Shareholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

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 December 31, 2020 or 2019.

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 program expired on March 13, 2020, and no additional shares were repurchased during 2020.

Accumulated 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, 2018	$	(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)
OCI before reclassifications	21,082		(7,002)		—		(8,689)		5,391
Amounts reclassified from AOCI	52,074		6,104		—		2,577		60,755
Total other comprehensive income (loss)	73,156		(898)		—		(6,112)		66,146
Balances at December 31, 2020	$	(84,843)	$	(1,621)	$	(14,380)	$	(37,682)	$	(138,526)

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

	Year Ended December 31,
In thousands	2020		2019		2018
Before-tax amount
Foreign currency translation adjustment	$	20,947	$	(2,581)	$	(29,130)
Foreign currency translation adjustment reclassified to net income on sale of business	52,074		2,443		—
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	(7,519)		4,063		2,908
Net hedging (gain) loss reclassified to net income	6,190		(6,605)		(2,507)
Net unrealized gain (loss) on defined benefit plans	(8,798)		1,966		2,343
Net defined benefit plan (gain) loss reclassified to net income	2,609		(8,076)		1,596
Total other comprehensive income (loss), before tax	65,503		(8,790)		(24,790)
Tax (provision) benefit
Foreign currency translation adjustment	135		(372)		289
Foreign currency translation adjustment reclassified into net income on sale of business	—		—		—
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	517		(2)		(322)
Net hedging (gain) loss reclassified to net income	(86)		620		156
Net unrealized gain (loss) on defined benefit plans	109		(57)		(690)
Net defined benefit plan (gain) loss reclassified to net income	(32)		234		(470)
Total other comprehensive income (loss) tax (provision) benefit	643		423		(1,037)
Net-of-tax amount
Foreign currency translation adjustment	21,082		(2,953)		(28,841)
Foreign currency translation adjustment reclassified to net income on sale of business	52,074		2,443		—
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	(7,002)		4,061		2,586
Net hedging (gain) loss reclassified to net income	6,104		(5,985)		(2,351)
Net unrealized gain (loss) on defined benefit plans	(8,689)		1,909		1,653
Net defined benefit plan (gain) loss reclassified to net income	2,577		(7,842)		1,126
Total other comprehensive income (loss), net of tax	$	66,146	$	(8,367)	$	(25,827)