0000780571-20-000021 | 10-Q | XBRL Viewer

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2020

Unrecognized Tax Benefits Related To Uncertain Tax Positions

The net interest and penalties expense amounts recognized were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Net interest and penalties expense	$	312	$	(42)	$	620	$	259

Accrued interest and penalties recognized were as follows:


In thousands	June 30, 2020		December 31, 2019
Accrued interest	$	3,203	$	2,849
Accrued penalties	1,746		1,681

Unrecognized tax benefits related to uncertain tax positions and the amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate were as follows:


In thousands	June 30, 2020		December 31, 2019
Unrecognized tax benefits related to uncertain tax positions	$	122,621	$	121,715
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	121,311		120,410

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Revenues	$ 509,594	$ 635,037	$ 1,108,009	$ 1,249,613
Cost of revenues
Cost of revenues	371,077	443,823	797,926	871,136
Gross profit	138,517	191,214	310,083	378,477
Operating expenses
Sales, general and administrative	69,538	88,259	150,036	180,974
Research and development	48,994	49,449	102,775	99,939
Amortization of intangible assets	11,140	16,117	22,305	32,090
Restructuring	(2,683)	(6,169)	(2,931)	1,093
Total operating expenses	183,904	147,656	329,100	314,096
Operating income (loss)	(45,387)	43,558	(19,017)	64,381
Other income (expense)
Interest income	1,258	534	1,811	862
Interest expense	(11,684)	(13,496)	(22,961)	(27,031)
Other income (expense), net	(1,873)	(2,060)	(807)	(3,704)
Total other income (expense)	(12,299)	(15,022)	(21,957)	(29,873)
Income (loss) before income taxes	(57,686)	28,536	(40,974)	34,508
Income tax provision	(4,801)	(8,419)	(12,351)	(14,540)
Net income (loss)	(62,487)	20,117	(53,325)	19,968
Net income attributable to noncontrolling interests	315	671	793	2,429
Net income (loss) attributable to Itron, Inc.	$ (62,802)	$ 19,446	$ (54,118)	$ 17,539
Earnings (loss) per common share - Basic (in dollars per share)	$ (1.56)	$ 0.49	$ (1.35)	$ 0.44
Earnings (loss) per common share - Diluted (in dollars per share)	$ (1.56)	$ 0.49	$ (1.35)	$ 0.44
Weighted average common shares outstanding - Basic (in shares)	40,216	39,389	40,130	39,523
Weighted average common shares outstanding - Diluted (in shares)	40,216	39,686	40,130	39,875
Gain (Loss) on Disposition of Other Assets	$ 56,915	$ 0	$ 56,915	$ 0
Product [Member]
Revenues
Revenues	438,985	566,047	967,122	1,110,897
Cost of revenues
Cost of revenues	329,293	401,033	713,974	787,135
Service [Member]
Revenues
Revenues	70,609	68,990	140,887	138,716
Cost of revenues
Cost of revenues	$ 41,784	$ 42,790	$ 83,952	$ 84,001

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	40,234,000	39,941,000
Common stock, shares outstanding (in shares)	40,234,000	39,941,000
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in share)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Certain Balance Sheet Components Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 13,059	$ 12,594	$ 25,925	$ 24,978

Stock-Based Compensation Long-Term Performance Restricted Stock Unit Award Monte Carlo Pricing Model Assumptions (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, weighted average grant date fair value (in dollars per share)	$ 85.97	$ 56.40
Long Term Performance Restricted Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	37.60%	31.30%
Risk-free interest rate	1.50%	2.50%
Expected term (years)	1 year 9 months 18 days	1 year 7 months 6 days
Granted, weighted average grant date fair value (in dollars per share)	$ 94.28	$ 60.91

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Financial Statement Preparation

The consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited and reflect entries necessary for the fair presentation of the Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss), and Consolidated Statements of Equity for the three and six months ended June 30, 2020 and 2019, the Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019, and the Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019, of Itron, Inc. and its subsidiaries. All entries required for the fair presentation of the financial statements are of a normal recurring nature, except as disclosed. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results expected for the full year or for any other period.

Certain information and notes normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been partially or completely omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim results. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2019 filed with the SEC in our Annual Report on Form 10-K on February 27, 2020 (2019 Annual Report). There have been no significant changes in financial statement preparation or significant accounting policies since December 31, 2019.

Risks and Uncertainties

The COVID-19 pandemic has had global economic impacts including disrupting global supply chains and creating market volatility. The extent of the recent pandemic and its ongoing impact on our operations is volatile, but is being monitored closely by our management. We expect that certain of our customers’ projects and deployments may shift to later in 2020 and 2021. At this time, we have not identified any significant decrease in long-term customer demand for our products and services. Nonetheless, a prolonged pandemic could adversely impact the efficiency and effectiveness of our organization, further impact our global supply chain network, result in delays or decreases in customer collections, reduce demand for our products and services, and inhibit our sales efforts, any of which could further materially impact our revenues, results of operations, cash flows and financial condition.

Restricted Cash and Cash Equivalents

Cash and cash equivalents that are contractually restricted from operating use are classified as restricted cash and cash equivalents.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:


In thousands	June 30, 2020		December 31, 2019		June 30, 2019
Cash and cash equivalents	$	544,823	$	149,904	$	135,736
Current restricted cash included in other current assets	—		—		51
Long-term restricted cash	—		—		2,066
Total cash, cash equivalents, and restricted cash	$	544,823	$	149,904	$	137,853

Accounts Receivable, net

Accounts receivable are recognized for invoices issued to customers in accordance with our contractual arrangements. Interest and late payment fees are minimal. Unbilled receivables are recognized when revenues are recognized upon product shipment or service delivery and invoicing occurs at a later date. We recognize an allowance for doubtful accounts representing our estimate of the expected losses in accounts receivable at the date of the balance sheet based on our historical experience of bad debts, our specific review of outstanding receivables, and our review of current and expected economic conditions. Accounts receivable are written-off against the allowance when we believe an account, or a portion thereof, is no longer collectible.

Recently Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Subsequent to 2016-13 the FASB also issued codification improvements and transition relief in ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02, and ASU 2020-03, hereafter collectively referred to as Accounting Standards Codification (ASC) 326. ASC 326 replaces the incurred loss impairment methodology in previous GAAP with a methodology based on expected credit losses, which results in losses being recognized earlier. The estimate of expected credit losses uses a broader range of reasonable and supportable information. We adopted ASC 326 on January 1, 2020, and the impacts on our consolidated financial position, results of operations, and cash flows were immaterial.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which amended the disclosure requirements under ASC 820. This update clarifies and unifies the disclosure of Level 3 fair value instruments. We adopted this standard on January 1, 2020, and it did not materially impact our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans, which amends the disclosure requirements under ASC 715-20. This update clarifies annual disclosures for Defined Benefit Plans. We adopted this standard on January 1, 2020, and it did not materially impact our consolidated financial statements.

Recent Accounting Standards Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which modifies certain provisions of ASC 740, in an effort to reduce the complexity of accounting for income taxes. ASU 2019-12 is effective for us beginning with our interim financial reports for the first quarter of 2021. We are currently evaluating the effects and do not believe this standard will have a material impact on our consolidated financial position, results of operations, or cash flows.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022, and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. We do not currently have any contracts that have been changed to a new reference rate, but we will continue to evaluate our contracts and the effects of this standard on our consolidated financial position, results of operations, and cash flows prior to adoption.

Schedule of Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Defined Benefit Plan [Abstract]
Plan assets in other long-term assets	$ 0	$ 44
Current portion of pension benefit obligation in wages and benefits payable	3,716	2,885
Long-term portion of pension benefit obligation	99,184	98,712
Pension benefit obligation, net	$ 102,900	$ 101,553

Commitments and Contingencies Warranty Account Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Beginning balance	$ 48,719	$ 57,532	$ 53,242	$ 60,443
New product warranties	1,000	538	2,070	2,257
Other changes/adjustments to warranties	3,100	6,070	3,793	7,931
Claims activity	(8,365)	(7,434)	(14,305)	(13,517)
Effect of change in exchange rates	303	406	(43)	(2)
Ending balance	44,757	57,112	44,757	57,112
Less: current portion of warranty	33,039	38,987	33,039	38,987
Long-term warranty	$ 11,718	$ 18,125	$ 11,718	$ 18,125

Certain Balance Sheet Components Summary of the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Beginning balance	$ 3,046	$ 4,046	$ 3,064	$ 6,331
Provision for (release of) doubtful accounts, net	(171)	365	339	(1,738)
Accounts written-off	(796)	(80)	(1,211)	(272)
Effect of change in exchange rates	23	29	(90)	39
Ending balance	$ 2,102	$ 4,360	$ 2,102	$ 4,360

Defined Benefit Pension Plans

6 Months Ended

Jun. 30, 2020

Defined Benefit Plan [Abstract]

Defined Benefit Pension Plans

Defined Benefit Pension PlansWe sponsor both funded and unfunded defined benefit pension plans offering death and disability, retirement, and special termination benefits for certain of our international employees, primarily in Germany, France, Indonesia, India, and Italy. The defined benefit obligation is calculated annually by using the projected unit credit method. The measurement date for the pension plans was December 31, 2019.

Amounts recognized on the Consolidated Balance Sheets consist of:


In thousands	June 30, 2020		December 31, 2019
Assets
Plan assets in other long-term assets	$	—	$	44

Liabilities
Current portion of pension benefit obligation in wages and benefits payable	3,716		2,885
Long-term portion of pension benefit obligation	99,184		98,712

Pension benefit obligation, net	$	102,900	$	101,553

Our asset investment strategy focuses on maintaining a portfolio using primarily insurance funds, which are accounted for as investments and measured at fair value, in order to achieve our long-term investment objectives on a risk adjusted basis. Our general funding policy for these qualified pension plans is to contribute amounts sufficient to satisfy regulatory funding standards of the respective countries for each plan.

Net periodic pension benefit cost for our plans include the following components:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Service cost	$	1,017	$	892	$	1,993	$	1,971
Interest cost	457		573		930		1,155
Expected return on plan assets	(134)		(153)		(280)		(309)
Amortization of prior service costs	16		16		32		33
Amortization of actuarial net loss	453		342		908		687

Net periodic benefit cost	$	1,809	$	1,670	$	3,583	$	3,537

The components of net periodic benefit cost, other than the service cost component, are included in total other income (expense) on the Consolidated Statements of Operations.

Effect of Cash Flow Derivatives on the Balance Sheet and Income Statement, Before Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments Designated as Hedging Instruments [Abstract]
Gain (Loss) Reclassified from AOCI into Income	$ (832)	$ 2,610	$ 291	$ 2,874
Interest Rate Swap [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Amount of Gain (Loss) Recognized in OCI on Derivative	(937)	(683)	(2,516)	(1,001)
Interest Rate Swap [Member] \| Interest Expense [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Gain (Loss) Reclassified from AOCI into Income	(296)	453	(193)	919
Interest Rate Cap [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Amount of Gain (Loss) Recognized in OCI on Derivative	389	134	782	290
Interest Rate Cap [Member] \| Interest Expense [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Gain (Loss) Reclassified from AOCI into Income	194	305	392	597
Foreign Exchange Option [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Amount of Gain (Loss) Recognized in OCI on Derivative	(880)	(89)	(969)	218
Foreign Exchange Option [Member] \| Cost of Sales [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Gain (Loss) Reclassified from AOCI into Income	(161)	162	(161)	162
Currency Swap 1 [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Amount of Gain (Loss) Recognized in OCI on Derivative	(898)	(585)	357	1,423
Currency Swap 2 [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Amount of Gain (Loss) Recognized in OCI on Derivative	0	0	0	0
Currency Swap [Member] \| Interest Expense [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Gain (Loss) Reclassified from AOCI into Income	145	416	450	910
Currency Swap [Member] \| Other Income (Expense) [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Gain (Loss) Reclassified from AOCI into Income	$ (714)	$ (607)	$ (197)	$ 285

Shareholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Before-tax amount [Abstract]
Foreign currency translation adjustment	$ 10,685,000	$ 5,352,000	$ (15,908,000)	$ 3,098,000
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	(2,331,000)	651,000	(2,341,000)	822,000
Net hedging (gain) loss reclassified to net income	832,000	(2,610,000)	(291,000)	(2,874,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax	(457,000)	(378,000)	81,000	720,000
Net defined benefit plan (gain) loss reclassified to net income	469,000	(189,000)	940,000	(10,000)
Total other comprehensive income (loss), before tax	61,286,000	3,582,000	34,569,000	1,756,000
Tax (provision) benefit [Abstract]
Foreign currency translation adjustment	625,000	(165,000)	1,773,000	(297,000)
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	135,000	136,000	427,000	176,000
Net hedging (gain) loss reclassified to net income	(25,000)	189,000	49,000	377,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax	6,000	42,000	2,000	(57,000)
Net defined benefit plan (gain) loss reclassified to net income	29,000	36,000	25,000	1,000
Total other comprehensive income (loss) tax benefit	(770,000)	(154,000)	(2,276,000)	(200,000)
Net-of-tax amount [Abstract]
Foreign currency translation adjustment	11,310,000	5,187,000	(14,135,000)	2,801,000
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	(2,196,000)	787,000	(1,914,000)	998,000
Net hedging (gain) loss reclassified to net income	807,000	(2,421,000)	(242,000)	(2,497,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax	(451,000)	(336,000)	83,000	663,000
Net defined benefit plan (gain) loss reclassified to net income	498,000	(153,000)	965,000	(9,000)
Total other comprehensive income (loss), net of tax	62,056,000	3,736,000	36,845,000	1,956,000
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	62,056,000	3,736,000	36,845,000	1,956,000
Accumulated Other Comprehensive Income (Loss), Net of Tax	(167,827,000)		(167,827,000)		$ (204,672,000)
OCI before reclassifications			(15,966,000)	4,462,000
Foreign currency translation adjustment reclassified to net income on sale of business	52,088,000	0	52,088,000	0
Foreign currency translation adjustment reclassified to net income on sale of business	0	0	0	0
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
OCI before reclassifications			(14,135,000)	2,801,000
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
OCI before reclassifications			(1,914,000)	998,000
Net Unrealized Gain (Loss) on Nonderivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (14,400,000)	$ (14,400,000)	(14,400,000)	(14,400,000)
OCI before reclassifications			0	0
Pension Benefit Obligation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
OCI before reclassifications			$ 83,000	$ 663,000

Information By Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Information By Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Revenues	$ 509,594	$ 635,037	$ 1,108,009	$ 1,249,613
Gross profit	138,517	191,214	310,083	378,477
Operating income (loss)	(45,387)	43,558	(19,017)	64,381
Total other income (expense)	(12,299)	(15,022)	(21,957)	(29,873)
Income (loss) before income taxes	(57,686)	28,536	(40,974)	34,508
Device Solutions [Member]
Segment Reporting Information [Line Items]
Revenues	129,165	217,723	331,444	439,478
Gross profit	11,948	41,590	44,315	81,506
Operating income (loss)	(1,120)	28,355	17,078	53,812
Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Revenues	324,480	355,916	665,325	692,343
Gross profit	108,323	126,243	230,073	253,311
Operating income (loss)	77,382	98,035	166,062	193,357
Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Revenues	55,949	61,398	111,240	117,792
Gross profit	18,246	23,381	35,695	43,660
Operating income (loss)	9,226	14,367	17,424	24,777
Corporate Unallocated [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	(130,875)	(97,199)	(219,581)	(207,565)
Product [Member]
Segment Reporting Information [Line Items]
Revenues	438,985	566,047	967,122	1,110,897
Product [Member] \| Device Solutions [Member]
Segment Reporting Information [Line Items]
Revenues	126,950	214,589	327,118	433,158
Product [Member] \| Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Revenues	300,351	333,422	615,788	647,772
Product [Member] \| Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Revenues	11,684	18,036	24,216	29,967
Service [Member]
Segment Reporting Information [Line Items]
Revenues	70,609	68,990	140,887	138,716
Service [Member] \| Device Solutions [Member]
Segment Reporting Information [Line Items]
Revenues	2,215	3,134	4,326	6,320
Service [Member] \| Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Revenues	24,129	22,494	49,537	44,571
Service [Member] \| Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Revenues	$ 44,265	$ 43,362	$ 87,024	$ 87,825

Restructuring Related Balance Sheet Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2020			$ 56,107
Costs charged to expense	$ (2,683)	$ (6,169)	(2,931)	$ 1,093
Cash (payments) receipts			(7,424)
Net assets disposed and impaired			(1,166)
Effect of change in exchange rates			95
Ending balance, June 30, 2020	44,681		44,681
Accrued Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2020			53,741
Costs charged to expense			(4,300)
Cash (payments) receipts			(7,511)
Net assets disposed and impaired			0
Effect of change in exchange rates			(96)
Ending balance, June 30, 2020	42,026		42,026
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member]
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2020			0
Costs charged to expense			(1,146)
Cash (payments) receipts			2,312
Net assets disposed and impaired			1,166
Effect of change in exchange rates			0
Ending balance, June 30, 2020	0		0
Other Accrued Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2020			2,366
Costs charged to expense			2,515
Cash (payments) receipts			(2,225)
Net assets disposed and impaired			0
Effect of change in exchange rates			1
Ending balance, June 30, 2020	$ 2,655		$ 2,655

Intangible Assets and Liabilities Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Intangible Assets [Line Items]
Intangible assets, Accumulated (Amortization) Accretion	$ (795,100)	$ (794,717)
Intangible assets, Net	157,125
Intangible assets, Gross	952,225	979,814	$ 985,509	$ 981,160
Intangible assets, Net	157,125	185,097
Intangible liabilities, Gross	(23,900)	(23,900)	$ (23,900)	$ (23,900)
Intangible liabilities, Accumulated (Amortization) Accretion	17,465	13,450
Intangible liabilities, Net	(6,435)	(10,450)
Core-developed technology [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	498,006	507,669
Intangible assets, Accumulated (Amortization) Accretion	(459,876)	(458,109)
Intangible assets, Net	38,130	49,560
Customer contracts and relationships [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	365,567	381,288
Intangible assets, Accumulated (Amortization) Accretion	(251,085)	(251,509)
Intangible assets, Net	114,482	129,779
Trademarks and trade names [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	76,631	78,837
Intangible assets, Accumulated (Amortization) Accretion	(72,677)	(73,732)
Intangible assets, Net	3,954	5,105
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	12,021	12,020
Intangible assets, Accumulated (Amortization) Accretion	(11,462)	(11,367)
Intangible assets, Net	$ 559	$ 653

Stock-Based Compensation Expense and Related Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options	$ 526	$ 443	$ 993	$ 1,024
Restricted stock units	6,367	5,977	14,176	12,444
Unrestricted stock awards	206	158	412	315
Total stock-based compensation	8,159	7,103	17,074	15,226
Related tax benefit	1,420	1,275	3,187	2,718
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Phantom stock units	$ 1,060	$ 525	$ 1,493	$ 1,443

Sale of Business

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Sale of Business

Latin America Divestiture

On June 25, 2020, we closed on the sale of five subsidiaries comprising our manufacturing and sales operations in Latin America to buyers led by Instalación Profesional y Tecnologías del Centro S.A. de C.V., a Mexican company doing business as Accell in Brazil (Accell), through the execution of various definitive stock purchase agreements. The sale of these Latin America-based operations is part of our continued strategy to improve profitability and focus on growing our Networked Solutions and Outcomes businesses in Latin America and throughout the world. We retained the intellectual property rights to our products sold in Latin America. As part of the transaction, we entered into an intellectual property license agreement whereby Accell will pay a royalty on certain products manufactured by Accell using licensed Company intellectual property. In addition, Accell will serve as an exclusive distributor for our Device Solutions, Networked Solutions, and Outcomes products and services offerings in Latin America.

Based on the sales price and the net assets of the five subsidiaries sold, we recognized an impairment loss of $56.9 million in the second quarter of 2020. The impairment was primarily due to the recognition of $52.1 million in foreign currency translation losses accumulated since the acquisition of these subsidiaries in 2006 and 2007, and allocated goodwill of $3.0 million. Accell assumed all recognized liabilities, as well as all future liabilities, of the subsidiaries. We have provided no indemnification for any future losses that may be incurred. The terms of the agreement allow for adjustments to the working capital amounts used in the calculation of the sales price and net assets written off for a period of 60 days following the close of the transaction.

Of the total sales price, $2.5 million was received at closing, and the majority of the remaining portion is due by December 31, 2020. Included in the net assets sold was $6.1 million in cash. This resulted in net outflow of cash at closing of $3.6 million.

The loss on sale of business was calculated as follows:


In thousands	Loss on sale of business
Sales price	$	35,008
Net assets sold (including working capital)	(36,002)
Currency translation adjustment loss	(52,088)
Goodwill allocated	(3,000)
Legal fees	(833)
Total loss on sale of business	$	(56,915)

Summary of Significant Accounting Policies Cash, Cash Equivalent, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 544,823	$ 149,904	$ 135,736
Current restricted cash included in other current assets	0	0	51
Long-term restricted cash	0	0	2,066
Total cash, cash equivalents, and restricted cash	$ 544,823	$ 149,904	$ 137,853	$ 122,328

Derivatives Not Designated as Hedging Relationships (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Income (Expense) [Member]
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Foreign exchange forward contracts	$ (904)	$ (121)	$ 589	$ (912)

Revenue Recognition

6 Months Ended

Jun. 30, 2020

Revenues [Abstract]

Revenue Recognition

A summary of significant net changes in the contract assets and the contract liabilities balances during the period is as follows:


In thousands	Contract liabilities, less contract assets
Beginning balance, January 1, 2020	$	88,215

Revenues recognized from beginning contract liability	(71,859)
Increases due to amounts collected or due	181,878
Revenues recognized from current period increases	(75,447)
Other	(5,629)
Ending balance, June 30, 2020	$	117,158

On January 1, 2020, total contract assets were $50.7 million and total contract liabilities were $138.9 million. On June 30, 2020, total contract assets were $49.6 million and total contract liabilities were $166.8 million. The contract assets primarily relate to contracts that include a retention clause and allocations related to contracts with multiple performance obligations. The contract liabilities primarily relate to deferred revenue, such as extended warranty and maintenance cost.

Transaction price allocated to the remaining performance obligations

Total transaction price allocated to remaining performance obligations represents committed but undelivered products and services for contracts and purchase orders at period end. Twelve-month remaining performance obligations represent the portion of total transaction price allocated to remaining performance obligations that we estimate will be recognized as revenue over the next 12 months. Total transaction price allocated to remaining performance obligations is not a complete measure of our future revenues as we also receive orders where the customer may have legal termination rights but are not likely to terminate.

Total transaction price allocated to remaining performance obligations related to contracts is approximately $1.2 billion for the next twelve months and approximately $1.1 billion for periods longer than 12 months. The total remaining performance obligations consist of product and service components. The service component relates primarily to maintenance agreements for which customers pay a full year's maintenance in advance, and service revenues are generally recognized over the service period. Total transaction price allocated to remaining performance obligations also includes our extended warranty contracts, for which revenue is recognized over the warranty period, and hardware, which is recognized as units are delivered. The estimate of when remaining performance obligations will be recognized requires significant judgment.

Cost to obtain a contract and cost to fulfill a contract with a customer

Cost to obtain a contract and costs to fulfill a contract were capitalized and amortized using a systematic rational approach to align with the transfer of control of underlying contracts with customers. While amounts were capitalized, they are not material.

Disaggregation of revenue

Refer to "Note 15: Segment Information" and the Consolidated Statements of Operations for disclosure regarding the disaggregation of revenue into categories, which depict how revenue and cash flows are affected by economic factors. Specifically, our operating segments and geographical regions as disclosed, and categories for products, which include hardware and software and services, are presented.

Certain Balance Sheet Components Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory, Net [Abstract]
Raw materials	$ 139,035	$ 120,861
Work in process	10,454	11,105
Finished goods	77,075	95,930
Total inventories	$ 226,564	$ 227,896

Intangible Assets and Liabilities Estimated Future Annual Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Intangible Assets [Abstract]
2020 (amount remaining at June 30, 2020)	$ 26,345
2021	37,479
2022	27,138
2023	19,605
2024	15,469
Thereafter	31,089
Total intangible assets subject to amortization (accretion)	157,125
2020 (amount remaining at June 30, 2020)	(4,013)
2021	(1,963)
2022	(459)
2023	0
2024	0
Thereafter	0
Intangible liabilities, Net	(6,435)	$ (10,450)
2020 (amount remaining at June 30, 2020)	22,332
2021	35,516
2022	26,679
2023	19,605
2024	15,469
Thereafter	31,089
Total intangible assets (liabilities), net	$ 150,690

Revenue Recognition Remaing Performance Obligation (Details) $ in Millions	Jun. 30, 2020 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,100
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	6 years

Schedule of Goodwill Allocated to Reporting Segments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($)
Goodwill [Roll Forward]
Goodwill, net, at beginning of period	$ 1,103,907
Effect of change in exchange rates	741
Goodwill, Ending Balance	1,101,648
Goodwill allocated to business sold	(3,000)
Device Solutions [Member]
Goodwill [Roll Forward]
Goodwill, net, at beginning of period	54,930
Effect of change in exchange rates	37
Goodwill, Ending Balance	51,967
Goodwill allocated to business sold	(3,000)
Networked Solutions Segment [Member]
Goodwill [Roll Forward]
Goodwill, net, at beginning of period	908,088
Effect of change in exchange rates	610
Goodwill, Ending Balance	908,698
Goodwill allocated to business sold	0
Outcomes Segment [Member]
Goodwill [Roll Forward]
Goodwill, net, at beginning of period	140,889
Effect of change in exchange rates	94
Goodwill, Ending Balance	140,983
Goodwill allocated to business sold	$ 0

Earnings Per Share Stock-based Awards (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)	0.9	0.5	0.8	0.6

Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Total asset derivatives	$ 4,279	$ 4,297
Derivative Financial Instruments Not Offset in the Consolidated Balance Sheets	(204)	(56)
Cash Collateral Received Not Offset in the Consolidated Balance Sheets	0	0
Derivative Asset, Fair Value, Amount Offset Against Collateral	$ 4,075	$ 4,241

Stock-Based Compensation Restricted Stock Units Summary (Details) - Restricted Stock Units (RSUs) [Member] - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

[Line Items]

Outstanding, beginning balance (in shares)

684

817

Outstanding, beginning balance, weighted average grant date fair value (in dollars per share)

$ 64.38

Granted (in shares)

189

118

Granted, weighted average grant date fair value (in dollars per share)

$ 85.97

$ 56.40

Forfeited (in shares)

(13)

(36)

Forfeited, weighted average grant date fair value (in dollars per share)

$ 66.91

Outstanding, ending balance (in shares)

630

536

Outstanding, ending balance, weighted average grant date fair value (in dollars per share)

$ 70.74

Vested and Released [Member]

[Line Items]

Released (in shares)

^[1]

(230)

(363)

Released, weighted average grant date fair value (in dollars per share)

$ 65.14

Released, aggregate intrinsic value

$ 2,506

$ 22,304

Vested but Not Released [Member]

[Line Items]

Released (in shares)

(8)

Released, aggregate intrinsic value

$ 534

Long Term Performance Restricted Stock Award [Member]

[Line Items]

Expected volatility

37.60%

31.30%

Risk-free interest rate

1.50%

2.50%

Expected term (years)

1 year 9 months 18 days

1 year 7 months 6 days

Granted, weighted average grant date fair value (in dollars per share)

$ 94.28

$ 60.91

[1]	⁽¹⁾ Shares released is presented gross of shares netted for employee payroll tax obligations.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Guarantees and Indemnifications

We are often required to obtain standby letters of credit (LOCs) or bonds in support of our obligations for customer contracts. These standby LOCs or bonds typically provide a guarantee to the customer for our future performance, which usually covers the installation phase of a contract and may, on occasion, cover the operations and maintenance phase of outsourcing contracts.

Our available lines of credit, outstanding standby LOCs, and bonds were as follows:


In thousands	June 30, 2020		December 31, 2019
Credit facility
Multicurrency revolving line of credit	$	500,000	$	500,000
Long-term borrowings	(400,000)		—
Standby LOCs issued and outstanding	(45,458)		(41,072)
Net available for additional borrowings under the multi-currency revolving line of credit	$	54,542	$	458,928

Net available for additional standby LOCs under sub-facility	$	54,542	$	258,928

Unsecured multicurrency revolving lines of credit with various financial institutions
Multicurrency revolving lines of credit	$	99,782	$	107,206
Standby LOCs issued and outstanding	(23,440)		(25,100)
Short-term borrowings	(134)		(173)
Net available for additional borrowings and LOCs	$	76,208	$	81,933

Unsecured surety bonds in force	$	160,860	$	136,004

In the event any such standby LOC or bond is called, we would be obligated to reimburse the issuer of the standby LOC or bond; however, as of August 3, 2020, we do not believe that any outstanding LOC or bond will be called.

We generally provide an indemnification related to the infringement of any patent, copyright, trademark, or other intellectual property right on software or equipment within our sales contracts, which indemnifies the customer from and pays the resulting costs, damages, and attorney's fees awarded against a customer with respect to such a claim provided that (a) the customer promptly notifies us in writing of the claim and (b) we have the sole control of the defense and all related settlement negotiations. We may also provide an indemnification to our customers for third-party claims resulting from damages caused by the negligence or willful misconduct of our employees/agents in connection with the performance of certain contracts. The terms of our indemnifications generally do not limit the maximum potential payments. It is not possible to predict the maximum potential amount of future payments under these or similar agreements.

Legal Matters

We are subject to various legal proceedings and claims of which the outcomes are subject to significant uncertainty. Our policy is to assess the likelihood of any adverse judgments or outcomes related to legal matters, as well as ranges of probable losses. A determination of the amount of the liability required, if any, for these contingencies is made after an analysis of each known issue. A liability would be recognized and charged to operating expense when we determine that a loss is probable and the amount can be reasonably estimated. Additionally, we disclose contingencies for which a material loss is reasonably possible, but not probable.

Warranty

A summary of the warranty accrual account activity is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Beginning balance	$	48,719	$	57,532	$	53,242	$	60,443

New product warranties	1,000		538		2,070		2,257
Other adjustments and expirations, net	3,100		6,070		3,793		7,931
Claims activity	(8,365)		(7,434)		(14,305)		(13,517)
Effect of change in exchange rates	303		406		(43)		(2)
Ending balance	44,757		57,112		44,757		57,112
Less: current portion of warranty	33,039		38,987		33,039		38,987
Long-term warranty	$	11,718	$	18,125	$	11,718	$	18,125

Total warranty expense is classified within cost of revenues and consists of new product warranties issued, costs related to insurance and supplier recoveries, other changes and adjustments to warranties, and customer claims. Warranty expense was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Total warranty expense	$	4,130	$	6,187	$	5,893	$	7,966

Restructuring Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Restructuring reserve, current	$ 15.6	$ 18.9
Restructuring reserve, noncurrent	$ 29.1	$ 37.2

Certain Balance Sheet Components Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Trade receivables (net of allowance of $2,102 and $3,064)	$ 330,283	$ 415,887
Unbilled receivables	80,917	57,038
Total accounts receivable, net	$ 411,200	$ 472,925

Shareholders' Equity Stock Repurchase Authorization (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Mar. 14, 2019
Stock Repurchase Authorization [Abstract]
Stock repurchase program, authorized amount				$ 50,000
Stock repurchased during period (in shares)			529,396
Stock repurchased, average cost per share (in dollars per share)			$ 47.22
Stock repurchased during period, value	$ 17,186	$ 7,814	$ 25,000

Revenue Recognition Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Revenue Recognition and Deferred Revenue [Abstract]
Contract with customer, asset, gross	$ 49.6	$ 50.7
Contract with customer, liability	$ 166.8	$ 138.9

Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Debt

The components of our borrowings were as follows:


In thousands	June 30, 2020		December 31, 2019
Credit facility
USD denominated term loan	$	550,156	$	550,156
Multicurrency revolving line of credit	400,000		—
Senior notes	400,000		400,000
Total debt	1,350,156		950,156
Less: current portion of debt	14,063		—
Less: unamortized prepaid debt fees - term loan	3,232		3,661
Less: unamortized prepaid debt fees - senior notes	12,857		14,013
Long-term debt, net	$	1,320,004	$	932,482

Credit Facility

On October 18, 2019, we amended our credit facility that was initially entered on January 5, 2018 (together with the amendment, the "2018 credit facility"). The 2018 credit facility provides for committed credit facilities in the amount of $1.2 billion U.S. dollars. The 2018 credit facility consists of a $650 million U.S. dollar term loan (the term loan) and a multicurrency revolving line of credit (the revolver) with a principal amount of up to $500 million. The revolver also contains a $300 million standby letter of credit sub-facility and a $50 million swingline sub-facility. The October 18, 2019 amendment extended the maturity date to October 18, 2024 and re-amortized the term loan based on the new balance as of the amendment date. The amendment also modified the required interest payments and made it based on total net leverage instead of total leverage. Amounts not borrowed under the revolver are subject to a commitment fee, which is paid in arrears on the last day of each fiscal quarter, ranging from 0.15% to 0.25% and drawn amounts are subject to a margin ranging from 1.00% to 1.75%. Both the term loan and the revolver can be repaid without penalty. Amounts repaid on the term loan may not be reborrowed, and amounts borrowed under the revolver may be repaid and reborrowed until the revolver's maturity, at which time all outstanding loans together with all accrued and unpaid interest must be repaid.

The 2018 credit facility permits us and certain of our foreign subsidiaries to borrow in U.S. dollars, euros, British pounds, or, with lender approval, other currencies readily convertible into U.S. dollars. All obligations under the 2018 credit facility are guaranteed by Itron, Inc. and material U.S. domestic subsidiaries and are secured by a pledge of substantially all of the assets of Itron, Inc. and material U.S. domestic subsidiaries. This includes a pledge of 100% of the capital stock of material U.S. domestic subsidiaries and up to 66% of the voting stock (100% of the non-voting stock) of first-tier foreign subsidiaries. In addition, the obligations of any foreign subsidiary who is a foreign borrower, as defined by the 2018 credit facility, are guaranteed by the foreign subsidiary and by its direct and indirect foreign parents. The 2018 credit facility includes debt covenants, which contain certain financial thresholds and place certain restrictions on the incurrence of debt, investments, and the issuance of dividends. We were in compliance with the debt covenants under the 2018 credit facility at June 30, 2020.

Under the 2018 credit facility, we elect applicable market interest rates for both the term loan and any outstanding revolving loans. We also pay an applicable margin, which is based on our total net leverage ratio as defined in the credit agreement. The applicable rates per annum may be based on either: (1) the LIBOR rate or EURIBOR rate (subject to a floor of 0%), plus an applicable margin, or (2) the Alternate Base Rate, plus an applicable margin. The Alternate Base Rate election is equal to the

greatest of three rates: (i) the prime rate, (ii) the Federal Reserve effective rate plus 0.50%, or (iii) one-month LIBOR plus 1.00%. At June 30, 2020, the interest rate for both the term loan and revolver was 1.68%, which includes the LIBOR rate plus a margin of 1.50%.

On March 25, 2020, we drew $400 million in U.S. dollars under the revolving line of credit within the 2018 credit facility to increase our cash position and preserve future financial flexibility. At June 30, 2020, $400 million was outstanding under the revolver, and $45.5 million was utilized by outstanding standby letters of credit, resulting in $54.5 million available for additional borrowings or standby letters of credit. At June 30, 2020, no amounts were outstanding under the swingline sub-facility.

Senior Notes

On December 22, 2017 and January 19, 2018, we issued $300 million and $100 million of aggregate principal amount of 5.00% senior notes maturing January 15, 2026 (Senior Notes). The proceeds were used to refinance existing indebtedness related to the acquisition of SSNI, pay related fees and expenses, and for general corporate purposes. Interest on the Senior Notes is payable semi-annually in arrears on January 15 and July 15. The $10 million interest payment due on July 15, 2020 was paid as of June 30, 2020. The Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of our subsidiaries that guarantee the senior credit facilities.

Prior to maturity, we may redeem some or all of the Senior Notes, together with accrued and unpaid interest, if any, plus a "make-whole" premium. On or after January 15, 2021, we may redeem some or all of the Senior Notes at any time at declining redemption prices equal to 102.50% beginning on January 15, 2021, 101.25% beginning on January 15, 2022 and 100.00% beginning on January 15, 2023 and thereafter to the applicable redemption date. In addition, before January 15, 2021, and subject to certain conditions, we may redeem up to 35% of the aggregate principal amount of Senior Notes with the net proceeds of certain equity offerings at 105.00% thereof to the date of redemption; provided that (i) at least 65% of the aggregate principal amount of Senior Notes remains outstanding after such redemption and (ii) the redemption occurs within 60 days of the closing of any such equity offering.

Debt Maturities

The amount of required minimum principal payments on our long-term debt in aggregate over the next five years is as follows:


Year Ending December 31,	Minimum Payments
In thousands
2020 (amount remaining at June 30, 2020)	$	—
2021	32,422
2022	44,063
2023	44,063
2024	829,608
Thereafter	400,000
Total minimum payments on debt	$	1,350,156

Schedule of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 25, 2020	Dec. 31, 2019	Jan. 19, 2018	Dec. 22, 2017
Liabilities
Senior notes				$ 100,000	$ 300,000
USD Denominated Term Loan [Member]
Liabilities
USD denominated term loan	$ 550,156		$ 550,156
Line of Credit [Member]
Liabilities
Multicurrency revolving line of credit	400,000	$ 400,000	0
Reported Value Measurement [Member]
Liabilities
Senior notes	387,143		385,987
Reported Value Measurement [Member] \| USD Denominated Term Loan [Member]
Liabilities
USD denominated term loan	546,924		546,495
Reported Value Measurement [Member] \| Line of Credit [Member]
Liabilities
Multicurrency revolving line of credit	400,000		0
Estimate of Fair Value Measurement [Member]
Liabilities
Senior notes	398,500		416,500
Estimate of Fair Value Measurement [Member] \| USD Denominated Term Loan [Member]
Liabilities
USD denominated term loan, fair value	532,090		550,135
Estimate of Fair Value Measurement [Member] \| Line of Credit [Member]
Liabilities
Multicurrency revolving line of credit, fair value	$ 385,272		$ 0

Restructuring Restructuring Expected Costs - 2018 Projects (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring	$ (2,683)	$ (6,169)	$ (2,931)	$ 1,093
2018 Projects [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	91,910		91,910
Restructuring and Related Cost, Cost Incurred to Date					$ 87,395
Restructuring			(2,931)
Restructuring and Related Cost, Expected Cost Remaining	7,446		7,446
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring			(4,300)
Employee Severance [Member] \| 2018 Projects [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	67,833		67,833
Restructuring and Related Cost, Cost Incurred to Date					72,133
Restructuring			(4,300)
Restructuring and Related Cost, Expected Cost Remaining	0		0
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring			(1,146)
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member] \| 2018 Projects [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	2,696		2,696
Restructuring and Related Cost, Cost Incurred to Date					3,842
Restructuring			(1,146)
Restructuring and Related Cost, Expected Cost Remaining	0		0
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring			2,515
Other Restructuring [Member] \| 2018 Projects [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	21,381		21,381
Restructuring and Related Cost, Cost Incurred to Date					$ 11,420
Restructuring			2,515
Restructuring and Related Cost, Expected Cost Remaining	$ 7,446		$ 7,446

Fair Values of Financial Instruments

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Values of Financial Instruments

The fair values at June 30, 2020 and December 31, 2019 do not reflect subsequent changes in the economy, interest rates, tax rates, and other variables that may affect the determination of fair value.


	June 30, 2020						December 31, 2019
In thousands	Carrying Amount		Fair Value		Carrying Amount		Fair Value










Credit facility
USD denominated term loan	$	546,924	$	532,090	$	546,495	$	550,135
Multicurrency revolving line of credit	400,000		385,272		—		—
Senior notes	387,143		398,500		385,987		416,500

The following methods and assumptions were used in estimating fair values:

Cash, cash equivalents, and restricted cash: Due to the liquid nature of these instruments, the carrying amount approximates fair value (Level 1).

Credit Facility - term loan and multicurrency revolving line of credit: The term loan and revolver are not traded publicly. The fair values, which are determined based upon a hypothetical market participant, are calculated using a discounted cash flow model with Level 2 inputs, including estimates of incremental borrowing rates for debt with similar terms, maturities, and credit profiles. Refer to "Note 6: Debt" for a further discussion of our debt.

Senior Notes: The Senior Notes are not registered securities nor listed on any securities exchange but may be actively traded by qualified institutional buyers. The fair value is estimated using Level 1 inputs, as it is based on quoted prices for these instruments in active markets.

Derivatives: See "Note 7: Derivative Financial Instruments" for a description of our methods and assumptions in determining the fair value of our derivatives, which were determined using Level 2 inputs. Each derivative asset and liability has a carrying value equal to fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Segment Information Revenues By Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues from External Customers [Line Items]
Revenues	$ 509,594	$ 635,037	$ 1,108,009	$ 1,249,613
United States and Canada [Member]
Revenues from External Customers [Line Items]
Revenues	369,862	417,909	755,187	815,475
Europe, Middle East, and Africa [Member]
Revenues from External Customers [Line Items]
Revenues	107,799	167,314	274,783	338,556
Other [Member]
Revenues from External Customers [Line Items]
Revenues	$ 31,933	$ 49,814	$ 78,039	$ 95,582

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

As part of our risk management strategy, we use derivative instruments to hedge certain foreign currency and interest rate exposures. Refer to "Note 13: Shareholders' Equity" and "Note 14: Fair Values of Financial Instruments" for additional disclosures on our derivative instruments.

The fair values of our derivative instruments are determined using the income approach and significant other observable inputs (and are classified as "Level 2" in the fair value hierarchy). We have used observable market inputs based on the type of derivative and the nature of the underlying instrument. The key inputs include interest rate yield curves (swap rates and futures) and foreign exchange spot and forward rates, all of which are available in an active market. We have utilized the mid-market pricing convention for these inputs. We include, as a discount to the derivative asset, the effect of our counterparty credit risk based on current published credit default swap rates when the net fair value of our derivative instruments is in a net asset position. We consider our own nonperformance risk when the net fair value of our derivative instruments is in a net liability position by discounting our derivative liabilities to reflect the potential credit risk to our counterparty through applying a current market indicative credit spread to all cash flows.

The fair values of our derivative instruments were as follows:


		Fair Value
Derivative Assets	Balance Sheet Location	June 30, 2020			December 31, 2019
Derivatives designated as hedging instruments under ASC 815-20				In thousands
Interest rate swap contract	Other current assets	$	—		$	174
Interest rate cap contracts	Other current assets	—			1
Foreign exchange options	Other current assets	213			—
Cross currency swap contract	Other current assets	3,954			1,156


Cross currency swap contract	Other long-term assets	—			2,870
Derivatives not designated as hedging instruments under ASC 815-20
Foreign exchange forward contracts	Other current assets	112			96
Total asset derivatives		$	4,279		$	4,297

Derivative Liabilities
Derivatives designated as hedging instruments under ASC 815-20
Interest rate swap contracts	Other current liabilities	$	979		$	—
Interest rate swap contracts	Other long-term obligations	1,171			—
Derivatives not designated as hedging instruments under ASC 815-20
Foreign exchange forward contracts	Other current liabilities	166			162
Total liability derivatives		$	2,316		$	162

The changes in accumulated other comprehensive income (loss) (AOCI), net of tax, for our derivative and nonderivative hedging instruments designated as hedging instruments, net of tax, were as follows:


In thousands	2020		2019
Net unrealized loss on hedging instruments at January 1,	$	(15,103)	$	(13,179)
Unrealized gain (loss) on hedging instruments	(1,914)		998
Realized (gains) losses reclassified into net income (loss)	(242)		(2,497)
Net unrealized loss on hedging instruments at June 30,	$	(17,259)	$	(14,678)

Reclassification of amounts related to hedging instruments are included in interest expense in the Consolidated Statements of Operations for the periods ended June 30, 2020 and 2019. Included in the net unrealized gain (loss) on hedging instruments at June 30, 2020 and 2019 is a loss of $14.4 million, net of tax, related to our nonderivative net investment hedge, which terminated in 2011. This loss on our net investment hedge will remain in AOCI until earnings are impacted by a sale or liquidation of the associated foreign operation.

A summary of the effect of netting arrangements on our financial position related to the offsetting of our recognized derivative assets and liabilities under master netting arrangements or similar agreements is as follows:


Offsetting of Derivative Assets	Gross Amounts of Recognized Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets
In thousands					Derivative Financial Instruments			Cash Collateral Received			Net Amount
June 30, 2020	$	4,279	$	(204)		$	—		$	4,075

December 31, 2019	4,297		(56)			—			4,241


Offsetting of Derivative Liabilities	Gross Amounts of Recognized Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets
In thousands					Derivative Financial Instruments			Cash Collateral Pledged			Net Amount
June 30, 2020	$	2,316	$	(204)		$	—		$	2,112

December 31, 2019	162		(56)			—			106

Our derivative assets and liabilities subject to netting arrangements consist of foreign exchange forwards and options and interest rate contracts with six counterparties at June 30, 2020 and five counterparties at December 31, 2019. No derivative asset or liability balance with any of our counterparties was individually significant at June 30, 2020 or December 31, 2019. Our derivative contracts with each of these counterparties exist under agreements that provide for the net settlement of all contracts through a single payment in a single currency in the event of default. We have no pledges of cash collateral against our obligations, and we have not received pledges of cash collateral from our counterparties under the associated derivative contracts.

Cash Flow Hedges

As a result of our floating rate debt, we are exposed to variability in our cash flows from changes in the applicable interest rate index. We enter into interest rate caps and swaps to reduce the variability of cash flows from increases in the LIBOR based borrowing rates on our floating rate credit facility. These instruments do not protect us from changes to the applicable margin under our credit facility. At June 30, 2020, our LIBOR-based debt balance was $950.2 million.

In October 2015, we entered into one interest rate swap, which was effective August 31, 2016 and expired on June 23, 2020, to convert $214 million of our LIBOR-based debt from a floating LIBOR interest rate to a fixed interest rate of 1.42% (excluding the applicable margin on the debt). The notional balance amortized to maturity at the same rate as required minimum payments on our term loan. The cash flow hedge was expected to be highly effective in achieving offsetting cash flows attributable to the hedged risk through the term of the hedge. Consequently, effective changes in the fair value of the interest rate swap were recorded as a component of other comprehensive income (loss) (OCI) and recognized in earnings when the hedged item affected earnings. The amounts paid or received on the hedge were recognized as adjustment to interest expense.

In March 2020, we entered into an interest rate swap, which is effective from June 30, 2020 to June 30, 2023, and converts $240 million of our LIBOR-based debt from a floating LIBOR interest rate to a fixed interest rate of 0.617% (excluding the applicable margin). The notional balance will amortize to maturity at the same rate of originally required amortizations on our term loan. Changes in the fair value of the interest rate swap are recognized as a component of OCI and recognized in earnings when the hedged item affects earnings. The amounts paid or received on the hedge are recognized as adjustment to interest expense along with the earnings effect of the hedged item. The amount of net losses expected to be reclassified into earnings in the next 12 months is $1.0 million.

In November 2015, we entered into three interest rate cap contracts with a total notional amount of $100 million at a cost of $1.7 million. The interest rate cap contracts expired on June 23, 2020 and were entered into in order to limit our interest rate exposure on $100 million of our variable LIBOR based debt up to 2.00%. The interest rate cap contracts did not include the effect of the applicable margin. Changes in the fair value of these instruments were recognized as a component of OCI and recognized in earnings when the hedged item affected earnings. The amounts received on the hedge were recognized as an adjustment to interest expense along with the earnings effect of the hedged item.

In April 2018, we entered into one cross-currency swap, which converts $56.0 million of floating LIBOR-based U.S. dollar denominated debt into 1.38% fixed rate euro denominated debt. This cross-currency swap matures on April 30, 2021 and mitigates the risk associated with fluctuations in currency rates impacting cash flows related to U.S. dollar denominated debt in a euro functional currency entity. Changes in the fair value of the cross-currency swap are recognized as a component of OCI and are recognized in earnings when the hedged item affects earnings. The amounts paid or received on the hedge are recognized as an adjustment to interest expense along with the earnings effect of the hedged item. The amount of net gains expected to be reclassified into earnings in the next 12 months is $3.9 million.

As a result of our forecasted inventory purchases in a non-functional currency, we are exposed to foreign exchange risk. We hedge portions of these purchases. During February 2020, we entered into foreign exchange option contracts for a total notional amount of $96 million at a cost of $1.2 million. The contracts will mature ratably through the year with final maturity in October 2020. Changes in the fair value of the option contracts are recognized as a component of OCI and are recognized in product cost of revenues when the hedged item affects earnings.

The before-tax effects of our accounting for derivative instruments designated as hedges on AOCI were as follows:


Derivatives in ASC 815-20 Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivative					Gain (Loss) Reclassified from AOCI into Income
										Location	Amount
In thousands	2020		2019			2020		2019
Three Months Ended June 30,
Interest rate swap contracts	$	(937)	$	(683)	Interest expense	$	(296)	$	453
Interest rate cap contracts	389		134		Interest expense	194		305
Foreign exchange options	(880)		(89)		Product cost of revenues	(161)		162
Cross currency swap contract	(898)		(585)		Interest expense	145		416
Cross currency swap contract	—		—		Other income/(expense), net	(714)		(607)

Six Months Ended June 30,
Interest rate swap contract	$	(2,516)	$	(1,001)	Interest expense	$	(193)	$	919
Interest rate cap contracts	782		290		Interest expense	392		597
Foreign exchange options	(969)		218		Product cost of revenues	(161)		162
Cross currency swap contract	357		1,423		Interest expense	450		910
Cross currency swap contract	—		—		Other income/(expense), net	(197)		285

Derivatives Not Designated as Hedging Relationships

We are also exposed to foreign exchange risk when we enter into non-functional currency transactions, both intercompany and third party. At each period-end, non-functional currency monetary assets and liabilities are revalued with the change recognized within other income and expense. We enter into monthly foreign exchange forward contracts, which are not designated for hedge accounting, with the intent to reduce earnings volatility associated with currency exposures. As of June 30, 2020, a total of 50 contracts were offsetting our exposures from the euro, Canadian dollar, Chinese yuan, Mexican peso, Pound Sterling and various other currencies, with notional amounts ranging from $111,000 to $26.4 million.

The effect of our derivative instruments not designated as hedges on the Consolidated Statements of Operations was as follows:


Derivatives Not Designated as Hedging Instrument under ASC 815-20	Location	Gain (Loss) Recognized on Derivatives in Other Income (Expense)
In thousands		2020		2019
Three Months Ended June 30,
Foreign exchange forward contracts	Other income (expense), net	$	(904)	$	(121)


Six Months Ended June 30,
Foreign exchange forward contracts	Other income (expense), net	$	589	$	(912)

We will continue to monitor and assess our interest rate and foreign exchange risk and may institute additional derivative instruments to manage such risk in the future.

Income Taxes Narrative (Details)	3 Months Ended		6 Months Ended
Income Taxes Narrative (Details)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Examination [Line Items]
Effective income tax rate reconciliation, percent	(8.00%)	30.00%	(30.00%)	42.00%
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	21.00%			21.00%
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	21.00%			21.00%

Summary of Intangible Asset Account Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Total Intangible Assets [Abstract]
Intangible Assets, gross beginning balance	$ 979,814	$ 981,160
Intangibles disposed in sale of business	(18,140)	0
Effect of change in exchange rates	(9,449)	4,349
Intangible Assets, gross ending balance	952,225	985,509
Intangible Liabilities, gross beginning balance	(23,900)	(23,900)
Effect of change in exchange rates	0	0
Intangible Liabilities, gross ending balance	$ (23,900)	$ (23,900)

Fair Values of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Values Of Financial Instruments by Balance Sheet Grouping


	June 30, 2020						December 31, 2019
In thousands	Carrying Amount		Fair Value		Carrying Amount		Fair Value










Credit facility
USD denominated term loan	$	546,924	$	532,090	$	546,495	$	550,135
Multicurrency revolving line of credit	400,000		385,272		—		—
Senior notes	387,143		398,500		385,987		416,500

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Expense and Related Tax Benefit

Total stock-based compensation expense and the related tax benefit were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Stock options	$	526	$	443	$	993	$	1,024
Restricted stock units	6,367		5,977		14,176		12,444
Unrestricted stock awards	206		158		412		315
Phantom stock units	1,060		525		1,493		1,443
Total stock-based compensation	$	8,159	$	7,103	$	17,074	$	15,226

Related tax benefit	$	1,420	$	1,275	$	3,187	$	2,718

Employee Stock Options Activity

A summary of our stock option activity is as follows:


	Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value		Weighted Average Grant Date Fair Value
	(in thousands)			(years)	(in thousands)
Outstanding, January 1, 2019	895	$	47.93	6.2	$	4,806


Exercised	(59)	40.57			1,057
Forfeited	(8)	67.38
Expired	(9)	66.36
Outstanding, June 30, 2019	819	$	48.06	5.8	$	12,958

Outstanding, January 1, 2020	458	$	56.38	7.0	$	12,641
Granted	73	87.27					$	26.72
Exercised	(47)	51.52			1,131


Outstanding, June 30, 2020	484	$	61.48	7.3	$	4,871

Exercisable, June 30, 2020	292	$	50.30	6.1	$	4,823

Stock Options, Valuation Assumptions

The weighted average assumptions used to estimate the fair value of stock options granted and the resulting weighted average fair value are as follows:


	Six Months Ended June 30,
	2020		2019

Expected volatility	31.0	%	—	%
Risk-free interest rate	1.4	%	—	%
Expected term (years)	5.3		N/A

Restricted Stock Units Award Activity

The following table summarizes restricted stock unit activity:


In thousands, except fair value	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding, January 1, 2019	817

Granted	118	$	56.40
Released ⁽¹⁾	(363)			$	22,304
Forfeited	(36)
Outstanding, June 30, 2019	536

Outstanding, January 1, 2020	684	$	64.38
Granted	189	85.97
Released ⁽¹⁾	(230)	65.14		$	2,506
Forfeited	(13)	66.91
Outstanding, June 30, 2020	630	70.74

Vested but not released, June 30, 2020	8			$	534

⁽¹⁾ Shares released is presented gross of shares netted for employee payroll tax obligations.

Restricted Stock Units, Valuation Assumptions

The weighted average assumptions used to estimate the fair value of performance-based restricted stock units granted with a service and market condition and the resulting weighted average fair value are as follows:


	Six Months Ended June 30,
	2020			2019

Expected volatility	37.6		%	31.3		%
Risk-free interest rate	1.5		%	2.5		%
Expected term (years)	1.8			1.6

Weighted average fair value	$	94.28		$	60.91

Shareholders' Equity Preferred Stock (Details) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Equity [Abstract]
Preferred stock, shares authorized (in share)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, no par value (in dollars per share)	$ 0	$ 0

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2020

Revenues [Abstract]

Contract with Customer, Asset and Liability

A summary of significant net changes in the contract assets and the contract liabilities balances during the period is as follows:


In thousands	Contract liabilities, less contract assets
Beginning balance, January 1, 2020	$	88,215

Revenues recognized from beginning contract liability	(71,859)
Increases due to amounts collected or due	181,878
Revenues recognized from current period increases	(75,447)
Other	(5,629)
Ending balance, June 30, 2020	$	117,158

Document and Entity Information Document - shares	6 Months Ended
Document and Entity Information Document - shares	Jun. 30, 2020	Jul. 31, 2020
Document Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	000-22418
Entity Registrant Name	ITRON, INC.
Entity Address, Address Line One	2111 N Molter Road
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1011792
Entity Address, City or Town	Liberty Lake
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99019
City Area Code	509
Local Phone Number	924-9900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, no par value
Trading Symbol	ITRI
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		40,332,428
Entity Central Index Key	0000780571
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The components of our borrowings were as follows:


In thousands	June 30, 2020		December 31, 2019
Credit facility
USD denominated term loan	$	550,156	$	550,156
Multicurrency revolving line of credit	400,000		—
Senior notes	400,000		400,000
Total debt	1,350,156		950,156
Less: current portion of debt	14,063		—
Less: unamortized prepaid debt fees - term loan	3,232		3,661
Less: unamortized prepaid debt fees - senior notes	12,857		14,013
Long-term debt, net	$	1,320,004	$	932,482

Schedule of Maturities of Long-term Debt

The amount of required minimum principal payments on our long-term debt in aggregate over the next five years is as follows:


Year Ending December 31,	Minimum Payments
In thousands
2020 (amount remaining at June 30, 2020)	$	—
2021	32,422
2022	44,063
2023	44,063
2024	829,608
Thereafter	400,000
Total minimum payments on debt	$	1,350,156

Shareholders' Equity

6 Months Ended

Jun. 30, 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 June 30, 2020 or December 31, 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 the quarter ended March 31, 2020.

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, 2019	$	(157,489)	$	1,201	$	(14,380)	$	(25,637)	$	(196,305)
OCI before reclassifications	2,801		998		—		663		4,462
Amounts reclassified from AOCI	—		(2,497)		—		(9)		(2,506)
Total other comprehensive income (loss)	2,801		(1,499)		—		654		1,956
Balances at June 30, 2019	$	(154,688)	$	(298)	$	(14,380)	$	(24,983)	$	(194,349)

Balances at January 1, 2020	$	(157,999)	$	(723)	$	(14,380)	$	(31,570)	$	(204,672)
OCI before reclassifications	(14,135)		(1,914)		—		83		(15,966)
Amounts reclassified from AOCI	52,088		(242)		—		965		52,811
Total other comprehensive income (loss)	37,953		(2,156)		—		1,048		36,845
Balances at June 30, 2020	$	(120,046)	$	(2,879)	$	(14,380)	$	(30,522)	$	(167,827)

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


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Before-tax amount
Foreign currency translation adjustment	$	10,685	$	5,352	$	(15,908)	$	3,098
Foreign currency translation adjustment reclassified to net income on sale of business	52,088		—		52,088		—

Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	(2,331)		651		(2,341)		822
Net hedging (gain) loss reclassified to net income	832		(2,610)		(291)		(2,874)
Net unrealized gain (loss) on defined benefit plans	(457)		378		81		720
Net defined benefit plan (gain) loss reclassified to net income	469		(189)		940		(10)
Total other comprehensive income (loss), before tax	$	61,286	$	3,582	$	34,569	$	1,756

Tax (provision) benefit
Foreign currency translation adjustment	$	625	$	(165)	$	1,773	$	(297)
Foreign currency translation adjustment reclassified to net income on sale of business	—		—		—		—
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	135		136		427		176
Net hedging (gain) loss reclassified to net income	(25)		189		49		377
Net unrealized gain (loss) on defined benefit plans	6		(42)		2		(57)
Net defined benefit plan (gain) loss reclassified to net income	29		36		25		1
Total other comprehensive income (loss) tax benefit	$	770	$	154	$	2,276	$	200

Net-of-tax amount
Foreign currency translation adjustment	$	11,310	$	5,187	$	(14,135)	$	2,801
Foreign currency translation adjustment reclassified to net income on sale of business	52,088		—		52,088		—
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	(2,196)		787		(1,914)		998
Net hedging (gain) loss reclassified to net income	807		(2,421)		(242)		(2,497)
Net unrealized gain (loss) on defined benefit plans	(451)		336		83		663
Net defined benefit plan (gain) loss reclassified to net income	498		(153)		965		(9)
Total other comprehensive income (loss), net of tax	$	62,056	$	3,736	$	36,845	$	1,956

Commitments and Contingencies Available Lines of Credit, Outstanding Standby Letter of Credits, and Bonds (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 25, 2020	Dec. 31, 2019	Oct. 18, 2019
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit				$ 500,000
Net available for additional standby LOCs under sub-facility	$ 54,542		$ 258,928
Credit Facility [Member]
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit	500,000		500,000
Long-term Line of Credit	(400,000)		0
Letters of Credit Outstanding, Amount	(45,458)		(41,072)
Unsecured Multicurrency Revolving Lines of Credit [Member]
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit	99,782		107,206
Letters of Credit Outstanding, Amount	(23,440)		(25,100)
Short-term borrowings	(134)		(173)
Line of Credit Facility, Remaining Borrowing Capacity	76,208		81,933
Surety Bond [Member]
Line of Credit Facility [Line Items]
Unsecured surety bonds in force	160,860		136,004
Line of Credit [Member]
Line of Credit Facility [Line Items]
Long-term Line of Credit	(400,000)	$ (400,000)	0
Line of Credit Facility, Remaining Borrowing Capacity	$ 54,542		$ 458,928

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (62,487)	$ 20,117	$ (53,325)	$ 19,968
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	11,310	5,187	(14,135)	2,801
Foreign currency translation adjustment reclassified to net income on sale of business	52,088	0	52,088	0
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	(1,389)	(1,634)	(2,156)	(1,499)
Pension benefit obligation adjustment	47	183	1,048	654
Total other comprehensive income (loss), net of tax	62,056	3,736	36,845	1,956
Total comprehensive income (loss), net of tax	(431)	23,853	(16,480)	21,924
Comprehensive income attributable to noncontrolling interests, net of tax	315	671	793	2,429
Comprehensive income (loss) attributable to Itron, Inc.	$ (746)	$ 23,182	$ (17,273)	$ 19,495

Consolidated Statements of Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Common Stock Including Additional Paid in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]
Beginning balance (in shares) at Dec. 31, 2018		39,498,000
Beginning balance at Dec. 31, 2018	$ 734,048		$ 1,334,364	$ (196,305)	$ (425,396)	$ 712,663	$ 21,385
Net income (loss)	(149)				(1,907)	(1,907)	1,758
Other comprehensive income (loss), net of tax	(1,780)			(1,780)		(1,780)
Distributions to noncontrolling interests	(517)						(517)
Net stock issuance and repurchases (in shares)		360,000
Net stock issues and repurchases	1,195		1,195			1,195
Stock-based compensation expense	7,048		7,048			7,048
Stock repurchased during period (in shares)		165,000
Stock repurchased	(7,814)		(7,814)			(7,814)
Ending balance (in shares) at Mar. 31, 2019		39,693,000
Ending balance at Mar. 31, 2019	732,031		1,334,793	(198,085)	(427,303)	709,405	22,626
Beginning balance (in shares) at Dec. 31, 2018		39,498,000
Beginning balance at Dec. 31, 2018	734,048		1,334,364	(196,305)	(425,396)	712,663	21,385
Net income (loss)	19,968
Other comprehensive income (loss), net of tax	1,956
Ending balance (in shares) at Jun. 30, 2019		39,395,000
Ending balance at Jun. 30, 2019	746,599		1,325,508	(194,349)	(407,857)	723,302	23,297
Net income attributable to noncontrolling interests	2,429
Net Income (Loss) Attributable to Parent	17,539
Beginning balance (in shares) at Dec. 31, 2018		39,498,000
Beginning balance at Dec. 31, 2018	$ 734,048		1,334,364	(196,305)	(425,396)	712,663	21,385
Stock repurchased during period (in shares)	529,396
Stock repurchased	$ (25,000)
Ending balance (in shares) at Dec. 31, 2019	39,941,000	39,941,000
Ending balance at Dec. 31, 2019	$ 800,815		1,357,600	(204,672)	(376,390)	776,538	24,277
Beginning balance (in shares) at Mar. 31, 2019		39,693,000
Beginning balance at Mar. 31, 2019	732,031		1,334,793	(198,085)	(427,303)	709,405	22,626
Net income (loss)	20,117					19,446
Other comprehensive income (loss), net of tax	3,736			3,736		3,736
Net stock issuance and repurchases (in shares)		66,000
Net stock issues and repurchases	1,481		1,481			1,481
Stock-based compensation expense	6,420		6,420			6,420
Stock repurchased during period (in shares)		364,000
Stock repurchased	(17,186)		(17,186)			(17,186)
Ending balance (in shares) at Jun. 30, 2019		39,395,000
Ending balance at Jun. 30, 2019	746,599		1,325,508	(194,349)	(407,857)	723,302	23,297
Net income attributable to noncontrolling interests	671						671
Net Income (Loss) Attributable to Parent	$ 19,446				19,446
Beginning balance (in shares) at Dec. 31, 2019	39,941,000	39,941,000
Beginning balance at Dec. 31, 2019	$ 800,815		1,357,600	(204,672)	(376,390)	776,538	24,277
Net income (loss)	9,162				8,684	8,684	478
Other comprehensive income (loss), net of tax	(25,211)			(25,211)		(25,211)
Net stock issuance and repurchases (in shares)		235,000
Net stock issues and repurchases	2,247		2,247			2,247
Stock-based compensation expense	8,482		8,482			8,482
Ending balance (in shares) at Mar. 31, 2020		40,176,000
Ending balance at Mar. 31, 2020	$ 795,495		1,368,329	(229,883)	(367,706)	770,740	24,755
Beginning balance (in shares) at Dec. 31, 2019	39,941,000	39,941,000
Beginning balance at Dec. 31, 2019	$ 800,815		1,357,600	(204,672)	(376,390)	776,538	24,277
Net income (loss)	(53,325)
Other comprehensive income (loss), net of tax	$ 36,845
Ending balance (in shares) at Jun. 30, 2020	40,234,000	40,234,000
Ending balance at Jun. 30, 2020	$ 802,869		1,376,134	(167,827)	(430,508)	777,799	25,070
Net income attributable to noncontrolling interests	793
Net Income (Loss) Attributable to Parent	(54,118)
Beginning balance (in shares) at Mar. 31, 2020		40,176,000
Beginning balance at Mar. 31, 2020	795,495		1,368,329	(229,883)	(367,706)	770,740	24,755
Net income (loss)	(62,487)				(62,802)	(62,802)	315
Other comprehensive income (loss), net of tax	62,056			62,056		62,056
Net stock issuance and repurchases (in shares)		58,000
Net stock issues and repurchases	706		706			706
Stock-based compensation expense	$ 7,099		7,099			7,099
Ending balance (in shares) at Jun. 30, 2020	40,234,000	40,234,000
Ending balance at Jun. 30, 2020	$ 802,869		$ 1,376,134	$ (167,827)	$ (430,508)	$ 777,799	$ 25,070
Net income attributable to noncontrolling interests	315
Net Income (Loss) Attributable to Parent	$ (62,802)

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

Total Comprehensive Income (Loss)

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


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Before-tax amount
Foreign currency translation adjustment	$	10,685	$	5,352	$	(15,908)	$	3,098
Foreign currency translation adjustment reclassified to net income on sale of business	52,088		—		52,088		—

Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	(2,331)		651		(2,341)		822
Net hedging (gain) loss reclassified to net income	832		(2,610)		(291)		(2,874)
Net unrealized gain (loss) on defined benefit plans	(457)		378		81		720
Net defined benefit plan (gain) loss reclassified to net income	469		(189)		940		(10)
Total other comprehensive income (loss), before tax	$	61,286	$	3,582	$	34,569	$	1,756

Tax (provision) benefit
Foreign currency translation adjustment	$	625	$	(165)	$	1,773	$	(297)
Foreign currency translation adjustment reclassified to net income on sale of business	—		—		—		—
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	135		136		427		176
Net hedging (gain) loss reclassified to net income	(25)		189		49		377
Net unrealized gain (loss) on defined benefit plans	6		(42)		2		(57)
Net defined benefit plan (gain) loss reclassified to net income	29		36		25		1
Total other comprehensive income (loss) tax benefit	$	770	$	154	$	2,276	$	200

Net-of-tax amount
Foreign currency translation adjustment	$	11,310	$	5,187	$	(14,135)	$	2,801
Foreign currency translation adjustment reclassified to net income on sale of business	52,088		—		52,088		—
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	(2,196)		787		(1,914)		998
Net hedging (gain) loss reclassified to net income	807		(2,421)		(242)		(2,497)
Net unrealized gain (loss) on defined benefit plans	(451)		336		83		663
Net defined benefit plan (gain) loss reclassified to net income	498		(153)		965		(9)
Total other comprehensive income (loss), net of tax	$	62,056	$	3,736	$	36,845	$	1,956

Schedule of 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, 2019	$	(157,489)	$	1,201	$	(14,380)	$	(25,637)	$	(196,305)
OCI before reclassifications	2,801		998		—		663		4,462
Amounts reclassified from AOCI	—		(2,497)		—		(9)		(2,506)
Total other comprehensive income (loss)	2,801		(1,499)		—		654		1,956
Balances at June 30, 2019	$	(154,688)	$	(298)	$	(14,380)	$	(24,983)	$	(194,349)

Balances at January 1, 2020	$	(157,999)	$	(723)	$	(14,380)	$	(31,570)	$	(204,672)
OCI before reclassifications	(14,135)		(1,914)		—		83		(15,966)
Amounts reclassified from AOCI	52,088		(242)		—		965		52,811
Total other comprehensive income (loss)	37,953		(2,156)		—		1,048		36,845
Balances at June 30, 2020	$	(120,046)	$	(2,879)	$	(14,380)	$	(30,522)	$	(167,827)

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Financial Statement Preparation The consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited and reflect entries necessary for the fair presentation of the Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss), and Consolidated Statements of Equity for the three and six months ended June 30, 2020 and 2019, the Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019, and the Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019, of Itron, Inc. and its subsidiaries. All entries required for the fair presentation of the financial statements are of a normal recurring nature, except as disclosed. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results expected for the full year or for any other period. Certain information and notes normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been partially or completely omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim results. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2019 filed with the SEC in our Annual Report on Form 10-K on February 27, 2020 (2019 Annual Report). There have been no significant changes in financial statement preparation or significant accounting policies since December 31, 2019.
Restricted Cash and Cash Equivalents	Restricted Cash and Cash Equivalents Cash and cash equivalents that are contractually restricted from operating use are classified as restricted cash and cash equivalents.
Accounts Receivable	Accounts Receivable, net Accounts receivable are recognized for invoices issued to customers in accordance with our contractual arrangements. Interest and late payment fees are minimal. Unbilled receivables are recognized when revenues are recognized upon product shipment or service delivery and invoicing occurs at a later date. We recognize an allowance for doubtful accounts representing our estimate of the expected losses in accounts receivable at the date of the balance sheet based on our historical experience of bad debts, our specific review of outstanding receivables, and our review of current and expected economic conditions. Accounts receivable are written-off against the allowance when we believe an account, or a portion thereof, is no longer collectible.
New Accounting Pronouncements	Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Subsequent to 2016-13 the FASB also issued codification improvements and transition relief in ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02, and ASU 2020-03, hereafter collectively referred to as Accounting Standards Codification (ASC) 326. ASC 326 replaces the incurred loss impairment methodology in previous GAAP with a methodology based on expected credit losses, which results in losses being recognized earlier. The estimate of expected credit losses uses a broader range of reasonable and supportable information. We adopted ASC 326 on January 1, 2020, and the impacts on our consolidated financial position, results of operations, and cash flows were immaterial. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which amended the disclosure requirements under ASC 820. This update clarifies and unifies the disclosure of Level 3 fair value instruments. We adopted this standard on January 1, 2020, and it did not materially impact our consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans, which amends the disclosure requirements under ASC 715-20. This update clarifies annual disclosures for Defined Benefit Plans. We adopted this standard on January 1, 2020, and it did not materially impact our consolidated financial statements. Recent Accounting Standards Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which modifies certain provisions of ASC 740, in an effort to reduce the complexity of accounting for income taxes. ASU 2019-12 is effective for us beginning with our interim financial reports for the first quarter of 2021. We are currently evaluating the effects and do not believe this standard will have a material impact on our consolidated financial position, results of operations, or cash flows. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022, and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. We do not currently have any contracts that have been changed to a new reference rate, but we will continue to evaluate our contracts and the effects of this standard on our consolidated financial position, results of operations, and cash flows prior to adoption.

Defined Benefit Pension Plans (Tables)

6 Months Ended

Jun. 30, 2020

Defined Benefit Plan [Abstract]

Schedule of Amounts Recognized in the Consolidated Balance Sheets

Amounts recognized on the Consolidated Balance Sheets consist of:


In thousands	June 30, 2020		December 31, 2019
Assets
Plan assets in other long-term assets	$	—	$	44

Liabilities
Current portion of pension benefit obligation in wages and benefits payable	3,716		2,885
Long-term portion of pension benefit obligation	99,184		98,712

Pension benefit obligation, net	$	102,900	$	101,553

Schedule of Net Periodic Pension Benefit Costs

Net periodic pension benefit cost for our plans include the following components:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Service cost	$	1,017	$	892	$	1,993	$	1,971
Interest cost	457		573		930		1,155
Expected return on plan assets	(134)		(153)		(280)		(309)
Amortization of prior service costs	16		16		32		33
Amortization of actuarial net loss	453		342		908		687

Net periodic benefit cost	$	1,809	$	1,670	$	3,583	$	3,537

Income Taxes

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

We determine the interim tax benefit (provision) by applying an estimate of the annual effective tax rate to the year-to-date pretax book income (loss) and adjusting for discrete items during the reporting period, if any. Tax jurisdictions with losses for which tax benefits cannot be realized are excluded.

Our tax rate for the three and six months ended June 30, 2020 of (8)% and (30)%, respectively, differed from the federal statutory rate of 21% primarily due to a significant loss recognized in the second quarter for the divestiture of the majority of our Latin American business activities. Refer to "Note 17: Sale of Business" for additional information on the transaction. This loss was recognized for tax as a discrete item and resulted in no tax benefit. Other rate drivers include losses in jurisdictions for which no benefit is recognized because of valuation allowances on deferred tax assets, the forecasted mix of earnings in domestic and international jurisdictions, a benefit related to excess stock-based compensation, and uncertain tax positions.

Our tax rate for the three and six months ended June 30, 2019 of 30% and 42%, respectively, differed from the federal statutory rate of 21% primarily due to losses in jurisdictions for which no benefit is recognized because of valuation allowances on deferred tax assets as well as the forecasted mix of earnings in domestic and international jurisdictions, a benefit related to excess stock-based compensation, and uncertain tax positions.

We classify interest expense and penalties related to unrecognized tax liabilities and interest income on tax overpayments as components of income tax expense. The net interest and penalties expense amounts recognized were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Net interest and penalties expense	$	312	$	(42)	$	620	$	259

Accrued interest and penalties recognized were as follows:


In thousands	June 30, 2020		December 31, 2019
Accrued interest	$	3,203	$	2,849
Accrued penalties	1,746		1,681

Unrecognized tax benefits related to uncertain tax positions and the amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate were as follows:


In thousands	June 30, 2020		December 31, 2019
Unrecognized tax benefits related to uncertain tax positions	$	122,621	$	121,715
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	121,311		120,410

At June 30, 2020, we are under examination by certain tax authorities. We believe we have appropriately accrued for the expected outcome of all tax matters and do not currently anticipate that the ultimate resolution of these examinations will have a material adverse effect on our financial condition, future results of operations, or cash flows.

Based upon the timing and outcome of examinations, litigation, the impact of legislative, regulatory, and judicial developments, and the impact of these items on the statute of limitations, it is reasonably possible that the related unrecognized tax benefits could change from those recognized within the next twelve months. However, at this time, an estimate of the range of reasonably possible adjustments to the balance of unrecognized tax benefits cannot be made.

We file income tax returns in various jurisdictions. The material jurisdictions where we are subject to examination include, among others, the United States, France, Germany, Italy, and the United Kingdom.

On March 27, 2020, the U.S. Federal government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide economic relief from COVID-19. The CARES Act contains significant business tax provisions, which the Company has evaluated and determined will not have a material impact on the Company's financial statements or related disclosures.

The CARES Act also provides employer payroll tax credits for wages paid to employees who are unable to work during the COVID-19 outbreak and options to defer payroll tax payments. The Company has elected to defer remittances of payroll and other taxes into the future as provided for under the Act, and may assess in subsequent quarters the impact and availability of payroll tax credits from the U.S. and similar programs provided for by foreign governments, as applicable.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


In thousands	June 30, 2020		December 31, 2019		June 30, 2019
Cash and cash equivalents	$	544,823	$	149,904	$	135,736
Current restricted cash included in other current assets	—		—		51
Long-term restricted cash	—		—		2,066
Total cash, cash equivalents, and restricted cash	$	544,823	$	149,904	$	137,853

Stock-Based Compensation

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

We grant stock-based compensation awards under the Second Amended and Restated 2010 Stock Incentive Plan (Stock Incentive Plan), including stock options, restricted stock units, phantom stock, and unrestricted stock units. In the Stock Incentive Plan, we have 12,623,538 shares of common stock reserved and authorized for issuance subject to stock splits, dividends, and other similar events and at June 30, 2020, 5,611,617 shares were available for grant. We issue new shares of common stock upon the exercise of stock options or when vesting conditions on restricted stock units are fully satisfied. These shares are subject to a fungible share provision such that the authorized share reserve is reduced by (i) one share for every one share subject to a stock option or share appreciation right granted under the Plan and (ii) 1.7 shares for every one share of common stock that was subject to an award other than an option or share appreciation right.

We also periodically award phantom stock units, which are settled in cash upon vesting and accounted for as liability-based awards with no impact to the shares available for grant.

In addition, we maintain the Employee Stock Purchase Plan (ESPP), for which 204,451 shares of common stock were available for future issuance at June 30, 2020.

All other forms of stock grants, including Unrestricted stock, ESPP, and Phantom stock units were not significant for the three and six months ended June 30, 2020 and 2019.

Stock-Based Compensation Expense

Total stock-based compensation expense and the related tax benefit were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Stock options	$	526	$	443	$	993	$	1,024
Restricted stock units	6,367		5,977		14,176		12,444
Unrestricted stock awards	206		158		412		315
Phantom stock units	1,060		525		1,493		1,443
Total stock-based compensation	$	8,159	$	7,103	$	17,074	$	15,226

Related tax benefit	$	1,420	$	1,275	$	3,187	$	2,718

Stock Options

A summary of our stock option activity is as follows:


	Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value		Weighted Average Grant Date Fair Value
	(in thousands)			(years)	(in thousands)
Outstanding, January 1, 2019	895	$	47.93	6.2	$	4,806


Exercised	(59)	40.57			1,057
Forfeited	(8)	67.38
Expired	(9)	66.36
Outstanding, June 30, 2019	819	$	48.06	5.8	$	12,958

Outstanding, January 1, 2020	458	$	56.38	7.0	$	12,641
Granted	73	87.27					$	26.72
Exercised	(47)	51.52			1,131


Outstanding, June 30, 2020	484	$	61.48	7.3	$	4,871

Exercisable, June 30, 2020	292	$	50.30	6.1	$	4,823

At June 30, 2020, total unrecognized stock-based compensation expense related to nonvested stock options was $3.4 million, which is expected to be recognized over a weighted average period of approximately 2.2 years.

The weighted average assumptions used to estimate the fair value of stock options granted and the resulting weighted average fair value are as follows:


	Six Months Ended June 30,
	2020		2019

Expected volatility	31.0	%	—	%
Risk-free interest rate	1.4	%	—	%
Expected term (years)	5.3		N/A

There were no employee stock options granted for the three months ended June 30, 2020, and the three and six months ended June 30, 2019.

Restricted Stock Units

The following table summarizes restricted stock unit activity:


In thousands, except fair value	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding, January 1, 2019	817

Granted	118	$	56.40
Released ⁽¹⁾	(363)			$	22,304
Forfeited	(36)
Outstanding, June 30, 2019	536

Outstanding, January 1, 2020	684	$	64.38
Granted	189	85.97
Released ⁽¹⁾	(230)	65.14		$	2,506
Forfeited	(13)	66.91
Outstanding, June 30, 2020	630	70.74

Vested but not released, June 30, 2020	8			$	534

⁽¹⁾ Shares released is presented gross of shares netted for employee payroll tax obligations.

At June 30, 2020, total unrecognized compensation expense on restricted stock units was $38.0 million, which is expected to be recognized over a weighted average period of approximately 2.0 years.


	Six Months Ended June 30,
	2020			2019

Expected volatility	37.6		%	31.3		%
Risk-free interest rate	1.5		%	2.5		%
Expected term (years)	1.8			1.6

Weighted average fair value	$	94.28		$	60.91

There were no performance-based restricted stock units granted for the three months ended June 30, 2020 and 2019.

Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information

We operate under the Itron brand worldwide and manage and report under three operating segments: Device Solutions, Networked Solutions, and Outcomes.

We have three GAAP measures of segment performance: revenues, gross profit (gross margin), and operating income (operating margin). Intersegment revenues are minimal. Certain operating expenses are allocated to the operating segments based upon internally established allocation methodologies. Corporate operating expenses, interest income, interest expense, other income (expense), and the income tax provision (benefit) are neither allocated to the segments, nor are they included in the measure of segment performance. In addition, we allocate only certain production assets and intangible assets to our operating segments. We do not manage the performance of the segments on a balance sheet basis.

Segment Products

Device Solutions – This segment primarily includes hardware products used for measurement, control, or sensing that do not have communications capability embedded for use with our broader Itron systems, i.e., hardware-based products not part of a complete "end-to-end" solution. Examples from the Device Solutions portfolio include: standard endpoints that are shipped without Itron communications, such as our standard gas meters, electricity IEC meters, and water meters, in addition to our heat and allocation products; communicating meters that are not a part of an Itron solution such as Smart Spec meters; and the implementation and installation of non-communicating devices, such as gas regulators.

Networked Solutions – This segment primarily includes a combination of communicating devices (smart meters, modules, endpoints, and sensors), network infrastructure, and associated application software designed and sold as a complete solution for acquiring and transporting robust application-specific data. Networked Solutions combines the majority of the assets from the recently acquired SSNI organization with our legacy Itron networking products and software and the implementation and installation of communicating devices into one operating segment. Examples from the Networked Solutions portfolio include: communicating measurement, control, or sensing endpoints such as our Itron® and OpenWay® Riva meters, Itron traditional ERT® technology, Intelis smart gas or water meters, 500G gas communication modules, 500W water communication modules; GenX networking products, network modules and interface cards; and specific network control and management software applications. The IIoT solutions supported by this segment include automated meter reading (AMR), advanced metering infrastructure (AMI), smart grid and distribution automation (DA), and smart street lighting and smart city solutions.

Outcomes – This segment primarily includes our value-added, enhanced software and services in which we manage, organize, analyze, and interpret data to improve decision making, maximize operational profitability, drive resource efficiency, and deliver results for consumers, utilities, and smart cities. Outcomes places an emphasis on delivering to Itron customers high-value, turn-key, digital experiences by leveraging the footprint of our Device Solutions and Networked Solutions segments. The revenues from these offerings are primarily recurring in nature and would include any direct management of Device Solutions, Networked Solutions, and other products on behalf of our end customers. Examples from the Outcomes portfolio include: our meter data management and analytics offerings; our managed service solutions including network-as-a-service and platform-as-a-service, forecasting software and services; and any consulting-based engagement. Within the Outcomes segment, we also

identify new business models, including performance-based contracting, to drive broader portfolio offerings across utilities and cities.

Revenues, gross profit, and operating income associated with our operating segments were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Product revenues
Device Solutions	$	126,950	$	214,589	$	327,118	$	433,158
Networked Solutions	300,351		333,422		615,788		647,772
Outcomes	11,684		18,036		24,216		29,967
Total Company	$	438,985	$	566,047	$	967,122	$	1,110,897

Service revenues
Device Solutions	$	2,215	$	3,134	$	4,326	$	6,320
Networked Solutions	24,129		22,494		49,537		44,571
Outcomes	44,265		43,362		87,024		87,825
Total Company	$	70,609	$	68,990	$	140,887	$	138,716

Total revenues
Device Solutions	$	129,165	$	217,723	$	331,444	$	439,478
Networked Solutions	324,480		355,916		665,325		692,343
Outcomes	55,949		61,398		111,240		117,792
Total Company	$	509,594	$	635,037	$	1,108,009	$	1,249,613

Gross profit
Device Solutions	$	11,948	$	41,590	$	44,315	$	81,506
Networked Solutions	108,323		126,243		230,073		253,311
Outcomes	18,246		23,381		35,695		43,660
Total Company	$	138,517	$	191,214	$	310,083	$	378,477

Operating income (loss)
Device Solutions	$	(1,120)	$	28,355	$	17,078	$	53,812
Networked Solutions	77,382		98,035		166,062		193,357
Outcomes	9,226		14,367		17,424		24,777
Corporate unallocated	(130,875)		(97,199)		(219,581)		(207,565)
Total Company	(45,387)		43,558		(19,017)		64,381
Total other income (expense)	(12,299)		(15,022)		(21,957)		(29,873)
Income (loss) before income taxes	$	(57,686)	$	28,536	$	(40,974)	$	34,508

Our corporate unallocated operating loss for the three and six months ended June 30, 2020 includes a $56.9 million loss from the sale of our Latin American business. Refer to "Note 17: Sale of Business" for additional information on the transaction.

For the three months ended June 30, 2020 and 2019, one customer represented 13% and 11% of total company revenues. For the six months ended June 30, 2020 and 2019, one customer represented 12% and 11% of total company revenues.

We currently buy a majority of our integrated circuit board assemblies from three suppliers. Management believes that other suppliers could provide similar products, but a change in suppliers, disputes with our suppliers, or unexpected constraints on the suppliers' production capacity could adversely affect operating results.

Revenues by region were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
United States and Canada	$	369,862	$	417,909	$	755,187	$	815,475
Europe, Middle East, and Africa (EMEA)	107,799		167,314		274,783		338,556
Latin America and Asia Pacific⁽¹⁾	31,933		49,814		78,039		95,582
Total Company	$	509,594	$	635,037	$	1,108,009	$	1,249,613

⁽¹⁾ On June 25, 2020, Itron closed on the sale of its Latin American operations. We will continue to sell into the region through an exclusive distributor.

Depreciation expense is allocated to the operating segments based upon each segment's use of the assets. All amortization expense is recognized within Corporate unallocated. Depreciation and amortization of intangible assets expense associated with our operating segments was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Device Solutions	$	6,062	$	6,346	$	12,497	$	12,782
Networked Solutions	4,333		3,205		8,070		6,453
Outcomes	1,412		1,285		2,805		2,587
Corporate unallocated	12,392		17,805		24,858		35,246
Total Company	$	24,199	$	28,641	$	48,230	$	57,068

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 544,823	$ 149,904
Accounts receivable, net	411,200	472,925
Inventories	226,564	227,896
Other current assets	172,241	146,526
Total current assets	1,354,828	997,251
Property, plant, and equipment, net	216,319	233,228
Deferred tax assets, net	57,835	63,899
Other long-term assets	45,610	44,686
Operating lease right-of-use assets, net	78,777	79,773
Intangible assets, net	157,125	185,097
Goodwill	1,101,648	1,103,907
Total assets	3,012,142	2,707,841
Current liabilities
Accounts payable	240,221	328,128
Other current liabilities	63,429	63,785
Wages and benefits payable	106,215	119,220
Taxes payable	19,878	22,193
Current portion of debt	14,063	0
Current portion of warranty	33,039	38,509
Unearned revenue	124,834	99,556
Total current liabilities	601,679	671,391
Long-term debt, net	1,320,004	932,482
Long-term warranty	11,718	14,732
Pension benefit obligation	99,184	98,712
Deferred tax liabilities, net	1,794	1,809
Operating lease liabilities	69,337	68,919
Other long-term obligations	105,557	118,981
Total liabilities	2,209,273	1,907,026
Equity
Preferred stock, no par value, 10,000 shares authorized, no shares issued or outstanding	0	0
Common stock, no par value, 75,000 shares authorized, 40,234 and 39,941 shares issued and outstanding	1,376,134	1,357,600
Accumulated other comprehensive loss, net	(167,827)	(204,672)
Accumulated deficit	(430,508)	(376,390)
Total Itron, Inc. shareholders' equity	777,799	776,538
Noncontrolling interests	25,070	24,277
Total equity	802,869	800,815
Total liabilities and equity	$ 3,012,142	$ 2,707,841
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	40,234,000	39,941,000
Common stock, shares outstanding (in shares)	40,234,000	39,941,000
Preferred stock, shares authorized (in share)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0

Credit Facility Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Mar. 25, 2020	Dec. 31, 2019	Oct. 18, 2019
Debt Instrument [Line Items]
Debt instrument, face amount				$ 1,200,000,000
Line of credit facility, maximum borrowing capacity				500,000,000
Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 500,000,000		$ 500,000,000
Line of credit facility, amount outstanding	400,000,000		0
Letters of credit outstanding, amount	45,458,000		41,072,000
Swingline sub-facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				50,000,000
Line of credit facility, amount outstanding	0
USD Denominated Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				650,000,000
Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding	400,000,000	$ 400,000,000	0
Line of credit facility, remaining borrowing capacity	54,542,000		$ 458,928,000
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 300,000,000
Letters of credit outstanding, amount	$ 45,500,000
Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, collateral	All obligations under the 2018 credit facility are guaranteed by Itron, Inc. and material U.S. domestic subsidiaries and are secured by a pledge of substantially all of the assets of Itron, Inc. and material U.S. domestic subsidiaries. This includes a pledge of 100% of the capital stock of material U.S. domestic subsidiaries and up to 66% of the voting stock (100% of the non-voting stock) of first-tier foreign subsidiaries. In addition, the obligations of any foreign subsidiary who is a foreign borrower, as defined by the 2018 credit facility, are guaranteed by the foreign subsidiary and by its direct and indirect foreign parents.
Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.15%
Applicable interest rate	1.00%
Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.25%
Applicable interest rate	1.75%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	the LIBOR rate
Debt instrument, basis spread on variable rate	1.50%
Applicable interest rate	1.68%
EURIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	EURIBOR rate
Alternate base rate (1) [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	the prime rate
Alternate base rate (2) [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	the Federal Reserve effective rate
Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Alternate base rate (3) [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	one-month LIBOR
Debt instrument, basis spread on variable rate	1.00%
Alternate base rate [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	Alternate Base Rate

Income Tax Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Tax Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Net interest and penalties expense	$ 312	$ (42)	$ 620	$ 259
Accrued interest	3,203		3,203		$ 2,849
Accrued penalties	1,746		1,746		1,681
Unrecognized tax benefits related to uncertain tax positions	122,621		122,621		121,715
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	$ 121,311		$ 121,311		$ 120,410

Stock Option Summary (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
[Line Items]
Outstanding, beginning balance (in shares)	458	895	895
Outstanding, beginning balance, weighted average exercise price per share (in dollars per share)	$ 56.38	$ 47.93	$ 47.93
Outstanding, weighted average remaining contractual life	7 years 3 months 18 days	5 years 9 months 18 days	7 years	6 years 2 months 12 days
Outstanding, beginning balance, aggregate intrinsic value	$ 12,641	$ 4,806	$ 4,806
Granted (in shares)	73
Granted, weighted average exercise price (in dollars per share)	$ 87.27
Granted, weighted average grant date fair value	$ 26.72
Exercised (in shares)	(47)	(59)
Exercised, weighted average exercise price (in dollars per share)	$ 51.52	$ 40.57
Exercised, aggregate intrinsic value	$ 1,131	$ 1,057
Forfeited (in share)		(8)
Forfeited, weighted average grant date fair value (in dollars per share)		$ 67.38
Expired (in shares)		(9)
Expired weighted average exercise price (in dollars per share)		$ 66.36
Outstanding, ending balance (in shares)	484	819	458	895
Outstanding, ending balance, weighted average exercise price per share (in dollars per share)	$ 61.48	$ 48.06	$ 56.38	$ 47.93
Outstanding, weighted average remaining contractual life	7 years 3 months 18 days	5 years 9 months 18 days	7 years	6 years 2 months 12 days
Outstanding, ending balance, aggregate intrinsic value	$ 4,871	$ 12,958	$ 12,641	$ 4,806
Exercisable (in shares)	292
Exercisable, weighted average exercise price (in dollars per share)	$ 50.30
Exercisable, weighted average remaining contractual term	6 years 1 month 6 days
Exercisable, aggregate intrinsic value	$ 4,823

Restructuring Restructuring (Notes)

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring

2018 Projects

On February 22, 2018, our Board of Directors approved a restructuring plan (the 2018 Projects) to continue our efforts to optimize our global supply chain and manufacturing operations, research and development, and sales and marketing organizations. We expect to substantially complete expense recognition on the plan by the end of 2020. Many of the affected employees are represented by unions or works councils, which require consultation, and potential restructuring projects may be subject to regulatory approval, both of which could impact the timing of charges, total expected charges, cost recognized, and planned savings in certain jurisdictions. All prior restructuring plans are substantially complete and are not presented below.

During the three months ended June 30, 2020 we reversed expense for employee severance costs and asset impairments we will no longer incur as a result of selling our business in Latin America.

The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2018 Projects were as follows:


In thousands	Total Expected Costs at June 30, 2020		Costs Recognized in Prior Periods		Costs Recognized During the Six Months Ended June 30, 2020		Expected Remaining Costs to be Recognized at June 30, 2020
Employee severance costs	$	67,833	$	72,133	$	(4,300)	$	—
Asset impairments & net loss (gain) on sale or disposal	2,696		3,842		(1,146)		—
Other restructuring costs	21,381		11,420		2,515		7,446
Total	$	91,910	$	87,395	$	(2,931)	$	7,446

The following table summarizes the activity within the restructuring related balance sheet accounts for the 2018 Projects during the six months ended June 30, 2020:


In thousands	Accrued Employee Severance		Asset Impairments & Net Loss (Gain) on Sale or Disposal		Other Accrued Costs		Total
Beginning balance, January 1, 2020	$	53,741	$	—	$	2,366	$	56,107
Costs charged to expense	(4,300)		(1,146)		2,515		(2,931)
Cash (payments) receipts	(7,511)		2,312		(2,225)		(7,424)
Net assets disposed and impaired	—		(1,166)		—		(1,166)
Effect of change in exchange rates	96		—		(1)		95
Ending balance, June 30, 2020	$	42,026	$	—	$	2,655	$	44,681

Asset impairments are determined at the asset group level. Revenues and net operating income from the activities we have exited or will exit under the restructuring projects are not material to our operating segments or consolidated results.

Other restructuring costs include expenses for employee relocation, professional fees associated with employee severance, and costs to exit the facilities once the operations in those facilities have ceased. Costs associated with restructuring activities are generally presented in the Consolidated Statements of Operations as restructuring, except for certain costs associated with inventory write-downs, which are classified within cost of revenues, and accelerated depreciation expense, which is recognized according to the use of the asset. Restructuring expense is part of the Corporate unallocated segment and is not part of the operating segments.

The current portion of restructuring liabilities was $15.6 million and $18.9 million as of June 30, 2020 and December 31, 2019. The current portion of restructuring liabilities is classified within other current liabilities on the Consolidated Balance Sheets.

The long-term portion of restructuring liabilities balances was $29.1 million and $37.2 million as of June 30, 2020 and December 31, 2019. The long-term portion of restructuring liabilities is classified within other long-term obligations on the Consolidated Balance Sheets and includes severance accruals and facility exit costs.

Derivative and Nonderivative Hedging Instrument Fair Value Disclosure (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Asset Derivatives [Abstract]
Total asset derivatives	$ 4,279	$ 4,297
Liability Derivatives [Abstract]
Total liability derivatives	2,316	162
Designated as Hedging Instrument [Member] \| Other Current Assets [Member]
Liability Derivatives [Abstract]
Foreign exchange forward contracts	213	0
Not Designated as Hedging Instrument [Member] \| Other Current Assets [Member]
Asset Derivatives [Abstract]
Foreign currency derivative instruments not designated as hedging instruments, asset at fair value	112	96
Not Designated as Hedging Instrument [Member] \| Other Current Liabilities [Member]
Liability Derivatives [Abstract]
Foreign exchange forward contracts	166	162
Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Other Current Assets [Member]
Asset Derivatives [Abstract]
Interest rate derivative assets, at fair value	0	174
Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Other Current Liabilities [Member]
Liability Derivatives [Abstract]
Interest Rate Derivative Liabilities, at Fair Value	979	0
Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Other Noncurrent Liabilities
Liability Derivatives [Abstract]
Interest Rate Derivative Liabilities, at Fair Value	1,171	0
Interest Rate Cap [Member] \| Designated as Hedging Instrument [Member] \| Other Current Assets [Member]
Asset Derivatives [Abstract]
Interest rate derivative assets, at fair value	0	1
Currency Swap [Member] \| Designated as Hedging Instrument [Member] \| Other Current Assets [Member]
Asset Derivatives [Abstract]
Foreign currency fair value hedge asset at fair value	3,954	1,156
Currency Swap [Member] \| Designated as Hedging Instrument [Member] \| Other Noncurrent Assets [Member]
Asset Derivatives [Abstract]
Foreign currency fair value hedge asset at fair value	$ 0	$ 2,870

Certain Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2020

Balance Sheet Related Disclosures [Abstract]

Accounts Receivable, Net

A summary of accounts receivable from contracts with customers is as follows:


Accounts receivable, net
In thousands	June 30, 2020		December 31, 2019
Trade receivables (net of allowance of $2,102 and $3,064)	$	330,283	$	415,887
Unbilled receivables	80,917		57,038
Total accounts receivable, net	$	411,200	$	472,925

Allowance for Credit Losses on Financing Receivables


Allowance for doubtful accounts activity	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Beginning balance	$	3,046	$	4,046	$	3,064	$	6,331
Provision for (release of) doubtful accounts, net	(171)		365		339		(1,738)
Accounts written-off	(796)		(80)		(1,211)		(272)
Effect of change in exchange rates	23		29		(90)		39
Ending balance	$	2,102	$	4,360	$	2,102	$	4,360

Inventories


Inventories
In thousands	June 30, 2020		December 31, 2019
Raw materials	$	139,035	$	120,861
Work in process	10,454		11,105
Finished goods	77,075		95,930
Total inventories	$	226,564	$	227,896

Property, Plant, and Equipment, Net


Property, plant, and equipment, net
In thousands	June 30, 2020		December 31, 2019
Machinery and equipment	$	302,385	$	323,003
Computers and software	111,774		109,924
Buildings, furniture, and improvements	151,440		149,471
Land	13,771		14,988
Construction in progress, including purchased equipment	43,125		54,490
Total cost	622,495		651,876
Accumulated depreciation	(406,176)		(418,648)
Property, plant, and equipment, net	$	216,319	$	233,228

Depreciation Expense


Depreciation expense	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Depreciation expense	$	13,059	$	12,594	$	25,925	$	24,978

Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share (EPS):


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands, except per share data	2020		2019		2020		2019
Net income (loss) available to common shareholders	$	(62,802)	$	19,446	$	(54,118)	$	17,539

Weighted average common shares outstanding - Basic	40,216		39,389		40,130		39,523
Dilutive effect of stock-based awards	—		297		—		352
Weighted average common shares outstanding - Diluted	40,216		39,686		40,130		39,875
Net income (loss) per common share - Basic	$	(1.56)	$	0.49	$	(1.35)	$	0.44
Net income (loss) per common share - Diluted	$	(1.56)	$	0.49	$	(1.35)	$	0.44

Stock-based AwardsFor stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase our common stock at the average market price during the period. Related proceeds include the amount the employee must pay upon exercise and the future compensation cost associated with the stock award. Approximately 0.9 million and 0.8 million stock-based awards were excluded from the calculation of diluted EPS for the three and six months ended June 30, 2020 because they were anti-dilutive. Approximately 0.5 million and 0.6 million stock-based awards were excluded from the calculation of diluted EPS for the three and six months ended June 30, 2019 because they were anti-dilutive. These stock-based awards could be dilutive in future periods.

Intangible Assets and Liabilities

6 Months Ended

Jun. 30, 2020

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets and Liabilities

The gross carrying amount and accumulated amortization (accretion) of our intangible assets and liabilities, other than goodwill, were as follows:


	June 30, 2020										December 31, 2019
In thousands	Gross		Accumulated (Amortization) Accretion		Net		Gross		Accumulated (Amortization) Accretion		Net
Intangible Assets
Core-developed technology	$	498,006	$	(459,876)	$	38,130	$	507,669	$	(458,109)	$	49,560
Customer contracts and relationships	365,567		(251,085)		114,482		381,288		(251,509)		129,779
Trademarks and trade names	76,631		(72,677)		3,954		78,837		(73,732)		5,105
Other	12,021		(11,462)		559		12,020		(11,367)		653


Total intangible assets	$	952,225	$	(795,100)	$	157,125	$	979,814	$	(794,717)	$	185,097

Intangible Liabilities
Customer contracts and relationships	$	(23,900)	$	17,465	$	(6,435)	$	(23,900)	$	13,450	$	(10,450)

A summary of intangible assets and liabilities activity is as follows:


	Six Months Ended June 30,
In thousands	2020		2019
Intangible Assets, gross beginning balance	$	979,814	$	981,160


Intangibles disposed in sale of business	(18,140)		—
Effect of change in exchange rates	(9,449)		4,349
Intangible Assets, gross ending balance	$	952,225	$	985,509

Intangible Liabilities, gross beginning balance	$	(23,900)	$	(23,900)

Effect of change in exchange rates	—		—
Intangible Liabilities, gross ending balance	$	(23,900)	$	(23,900)

On January 5, 2018, we completed our acquisition of Silver Spring Networks, Inc. (SSNI) and acquired intangible assets including in-process research and development (IPR&D), which were completed during 2019 and are now included within core-developed technology. Assumed intangible liabilities reflect the present value of the projected cash outflows for an existing contract where remaining costs are expected to exceed projected revenues.

The disposal of intangible assets was related to the sale of our Latin America business. The net book value of these assets was $0.8 million at the disposal date. Refer to "Note 17: Sale of Business" for additional information on the transaction.

Estimated future annual amortization (accretion) is as follows:


Year Ending December 31,	Amortization		Accretion		Estimated Annual Amortization, net
In thousands
2020 (amount remaining at June 30, 2020)	$	26,345	$	(4,013)	$	22,332
2021	37,479		(1,963)		35,516
2022	27,138		(459)		26,679
2023	19,605		—		19,605
2024	15,469		—		15,469
Thereafter	31,089		—		31,089
Total intangible assets subject to amortization (accretion)	$	157,125	$	(6,435)	$	150,690

Debt Senior Note Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended		36 Months Ended	37 Months Ended
	Jun. 30, 2020	Jan. 14, 2023	Jan. 14, 2022	Jan. 15, 2026	Jan. 14, 2021	Dec. 31, 2019	Jan. 19, 2018	Dec. 22, 2017
Senior Note Additional Information [Abstract]
Senior notes							$ 100,000	$ 300,000
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Interest	$ 10,000
Senior Notes [Member]
Senior Note Additional Information [Abstract]
Senior notes	$ 400,000					$ 400,000
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage						5.00%
Forecast [Member] \| Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage			102.50%
Forecast [Member] \| Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		101.25%
Forecast [Member] \| Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage				100.00%
Forecast [Member] \| Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage					105.00%
Forecast [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage					35.00%
Forecast [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage					65.00%

Revenue Recognition Revenue Contract Assets and Liabilities Rollforward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($)
Revenue Recognition and Deferred Revenue [Abstract]
Beginning balance, January 1, 2020	$ 88,215
Revenues recognized from beginning contract liability	(71,859)
Increases due to amounts collected or due	181,878
Revenues recognized from current period increases	(75,447)
Other	(5,629)
Ending balance, June 30, 2020	$ 117,158

Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income (loss) available to common shareholders	$ (62,802)	$ 19,446	$ (54,118)	$ 17,539
Weighted average common shares outstanding - Basic (in shares)	40,216	39,389	40,130	39,523
Dilutive effect of stock-based awards (in shares)	0	297	0	352
Weighted average common shares outstanding - Diluted (in shares)	40,216	39,686	40,130	39,875
Earnings (loss) per common share - Basic (in dollars per share)	$ (1.56)	$ 0.49	$ (1.35)	$ 0.44
Earnings (loss) per common share - Diluted (in dollars per share)	$ (1.56)	$ 0.49	$ (1.35)	$ 0.44

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Intangible Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2020

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Intangible Assets by Major Class

The gross carrying amount and accumulated amortization (accretion) of our intangible assets and liabilities, other than goodwill, were as follows:


	June 30, 2020										December 31, 2019
In thousands	Gross		Accumulated (Amortization) Accretion		Net		Gross		Accumulated (Amortization) Accretion		Net
Intangible Assets
Core-developed technology	$	498,006	$	(459,876)	$	38,130	$	507,669	$	(458,109)	$	49,560
Customer contracts and relationships	365,567		(251,085)		114,482		381,288		(251,509)		129,779
Trademarks and trade names	76,631		(72,677)		3,954		78,837		(73,732)		5,105
Other	12,021		(11,462)		559		12,020		(11,367)		653


Total intangible assets	$	952,225	$	(795,100)	$	157,125	$	979,814	$	(794,717)	$	185,097

Intangible Liabilities
Customer contracts and relationships	$	(23,900)	$	17,465	$	(6,435)	$	(23,900)	$	13,450	$	(10,450)

Summary of Intangible Asset Account Activity

A summary of intangible assets and liabilities activity is as follows:


	Six Months Ended June 30,
In thousands	2020		2019
Intangible Assets, gross beginning balance	$	979,814	$	981,160


Intangibles disposed in sale of business	(18,140)		—
Effect of change in exchange rates	(9,449)		4,349
Intangible Assets, gross ending balance	$	952,225	$	985,509

Intangible Liabilities, gross beginning balance	$	(23,900)	$	(23,900)

Effect of change in exchange rates	—		—
Intangible Liabilities, gross ending balance	$	(23,900)	$	(23,900)

Schedule of Intangible Assets, Future Amortization Expense

Estimated future annual amortization (accretion) is as follows:


Year Ending December 31,	Amortization		Accretion		Estimated Annual Amortization, net
In thousands
2020 (amount remaining at June 30, 2020)	$	26,345	$	(4,013)	$	22,332
2021	37,479		(1,963)		35,516
2022	27,138		(459)		26,679
2023	19,605		—		19,605
2024	15,469		—		15,469
Thereafter	31,089		—		31,089
Total intangible assets subject to amortization (accretion)	$	157,125	$	(6,435)	$	150,690

Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 25, 2020	Dec. 31, 2019	Jan. 19, 2018	Dec. 22, 2017
Debt Instrument [Line Items]
Senior notes				$ 100,000	$ 300,000
Total debt	$ 1,350,156
Current portion of debt	14,063		$ 0
Long-term debt, net	1,320,004		932,482
2020 (amount remaining at June 30, 2020)	0
2021	32,422
2022	44,063
2023	44,063
2024	829,608
Thereafter	400,000
Secured Debt [Member]
Debt Instrument [Line Items]
Total debt	1,350,156		950,156
Current portion of debt	14,063		0
Long-term debt, net	1,320,004		932,482
USD Denominated Term Loan [Member]
Debt Instrument [Line Items]
USD denominated term loan	550,156		550,156
Unamortized prepaid debt fees	3,232		3,661
Line of Credit [Member]
Debt Instrument [Line Items]
Multicurrency revolving line of credit	400,000	$ 400,000	0
Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes	400,000		400,000
Unamortized prepaid debt fees	$ 12,857		$ 14,013

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share (EPS):


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands, except per share data	2020		2019		2020		2019
Net income (loss) available to common shareholders	$	(62,802)	$	19,446	$	(54,118)	$	17,539

Weighted average common shares outstanding - Basic	40,216		39,389		40,130		39,523
Dilutive effect of stock-based awards	—		297		—		352
Weighted average common shares outstanding - Diluted	40,216		39,686		40,130		39,875
Net income (loss) per common share - Basic	$	(1.56)	$	0.49	$	(1.35)	$	0.44
Net income (loss) per common share - Diluted	$	(1.56)	$	0.49	$	(1.35)	$	0.44

Sale of Business - Loss on Sale of Business (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jun. 25, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Currency translation adjustment loss		$ 52,088,000	$ 0	$ 52,088,000	$ 0
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price	$ 35,008,000
Net assets sold (including working capital)	(36,002,000)
Currency translation adjustment loss	(52,088,000)
Goodwill allocated	(3,000,000)
Legal fees	(833,000)
Total loss on sale of business	$ (56,915,000)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net income (loss)	$ (53,325)	$ 19,968
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	48,230	57,068
Non-cash operating lease expense	9,909	9,481
Stock-based compensation	15,581	13,783
Amortization of prepaid debt fees	2,013	2,402
Deferred taxes, net	5,904	2,076
Restructuring, non-cash	(1,146)	(5,295)
Other adjustments, net	287	(3,471)
Changes in operating assets and liabilities
Accounts receivable	52,031	(29,121)
Inventories	(16,529)	(9,202)
Other current assets	(7,861)	(14,413)
Other long-term assets	(3,919)	6,616
Accounts payable, other current liabilities, and taxes payable	(76,144)	(2,801)
Wages and benefits payable	(11,145)	13,484
Unearned revenue	23,099	14,961
Warranty	(8,417)	(3,270)
Other operating, net	(9,697)	5,797
Net cash provided by operating activities	25,786	78,063
Investing activities
Acquisitions of property, plant, and equipment	(29,049)	(26,511)
Other investing, net	3,520	9,773
Net cash used in investing activities	(29,159)	(16,738)
Financing activities
Proceeds from borrowings	400,000	50,000
Payments on debt	0	(72,188)
Issuance of common stock	4,183	4,001
Repurchase of common stock	0	(25,000)
Prepaid debt fees	(184)	(175)
Other financing, net	(2,036)	(3,165)
Net cash provided by (used in) financing activities	401,963	(46,527)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(3,671)	727
Increase in cash, cash equivalents, and restricted cash	394,919	15,525
Cash, cash equivalents, and restricted cash at beginning of period	149,904	122,328
Cash, cash equivalents, and restricted cash at end of period	544,823	137,853
Supplemental disclosure of cash flow information:
Income taxes, net	(2,994)	6,571
Interest	32,149	23,333
Payments for (Proceeds from) Businesses and Interest in Affiliates	(3,630)	0
Gain (Loss) on Disposition of Business	$ 56,915	$ 0

Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Revenues Gross Profit And Operating Income By Segment

Revenues, gross profit, and operating income associated with our operating segments were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Product revenues
Device Solutions	$	126,950	$	214,589	$	327,118	$	433,158
Networked Solutions	300,351		333,422		615,788		647,772
Outcomes	11,684		18,036		24,216		29,967
Total Company	$	438,985	$	566,047	$	967,122	$	1,110,897

Service revenues
Device Solutions	$	2,215	$	3,134	$	4,326	$	6,320
Networked Solutions	24,129		22,494		49,537		44,571
Outcomes	44,265		43,362		87,024		87,825
Total Company	$	70,609	$	68,990	$	140,887	$	138,716

Total revenues
Device Solutions	$	129,165	$	217,723	$	331,444	$	439,478
Networked Solutions	324,480		355,916		665,325		692,343
Outcomes	55,949		61,398		111,240		117,792
Total Company	$	509,594	$	635,037	$	1,108,009	$	1,249,613

Gross profit
Device Solutions	$	11,948	$	41,590	$	44,315	$	81,506
Networked Solutions	108,323		126,243		230,073		253,311
Outcomes	18,246		23,381		35,695		43,660
Total Company	$	138,517	$	191,214	$	310,083	$	378,477

Operating income (loss)
Device Solutions	$	(1,120)	$	28,355	$	17,078	$	53,812
Networked Solutions	77,382		98,035		166,062		193,357
Outcomes	9,226		14,367		17,424		24,777
Corporate unallocated	(130,875)		(97,199)		(219,581)		(207,565)
Total Company	(45,387)		43,558		(19,017)		64,381
Total other income (expense)	(12,299)		(15,022)		(21,957)		(29,873)
Income (loss) before income taxes	$	(57,686)	$	28,536	$	(40,974)	$	34,508

Revenues By Region

Revenues by region were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
United States and Canada	$	369,862	$	417,909	$	755,187	$	815,475
Europe, Middle East, and Africa (EMEA)	107,799		167,314		274,783		338,556
Latin America and Asia Pacific⁽¹⁾	31,933		49,814		78,039		95,582
Total Company	$	509,594	$	635,037	$	1,108,009	$	1,249,613

⁽¹⁾ On June 25, 2020, Itron closed on the sale of its Latin American operations. We will continue to sell into the region through an exclusive distributor.

Depreciation expense is allocated to the operating segments based upon each segment's use of the assets. All amortization expense is recognized within Corporate unallocated.

Depreciation And Amortization Expense Associated With Segments

Depreciation and amortization of intangible assets expense associated with our operating segments was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Device Solutions	$	6,062	$	6,346	$	12,497	$	12,782
Networked Solutions	4,333		3,205		8,070		6,453
Outcomes	1,412		1,285		2,805		2,587
Corporate unallocated	12,392		17,805		24,858		35,246
Total Company	$	24,199	$	28,641	$	48,230	$	57,068

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair values of our derivative instruments were as follows:


		Fair Value
Derivative Assets	Balance Sheet Location	June 30, 2020			December 31, 2019
Derivatives designated as hedging instruments under ASC 815-20				In thousands
Interest rate swap contract	Other current assets	$	—		$	174
Interest rate cap contracts	Other current assets	—			1
Foreign exchange options	Other current assets	213			—
Cross currency swap contract	Other current assets	3,954			1,156


Cross currency swap contract	Other long-term assets	—			2,870
Derivatives not designated as hedging instruments under ASC 815-20
Foreign exchange forward contracts	Other current assets	112			96
Total asset derivatives		$	4,279		$	4,297

Derivative Liabilities
Derivatives designated as hedging instruments under ASC 815-20
Interest rate swap contracts	Other current liabilities	$	979		$	—
Interest rate swap contracts	Other long-term obligations	1,171			—
Derivatives not designated as hedging instruments under ASC 815-20
Foreign exchange forward contracts	Other current liabilities	166			162
Total liability derivatives		$	2,316		$	162

Accumulated OCI for Derivative and Nonderivative Instruments Designated as Hedging Instruments, Net of Tax


In thousands	2020		2019
Net unrealized loss on hedging instruments at January 1,	$	(15,103)	$	(13,179)
Unrealized gain (loss) on hedging instruments	(1,914)		998
Realized (gains) losses reclassified into net income (loss)	(242)		(2,497)
Net unrealized loss on hedging instruments at June 30,	$	(17,259)	$	(14,678)

Offsetting Assets


Offsetting of Derivative Assets	Gross Amounts of Recognized Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets
In thousands					Derivative Financial Instruments			Cash Collateral Received			Net Amount
June 30, 2020	$	4,279	$	(204)		$	—		$	4,075

December 31, 2019	4,297		(56)			—			4,241

Offsetting Liabilities


Offsetting of Derivative Liabilities	Gross Amounts of Recognized Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets
In thousands					Derivative Financial Instruments			Cash Collateral Pledged			Net Amount
June 30, 2020	$	2,316	$	(204)		$	—		$	2,112

December 31, 2019	162		(56)			—			106

Effect of Cash Flow Derivatives on the Balance Sheet and Income Statement, Before Tax

The before-tax effects of our accounting for derivative instruments designated as hedges on AOCI were as follows:


Derivatives in ASC 815-20 Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivative					Gain (Loss) Reclassified from AOCI into Income
										Location	Amount
In thousands	2020		2019			2020		2019
Three Months Ended June 30,
Interest rate swap contracts	$	(937)	$	(683)	Interest expense	$	(296)	$	453
Interest rate cap contracts	389		134		Interest expense	194		305
Foreign exchange options	(880)		(89)		Product cost of revenues	(161)		162
Cross currency swap contract	(898)		(585)		Interest expense	145		416
Cross currency swap contract	—		—		Other income/(expense), net	(714)		(607)

Six Months Ended June 30,
Interest rate swap contract	$	(2,516)	$	(1,001)	Interest expense	$	(193)	$	919
Interest rate cap contracts	782		290		Interest expense	392		597
Foreign exchange options	(969)		218		Product cost of revenues	(161)		162
Cross currency swap contract	357		1,423		Interest expense	450		910
Cross currency swap contract	—		—		Other income/(expense), net	(197)		285

Foreign Exchange Derivatives Not Designated As Hedging Instruments

The effect of our derivative instruments not designated as hedges on the Consolidated Statements of Operations was as follows:


Derivatives Not Designated as Hedging Instrument under ASC 815-20	Location	Gain (Loss) Recognized on Derivatives in Other Income (Expense)
In thousands		2020		2019
Three Months Ended June 30,
Foreign exchange forward contracts	Other income (expense), net	$	(904)	$	(121)


Six Months Ended June 30,
Foreign exchange forward contracts	Other income (expense), net	$	589	$	(912)

Shareholders' Equity Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 795,495	$ 800,815	$ 732,031	$ 734,048	$ 800,815	$ 734,048
OCI before reclassifications					(15,966)	4,462
Amounts reclassified from AOCI					52,811	(2,506)
Total other comprehensive income (loss), net of tax	62,056	(25,211)	3,736	(1,780)	36,845	1,956
Ending balance	802,869	795,495	746,599	732,031	802,869	746,599
Parent [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	770,740	776,538	709,405	712,663	776,538	712,663
Total other comprehensive income (loss), net of tax	62,056	(25,211)	3,736	(1,780)
Ending balance	777,799	770,740	723,302	709,405	777,799	723,302
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(157,999)		(157,489)	(157,999)	(157,489)
OCI before reclassifications					(14,135)	2,801
Amounts reclassified from AOCI					52,088	0
Total other comprehensive income (loss), net of tax					37,953	2,801
Ending balance	(120,046)		(154,688)		(120,046)	(154,688)
Net Unrealized Gain (Loss) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(723)		1,201	(723)	1,201
OCI before reclassifications					(1,914)	998
Amounts reclassified from AOCI					(242)	(2,497)
Total other comprehensive income (loss), net of tax					(2,156)	(1,499)
Ending balance	(2,879)		(298)		(2,879)	(298)
Net Unrealized Gain (Loss) on Nonderivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(14,380)		(14,380)	(14,380)	(14,380)
OCI before reclassifications					0	0
Amounts reclassified from AOCI					0	0
Total other comprehensive income (loss), net of tax					0	0
Ending balance	(14,380)		(14,380)		(14,380)	(14,380)
Pension Benefit Obligation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(31,570)		(25,637)	(31,570)	(25,637)
OCI before reclassifications					83	663
Amounts reclassified from AOCI					965	(9)
Total other comprehensive income (loss), net of tax					1,048	654
Ending balance	(30,522)		(24,983)		(30,522)	(24,983)
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		$ (204,672)		$ (196,305)	(204,672)	(196,305)
Ending balance	$ (167,827)		$ (194,349)		$ (167,827)	$ (194,349)

Sale of Business (Tables)

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The loss on sale of business was calculated as follows:


In thousands	Loss on sale of business
Sales price	$	35,008
Net assets sold (including working capital)	(36,002)
Currency translation adjustment loss	(52,088)
Goodwill allocated	(3,000)
Legal fees	(833)
Total loss on sale of business	$	(56,915)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Commitments and Contingencies Warranty Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Total warranty expense	$ 4,130	$ 6,187	$ 5,893	$ 7,966

Sale of Business - Narrative (Details)		3 Months Ended		6 Months Ended
Sale of Business - Narrative (Details)	Jun. 25, 2020 USD ($) numberOfSubsidiaries	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Currency translation adjustment loss		$ 52,088,000	$ 0	$ 52,088,000	$ 0
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of subsidiaries sold \| numberOfSubsidiaries	5
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down	$ 56,900,000
Currency translation adjustment loss	(52,088,000)
Goodwill allocated	$ 3,000,000
Sales price and net assets write off period	60 days
Portion of sales price received on closing	$ 2,500,000
Cash included in net assets sold	6,100,000
Cash outflow at closing	$ 3,600,000

Derivative Financial Instruments Narrative (Details)	3 Months Ended	12 Months Ended
Derivative Financial Instruments Narrative (Details)	Jun. 30, 2020 USD ($) contracts	Dec. 31, 2016 USD ($)	Mar. 31, 2020 USD ($)	Feb. 28, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)	Apr. 30, 2018 USD ($)	Nov. 30, 2015	Oct. 31, 2015 USD ($)
Net unrealized loss on hedging instruments	$ 167,827,000				$ 204,672,000
Total debt	1,350,156,000
Secured Debt [Member]
Total debt	1,350,156,000				$ 950,156,000
Net Unrealized Gain (Loss) on Nonderivative Instruments
Net unrealized loss on hedging instruments	$ 14,400,000					$ 14,400,000
Number of Counterparties [Member]
Derivative counterparties	6				5
Interest Rate Swap [Member]
Number of interest rate derivatives held									1
Derivative, notional amount			$ 240,000,000						$ 214,000,000
Derivative, fixed interest rate		1.42%	0.617%
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ 1,000,000.0
Interest Rate Cap [Member]
Number of interest rate derivatives held								3
Derivative, notional amount		$ 100,000,000
Derivative purchase price		$ 1,700,000
Derivative, cap interest rate		2.00%
Currency Swap [Member]
Number of interest rate derivatives held							1
Derivative, notional amount							$ 56,000,000.0
Derivative, fixed interest rate							1.38%
Foreign currency cash flow hedge gain (loss) to be reclassified during next 12 months	3,900,000
Foreign Exchange Option [Member]
Derivative, notional amount				$ 96,000,000
Derivative purchase price	$ 1,200,000
Forward Contracts [Member]
Number of foreign exchange contracts \| contracts	50
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member] \| Minimum [Member]
Derivative, notional amount	$ 111,000
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member] \| Maximum [Member]
Derivative, notional amount	26,400,000
London Interbank Offered Rate (LIBOR) [Member] \| Secured Debt [Member]
Total debt	$ 950,200,000

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Line of Credit Facilities

Our available lines of credit, outstanding standby LOCs, and bonds were as follows:


In thousands	June 30, 2020		December 31, 2019
Credit facility
Multicurrency revolving line of credit	$	500,000	$	500,000
Long-term borrowings	(400,000)		—
Standby LOCs issued and outstanding	(45,458)		(41,072)
Net available for additional borrowings under the multi-currency revolving line of credit	$	54,542	$	458,928

Net available for additional standby LOCs under sub-facility	$	54,542	$	258,928

Unsecured multicurrency revolving lines of credit with various financial institutions
Multicurrency revolving lines of credit	$	99,782	$	107,206
Standby LOCs issued and outstanding	(23,440)		(25,100)
Short-term borrowings	(134)		(173)
Net available for additional borrowings and LOCs	$	76,208	$	81,933

Unsecured surety bonds in force	$	160,860	$	136,004

Schedule of Warranty Accruals

A summary of the warranty accrual account activity is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Beginning balance	$	48,719	$	57,532	$	53,242	$	60,443

New product warranties	1,000		538		2,070		2,257
Other adjustments and expirations, net	3,100		6,070		3,793		7,931
Claims activity	(8,365)		(7,434)		(14,305)		(13,517)
Effect of change in exchange rates	303		406		(43)		(2)
Ending balance	44,757		57,112		44,757		57,112
Less: current portion of warranty	33,039		38,987		33,039		38,987
Long-term warranty	$	11,718	$	18,125	$	11,718	$	18,125

Warranty Expense

Warranty expense was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Total warranty expense	$	4,130	$	6,187	$	5,893	$	7,966

Certain Balance Sheet Components Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment, Net [Abstract]
Machinery and equipment	$ 302,385	$ 323,003
Computers and software	111,774	109,924
Buildings, furniture, and improvements	151,440	149,471
Land	13,771	14,988
Construction in progress, including purchased equipment	43,125	54,490
Total cost	622,495	651,876
Accumulated depreciation	(406,176)	(418,648)
Property, plant, and equipment, net	$ 216,319	$ 233,228

Activity of Hedging Instruments in Accumulated OCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net unrealized loss on hedging instruments at January 1,			$ (204,672)
Unrealized gain (loss) on derivative instruments	$ (2,196)	$ 787	(1,914)	$ 998
Realized losses reclassified into net income (loss)	807	(2,421)	(242)	(2,497)
Net unrealized loss on hedging instruments at June 30,	(167,827)		(167,827)
Accumulated Net Gain (Loss) from Derivative and Nonderivative Instruments Designated as Hedging Instruments [Member]
Net unrealized loss on hedging instruments at January 1,			(15,103)	(13,179)
Net unrealized loss on hedging instruments at June 30,	$ (17,259)	$ (14,678)	$ (17,259)	$ (14,678)

Certain Balance Sheet Components

6 Months Ended

Jun. 30, 2020

Balance Sheet Related Disclosures [Abstract]

Certain Balance Sheet Components

A summary of accounts receivable from contracts with customers is as follows:


Accounts receivable, net
In thousands	June 30, 2020		December 31, 2019
Trade receivables (net of allowance of $2,102 and $3,064)	$	330,283	$	415,887
Unbilled receivables	80,917		57,038
Total accounts receivable, net	$	411,200	$	472,925


Allowance for doubtful accounts activity	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Beginning balance	$	3,046	$	4,046	$	3,064	$	6,331
Provision for (release of) doubtful accounts, net	(171)		365		339		(1,738)
Accounts written-off	(796)		(80)		(1,211)		(272)
Effect of change in exchange rates	23		29		(90)		39
Ending balance	$	2,102	$	4,360	$	2,102	$	4,360


Inventories
In thousands	June 30, 2020		December 31, 2019
Raw materials	$	139,035	$	120,861
Work in process	10,454		11,105
Finished goods	77,075		95,930
Total inventories	$	226,564	$	227,896


Property, plant, and equipment, net
In thousands	June 30, 2020		December 31, 2019
Machinery and equipment	$	302,385	$	323,003
Computers and software	111,774		109,924
Buildings, furniture, and improvements	151,440		149,471
Land	13,771		14,988
Construction in progress, including purchased equipment	43,125		54,490
Total cost	622,495		651,876
Accumulated depreciation	(406,176)		(418,648)
Property, plant, and equipment, net	$	216,319	$	233,228


Depreciation expense	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Depreciation expense	$	13,059	$	12,594	$	25,925	$	24,978

Restructuring (Tables)

6 Months Ended

Jun. 30, 2020

Restructuring Project [Line Items]

Schedule of Restructuring Reserve by Type of Cost

The following table summarizes the activity within the restructuring related balance sheet accounts for the 2018 Projects during the six months ended June 30, 2020:


In thousands	Accrued Employee Severance		Asset Impairments & Net Loss (Gain) on Sale or Disposal		Other Accrued Costs		Total
Beginning balance, January 1, 2020	$	53,741	$	—	$	2,366	$	56,107
Costs charged to expense	(4,300)		(1,146)		2,515		(2,931)
Cash (payments) receipts	(7,511)		2,312		(2,225)		(7,424)
Net assets disposed and impaired	—		(1,166)		—		(1,166)
Effect of change in exchange rates	96		—		(1)		95
Ending balance, June 30, 2020	$	42,026	$	—	$	2,655	$	44,681

2018 Projects [Member]

Restructuring Project [Line Items]

Restructuring and Related Costs

The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2018 Projects were as follows:


In thousands	Total Expected Costs at June 30, 2020		Costs Recognized in Prior Periods		Costs Recognized During the Six Months Ended June 30, 2020		Expected Remaining Costs to be Recognized at June 30, 2020
Employee severance costs	$	67,833	$	72,133	$	(4,300)	$	—
Asset impairments & net loss (gain) on sale or disposal	2,696		3,842		(1,146)		—
Other restructuring costs	21,381		11,420		2,515		7,446
Total	$	91,910	$	87,395	$	(2,931)	$	7,446

Schedule of Net Periodic Pension Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Defined Benefit Plan [Abstract]
Service cost	$ 1,017	$ 892	$ 1,993	$ 1,971
Interest cost	457	573	930	1,155
Expected return on plan assets	(134)	(153)	(280)	(309)
Amortization of prior service costs	16	16	32	33
Amortization of actuarial net loss	453	342	908	687
Net periodic benefit cost	$ 1,809	$ 1,670	$ 3,583	$ 3,537

Offsetting of Derivative Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liability, Fair Value, Gross Liability	$ 2,316	$ 162
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	(204)	(56)
Cash Collateral Pledged Not Offset in the Consolidated Balance Sheets	0	0
Derivative Liability, Fair Value, Amount Offset Against Collateral	$ 2,112	$ 106

Goodwill (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill Excluding Non Goodwill Intangibles [Abstract]

Schedule of Goodwill

The following table reflects changes in the carrying amount of goodwill for the six months ended June 30, 2020:


In thousands	Device Solutions		Networked Solutions		Outcomes		Total Company
Goodwill balance at January 1, 2020	$	54,930	$	908,088	$	140,889	$	1,103,907

Goodwill allocated to business sold	(3,000)		—		—		(3,000)
Effect of change in exchange rates	37		610		94		741
Goodwill balance at June 30, 2020	$	51,967	$	908,698	$	140,983	$	1,101,648

Goodwill

6 Months Ended

Jun. 30, 2020

Goodwill Excluding Non Goodwill Intangibles [Abstract]

Goodwill

The following table reflects changes in the carrying amount of goodwill for the six months ended June 30, 2020:


In thousands	Device Solutions		Networked Solutions		Outcomes		Total Company
Goodwill balance at January 1, 2020	$	54,930	$	908,088	$	140,889	$	1,103,907

Goodwill allocated to business sold	(3,000)		—		—		(3,000)
Effect of change in exchange rates	37		610		94		741
Goodwill balance at June 30, 2020	$	51,967	$	908,698	$	140,983	$	1,101,648

We recognized a $3.0 million reduction in Device Solutions goodwill as part of our loss on sale of business. Refer to "Note 17: Sale of Business" for additional information on the transaction.

Summary of Significant Accounting Policies (Details)	6 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 30, 2020
Accounting Policies [Abstract]
Risks and uncertainties in entity's business	Risks and UncertaintiesThe COVID-19 pandemic has had global economic impacts including disrupting global supply chains and creating market volatility. The extent of the recent pandemic and its ongoing impact on our operations is volatile, but is being monitored closely by our management. We expect that certain of our customers’ projects and deployments may shift to later in 2020 and 2021. At this time, we have not identified any significant decrease in long-term customer demand for our products and services. Nonetheless, a prolonged pandemic could adversely impact the efficiency and effectiveness of our organization, further impact our global supply chain network, result in delays or decreases in customer collections, reduce demand for our products and services, and inhibit our sales efforts, any of which could further materially impact our revenues, results of operations, cash flows and financial condition.

Depreciation and Amortization, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 24,199	$ 28,641	$ 48,230	$ 57,068
Device Solutions [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization	6,062	6,346	12,497	12,782
Networked Solutions Segment [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization	4,333	3,205	8,070	6,453
Outcomes Segment [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization	1,412	1,285	2,805	2,587
Corporate Unallocated [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 12,392	$ 17,805	$ 24,858	$ 35,246

Stock-Based Compensation Narrative (Details) $ in Millions	6 Months Ended
Stock-Based Compensation Narrative (Details) $ in Millions	Jun. 30, 2020 USD ($) shares
Share-based Payment Arrangement, Option [Member]
[Line Items]
Compensation cost not yet recognized \| $	$ 3.4
Unrecognized compensation expense, Expected weighted average period for recognition (years)	2 years 2 months 12 days
Restricted Stock Units (RSUs) [Member]
[Line Items]
Compensation cost not yet recognized \| $	$ 38.0
Unrecognized compensation expense, Expected weighted average period for recognition (years)	2 years
Employee Stock Purchase Plan [Member]
[Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	204,451
Stock Incentive Plan [Member]
[Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)	12,623,538
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	5,611,617
Reduction in stock options available for issue	1
Authorized share reserve reduction in awards other than stock options or share appreciation rights available for issue, conversion ratio	1.7

Segment Information Narrative (Details)	3 Months Ended		6 Months Ended
Segment Information Narrative (Details)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue, Major Customer [Line Items]
Number of reportable segments			3
Concentration risk, supplier			We currently buy a majority of our integrated circuit board assemblies from three suppliers. Management believes that other suppliers could provide similar products, but a change in suppliers, disputes with our suppliers, or unexpected constraints on the suppliers' production capacity could adversely affect operating results.
Sales [Member] \| Customer A [Member]
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	13.00%	11.00%	12.00%	11.00%

Stock Option Black Scholes Option Pricing Model Assumptions (Details) - Share-based Payment Arrangement, Option [Member]	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Expected volatility	31.00%	0.00%
Risk-free interest rate	1.40%	0.00%
Expected term (years)	5 years 3 months 18 days