Research and development290.6 288.5 861.8 855.3 
Sales and marketing308.2 311.5 911.0 923.0 
General and administrative62.1 60.3 183.6 193.5 
Restructuring charges
4.8 62.5 10.5 78.5 
Merger-related charges (1)
13.6 — 51.0 — 
Total operating expenses679.3 722.8 2,017.9 2,050.3 
Operating income
94.1 87.6 124.9 344.4 
Gain (loss) on privately-held investments, net
0.5 — (13.1)(92.0)
Other income (expense), net
2.3 (4.8)5.7 (21.0)
Income before income taxes and loss from equity method investment
96.9 82.8 117.5 231.4 
Income tax provision (benefit)
2.1 5.0 (14.8)39.6 
Loss from equity method investment, net of tax2.2 1.7 6.4 5.9 
Net income
$92.6 $76.1 $125.9 $185.9 
Net income per share:
Basic$0.28 $0.24 $0.39 $0.58 
Diluted$0.28 $0.24 $0.38 $0.57 
Weighted-average shares used to compute net income per share:
Basic329.4 319.3 325.7 320.3 
Diluted335.9 323.8 333.4 326.3 
__________________
(1) Represents charges incurred directly in connection with the pending merger with HPE (as defined below). See Note 1, Basis of Presentation and Summary of Significant Accounting Policies, for further information.

See accompanying Notes to Condensed Consolidated Financial Statements
3
Juniper Networks, Inc.
Condensed Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income
$92.6 $76.1 $125.9 $185.9 
Other comprehensive income (loss), net:
Available-for-sale debt securities:
Change in net unrealized gains and losses3.1 1.2 (25.3)4.9 
Net realized gains reclassified into net income
(0.1)— (0.3)— 
Net change on available-for-sale debt securities3.0 1.2 (25.6)4.9 
Cash flow hedges:
Change in net unrealized gains and losses12.2 (7.7)3.2 (0.6)
Net realized losses reclassified into net income1.8 6.0 5.3 20.4 
Net change on cash flow hedges14.0 (1.7)8.5 19.8 
Change in foreign currency translation adjustments5.8 (8.5)(0.2)(6.8)
Other comprehensive income (loss), net
22.8 (9.0)(17.3)17.9 
Comprehensive income
$115.4 $67.1 $108.6 $203.8 

See accompanying Notes to Condensed Consolidated Financial Statements

4
Juniper Networks, Inc.
Condensed Consolidated Balance Sheets    
(In millions, except par values)
September 30,
2024		December 31,
2023
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$1,065.0 $1,068.1 
Short-term investments166.7 139.4 
Accounts receivable, net of allowances958.1 1,044.1 
Inventory872.5 952.4 
Prepaid expenses and other current assets463.2 591.5 
Total current assets3,525.5 3,795.5 
Property and equipment, net684.9 689.9 
Operating lease assets148.5 111.4 
Long-term investments331.2 116.8 
Purchased intangible assets, net53.1 91.8 
Goodwill3,734.4 3,734.4 
Other long-term assets1,118.0 978.7 
Total assets$9,595.6 $9,518.5 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$258.0 $295.1 
Accrued compensation314.4 292.2 
Deferred revenue1,118.1 1,130.0 
Other accrued liabilities357.6 386.7 
Total current liabilities2,048.1 2,104.0 
Long-term debt1,632.6 1,616.8 
Long-term deferred revenue950.2 894.9 
Long-term income taxes payable81.1 204.5 
Long-term operating lease liabilities124.0 82.9 
Other long-term liabilities116.9 122.7 
Total liabilities4,952.9 5,025.8 
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; 330.9 shares and 320.3 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
— — 
Additional paid-in capital6,791.6 6,740.0 
Accumulated other comprehensive income31.8 49.1 
Accumulated deficit(2,180.7)(2,296.4)
Total stockholders' equity4,642.7 4,492.7 
Total liabilities and stockholders' equity$9,595.6 $9,518.5 

See accompanying Notes to Condensed Consolidated Financial Statements
5
Juniper Networks, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Nine Months Ended September 30,
20242023
Cash flows from operating activities:
Net income
$125.9 $185.9 
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense
211.4 197.6 
Depreciation, amortization, and accretion119.6 147.4 
Deferred income taxes
(147.6)(154.5)
Provision for inventory excess and obsolescence (1)
26.3 100.5 
Operating lease assets expense32.3 30.5 
Loss on privately-held investments, net
13.1 92.0 
Loss from equity method investment
6.4 5.9 
Impairment of assets
5.2 26.1 
Other
(7.3)(2.3)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net86.4 289.7 
Inventory (1)
34.8 (472.6)
Prepaid expenses and other assets
130.2 193.3 
Accounts payable(31.2)(21.9)
Accrued compensation22.5 (82.5)
Income taxes payable(97.6)135.7 
Other accrued liabilities (1)
(65.6)16.4 
Deferred revenue43.5 176.5 
Net cash provided by operating activities
508.3 863.7 
Cash flows from investing activities:
Purchases of property and equipment(88.3)(124.0)
Purchases of available-for-sale debt securities(471.3)(28.1)
Proceeds from sales of available-for-sale debt securities36.7 28.2 
Proceeds from maturities and redemptions of available-for-sale debt securities
182.3 175.1 
Purchases of equity securities
(7.1)(5.5)
Proceeds from sales of equity securities
5.5 11.0 
Funding of loan receivable— (7.7)
Other— 1.8 
Net cash (used in) provided by investing activities
(342.2)50.8 
Cash flows from financing activities:
Repurchase and retirement of common stock
(15.2)(396.8)
Proceeds from issuance of common stock
60.5 61.7 
Payment of dividends
(215.6)(210.5)
Payment of debt issuance costs— (1.3)
Other1.4 — 
Net cash used in financing activities(168.9)(546.9)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash
(1.1)(4.1)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(3.9)363.5 
Cash, cash equivalents, and restricted cash at beginning of period
1,084.3 897.7 
Cash, cash equivalents, and restricted cash at end of period
$1,080.4 $1,261.2 
__________________
(1) The prior period amounts have been reclassified to conform to the current period presentation.

See accompanying Notes to Condensed Consolidated Financial Statements
6
Juniper Networks, Inc.
 
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In millions, except per share amounts)
(Unaudited)
Three Months Ended September 30, 2024
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Income
Accumulated
Deficit
Total Stockholders' Equity
 
Shares
Balance at June 30, 2024
325.3 $6,765.9 $9.0 $(2,272.9)$4,502.0 
Net income
— — — 92.6 92.6 
Other comprehensive income, net
— — 22.8 — 22.8 
Issuance of common stock5.6 28.4 — — 28.4 
Repurchase and retirement of common stock — (0.2)(0.4)(0.6)
Share-based compensation expense— 70.2 — — 70.2 
Payments of cash dividends ($0.22 per share of common stock)
— (72.7)— — (72.7)
Balance at September 30, 2024
330.9 $6,791.6 $31.8 $(2,180.7)$4,642.7 
Three Months Ended September 30, 2023
Common Stock and Additional Paid-in Capital
Accumulated Other Comprehensive Income
Accumulated
Deficit
Total Stockholders' Equity
Shares
Balance at June 30, 2023
317.8 $6,749.7 $31.1 $(2,425.9)$4,354.9 
Net income— — — 76.1 76.1 
Other comprehensive loss, net
— — (9.0)— (9.0)
Issuance of common stock5.5 30.1 — — 30.1 
Repurchase and retirement of common stock (4.5)(55.5)— (70.0)(125.5)
Share-based compensation expense— 74.6 — — 74.6 
Payments of cash dividends ($0.22 per share of common stock)
— (70.0)— — (70.0)
Balance at September 30, 2023
318.8 $6,728.9 $22.1 $(2,419.8)$4,331.2 

 See accompanying Notes to Condensed Consolidated Financial Statements






















7
Juniper Networks, Inc.
 
Condensed Consolidated Statements of Changes in Stockholders' Equity
(In millions, except per share amounts)
(Unaudited)
Nine Months Ended September 30, 2024
Common Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Income
Accumulated
Deficit
Total Stockholders' Equity
 
Shares
Balance at December 31, 2023
320.3 $6,740.0 $49.1 $(2,296.4)$4,492.7 
Net income— — — 125.9 125.9 
Other comprehensive loss, net
— — (17.3)— (17.3)
Issuance of common stock11.0 60.5 — — 60.5 
Repurchase and retirement of common stock (0.4)(5.0)— (10.2)(15.2)
Share-based compensation expense— 211.7 — — 211.7 
Payments of cash dividends ($0.66 per share of common stock)
— (215.6)— — (215.6)
Balance at September 30, 2024
330.9 $6,791.6 $31.8 $(2,180.7)$4,642.7 
Nine Months Ended September 30, 2023
Common Stock and Additional Paid-in Capital
Accumulated 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— — — 185.9 185.9 
Other comprehensive income, net
— — 17.9 — 17.9 
Issuance of common stock9.3 61.7 — — 61.7 
Repurchase and retirement of common stock (13.4)(166.6)— (230.2)(396.8)
Share-based compensation expense— 197.9 — — 197.9 
Payments of cash dividends ($0.66 per share of common stock)
— (210.5)— — (210.5)
Balance at September 30, 2023
318.8 $6,728.9 $22.1 $(2,419.8)$4,331.2 

 See accompanying Notes to Condensed Consolidated Financial Statements





















8

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, 2023 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 nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, 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, 2023 (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.

HPE Merger Agreement

On January 9, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Hewlett Packard Enterprise Company, a Delaware corporation (“HPE”), and Jasmine Acquisition Sub, Inc., a Delaware corporation and wholly owned subsidiary of HPE (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of HPE. Under the terms of the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of the Company's common stock (subject to certain exceptions set forth in the Merger Agreement) will be cancelled and converted into the right to receive $40.00 in cash, without interest and subject to applicable withholding taxes.

The Merger Agreement generally requires the Company to use commercially reasonable efforts to operate the Company's business in the ordinary course, subject to certain exceptions including as required by applicable law, pending consummation of the Merger, and subjects the Company to customary interim operating covenants that restrict the Company from taking certain specified actions without HPE’s approval (such approval not to be unreasonably withheld, conditioned, or delayed) until the Merger is completed or the Merger Agreement is terminated in accordance with its terms. During this period, the Company is permitted to continue paying regular quarterly dividends, substantially in accordance with past practice, at a quarterly rate not to exceed $0.22 per share.

The completion of the Merger, which is currently expected to close in late calendar year 2024 or early calendar year 2025, is subject to the receipt of regulatory approvals and other customary closing conditions. On April 2, 2024, the Company received approval of the Merger Agreement from its stockholders. If the transaction is consummated, the Company's common stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Merger Agreement can be terminated under certain customary circumstances, including by mutual agreement, the imposition of a final and non-appealable governmental order that permanently enjoins or otherwise prohibits the Merger, an uncured breach of the Merger Agreement by the other party, or if the Merger has not been consummated by January 9, 2025, as
9
Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
may be automatically extended pursuant to the terms of the Merger Agreement. Under certain specified circumstances in which the Merger Agreement is terminated, HPE is required to pay the Company a termination fee equal to $815.0 million.

In connection with the pending Merger, the Company incurred $13.6 million and $51.0 million of expenses for the three and nine months ended September 30, 2024, respectively, including professional services, financial advisory fees, and certain retention costs, all of which were recorded within “Merger-related charges” in the Condensed Consolidated Statements of Operations.

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, 2023.

Recent Accounting Standards Not Yet Adopted

Improvements to Reportable Segment Disclosures: In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a significant impact on its Condensed Consolidated Financial Statements.

Improvements to Income Tax Disclosures: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which expands the disclosures required for income taxes. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the effect of this pronouncement on its disclosures.





10
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 September 30, 2024 and December 31, 2023 (in millions):

As of September 30, 2024
As of December 31, 2023
Amortized
Cost		Gross Unrealized
Gains
Gross Unrealized and Credit
Losses
Estimated Fair
Value		Amortized
Cost		Gross Unrealized
Gains
Gross Unrealized and Credit
Losses
Estimated Fair
Value
Fixed income securities:
Asset-backed and mortgage-backed securities$108.1 $0.9 $(0.2)$108.8 $38.2 $0.2 $(0.4)$38.0 
Corporate debt securities274.3 2.2 (0.1)276.4 160.2 0.7 (1.3)159.6 
Certificates of deposit4.0 — — 4.0 3.0 — — 3.0 
Commercial paper66.6 — — 66.6 41.1 — — 41.1 
Foreign government debt securities
— — — — 5.3 — (0.2)5.1 
Time deposits226.8 — — 226.8 273.6 — — 273.6 
U.S. government agency securities
— — — — 4.0 — — 4.0 
U.S. government securities84.6 0.5 — 85.1 54.8 0.1 — 54.9 
Total fixed income securities
764.4 3.6 (0.3)767.7 580.2 1.0 (1.9)579.3 
Privately-held debt and redeemable preferred stock securities47.0 — (15.4)31.6 20.6 37.4 (8.3)49.7 
Total available-for-sale debt securities
$811.4 $3.6 $(15.7)$799.3 $600.8 $38.4 $(10.2)$629.0 
Reported as:
Cash equivalents$282.5 $— $— $282.5 $328.2 $— $— $328.2 
Short-term investments153.8 0.2 — 154.0 135.7 — (1.4)134.3 
Long-term investments328.1 3.4 (0.3)331.2 116.3 1.0 (0.5)116.8 
Other long-term assets47.0 — (15.4)31.6 20.6 37.4 (8.3)49.7 
Total$811.4 $3.6 $(15.7)$799.3 $600.8 $38.4 $(10.2)$629.0 


The following table presents the contractual maturities of the Company's total fixed income securities as of September 30, 2024 (in millions):
 Amortized
Cost		Estimated Fair
Value
Due in less than one year$436.3 $436.5 
Due between one and five years328.1 331.2 
Total$764.4 $767.7 


As of September 30, 2024, the Company's unrealized loss of $0.3 million resulted from 47 fixed income available-for-sale debt securities, of which losses aggregating $0.1 million were from investments in an unrealized loss position for less than 12
11
Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
months, and $0.2 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 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 nine months ended September 30, 2024 and September 30, 2023.

During the three months ended September 30, 2024, the Company did not record any material allowance for credit loss. During the nine months ended September 30, 2024, the Company recorded an allowance for credit loss of $7.1 million on privately-held debt and redeemable preferred stock investments. The credit loss represents the difference between the estimated fair value and the cost of the investment related to the credit factors. The determination of fair value was based on quantitative and qualitative analysis including factors such as the near-term prospects of the investee in the market in which it operates and an evaluation of the investee's financial condition in relation to its outstanding obligations. As of September 30, 2024 and December 31, 2023, the Company had an allowance for credit loss of $15.4 million and $8.3 million, respectively, on privately-held debt and redeemable preferred stock investments.

During the three and nine months ended September 30, 2024 and September 30, 2023, 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 September 30, 2024 and December 31, 2023 (in millions):
As of
September 30,
2024		December 31,
2023
Equity investments with readily determinable fair value:
Money market funds$514.1 $337.5 
Mutual funds47.6 38.0 
Publicly-traded equity securities12.7 5.1 
Equity investments without readily determinable fair value50.8 45.8 
Equity investment under the equity method of accounting20.0 26.4 
Total equity securities$645.2 $452.8 
Reported as:
Cash equivalents$514.1 $337.5 
Short-term investments12.7 5.1 
Prepaid expenses and other current assets3.2 2.5 
Other long-term assets115.2 107.7 
Total$645.2 $452.8 

For the three and nine months ended September 30, 2024 and September 30, 2023, there were no material unrealized gains or losses recognized for equity investments with readily determinable fair value or equity investments without readily determinable fair value except $89.9 million unrealized losses recognized for equity securities without readily determinable fair value in the nine months ended September 30, 2023. For the three and nine months ended September 30, 2024, the loss recognized from the equity method investment was $2.2 million and $6.4 million, respectively. For the three and nine months ended September 30, 2023, the loss recognized from the equity method investment was $1.7 million and $5.9 million, respectively.


12
Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
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 September 30, 2024, the carrying value of restricted cash and investments was $63.1 million, of which $16.2 million was included in prepaid expenses and other current assets, and $46.9 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 September 30, 2024 and December 31, 2023 (in millions):
As of
September 30,
2024		December 31,
2023
Cash and cash equivalents$1,065.0 $1,068.1 
Restricted cash included in prepaid expenses and other current assets13.0 13.8 
Restricted cash included in other long-term assets2.4 2.4 
Total cash, cash equivalents, and restricted cash$1,080.4 $1,084.3 
13
Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Note 3. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides a summary of assets and liabilities measured at fair value on a recurring basis and as reported in the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (in millions):
Fair Value Measurements at
September 30, 2024
Fair Value Measurements at
December 31, 2023
Quoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		TotalQuoted Prices in
Active Markets For
Identical Assets
(Level 1)		Significant Other
Observable
Remaining Inputs
(Level 2)		Significant Other
Unobservable
Remaining Inputs
(Level 3)		Total
Assets:
Available-for-sale debt securities:
Asset-backed and mortgage-backed securities$— $108.8 $— $108.8 $— $38.0 $— $38.0 
Certificates of deposit— 4.0 — 4.0 — 3.0 — 3.0 
Corporate debt securities — 276.4 — 276.4 — 159.6 — 159.6 
Commercial paper— 66.6 — 66.6 — 41.1 — 41.1 
Foreign government debt securities— — — — — 5.1 — 5.1 
Time deposits— 226.8 — 226.8 — 273.6 — 273.6 
U.S. government agency securities— — — — — 4.0 — 4.0 
U.S. government securities51.9 33.2 — 85.1 20.0 34.9 — 54.9 
Privately-held debt and redeemable preferred stock securities— — 31.6 31.6 — — 49.7 49.7 
Total available-for-sale debt securities51.9 715.8 31.6 799.3 20.0 559.3 49.7 629.0 
Equity securities:
Money market funds514.1 — — 514.1 337.5 — — 337.5 
Mutual funds47.6 — — 47.6 38.0 — — 38.0 
Publicly-traded equity securities12.7 — — 12.7 5.1 — — 5.1 
Total equity securities574.4 — — 574.4 380.6 — — 380.6 
Derivative assets:
Foreign exchange contracts— 11.7 — 11.7 — 7.2 — 7.2 
Total derivative assets— 11.7 — 11.7 — 7.2 — 7.2 
Total assets measured at fair value on a recurring basis$626.3 $727.5 $31.6 $1,385.4 $400.6 $566.5 $49.7 $1,016.8 
Liabilities:
Derivative liabilities:
Foreign exchange contracts$— $(3.1)$— $(3.1)$— $(7.2)$— $(7.2)
Interest rate contracts— (59.1)— (59.1)— (73.6)— (73.6)
Total derivative liabilities— (62.2)— (62.2)— (80.8)— (80.8)
Total liabilities measured at fair value on a recurring basis$— $(62.2)$— $(62.2)$— $(80.8)$— $(80.8)
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Juniper Networks, Inc.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
Fair Value Measurements at
September 30, 2024
Fair Value Measurements at
December 31, 2023
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$514.1 $282.5 $— $796.6 $337.5 $328.2 $— $665.7 
Short-term investments20.9 145.8 — 166.7 12.8 126.6 — 139.4 
Long-term investments43.6 287.6 — 331.2 12.3 104.5 — 116.8 
Prepaid expenses and other current assets
3.1 9.7 — 12.8 2.5 4.6 — 7.1 
Other long-term assets44.6 1.9 31.6 78.1 35.5 2.6 49.7 87.8 
Total assets measured at fair value
$626.3 $727.5 $31.6 $1,385.4 $400.6 $566.5 $49.7 $1,016.8 
Total liabilities, reported as:
Other accrued liabilities$— $(2.7)$— $(2.7)$— $(6.2)$— $(6.2)
Other long-term liabilities— (59.5)— (59.5)— (74.6)— (74.6)
Total liabilities measured at fair value on a recurring basis
$— $(62.2)$— $(62.2)$— $(80.8)$— $(80.8)

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 nine months ended September 30, 2024, 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. In January 2024, the Company invested in a convertible note of a privately-held company for a principal amount of $25.0 million with a maturity period of two years. During the three months ended September 30, 2024, the Company did not record any material allowance for credit loss. During nine months ended September 30, 2024, the Company recognized a credit loss of $7.1 million on a privately-held debt investment and redeemable preferred stock securities. Refer to Note 2, Cash Equivalents and Investments.

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 September 30, 2024, downward adjustments for equity securities without readily determinable fair value in the aggregate were $89.9 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 nine months ended September 30, 2024.

As of September 30, 2024 and December 31, 2023, the Company had no liabilities required to be measured at fair value on a nonrecurring basis.
15
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 September 30, 2024 and December 31, 2023, the estimated fair value of the Company's total outstanding debt in the Condensed Consolidated Balance Sheets was $1,621.9 million and $1,581.7 million, respectively, based on observable market inputs (Level 2).

16