Shareholders' Equity (Text Block)

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareholder's 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 would 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, 2015 and December 31, 2014.

Stock Repurchase Plan

On February 7, 2014, Itron's Board of Directors (the Board) authorized a 12-month repurchase program of up to $50 million in shares of our common stock, to begin on March 8, 2014, upon the expiration of the previous stock repurchase program. From March 8, 2014 through December 31, 2014, we repurchased 910,990 shares of our common stock, totaling $36.7 million. From January 1, 2015 through February 2015, we repurchased 335,251 shares of our common stock which fully utilized the remaining $13.3 million authorized under the program.

On February 19, 2015, the Board authorized a new repurchase program of up to $50 million of our common stock over a 12-month period, beginning February 19, 2015. From February 19, 2015 through March 31, 2015, we repurchased 84,000 shares of our common stock, totaling $3.1 million, and $46.9 million remains under the current program for future purchases.

Other Comprehensive Income (Loss)

OCI is reflected as a net increase (decrease) to Itron, Inc. shareholders’ equity and is not reflected in our results of operations. The before-tax amount, income tax (provision) benefit, and net-of-tax amount related to each component of other comprehensive income (loss) during the reporting periods are as follows:

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Before-tax amount
Foreign currency translation adjustment	$	(61,544	)	$	(3,523	)
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	(597		)	(155		)
Net hedging loss (gain) reclassified into net income	412			418
Pension plan benefits liability adjustment	511			139
Total other comprehensive income (loss), before tax	(61,218		)	(3,121		)
Tax (provision) benefit
Foreign currency translation adjustment	454			149
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	228			60
Net hedging loss (gain) reclassified into net income	(157		)	(160		)
Pension plan benefits liability adjustment	(7		)	(42		)
Total other comprehensive income (loss) tax (provision) benefit	518			7
Net-of-tax amount
Foreign currency translation adjustment	(61,090		)	(3,374		)
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	(369		)	(95		)
Net hedging loss (gain) reclassified into net income	255			258
Pension plan benefits liability adjustment	504			97
Total other comprehensive income (loss), net of tax	$	(60,700	)	$	(3,114	)

The changes in the components of accumulated other comprehensive income (loss) (AOCI), net of tax, were as follows:

	Foreign Currency Translation Adjustments			Net Unrealized Gain (Loss) on Derivative Instruments			Net Unrealized Gain (Loss) on Nonderivative Instruments			Pension Plan Benefit Liability Adjustments			Total
	(in thousands)
Balances at January 1, 2014	$	3,799		$	(1,256	)	$	(14,380	)	$	(9,885	)	$	(21,722	)
OCI before reclassifications	(3,374		)	(95		)	—			(2		)	(3,471		)
Amounts reclassified from AOCI	—			258			—			99			357
Total other comprehensive income (loss)	(3,374		)	163			—			97			(3,114		)
Balances at March 31, 2014	$	425		$	(1,093	)	$	(14,380	)	$	(9,788	)	$	(24,836	)
Balances at January 1, 2015	$	(86,534	)	$	(768	)	$	(14,380	)	$	(34,832	)	$	(136,514	)
OCI before reclassifications	(61,090		)	(369		)	—			(1		)	(61,460		)
Amounts reclassified from AOCI	—			255			—			505			760
Total other comprehensive income (loss)	(61,090		)	(114		)	—			504			(60,700		)
Balances at March 31, 2015	$	(147,624	)	$	(882	)	$	(14,380	)	$	(34,328	)	$	(197,214	)

Details about the AOCI components reclassified to the Consolidated Statements of Operations during the reporting periods are as follows:

	Amount Reclassified from AOCI(1)
	Three Months Ended March 31,						Affected Line Item in the Consolidated Statements of Operations
	2015			2014
	(in thousands)
Amortization of defined benefit pension items
Prior-service costs	$	(15	)	$	(18	)	(2)
Actuarial losses	(497		)	(123		)	(2)
Total, before tax	(512		)	(141		)	Income (loss) before income taxes
Tax benefit (provision)	7			42			Income tax benefit (provision)
Total, net of tax	(505		)	(99		)	Net income (loss)
Total reclassifications for the period, net of tax	$	(505	)	$	(99	)	Net income (loss)

⁽¹⁾  Amounts in parenthesis indicate debits to the Consolidated Statements of Operations.

⁽²⁾  These AOCI components are included in the computation of net periodic pension cost. Refer to Note 8 for additional details.

Refer to Note 7 for additional details related to derivative activities that resulted in reclassification of AOCI to the Consolidated Statements of Operations.