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 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 September 30, 2017 and December 31, 2016.

Stock Repurchase Authorization

On February 23, 2017, Itron's Board of Directors authorized the Company to repurchase up to $50 million of our common stock over a 12-month period, beginning February 23, 2017. We did not repurchase any shares of common stock during the three and nine months ended September 30, 2017.

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 September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
	(in thousands)
Before-tax amount
Foreign currency translation adjustment	$	14,169		$	9,128		$	49,755		$	12,856
Foreign currency translation adjustment reclassified into net income	1,089			—			1,089			(1,407		)
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	57			602			(480		)	(6,039		)
Net hedging loss reclassified into net income	148			279			785			845
Net defined benefit plan gain (loss) reclassified to net income	447			(1,725		)	1,271			(2,520		)
Total other comprehensive income (loss), before tax	15,910			8,284			52,420			3,735

Tax (provision) benefit
Foreign currency translation adjustment	(328		)	56			(451		)	(539		)
Foreign currency translation adjustment reclassified into net income	—			—			—			—
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	(22		)	(231		)	185			2,330
Net hedging loss reclassified into net income	(57		)	(108		)	(303		)	(326		)
Net defined benefit plan gain (loss) reclassified to net income	(37		)	527			(267		)	713
Total other comprehensive income (loss) tax benefit	(444		)	244			(836		)	2,178

Net-of-tax amount
Foreign currency translation adjustment	13,841			9,184			49,304			12,317
Foreign currency translation adjustment reclassified into net income	1,089			—			1,089			(1,407		)
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	35			371			(295		)	(3,709		)
Net hedging loss reclassified into net income	91			171			482			519
Net defined benefit plan gain (loss) reclassified to net income	410			(1,198		)	1,004			(1,807		)
Total other comprehensive income (loss), net of tax	$	15,466		$	8,528		$	51,584		$	5,913

The changes in the components of 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 Benefit Obligation Adjustments			Total
	(in thousands)
Balances at January 1, 2016	$	(158,009	)	$	318		$	(14,380	)	$	(28,536	)	$	(200,607	)
OCI before reclassifications	12,317			(3,709		)	—			(713		)	7,895
Amounts reclassified from AOCI	(1,407		)	519			—			(1,094		)	(1,982		)
Total other comprehensive income (loss)	10,910			(3,190		)	—			(1,807		)	5,913
Balances at September 30, 2016	$	(147,099	)	$	(2,872	)	$	(14,380	)	$	(30,343	)	$	(194,694	)

Balances at January 1, 2017	$	(182,986	)	$	43		$	(14,380	)	$	(32,004	)	$	(229,327	)
OCI before reclassifications	49,304			(295		)	—			—			49,009
Amounts reclassified from AOCI	1,089			482			—			1,004			2,575
Total other comprehensive income (loss)	50,393			187			—			1,004			51,584
Balances at September 30, 2017	$	(132,593	)	$	230		$	(14,380	)	$	(31,000	)	$	(177,743	)