Shareholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

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 our Board of Directors prior to any payment to holders of common stock. There was no preferred stock issued or outstanding at December 31, 2019 or 2018.

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 remaining amount authorized for repurchase under the 2019 Stock Repurchase Program is $25 million. In accordance with the terms of our 5% senior notes indenture maturing January 15, 2026, we were limited to a total of $25 million in stock repurchases in 2019.

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, 2017	$	(182,986)	$	43	$	(14,380)	$	(32,004)	$	(229,327)
OCI before reclassifications	53,854		360		—		2,354		56,568
Amounts reclassified from AOCI	484		563		—		1,234		2,281
Total other comprehensive income (loss)	54,338		923		—		3,588		58,849
Balances at December 31, 2017	$	(128,648)	$	966	$	(14,380)	$	(28,416)	$	(170,478)
OCI before reclassifications	(28,841)		2,586		—		1,653		(24,602)
Amounts reclassified from AOCI	—		(2,351)		—		1,126		(1,225)
Total other comprehensive income (loss)	(28,841)		235		—		2,779		(25,827)
Balances at December 31, 2018	$	(157,489)	$	1,201	$	(14,380)	$	(25,637)	$	(196,305)
OCI before reclassifications	(2,953)		4,061		—		1,909		3,017
Amounts reclassified from AOCI	2,443		(5,985)		—		(7,842)		(11,384)
Total other comprehensive income (loss)	(510)		(1,924)		—		(5,933)		(8,367)
Balances at December 31, 2019	$	(157,999)	$	(723)	$	(14,380)	$	(31,570)	$	(204,672)

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


	Year Ended December 31,
In thousands	2019		2018		2017
Before-tax amount
Foreign currency translation adjustment	$	(2,581)	$	(29,130)	$	54,218
Foreign currency translation adjustment reclassified to net income on disposal	2,443		—		484
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	4,063		2,908		585

Net hedging (gain) loss reclassified to net income	(6,605)		(2,507)		916
Net unrealized gain (loss) on defined benefit plans	1,966		2,343		3,401
Net defined benefit plan loss reclassified to net income	(8,076)		1,596		1,782
Total other comprehensive income (loss), before tax	(8,790)		(24,790)		61,386

Tax (provision) benefit
Foreign currency translation adjustment	(372)		289		(364)

Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	(2)		(322)		(225)

Net hedging (gain) loss reclassified to net income	620		156		(353)
Net unrealized gain (loss) on defined benefit plans	(57)		(690)		(1,047)
Net defined benefit plan loss reclassified to net income	234		(470)		(548)
Total other comprehensive income (loss) tax (provision) benefit	423		(1,037)		(2,537)

Net-of-tax amount
Foreign currency translation adjustment	(2,953)		(28,841)		53,854
Foreign currency translation adjustment reclassified to net income on disposal	2,443		—		484
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	4,061		2,586		360

Net hedging (gain) loss reclassified to net income	(5,985)		(2,351)		563
Net unrealized gain (loss) on defined benefit plans	1,909		1,653		2,354
Net defined benefit plan loss reclassified to net income	(7,842)		1,126		1,234
Total other comprehensive income (loss), net of tax	$	(8,367)	$	(25,827)	$	58,849