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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2019
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders' Equity Preferred Stock We have authorized the issuance of 10 million shares of preferred stock with no par value. In the event of a liquidation, dissolution, or winding up of the affairs of the corporation, whether voluntary or involuntary, the holders of any outstanding preferred stock will be entitled to be paid a preferential amount per share to be determined by the Board of Directors prior to any payment to holders of common stock. There was no preferred stock issued or outstanding at June 30, 2019 and December 31, 2018. Stock Repurchase Authorization On March 14, 2019, Itron's Board of Directors authorized the Company to repurchase up to $50 million of our common stock over a 12-month period (the 2019 Stock Repurchase Program). Following the announcement of the program and through June 30, 2019, we repurchased 529,396 shares at an average share price of $47.22 (including commissions) for a total of $25 million. The remaining amount authorized for repurchase under the 2019 Stock Repurchase Program is $25 million. In accordance with the terms of our 5% senior notes indenture maturing January 15, 2026, we are limited to a total of $25 million in stock repurchases in 2019. As we have already met that threshold, we will not repurchase any more shares for the remainder of 2019. Other Comprehensive Income (Loss) The before-tax amount, income tax (provision) benefit, and net-of-tax amount related to each component of OCI were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
In thousands | 2019 |  | 2018 |  | 2019 |  | 2018
Before-tax amount |  |  |  |  |  |  |
Foreign currency translation adjustment | $ | 5,352 |  |  | $ | (34,271 | ) |  | $ | 3,098 |  |  | $ | (17,978 | )
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges | 651 |  |  | 3,068 |  |  | 822 |  |  | 4,504 |
Net hedging (gain) loss reclassified into net income | (2,610 | ) |  | (2,354 | ) |  | (2,874 | ) |  | (2,373 | )
Net unrealized gain (loss) on defined benefit plans | 378 |  |  | — |  |  | 720 |  |  | — |
Net defined benefit plan loss reclassified to net income | (189 | ) |  | 409 |  |  | (10 | ) |  | 829 |
Total other comprehensive income (loss), before tax | $ | 3,582 |  |  | $ | (33,148 | ) |  | $ | 1,756 |  |  | $ | (15,018 | )
Tax (provision) benefit |  |  |  |  |  |  |
Foreign currency translation adjustment | $ | (165 | ) |  | $ | 111 |  |  | $ | (297 | ) |  | $ | 118 |
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges | 136 |  |  | (173 | ) |  | 176 |  |  | (426 | )
Net hedging (gain) loss reclassified into net income | 189 |  |  | (55 | ) |  | 377 |  |  | (50 | )
Net unrealized gain (loss) on defined benefit plans | (42 | ) |  | — |  |  | (57 | ) |  | — |
Net defined benefit plan loss reclassified to net income | 36 |  |  | (8 | ) |  | 1 |  |  | (14 | )
Total other comprehensive income (loss) tax benefit | $ | 154 |  |  | $ | (125 | ) |  | $ | 200 |  |  | $ | (372 | )
Net-of-tax amount |  |  |  |  |  |  |
Foreign currency translation adjustment | $ | 5,187 |  |  | $ | (34,160 | ) |  | $ | 2,801 |  |  | $ | (17,860 | )
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges | 787 |  |  | 2,895 |  |  | 998 |  |  | 4,078 |
Net hedging (gain) loss reclassified into net income | (2,421 | ) |  | (2,409 | ) |  | (2,497 | ) |  | (2,423 | )
Net unrealized gain (loss) on defined benefit plans | 336 |  |  | — |  |  | 663 |  |  | — |
Net defined benefit plan loss reclassified to net income | (153 | ) |  | 401 |  |  | (9 | ) |  | 815 |
Total other comprehensive income (loss), net of tax | $ | 3,736 |  |  | $ | (33,273 | ) |  | $ | 1,956 |  |  | $ | (15,390 | )
The changes in the components of AOCI, net of tax, were as follows:
In thousands | Foreign Currency Translation Adjustments |  | Net Unrealized Gain (Loss) on Derivative Instruments |  | Net Unrealized Gain (Loss) on Nonderivative Instruments |  | Pension Benefit Obligation Adjustments |  | Accumulated Other Comprehensive Income (Loss)
Balances at January 1, 2018 | $ | (128,648 | ) |  | $ | 966 |  |  | $ | (14,380 | ) |  | $ | (28,416 | ) |  | $ | (170,478 | )
OCI before reclassifications | (17,860 | ) |  | 4,078 |  |  | — |  |  | — |  |  | (13,782 | )
Amounts reclassified from AOCI | — |  |  | (2,423 | ) |  | — |  |  | 815 |  |  | (1,608 | )
Total other comprehensive income (loss) | (17,860 | ) |  | 1,655 |  |  | — |  |  | 815 |  |  | (15,390 | )
Balances at June 30, 2018 | $ | (146,508 | ) |  | $ | 2,621 |  |  | $ | (14,380 | ) |  | $ | (27,601 | ) |  | $ | (185,868 | )
Balances at January 1, 2019 | $ | (157,489 | ) |  | $ | 1,201 |  |  | $ | (14,380 | ) |  | $ | (25,637 | ) |  | $ | (196,305 | )
OCI before reclassifications | 2,801 |  |  | 998 |  |  | — |  |  | 663 |  |  | 4,462 |
Amounts reclassified from AOCI | — |  |  | (2,497 | ) |  | — |  |  | (9 | ) |  | (2,506 | )
Total other comprehensive income (loss) | 2,801 |  |  | (1,499 | ) |  | — |  |  | 654 |  |  | 1,956 |
Balances at June 30, 2019 | $ | (154,688 | ) |  | $ | (298 | ) |  | $ | (14,380 | ) |  | $ | (24,983 | ) |  | $ | (194,349 | )

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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