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, 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 June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
	(in thousands)
Before-tax amount
Foreign currency translation adjustment	$	(34,271	)	$	20,520		$	(17,978	)	$	35,586
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	3,068			(634		)	4,504			(537		)
Net hedging (gain) loss reclassified into net income	(2,354		)	259			(2,373		)	637
Net defined benefit plan loss reclassified to net income	409			418			829			824
Total other comprehensive income (loss), before tax	(33,148		)	20,563			(15,018		)	36,510

Tax (provision) benefit
Foreign currency translation adjustment	111			(73		)	118			(123		)
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	(173		)	244			(426		)	207
Net hedging (gain) loss reclassified into net income	(55		)	(100		)	(50		)	(246		)
Net defined benefit plan loss reclassified to net income	(8		)	(225		)	(14		)	(230		)
Total other comprehensive income (loss) tax benefit	(125		)	(154		)	(372		)	(392		)

Net-of-tax amount
Foreign currency translation adjustment	(34,160		)	20,447			(17,860		)	35,463
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	2,895			(390		)	4,078			(330		)
Net hedging (gain) loss reclassified into net income	(2,409		)	159			(2,423		)	391
Net defined benefit plan loss reclassified to net income	401			193			815			594
Total other comprehensive income (loss), net of tax	$	(33,273	)	$	20,409		$	(15,390	)	$	36,118

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	35,463			(330		)	—			—			35,133
Amounts reclassified from AOCI	—			391			—			594			985
Total other comprehensive income (loss)	35,463			61			—			594			36,118
Balances at June 30, 2017	$	(147,523	)	$	104		$	(14,380	)	$	(31,410	)	$	(193,209	)

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	)