0001262039-23-000021 | 10-Q | XBRL Viewer

Property and Equipment—Net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and equipment—net consisted of (in millions):


	March 31, 2023		December 31, 2022
Land	$	323.6	$	310.0
Buildings and improvements	506.3		490.3
Computer equipment and software	230.2		222.7
Leasehold improvements	55.4		53.5
Evaluation units	23.6		19.2
Furniture and fixtures	32.0		31.3
Construction-in-progress	46.9		51.7
Total property and equipment	1,218.0		1,178.7
Less: accumulated depreciation	(300.6)		(280.2)
Property and equipment—net	$	917.4	$	898.5

Inventory

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

INVENTORY

Inventory consisted of (in millions):


	March 31, 2023		December 31, 2022
Raw materials	$	54.6	$	46.3
Work in process	10.9		12.0
Finished goods	237.2		206.3
Inventory	$	302.7	$	264.6

Equity Plans and Share Repurchase Program (Deficit) , Share Repurchase Program (Details) - Repurchase Program - USD ($) shares in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2023	Mar. 31, 2023	May 08, 2023	Jul. 31, 2022
Share Repurchase Program [Line Items]
Stock repurchase program, authorized amount				$ 5,250,000,000
Stock repurchased (in shares)		0.0
Stock repurchase program, unused balance		$ 529,600,000
Subsequent Event
Share Repurchase Program [Line Items]
Stock repurchase program, authorized amount	$ 6,250,000,000
Increase in authorized stock repurchase amount	$ 1,000,000,000
Stock repurchase program, unused balance			$ 1,530,000,000

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-34511
Entity Registrant Name	FORTINET, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0560389
Entity Address, Address Line One	899 Kifer Road
Entity Address, City or Town	Sunnyvale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94086
City Area Code	408
Local Phone Number	235-7700
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	FTNT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		785,196,153
Entity Central Index Key	0001262039
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Raw materials	$ 54.6	$ 46.3
Work in process	10.9	12.0
Finished goods	237.2	206.3
Inventory	$ 302.7	$ 264.6

Equity Plans and Share Repurchase Program (Deficit) , Allocation of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 57.0	$ 53.9
Income tax benefit associated with stock-based compensation	12.6	11.8
RSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	49.1	48.3
Stock options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	6.7	5.6
PSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1.2	0.0
Cost of product revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	0.4	0.4
Cost of service revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	5.1	4.5
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	17.0	15.1
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	26.3	26.7
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 8.2	$ 7.2

Investments in Privately Held Companies	3 Months Ended
Investments in Privately Held Companies	Mar. 31, 2023
Investments, All Other Investments [Abstract]
INVESTMENTS IN PRIVATELY HELD COMPANIES	INVESTMENTS IN PRIVATELY HELD COMPANIES Linksys Holdings, Inc. During 2021, we invested $160 million in cash for shares of the Series A Preferred Stock of privately held Linksys Holdings, Inc. (“Linksys”), representing a 50.8% ownership interest in the outstanding common stock (on an as-converted basis). Linksys provides router connectivity solutions to the consumer and small business markets. We have concluded that our investment in Linksys is an in-substance common stock investment and that we do not hold an absolute controlling financial interest in Linksys, but that we have the ability to exercise significant influence over the operating and financial policies of Linksys. Determining that we have significant influence but not control over the operating and financial policies of Linksys required significant judgement of many factors, including but not limited to the ownership interest in Linksys, board representation, participation in policy-making processes and participation rights in certain significant financial and operating decisions of Linksys in the ordinary course of business. Therefore, we determined to account for this investment using the equity method of accounting. We record our share of Linksys’ financial results on a three-month lag basis. We determined that there was a basis difference between the cost of our investment in Linksys and the amount of underlying equity in net assets of Linksys. Our share of loss of Linksys’ financial results, as well as our share of the amortization of the basis differences, in total was $22.1 million and $8.5 million for the three months ended March 31, 2023 and 2022, respectively, and has been recorded in loss from equity method investment on the condensed consolidated statements of income. As of March 31, 2023 and December 31, 2022, the investment was included in other assets on our condensed consolidated balance sheets. In the fourth quarter of 2022, we recorded a non-cash charge of $22.2 million related to other-than-temporary impairment (“OTTI”) recognized on our equity method investment in Linksys and our proportionate share of Linksys' financial results included a $17.5 million charge in connection with a valuation allowance established on deferred tax assets at Linksys. Due to the presence of impairment indicators, such as a series of operating losses, we evaluated our equity method investment for an OTTI during the three months ended March 31, 2023. We considered various factors in determining whether an OTTI has occurred, including the limited operating history available, our ability and intent to hold the investment until its fair value recovers, the implied revenue valuation multiples compared to guideline public companies, Linksys’ ability to achieve milestones and any notable operational and strategic changes. After the evaluation, we determined that an additional OTTI has not occurred as of March 31, 2023. However, we may be required to recognize an impairment loss in future reporting periods if and when our evaluation of the aforementioned factors indicates that the investment in Linksys is determined to be other than temporarily impaired. Such determination will be based on the prevailing facts and circumstances at that time, including the results and disclosures of Linksys.

Net Income Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

NET INCOME PER SHARE

Basic net income per share is computed by dividing net income attributable to Fortinet, Inc., by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income attributable to Fortinet, Inc. by the weighted-average number of shares of common stock outstanding during the period, plus the dilutive effects of restricted stock units (“RSUs”), stock options and performance stock units (“PSUs”). Dilutive shares of common stock are determined by applying the treasury stock method.

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per share attributable to Fortinet, Inc. is (in millions, except per share amounts):


	Three Months Ended
	March 31, 2023		March 31, 2022
Numerator:
Net income including non-controlling interests	$	247.7	$	138.3
Net loss attributable to non-controlling interests	—		(0.1)
Net income attributable to Fortinet, Inc.	$	247.7	$	138.4

Denominator:
Basic shares:
Weighted-average common stock outstanding-basic	783.2		803.4
Diluted shares:
Weighted-average common stock outstanding-basic	783.2		803.4
Effect of potentially dilutive securities:
RSUs	3.6		8.6
Stock options	6.6		8.8
Weighted-average shares used to compute diluted net income per share attributable to Fortinet, Inc.	793.4		820.8
Net income per share attributable to Fortinet, Inc.:
Basic	$	0.32	$	0.17
Diluted	$	0.31	$	0.17

The following weighted-average shares of common stock were excluded from the computation of diluted net income per share attributable to Fortinet, Inc. for the periods presented, as their effect would have been antidilutive (in millions):


	Three Months Ended
	March 31, 2023	March 31, 2022
RSUs	1.8	0.4
Stock options	2.3	0.9
Total	4.1	1.3

Financial Instruments and Fair Value

3 Months Ended

Mar. 31, 2023

Financial Instruments and Fair Value [Abstract]

FINANCIAL INSTRUMENTS AND FAIR VALUE

Available-for-sale Securities

The following tables summarize our available-for-sale securities (in millions):


	March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government and agency securities	$	209.3	$	—	$	(2.3)	$	207.0
Corporate debt securities	184.3		—		(2.4)		181.9
Commercial paper	165.2		—		(0.1)		165.1
Certificates of deposit and term deposits	5.4		—		—		5.4
Municipal bonds	5.1		—		(0.1)		5.0
Total available-for-sale securities	$	569.3	$	—	$	(4.9)	$	564.4


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government and agency securities	$	198.0	$	—	$	(4.4)	$	193.6
Corporate debt securities	293.0		—		(4.1)		288.9
Commercial paper	26.5		—		(0.1)		26.4
Certificates of deposit and term deposits	34.2		—		—		34.2
Municipal bonds	5.1		—		(0.1)		5.0
Total available-for-sale securities	$	556.8	$	—	$	(8.7)	$	548.1

The following tables show the gross unrealized losses and the related fair values of our available-for-sale securities that have been in a continuous unrealized loss position (in millions):


	March 31, 2023
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government and agency securities	$	13.9	$	(0.1)	$	148.8	$	(2.2)	$	162.7	$	(2.3)
Corporate debt securities	13.4		(0.1)		161.6		(2.3)		175.0		(2.4)
Commercial paper	165.0		(0.1)		—		—		165.0		(0.1)
Municipal bonds	5.0		(0.1)		—		—		5.0		(0.1)
Total available-for-sale securities	$	197.3	$	(0.4)	$	310.4	$	(4.5)	$	507.7	$	(4.9)


	December 31, 2022
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government and agency securities	$	3.9	$	(0.1)	$	189.8	$	(4.3)	$	193.7	$	(4.4)
Corporate debt securities	90.5		(0.8)		190.0		(3.3)		280.5		(4.1)
Commercial paper	26.4		(0.1)		—		—		26.4		(0.1)
Municipal bonds	5.0		(0.1)		—		—		5.0		(0.1)
Total available-for-sale securities	$	125.8	$	(1.1)	$	379.8	$	(7.6)	$	505.6	$	(8.7)

The contractual maturities of our investments were (in millions):


	March 31, 2023		December 31, 2022
Due within one year	$	548.8	$	502.6
Due within one to three years	15.6		45.5
Total	$	564.4	$	548.1

Available-for-sale securities are reported at fair value, with unrealized gains and losses and the related tax impact included as a separate component of equity (deficit) and in comprehensive income. We do not intend to sell any of the securities in an unrealized loss position and it is not more likely than not that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity.

Realized gains and losses on available-for-sale securities were insignificant in the periods presented.

Marketable Equity Securities

Our marketable equity securities were $26.1 million and $25.5 million as of March 31, 2023 and December 31, 2022. The changes in fair value of our marketable equity securities are recorded in other expense—net on the condensed consolidated statements of income. We recognized a $0.6 million gain and $6.2 million loss during the three months ended March 31, 2023 and 2022, respectively.

Fair Value of Financial Instruments

Fair Value Accounting—We apply the following fair value hierarchy for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels:

Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.

Level 3—Unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.

We measure the fair value of money market funds, certain U.S. government and agency securities and marketable equity securities using quoted prices in active markets for identical assets. The fair value of all other financial instruments was based on quoted prices for similar assets in active markets, or model-driven valuations using significant inputs derived from or corroborated by observable market data.

We classify investments within Level 1 if quoted prices are available in active markets for identical securities.

We classify items within Level 2 if the investments are valued using model-driven valuations using observable inputs such as quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Investments are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models.

Assets Measured at Fair Value on a Recurring Basis

The following tables present the fair value of our financial assets measured at fair value on a recurring basis (in millions):


	March 31, 2023								December 31, 2022
	Aggregate Fair Value		Quoted Prices in Active Markets For Identical Assets		Significant Other Observable Remaining Inputs		Significant Other Unobservable Remaining Inputs		Aggregate Fair Value		Quoted Prices in Active Markets For Identical Assets		Significant Other Observable Remaining Inputs		Significant Other Unobservable Remaining Inputs
			(Level 1)		(Level 2)		(Level 3)				(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. government and agency securities	$	396.1	$	351.8	$	44.3	$	—	$	268.6	$	259.3	$	9.3	$	—
Corporate debt securities	181.9		—		181.9		—		288.9		—		288.9		—
Commercial paper	320.8		—		320.8		—		115.8		—		115.8		—
Certificates of deposit and term deposits	45.3		—		45.3		—		50.4		—		50.4		—
Money market funds	447.4		447.4		—		—		593.9		593.9		—		—
Municipal bonds	5.0		—		5.0		—		5.0		—		5.0		—
Marketable equity securities	26.1		26.1		—		—		25.5		25.5		—		—
Total	$	1,422.6	$	825.3	$	597.3	$	—	$	1,348.1	$	878.7	$	469.4	$	—

Reported as:
Cash equivalents	$	832.1							$	774.5
Marketable equity securities	26.1								25.5
Short-term investments	548.8								502.6
Long-term investments	15.6								45.5
Total	$	1,422.6							$	1,348.1

There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three months ended March 31, 2023 and year ended December 31, 2022.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Share Repurchase Program In April 2023, our board of directors approved a $1.0 billion increase in the authorized stock repurchase amount under the Repurchase Program, bringing the aggregate amount authorized to be repurchased to $6.25 billion of our outstanding common stock through February 29, 2024. As of May 8, 2023, approximately $1.53 billion remained available for future share repurchases. Real property purchase In April 2023, we purchased real property in Plano, Texas, totaling approximately 43,400 square feet, for $19.3 million in cash.

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Inventory purchase commitments	$ 1,202.0
Other contractual commitments and open purchase orders	$ 100.1
Non-cancelable remaining contract term (in excess of)	1 year
Operating lease liability	$ 100.7

Financial Instruments and Fair Value , Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 569.3	$ 556.8
Unrealized Gains	0.0	0.0
Unrealized Losses	(4.9)	(8.7)
Fair Value	564.4	548.1
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less Than 12 Months, Fair Value	197.3	125.8
Less Than 12 Months, Unrealized Losses	(0.4)	(1.1)
12 Months or Greater, Fair Value	310.4	379.8
12 Months or Greater, Unrealized Losses	(4.5)	(7.6)
Total, Fair Value	507.7	505.6
Total, Unrealized Losses	(4.9)	(8.7)
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Due within one year	548.8	502.6
Due within one to three years	15.6	45.5
Fair Value	564.4	548.1
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	184.3	293.0
Unrealized Gains	0.0	0.0
Unrealized Losses	(2.4)	(4.1)
Fair Value	181.9	288.9
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less Than 12 Months, Fair Value	13.4	90.5
Less Than 12 Months, Unrealized Losses	(0.1)	(0.8)
12 Months or Greater, Fair Value	161.6	190.0
12 Months or Greater, Unrealized Losses	(2.3)	(3.3)
Total, Fair Value	175.0	280.5
Total, Unrealized Losses	(2.4)	(4.1)
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fair Value	181.9	288.9
U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	209.3	198.0
Unrealized Gains	0.0	0.0
Unrealized Losses	(2.3)	(4.4)
Fair Value	207.0	193.6
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less Than 12 Months, Fair Value	13.9	3.9
Less Than 12 Months, Unrealized Losses	(0.1)	(0.1)
12 Months or Greater, Fair Value	148.8	189.8
12 Months or Greater, Unrealized Losses	(2.2)	(4.3)
Total, Fair Value	162.7	193.7
Total, Unrealized Losses	(2.3)	(4.4)
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fair Value	207.0	193.6
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	165.2	26.5
Unrealized Gains	0.0	0.0
Unrealized Losses	(0.1)	(0.1)
Fair Value	165.1	26.4
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less Than 12 Months, Fair Value	165.0	26.4
Less Than 12 Months, Unrealized Losses	(0.1)	(0.1)
12 Months or Greater, Fair Value	0.0	0.0
12 Months or Greater, Unrealized Losses	0.0	0.0
Total, Fair Value	165.0	26.4
Total, Unrealized Losses	(0.1)	(0.1)
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fair Value	165.1	26.4
Certificates of deposit and term deposits
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5.4	34.2
Unrealized Gains	0.0	0.0
Unrealized Losses	0.0	0.0
Fair Value	5.4	34.2
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fair Value	5.4	34.2
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5.1	5.1
Unrealized Gains	0.0	0.0
Unrealized Losses	(0.1)	(0.1)
Fair Value	5.0	5.0
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less Than 12 Months, Fair Value	5.0	5.0
Less Than 12 Months, Unrealized Losses	(0.1)	(0.1)
12 Months or Greater, Fair Value	0.0	0.0
12 Months or Greater, Unrealized Losses	0.0	0.0
Total, Fair Value	5.0	5.0
Total, Unrealized Losses	(0.1)	(0.1)
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
Fair Value	$ 5.0	$ 5.0

Subsequent Events (Details)	1 Months Ended	3 Months Ended
Subsequent Events (Details)	Apr. 30, 2023 USD ($) ft²	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	May 08, 2023 USD ($)	Jul. 31, 2022 USD ($)
Subsequent Event [Line Items]
Purchase of property and equipment		$ 30,300,000	$ 122,600,000
Repurchase Program
Subsequent Event [Line Items]
Stock repurchase program, authorized amount					$ 5,250,000,000
Stock repurchase program, unused balance		$ 529,600,000
Subsequent Event \| Plano, Texas
Subsequent Event [Line Items]
Square feet of property purchased \| ft²	43,400
Purchase of property and equipment	$ 19,300,000
Subsequent Event \| Repurchase Program
Subsequent Event [Line Items]
Increase in authorized stock repurchase amount	1,000,000,000
Stock repurchase program, authorized amount	$ 6,250,000,000
Stock repurchase program, unused balance				$ 1,530,000,000

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$ 247.7	$ 138.3
Other comprehensive income (loss):
Change in foreign currency translation	(0.8)	(4.5)
Change in unrealized losses on investments	3.8	(9.3)
Less: tax provision (benefit) related to items of other comprehensive income or loss	0.9	(2.1)
Other comprehensive income (loss)	2.1	(11.7)
Comprehensive income including non-controlling interests	249.8	126.6
Less: comprehensive loss attributable to non-controlling interests	0.0	(1.2)
Comprehensive income attributable to Fortinet, Inc.	$ 249.8	$ 127.8

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Inventory Purchase Commitments, Fiscal Year Maturity Schedule

The following table summarizes our inventory purchase commitments as of March 31, 2023 (in millions):


	Total		2023		Thereafter
Inventory purchase commitments	$	1,202.0	$	1,135.7	$	66.3

Financial Instruments and Fair Value , Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 564.4		$ 548.1
Recognized gain (loss) on marketable equity securities	0.6	$ (6.2)
Marketable equity securities \| Reported as [Member] \| Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 26.1		$ 25.5

Goodwill and Other Intangible Assets - Net - Other Intangible Assets, Net (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 125.2	$ 125.6
Accumulated Amortization	74.1	69.6
Total	$ 51.1	$ 56.0
Developed technologies
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life (in Years)	4 years 3 months 18 days	4 years 1 month 6 days
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 84.8	$ 85.1
Accumulated Amortization	53.8	50.3
Total	$ 31.0	$ 34.8
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life (in Years)	7 years 1 month 6 days	7 years 1 month 6 days
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 30.9	$ 31.0
Accumulated Amortization	15.3	14.4
Total	$ 15.6	$ 16.6
Trade name
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life (in Years)	10 years	10 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 5.3	$ 5.3
Accumulated Amortization	0.8	0.7
Total	$ 4.5	$ 4.6
Backlog
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life (in Years)	1 year	1 year
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 4.2	$ 4.2
Accumulated Amortization	4.2	4.2
Total	$ 0.0	$ 0.0

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Preparation—The unaudited condensed consolidated financial statements of Fortinet, Inc. and its subsidiaries (collectively, “we,” “us” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information, as well as the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, and should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2022, contained in our Annual Report on Form 10-K filed with the SEC on February 24, 2023. In the opinion of management, all adjustments, which include normal recurring adjustments, considered necessary for a fair presentation, have been included. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year or for any future periods. The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements for the year ended December 31, 2022. The condensed consolidated financial statements include the accounts of Fortinet, Inc. and its subsidiaries. We consolidate all legal entities in which we have an absolute controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. On April 14, 2022, our board of directors approved a five-for-one forward stock split of our common stock (the “Forward Stock Split”), which was conditioned upon obtaining stockholder approval for the Forward Stock Split, and to increase the number of our authorized shares of common stock. On June 17, 2022, at our 2022 Annual Meeting of Stockholders, our stockholders approved the Forward Stock Split and the amendment and restatement of our amended and restated certificate of incorporation to increase the number of authorized shares of common stock from 300.0 million to 1.5 billion. The par value of our common stock was not adjusted as a result of the Forward Stock Split. Effective June 22, 2022, we filed our amended and restated certification of incorporation and completed the Forward Stock Split. All share and per share amounts and related equity (deficit) balances presented herein have been retroactively adjusted to reflect the Forward Stock Split. There have been no material changes to our significant accounting policies as of and for the three months ended March 31, 2023, as compared to the significant accounting policies described in the Form 10-K. Recently Adopted and Recently Issued Accounting Standards There were no recently adopted accounting standards which would have a material effect on our condensed consolidated financial statements and accompanying disclosures, and no recently issued accounting standards that are expected to have a material impact on our condensed consolidated financial statements and accompanying disclosures.

Commitments and Contingencies - Summary of Inventory Purchase Commitments (Details) $ in Millions	Mar. 31, 2023 USD ($)
Inventory purchase commitments
Total	$ 1,202.0
2023	1,135.7
Thereafter	$ 66.3

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIESThe following table summarizes our inventory purchase commitments as of March 31, 2023 (in millions):


	Total		2023		Thereafter
Inventory purchase commitments	$	1,202.0	$	1,135.7	$	66.3

Inventory Purchase Commitments—Our independent contract manufacturers and certain component suppliers procure components and build our products based on our forecasts, the availability of various components and their capacity. These forecasts are based on estimates of future demand for our products, which are in turn based on historical trends and an analysis from our sales and marketing organizations, adjusted for extended lead times, changes in supplier delivery commitments and other supply chain matters and market conditions. In order to manage manufacturing lead times, plan for adequate component supply and incentivize suppliers to deliver, we may issue purchase orders to some of our independent contract manufacturers, which are non-cancelable. As of March 31, 2023, we had $1.20 billion of open purchase orders with our independent contract manufacturers that consist of non-cancelable commitments. In certain instances, these agreements allow us the option to reschedule and adjust our requirements based on our business needs prior to firm orders being placed.

Other Contractual Commitments and Open Purchase Orders—In addition to commitments with contract manufacturers, we have open purchase orders and contractual obligations in the ordinary course of business for which we have not received goods or services. A significant portion of our reported purchase commitments consist of non-cancelable commitments. In certain instances, contractual commitments allow us the option to cancel, reschedule and adjust our requirements based on our business needs prior to firm orders being placed. As of March 31, 2023, we had $100.1 million in other contractual commitments having a remaining term in excess of one year that are non-cancelable and an additional $100.7 million, in contractual commitments for operating lease liabilities.

Litigation—We are involved in disputes, litigation, and other legal actions. For lawsuits where we are the defendant, we are in the process of defending these litigation matters, and while there can be no assurances and the outcome of certain of these matters is currently not determinable and not predictable, we currently are unaware of any existing claims or proceedings that we believe are likely to have a material adverse effect on our financial position. There are many uncertainties associated with any litigation and these actions or other third-party claims against us may cause us to incur costly litigation fees, costs and substantial settlement charges, and possibly subject us to damages and other penalties. In addition, the resolution of any intellectual property (“IP”) litigation may require us to make royalty payments, which could adversely affect our gross margins in future periods. If any of those events were to occur, our business, financial condition, results of operations, and cash flows could be adversely affected. Litigation is unpredictable and the actual liability in any such matters may be materially different from our current estimates, which could result in the need to adjust any accrued liability and record additional expenses. We accrue for contingencies when we believe that a loss is probable and that we can reasonably estimate the amount of any such loss. These accruals are generally based on a range of possible outcomes that require significant management judgement. If no amount within a range is a better estimate than any other, we accrue the minimum amount.

Litigation loss contingency accruals associated with outstanding cases were not material as of March 31, 2023 and December 31, 2022.

Indemnification and Other Matters—Under the indemnification provisions of our standard sales contracts, we agree to defend our customers against third-party claims asserting various allegations such as product defects and infringement of certain IP rights, which may include patents, copyrights, trademarks or trade secrets, and to pay judgments entered on such claims. In some contracts, our exposure under these indemnification provisions is limited by the terms of the contracts to certain defined limits, such as the total amount paid by our customer under the agreement. However, certain agreements include covenants, penalties and indemnification provisions including and beyond indemnification for third-party claims of IP infringement that could potentially expose us to losses in excess of the amount received under the agreement, and in some instances to potential liability that is not contractually limited. Although from time to time there are indemnification claims asserted against us and currently there are pending indemnification claims, to date there have been no material awards under such indemnification provisions.

Similar to other security companies and companies in other industries, we have experienced and may experience in the future, cybersecurity threats, malicious activity directed against our information technology infrastructure or unauthorized attempts to gain access to our and our customers’ sensitive information and systems. We currently are unaware of any existing claims or proceedings related to these types of matters, including any that we believe are likely to have a material adverse effect on our financial position.

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE:
Total revenue	$ 1,262.3	$ 954.8
COST OF REVENUE:
Total cost of revenue	307.8	253.8
GROSS PROFIT:
Total gross profit	954.5	701.0
OPERATING EXPENSES:
Research and development	151.1	124.9
Sales and marketing	478.3	387.6
General and administrative	52.8	38.6
Gain on intellectual property matter	(1.2)	(1.1)
Total operating expenses	681.0	550.0
OPERATING INCOME	273.5	151.0
INTEREST INCOME	20.6	1.3
INTEREST EXPENSE	(5.0)	(4.5)
OTHER INCOME (EXPENSE)—NET	2.0	(9.1)
INCOME BEFORE INCOME TAXES AND LOSS FROM EQUITY METHOD INVESTMENT	291.1	138.7
PROVISION FOR (BENEFIT FROM) INCOME TAXES	21.3	(8.1)
LOSS FROM EQUITY METHOD INVESTMENT	(22.1)	(8.5)
NET INCOME INCLUDING NON-CONTROLLING INTERESTS	247.7	138.3
LESS: NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS, NET OF TAX	0.0	(0.1)
NET INCOME ATTRIBUTABLE TO FORTINET, INC.	$ 247.7	$ 138.4
Net income per share attributable to Fortinet, Inc. (Note 9):
Basic (in dollars per share)	$ 0.32	$ 0.17
Diluted (in dollars per share)	$ 0.31	$ 0.17
Weighted-average shares used to compute net income per share attributable to Fortinet, Inc.:
Basic (in shares)	783.2	803.4
Diluted (in shares)	793.4	820.8
Product
REVENUE:
Total revenue	$ 500.7	$ 371.0
COST OF REVENUE:
Total cost of revenue	193.6	161.0
GROSS PROFIT:
Total gross profit	307.1	210.0
Service
REVENUE:
Total revenue	761.6	583.8
COST OF REVENUE:
Total cost of revenue	114.2	92.8
GROSS PROFIT:
Total gross profit	$ 647.4	$ 491.0

Summary of Significant Accounting Policies (Details)	Apr. 14, 2022	Mar. 31, 2023 shares	Dec. 31, 2022 shares	Jun. 17, 2022 shares	Jun. 16, 2022 shares
Accounting Policies [Abstract]
Stock split ratio, Common stock	5
Common Stock, shares authorized		1,500,000,000	1,500,000,000	1,500,000,000	300,000,000

Business Combinations	3 Months Ended
Business Combinations	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONSAlaxala Networks Corporation On August 31, 2021, we closed an acquisition of 75% of equity interests as controlling interests in Alaxala Networks Corporation (“Alaxala”), a privately held network hardware equipment company in Japan, for $64.2 million in cash. On October 3, 2022, we acquired the remaining 25% of equity interests in Alaxala for $13.5 million in cash, and Alaxala became our wholly owned subsidiary. We acquired the equity interests in Alaxala to broaden our offering of secure switches integrated with our Core Platform and Enhanced Platform Technology functionality, and over time, to innovate and rebrand certain of Alaxala’s switches to offer a broader suite of secure switches globally.

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

DEBT

2026 and 2031 Senior Notes

On March 5, 2021, we issued $1.0 billion aggregate principal amount of senior notes (collectively, the “Senior Notes”), consisting of $500.0 million aggregate principal amount of 1.0% notes due March 15, 2026 (the “2026 Senior Notes”) and $500.0 million aggregate principal amount of 2.2% notes due March 15, 2031 (the “2031 Senior Notes”), in an underwritten registered public offering. The Senior Notes are senior unsecured obligations and rank equally with each other in right of payment and with our other outstanding obligations. We may redeem the Senior Notes at any time in whole or in part for cash, at specified redemption prices that include accrued and unpaid interest, if any, and a make-whole premium. However, no make-whole premium will be paid for redemptions of the 2026 Senior Notes on or after February 15, 2026, or the 2031 Senior Notes on or after December 15, 2030. Interest on the Senior Notes is payable on March 15 and September 15 of each year, beginning on September 15, 2021. As of March 31, 2023 and December 31, 2022, the Senior Notes were recorded as long-term debt, net of discount and issuance costs, which are amortized to interest expense over the respective contractual terms of these notes using the effective interest method.

The total outstanding debt is summarized below (in millions, except percentages):


	Maturity	Coupon Rate	Effective Interest Rate	March 31, 2023		December 31, 2022
Debt
2026 Senior Notes	March 2026	1.0%	1.3%	$	500.0	$	500.0
2031 Senior Notes	March 2031	2.2%	2.3%	500.0		500.0
Total debt				1,000.0		1,000.0
Less: Unamortized discount and debt issuance costs				9.1		9.6
Total long-term debt				$	990.9	$	990.4

As of March 31, 2023 and December 31, 2022, we accrued interest payable of $0.7 million and $4.7 million, respectively, and there are no financial covenants with which we must comply. During the three months ended March 31, 2023 and 2022, we recorded $4.5 million of total interest expense in relation to these Senior Notes and repaid $8.0 million of interest in cash in each quarter. No interest costs were capitalized for the three months ended March 31, 2023 and 2022, as the costs that qualified for capitalization were not material.

The total estimated fair value of the outstanding Senior Notes was approximately $867.7 million, including accrued and unpaid interest, as of March 31, 2023. The fair value was determined based on observable market prices of identical instruments in less active markets. The estimated fair values are based on Level 2 inputs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per share attributable to Fortinet, Inc. is (in millions, except per share amounts):


	Three Months Ended
	March 31, 2023		March 31, 2022
Numerator:
Net income including non-controlling interests	$	247.7	$	138.3
Net loss attributable to non-controlling interests	—		(0.1)
Net income attributable to Fortinet, Inc.	$	247.7	$	138.4

Denominator:
Basic shares:
Weighted-average common stock outstanding-basic	783.2		803.4
Diluted shares:
Weighted-average common stock outstanding-basic	783.2		803.4
Effect of potentially dilutive securities:
RSUs	3.6		8.6
Stock options	6.6		8.8
Weighted-average shares used to compute diluted net income per share attributable to Fortinet, Inc.	793.4		820.8
Net income per share attributable to Fortinet, Inc.:
Basic	$	0.32	$	0.17
Diluted	$	0.31	$	0.17

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended
	March 31, 2023	March 31, 2022
RSUs	1.8	0.4
Stock options	2.3	0.9
Total	4.1	1.3

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our revenue disaggregated by major product and service lines (in millions):


	Three Months Ended
	March 31, 2023		March 31, 2022
Product	$	500.7	$	371.0
Service:
Security subscription	421.7		312.9
Technical support and other	339.9		270.9
Total service revenue	761.6		583.8
Total revenue	$	1,262.3	$	954.8

Debt - Narrative (Details) - USD ($)	3 Months Ended
Debt - Narrative (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Mar. 05, 2021
Debt Instrument [Line Items]
Interest repaid	$ 8,000,000	$ 8,000,000
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount				$ 1,000,000,000
Accrued interest payable	700,000		$ 4,700,000
Interest expense	4,500,000	4,500,000
Interest costs capitalized	0	$ 0
Senior Notes \| Level 2
Debt Instrument [Line Items]
Estimated fair value of outstanding debt	$ 867,700,000
Senior Notes \| 2026 Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount				$ 500,000,000
Stated interest rate	1.00%			1.00%
Senior Notes \| 2031 Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount				$ 500,000,000
Stated interest rate	2.20%			2.20%

Property and Equipment—Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	$ 1,218.0		$ 1,178.7
Less: accumulated depreciation	(300.6)		(280.2)
Property and equipment—net	917.4		898.5
Depreciation expense	22.8	$ 19.1
Land
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	323.6		310.0
Buildings and improvements
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	506.3		490.3
Computer equipment and software
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	230.2		222.7
Leasehold improvements
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	55.4		53.5
Evaluation units
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	23.6		19.2
Furniture and fixtures
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	32.0		31.3
Construction-in-progress
Property, Plant and Equipment, Net, by Type [Abstract]
Total property and equipment	$ 46.9		$ 51.7

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Threshold period past due	60 days
Allowance for credit losses	$ 6.7		$ 3.6
Amortization of deferred contract costs	62.5	$ 52.5
Service
Disaggregation of Revenue [Line Items]
Deferred revenue recognized in period	$ 675.9	$ 507.3

Net Income Per Share , Anti Dilutive Securities (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	4.1	1.3
RSUs \| Share-based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	1.8	0.4
Stock options \| Share-based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	2.3	0.9

Financial Instruments and Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Financial Instruments and Fair Value [Abstract]

Summary of Investments

The following tables summarize our available-for-sale securities (in millions):


	March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government and agency securities	$	209.3	$	—	$	(2.3)	$	207.0
Corporate debt securities	184.3		—		(2.4)		181.9
Commercial paper	165.2		—		(0.1)		165.1
Certificates of deposit and term deposits	5.4		—		—		5.4
Municipal bonds	5.1		—		(0.1)		5.0
Total available-for-sale securities	$	569.3	$	—	$	(4.9)	$	564.4


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government and agency securities	$	198.0	$	—	$	(4.4)	$	193.6
Corporate debt securities	293.0		—		(4.1)		288.9
Commercial paper	26.5		—		(0.1)		26.4
Certificates of deposit and term deposits	34.2		—		—		34.2
Municipal bonds	5.1		—		(0.1)		5.0
Total available-for-sale securities	$	556.8	$	—	$	(8.7)	$	548.1

Schedule of Unrealized Loss on Investments

The following tables show the gross unrealized losses and the related fair values of our available-for-sale securities that have been in a continuous unrealized loss position (in millions):


	March 31, 2023
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government and agency securities	$	13.9	$	(0.1)	$	148.8	$	(2.2)	$	162.7	$	(2.3)
Corporate debt securities	13.4		(0.1)		161.6		(2.3)		175.0		(2.4)
Commercial paper	165.0		(0.1)		—		—		165.0		(0.1)
Municipal bonds	5.0		(0.1)		—		—		5.0		(0.1)
Total available-for-sale securities	$	197.3	$	(0.4)	$	310.4	$	(4.5)	$	507.7	$	(4.9)


	December 31, 2022
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government and agency securities	$	3.9	$	(0.1)	$	189.8	$	(4.3)	$	193.7	$	(4.4)
Corporate debt securities	90.5		(0.8)		190.0		(3.3)		280.5		(4.1)
Commercial paper	26.4		(0.1)		—		—		26.4		(0.1)
Municipal bonds	5.0		(0.1)		—		—		5.0		(0.1)
Total available-for-sale securities	$	125.8	$	(1.1)	$	379.8	$	(7.6)	$	505.6	$	(8.7)

Investments Classified by Contractual Maturity Date

The contractual maturities of our investments were (in millions):


	March 31, 2023		December 31, 2022
Due within one year	$	548.8	$	502.6
Due within one to three years	15.6		45.5
Total	$	564.4	$	548.1

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the fair value of our financial assets measured at fair value on a recurring basis (in millions):


	March 31, 2023								December 31, 2022
	Aggregate Fair Value		Quoted Prices in Active Markets For Identical Assets		Significant Other Observable Remaining Inputs		Significant Other Unobservable Remaining Inputs		Aggregate Fair Value		Quoted Prices in Active Markets For Identical Assets		Significant Other Observable Remaining Inputs		Significant Other Unobservable Remaining Inputs
			(Level 1)		(Level 2)		(Level 3)				(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. government and agency securities	$	396.1	$	351.8	$	44.3	$	—	$	268.6	$	259.3	$	9.3	$	—
Corporate debt securities	181.9		—		181.9		—		288.9		—		288.9		—
Commercial paper	320.8		—		320.8		—		115.8		—		115.8		—
Certificates of deposit and term deposits	45.3		—		45.3		—		50.4		—		50.4		—
Money market funds	447.4		447.4		—		—		593.9		593.9		—		—
Municipal bonds	5.0		—		5.0		—		5.0		—		5.0		—
Marketable equity securities	26.1		26.1		—		—		25.5		25.5		—		—
Total	$	1,422.6	$	825.3	$	597.3	$	—	$	1,348.1	$	878.7	$	469.4	$	—

Reported as:
Cash equivalents	$	832.1							$	774.5
Marketable equity securities	26.1								25.5
Short-term investments	548.8								502.6
Long-term investments	15.6								45.5
Total	$	1,422.6							$	1,348.1

Goodwill and Other Intangible Assets - Net - Estimated Future Amortization Expense (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fiscal Years:
2023 (the remainder of 2023)	$ 13.4
2024	13.5
2025	8.8
2026	4.3
2027	3.9
Thereafter	7.2
Total	$ 51.1	$ 56.0

Goodwill and Other Intangible Assets - Net (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The following table presents the changes in the carrying amount of goodwill (in millions):


	Amount
Balance—December 31, 2022	$	128.0
Foreign currency translation adjustments	(0.2)
Balance—March 31, 2023	$	127.8

Schedule of Finite-Lived Intangible Assets by Major Class

The following tables present other intangible assets—net (in millions, except years):


	March 31, 2023
	Weighted-Average Useful Life (in Years)	Gross		Accumulated Amortization		Net
Other intangible assets—net:
Finite-lived intangible assets:
Developed technologies	4.3	$	84.8	$	53.8	$	31.0
Customer relationships	7.1	30.9		15.3		15.6
Trade name	10.0	5.3		0.8		4.5
Backlog	1.0	4.2		4.2		—
Total other intangible assets—net		$	125.2	$	74.1	$	51.1


	December 31, 2022
	Weighted-Average Useful Life (in Years)	Gross		Accumulated Amortization		Net
Other intangible assets—net:
Finite-lived intangible assets:
Developed technologies	4.1	$	85.1	$	50.3	$	34.8
Customer relationships	7.1	31.0		14.4		16.6
Trade name	10.0	5.3		0.7		4.6
Backlog	1.0	4.2		4.2		—
Total other intangible assets—net		$	125.6	$	69.6	$	56.0

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table summarizes estimated future amortization expense of finite-lived intangible assets—net (in millions):


	Amount
Years:
2023 (the remainder of 2023)	$	13.4
2024	13.5
2025	8.8
2026	4.3
2027	3.9
Thereafter	7.2
Total	$	51.1

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Segment Information (Details) $ in Millions	3 Months Ended		12 Months Ended
Segment Information (Details) $ in Millions	Mar. 31, 2023 USD ($) business_activity segment_manager operating_segment reportable_segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Business activity (in business activities) \| business_activity	1
Segment managers responsible for operations (in segment managers) \| segment_manager	0
Number of operating segments (in operating segments) \| operating_segment	1
Number of reportable segments (in reportable segments) \| reportable_segment	1
Total revenue	$ 1,262.3	$ 954.8
Property and equipment - net	$ 917.4		$ 898.5
Distributor A \| Customer Concentration Risk \| Revenue
Segment Reporting Information [Line Items]
Concentration (percent)	28.00%	29.00%
Distributor A \| Customer Concentration Risk \| Accounts Receivable
Segment Reporting Information [Line Items]
Concentration (percent)	28.00%		32.00%
Distributor B \| Customer Concentration Risk \| Revenue
Segment Reporting Information [Line Items]
Concentration (percent)	14.00%	13.00%
Distributor B \| Customer Concentration Risk \| Accounts Receivable
Segment Reporting Information [Line Items]
Concentration (percent)	14.00%		12.00%
Distributor C \| Customer Concentration Risk \| Revenue
Segment Reporting Information [Line Items]
Concentration (percent)	14.00%	14.00%
Distributor C \| Customer Concentration Risk \| Accounts Receivable
Segment Reporting Information [Line Items]
Concentration (percent)	12.00%		13.00%
Americas
Segment Reporting Information [Line Items]
Total revenue	$ 523.5	$ 382.6
Property and equipment - net	864.4		$ 843.6
United States
Segment Reporting Information [Line Items]
Total revenue	384.1	285.8
Property and equipment - net	660.4		638.1
Canada
Segment Reporting Information [Line Items]
Property and equipment - net	203.0		204.4
Other Americas
Segment Reporting Information [Line Items]
Total revenue	139.4	96.8
Latin America
Segment Reporting Information [Line Items]
Property and equipment - net	1.0		1.1
EMEA
Segment Reporting Information [Line Items]
Total revenue	478.2	346.0
Property and equipment - net	35.4		35.9
APAC
Segment Reporting Information [Line Items]
Total revenue	260.6	$ 226.2
Property and equipment - net	$ 17.6		$ 19.0

Equity Plans and Share Repurchase Program (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Restricted Stock Units Award Activity

The following table summarizes the activity and related information for RSUs for the periods presented below (in millions, except per share amounts):


	Restricted Stock Units Outstanding
	Number of Shares	Weighted-Average Grant Date Fair Value per Share
Balance—December 31, 2022	10.5	$	40.94
Granted	3.6	60.16
Forfeited	(0.1)	42.41
Vested	(1.9)	34.86
Balance—March 31, 2023	12.1	$	47.59

Schedule of Share-based Compensation, Shares Withheld for Taxes

The following summarizes the number and value of the shares withheld for employee taxes (in millions):


	Three Months Ended
	March 31, 2023		March 31, 2022
Shares withheld for taxes	0.7		1.1
Amount withheld for taxes	$	34.6	$	64.8

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table summarizes the weighted-average assumptions relating to our employee stock options:


	Three Months Ended
	March 31, 2023		March 31, 2022
Expected term in years	4.4		4.4
Volatility	42.0	%	41.0	%
Risk-free interest rate	4.2	%	1.8	%
Dividend rate	—	%	—	%

Schedule of Share-based Compensation, Stock Options, Activity

The following table summarizes the stock option activity and related information for the periods presented below (in millions, except exercise prices and contractual life):


	Options Outstanding
	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Balance—December 31, 2022	13.2	$	24.37	3.5	$	344.8
Granted	1.1	60.21
Forfeited	—	39.42
Exercised	(1.7)	12.99
Balance—March 31, 2023	12.6	$	28.99
Options vested and expected to vest—March 31, 2023	12.6	$	28.99	3.8	$	472.0
Options exercisable—March 31, 2023	8.3	$	19.23	2.9	$	390.2

Schedule of Share-based Compensation, Stock Options, Activity, Additional Information

Additional information related to our stock options is summarized below (in millions, except per share amounts):


	Three Months Ended
	March 31, 2023		March 31, 2022
Weighted-average fair value per share granted	$	24.24	$	22.32
Intrinsic value of options exercised	$	72.7	$	29.9
Fair value of options vested	$	11.7	$	10.2

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following table summarizes the weighted-average assumptions relating to our PSUs for the three months ended March 31, 2023:


	Three Months Ended
	March 31, 2023
Expected term in years	2.7
Volatility	47.5	%
Risk-free interest rate	4.6	%
Dividend rate	—	%

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, is included in costs and expenses (in millions):


	Three Months Ended
	March 31, 2023		March 31, 2022
Cost of product revenue	$	0.4	$	0.4
Cost of service revenue	5.1		4.5
Research and development	17.0		15.1
Sales and marketing	26.3		26.7
General and administrative	8.2		7.2
Total stock-based compensation expense	$	57.0	$	53.9

Schedule of Employee Service Share based Compensation Allocation of Recognized Period Costs by Award Type

The following table summarizes stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, by award type (in millions):


	Three Months Ended
	March 31, 2023		March 31, 2022
RSUs	$	49.1	$	48.3
Stock options	6.7		5.6
PSUs	$	1.2	$	—
Total stock-based compensation expense	$	57.0	$	53.9

Income Tax Benefit from Stock Option Plans

Total income tax benefit associated with stock-based compensation that is recognized in the condensed consolidated statements of income is as follows (in millions):


	Three Months Ended
	March 31, 2023		March 31, 2022
Income tax benefit associated with stock-based compensation	$	12.6	$	11.8

Inventory (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of (in millions):


	March 31, 2023		December 31, 2022
Raw materials	$	54.6	$	46.3
Work in process	10.9		12.0
Finished goods	237.2		206.3
Inventory	$	302.7	$	264.6

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATIONOperating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our chief operating decision maker is our chief executive officer. Our chief executive officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by geographic region for purposes of allocating resources and evaluating financial performance. We have one business activity, and there are no segment managers who are held accountable for operations, operating results and plans for levels or components below the consolidated unit level. Accordingly, we have determined that we have one operating segment, and therefore, one reportable segment.

Revenue by geographic region is based on the billing address of our customers. The following tables set forth revenue and property and equipment—net by geographic region (in millions):


	Three Months Ended
Revenue	March 31, 2023		March 31, 2022
Americas:
United States	$	384.1	$	285.8
Other Americas	139.4		96.8
Total Americas	523.5		382.6
Europe, Middle East and Africa (“EMEA”)	478.2		346.0
Asia Pacific (“APAC”)	260.6		226.2
Total revenue	$	1,262.3	$	954.8


Property and Equipment—net	March 31, 2023		December 31, 2022
Americas:
United States	$	660.4	$	638.1
Canada	203.0		204.4
Latin America	1.0		1.1
Total Americas	864.4		843.6
EMEA	35.4		35.9
APAC	17.6		19.0
Total property and equipment—net	$	917.4	$	898.5

The following distributors accounted for 10% or more of our revenue:


	Three Months Ended
	March 31, 2023		March 31, 2022
Distributor A	28	%	29	%
Distributor B	14	%	13	%
Distributor C	14	%	14	%

The following distributors accounted for 10% or more of net accounts receivable:


	March 31, 2023		December 31, 2022
Distributor A	28	%	32	%
Distributor B	14	%	12	%
Distributor C	12	%	13	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Preparation	Basis of Presentation and Preparation—The unaudited condensed consolidated financial statements of Fortinet, Inc. and its subsidiaries (collectively, “we,” “us” or “our”) have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information, as well as the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, and should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2022, contained in our Annual Report on Form 10-K filed with the SEC on February 24, 2023. In the opinion of management, all adjustments, which include normal recurring adjustments, considered necessary for a fair presentation, have been included. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year or for any future periods. The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements for the year ended December 31, 2022. The condensed consolidated financial statements include the accounts of Fortinet, Inc. and its subsidiaries. We consolidate all legal entities in which we have an absolute controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. On April 14, 2022, our board of directors approved a five-for-one forward stock split of our common stock (the “Forward Stock Split”), which was conditioned upon obtaining stockholder approval for the Forward Stock Split, and to increase the number of our authorized shares of common stock. On June 17, 2022, at our 2022 Annual Meeting of Stockholders, our stockholders approved the Forward Stock Split and the amendment and restatement of our amended and restated certificate of incorporation to increase the number of authorized shares of common stock from 300.0 million to 1.5 billion. The par value of our common stock was not adjusted as a result of the Forward Stock Split. Effective June 22, 2022, we filed our amended and restated certification of incorporation and completed the Forward Stock Split. All share and per share amounts and related equity (deficit) balances presented herein have been retroactively adjusted to reflect the Forward Stock Split. There have been no material changes to our significant accounting policies as of and for the three months ended March 31, 2023, as compared to the significant accounting policies described in the Form 10-K.
Recently Adopted and Recently Issued Accounting Standards	Recently Adopted and Recently Issued Accounting Standards There were no recently adopted accounting standards which would have a material effect on our condensed consolidated financial statements and accompanying disclosures, and no recently issued accounting standards that are expected to have a material impact on our condensed consolidated financial statements and accompanying disclosures.

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Non-Controlling Interests
Balance, shares at Dec. 31, 2021		810.0
Balance, beginning of period at Dec. 31, 2021	$ 798.4	$ 0.8	$ 1,253.6	$ (4.8)	$ (467.9)	$ 16.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with equity incentive plans - net of tax withholding (in shares)		2.7
Issuance of common stock in connection with equity incentive plans - net of tax withholding	(53.8)		(53.8)
Repurchase and retirement of common stock (in shares)		(11.4)
Repurchase and retirement of common stock	(691.2)		(17.3)		(673.9)
Stock-based compensation expense	53.2		53.2
Net unrealized gain on investments - net of tax	(7.2)			(7.2)
Foreign currency translation adjustment	(4.5)			(3.4)		(1.1)
Net income including non-controlling interests	138.3				138.4	(0.1)
Balance, shares at Mar. 31, 2022		801.3
Balance, end of period at Mar. 31, 2022	233.2	$ 0.8	1,235.7	(15.4)	(1,003.4)	15.5
Balance, shares at Dec. 31, 2022		781.5
Balance, beginning of period at Dec. 31, 2022	(281.6)	$ 0.8	1,284.2	(20.2)	(1,546.4)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with equity incentive plans - net of tax withholding (in shares)		2.9
Issuance of common stock in connection with equity incentive plans - net of tax withholding	(13.1)		(13.1)
Stock-based compensation expense	56.3		56.3
Net unrealized gain on investments - net of tax	2.9			2.9
Foreign currency translation adjustment	(0.8)			(0.8)		0.0
Net income including non-controlling interests	247.7				247.7	0.0
Balance, shares at Mar. 31, 2023		784.4
Balance, end of period at Mar. 31, 2023	$ 11.4	$ 0.8	$ 1,327.4	$ (18.1)	$ (1,298.7)	$ 0.0

Condensed Consolidated Balance Sheets Parenthetical - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common Stock, par value (dollars per share)	$ 0.001	$ 0.001
Common Stock, shares authorized	1,500,000,000	1,500,000,000
Common Stock, shares issued	784,400,000	781,500,000
Common Stock, shares outstanding	784,400,000	781,500,000

Equity Plans and Share Repurchase Program

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

EQUITY (DEFICIT)

EQUITY PLANS AND SHARE REPURCHASE PROGRAM

Stock-Based Compensation Plans

We maintain the Amended and Restated Fortinet, Inc. 2009 Equity Incentive Plan (the “Amended Plan”) pursuant to which we have granted RSUs, stock options and PSUs. As of March 31, 2023, there were a total of 53.1 million shares of common stock available for grant under the Amended Plan.

Restricted Stock Units

The following table summarizes the activity and related information for RSUs for the periods presented below (in millions, except per share amounts):


	Restricted Stock Units Outstanding
	Number of Shares	Weighted-Average Grant Date Fair Value per Share
Balance—December 31, 2022	10.5	$	40.94
Granted	3.6	60.16
Forfeited	(0.1)	42.41
Vested	(1.9)	34.86
Balance—March 31, 2023	12.1	$	47.59

Stock compensation expense is recognized on a straight-line basis over the vesting period of each RSU. As of March 31, 2023, total compensation expense related to unvested RSUs granted to employees and non-employees under the Amended Plan, but not yet recognized, was $535.8 million, with a weighted-average remaining vesting period of 3.0 years.

RSUs settle into shares of common stock upon vesting. Upon the vesting of the RSUs, we net-settle the RSUs and withhold a portion of the shares to satisfy employee withholding tax requirements. The payment of the withheld taxes to the tax authorities is reflected as a financing activity within the condensed consolidated statements of cash flows.

The following summarizes the number and value of the shares withheld for employee taxes (in millions):


	Three Months Ended
	March 31, 2023		March 31, 2022
Shares withheld for taxes	0.7		1.1
Amount withheld for taxes	$	34.6	$	64.8

Employee Stock Options

The following table summarizes the weighted-average assumptions relating to our employee stock options:


	Three Months Ended
	March 31, 2023		March 31, 2022
Expected term in years	4.4		4.4
Volatility	42.0	%	41.0	%
Risk-free interest rate	4.2	%	1.8	%
Dividend rate	—	%	—	%

The following table summarizes the stock option activity and related information for the periods presented below (in millions, except exercise prices and contractual life):


	Options Outstanding
	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Balance—December 31, 2022	13.2	$	24.37	3.5	$	344.8
Granted	1.1	60.21
Forfeited	—	39.42
Exercised	(1.7)	12.99
Balance—March 31, 2023	12.6	$	28.99
Options vested and expected to vest—March 31, 2023	12.6	$	28.99	3.8	$	472.0
Options exercisable—March 31, 2023	8.3	$	19.23	2.9	$	390.2

The aggregate intrinsic value represents the difference between the exercise price of stock options and the quoted market price of our common stock for all in-the-money stock options. Stock compensation expense is recognized on a straight-line basis over the vesting period of each stock option. As of March 31, 2023, total compensation expense related to unvested stock options granted to employees but not yet recognized was $73.4 million, with a weighted-average remaining vesting period of 3.0 years.

Additional information related to our stock options is summarized below (in millions, except per share amounts):


	Three Months Ended
	March 31, 2023		March 31, 2022
Weighted-average fair value per share granted	$	24.24	$	22.32
Intrinsic value of options exercised	$	72.7	$	29.9
Fair value of options vested	$	11.7	$	10.2

Market/Performance-Based PSUs

We granted market/performance-based PSUs under the Amended Plan to certain of our executives. Based on the achievement of the market/performance-based vesting conditions during the performance period, the final settlement of the PSUs will range between 0% and 200% of the target shares underlying the PSUs based on the percentile ranking of our total stockholder return over one-, two-, three- and four-year periods among companies included in the S&P 500 Index. 20%, 20%, 20% and 40% of the PSUs vest over one-, two-, three- and four-year service periods, respectively.

The following table summarizes the weighted-average assumptions relating to our PSUs for the three months ended March 31, 2023:


	Three Months Ended
	March 31, 2023
Expected term in years	2.7
Volatility	47.5	%
Risk-free interest rate	4.6	%
Dividend rate	—	%

We granted approximately 0.3 million shares of PSU awards with a grant date fair value of $90.96 per share to certain of our executives during the three months ended March 31, 2023. The grant date fair value of these awards is determined using

a Monte Carlo simulation pricing model. None of these PSU awards were vested or forfeited during the three months ended March 31, 2023.

As of March 31, 2023, total compensation expense related to unvested PSUs that were granted to certain of our executives, but not yet recognized, was $26.5 million. This expense is expected to be amortized on a graded vesting method over a weighted-average vesting period of 2.7 years.

Stock-Based Compensation Expense

Stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, is included in costs and expenses (in millions):


	Three Months Ended
	March 31, 2023		March 31, 2022
Cost of product revenue	$	0.4	$	0.4
Cost of service revenue	5.1		4.5
Research and development	17.0		15.1
Sales and marketing	26.3		26.7
General and administrative	8.2		7.2
Total stock-based compensation expense	$	57.0	$	53.9

The following table summarizes stock-based compensation expense, including stock-based compensation expense related to awards classified as liabilities, by award type (in millions):


	Three Months Ended
	March 31, 2023		March 31, 2022
RSUs	$	49.1	$	48.3
Stock options	6.7		5.6
PSUs	$	1.2	$	—
Total stock-based compensation expense	$	57.0	$	53.9

Total income tax benefit associated with stock-based compensation that is recognized in the condensed consolidated statements of income is as follows (in millions):


	Three Months Ended
	March 31, 2023		March 31, 2022
Income tax benefit associated with stock-based compensation	$	12.6	$	11.8

Share Repurchase Program

In February 2023, our board of directors approved an extension of the Repurchase Program originally approved by our board of directors in January 2016 to February 29, 2024. Under the Repurchase Program, the aggregate amount authorized to repurchase our outstanding common stock was $5.25 billion. Share repurchases may be made by us from time to time in privately negotiated transactions or in open-market transactions. The Repurchase Program does not require us to purchase a minimum number of shares, and may be suspended, modified or discontinued at any time without prior notice. Refer to Note 16, Subsequent Events, for information regarding the approved $1.0 billion increase in the authorized stock repurchase under the Repurchase Program in April 2023.

There were no shares repurchased under the Repurchase Program during the three months ended March 31, 2023. As of March 31, 2023, $529.6 million remained available for future share repurchases under the Repurchase Program.

Goodwill and Other Intangible Assets - Net

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS - Net

GOODWILL AND OTHER INTANGIBLE ASSETS—Net

Goodwill

The following table presents the changes in the carrying amount of goodwill (in millions):


	Amount
Balance—December 31, 2022	$	128.0
Foreign currency translation adjustments	(0.2)
Balance—March 31, 2023	$	127.8

There were no impairments to goodwill during the three months ended March 31, 2023 or during prior periods.

Other Intangible Assets—Net

The following tables present other intangible assets—net (in millions, except years):


	March 31, 2023
	Weighted-Average Useful Life (in Years)	Gross		Accumulated Amortization		Net
Other intangible assets—net:
Finite-lived intangible assets:
Developed technologies	4.3	$	84.8	$	53.8	$	31.0
Customer relationships	7.1	30.9		15.3		15.6
Trade name	10.0	5.3		0.8		4.5
Backlog	1.0	4.2		4.2		—
Total other intangible assets—net		$	125.2	$	74.1	$	51.1


	December 31, 2022
	Weighted-Average Useful Life (in Years)	Gross		Accumulated Amortization		Net
Other intangible assets—net:
Finite-lived intangible assets:
Developed technologies	4.1	$	85.1	$	50.3	$	34.8
Customer relationships	7.1	31.0		14.4		16.6
Trade name	10.0	5.3		0.7		4.6
Backlog	1.0	4.2		4.2		—
Total other intangible assets—net		$	125.6	$	69.6	$	56.0

Amortization expense was $4.7 million and $6.4 million during the three months ended March 31, 2023 and 2022, respectively.

The following table summarizes estimated future amortization expense of finite-lived intangible assets—net (in millions):


	Amount
Years:
2023 (the remainder of 2023)	$	13.4
2024	13.5
2025	8.8
2026	4.3
2027	3.9
Thereafter	7.2
Total	$	51.1

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 2,304.2	$ 1,682.9
Short-term investments	548.8	502.6
Marketable equity securities	26.1	25.5
Accounts receivable—net	1,087.2	1,261.7
Inventory	302.7	264.6
Prepaid expenses and other current assets	89.7	73.1
Total current assets	4,358.7	3,810.4
LONG-TERM INVESTMENTS	15.6	45.5
PROPERTY AND EQUIPMENT—NET	917.4	898.5
DEFERRED CONTRACT COSTS	536.9	518.2
DEFERRED TAX ASSETS	649.6	569.4
GOODWILL	127.8	128.0
OTHER INTANGIBLE ASSETS—NET	51.1	56.0
OTHER ASSETS	175.2	202.0
TOTAL ASSETS	6,832.3	6,228.0
CURRENT LIABILITIES:
Accounts payable	238.4	243.4
Accrued liabilities	346.7	266.3
Accrued payroll and compensation	213.4	219.4
Deferred revenue	2,463.3	2,349.3
Total current liabilities	3,261.8	3,078.4
DEFERRED REVENUE	2,417.6	2,291.0
INCOME TAX LIABILITIES	70.5	67.8
LONG-TERM DEBT	990.9	990.4
OTHER LIABILITIES	80.1	82.0
Total liabilities	6,820.9	6,509.6
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS’ EQUITY (DEFICIT):
Common stock, $0.001 par value—1,500.0 shares authorized; 784.4 and 781.5 shares issued and outstanding on March 31, 2023 and December 31, 2022, respectively	0.8	0.8
Additional paid-in capital	1,327.4	1,284.2
Accumulated other comprehensive loss	(18.1)	(20.2)
Accumulated deficit	(1,298.7)	(1,546.4)
Total stockholders’ equity (deficit)	11.4	(281.6)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$ 6,832.3	$ 6,228.0

Net Income Per Share , Calculation of Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Line Items]
Net income including non-controlling interests	$ 247.7	$ 138.3
Net loss attributable to non-controlling interests	0.0	(0.1)
Net income	$ 247.7	$ 138.4
Basic shares:
Weighted-average common shares outstanding-basic (in shares)	783.2	803.4
Diluted shares:
Weighted-average common shares outstanding-basic (in shares)	783.2	803.4
Effect of potentially dilutive securities:
Weighted-average shares used to compute diluted net income per share (in shares)	793.4	820.8
Net income per share attributable to Fortinet, Inc.:
Basic (in dollars per share)	$ 0.32	$ 0.17
Diluted (in dollars per share)	$ 0.31	$ 0.17
RSUs
Effect of potentially dilutive securities:
RSUs and stock options (in shares)	3.6	8.6
Stock options
Effect of potentially dilutive securities:
RSUs and stock options (in shares)	6.6	8.8

Equity Plans and Share Repurchase Program (Deficit) , Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Weighted-Average Grant Date Fair Value per Share
Shares withheld for taxes	0.7	1.1
Amount withheld for taxes	$ 34.6	$ 64.8
Stock-based Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining shares available for grant under the plans	53.1
RSUs
Number of Shares
Balance, beginning (shares)	10.5
Granted (shares)	3.6
Forfeited (shares)	(0.1)
Vested (shares)	(1.9)
Balance, ending (shares)	12.1
Weighted-Average Grant Date Fair Value per Share
Balance, beginning (in dollars per share)	$ 40.94
Granted (in dollars per share)	60.16
Forfeited (in dollars per share)	42.41
Vested (in dollars per share)	34.86
Balance, ending (in dollars per share)	$ 47.59
Compensation cost not yet recognized	$ 535.8
Compensation cost not yet recognized period of recognition	3 years

Goodwill and Other Intangible Assets - Net - Changes in Carrying Amount of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Balance - beginning of period	$ 128.0
Foreign currency translation adjustments	(0.2)
Balance - end of period	$ 127.8

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Property and Equipment—Net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT—Net

Property and equipment—net consisted of (in millions):


	March 31, 2023		December 31, 2022
Land	$	323.6	$	310.0
Buildings and improvements	506.3		490.3
Computer equipment and software	230.2		222.7
Leasehold improvements	55.4		53.5
Evaluation units	23.6		19.2
Furniture and fixtures	32.0		31.3
Construction-in-progress	46.9		51.7
Total property and equipment	1,218.0		1,178.7
Less: accumulated depreciation	(300.6)		(280.2)
Property and equipment—net	$	917.4	$	898.5

Depreciation expense was $22.8 million and $19.1 million during the three months ended March 31, 2023 and 2022, respectively.

Revenue Recognition

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Disaggregation of Revenue

The following table presents our revenue disaggregated by major product and service lines (in millions):


	Three Months Ended
	March 31, 2023		March 31, 2022
Product	$	500.7	$	371.0
Service:
Security subscription	421.7		312.9
Technical support and other	339.9		270.9
Total service revenue	761.6		583.8
Total revenue	$	1,262.3	$	954.8

Deferred Revenue

During the three months ended March 31, 2023 and 2022, we recognized $675.9 million and $507.3 million in service revenue that was included in the deferred revenue balance as of December 31, 2022 and 2021, respectively.

Transaction Price Allocated to the Remaining Performance Obligations

As of March 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $4.91 billion, which was substantially comprised of deferred security subscription, technical support services revenue and unbilled contract revenue from non-cancellable contracts that will be recognized in future periods. We expect to recognize approximately $2.49 billion as revenue over the next 12 months and the remainder thereafter.

Accounts receivable

Trade accounts receivable are recorded at the invoiced amount, net of an allowance for expected credit losses. We measure expected credit losses of accounts receivable on a collective (pooled) basis, aggregating accounts receivable that are either current or no more than 60 days past due, and aggregating accounts receivable that are more than 60 days past due. We apply a credit-loss percentage to each of the pools that is based on our historical credit losses. We review whether each of our significant accounts receivable that is more than 60 days past due continues to exhibit similar risk characteristics with the other accounts receivable in the pool. If we determine that it does not, we evaluate it for expected credit losses on an individual basis. Expected credit losses are recorded as general and administrative expenses on our consolidated statements of income.

The allowance for credit losses was $6.7 million and $3.6 million as of March 31, 2023 and December 31, 2022, respectively. Provisions, write-offs and recoveries were not material during the three months ended March 31, 2023 and 2022.

Deferred Contract Costs

Amortization of deferred contract costs during the three months ended March 31, 2023 and 2022 were $62.5 million and $52.5 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Defined Contribution Plans	3 Months Ended
Defined Contribution Plans	Mar. 31, 2023
Retirement Benefits [Abstract]
DEFINED CONTRIBUTION PLANS	DEFINED CONTRIBUTION PLANSOur tax-deferred savings plan under our 401(k) Plan permits participating U.S. employees to contribute a portion of their pre-tax or after-tax earnings. In Canada, we have a Group Registered Retirement Savings Plan Program (the “RRSP”), which permits participants to make pre-tax contributions. Our board of directors approved 50% matching contributions on employee contributions up to 4% of each employee’s eligible earnings. Our matching contributions to our 401(k) Plan and the RRSP for the three months ended March 31, 2023 and 2022 were $4.4 million and $3.4 million, respectively.

Investments in Privately Held Companies (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Loss from equity method investments	$ (22.1)		$ (8.5)
Linksys
Schedule of Equity Method Investments [Line Items]
Cash investment in privately held company				$ 160.0
Ownership interest percentage				50.80%
Other than temporary impairment charge		$ 22.2
Valuation allowance on deferred tax assets related to equity method investment		$ 17.5

Goodwill and Other Intangible Assets - Net - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 0
Amortization expense	$ 4,700,000	$ 6,400,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income including non-controlling interests	$ 247.7	$ 138.3
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	56.3	53.2
Amortization of deferred contract costs	62.5	52.5
Depreciation and amortization	27.5	25.5
Amortization of investment premiums (discounts)	(0.3)	1.7
Loss from equity method investment	22.1	8.5
Other	3.8	8.4
Changes in operating assets and liabilities, net of impact of business combinations:
Accounts receivable—net	171.1	15.4
Inventory	(45.3)	(13.5)
Prepaid expenses and other current assets	(16.0)	(26.0)
Deferred contract costs	(81.2)	(66.6)
Deferred tax assets	(81.1)	(87.6)
Other assets	4.5	(20.6)
Accounts payable	(4.1)	35.5
Accrued liabilities	80.0	68.2
Accrued payroll and compensation	(6.0)	(13.6)
Other liabilities	(4.7)	11.3
Deferred revenue	240.7	205.5
Net cash provided by operating activities	677.5	396.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments	(207.2)	(385.2)
Sales of investments	0.0	3.0
Maturities of investments	195.0	459.4
Purchases of property and equipment	(30.3)	(122.6)
Other	0.1	0.0
Net cash used in investing activities	(42.4)	(45.4)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase and retirement of common stock	0.0	(691.2)
Proceeds from issuance of common stock	21.2	11.0
Taxes paid related to net share settlement of equity awards	(34.5)	(64.8)
Other	(0.4)	(1.0)
Net cash used in financing activities	(13.7)	(746.0)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(0.1)	(0.3)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	621.3	(395.6)
CASH AND CASH EQUIVALENTS—Beginning of period	1,682.9	1,319.1
CASH AND CASH EQUIVALENTS—End of period	2,304.2	923.5
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes—net	20.7	18.8
Operating lease liabilities arising from obtaining right-of-use assets	4.7	24.6
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Transfers of evaluation units from inventory to property and equipment	6.9	2.9
Liability for purchase of property and equipment	$ 18.8	$ 15.5

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Summary of Outstanding Debt

The total outstanding debt is summarized below (in millions, except percentages):


	Maturity	Coupon Rate	Effective Interest Rate	March 31, 2023		December 31, 2022
Debt
2026 Senior Notes	March 2026	1.0%	1.3%	$	500.0	$	500.0
2031 Senior Notes	March 2031	2.2%	2.3%	500.0		500.0
Total debt				1,000.0		1,000.0
Less: Unamortized discount and debt issuance costs				9.1		9.6
Total long-term debt				$	990.9	$	990.4

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Income Taxes , Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes , Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (percent)	7.00%	6.00%
U.S. federal and state taxes, withholding taxes and foreign taxes	$ 85.8	$ 38.5
Tax benefit from foreign-derived intangible income deduction	38.2	14.4
Excess tax benefits on stock compensation	26.3	$ 32.2
Unrecognized tax benefits	70.4		$ 67.4
Unrecognized tax benefits that would favorably affect effective tax rate	61.2
Accrued interest and penalties related to uncertain tax benefits	9.3		$ 9.3
Possible decrease in unrecognized tax benefits	$ 15.2

Equity Plans and Share Repurchase Program (Deficit) , Market Based PSUs (Details) - PSUs $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term in years	2 years 8 months 12 days
Volatility	47.50%
Risk-free interest rate	4.60%
Dividend rate	0.00%
Granted (shares)	0.3
Granted (in dollars per share) \| $ / shares	$ 90.96
Forfeited (shares)	0.0
Vested (shares)	0.0
Compensation cost not yet recognized \| $	$ 26.5
Compensation cost not yet recognized period of recognition	2 years 8 months 12 days
Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	1 year
Vesting percentage	20.00%
Award vesting period	1 year
Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	2 years
Vesting percentage	20.00%
Award vesting period	2 years
Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Vesting percentage	20.00%
Award vesting period	3 years
Share-Based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	4 years
Vesting percentage	40.00%
Award vesting period	4 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market-based vesting percentage range	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market-based vesting percentage range	200.00%

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective tax rate was 7% for the three months ended March 31, 2023, compared to an effective tax rate of negative 6% for the same period last year. The tax rates for the three months ended March 31, 2023 and 2022 were composed of U.S. federal and state taxes, withholding taxes and foreign taxes that amounted to $85.8 million and $38.5 million, respectively. The tax rate for the three months ended March 31, 2023 was impacted by a tax benefit of $38.2 million from the FDII deduction and excess tax benefits from stock-based compensation expense of $26.3 million. The tax rate for the three months ended March 31, 2022 was impacted by a tax benefit of $14.4 million from the FDII deduction and excess tax benefits from stock-based compensation expense of $32.2 million. As of March 31, 2023 and December 31, 2022, unrecognized tax benefits were $70.4 million and $67.4 million, respectively. If recognized, $61.2 million of the unrecognized tax benefits as of March 31, 2023 would favorably affect our effective tax rate. It is our policy to include accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of both March 31, 2023 and December 31, 2022, accrued interest and penalties totaled $9.3 million. It is reasonably possible that our gross unrecognized tax benefits will decrease by up to $15.2 million in the next 12 months, due to the lapse of statutes of limitation in various jurisdictions. This decrease, if recognized, would favorably impact our effective tax rate, and would be recognized as additional tax benefits. We file income tax returns in the U.S. federal jurisdiction and in various U.S. state and foreign jurisdictions. Generally, we are no longer subject to examination by U.S federal income tax authorities for tax years prior to 2015. We are no longer subject to U.S. state and foreign income tax examinations by tax authorities for tax years prior to 2010. We currently have ongoing tax audits in the United Kingdom, Canada, Germany and several other foreign jurisdictions. The focus of these audits is the inter-company profit allocation. On January 4, 2022, the U.S. Treasury published another tranche of final regulations regarding the foreign tax credit. These final regulations impose new requirements that a foreign tax must meet in order to be creditable against U.S. income taxes, and generally apply to tax years beginning on or after December 28, 2021. On July 26, 2022, the U.S. Treasury released corrections to the final regulations. These final regulations adversely impact our ability to claim foreign tax credits in the United States for certain taxes imposed by certain foreign jurisdictions. On August 16, 2022, the United States enacted the Inflation Reduction Act of 2022 that, among other changes, provides for changes to the U.S. corporate income tax system, including a 15% minimum tax based on financial statement income for companies with three-year average annual adjusted financial statement income exceeding $1 billion, and a 1% excise tax on net repurchases of stock after December 31, 2022, if any. We considered the applicable tax law changes, and there is no impact to our tax provision for the three months ended March 31, 2023. We will continue to evaluate the impact of these tax law changes on future periods.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Equity Plans and Share Repurchase Program (Deficit) - Employee Stock Options (Details) - Stock options - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term in years	4 years 4 months 24 days	4 years 4 months 24 days
Volatility	42.00%	41.00%
Risk-free interest rate	4.20%	1.80%
Dividend rate	0.00%	0.00%
Number of Shares
Balance - Beginning (in shares)	13.2
Granted (in shares)	1.1
Forfeited (in shares)	0.0
Exercised (in shares)	(1.7)
Balance - Ending (in shares)	12.6		13.2
Weighted- Average Exercise Price
Balance - Beginning (in dollars per share)	$ 24.37
Granted (in dollars per share)	60.21
Forfeited (in dollars per share)	39.42
Exercised (in dollars per share)	12.99
Balance - Ending (in dollars per share)	$ 28.99		$ 24.37
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, Weighted average remaining contractual life (in years)			3 years 6 months
Options outstanding, Aggregate intrinsic value			$ 344.8
Options vested and expected to vest, Outstanding (in shares)	12.6
Options vested and expected to vest, Weighted average exercise price (in dollars per share)	$ 28.99
Options vested and expected to vest, Weighted average remaining contractual life (in years)	3 years 9 months 18 days
Options vested and expected to vest, Aggregate intrinsic value	$ 472.0
Options exercisable, Outstanding (in shares)	8.3
Options exercisable, Weighted average exercise price (in dollars per share)	$ 19.23
Options exercisable, Weighted average remaining contractual life (in years)	2 years 10 months 24 days
Options exercisable, Aggregate intrinsic value	$ 390.2
Compensation cost not yet recognized	$ 73.4
Compensation cost not yet recognized period of recognition	3 years
Weighted-average fair value per share granted	$ 24.24	$ 22.32
Intrinsic value of options exercised	$ 72.7	$ 29.9
Fair value of options vested	$ 11.7	$ 10.2

Revenue Recognition - Performance Obligation Satisfaction Period (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 4,910
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,490
Performance obligation expected recognition period for three-fourths of remaining obligation	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,420
Performance obligation expected recognition period for three-fourths of remaining obligation

Defined Contribution Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Matching contribution on employee contributions, Percent	50.00%
Maximum contribution percentage of each employee's eligible earnings, Percent	4.00%
Matching contributions to the RRSP and 401(k) Plans	$ 4.4	$ 3.4

Revenue Recognition - Disaggregated Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,262.3	$ 954.8
Product
Disaggregation of Revenue [Line Items]
Total revenue	500.7	371.0
Service
Disaggregation of Revenue [Line Items]
Total revenue	761.6	583.8
Security subscription
Disaggregation of Revenue [Line Items]
Total revenue	421.7	312.9
Technical support and other
Disaggregation of Revenue [Line Items]
Total revenue	$ 339.9	$ 270.9

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

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-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Debt - Summary of Outstanding Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 05, 2021
Debt Instrument [Line Items]
Total debt	$ 1,000.0	$ 1,000.0
Less: Unamortized discount and debt issuance costs	9.1	9.6
LONG-TERM DEBT	$ 990.9	990.4
Senior Notes \| 2026 Senior Notes
Debt Instrument [Line Items]
Coupon Rate	1.00%		1.00%
Effective Interest Rate	1.30%
Total debt	$ 500.0	500.0
Senior Notes \| 2031 Senior Notes
Debt Instrument [Line Items]
Coupon Rate	2.20%		2.20%
Effective Interest Rate	2.30%
Total debt	$ 500.0	$ 500.0

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Revenue From External Customers by Geographic Region

Revenue by geographic region is based on the billing address of our customers. The following tables set forth revenue and property and equipment—net by geographic region (in millions):


	Three Months Ended
Revenue	March 31, 2023		March 31, 2022
Americas:
United States	$	384.1	$	285.8
Other Americas	139.4		96.8
Total Americas	523.5		382.6
Europe, Middle East and Africa (“EMEA”)	478.2		346.0
Asia Pacific (“APAC”)	260.6		226.2
Total revenue	$	1,262.3	$	954.8

Property and Equipment by Geographic Region


Property and Equipment—net	March 31, 2023		December 31, 2022
Americas:
United States	$	660.4	$	638.1
Canada	203.0		204.4
Latin America	1.0		1.1
Total Americas	864.4		843.6
EMEA	35.4		35.9
APAC	17.6		19.0
Total property and equipment—net	$	917.4	$	898.5

Schedule of Distributor Concentration

The following distributors accounted for 10% or more of our revenue:


	Three Months Ended
	March 31, 2023		March 31, 2022
Distributor A	28	%	29	%
Distributor B	14	%	13	%
Distributor C	14	%	14	%

The following distributors accounted for 10% or more of net accounts receivable:


	March 31, 2023		December 31, 2022
Distributor A	28	%	32	%
Distributor B	14	%	12	%
Distributor C	12	%	13	%

Business Combinations - Additional Information (Details) - Alaxala - USD ($) $ in Millions	Oct. 03, 2022	Aug. 31, 2021
Business Acquisition [Line Items]
Equity interests acquired	25.00%	75.00%
Cash consideration	$ 13.5	$ 64.2