Equity

Cash Dividends on Shares of Common Stock

On January 27, 2015, the Company declared a quarterly cash dividend of $0.10 per share of common stock, or $40.8 million in the aggregate, to stockholders of record on March 3, 2015 which was paid on March 24, 2015. Any future dividends, and the establishment of record and payment dates, are subject to approval by the Board of Directors (the "Board") of Juniper Networks or authorized committee thereof. See Note 16, Subsequent Events, for discussion of the Company's dividend declaration subsequent to March 31, 2015.

Stock Repurchase Activities

In February 2014, the Company's Board approved a stock repurchase program that authorized the Company to repurchase up to $2.1 billion of its common stock, including $1.2 billion pursuant to an accelerated share repurchase program ("2014 Stock Repurchase Program"). In October 2014, the Board authorized a $1.3 billion increase to the 2014 Stock Repurchase Program for a total of $3.4 billion.

During the three months ended March 31, 2015, the Company repurchased and retired approximately 17.4 million shares of its common stock under the 2014 Stock Repurchase Program at an average price of $23.05 per share for an aggregate purchase price of $400.0 million during the three months ended March 31, 2015.

During the three months ended March 31, 2014, the Company entered into two separate accelerated share repurchase agreements (collectively, the "ASR") with two financial institutions to repurchase an aggregate of $1.2 billion of the Company's common stock. During the first quarter of 2014, the Company made an up-front payment of $1.2 billion pursuant to the ASR and received and retired an initial 33.3 million shares ("Initial Shares") of the Company's common stock for an aggregate price of $900.0 million based on the market value of the Company's common stock on the date of the transaction. On July 23, 2014, the ASR was completed and an additional 16.0 million shares for the remaining $300.0 million was received from the financial institutions for a total of 49.3 million shares of the Company's common stock, which resulted in a volume weighted average repurchase price, less an agreed upon discount, of $24.35. The shares received with respect to the ASR have been retired. Retired shares return to authorized but unissued shares of common stock.

As of March 31, 2015, there was $775.0 million of authorized funds remaining under the 2014 Stock Repurchase Program. The Company intends to repurchase $600.0 million of its common stock during the second quarter of 2015, as part of its three year capital return program.

In addition to repurchases under the Company’s stock repurchase program, the Company also repurchases common stock from certain employees in connection with the net issuance of shares to satisfy minimum tax withholding obligations upon the vesting of certain stock awards issued to such employees. Repurchases associated with tax withholdings were not significant during the three months ended March 31, 2015 and March 31, 2014.

Future stock repurchases under the Company’s 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.

See Note 16, Subsequent Events, for discussion of the Company's stock repurchase activity subsequent to March 31, 2015.

Accumulated Other Comprehensive Income, Net of Tax

The components of accumulated other comprehensive income, net of related taxes, during the three months ended March 31, 2015 were as follows (in millions):



	Unrealized Gains (Losses) on Available-for- Sale Securities⁽¹⁾		Unrealized Gains (Losses) on Cash Flow Hedges⁽²⁾		Foreign Currency Translation Adjustments		Total
Balance as of December 31, 2014	8.4		(4.2	)	(18.0	)	(13.8	)
Other comprehensive loss before reclassifications	(0.8	)	(6.4	)	(11.1	)	(18.3	)
Amount reclassified from accumulated other comprehensive income	(0.2	)	3.1		—		2.9
Other comprehensive loss, net	(1.0	)	(3.3	)	(11.1	)	(15.4	)
Balance as of March 31, 2015	7.4		(7.5	)	(29.1	)	(29.2	)

________________________________


⁽¹⁾	The reclassifications out of accumulated other comprehensive income during the three months ended March 31, 2015 for realized gains on available-for-sale securities of $0.2 million are included in other (expense) income, net, in the Condensed Consolidated Statements of Operations.

⁽²⁾

The reclassifications out of accumulated other comprehensive income during the three months ended March 31, 2015 for realized losses on cash flow hedges are included within cost of revenues of $0.9 million, sales and marketing of $2.1 million, and general and administrative of $0.2 million and for realized gains of $0.1 million within research and development for which the hedged transactions relate in the Condensed Consolidated Statements of Operations.