0000780571-22-000004 | 10-K | XBRL Viewer

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income (loss)	$ (78,298)	$ (56,877)	$ 52,415
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of intangible assets	84,153	97,290	114,400
Non-cash operating lease expense	17,107	18,178	18,958
Stock-based compensation	23,618	25,053	26,960
Amortization of prepaid debt fees	18,253	4,130	5,631
Deferred taxes, net	(85,574)	(12,939)	(192)
Loss on sale of business	64,289	59,817	0
Loss on extinguishment of debt, net	(10,000)	0	0
Restructuring, non-cash	8,744	5,888	(1,785)
Other adjustments, net	2,930	10,392	(4,295)
Increase (Decrease) in Operating Capital [Abstract]
Accounts receivable	60,242	108,256	(39,467)
Inventories	(3,721)	35,403	(9,389)
Other current assets	41,461	(11,832)	(31,128)
Other long-term assets	4,515	(11,391)	7,053
Accounts payable, other current liabilities, and taxes payable	(23,391)	(111,724)	9,177
Wages and benefits payable	30,915	(34,664)	30,835
Unearned revenue	(29,366)	8,212	8,905
Warranty	(8,169)	(13,538)	(6,637)
Other operating, net	17,086	(10,140)	(8,601)
Net cash provided by operating activities	154,794	109,514	172,840
Investing activities
Net proceeds related to the sale of business	3,142	1,133	0
Acquisitions of property, plant, and equipment	(34,682)	(46,208)	(60,749)
Business acquisitions, net of cash and cash equivalents acquired	(8,670)	0	0
Other investing, net	5,326	4,039	12,569
Net cash used in investing activities	(34,884)	(41,036)	(48,180)
Financing activities
Proceeds from borrowings	460,000	400,000	50,000
Payments on debt	(946,094)	(414,063)	(137,657)
Issuance of common stock	5,080	8,886	24,390
Proceeds from common stock offering	389,419	0	0
Proceeds from sale of warrants	45,349	0	0
Purchases of convertible note hedge contracts	(84,139)	0	0
Repurchase of common stock	8,028	0	25,000
Prepaid debt fees	(12,031)	(1,571)	(1,560)
Other financing, net	(2,443)	(4,828)	(7,692)
Net cash used in financing activities	(152,887)	(11,576)	(97,519)
Less: Cash classified within assets held for sale	9,750	0	0
Effect of foreign exchange rate changes on cash and cash equivalents	(1,627)	127	435
Increase (decrease) in cash and cash equivalents	(44,354)	57,029	27,576
Cash and cash equivalents at beginning of period	206,933	149,904	122,328
Cash and cash equivalents at end of period	162,579	206,933	149,904
Supplemental disclosure of cash flow information:
Income taxes, net	7,073	2,688	12,041
Interest	8,983	47,241	44,788
Deferred tax on purchase of convertible note hedge contracts	$ 20,563	$ 0	$ 0

Intangible Assets and Liabilities - Intangible Assets Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jun. 25, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets acquired	$ 2,059	$ 0
Intangible assets, net			$ 800

Derivative Financial Instruments - Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets Presented in the Consolidated Balance Sheets	$ 37	$ 52
Derivative Financial Instruments	(37)	(52)
Cash Collateral Received	0	0
Net Amount	$ 0	$ 0

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Itron, Inc. Shareholders' Equity	Common Stock	Common Stock	Accumulated Other Comprehensive Income ( Loss)	Accumulated Deficit	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2018			39,498,000
Balance (value) at Dec. 31, 2018	$ 734,048	$ 712,663		$ 1,334,364	$ (196,305)	$ (425,396)	$ 21,385
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	52,415	49,006				49,006	3,409
Other comprehensive income (loss), net of tax	(8,367)	(8,367)			(8,367)		0
Distributions to noncontrolling interests	(517)						(517)
Options exercised (in shares)			489,000
Options exercised (value)	21,289	21,289		21,289
Restricted stock awards released (in shares)			415,000
Restricted stock awards released (value)	(3,113)	(3,113)		(3,113)
Issuance of stock-based compensation awards (in shares)			9,000
Issuance of stock-based compensation awards (value)	630	630		630
Employee stock purchase plan (in shares)			59,000
Employee stock purchase plan (value)	3,100	3,100		3,100
Stock-based compensation expense	26,330	26,330		26,330
Proceeds from sale of warrants	$ 0
Stock Repurchased During Period, Shares	(529,396)
Stock Repurchased During Period, Value	$ (25,000)	(25,000)		(25,000)
Balance (in shares) at Dec. 31, 2019			39,941,000
Balance (value) at Dec. 31, 2019	800,815	776,538		1,357,600	(204,672)	(376,390)	24,277
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(56,877)	(57,955)				(57,955)	1,078
Other comprehensive income (loss), net of tax	66,146	66,146			66,146		0
Distributions to noncontrolling interests	(1,630)						(1,630)
Options exercised (in shares)			103,000
Options exercised (value)	5,551	5,551		5,551
Restricted stock awards released (in shares)			334,000
Restricted stock awards released (value)	(2,120)	(2,120)		(2,120)
Issuance of stock-based compensation awards (in shares)			12,000
Issuance of stock-based compensation awards (value)	824	824		824
Employee stock purchase plan (in shares)			54,000
Employee stock purchase plan (value)	3,335	3,335		3,335
Stock-based compensation expense	24,229	24,229		24,229
Proceeds from sale of warrants	$ 0
Stock Repurchased During Period, Shares	0
Balance (in shares) at Dec. 31, 2020	40,444,000		40,444,000
Balance (value) at Dec. 31, 2020	$ 840,273	816,548		1,389,419	(138,526)	(434,345)	23,725
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(78,298)	(81,255)				(81,255)	2,957
Other comprehensive income (loss), net of tax	(9,572)	(9,572)			(9,572)		0
Options exercised (in shares)			30,000
Options exercised (value)	1,924	1,924		1,924
Restricted stock awards released (in shares)			285,000
Restricted stock awards released (value)	(804)	(804)		(804)
Issuance of stock-based compensation awards (in shares)			9,000
Issuance of stock-based compensation awards (value)	856	856		856
Employee stock purchase plan (in shares)			37,000
Employee stock purchase plan (value)	3,156	3,156		3,156
Stock-based compensation expense	22,762	22,762		22,762
Stock issued related to equity offering (in shares)			4,472,000
Stock issued related to equity offering	389,419	389,419		389,419
Proceeds from sale of warrants	45,349	45,349		45,349
Purchases of convertible note hedge contracts, net of tax	(63,576)	(63,576)		(63,576)
Registration fee	$ (359)	(359)		(359)
Stock Repurchased During Period, Shares	(125,314)
Stock Repurchased During Period, Value	$ (8,028)	(8,028)		(8,028)
Stockholders' Equity, Other	$ (343)	(343)		(343)
Balance (in shares) at Dec. 31, 2021	45,152,000		45,152,000
Balance (value) at Dec. 31, 2021	$ 1,142,759	$ 1,116,077		$ 1,779,775	$ (148,098)	$ (515,600)	$ 26,682

Derivative Financial Instruments - Effect of Cash Flow Derivatives on the Balance Sheet and Income Statement, Before Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	$ (756)	$ (6,190)	$ 6,605
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)	73	(2,900)	(987)
Interest Rate Swap [Member] \| Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(229)	(745)	1,451
InterestRateSwapMember2
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)	0	0	0
InterestRateSwapMember2 \| Other Income (Expense) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(1,680)	0	0
Interest Rate Cap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)	0	782	995
Interest Rate Cap [Member] \| Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	0	392	1,046
Foreign Exchange Option [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)	403	(1,228)	1,141
Foreign Exchange Option [Member] \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	403	(1,228)	1,141
Currency Swap 1 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)	669	(4,164)	3,022
Currency Swap 2 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)	0	0	0
Currency Swap [Member] \| Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	94	619	1,632
Currency Swap [Member] \| Other Income (Expense) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	$ 656	$ (5,228)	$ 1,335

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessee, Operating Leases

Leases

We lease certain factories, service and distribution locations, offices, and equipment under operating leases. Our operating leases have initial lease terms ranging from 1 to 9 years, some of which include options to extend or renew the leases for up to 10 years. Certain lease agreements contain provisions for future rent increases. Our leases do not contain material residual value guarantees, and finance leases are not material.

The components of operating lease expense are as follows:


In thousands	Year Ended December 31,
	2021		2020
Operating lease cost	$	20,577	$	22,081
Variable lease cost	2,662		2,582
Total operating lease cost	$	23,239	$	24,663

Supplemental cash flow information related to operating leases is as follows:


In thousands	Year Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	20,958	$	20,678
Right-of-use assets obtained in exchange for operating lease liabilities	8,342		13,051

Supplemental balance sheet information related to operating leases is as follows:


In thousands	December 31, 2021			December 31, 2020
Operating lease right-of-use assets, net	$	65,523		$	76,276

Other current liabilities	16,602			16,243
Operating lease liabilities	57,314			66,823
Total operating lease liability	$	73,916		$	83,066
Weighted average remaining lease term - Operating leases	4.7 years			5.6 years
Weighted average discount rate - Operating leases	4.4		%	4.5		%

Amounts due under operating lease liabilities as of December 31, 2021 are as follows:


In thousands	December 31, 2021
2022	$	19,234
2023	17,251
2024	14,812
2025	13,708
2026	11,853
Thereafter	4,867
Total lease payments	81,725
Less: imputed interest	(7,809)
Total operating lease liability	$	73,916

Summary of Significant Accounting Policies - Restructuring (Details)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Remaining service period of terminated employees	60 days

Goodwill - Goodwill Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Impaired, Accumulated Impairment Loss	$ 676,500	$ 676,500
Goodwill [Line Items]
Goodwill, Acquired During Period	5,440
Goodwill, Written off Related to Sale of Business Unit	12,800	3,000
Device Solutions [Member]
Goodwill [Line Items]
Goodwill, Acquired During Period	0
Goodwill, Written off Related to Sale of Business Unit	12,800	3,000
Networked Solutions Segment [Member]
Goodwill [Line Items]
Goodwill, Acquired During Period	5,440
Goodwill, Written off Related to Sale of Business Unit	$ 0	$ 0

Defined Contribution, Bonus, and Profit Sharing Plans - Schedule of Bonus and Profit Sharing Plans Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Contribution, Bonus, and Profit Sharing [Abstract]
Bonus and profit sharing plans expense	$ 48,045	$ 11,455	$ 48,435

Stock-Based Compensation - Stock Option Black Scholes Option Pricing Model Assumptions (Details) - Share-based Payment Arrangement, Option [Member]	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Expected volatility	0.00%	32.30%	31.70%
Risk-free interest rate	0.00%	1.30%	1.70%
Expected term (years)		5 years 3 months 18 days	6 years 1 month 6 days

Derivative Financial Instruments - Derivatives Not Designated as Hedging Relationships (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income (Expense) [Member]
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Gain (Loss) on foreign currency derivative instruments	$ 1,536	$ (4,538)	$ (2,425)

Certain Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Accounts Receivable, Net


Accounts receivable, net
In thousands	December 31, 2021		December 31, 2020
Trade receivables (net of allowance of $5,730 and $1,312)	$	261,124	$	318,269
Unbilled receivables	37,335		51,559
Total accounts receivable, net	$	298,459	$	369,828

Allowance for Credit Losses on Financing Receivables


Allowance for credit losses account activity	Year Ended December 31,
In thousands	2021		2020		2019
Beginning balance	$	1,312	$	3,064	$	6,331
Provision for (release of) doubtful accounts, net	4,636		(299)		(1,511)
Accounts written-off	(107)		(1,463)		(1,749)
Effect of change in exchange rates	(111)		10		(7)
Ending balance	$	5,730	$	1,312	$	3,064

Inventories


Inventories
In thousands	December 31, 2021		December 31, 2020
Raw materials	$	122,434	$	114,058
Work in process	7,856		8,094
Finished goods	35,509		60,225
Total inventories	$	165,799	$	182,377

Property, Plant, and Equipment


Property, plant, and equipment, net
In thousands	December 31, 2021		December 31, 2020
Machinery and equipment	$	314,502	$	334,050
Computers and software	111,540		115,776
Buildings, furniture, and improvements	131,764		155,676
Land	8,952		14,303
Construction in progress, including purchased equipment	39,527		31,425
Total cost	606,285		651,230
Accumulated depreciation	(443,101)		(443,414)
Property, plant, and equipment, net	$	163,184	$	207,816

Depreciation Expense


Depreciation expense	Year Ended December 31,
In thousands	2021		2020		2019
Depreciation expense	$	48,352	$	52,579	$	50,114

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

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	(2,953)		4,061		—		1,909		3,017
Amounts reclassified from AOCI	2,443		(5,985)		—		(7,842)		(11,384)
Total other comprehensive income (loss)	(510)		(1,924)		—		(5,933)		(8,367)
Balances at December 31, 2019	(157,999)		(723)		(14,380)		(31,570)		(204,672)
OCI before reclassifications	21,082		(7,002)		—		(8,689)		5,391
Amounts reclassified from AOCI	52,074		6,104		—		2,577		60,755
Total other comprehensive income (loss)	73,156		(898)		—		(6,112)		66,146
Balances at December 31, 2020	(84,843)		(1,621)		(14,380)		(37,682)		(138,526)
OCI before reclassifications	(26,923)		1,121		—		14,264		(11,538)
Amounts reclassified from AOCI	—		290		—		1,676		1,966
Total other comprehensive income (loss)	(26,923)		1,411		—		15,940		(9,572)
Balances at December 31, 2021	$	(111,766)	$	(210)	$	(14,380)	$	(21,742)	$	(148,098)

On November 2, 2021, Itron entered into an agreement to sell certain of its Gas device businesses and operations to Dresser. Upon closure of the sale, an estimated $59.7 million of accumulated foreign currency translation losses and $0.9 million in unrealized defined benefit plan losses will be recognized. Refer to Note 18: Sale of Businesses for additional information on the transaction.

Income Tax (Provision) Benefit Related To OCI

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


	Year Ended December 31,
In thousands	2021		2020		2019
Before-tax amount
Foreign currency translation adjustment	$	(26,757)	$	20,947	$	(2,581)
Foreign currency translation adjustment reclassified to net income on sale of business	—		52,074		2,443
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	1,139		(7,519)		4,063

Net hedging (gain) loss reclassified to net income	756		6,190		(6,605)
Net unrealized gain (loss) on defined benefit plans	14,426		(8,798)		1,966
Net defined benefit plan (gain) loss reclassified to net income	1,695		2,609		(8,076)
Total other comprehensive income (loss), before tax	(8,741)		65,503		(8,790)

Tax (provision) benefit
Foreign currency translation adjustment	(166)		135		(372)
Foreign currency translation adjustment reclassified to net income on sale of business	—		—		—
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	(18)		517		(2)

Net hedging (gain) loss reclassified to net income	(466)		(86)		620
Net unrealized gain (loss) on defined benefit plans	(162)		109		(57)
Net defined benefit plan (gain) loss reclassified to net income	(19)		(32)		234
Total other comprehensive income (loss) tax (provision) benefit	(831)		643		423

Net-of-tax amount
Foreign currency translation adjustment	(26,923)		21,082		(2,953)
Foreign currency translation adjustment reclassified to net income on sale of business	—		52,074		2,443
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	1,121		(7,002)		4,061

Net hedging (gain) loss reclassified to net income	290		6,104		(5,985)
Net unrealized gain (loss) on defined benefit plans	14,264		(8,689)		1,909
Net defined benefit plan (gain) loss reclassified to net income	1,676		2,577		(7,842)
Total other comprehensive income (loss), net of tax	$	(9,572)	$	66,146	$	(8,367)

Intangible Assets and Liabilities - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of intangible assets	$ 35,801	$ 44,711	$ 64,286

Derivative Financial Instruments - Effect of Net Investment Hedge Nonderivative Financial Instrument on OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period	$ (138,526)
Unrealized gain (loss) on derivative instruments	1,121	$ (7,002)	$ 4,061
Realized (gains) losses reclassified into net income (loss)	290	6,104	(5,985)
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period	(148,098)	(138,526)
Accumulated Net Gain (Loss) from Derivative and Nonderivative Instruments Designated as Hedging Instruments [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period	(16,001)	(15,103)	(13,179)
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period	$ (14,590)	$ (16,001)	$ (15,103)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Defined Benefit Pension Plans - Expected Future Annual Benefit Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Retirement Benefits [Abstract]
2022	$ 4,294
2023	3,456
2024	4,392
2025	4,686
2026	4,755
2027-2031	$ 26,825

Revenues

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenues

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, 2021	$	98,388

Revenues recognized from beginning contract liability	(93,709)
Cumulative catch-up adjustments	19,867
Increases due to amounts collected or due	289,300
Revenues recognized from current period increases	(229,336)
Other	(1,330)
Ending balance, December 31, 2021	$	83,180

On January 1, 2021, total contract assets were $49.8 million and total contract liabilities were $148.2 million. On December 31, 2021, total contract assets were $33.7 million and total contract liabilities were $116.9 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. The cumulative catch-up adjustments relate to contract modifications, measure-of-progress changes, and changes in the estimate of the transaction price.

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 $1.3 billion for the next twelve months and approximately $1.5 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 16: 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Line of Credit Facilities

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


	At December 31,
In thousands	2021		2020
Credit facility
Multicurrency revolving line of credit	$	500,000	$	500,000

Standby LOCs issued and outstanding	(64,374)		(64,948)
Net available for additional borrowings under the multicurrency revolving line of credit	$	435,626	$	435,052

Net available for additional standby LOCs under sub-facility	$	235,626	$	235,052

Unsecured multicurrency revolving lines of credit with various financial institutions
Multicurrency revolving lines of credit	$	94,845	$	99,201
Standby LOCs issued and outstanding	(19,957)		(24,966)
Short-term borrowings	—		—
Net available for additional borrowings and LOCs	$	74,888	$	74,235

Unsecured surety bonds in force	$	281,270	$	162,912

Schedule of Warranty Accruals

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


	Year Ended December 31,
In thousands	2021		2020		2019
Beginning balance	$	41,390	$	53,241	$	60,443

New product warranties	4,848		3,616		5,202
Other adjustments and expirations, net	551		7,736		15,695
Claims activity	(13,593)		(25,582)		(27,916)
Warranties reclassified to held for sale	(90)		—		—
Effect of change in exchange rates	(1,084)		2,379		(183)
Ending balance	32,022		41,390		53,241
Less: current portion of warranty	18,406		28,329		38,509
Long-term warranty	$	13,616	$	13,061	$	14,732

Warranty Expense

Warranty expense was as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Total warranty expense	$	5,399	$	11,539	$	17,975

Health Benefit Plan Costs and Incurred But Not Reported Accrual Balance

Plan costs were as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Plan costs	$	39,187	$	36,672	$	33,611

IBNR accrual, which is included in wages and benefits payable, was as follows:


	At December 31,
In thousands	2021		2020
IBNR accrual	$	3,478	$	3,507

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock-Based Compensation Expense and Related Tax Benefit

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


	Year Ended December 31,
In thousands	2021		2020		2019
Stock options	$	1,371	$	1,944	$	1,770
Restricted stock units	21,391		22,285		24,560
Unrestricted stock awards	856		824		630
Phantom stock units	3,242		3,720		3,301
Total stock-based compensation	$	26,860	$	28,773	$	30,261

Related tax benefit	$	4,991	$	5,086	$	5,390

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


Granted	76	76.55					$	26.20
Exercised (1)	(489)	43.55			15,759
Forfeited	(13)	67.34
Expired	(11)	66.24
Outstanding, December 31, 2019	458	$	56.38	7.0	$	12,641


Granted	83	84.39					$	26.37
Exercised (1)	(103)	53.99			2,061
Forfeited	(5)	83.94

Outstanding, December 31, 2020	433	$	61.95	6.9	$	14,697


Granted	—	—					$	—
Exercised (1)	(34)	67.21			1,215
Forfeited	(6)	83.33
Outstanding, December 31, 2021	393	$	61.18	5.9	$	4,737

Exercisable, December 31, 2021	320	$	56.56	5.4	$	4,681

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:


	Year Ended December 31,
	2021		2020		2019
Expected volatility	—	%	32.3	%	31.7	%
Risk-free interest rate	—	%	1.3	%	1.7	%
Expected term (years)	N/A		5.3		6.1

Restricted Stock Units Award Activity

The following table summarizes restricted stock unit activity:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
	In thousands			In thousands
Outstanding, January 1, 2019	817	$	59.70


Granted	404	62.97
Released (1)	(471)			$	29,304
Forfeited	(66)
Outstanding, December 31, 2019	684	$	64.38


Granted	262	83.42
Released (1)	(363)			$	23,702
Forfeited	(39)
Outstanding, December 31, 2020	544	$	71.79

Granted	230	97.66
Released (1)	(293)	70.34		$	20,639
Forfeited	(51)	78.45
Outstanding, December 31, 2021	430	$	85.77

Vested but not released, December 31, 2021	10	$	68.52	$	667

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:


	Year Ended December 31,
	2021			2020			2019
Expected volatility	54.2		%	44.9		%	31.4		%
Risk-free interest rate	0.4		%	1.0		%	2.5		%
Expected term (years)	1.9			1.8			1.6

Weighted average fair value	$	77.65		$	93.97		$	61.25

Schedule of Other Share-based Compensation, Activity

The following table summarizes phantom stock unit activity:


	Number of Phantom Stock Units	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
	In thousands			In thousands
Outstanding, January 1, 2019	83	$	61.80

Granted	55	60.49
Released	(42)			$	2,625
Forfeited	(7)
Outstanding, December 31, 2019	89	$	62.85





Granted	38	87.27
Released	(40)			$	2,971
Forfeited	(5)
Outstanding, December 31, 2020	82	$	73.13




Granted	35	96.49
Released	(41)	70.00		$	4,100
Forfeited	(7)	86.63
Outstanding, December 31, 2021	69	$	85.47

Stock-Based Compensation - Long-Term Performance Restricted Stock Unit Award Monte Carlo Pricing Model Assumptions (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 97.66	$ 83.42	$ 62.97
Long Term Performance Restricted Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	54.20%	44.90%	31.40%
Risk-free interest rate	0.40%	1.00%	2.50%
Expected term (years)	1 year 10 months 24 days	1 year 9 months 18 days	1 year 7 months 6 days
Granted (in dollars per share)	$ 77.65	$ 93.97	$ 61.25

Derivative Financial Instruments - Offsetting of Derivative Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Liabilities Presented in the Consolidated Balance Sheets	$ 135	$ 2,636
Derivative Financial Instruments	(37)	(52)
Cash Collateral Pledged	0	0
Net Amount	$ 98	$ 2,584

Certain Balance Sheet Components

12 Months Ended

Dec. 31, 2021

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	December 31, 2021		December 31, 2020
Trade receivables (net of allowance of $5,730 and $1,312)	$	261,124	$	318,269
Unbilled receivables	37,335		51,559
Total accounts receivable, net	$	298,459	$	369,828


Allowance for credit losses account activity	Year Ended December 31,
In thousands	2021		2020		2019
Beginning balance	$	1,312	$	3,064	$	6,331
Provision for (release of) doubtful accounts, net	4,636		(299)		(1,511)
Accounts written-off	(107)		(1,463)		(1,749)
Effect of change in exchange rates	(111)		10		(7)
Ending balance	$	5,730	$	1,312	$	3,064


Inventories
In thousands	December 31, 2021		December 31, 2020
Raw materials	$	122,434	$	114,058
Work in process	7,856		8,094
Finished goods	35,509		60,225
Total inventories	$	165,799	$	182,377


Property, plant, and equipment, net
In thousands	December 31, 2021		December 31, 2020
Machinery and equipment	$	314,502	$	334,050
Computers and software	111,540		115,776
Buildings, furniture, and improvements	131,764		155,676
Land	8,952		14,303
Construction in progress, including purchased equipment	39,527		31,425
Total cost	606,285		651,230
Accumulated depreciation	(443,101)		(443,414)
Property, plant, and equipment, net	$	163,184	$	207,816


Depreciation expense	Year Ended December 31,
In thousands	2021		2020		2019
Depreciation expense	$	48,352	$	52,579	$	50,114

On November 2, 2021, Itron entered into an agreement to sell certain of its Gas device businesses and operations to Dresser Utility Solutions (Dresser). The asset disposal group, which includes $0.8 million of accounts receivable, $15.4 million of inventories, and $12.0 million of property, plant, and equipment, was classified as held for sale during the fourth quarter of 2021. Refer to Note 18: Sale of Businesses for additional information on the transaction.

Defined Benefit Pension Plans - Schedule of Net Periodic Pension Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Service cost	$ 4,479	$ 4,027	$ 3,711
Interest cost	1,383	1,817	2,278
Expected return on plan assets	(346)	(453)	(608)
Amortization of prior service costs	71	68	68
Amortization of actuarial net loss	2,183	2,255	1,648
Settlement	(2)	286	250
Curtailment	(557)	0	0
Net periodic benefit cost	$ 7,211	$ 8,000	$ 7,347

Stock-Based Compensation - Stock Option Summary (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	433	458	895
Granted (in shares)	0	83	76
Exercised (in shares)	(34)	(103)	(489)
Forfeited (in shares)	(6)	(5)	(13)
Expired (in shares)			(11)
Outstanding, ending balance (in shares)	393	433	458	895
Exercisable, ending balance (in shares)	320
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 61.95	$ 56.38	$ 47.93
Granted (in dollars per share)	0	84.39	76.55
Exercised (in dollars per share)	67.21	53.99	43.55
Forfeited (in dollars per share)	83.33	83.94	67.34
Expired (in dollars per share)			66.24
Outstanding, ending balance (in dollars per share)	61.18	$ 61.95	$ 56.38	$ 47.93
Exercisable, ending balance (in dollars per share)	$ 56.56
Outstanding, Weighted Average Remaining Contractual Term	5 years 10 months 24 days	6 years 10 months 24 days	7 years	6 years 2 months 12 days
Exercisable, Weighted Average Remaining Contractual Term	5 years 4 months 24 days
Outstanding, Aggregate Intrinsic Value	$ 4,737,000	$ 14,697,000	$ 12,641,000	$ 4,806,000
Exercised, Aggregate Intrinsic Value	1,215,000	$ 2,061,000	$ 15,759,000
Exercisable, Aggregate Intrinsic Value	$ 4,681,000
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	$ 0	$ 26.37	$ 26.20

Summary of Significant Accounting Policies - Basis of Consolidation Policy Additional Information (Details)	12 Months Ended
	Dec. 31, 2021
Maximum
Basis of Consolidation [Abstract]
Ownership interest to use equity method	50.00%
Ownership interest to use cost method	20.00%
Minimum
Basis of Consolidation [Abstract]
Ownership interest to be held for consolidation	50.00%
Ownership interest to use equity method	20.00%

Defined Benefit Pension Plans - Accumulated Benefit Obligation Additional Details (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Defined benefit plan, expected amortization, next fiscal year	$ 1.1
Discount rate	1.66%	1.10%	1.76%
Defined benefit plan, accumulated benefit obligation	$ 103.4	$ 121.7

Restructuring - Related Balance Sheet Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	$ 72,626
Costs Recognized in Prior Periods	54,623
Cash payments	(29,658)
Cash receipts	4,495
Net assets disposed and impaired	13,239
Effect of change in exchange rates	(3,841)
Restructuring Reserve - Ending Balance	85,006
Employee severance costs
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	70,005
Costs Recognized in Prior Periods	37,320
Cash payments	(23,687)
Cash receipts	0
Net assets disposed and impaired	0
Effect of change in exchange rates	(3,762)
Restructuring Reserve - Ending Balance	79,876
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	0
Costs Recognized in Prior Periods	8,744
Cash payments	0
Cash receipts	4,495
Net assets disposed and impaired	13,239
Effect of change in exchange rates	0
Restructuring Reserve - Ending Balance	0
Other restructuring costs
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	2,621
Costs Recognized in Prior Periods	8,559
Cash payments	(5,971)
Cash receipts	0
Net assets disposed and impaired	0
Effect of change in exchange rates	(79)
Restructuring Reserve - Ending Balance	$ 5,130

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock, par value (in dollars per share)	$ 0
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	45,152,000	40,444,000
Common stock, shares outstanding (in shares)	45,152,000	40,444,000

Defined Benefit Pension Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Changes in Benefit Obligation and Fair Value of Plan Assets

The following tables set forth the components of the changes in benefit obligations and fair value of plan assets:


	Year Ended December 31,
In thousands	2021		2020
Change in benefit obligation:
Benefit obligation at January 1,	$	132,732	$	114,218
Service cost	4,479		4,027
Interest cost	1,383		1,817
Actuarial (gain) loss	(13,986)		9,323
Benefits paid	(3,381)		(2,820)
Foreign currency exchange rate changes	(8,505)		9,594
Curtailment	(579)		(589)
Settlement	(171)		(78)
Other	101		(2,760)
Benefit obligation at December 31,	$	112,073	$	132,732

Change in plan assets:
Fair value of plan assets at January 1,	$	10,206	$	12,665
Actual return on plan assets	308		389
Company contributions	102		349
Benefits paid	(329)		(298)
Foreign currency exchange rate changes	(678)		(177)
Release for divestiture	—		(2,722)
Fair value of plan assets at December 31,	9,609		10,206
Net pension benefit obligation at fair value	$	102,464	$	122,526

Schedule of Amounts Recognized in the Consolidated Balance Sheets

Amounts recognized on the Consolidated Balance Sheets consist of:


	December 31,
In thousands	2021		2020



Liabilities
Current portion of pension benefit obligation in wages and benefits payable	$	3,088	$	3,069
Pension benefit obligation held for sale within other current liabilities	11,513		—
Long-term portion of pension benefit obligation	87,863		119,457

Pension benefit obligation, net	$	102,464	$	122,526

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in OCI (pre-tax) are as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Net actuarial (gain) loss	$	(14,565)	$	8,734	$	8,762
Settlement (gain) loss	2		(286)		(250)
Curtailment loss	557		—		—
Plan asset (gain) loss	38		64		(526)
Amortization of net actuarial loss	(2,183)		(2,255)		(1,648)
Amortization of prior service cost	(71)		(68)		(68)
Other	101		—		(160)
Other comprehensive (income) loss	$	(16,121)	$	6,189	$	6,110

Schedule of Net Periodic Pension Benefit Costs

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


	Year Ended December 31,
In thousands	2021		2020		2019
Service cost	$	4,479	$	4,027	$	3,711
Interest cost	1,383		1,817		2,278
Expected return on plan assets	(346)		(453)		(608)
Amortization of prior service costs	71		68		68
Amortization of actuarial net loss	2,183		2,255		1,648
Settlement	(2)		286		250
Curtailment	(557)		—		—

Net periodic benefit cost	$	7,211	$	8,000	$	7,347

Schedule of Assumptions Used

The significant actuarial weighted average assumptions used in determining the benefit obligations and net periodic benefit cost for our benefit plans are as follows:


	Year Ended December 31,
	2021		2020		2019
Actuarial assumptions used to determine benefit obligations at end of period:
Discount rate	1.66	%	1.10	%	1.76	%
Expected annual rate of compensation increase	3.88	%	3.68	%	3.76	%
Actuarial assumptions used to determine net periodic benefit cost for the period:
Discount rate	1.10	%	1.76	%	2.24	%
Expected rate of return on plan assets	3.45	%	4.89	%	5.19	%
Expected annual rate of compensation increase	3.68	%	3.76	%	3.60	%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The total obligations and fair value of plan assets for plans with projected benefit obligations and accumulated benefit obligations exceeding the fair value of plan assets are as follows:


In thousands	December 31,
	2021		2020
Projected benefit obligation	$	112,073	$	132,732
Accumulated benefit obligation	103,437		121,747
Fair value of plan assets	9,609		10,206

Fair values of the assets held by the postretirement benefits plans by asset category

The fair values of our plan investments by asset category are as follows:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Unobservable Inputs (Level 3)


In thousands	December 31, 2021
Cash	$	1,075	$	1,075	$	—
Insurance funds	8,534		—		8,534

Total fair value of plan assets	$	9,609	$	1,075	$	8,534


In thousands	December 31, 2020
Cash	$	1,050	$	1,050	$	—
Insurance funds	9,156		—		9,156

Total fair value of plan assets	$	10,206	$	1,050	$	9,156

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2021 and 2020:


In thousands	Balance at January 1, 2021		Net Realized and Unrealized Gains		Net Purchases, Issuances, Settlements, and Other		Release for Divestiture		Effect of Foreign Currency		Balance at December 31, 2021
Insurance funds	$	9,156	$	289	$	(242)	$	—	$	(669)	$	8,534


In thousands	Balance at January 1, 2020		Net Realized and Unrealized Gains		Net Purchases, Issuances, Settlements, and Other		Release for Divestiture		Effect of Foreign Currency		Balance at December 31, 2020
Insurance funds	$	8,133	$	237	$	15	$	—	$	771	$	9,156
Other securities	3,606		117		(61)		(2,722)		(940)		—
Total	$	11,739	$	354	$	(46)	$	(2,722)	$	(169)	$	9,156

Schedule of Expected Benefit Payments

Annual benefit payments for the next 10 years, including amounts to be paid from our assets for unfunded plans and reflecting expected future service, as appropriate, are expected to be paid as follows:


Year Ending December 31,	Estimated Annual Benefit Payments

In thousands
2022	$	4,294
2023	3,456
2024	4,392
2025	4,686
2026	4,755
2027-2031	26,825

Earnings Per Share - Narrative (Details) - $ / shares shares in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)		0.5	0.7	0.4
Treasury Stock, Shares, Acquired		3.7
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 180.00
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)	3.7	3.7
Common stock conversion price (in usd per share)		$ 126.00

Segment Information - Segment Results Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments		3
Discontinued Operations, Disposed of by Sale
Segment Reporting Information [Line Items]
Disposal group, not discontinued operation, loss (gain) on write-down	$ (34.4)	$ 64.3	$ (59.8)

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy	Financial Statement Preparation The consolidated financial statements presented in this Annual Report include the Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Equity, and Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020, and 2019 and the Consolidated Balance Sheets as of December 31, 2021 and 2020 of Itron, Inc. and its subsidiaries, prepared in accordance with U.S. generally accepted accounting principles (GAAP).
Use of Estimates, Policy	Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of significant estimates include revenue recognition, warranty, restructuring, income taxes, business combinations, goodwill and intangible assets, defined benefit pension plans, contingencies, and stock-based compensation. Due to various factors affecting future costs and operations, actual results could differ materially from these estimates.
Risks and Uncertainties	Risks and Uncertainties The COVID-19 pandemic has had global economic impacts including disrupting customer demand and global supply chains, resulting in 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. During portions of the first half of 2020 certain of our European factories were closed due to government actions and local conditions, and any further closures that may be imposed on us could impact our future results. New variants of the virus may cause previously lifted restrictions to be reinstated, which could result in more disruptions. Incremental costs we have incurred related to COVID-19, such as personal protective equipment, increased cleaning and sanitizing of our facilities, and other such items, have not been material to date. As economies have reopened, global supply chains have struggled to keep pace with rapidly changing demand. The resulting supply constraints have manifested across a variety of areas including mechanical, electrical and logistics portions of the supply chain, which has impacted our ability to ship products in a timely manner. In particular, our ability to obtain adequate supply of semiconductor components has impacted our ability to service recovering customer demand. While we believe the current imbalance in supply and demand is temporal, the timeline to recovery is uncertain. Efforts are ongoing with suppliers to increase supply, including the approval of alternate sources. Recently, inflation in our raw materials and component costs, freight charges, and labor costs have increased above historical levels, due to, among other things, the continuing impacts of the pandemic and uncertain economic environment. We may or may not be able to fully recover these increased costs through pricing actions with our customers. At this time, we have not identified any significant decrease in long-term customer demand for our products and services. However, certain of our customer projects have experienced delay in deliveries, with originally forecasted 2021 revenue pushed to future periods.
Basis of Consolidation, and Noncontrolling Interests	Basis of Consolidation We consolidate all entities in which we have a greater than 50% ownership interest or in which we exercise control over the operations. We use the equity method of accounting for entities in which we have a 20% to 50% investment and exercise significant influence. Entities in which we have less than a 20% investment and where we do not exercise significant influence are accounted for under the fair value method. Intercompany transactions and balances are eliminated upon consolidation. Noncontrolling Interests In several of our consolidated international subsidiaries, we have joint venture partners, who are minority shareholders. Although these entities are not wholly owned by Itron, we consolidate them because we have a greater than 50% ownership interest or because we exercise control over the operations. The noncontrolling interest balance is adjusted each period to reflect the allocation of net income (loss) and other comprehensive income (loss) attributable to the noncontrolling interests, as shown in our Consolidated Statements of Operations and our Consolidated Statements of Comprehensive Income (Loss), as well as contributions from and distributions to the owners. The noncontrolling interest balance in our Consolidated Balance Sheets represents the proportional share of the equity of the joint venture entities, which is attributable to the minority shareholders.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid instruments with remaining maturities of three months or less at the date of acquisition to be cash equivalents.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy	Restricted Cash and Cash Equivalents Cash and cash equivalents that are contractually restricted from operating use are classified as restricted cash and cash equivalents. We have no restricted cash in all periods presented.
Accounts Receivable and Allowance for Doubtful Accounts	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 credit losses 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.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value using the first-in, first-out method. Cost includes raw materials and labor, plus applied direct and indirect overhead costs. Net realizable value is the estimated selling price in the normal course of business, minus the cost of completion, disposal and transportation.
Derivative Instruments	Derivative Instruments All derivative instruments, whether designated in hedging relationships or not, are recognized on the Consolidated Balance Sheets at fair value as either assets or liabilities. The fair values of our derivative instruments are determined using the fair value measurements of significant other observable inputs (Level 2), as defined by GAAP. The fair value of our derivative instruments may switch between an asset and a liability depending on market circumstances at the end of the period. We include 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 and the effect of our own nonperformance risk when the net fair value of our derivative instruments is in a net liability position. For any derivative designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. For any derivative designated as a cash flow hedge, changes in the fair value of the derivative are recognized as a component of other comprehensive income (loss) (OCI) and are recognized in earnings when the hedged item affects earnings. For a hedge of a net investment, any unrealized gain or loss from the foreign currency revaluation of the hedging instrument is reported in OCI as a net unrealized gain or loss on derivative instruments. Upon termination of a net investment hedge, the net derivative gain/loss will remain in accumulated other comprehensive income (loss) (AOCI) until such time when earnings are impacted by a sale or liquidation of the associated operations. We classify cash flows from our derivative programs as cash flows from operating activities in the Consolidated Statements of Cash Flows. Derivatives are not used for trading or speculative purposes. Our derivatives are with credit-worthy multinational commercial banks, with which we have master netting agreements; however, our derivative positions are not recognized on a net basis in the Consolidated Balance Sheets. There are no credit-risk related contingent features within our derivative instruments. Refer to Note 7: Derivative Financial Instruments and Note 14: Shareholders' Equity for further disclosures of our derivative instruments and their impact on OCI.
Property, Plant, and Equipment	Property, Plant, and Equipment Property, plant, and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 30 years for buildings and improvements and three years to 10 years for machinery and equipment, computers and software, and furniture. Leasehold improvements are capitalized and depreciated over the term of the applicable lease, including renewable periods if reasonably certain, or over the useful lives, whichever is shorter. Construction in process represents capital expenditures incurred for assets not yet placed in service. Costs related to internally developed software and software purchased for internal uses are capitalized and are amortized over the estimated useful lives of the assets. Repair and maintenance costs are recognized as incurred. We have no major planned maintenance activities. We review long-lived assets for impairment whenever events or circumstances indicate the carrying amount of an asset group may not be recoverable. Assets held for sale are classified within other current assets in the Consolidated Balance Sheets, are reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. Gains and losses from asset disposals and impairment losses are classified within the Consolidated Statements of Operations according to the use of the asset, except those gains and losses recognized in conjunction with our restructuring activities, which are classified within restructuring expense, or impairment losses recognized in conjunction with an announced or completed sale of a business, which are classified within Loss on sale of business.
Prepaid Debt Fees	Prepaid Debt Fees Prepaid debt fees for term debt represent the capitalized direct costs incurred related to the issuance of debt and are recognized as a deduction from the carrying amount of the corresponding debt liability. We have elected to present prepaid debt fees for revolving debt within other long-term assets in the Consolidated Balance Sheets. These costs are amortized to interest expense over the terms of the respective borrowings, including any contingent maturity or call features, using the effective interest method or the straight-line method when associated with a revolving credit facility. When debt is repaid early, the related portion of unamortized prepaid debt fees is written off and included in interest expense.
Business Combinations	Business Combinations On the date of acquisition, the assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree are recognized at their fair values. The acquiree's results of operations are also included as of the date of acquisition in our consolidated results. Intangible assets that arise from contractual/legal rights, or are capable of being separated, are measured and recognized at fair value, and amortized over the estimated useful life. If practicable, assets acquired and liabilities assumed arising from contingencies are measured and recognized at fair value. If not practicable, such assets and liabilities are measured and recognized when it is probable that a gain or loss has occurred and the amount can be reasonably estimated. The residual balance of the purchase price, after fair value allocations to all identified assets and liabilities, represents goodwill. Acquisition-related costs are recognized as incurred. Integration costs associated with an acquisition are generally recognized in periods subsequent to the acquisition date, and changes in deferred tax asset valuation allowances and acquired income tax uncertainties, including penalties and interest, after the measurement period are recognized as a component of the provision for income taxes. Our acquisitions may include contingent consideration, which requires us to recognize the fair value of the estimated liability at the time of the acquisition. Subsequent changes in the estimate of the amount to be paid under the contingent consideration arrangement are recognized in the Consolidated Statements of Operations. We estimate the preliminary fair value of acquired assets and liabilities as of the date of acquisition based on information available at that time utilizing either a cost or income approach. The determination of the fair value is judgmental in nature and involves the use of significant estimates and assumptions. Contingent consideration is recognized at fair value as of the date of the acquisition with adjustments occurring after the purchase price allocation period, which could be up to one year, recognized in earnings. Changes to valuation allowances on acquired deferred tax assets that occur after the acquisition date are recognized in the provision for, or benefit from, income taxes. The valuation of these tangible and identifiable intangible assets and liabilities is subject to further management review and may change materially between the preliminary allocation and end of the purchase price allocation period. Any changes in these estimates may have a material effect on our consolidated operating results or financial position.
Lessee, Leases	Leases We determine if an arrangement is a lease at inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (2) the customer has the right to control the use of the identified asset. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities, and operating lease liabilities on our Consolidated Balance Sheets. Finance leases are included in property, plant, and equipment, other long-term assets, other current liabilities, and other long-term obligations on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. We use the rate implicit in the lease agreement when readily determinable. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is the estimated rate of interest we expect to pay on a collateralized basis over a similar term, based on the information available at the lease commencement date. The Operating lease ROU asset also includes any lease payments made and is reduced by lease incentives received and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We have lease agreements that include lease and nonlease components. When nonlease components are fixed, we have elected the practical expedient to account for lease and nonlease components as a single lease component, except for leases embedded in service contracts. All leases with a lease term that is greater than one month are subject to recognition and measurement on the balance sheet, except where we have leases in service contracts with contract manufacturers. For leases with contract manufacturers, we have elected to utilize the short-term lease exemption. Lease expense for variable lease payments, where the timing or amount of the payment is not fixed, are recognized when the obligation is incurred. Variable lease payments generally arise in our net lease arrangements where executory and other lease-related costs are billed to Itron when incurred by the lessor.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and intangible assets may result from our business acquisitions. Intangible assets may also result from the purchase of assets and intellectual property in a transaction that does not qualify as a business combination. We use estimates, including estimates of useful lives of intangible assets, the amount and timing of related future cash flows, and fair values of the related operations, in determining the value assigned to goodwill and intangible assets. Our finite-lived intangible assets are amortized over their estimated useful lives based on estimated discounted cash flows, generally three years to ten years for core-developed technology and customer contracts and relationships. Finite-lived intangible assets are tested for impairment at the asset group level when events or changes in circumstances indicate the carrying value may not be recoverable. Indefinite-lived intangible assets are tested for impairment annually, when events or changes in circumstances indicate the asset may be impaired, or when their useful lives are determined to be no longer indefinite. Goodwill is assigned to our reporting units based on the expected benefit from the synergies arising from each business combination, determined by using certain financial metrics, including the forecasted discounted cash flows associated with each reporting unit. Each reporting unit corresponds with its respective operating segment. We test goodwill for impairment each year as of October 1, or more frequently should a significant impairment indicator occur. As part of the impairment test, we may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit, including goodwill, is less than its carrying amount, or if we elect to bypass the qualitative assessment, we would then proceed with the quantitative impairment test. The impairment test involves comparing the fair values of the reporting units to their carrying amounts. If the carrying amount of a reporting unit exceeds its fair value, we first evaluate the long-lived assets within the reporting unit for impairment and then recognize goodwill impairment loss in an amount equal to any excess. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. We forecast discounted future cash flows at the reporting unit level using risk-adjusted discount rates and estimated future revenues and operating costs, which take into consideration factors such as existing backlog, expected future orders, supplier contracts, and expectations of competitive and economic environments. We also identify similar publicly traded companies and develop a correlation, referred to as a multiple, to apply to the operating results of the reporting units. These combined fair values are then reconciled to the aggregate market value of our common stock on the date of valuation, while considering a reasonable control premium.
Contingencies	Contingencies A loss contingency is recognized if it is probable that an asset has been impaired or a liability has been incurred, and the amount of the loss can be reasonably estimated. We evaluate, among other factors, the degree of probability of an unfavorable outcome and our ability to make a reasonable estimate of the amount of the ultimate loss. Loss contingencies that we determine to be reasonably possible, but not probable, are disclosed but not recognized. Legal costs to defend against contingent liabilities are recognized as incurred.
Compensation Related Costs, Policy	Bonus and Profit SharingWe have various employee bonus and profit sharing plans, which provide award amounts for the achievement of financial and nonfinancial targets. If management determines it is probable that the discretionary targets will be achieved, and the amounts can be reasonably estimated, a compensation accrual is recognized based on the proportional achievement of the financial and nonfinancial targets.
Warranty	Warranty We offer standard warranties on our hardware products and large application software products. We accrue the estimated cost of new product warranties based on historical and projected product performance trends and costs during the warranty period. Testing of new products in the development stage helps identify and correct potential warranty issues prior to manufacturing. Quality control efforts during manufacturing reduce our exposure to warranty claims. When testing or quality control efforts fail to detect a fault in one of our products, we may experience an increase in warranty claims. We track warranty claims to identify potential warranty trends. If an unusual trend is noted, an additional warranty accrual would be recognized if a failure event is probable and the cost can be reasonably estimated. When new products are introduced, our process relies on historical averages of similar products until sufficient data is available. As actual experience on new products becomes available, it is used to modify the historical averages to ensure the expected warranty costs are within a range of likely outcomes. Management regularly evaluates the sufficiency of the warranty provisions and makes adjustments when necessary. The long-term warranty balance includes estimated warranty claims beyond one year. Warranty expense is classified within cost of revenues.
Costs Associated with Exit or Disposal Activity or Restructuring	Restructuring We recognize a liability for costs associated with an exit or disposal activity under a restructuring project in the period in which the liability is incurred. Employee termination benefits considered postemployment benefits are accrued when the obligation is probable and estimable, such as benefits stipulated by human resource policies and practices or statutory requirements. One-time termination benefits are recognized at the date the employee is notified. If the employee must provide future service greater than 60 days, such benefits are recognized ratably over the future service period. For contract termination costs, we recognize a liability upon the termination of a contract in accordance with the contract terms or the cessation of the use of the rights conveyed by the contract, whichever occurs later. Asset impairments associated with a restructuring project are determined at the asset group level. An impairment may be recognized for assets that are to be abandoned, are to be sold for less than net book value, or are held for sale in which the estimated proceeds less costs to sell are less than the net book value. We may also recognize impairment on an asset group, which is held and used, when the carrying value is not recoverable and exceeds the asset group's fair value. If an asset group is considered a business, a portion of our goodwill balance is allocated to it based on relative fair value. If the sale of an asset group under a restructuring project results in proceeds that exceed the net book value of the asset group, the resulting gain is recognized within restructuring expense in the Consolidated Statements of Operations.
Defined Benefit Pension Plans	Defined Benefit Pension Plans We sponsor both funded and unfunded defined benefit pension plans for certain international employees. We recognize a liability for the projected benefit obligation in excess of plan assets. We recognize an asset when plan assets exceed the projected benefit obligation. We also recognize the funded status of our defined benefit pension plans on our Consolidated Balance Sheets and recognize as a component of OCI, net of tax, the actuarial gains or losses and prior service costs or credits, if any, which arise during the period but that are not recognized as components of net periodic benefit cost. If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities, we amortize them over the employees' average future service period.
Share Repurchase Policy	Share Repurchase Plans From time to time, we may repurchase shares of Itron common stock under programs authorized by our Board of Directors. Share repurchases are made in the open market or in privately negotiated transactions and in accordance with applicable securities laws. Under applicable Washington State law, shares repurchased are retired and not displayed separately as treasury stock on the financial statements; the value of the repurchased shares is deducted from common stock.
Revenue Recognition	Product Revenues and Service Revenues Product revenues include sales from standard and smart meters, systems or software, and any associated implementation and installation revenue. Service revenues include sales from post-sale maintenance support, consulting, outsourcing, and managed services. Revenue Recognition The majority of our revenues consist primarily of hardware sales, but may also include the license of software, software implementation services, cloud services and Software-as-a-Service (SaaS), project management services, installation services, consulting services, post-sale maintenance support, and extended or customer-specific warranties. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. In determining whether the definition of a contract has been met, we consider whether the arrangement creates enforceable rights and obligations, which involves evaluation of contractual terms that would allow for the customer to terminate the agreement. If the customer has the unilateral right to terminate the agreement without providing further consideration to us, the agreement would not be considered to meet the definition of a contract. Many of our revenue arrangements involve multiple performance obligations as our hardware and services are often sold together. Separate contracts entered into with the same customer (or related parties of the customer) at or near the same time are accounted for as a single contract when one or more of the following criteria are met: •The contracts are negotiated as a package with a single commercial objective; •The amount of consideration to be paid in one contract depends on the price or performance of the other contract; or •The goods or services promised in the contracts (or some goods or services promised in each of the contracts) are a single performance obligation. Once the contract has been defined, we evaluate whether the promises in the contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment, and the decision to separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recognized in a given period. Some of our contracts contain a significant service of integrating, customizing or modifying goods or services in the contract, in which case the goods or services would be combined into a single performance obligation. It is common that we may promise to provide multiple distinct goods or services, in which case we separate the contract into more than one performance obligation. If a contract is separated into more than one performance obligation, we allocate the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services. For goods or services where we have observable standalone sales, the observable standalone sales are used to determine the standalone selling price. For the majority of our goods and services, we do not have observable standalone sales. As a result, we estimate the standalone selling price using either the adjusted market assessment approach or the expected cost plus a margin approach. Approaches used to estimate the standalone selling price for a given good or service will maximize the use of observable inputs and considers several factors, including our pricing practices, costs to provide a good or service, the type of good or service, and availability of other transactional data, among others. We determine the estimated standalone selling prices of goods or services used in our allocation of arrangement consideration on an annual basis or more frequently if there is a significant change in our business or if we experience significant variances in our transaction prices. Many of our contracts with customers include variable consideration, which can include liquidated damage provisions, rebates and volume and early payment discounts. Some of our contracts with customers contain clauses for liquidated damages related to the timing of delivery or milestone accomplishments, which could become material in an event of failure to meet the contractual deadlines. At the inception of the arrangement and on an ongoing basis, we evaluate the probability and magnitude of having to pay liquidated damages. We estimate variable consideration using the expected value method, taking into consideration contract terms, historical customer behavior, and historical sales. In the case of liquidated damages, we also take into consideration progress towards meeting contractual milestones, including whether milestones have not been achieved, specified rates, if applicable, stated in the contract, and history of paying liquidated damages to the customer or similar customers. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. In the normal course of business, we do not accept product returns unless the item is defective as manufactured. We establish provisions for estimated returns and warranties. In addition, we do not typically provide customers with the right to a refund. Hardware revenue is recognized at a point in time. Transfer of control is typically at the time of shipment, receipt by the customer, or, if applicable, upon receipt of customer acceptance provisions. We will recognize revenue prior to receipt of customer acceptance for hardware in cases where the customer acceptance provision is determined to be a formality. Transfer of control would not occur until receipt of customer acceptance in hardware arrangements where such provisions are subjective or where we do not have history of meeting the acceptance criteria. Perpetual software licenses are considered to be a right to use intellectual property and are recognized at a point in time. Transfer of control is considered to be at the point at which it is available to the customer to download and use or upon receipt of customer acceptance. In certain contracts, software licenses may be sold with implementation services that include a significant service of integrating, customizing or modifying the software. In these instances, the software license is combined into single performance obligation with the implementation services and recognized over time as the implementation services are performed. Hardware and software licenses (when not combined with professional services) are typically billed when shipped and revenue recognized at a point-in-time. As a result, the timing of revenue recognition and invoicing does not have a significant impact on contract assets and liabilities. Professional services, which include implementation, project management, installation, and consulting services are recognized over time. We measure progress towards satisfying these performance obligations using input methods, most commonly based on the costs incurred in relation to the total expected costs to provide the service. We expect this method to best depict our performance in transferring control of services promised to the customer or represents a reasonable proxy for measuring progress. The estimate of expected costs to provide services requires judgment. Cost estimates take into consideration our historical experience and the specific scope requested by the customer and are updated quarterly. We may also offer professional services on a stand-ready basis over a specified period of time, in which case revenue would be recognized ratably over the term. Invoicing of these services is commensurate with performance and occurs on a monthly basis. As such, these services do not have a significant impact on contract assets and contract liabilities. Cloud services and SaaS arrangements where customers have access to certain of our software within a cloud-based IT environment that we manage, host, and support are offered to customers on a subscription basis. Revenue for the cloud services and SaaS offerings are generally recognized over time, ratably over the contact term commencing with the date the services are made available to the customer. Services, including professional services, cloud services, and SaaS arrangements, are commonly billed on a monthly basis in arrears and typically result in an unbilled receivable, which is not considered a contract asset as our right to consideration is unconditional. Certain of our revenue arrangements include an extended or customer-specific warranty provision that covers all or a portion of a customer's replacement or repair costs beyond the standard warranty period. Whether or not the extended warranty is separately priced in the arrangement, such warranties are considered to be a separate good or service, and a portion of the transaction price is allocated to this extended warranty performance obligation. This revenue is recognized ratably over the extended warranty coverage period. Hardware and software post-sale maintenance support fees are recognized over time, ratably over the life of the related service contract. Support fees are typically billed on an annual basis, resulting in a contract liability. Shipping and handling costs and incidental expenses billed to customers are recognized as revenue, with the associated cost charged to cost of revenues. We recognize sales, use, and value added taxes billed to our customers on a net basis. Payment terms with customers can vary by customer; however, amounts billed are typically payable within 30 to 90 days, depending on the destination country. We do not typically offer financing as part of our contracts with customers. We incur certain incremental costs to obtain contracts with customers, primarily in the form of sales commissions. Where the amortization period is one year or less, we have elected to apply the practical expedient and recognize the related commissions expense as incurred. Otherwise, such incremental costs are capitalized and amortized over the contract period. Capitalized incremental costs are not material.
Product and Software Development Costs	Product and Software Development Costs Product and software development costs primarily include employee compensation and third-party contracting fees. We do not capitalize product development costs, and we do not generally capitalize development expenses for computer software to be sold, leased, or otherwise marketed as the costs incurred are immaterial for the relatively short period of time between technological feasibility and the completion of software development.
Stock-based Compensation	Stock-Based Compensation We grant various stock-based compensation awards to our officers, employees, and Board of Directors with service, performance, and market vesting conditions, including restricted stock units, phantom stock units, and unrestricted stock units (awards). Prior to December 31, 2020, stock options were also granted as part of the stock-based compensation awards. We measure and recognize compensation expense for all awards based on estimated fair values. For awards with only a service condition, we expense stock-based compensation using the straight-line method over the requisite service period for the entire award. For awards with service and performance conditions where vesting is probable, we expense the stock-based compensation on a straight-line basis over the requisite service period for each separately vesting portion of the award. For awards with a market condition, we expense the fair value over the requisite service period. We have elected to account for forfeitures of any awards in stock-based compensation expense prospectively as they occur. The fair value of a restricted stock unit is the market close price of our common stock on the date of grant. Restricted stock units vest over a maximum period of three years. After vesting, the restricted stock units are converted into shares of our common stock on a one-for-one basis and issued to employees. Certain restricted stock units are issued under the Long-Term Performance Restricted Stock Unit Award Agreement and include performance and market conditions. The final number of shares issued will be based on the achievement of financial targets and our total shareholder return relative to the Russell 3000 Index during the performance periods. Due to the presence of a market condition, we utilize a Monte Carlo valuation model to determine the fair value of the awards at the grant date. Expected volatility is based on the historical volatility of our common stock for the related expected term. We believe this approach is reflective of current and historical market conditions and is an appropriate indicator of expected volatility. The risk-free interest rate is the rate available as of the grant date on zero-coupon U.S. government issues with a term equal to the expected term of the award. The expected term is the remaining term of an award based on the period of time between the grant date and the date the award is expected to vest. Phantom stock units are a form of share-based award that are indexed to our stock price and are settled in cash upon vesting and accounted for as liability-based awards. Fair value is remeasured at the end of each reporting period based on the market close price of our common stock. Phantom stock units vest over a maximum period of three years. Since phantom stock units are settled in cash, compensation expense recognized over the vesting period will vary based on changes in the fair value of the awards. The fair value of unrestricted stock awards is the market close price of our common stock on the date of grant, and the awards are deemed fully vested. We expense stock-based compensation at the date of grant for unrestricted stock awards. The fair value of stock options was estimated at the date of grant using the Black-Scholes option-pricing model. Options to purchase our common stock were granted with an exercise price equal to the market close price of the stock on the date the Board of Directors approved the grant. Options generally became exercisable in three equal annual installments beginning one year from the date of grant and expiring 10 years from the date of grant. Expected volatility was based on a combination of the historical volatility of our common stock and the implied volatility of our traded options for the related expected term. We believe this combined approach was reflective of current and historical market conditions and was an appropriate indicator of expected volatility. The risk-free interest rate was the rate available as of the award date on zero-coupon U.S. government issues with a term equal to the expected term of the award. The expected term was the weighted average expected term of an award based on the period of time between the date the award was granted and the estimated date the award will be fully exercised. Factors considered in estimating the expected term included historical experience of similar awards, contractual terms, vesting schedules, and expectations of future employee behavior. Excess tax benefits and deficiencies resulting from employee share-based payment are recognized as income tax provision or benefit in the Consolidated Statements of Operations, and as an operating activity on the Consolidated Statements of Cash Flows. We also maintain an Employee Stock Purchase Plan (ESPP) for our employees. Under the terms of the ESPP, employees can deduct up to 10% of eligible compensation to purchase our common stock at a 5% discount from the fair market value of the stock at the end of each fiscal quarter, subject to other limitations under the plan. The sale of the stock to the employees occurs at the beginning of the subsequent quarter. The ESPP is not considered compensatory, and no compensation expense is recognized for sales of our common stock to employees.
Income Tax, Policy	Income Taxes We account for income taxes using the asset and liability method of accounting. Deferred tax assets and liabilities are recognized based upon anticipated future tax consequences, in each of the jurisdictions that we operate, attributable to: (1) the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases; and (2) net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured annually using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The calculation of our tax liabilities involves applying complex tax regulations in different tax jurisdictions to our tax positions. The effect on deferred tax assets and liabilities of a change in tax legislation and/or rates is recognized in the period that includes the enactment date. A valuation allowance is recognized to reduce the carrying amounts of deferred tax assets if it is not more likely than not that such assets will be realized. We do not recognize tax liabilities on undistributed earnings of international subsidiaries that are permanently reinvested.
Foreign Exchange	Foreign Exchange Our consolidated financial statements are reported in U.S. dollars. Assets and liabilities of international subsidiaries with non-U.S. dollar functional currencies are translated to U.S. dollars at the exchange rates in effect on the balance sheet date, or the last business day of the period, if applicable. Revenues and expenses for each subsidiary are translated to U.S. dollars using an average rate for the relevant reporting period. Translation adjustments resulting from this process are included, net of tax, in OCI. Gains and losses that arise from exchange rate fluctuations for monetary asset and liability balances that are not denominated in an entity's functional currency are included within other income (expense), net in the Consolidated Statements of Operations. Currency gains and losses of intercompany balances deemed to be long-term in nature or designated as a hedge of the net investment in international subsidiaries are included, net of tax, in OCI. Foreign currency losses, net of hedging, of $3.2 million, $2.8 million, and $5.5 million were included in other expenses, net, for the years ended December 31, 2021, 2020, and 2019.
Fair Value Measurement	Fair Value Measurements For assets and liabilities measured at fair value, the GAAP fair value hierarchy prioritizes the inputs used in different valuation methodologies, assigning the highest priority to unadjusted quoted prices for identical assets and liabilities in actively traded markets (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 inputs consist of quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in non-active markets; and model-derived valuations in which significant inputs are corroborated by observable market data either directly or indirectly through correlation or other means. Inputs may include yield curves, volatility, credit risks, and default rates.
New Accounting Pronouncements	Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which modifies certain provisions of Accounting Standards Codification (ASC) 740, to reduce the complexity of accounting for income taxes. ASU 2019-12 was effective for us beginning with our interim financial reports in 2021. The adoption of this standard did not have a material impact on full year 2021 financial results. 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 or thereafter. In January 2021, the FASB issued ASU 2021-01, which further updates the scope of Topic 848. In December 2021, we adopted this standard and amended one agreement to replace the LIBOR reference with the Chicago Mercantile Exchange (CME) Term Secured Overnight Financing Rate (SOFR). We did not execute any transactions in December 2021 nor do we have any balances outstanding under this agreement as of year end. We have not yet modified any of our debt or derivative instrument agreements. During 2022, we will continue to evaluate our contracts and any agreements will be recognized accordingly in our consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity (ASU 2020-06). This amendment simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. We chose to early adopt ASU 2020-06 beginning January 1, 2021, in relation to our convertible debt issued on March 9, 2021. This amendment had no retrospective changes but impacts how our newly issued convertible debt is both recognized and disclosed. ASU 2020-06 also amends the diluted earnings per share calculation for convertible instruments by requiring the use of the if-converted method. The treasury stock method is no longer available. Recent Accounting Standards Not Yet Adopted In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The amendments in this update modify the lease classification requirements for lessors to align them with practice under Topic 840, particularly in the area of day-one loss accounting. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if certain criteria are met. The effective date for this amendment is January 1, 2022 and all interim periods thereafter. We have determined under existing leases where we are the lessor, this amendment will not have a material impact on our financial statements. In October 2021, the FASB issued ASU 2021-08 amending Topic 805: Business Combination which was necessary due to 2014-09, Revenue from Contracts with Customers (Topic 606). The FASB is issuing this Update to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to (1) recognition of an acquired contract liability and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. The effective date for this amendment is January 1, 2023 and all interim periods thereafter. These amendments are to be applied prospectively to business combinations occurring on or after the effective date of the amendments. We currently plan to apply the practical expedient as permitted by this ASU for any future acquisitions. In November 2021, the FASB issued ASU 2021-10 amending Topic 832: Government Assistance. The FASB issued this Update to increase the transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity's accounting for the assistance, and (3) the effect of the assistance on an entity's financial statements. The effective date for this amendment is January 1, 2022. We have determined this amendment will not have a material impact on our financial statements.

Segment Information

12 Months Ended

Dec. 31, 2021

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, electricity, and water meters for a variety of global markets and adhering to regulations and standards within those markets, as well as our heat and allocation products; communicating meters that are not a part of an Itron end-to-end 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 (e.g., 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 includes products and software for the implementation, installation, and management of communicating devices and data networks. Examples from the Networked Solutions portfolio include: communicating measurement, control, or sensing endpoints, such as our Itron OpenWay® Centron and Riva meters, Itron traditional ERT® technology, Intelis smart gas meters, 500G gas communication modules, 500W water communication modules, GenX networking infrastructure products and network interface cards (NICs); Smart City control and management software; Distribution Automation bridge devices; 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, smart street lighting, and an ever-growing set of smart city applications such as traffic management, smart parking, air quality monitoring, electric vehicle charging, customer engagement, digital signage, acoustic (e.g., gunshot) detection, and leak detection and mitigation for both gas and water systems. Our IIoT platform allows all these industry and smart city applications to be run and managed on a single, multi-purpose network.

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 (PaaS); forecasting software and services; our Distributed Energy Management suite of products and services; our Distributed Intelligence suite of applications 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:


	Year Ended December 31,
In thousands	2021		2020		2019
Product revenues
Device Solutions	$	635,103	$	684,517	$	847,580
Networked Solutions	974,531		1,148,698		1,322,382
Outcomes	68,561		55,958		50,433
Total Company	$	1,678,195	$	1,889,173	$	2,220,395

Service revenues
Device Solutions	$	10,001	$	9,478	$	11,301
Networked Solutions	118,100		100,704		94,872
Outcomes	175,276		173,995		175,902
Total Company	$	303,377	$	284,177	$	282,075

Total revenues
Device Solutions	$	645,104	$	693,995	$	858,881
Networked Solutions	1,092,631		1,249,402		1,417,254
Outcomes	243,837		229,953		226,335
Total Company	$	1,981,572	$	2,173,350	$	2,502,470

Gross profit
Device Solutions	$	99,355	$	86,859	$	152,562
Networked Solutions	378,633		432,906		518,749
Outcomes	95,181		82,402		81,008
Total Company	$	573,169	$	602,167	$	752,319

Operating income (loss)
Device Solutions	$	57,217	$	40,769	$	97,753
Networked Solutions	254,434		308,099		397,325
Outcomes	50,631		47,619		43,803
Corporate unallocated	(441,581)		(406,882)		(406,198)
Total Company	(79,299)		(10,395)		132,683
Total other income (expense)	(44,511)		(46,244)		(59,651)
Income (loss) before income taxes	$	(123,810)	$	(56,639)	$	73,032

Our Corporate unallocated operating loss for the years ended December 31, 2021 and 2020 include losses from the sale of businesses of $64.3 million and $59.8 million. Refer to Note 18: Sale of Businesses for additional information on the transactions.

For all periods presented, no single customer represents more than 10% of total company revenue.

Revenues by region were as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
United States and Canada	$	1,273,868	$	1,434,577	$	1,629,742
Europe, Middle East, and Africa	568,008		594,264		663,851
Asia Pacific and Latin America (1)	139,696		144,509		208,877
Total Company	$	1,981,572	$	2,173,350	$	2,502,470

(1)On June 25, 2020, we sold our Latin American operations. We continue to sell into the region through a distributor.

Property, plant, and equipment, net, by geographic area were as follows:


	At December 31,
In thousands	2021		2020
United States	$	94,899	$	100,381
Outside United States	68,285		107,435
Total Company	$	163,184	$	207,816

Depreciation expense is allocated to the operating segments and Corporate unallocated 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:


	Year Ended December 31,
In thousands	2021		2020		2019
Device Solutions	$	22,884	$	25,058	$	25,542
Networked Solutions	16,607		16,965		13,004
Outcomes	4,454		5,348		5,363
Corporate unallocated	40,208		49,919		70,491
Total Company	$	84,153	$	97,290	$	114,400

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Defined Benefit Pension Plans - Schedule of Amounts Recognized in Other Comprehensive Income (loss), pre-tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Net actuarial (gain) loss	$ (14,565)	$ 8,734	$ 8,762
Settlement (gain) loss	2	(286)	(250)
Curtailment loss	557	0	0
Plan asset (gain) loss	38	64	(526)
Amortization of net actuarial loss	(2,183)	(2,255)	(1,648)
Amortization of prior service cost	(71)	(68)	(68)
Other	101	0	(160)
Other comprehensive (income) loss	$ (16,121)	$ 6,189	$ 6,110

Sale of Business (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The table below presents the components of the balance sheet accounts reclassified to current assets and liabilities held for sale related to the sale to Dresser.


In thousands	Year Ended December 31,
	2021
Current assets
Cash and cash equivalents	$	9,750
Accounts receivable, net	751
Inventories	15,410
Other current assets	401

Non-current assets
Property, plant, and equipment, net	12,012
Operating lease right-of-use assets, net	1,212
Intangible assets, net	3,436
Goodwill	12,800
Transaction impairment	(34,425)
Total held for sale asset balance	$	21,347

Current liabilities
Accounts payable	$	(4,635)
Other current liabilities	(126)
Wages and benefits payable	(1,271)
Taxes payable	(18)
Current portion of warranty	(50)
Unearned revenue	(12)

Non-current liabilities
Long-term warranty	(40)
Pension benefit obligation	(11,513)
Operating lease liabilities	(480)
Other long-term obligations	(448)
Total held for sale liability balance	$	(18,593)

- 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.

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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax Provision

The following table summarizes the provision (benefit) for U.S. federal, state, and foreign taxes on income from continuing operations:


	Year Ended December 31,
In thousands	2021		2020		2019
Current:
Federal	$	20,197	$	(963)	$	4,859
State and local	7,271		1,731		2,179
Foreign	12,594		12,409		13,771
Total current	40,062		13,177		20,809

Deferred:
Federal	(36,196)		(2,852)		2,334
State and local	(12,186)		(3,340)		(1,846)
Foreign	(12,657)		(60,444)		(1,518)
Total deferred	(61,039)		(66,636)		(1,030)

Change in valuation allowance	(24,535)		53,697		838
Total provision (benefit) for income taxes	$	(45,512)	$	238	$	20,617

Income Tax Rate Reconciliation

A reconciliation of income taxes at the U.S. federal statutory rate of 21% to the consolidated actual tax rate is as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Income (loss) before income taxes
Domestic	$	(91,579)	$	24,010	$	57,261
Foreign	(32,231)		(80,649)		15,771
Total income (loss) before income taxes	$	(123,810)	$	(56,639)	$	73,032

Expected federal income tax provision (benefit)	$	(26,000)	$	(11,894)	$	15,337
Latin America Divestiture	—		10,936		—
Change in valuation allowance	(24,535)		53,697		838
Onshoring of international operations	(10,933)		—		—
Stock-based compensation	(2,465)		(163)		(2,130)
Foreign earnings	25,738		(58,649)		(15,610)
Tax credits	(8,988)		(9,101)		(8,794)
Uncertain tax positions, including interest and penalties	6,693		11,144		13,060
Change in tax rates	(1,919)		557		9,514
State income tax provision (benefit), net of federal effect	(5,722)		(1,997)		2,805
U.S. tax provision on foreign earnings	58		142		129

Local foreign taxes	667		1,298		1,471

Other, net	1,894		4,268		3,997
Total provision (benefit) from income taxes	$	(45,512)	$	238	$	20,617

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following:


	December 31,
In thousands	2021		2020
Deferred tax assets
Loss carryforwards(1)	$	412,023	$	423,013
Tax credits(2)	39,767		88,433
Accrued expenses	68,757		47,569
Pension plan benefits expense	17,140		21,735
Warranty reserves	9,302		11,083
Depreciation and amortization	94,917		6,363
Equity compensation	6,126		4,701
Inventory valuation	2,593		1,799
Deferred revenue	11,534		9,705
Interest	17,971		—
Leases	9,460		10,872
Other deferred tax assets, net	9,062		10,817
Total deferred tax assets	698,652		636,090
Valuation allowance	(443,593)		(503,859)
Total deferred tax assets, net of valuation allowance	255,059		132,231

Deferred tax liabilities
Depreciation and amortization	(56,897)		(39,995)
Leases	(8,489)		(10,046)
Other deferred tax liabilities, net	(10,201)		(7,969)
Total deferred tax liabilities	(75,587)		(58,010)
Net deferred tax assets	$	179,472	$	74,221

(1)For tax return purposes at December 31, 2021, we had U.S. federal loss carryforwards of $4.8 million, which begin to expire in the year 2022. At December 31, 2021, we have net operating loss carryforwards in Luxembourg of $1.3 billion, the majority of which can be carried forward indefinitely, offset by a full valuation allowance. The remaining portion of the loss carryforwards are composed primarily of losses in various other state and foreign jurisdictions. The majority of these losses can be carried forward indefinitely. At December 31, 2021, there was a valuation allowance of $443.6 million primarily associated with foreign loss carryforwards.

(2)For tax return purposes at December 31, 2021, we had: (1) U.S. general business credits of $53.3 million, which begin to expire in 2028; (2) U.S. foreign tax credits of $1.6 million, which begin to expire in 2025; and (3) state tax credits of $39.3 million, which begin to expire in 2022.

Summary of Valuation Allowance

Changes in the valuation allowance for deferred tax assets are summarized as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Balance at beginning of period	$	503,859	$	427,030	$	437,149
Other adjustments	(35,731)		23,132		(10,957)
Additions charged to costs and expenses	(24,535)		53,697		838
Balance at end of period, noncurrent	$	443,593	$	503,859	$	427,030

Unrecognized Tax Benefits Related To Uncertain Tax Positions

A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows:


In thousands	Total
Unrecognized tax benefits at January 1, 2019	$	112,558
Gross increase to positions in prior years	1,067
Gross decrease to positions in prior years	(3,296)
Gross increases to current period tax positions	13,762
Audit settlements	—
Decrease related to lapsing of statute of limitations	(1,574)
Effect of change in exchange rates	(802)
Unrecognized tax benefits at December 31, 2019	$	121,715

Gross increase to positions in prior years	633
Gross decrease to positions in prior years	(2,140)
Gross increases to current period tax positions	14,821
Audit settlements	(795)
Decrease related to lapsing of statute of limitations	(2,381)
Effect of change in exchange rates	4,057
Unrecognized tax benefits at December 31, 2020	$	135,910

Gross increase to positions in prior years	570
Gross decrease to positions in prior years	(19,709)
Gross increases to current period tax positions	31,456
Audit settlements	—
Decrease related to lapsing of statute of limitations	(4,535)
Effect of change in exchange rates	(4,163)
Unrecognized tax benefits at December 31, 2021	$	139,529


	At December 31,
In thousands	2021		2020		2019
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	$	139,503	$	134,473	$	120,410

The net interest and penalties expense recognized were as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Net interest and penalties expense (benefit)	$	(1,097)	$	400	$	708


	At December 31,
In thousands	2021		2020
Accrued interest	$	2,964	$	3,432
Accrued penalties	747		1,645

We file income tax returns in various jurisdictions. We are subject to income tax examination by tax authorities in our major tax jurisdictions as follows:


Tax Jurisdiction						Years Subject to Audit
U.S. federal						Subsequent to 2002
France						Subsequent to 2018
Germany						Subsequent to 2013
United Kingdom						Subsequent to 2016
Indonesia						Subsequent to 2015
Italy						Subsequent to 2016

Segment Information - Revenues By Region (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers [Line Items]
Total revenues	$ 1,981,572,000	$ 2,173,350,000	$ 2,502,470,000
United States and Canada [Member]
Revenues from External Customers [Line Items]
Total revenues	1,273,868,000	1,434,577,000	1,629,742,000
EMEA [Member]
Revenues from External Customers [Line Items]
Total revenues	568,008,000	594,264,000	663,851,000
Other Countries [Member]
Revenues from External Customers [Line Items]
Total revenues	$ 139,696,000	$ 144,509,000	$ 208,877,000

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Defined Benefit Pension Plans - Schedule of Significant Actuarial Weighted Average Assumptions Used in Determining the Benefit Obligation and Net Periodic Benefit Cost (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Discount rate	1.66%	1.10%	1.76%
Expected annual rate of compensation increase	3.88%	3.68%	3.76%
Discount rate	1.10%	1.76%	2.24%
Expected rate of return on plan assets	3.45%	4.89%	5.19%
Expected annual rate of compensation increase	3.68%	3.76%	3.60%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

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:


	At December 31,
In thousands	2021		2020
Credit facility
Multicurrency revolving line of credit	$	500,000	$	500,000

Standby LOCs issued and outstanding	(64,374)		(64,948)
Net available for additional borrowings under the multicurrency revolving line of credit	$	435,626	$	435,052

Net available for additional standby LOCs under sub-facility	$	235,626	$	235,052

Unsecured multicurrency revolving lines of credit with various financial institutions
Multicurrency revolving lines of credit	$	94,845	$	99,201
Standby LOCs issued and outstanding	(19,957)		(24,966)
Short-term borrowings	—		—
Net available for additional borrowings and LOCs	$	74,888	$	74,235

Unsecured surety bonds in force	$	281,270	$	162,912

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 February 28, 2022, we do not believe any outstanding standby LOCs or bonds 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:


	Year Ended December 31,
In thousands	2021		2020		2019
Beginning balance	$	41,390	$	53,241	$	60,443

New product warranties	4,848		3,616		5,202
Other adjustments and expirations, net	551		7,736		15,695
Claims activity	(13,593)		(25,582)		(27,916)
Warranties reclassified to held for sale	(90)		—		—
Effect of change in exchange rates	(1,084)		2,379		(183)
Ending balance	32,022		41,390		53,241
Less: current portion of warranty	18,406		28,329		38,509
Long-term warranty	$	13,616	$	13,061	$	14,732

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.

On November 2, 2021, Itron entered into an agreement to sell certain of its Gas device businesses and operations to Dresser. The related disposal group was classified as held for sale during the fourth quarter of 2021. Refer to Note 18: Sale of Businesses for additional information on the transaction.

Warranty expense was as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Total warranty expense	$	5,399	$	11,539	$	17,975

Warranty expense decreased during the year ended December 31, 2021 compared with the same period in 2020. The lower costs in 2021 are primarily the result of incremental specific reserves recognized in 2020 including $3.0 million for water products in Europe, Middle East, and Africa Device Solutions and $2.0 million for electric and water products in North America Networked Solutions.

Warranty expense decreased during the year ended December 31, 2020 compared with the same period in 2019. This decrease was primarily the result of incremental specific reserves recognized in 2019 including $3.9 million for gas interface modules in North America Networked Solutions.

Health Benefits

We are self-insured for a substantial portion of the cost of our U.S. employee group health insurance. We purchase insurance from a third-party, which provides individual and aggregate stop-loss protection for these costs. Each reporting period, we expense the costs of our health insurance plan including paid claims, the change in the estimate of incurred but not reported (IBNR) claims, taxes, and administrative fees (collectively, the plan costs).

Plan costs were as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Plan costs	$	39,187	$	36,672	$	33,611

IBNR accrual, which is included in wages and benefits payable, was as follows:


	At December 31,
In thousands	2021		2020
IBNR accrual	$	3,478	$	3,507

Our IBNR accrual and expenses may fluctuate due to the number of plan participants, claims activity, and deductible limits. For our employees located outside of the United States, health benefits are provided primarily through governmental social plans, which are funded through employee and employer tax withholdings.

Commitments and Contingencies - Warranty Account Accrual Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement in Product Warranty Accrual [Roll Forward]
Beginning balance	$ 41,390	$ 53,241	$ 60,443
New product warranties	4,848	3,616	5,202
Other adjustments and expirations, net	551	7,736	15,695
Claims activity	(13,593)	(25,582)	(27,916)
Warranties reclassified to held for sale	(90)	0	0
Effect of change in exchange rates	(1,084)	2,379	(183)
Ending balance	32,022	41,390	53,241
Less: current portion of warranty	18,406	28,329	38,509
Long-term warranty	13,616	13,061	14,732
Total warranty expense	$ 5,399	$ 11,539	$ 17,975

Income Taxes - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 503,859	$ 427,030	$ 437,149
Other adjustments	(35,731)	23,132	(10,957)
Additions charged to costs and expenses	(24,535)	53,697	838
Balance at end of period, noncurrent	$ 443,593	$ 503,859	$ 427,030

Certain Balance Sheet Components - Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Machinery and equipment	$ 314,502	$ 334,050
Computers and software	111,540	115,776
Buildings, furniture, and improvements	131,764	155,676
Land	8,952	14,303
Construction in progress, including purchased equipment	39,527	31,425
Total cost	606,285	651,230
Accumulated depreciation	(443,101)	(443,414)
Property, plant, and equipment, net	$ 163,184	$ 207,816

Revenues - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with customer, asset, gross	$ 33.7	$ 49.8
Contract with customer, liability	$ 116.9	$ 148.2

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

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


	Year Ended December 31,
In thousands, except per share data	2021		2020		2019
Net income (loss) available to common shareholders	$	(81,255)	$	(57,955)	$	49,006

Weighted average common shares outstanding - Basic	44,301		40,253		39,556
Dilutive effect of stock-based awards	—		—		424
Dilutive effect of convertible notes	—		—		—
Weighted average common shares outstanding - Diluted	44,301		40,253		39,980
Net income (loss) per common share - Basic	$	(1.83)	$	(1.44)	$	1.24
Net income (loss) per common share - Diluted	$	(1.83)	$	(1.44)	$	1.23

Stock-based Awards

For 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 0.5 million, 0.7 million, and 0.4 million stock-based awards were excluded from the calculation of diluted EPS for the years ended December 31, 2021, 2020, and 2019, because they were anti-dilutive. These stock-based awards could be dilutive in future periods.

Convertible Notes and Warrants

For our Convertible Notes issued in March 2021, the dilutive effect is calculated using the if-converted method. We are required, pursuant to the indenture governing our Convertible Notes, to settle the principal amount of the Convertible Notes in cash and may elect to settle the remaining conversion obligation (stock price in excess of conversion price) in cash, shares, or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the remaining conversion obligation, assuming all the Convertible Notes were converted. The average quarterly closing prices of our common stock for the year ended December 31, 2021 were used as the basis for determining the dilutive effect on EPS. The quarterly average closing prices for our common stock did not exceed the conversion price of $126.00, and therefore all associated shares were anti-dilutive.

In conjunction with the issuance of the Convertible Notes, we sold warrants to purchase 3.7 million shares of Itron common stock. The warrants have a strike price of $180.00 per share. For calculating the dilutive effect of the warrants, we use the treasury stock method. With this method, we assume exercise of the warrants at the beginning of the period, or at time of issuance if later, and the issuance of common stock upon exercise. Proceeds from the exercise of the warrants are assumed to be used to repurchase shares of our stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be exercised with the warrants less the number of shares repurchased, are included in diluted weighted average common shares outstanding. For periods where the warrants strike price of $180.00 per share is greater than the average share price of Itron stock for the period, the warrants would be anti-dilutive. For the year ended December 31, 2021, the quarterly average closing prices of our common stock did not exceed the warrant strike price, and therefore 3.7 million shares were considered anti-dilutive.

Convertible Note Hedge Transactions

In connection with the issuance of the Convertible Notes, we entered into privately negotiated call option contracts on our common stock (the Convertible Note Hedge Transactions) with certain commercial banks (the Counterparties). The Convertible Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the Convertible Notes, approximately 3.7 million shares of our common stock, the same number of shares initially underlying the Convertible Notes, at a strike price of approximately $126.00, subject to customary adjustments. The Convertible Note Hedge Transactions will expire upon the maturity of the Convertible Notes, subject to earlier exercise or termination. Exercise of the Convertible Note Hedge Transactions would reduce the number of shares of our common stock outstanding and therefore would be anti-dilutive.

Revenues - Contract with Customer, Asset and Liability Rollforward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Beginning balance, January 1, 2021	$ 98,388
Revenues recognized from beginning contract liability	(93,709)
Cumulative catch-up adjustments	19,867
Increases due to amounts collected or due	289,300
Revenues recognized from current period increases	(229,336)
Other	(1,330)
Ending balance, December 31, 2021	$ 83,180

Sale of Business

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Sale of Business

Sale of Businesses

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 pays a royalty on certain products manufactured by Accell using licensed Company intellectual property. In addition, Accell serves as the exclusive distributor for our Device Solutions, Networked Solutions, and Outcomes product and service offerings in Latin America.

The total sales price of $35.0 million included deferred payments of $21.1 million for working capital, which was to be paid in full by December 31, 2020, as evidenced by a promissory note, and the remainder in cash ($4.5 million) and other deferred consideration. We recognized a total loss of $59.8 million during the year ended 2020, as the result of the total of the net assets sold (including the cumulative translation adjustment in AOCI) exceeding the sales price.

In January 2021, we agreed to extend the payment terms on the remaining outstanding working capital balance of $18.4 million. Accell had agreed to make monthly payments including interest through September 2022, under which we received full payments for January through March and partial payments in April and May (totaling $3.8 million including $0.7 million in interest). Based on Accell's failure to make timely payments, continued requests to defer payments significantly beyond the original maturity of the working capital note and the unfavorable impact of the COVID-19 pandemic on the Latin American markets, we determined to fully reserve the working capital and other deferred receivables, recognizing a loss on sale of business of $26.8 million for the year ended December 31, 2021.

Sale to Dresser

On November 2, 2021, Itron entered into a definitive securities and asset purchase agreement to sell certain of its Gas device manufacturing and business operations in Europe and North America to Dresser. The sale includes one German subsidiary – Itron GmbH along with its business operations, personnel, and the owned manufacturing facility in Karlsruhe; the business operations, personnel, and assets associated with the leased manufacturing facility in Argenteuil, France; and the business and manufacturing assets maintained at one of our contract manufacturers in North America. The sale of these assets and operations

is part of Itron's continued strategy to improve profitability and focus on growing its higher value businesses throughout the world.

As of the fourth quarter of 2021, we reclassified the assets and liabilities of this asset group as held for sale. Based on the sales price and the carrying value of the assets including the foreign currency translation losses accumulated since the acquisition of the German subsidiary in 2007, we recognized a pre-tax impairment loss of $34.4 million and $3.1 million for professional services in conjunction with the sale to Dresser (classified within Loss on sale of business within the Consolidated Statements of Operations) as of December 31, 2021. The base sale price of this divestiture was $75 million, with adjustments for (1) pension liabilities assumed by Dresser for the active employees and (2) the final working capital balance, which will be determined as of the close date, and, if the balance is outside the targeted amount, the difference will be settled shortly thereafter. Cash proceeds from the sale were estimated at a net $53.9 million ($63.7 million less $9.8 million in cash held for sale) at December 31, 2021. The transaction closed on February 28, 2022, and the final sales price and loss on sale will be determined and recognized during the second quarter of 2022, based on the 90-day working capital validation process.

Current and non-current assets and liabilities included with the sale have been classified as held for sale as of November 2, 2021 and moved to other current assets and liabilities as of December 31, 2021. All balances below are as of December 31, 2021. Final balances will be determined upon transaction closing, including the 90-day working capital review period.

The table below presents the components of the balance sheet accounts reclassified to current assets and liabilities held for sale related to the sale to Dresser.


In thousands	Year Ended December 31,
	2021
Current assets
Cash and cash equivalents	$	9,750
Accounts receivable, net	751
Inventories	15,410
Other current assets	401

Non-current assets
Property, plant, and equipment, net	12,012
Operating lease right-of-use assets, net	1,212
Intangible assets, net	3,436
Goodwill	12,800
Transaction impairment	(34,425)
Total held for sale asset balance	$	21,347

Current liabilities
Accounts payable	$	(4,635)
Other current liabilities	(126)
Wages and benefits payable	(1,271)
Taxes payable	(18)
Current portion of warranty	(50)
Unearned revenue	(12)

Non-current liabilities
Long-term warranty	(40)
Pension benefit obligation	(11,513)
Operating lease liabilities	(480)
Other long-term obligations	(448)
Total held for sale liability balance	$	(18,593)

Summary of Significant Accounting Policies - Foreign Exchange Policy Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Foreign currency transaction gain (loss), realized	$ 3,200	$ 2,800	$ 5,500

Goodwill (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table reflects changes in the carrying amount of goodwill for the years ended December 31, 2021 and 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	1,284		25,726		3,999		31,009
Goodwill balance at December 31, 2020	53,214		933,814		144,888		1,131,916

Goodwill reclassified to held for sale	(12,800)		—		—		(12,800)
Goodwill acquired	—		5,440		—		5,440
Effect of change in exchange rates	(1,037)		(21,249)		(3,295)		(25,581)

Goodwill balance at December 31, 2021	$	39,377	$	918,005	$	141,593	$	1,098,975

Income Taxes - Schedule of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 20,197	$ (963)	$ 4,859
State and local	7,271	1,731	2,179
Foreign	12,594	12,409	13,771
Total current	40,062	13,177	20,809
Deferred:
Federal	(36,196)	(2,852)	2,334
State and local	(12,186)	(3,340)	(1,846)
Foreign	(12,657)	(60,444)	(1,518)
Total deferred	(61,039)	(66,636)	(1,030)
Change in valuation allowance	(24,535)	53,697	838
Total provision (benefit) from income taxes	$ (45,512)	$ 238	$ 20,617

Stock-Based Compensation - Stock-Based Compensation Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Share-based Payment Arrangement, Option [Member]
[Line Items]
Compensation cost not yet recognized	$ 1.1
Unrecognized compensation expense, expected weighted average period for recognition	1 year
Restricted Stock Units (RSUs) [Member]
[Line Items]
Compensation cost not yet recognized	$ 22.6
Unrecognized compensation expense, expected weighted average period for recognition	1 year 7 months 6 days
Phantom Share Units (PSUs) [Member]
[Line Items]
Compensation cost not yet recognized	$ 2.9
Unrecognized compensation expense, expected weighted average period for recognition	1 year 7 months 6 days
Deferred compensation share-based arrangements, liability, current	$ 1.9	$ 2.7
Employee Stock [Member]
[Line Items]
Number of shares available for future grant under the Stock Incentive Plan (in shares) \| shares	141,075
Stock Incentive Plan [Member]
[Line Items]
Number of shares authorized for issuance under the Stock Incentive Plan (in shares) \| shares	12,623,538
Number of shares available for future grant under the Stock Incentive Plan (in shares) \| shares	5,344,978
Reduction in stock options available for issue (in shares)	1
Authorized share reserve reduction in awards other than stock options or share appreciation rights available for issue, conversion ratio	1.7

Summary of Significant Accounting Policies - Goodwill and Intangibles Assets Policy Additional Information (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years

Defined Benefit Pension Plans - Fair Values of Plan Investments by Asset Category (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	$ 9,609	$ 10,206	$ 12,665
Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	1,075	1,050
Insurance Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	8,534	9,156
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	1,075	1,050
Fair Value, Inputs, Level 1 [Member] \| Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	1,075	1,050
Fair Value, Inputs, Level 1 [Member] \| Insurance Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	0	0
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	8,534	9,156	11,739
Fair Value, Inputs, Level 3 [Member] \| Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	0	0
Fair Value, Inputs, Level 3 [Member] \| Insurance Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	$ 8,534	9,156	8,133
Fair Value, Inputs, Level 3 [Member] \| Securities (Assets) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets		$ 0	$ 3,606

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use assets, net	$ 65,523	$ 76,276
Operating Lease, Liability, Current	16,602	16,243
Operating lease liabilities	57,314	66,823
Total operating lease liability	$ 73,916	$ 83,066
Operating Lease, Weighted Average Remaining Lease Term	4 years 8 months 12 days	5 years 7 months 6 days
Operating Lease, Weighted Average Discount Rate, Percent	4.40%	4.50%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2021

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 1: Summary of Significant Accounting Policies, Note 14: Shareholders' Equity and Note 15: Fair Value 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
Derivatives Assets	Balance Sheet Location	December 31, 2021		December 31, 2020
Derivatives not designated as hedging instruments under ASC 815-20		In thousands








Foreign exchange forward contracts	Other current assets	$	37	$	52


Total asset derivatives		$	37	$	52

Derivatives Liabilities
Derivatives designated as hedging instruments under ASC 815-20
Interest rate swap contracts	Other current liabilities	$	—	$	1,025
Interest rate swap contracts	Other long-term obligations	—		957
Cross currency swap contracts	Other current liabilities	—		526
Derivatives not designated as hedging instruments under ASC 815-20
Foreign exchange forward contracts	Other current liabilities	135		128
Total liability derivatives		$	135	$	2,636

The changes in AOCI, net of tax, for our derivative and nonderivative hedging instruments designated as hedging instruments, net of tax, were as follows:


In thousands	2021		2020		2019
Net unrealized loss on hedging instruments at January 1,	$	(16,001)	$	(15,103)	$	(13,179)
Unrealized gain (loss) on derivative instruments	1,121		(7,002)		4,061
Realized (gains) losses reclassified into net income (loss)	290		6,104		(5,985)
Net unrealized loss on hedging instruments at December 31,	$	(14,590)	$	(16,001)	$	(15,103)

Reclassification of amounts related to hedging instruments are included in interest expense in the Consolidated Statements of Operations. Included in the net unrealized gain (loss) on hedging instruments at December 31, 2021 and 2020 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
December 31, 2021	$	37	$	(37)	$	—	$	—
December 31, 2020	52		(52)		—		—


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
December 31, 2021	$	135	$	(37)	$	—	$	98
December 31, 2020	2,636		(52)		—		2,584

Our derivative assets and liabilities subject to netting arrangements include foreign exchange forward and interest rate contracts with three counterparties at December 31, 2021 and four counterparties at December 31, 2020. No derivative asset or liability balance with any of our counterparties was individually significant at December 31, 2021 or 2020. 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 under our current credit facility, 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. On August 12, 2021, the term loan under the credit facility was fully repaid. At December 31, 2021, we have no LIBOR-based debt.

In October 2015, we entered into one interest rate swap, which was effective from 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 the outstanding term loan. This 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 recognized as a component of 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 April 2018, we entered into one cross-currency swap, which converted $56.0 million of floating LIBOR-based U.S. dollar-denominated debt into 1.38% fixed rate euro-denominated debt. This cross-currency swap matured on April 30, 2021, and mitigated 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 were recognized as a component of OCI and were recognized in earnings when the hedged item affected earnings. The amounts paid or received on the hedge were recognized as an adjustment to interest expense along with the earnings effect of the hedged item.

In March 2020, we entered into one interest rate swap, which was effective from June 30, 2020 to June 30, 2023, and converted $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 amortized to maturity at the same rate of originally required amortizations on our outstanding term loan. Changes in the fair value of the interest rate swap were recognized as a component of OCI and recognized in earnings when the hedged item affected earnings. The amounts paid or received on the hedge were recognized as an adjustments to interest expense along with the earnings effect of the hedged item. On March 17, 2021 following the paydown of the term loan within the 2018 credit facility, we terminated the interest rate swap, and paid a fee of $1.7 million to settle it, since the likelihood of LIBOR-based interest payments was no longer probable of occurring.

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 2021, we entered into foreign exchange option contracts for a total notional amount of $77 million at a cost of $1.1 million. The contracts matured ratably through the year with final maturity in October 2021. Changes in the fair values 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. As of December 31, 2021, there were no outstanding foreign exchange option contracts.

The before-tax effects of our accounting for derivative instruments designated as hedges on AOCI for the year ended December 31, 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	2021		2020		2019		In thousands	2021		2020		2019
Interest rate swap contract	$	73	$	(2,900)	$	(987)	Interest expense	$	(229)	$	(745)	$	1,451
Interest rate swap contract	—		—		—		Other income (expense), net	(1,680)		—		—
Interest rate cap contracts	—		782		995		Interest expense	—		392		1,046
Foreign exchange options	403		(1,228)		1,141		Product cost of revenues	403		(1,228)		1,141
Cross currency swap contract	669		(4,164)		3,022		Interest expense	94		619		1,632
Cross currency swap contract	—		—		—		Other income (expense), net	656		(5,228)		1,335

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 (expense) in our Consolidated Statements of Operations. 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 December 31, 2021, a total of 39 contracts were offsetting our exposures from the euro, pound sterling, Indonesian rupiah, Canadian dollar, Australian dollar, and various other currencies, with notional amounts ranging from $102,000 to $76.3 million.

The effect of our derivative instruments not designated as hedges on the Consolidated Statements of Operations for the year ended December 31, 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		2021		2020		2019
Foreign exchange forward contracts	Other income (expense), net	$	1,536	$	(4,538)	$	(2,425)

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.

Convertible Note Hedge Transactions

We paid an aggregate amount of $84.1 million for the Convertible Note Hedge Transactions. The Convertible Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the Convertible Notes, approximately 3.7 million shares of our common stock, the same number of shares initially underlying the Convertible Notes, at a strike price of approximately $126.00, subject to customary adjustments. The Convertible Note Hedge Transactions will expire upon the maturity of the Convertible Notes, subject to earlier exercise or termination. The Convertible Note Hedge Transactions are expected generally to reduce the potential dilutive effect of the conversion of the Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of the converted notes, as the case may be, in the event that the market price per share of our common stock, as measured under the terms of the Convertible Note Hedge Transactions, is greater than the strike price of those Convertible Note Hedge Transactions. The Convertible Note Hedge Transactions meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore the transactions are not revalued after their issuance.

We made a tax election to integrate the Convertible Notes and the call options. We are retaining the identification statements in our books and records, together with a schedule providing the accruals on the synthetic debt instruments. The accounting impact of this tax election makes the call options deductible as original issue discount for tax purposes over the term of the Convertible Note, and results in a $20.6 million deferred tax asset recognized through equity.

Warrant Transactions

In addition, concurrently with entering into the Convertible Note Hedge Transactions, we separately entered into privately-negotiated Warrant Transactions (the Warrant Transactions), whereby we sold to the Counterparties warrants to acquire, collectively, subject to anti-dilution adjustments, 3.7 million shares of our common stock at an initial strike price of $180.00 per share, which represents a premium of 100% over the public offering price in the common stock issuance. We received aggregate proceeds of $45.3 million from the Warrant Transactions with the Counterparties, with such proceeds partially offsetting the costs of entering into the Convertible Note Hedge Transactions. The warrants expire in June 2026. If the market value per share of our common stock, as measured under the Warrants Transactions, exceeds the strike price of the warrants, the warrants will have a dilutive effect on our earnings per share, unless we elect, subject to certain conditions, to settle the warrants in cash. The warrants meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, therefore the warrants are not revalued after issuance.

Defined Contribution Bonus and Profit Sharing Plans

12 Months Ended

Dec. 31, 2021

Defined Contribution, Bonus, and Profit Sharing [Abstract]

Defined Contribution, Bonus, and Profit Sharing Plans

Defined Contribution Plans

In the United States, United Kingdom, and certain other countries, we make contributions to defined contribution plans. For our U.S. employee savings plan, which represents a majority of our contribution expense, we provide a 75% match on the first 6% of the employee salary deferral, subject to statutory limitations. For our international defined contribution plans, we provide various levels of contributions, based on salary, subject to stipulated or statutory limitations. The expense for our defined contribution plans was as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Defined contribution plans expense	$	18,287	$	18,424	$	17,882

Bonus and Profit Sharing Plans and Awards

We have employee bonus and profit sharing plans in which many of our employees participate, as well as an award program, which allows for recognition of individual employees' achievements. The bonus and profit sharing plans provide award amounts for the achievement of performance and financial targets. As the bonuses are being earned during the year, we estimate a compensation accrual each quarter based on the progress towards achieving the goals, the estimated financial forecast for the year, and the probability of achieving results. Bonus and profit sharing plans and award expense was as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Bonus and profit sharing plans expense	$	48,045	$	11,455	$	48,435

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits, beginning of period	$ 135,910	$ 121,715	$ 112,558
Gross increase to positions in prior years	570	633	1,067
Gross decrease to positions in prior years	(19,709)	(2,140)	(3,296)
Gross increases to current period tax positions	31,456	14,821	13,762
Audit settlements	0	(795)	0
Decrease related to lapsing of statute of limitations	(4,535)	(2,381)	(1,574)
Effect of change in exchange rates	(4,163)	4,057	(802)
Unrecognized tax benefits, end of period	139,529	135,910	121,715
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	139,503	134,473	120,410
Net interest and penalties expense (benefit)	(1,097)	400	$ 708
Accrued interest	2,964	3,432
Accrued penalties	$ 747	$ 1,645

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

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):


	Year Ended December 31,
In thousands, except per share data	2021		2020		2019
Net income (loss) available to common shareholders	$	(81,255)	$	(57,955)	$	49,006

Weighted average common shares outstanding - Basic	44,301		40,253		39,556
Dilutive effect of stock-based awards	—		—		424
Dilutive effect of convertible notes	—		—		—
Weighted average common shares outstanding - Diluted	44,301		40,253		39,980
Net income (loss) per common share - Basic	$	(1.83)	$	(1.44)	$	1.24
Net income (loss) per common share - Diluted	$	(1.83)	$	(1.44)	$	1.23

Sale of Business - Narrative (Details) $ in Thousands		3 Months Ended			12 Months Ended
Sale of Business - Narrative (Details) $ in Thousands	Jun. 25, 2020 USD ($) numberOfSubsidiaries	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Disposition of Other Assets					$ 64,289	$ 59,817	$ 0
Disposal Group, Including Discontinued, Interest Received					700
Disposal Group, Including Discontinued Operation, Consideration		$ 75,000			75,000
Net proceeds related to the sale of business					3,142	1,133	0
Less: Cash classified within assets held for sale		9,750		$ 0	9,750	0	$ 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, Including Discontinued Operation, Sales Price	$ 35,000
Working capital	$ 21,100		$ 18,400
Cash outflow at closing				$ 4,500
Payments received from disposal					3,800
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses)					26,800
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down		34,400			(64,300)	$ 59,800
Proceeds from Divestiture of Businesses, Net of Cash Divested					53,900
Net proceeds related to the sale of business					63,700
Less: Cash classified within assets held for sale		9,750			$ 9,750
Discontinued Operations, Disposed of by Sale \| Dresser
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down		$ (3,100)

Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table reflects changes in the carrying amount of goodwill for the years ended December 31, 2021 and 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	1,284		25,726		3,999		31,009
Goodwill balance at December 31, 2020	53,214		933,814		144,888		1,131,916

Goodwill reclassified to held for sale	(12,800)		—		—		(12,800)
Goodwill acquired	—		5,440		—		5,440
Effect of change in exchange rates	(1,037)		(21,249)		(3,295)		(25,581)

Goodwill balance at December 31, 2021	$	39,377	$	918,005	$	141,593	$	1,098,975

The accumulated goodwill impairment losses at December 31, 2021 and 2020 were $676.5 million. The goodwill impairment losses were originally recognized in 2011 and 2013.

On October 12, 2021, we acquired SELC Group Limited (SELC), from Sensus Metering Systems (LUXCO3) S.ár.l. The purchase resulted in the recognition of $5.4 million in goodwill allocated to our Networked Solutions segment. Refer to Note 4: Intangible Assets and Liabilities for additional information on the transaction.

On November 2, 2021, Itron entered into an agreement to sell certain of its Gas device businesses and operations to Dresser. The asset disposal group, which includes $12.8 million of goodwill, was classified as held for sale during the fourth quarter of 2021. Refer to Note 18: Sale of Businesses for additional information on the transaction.

We recognized a $3.0 million reduction in Device Solutions goodwill as part of our loss on sale of business in 2020. Refer to Note 18: Sale of Businesses for additional information on the transaction.

We test goodwill for impairment each year as of October 1, or more frequently should a significant impairment indicator occur. As part of the impairment test, we may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit, including goodwill, is less than its carrying amount, or if we elect to bypass the qualitative assessment, we would then proceed with the impairment test. The impairment test involves comparing the fair values of the reporting units to their carrying amounts. If the carrying amount of a reporting unit exceeds its fair value, we first evaluate the long-lived assets within the reporting unit for impairment and then recognize a goodwill impairment loss in an amount equal to any excess.

Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. We forecast discounted future cash flows at the reporting unit level using risk-adjusted discount rates and estimated future revenues and operating costs, which take into consideration factors such as existing backlog, expected future orders, supplier contracts, and expectations of competitive, business and economic environments. We also identify similar publicly traded companies and develop a correlation, referred to as a multiple, to apply to the operating results of the reporting units. These combined fair values are then reconciled to the aggregate market value of our common stock on the date of valuation, while considering a reasonable control premium.

Changes in market demand, fluctuations in the markets in which we operate, the volatility and decline in the worldwide equity markets, and a decline in our market capitalization could unfavorably impact the remaining carrying value of our goodwill, which could have a significant effect on our current and future results of operations and financial position. Based on the results of the annual impairment testing for our reporting units performed as of October 1, 2021, no adjustments to the carrying value of goodwill were required.

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

The components of our borrowings were as follows:


In thousands	December 31, 2021		December 31, 2020
Credit facility
USD denominated term loan	$	—	$	536,094
Multicurrency revolving line of credit	—		—
Senior notes	—		400,000
Convertible notes	460,000		—
Total debt	460,000		936,094
Less: current portion of debt	—		18,359
Less: unamortized prepaid debt fees - term loan	—		3,469
Less: unamortized prepaid debt fees - senior notes	—		11,689
Less: unamortized prepaid debt fees - convertible notes	9,772		—
Long-term debt, net	$	450,228	$	902,577

Credit Facility

On October 18, 2019, we amended our credit facility that was initially entered on January 5, 2018 (as amended 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. Through the third quarter of 2020, amounts not borrowed under the revolver were subject to a commitment fee, which was paid in arrears on the last day of each fiscal quarter, ranging from 0.15% to 0.25% and drawn amounts were subject to a margin ranging from 1.00% to 1.75%.

On October 19, 2020, we completed a second amendment to our 2018 credit facility. This amendment adjusts the maximum total net leverage ratio thresholds for the period beginning with the fourth quarter of 2020 through the fourth quarter of 2021 to allow for increased operational flexibility. The maximum leverage ratio is increased to 4.75:1 for the fourth quarter of 2020 and the first quarter of 2021 and 4.50:1 for the second quarter through the fourth quarter of 2021. An additional level of pricing was added to the existing pricing grid and is effective throughout the remaining term of the 2018 credit facility. Beginning with the fourth quarter of 2020, the commitment fee ranges from 0.15% to 0.30% and drawn amounts are subject to a margin ranging from 1.00% to 2.00%. Debt fees of approximately $1.4 million were incurred for the amendment, as well as other legal and advisory fees. 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.

On March 8, 2021, we entered into a third amendment to our 2018 credit facility, which modified provisions to permit cash settlement upon the conversion of the Convertible Notes, the Convertible Note Hedge Transactions and Warrant Transactions and also to adjust certain settlement provisions for convertible indebtedness. See Note 7: Derivative Financial Instruments for further details of the Convertible Note Hedge Transactions and Warrant Transactions.

On February 25, 2022, we entered into a fourth amendment to our 2018 credit facility, which modifies to allow for the addback of non-cash expenses related to restructuring charges incurred during the quarter ended December 31, 2021 and also adjusts the maximum total net leverage ratio thresholds for the period beginning with the first quarter of 2022 through the fourth quarter of 2022 to allow for increased operational flexibility. The maximum leverage ratio is increased to 4.75:1 for the first through third quarters of 2022 and 4.50:1 for the fourth quarter of 2022.

The 2018 credit facility permits us and certain of our foreign subsidiaries to borrow in U.S. dollars, euros, 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 December 31, 2021.

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%. On August 12, 2021, the term loan was fully repaid.

At December 31, 2021 there was no amount outstanding under the revolver, and $64.4 million was utilized by outstanding standby letters of credit, resulting in $435.6 million available for additional borrowings or standby letters of credit. At December 31, 2021, $235.6 million was available for additional standby letters of credit under the letter of credit sub-facility, and no amounts were outstanding under the swingline sub-facility.

Senior Notes

In December 2017 and January 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 Silver Spring Networks, Inc., pay related fees and expenses, and for general corporate purposes. Interest on the Senior Notes was payable semi-annually in arrears on January 15 and July 15. The Senior Notes were fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of our subsidiaries that guarantee the senior credit facilities.

On March 9, 2021, we submitted a Notice of Redemption to the trustee to redeem all outstanding Senior Notes at a redemption price of 102.50%, in accordance with the indenture governing the Senior Notes, totaling $410.0 million. As of April 8, 2021 the Senior Notes were fully discharged, and no principal or unpaid interest remains outstanding. The 2.5%, or $10.0 million, early redemption premium and write off of $11.1 million prepaid debt fees were recognized upon redemption in the second quarter of 2021.

Convertible Notes

On March 12, 2021, we closed the sale of the Convertible Notes in a private placement to qualified institutional buyers, resulting in net proceeds to us of $448.5 million after deducting initial purchasers' discounts of the offering. The Convertible Notes do not bear regular interest, and the principal amount does not accrete. The Convertible Notes will mature on March 15, 2026, unless earlier repurchased, redeemed, or converted in accordance with their terms. No sinking fund is provided for the Convertible Notes.

The initial conversion rate of the Convertible Notes is 7.9365 shares of our common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $126.00 per share. The conversion rate of the Convertible Notes is subject to adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the indenture governing the Convertible Notes) or upon a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder that elects to convert its Convertible Notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.

Prior to the close of business on the business day immediately preceding December 15, 2025, the Convertible Notes are convertible at the option of the holders only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business-day period after any five consecutive trading-day period (the measurement period) in which the trading price per $1,000 principal amount of Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; (3) upon the occurrence of specified corporate events; or (4) upon redemption by us. On or after December 15, 2025, until the close of business on the second scheduled trading day immediately preceding March 15, 2026, holders of the Convertible Notes may convert all or a portion of their notes at any time. Upon conversion, we will pay cash up to the aggregate principal amount of Convertible Notes to be converted and pay and/or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at our election, in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted.

On or after March 20, 2024 and prior to December 15, 2025, we may redeem for cash all or part of the Convertible Notes, at our option, if the last reported sales price of common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related notice of the redemption. The redemption price of each Convertible Notes to be redeemed will be the principal amount of such note, plus accrued and unpaid special interest, if any. Upon the occurrence of a fundamental change (as defined in the indenture governing the Convertible Notes), subject to a limited exception described in the indenture governing the Convertible Notes, holders may require us to repurchase all or a portion of their notes for cash at a price equal to plus accrued and unpaid special interest to, but not including, the fundamental change repurchase date (as defined in the indenture governing the Convertible Notes).

The Convertible Notes are senior unsecured obligations and rank equally in right of payment with all of our existing and future unsubordinated debt and senior in right of payment to any future debt that is expressly subordinated in right of payment to the Convertible Notes. The Convertible Notes will be effectively subordinated to any of our existing and future secured debt to the extent of the assets securing such indebtedness. The Convertible Notes will be structurally subordinated to all existing debt and any future debt and any other liabilities of our subsidiaries.

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
2022	$	—
2023	—
2024	—
2025	—
2026	460,000
Thereafter	—
Total minimum payments on debt	$	460,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Debt - Schedule of Long-Term Debt Maturities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2022	$ 0
2023	0
2024	0
2025	0
2026	460,000
Thereafter	0
Total minimum payments on debt	$ 460,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Consolidated Statements of Operations - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Total revenues	$ 1,981,572,000	$ 2,173,350,000	$ 2,502,470,000
Total cost of revenues	1,408,403,000	1,571,183,000	1,750,151,000
Gross profit	573,169,000	602,167,000	752,319,000
Operating expenses
Sales, general and administrative	300,520,000	276,920,000	346,872,000
Research and development	197,235,000	194,101,000	202,200,000
Amortization of intangible assets	35,801,000	44,711,000	64,286,000
Restructuring	54,623,000	37,013,000	6,278,000
Gain (Loss) on Disposition of Other Assets	64,289,000	59,817,000	0
Total operating expenses	652,468,000	612,562,000	619,636,000
Operating income (loss)	(79,299,000)	(10,395,000)	132,683,000
Other income (expense)
Interest income	1,557,000	2,998,000	1,849,000
Interest expense	(28,638,000)	(44,001,000)	(52,453,000)
Other income (expense), net	(17,430,000)	(5,241,000)	(9,047,000)
Total other income (expense)	(44,511,000)	(46,244,000)	(59,651,000)
Total income (loss) before income taxes	(123,810,000)	(56,639,000)	73,032,000
Income tax benefit (provision)	45,512,000	(238,000)	(20,617,000)
Net income (loss)	(78,298,000)	(56,877,000)	52,415,000
Net income attributable to noncontrolling interests	2,957,000	1,078,000	3,409,000
Net income (loss) attributable to Itron, Inc.	$ (81,255,000)	$ (57,955,000)	$ 49,006,000
Earnings (loss) per common share - Basic (in dollars per share)	$ (1.83)	$ (1.44)	$ 1.24
Earnings (loss) per common share - Diluted (in dollars per share)	$ (1.83)	$ (1.44)	$ 1.23
Weighted average common shares outstanding - Basic (in shares)	44,301	40,253	39,556
Weighted average common shares outstanding - Diluted (in shares)	44,301	40,253	39,980
Product revenues
Total revenues	$ 1,678,195,000	$ 1,889,173,000	$ 2,220,395,000
Total cost of revenues	1,231,230,000	1,408,615,000	1,587,710,000
Service revenues
Total revenues	303,377,000	284,177,000	282,075,000
Total cost of revenues	$ 177,173,000	$ 162,568,000	$ 162,441,000

Derivative Financial Instruments - Derivative and Nonderivative Hedging Instrument Fair Value Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Asset Derivatives [Abstract]
Total asset derivatives	$ 37	$ 52
Liability Derivatives [Abstract]
Gross Amounts of Recognized Liabilities Presented in the Consolidated Balance Sheets	135	2,636
Other Current Assets [Member] \| Not Designated as Hedging Instrument [Member]
Asset Derivatives [Abstract]
Foreign exchange forward contracts	37	52
Other Current Liabilities [Member] \| Not Designated as Hedging Instrument [Member]
Liability Derivatives [Abstract]
Total liability derivatives	135	128
Other Current Liabilities [Member] \| Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Liability Derivatives [Abstract]
Interest Rate Derivative Liabilities, at Fair Value	0	1,025
Other Noncurrent Liabilities [Member] \| Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Liability Derivatives [Abstract]
Interest Rate Derivative Liabilities, at Fair Value	0	957
Other Noncurrent Liabilities [Member] \| Designated as Hedging Instrument [Member] \| Currency Swap [Member]
Liability Derivatives [Abstract]
Cross currency swap contracts	$ 0	$ 526

Commitments and Contingencies - Available Lines of Credit, Outstanding Standby Letter of Credits, and Bonds (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Oct. 18, 2019
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit			$ 500,000,000
Credit Facility [Member]
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit	$ 500,000,000	$ 500,000,000
Standby LOCs issued and outstanding	(64,374,000)	(64,948,000)
Line of credit facility, remaining borrowing capacity	235,626,000	235,052,000
Unsecured Multicurrency Revolving Lines of Credit [Member]
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit	94,845,000	99,201,000
Standby LOCs issued and outstanding	(19,957,000)	(24,966,000)
Short-term borrowings	0	0
Line of credit facility, remaining borrowing capacity	74,888,000	74,235,000
Surety Bond [Member]
Line of Credit Facility [Line Items]
Unsecured surety bonds in force	281,270,000	162,912,000
Line of Credit
Line of Credit Facility [Line Items]
Long-term borrowings	0	0
Line of credit facility, remaining borrowing capacity	$ 435,626,000	$ 435,052,000

Sale of Business - Disposal of Business (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jun. 25, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 9,750	$ 0		$ 0
Non-current assets
Intangible assets, net			$ 800
Discontinued Operations, Disposed of by Sale
Current assets
Cash and cash equivalents	9,750
Accounts receivable, net	751
Inventories	15,410
Other current assets	401
Non-current assets
Property, plant, and equipment, net	12,012
Operating lease right-of-use assets, net	1,212
Intangible assets, net	3,436
Goodwill	12,800
Transaction impairment	(34,425)
Total held for sale asset balance	21,347
Current liabilities
Accounts payable	(4,635)
Other current liabilities	(126)
Wages and benefits payable	(1,271)
Taxes payable	(18)
Current portion of warranty	(50)
Unearned revenue	(12)
Non-current liabilities
Long-term warranty	(40)
Pension benefit obligation	(11,513)
Operating lease liabilities	(480)
Other long-term obligations	(448)
Total held for sale liability balance	$ (18,593)

Shareholders' Equity - Narrative (Details)			2 Months Ended	3 Months Ended	12 Months Ended
Shareholders' Equity - Narrative (Details)	Nov. 02, 2021 USD ($)	Mar. 12, 2021 USD ($) shares	Feb. 28, 2022 USD ($)	Sep. 30, 2021 shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) $ / shares shares	Nov. 01, 2021 USD ($)	Mar. 14, 2019 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized (in shares) \| shares					10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares					$ 0
Preferred stock, shares issued (in shares) \| shares					0	0
Preferred stock, shares outstanding (in shares) \| shares					0	0
Stock Repurchase Program, Authorized Amount								$ 100,000,000	$ 50,000,000
Stock Repurchased During Period, Shares \| shares					125,314	0	529,396
Treasury Stock Acquired, Average Cost Per Share \| $ / shares					$ 64.05		$ 47.22
Stock Repurchased During Period, Value					$ 8,028,000		$ 25,000,000
Derivative, Notional Amount					$ 84,100,000
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares) \| shares					500,000	700,000	400,000
Deferred Tax Assets, Derivative Instruments					$ 20,600,000
Treasury Stock, Shares, Acquired \| shares					3,700,000
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares					$ 180.00
Class of Warrant or Right, Premium, Percentage					1
Class of Warrant or Right, Aggregate Proceeds From Transaction					$ 45,300,000
Accumulated other comprehensive loss, foreign currency translation adjustment, net of tax	$ 59,700,000
Actuarial (gain) loss	$ 900,000				$ (13,986,000)	$ 9,323,000
Convertible Debt Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares) \| shares				3,700,000	3,700,000
Common stock conversion price (in usd per share) \| $ / shares					$ 126.00
Over-Allotment Option
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of Stock, Number of Shares Issued in Transaction \| shares		4,472,222
Sale of Stock, Consideration Received on Transaction		$ 389,400,000
Subsequent Event [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock Repurchase Program, Authorized Amount			$ 60.60
Stock Repurchased During Period, Value			17,000,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount			$ 279,968

Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2021
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, maximum percentage of employee salary eligible for participation	10.00%
Discount from market price, purchase date	5.00%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Shareholders' Equity - Schedule of Other Comprehensive Income (Loss) Tax Effect (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Before-tax amount [Abstract]
Foreign currency translation adjustment	$ (26,757)	$ 20,947	$ (2,581)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0	52,074	2,443
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	1,139	(7,519)	4,063
Net hedging (gain) loss reclassified into net income (loss)	756	6,190	(6,605)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax	14,426	(8,798)	1,966
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax	1,695	2,609	(8,076)
Total other comprehensive income (loss), before tax	(8,741)	65,503	(8,790)
Tax (provision) benefit [Abstract]
Foreign currency translation adjustment	(166)	135	(372)
Disposal Group, including discontinued operations, Foreign Currency Translation Gains (Losses), tax (provision) benefit	0	0	0
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	(18)	517	(2)
Net hedging (gain) loss reclassified into net income (loss)	(466)	(86)	620
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax	(162)	109	(57)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax	(19)	(32)	234
Total other comprehensive income (loss) tax (provision) benefit	(831)	643	423
Net-of-tax amount
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	(26,923)	21,082	(2,953)
Foreign currency translation adjustment reclassified to net income (loss) on sale of business	0	52,074	2,443
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	1,121	(7,002)	4,061
Net hedging (gain) loss reclassified into net income (loss)	290	6,104	(5,985)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax	14,264	(8,689)	1,909
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax	1,676	2,577	(7,842)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (9,572)	$ 66,146	$ (8,367)

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income (loss) available to common shareholders	$ (81,255)	$ (57,955)	$ 49,006
Weighted average common shares outstanding - Basic (in shares)	44,301	40,253	39,556
Dilutive effect of stock-based awards (in shares)	0	0	424
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	0	0	0
Weighted average common shares outstanding - Diluted (in shares)	44,301	40,253	39,980
Earnings (loss) per common share - Basic (in dollars per share)	$ (1.83)	$ (1.44)	$ 1.24
Earnings (loss) per common share - Diluted (in dollars per share)	$ (1.83)	$ (1.44)	$ 1.23

- 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

Certain Balance Sheet Components - Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 48,352	$ 52,579	$ 50,114

Intangible Assets and Liabilities - Estimated Future Annual Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2022 Amortization	$ 26,688
2022 Accretion	(459)
2022 Amortization, net	26,229
2023 Amortization	19,285
2023 Accretion	0
2023 Amortization, net	19,285
2024 Amortization	15,289
2024 Accretion	0
2024 Amortization, net	15,289
2025 Amortization	14,499
2025 Accretion	0
2025 Amortization, net	14,499
2026 Amortization	10,432
2026 Accretion	0
2026 Amortization, net	10,432
Beyond 2026 Amortization	6,336
Beyond 2026 Accretion	0
Beyond 2026 Amortization, net	6,336
Total intangible assets subject to amortization (accretion)	92,529	$ 132,955
Finite-lived intangible liabilities, net	(459)	$ (2,421)
Finite-lived intangible assets (liabilities), net	$ 92,070

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (78,298)	$ (56,877)	$ 52,415
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(26,923)	21,082	(2,953)
Foreign currency translation adjustment reclassified to net income (loss) on sale of business	0	52,074	2,443
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	1,411	(898)	(1,924)
Pension benefit obligation adjustment	(15,940)	6,112	5,933
Total other comprehensive income (loss), net of tax	(9,572)	66,146	(8,367)
Total comprehensive income (loss), net of tax	(87,870)	9,269	44,048
Comprehensive income attributable to noncontrolling interests, net of tax	2,957	1,078	3,409
Comprehensive income (loss) attributable to Itron, Inc.	$ (90,827)	$ 8,191	$ 40,639

- Property, Plant, and Equipment By Location (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Property, Plant, and Equipment by Location
Property, plant, and equipment, net	$ 163,184	$ 207,816
UNITED STATES [Member]
Schedule of Property, Plant, and Equipment by Location
Property, plant, and equipment, net	94,899	100,381
Outside United States [Member]
Schedule of Property, Plant, and Equipment by Location
Property, plant, and equipment, net	$ 68,285	$ 107,435

Debt - Senior Note Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Jan. 14, 2022	Apr. 08, 2021	Mar. 09, 2021	Dec. 31, 2020	Apr. 30, 2018	Jan. 19, 2018	Dec. 22, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Senior notes			$ 0	$ 410,000,000			$ 100,000,000	$ 300,000,000
Interest rate						1.38%
Senior Notes, Early Redemption, Premium Percentage			2.50%
Early Repayment of Senior Debt	$ 10,000,000
Write Off Of Prepaid Debt Fees On Senior Notes	11,100,000
Forecast [Member] \| Debt Instrument, Redemption, Period One [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, redemption price, percentage		102.50%
Senior Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Senior notes	$ 0				$ 400,000,000
Interest rate	5.00%

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 162,579	$ 206,933
Accounts receivable, net	298,459	369,828
Inventories	165,799	182,377
Other current assets	123,092	171,124
Total current assets	749,929	930,262
Property, plant, and equipment, net	163,184	207,816
Deferred tax assets, net	181,472	76,142
Other long-term assets	42,178	51,656
Operating lease right-of-use assets, net	65,523	76,276
Intangible assets, net	92,529	132,955
Goodwill	1,098,975	1,131,916
Total assets	2,393,790	2,607,023
Current liabilities
Accounts payable	193,129	215,639
Other current liabilities	81,253	72,591
Wages and benefits payable	113,532	86,249
Taxes payable	12,208	15,804
Current portion of debt	0	18,359
Current portion of warranty	18,406	28,329
Unearned revenue	82,816	112,928
Total current liabilities	501,344	549,899
Long-term debt, net	450,228	902,577
Long-term warranty	13,616	13,061
Pension benefit obligation	87,863	119,457
Deferred tax liabilities, net	2,000	1,921
Operating lease liabilities	57,314	66,823
Other long-term obligations	138,666	113,012
Total liabilities	1,251,031	1,766,750
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, 45,152 and 40,444 shares issued and outstanding	1,779,775	1,389,419
Accumulated other comprehensive loss, net	(148,098)	(138,526)
Accumulated deficit	(515,600)	(434,345)
Total Itron, Inc. shareholders' equity	1,116,077	816,548
Noncontrolling interests	26,682	23,725
Total equity	1,142,759	840,273
Total liabilities and equity	$ 2,393,790	$ 2,607,023

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

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 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.

The following table summarizes the provision (benefit) for U.S. federal, state, and foreign taxes on income from continuing operations:


	Year Ended December 31,
In thousands	2021		2020		2019
Current:
Federal	$	20,197	$	(963)	$	4,859
State and local	7,271		1,731		2,179
Foreign	12,594		12,409		13,771
Total current	40,062		13,177		20,809

Deferred:
Federal	(36,196)		(2,852)		2,334
State and local	(12,186)		(3,340)		(1,846)
Foreign	(12,657)		(60,444)		(1,518)
Total deferred	(61,039)		(66,636)		(1,030)

Change in valuation allowance	(24,535)		53,697		838
Total provision (benefit) for income taxes	$	(45,512)	$	238	$	20,617

Subsequent to the issuance of our 2019 financial statements, we determined that a deferred tax liability related to the difference between the book and tax bases of a European subsidiary, initially recorded in 2018, should not have been recognized. Instead, we should have established a valuation allowance against the net operating loss deferred tax asset recognized for that subsidiary. As a result, the valuation allowance, the deferred tax liability, and the related disclosures of movements in those amounts, including foreign currency impacts, have been restated from the amounts previously reported in the 2019 tax disclosures. There is no impact on income tax benefit (provision), net income or the balance sheet presentation of this immaterial misstatement.

The change in the valuation allowance does not include the impacts of currency translation adjustments, acquisitions, or significant intercompany transactions.

Our tax provision (benefit) as a percentage of income before tax was 37%, less than 1%, and 28% for 2021, 2020, and 2019. The 2021 tax benefit reflects the impact of certain transfers of business activities and assets that result in a prospective shift of income from international operations to the U.S. A reconciliation of income taxes at the U.S. federal statutory rate of 21% to the consolidated actual tax rate is as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Income (loss) before income taxes
Domestic	$	(91,579)	$	24,010	$	57,261
Foreign	(32,231)		(80,649)		15,771
Total income (loss) before income taxes	$	(123,810)	$	(56,639)	$	73,032

Expected federal income tax provision (benefit)	$	(26,000)	$	(11,894)	$	15,337
Latin America Divestiture	—		10,936		—
Change in valuation allowance	(24,535)		53,697		838
Onshoring of international operations	(10,933)		—		—
Stock-based compensation	(2,465)		(163)		(2,130)
Foreign earnings	25,738		(58,649)		(15,610)
Tax credits	(8,988)		(9,101)		(8,794)
Uncertain tax positions, including interest and penalties	6,693		11,144		13,060
Change in tax rates	(1,919)		557		9,514
State income tax provision (benefit), net of federal effect	(5,722)		(1,997)		2,805
U.S. tax provision on foreign earnings	58		142		129

Local foreign taxes	667		1,298		1,471

Other, net	1,894		4,268		3,997
Total provision (benefit) from income taxes	$	(45,512)	$	238	$	20,617

Deferred tax assets and liabilities consist of the following:


	December 31,
In thousands	2021		2020
Deferred tax assets
Loss carryforwards(1)	$	412,023	$	423,013
Tax credits(2)	39,767		88,433
Accrued expenses	68,757		47,569
Pension plan benefits expense	17,140		21,735
Warranty reserves	9,302		11,083
Depreciation and amortization	94,917		6,363
Equity compensation	6,126		4,701
Inventory valuation	2,593		1,799
Deferred revenue	11,534		9,705
Interest	17,971		—
Leases	9,460		10,872
Other deferred tax assets, net	9,062		10,817
Total deferred tax assets	698,652		636,090
Valuation allowance	(443,593)		(503,859)
Total deferred tax assets, net of valuation allowance	255,059		132,231

Deferred tax liabilities
Depreciation and amortization	(56,897)		(39,995)
Leases	(8,489)		(10,046)
Other deferred tax liabilities, net	(10,201)		(7,969)
Total deferred tax liabilities	(75,587)		(58,010)
Net deferred tax assets	$	179,472	$	74,221

Changes in the valuation allowance for deferred tax assets are summarized as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Balance at beginning of period	$	503,859	$	427,030	$	437,149
Other adjustments	(35,731)		23,132		(10,957)
Additions charged to costs and expenses	(24,535)		53,697		838
Balance at end of period, noncurrent	$	443,593	$	503,859	$	427,030

We recognize valuation allowances to reduce deferred tax assets to the extent we believe it is more likely than not that a portion of such assets will not be realized. In making such determinations, we consider all available favorable and unfavorable evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and our ability to carry back losses to prior years. We are required to make assumptions and judgments about potential outcomes that lie outside management's control. Our most sensitive and critical factors are the projection, source, and character of future taxable income. Although realization is not assured, management believes it is more likely than not that deferred tax assets, net of valuation allowance, will be realized. The amount of deferred tax assets considered realizable, however, could be reduced in

the near term if estimates of future taxable income during the carryforward periods are reduced or current tax planning strategies are not implemented.

We do not provide U.S. deferred taxes on temporary differences related to our foreign investments that are considered permanent in duration. These temporary differences include undistributed foreign earnings of $25.7 million and $18.1 million at December 31, 2021 and 2020. Foreign taxes have been provided on these undistributed foreign earnings. As a result of recent changes in U.S. tax legislation, any repatriation of these earnings would not result in additional U.S. federal income tax.

We are subject to income tax in the United States and numerous foreign jurisdictions. Significant judgment is required in evaluating our tax positions and determining our provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. We establish reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when we believe that certain positions might be challenged despite our belief that our tax return positions are fully supportable. We adjust these reserves in light of changing facts and circumstances, such as the outcome of tax audits. The provision for income taxes includes the impact of reserve positions and changes to reserves that are considered appropriate.

A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows:


In thousands	Total
Unrecognized tax benefits at January 1, 2019	$	112,558
Gross increase to positions in prior years	1,067
Gross decrease to positions in prior years	(3,296)
Gross increases to current period tax positions	13,762
Audit settlements	—
Decrease related to lapsing of statute of limitations	(1,574)
Effect of change in exchange rates	(802)
Unrecognized tax benefits at December 31, 2019	$	121,715

Gross increase to positions in prior years	633
Gross decrease to positions in prior years	(2,140)
Gross increases to current period tax positions	14,821
Audit settlements	(795)
Decrease related to lapsing of statute of limitations	(2,381)
Effect of change in exchange rates	4,057
Unrecognized tax benefits at December 31, 2020	$	135,910

Gross increase to positions in prior years	570
Gross decrease to positions in prior years	(19,709)
Gross increases to current period tax positions	31,456
Audit settlements	—
Decrease related to lapsing of statute of limitations	(4,535)
Effect of change in exchange rates	(4,163)
Unrecognized tax benefits at December 31, 2021	$	139,529


	At December 31,
In thousands	2021		2020		2019
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	$	139,503	$	134,473	$	120,410

If certain unrecognized tax benefits are recognized they would create additional deferred tax assets. These assets would require a full valuation allowance in certain locations based upon present circumstances.

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


	Year Ended December 31,
In thousands	2021		2020		2019
Net interest and penalties expense (benefit)	$	(1,097)	$	400	$	708


	At December 31,
In thousands	2021		2020
Accrued interest	$	2,964	$	3,432
Accrued penalties	747		1,645

At December 31, 2021, we are under examination by certain tax authorities. During 2021, we settled a French tax audit on years 2013-2018 with minimal impact to the financial statements or cash taxes. 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. We are subject to income tax examination by tax authorities in our major tax jurisdictions as follows:


Tax Jurisdiction						Years Subject to Audit
U.S. federal						Subsequent to 2002
France						Subsequent to 2018
Germany						Subsequent to 2013
United Kingdom						Subsequent to 2016
Indonesia						Subsequent to 2015
Italy						Subsequent to 2016

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

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:


	Year Ended December 31,
In thousands	2021		2020		2019
Product revenues
Device Solutions	$	635,103	$	684,517	$	847,580
Networked Solutions	974,531		1,148,698		1,322,382
Outcomes	68,561		55,958		50,433
Total Company	$	1,678,195	$	1,889,173	$	2,220,395

Service revenues
Device Solutions	$	10,001	$	9,478	$	11,301
Networked Solutions	118,100		100,704		94,872
Outcomes	175,276		173,995		175,902
Total Company	$	303,377	$	284,177	$	282,075

Total revenues
Device Solutions	$	645,104	$	693,995	$	858,881
Networked Solutions	1,092,631		1,249,402		1,417,254
Outcomes	243,837		229,953		226,335
Total Company	$	1,981,572	$	2,173,350	$	2,502,470

Gross profit
Device Solutions	$	99,355	$	86,859	$	152,562
Networked Solutions	378,633		432,906		518,749
Outcomes	95,181		82,402		81,008
Total Company	$	573,169	$	602,167	$	752,319

Operating income (loss)
Device Solutions	$	57,217	$	40,769	$	97,753
Networked Solutions	254,434		308,099		397,325
Outcomes	50,631		47,619		43,803
Corporate unallocated	(441,581)		(406,882)		(406,198)
Total Company	(79,299)		(10,395)		132,683
Total other income (expense)	(44,511)		(46,244)		(59,651)
Income (loss) before income taxes	$	(123,810)	$	(56,639)	$	73,032

Revenues By Region

Revenues by region were as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
United States and Canada	$	1,273,868	$	1,434,577	$	1,629,742
Europe, Middle East, and Africa	568,008		594,264		663,851
Asia Pacific and Latin America (1)	139,696		144,509		208,877
Total Company	$	1,981,572	$	2,173,350	$	2,502,470

(1)On June 25, 2020, we sold our Latin American operations. We continue to sell into the region through a distributor.

Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country

Property, plant, and equipment, net, by geographic area were as follows:


	At December 31,
In thousands	2021		2020
United States	$	94,899	$	100,381
Outside United States	68,285		107,435
Total Company	$	163,184	$	207,816

Depreciation And Amortization Expense Associated With Segments


	Year Ended December 31,
In thousands	2021		2020		2019
Device Solutions	$	22,884	$	25,058	$	25,542
Networked Solutions	16,607		16,965		13,004
Outcomes	4,454		5,348		5,363
Corporate unallocated	40,208		49,919		70,491
Total Company	$	84,153	$	97,290	$	114,400

Restructuring

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring

2021 Projects

On October 29, 2021, our Board of Directors approved a restructuring plan (the 2021 Projects), which in conjunction with the announcement of the sale of certain of our Gas device manufacturing operations (refer to Note 18: Sale of Businesses), includes activities to drive reductions in certain locations and functional support areas. These projects are to be substantially complete by the end of 2024. Itron recognized pre-tax restructuring charges of $60.7 million. Of the total charge, approximately $55 million will result in cash expenditures, and the remainder to non-cash impairment charges. Once the 2021 Projects are substantially completed, Itron estimates $15 million to $20 million in annualized savings. Certain of Itron's employees are represented by

unions or works councils, which requires consultation, and potential restructuring projects may be subject to regulatory approval, both of which could impact the timing of planned savings in certain jurisdictions.

The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2021 Projects were as follows:


In thousands	Total Expected Costs at December 31, 2021		Costs Recognized in Prior Periods		Costs Recognized During the Year Ended December 31, 2021		Expected Remaining Costs to be Recognized at December 31, 2021
Employee severance costs	$	49,013	$	—	$	49,013	$	—
Asset impairments & net loss on sale or disposal	9,246		—		9,246		—
Other restructuring costs	5,452		—		2,452		3,000
Total	$	63,711	$	—	$	60,711	$	3,000

2020 Projects

In September 2020, our Board of Directors approved a restructuring plan (the 2020 Projects), which includes activities that continue our efforts to optimize our global supply chain and manufacturing operations, sales and marketing organizations, and other overhead. These projects are scheduled to be substantially complete by the end of 2022. Certain of Itron's employees are represented by unions or works councils, which requires consultation, and potential restructuring projects may be subject to regulatory approval, both of which could impact the timing of planned savings in certain jurisdictions.

During 2021, expected remaining costs to be recognized were reduced by $13.0 million due to the removal of a previously planned non-cash cumulative translation adjustment charge, resulting from our recent reassessment of the legal entity and its related operations.

The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2020 Projects were as follows:


In thousands	Total Expected Costs at December 31, 2021		Costs Recognized in Prior Periods		Costs Recognized During the Year Ended December 31, 2021		Expected Remaining Costs to be Recognized at December 31, 2021
Employee severance costs	$	24,532	$	36,225	$	(11,693)	$	—
Asset impairments & net loss on sale or disposal	6,442		6,944		(502)		—
Other restructuring costs	9,033		63		6,107		2,863
Total	$	40,007	$	43,232	$	(6,088)	$	2,863

All prior restructuring plans are substantially complete and are not presented below.

The following table summarizes the activity within the restructuring related balance sheet accounts for the 2021 Projects and the 2020 Projects during the year ended December 31, 2021:


In thousands	Accrued Employee Severance		Asset Impairments & Net Loss (Gain) on Sale or Disposal		Other Accrued Costs		Total
Beginning balance, January 1, 2021	$	70,005	$	—	$	2,621	$	72,626
Costs charged to expense	37,320		8,744		8,559		54,623
Cash payments	(23,687)		—		(5,971)		(29,658)
Cash receipts	—		4,495		—		4,495
Net assets disposed and impaired	—		(13,239)		—		(13,239)
Effect of change in exchange rates	(3,762)		—		(79)		(3,841)
Ending balance, December 31, 2021	$	79,876	$	—	$	5,130	$	85,006

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, costs to exit the facilities once the operations in those facilities have ceased, and other costs associated with the liquidation of any affected legal entities. 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 does not impact the results of our operating segments.

The current portions of restructuring liabilities were $29.7 million and $31.7 million as of December 31, 2021 and 2020 and are classified within other current liabilities on the Consolidated Balance Sheets. The long-term portions of restructuring liabilities were $55.3 million and $40.9 million as of December 31, 2021 and 2020. The long-term portions of restructuring liabilities are classified within other long-term obligations on the Consolidated Balance Sheet and include severance accruals and facility exit costs.

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Percent	37.00%	1.00%	28.00%
Deferred tax liabilities, net	$ (75,587)	$ (58,010)
Valuation allowance, deferred tax asset, increase (decrease), amount	24,535	(53,697)	$ (838)
Undistributed Earnings of Foreign Subsidiaries and Foreign Corporate Joint Ventures [Member]
Undistributed earnings of foreign subsidiaries	$ 25,700	$ 18,100

Shareholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period		$ (138,526)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		(9,572)	$ 66,146	$ (8,367)
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period		(148,098)	(138,526)
Accumulated other comprehensive loss, foreign currency translation adjustment, net of tax	$ 59,700
Actuarial (gain) loss	$ 900	(13,986)	9,323
Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period		(138,526)	(204,672)	(196,305)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		(11,538)	5,391	3,017
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		1,966	60,755	(11,384)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		(9,572)	66,146	(8,367)
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period		(148,098)	(138,526)	(204,672)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period		(84,843)	(157,999)	(157,489)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		(26,923)	21,082	(2,953)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		0	52,074	2,443
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		(26,923)	73,156	(510)
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period		(111,766)	(84,843)	(157,999)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period		(1,621)	(723)	1,201
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		1,121	(7,002)	4,061
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		290	6,104	(5,985)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		1,411	(898)	(1,924)
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period		(210)	(1,621)	(723)
Accumulated Other Comprehensive Income, Net Unrealized Gain (Loss) on Nonderivative Instruments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period		(14,380)	(14,380)	(14,380)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		0	0	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		0	0	0
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period		(14,380)	(14,380)	(14,380)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period		(37,682)	(31,570)	(25,637)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		14,264	(8,689)	1,909
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		1,676	2,577	(7,842)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		15,940	(6,112)	(5,933)
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period		$ (21,742)	$ (37,682)	$ (31,570)

Restructuring - Expected Cost, Costs Recognized, and Costs to be Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Costs Recognized in Prior Periods	$ 54,623
2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	63,711
Costs Recognized in Prior Periods	60,711	$ 0
Restructuring and Related Cost, Expected Cost Remaining	3,000
2020 Projects [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	40,007
Costs Recognized in Prior Periods	(6,088)	43,232
Restructuring and Related Cost, Expected Cost Remaining	2,863
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Costs Recognized in Prior Periods	37,320
Employee Severance [Member] \| 2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	49,013
Costs Recognized in Prior Periods	49,013	0
Restructuring and Related Cost, Expected Cost Remaining	0
Employee Severance [Member] \| 2020 Projects [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	24,532
Costs Recognized in Prior Periods	(11,693)	36,225
Restructuring and Related Cost, Expected Cost Remaining	0
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member]
Restructuring Cost and Reserve [Line Items]
Costs Recognized in Prior Periods	8,744
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member] \| 2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	9,246
Costs Recognized in Prior Periods	9,246	0
Restructuring and Related Cost, Expected Cost Remaining	0
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member] \| 2020 Projects [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	6,442
Costs Recognized in Prior Periods	(502)	6,944
Restructuring and Related Cost, Expected Cost Remaining	0
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Costs Recognized in Prior Periods	8,559
Other Restructuring [Member] \| 2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	5,452
Costs Recognized in Prior Periods	2,452	0
Restructuring and Related Cost, Expected Cost Remaining	3,000
Other Restructuring [Member] \| 2020 Projects [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	9,033
Costs Recognized in Prior Periods	6,107	$ 63
Restructuring and Related Cost, Expected Cost Remaining	$ 2,863

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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
Derivatives Assets	Balance Sheet Location	December 31, 2021		December 31, 2020
Derivatives not designated as hedging instruments under ASC 815-20		In thousands








Foreign exchange forward contracts	Other current assets	$	37	$	52


Total asset derivatives		$	37	$	52

Derivatives Liabilities
Derivatives designated as hedging instruments under ASC 815-20
Interest rate swap contracts	Other current liabilities	$	—	$	1,025
Interest rate swap contracts	Other long-term obligations	—		957
Cross currency swap contracts	Other current liabilities	—		526
Derivatives not designated as hedging instruments under ASC 815-20
Foreign exchange forward contracts	Other current liabilities	135		128
Total liability derivatives		$	135	$	2,636

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

The changes in AOCI, net of tax, for our derivative and nonderivative hedging instruments designated as hedging instruments, net of tax, were as follows:


In thousands	2021		2020		2019
Net unrealized loss on hedging instruments at January 1,	$	(16,001)	$	(15,103)	$	(13,179)
Unrealized gain (loss) on derivative instruments	1,121		(7,002)		4,061
Realized (gains) losses reclassified into net income (loss)	290		6,104		(5,985)
Net unrealized loss on hedging instruments at December 31,	$	(14,590)	$	(16,001)	$	(15,103)

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
December 31, 2021	$	37	$	(37)	$	—	$	—
December 31, 2020	52		(52)		—		—

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
December 31, 2021	$	135	$	(37)	$	—	$	98
December 31, 2020	2,636		(52)		—		2,584

Derivative Instruments, Gain (Loss)

The before-tax effects of our accounting for derivative instruments designated as hedges on AOCI for the year ended December 31, 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	2021		2020		2019		In thousands	2021		2020		2019
Interest rate swap contract	$	73	$	(2,900)	$	(987)	Interest expense	$	(229)	$	(745)	$	1,451
Interest rate swap contract	—		—		—		Other income (expense), net	(1,680)		—		—
Interest rate cap contracts	—		782		995		Interest expense	—		392		1,046
Foreign exchange options	403		(1,228)		1,141		Product cost of revenues	403		(1,228)		1,141
Cross currency swap contract	669		(4,164)		3,022		Interest expense	94		619		1,632
Cross currency swap contract	—		—		—		Other income (expense), net	656		(5,228)		1,335

Foreign Exchange Derivatives Not Designated As Hedging Instruments

The effect of our derivative instruments not designated as hedges on the Consolidated Statements of Operations for the year ended December 31, 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		2021		2020		2019
Foreign exchange forward contracts	Other income (expense), net	$	1,536	$	(4,538)	$	(2,425)

Restructuring (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2021 Projects were as follows:


In thousands	Total Expected Costs at December 31, 2021		Costs Recognized in Prior Periods		Costs Recognized During the Year Ended December 31, 2021		Expected Remaining Costs to be Recognized at December 31, 2021
Employee severance costs	$	49,013	$	—	$	49,013	$	—
Asset impairments & net loss on sale or disposal	9,246		—		9,246		—
Other restructuring costs	5,452		—		2,452		3,000
Total	$	63,711	$	—	$	60,711	$	3,000

The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2020 Projects were as follows:


In thousands	Total Expected Costs at December 31, 2021		Costs Recognized in Prior Periods		Costs Recognized During the Year Ended December 31, 2021		Expected Remaining Costs to be Recognized at December 31, 2021
Employee severance costs	$	24,532	$	36,225	$	(11,693)	$	—
Asset impairments & net loss on sale or disposal	6,442		6,944		(502)		—
Other restructuring costs	9,033		63		6,107		2,863
Total	$	40,007	$	43,232	$	(6,088)	$	2,863

Schedule of Restructuring Reserve by Type of Cost

The following table summarizes the activity within the restructuring related balance sheet accounts for the 2021 Projects and the 2020 Projects during the year ended December 31, 2021:


In thousands	Accrued Employee Severance		Asset Impairments & Net Loss (Gain) on Sale or Disposal		Other Accrued Costs		Total
Beginning balance, January 1, 2021	$	70,005	$	—	$	2,621	$	72,626
Costs charged to expense	37,320		8,744		8,559		54,623
Cash payments	(23,687)		—		(5,971)		(29,658)
Cash receipts	—		4,495		—		4,495
Net assets disposed and impaired	—		(13,239)		—		(13,239)
Effect of change in exchange rates	(3,762)		—		(79)		(3,841)
Ending balance, December 31, 2021	$	79,876	$	—	$	5,130	$	85,006

Commitments and Contingencies - Warranty Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Other adjustments and expirations, net	$ 551	$ 7,736	$ 15,695
EMEA [Member] \| Device Solutions [Member]
Loss Contingencies [Line Items]
Other adjustments and expirations, net	3,000
North America [Member] \| Networked Solutions Segment [Member]
Loss Contingencies [Line Items]
Other adjustments and expirations, net	$ 2,000	$ 3,900

Debt - Credit Facility Additional Information (Details)		3 Months Ended	9 Months Ended	12 Months Ended
Debt - Credit Facility Additional Information (Details)	Oct. 19, 2020 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 18, 2019 USD ($)
Debt Instrument [Line Items]
Debt instrument, face amount						$ 1,200,000,000
Line of credit facility, maximum borrowing capacity						500,000,000
Debt instrument, maximum leverage ratio		4.50	4.75
Federal Reserve Effect Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.50%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.00%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis				the LIBOR rate
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
Alternate base rate (3) [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis				one month LIBOR
Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.15%
Debt instrument, interest rate at period end		1.00%		1.00%
Debt instrument, basis spread on variable rate				0.00%
Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.25%
Debt instrument, interest rate at period end		1.75%		1.75%
USD Denominated Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount						650,000,000
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						300,000,000
Long-term line of credit		$ 235,600,000		$ 235,600,000
Letters of credit outstanding, amount		64,400,000		64,400,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 50,000,000
Long-term line of credit		0		0
Line of Credit
Debt Instrument [Line Items]
Debt Instrument, Fee Amount	$ 1,400,000
Long-term line of credit		0		0	$ 0
Line of Credit Facility, Remaining Borrowing Capacity		$ 435,626,000		$ 435,626,000	$ 435,052,000
Line of Credit \| Fourth Quarter 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument, Debt Covenant. Required Rate	4.75
Line of Credit \| First Quarter 2021 [Member]
Debt Instrument [Line Items]
Debt Instrument, Debt Covenant. Required Rate		4.50		4.50
Line of Credit \| Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.15%
Debt instrument, interest rate at period end	1.00%
Line of Credit \| Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.30%
Debt instrument, interest rate at period end	2.00%

Derivative Financial Instruments - Derivative Financial Instruments Narrative (Details) $ / shares in Units, shares in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2021 shares	Dec. 31, 2021 USD ($) counterparty contracts $ / shares shares	Dec. 31, 2020 USD ($) counterparty shares	Dec. 31, 2019 USD ($) shares	Mar. 17, 2021 USD ($)	Feb. 28, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2018 USD ($)	Apr. 30, 2018 USD ($)	Oct. 31, 2015 USD ($)
Derivative [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		$ 148,098,000	$ 138,526,000
Derivative, Notional Amount		$ 84,100,000
Interest rate									1.38%
DerivativeTerminationFee					$ 1,700,000
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares) \| shares		0.5	0.7	0.4
Deferred Tax Assets, Derivative Instruments		$ 20,600,000
Treasury Stock, Shares, Acquired \| shares		3.7
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 180.00
Class of Warrant or Right, Premium, Percentage		1
Class of Warrant or Right, Aggregate Proceeds From Transaction		$ 45,300,000
Convertible Debt Securities
Derivative [Line Items]
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares) \| shares	3.7	3.7
Common stock conversion price (in usd per share) \| $ / shares		$ 126.00
Interest Rate Swap [Member]
Derivative [Line Items]
Number of interest rate derivatives held							1			1
Derivative, Notional Amount							$ 240,000,000			$ 214,000,000
Derivative, Fixed Interest Rate							0.617%			1.42%
Currency Swap [Member]
Derivative [Line Items]
Number of interest rate derivatives held									1
Derivative, Notional Amount									$ 56,000,000
Foreign Exchange Option [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 0				$ 77,000,000
Derivative Purchase Price		$ 1,100,000
Forward Contracts [Member]
Derivative [Line Items]
Number of instruments held \| contracts		39
Foreign Exchange Contract [Member] \| Minimum \| Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 102,000
Foreign Exchange Contract [Member] \| Maximum \| Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount		76,300,000
Revolving Credit Facility [Member]
Derivative [Line Items]
Long-term line of credit		$ 0
Number of Counterparties [Member]
Derivative [Line Items]
Number of counterparties \| counterparty		3	4
Accumulated Other Comprehensive Income, Net Unrealized Gain (Loss) on Nonderivative Instruments [Member]
Derivative [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		$ 14,380,000	$ 14,380,000	$ 14,380,000				$ 14,380,000

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Deferred tax assets

Loss carryforwards

$ 412,023

^[1]

$ 423,013

Tax credits

39,767

^[2]

88,433

Accrued expenses

68,757

47,569

Pension plan benefits expense

17,140

21,735

Warranty reserves

9,302

11,083

Depreciation and amortization

94,917

6,363

Equity compensation

6,126

4,701

Inventory valuation

2,593

1,799

Deferred revenue

11,534

9,705

Interest

17,971

Leases

9,460

10,872

Other deferred tax assets, net

9,062

10,817

Total deferred tax assets

698,652

636,090

Valuation allowance

(443,593)

^[1]

(503,859)

Total deferred tax assets, net of valuation allowance

255,059

132,231

Deferred tax liabilities

Depreciation and amortization

(56,897)

(39,995)

Leases

(8,489)

(10,046)

Other deferred tax liabilities, net

(10,201)

(7,969)

Total deferred tax liabilities

(75,587)

(58,010)

Net deferred tax assets

179,472

$ 74,221

Deferred tax assets, tax credit carryforwards, general business

^[2]

53,300

Deferred tax assets, tax credit carryforwards, foreign

^[2]

1,600

Deferred tax assets, tax credit carryforwards, other

^[2]

39,300

U.S. federal

Deferred tax liabilities

Loss carryforwards by Jurisdiction

^[1]

4,800

LUXEMBOURG

Deferred tax liabilities

Loss carryforwards by Jurisdiction

^[1]

$ 1,300,000

[1]

For tax return purposes at December 31, 2021, we had U.S. federal loss carryforwards of $4.8 million, which begin to expire in the year 2022. At December 31, 2021, we have net operating loss carryforwards in Luxembourg of $1.3 billion, the majority of which can be carried forward indefinitely, offset by a full valuation allowance. The remaining portion of the loss carryforwards are composed primarily of losses in various other state and foreign jurisdictions. The majority of these losses can be carried forward indefinitely. At December 31, 2021, there was a valuation allowance of $443.6 million primarily associated with foreign loss carryforwards.

[2]

For tax return purposes at December 31, 2021, we had: (1) U.S. general business credits of $53.3 million, which begin to expire in 2028; (2) U.S. foreign tax credits of $1.6 million, which begin to expire in 2025; and (3) state tax credits of $39.3 million, which begin to expire in 2022.

Revenues (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [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, 2021	$	98,388

Revenues recognized from beginning contract liability	(93,709)
Cumulative catch-up adjustments	19,867
Increases due to amounts collected or due	289,300
Revenues recognized from current period increases	(229,336)
Other	(1,330)
Ending balance, December 31, 2021	$	83,180

Debt - Convertible Debt Additional Information (Details) $ / shares in Units, $ in Millions		37 Months Ended
	Mar. 12, 2021 USD ($)	Jan. 14, 2021	Dec. 31, 2021 $ / shares
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, redemption price, percentage		98.00%
Debt Instrument, Redemption, Period Four [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, redemption price, percentage		130.00%
Convertible Debt Securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Common stock conversion price (in usd per share) \| $ / shares			$ 126.00
Convertible Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from Convertible Debt \| $	$ 448.5
Debt Instrument, Convertible, Conversion Ratio	0.0079365

Fair Values of Financial Instruments - Schedule of Fair Values of Financial Instruments (Details) - USD ($)	Dec. 31, 2021	Apr. 08, 2021	Mar. 09, 2021	Dec. 31, 2020	Jan. 19, 2018	Dec. 22, 2017
Liabilities
Senior notes		$ 0	$ 410,000,000		$ 100,000,000	$ 300,000,000
Line of Credit
Liabilities
Multicurrency revolving line of credit	$ 0			$ 0
Carrying Amount
Liabilities
Senior notes	0			388,311,000
Convertible notes	450,228,000			0
Carrying Amount \| Line of Credit
Liabilities
Multicurrency revolving line of credit	0			0
Carrying Amount \| USD Denominated Term Loan
Liabilities
Term loans	0			532,625,000
Fair Value
Liabilities
Senior notes	0			410,000,000
Convertible notes	422,749,000			0
Fair Value \| Line of Credit
Liabilities
Multicurrency revolving line of credit, Fair Value of Amount Outstanding	0			0
Fair Value \| USD Denominated Term Loan
Liabilities
Term loans, at fair value	$ 0			$ 520,347,000

Defined Contribution, Bonus, and Profit Sharing Plans - Schedule of Defined Contribution Plans Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Contribution, Bonus, and Profit Sharing [Abstract]
Defined contribution plans expense	$ 18,287	$ 18,424	$ 17,882

Summary of Significant Accounting Policies - Property, Plant, and Equipment Policy Additional Information (Details)	12 Months Ended
	Dec. 31, 2021
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Minimum \| Machinery and Equipment, Computers and Software, and Furniture [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Maximum \| Machinery and Equipment, Computers and Software, and Furniture [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

Shareholders' Equity

12 Months Ended

Dec. 31, 2021

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 would be entitled to be paid a preferential amount per share to be determined by the Board of Directors prior to any payment to holders of common stock. There was no preferred stock issued or outstanding at December 31, 2021 or 2020.

Stock Repurchase Authorization

Effective November 1, 2021, Itron's Board of Directors authorized a share repurchase up to $100 million of our common stock over an 18-month period (the 2021 Stock Repurchase Program). Repurchases are made in the open market or in privately negotiated transactions, and in accordance with applicable securities laws. Following the announcement of the program and through December 31, 2021, we repurchased 125,314 shares at an average share price of $64.05 (excluding commissions) for a total of $8.0 million. Subsequent to December 31, 2021, we repurchased 279,968 shares of our common stock under the 2021 Stock Repurchase Program. The average price paid per share was $60.60 (excluding commissions) for total of $17.0 million.

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. Following the announcement of the program and through December 31, 2019, we repurchased 529,396 shares at an average share price of $47.22 for a total of $25 million. The program expired on March 13, 2020, and no additional shares were repurchased during 2020.

Issuance of Common Stock

On March 12, 2021, we closed the sale of 4,472,222 shares of our common stock in a public offering, resulting in net proceeds to us of approximately $389.4 million, after deducting underwriters' discounts of the offering.

Convertible Note Hedge Transactions

We paid an aggregate amount of $84.1 million for the Convertible Note Hedge Transactions. The Convertible Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the Convertible Notes, approximately 3.7 million shares of our common stock, the same number of shares initially underlying the Convertible Notes, at a strike price of approximately $126.00, subject to customary adjustments. The Convertible Note Hedge Transactions will expire upon the maturity of the Convertible Notes, subject to earlier exercise or termination. The Convertible Note Hedge Transactions are expected generally to reduce the potential dilutive effect of the conversion of our Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of the converted notes, as the case may be, in the event the price per share of our common stock, as measured under the terms of the Convertible Note Hedge Transactions, is greater than the strike price of the Convertible Note Hedge Transactions. The Convertible Note Hedge Transactions meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, therefore the Convertible Note Hedge Transactions are not revalued after their issuance.

Warrant Transactions

In addition, concurrently with entering into the Convertible Note Hedge Transactions, we separately entered into privately-negotiated Warrant Transactions, whereby we sold to the Counterparties warrants to acquire, collectively, subject to anti-

dilution adjustments, 3.7 million shares of our common stock at an initial strike price of $180.00 per share, which represents a premium of 100% over the public offering price in the common stock issuance. We received aggregate proceeds of $45.3 million from the Warrant Transactions with the Counterparties, with such proceeds partially offsetting the costs of entering into the Convertible Note Hedge Transactions. The warrants expire in June 2026. If the market value per share of our common stock, as measured under the Warrant Transactions, exceeds the strike price of the warrants, the warrants will have a dilutive effect on our earnings per share, unless we elect, subject to certain conditions, to settle the warrants in cash. The warrants meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore the warrants are not revalued after issuance.

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	(2,953)		4,061		—		1,909		3,017
Amounts reclassified from AOCI	2,443		(5,985)		—		(7,842)		(11,384)
Total other comprehensive income (loss)	(510)		(1,924)		—		(5,933)		(8,367)
Balances at December 31, 2019	(157,999)		(723)		(14,380)		(31,570)		(204,672)
OCI before reclassifications	21,082		(7,002)		—		(8,689)		5,391
Amounts reclassified from AOCI	52,074		6,104		—		2,577		60,755
Total other comprehensive income (loss)	73,156		(898)		—		(6,112)		66,146
Balances at December 31, 2020	(84,843)		(1,621)		(14,380)		(37,682)		(138,526)
OCI before reclassifications	(26,923)		1,121		—		14,264		(11,538)
Amounts reclassified from AOCI	—		290		—		1,676		1,966
Total other comprehensive income (loss)	(26,923)		1,411		—		15,940		(9,572)
Balances at December 31, 2021	$	(111,766)	$	(210)	$	(14,380)	$	(21,742)	$	(148,098)

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


	Year Ended December 31,
In thousands	2021		2020		2019
Before-tax amount
Foreign currency translation adjustment	$	(26,757)	$	20,947	$	(2,581)
Foreign currency translation adjustment reclassified to net income on sale of business	—		52,074		2,443
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	1,139		(7,519)		4,063

Net hedging (gain) loss reclassified to net income	756		6,190		(6,605)
Net unrealized gain (loss) on defined benefit plans	14,426		(8,798)		1,966
Net defined benefit plan (gain) loss reclassified to net income	1,695		2,609		(8,076)
Total other comprehensive income (loss), before tax	(8,741)		65,503		(8,790)

Tax (provision) benefit
Foreign currency translation adjustment	(166)		135		(372)
Foreign currency translation adjustment reclassified to net income on sale of business	—		—		—
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	(18)		517		(2)

Net hedging (gain) loss reclassified to net income	(466)		(86)		620
Net unrealized gain (loss) on defined benefit plans	(162)		109		(57)
Net defined benefit plan (gain) loss reclassified to net income	(19)		(32)		234
Total other comprehensive income (loss) tax (provision) benefit	(831)		643		423

Net-of-tax amount
Foreign currency translation adjustment	(26,923)		21,082		(2,953)
Foreign currency translation adjustment reclassified to net income on sale of business	—		52,074		2,443
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	1,121		(7,002)		4,061

Net hedging (gain) loss reclassified to net income	290		6,104		(5,985)
Net unrealized gain (loss) on defined benefit plans	14,264		(8,689)		1,909
Net defined benefit plan (gain) loss reclassified to net income	1,676		2,577		(7,842)
Total other comprehensive income (loss), net of tax	$	(9,572)	$	66,146	$	(8,367)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 13
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (b)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Certain Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Accounts Receivable, after Allowance for Credit Loss, Current	$ 261,124	$ 318,269
Unbilled receivables	37,335	51,559
Total accounts receivable, net	298,459	369,828
Accounts Receivable, Allowance for Credit Loss, Current	$ 5,730	$ 1,312

Fair Values of Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Values of Financial Instruments

The fair values at December 31, 2021 and 2020 do not reflect subsequent changes in the economy, interest rates, tax rates, and other variables that may affect the determination of fair value.


	December 31, 2021				December 31, 2020
In thousands	Carrying Amount		Fair Value		Carrying Amount		Fair Value








Credit facility
USD denominated term loan	$	—	$	—	$	532,625	$	520,347
Multicurrency revolving line of credit	—		—		—		—
Senior notes	—		—		388,311		410,000
Convertible notes	450,228		422,749		—		—

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

Cash and cash equivalents: 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 the 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, prior to their repayment, were not registered securities nor listed on any securities exchange but were able to be actively traded by qualified institutional buyers. The fair values for the Senior Notes were estimated using Level 1 inputs, as they were based on quoted prices for these instruments in active markets. In 2021, the Senior Notes were fully discharged, and no principal or unpaid interest remains outstanding. See Note 6: Debt for further information.

Convertible Notes: The Convertible Notes are not registered securities nor listed on any securities exchange but may be actively traded by qualified institutional buyers. The fair values for the Convertible Notes are estimated using Level 1 inputs, as they are 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

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Payments	$ 20,958	$ 20,678
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 8,342	$ 13,051

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Cost	$ 20,577	$ 22,081
Variable Lease, Cost	2,662	2,582
Lease, Cost, Total	$ 23,239	$ 24,663

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lease, Cost

The components of operating lease expense are as follows:


In thousands	Year Ended December 31,
	2021		2020
Operating lease cost	$	20,577	$	22,081
Variable lease cost	2,662		2,582
Total operating lease cost	$	23,239	$	24,663

Supplemental cash flow information related to operating leases is as follows:


In thousands	Year Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	20,958	$	20,678
Right-of-use assets obtained in exchange for operating lease liabilities	8,342		13,051

Assets And Liabilities, Leases

Supplemental balance sheet information related to operating leases is as follows:


In thousands	December 31, 2021			December 31, 2020
Operating lease right-of-use assets, net	$	65,523		$	76,276

Other current liabilities	16,602			16,243
Operating lease liabilities	57,314			66,823
Total operating lease liability	$	73,916		$	83,066
Weighted average remaining lease term - Operating leases	4.7 years			5.6 years
Weighted average discount rate - Operating leases	4.4		%	4.5		%

Lessee, Operating Lease, Liability, Maturity

Amounts due under operating lease liabilities as of December 31, 2021 are as follows:


In thousands	December 31, 2021
2022	$	19,234
2023	17,251
2024	14,812
2025	13,708
2026	11,853
Thereafter	4,867
Total lease payments	81,725
Less: imputed interest	(7,809)
Total operating lease liability	$	73,916

Defined Contribution, Bonus, and Profit Sharing Plans - Narrative (Details)	12 Months Ended
	Dec. 31, 2021
Defined Contribution, Bonus, and Profit Sharing [Abstract]
Employer matching contribution, percentage of match	75.00%
Employer matching contribution, percentage of employees' gross pay	6.00%

Defined Benefit Pension Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [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, 2021.

The following tables set forth the components of the changes in benefit obligations and fair value of plan assets:


	Year Ended December 31,
In thousands	2021		2020
Change in benefit obligation:
Benefit obligation at January 1,	$	132,732	$	114,218
Service cost	4,479		4,027
Interest cost	1,383		1,817
Actuarial (gain) loss	(13,986)		9,323
Benefits paid	(3,381)		(2,820)
Foreign currency exchange rate changes	(8,505)		9,594
Curtailment	(579)		(589)
Settlement	(171)		(78)
Other	101		(2,760)
Benefit obligation at December 31,	$	112,073	$	132,732

Change in plan assets:
Fair value of plan assets at January 1,	$	10,206	$	12,665
Actual return on plan assets	308		389
Company contributions	102		349
Benefits paid	(329)		(298)
Foreign currency exchange rate changes	(678)		(177)
Release for divestiture	—		(2,722)
Fair value of plan assets at December 31,	9,609		10,206
Net pension benefit obligation at fair value	$	102,464	$	122,526

Amounts recognized on the Consolidated Balance Sheets consist of:


	December 31,
In thousands	2021		2020



Liabilities
Current portion of pension benefit obligation in wages and benefits payable	$	3,088	$	3,069
Pension benefit obligation held for sale within other current liabilities	11,513		—
Long-term portion of pension benefit obligation	87,863		119,457

Pension benefit obligation, net	$	102,464	$	122,526

Amounts recognized in OCI (pre-tax) are as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Net actuarial (gain) loss	$	(14,565)	$	8,734	$	8,762
Settlement (gain) loss	2		(286)		(250)
Curtailment loss	557		—		—
Plan asset (gain) loss	38		64		(526)
Amortization of net actuarial loss	(2,183)		(2,255)		(1,648)
Amortization of prior service cost	(71)		(68)		(68)
Other	101		—		(160)
Other comprehensive (income) loss	$	(16,121)	$	6,189	$	6,110

If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities, we amortize them over the employees' average future service period. The estimated net actuarial loss and prior service cost that will be amortized from AOCI into net periodic benefit cost during 2022 is $1.1 million.

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


	Year Ended December 31,
In thousands	2021		2020		2019
Service cost	$	4,479	$	4,027	$	3,711
Interest cost	1,383		1,817		2,278
Expected return on plan assets	(346)		(453)		(608)
Amortization of prior service costs	71		68		68
Amortization of actuarial net loss	2,183		2,255		1,648
Settlement	(2)		286		250
Curtailment	(557)		—		—

Net periodic benefit cost	$	7,211	$	8,000	$	7,347

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.

The significant actuarial weighted average assumptions used in determining the benefit obligations and net periodic benefit cost for our benefit plans are as follows:


	Year Ended December 31,
	2021		2020		2019
Actuarial assumptions used to determine benefit obligations at end of period:
Discount rate	1.66	%	1.10	%	1.76	%
Expected annual rate of compensation increase	3.88	%	3.68	%	3.76	%
Actuarial assumptions used to determine net periodic benefit cost for the period:
Discount rate	1.10	%	1.76	%	2.24	%
Expected rate of return on plan assets	3.45	%	4.89	%	5.19	%
Expected annual rate of compensation increase	3.68	%	3.76	%	3.60	%

We determine a discount rate for our plans based on the estimated duration of each plan's liabilities. For euro denominated defined benefit pension plans, which represent 91% of our projected benefit obligation, we use discount rates with consideration of the duration of each of the plans, using a hypothetical yield curve developed from euro-denominated AA-rated corporate bond issues. These bonds are assigned different weights to adjust their relative influence on the yield curve, and the highest and lowest yielding 10% of bonds are excluded within each maturity group. The discount rates used, depending on the duration of the plans, were between 0.50% and 1.25%.

Our expected rate of return on plan assets is derived from a study of actual historic returns achieved and anticipated future long-term performance of plan assets, specific to plan investment asset category. While the study primarily gives consideration to recent insurers' performance and historical returns, the assumption represents a long-term prospective return.

The total accumulated benefit obligation for our defined benefit pension plans was $103.4 million and $121.7 million at December 31, 2021 and 2020.

The total obligations and fair value of plan assets for plans with projected benefit obligations and accumulated benefit obligations exceeding the fair value of plan assets are as follows:


In thousands	December 31,
	2021		2020
Projected benefit obligation	$	112,073	$	132,732
Accumulated benefit obligation	103,437		121,747
Fair value of plan assets	9,609		10,206

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.

The fair values of our plan investments by asset category are as follows:


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Unobservable Inputs (Level 3)


In thousands	December 31, 2021
Cash	$	1,075	$	1,075	$	—
Insurance funds	8,534		—		8,534

Total fair value of plan assets	$	9,609	$	1,075	$	8,534


In thousands	December 31, 2020
Cash	$	1,050	$	1,050	$	—
Insurance funds	9,156		—		9,156

Total fair value of plan assets	$	10,206	$	1,050	$	9,156

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2021 and 2020:


In thousands	Balance at January 1, 2021		Net Realized and Unrealized Gains		Net Purchases, Issuances, Settlements, and Other		Release for Divestiture		Effect of Foreign Currency		Balance at December 31, 2021
Insurance funds	$	9,156	$	289	$	(242)	$	—	$	(669)	$	8,534


In thousands	Balance at January 1, 2020		Net Realized and Unrealized Gains		Net Purchases, Issuances, Settlements, and Other		Release for Divestiture		Effect of Foreign Currency		Balance at December 31, 2020
Insurance funds	$	8,133	$	237	$	15	$	—	$	771	$	9,156
Other securities	3,606		117		(61)		(2,722)		(940)		—
Total	$	11,739	$	354	$	(46)	$	(2,722)	$	(169)	$	9,156

As the plan assets and contributions are not significant to our total company assets, no further disclosures are considered material.


Year Ending December 31,	Estimated Annual Benefit Payments

In thousands
2022	$	4,294
2023	3,456
2024	4,392
2025	4,686
2026	4,755
2027-2031	26,825

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 55
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-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

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+ Details

Income Taxes - Schedule of Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Domestic	$ (91,579)	$ 24,010	$ 57,261
Foreign	(32,231)	(80,649)	15,771
Total income (loss) before income taxes	(123,810)	(56,639)	73,032
Expected federal income tax provision (benefit)	(26,000)	(11,894)	15,337
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount	0	10,936	0
Change in valuation allowance	(24,535)	53,697	838
Onshoring of international operations	(10,933)	0	0
Stock-based compensation	(2,465)	(163)	(2,130)
Foreign earnings	25,738	(58,649)	(15,610)
Tax credits	(8,988)	(9,101)	(8,794)
Uncertain tax positions, including interest and penalties	6,693	11,144	13,060
Change in tax rates	(1,919)	557	9,514
State income tax provision (benefit), net of federal effect	(5,722)	(1,997)	2,805
U.S. tax provision on foreign earnings	58	142	129
Local foreign taxes	667	1,298	1,471
Other, net	1,894	4,268	3,997
Total provision (benefit) from income taxes	$ (45,512)	$ 238	$ 20,617

Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Values Of Financial Instruments by Balance Sheet Grouping

The fair values at December 31, 2021 and 2020 do not reflect subsequent changes in the economy, interest rates, tax rates, and other variables that may affect the determination of fair value.


	December 31, 2021				December 31, 2020
In thousands	Carrying Amount		Fair Value		Carrying Amount		Fair Value








Credit facility
USD denominated term loan	$	—	$	—	$	532,625	$	520,347
Multicurrency revolving line of credit	—		—		—		—
Senior notes	—		—		388,311		410,000
Convertible notes	450,228		422,749		—		—

Restructuring - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, expected cash settlements	$ 55.0
Restructuring and related costs, increase (decrease) of expected costs,	13.0
Restructuring reserve, current	29.7	$ 31.7
Restructuring reserve, noncurrent	55.3	$ 40.9
Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, annual savings	15.0
Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, annual savings	$ 20.0

Commitments and Contingencies - Incurred But Not Reported Health Benefit Cost Accrual (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
IBNR accrual	$ 3,478	$ 3,507

Schedule of Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Finite-Lived Intangible Assets

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


	December 31, 2021						December 31, 2020
In thousands	Gross		Accumulated (Amortization) Accretion		Net		Gross		Accumulated (Amortization) Accretion		Net
Intangible Assets
Core-developed technology	$	505,429	$	(491,047)	$	14,382	$	525,051	$	(498,113)	$	26,938
Customer contracts and relationships	336,421		(261,043)		75,378		383,245		(280,497)		102,748
Trademarks and trade names	74,551		(72,133)		2,418		79,716		(76,912)		2,804
Other	12,021		(11,670)		351		12,025		(11,560)		465


Total intangible assets	$	928,422	$	(835,893)	$	92,529	$	1,000,037	$	(867,082)	$	132,955

Intangible Liabilities
Customer contracts and relationships	$	(23,900)	$	23,441	$	(459)	$	(23,900)	$	21,479	$	(2,421)

Summary Of Intangible Asset Account Activity

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


	Year Ended December 31,
In thousands	2021		2020
Intangible assets, gross beginning balance	$	1,000,037	$	979,814
Intangible assets acquired	2,059		—
Intangible assets reclassified to held for sale	(39,089)		—
Intangible assets disposed in sale of business	—		(18,140)
Effect of change in exchange rates	(34,585)		38,363
Intangible assets, gross ending balance	$	928,422	$	1,000,037

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 Finite-Lived 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
2022	$	26,688	$	(459)	$	26,229
2023	19,285		—		19,285
2024	15,289		—		15,289
2025	14,499		—		14,499
2026	10,432		—		10,432
Thereafter	6,336		—		6,336
Total intangible assets subject to amortization (accretion)	$	92,529	$	(459)	$	92,070

Finite-lived Intangible Assets Amortization Expense


Amortization Expense	Year Ended December 31,
In thousands	2021		2020		2019
Amortization expense	$	35,801	$	44,711	$	64,286

Certain Balance Sheet Components - Narrative (Details) - Discontinued Operations, Disposed of by Sale $ in Thousands	Dec. 31, 2021 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accounts receivable, net	$ 751
Inventories	15,410
Property, plant, and equipment, net	$ 12,012

Defined Contribution, Bonus, and Profit Sharing (Tables)

12 Months Ended

Dec. 31, 2021

Defined Contribution, Bonus, and Profit Sharing [Abstract]

Schedule of Costs of Retirement Plans

The expense for our defined contribution plans was as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Defined contribution plans expense	$	18,287	$	18,424	$	17,882

Schedule of Bonus and Profit Sharing Expenses

Bonus and profit sharing plans and award expense was as follows:


	Year Ended December 31,
In thousands	2021		2020		2019
Bonus and profit sharing plans expense	$	48,045	$	11,455	$	48,435

Intangible Assets and Liabilities - Summary of Intangible Asset Account Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Finite-lived intangible assets, gross	$ 928,422	$ 1,000,037	$ 979,814
Intangible assets acquired	2,059	0
Intangible assets reclassified to held for sale	(39,089)	0
Intangible assets disposed in sale of business	0	(18,140)
Effect of change in exchange rates	(34,585)	38,363
Intangible assets, gross ending balance	928,422	1,000,037
Effect of change in exchange rates	0	0
Finite-lived intangible liabilities, gross	$ (23,900)	$ (23,900)	$ (23,900)

Revenues - Remaining Performance Obligations (Details) $ in Millions	Dec. 31, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
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]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year

Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2021

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:


	December 31, 2021						December 31, 2020
In thousands	Gross		Accumulated (Amortization) Accretion		Net		Gross		Accumulated (Amortization) Accretion		Net
Intangible Assets
Core-developed technology	$	505,429	$	(491,047)	$	14,382	$	525,051	$	(498,113)	$	26,938
Customer contracts and relationships	336,421		(261,043)		75,378		383,245		(280,497)		102,748
Trademarks and trade names	74,551		(72,133)		2,418		79,716		(76,912)		2,804
Other	12,021		(11,670)		351		12,025		(11,560)		465


Total intangible assets	$	928,422	$	(835,893)	$	92,529	$	1,000,037	$	(867,082)	$	132,955

Intangible Liabilities
Customer contracts and relationships	$	(23,900)	$	23,441	$	(459)	$	(23,900)	$	21,479	$	(2,421)

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


	Year Ended December 31,
In thousands	2021		2020
Intangible assets, gross beginning balance	$	1,000,037	$	979,814
Intangible assets acquired	2,059		—
Intangible assets reclassified to held for sale	(39,089)		—
Intangible assets disposed in sale of business	—		(18,140)
Effect of change in exchange rates	(34,585)		38,363
Intangible assets, gross ending balance	$	928,422	$	1,000,037

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

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

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.

On October 12, 2021, we completed the acquisition of 100% of the shares of SELC Group Limited (SELC), a private limited company incorporated in Ireland. SELC was previously a technology supplier to Itron. The acquisition provides value to Itron through the leverage of SELC's streetlight controls technology coupled with Itron's Smart Cities network and software platform. The acquisition will increase the pace of Smart City growth and innovation within Itron's Networked Solutions business for the benefit of our customers. The purchase was funded through cash on hand and resulted in the additions of intangible assets of $2.1 million and goodwill. Refer to Note 5: Goodwill for additional information on goodwill.

On November 2, 2021, Itron entered into an agreement to sell certain of its Gas device businesses and operations to Dresser. The asset disposal group, which includes $3.4 million of net intangible assets, was classified as held for sale during the fourth quarter of 2021. Refer to Note 18: Sale of Businesses for additional information on the transaction.

The disposal of intangible assets in 2020 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 18: Sale of Businesses 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
2022	$	26,688	$	(459)	$	26,229
2023	19,285		—		19,285
2024	15,289		—		15,289
2025	14,499		—		14,499
2026	10,432		—		10,432
Thereafter	6,336		—		6,336
Total intangible assets subject to amortization (accretion)	$	92,529	$	(459)	$	92,070


Amortization Expense	Year Ended December 31,
In thousands	2021		2020		2019
Amortization expense	$	35,801	$	44,711	$	64,286

We have recognized amortization expense within operating expenses in the Consolidated Statements of Operations. These expenses relate to intangible assets acquired and liabilities assumed as part of business combinations.

Debt - Schedule of Debt (Details) - USD ($)	Dec. 31, 2021	Apr. 08, 2021	Mar. 09, 2021	Dec. 31, 2020	Jan. 19, 2018	Dec. 22, 2017
Debt Instrument [Line Items]
Notes payable		$ 0	$ 410,000,000		$ 100,000,000	$ 300,000,000
Convertible Debt	$ 460,000,000			$ 0
Total debt	460,000,000
Current portion of debt	0			18,359,000
Debt issuance costs, noncurrent, net	9,772,000			0
Long-term debt, net	450,228,000			902,577,000
USD Denominated Term Loan
Debt Instrument [Line Items]
Loans payable to bank	0			536,094,000
Debt issuance costs, noncurrent, net	0			3,469,000
Line of Credit
Debt Instrument [Line Items]
Long-term line of credit	0			0
Senior Notes
Debt Instrument [Line Items]
Notes payable	0			400,000,000
Debt issuance costs, noncurrent, net	0			11,689,000
Secured Debt
Debt Instrument [Line Items]
Total debt	460,000,000			936,094,000
Current portion of debt	0			18,359,000
Long-term debt, net	$ 450,228,000			$ 902,577,000

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The components of our borrowings were as follows:


In thousands	December 31, 2021		December 31, 2020
Credit facility
USD denominated term loan	$	—	$	536,094
Multicurrency revolving line of credit	—		—
Senior notes	—		400,000
Convertible notes	460,000		—
Total debt	460,000		936,094
Less: current portion of debt	—		18,359
Less: unamortized prepaid debt fees - term loan	—		3,469
Less: unamortized prepaid debt fees - senior notes	—		11,689
Less: unamortized prepaid debt fees - convertible notes	9,772		—
Long-term debt, net	$	450,228	$	902,577

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
2022	$	—
2023	—
2024	—
2025	—
2026	460,000
Thereafter	—
Total minimum payments on debt	$	460,000

Summary of Significant Accounting Policies (Details) - Risk and Uncertainties	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Risks and Uncertainties in Entity's Business	The COVID-19 pandemic has had global economic impacts including disrupting customer demand and global supply chains, resulting in 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. During portions of the first half of 2020 certain of our European factories were closed due to government actions and local conditions, and any further closures that may be imposed on us could impact our future results. New variants of the virus may cause previously lifted restrictions to be reinstated, which could result in more disruptions. Incremental costs we have incurred related to COVID-19, such as personal protective equipment, increased cleaning and sanitizing of our facilities, and other such items, have not been material to date. As economies have reopened, global supply chains have struggled to keep pace with rapidly changing demand. The resulting supply constraints have manifested across a variety of areas including mechanical, electrical and logistics portions of the supply chain, which has impacted our ability to ship products in a timely manner. In particular, our ability to obtain adequate supply of semiconductor components has impacted our ability to service recovering customer demand. While we believe the current imbalance in supply and demand is temporal, the timeline to recovery is uncertain. Efforts are ongoing with suppliers to increase supply, including the approval of alternate sources. Recently, inflation in our raw materials and component costs, freight charges, and labor costs have increased above historical levels, due to, among other things, the continuing impacts of the pandemic and uncertain economic environment. We may or may not be able to fully recover these increased costs through pricing actions with our customers. At this time, we have not identified any significant decrease in long-term customer demand for our products and services. However, certain of our customer projects have experienced delay in deliveries, with originally forecasted 2021 revenue pushed to future periods.

Stock-Based Compensation - Phantom Stock Units Summary (Details) - Phantom Share Units (PSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	82	89	83
Granted (in shares)	35	38	55
Issued (in shares)	(41)	(40)	(42)
Forfeited, Number	(7)	(5)	(7)
Outstanding, ending balance (in shares)	69	82	89
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 73.13	$ 62.85	$ 61.80
Granted (in dollars per share)	96.49	87.27	60.49
Released (in dollars per share)	70.00
Forfeitures (in dollars per share)	86.63
Outstanding, ending balance (in dollars per share)	$ 85.47	$ 73.13	$ 62.85
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested	$ 4,100	$ 2,971	$ 2,625

Defined Benefit Pension Plans - Schedule of Accumulated Benefit Obligation in Excess of the Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Projected benefit obligation	$ 112,073	$ 132,732
Accumulated benefit obligation	103,437	121,747
Fair value of plan assets	$ 9,609	$ 10,206

Summary of Significant Accounting Policies - Revenue Recognition Policy Additional Information (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Deferred Revenue Arrangement [Line Items]
Payment terms	30 days
Maximum
Deferred Revenue Arrangement [Line Items]
Payment terms	90 days

Defined Benefit Pension Plans - Significant Actuarial Weighted Assumptions (Discount Rate) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	1.66%	1.10%	1.76%
Percentage of Benefit Plans Denominated in Euro [Domain]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of benefit plans denominated in euro	91
Shorter duration euro denominated defined benefit plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	0.50%
Longer duration euro denominated defined benefit plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	1.25%

Certain Balance Sheet Components - Summary of the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 1,312	$ 3,064	$ 6,331
Provision for (release of) doubtful accounts, net	4,636	(299)	(1,511)
Accounts written-off	(107)	(1,463)	(1,749)
Effect of change in exchange rates	(111)	10	(7)
Ending balance	$ 5,730	$ 1,312	$ 3,064

Stock-Based Compensation - Stock-Based Compensation Expense and Related Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock options	$ 1,371	$ 1,944	$ 1,770
Restricted stock units	21,391	22,285	24,560
Unrestricted stock awards	856	824	630
Phantom stock units	3,242	3,720	3,301
Total stock-based compensation	26,860	28,773	30,261
Related tax benefit	$ 4,991	$ 5,086	$ 5,390

Segment Information - Information By Segment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 1,981,572,000	$ 2,173,350,000	$ 2,502,470,000
Gross profit	573,169,000	602,167,000	752,319,000
Operating Income (Loss)	(79,299,000)	(10,395,000)	132,683,000
Total other income (expense)	(44,511,000)	(46,244,000)	(59,651,000)
Total income (loss) before income taxes	(123,810,000)	(56,639,000)	73,032,000
Depreciation and amortization of intangible assets	84,153,000	97,290,000	114,400,000
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating Income (Loss)	(441,581,000)	(406,882,000)	(406,198,000)
Depreciation and amortization of intangible assets	40,208,000	49,919,000	70,491,000
Device Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	645,104,000	693,995,000	858,881,000
Gross profit	99,355,000	86,859,000	152,562,000
Operating Income (Loss)	57,217,000	40,769,000	97,753,000
Depreciation and amortization of intangible assets	22,884,000	25,058,000	25,542,000
Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	1,092,631,000	1,249,402,000	1,417,254,000
Gross profit	378,633,000	432,906,000	518,749,000
Operating Income (Loss)	254,434,000	308,099,000	397,325,000
Depreciation and amortization of intangible assets	16,607,000	16,965,000	13,004,000
Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	243,837,000	229,953,000	226,335,000
Gross profit	95,181,000	82,402,000	81,008,000
Operating Income (Loss)	50,631,000	47,619,000	43,803,000
Depreciation and amortization of intangible assets	4,454,000	5,348,000	5,363,000
Product revenues
Segment Reporting Information [Line Items]
Total revenues	1,678,195,000	1,889,173,000	2,220,395,000
Product revenues \| Device Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	635,103,000	684,517,000	847,580,000
Product revenues \| Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	974,531,000	1,148,698,000	1,322,382,000
Product revenues \| Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	68,561,000	55,958,000	50,433,000
Service revenues
Segment Reporting Information [Line Items]
Total revenues	303,377,000	284,177,000	282,075,000
Service revenues \| Device Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	10,001,000	9,478,000	11,301,000
Service revenues \| Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	118,100,000	100,704,000	94,872,000
Service revenues \| Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 175,276,000	$ 173,995,000	$ 175,902,000

Defined Benefit Pension Plans - Schedule of Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Current portion of pension benefit obligation in wages and benefits payable	$ 3,088	$ 3,069
Pension benefit obligation held for sale within other current liabilities	11,513	0
Long-term portion of pension benefit obligation	87,863	119,457
Pension benefit obligation, net	$ 102,464	$ 122,526

Intangible Assets and Liabilities - Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 928,422	$ 1,000,037	$ 979,814
Accumulated amortization	(835,893)	(867,082)
Finite-lived intangible assets, Net	92,529	132,955
Finite-lived intangible liabilities, gross	(23,900)	(23,900)	$ (23,900)
Finite-lived intangible liabilities, accumulated accretion	23,441	21,479
Finite-lived intangible liabilities, net	(459)	(2,421)
Core-developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	505,429	525,051
Accumulated amortization	(491,047)	(498,113)
Finite-lived intangible assets, Net	14,382	26,938
Customer contracts and relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	336,421	383,245
Accumulated amortization	(261,043)	(280,497)
Finite-lived intangible assets, Net	75,378	102,748
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	74,551	79,716
Accumulated amortization	(72,133)	(76,912)
Finite-lived intangible assets, Net	2,418	2,804
Other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	12,021	12,025
Accumulated amortization	(11,670)	(11,560)
Finite-lived intangible assets, Net	$ 351	$ 465

Certain Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 122,434	$ 114,058
Work in process	7,856	8,094
Finished goods	35,509	60,225
Total inventories	$ 165,799	$ 182,377

Commitments and Contingencies - Health Benefit Plan Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Plan costs	$ 39,187	$ 36,672	$ 33,611

Leases - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 19,234
2023	17,251
2024	14,812
2025	13,708
2026	11,853
Thereafter	4,867
Total lease payments	81,725
Less: imputed interest	(7,809)
Total operating lease liability	$ 73,916	$ 83,066

Stock-Based Compensation - Restricted Stock Units Summary (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	544	684	817
Granted (in shares)	230	262	404
Forfeited (in shares)	(51)	(39)	(66)
Outstanding, ending balance (in shares)	430	544	684
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 71.79	$ 64.38	$ 59.70
Granted (in dollars per share)	97.66	83.42	62.97
Forfeitures (in dollars per share)	78.45
Outstanding, ending balance (in dollars per share)	$ 85.77	$ 71.79	$ 64.38
Vested and Released [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Issued (in shares)	(293)	(363)	(471)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Released (in dollars per share)	$ 70.34
Released, Aggregate Intrinsic Value	$ 20,639	$ 23,702	$ 29,304
Vested but Not Released [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Issued (in shares)	(10)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, ending balance (in dollars per share)	$ 68.52
Released, Aggregate Intrinsic Value	$ 667

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Summary Significant Accounting Policies	Summary of Significant Accounting Policies We were incorporated in the state of Washington in 1977 and are a technology company, offering end-to-end solutions to enhance productivity and efficiency, primarily focused on utilities and municipalities around the globe. We operate under the Itron brand worldwide and manage and report under three operating segments: Device Solutions, Networked Solutions, and Outcomes. Financial Statement Preparation The consolidated financial statements presented in this Annual Report include the Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Equity, and Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020, and 2019 and the Consolidated Balance Sheets as of December 31, 2021 and 2020 of Itron, Inc. and its subsidiaries, prepared in accordance with U.S. generally accepted accounting principles (GAAP). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of significant estimates include revenue recognition, warranty, restructuring, income taxes, business combinations, goodwill and intangible assets, defined benefit pension plans, contingencies, and stock-based compensation. Due to various factors affecting future costs and operations, actual results could differ materially from these estimates. Risks and Uncertainties The COVID-19 pandemic has had global economic impacts including disrupting customer demand and global supply chains, resulting in 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. During portions of the first half of 2020 certain of our European factories were closed due to government actions and local conditions, and any further closures that may be imposed on us could impact our future results. New variants of the virus may cause previously lifted restrictions to be reinstated, which could result in more disruptions. Incremental costs we have incurred related to COVID-19, such as personal protective equipment, increased cleaning and sanitizing of our facilities, and other such items, have not been material to date. As economies have reopened, global supply chains have struggled to keep pace with rapidly changing demand. The resulting supply constraints have manifested across a variety of areas including mechanical, electrical and logistics portions of the supply chain, which has impacted our ability to ship products in a timely manner. In particular, our ability to obtain adequate supply of semiconductor components has impacted our ability to service recovering customer demand. While we believe the current imbalance in supply and demand is temporal, the timeline to recovery is uncertain. Efforts are ongoing with suppliers to increase supply, including the approval of alternate sources. Recently, inflation in our raw materials and component costs, freight charges, and labor costs have increased above historical levels, due to, among other things, the continuing impacts of the pandemic and uncertain economic environment. We may or may not be able to fully recover these increased costs through pricing actions with our customers. At this time, we have not identified any significant decrease in long-term customer demand for our products and services. However, certain of our customer projects have experienced delay in deliveries, with originally forecasted 2021 revenue pushed to future periods. Basis of Consolidation We consolidate all entities in which we have a greater than 50% ownership interest or in which we exercise control over the operations. We use the equity method of accounting for entities in which we have a 20% to 50% investment and exercise significant influence. Entities in which we have less than a 20% investment and where we do not exercise significant influence are accounted for under the fair value method. Intercompany transactions and balances are eliminated upon consolidation. Noncontrolling Interests In several of our consolidated international subsidiaries, we have joint venture partners, who are minority shareholders. Although these entities are not wholly owned by Itron, we consolidate them because we have a greater than 50% ownership interest or because we exercise control over the operations. The noncontrolling interest balance is adjusted each period to reflect the allocation of net income (loss) and other comprehensive income (loss) attributable to the noncontrolling interests, as shown in our Consolidated Statements of Operations and our Consolidated Statements of Comprehensive Income (Loss), as well as contributions from and distributions to the owners. The noncontrolling interest balance in our Consolidated Balance Sheets represents the proportional share of the equity of the joint venture entities, which is attributable to the minority shareholders. Cash and Cash Equivalents We consider all highly liquid instruments with remaining maturities of three months or less at the date of acquisition to be 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. We have no restricted cash in all periods presented. 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 credit losses 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. Inventories Inventories are stated at the lower of cost or net realizable value using the first-in, first-out method. Cost includes raw materials and labor, plus applied direct and indirect overhead costs. Net realizable value is the estimated selling price in the normal course of business, minus the cost of completion, disposal and transportation. Derivative Instruments All derivative instruments, whether designated in hedging relationships or not, are recognized on the Consolidated Balance Sheets at fair value as either assets or liabilities. The fair values of our derivative instruments are determined using the fair value measurements of significant other observable inputs (Level 2), as defined by GAAP. The fair value of our derivative instruments may switch between an asset and a liability depending on market circumstances at the end of the period. We include 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 and the effect of our own nonperformance risk when the net fair value of our derivative instruments is in a net liability position. For any derivative designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. For any derivative designated as a cash flow hedge, changes in the fair value of the derivative are recognized as a component of other comprehensive income (loss) (OCI) and are recognized in earnings when the hedged item affects earnings. For a hedge of a net investment, any unrealized gain or loss from the foreign currency revaluation of the hedging instrument is reported in OCI as a net unrealized gain or loss on derivative instruments. Upon termination of a net investment hedge, the net derivative gain/loss will remain in accumulated other comprehensive income (loss) (AOCI) until such time when earnings are impacted by a sale or liquidation of the associated operations. We classify cash flows from our derivative programs as cash flows from operating activities in the Consolidated Statements of Cash Flows. Derivatives are not used for trading or speculative purposes. Our derivatives are with credit-worthy multinational commercial banks, with which we have master netting agreements; however, our derivative positions are not recognized on a net basis in the Consolidated Balance Sheets. There are no credit-risk related contingent features within our derivative instruments. Refer to Note 7: Derivative Financial Instruments and Note 14: Shareholders' Equity for further disclosures of our derivative instruments and their impact on OCI. Property, Plant, and Equipment Property, plant, and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 30 years for buildings and improvements and three years to 10 years for machinery and equipment, computers and software, and furniture. Leasehold improvements are capitalized and depreciated over the term of the applicable lease, including renewable periods if reasonably certain, or over the useful lives, whichever is shorter. Construction in process represents capital expenditures incurred for assets not yet placed in service. Costs related to internally developed software and software purchased for internal uses are capitalized and are amortized over the estimated useful lives of the assets. Repair and maintenance costs are recognized as incurred. We have no major planned maintenance activities. We review long-lived assets for impairment whenever events or circumstances indicate the carrying amount of an asset group may not be recoverable. Assets held for sale are classified within other current assets in the Consolidated Balance Sheets, are reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. Gains and losses from asset disposals and impairment losses are classified within the Consolidated Statements of Operations according to the use of the asset, except those gains and losses recognized in conjunction with our restructuring activities, which are classified within restructuring expense, or impairment losses recognized in conjunction with an announced or completed sale of a business, which are classified within Loss on sale of business. Prepaid Debt Fees Prepaid debt fees for term debt represent the capitalized direct costs incurred related to the issuance of debt and are recognized as a deduction from the carrying amount of the corresponding debt liability. We have elected to present prepaid debt fees for revolving debt within other long-term assets in the Consolidated Balance Sheets. These costs are amortized to interest expense over the terms of the respective borrowings, including any contingent maturity or call features, using the effective interest method or the straight-line method when associated with a revolving credit facility. When debt is repaid early, the related portion of unamortized prepaid debt fees is written off and included in interest expense. Business Combinations On the date of acquisition, the assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree are recognized at their fair values. The acquiree's results of operations are also included as of the date of acquisition in our consolidated results. Intangible assets that arise from contractual/legal rights, or are capable of being separated, are measured and recognized at fair value, and amortized over the estimated useful life. If practicable, assets acquired and liabilities assumed arising from contingencies are measured and recognized at fair value. If not practicable, such assets and liabilities are measured and recognized when it is probable that a gain or loss has occurred and the amount can be reasonably estimated. The residual balance of the purchase price, after fair value allocations to all identified assets and liabilities, represents goodwill. Acquisition-related costs are recognized as incurred. Integration costs associated with an acquisition are generally recognized in periods subsequent to the acquisition date, and changes in deferred tax asset valuation allowances and acquired income tax uncertainties, including penalties and interest, after the measurement period are recognized as a component of the provision for income taxes. Our acquisitions may include contingent consideration, which requires us to recognize the fair value of the estimated liability at the time of the acquisition. Subsequent changes in the estimate of the amount to be paid under the contingent consideration arrangement are recognized in the Consolidated Statements of Operations. We estimate the preliminary fair value of acquired assets and liabilities as of the date of acquisition based on information available at that time utilizing either a cost or income approach. The determination of the fair value is judgmental in nature and involves the use of significant estimates and assumptions. Contingent consideration is recognized at fair value as of the date of the acquisition with adjustments occurring after the purchase price allocation period, which could be up to one year, recognized in earnings. Changes to valuation allowances on acquired deferred tax assets that occur after the acquisition date are recognized in the provision for, or benefit from, income taxes. The valuation of these tangible and identifiable intangible assets and liabilities is subject to further management review and may change materially between the preliminary allocation and end of the purchase price allocation period. Any changes in these estimates may have a material effect on our consolidated operating results or financial position. Leases We determine if an arrangement is a lease at inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (2) the customer has the right to control the use of the identified asset. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities, and operating lease liabilities on our Consolidated Balance Sheets. Finance leases are included in property, plant, and equipment, other long-term assets, other current liabilities, and other long-term obligations on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. We use the rate implicit in the lease agreement when readily determinable. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is the estimated rate of interest we expect to pay on a collateralized basis over a similar term, based on the information available at the lease commencement date. The Operating lease ROU asset also includes any lease payments made and is reduced by lease incentives received and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We have lease agreements that include lease and nonlease components. When nonlease components are fixed, we have elected the practical expedient to account for lease and nonlease components as a single lease component, except for leases embedded in service contracts. All leases with a lease term that is greater than one month are subject to recognition and measurement on the balance sheet, except where we have leases in service contracts with contract manufacturers. For leases with contract manufacturers, we have elected to utilize the short-term lease exemption. Lease expense for variable lease payments, where the timing or amount of the payment is not fixed, are recognized when the obligation is incurred. Variable lease payments generally arise in our net lease arrangements where executory and other lease-related costs are billed to Itron when incurred by the lessor. Goodwill and Intangible Assets Goodwill and intangible assets may result from our business acquisitions. Intangible assets may also result from the purchase of assets and intellectual property in a transaction that does not qualify as a business combination. We use estimates, including estimates of useful lives of intangible assets, the amount and timing of related future cash flows, and fair values of the related operations, in determining the value assigned to goodwill and intangible assets. Our finite-lived intangible assets are amortized over their estimated useful lives based on estimated discounted cash flows, generally three years to ten years for core-developed technology and customer contracts and relationships. Finite-lived intangible assets are tested for impairment at the asset group level when events or changes in circumstances indicate the carrying value may not be recoverable. Indefinite-lived intangible assets are tested for impairment annually, when events or changes in circumstances indicate the asset may be impaired, or when their useful lives are determined to be no longer indefinite. Goodwill is assigned to our reporting units based on the expected benefit from the synergies arising from each business combination, determined by using certain financial metrics, including the forecasted discounted cash flows associated with each reporting unit. Each reporting unit corresponds with its respective operating segment. We test goodwill for impairment each year as of October 1, or more frequently should a significant impairment indicator occur. As part of the impairment test, we may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit, including goodwill, is less than its carrying amount, or if we elect to bypass the qualitative assessment, we would then proceed with the quantitative impairment test. The impairment test involves comparing the fair values of the reporting units to their carrying amounts. If the carrying amount of a reporting unit exceeds its fair value, we first evaluate the long-lived assets within the reporting unit for impairment and then recognize goodwill impairment loss in an amount equal to any excess. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. We forecast discounted future cash flows at the reporting unit level using risk-adjusted discount rates and estimated future revenues and operating costs, which take into consideration factors such as existing backlog, expected future orders, supplier contracts, and expectations of competitive and economic environments. We also identify similar publicly traded companies and develop a correlation, referred to as a multiple, to apply to the operating results of the reporting units. These combined fair values are then reconciled to the aggregate market value of our common stock on the date of valuation, while considering a reasonable control premium. Contingencies A loss contingency is recognized if it is probable that an asset has been impaired or a liability has been incurred, and the amount of the loss can be reasonably estimated. We evaluate, among other factors, the degree of probability of an unfavorable outcome and our ability to make a reasonable estimate of the amount of the ultimate loss. Loss contingencies that we determine to be reasonably possible, but not probable, are disclosed but not recognized. Legal costs to defend against contingent liabilities are recognized as incurred. Bonus and Profit Sharing We have various employee bonus and profit sharing plans, which provide award amounts for the achievement of financial and nonfinancial targets. If management determines it is probable that the discretionary targets will be achieved, and the amounts can be reasonably estimated, a compensation accrual is recognized based on the proportional achievement of the financial and nonfinancial targets. Warranty We offer standard warranties on our hardware products and large application software products. We accrue the estimated cost of new product warranties based on historical and projected product performance trends and costs during the warranty period. Testing of new products in the development stage helps identify and correct potential warranty issues prior to manufacturing. Quality control efforts during manufacturing reduce our exposure to warranty claims. When testing or quality control efforts fail to detect a fault in one of our products, we may experience an increase in warranty claims. We track warranty claims to identify potential warranty trends. If an unusual trend is noted, an additional warranty accrual would be recognized if a failure event is probable and the cost can be reasonably estimated. When new products are introduced, our process relies on historical averages of similar products until sufficient data is available. As actual experience on new products becomes available, it is used to modify the historical averages to ensure the expected warranty costs are within a range of likely outcomes. Management regularly evaluates the sufficiency of the warranty provisions and makes adjustments when necessary. The long-term warranty balance includes estimated warranty claims beyond one year. Warranty expense is classified within cost of revenues. Restructuring We recognize a liability for costs associated with an exit or disposal activity under a restructuring project in the period in which the liability is incurred. Employee termination benefits considered postemployment benefits are accrued when the obligation is probable and estimable, such as benefits stipulated by human resource policies and practices or statutory requirements. One-time termination benefits are recognized at the date the employee is notified. If the employee must provide future service greater than 60 days, such benefits are recognized ratably over the future service period. For contract termination costs, we recognize a liability upon the termination of a contract in accordance with the contract terms or the cessation of the use of the rights conveyed by the contract, whichever occurs later. Asset impairments associated with a restructuring project are determined at the asset group level. An impairment may be recognized for assets that are to be abandoned, are to be sold for less than net book value, or are held for sale in which the estimated proceeds less costs to sell are less than the net book value. We may also recognize impairment on an asset group, which is held and used, when the carrying value is not recoverable and exceeds the asset group's fair value. If an asset group is considered a business, a portion of our goodwill balance is allocated to it based on relative fair value. If the sale of an asset group under a restructuring project results in proceeds that exceed the net book value of the asset group, the resulting gain is recognized within restructuring expense in the Consolidated Statements of Operations. Defined Benefit Pension Plans We sponsor both funded and unfunded defined benefit pension plans for certain international employees. We recognize a liability for the projected benefit obligation in excess of plan assets. We recognize an asset when plan assets exceed the projected benefit obligation. We also recognize the funded status of our defined benefit pension plans on our Consolidated Balance Sheets and recognize as a component of OCI, net of tax, the actuarial gains or losses and prior service costs or credits, if any, which arise during the period but that are not recognized as components of net periodic benefit cost. If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities, we amortize them over the employees' average future service period. Share Repurchase Plans From time to time, we may repurchase shares of Itron common stock under programs authorized by our Board of Directors. Share repurchases are made in the open market or in privately negotiated transactions and in accordance with applicable securities laws. Under applicable Washington State law, shares repurchased are retired and not displayed separately as treasury stock on the financial statements; the value of the repurchased shares is deducted from common stock. Product Revenues and Service Revenues Product revenues include sales from standard and smart meters, systems or software, and any associated implementation and installation revenue. Service revenues include sales from post-sale maintenance support, consulting, outsourcing, and managed services. Revenue Recognition The majority of our revenues consist primarily of hardware sales, but may also include the license of software, software implementation services, cloud services and Software-as-a-Service (SaaS), project management services, installation services, consulting services, post-sale maintenance support, and extended or customer-specific warranties. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. In determining whether the definition of a contract has been met, we consider whether the arrangement creates enforceable rights and obligations, which involves evaluation of contractual terms that would allow for the customer to terminate the agreement. If the customer has the unilateral right to terminate the agreement without providing further consideration to us, the agreement would not be considered to meet the definition of a contract. Many of our revenue arrangements involve multiple performance obligations as our hardware and services are often sold together. Separate contracts entered into with the same customer (or related parties of the customer) at or near the same time are accounted for as a single contract when one or more of the following criteria are met: •The contracts are negotiated as a package with a single commercial objective; •The amount of consideration to be paid in one contract depends on the price or performance of the other contract; or •The goods or services promised in the contracts (or some goods or services promised in each of the contracts) are a single performance obligation. Once the contract has been defined, we evaluate whether the promises in the contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment, and the decision to separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recognized in a given period. Some of our contracts contain a significant service of integrating, customizing or modifying goods or services in the contract, in which case the goods or services would be combined into a single performance obligation. It is common that we may promise to provide multiple distinct goods or services, in which case we separate the contract into more than one performance obligation. If a contract is separated into more than one performance obligation, we allocate the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services. For goods or services where we have observable standalone sales, the observable standalone sales are used to determine the standalone selling price. For the majority of our goods and services, we do not have observable standalone sales. As a result, we estimate the standalone selling price using either the adjusted market assessment approach or the expected cost plus a margin approach. Approaches used to estimate the standalone selling price for a given good or service will maximize the use of observable inputs and considers several factors, including our pricing practices, costs to provide a good or service, the type of good or service, and availability of other transactional data, among others. We determine the estimated standalone selling prices of goods or services used in our allocation of arrangement consideration on an annual basis or more frequently if there is a significant change in our business or if we experience significant variances in our transaction prices. Many of our contracts with customers include variable consideration, which can include liquidated damage provisions, rebates and volume and early payment discounts. Some of our contracts with customers contain clauses for liquidated damages related to the timing of delivery or milestone accomplishments, which could become material in an event of failure to meet the contractual deadlines. At the inception of the arrangement and on an ongoing basis, we evaluate the probability and magnitude of having to pay liquidated damages. We estimate variable consideration using the expected value method, taking into consideration contract terms, historical customer behavior, and historical sales. In the case of liquidated damages, we also take into consideration progress towards meeting contractual milestones, including whether milestones have not been achieved, specified rates, if applicable, stated in the contract, and history of paying liquidated damages to the customer or similar customers. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. In the normal course of business, we do not accept product returns unless the item is defective as manufactured. We establish provisions for estimated returns and warranties. In addition, we do not typically provide customers with the right to a refund. Hardware revenue is recognized at a point in time. Transfer of control is typically at the time of shipment, receipt by the customer, or, if applicable, upon receipt of customer acceptance provisions. We will recognize revenue prior to receipt of customer acceptance for hardware in cases where the customer acceptance provision is determined to be a formality. Transfer of control would not occur until receipt of customer acceptance in hardware arrangements where such provisions are subjective or where we do not have history of meeting the acceptance criteria. Perpetual software licenses are considered to be a right to use intellectual property and are recognized at a point in time. Transfer of control is considered to be at the point at which it is available to the customer to download and use or upon receipt of customer acceptance. In certain contracts, software licenses may be sold with implementation services that include a significant service of integrating, customizing or modifying the software. In these instances, the software license is combined into single performance obligation with the implementation services and recognized over time as the implementation services are performed. Hardware and software licenses (when not combined with professional services) are typically billed when shipped and revenue recognized at a point-in-time. As a result, the timing of revenue recognition and invoicing does not have a significant impact on contract assets and liabilities. Professional services, which include implementation, project management, installation, and consulting services are recognized over time. We measure progress towards satisfying these performance obligations using input methods, most commonly based on the costs incurred in relation to the total expected costs to provide the service. We expect this method to best depict our performance in transferring control of services promised to the customer or represents a reasonable proxy for measuring progress. The estimate of expected costs to provide services requires judgment. Cost estimates take into consideration our historical experience and the specific scope requested by the customer and are updated quarterly. We may also offer professional services on a stand-ready basis over a specified period of time, in which case revenue would be recognized ratably over the term. Invoicing of these services is commensurate with performance and occurs on a monthly basis. As such, these services do not have a significant impact on contract assets and contract liabilities. Cloud services and SaaS arrangements where customers have access to certain of our software within a cloud-based IT environment that we manage, host, and support are offered to customers on a subscription basis. Revenue for the cloud services and SaaS offerings are generally recognized over time, ratably over the contact term commencing with the date the services are made available to the customer. Services, including professional services, cloud services, and SaaS arrangements, are commonly billed on a monthly basis in arrears and typically result in an unbilled receivable, which is not considered a contract asset as our right to consideration is unconditional. Certain of our revenue arrangements include an extended or customer-specific warranty provision that covers all or a portion of a customer's replacement or repair costs beyond the standard warranty period. Whether or not the extended warranty is separately priced in the arrangement, such warranties are considered to be a separate good or service, and a portion of the transaction price is allocated to this extended warranty performance obligation. This revenue is recognized ratably over the extended warranty coverage period. Hardware and software post-sale maintenance support fees are recognized over time, ratably over the life of the related service contract. Support fees are typically billed on an annual basis, resulting in a contract liability. Shipping and handling costs and incidental expenses billed to customers are recognized as revenue, with the associated cost charged to cost of revenues. We recognize sales, use, and value added taxes billed to our customers on a net basis. Payment terms with customers can vary by customer; however, amounts billed are typically payable within 30 to 90 days, depending on the destination country. We do not typically offer financing as part of our contracts with customers. We incur certain incremental costs to obtain contracts with customers, primarily in the form of sales commissions. Where the amortization period is one year or less, we have elected to apply the practical expedient and recognize the related commissions expense as incurred. Otherwise, such incremental costs are capitalized and amortized over the contract period. Capitalized incremental costs are not material. Product and Software Development Costs Product and software development costs primarily include employee compensation and third-party contracting fees. We do not capitalize product development costs, and we do not generally capitalize development expenses for computer software to be sold, leased, or otherwise marketed as the costs incurred are immaterial for the relatively short period of time between technological feasibility and the completion of software development. Stock-Based Compensation We grant various stock-based compensation awards to our officers, employees, and Board of Directors with service, performance, and market vesting conditions, including restricted stock units, phantom stock units, and unrestricted stock units (awards). Prior to December 31, 2020, stock options were also granted as part of the stock-based compensation awards. We measure and recognize compensation expense for all awards based on estimated fair values. For awards with only a service condition, we expense stock-based compensation using the straight-line method over the requisite service period for the entire award. For awards with service and performance conditions where vesting is probable, we expense the stock-based compensation on a straight-line basis over the requisite service period for each separately vesting portion of the award. For awards with a market condition, we expense the fair value over the requisite service period. We have elected to account for forfeitures of any awards in stock-based compensation expense prospectively as they occur. The fair value of a restricted stock unit is the market close price of our common stock on the date of grant. Restricted stock units vest over a maximum period of three years. After vesting, the restricted stock units are converted into shares of our common stock on a one-for-one basis and issued to employees. Certain restricted stock units are issued under the Long-Term Performance Restricted Stock Unit Award Agreement and include performance and market conditions. The final number of shares issued will be based on the achievement of financial targets and our total shareholder return relative to the Russell 3000 Index during the performance periods. Due to the presence of a market condition, we utilize a Monte Carlo valuation model to determine the fair value of the awards at the grant date. Expected volatility is based on the historical volatility of our common stock for the related expected term. We believe this approach is reflective of current and historical market conditions and is an appropriate indicator of expected volatility. The risk-free interest rate is the rate available as of the grant date on zero-coupon U.S. government issues with a term equal to the expected term of the award. The expected term is the remaining term of an award based on the period of time between the grant date and the date the award is expected to vest. Phantom stock units are a form of share-based award that are indexed to our stock price and are settled in cash upon vesting and accounted for as liability-based awards. Fair value is remeasured at the end of each reporting period based on the market close price of our common stock. Phantom stock units vest over a maximum period of three years. Since phantom stock units are settled in cash, compensation expense recognized over the vesting period will vary based on changes in the fair value of the awards. The fair value of unrestricted stock awards is the market close price of our common stock on the date of grant, and the awards are deemed fully vested. We expense stock-based compensation at the date of grant for unrestricted stock awards. The fair value of stock options was estimated at the date of grant using the Black-Scholes option-pricing model. Options to purchase our common stock were granted with an exercise price equal to the market close price of the stock on the date the Board of Directors approved the grant. Options generally became exercisable in three equal annual installments beginning one year from the date of grant and expiring 10 years from the date of grant. Expected volatility was based on a combination of the historical volatility of our common stock and the implied volatility of our traded options for the related expected term. We believe this combined approach was reflective of current and historical market conditions and was an appropriate indicator of expected volatility. The risk-free interest rate was the rate available as of the award date on zero-coupon U.S. government issues with a term equal to the expected term of the award. The expected term was the weighted average expected term of an award based on the period of time between the date the award was granted and the estimated date the award will be fully exercised. Factors considered in estimating the expected term included historical experience of similar awards, contractual terms, vesting schedules, and expectations of future employee behavior. Excess tax benefits and deficiencies resulting from employee share-based payment are recognized as income tax provision or benefit in the Consolidated Statements of Operations, and as an operating activity on the Consolidated Statements of Cash Flows. We also maintain an Employee Stock Purchase Plan (ESPP) for our employees. Under the terms of the ESPP, employees can deduct up to 10% of eligible compensation to purchase our common stock at a 5% discount from the fair market value of the stock at the end of each fiscal quarter, subject to other limitations under the plan. The sale of the stock to the employees occurs at the beginning of the subsequent quarter. The ESPP is not considered compensatory, and no compensation expense is recognized for sales of our common stock to employees. Income Taxes We account for income taxes using the asset and liability method of accounting. Deferred tax assets and liabilities are recognized based upon anticipated future tax consequences, in each of the jurisdictions that we operate, attributable to: (1) the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases; and (2) net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured annually using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The calculation of our tax liabilities involves applying complex tax regulations in different tax jurisdictions to our tax positions. The effect on deferred tax assets and liabilities of a change in tax legislation and/or rates is recognized in the period that includes the enactment date. A valuation allowance is recognized to reduce the carrying amounts of deferred tax assets if it is not more likely than not that such assets will be realized. We do not recognize tax liabilities on undistributed earnings of international subsidiaries that are permanently reinvested. Foreign Exchange Our consolidated financial statements are reported in U.S. dollars. Assets and liabilities of international subsidiaries with non-U.S. dollar functional currencies are translated to U.S. dollars at the exchange rates in effect on the balance sheet date, or the last business day of the period, if applicable. Revenues and expenses for each subsidiary are translated to U.S. dollars using an average rate for the relevant reporting period. Translation adjustments resulting from this process are included, net of tax, in OCI. Gains and losses that arise from exchange rate fluctuations for monetary asset and liability balances that are not denominated in an entity's functional currency are included within other income (expense), net in the Consolidated Statements of Operations. Currency gains and losses of intercompany balances deemed to be long-term in nature or designated as a hedge of the net investment in international subsidiaries are included, net of tax, in OCI. Foreign currency losses, net of hedging, of $3.2 million, $2.8 million, and $5.5 million were included in other expenses, net, for the years ended December 31, 2021, 2020, and 2019. Fair Value Measurements For assets and liabilities measured at fair value, the GAAP fair value hierarchy prioritizes the inputs used in different valuation methodologies, assigning the highest priority to unadjusted quoted prices for identical assets and liabilities in actively traded markets (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 inputs consist of quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in non-active markets; and model-derived valuations in which significant inputs are corroborated by observable market data either directly or indirectly through correlation or other means. Inputs may include yield curves, volatility, credit risks, and default rates. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which modifies certain provisions of Accounting Standards Codification (ASC) 740, to reduce the complexity of accounting for income taxes. ASU 2019-12 was effective for us beginning with our interim financial reports in 2021. The adoption of this standard did not have a material impact on full year 2021 financial results. 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 or thereafter. In January 2021, the FASB issued ASU 2021-01, which further updates the scope of Topic 848. In December 2021, we adopted this standard and amended one agreement to replace the LIBOR reference with the Chicago Mercantile Exchange (CME) Term Secured Overnight Financing Rate (SOFR). We did not execute any transactions in December 2021 nor do we have any balances outstanding under this agreement as of year end. We have not yet modified any of our debt or derivative instrument agreements. During 2022, we will continue to evaluate our contracts and any agreements will be recognized accordingly in our consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity (ASU 2020-06). This amendment simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. We chose to early adopt ASU 2020-06 beginning January 1, 2021, in relation to our convertible debt issued on March 9, 2021. This amendment had no retrospective changes but impacts how our newly issued convertible debt is both recognized and disclosed. ASU 2020-06 also amends the diluted earnings per share calculation for convertible instruments by requiring the use of the if-converted method. The treasury stock method is no longer available. Recent Accounting Standards Not Yet Adopted In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The amendments in this update modify the lease classification requirements for lessors to align them with practice under Topic 840, particularly in the area of day-one loss accounting. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if certain criteria are met. The effective date for this amendment is January 1, 2022 and all interim periods thereafter. We have determined under existing leases where we are the lessor, this amendment will not have a material impact on our financial statements. In October 2021, the FASB issued ASU 2021-08 amending Topic 805: Business Combination which was necessary due to 2014-09, Revenue from Contracts with Customers (Topic 606). The FASB is issuing this Update to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to (1) recognition of an acquired contract liability and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. The effective date for this amendment is January 1, 2023 and all interim periods thereafter. These amendments are to be applied prospectively to business combinations occurring on or after the effective date of the amendments. We currently plan to apply the practical expedient as permitted by this ASU for any future acquisitions. In November 2021, the FASB issued ASU 2021-10 amending Topic 832: Government Assistance. The FASB issued this Update to increase the transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity's accounting for the assistance, and (3) the effect of the assistance on an entity's financial statements. The effective date for this amendment is January 1, 2022. We have determined this amendment will not have a material impact on our financial statements.

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill beginning balance	$ 1,131,916	$ 1,103,907
Goodwill allocated to business sold	12,800	3,000
Goodwill	5,440
Effect of change in exchange rates	(25,581)	31,009
Goodwill ending balance	1,098,975	1,131,916
Device Solutions [Member]
Goodwill [Line Items]
Goodwill beginning balance	53,214	54,930
Goodwill allocated to business sold	12,800	3,000
Goodwill	0
Effect of change in exchange rates	(1,037)	1,284
Goodwill ending balance	39,377	53,214
Networked Solutions Segment [Member]
Goodwill [Line Items]
Goodwill beginning balance	933,814	908,088
Goodwill allocated to business sold	0	0
Goodwill	5,440
Effect of change in exchange rates	(21,249)	25,726
Goodwill ending balance	918,005	933,814
Outcomes Segment [Member]
Goodwill [Line Items]
Goodwill beginning balance	144,888	140,889
Goodwill allocated to business sold	0	0
Goodwill	0
Effect of change in exchange rates	(3,295)	3,999
Goodwill ending balance	$ 141,593	$ 144,888

Defined Benefit Pension Plans - Level 3 Plan Asset Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at January 1,	$ 10,206	$ 12,665
Effect of Foreign Currency	(678)	(177)
Fair value of plan assets at December 31,	9,609	10,206
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at January 1,	9,156	11,739
Net Realized and Unrealized Gains		354
Net Purchases, Issuances, Settlements, and Other		(46)
Release for Divestiture		(2,722)
Effect of Foreign Currency		(169)
Fair value of plan assets at December 31,	8,534	9,156
Insurance Fund [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at January 1,	9,156
Fair value of plan assets at December 31,	8,534	9,156
Insurance Fund [Member] \| Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at January 1,	9,156	8,133
Net Realized and Unrealized Gains	289	237
Net Purchases, Issuances, Settlements, and Other	(242)	15
Release for Divestiture	0	0
Effect of Foreign Currency	(669)	771
Fair value of plan assets at December 31,	8,534	9,156
Securities (Assets) [Member] \| Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at January 1,	$ 0	3,606
Net Realized and Unrealized Gains		117
Net Purchases, Issuances, Settlements, and Other		(61)
Release for Divestiture		(2,722)
Effect of Foreign Currency		(940)
Fair value of plan assets at December 31,		$ 0

- Definition

+ References + Details

Defined Benefit Pension Plans - Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at January 1,		$ 132,732	$ 114,218
Service cost		4,479	4,027	$ 3,711
Interest cost		1,383	1,817	2,278
Actuarial (gain) loss	$ 900	(13,986)	9,323
Benefits paid		3,381	2,820
Foreign currency exchange rate changes		(8,505)	9,594
Curtailment		(579)	(589)
Settlement		(171)	(78)
Other		101	(2,760)
Benefit obligation at December 31,		112,073	132,732	114,218
Fair value of plan assets at January 1,		10,206	12,665
Actual return on plan assets		308	389
Company contributions		102	349
Benefits paid		329	298
Foreign currency exchange rate changes		(678)	(177)
Release for divestiture		0	(2,722)
Fair value of plan assets at December 31,		9,609	10,206	$ 12,665
Net pension benefit obligation at fair value		$ 102,464	$ 122,526

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock-Based Compensation

We grant stock-based compensation awards, including restricted stock units, phantom stock, and unrestricted stock units, under the Second Amended and Restated 2010 Stock Incentive Plan (Stock Incentive Plan). Prior to December 31, 2020, stock options were also granted as part of the stock-based compensation awards. 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 December 31, 2021, 5,344,978 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 available for grant 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 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 ESPP, for which 141,075 shares of common stock were available for future issuance at December 31, 2021.

ESPP activity and stock-based grants other than stock options and restricted stock units were not significant for the years ended December 31, 2021, 2020, and 2019.

Stock-Based Compensation Expense

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


	Year Ended December 31,
In thousands	2021		2020		2019
Stock options	$	1,371	$	1,944	$	1,770
Restricted stock units	21,391		22,285		24,560
Unrestricted stock awards	856		824		630
Phantom stock units	3,242		3,720		3,301
Total stock-based compensation	$	26,860	$	28,773	$	30,261

Related tax benefit	$	4,991	$	5,086	$	5,390

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


Granted	76	76.55					$	26.20
Exercised (1)	(489)	43.55			15,759
Forfeited	(13)	67.34
Expired	(11)	66.24
Outstanding, December 31, 2019	458	$	56.38	7.0	$	12,641


Granted	83	84.39					$	26.37
Exercised (1)	(103)	53.99			2,061
Forfeited	(5)	83.94

Outstanding, December 31, 2020	433	$	61.95	6.9	$	14,697


Granted	—	—					$	—
Exercised (1)	(34)	67.21			1,215
Forfeited	(6)	83.33
Outstanding, December 31, 2021	393	$	61.18	5.9	$	4,737

Exercisable, December 31, 2021	320	$	56.56	5.4	$	4,681

(1) Shares released is presented as gross shares and does not reflect shares withheld by us for employee payroll tax obligations or shares swapped to cover the exercise cost.

At December 31, 2021, total unrecognized stock-based compensation expense related to nonvested stock options was $1.1 million, which is expected to be recognized over a weighted average period of approximately 1.0 year.

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


	Year Ended December 31,
	2021		2020		2019
Expected volatility	—	%	32.3	%	31.7	%
Risk-free interest rate	—	%	1.3	%	1.7	%
Expected term (years)	N/A		5.3		6.1

Employee stock options are no longer a part of our stock compensation plan as of December 31, 2020.

Restricted Stock Units

The following table summarizes restricted stock unit activity:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
	In thousands			In thousands
Outstanding, January 1, 2019	817	$	59.70


Granted	404	62.97
Released (1)	(471)			$	29,304
Forfeited	(66)
Outstanding, December 31, 2019	684	$	64.38


Granted	262	83.42
Released (1)	(363)			$	23,702
Forfeited	(39)
Outstanding, December 31, 2020	544	$	71.79

Granted	230	97.66
Released (1)	(293)	70.34		$	20,639
Forfeited	(51)	78.45
Outstanding, December 31, 2021	430	$	85.77

Vested but not released, December 31, 2021	10	$	68.52	$	667

(1) Shares released is presented as gross shares and does not reflect shares withheld by us for employee payroll tax obligations.

At December 31, 2021, total unrecognized compensation expense on restricted stock units was $22.6 million, which is expected to be recognized over a weighted average period of approximately 1.6 years.


	Year Ended December 31,
	2021			2020			2019
Expected volatility	54.2		%	44.9		%	31.4		%
Risk-free interest rate	0.4		%	1.0		%	2.5		%
Expected term (years)	1.9			1.8			1.6

Weighted average fair value	$	77.65		$	93.97		$	61.25

Phantom Stock Units

The following table summarizes phantom stock unit activity:


	Number of Phantom Stock Units	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
	In thousands			In thousands
Outstanding, January 1, 2019	83	$	61.80

Granted	55	60.49
Released	(42)			$	2,625
Forfeited	(7)
Outstanding, December 31, 2019	89	$	62.85





Granted	38	87.27
Released	(40)			$	2,971
Forfeited	(5)
Outstanding, December 31, 2020	82	$	73.13




Granted	35	96.49
Released	(41)	70.00		$	4,100
Forfeited	(7)	86.63
Outstanding, December 31, 2021	69	$	85.47

At December 31, 2021, total unrecognized compensation expense on phantom stock units was $2.9 million, which is expected to be recognized over a weighted average period of approximately 1.6 years. As of December 31, 2021 and 2020, we have recognized a phantom stock liability of $1.9 million and $2.7 million within wages and benefits payable in the Consolidated Balance Sheets.