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, 2018 and December 31, 2017.

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. There were no repurchases of common stock made prior to plan termination on February 23, 2018.

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 March 31,
	2018			2017
	(in thousands)
Before-tax amount
Foreign currency translation adjustment	$	16,293		$	15,066
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	1,436			97
Net hedging (gain) loss reclassified into net income	(19		)	378
Net defined benefit plan loss reclassified to net income	420			406
Total other comprehensive income (loss), before tax	18,130			15,947

Tax (provision) benefit
Foreign currency translation adjustment	7			(50		)
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	(253		)	(37		)
Net hedging (gain) loss reclassified into net income	5			(146		)
Net defined benefit plan loss reclassified to net income	(6		)	(5		)
Total other comprehensive income (loss) tax benefit	(247		)	(238		)

Net-of-tax amount
Foreign currency translation adjustment	16,300			15,016
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	1,183			60
Net hedging (gain) loss reclassified into net income	(14		)	232
Net defined benefit plan loss reclassified to net income	414			401
Total other comprehensive income (loss), net of tax	$	17,883		$	15,709

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			Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balances at January 1, 2017	$	(182,986	)	$	43		$	(14,380	)	$	(32,004	)	$	(229,327	)
OCI before reclassifications	15,016			60			—			—			15,076
Amounts reclassified from AOCI	—			232			—			401			633
Total other comprehensive income (loss)	15,016			292			—			401			15,709
Balances at March 31, 2017	$	(167,970	)	$	335		$	(14,380	)	$	(31,603	)	$	(213,618	)

Balances at January 1, 2018	$	(128,648	)	$	966		$	(14,380	)	$	(28,416	)	$	(170,478	)
OCI before reclassifications	16,300			1,183			—			—			17,483
Amounts reclassified from AOCI	—			(14		)	—			414			400
Total other comprehensive income (loss)	16,300			1,169			—			414			17,883
Balances at March 31, 2018	$	(112,348	)	$	2,135		$	(14,380	)	$	(28,002	)	$	(152,595	)