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, 2019 and December 31, 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 March 31, 2019, we repurchased 165,400 shares at an average share price of $47.25 (including commissions) for a total of $7.8 million. Subsequent to March 31, 2019, we repurchased an additional 363,996 shares at an average price of $47.21 (including commissions) for a total of $17.2 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 are limited to a total of $25 million in stock repurchases in 2019. As we have already met that threshold, we will not repurchase any more shares for the remainder of 2019.

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,
In thousands	2019			2018
Before-tax amount
Foreign currency translation adjustment	$	(2,254	)	$	16,293
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	171			1,436
Net hedging (gain) loss reclassified into net income	(264		)	(19		)
Net unrealized gain (loss) on defined benefit plans	342			—
Net defined benefit plan loss reclassified to net income	179			420
Total other comprehensive income (loss), before tax	$	(1,826	)	$	18,130

Tax (provision) benefit
Foreign currency translation adjustment	$	(132	)	$	7
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	40			(253		)
Net hedging (gain) loss reclassified into net income	188			5
Net unrealized gain (loss) on defined benefit plans	(15		)	—
Net defined benefit plan loss reclassified to net income	(35		)	(6		)
Total other comprehensive income (loss) tax benefit	$	46		$	(247	)

Net-of-tax amount
Foreign currency translation adjustment	$	(2,386	)	$	16,300
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	211			1,183
Net hedging (gain) loss reclassified into net income	(76		)	(14		)
Net unrealized gain (loss) on defined benefit plans	327			—
Net defined benefit plan loss reclassified to net income	144			414
Total other comprehensive income (loss), net of tax	$	(1,780	)	$	17,883

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	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	)

Balances at January 1, 2019	$	(157,489	)	$	1,201		$	(14,380	)	$	(25,637	)	$	(196,305	)
OCI before reclassifications	(2,386		)	211			—			327			(1,848		)
Amounts reclassified from AOCI	—			(76		)	—			144			68
Total other comprehensive income (loss)	(2,386		)	135			—			471			(1,780		)
Balances at March 31, 2019	$	(159,875	)	$	1,336		$	(14,380	)	$	(25,166	)	$	(198,085	)