Shareholders' Equity (Text Block)

9 Months Ended

Sep. 30, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Shareholder's 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, 2015 and December 31, 2014.

Stock Repurchase Plan

On February 7, 2014, Itron's Board of Directors (the Board) authorized a 12-month repurchase program of up to $50 million in shares of our common stock, to begin on March 8, 2014, upon the expiration of the previous stock repurchase program. From March 8, 2014 through December 31, 2014, we repurchased 910,990 shares of our common stock, totaling $36.7 million. From January 1, 2015 through February 2015, we repurchased 335,251 shares of our common stock which fully utilized the remaining $13.3 million authorized under the program.

On February 19, 2015, the Board authorized a new repurchase program of up to $50 million of our common stock over a 12-month period, beginning February 19, 2015. From February 19, 2015 through September 30, 2015, we repurchased 655,178 shares of our common stock, totaling $22.0 million, and $28.0 million remained under the current program for future purchases.

Other Comprehensive Income (Loss)

OCI is reflected as a net increase (decrease) to Itron, Inc. shareholders’ equity and is not reflected in our results of operations. The before-tax amount, income tax (provision) benefit, and net-of-tax amount related to each component of other comprehensive income (loss) during the reporting periods are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(in thousands)
Before-tax amount
Foreign currency translation adjustment	$	(17,025	)	$	(49,820	)	$	(64,630	)	$	(61,208	)
Foreign currency translation adjustment reclassified into net income on disposal	962			—			962			—
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	(296		)	217			(1,104		)	(556		)
Net hedging loss reclassified into net income	412			430			1,235			1,275
Pension plan benefits liability adjustment	877			141			1,887			449
Total other comprehensive income (loss), before tax	(15,070		)	(49,032		)	(61,650		)	(60,040		)
Tax (provision) benefit
Foreign currency translation adjustment	325			429			696			448
Foreign currency translation adjustment reclassified into net income on disposal	—			—			—			—
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	114			(83		)	423			212
Net hedging loss reclassified into net income	(159		)	(164		)	(474		)	(487		)
Pension plan benefits liability adjustment	(11		)	(43		)	(24		)	(136		)
Total other comprehensive income (loss) tax (provision) benefit	269			139			621			37
Net-of-tax amount
Foreign currency translation adjustment	(16,700		)	(49,391		)	(63,934		)	(60,760		)
Foreign currency translation adjustment reclassified into net income on disposal	962			—			962			—
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	(182		)	134			(681		)	(344		)
Net hedging loss reclassified into net income	253			266			761			788
Pension plan benefits liability adjustment	866			98			1,863			313
Total other comprehensive income (loss), net of tax	$	(14,801	)	$	(48,893	)	$	(61,029	)	$	(60,003	)

The changes in the components of accumulated other comprehensive income (loss) (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 Plan Benefit Liability Adjustments			Total
	(in thousands)
Balances at January 1, 2014	$	3,799		$	(1,256	)	$	(14,380	)	$	(9,885	)	$	(21,722	)
OCI before reclassifications	(60,760		)	(344		)	—			627			(60,477		)
Amounts reclassified from AOCI	—			788			—			(314		)	474
Total other comprehensive income (loss)	(60,760		)	444			—			313			(60,003		)
Balances at September 30, 2014	$	(56,961	)	$	(812	)	$	(14,380	)	$	(9,572	)	$	(81,725	)
Balances at January 1, 2015	$	(86,534	)	$	(768	)	$	(14,380	)	$	(34,832	)	$	(136,514	)
OCI before reclassifications	(63,934		)	(681		)	—			(1		)	(64,616		)
Amounts reclassified from AOCI	962			761			—			1,864			3,587
Total other comprehensive income (loss)	(62,972		)	80			—			1,863			(61,029		)
Balances at September 30, 2015	$	(149,506	)	$	(688	)	$	(14,380	)	$	(32,969	)	$	(197,543	)

Details about the AOCI components reclassified to the Consolidated Statements of Operations during the reporting periods are as follows:

	Amount Reclassified from AOCI(1)
	Three Months Ended September 30,						Nine Months Ended September 30,						Affected Line Item in the Consolidated Statements of Operations
	2015			2014			2015			2014
	(in thousands)
Amortization of defined benefit pension items
Prior-service costs	$	(14	)	$	(17	)	$	(43	)	$	(53	)	(2)
Actuarial losses	(488		)	(118		)	(1,470		)	(363		)	(2)
Settlement and Other	(375		)	(6		)	(375		)	(35		)	(2)
Total, before tax	(877		)	(141		)	(1,888		)	(451		)	Income before income taxes
Tax benefit (provision)	11			43			24			137			Income tax provision
Total, net of tax	(866		)	(98		)	(1,864		)	(314		)	Net income
Total reclassifications for the period, net of tax	$	(866	)	$	(98	)	$	(1,864	)	$	(314	)	Net income

⁽¹⁾  Amounts in parenthesis indicate debits to the Consolidated Statements of Operations.

⁽²⁾  These AOCI components are included in the computation of net periodic pension cost. Refer to Note 8 for additional details.

We reclassified $962,000 of accumulated currency translation loss into net income upon sale of an insignificant business in Europe. This reclassification was included in restructuring in the Consolidated Statements of Operations. There was no tax impact as a result of this transaction.

Refer to Note 7 for additional details related to derivative activities that resulted in reclassification of AOCI to the Consolidated Statements of Operations.