0000780571-22-000024 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	000-22418
Entity Registrant Name	ITRON, INC.
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1011792
Entity Address, Address Line One	2111 N Molter Road
Entity Address, City or Town	Liberty Lake
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99019
City Area Code	509
Local Phone Number	924-9900
Title of 12(b) Security	Common stock, no par value
Trading Symbol	ITRI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,177,993
Entity Central Index Key	0000780571
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Revenues	$ 420,860	$ 486,949	$ 1,328,073	$ 1,495,935
Cost of revenues
Cost of revenues	300,798	351,986	946,682	1,044,053
Gross profit	120,062	134,963	381,391	451,882
Operating expenses
Sales, general and administrative	63,446	71,838	212,724	221,974
Research and development	43,820	46,889	138,471	147,379
Amortization of intangible assets	6,413	8,944	19,451	26,914
Restructuring	(1,272)	958	(11,097)	(830)
Loss on sale of business	767	2,171	3,182	28,274
Goodwill impairment	0	0	38,480	0
Total operating expenses	113,174	130,800	401,211	423,711
Operating income (loss)	6,888	4,163	(19,820)	28,171
Other income (expense)
Interest income	801	352	1,367	1,326
Interest expense	(1,679)	(2,628)	(4,931)	(27,107)
Other income (expense), net	(1,065)	(1,761)	(3,140)	(16,684)
Total other income (expense)	(1,943)	(4,037)	(6,704)	(42,465)
Income (loss) before income taxes	4,945	126	(26,524)	(14,294)
Income tax provision	(473)	(1,136)	(4,973)	(5,581)
Net income (loss)	4,472	(1,010)	(31,497)	(19,875)
Net income attributable to noncontrolling interests	355	859	447	2,514
Net income (loss) attributable to Itron, Inc.	$ 4,117	$ (1,869)	$ (31,944)	$ (22,389)
Earnings (loss) per common share - Basic (in dollars per share)	$ 0.09	$ (0.04)	$ (0.71)	$ (0.51)
Earnings (loss) per common share - Diluted (in dollars per share)	$ 0.09	$ (0.04)	$ (0.71)	$ (0.51)
Weighted average common shares outstanding - Basic (in shares)	45,139	45,240	45,075	43,983
Weighted average common shares outstanding - Diluted (in shares)	45,330	45,240	45,075	43,983
Product [Member]
Revenues
Revenues	$ 347,791	$ 410,947	$ 1,107,499	$ 1,265,470
Cost of revenues
Cost of revenues	258,541	306,168	818,639	908,923
Service [Member]
Revenues
Revenues	73,069	76,002	220,574	230,465
Cost of revenues
Cost of revenues	$ 42,257	$ 45,818	$ 128,043	$ 135,130

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 4,472	$ (1,010)	$ (31,497)	$ (19,875)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(28,197)	(7,764)	(55,716)	(17,118)
Foreign currency translation adjustment reclassified to net income (loss) for sale or disposal of business	1,885	0	57,321	0
Net unrealized gain on derivative instruments, designated as cash flow hedges	0	510	0	1,818
Pension benefit obligation adjustment	196	687	4,672	2,087
Total other comprehensive income (loss), net of tax	(26,116)	(6,567)	6,277	(13,213)
Total comprehensive income (loss), net of tax	(21,644)	(7,577)	(25,220)	(33,088)
Comprehensive income attributable to noncontrolling interests, net of tax	355	859	447	2,514
Comprehensive income (loss) attributable to Itron, Inc.	$ (21,999)	$ (8,436)	$ (25,667)	$ (35,602)

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 215,413	$ 162,579
Accounts receivable, net	266,669	298,459
Inventories	203,612	165,799
Other current assets	122,948	123,092
Total current assets	808,642	749,929
Property, plant, and equipment, net	138,768	163,184
Deferred tax assets, net	188,728	181,472
Other long-term assets	44,433	42,178
Operating lease right-of-use assets, net	54,814	65,523
Intangible assets, net	70,346	92,529
Goodwill	1,011,051	1,098,975
Total assets	2,316,782	2,393,790
Current liabilities
Accounts payable	235,812	193,129
Other current liabilities	46,555	81,253
Wages and benefits payable	77,613	113,532
Taxes payable	13,663	12,208
Current portion of warranty	17,943	18,406
Unearned revenue	110,531	82,816
Total current liabilities	502,117	501,344
Long-term debt, net	451,947	450,228
Long-term warranty	7,515	13,616
Pension benefit obligation	71,111	87,863
Deferred tax liabilities, net	1,723	2,000
Operating lease liabilities	47,147	57,314
Other long-term obligations	118,049	138,666
Total liabilities	1,199,609	1,251,031
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, 45,154 and 45,152 shares issued and outstanding	1,783,193	1,779,775
Accumulated other comprehensive loss, net	(141,821)	(148,098)
Accumulated deficit	(547,544)	(515,600)
Total Itron, Inc. shareholders' equity	1,093,828	1,116,077
Noncontrolling interests	23,345	26,682
Total equity	1,117,173	1,142,759
Total liabilities and equity	$ 2,316,782	$ 2,393,790

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in share)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	45,154,000	45,152,000
Common stock, shares outstanding (in shares)	45,154,000	45,152,000

Consolidated Statements of Equity Statement - USD ($) shares in Thousands, $ in Thousands	Total	Parent [Member]	Parent [Member] SIlver Spring Networks, Inc. [Member]	Common Stock [Member]	Common Stock Including Additional Paid in Capital [Member]	Common Stock Including Additional Paid in Capital [Member] SIlver Spring Networks, Inc. [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]
Beginning balance (in shares) at Dec. 31, 2020				40,444
Beginning balance 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)	13,580	12,603						12,603	977
Other comprehensive income (loss), net of tax	(11,783)	(11,783)					(11,783)
Net stock issuance and repurchases (in shares)				206
Net stock issued and repurchased	2,009	2,009			2,009
Stock-based compensation expense	6,270	6,270			6,270
Stock issued related to equity offering				4,472
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			$ (373)			$ (373)
Ending balance at Mar. 31, 2021	1,221,168	1,196,466			1,768,517		(150,309)	(421,742)	24,702
Ending balance (in shares) at Mar. 31, 2021				45,122
Beginning balance (in shares) at Dec. 31, 2020				40,444
Beginning balance 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)	(19,875)
Other comprehensive income (loss), net of tax	(13,213)
Ending balance at Sep. 30, 2021	1,199,826	1,173,587			1,782,060		(151,739)	(456,734)	26,239
Ending balance (in shares) at Sep. 30, 2021				45,260
Beginning balance (in shares) at Mar. 31, 2021				45,122
Beginning balance at Mar. 31, 2021	1,221,168	1,196,466			1,768,517		(150,309)	(421,742)	24,702
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(32,445)	(33,123)						(33,123)	678
Other comprehensive income (loss), net of tax	5,137	5,137					5,137
Net stock issuance and repurchases (in shares)				28
Net stock issued and repurchased	458	458			458
Stock-based compensation expense	6,316	6,316			6,316
Registration fee			$ 24			$ 24
Ending balance at Jun. 30, 2021	1,200,658	1,175,278			1,775,315		(145,172)	(454,865)	25,380
Ending balance (in shares) at Jun. 30, 2021				45,150
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,010)	(1,869)						(1,869)	859
Other comprehensive income (loss), net of tax	(6,567)	(6,567)					(6,567)
Net stock issuance and repurchases (in shares)				110
Net stock issued and repurchased	1,080	1,080			1,080
Stock-based compensation expense	5,665	5,665			5,665
Ending balance at Sep. 30, 2021	$ 1,199,826	1,173,587			1,782,060		(151,739)	(456,734)	26,239
Ending balance (in shares) at Sep. 30, 2021				45,260
Beginning balance (in shares) at Dec. 31, 2021	45,152			45,152
Beginning balance at Dec. 31, 2021	$ 1,142,759	1,116,077			1,779,775		(148,098)	(515,600)	26,682
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	896	906						906	(10)
Other comprehensive income (loss), net of tax	52,815	52,815					52,815
Net stock issuance and repurchases (in shares)				165
Net stock issued and repurchased	784	784			784
Stock-based compensation expense	$ 6,127	6,127			6,127
Stock repurchased during period (in shares)	(280)
Stock Repurchased During Period, Value	$ 16,629	16,629			16,629
Ending balance at Mar. 31, 2022	$ 1,186,752	1,160,080			1,770,057		(95,283)	(514,694)	26,672
Ending balance (in shares) at Mar. 31, 2022				45,037
Beginning balance (in shares) at Dec. 31, 2021	45,152			45,152
Beginning balance at Dec. 31, 2021	$ 1,142,759	1,116,077			1,779,775		(148,098)	(515,600)	26,682
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(31,497)
Other comprehensive income (loss), net of tax	6,277
Ending balance at Sep. 30, 2022	$ 1,117,173	1,093,828			1,783,193		(141,821)	(547,544)	23,345
Ending balance (in shares) at Sep. 30, 2022	45,154			45,154
Beginning balance (in shares) at Mar. 31, 2022				45,037
Beginning balance at Mar. 31, 2022	$ 1,186,752	1,160,080			1,770,057		(95,283)	(514,694)	26,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(36,865)	(36,967)						(36,967)	102
Other comprehensive income (loss), net of tax	(20,422)	(20,422)					(20,422)
Distributions to noncontrolling interests	(3,784)
Net stock issuance and repurchases (in shares)				33
Net stock issued and repurchased	1,014	1,014			1,014
Stock-based compensation expense	6,405	6,405			6,405
Ending balance at Jun. 30, 2022	1,133,100	1,110,110			1,777,476		(115,705)	(551,661)	22,990
Ending balance (in shares) at Jun. 30, 2022				45,070
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,472	4,117						4,117	355
Other comprehensive income (loss), net of tax	(26,116)	(26,116)					(26,116)
Net stock issuance and repurchases (in shares)				84
Net stock issued and repurchased	833	833			833
Stock-based compensation expense	4,884	4,884			4,884
Ending balance at Sep. 30, 2022	$ 1,117,173	$ 1,093,828			$ 1,783,193		$ (141,821)	$ (547,544)	$ 23,345
Ending balance (in shares) at Sep. 30, 2022	45,154			45,154

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income (loss)	$ (31,497)	$ (19,875)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization of intangible assets	50,612	64,252
Non-cash operating lease expense	12,250	12,962
Stock-based compensation	17,416	18,251
Amortization of prepaid debt fees	2,610	17,383
Deferred taxes, net	(6,428)	(5,170)
Loss on sale of business	3,182	28,274
Loss on extinguishment of debt, net	0	10,000
Goodwill impairment	38,480	0
Restructuring, non-cash	(879)	951
Other adjustments, net	2,148	3,720
Changes in operating assets and liabilities, net of acquisition and sale of business:
Accounts receivable	12,270	40,624
Inventories	(48,377)	2,150
Other current assets	(15,907)	26,072
Other long-term assets	(7,897)	5,058
Accounts payable, other current liabilities, and taxes payable	42,550	(27,124)
Wages and benefits payable	(30,877)	14,110
Unearned revenue	32,151	(13,158)
Warranty	(5,031)	(5,969)
Other operating, net	(29,246)	(31,364)
Net cash provided by operating activities	37,530	141,147
Investing activities
Proceeds from divestiture of businesses	55,933	3,142
Acquisitions of property, plant, and equipment	(14,886)	(27,781)
Business acquisitions, net of cash and cash equivalents acquired	23	0
Other investing, net	2,424	2,820
Net cash provided by (used in) investing activities	43,494	(21,819)
Financing activities
Proceeds from borrowings	0	460,000
Payments on debt	0	(946,094)
Issuance of common stock	2,631	4,351
Proceeds from common stock offering	0	389,419
Proceeds from sale of warrants	0	45,349
Purchases of convertible note hedge contracts	0	(84,139)
Repurchase of common stock	(16,972)	0
Prepaid debt fees	(697)	(12,021)
Other financing, net	(4,358)	6,327
Net cash used in financing activities	(19,396)	(136,808)
Effect of foreign exchange rate changes on cash and cash equivalents	(8,794)	(762)
Increase (decrease) in cash and cash equivalents	52,834	(18,242)
Cash and cash equivalents at beginning of period	162,579	206,933
Cash and cash equivalents at end of period	215,413	188,691
Supplemental disclosure of cash flow information:
Income taxes, net	9,954	5,989
Interest	$ 1,409	$ 8,655

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Financial Statement Preparation The consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited and reflect entries necessary for the fair presentation of the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021, Consolidated Statements of Equity for the three months ended September 30, 2022 and 2021, June 30, 2022 and 2021, and March 31, 2022 and 2021, the Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021, and the Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021, of Itron, Inc. and its subsidiaries. All entries required for the fair presentation of the financial statements are of a normal recurring nature, except as disclosed. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results expected for the full year or for any other period. Certain information and notes normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been partially or completely omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim results. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2021 filed with the SEC in our Annual Report on Form 10-K on February 28, 2022 (2021 Annual Report). There have been no significant changes in financial statement preparation or significant accounting policies since December 31, 2021. 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. New variants of the virus may cause previously lifted restrictions to be reinstated, which could result in more disruptions. 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 revenue originally forecasted in prior periods shifting to future periods. While we have limited direct business exposure in Russia, Belarus and Ukraine, the Russian military actions and the resulting sanctions could adversely affect the global economy, as well as further disrupt the supply chain. A major disruption in the global economy and supply chain could have a material adverse effect on our business, prospects, financial condition, results of operations, and cash flows. The extent and duration of the military action, sanctions, and resulting market and/or supply disruptions are impossible to predict, but could be substantial. During the third quarter of 2022, we substantially liquidated our legal entity in Russia, recognizing a loss of $1.9 million for the reclassification of the currency translation adjustment from accumulated other comprehensive income (AOCI). The loss was classified within sales, general and administrative expense within the Consolidated Statements of Operations. Recently Adopted Accounting Standards In May 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-04 amending Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). The amendment affects entities when a freestanding equity-classified written call option is modified or exchanged and remains equity classified after the modification or exchange. We adopted this amendment as of the effective date of January 1, 2022. The adoption of this amendment did not have a material impact on our financial statements. 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 was January 1, 2022. The adoption of this amendment did not have a material impact on our financial statements. In November 2021, the FASB issued ASU 2021-10 amending Government Assistance: (Topic 832). 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 was January 1, 2022. The adoption of this amendment did not have a material impact on our financial statements. Recent Accounting Standards Not Yet Adopted In October 2021, the FASB issued ASU 2021-08 amending Business Combination: (Topic 805), which was necessary due to 2014-09, Revenue from Contracts with Customers (Topic 606). The FASB issued 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 expedients as needed for any future acquisitions. The practical expedients cover contracts that were modified prior to acquisition date as well as determining which date an acquirer would have to determine the standalone selling price of each performance obligation in an acquired contract.

Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands, except per share data	2022		2021		2022		2021
Net income (loss) available to common shareholders	$	4,117	$	(1,869)	$	(31,944)	$	(22,389)

Weighted average common shares outstanding - Basic	45,139		45,240		45,075		43,983
Dilutive effect of stock-based awards	191		—		—		—
Dilutive effect of convertible notes	—		—		—		—
Weighted average common shares outstanding - Diluted	45,330		45,240		45,075		43,983
Net income (loss) per common share - Basic	$	0.09	$	(0.04)	$	(0.71)	$	(0.51)
Net income (loss) per common share - Diluted	$	0.09	$	(0.04)	$	(0.71)	$	(0.51)

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 0.4 million and 0.7 million stock-based awards were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2022 because they were anti-dilutive. Approximately 0.4 million and 0.5 million stock-based awards were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2021 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 closing prices of our common stock for the quarter ended September 30, 2022 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 three and nine months ended September 30, 2022, 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.

Certain Balance Sheet Components

9 Months Ended

Sep. 30, 2022

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	September 30, 2022		December 31, 2021
Trade receivables (net of allowance of $4,506 and $5,730)	$	231,998	$	261,124
Unbilled receivables	34,671		37,335
Total accounts receivable, net	$	266,669	$	298,459



Allowance for credit losses account activity	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Beginning balance	$	5,630	$	1,107	$	5,730	$	1,312
Provision for (release of) doubtful accounts, net	(1,062)		2,164		(544)		2,122
Accounts recovered (written-off), net	(214)		(440)		(458)		(582)
Effect of change in exchange rates	152		(33)		(222)		(54)
Ending balance	$	4,506	$	2,798	$	4,506	$	2,798


Inventories
In thousands	September 30, 2022		December 31, 2021
Raw materials	$	160,000	$	122,434
Work in process	8,359		7,856
Finished goods	35,253		35,509
Total inventories	$	203,612	$	165,799


Property, plant, and equipment, net
In thousands	September 30, 2022		December 31, 2021
Machinery and equipment	$	296,488	$	314,502
Computers and software	115,822		111,540
Buildings, furniture, and improvements	125,911		131,764
Land	8,221		8,952
Construction in progress, including purchased equipment	20,212		39,527
Total cost	566,654		606,285
Accumulated depreciation	(427,886)		(443,101)
Property, plant, and equipment, net	$	138,768	$	163,184



Depreciation expense	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Depreciation expense	$	10,948	$	12,389	$	31,161	$	37,338

Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2022

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:


	September 30, 2022						December 31, 2021
In thousands	Gross		Accumulated (Amortization) Accretion		Net		Gross		Accumulated (Amortization) Accretion		Net
Intangible Assets
Core-developed technology	$	491,898	$	(484,225)	$	7,673	$	505,429	$	(491,047)	$	14,382
Customer contracts and relationships	307,838		(247,555)		60,283		336,421		(261,043)		75,378
Trademarks and trade names	69,562		(67,416)		2,146		74,551		(72,133)		2,418
Other	12,011		(11,767)		244		12,021		(11,670)		351


Total intangible assets	$	881,309	$	(810,963)	$	70,346	$	928,422	$	(835,893)	$	92,529

Intangible Liabilities
Customer contracts and relationships	$	(23,900)	$	23,785	$	(115)	$	(23,900)	$	23,441	$	(459)

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


	Nine Months Ended September 30,
In thousands	2022		2021
Intangible assets, gross beginning balance	$	928,422	$	1,000,037



Effect of change in exchange rates	(47,113)		(21,109)
Intangible assets, gross ending balance	$	881,309	$	978,928

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.

Estimated future annual amortization (accretion) is as follows:


Year Ending December 31,	Amortization		Accretion		Estimated Annual Amortization, net
In thousands
2022 (amount remaining at September 30, 2022)	$	6,457	$	(115)	$	6,342
2023	18,616		—		18,616
2024	14,748		—		14,748
2025	14,080		—		14,080
2026	10,160		—		10,160
Thereafter	6,285		—		6,285
Total intangible assets subject to amortization (accretion)	$	70,346	$	(115)	$	70,231

Goodwill

9 Months Ended

Sep. 30, 2022

Goodwill Excluding Non Goodwill Intangibles [Abstract]

Goodwill

The following table reflects changes in the carrying amount of goodwill for the nine months ended September 30, 2022:


In thousands	Device Solutions		Networked Solutions		Outcomes		Total Company
Goodwill balance at January 1, 2022	$	39,377	$	918,005	$	141,593	$	1,098,975
Adjustment to goodwill acquired	—		(23)		—		(23)
Goodwill impairment	(38,480)		—		—		(38,480)
Effect of change in exchange rates	(897)		(42,105)		(6,419)		(49,421)
Goodwill balance at September 30, 2022	$	—	$	875,877	$	135,174	$	1,011,051

On October 12, 2021, we acquired SELC Group Limited (SELC), from Sensus Metering Systems (LUXCO3) S.ár.l. During the nine months ended September 30, 2022, an adjustment was recorded to the goodwill acquired.

As the result of increases in raw material, component, labor and other costs, coupled with a decrease in forecasted revenue within the Device Solutions operating segment and reporting unit, which we determined during the second quarter of 2022, we performed an interim goodwill impairment test. At the conclusion of the test, a goodwill impairment of $38.5 million was recognized in our Corporate unallocated segment as of June 30, 2022. No interim impairment test was determined to be necessary for the Networked Solutions or Outcomes reporting units. Refer to Note 1: Summary of Significant Accounting Policies in Part II, Item 8: Financial Statements and Supplementary Data of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 for a description of our reporting units and our method used to determine the fair values of our reporting units and to determine the amount of any goodwill impairment.

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

The components of our borrowings were as follows:


In thousands	September 30, 2022		December 31, 2021
Credit facility

Multicurrency revolving line of credit	$	—	$	—

Convertible notes	460,000		460,000
Total debt	460,000		460,000



Less: unamortized prepaid debt fees - convertible notes	8,053		9,772
Long-term debt, net	$	451,947	$	450,228

Credit Facility

Our current credit facility, initially entered on January 5, 2018 (as amended, the 2018 credit facility), provided for committed credit facilities in the amount of $1.2 billion U.S. dollars. This facility originally consisted 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 term loan was fully repaid in August 2021.

The 2018 credit facility was amended on October 18, 2019, and this amendment extended the maturity date to October 18, 2024. The amendment also modified the required interest payments and with covenants based on total net leverage instead of total leverage. On October 19, 2020, we entered into a second amendment to obtain temporary covenant relief while also adding an additional level of pricing to the pricing grid, which is effective throughout the remaining term of the debt. On March 8, 2021, we entered into a third amendment to the 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. Refer to 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 the 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 September 30, 2022.

Under the 2018 credit facility, we elect applicable market interest rates for both the term loan and any outstanding revolving loans. We also pay an applicable margin, which is based on our total net leverage ratio as defined in the credit agreement. The applicable rates per annum may be based on either: (1) the LIBOR rate or EURIBOR rate (subject to a floor of 0%), plus an applicable margin, or (2) the Alternate Base Rate, plus an applicable margin. The Alternate Base Rate election is equal to the greatest of three rates: (i) the prime rate, (ii) the Federal Reserve effective rate plus 0.50%, or (iii) one-month LIBOR plus 1.00%.

At September 30, 2022, there were no outstanding loan balances under the Credit Facility, and $55.9 million was utilized by outstanding standby letters of credit, resulting in $444.1 million available for additional borrowings or standby letters of credit within the revolver. At September 30, 2022, $244.1 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.

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 (amount remaining at September 30, 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: 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(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

As part of our risk management strategy, we use derivative instruments to hedge certain foreign currency and interest rate exposures. Refer to Note 13: Shareholders' Equity and Note 14: Fair 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	September 30, 2022		December 31, 2021
Derivatives not designated as hedging instruments under ASC 815-20		In thousands








Foreign exchange forward contracts	Other current assets	$	570	$	37
Total asset derivatives		$	570	$	37

Derivatives Liabilities




Derivatives not designated as hedging instruments under ASC 815-20
Foreign exchange forward contracts	Other current liabilities	$	862	$	135
Total liability derivatives		$	862	$	135

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


In thousands	2022		2021
Net unrealized gain (loss) on hedging instruments at January 1,	$	14,590	$	(16,001)
Unrealized gain (loss) on derivative instruments	—		1,085
Realized (gains) losses reclassified into net income (loss)	—		733
Net unrealized gain (loss) on hedging instruments at September 30,	$	14,590	$	(14,183)

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 September 30, 2022 and 2021 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
September 30, 2022	$	570	$	(567)	$	—	$	3

December 31, 2021	37		(37)		—		—


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
September 30, 2022	$	862	$	(567)	$	—	$	295

December 31, 2021	135		(37)		—		98

Our derivative assets and liabilities subject to netting arrangements include foreign exchange forward and interest rate contracts with three counterparties at September 30, 2022 and three counterparties at December 31, 2021. No derivative asset or liability balance with any of our counterparties was individually significant at September 30, 2022 or December 31, 2021. 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 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 $76.5 million at a cost of $1.1 million. The contracts matured ratably through the year with final maturity occurring in October 2021. Changes in the fair values of the option contracts are recognized as a component of other comprehensive income (OCI) and are recognized in product cost of revenues when the hedged item affects earnings. We have not entered into any similar arrangements in 2022.

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


Derivatives in ASC 815-20 Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivative				Gain (Loss) Reclassified from AOCI into Income
					Location	Amount
In thousands	2022		2021			2022		2021
Three Months Ended September 30,



Foreign exchange options	$	—	$	478	Product cost of revenues	$	—	$	(32)



Nine Months Ended September 30,
Interest rate swap contract	$	—	$	73	Interest expense	$	—	$	(229)
Interest rate swap contract	—		—		Other income (expense), net	—		(1,681)

Foreign exchange options	—		367		Product cost of revenues	—		(40)
Cross currency swap contract	—		669		Interest expense	—		94
Cross currency swap contract	—		—		Other income (expense), net	—		656

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 September 30, 2022, a total of 32 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 $135,000 to $57.8 million.

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


Derivatives Not Designated as Hedging Instrument under ASC 815-20	Location	Gain (Loss) Recognized on Derivatives in Other Income (Expense)
In thousands		2022		2021
Three Months Ended September 30,
Foreign exchange forward contracts	Other income (expense), net	$	1,338	$	673


Nine Months Ended September 30,
Foreign exchange forward contracts	Other income (expense), net	$	1,299	$	210

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 Accounting Standards Codification (ASC) 815-40 to be classified within Stockholders' Equity, and therefore the transactions are not revalued after their issuance.

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 Benefit Pension Plans

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Defined Benefit Pension Plans

We 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 is December 31, 2021.

Amounts recognized on the Consolidated Balance Sheets consist of:


In thousands	September 30, 2022		December 31, 2021



Liabilities
Current portion of pension benefit obligation in wages and benefits payable	$	2,915	$	3,088
Pension benefit obligation held for sale within other current liabilities	—		11,513
Long-term portion of pension benefit obligation	71,111		87,863

Pension benefit obligation, net	$	74,026	$	102,464

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 related disposal group was classified as held for sale during the fourth quarter of 2021. The disposal group was removed from our balance sheet when the transaction closed on February 28, 2022. Refer to Note 17: Sale of Business for additional information on the transaction.

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Service cost	$	739	$	1,125	$	2,241	$	3,376
Interest cost	403		345		1,269		1,046
Expected return on plan assets	(75)		(87)		(238)		(264)
Amortization of prior service costs	17		17		53		51
Amortization of actuarial net loss	187		681		618		2,070


Net periodic benefit cost	$	1,271	$	2,081	$	3,943	$	6,279

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.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Section 55
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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [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. At September 30, 2022, 4,626,437 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 Employee Stock Purchase Plan (ESPP), for which 91,074 shares of common stock were available for future issuance at September 30, 2022.

ESPP activity and stock-based grants other than stock options and restricted stock units were not significant for the three and nine months ended September 30, 2022 and 2021.

Stock-Based Compensation Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Stock options	$	236	$	344	$	798	$	1,055
Restricted stock units	4,430		5,104		15,883		16,546
Unrestricted stock awards	218		217		735		650
Phantom stock units	(176)		519		596		2,861
Total stock-based compensation	$	4,708	$	6,184	$	18,012	$	21,112

Related tax benefit	$	1,195	$	1,159	$	4,264	$	3,840

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, 2021	433	$	61.95	6.9	$	14,697

Granted	—	—					$	—
Exercised	(34)	67.21			1,215
Forfeited	(6)	83.33

Outstanding, September 30, 2021	393	$	61.18	6.1	$	6,496

Outstanding, January 1, 2022	393	$	61.18	5.9	$	4,737
Granted	—	—					$	—
Exercised	—	—			—

Forfeited	(2)	87.27
Canceled	(8)	78.76
Outstanding, September 30, 2022	383	$	60.69	5.1	$	729

Exercisable, September 30, 2022	361	$	59.26	5.0	$	729

At September 30, 2022, total unrecognized stock-based compensation expense related to nonvested stock options was $0.2 million, which is expected to be recognized over a weighted average period of approximately 0.7 years.

Restricted Stock Units

The following table summarizes restricted stock unit activity:


In thousands, except fair value	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding, January 1, 2021	544

Granted	212	$	97.96
Released (1)	(288)			$	28,494
Forfeited	(46)
Outstanding, September 30, 2021	422

Outstanding, January 1, 2022	430	$	85.77
Granted	371	53.32
Released (1)	(220)	79.96		$	11,441
Forfeited	(62)	71.77
Outstanding, September 30, 2022	519	66.83

Vested but not released, September 30, 2022	11			$	481

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

At September 30, 2022, total unrecognized compensation expense on restricted stock units was $26.4 million, which is expected to be recognized over a weighted average period of approximately 1.7 years.

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:


	Nine Months Ended September 30,
		2022			2021

Expected volatility		55.7		%	50.5		%
Risk-free interest rate		1.7		%	0.2		%
Expected term (years)		2.9			2.9

Weighted average fair value		$	57.88		$	113.75

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

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

Our tax rate for the three and nine months ended September 30, 2022 of 10% and (19)%, respectively, differed from the federal statutory rate of 21% due to the impact of valuation allowances on deferred tax assets, the forecasted mix of earnings in domestic and international jurisdictions, U.S. taxation of foreign earnings including GILTI (Global Intangible Low Taxed Income), Subpart F and ECI (Effectively Connected Income), discrete tax expense related to the Dresser divestiture, a discrete tax benefit due to goodwill impairment, an expense related to stock-based compensation, tax credits, and uncertain tax positions.

Our tax rate for the three and nine months ended September 30, 2021 of 902% and (39)%, respectively, differed from the federal statutory rate of 21% primarily due to reserves recognized on deferred sales price receivables in the second quarter related to the 2020 divestiture of the majority of our Latin American business activities. This item was recognized for tax as a discrete and resulted in no tax benefit. Other rate drivers include losses in jurisdictions for which no benefit is recognized because of valuation allowances on deferred tax assets, the forecasted mix of earnings in domestic and international jurisdictions, a benefit related to stock-based compensation, and uncertain tax positions.

Beginning January 1, 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures currently and requires taxpayers to capitalize and amortize them over five or fifteen years, dependent upon the geography in which the expenditures are incurred. Although Congress is considering legislation that would defer the capitalization and amortization requirement, there is no assurance that the provision will be repealed or otherwise modified. As a result of research and development conducted outside of the U.S., the amount of expected inclusion of foreign earnings in our U.S. taxable income is largely driven by research and development cost capitalization, and may decrease significantly should these rules be deferred or revoked effective for 2022. The income tax provision has been prepared according to currently enacted tax legislation, but a change in tax law with regards to capitalization of research and development expenditures would have a material beneficial impact on our annual effective tax rate.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Net interest and penalties expense	$	373	$	195	$	989	$	153

Accrued interest and penalties recognized were as follows:


In thousands	September 30, 2022		December 31, 2021
Accrued interest	$	3,637	$	2,964
Accrued penalties	613		747

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


In thousands	September 30, 2022		December 31, 2021
Unrecognized tax benefits related to uncertain tax positions	$	136,559	$	139,529
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	136,552		139,503

At September 30, 2022, we are under examination by certain tax authorities. We believe we have appropriately accrued for the expected outcome of all tax matters and do not currently anticipate that the ultimate resolution of these examinations will have a material adverse effect on our financial condition, future results of operations, or cash flows.

Based upon the timing and outcome of examinations, litigation, the impact of legislative, regulatory, and judicial developments, and the impact of these items on the statute of limitations, it is reasonably possible that the related unrecognized tax benefits could change from those recognized within the next 12 months. However, at this time, an estimate of the range of reasonably possible adjustments to the balance of unrecognized tax benefits cannot be made.

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

On March 27, 2020, the U.S. Federal government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide economic relief from COVID-19. The CARES Act also provides employer payroll tax credits for wages paid to employees who are unable to work during the COVID-19 outbreak and options to defer payroll tax payments. The Company has elected to defer remittances of payroll and other taxes into the future as provided for under the Act.

- 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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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Guarantees and Indemnifications

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

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


In thousands	September 30, 2022		December 31, 2021
Credit facility
Multicurrency revolving line of credit	$	500,000	$	500,000

Standby LOCs issued and outstanding	(55,937)		(64,374)
Net available for additional borrowings under the multicurrency revolving line of credit	$	444,063	$	435,626

Net available for additional standby LOCs under sub-facility	$	244,063	$	235,626

Unsecured multicurrency revolving lines of credit with various financial institutions
Multicurrency revolving lines of credit	$	71,594	$	94,845
Standby LOCs issued and outstanding	(18,365)		(19,957)
Short-term borrowings	—		—
Net available for additional borrowings and LOCs	$	53,229	$	74,888

Unsecured surety bonds in force	$	281,343	$	281,270

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 November 3, 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Beginning balance	$	28,709	$	36,210	$	32,022	$	41,390

New product warranties	1,166		1,925		3,600		3,611
Other adjustments and expirations, net	(1,092)		(975)		(1,157)		631
Claims activity	(2,299)		(2,156)		(7,071)		(10,040)
Effect of change in exchange rates	(1,026)		(317)		(1,936)		(905)
Ending balance	25,458		34,687		25,458		34,687
Less: current portion of warranty	17,943		18,089		17,943		18,089
Long-term warranty	$	7,515	$	16,598	$	7,515	$	16,598

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Total warranty expense	$	74	$	950	$	2,443	$	4,242

Restructuring (Notes)

9 Months Ended

Sep. 30, 2022

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 17: Sale of Business), includes activities to drive reductions in certain locations and functional support areas. These projects are to be substantially complete by the end of 2024. 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 September 30, 2022		Costs Recognized in Prior Periods		Adjustments Recognized During the Nine Months Ended September 30, 2022		Expected Remaining Costs to be Recognized at September 30, 2022
Employee severance costs	$	40,709	$	49,013	$	(8,304)	$	—
Asset impairments & net loss (gain) on sale or disposal	8,371		9,246		(875)		—
Other restructuring costs	5,468		2,452		516		2,500
Total	$	54,548	$	60,711	$	(8,663)	$	2,500

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.

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 September 30, 2022		Costs Recognized in Prior Periods		Adjustments Recognized During the Nine Months Ended September 30, 2022		Expected Remaining Costs to be Recognized at September 30, 2022
Employee severance costs	$	21,534	$	24,532	$	(2,998)	$	—
Asset impairments & net loss (gain) on sale or disposal	6,438		6,442		(4)		—
Other restructuring costs	7,480		6,170		568		742
Total	$	35,452	$	37,144	$	(2,434)	$	742

The following table summarizes the activity within the restructuring-related balance sheet accounts for the 2021 Projects and 2020 Projects during the nine months ended September 30, 2022:


In thousands	Accrued Employee Severance		Asset Impairments & Net Loss (Gain) on Sale or Disposal		Other Accrued Costs		Total
Beginning balance, January 1, 2022	$	79,876	$	—	$	5,130	$	85,006
Costs charged to expense	(11,302)		(879)		1,084		(11,097)
Cash payments	(14,937)		(116)		(2,599)		(17,652)
Cash receipts	—		1,783		—		1,783
Net assets disposed and impaired	—		(788)		—		(788)
Effect of change in exchange rates	(8,441)		—		(276)		(8,717)
Ending balance, September 30, 2022	$	45,196	$	—	$	3,339	$	48,535

During the nine months ended September 30, 2022, $11.3 million in accrued employee severance has been released due to employee attrition and other employee agreements.

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 $15.3 million and $29.7 million as of September 30, 2022 and December 31, 2021 and are classified within other current liabilities on the Consolidated Balance Sheets. The long-term portions of restructuring liabilities were $33.2 million and $55.3 million as of September 30, 2022 and December 31, 2021. The long-term portions of restructuring liabilities are classified within other long-term obligations on the Consolidated Balance Sheets and include severance accruals and facility exit costs.

Shareholders' Equity

9 Months Ended

Sep. 30, 2022

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 September 30, 2022 or December 31, 2021.

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. During the first quarter of 2022, 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. No shares were repurchased during the second and third quarters of 2022. Following the announcement of the program and through September 30, 2022, we repurchased 405,282 shares at an average share price of $61.67 (excluding commissions) for a total of $25.0 million.

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.

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, 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, 2021	$	(84,843)	$	(1,621)	$	(14,380)	$	(37,682)	$	(138,526)
OCI before reclassifications	(17,118)		1,085		—		—		(16,033)
Amounts reclassified from AOCI	—		733		—		2,087		2,820
Total other comprehensive income (loss)	(17,118)		1,818		—		2,087		(13,213)
Balances at September 30, 2021	$	(101,961)	$	197	$	(14,380)	$	(35,595)	$	(151,739)

Balances at January 1, 2022	$	(111,766)	$	(210)	$	(14,380)	$	(21,742)	$	(148,098)
OCI before reclassifications	(55,716)		—		—		4,183		(51,533)
Amounts reclassified from AOCI	57,321		—		—		489		57,810
Total other comprehensive income (loss)	1,605		—		—		4,672		6,277
Balances at September 30, 2022	$	(110,161)	$	(210)	$	(14,380)	$	(17,070)	$	(141,821)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Before-tax amount
Foreign currency translation adjustment	$	(28,380)	$	(7,827)	$	(55,917)	$	(16,941)
Foreign currency translation adjustment reclassified to net income (loss) for sale or disposal of business	1,885		—		57,321		—

Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	—		478		—		1,103
Net hedging (gain) loss reclassified to net income (loss)	—		32		—		1,200
Net unrealized gain (loss) on defined benefit plans	—		—		4,205		—
Net defined benefit plan (gain) loss reclassified to net income (loss)	204		698		492		2,121
Total other comprehensive income (loss), before tax	$	(26,291)	$	(6,619)	$	6,101	$	(12,517)

Tax (provision) benefit
Foreign currency translation adjustment	$	183	$	63	$	201	$	(177)
Foreign currency translation adjustment reclassified to net income (loss) for sale or disposal of business	—		—		—		—
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	—		—		—		(18)
Net hedging (gain) loss reclassified to net income (loss)	—		—		—		(467)
Net unrealized gain (loss) on defined benefit plans	(6)		—		(22)		—
Net defined benefit plan (gain) loss reclassified to net income (loss)	(2)		(11)		(3)		(34)
Total other comprehensive income (loss) tax (provision) benefit	$	175	$	52	$	176	$	(696)

Net-of-tax amount
Foreign currency translation adjustment	$	(28,197)	$	(7,764)	$	(55,716)	$	(17,118)
Foreign currency translation adjustment reclassified to net income (loss) for sale or disposal of business	1,885		—		57,321		—
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	—		478		—		1,085
Net hedging (gain) loss reclassified to net income (loss)	—		32		—		733
Net unrealized gain (loss) on defined benefit plans	(6)		—		4,183		—
Net defined benefit plan (gain) loss reclassified to net income (loss)	202		687		489		2,087
Total other comprehensive income (loss), net of tax	$	(26,116)	$	(6,567)	$	6,277	$	(13,213)

- 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

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+ Details

Fair Values of Financial Instruments

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Values of Financial Instruments

The fair values at September 30, 2022 and December 31, 2021 do not reflect subsequent changes in the economy, interest rates, tax rates, and other variables that may affect the determination of fair value.


	September 30, 2022				December 31, 2021
In thousands	Carrying Amount		Fair Value		Carrying Amount		Fair Value










Credit facility

Multicurrency revolving line of credit	$	—	$	—	$	—	$	—

Convertible notes	451,947		363,363		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 - multicurrency revolving line of credit: The revolver is 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.

Convertible Notes: The Convertible Notes are not listed on any securities exchange but may be actively traded. The fair value is estimated using Level 1 inputs, as it is based on quoted prices for these instruments in active markets.

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

- Definition

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

+ References + Details

Segment Information

9 Months Ended

Sep. 30, 2022

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. Goodwill impairment charges are recognized in Corporate unallocated. Refer to Note 5: Goodwill for discussion of goodwill impairment recognized during the second quarter of 2022. 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.

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 Industrial Internet of Things (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 raw, anonymized and aggregated data to improve decision making, maximize operational profitability, drive resource efficiency, improve grid analytics, 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 (NaaS) 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Product revenues
Device Solutions	$	92,893	$	149,830	$	334,212	$	480,808
Networked Solutions	240,498		242,527		731,358		736,397
Outcomes	14,400		18,590		41,929		48,265
Total Company	$	347,791	$	410,947	$	1,107,499	$	1,265,470

Service revenues
Device Solutions	$	1,110	$	2,404	$	4,166	$	7,174
Networked Solutions	29,374		31,971		86,796		91,473
Outcomes	42,585		41,627		129,612		131,818
Total Company	$	73,069	$	76,002	$	220,574	$	230,465

Total revenues
Device Solutions	$	94,003	$	152,234	$	338,378	$	487,982
Networked Solutions	269,872		274,498		818,154		827,870
Outcomes	56,985		60,217		171,541		180,083
Total Company	$	420,860	$	486,949	$	1,328,073	$	1,495,935

Gross profit
Device Solutions	$	14,805	$	22,480	$	50,489	$	85,228
Networked Solutions	81,895		89,915		263,155		298,627
Outcomes	23,362		22,568		67,747		68,027
Total Company	$	120,062	$	134,963	$	381,391	$	451,882

Operating income (loss)
Device Solutions	$	7,066	$	12,095	$	24,103	$	53,784
Networked Solutions	54,640		61,150		177,929		205,071
Outcomes	11,339		11,774		28,789		34,647
Corporate unallocated	(66,157)		(80,856)		(250,641)		(265,331)
Total Company	6,888		4,163		(19,820)		28,171
Total other income (expense)	(1,943)		(4,037)		(6,704)		(42,465)
Income (loss) before income taxes	$	4,945	$	126	$	(26,524)	$	(14,294)

For the three and nine months ended September 30, 2022 and 2021, no customer represented more than 10% of total company revenue.

Revenues by region were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
United States and Canada	$	317,960	$	323,784	$	947,684	$	957,993
Europe, Middle East, and Africa	80,735		126,548		306,962		437,768
Asia Pacific	22,165		36,617		73,427		100,174
Total Company	$	420,860	$	486,949	$	1,328,073	$	1,495,935

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Device Solutions	$	3,566	$	5,911	$	11,049	$	17,708
Networked Solutions	4,401		4,274		13,126		12,801
Outcomes	2,057		1,068		4,184		3,431
Corporate unallocated	7,337		10,080		22,253		30,312
Total Company	$	17,361	$	21,333	$	50,612	$	64,252

- 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

Revenue Recognition

9 Months Ended

Sep. 30, 2022

Revenues [Abstract]

Revenue Recognition

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


In thousands	Contract Liabilities, Less Contract Assets
Beginning balance, January 1, 2022	$	83,180

Revenues recognized from beginning contract liability	(47,909)
Cumulative catch-up adjustments	998
Increases due to amounts collected or due	246,723
Revenues recognized from current period increases	(192,423)
Other	(2,755)
Ending balance, September 30, 2022	$	87,814

On January 1, 2022, total contract assets were $33.7 million and total contract liabilities were $116.9 million. On September 30, 2022, total contract assets were $58.3 million and total contract liabilities were $146.1 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 $1.4 billion for the next 12 months and approximately $1.6 billion for periods longer than 12 months. The total remaining performance obligations consist of product and service components. The service component relates primarily to maintenance agreements for which customers pay a full year's maintenance in advance, and service revenues are generally recognized over the service period. Total transaction price allocated to remaining performance obligations also includes our extended warranty contracts, for which

revenue is recognized over the warranty period, and hardware, which is recognized as units are delivered. The estimate of when remaining performance obligations will be recognized requires significant judgment.

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

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

Disaggregation of revenue

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

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Name Accounting Standards Codification
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+ Details

Sale of Business	9 Months Ended
Sale of Business	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Sale of Business	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 included 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 base sale price of this divestiture was $75.0 million, with adjustments for (1) pension liabilities assumed by Dresser for related active employees and (2) the final working capital balance. Cash proceeds from the sale were $55.9 million. The transaction closed on February 28, 2022. The final sales price and loss on sale will be determined and recognized after the finalization of the working capital adjustment, expected in the fourth quarter of 2022. As of December 31, 2021, we recognized a pre-tax impairment loss of $34.4 million as well as $3.1 million for professional services in conjunction with the planned sale to Dresser (classified within loss on sale of business within the Consolidated Statements of Operations). In determining the amount of the impairment loss for the assets of this transaction during the fourth quarter of 2021, we included $59.7 million of accumulated foreign currency translation losses and $0.9 million in unrealized loss on defined benefit pension plans, both classified within AOCI. Upon closing of the sale transaction in the first quarter of 2022, the then outstanding amounts in AOCI were reclassified to net income through loss on sale of business for a total of $55.4 million, with a corresponding reversal of the impairment loss originally booked in the fourth quarter of 2021. The difference between the amounts included for the impairment loss in the fourth quarter of 2021 and the first quarter of 2022 was driven by the change in the euro to U.S. dollar exchange rate, and operating results for the period owned in 2022. In the first quarter of 2022, we recognized additional loss of $2.2 million related to changes in the working capital balances and additional professional services. In the second quarter of 2022, the loss increased by $0.2 million for professional services related to the divestiture. In the third quarter of 2022, we recognized additional loss of $0.8 million related primarily to a true-up in the working capital balances.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Financial Statement Preparation The consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited and reflect entries necessary for the fair presentation of the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021, Consolidated Statements of Equity for the three months ended September 30, 2022 and 2021, June 30, 2022 and 2021, and March 31, 2022 and 2021, the Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021, and the Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021, of Itron, Inc. and its subsidiaries. All entries required for the fair presentation of the financial statements are of a normal recurring nature, except as disclosed. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results expected for the full year or for any other period. Certain information and notes normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been partially or completely omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim results. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2021 filed with the SEC in our Annual Report on Form 10-K on February 28, 2022 (2021 Annual Report). There have been no significant changes in financial statement preparation or significant accounting policies since December 31, 2021.
New Accounting Pronouncements	Recently Adopted Accounting Standards In May 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-04 amending Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). The amendment affects entities when a freestanding equity-classified written call option is modified or exchanged and remains equity classified after the modification or exchange. We adopted this amendment as of the effective date of January 1, 2022. The adoption of this amendment did not have a material impact on our financial statements. 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 was January 1, 2022. The adoption of this amendment did not have a material impact on our financial statements. In November 2021, the FASB issued ASU 2021-10 amending Government Assistance: (Topic 832). 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 was January 1, 2022. The adoption of this amendment did not have a material impact on our financial statements. Recent Accounting Standards Not Yet Adopted In October 2021, the FASB issued ASU 2021-08 amending Business Combination: (Topic 805), which was necessary due to 2014-09, Revenue from Contracts with Customers (Topic 606). The FASB issued 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 expedients as needed for any future acquisitions. The practical expedients cover contracts that were modified prior to acquisition date as well as determining which date an acquirer would have to determine the standalone selling price of each performance obligation in an acquired contract.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands, except per share data	2022		2021		2022		2021
Net income (loss) available to common shareholders	$	4,117	$	(1,869)	$	(31,944)	$	(22,389)

Weighted average common shares outstanding - Basic	45,139		45,240		45,075		43,983
Dilutive effect of stock-based awards	191		—		—		—
Dilutive effect of convertible notes	—		—		—		—
Weighted average common shares outstanding - Diluted	45,330		45,240		45,075		43,983
Net income (loss) per common share - Basic	$	0.09	$	(0.04)	$	(0.71)	$	(0.51)
Net income (loss) per common share - Diluted	$	0.09	$	(0.04)	$	(0.71)	$	(0.51)

Certain Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Accounts Receivable, Net

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


Accounts receivable, net
In thousands	September 30, 2022		December 31, 2021
Trade receivables (net of allowance of $4,506 and $5,730)	$	231,998	$	261,124
Unbilled receivables	34,671		37,335
Total accounts receivable, net	$	266,669	$	298,459

Allowance for Credit Losses on Financing Receivables



Allowance for credit losses account activity	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Beginning balance	$	5,630	$	1,107	$	5,730	$	1,312
Provision for (release of) doubtful accounts, net	(1,062)		2,164		(544)		2,122
Accounts recovered (written-off), net	(214)		(440)		(458)		(582)
Effect of change in exchange rates	152		(33)		(222)		(54)
Ending balance	$	4,506	$	2,798	$	4,506	$	2,798

Inventories


Inventories
In thousands	September 30, 2022		December 31, 2021
Raw materials	$	160,000	$	122,434
Work in process	8,359		7,856
Finished goods	35,253		35,509
Total inventories	$	203,612	$	165,799

Property, Plant, and Equipment, Net


Property, plant, and equipment, net
In thousands	September 30, 2022		December 31, 2021
Machinery and equipment	$	296,488	$	314,502
Computers and software	115,822		111,540
Buildings, furniture, and improvements	125,911		131,764
Land	8,221		8,952
Construction in progress, including purchased equipment	20,212		39,527
Total cost	566,654		606,285
Accumulated depreciation	(427,886)		(443,101)
Property, plant, and equipment, net	$	138,768	$	163,184

Depreciation Expense



Depreciation expense	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Depreciation expense	$	10,948	$	12,389	$	31,161	$	37,338

Intangible Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Intangible Assets by Major Class

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


	September 30, 2022						December 31, 2021
In thousands	Gross		Accumulated (Amortization) Accretion		Net		Gross		Accumulated (Amortization) Accretion		Net
Intangible Assets
Core-developed technology	$	491,898	$	(484,225)	$	7,673	$	505,429	$	(491,047)	$	14,382
Customer contracts and relationships	307,838		(247,555)		60,283		336,421		(261,043)		75,378
Trademarks and trade names	69,562		(67,416)		2,146		74,551		(72,133)		2,418
Other	12,011		(11,767)		244		12,021		(11,670)		351


Total intangible assets	$	881,309	$	(810,963)	$	70,346	$	928,422	$	(835,893)	$	92,529

Intangible Liabilities
Customer contracts and relationships	$	(23,900)	$	23,785	$	(115)	$	(23,900)	$	23,441	$	(459)

Summary of Intangible Asset Account Activity

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


	Nine Months Ended September 30,
In thousands	2022		2021
Intangible assets, gross beginning balance	$	928,422	$	1,000,037



Effect of change in exchange rates	(47,113)		(21,109)
Intangible assets, gross ending balance	$	881,309	$	978,928

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

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

Schedule of Intangible Assets, Future Amortization Expense

Estimated future annual amortization (accretion) is as follows:


Year Ending December 31,	Amortization		Accretion		Estimated Annual Amortization, net
In thousands
2022 (amount remaining at September 30, 2022)	$	6,457	$	(115)	$	6,342
2023	18,616		—		18,616
2024	14,748		—		14,748
2025	14,080		—		14,080
2026	10,160		—		10,160
Thereafter	6,285		—		6,285
Total intangible assets subject to amortization (accretion)	$	70,346	$	(115)	$	70,231

Goodwill (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill Excluding Non Goodwill Intangibles [Abstract]

Schedule of Goodwill

The following table reflects changes in the carrying amount of goodwill for the nine months ended September 30, 2022:


In thousands	Device Solutions		Networked Solutions		Outcomes		Total Company
Goodwill balance at January 1, 2022	$	39,377	$	918,005	$	141,593	$	1,098,975
Adjustment to goodwill acquired	—		(23)		—		(23)
Goodwill impairment	(38,480)		—		—		(38,480)
Effect of change in exchange rates	(897)		(42,105)		(6,419)		(49,421)
Goodwill balance at September 30, 2022	$	—	$	875,877	$	135,174	$	1,011,051

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The components of our borrowings were as follows:


In thousands	September 30, 2022		December 31, 2021
Credit facility

Multicurrency revolving line of credit	$	—	$	—

Convertible notes	460,000		460,000
Total debt	460,000		460,000



Less: unamortized prepaid debt fees - convertible notes	8,053		9,772
Long-term debt, net	$	451,947	$	450,228

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 (amount remaining at September 30, 2022)	$	—
2023	—
2024	—
2025	—
2026	460,000
Thereafter	—
Total minimum payments on debt	$	460,000

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

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	September 30, 2022		December 31, 2021
Derivatives not designated as hedging instruments under ASC 815-20		In thousands








Foreign exchange forward contracts	Other current assets	$	570	$	37
Total asset derivatives		$	570	$	37

Derivatives Liabilities




Derivatives not designated as hedging instruments under ASC 815-20
Foreign exchange forward contracts	Other current liabilities	$	862	$	135
Total liability derivatives		$	862	$	135

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


In thousands	2022		2021
Net unrealized gain (loss) on hedging instruments at January 1,	$	14,590	$	(16,001)
Unrealized gain (loss) on derivative instruments	—		1,085
Realized (gains) losses reclassified into net income (loss)	—		733
Net unrealized gain (loss) on hedging instruments at September 30,	$	14,590	$	(14,183)

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
September 30, 2022	$	570	$	(567)	$	—	$	3

December 31, 2021	37		(37)		—		—

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
September 30, 2022	$	862	$	(567)	$	—	$	295

December 31, 2021	135		(37)		—		98

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

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


Derivatives in ASC 815-20 Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivative				Gain (Loss) Reclassified from AOCI into Income
					Location	Amount
In thousands	2022		2021			2022		2021
Three Months Ended September 30,



Foreign exchange options	$	—	$	478	Product cost of revenues	$	—	$	(32)



Nine Months Ended September 30,
Interest rate swap contract	$	—	$	73	Interest expense	$	—	$	(229)
Interest rate swap contract	—		—		Other income (expense), net	—		(1,681)

Foreign exchange options	—		367		Product cost of revenues	—		(40)
Cross currency swap contract	—		669		Interest expense	—		94
Cross currency swap contract	—		—		Other income (expense), net	—		656

Foreign Exchange Derivatives Not Designated As Hedging Instruments

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


Derivatives Not Designated as Hedging Instrument under ASC 815-20	Location	Gain (Loss) Recognized on Derivatives in Other Income (Expense)
In thousands		2022		2021
Three Months Ended September 30,
Foreign exchange forward contracts	Other income (expense), net	$	1,338	$	673


Nine Months Ended September 30,
Foreign exchange forward contracts	Other income (expense), net	$	1,299	$	210

Defined Benefit Pension Plans (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Schedule of Amounts Recognized in the Consolidated Balance Sheets

Amounts recognized on the Consolidated Balance Sheets consist of:


In thousands	September 30, 2022		December 31, 2021



Liabilities
Current portion of pension benefit obligation in wages and benefits payable	$	2,915	$	3,088
Pension benefit obligation held for sale within other current liabilities	—		11,513
Long-term portion of pension benefit obligation	71,111		87,863

Pension benefit obligation, net	$	74,026	$	102,464

Schedule of Net Periodic Pension Benefit Costs

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Service cost	$	739	$	1,125	$	2,241	$	3,376
Interest cost	403		345		1,269		1,046
Expected return on plan assets	(75)		(87)		(238)		(264)
Amortization of prior service costs	17		17		53		51
Amortization of actuarial net loss	187		681		618		2,070


Net periodic benefit cost	$	1,271	$	2,081	$	3,943	$	6,279

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense and Related Tax Benefit

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Stock options	$	236	$	344	$	798	$	1,055
Restricted stock units	4,430		5,104		15,883		16,546
Unrestricted stock awards	218		217		735		650
Phantom stock units	(176)		519		596		2,861
Total stock-based compensation	$	4,708	$	6,184	$	18,012	$	21,112

Related tax benefit	$	1,195	$	1,159	$	4,264	$	3,840

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, 2021	433	$	61.95	6.9	$	14,697

Granted	—	—					$	—
Exercised	(34)	67.21			1,215
Forfeited	(6)	83.33

Outstanding, September 30, 2021	393	$	61.18	6.1	$	6,496

Outstanding, January 1, 2022	393	$	61.18	5.9	$	4,737
Granted	—	—					$	—
Exercised	—	—			—

Forfeited	(2)	87.27
Canceled	(8)	78.76
Outstanding, September 30, 2022	383	$	60.69	5.1	$	729

Exercisable, September 30, 2022	361	$	59.26	5.0	$	729

Restricted Stock Units Award Activity

The following table summarizes restricted stock unit activity:


In thousands, except fair value	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding, January 1, 2021	544

Granted	212	$	97.96
Released (1)	(288)			$	28,494
Forfeited	(46)
Outstanding, September 30, 2021	422

Outstanding, January 1, 2022	430	$	85.77
Granted	371	53.32
Released (1)	(220)	79.96		$	11,441
Forfeited	(62)	71.77
Outstanding, September 30, 2022	519	66.83

Vested but not released, September 30, 2022	11			$	481

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

Restricted Stock Units, Valuation Assumptions


	Nine Months Ended September 30,
		2022			2021

Expected volatility		55.7		%	50.5		%
Risk-free interest rate		1.7		%	0.2		%
Expected term (years)		2.9			2.9

Weighted average fair value		$	57.88		$	113.75

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Unrecognized Tax Benefits Related To Uncertain Tax Positions

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Net interest and penalties expense	$	373	$	195	$	989	$	153

Accrued interest and penalties recognized were as follows:


In thousands	September 30, 2022		December 31, 2021
Accrued interest	$	3,637	$	2,964
Accrued penalties	613		747

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


In thousands	September 30, 2022		December 31, 2021
Unrecognized tax benefits related to uncertain tax positions	$	136,559	$	139,529
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	136,552		139,503

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Line of Credit Facilities

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


In thousands	September 30, 2022		December 31, 2021
Credit facility
Multicurrency revolving line of credit	$	500,000	$	500,000

Standby LOCs issued and outstanding	(55,937)		(64,374)
Net available for additional borrowings under the multicurrency revolving line of credit	$	444,063	$	435,626

Net available for additional standby LOCs under sub-facility	$	244,063	$	235,626

Unsecured multicurrency revolving lines of credit with various financial institutions
Multicurrency revolving lines of credit	$	71,594	$	94,845
Standby LOCs issued and outstanding	(18,365)		(19,957)
Short-term borrowings	—		—
Net available for additional borrowings and LOCs	$	53,229	$	74,888

Unsecured surety bonds in force	$	281,343	$	281,270

Schedule of Warranty Accruals

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Beginning balance	$	28,709	$	36,210	$	32,022	$	41,390

New product warranties	1,166		1,925		3,600		3,611
Other adjustments and expirations, net	(1,092)		(975)		(1,157)		631
Claims activity	(2,299)		(2,156)		(7,071)		(10,040)
Effect of change in exchange rates	(1,026)		(317)		(1,936)		(905)
Ending balance	25,458		34,687		25,458		34,687
Less: current portion of warranty	17,943		18,089		17,943		18,089
Long-term warranty	$	7,515	$	16,598	$	7,515	$	16,598

Warranty Expense

Warranty expense was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Total warranty expense	$	74	$	950	$	2,443	$	4,242

Restructuring (Tables)

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

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 September 30, 2022		Costs Recognized in Prior Periods		Adjustments Recognized During the Nine Months Ended September 30, 2022		Expected Remaining Costs to be Recognized at September 30, 2022
Employee severance costs	$	40,709	$	49,013	$	(8,304)	$	—
Asset impairments & net loss (gain) on sale or disposal	8,371		9,246		(875)		—
Other restructuring costs	5,468		2,452		516		2,500
Total	$	54,548	$	60,711	$	(8,663)	$	2,500

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 September 30, 2022		Costs Recognized in Prior Periods		Adjustments Recognized During the Nine Months Ended September 30, 2022		Expected Remaining Costs to be Recognized at September 30, 2022
Employee severance costs	$	21,534	$	24,532	$	(2,998)	$	—
Asset impairments & net loss (gain) on sale or disposal	6,438		6,442		(4)		—
Other restructuring costs	7,480		6,170		568		742
Total	$	35,452	$	37,144	$	(2,434)	$	742

Restructuring and Related Costs

The following table summarizes the activity within the restructuring-related balance sheet accounts for the 2021 Projects and 2020 Projects during the nine months ended September 30, 2022:


In thousands	Accrued Employee Severance		Asset Impairments & Net Loss (Gain) on Sale or Disposal		Other Accrued Costs		Total
Beginning balance, January 1, 2022	$	79,876	$	—	$	5,130	$	85,006
Costs charged to expense	(11,302)		(879)		1,084		(11,097)
Cash payments	(14,937)		(116)		(2,599)		(17,652)
Cash receipts	—		1,783		—		1,783
Net assets disposed and impaired	—		(788)		—		(788)
Effect of change in exchange rates	(8,441)		—		(276)		(8,717)
Ending balance, September 30, 2022	$	45,196	$	—	$	3,339	$	48,535

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

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, 2021	$	(84,843)	$	(1,621)	$	(14,380)	$	(37,682)	$	(138,526)
OCI before reclassifications	(17,118)		1,085		—		—		(16,033)
Amounts reclassified from AOCI	—		733		—		2,087		2,820
Total other comprehensive income (loss)	(17,118)		1,818		—		2,087		(13,213)
Balances at September 30, 2021	$	(101,961)	$	197	$	(14,380)	$	(35,595)	$	(151,739)

Balances at January 1, 2022	$	(111,766)	$	(210)	$	(14,380)	$	(21,742)	$	(148,098)
OCI before reclassifications	(55,716)		—		—		4,183		(51,533)
Amounts reclassified from AOCI	57,321		—		—		489		57,810
Total other comprehensive income (loss)	1,605		—		—		4,672		6,277
Balances at September 30, 2022	$	(110,161)	$	(210)	$	(14,380)	$	(17,070)	$	(141,821)

Total Comprehensive Income (Loss)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Before-tax amount
Foreign currency translation adjustment	$	(28,380)	$	(7,827)	$	(55,917)	$	(16,941)
Foreign currency translation adjustment reclassified to net income (loss) for sale or disposal of business	1,885		—		57,321		—

Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	—		478		—		1,103
Net hedging (gain) loss reclassified to net income (loss)	—		32		—		1,200
Net unrealized gain (loss) on defined benefit plans	—		—		4,205		—
Net defined benefit plan (gain) loss reclassified to net income (loss)	204		698		492		2,121
Total other comprehensive income (loss), before tax	$	(26,291)	$	(6,619)	$	6,101	$	(12,517)

Tax (provision) benefit
Foreign currency translation adjustment	$	183	$	63	$	201	$	(177)
Foreign currency translation adjustment reclassified to net income (loss) for sale or disposal of business	—		—		—		—
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	—		—		—		(18)
Net hedging (gain) loss reclassified to net income (loss)	—		—		—		(467)
Net unrealized gain (loss) on defined benefit plans	(6)		—		(22)		—
Net defined benefit plan (gain) loss reclassified to net income (loss)	(2)		(11)		(3)		(34)
Total other comprehensive income (loss) tax (provision) benefit	$	175	$	52	$	176	$	(696)

Net-of-tax amount
Foreign currency translation adjustment	$	(28,197)	$	(7,764)	$	(55,716)	$	(17,118)
Foreign currency translation adjustment reclassified to net income (loss) for sale or disposal of business	1,885		—		57,321		—
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	—		478		—		1,085
Net hedging (gain) loss reclassified to net income (loss)	—		32		—		733
Net unrealized gain (loss) on defined benefit plans	(6)		—		4,183		—
Net defined benefit plan (gain) loss reclassified to net income (loss)	202		687		489		2,087
Total other comprehensive income (loss), net of tax	$	(26,116)	$	(6,567)	$	6,277	$	(13,213)

Fair Values of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Values Of Financial Instruments by Balance Sheet Grouping


	September 30, 2022				December 31, 2021
In thousands	Carrying Amount		Fair Value		Carrying Amount		Fair Value










Credit facility

Multicurrency revolving line of credit	$	—	$	—	$	—	$	—

Convertible notes	451,947		363,363		450,228		422,749

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Revenues Gross Profit And Operating Income By Segment

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Product revenues
Device Solutions	$	92,893	$	149,830	$	334,212	$	480,808
Networked Solutions	240,498		242,527		731,358		736,397
Outcomes	14,400		18,590		41,929		48,265
Total Company	$	347,791	$	410,947	$	1,107,499	$	1,265,470

Service revenues
Device Solutions	$	1,110	$	2,404	$	4,166	$	7,174
Networked Solutions	29,374		31,971		86,796		91,473
Outcomes	42,585		41,627		129,612		131,818
Total Company	$	73,069	$	76,002	$	220,574	$	230,465

Total revenues
Device Solutions	$	94,003	$	152,234	$	338,378	$	487,982
Networked Solutions	269,872		274,498		818,154		827,870
Outcomes	56,985		60,217		171,541		180,083
Total Company	$	420,860	$	486,949	$	1,328,073	$	1,495,935

Gross profit
Device Solutions	$	14,805	$	22,480	$	50,489	$	85,228
Networked Solutions	81,895		89,915		263,155		298,627
Outcomes	23,362		22,568		67,747		68,027
Total Company	$	120,062	$	134,963	$	381,391	$	451,882

Operating income (loss)
Device Solutions	$	7,066	$	12,095	$	24,103	$	53,784
Networked Solutions	54,640		61,150		177,929		205,071
Outcomes	11,339		11,774		28,789		34,647
Corporate unallocated	(66,157)		(80,856)		(250,641)		(265,331)
Total Company	6,888		4,163		(19,820)		28,171
Total other income (expense)	(1,943)		(4,037)		(6,704)		(42,465)
Income (loss) before income taxes	$	4,945	$	126	$	(26,524)	$	(14,294)

Revenues By Region

Revenues by region were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
United States and Canada	$	317,960	$	323,784	$	947,684	$	957,993
Europe, Middle East, and Africa	80,735		126,548		306,962		437,768
Asia Pacific	22,165		36,617		73,427		100,174
Total Company	$	420,860	$	486,949	$	1,328,073	$	1,495,935

Depreciation And Amortization Expense Associated With Segments

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


	Three Months Ended September 30,				Nine Months Ended September 30,
In thousands	2022		2021		2022		2021
Device Solutions	$	3,566	$	5,911	$	11,049	$	17,708
Networked Solutions	4,401		4,274		13,126		12,801
Outcomes	2,057		1,068		4,184		3,431
Corporate unallocated	7,337		10,080		22,253		30,312
Total Company	$	17,361	$	21,333	$	50,612	$	64,252

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2022

Revenues [Abstract]

Contract with Customer, Asset and Liability

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


In thousands	Contract Liabilities, Less Contract Assets
Beginning balance, January 1, 2022	$	83,180

Revenues recognized from beginning contract liability	(47,909)
Cumulative catch-up adjustments	998
Increases due to amounts collected or due	246,723
Revenues recognized from current period increases	(192,423)
Other	(2,755)
Ending balance, September 30, 2022	$	87,814

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Accounting Policies [Abstract]
Risks and uncertainties in entity's business		Risks and UncertaintiesThe 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. New variants of the virus may cause previously lifted restrictions to be reinstated, which could result in more disruptions. 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 revenue originally forecasted in prior periods shifting to future periods.While we have limited direct business exposure in Russia, Belarus and Ukraine, the Russian military actions and the resulting sanctions could adversely affect the global economy, as well as further disrupt the supply chain. A major disruption in the global economy and supply chain could have a material adverse effect on our business, prospects, financial condition, results of operations, and cash flows. The extent and duration of the military action, sanctions, and resulting market and/or supply disruptions are impossible to predict, but could be substantial. During the third quarter of 2022, we substantially liquidated our legal entity in Russia, recognizing a loss of $1.9 million for the reclassification of the currency translation adjustment from accumulated other comprehensive income (AOCI). The loss was classified within sales, general and administrative expense within the Consolidated Statements of Operations.
Foreign currency translation adjustments	$ 1.9

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income (loss) available to common shareholders	$ 4,117	$ (1,869)	$ (31,944)	$ (22,389)
Weighted average common shares outstanding - Basic (in shares)	45,139	45,240	45,075	43,983
Dilutive effect of stock-based awards (in shares)	191	0	0	0
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	0	0	0	0
Weighted average common shares outstanding - Diluted (in shares)	45,330	45,240	45,075	43,983
Earnings (loss) per common share - Basic (in dollars per share)	$ 0.09	$ (0.04)	$ (0.71)	$ (0.51)
Earnings (loss) per common share - Diluted (in dollars per share)	$ 0.09	$ (0.04)	$ (0.71)	$ (0.51)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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- Definition

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

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- Definition

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

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+ Details

Earnings Per Share - Stock-based Awards (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)	0.4	0.4	0.7	0.5

Earnings Per Share - Convertible Senior Notes and Warrants (Details) - $ / shares shares in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Treasury stock, shares, acquired			3.7
Class of warrant or right, exercise price of warrants or rights			$ 180.00
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)	0.4	0.4		0.7	0.5
Convertible Debt Securities [Member]
Debt Instrument [Line Items]
Common stock, conversion price (in dollars per share)	$ 126.00		$ 126.00
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)	3.7		3.7	3.7

Earnings Per Share - Convertible Note Hedge Transactions (Details) - $ / shares shares in Millions	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Treasury stock, shares, acquired		3.7
Convertible Debt Securities [Member]
Debt Instrument [Line Items]
Common stock, conversion price (in dollars per share)	$ 126.00	$ 126.00

Certain Balance Sheet Components Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Trade receivables (net of allowance of $4,506 and $5,730)	$ 231,998	$ 261,124
Unbilled receivables	34,671	37,335
Total accounts receivable, net	$ 266,669	$ 298,459

Certain Balance Sheet Components Summary of the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Beginning balance	$ 5,630	$ 1,107	$ 5,730	$ 1,312
Provision for (release of) doubtful accounts, net	(1,062)	2,164	(544)	2,122
Accounts recovered (written-off), net	(214)	(440)	(458)	(582)
Effect of change in exchange rates	152	(33)	(222)	(54)
Ending balance	$ 4,506	$ 2,798	$ 4,506	$ 2,798

Certain Balance Sheet Components Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Raw materials	$ 160,000	$ 122,434
Work in process	8,359	7,856
Finished goods	35,253	35,509
Total inventories	$ 203,612	$ 165,799

Certain Balance Sheet Components Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment, Net [Abstract]
Machinery and equipment	$ 296,488	$ 314,502
Computers and software	115,822	111,540
Buildings, furniture, and improvements	125,911	131,764
Land	8,221	8,952
Construction in progress, including purchased equipment	20,212	39,527
Total cost	566,654	606,285
Accumulated depreciation	(427,886)	(443,101)
Property, plant, and equipment, net	$ 138,768	$ 163,184

Certain Balance Sheet Components Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 10,948	$ 12,389	$ 31,161	$ 37,338

Intangible Assets and Liabilities Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Intangible Assets [Line Items]
Intangible assets, Accumulated (Amortization) Accretion	$ (810,963)	$ (835,893)
Intangible assets, Net	70,346
Intangible assets, Gross	881,309	928,422	$ 978,928	$ 1,000,037
Intangible assets, Net	70,346	92,529
Intangible liabilities, Gross	(23,900)	(23,900)	$ (23,900)	$ (23,900)
Intangible liabilities, Accumulated (Amortization) Accretion	23,785	23,441
Intangible liabilities, Net	(115)	(459)
Core-developed technology [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	491,898	505,429
Intangible assets, Accumulated (Amortization) Accretion	(484,225)	(491,047)
Intangible assets, Net	7,673	14,382
Customer contracts and relationships [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	307,838	336,421
Intangible assets, Accumulated (Amortization) Accretion	(247,555)	(261,043)
Intangible assets, Net	60,283	75,378
Trademarks and trade names [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	69,562	74,551
Intangible assets, Accumulated (Amortization) Accretion	(67,416)	(72,133)
Intangible assets, Net	2,146	2,418
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	12,011	12,021
Intangible assets, Accumulated (Amortization) Accretion	(11,767)	(11,670)
Intangible assets, Net	$ 244	$ 351

Summary of Intangible Asset Account Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Total Intangible Assets [Abstract]
Intangible assets, gross beginning balance	$ 928,422	$ 1,000,037
Effect of change in exchange rates	(47,113)	(21,109)
Intangible assets, gross ending balance	881,309	978,928
Intangible liabilities, gross beginning balance	23,900	23,900
Effect of change in exchange rates	0	0
Intangible liabilities, gross ending balance	$ 23,900	$ 23,900

Intangible Assets and Liabilities Estimated Future Annual Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Intangible Assets [Abstract]
2022 (amount remaining at September 30, 2022)	$ 6,457
2023	18,616
2024	14,748
2025	14,080
2026	10,160
Thereafter	6,285
Total intangible assets subject to amortization (accretion)	70,346
2022 (amount remaining at September 30, 2022)	(115)
2023	0
2024	0
2025	0
2026	0
Thereafter	0
Intangible liabilities, Net	(115)	$ (459)
2022 (amount remaining at September 30, 2022)	6,342
2023	18,616
2024	14,748
2025	14,080
2026	10,160
Thereafter	6,285
Total intangible assets (liabilities), net	$ 70,231

Schedule of Goodwill Allocated to Reporting Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill [Roll Forward]
Goodwill, net, at beginning of period			$ 1,098,975
Adjustment to goodwill acquired			(23)
Goodwill impairment	$ 0	$ 0	(38,480)	$ 0
Effect of change in exchange rates			(49,421)
Goodwill, Ending Balance	1,011,051		1,011,051
Device Solutions [Member]
Goodwill [Roll Forward]
Goodwill, net, at beginning of period			39,377
Adjustment to goodwill acquired			0
Goodwill impairment			(38,480)
Effect of change in exchange rates			(897)
Goodwill, Ending Balance	0		0
Networked Solutions Segment [Member]
Goodwill [Roll Forward]
Goodwill, net, at beginning of period			918,005
Adjustment to goodwill acquired			(23)
Goodwill impairment			0
Effect of change in exchange rates			(42,105)
Goodwill, Ending Balance	875,877		875,877
Outcomes Segment [Member]
Goodwill [Roll Forward]
Goodwill, net, at beginning of period			141,593
Adjustment to goodwill acquired			0
Goodwill impairment			0
Effect of change in exchange rates			(6,419)
Goodwill, Ending Balance	$ 135,174		$ 135,174

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Debt - Schedule of Debt Components of Borrowing (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Convertible Debt	$ 460,000	$ 460,000
Total debt	460,000
Long-term debt, net	451,947	450,228
Line of Credit [Member]
Debt Instrument [Line Items]
Multicurrency revolving line of credit	0	0
Secured Debt [Member]
Debt Instrument [Line Items]
Total debt	460,000	460,000
Long-term debt, net	451,947	450,228
Convertible Debt Securities [Member]
Debt Instrument [Line Items]
Unamortized prepaid debt fees	$ 8,053	$ 9,772

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt - Credit Facility Additional Information (Details)	9 Months Ended
Debt - Credit Facility Additional Information (Details)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 19, 2020	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
Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 500,000,000	$ 500,000,000
Letters of credit outstanding, amount	55,937,000	64,374,000
Line of credit facility, remaining borrowing capacity	$ 244,100,000
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 [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	Alternate Base Rate
Alternate base rate (1) [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	the prime rate
Alternate base rate (2) [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	the Federal Reserve effective rate
Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Alternate base rate (3) [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	one-month LIBOR
Debt instrument, basis spread on variable rate	1.00%
USD Denominated Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				650,000,000
USD denominated term loan	$ 0
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				300,000,000
Letters of credit outstanding, amount	55,900,000
Swingline sub-facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 50,000,000
Multicurrency revolving line of credit	0
Line of Credit [Member]
Debt Instrument [Line Items]
Multicurrency revolving line of credit	0	0
Line of credit facility, remaining borrowing capacity	$ 444,063,000	$ 435,626,000
Line of Credit [Member] \| Fourth Quarter 2020 [Member]
Debt Instrument [Line Items]
Debt instrument, debt covenant. required rate			4.75
Line of Credit [Member] \| First Quarter 2021 [Member]
Debt Instrument [Line Items]
Debt instrument, debt covenant. required rate			4.50
Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, collateral	All obligations under the 2018 credit facility are guaranteed by Itron, Inc. and material U.S. domestic subsidiaries and are secured by a pledge of substantially all of the assets of Itron, Inc. and material U.S. domestic subsidiaries. This includes a pledge of 100% of the capital stock of material U.S. domestic subsidiaries and up to 66% of the voting stock (100% of the non-voting stock) of first-tier foreign subsidiaries. In addition, the obligations of any foreign subsidiary who is a foreign borrower, as defined by the 2018 credit facility, are guaranteed by the foreign subsidiary and by its direct and indirect foreign parents.

Debt - Convertible Note Additional Information (Details) $ / shares in Units, $ in Millions		37 Months Ended
	Mar. 12, 2021 USD ($) $ / shares	Jan. 14, 2021
Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		98.00%
Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		130.00%
Convertible Debt [Member]
Debt Instrument [Line Items]
Proceeds from convertible debt \| $	$ 448.5
Debt instrument, convertible, conversion ratio	0.0079365
Debt instrument, convertible, conversion price \| $ / shares	$ 126.00

Debt - Minimum Required Principal Payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Text Block [Abstract]
2022 (amount remaining at September 30, 2022)	$ 0
2023	0
2024	0
2025	0
2026	460,000
Thereafter	0
Total debt	$ 460,000

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Derivative Financial Instruments - Derivative and Nonderivative Hedging Instrument Fair Value Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Asset Derivatives [Abstract]
Total asset derivatives	$ 570	$ 37
Liability Derivatives [Abstract]
Total liability derivatives	862	135
Not Designated as Hedging Instrument [Member] \| Other Current Assets [Member]
Asset Derivatives [Abstract]
Foreign exchange forward contracts	570	37
Not Designated as Hedging Instrument [Member] \| Other Current Liabilities [Member]
Liability Derivatives [Abstract]
Foreign exchange forward contracts	$ 862	$ 135

Derivative Financial Instruments - Activity of Hedging Instruments in Accumulated OCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net unrealized gain (loss) on hedging instruments at January 1,			$ (148,098)
Realized losses reclassified into net income (loss)	$ 0	$ 32	0	$ 733
Net unrealized gain (loss) on hedging instruments at September 30,	(141,821)		(141,821)
Accumulated Net Gain (Loss) from Derivative and Nonderivative Instruments Designated as Hedging Instruments [Member]
Net unrealized gain (loss) on hedging instruments at January 1,			14,590	(16,001)
Unrealized gain (loss) on derivative instruments			0	1,085
Realized losses reclassified into net income (loss)			0	733
Net unrealized gain (loss) on hedging instruments at September 30,	$ 14,590	$ (14,183)	$ 14,590	$ (14,183)

- 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

Derivative Financial Instruments - Narrative (Details) $ / shares in Units, shares in Millions		3 Months Ended			9 Months Ended
	Feb. 28, 2021 USD ($)	Sep. 30, 2022 USD ($) contracts $ / shares shares	Sep. 30, 2021 USD ($) shares	Jun. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) contracts shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		$ 141,821,000			$ 141,821,000		$ 148,098,000
Derivative, notional amount				$ 84,100,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares		0.4	0.4		0.7	0.5
Deferred tax assets, derivative instruments				$ 20,600,000			$ 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 [Member]
Derivative [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares		3.7		3.7	3.7
Common stock, conversion price (in dollars per share) \| $ / shares		$ 126.00		$ 126.00
Number of Counterparties [Member]
Derivative [Line Items]
Derivative counterparties		3			3		3
Foreign Exchange Option [Member]
Derivative [Line Items]
Derivative, notional amount	$ 76,500,000
Derivative purchase price	$ 1,100,000
Forward Contracts [Member]
Derivative [Line Items]
Number of foreign exchange contracts \| contracts		32			32
Foreign Exchange Contract [Member] \| Minimum [Member] \| Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount		$ 135,000			$ 135,000
Foreign Exchange Contract [Member] \| Maximum [Member] \| Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount		57,800,000			57,800,000
Net Unrealized Gain (Loss) on Nonderivative Instruments
Derivative [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		$ (14,400,000)	$ (14,400,000)		$ (14,400,000)	$ (14,400,000)

Derivative Financial Instruments - Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Total asset derivatives	$ 570	$ 37
Derivative Financial Instruments Not Offset in the Consolidated Balance Sheets	(567)	(37)
Cash Collateral Received Not Offset in the Consolidated Balance Sheets	0	0
Derivative Asset, Fair Value, Amount Offset Against Collateral	$ 3	$ 0

Derivative Financial Instruments - Offsetting of Derivative Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liability, Fair Value, Gross Liability	$ 862	$ 135
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	(567)	(37)
Cash Collateral Pledged Not Offset in the Consolidated Balance Sheets	0	0
Derivative Liability, Fair Value, Amount Offset Against Collateral	$ 295	$ 98

Derivative Financial Instruments - Effect of Cash Flow Derivatives on the Balance Sheet and Income Statement, Before Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments Designated as Hedging Instruments [Abstract]
Gain (Loss) Reclassified from AOCI into Income	$ 0	$ (32)	$ 0	$ (1,200)
Foreign Exchange Option [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Amount of Gain (Loss) Recognized in OCI on Derivative			0	367
Foreign Exchange Option [Member] \| Cost of Sales [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Amount of Gain (Loss) Recognized in OCI on Derivative	0	478
Gain (Loss) Reclassified from AOCI into Income	$ 0	$ (32)	0	(40)
Currency Swap 2 [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Amount of Gain (Loss) Recognized in OCI on Derivative			0	0
Currency Swap 2 [Member] \| Other Income (Expense) [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Gain (Loss) Reclassified from AOCI into Income			0	656
Interest Rate Swap [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Amount of Gain (Loss) Recognized in OCI on Derivative			0	73
Interest Rate Swap [Member] \| Interest Expense [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Gain (Loss) Reclassified from AOCI into Income			0	(229)
Interest Rate Swap 2 [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Amount of Gain (Loss) Recognized in OCI on Derivative			0	0
Interest Rate Swap 2 [Member] \| Other Income (Expense) [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Gain (Loss) Reclassified from AOCI into Income			0	(1,681)
Currency Swap 1 [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Amount of Gain (Loss) Recognized in OCI on Derivative			0	669
Currency Swap 1 [Member] \| Interest Expense [Member]
Derivative Instruments Designated as Hedging Instruments [Abstract]
Gain (Loss) Reclassified from AOCI into Income			$ 0	$ 94

Derivative Financial Instruments - Derivatives Not Designated as Hedging Relationships (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Income (Expense) [Member]
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Foreign exchange forward contracts	$ 1,338	$ 673	$ 1,299	$ 210

Schedule of Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Current portion of pension benefit obligation in wages and benefits payable	$ 2,915	$ 3,088
Pension benefit obligation held for sale within other current liabilities	0	11,513
Long-term portion of pension benefit obligation	71,111	87,863
Pension benefit obligation, net	$ 74,026	$ 102,464

Schedule of Net Periodic Pension Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Retirement Benefits [Abstract]
Service cost	$ 739	$ 1,125	$ 2,241	$ 3,376
Interest cost	403	345	1,269	1,046
Expected return on plan assets	(75)	(87)	(238)	(264)
Amortization of prior service costs	17	17	53	51
Amortization of actuarial net loss	187	681	618	2,070
Net periodic benefit cost	$ 1,271	$ 2,081	$ 3,943	$ 6,279

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) shares
Share-based Payment Arrangement, Option [Member]
[Line Items]
Compensation cost not yet recognized \| $	$ 0.2
Unrecognized compensation expense, Expected weighted average period for recognition (years)	8 months 12 days
Restricted Stock Units (RSUs) [Member]
[Line Items]
Compensation cost not yet recognized \| $	$ 26.4
Unrecognized compensation expense, Expected weighted average period for recognition (years)	1 year 8 months 12 days
Employee Stock Purchase Plan [Member]
[Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	91,074
Stock Incentive Plan [Member]
[Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)	12,623,538
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	4,626,437
Reduction in stock options available for issue	1
Authorized share reserve reduction in awards other than stock options or share appreciation rights available for issue, conversion ratio	1.7

Stock-Based Compensation - Expense and Related Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options	$ 236	$ 344	$ 798	$ 1,055
Restricted stock units	4,430	5,104	15,883	16,546
Unrestricted stock awards	218	217	735	650
Total stock-based compensation	4,708	6,184	18,012	21,112
Related tax benefit	1,195	1,159	4,264	3,840
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Phantom stock units	$ (176)	$ 519	$ 596	$ 2,861

Stock-Based Compensation - Stock Option Summary (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Shares
Outstanding, beginning balance (in shares)	393	433	393	433
Granted (in shares)			0	0
Exercised (in shares)			0	(34)
Forfeited (in share)			(2)	(6)
Expired (in shares)			(8)
Outstanding, ending balance (in shares)			383	393
Exercisable (in shares)			361
Weighted Average Exercise Price per Share
Outstanding, beginning balance, weighted average exercise price per share (in dollars per share)	$ 61.18	$ 61.95	$ 61.18	$ 61.95
Granted, weighted average exercise price (in dollars per share)			0	0
Exercised, weighted average exercise price (in dollars per share)			0	67.21
Forfeited, weighted average grant date fair value (in dollars per share)			87.27	83.33
Expired weighted average exercise price (in dollars per share)			78.76
Outstanding, ending balance, weighted average exercise price per share (in dollars per share)			60.69	$ 61.18
Exercisable, weighted average exercise price (in usd per share)			$ 59.26
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, weighted average remaining contractual life	5 years 10 months 24 days	6 years 10 months 24 days	5 years 1 month 6 days	6 years 1 month 6 days
Outstanding, beginning balance, aggregate intrinsic value	$ 4,737	$ 14,697	$ 4,737	$ 14,697
Granted, weighted average grant date fair value			$ 0	$ 0
Exercised, aggregate intrinsic value			$ 0	$ 1,215
Outstanding, weighted average remaining contractual life	5 years 10 months 24 days	6 years 10 months 24 days	5 years 1 month 6 days	6 years 1 month 6 days
Outstanding, ending balance, aggregate intrinsic value			$ 729	$ 6,496
Exercisable, weighted average remaining contractual term			5 years
Exercisable, aggregate intrinsic value			$ 729

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

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Number of Restricted Stock Units

Outstanding, beginning balance (in shares)

430

544

Granted (in shares)

371

212

Forfeited (in shares)

(62)

(46)

Outstanding, ending balance (in shares)

519

422

Weighted Average Grant Date Fair Value

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

$ 85.77

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

53.32

$ 97.96

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

71.77

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

$ 66.83

Vested and Released [Member]

Number of Restricted Stock Units

Released (in shares)

^[1]

(220)

(288)

Weighted Average Grant Date Fair Value

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

$ 79.96

Released, aggregate intrinsic value

$ 11,441

$ 28,494

Vested but Not Released [Member]

Number of Restricted Stock Units

Released (in shares)

(11)

Weighted Average Grant Date Fair Value

Released, aggregate intrinsic value

$ 481

Long Term Performance Restricted Stock Award [Member]

Weighted Average Grant Date Fair Value

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

$ 57.88

$ 113.75

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

Stock-Based Compensation - Long-Term Performance Restricted Stock Unit Award Monte Carlo Pricing Model Assumptions (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, weighted average grant date fair value (in dollars per share)	$ 53.32	$ 97.96
Long Term Performance Restricted Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	55.70%	50.50%
Risk-free interest rate	1.70%	0.20%
Expected term (years)	2 years 10 months 24 days	2 years 10 months 24 days
Granted, weighted average grant date fair value (in dollars per share)	$ 57.88	$ 113.75

Income Taxes - Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Net interest and penalties expense	$ 373	$ 195	$ 989	$ 153
Accrued interest	3,637		3,637		$ 2,964
Accrued penalties	613		613		747
Unrecognized tax benefits related to uncertain tax positions	136,559		136,559		139,529
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	$ 136,552		$ 136,552		$ 139,503

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Examination [Line Items]
Effective income tax rate reconciliation, percent	10.00%	902.00%	(19.00%)	(39.00%)
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	21.00%	21.00%	21.00%	21.00%

Commitments and Contingencies - Available Lines of Credit, Outstanding Standby Letter of Credits, and Bonds (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Oct. 18, 2019
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit			$ 500,000
Net available for additional standby LOCs under sub-facility	$ 244,063	$ 235,626
Credit Facility [Member]
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit	500,000	500,000
Letters of Credit Outstanding, Amount	(55,937)	(64,374)
Line of Credit Facility, Remaining Borrowing Capacity	244,100
Unsecured Multicurrency Revolving Lines of Credit [Member]
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit	71,594	94,845
Letters of Credit Outstanding, Amount	(18,365)	(19,957)
Short-term borrowings	0	0
Line of Credit Facility, Remaining Borrowing Capacity	53,229	74,888
Surety Bond [Member]
Line of Credit Facility [Line Items]
Unsecured surety bonds in force	281,343	281,270
Line of Credit [Member]
Line of Credit Facility [Line Items]
Long-term Line of Credit	0	0
Line of Credit Facility, Remaining Borrowing Capacity	$ 444,063	$ 435,626

Commitments and Contingencies - Warranty Account Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Beginning balance	$ 28,709	$ 36,210	$ 32,022	$ 41,390
New product warranties	1,166	1,925	3,600	3,611
Other changes/adjustments to warranties	(1,092)	(975)	(1,157)	631
Claims activity	(2,299)	(2,156)	(7,071)	(10,040)
Effect of change in exchange rates	(1,026)	(317)	(1,936)	(905)
Ending balance	25,458	34,687	25,458	34,687
Less: current portion of warranty	17,943	18,089	17,943	18,089
Long-term warranty	$ 7,515	$ 16,598	$ 7,515	$ 16,598

Commitments and Contingencies - Warranty Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Total warranty expense	$ 74	$ 950	$ 2,443	$ 4,242

Restructuring Expected Costs - 2021 Projects (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring	$ (11,097)
2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	54,548
Restructuring and Related Cost, Cost Incurred to Date		$ 60,711
Restructuring	(8,663)
Restructuring and Related Cost, Expected Cost Remaining	2,500
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring	(11,302)
Employee Severance [Member] \| 2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	40,709
Restructuring and Related Cost, Cost Incurred to Date		49,013
Restructuring	(8,304)
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]
Restructuring	(879)
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	8,371
Restructuring and Related Cost, Cost Incurred to Date		9,246
Restructuring	(875)
Restructuring and Related Cost, Expected Cost Remaining	0
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring	1,084
Other Restructuring [Member] \| 2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	5,468
Restructuring and Related Cost, Cost Incurred to Date		$ 2,452
Restructuring	516
Restructuring and Related Cost, Expected Cost Remaining	$ 2,500

Restructuring Expected Costs - 2020 Projects (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring	$ (11,097)
2020 Projects [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	35,452
Restructuring and Related Cost, Cost Incurred to Date		$ 37,144
Restructuring	(2,434)
Restructuring and Related Cost, Expected Cost Remaining	742
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring	(11,302)
Employee Severance [Member] \| 2020 Projects [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	21,534
Restructuring and Related Cost, Cost Incurred to Date		24,532
Restructuring	(2,998)
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]
Restructuring	(879)
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	6,438
Restructuring and Related Cost, Cost Incurred to Date		6,442
Restructuring	(4)
Restructuring and Related Cost, Expected Cost Remaining	0
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring	1,084
Other Restructuring [Member] \| 2020 Projects [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	7,480
Restructuring and Related Cost, Cost Incurred to Date		$ 6,170
Restructuring	568
Restructuring and Related Cost, Expected Cost Remaining	$ 742

Restructuring Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, current	$ 15.3	$ 29.7
Restructuring reserve, noncurrent	$ 33.2	$ 55.3

Restructuring Related Balance Sheet Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2022	$ 85,006
Costs charged to expense	(11,097)
Cash payments	(17,652)
Cash receipts	1,783
Net assets disposed and impaired	(788)
Effect of change in exchange rates	(8,717)
Ending balance, September 30, 2022	48,535
Accrued Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2022	79,876
Costs charged to expense	(11,302)
Cash payments	(14,937)
Cash receipts	0
Net assets disposed and impaired	0
Effect of change in exchange rates	(8,441)
Ending balance, September 30, 2022	45,196
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member]
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2022	0
Costs charged to expense	(879)
Cash payments	(116)
Cash receipts	1,783
Net assets disposed and impaired	(788)
Effect of change in exchange rates	0
Ending balance, September 30, 2022	0
Other Accrued Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2022	5,130
Costs charged to expense	1,084
Cash payments	(2,599)
Cash receipts	0
Net assets disposed and impaired	0
Effect of change in exchange rates	(276)
Ending balance, September 30, 2022	$ 3,339

Shareholders' Equity Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended					9 Months Ended		11 Months Ended
	Sep. 30, 2022 $ / shares shares	Jun. 30, 2022 shares	Mar. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2021 shares	Jun. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2022 $ / shares shares	Sep. 30, 2021 shares	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Nov. 01, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized (in share)	10,000,000					10,000,000		10,000,000	10,000,000
Preferred stock, no par value (in dollars per share) \| $ / shares	$ 0					$ 0		$ 0	$ 0
Preferred stock, shares issued (in shares)	0					0		0	0
Preferred stock, shares outstanding (in shares)	0					0		0	0
Stock repurchase program, authorized amount \| $										$ 100,000
Stock repurchased during period (in shares)			280,000
Stock Repurchased During Period, Value \| $			$ 16,629
Derivative, notional amount \| $					$ 84,100
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	400,000			400,000		700,000	500,000
Deferred tax assets, derivative instruments \| $					$ 20,600				$ 20,600
Treasury stock, shares, acquired					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
Convertible Debt Securities [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,700,000				3,700,000	3,700,000
Common stock, conversion price (in dollars per share) \| $ / shares	$ 126.00				$ 126.00
2021 Stock Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period (in shares)	0	0	279,968					405,282
Stock repurchased, average cost per share (in dollars per share) \| $ / shares			$ 60.60					$ 61.67
Stock Repurchased During Period, Value \| $			$ 17,000					$ 25,000

Shareholders' Equity Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,133,100	$ 1,186,752	$ 1,142,759	$ 1,200,658	$ 1,221,168	$ 840,273	$ 1,142,759	$ 840,273
Total other comprehensive income (loss), net of tax	(26,116)	(20,422)	52,815	(6,567)	5,137	(11,783)	6,277	(13,213)
Ending balance	1,117,173	1,133,100	1,186,752	1,199,826	1,200,658	1,221,168	1,117,173	1,199,826
Parent [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1,110,110	1,160,080	1,116,077	1,175,278	1,196,466	816,548	1,116,077	816,548
Total other comprehensive income (loss), net of tax	(26,116)	(20,422)	52,815	(6,567)	5,137	(11,783)
Ending balance	1,093,828	$ 1,110,110	1,160,080	1,173,587	$ 1,175,278	1,196,466	1,093,828	1,173,587
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(111,766)			(84,843)	(111,766)	(84,843)
OCI before reclassifications							(55,716)	(17,118)
Amounts reclassified from AOCI							57,321	0
Total other comprehensive income (loss), net of tax							1,605	(17,118)
Ending balance	(110,161)			(101,961)			(110,161)	(101,961)
Net Unrealized Gain (Loss) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(210)			(1,621)	(210)	(1,621)
OCI before reclassifications							0	1,085
Amounts reclassified from AOCI							0	733
Total other comprehensive income (loss), net of tax							0	1,818
Ending balance	(210)			197			(210)	197
Net Unrealized Gain (Loss) on Nonderivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(14,380)			(14,380)	(14,380)	(14,380)
OCI before reclassifications							0	0
Amounts reclassified from AOCI							0	0
Total other comprehensive income (loss), net of tax							0	0
Ending balance	(14,380)			(14,380)			(14,380)	(14,380)
Pension Benefit Obligation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(21,742)			(37,682)	(21,742)	(37,682)
OCI before reclassifications							4,183	0
Amounts reclassified from AOCI							489	2,087
Total other comprehensive income (loss), net of tax							4,672	2,087
Ending balance	(17,070)			(35,595)			(17,070)	(35,595)
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			$ (148,098)			$ (138,526)	(148,098)	(138,526)
OCI before reclassifications							(51,533)	(16,033)
Amounts reclassified from AOCI							57,810	2,820
Total other comprehensive income (loss), net of tax							6,277	(13,213)
Ending balance	$ (141,821)			$ (151,739)			$ (141,821)	$ (151,739)

Shareholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Before-tax amount [Abstract]
Foreign currency translation adjustment	$ (28,380,000)	$ (7,827,000)	$ (55,917,000)	$ (16,941,000)
Foreign currency translation adjustment reclassified to net income (loss) for sale or disposal of business	1,885,000	0	57,321,000	0
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	0	478,000	0	1,103,000
Net hedging (gain) loss reclassified to net income (loss)	0	32,000	0	1,200,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax	0	0	4,205,000	0
Net defined benefit plan (gain) loss reclassified to net income (loss)	204,000	698,000	492,000	2,121,000
Total other comprehensive income (loss), before tax	(26,291,000)	(6,619,000)	6,101,000	(12,517,000)
Tax (provision) benefit [Abstract]
Foreign currency translation adjustment	183,000	63,000	201,000	(177,000)
Foreign currency translation adjustment reclassified to net income (loss) for sale or disposal of business	0	0	0	0
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	0	0	0	(18,000)
Net hedging (gain) loss reclassified to net income (loss)	0	0	0	(467,000)
Net unrealized gain (loss) on defined benefit plans	(6,000)	0	(22,000)	0
Net defined benefit plan (gain) loss reclassified to net income (loss)	(2,000)	(11,000)	(3,000)	(34,000)
Total other comprehensive income (loss) tax (provision) benefit	175,000	52,000	176,000	(696,000)
Net-of-tax amount [Abstract]
Foreign currency translation adjustment	(28,197,000)	(7,764,000)	(55,716,000)	(17,118,000)
Foreign currency translation adjustment reclassified to net income (loss) for sale or disposal of business	1,885,000	0	57,321,000	0
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	0	478,000	0	1,085,000
Net hedging (gain) loss reclassified to net income (loss)	0	32,000	0	733,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax	(6,000)	0	4,183,000	0
Net defined benefit plan (gain) loss reclassified to net income (loss)	202,000	687,000	489,000	2,087,000
Total other comprehensive income (loss), net of tax	$ (26,116,000)	$ (6,567,000)	$ 6,277,000	$ (13,213,000)

Schedule of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Line of Credit [Member]
Liabilities
Multicurrency revolving line of credit	$ 0	$ 0
Reported Value Measurement [Member]
Liabilities
Convertible Notes Payable	451,947	450,228
Reported Value Measurement [Member] \| Line of Credit [Member]
Liabilities
Multicurrency revolving line of credit	0	0
Estimate of Fair Value Measurement [Member]
Liabilities
Convertible Notes Payable	363,363	422,749
Estimate of Fair Value Measurement [Member] \| Line of Credit [Member]
Liabilities
Multicurrency revolving line of credit, fair value	$ 0	$ 0

- Definition

+ References + Details

Segment Information Narrative (Details)	9 Months Ended
Segment Information Narrative (Details)	Sep. 30, 2022
Segment Reporting [Abstract]
Number of reportable segments	3

Information By Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Information By Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenues	$ 420,860	$ 486,949	$ 1,328,073	$ 1,495,935
Gross profit	120,062	134,963	381,391	451,882
Operating income (loss)	6,888	4,163	(19,820)	28,171
Total other income (expense)	(1,943)	(4,037)	(6,704)	(42,465)
Income (loss) before income taxes	4,945	126	(26,524)	(14,294)
Device Solutions [Member]
Segment Reporting Information [Line Items]
Revenues	94,003	152,234	338,378	487,982
Gross profit	14,805	22,480	50,489	85,228
Operating income (loss)	7,066	12,095	24,103	53,784
Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Revenues	269,872	274,498	818,154	827,870
Gross profit	81,895	89,915	263,155	298,627
Operating income (loss)	54,640	61,150	177,929	205,071
Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Revenues	56,985	60,217	171,541	180,083
Gross profit	23,362	22,568	67,747	68,027
Operating income (loss)	11,339	11,774	28,789	34,647
Corporate Unallocated [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	(66,157)	(80,856)	(250,641)	(265,331)
Product [Member]
Segment Reporting Information [Line Items]
Revenues	347,791	410,947	1,107,499	1,265,470
Product [Member] \| Device Solutions [Member]
Segment Reporting Information [Line Items]
Revenues	92,893	149,830	334,212	480,808
Product [Member] \| Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Revenues	240,498	242,527	731,358	736,397
Product [Member] \| Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Revenues	14,400	18,590	41,929	48,265
Service [Member]
Segment Reporting Information [Line Items]
Revenues	73,069	76,002	220,574	230,465
Service [Member] \| Device Solutions [Member]
Segment Reporting Information [Line Items]
Revenues	1,110	2,404	4,166	7,174
Service [Member] \| Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Revenues	29,374	31,971	86,796	91,473
Service [Member] \| Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Revenues	$ 42,585	$ 41,627	$ 129,612	$ 131,818

Segment Information Revenues By Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues from External Customers [Line Items]
Revenues	$ 420,860	$ 486,949	$ 1,328,073	$ 1,495,935
United States and Canada [Member]
Revenues from External Customers [Line Items]
Revenues	317,960	323,784	947,684	957,993
Europe, Middle East, and Africa [Member]
Revenues from External Customers [Line Items]
Revenues	80,735	126,548	306,962	437,768
Other [Member]
Revenues from External Customers [Line Items]
Revenues	$ 22,165	$ 36,617	$ 73,427	$ 100,174

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Depreciation and Amortization, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	$ 17,361	$ 21,333	$ 50,612	$ 64,252
Corporate, Non-Segment [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	7,337	10,080	22,253	30,312
Device Solutions [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	3,566	5,911	11,049	17,708
Networked Solutions Segment [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	4,401	4,274	13,126	12,801
Outcomes Segment [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	$ 2,057	$ 1,068	$ 4,184	$ 3,431

Revenue Recognition Revenue Contract Assets and Liabilities Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Revenue Recognition and Deferred Revenue [Abstract]
Beginning balance, January 1, 2022	$ 83,180
Revenues recognized from beginning contract liability	(47,909)
Cumulative catch-up adjustments	998
Increases due to amounts collected or due	246,723
Revenues recognized from current period increases	(192,423)
Other	(2,755)
Ending balance, September 30, 2022	$ 87,814

Revenue Recognition Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Contract with customer, asset, gross	$ 58.3	$ 33.7
Contract with customer, liability	$ 146.1	$ 116.9

Revenue Recognition Remaing Performance Obligation (Details) $ in Millions	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

Sale of Business - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended					9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Foreign currency translation adjustment reclassified to net income (loss) for sale or disposal of business	$ (1,885)				$ 0	$ (57,321)	$ 0
Disposal Group, Including Discontinued, Interest Received				$ 900
Loss on sale of business	767				$ 2,171	3,182	28,274
Proceeds from divestiture of businesses						$ 55,933	$ 3,142
Discontinued Operations, Disposed of by Sale
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								$ 34,400
Foreign currency translation adjustment reclassified to net income (loss) for sale or disposal of business				$ 59,700
Loss on sale of business			$ 55,400
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
Disposal group, including discontinued operation, working capital	$ 800	$ 200	$ 2,200
Disposal group, including discontinued operation, consideration		75,000
Proceeds from divestiture of businesses		$ 55,900