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Shareholders' Equity

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 or December 31, 2019.

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 December 31, 2019, we repurchased 529,396 shares at an average share price of $47.22 (including commissions) for a total of $25 million. The program expired on March 13, 2020 and no additional shares were repurchased during the quarter ended March 31, 2020.

Other Comprehensive Income (Loss)

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, 2019			$	(157,489)					$	1,201					$	(14,380)					$	(25,637)					$	(196,305)
OCI before reclassifications			(2,386)						211						—						327						(1,848)
Amounts reclassified from AOCI			—						(76)						—						144						68
Total other comprehensive income (loss)			(2,386)						135						—						471						(1,780)
Balances at March 31, 2019			$	(159,875)					$	1,336					$	(14,380)					$	(25,166)					$	(198,085)
Balances at January 1, 2020			$	(157,999)					$	(723)					$	(14,380)					$	(31,570)					$	(204,672)
OCI before reclassifications			(25,445)						282						—						534						(24,629)
Amounts reclassified from AOCI			—						(1,049)						—						467						(582)
Total other comprehensive income (loss)			(25,445)						(767)						—						1,001						(25,211)
Balances at March 31, 2020			$	(183,444)					$	(1,490)					$	(14,380)					$	(30,569)					$	(229,883)

The before-tax, income tax (provision) benefit, and net-of-tax amounts related to each component of OCI were as follows:

															Three Months Ended March 31,
In thousands															2020						2019
Before-tax amount
Foreign currency translation adjustment															$	(26,593)					$	(2,254)
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges															(10)						171
Net hedging (gain) loss reclassified to net income															(1,123)						(264)
Net unrealized gain (loss) on defined benefit plans															538						342
Net defined benefit plan (gain) loss reclassified to net income															471						179
Total other comprehensive income (loss), before tax															$	(26,717)					$	(1,826)
Tax (provision) benefit
Foreign currency translation adjustment															$	1,148					$	(132)
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges															292						40
Net hedging (gain) loss reclassified to net income															74						188
Net unrealized gain (loss) on defined benefit plans															(4)						(15)
Net defined benefit plan (gain) loss reclassified to net income															(4)						(35)
Total other comprehensive income (loss) tax benefit															$	1,506					$	46
Net-of-tax amount
Foreign currency translation adjustment															$	(25,445)					$	(2,386)
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges															282						211
Net hedging (gain) loss reclassified to net income															(1,049)						(76)
Net unrealized gain (loss) on defined benefit plans															534						327
Net defined benefit plan (gain) loss reclassified to net income															467						144
Total other comprehensive income (loss), net of tax															$	(25,211)					$	(1,780)

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- References

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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

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