0000780571-26-000033 | 10-K | XBRL Viewer

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Subsequent Events (Details) - Locusview - USD ($) $ in Millions	Jan. 05, 2026	Nov. 14, 2025
Subsequent Event [Line Items]
Percentage of voting interests acquired		100.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Business combination, consideration transferred	$ 525

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease right-of-use assets, net	$ 29,341	$ 28,957
Operating Lease, Liability, Current	15,828	14,584
Operating lease liabilities	19,623	25,350
Total operating lease liability	$ 35,451	$ 39,934
Operating Lease, Weighted Average Remaining Lease Term	3 years 9 months 18 days	3 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	4.60%	4.60%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities

Intangible Assets and Liabilities - Estimated Future Annual Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2026	$ 17,755
2027	16,014
2028	10,422
2029	8,317
2030	7,391
Thereafter	23,438
Total intangible assets subject to amortization	$ 83,337	$ 43,109

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Locusview, Ltd. On November 14, 2025, we entered into a Share Purchase Agreement (the Agreement) to acquire 100% of the outstanding equity of Locusview, Ltd. and subsidiaries (collectively, Locusview) a privately held utility-focused software and services company that is based in the United States and Israel. The acquisition provides value to Itron through the leverage of Locusview's digital construction management solutions to enhance Itron's Resiliency Solutions offerings to its customers. The acquisition closed on January 5, 2026. The preliminary purchase price for the acquisition was $525 million, with adjustment for final working capital and other closing considerations to be determined following the transaction's close. The purchase was funded through cash on hand. Due to the timing of the closing of the acquisition, the valuation of assets acquired and liabilities assumed is in process and will be reported in our quarterly report on Form 10-Q as of March 31, 2026.

Certain Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Certain Balance Sheet Components

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


Accounts receivable, net
In thousands	December 31, 2025		December 31, 2024
Trade receivables (net of allowance of $1,113 and $417)	$	342,491	$	295,341
Unbilled receivables	25,303		55,132
Total accounts receivable, net	$	367,794	$	350,473


Allowance for credit losses account activity	Year Ended December 31,
In thousands	2025		2024		2023
Beginning balance	$	417	$	738	$	4,863
Provision for (release of) doubtful accounts, net	713		(187)		(120)
Accounts written-off, net	(167)		(122)		(4,115)
Effect of change in exchange rates	150		(12)		110
Ending balance	$	1,113	$	417	$	738


Inventories
In thousands	December 31, 2025		December 31, 2024
Raw materials	$	184,727	$	198,995
Work in process	13,542		16,679
Finished goods	44,617		55,051
Total inventories	$	242,886	$	270,725


Property, plant, and equipment, net
In thousands	December 31, 2025		December 31, 2024
Machinery and equipment	$	310,271	$	294,237
Computers and software	123,339		119,818
Buildings, furniture, and improvements	107,254		115,372
Land	9,654		8,513
Construction in progress, including purchased equipment	19,226		22,247
Total cost	569,744		560,187
Accumulated depreciation	(457,551)		(444,759)
Property, plant, and equipment, net	$	112,193	$	115,428


Depreciation expense	Year Ended December 31,
In thousands	2025		2024		2023
Depreciation expense	$	30,405	$	38,449	$	36,845

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Mar. 01, 2024	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Nov. 03, 2025	Dec. 31, 2023
Business Combination [Line Items]
Goodwill		$ 1,052,130	$ 1,344,983	$ 1,052,130		$ 1,052,504
Goodwill acquired		$ 19,300	$ 254,880	$ 19,251
Urbint, Inc
Business Combination [Line Items]
Percentage of voting interests acquired					100.00%
Total net assets acquired					$ 330,700
Business combination, recognized asset acquired, receivable, current					6,000
Business combination, recognized liability assumed, deferred revenue, current					14,600
Goodwill					254,880
Total identified intangible assets subject to amortization					$ 59,000
Elpis Squared
Business Combination [Line Items]
Percentage of voting interests acquired	100.00%
Business combination, consideration transferred	$ 34,100
Total identified intangible assets subject to amortization	15,000
Goodwill acquired	$ 19,300

Certain Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 184,727	$ 198,995
Work in process	13,542	16,679
Finished goods	44,617	55,051
Total inventories	$ 242,886	$ 270,725

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 12, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 5,942,208,893
Entity Common Stock, Shares Outstanding		44,941,206
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE The information called for by Part III is incorporated by reference to the definitive Proxy Statement for the Annual Meeting of Shareholders of the Company to be held on May 7, 2026.
Entity Central Index Key	0000780571
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Stock-Based Compensation - Phantom Stock Units Summary (Details) - Phantom Share Units (PSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	91	115	85
Granted (in shares)	41	57	77
Released (in shares)	(61)	(63)	(43)
Forfeited, Number	(7)	(18)	(4)
Outstanding, ending balance (in shares)	64	91	115
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 68.63	$ 58.58	$ 66.46
Granted (in dollars per share)	98.56	77.38	56.52
Released (in dollars per share)	67.16
Forfeitures (in dollars per share)	77.72
Outstanding, ending balance (in dollars per share)	$ 88.36	$ 68.63	$ 58.58
Aggregate Intrinsic Value	$ 6,201	$ 5,420	$ 2,511

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Line of Credit Facilities

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


	December 31,
In thousands	2025		2024
Credit facility
Multicurrency revolving line of credit	$	750,000	$	500,000

Standby LOCs issued and outstanding	(43,824)		(46,013)
Net available for additional borrowings under the multicurrency revolving line of credit	$	706,176	$	453,987

Net available for additional standby LOCs under sub-facility	$	256,176	$	253,987

Unsecured multicurrency revolving lines of credit with various financial institutions
Multicurrency revolving lines of credit	$	98,128	$	87,230
Standby LOCs issued and outstanding	(25,815)		(19,541)
Short-term borrowings	—		—
Net available for additional borrowings and LOCs	$	72,313	$	67,689

Unsecured surety bonds in force	$	522,098	$	363,097

Schedule of Warranty Accruals

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


	Year Ended December 31,
In thousands	2025		2024		2023
Beginning balance	$	22,141	$	22,164	$	25,698

New product warranties	4,443		6,132		6,665
Other adjustments and expirations, net	1,894		1,975		710
Claims activity	(10,782)		(7,894)		(11,187)
Effect of change in exchange rates	522		(236)		278
Ending balance	18,218		22,141		22,164
Less: current portion of warranty	10,868		14,302		14,663
Long-term warranty	$	7,350	$	7,839	$	7,501

Warranty Expense

Warranty expense was as follows:


	Year Ended December 31,
In thousands	2025		2024		2023
Total warranty expense	$	6,337	$	8,107	$	7,375

Health Benefit Plan Costs and Incurred But Not Reported Accrual Balance

Plan costs were as follows:


	Year Ended December 31,
In thousands	2025		2024		2023
Plan costs	$	46,735	$	39,042	$	36,326

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


	December 31,
In thousands	2025		2024
IBNR accrual	$	3,983	$	3,658

Certain Balance Sheet Components - Summary of the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 417	$ 738	$ 4,863
Provision for (release of) doubtful accounts, net	713	(187)	(120)
Accounts written-off, net	(167)	(122)	(4,115)
Effect of change in exchange rates	150	(12)	110
Ending balance	$ 1,113	$ 417	$ 738

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating Lease, Payments	$ 18,353	$ 18,741
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 10,501	$ 9,351

Defined Benefit Pension Plans - Expected Future Annual Benefit Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Retirement Benefits [Abstract]
2026	$ 4,874
2027	4,902
2028	5,026
2029	4,907
2030	5,478
2031-2035	$ 30,632

Intangible Assets and Liabilities - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization expense	$ 19,112	$ 17,828	$ 18,918

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Tax Provision

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


	Year Ended December 31,
In thousands	2025		2024		2023
Current:
Federal	$	(38,833)	$	65,461	$	43,101
State and local	3,967		13,427		12,039
Foreign	8,853		3,310		8,573
Total current	(26,013)		82,198		63,713

Deferred:
Federal	61,686		(28,541)		(29,717)
State and local	8,098		(5,475)		(6,471)
Foreign	(10,052)		(3,178)		1,071
Total deferred	59,732		(37,194)		(35,117)

Change in valuation allowance	5,213		(1,597)		472
Total provision (benefit) for income taxes	$	38,932	$	43,407	$	29,068

Income Tax Rate Reconciliation

The following table reconciles the U.S. federal statutory tax amount and rate to our actual global effective amount and rate pursuant to ASU 2023-09 for the current and comparative periods ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
In thousands	2025				2024				2023
Income before income taxes
Domestic	$	315,629			$	230,120			$	88,258
Foreign	26,638				54,411				39,128
Total income before income taxes	$	342,267			$	284,531			$	127,386

	Amount		Percent		Amount		Percent		Amount		Percent
Expected federal income tax provision	$	71,876	21.0	%	$	59,751	21.0	%	$	26,751	21.0	%
State and local income taxes, net of federal income tax effect(1)	14,734		4.3		5,904		2.1		2,874		2.3
Foreign tax effects
Luxembourg

Local statutory tax deductible adjustments	(10,019)		(2.9)		(18,034)		(6.3)		—		—
Effect of changes in tax laws or rates enacted in the current period	—		—		13,999		4.9		—		—
Changes in valuation allowances	2,214		0.6		783		0.3		(4,584)		(3.6)
Nondeductible interest	8,442		2.5		811		0.3		—		—
Other	879		0.3		(100)		0.0		1,137		0.9
France

Changes in valuation allowances	4,184		1.2		(689)		(0.2)		6,761		5.3
Nondeductible interest	616		0.2		1,809		0.6		1,571		1.2


Other	232		0.1		(343)		(0.1)		(386)		(0.3)
Other	2,999		0.9		755		0.3		1,648		1.3
Effect of cross-border tax laws	(76)		0.0		125		0.0		340		0.3
Tax credits
Research and development tax credits	(9,631)		(2.8)		(12,532)		(4.4)		(11,374)		(8.9)
Other	—		—		(1,197)		(0.4)		—		—
Changes in valuation allowances	(1,521)		(0.4)		—		—		(56)		0.0
Nontaxable or nondeductible items
Share-based payment awards	(6,286)		(1.8)		(3,322)		(1.2)		928		0.7
Executive compensation	8,209		2.4		3,824		1.3		1,086		0.9
Nontaxable interest income	(8,442)		(2.5)		(811)		(0.3)		—		—
Other	1,489		0.4		1,056		0.4		306		0.2
Changes in unrecognized tax benefits	(42,233)		(12.3)		(9,046)		(3.2)		3,137		2.5
Other	1,266		0.4		664		0.2		(1,071)		(0.8)
Total provision from income taxes	$	38,932	11.4	%	$	43,407	15.3	%	$	29,068	22.8	%

(1)State taxes in New Jersey, Minnesota, New York, and Colorado made up the majority (greater than 50 percent) of the tax effect in this category in 2025. State taxes in Illinois, Maine, Maryland, and Minnesota made up the majority of the tax effect in this category in 2024. State taxes in Illinois, Michigan, Minnesota, and New York made up the majority of the tax effect in this category in 2023.

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following:


	December 31,
In thousands	2025		2024
Deferred tax assets
Loss carryforwards(1)	$	511,724	$	397,686
Tax credits(2)	33,692		24,485
Accrued expenses	21,376		28,960
Pension plan benefits expense	9,085		9,596
Warranty reserves	7,147		7,754
Depreciation and amortization	33,555		58,199
Equity compensation	18,728		12,619
Inventory valuation	2,039		1,762
Deferred revenue	18,198		14,850
Interest	18,431		30,304
Leases	4,351		5,013
Capitalized research costs	70,967		151,418
Other deferred tax assets, net	1,482		756
Total deferred tax assets	750,775		743,402
Valuation allowance	(473,906)		(420,655)
Total deferred tax assets, net of valuation allowance	276,869		322,747

Deferred tax liabilities
Depreciation and amortization	(4,947)		(7,282)
Leases	(3,251)		(2,977)
Other deferred tax liabilities, net	(4,111)		(2,773)
Total deferred tax liabilities	(12,309)		(13,032)
Net deferred tax assets	$	264,560	$	309,715

(1)For tax return purposes at December 31, 2025, we had U.S. federal loss carryforwards of $275.0 million. A majority of the balance can be carried forward indefinitely. At December 31, 2025, we have net operating loss carryforwards in Luxembourg of $1.5 billion, the majority of which can be carried forward indefinitely, offset by a full valuation allowance. The remaining portion of the loss carryforwards are composed primarily of losses in various other state and foreign jurisdictions. The majority of these losses can be carried forward indefinitely. At December 31, 2025, there was a valuation allowance of $473.9 million primarily associated with foreign loss carryforwards.

(2)For tax return purposes at December 31, 2025, we had: U.S. general business credits of $10.3 million, which begin to expire in 2040; and state tax credits of $45.0 million, which begin to expire in 2026.

Summary of Valuation Allowance

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


	Year Ended December 31,
In thousands	2025		2024		2023
Balance at beginning of period	$	420,655	$	445,170	$	427,423
Other adjustments	48,038		(22,918)		17,275
Additions charged to costs and expenses	5,213		(1,597)		472
Balance at end of period, noncurrent	$	473,906	$	420,655	$	445,170

Schedule of Unrecognized Tax Benefits Roll Forward

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


	December 31,
In thousands	2025		2024		2023
Unrecognized tax benefits at beginning of the year	$	106,132	$	130,067	$	130,144
Gross increase to positions in prior years	969		630		1,182
Gross decrease to positions in prior years	(9,696)		(4,320)		(8,666)
Gross increases to current period tax positions	3,082		4,868		10,967
Gross decreases to current period tax positions	(389)		(1,056)		—
Audit settlements	(105)		(19,727)		(3,234)
Decrease related to lapsing of statute of limitations	(33,004)		(2,752)		(2,000)
Effect of change in exchange rates	1,937		(1,578)		1,674
Unrecognized tax benefits at end of the year	$	68,926	$	106,132	$	130,067


	December 31,
In thousands	2025		2024		2023
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	$	68,913	$	106,122	$	129,591

Unrecognized Tax Benefits Related To Uncertain Tax Positions

The net interest and penalties expense recognized were as follows:


	Year Ended December 31,
In thousands	2025		2024		2023
Net interest and penalties expense (benefit)	$	(2,773)	$	(3,449)	$	1,821

Accrued interest and penalties recognized were as follows:


	December 31,
In thousands	2025		2024
Accrued interest	$	3,909	$	6,418
Accrued penalties	137		293

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


Tax Jurisdiction						Years Subject to Audit
U.S. federal						Subsequent to 2021
France						Subsequent to 2022
Germany						Subsequent to 2018
United Kingdom						Subsequent to 2020
Indonesia						Subsequent to 2017
Italy						Subsequent to 2019

Schedule of Cash Flow, Supplemental Disclosures

Income taxes paid, net of refunds received, consisted of the following:


	Year Ended December 31,
In thousands	2025		2024		2023
Federal	$	29,000	$	42,224	$	28,440
State and local	8,595		9,250		17,519
Foreign
United Kingdom	4,858		*		*
India	3,288		*		*
Germany	*		12,753		*
Indonesia	*		4,342		*
All other foreign	10,575		11,603		8,591
Income taxes paid, net of refunds	$	56,316	$	80,172	$	54,550

*These jurisdictions did not exceed the 5% threshold for disclosure in this year.

Revenues - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract with customer, asset, gross	$ 83.7	$ 65.4
Contract with customer, liability	235.1	$ 193.0
Contract with Customer, Asset, before Allowance for Credit Loss, Noncurrent	$ 17.2

Restructuring - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, current	$ 15.0	$ 24.3
Restructuring reserve, noncurrent	$ 4.0	$ 17.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 16,818
2027	8,031
2028	4,694
2029	3,013
2030	1,646
Thereafter	4,237
Total lease payments	38,439
Less: imputed interest	(2,988)
Total operating lease liability	$ 35,451	$ 39,934

Goodwill - Goodwill Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Line Items]
Goodwill, Impaired, Accumulated Impairment Loss	$ 714,900	$ 714,900	$ 714,900
Goodwill acquired	$ 19,300	254,880	19,251
Networked Solutions
Goodwill [Line Items]
Goodwill acquired		0	0
Device Solutions
Goodwill [Line Items]
Goodwill acquired		$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Segment Information - Depreciation Expense Allocated to Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization of intangible assets	$ 49,517	$ 56,277	$ 55,763
Operating Segments \| Device Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization of intangible assets	8,994	12,145	12,348
Operating Segments \| Networked Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization of intangible assets	13,876	16,545	16,314
Operating Segments \| Outcomes
Segment Reporting Information [Line Items]
Depreciation and amortization of intangible assets	5,817	6,372	5,433
Operating Segments \| Resiliency Solutions
Segment Reporting Information [Line Items]
Depreciation and amortization of intangible assets	476	0	0
Segment Reporting, Reconciling Item, Corporate Nonsegment
Segment Reporting Information [Line Items]
Depreciation and amortization of intangible assets	$ 20,354	$ 21,215	$ 21,668

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table reflects changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024:


In thousands	Device Solutions		Networked Solutions		Outcomes		Resiliency Solutions		Total Company

Goodwill balance at January 1, 2024	$	—	$	911,847	$	140,657	$	—	$	1,052,504


Goodwill acquired (1)	—		—		19,251		—		19,251

Effect of change in exchange rates	—		(17,028)		(2,597)		—		(19,625)
Goodwill balance at December 31, 2024	—		894,819		157,311		—		1,052,130


Goodwill acquired (2)	—		—		—		254,880		254,880
Effect of change in exchange rates	—		32,901		5,015		57		37,973

Goodwill balance at December 31, 2025	$	—	$	927,720	$	162,326	$	254,937	$	1,344,983

(1) On March 1, 2024, we acquired Elpis Squared. The purchase resulted in the recognition of $19.7 million in goodwill allocated to our Outcomes reportable segment and reporting unit. In the fourth quarter of 2024, a tax adjustment reduced the goodwill acquired related to Elpis Squared to $19.3 million.

(2) On November 3, 2025, we acquired Urbint. The purchase resulted in the recognition of $254.9 million in goodwill allocated to our Resiliency Solutions reportable segment. Refer to Note 4: Intangible Assets and Note 18: Business Combinations for additional information on the transaction.

The accumulated goodwill impairment losses at December 31, 2025 and 2024 were $714.9 million.

We test goodwill for impairment each year as of October 1. Changes in market demand, fluctuations in the markets in which we operate, the volatility and decline in the worldwide equity markets, and a decline in our market capitalization could unfavorably impact the remaining carrying value of our goodwill, which could have a significant effect on our current and future results of operations and financial position. Based on the results of the annual impairment testing for our reporting units performed as of October 1, 2025, no adjustments to the carrying value of goodwill were required. Refer to Note 1: Summary of Significant Accounting Policies for further details regarding the annual goodwill impairment process.

- Definition

The entire disclosure for goodwill.

+ References + Details

Derivative Financial Instruments - Narrative (Details)	Dec. 31, 2025 USD ($) contracts	Mar. 31, 2021 USD ($)
Derivative [Line Items]
Derivative, notional amount		$ 84,100,000
Forward Contracts [Member]
Derivative [Line Items]
Number of instruments held \| contracts	33
Foreign Exchange Contract [Member] \| Minimum \| Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount	$ 120,000
Foreign Exchange Contract [Member] \| Maximum \| Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount	$ 32,500,000

- Definition

The number of derivative instruments of a particular group held by the entity.

+ References + Details

Defined Benefit Pension Plans

12 Months Ended

Dec. 31, 2025

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, India, and Indonesia. The defined benefit obligation is calculated annually by using the projected unit credit method. The measurement date for the pension plans was December 31, 2025.

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


	Year Ended December 31,
In thousands	2025		2024
Change in benefit obligation:
Benefit obligation at January 1,	$	71,558	$	76,270
Service cost	2,765		2,541
Interest cost	2,937		2,710
Actuarial loss	(5,538)		(2,422)
Benefits paid	(3,710)		(3,126)
Foreign currency exchange rate changes	6,585		(4,303)

Settlement	—		(112)
Release for divestiture	99		—
Other	121		—
Benefit obligation at December 31,	$	74,817	$	71,558

Change in plan assets:
Fair value of plan assets at January 1,	$	8,031	$	8,840
Actual return on plan assets	(133)		(130)
Company contributions	166		111
Benefits paid	(312)		(256)
Foreign currency exchange rate changes	1,025		(534)


Fair value of plan assets at December 31,	8,777		8,031
Net pension benefit obligation at fair value	$	66,040	$	63,527

Amounts recognized on the Consolidated Balance Sheets consist of:


	December 31,
In thousands	2025		2024
Assets
Plan assets in other long-term assets	$	334	$	133
Liabilities
Current portion of pension benefit obligation in wages and benefits payable	$	4,376	$	4,123
Long-term portion of pension benefit obligation	61,998		59,537

Pension benefit obligation, net	$	66,040	$	63,527

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


	Year Ended December 31,
In thousands	2025		2024		2023
Net actuarial (gain) loss	$	(5,538)	$	(2,422)	$	1,568
Settlement	—		3		7
Curtailment	765		585		114
Plan asset (gain) loss	446		423		(369)
Amortization of net actuarial gain (loss)	1,173		(272)		65
Amortization of prior service cost	(132)		(133)		(57)
Other	—		—		918
Other comprehensive (income) loss	$	(3,286)	$	(1,816)	$	2,246

If actuarial gains and losses exceed 10 percent of the greater of plan assets or plan liabilities, we amortize them over the employees' average future service period. The estimated net actuarial gain and prior service cost that will be amortized from AOCI into net periodic benefit cost during 2026 is $0.5 million.

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


	Year Ended December 31,
In thousands	2025		2024		2023
Service cost	$	2,765	$	2,541	$	2,450
Interest cost	2,937		2,710		2,861
Expected return on plan assets	(313)		(293)		(355)
Amortization of prior service costs	132		133		57
Amortization of actuarial net (gain) loss	(1,173)		272		(65)
Settlement	—		(3)		(7)
Curtailment	(765)		(585)		(114)

Net periodic benefit cost	$	3,583	$	4,775	$	4,827

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

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


	Year Ended December 31,
	2025		2024		2023
Actuarial assumptions used to determine benefit obligations at end of period:
Discount rate	4.42	%	4.04	%	3.74	%
Expected annual rate of compensation increase	4.43	%	4.73	%	4.41	%
Actuarial assumptions used to determine net periodic benefit cost for the period:
Discount rate	4.04	%	3.74	%	4.14	%
Expected rate of return on plan assets	3.63	%	3.42	%	3.99	%
Expected annual rate of compensation increase	4.73	%	4.41	%	4.26	%

We determine a discount rate for our plans based on the estimated duration of each plan's liabilities. For euro denominated defined benefit pension plans, which represent 80% of our projected benefit obligation, we use discount rates with consideration of the duration of each of the plans, using a hypothetical yield curve developed from euro-denominated AA-rated corporate bond issues. These bonds are assigned different weights to adjust their relative influence on the yield curve, and the highest and lowest yielding 10% of bonds are excluded within each maturity group. The discount rates used, depending on the duration of the plans, were between 3.00% and 4.00%.

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

The total accumulated benefit obligation for our defined benefit pension plans was $66.9 million and $63.5 million at December 31, 2025 and 2024.

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


In thousands	December 31,
	2025		2024
Projected benefit obligation	$	74,059	$	70,670
Accumulated benefit obligation	66,200		62,944
Fair value of plan assets	7,685		7,010

Our asset investment strategy focuses on maintaining a portfolio using primarily insurance funds, which are accounted for as investments and measured at fair value, in order to achieve our long-term investment objectives on a risk adjusted basis. Our

general funding policy for these qualified pension plans is to contribute amounts sufficient to satisfy regulatory funding standards of the respective countries for each plan.

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


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


In thousands	December 31, 2025

Insurance funds	$	8,777	$	—	$	8,777

Total fair value of plan assets	$	8,777	$	—	$	8,777


In thousands	December 31, 2024

Insurance funds	$	8,031	$	—	$	8,031

Total fair value of plan assets	$	8,031	$	—	$	8,031

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2025 and 2024:


In thousands	Balance at January 1, 2025		Net Realized and Unrealized Gains/(Loss)		Net Purchases, Issuances, Settlements, and Other		Effect of Foreign Currency		Balance at December 31, 2025
Insurance funds	$	8,031	$	(133)	$	(146)	$	1,025	$	8,777


In thousands	Balance at January 1, 2024		Net Realized and Unrealized Gains/(Loss)		Net Purchases, Issuances, Settlements, and Other		Effect of Foreign Currency		Balance at December 31, 2024
Insurance funds	$	8,840	$	(130)	$	(145)	$	(534)	$	8,031

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

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


Year Ending December 31,	Estimated Annual Benefit Payments

In thousands
2026	$	4,874
2027	4,902
2028	5,026
2029	4,907
2030	5,478
2031-2035	30,632

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

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


	Year Ended December 31,
In thousands, except per share data	2025		2024		2023
Net income available to common shareholders	$	301,055	$	239,105	$	96,923

Weighted average common shares outstanding - Basic	45,492		45,368		45,421
Dilutive effect of stock-based awards	823		819		415
Dilutive effect of convertible notes	8		—		—
Weighted average common shares outstanding - Diluted	46,323		46,187		45,836
Net income per common share - Basic	$	6.62	$	5.27	$	2.13
Net income per common share - Diluted	$	6.50	$	5.18	$	2.11

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 13,000, 17,000, and 0.3 million stock-based awards were excluded from the calculation of diluted EPS for the years ended December 31, 2025, 2024, and 2023 because they were anti-dilutive. These stock-based awards could be dilutive in future periods.

Convertible Notes and Share Hedges

2021 Notes, Warrants and Call Option Transactions

For our convertible notes issued in March 2021 (the 2021 Notes), the dilutive effect is calculated using the if-converted method. We are required, pursuant to the indenture governing the notes, to settle the principal amount 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 notes were converted. The average quarterly closing prices of our common stock for the year ended December 31, 2025 were used as the basis for determining the dilutive effect on EPS. For the three months ended September 30, 2025, the quarterly average closing prices for our common stock exceeded the conversion price of $126.00 and, this being the only period in which the average closing price of our common stock exceeded the conversion price, a weighted average of the quarterly results from the dilutive effect of convertible notes is computed and has been reflected in the table above for the year ended December 31, 2025.

In conjunction with the issuance of the 2021 Notes, we sold warrants to purchase 3.7 million shares of Itron common stock. The warrants have a strike price of $180.00 per share. For calculating the dilutive effect of the warrants, we use the treasury stock method. With this method, we assume exercise of the warrants at the beginning of the period, or at time of issuance if later, and the issuance of common stock upon exercise. Proceeds from the exercise of the warrants are assumed to be used to repurchase shares of our stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be exercised with the warrants less the number of shares repurchased, are included in diluted weighted average common shares outstanding. For periods where the warrants strike price of $180.00 per share is greater than the average share price of Itron stock for the period, the warrants would be anti-dilutive. For the year ended December 31, 2025, 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 for U.S. GAAP.

In connection with the issuance of the 2021 Notes, we entered into privately negotiated call option contracts on our common stock (the 2021 call option transactions) with certain commercial banks. The 2021 call option transactions cover, subject to anti-dilution adjustments substantially similar to those in the 2021 Notes, approximately 3.7 million shares of our common stock, the same number of shares initially underlying the notes, at a strike price of approximately $126.00, subject to customary adjustments. The 2021 call option transactions will expire upon the maturity of the 2021 Notes, subject to earlier exercise or termination. Exercise of the 2021 call option transactions would reduce the number of shares of our common stock outstanding and therefore would be anti-dilutive.

2024 Notes and Capped Call Transactions

For our convertible notes issued in June 2024 (the 2024 Notes), the dilutive effect is calculated using the if-converted method. We are required, pursuant to the indenture governing our convertible notes, to settle the principal amount of the convertible notes in cash and may elect to settle the remaining conversion obligation (stock price in excess of conversion price) in cash, shares, or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the remaining conversion obligation, assuming all the convertible notes were converted. The average quarterly closing prices of our common stock for the year ended December 31, 2025 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 $131.24, and therefore all associated shares were anti-dilutive.

In connection with the issuance of the 2024 Notes, we entered into privately negotiated capped call transactions (the 2024 capped call transactions) on our common stock with certain commercial banks. The 2024 capped call transactions cover, subject to anti-dilution adjustments substantially similar to those in the 2024 Notes, approximately 6.1 million shares of our common stock, the same number of shares initially underlying the convertible notes, at a strike price of approximately $131.2353, subject to customary adjustments. The cap price of the 2024 capped call transactions will initially be $205.86 per share, which represents a premium of 100% over the last reported stock price per share of the Company's common stock on June 17, 2024,

and is subject to certain adjustments under the terms of the 2024 capped call transactions. The 2024 capped call transactions will expire upon the maturity of the 2024 Notes, subject to earlier exercise or termination. Exercise of the 2024 capped call transactions would reduce the number of shares of our common stock outstanding and therefore would be anti-dilutive.

Fair Values of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Values of Financial Instruments

Fair Value of Financial Instruments

The fair values at December 31, 2025 and 2024 do not reflect subsequent changes in the economy, interest rates, tax rates, and other variables that may affect the determination of fair value.


	December 31, 2025				December 31, 2024
In thousands	Carrying Amount		Fair Value		Carrying Amount		Fair Value








Credit facility

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

Convertible notes	1,248,327		1,277,442		1,242,424		1,330,670

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 (revolver): 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 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.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (e)
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-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Stock-Based Compensation - Stock Option Summary (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	274	363	381
Granted (in shares)	0	0	0
Exercised (in shares)	(87)	(89)	(18)
Forfeited (in shares)	0	0	0
Canceled (in shares)	0	0	0
Outstanding, ending balance (in shares)	187	274	363	381
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 64.55	$ 61.36	$ 60.63
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	39.95	51.45	45.96
Canceled (in dollars per share)	0	0	0
Forfeited (in dollars per share)	0	0	0
Outstanding, ending balance (in dollars per share)	$ 75.89	$ 64.55	$ 61.36	$ 60.63
Outstanding, Weighted Average Remaining Contractual Term	3 years 1 month 6 days	3 years 2 months 12 days	4 years	4 years 9 months 18 days
Outstanding, Aggregate Intrinsic Value	$ 3,188,000	$ 12,087,000	$ 5,886,000	$ 1,892,000
Exercised, Aggregate Intrinsic Value	$ 6,461,000	$ 4,450,000	$ 397,000
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	$ 0	$ 0	$ 0

Segment Information - Property, Plant, and Equipment By Location (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Property, Plant, and Equipment by Location
Property, plant, and equipment, net	$ 112,193	$ 115,428
United States
Schedule of Property, Plant, and Equipment by Location
Property, plant, and equipment, net	69,322	73,878
Outside United States
Schedule of Property, Plant, and Equipment by Location
Property, plant, and equipment, net	$ 42,871	$ 41,550

Revenues - Remaining Performance Obligations (Details) $ in Billions	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	4

Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2025
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Expiration period	10 years
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, maximum percentage of employee salary eligible for participation	10.00%
Discount from market price, purchase date	5.00%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock-Based Compensation Expense and Related Tax Benefit

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


	Year Ended December 31,
In thousands	2025		2024		2023
Stock options	$	—	$	—	$	103
Restricted stock units	61,520		42,531		27,189
Unrestricted stock awards	929		1,343		1,065
Phantom stock units	3,925		5,923		5,025
Total stock-based compensation	$	66,374	$	49,797	$	33,382

Related tax benefit	$	15,144	$	10,802	$	6,928

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, 2023	381	$	60.63	4.8	$	1,892


Granted	—	—					$	—
Exercised	(18)	45.96			397
Forfeited	—	—
Canceled	—	—
Outstanding, December 31, 2023	363	$	61.36	4.0	$	5,886

Granted	—	—					$	—
Exercised	(89)	51.45			4,450
Forfeited	—	—
Canceled	—	—
Outstanding, December 31, 2024	274	$	64.55	3.2	$	12,087

Granted	—	—					$	—
Exercised	(87)	39.95			6,461
Forfeited	—	—
Canceled	—	—
Outstanding and Exercisable, December 31, 2025	187	$	75.89	3.1	$	3,188

Restricted Stock Units Award Activity

The following table summarizes restricted stock unit activity:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
	In thousands			In thousands
Outstanding, January 1, 2023	528	$	66.39


Granted	497	56.89
Released (1)	(242)			$	13,974
Forfeited	(32)
Outstanding, December 31, 2023	751	$	58.89

Granted	552	76.34
Released (1)	(446)			$	38,260
Forfeited	(26)
Outstanding, December 31, 2024	831	$	67.71
Granted	608	98.35
Released (1)	(611)	66.17		$	61,617
Forfeited	(38)	84.66
Outstanding, December 31, 2025	790	$	88.51

Vested but not released, December 31, 2025	17	$	92.86	$	1,618

Restricted Stock Units, Valuation Assumptions

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


	Year Ended December 31,
	2025			2024			2023
Expected volatility	39.7		%	40.3		%	46.0		%
Risk-free interest rate	3.8		%	4.3		%	4.6		%
Expected term (years)	2.0			2.0			1.9

Weighted average fair value	$	105.82		$	115.69		$	73.41

Schedule of Other Share-based Compensation, Activity

The following table summarizes phantom stock unit activity:


	Number of Phantom Stock Units	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
	In thousands			In thousands
Outstanding, January 1, 2023	85	$	66.46

Granted	77	56.52
Released	(43)			$	2,511
Forfeited	(4)
Outstanding, December 31, 2023	115	$	58.58




Granted	57	77.38
Released	(63)			$	5,420
Forfeited	(18)
Outstanding, December 31, 2024	91	$	68.63



Granted	41	98.56
Released	(61)	67.16		$	6,201
Forfeited	(7)	77.72
Outstanding, December 31, 2025	64	$	88.36

Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	Nov. 03, 2025	Mar. 01, 2024
Elpis Squared
Finite-Lived Intangible Assets [Line Items]
Percentage of voting interests acquired		100.00%
Finite-Lived intangible assets acquired		$ 15.0
Elpis Squared \| Core-developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible assets acquired		$ 12.5
Finite-lived intangible asset, useful life		5 years
Elpis Squared \| Customer contracts and relationships
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible assets acquired		$ 2.5
Finite-lived intangible asset, useful life		3 years
Urbint, Inc
Finite-Lived Intangible Assets [Line Items]
Percentage of voting interests acquired	100.00%
Finite-Lived intangible assets acquired	$ 59.0
Urbint, Inc \| Core-developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible assets acquired	$ 13.4
Finite-lived intangible asset, useful life	5 years
Urbint, Inc \| Customer contracts and relationships
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible assets acquired	$ 44.5
Finite-lived intangible asset, useful life	10 years
Urbint, Inc \| Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible assets acquired	$ 1.1
Finite-lived intangible asset, useful life	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 1,020,397	$ 1,051,237
Accounts receivable, net	367,794	350,473
Inventories	242,886	270,725
Other current assets	191,241	143,457
Total current assets	1,822,318	1,815,892
Property, plant, and equipment, net	112,193	115,428
Deferred tax assets, net	265,183	310,280
Other long-term assets	63,352	41,827
Operating lease right-of-use assets, net	29,341	28,957
Intangible assets, net	83,337	43,109
Goodwill	1,344,983	1,052,130
Total assets	3,720,707	3,407,623
Current liabilities
Accounts payable	156,288	144,929
Other current liabilities	58,864	61,241
Wages and benefits payable	122,245	137,384
Taxes payable	16,618	19,689
Current portion of debt, net	459,522	0
Current portion of warranty	10,868	14,302
Unearned revenue	187,822	150,720
Total current liabilities	1,012,227	528,265
Long-term debt, net	788,805	1,242,424
Long-term warranty	7,350	7,839
Pension benefit obligation	61,998	59,537
Deferred tax liabilities, net	623	565
Operating lease liabilities	19,623	25,350
Other long-term obligations	91,885	132,215
Total liabilities	1,982,511	1,996,195
Equity
Preferred stock, no par value, 10,000 shares authorized, no shares issued or outstanding	0	0
Common stock, no par value, 150,000 and 75,000 shares authorized, 44,929 and 45,131 shares issued and outstanding	1,661,350	1,689,835
Accumulated other comprehensive loss, net	(56,505)	(109,931)
Retained earnings (accumulated deficit)	111,751	(189,304)
Total Itron, Inc. shareholders' equity	1,716,596	1,390,600
Noncontrolling interests	21,600	20,828
Total equity	1,738,196	1,411,428
Total liabilities and equity	$ 3,720,707	$ 3,407,623
Common stock, shares authorized (in shares)	150,000	75,000

Income Taxes - Schedule of Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ 315,629	$ 230,120	$ 88,258
Foreign	26,638	54,411	39,128
Total income before income taxes	342,267	284,531	127,386
Amount
Expected federal income tax provision	71,876	59,751	26,751
State and local income taxes, net of federal income tax effect	14,734	5,904	2,874
Effect of cross-border tax laws	(76)	125	340
Research and development tax credits	(9,631)	(12,532)	(11,374)
Other	0	(1,197)	0
Share-based payment awards	(6,286)	(3,322)	928
Executive compensation	8,209	3,824	1,086
Nontaxable interest income	(8,442)	(811)	0
Other	1,489	1,056	306
Changes in valuation allowances	(42,233)	(9,046)	3,137
Total provision from income taxes	$ 38,932	$ 43,407	$ 29,068
Percent
Expected federal income tax provision	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect	4.30%	2.10%	2.30%
Effect of cross-border tax laws	0.00%	0.00%	0.30%
Research and development tax credits	(2.80%)	(4.40%)	(8.90%)
Other	0.00%	(0.40%)	0.00%
Share-based payment awards	(1.80%)	(1.20%)	0.70%
Executive compensation	2.40%	1.30%	0.90%
Nontaxable interest income	(2.50%)	(0.30%)	0.00%
Other	0.40%	0.40%	0.20%
Changes in unrecognized tax benefits	(12.30%)	(3.20%)	2.50%
Effective Income Tax Rate Reconciliation, Percent	11.40%	15.30%	22.80%
Luxembourg
Amount
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount	$ (10,019)	$ (18,034)	$ 0
Effect of changes in tax laws or rates enacted in the current period	0	13,999	0
Changes in valuation allowances	2,214	783	(4,584)
Nondeductible interest	8,442	811	0
Other	$ 879	$ (100)	$ 1,137
Percent
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent	(2.90%)	(6.30%)	0.00%
Effect of changes in tax laws or rates enacted in the current period	0.00%	4.90%	0.00%
Changes in valuation allowances	0.60%	0.30%	(3.60%)
Nondeductible interest	2.50%	0.30%	0.00%
Other	0.30%	0.00%	0.90%
France
Amount
Changes in valuation allowances	$ 4,184	$ (689)	$ 6,761
Nondeductible interest	616	1,809	1,571
Other	$ 232	$ (343)	$ (386)
Percent
Changes in valuation allowances	1.20%	(0.20%)	5.30%
Nondeductible interest	0.20%	0.60%	1.20%
Other	0.10%	(0.10%)	(0.30%)
All other foreign
Amount
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount	$ 2,999	$ 755	$ 1,648
Percent
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent	0.90%	0.30%	1.30%
U.S. federal
Amount
Changes in valuation allowances	$ (1,521)	$ 0	$ (56)
Other	$ 1,266	$ 664	$ (1,071)
Percent
Changes in valuation allowances	(0.40%)	0.00%	0.00%
Other	0.40%	0.20%	(0.80%)

Revenues - Contract with Customer, Asset and Liability Rollforward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
Beginning balance, January 1, 2025	$ 127,557
Changes due to business combination	14,555
Revenues recognized from beginning contract liability	(73,437)
Cumulative catch-up adjustments	(2,027)
Increases due to amounts collected or due	349,435
Revenues recognized from current period increases	(266,087)
Other	1,354
Ending balance, December 31, 2025	$ 151,350

Restructuring - Expected Cost, Costs Recognized, and Costs to be Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 931
2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	51,665
Costs Recognized in Prior Periods		$ 50,174
Restructuring Charges	931
Restructuring and Related Cost, Expected Cost Remaining	560
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(1,856)
Employee Severance \| 2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	40,222
Costs Recognized in Prior Periods		42,078
Restructuring Charges	(1,856)
Restructuring and Related Cost, Expected Cost Remaining	0
Asset Impairment and Net (Gain) Loss on Sale or Disposal
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(25)
Asset Impairment and Net (Gain) Loss on Sale or Disposal \| 2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	1,124
Costs Recognized in Prior Periods		1,149
Restructuring Charges	(25)
Restructuring and Related Cost, Expected Cost Remaining	0
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2,812
Other Restructuring \| 2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	10,319
Costs Recognized in Prior Periods		$ 6,947
Restructuring Charges	2,812
Restructuring and Related Cost, Expected Cost Remaining	$ 560

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Accounting, Policy	Financial Statement Preparation The consolidated financial statements presented in this Annual Report include the Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income, Consolidated Statements of Equity, and Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023 and the Consolidated Balance Sheets as of December 31, 2025 and 2024 of Itron, Inc. and its subsidiaries, prepared in accordance with U.S. generally accepted accounting principles (GAAP).
Use of Estimates, Policy	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of significant estimates include revenue recognition, warranty, restructuring, income taxes, business combinations, goodwill and intangible assets, defined benefit pension plans, contingencies, and stock-based compensation. Due to various factors affecting future costs and operations, actual results could differ materially from these estimates.
Risks and Uncertainties	Risks and Uncertainties Global economic impacts, such as pandemics and various ongoing conflicts around the world, may create disruption in customer demand and global supply chains, resulting in market volatility, which our management continues to monitor. In the aftermath of these types of events, global supply chains, including labor, may struggle to keep pace with rapidly changing demand. Temporary imbalance in supply and demand may create business uncertainties that include increased costs and lack of availability. Efforts continue with suppliers to improve supply resiliency, including the approval of alternative sources. Additionally, inflation in our raw materials and component costs, freight charges, sanctions, tariffs, and labor costs may increase above historical levels due to, among other things, the continuing impacts of an uncertain economic environment. We may or may not be able to fully recover these increased costs through pricing actions with our customers. Currently, we have not identified any significant decrease in long-term customer demand for our products and services. While we have limited direct business exposure in areas with current conflict, such as Ukraine or Iran, military actions globally and any resulting sanctions or tariffs 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 military action, sanctions, tariffs, and resulting market and/or supply disruptions are impossible to predict but could be substantial, and our management continues to monitor these events closely.
Basis of Consolidation, and Noncontrolling Interests	Basis of Consolidation We consolidate all entities in which we have a greater than 50% ownership interest or in which we exercise control over the operations. We use the equity method of accounting for entities in which we have a 20% to 50% investment and exercise significant influence. We use the cost method of accounting for entities in which we have a 20% to 50% investment and exercise no significant influence. Entities in which we have less than a 20% investment and where we do not exercise significant influence are accounted for under the fair value method. Intercompany transactions and balances are eliminated upon consolidation. Noncontrolling Interests In several of our consolidated international subsidiaries, we have joint venture partners, who are minority shareholders. Although these entities are not wholly owned by Itron, we consolidate them because we have a greater than 50% ownership interest or because we exercise control over the operations. The noncontrolling interest balance is adjusted each period to reflect the allocation of net income (loss) and other comprehensive income (loss) attributable to the noncontrolling interests, as shown in our Consolidated Statements of Operations and our Consolidated Statements of Comprehensive Income, as well as contributions from and distributions to the owners. The noncontrolling interest balance in our Consolidated Balance Sheets represents the proportional share of the equity of the joint venture entities, which is attributable to the minority shareholders.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid instruments with remaining maturities of three months or less at the date of acquisition to be cash equivalents.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy	Restricted Cash and Cash Equivalents Cash and cash equivalents that are contractually restricted from operating use are classified as restricted cash and cash equivalents. We had $1.8 million pledged for standby letters of credit as of December 31, 2025 and 2024.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable, net Accounts receivable are recognized for invoices issued to customers in accordance with our contractual arrangements. Interest and late payment fees are minimal. Unbilled receivables are recognized when revenues are recognized upon product shipment or service delivery, and there is a contractual right to invoice, although invoicing may occasionally be deferred. We recognize an allowance for credit losses representing our estimate of the expected losses in accounts receivable at the date of the balance sheet based on our historical experience of bad debts, our specific review of outstanding receivables, and our review of current and expected economic conditions. We assume the current conditions as of the balance sheet will not change for the remaining life of the assets. Accounts receivable are written-off against the allowance when we believe an account, or a portion thereof, is no longer collectible.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value using the first-in, first-out method. Cost includes raw materials and labor, plus applied direct and indirect overhead costs. Net realizable value is the estimated selling price in the normal course of business, minus the cost of completion, disposal and transportation.
Derivative Instruments	Derivative Instruments All derivative instruments, whether designated in hedging relationships or not, are recognized on the Consolidated Balance Sheets at fair value as either assets or liabilities. The fair values of our derivative instruments are determined using the fair value measurements of significant other observable inputs (Level 2), as defined by GAAP. The fair value of our derivative instruments may switch between an asset and a liability depending on market circumstances at the end of the period. We include the effect of our counterparty credit risk based on current published credit default swap rates when the net fair value of our derivative instruments is in a net asset position and the effect of our own nonperformance risk when the net fair value of our derivative instruments is in a net liability position. For any derivative designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. For any derivative designated as a cash flow hedge, changes in the fair value of the derivative are recognized as a component of other comprehensive income (loss) (OCI) and are recognized in earnings when the hedged item affects earnings. For a hedge of a net investment, any unrealized gain or loss from the foreign currency revaluation of the hedging instrument is reported in OCI as a net unrealized gain or loss on derivative instruments. Upon termination of a net investment hedge, the net derivative gain/loss will remain in accumulated other comprehensive income (loss) (AOCI) until such time when earnings are impacted by a sale or liquidation of the associated operations. We classify cash flows from our derivative programs as cash flows from operating activities in the Consolidated Statements of Cash Flows. Derivatives are not used for trading or speculative purposes. Our derivatives are with credit-worthy multinational commercial banks, with which we have master netting agreements; however, our derivative positions are not recognized on a net basis in the Consolidated Balance Sheets. There are no credit-risk related contingent features within our derivative instruments. Refer to Note 7: Derivative Financial Instruments and Note 14: Shareholders' Equity for further disclosures of our derivative instruments and their impact on OCI.
Property, Plant, and Equipment	Property, Plant, and Equipment Property, plant, and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 30 years for buildings and improvements and three years to 10 years for machinery and equipment, computers and software, and furniture. Leasehold improvements are capitalized and depreciated over the term of the applicable lease, including renewable periods if reasonably certain, or over the useful lives, whichever is shorter. Construction in progress represents capital expenditures incurred for assets not yet placed in service. Costs related to internally developed software and software purchased for internal uses are capitalized and are amortized over the estimated useful lives of the assets. Repair and maintenance costs are recognized as incurred. We have no major planned maintenance activities. We review long-lived assets for impairment whenever events or circumstances indicate the carrying amount of an asset group may not be recoverable. Assets held for sale are classified within other current assets in the Consolidated Balance Sheets, are reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. Gains and losses from asset disposals and impairment losses are classified within the Consolidated Statements of Operations according to the use of the asset, except those gains and losses recognized in conjunction with our restructuring activities, which are classified within restructuring expense, or impairment losses recognized in conjunction with an announced or completed sale of a business, which are classified within loss on sale of business.
Prepaid Debt Fees	Prepaid Debt Fees Prepaid debt fees for term debt represent the capitalized direct costs incurred related to the issuance of debt and are recognized as a deduction from the carrying amount of the corresponding debt liability. We have elected to present prepaid debt fees for revolving debt within other long-term assets in the Consolidated Balance Sheets. These costs are amortized to interest expense over the terms of the respective borrowings, including any contingent maturity or call features, using the effective interest method or the straight-line method when associated with a revolving credit facility. When debt is repaid early, the related portion of unamortized prepaid debt fees is written off and included in interest expense.
Business Combinations	Business Combinations On the date of acquisition, the assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree are recognized at their fair values. The acquiree's results of operations are also included beginning on the date of acquisition in our consolidated results. Intangible assets that arise from contractual/legal rights, or are capable of being separated, are measured and recognized at fair value, and amortized over the estimated useful life. If practicable, assets acquired and liabilities assumed arising from contingencies are measured and recognized at fair value. If not practicable, such assets and liabilities are measured and recognized when it is probable that a gain or loss has occurred and the amount can be reasonably estimated. The residual balance of the purchase price, after fair value allocations to all identified assets and liabilities, represents goodwill. Acquisition-related costs are recognized as incurred. Integration costs associated with an acquisition are generally recognized in periods subsequent to the acquisition date, and changes in deferred tax asset valuation allowances and acquired income tax uncertainties, including penalties and interest, after the measurement period are recognized as a component of the provision for income taxes. Our acquisitions may include contingent consideration, which requires us to recognize the fair value of the estimated liability at the time of the acquisition. Subsequent changes in the estimate of the amount to be paid under the contingent consideration arrangement are recognized in the Consolidated Statements of Operations. We estimate the preliminary fair value of acquired assets and liabilities as of the date of acquisition based on information available at that time utilizing either a cost or income approach. The determination of fair value is judgmental in nature and involves the use of significant estimates and assumptions. The valuation of these tangible and identifiable intangible assets and liabilities is subject to further management review and may change materially between the preliminary allocation and end of the purchase price allocation period. During the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Any changes in these estimates may have a material effect on our consolidated operating results or financial position. Upon the conclusion of the measurement period or final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recognized in our Consolidated Statements of Operations.
Lessee, Leases	Leases We determine if an arrangement is a lease at inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (2) the customer has the right to control the use of the identified asset. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities, and operating lease liabilities on our Consolidated Balance Sheets. Finance leases are included in property, plant, and equipment, other long-term assets, other current liabilities, and other long-term obligations on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. We use the rate implicit in the lease agreement when readily determinable. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is the estimated rate of interest we expect to pay on a collateralized basis over a similar term, based on the information available at the lease commencement date. The Operating lease ROU asset also includes any lease payments made and is reduced by lease incentives received and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We have lease agreements that include lease and nonlease components. When nonlease components are fixed, we have elected the practical expedient to account for lease and nonlease components as a single lease component, except for leases embedded in service contracts. All leases with a lease term that is greater than one month are subject to recognition and measurement on the balance sheet, except where we have leases in service contracts with contract manufacturers. For leases with contract manufacturers, we have elected to utilize the short-term lease exemption. Lease expense for variable lease payments, where the timing or amount of the payment is not fixed, are recognized when the obligation is incurred. Variable lease payments generally arise in our net lease arrangements where executory and other lease-related costs are billed to Itron when incurred by the lessor.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and intangible assets may result from our business acquisitions. Intangible assets may also result from the purchase of assets and intellectual property in a transaction that does not qualify as a business combination. We use estimates, including estimates of useful lives of intangible assets, the amount and timing of related future cash flows, and fair values of the related operations, in determining the value assigned to goodwill and intangible assets. Our finite-lived intangible assets are amortized over their estimated useful lives based on estimated discounted cash flows, generally three years to 10 years for core-developed technology and customer contracts and relationships. Fully amortized finite-lived intangible assets are evaluated for write-off based on Itron's internal process. The evaluation is completed if they expire, become obsolete, or are determined to have no value to the Company. Finite-lived intangible assets are tested for impairment at the asset group level when events or changes in circumstances indicate the carrying value may not be recoverable. Indefinite-lived intangible assets are tested for impairment annually, when events or changes in circumstances indicate the asset may be impaired, or when their useful lives are determined to be no longer indefinite. Goodwill is assigned to our reporting units based on the expected benefit from the synergies arising from each business combination, determined by using certain financial metrics, including the forecasted discounted cash flows associated with each reporting unit. Each reporting unit corresponds with its respective operating segment. We test goodwill for impairment each year as of October 1, or more frequently should a significant impairment indicator occur. As part of the impairment test, we may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit, including goodwill, is less than its carrying amount, or if we elect to bypass the qualitative assessment, we would then proceed with the quantitative impairment test. The impairment test involves comparing the fair values of the reporting units to their carrying amounts. If the carrying amount of a reporting unit exceeds its fair value, we first evaluate the long-lived assets within the reporting unit for impairment and then recognize goodwill impairment loss in an amount equal to any excess. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. We forecast discounted future cash flows at the reporting unit level using risk-adjusted discount rates and estimated future revenues and operating costs, which take into consideration factors such as existing backlog, expected future orders, supplier contracts, and expectations of competitive and economic environments. We also identify similar publicly traded companies and develop a correlation, referred to as a multiple, to apply to the operating results of the reporting units. These combined fair values are then reconciled to the aggregate market value of our common stock on the date of valuation, while considering a reasonable control premium.
Contingencies	Contingencies A loss contingency is recognized if it is probable that an asset has been impaired or a liability has been incurred, and the amount of the loss can be reasonably estimated. We evaluate, among other factors, the degree of probability of an unfavorable outcome and our ability to make a reasonable estimate of the amount of the ultimate loss. Loss contingencies that we determine to be reasonably possible, but not probable, are disclosed but not recognized. Legal costs to defend against contingent liabilities are recognized as incurred.
Compensation Related Costs, Policy	Bonus Compensation We have various employee bonus compensation plans, which provide award amounts for the achievement of financial and nonfinancial targets. If management determines it is probable that the discretionary targets will be achieved and the amounts can be reasonably estimated, a compensation accrual is recognized based on the proportional achievement of the financial and nonfinancial targets. In addition, management or the Board of Directors may decide to grant monetary bonus awards, at their discretion, and we accrue such awards when it becomes probable they will be paid.
Warranty	Warranty We offer standard warranties on our hardware products and large application software products. We accrue the estimated cost of new product warranties based on historical and projected product performance trends and costs during the warranty period. Testing of new products in the development stage helps identify and correct potential warranty issues prior to manufacturing. Quality control efforts during manufacturing reduce our exposure to warranty claims. When testing or quality control efforts fail to detect a fault in one of our products, we may experience an increase in warranty claims. We track warranty claims to identify potential warranty trends. If an unusual trend is noted, an additional warranty accrual would be recognized if the failure event is probable and the cost can be reasonably estimated. When new products are introduced, our process relies on historical averages of similar products until sufficient data is available. As actual experience on new products becomes available, it is used to modify the historical averages to ensure the expected warranty costs are within a range of likely outcomes. Management regularly evaluates the sufficiency of the warranty provisions and makes adjustments when necessary. The long-term warranty balance includes estimated warranty claims beyond one year. Warranty expense is classified within cost of revenues.
Costs Associated with Exit or Disposal Activity or Restructuring	Restructuring We recognize a liability for costs associated with an exit or disposal activity under a restructuring project in the period in which the liability is incurred. Employee termination benefits considered postemployment benefits are accrued when the obligation is probable and estimable, such as benefits stipulated by human resource policies and practices or statutory requirements. If the employee must provide future service, such benefits are recognized ratably over the future service period. For contract termination costs, we recognize a liability upon the termination of a contract in accordance with the contract terms or the cessation of the use of the rights conveyed by the contract, whichever occurs later. Asset impairments associated with a restructuring project are determined at the asset group level. An impairment may be recognized for assets that are to be abandoned, are to be sold for less than net book value, or are held for sale in which the estimated proceeds less costs to sell are less than the net book value. We may also recognize impairment on an asset group, which is held and used, when the carrying value is not recoverable and exceeds the asset group's fair value. If an asset group is considered a business, a portion of our goodwill balance is allocated to it based on relative fair value. If the sale of an asset group under a restructuring project results in proceeds that exceed the net book value of the asset group, the resulting gain is recognized within restructuring expense in the Consolidated Statements of Operations.
Defined Benefit Pension Plans	Defined Benefit Pension Plans We sponsor both funded and unfunded defined benefit pension plans for certain international employees. We recognize a liability for the projected benefit obligation in excess of plan assets. We recognize an asset when plan assets exceed the projected benefit obligation. We also recognize the funded status of our defined benefit pension plans on our Consolidated Balance Sheets and recognize as a component of OCI, net of tax, the actuarial gains or losses and prior service costs or credits, if any, which arise during the period but that are not recognized as components of net periodic benefit cost. If actuarial gains and losses exceed 10 percent of the greater of plan assets or plan liabilities, we amortize them over the employees' average future service period.
Share Repurchase Policy	Stock Repurchase Plans From time to time, we may repurchase shares of Itron common stock under programs authorized by our Board of Directors. Repurchases are made in the open market or in privately negotiated transactions and in accordance with applicable securities laws. Under applicable Washington State law, shares repurchased are retired and not displayed separately as treasury stock on the financial statements; the value of the repurchased shares is deducted from common stock.
Revenue Recognition	Product Revenues and Service Revenues Product revenues include sales from standard and smart meters, systems or software, and any associated implementation and installation revenue. Service revenues include sales from post-sale maintenance support, consulting, outsourcing, Software-as-a-Service (SaaS), and managed services. Revenue Recognition The majority of our revenues consist primarily of hardware sales, but may also include the license of software, software implementation services, cloud services and SaaS, project management services, installation services, consulting services, post-sale maintenance support, and extended or customer-specific warranties. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. In determining whether the definition of a contract has been met, we consider whether the arrangement creates enforceable rights and obligations, which involves evaluation of contractual terms that would allow for the customer to terminate the agreement. If the customer has the unilateral right to terminate the agreement without providing further consideration to us, the agreement would not be considered to meet the definition of a contract. Many of our revenue arrangements involve multiple performance obligations as our hardware and services are often sold together. Separate contracts entered into with the same customer (or related parties of the customer) at or near the same time are accounted for as a single contract when one or more of the following criteria are met: •The contracts are negotiated as a package with a single commercial objective. •The amount of consideration to be paid in one contract depends on the price or performance of the other contract: or •The goods or services promised in the contracts (or some goods or services promised in each of the contracts) are a single performance obligation. Once the contract has been defined, we evaluate whether the promises in the contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment, and the decision to separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recognized in a given period. Some of our contracts contain a significant service of integrating, customizing or modifying goods or services in the contract, in which case the goods or services would be combined into a single performance obligation. It is common that we may promise to provide multiple distinct goods or services, in which case we separate the contract into more than one performance obligation. If a contract is separated into more than one performance obligation, we allocate the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services. For goods or services where we have observable standalone sales, the observable standalone sales are used to determine the standalone selling price. Where we do not have observable standalone sales we estimate the standalone selling price using either the adjusted market assessment approach or the expected cost plus a margin approach. Approaches used to estimate the standalone selling price for a good or service will maximize the use of observable inputs and consider several factors, including our pricing practices, costs to provide a good or service, the type of good or service, and availability of other transactional data, among others. We determine the estimated standalone selling prices of goods or services used in our allocation of arrangement consideration on an annual basis or more frequently if there is a significant change in our business or if we experience significant variances in our transaction prices. Many of our contracts with customers include variable consideration which can include liquidated damage provisions, rebates and volume discounts. Some of our contracts with customers contain clauses for liquidated damages related to the timing of delivery or milestone accomplishments, which could become material in the event of failure to meet the contractual deadlines. At the inception of the arrangement and on an ongoing basis, we evaluate the probability and magnitude of liquidated damages. We estimate variable consideration using the expected value method, taking into consideration contract terms, historical customer behavior, and historical sales. In the case of liquidated damages, we also take into consideration progress towards meeting contractual milestones, including whether milestones have not been achieved, specified rates, if applicable, stated in the contract, and history of paying liquidated damages to the customer or similar customers. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. In the normal course of business, we do not accept product returns unless the item is defective as manufactured and covered by warranty. A warranty provision is estimated as deemed necessary. Hardware revenue is recognized at a point in time. Transfer of control is typically at the time of shipment, receipt by the customer, or, if applicable, upon receipt of customer acceptance. We will recognize revenue prior to receipt of customer acceptance for hardware in cases where the customer acceptance provision is determined to be a formality. Transfer of control would not occur until receipt of customer acceptance in hardware arrangements where such provisions are subjective or where we do not have history of meeting the acceptance criteria. Perpetual software licenses are a right to use intellectual property and are recognized at a point in time. Transfer of control is at the point at which it is available to the customer to download and use or upon receipt of customer acceptance. In certain contracts, software licenses may be sold with implementation services that include a significant service of integrating, customizing or modifying the software. In these instances, the software license is combined into single performance obligation with the implementation services and recognized over time as the implementation services are performed. Hardware and software licenses (when not combined with professional services) are typically billed when shipped and revenue recognized at a point-in-time. As a result, the timing of revenue recognition and invoicing does not have a significant impact on contract assets and liabilities. Professional services, which include implementation, project management, installation, and consulting services are recognized over time. We measure progress towards satisfying these performance obligations using input methods, most commonly based on the costs incurred in relation to the total expected costs to provide the service. We expect this method to best depict our performance in transferring control of services promised to the customer or represents a reasonable proxy for measuring progress. The estimate of expected costs to provide services requires judgment. Cost estimates take into consideration our historical experience and the specific scope requested by the customer and are updated quarterly. We may also offer professional services on a stand-ready basis over a specified period of time, in which case revenue would be recognized ratably over the term. Invoicing of these services is commensurate with performance and occurs on a monthly basis. As such, these services do not have a significant impact on contract assets and contract liabilities. Cloud services and SaaS arrangements where customers have access to certain of our software within a cloud-based IT environment that we manage, host, and support are offered to customers on a subscription basis. Revenue for the cloud services and SaaS offerings are generally recognized ratably over the contact term commencing with the date the services are made available to the customer. Professional services are typically billed monthly in arrears or as milestones are achieved. Other services, including cloud services and SaaS arrangements, are commonly billed annually upfront resulting in a contract liability. Certain of our revenue arrangements include an extended or customer-specific warranty provision that covers all or a portion of a customer's replacement or repair costs beyond the standard warranty period. Whether or not the extended warranty is separately priced in the arrangement, such warranties are a separate good or service, and a portion of the transaction price is allocated to this extended warranty performance obligation. This revenue is recognized ratably over the extended warranty coverage period. Hardware and software post-sale maintenance support fees are recognized ratably over the life of the related service contract. Support fees are typically billed in advance on an annual basis, resulting in a contract liability. Shipping and handling costs and incidental expenses billed to customers are recognized as revenue in the period incurred, with the associated cost charged to cost of revenues in the same period. We recognize sales, use, and value added taxes billed to our customers on a net basis consistent with the policy election permitted under Accounting Standards Codification (ASC) 606-10-32-2A. Payment terms with customers can vary by customer; however, amounts billed are typically payable within 30 to 90 days, depending on the destination country. We do not typically offer financing as part of our contracts with customers. We incur certain incremental costs to obtain contracts with customers, primarily in the form of sales commissions. Where the amortization period is one year or less, we have elected to apply the practical expedient and recognize the related commissions expense as incurred. Otherwise, such incremental costs are capitalized and amortized over the contract period. Capitalized incremental costs are not material.
Product and Software Development Costs	Product and Software Development Costs Product and software development costs primarily include employee compensation and third-party contracting fees. We do not capitalize product development costs, and we do not generally capitalize development expenses for computer software to be sold, leased, or otherwise marketed as the costs incurred are immaterial for the relatively short period of time between technological feasibility and the completion of software development.
Stock-based Compensation	Stock-Based Compensation We grant various stock-based compensation awards to our officers, employees, and Board of Directors with service, performance, and market vesting conditions, including restricted stock units, phantom stock units, and unrestricted stock units (awards). Prior to December 31, 2020, stock options were also granted as part of the stock-based compensation awards. We measure and recognize compensation expense for all awards based on estimated fair values. For awards with only a service condition, we expense stock-based compensation using the straight-line method over the requisite service period for the entire award. For awards with service and performance conditions where vesting is probable, we expense the stock-based compensation on a straight-line basis over the requisite service period for each separately vesting portion of the award. For awards with a market condition, we expense the fair value over the requisite service period. We have elected to account for forfeitures of any awards in stock-based compensation expense prospectively as they occur. The fair value of a restricted stock unit is the market close price of our common stock on the date of grant. Restricted stock units vest over a maximum period of three years. After vesting, the restricted stock units are converted into shares of our common stock on a one-for-one basis and issued to employees. Certain restricted stock units are issued under the Long-Term Performance Restricted Stock Unit Award Agreement and include performance and market conditions. The final number of shares issued will be based on the achievement of financial targets and our total shareholder return relative to the Russell 3000 Index during the performance periods. Due to the presence of a market condition, we utilize a Monte Carlo valuation model to determine the fair value of the awards at the grant date. Expected volatility is based on the historical volatility of our common stock for the related expected term. We believe this approach is reflective of current and historical market conditions and is an appropriate indicator of expected volatility. The risk-free interest rate is the rate available as of the grant date on zero-coupon U.S. government issues with a term equal to the expected term of the award. The expected term is the remaining term of an award based on the period of time between the grant date and the date the award is expected to vest. Phantom stock units are a form of share-based award that are indexed to our stock price and are settled in cash upon vesting and accounted for as liability-based awards. Fair value is remeasured at the end of each reporting period based on the market close price of our common stock. Phantom stock units vest over a maximum period of three years. Since phantom stock units are settled in cash, compensation expense recognized over the vesting period will vary based on changes in the fair value of the awards. The fair value of unrestricted stock awards is the market close price of our common stock on the date of grant, and the awards are deemed fully vested. We expense stock-based compensation at the date of grant for unrestricted stock awards. The fair value of stock options was estimated at the date of grant using the Black-Scholes option-pricing model. Options to purchase our common stock were granted with an exercise price equal to the market close price of the stock on the date the Board of Directors approved the grant. Options generally became exercisable in three equal annual installments beginning one year from the date of grant and expiring 10 years from the date of grant. Expected volatility was based on a combination of the historical volatility of our common stock and the implied volatility of our traded options for the related expected term. We believe this combined approach was reflective of current and historical market conditions and was an appropriate indicator of expected volatility. The risk-free interest rate was the rate available as of the award date on zero-coupon U.S. government issues with a term equal to the expected term of the award. The expected term was the weighted average expected term of an award based on the period of time between the date the award was granted and the estimated date the award will be fully exercised. Factors considered in estimating the expected term included historical experience of similar awards, contractual terms, vesting schedules, and expectations of future employee behavior. Excess tax benefits and deficiencies resulting from employee share-based payment are recognized as income tax provision or benefit in the Consolidated Statements of Operations, and as an operating activity on the Consolidated Statements of Cash Flows. We also maintain an Employee Stock Purchase Plan (ESPP) for our employees. Under the terms of the ESPP, employees can deduct up to 10% of eligible compensation to purchase our common stock at a 5% discount from the fair market value of the stock at the end of each fiscal quarter, subject to other limitations under the plan. The sale of the stock to the employees occurs at the beginning of the subsequent quarter. The ESPP is not considered compensatory, and no compensation expense is recognized for sales of our common stock to employees.
Income Tax, Policy	Income Taxes We account for income taxes using the asset and liability method of accounting. Deferred tax assets and liabilities are recognized based upon anticipated future tax consequences, in each of the jurisdictions that we operate, attributable to: (1) the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases; and (2) net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured annually using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The calculation of our tax liabilities involves applying complex tax regulations in different tax jurisdictions to our tax positions. The effect on deferred tax assets and liabilities of a change in tax legislation and/or rates is recognized in the period that includes the enactment date. A valuation allowance is recognized to reduce the carrying amounts of deferred tax assets if it is not more likely than not that such assets will be realized. We do not recognize tax liabilities on undistributed earnings of international subsidiaries that are permanently reinvested.
Foreign Exchange	Foreign Exchange Our consolidated financial statements are reported in U.S. dollars. Assets and liabilities of international subsidiaries with non-U.S. dollar functional currencies are translated to U.S. dollars at the exchange rates in effect on the balance sheet date, or the last business day of the period, if applicable. Revenues and expenses for each subsidiary are translated to U.S. dollars using an average rate for the relevant reporting period. Translation adjustments resulting from this process are included, net of tax, in OCI. Gains and losses that arise from exchange rate fluctuations for monetary asset and liability balances that are not denominated in an entity's functional currency are included within other income (expense), net in the Consolidated Statements of Operations. Currency gains and losses of intercompany balances deemed to be long-term in nature or designated as a hedge of the net investment in international subsidiaries are included, net of tax, in OCI.
Fair Value Measurement	Fair Value Measurements For assets and liabilities measured at fair value, the GAAP fair value hierarchy prioritizes the inputs used in different valuation methodologies, assigning the highest priority to unadjusted quoted prices for identical assets and liabilities in actively traded markets (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 inputs consist of quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in non-active markets; and model-derived valuations in which significant inputs are corroborated by observable market data either directly or indirectly through correlation or other means. Inputs may include yield curves, volatility, credit risks, and default rates.
Segments	Segments Operating segments are defined as components of the Company that engage in business activities from which it may earn revenues and incur expenses, and for which separate financial information is available and is regularly reviewed by the Company’s chief operating decision maker (CODM) to assess the performance of the individual segments and make decisions about resources to be allocated to the segments. A reportable segment consists of one or more operating segments. Following the acquisition of Urbint, Inc. (Urbint), we have identified our fourth operating and reportable segment.
New Accounting Pronouncements	Recently Adopted Accounting Standards In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures, which amends Income Taxes (Topic 740). The FASB issued this update to improve annual basis income tax disclosures related to (1) rate reconciliation, (2) income taxes paid, and (3) other disclosures related to pretax income (or loss) and income tax expense (or benefit) from continuing operations. The effective date for this amendment is January 1, 2025 with early adoption permitted. We adopted the new standard for the annual reporting period ended December 31, 2025 and applied the new reporting requirements retrospectively so comparative periods have been restated accordingly. See Note 11 Income Taxes in the accompanying notes to the consolidated financial statements for further detail. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in ASU 2025-05 provide a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606 Revenue from Contracts with Customers. The ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. Effective October 1, 2025, we early adopted ASU 2025-05, electing the practical expedient permitting an entity to assume that current conditions as of the balance sheet date remains unchanged over the life of the asset when estimating expected credit losses for current account receivable and current contract assets. The adoption did not have a material impact on our financial statements or related disclosures. Recent Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance is intended to enhance transparency and disclosures by requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The FASB further clarified the effective date in January 2025 with the issuance of ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASU is effective for our Annual Report as of December 31, 2027, and for interim reporting periods beginning in the first quarter of 2028, with early adoption permitted. We are in the process of evaluating the impact that the adoption of this ASU will have on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The new guidance clarifies the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument. The ASU is effective beginning in 2026, with early adoption permitted. We will utilize this guidance for any future induced conversions or extinguishments of our convertible notes. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the internal-use software guidance that is accounting for under Subtopic 350-40. The amendments eliminates the previous stage-based model (preliminary project stage, application development stage, and post-implementation stage) and replaces it with a principles-based approach that better aligns with modern software development practice, including agile and iterative methodologies. Under the new guidance, entities may begin capitalizing internal-use software development costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to performed the function intended. The ASC also supersede the separate guidance on website development costs guidance and incorporate it into the internal-use software framework. ASU 2025-06 is effective for us beginning with our interim financial reports for the first quarter of 2028, with early adoption permitted. We intend to early adopt ASU 2025-06 prospectively for our fiscal year beginning January 1, 2026, including interim periods. We do not expect the guidance to have a material impact on our consolidated financial statements or related disclosures. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The ASU adds a new scope exception from derivative accounting for non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. The ASU also clarifies that when an entity has a right to receive a share-based payment from its customer in exchange for the transfer of goods or services, the share-based payment should be accounted for as noncash consideration within the scope of ASC 606. ASU 2025-07 is effective for us beginning with our interim financial reports for the first quarter of 2027. This standard is not expected to have any significant impact on our results of operations, financial position, cash flow, or related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which is intended to improve the navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendment, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. The amendment also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for our interim financial reports for the first quarter of 2028, with early adoption permitted. We are currently evaluating the impact this standard will have on our consolidated financial statements and related disclosures.

Income Taxes - Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 29,000	$ 42,224	$ 28,440
State and local	8,595	9,250	17,519
Foreign
Income taxes paid, net of refunds	56,316	80,172	54,550
United Kingdom
Foreign
Foreign	4,858
India
Foreign
Foreign	3,288
Germany
Foreign
Foreign		12,753
Indonesia
Foreign
Foreign		4,342
All other foreign
Foreign
Foreign	$ 10,575	$ 11,603	$ 8,591

Defined Contribution Plans (Tables)

12 Months Ended

Dec. 31, 2025

Defined Contribution [Abstract]

Schedule of Costs of Retirement Plans

The expense for our defined contribution plans was as follows:


	Year Ended December 31,
In thousands	2025		2024		2023
Defined contribution plans expense	$	20,735	$	20,683	$	16,958

Defined Contribution Plans - Schedule of Defined Contribution Plans Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution [Abstract]
Defined contribution plans expense	$ 20,735	$ 20,683	$ 16,958

Defined Benefit Pension Plans - Accumulated Benefit Obligation Additional Details (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Defined benefit plan, expected amortization, next fiscal year	$ 0.5
Defined benefit plan, accumulated benefit obligation	$ 66.9	$ 63.5

Segment Information - Revenues By Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers [Line Items]
Total revenues	$ 2,367,194	$ 2,440,837	$ 2,173,633
United States and Canada
Revenues from External Customers [Line Items]
Total revenues	1,927,475	2,007,045	1,733,680
Europe, Middle East, and Africa
Revenues from External Customers [Line Items]
Total revenues	318,510	338,997	340,854
Asia Pacific
Revenues from External Customers [Line Items]
Total revenues	$ 121,209	$ 94,795	$ 99,099

- 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/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (ee)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
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+ Details

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Business Combination, Recognized Asset Acquired and Liability Assumed

The following table reflects our preliminary allocation of the purchase price:


	Fair Value		Weighted Average Useful Life
	(in thousands)		(in years)
Current Assets	$	12,334
Other long-term assets	20,737

Identifiable intangible assets
Core-developed technology	13,400		5
Customer contracts and relationships	44,500		10
Trademark and trade names	1,100		5
Total identified intangible assets subject to amortization	59,000		9

Goodwill	254,880
Other current liabilities	(10,296)
Long-term liabilities	(5,955)
Total net assets acquired	$	330,700

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating Lease, Cost	$ 13,699	$ 22,563
Variable Lease, Cost	3,493	3,640
Lease, Cost, Total	$ 17,192	$ 26,203

Restructuring - Related Balance Sheet Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	$ 41,331
Restructuring Charges	931
Cash payments	(26,366)
Cash receipts	26
Net assets disposed and impaired	(1)
Effect of change in exchange rates	3,039
Restructuring Reserve - Ending Balance	$ 18,960
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (loss) on restructuring
Employee severance costs
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	$ 38,115
Restructuring Charges	(1,856)
Cash payments	(24,212)
Cash receipts	0
Net assets disposed and impaired	0
Effect of change in exchange rates	2,939
Restructuring Reserve - Ending Balance	14,986
Asset Impairment and Net (Gain) Loss on Sale or Disposal
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	0
Restructuring Charges	(25)
Cash payments	0
Cash receipts	26
Net assets disposed and impaired	(1)
Effect of change in exchange rates	0
Restructuring Reserve - Ending Balance	0
Other restructuring costs
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	3,216
Restructuring Charges	2,812
Cash payments	(2,154)
Cash receipts	0
Net assets disposed and impaired	0
Effect of change in exchange rates	100
Restructuring Reserve - Ending Balance	$ 3,974

Debt - Schedule of Long-Term Debt Maturities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
2026	$ 460,000
2027	0
2028	0
2029	0
2030	805,000
Thereafter	0
Total minimum payments on debt	$ 1,265,000

- Definition

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

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net income	$ 303,335	$ 241,124	$ 98,318
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangible assets	49,517	56,277	55,763
Non-cash operating lease expense	11,915	20,597	16,454
Stock-based compensation	62,449	43,874	28,357
Amortization of prepaid debt fees	7,077	5,489	3,664
Deferred taxes, net	64,945	(38,791)	(34,646)
Loss on sale of business	79	597	667
Restructuring, non-cash	(25)	(191)	385
Other adjustments, net	(2,237)	(895)	(169)
Changes in operating assets and liabilities, net of acquisitions and sale of business:
Accounts receivable	(4,215)	(49,138)	(19,494)
Inventories	32,682	5,969	(52,118)
Other current assets	(43,120)	15,165	(42,410)
Other long-term assets	(13,125)	(6,789)	2,317
Accounts payable, other current liabilities, and taxes payable	6,276	(35,388)	(43,657)
Wages and benefits payable	(18,623)	3,784	44,700
Unearned revenue	28,624	29,319	28,329
Warranty	(4,436)	210	(3,778)
Restructuring	(22,427)	(31,011)	29,866
Other operating, net	(52,739)	(22,027)	12,423
Net cash provided by operating activities	405,952	238,175	124,971
Investing activities
Net proceeds (payments) related to the sale of business	278	405	(772)
Acquisitions of property, plant, and equipment	(22,891)	(30,562)	(26,884)
Business acquisitions, net of cash and cash equivalents acquired	(325,044)	(34,105)	0
Other investing, net	(1,995)	850	4,348
Net cash used in investing activities	(349,652)	(63,412)	(23,308)
Financing activities
Proceeds from borrowings	0	805,000	0
Issuance of common stock	7,320	8,321	3,674
Payments on call spread for convertible offering	0	(108,997)	0
Repurchase of common stock	(100,000)	(100,000)	0
Prepaid debt fees	(2,213)	(21,872)	(2,471)
Other financing, net	(2,569)	(2,879)	(4,711)
Net cash provided by (used in) financing activities	(97,462)	579,573	(3,508)
Effect of foreign exchange rate changes on cash and cash equivalents	10,322	(5,148)	1,887
(Decrease) increase in cash and cash equivalents	(30,840)	749,188	100,042
Cash and cash equivalents at beginning of period	1,051,237	302,049	202,007
Cash and cash equivalents at end of period	1,020,397	1,051,237	302,049
Supplemental disclosure of cash flow information:
Income taxes, net	56,316	80,172	54,550
Interest	13,154	1,342	1,832
Deferred tax effect of call spread offerings	$ 0	$ 26,693	$ 0

Summary of Significant Accounting Policies - Revenue Recognition Policy Additional Information (Details)	12 Months Ended
	Dec. 31, 2025
Minimum
Deferred Revenue Arrangement [Line Items]
Payment terms	30 days
Maximum
Deferred Revenue Arrangement [Line Items]
Payment terms	90 days

Defined Contribution Plans

12 Months Ended

Dec. 31, 2025

Defined Contribution [Abstract]

Defined Contribution Plans

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


	Year Ended December 31,
In thousands	2025		2024		2023
Defined contribution plans expense	$	20,735	$	20,683	$	16,958

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 303,335	$ 241,124	$ 98,318
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	50,953	(29,913)	15,550
Pension benefit obligation adjustment	2,473	1,172	(2,066)
Total other comprehensive income (loss), net of tax	53,426	(28,741)	13,484
Total comprehensive income, net of tax	356,761	212,383	111,802
Comprehensive income attributable to noncontrolling interests, net of tax	2,280	2,019	1,395
Comprehensive income attributable to Itron, Inc.	$ 354,481	$ 210,364	$ 110,407

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Schedule of Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Finite-Lived Intangible Assets

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


	December 31, 2025						December 31, 2024
In thousands	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible Assets
Core-developed technology	$	54,168	$	(32,993)	$	21,175	$	48,048	$	(36,661)	$	11,387
Customer contracts and relationships	359,837		(299,893)		59,944		315,744		(285,441)		30,303
Trademarks and trade names	28,076		(25,858)		2,218		30,793		(29,374)		1,419
Other	—		—		—		11,023		(11,023)		—


Total intangible assets	$	442,081	$	(358,744)	$	83,337	$	405,608	$	(362,499)	$	43,109

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated future annual amortization is as follows:


Year Ending December 31,	Estimated Annual Amortization
In thousands
2026	$	17,755
2027	16,014
2028	10,422
2029	8,317
2030	7,391
Thereafter	23,438
Total intangible assets subject to amortization	$	83,337

Finite-Lived Intangible Assets Amortization Expense


Amortization Expense	Year Ended December 31,
In thousands	2025		2024		2023
Amortization expense	$	19,112	$	17,828	$	18,918

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

The components of our borrowings were as follows:


In thousands	December 31, 2025		December 31, 2024
Credit facility

Multicurrency revolving line of credit	$	—	$	—

2021 Convertible notes	460,000		460,000
2024 Convertible notes	805,000		805,000
Total debt	$	1,265,000	$	1,265,000

Current portion of debt, gross	$	460,000	$	—
Less: unamortized prepaid debt fees - current portion of debt	478		—
Current portion of debt, net	$	459,522	$	—

Long-term debt, gross	$	805,000	$	1,265,000
Less: unamortized prepaid debt fees - long-term debt	16,195		22,576
Long-term debt, net	$	788,805	$	1,242,424

2025 Credit Facility

On September 25, 2025, we entered into a third amended and restated credit agreement (the 2025 credit facility) providing for committed credit facilities in the amount of $750 million. The 2025 credit facility consists of a multi-currency revolving line of credit (the revolver) in the amount of $750 million. The revolver includes a standby letter of credit sub-facility in the amount of $300 million, and a swingline sub-facility in the amount of $50 million. The 2025 credit facility amends and restates, in its entirety, our amended and restated credit agreement dated January 5, 2018 (the 2018 credit facility).

Any outstanding principal under the revolver is due at maturity on September 25, 2030. Principal amounts paid prior to the maturity date may be reborrowed prior to such date. However, that date may be advanced to April 15, 2030 if we do not settle or extend a sufficient portion of our outstanding convertible notes, as detailed in the credit agreement.

Under the 2025 credit facility, we may elect applicable market interest rates for any outstanding revolving loans. We also pay an applicable margin, which is based on its total net leverage ratio as defined in the credit agreement. The applicable rates per annum may be based on the following: (1) the Term Secured Overnight Financing Rate (SOFR), 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) SOFR plus 1.00%. Committed amounts not borrowed under the revolver are subject to a commitment fee (paid quarterly in arrears). The spreads applicable to SOFR and the annual committee fee rates are, as follows:

Total Net Leverage Ratio

Interest Rate

Commitment Fee

Greater than 3.50

SOFR + 175.0 bps

30.0 bps

2.51 to 3.50

SOFR + 150.0 bps

25.0 bps

1.51 to 2.50

SOFR + 137.5 bps

20.0 bps

Less than or equal to 1.50

SOFR + 125.0 bps

17.5 bps

The 2025 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 2025 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 included 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 2025 credit facility, are guaranteed by the foreign subsidiary and by its direct and indirect foreign parents. The 2025 credit facility includes debt covenants, which contained certain financial thresholds and placed certain restrictions on the incurrence of debt, investments, and the issuance of dividends. We are in compliance with the debt covenants under the 2025 credit facility at December 31, 2025.

As of December 31, 2025, there were no outstanding loan balances under the 2025 credit facility, and $43.8 million was utilized by outstanding standby letters of credit, resulting in $706.2 million available for additional borrowings. As of December 31, 2025, $256.2 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.

2018 Credit Facility

The 2018 credit facility, entered on January 5, 2018 (as amended, the 2018 credit facility), originally provided for committed credit facilities in the amount of $1.2 billion. This facility consisted of a multicurrency revolving line of credit (the revolver) with a principal amount of up to $500 million. The revolver also contained a $300 million standby letter of credit sub-facility and a $50 million swingline sub-facility. The $650 million U.S. dollar term loan (the term loan) included in the original facility was fully repaid in August 2021. The 2018 credit facility was fully replaced by the 2025 credit facility.

The 2018 credit facility permitted 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 were guaranteed by Itron, Inc. and material U.S. domestic subsidiaries and were secured by a pledge of substantially all of the assets of Itron, Inc. and material U.S. domestic subsidiaries. This included 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 was a foreign borrower, as defined by the 2018 credit facility, were guaranteed by the foreign subsidiary and by its direct and indirect foreign parents. The 2018 credit facility included debt covenants, which contained 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 the time of the amendment.

Under the 2018 credit facility, we elected applicable market interest rates for both the term loan and any outstanding revolving loans. We also paid 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%. The cessation of LIBOR occurred in June 2023. On November 23, 2022, we amended the 2018 credit facility to replace the LIBOR rate with the Term Secured Overnight Financing Rate (SOFR) as the base interest rate. On February 21, 2023, we entered into a sixth amendment to the 2018 credit facility. This amendment modified debt covenant provisions to allow for the addback of non-recurring cash expenses related to restructuring charges incurred during the quarter ended March 31, 2023. On October 13, 2023, we entered into a seventh amendment to extend the maturity date to October 18, 2026. However, that date could have been advanced to December 14, 2025 if Itron did not settle or extend a sufficient portion of outstanding convertible notes as detailed in the amendment. In addition, the amendment revised the interest cost, as follows:

Total Net Leverage Ratio

Interest Rate

Commitment Fee

Greater than 4.00

SOFR + 250 bps

40 bps

3.51 to 4.00

SOFR + 225 bps

35 bps

2.51 to 3.50

SOFR + 200 bps

30 bps

Less than or equal to 2.50

SOFR + 175 bps

25 bps

On June 14, 2024, we entered into an eighth amendment of the 2018 credit facility. In contemplation of the issuance of the 2024 convertible notes, this amendment to the Credit Agreement removed the $500 million maximum amount of convertible notes we could offer.

Convertible Notes

2021 Notes

On March 12, 2021, we closed the sale of $460 million of 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 2021 Notes do not bear regular interest, and the principal amount does not accrete. The 2021 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 2021 Notes.

The initial conversion rate of the 2021 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 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 2021 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 2021 Notes were convertible at the option of the holders under certain circumstances, but no notes were converted. 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 2021 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 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 notes being converted.

Subsequent to March 20, 2024 and prior to December 15, 2025, we had the option to redeem for cash all or part of the 2021 Notes, if certain stock price hurdles had been met. The hurdles were not met, and none of the Notes were redeemed. 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 2021 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 these convertible notes. These 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 2021 Notes will be structurally subordinated to all existing debt and any future debt and any other liabilities of our subsidiaries.

2024 Notes

On June 21, 2024, we closed the sale of $805 million of convertible notes in a private placement to qualified institutional buyers, resulting in net proceeds to us of $784 million after deducting initial purchasers' discounts of the offering. The 2024 Notes accrue interest at a rate of 1.375% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2025. The 2024 Notes mature on July 15, 2030, unless earlier repurchased, redeemed, or converted in accordance with their terms.

The initial conversion rate of the 2024 Notes is 7.6199 shares of our common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $131.24 per share. The conversion rate of the 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 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 April 15, 2030, the 2024 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 September 30, 2024 (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 the 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 April 15, 2030, until the close of business on the second scheduled trading day immediately preceding July 15, 2030, holders of the 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 the 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 notes being converted.

Subsequent to July 20, 2028 and prior to April 15, 2030, we may redeem for cash all or part of the 2024 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. However, we may not redeem less than all of the outstanding notes unless at least

$100.0 million aggregate principal amount of notes are outstanding and not called for redemption as of the time we send related redemption notices. The redemption price of each note 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 2024 Notes), subject to a limited exception described in the indenture governing the 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 2024 Notes).

The 2024 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 notes. The notes will be effectively subordinated to any of our existing and future secured debt to the extent of the assets securing such indebtedness. The 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 debt in aggregate over the next five years is as follows:


Year Ending December 31,	Minimum Payments
In thousands
2026	$	460,000
2027	—
2028	—
2029	—
2030	805,000
Thereafter	—
Total minimum payments on debt	$	1,265,000

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock-Based Compensation

We grant stock-based compensation awards, including restricted stock units, phantom stock, and unrestricted stock units, under the Second Amended and Restated 2010 Stock Incentive Plan (Stock Incentive Plan). Prior to December 31, 2020, stock options were also granted as part of the stock-based compensation awards. In the Stock Incentive Plan, we have 13,991,273 shares of common stock authorized for issuance subject to stock splits, dividends, and other similar events, and at December 31, 2025, 3,808,654 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 under the Plan is reduced by (i) one share for every one share subject to a stock option or share appreciation right granted and (ii) 1.7 shares for every one share of common stock that was subject to an award other than an option or share appreciation right.

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

In addition, we maintain the ESPP, for which 441,813 shares of common stock were available for future issuance at December 31, 2025.

ESPP activity and stock-based grants other than restricted stock units were not significant for the years ended December 31, 2025, 2024, and 2023.

Stock-Based Compensation Expense

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


	Year Ended December 31,
In thousands	2025		2024		2023
Stock options	$	—	$	—	$	103
Restricted stock units	61,520		42,531		27,189
Unrestricted stock awards	929		1,343		1,065
Phantom stock units	3,925		5,923		5,025
Total stock-based compensation	$	66,374	$	49,797	$	33,382

Related tax benefit	$	15,144	$	10,802	$	6,928

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, 2023	381	$	60.63	4.8	$	1,892


Granted	—	—					$	—
Exercised	(18)	45.96			397
Forfeited	—	—
Canceled	—	—
Outstanding, December 31, 2023	363	$	61.36	4.0	$	5,886

Granted	—	—					$	—
Exercised	(89)	51.45			4,450
Forfeited	—	—
Canceled	—	—
Outstanding, December 31, 2024	274	$	64.55	3.2	$	12,087

Granted	—	—					$	—
Exercised	(87)	39.95			6,461
Forfeited	—	—
Canceled	—	—
Outstanding and Exercisable, December 31, 2025	187	$	75.89	3.1	$	3,188

At December 31, 2025, all stock-based compensation expense related to nonvested stock options has been recognized.

Restricted Stock Units

The following table summarizes restricted stock unit activity:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
	In thousands			In thousands
Outstanding, January 1, 2023	528	$	66.39


Granted	497	56.89
Released (1)	(242)			$	13,974
Forfeited	(32)
Outstanding, December 31, 2023	751	$	58.89

Granted	552	76.34
Released (1)	(446)			$	38,260
Forfeited	(26)
Outstanding, December 31, 2024	831	$	67.71
Granted	608	98.35
Released (1)	(611)	66.17		$	61,617
Forfeited	(38)	84.66
Outstanding, December 31, 2025	790	$	88.51

Vested but not released, December 31, 2025	17	$	92.86	$	1,618

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

At December 31, 2025, total unrecognized compensation expense on restricted stock units was $35.6 million, which is expected to be recognized over a weighted average period of approximately 1.6 years.


	Year Ended December 31,
	2025			2024			2023
Expected volatility	39.7		%	40.3		%	46.0		%
Risk-free interest rate	3.8		%	4.3		%	4.6		%
Expected term (years)	2.0			2.0			1.9

Weighted average fair value	$	105.82		$	115.69		$	73.41

Phantom Stock Units

The following table summarizes phantom stock unit activity:


	Number of Phantom Stock Units	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
	In thousands			In thousands
Outstanding, January 1, 2023	85	$	66.46

Granted	77	56.52
Released	(43)			$	2,511
Forfeited	(4)
Outstanding, December 31, 2023	115	$	58.58




Granted	57	77.38
Released	(63)			$	5,420
Forfeited	(18)
Outstanding, December 31, 2024	91	$	68.63



Granted	41	98.56
Released	(61)	67.16		$	6,201
Forfeited	(7)	77.72
Outstanding, December 31, 2025	64	$	88.36

At December 31, 2025, total unrecognized compensation expense on phantom stock units was $3.5 million, which is expected to be recognized over a weighted average period of approximately 1.6 years. As of December 31, 2025 and 2024, we have recognized a phantom stock liability of $2.5 million and $4.8 million within wages and benefits payable in the Consolidated Balance Sheets.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Defined Benefit Pension Plans - Schedule of Significant Actuarial Weighted Average Assumptions Used in Determining the Benefit Obligation and Net Periodic Benefit Cost (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Actuarial assumptions used to determine benefit obligations at end of period:
Discount rate	4.42%	4.04%	3.74%
Expected annual rate of compensation increase	4.43%	4.73%	4.41%
Actuarial assumptions used to determine net periodic benefit cost for the period:
Discount rate	4.04%	3.74%	4.14%
Expected rate of return on plan assets	3.63%	3.42%	3.99%
Expected annual rate of compensation increase	4.73%	4.41%	4.26%

Revenues

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues

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


In thousands	Contract liabilities, less contract assets
Beginning balance, January 1, 2025	$	127,557
Changes due to business combination	14,555
Revenues recognized from beginning contract liability	(73,437)
Cumulative catch-up adjustments	(2,027)
Increases due to amounts collected or due	349,435
Revenues recognized from current period increases	(266,087)
Other	1,354
Ending balance, December 31, 2025	$	151,350

On January 1, 2025, total contract assets were $65.4 million and total contract liabilities were $193.0 million. On December 31, 2025, total contract assets were $83.7 million, including $17.2 million in long-term contract assets, and total contract liabilities were $235.1 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 agreements. The cumulative catch-up adjustments relate to contract modifications, measure-of-progress changes, and changes in the estimate of the transaction price. Refer to Note 18: Business Combinations for additional information.

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 $1.1 billion for the next 12 months and approximately $1.0 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 extended warranty period, and hardware, which is recognized as units are delivered. The estimate of when remaining performance obligations will be recognized requires significant judgment.

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

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

Disaggregation of revenue

Refer to Note 16: Segment Information and the Consolidated Statements of Operations for disclosure regarding the disaggregation of revenue into categories, which depict how revenue and cash flows are affected by economic factors. Specifically, our reportable 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stock-Based Compensation - Restricted Stock Units Summary (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	831	751	528
Granted (in shares)	608	552	497
Forfeited (in shares)	(38)	(26)	(32)
Outstanding, ending balance (in shares)	790	831	751
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 67.71	$ 58.89	$ 66.39
Granted (in dollars per share)	98.35	76.34	56.89
Forfeitures (in dollars per share)	84.66
Outstanding, ending balance (in dollars per share)	$ 88.51	$ 67.71	$ 58.89
Vested and Released [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Released (in shares)	(611)	(446)	(242)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Released (in dollars per share)	$ 66.17
Released, Aggregate Intrinsic Value	$ 61,617	$ 38,260	$ 13,974
Vested but Not Released [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Vested but not released (in shares)	17
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, ending balance (in dollars per share)	$ 92.86
Released, Aggregate Intrinsic Value	$ 1,618

Summary of Significant Accounting Policies - Property, Plant, and Equipment Policy Additional Information (Details)	Dec. 31, 2025
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Minimum \| Machinery and Equipment, Computers and Software, and Furniture [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Maximum \| Machinery and Equipment, Computers and Software, and Furniture [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

Restructuring (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2023 Projects were as follows:


In thousands	Total Expected Costs at December 31, 2025		Costs Recognized in Prior Periods		Adjustments Recognized During the Year Ended December 31, 2025		Expected Remaining Costs to be Recognized at December 31, 2025
Employee severance costs	$	40,222	$	42,078	$	(1,856)	$	—
Asset impairments & net loss (gain) on sale or disposal	1,124		1,149		(25)		—
Other restructuring costs	10,319		6,947		2,812		560
Total	$	51,665	$	50,174	$	931	$	560

Schedule of Restructuring Reserve by Type of Cost

The following table summarizes the activity within the restructuring related balance sheet accounts for the 2023 Projects during the year ended December 31, 2025:


In thousands	Accrued Employee Severance		Asset Impairments & Net Loss (Gain) on Sale or Disposal		Other Accrued Costs		Total
Beginning balance, January 1, 2025	$	38,115	$	—	$	3,216	$	41,331
Costs charged to expense	(1,856)		(25)		2,812		931
Cash payments	(24,212)		—		(2,154)		(26,366)
Cash receipts	—		26		—		26
Net assets disposed and impaired	—		(1)		—		(1)
Effect of change in exchange rates	2,939		—		100		3,039
Ending balance, December 31, 2025	$	14,986	$	—	$	3,974	$	18,960

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The components of our borrowings were as follows:


In thousands	December 31, 2025		December 31, 2024
Credit facility

Multicurrency revolving line of credit	$	—	$	—

2021 Convertible notes	460,000		460,000
2024 Convertible notes	805,000		805,000
Total debt	$	1,265,000	$	1,265,000

Current portion of debt, gross	$	460,000	$	—
Less: unamortized prepaid debt fees - current portion of debt	478		—
Current portion of debt, net	$	459,522	$	—

Long-term debt, gross	$	805,000	$	1,265,000
Less: unamortized prepaid debt fees - long-term debt	16,195		22,576
Long-term debt, net	$	788,805	$	1,242,424

Schedule Of Borrowings Under Credit Agreement At Various Indebtedness To Adjusted Ebitda Levels

The spreads applicable to SOFR and the annual committee fee rates are, as follows:

Total Net Leverage Ratio

Interest Rate

Commitment Fee

Greater than 3.50

SOFR + 175.0 bps

30.0 bps

2.51 to 3.50

SOFR + 150.0 bps

25.0 bps

1.51 to 2.50

SOFR + 137.5 bps

20.0 bps

Less than or equal to 1.50

SOFR + 125.0 bps

17.5 bps

In addition, the amendment revised the interest cost, as follows:

Total Net Leverage Ratio

Interest Rate

Commitment Fee

Greater than 4.00

SOFR + 250 bps

40 bps

3.51 to 4.00

SOFR + 225 bps

35 bps

2.51 to 3.50

SOFR + 200 bps

30 bps

Less than or equal to 2.50

SOFR + 175 bps

25 bps

Schedule of Maturities of Long-term Debt

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


Year Ending December 31,	Minimum Payments
In thousands
2026	$	460,000
2027	—
2028	—
2029	—
2030	805,000
Thereafter	—
Total minimum payments on debt	$	1,265,000

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

Dec. 31, 2025

Dec. 31, 2024

Deferred tax assets

Loss carryforwards

$ 511,724

^[1]

$ 397,686

Tax credits

33,692

^[2]

24,485

Accrued expenses

21,376

28,960

Pension plan benefits expense

9,085

9,596

Warranty reserves

7,147

7,754

Depreciation and amortization

33,555

58,199

Equity compensation

18,728

12,619

Inventory valuation

2,039

1,762

Deferred revenue

18,198

14,850

Interest

18,431

30,304

Leases

4,351

5,013

Capitalized research costs

70,967

151,418

Other deferred tax assets, net

1,482

756

Total deferred tax assets

750,775

743,402

Valuation allowance

(473,906)

^[1]

(420,655)

Total deferred tax assets, net of valuation allowance

276,869

322,747

Deferred tax liabilities

Depreciation and amortization

(4,947)

(7,282)

Leases

(3,251)

(2,977)

Other deferred tax liabilities, net

(4,111)

(2,773)

Total deferred tax liabilities

(12,309)

(13,032)

Net deferred tax assets

264,560

$ 309,715

Deferred tax assets, tax credit carryforwards, general business

^[2]

10,300

Deferred tax assets, tax credit carryforwards, other

^[2]

45,000

U.S. federal

Deferred tax liabilities

Loss carryforwards by Jurisdiction

^[1]

275,000

Luxembourg

Deferred tax liabilities

Loss carryforwards by Jurisdiction

^[1]

$ 1,500,000

[1]

For tax return purposes at December 31, 2025, we had U.S. federal loss carryforwards of $275.0 million. A majority of the balance can be carried forward indefinitely. At December 31, 2025, we have net operating loss carryforwards in Luxembourg of $1.5 billion, the majority of which can be carried forward indefinitely, offset by a full valuation allowance. The remaining portion of the loss carryforwards are composed primarily of losses in various other state and foreign jurisdictions. The majority of these losses can be carried forward indefinitely. At December 31, 2025, there was a valuation allowance of $473.9 million primarily associated with foreign loss carryforwards.

[2]

For tax return purposes at December 31, 2025, we had: U.S. general business credits of $10.3 million, which begin to expire in 2040; and state tax credits of $45.0 million, which begin to expire in 2026.

Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Standby Letters of Credit
Restricted Cash and Cash Equivalent Item [Line Items]
Restricted Cash and Cash Equivalent	$ 1.8	$ 1.8

Business Combinations

12 Months Ended

Dec. 31, 2024

Business Combination [Abstract]

Business Combinations

Urbint, Inc.

On November 3, 2025, we completed the acquisition of 100% of the outstanding equity of Urbint, a privately held software and services company, based in Florida, serving utilities. The acquisition provides value to Itron through the leverage of Urbint's artificial intelligence (AI)-powered operational resilience solutions to enhance our offerings to our customers. Upon acquisition, Urbint became a wholly owned subsidiary of Itron and operates within the Resiliency Solutions segment.

The preliminary purchase price allocated to acquired assets and liabilities was $330.7 million, which was funded through cash on hand. The purchase price is subject to further adjustment based on final working capital and other closing considerations to be determined following the transaction's close.

The following table reflects our preliminary allocation of the purchase price:


	Fair Value		Weighted Average Useful Life
	(in thousands)		(in years)
Current Assets	$	12,334
Other long-term assets	20,737

Identifiable intangible assets
Core-developed technology	13,400		5
Customer contracts and relationships	44,500		10
Trademark and trade names	1,100		5
Total identified intangible assets subject to amortization	59,000		9

Goodwill	254,880
Other current liabilities	(10,296)
Long-term liabilities	(5,955)
Total net assets acquired	$	330,700

The fair value of the acquired accounts receivable of $6.0 million approximates the carrying value due to the short-term nature of the expected timeframe to collect the amounts due and the contractual cash flows expected to be collected related to these receivables.

The fair values for the identified trademarks and core-developed technology intangible assets were estimated using the relief from royalty method, which values the assets by estimating the savings achieved by ownership of trademark or technology when compared with the cost of licensing it from an independent owner.

The fair value of customer contracts and relationships were estimated using the income approach. Under the income approach, the fair value reflects the present value of the projected cash flows that are expected to be generated.

Deferred revenue of $14.6 million was recognized under ASC 606 in accordance with ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers; therefore, a reduction in deferred revenues related to the estimated fair values of the acquired deferred revenues was not required.

Goodwill of $254.9 million arising from the acquisition consists largely of the synergies expected from combining the operations of Itron and Urbint, as well as certain intangible assets that do not qualify for separate recognition. All the goodwill balance was assigned to the Resiliency Solutions reporting segment. Refer to Note 5: Goodwill. None of the goodwill balance will be deducted for income tax purposes.

The acquired assets and assumed liabilities of Urbint are included on our Consolidated Balance Sheets as of December 31, 2025, and the results of its operations are reported on our Consolidated Statements of Operations and Comprehensive Income for the period from November 3, 2025 to December 31, 2025. We concluded the acquisition of Urbint was not material, and, as such, pro forma financial information was not required.

The allocation of the purchase price to acquired assets and liabilities assumed is preliminary. The areas that remain provisional primarily relate to (i) the assessment of deferred revenue, (ii) income taxes, (iii) accrued liabilities, and (iv) the finalization of net working capital, which will be settled during the first quarter of 2026 and may impact the total purchase consideration.

Elpis2, Inc.

On March 1, 2024, we completed the acquisition of 100% of the shares of Elpis2, Inc. (Elpis Squared), a privately held software and services company. This acquisition provides value to Itron through the leverage of Elpis Squared's utility grid analytics, services, and operational software platforms to enhance Itron's Outcomes offerings. The sales, results of operations, and acquisition-related costs associated with the acquisition were not material.

The purchase price for this acquisition was $34.1 million. The purchase price was allocated to assets acquired and liabilities assumed, primarily $15.0 million in finite-lived intangible assets and $19.3 million in goodwill. Since this was a stock acquisition, none of the goodwill is deductible for tax purposes. The purchase was funded through cash on hand. Refer to Note 4: Intangible Assets and Note 5: Goodwill for additional information.

- Definition

The entire disclosure for business combination.

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+ Details

Defined Benefit Pension Plans - Significant Actuarial Weighted Assumptions (Discount Rate) (Details)	12 Months Ended
	Dec. 31, 2025
Percentage of Benefit Plans Denominated in Euro [Domain]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of benefit plans denominated in euro	80
Shorter duration euro denominated defined benefit plans [Member] \| Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	3.00%
Shorter duration euro denominated defined benefit plans [Member] \| Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	4.00%

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lease, Cost

The components of operating lease expense are as follows:


In thousands	Year Ended December 31,
	2025		2024
Operating lease cost	$	13,699	$	22,563
Variable lease cost	3,493		3,640
Total operating lease cost	$	17,192	$	26,203

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


In thousands	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	18,353	$	18,741
Right-of-use assets obtained in exchange for operating lease liabilities	10,501		9,351

Assets And Liabilities, Leases

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


In thousands	December 31, 2025			December 31, 2024
Operating lease right-of-use assets, net	$	29,341		$	28,957

Other current liabilities	15,828			14,584
Operating lease liabilities	19,623			25,350
Total operating lease liability	$	35,451		$	39,934
Weighted average remaining lease term - Operating leases	3.8 years			3.8 years
Weighted average discount rate - Operating leases	4.6		%	4.6		%

Lessee, Operating Lease, Liability, Maturity

Amounts due under operating lease liabilities as of December 31, 2025 are as follows:


In thousands	December 31, 2025
2026	$	16,818
2027	8,031
2028	4,694
2029	3,013
2030	1,646
Thereafter	4,237
Total lease payments	38,439
Less: imputed interest	(2,988)
Total operating lease liability	$	35,451

Defined Benefit Pension Plans - Schedule of Net Periodic Pension Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Service cost	$ 2,765	$ 2,541	$ 2,450
Interest cost	2,937	2,710	2,861
Expected return on plan assets	(313)	(293)	(355)
Amortization of prior service costs	132	133	57
Amortization of actuarial net (gain) loss	(1,173)	272	(65)
Settlement	0	(3)	(7)
Curtailment	(765)	(585)	(114)
Net periodic benefit cost	$ 3,583	$ 4,775	$ 4,827
Defined benefit plan, net periodic benefit cost (credit) excluding service cost, statement of income or comprehensive income	Other income (expense), net	Other income (expense), net	Other income (expense), net

Shareholders' Equity - Schedule of Other Comprehensive Income (Loss) Tax Effect (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Before-tax amount [Abstract]
Foreign currency translation adjustment	$ 51,188	$ (30,238)	$ 15,622
Net unrealized gain (loss) on defined benefit plans	5,092	1,999	(2,117)
Net defined benefit plan (gain) loss reclassified to net income (loss)	(1,806)	(183)	(129)
Total other comprehensive income (loss), before tax	54,474	(28,422)	13,376
Tax (provision) benefit [Abstract]
Foreign currency translation adjustment	(235)	325	(72)
Net unrealized gain (loss) on defined benefit plans	(1,260)	(709)	170
Net defined benefit plan (gain) loss reclassified to net income (loss)	447	65	10
Total other comprehensive income (loss) tax (provision) benefit	(1,048)	(319)	108
Net-of-tax amount
Foreign currency translation adjustment	50,953	(29,913)	15,550
Net unrealized gain (loss) on defined benefit plans	3,832	1,290	(1,947)
Net defined benefit plan (gain) loss reclassified to net income (loss)	(1,359)	(118)	(119)
Total other comprehensive income (loss), net of tax	$ 53,426	$ (28,741)	$ 13,484

Commitments and Contingencies - Warranty Account Accrual Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Movement in Product Warranty Accrual [Roll Forward]
Beginning balance	$ 22,141	$ 22,164	$ 25,698
New product warranties	4,443	6,132	6,665
Other adjustments and expirations, net	1,894	1,975	710
Claims activity	(10,782)	(7,894)	(11,187)
Effect of change in exchange rates	522	(236)	278
Ending balance	18,218	22,141	22,164
Less: current portion of warranty	10,868	14,302	14,663
Long-term warranty	7,350	7,839	7,501
Total warranty expense	$ 6,337	$ 8,107	$ 7,375

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Intangible Assets and Liabilities - Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 442,081	$ 405,608
Accumulated amortization	(358,744)	(362,499)
Total intangible assets subject to amortization	83,337	43,109
Core-developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	54,168	48,048
Accumulated amortization	(32,993)	(36,661)
Total intangible assets subject to amortization	21,175	11,387
Customer contracts and relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	359,837	315,744
Accumulated amortization	(299,893)	(285,441)
Total intangible assets subject to amortization	59,944	30,303
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	28,076	30,793
Accumulated amortization	(25,858)	(29,374)
Total intangible assets subject to amortization	2,218	1,419
Other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	0	11,023
Accumulated amortization	0	(11,023)
Total intangible assets subject to amortization	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Stock-Based Compensation Expense and Related Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock options	$ 0	$ 0	$ 103
Restricted stock units	61,520	42,531	27,189
Unrestricted stock awards	929	1,343	1,065
Phantom stock units	3,925	5,923	5,025
Total stock-based compensation	66,374	49,797	33,382
Related tax benefit	$ 15,144	$ 10,802	$ 6,928

Defined Benefit Pension Plans - Level 3 Plan Asset Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at January 1,	$ 8,031	$ 8,840
Effect of Foreign Currency	1,025	(534)
Fair value of plan assets at December 31,	8,777	8,031
Insurance Fund [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at January 1,	8,031
Fair value of plan assets at December 31,	8,777	8,031
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at January 1,	8,031
Fair value of plan assets at December 31,	8,777	8,031
Fair Value, Inputs, Level 3 [Member] \| Insurance Fund [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at January 1,	8,031	8,840
Net Realized and Unrealized Gains	(133)	(130)
Net Purchases, Issuances, Settlements, and Other	(146)	(145)
Effect of Foreign Currency	1,025	(534)
Fair value of plan assets at December 31,	$ 8,777	$ 8,031

- Definition

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

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+ Details

Stock-Based Compensation - Long-Term Performance Restricted Stock Unit Award Monte Carlo Pricing Model Assumptions (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 98.35	$ 76.34	$ 56.89
Long Term Performance Restricted Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	39.70%	40.30%	46.00%
Risk-free interest rate	3.80%	4.30%	4.60%
Expected term (years)	2 years	2 years	1 year 10 months 24 days
Granted (in dollars per share)	$ 105.82	$ 115.69	$ 73.41

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

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):


	Year Ended December 31,
In thousands, except per share data	2025		2024		2023
Net income available to common shareholders	$	301,055	$	239,105	$	96,923

Weighted average common shares outstanding - Basic	45,492		45,368		45,421
Dilutive effect of stock-based awards	823		819		415
Dilutive effect of convertible notes	8		—		—
Weighted average common shares outstanding - Diluted	46,323		46,187		45,836
Net income per common share - Basic	$	6.62	$	5.27	$	2.13
Net income per common share - Diluted	$	6.50	$	5.18	$	2.11

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lessee, Operating Leases

Leases

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

The components of operating lease expense are as follows:


In thousands	Year Ended December 31,
	2025		2024
Operating lease cost	$	13,699	$	22,563
Variable lease cost	3,493		3,640
Total operating lease cost	$	17,192	$	26,203

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


In thousands	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	18,353	$	18,741
Right-of-use assets obtained in exchange for operating lease liabilities	10,501		9,351

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


In thousands	December 31, 2025			December 31, 2024
Operating lease right-of-use assets, net	$	29,341		$	28,957

Other current liabilities	15,828			14,584
Operating lease liabilities	19,623			25,350
Total operating lease liability	$	35,451		$	39,934
Weighted average remaining lease term - Operating leases	3.8 years			3.8 years
Weighted average discount rate - Operating leases	4.6		%	4.6		%

Amounts due under operating lease liabilities as of December 31, 2025 are as follows:


In thousands	December 31, 2025
2026	$	16,818
2027	8,031
2028	4,694
2029	3,013
2030	1,646
Thereafter	4,237
Total lease payments	38,439
Less: imputed interest	(2,988)
Total operating lease liability	$	35,451

Shareholders' Equity

12 Months Ended

Dec. 31, 2025

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 the affairs of the corporation, whether voluntary or involuntary, the holders of any outstanding preferred stock would be entitled to be paid a preferential amount per share to be determined by the Board of Directors prior to any payment to holders of common stock. There was no preferred stock issued or outstanding at December 31, 2025 or 2024.

Stock Repurchase Programs

Effective November 10, 2025, Itron's Board of Directors authorized a repurchase up to $250 million of our common stock over an 18-month period (the 2025 Stock Repurchase Program). Repurchases will be made in the open market and pursuant to the terms of any Rule 10b5-1 plans that Itron may enter into, and in accordance with applicable securities laws. The repurchase program is intended to comply with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. We repurchased no shares under the 2025 Stock Repurchase Program.

Effective September 19, 2024, Itron's Board of Directors authorized a repurchase up to $100 million of our common stock over an 18-month period (the 2024 Stock Repurchase Program). The repurchase program is intended to comply with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. From November 3 through November 6, 2025, Itron repurchased 942,577 shares of its common stock for a total of $100 million, fully utilizing the authorized capacity under the 2024 Stock Repurchase Program.

Effective May 11, 2023, Itron's Board of Directors authorized a repurchase up to $100 million of our common stock over an 18-month period (the 2023 Stock Repurchase Program). In June 2024, we repurchased 971,534 shares under the 2023 Stock Repurchase Program at an average price of $102.93 (excluding commissions) for a total of $100.0 million. This repurchase was completed in conjunction with the issuance of the 2024 convertible notes.

2021 Call Option Transactions

We paid an aggregate amount of $84.1 million for the 2021 call option transactions. The 2021 call option transactions cover, subject to anti-dilution adjustments substantially similar to those in the 2021 Notes, approximately 3.7 million shares of our common stock, the same number of shares initially underlying the 2021 Notes, at a strike price of approximately $126.00, subject to customary adjustments. The 2021 call option transactions will expire upon the maturity of the 2021 Notes, subject to earlier exercise or termination. The 2021 call option transactions are expected generally to reduce the potential dilutive effect of the conversion of our 2021 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 2021 call option transactions, is greater than the strike price of the 2021 call option transactions. The 2021 call option transactions meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore they are not revalued after their issuance.

We made a tax election to integrate the 2021 Notes and the 2021 call option transactions. 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 2021 Notes, and results in a $20.6 million deferred tax asset recognized through equity.

Warrant Transactions

In addition, concurrently with entering into the 2021 call option 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 begin to 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.

2024 Capped Call Transactions

In connection with the issuance of the 2024 Notes, we entered into privately negotiated capped call transactions on our common stock with certain commercial banks. The 2024 capped call transactions cover, subject to anti-dilution adjustments substantially similar to those in the 2024 Notes, approximately 6.1 million shares of our common stock, the same number of shares initially underlying the convertible notes, at a strike price of approximately $131.2353, subject to customary adjustments. The cap price of the 2024 capped call transactions will initially be $205.86 per share, which represents a premium of 100% over the last reported stock price per share of the Company's common stock on June 17, 2024, and is subject to certain adjustments under the terms of the 2024 capped call transactions. The 2024 capped call transactions will expire upon the maturity of the 2024 Notes, subject to earlier exercise or termination.

We made a tax election to integrate the 2024 Notes and the 2024 capped call transactions. 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 capped call transactions deductible as original issue discount for tax purposes over the term of the 2024 Notes, and results in a $26.7 million deferred tax asset recognized through equity.

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, 2023	$	(83,193)	$	(210)	$	(14,380)	$	3,109	$	(94,674)
OCI before reclassifications	15,550		—		—		(1,947)		13,603
Amounts reclassified from AOCI	—		—		—		(119)		(119)
Total other comprehensive income (loss)	15,550		—		—		(2,066)		13,484
Balances at December 31, 2023	(67,643)		(210)		(14,380)		1,043		(81,190)
OCI before reclassifications	(29,913)		—		—		1,290		(28,623)
Amounts reclassified from AOCI	—		—		—		(118)		(118)
Total other comprehensive income (loss)	(29,913)		—		—		1,172		(28,741)
Balances at December 31, 2024	(97,556)		(210)		(14,380)		2,215		(109,931)
OCI before reclassifications	50,953		—		—		3,832		54,785
Amounts reclassified from AOCI	—		—		—		(1,359)		(1,359)
Total other comprehensive income (loss)	50,953		—		—		2,473		53,426
Balances at December 31, 2025	$	(46,603)	$	(210)	$	(14,380)	$	4,688	$	(56,505)

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


	Year Ended December 31,
In thousands	2025		2024		2023
Before-tax amount
Foreign currency translation adjustment	$	51,188	$	(30,238)	$	15,622




Net unrealized gain (loss) on defined benefit plans	5,092		1,999		(2,117)
Net defined benefit plan (gain) loss reclassified to net income (loss)	(1,806)		(183)		(129)
Total other comprehensive income (loss), before tax	54,474		(28,422)		13,376

Tax (provision) benefit
Foreign currency translation adjustment	(235)		325		(72)




Net unrealized gain (loss) on defined benefit plans	(1,260)		(709)		170
Net defined benefit plan (gain) loss reclassified to net income (loss)	447		65		10
Total other comprehensive income (loss) tax (provision) benefit	(1,048)		(319)		108

Net-of-tax amount
Foreign currency translation adjustment	50,953		(29,913)		15,550




Net unrealized gain (loss) on defined benefit plans	3,832		1,290		(1,947)
Net defined benefit plan (gain) loss reclassified to net income (loss)	(1,359)		(118)		(119)
Total other comprehensive income (loss), net of tax	$	53,426	$	(28,741)	$	13,484

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits, beginning of period	$ 106,132	$ 130,067	$ 130,144
Gross increase to positions in prior years	969	630	1,182
Gross decrease to positions in prior years	(9,696)	(4,320)	(8,666)
Gross increases to current period tax positions	3,082	4,868	10,967
Gross decreases to current period tax positions	(389)	(1,056)	0
Audit settlements	(105)	(19,727)	(3,234)
Decrease related to lapsing of statute of limitations	(33,004)	(2,752)	(2,000)
Effect of change in exchange rates	1,937	(1,578)	1,674
Unrecognized tax benefits, end of period	68,926	106,132	130,067
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	68,913	106,122	129,591
Net interest and penalties expense (benefit)	(2,773)	(3,449)	$ 1,821
Accrued interest	3,909	6,418
Accrued penalties	$ 137	$ 293

Defined Benefit Pension Plans - Schedule of Accumulated Benefit Obligation in Excess of the Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Projected benefit obligation	$ 74,059	$ 70,670
Accumulated benefit obligation	66,200	62,944
Fair value of plan assets	$ 7,685	$ 7,010

Defined Contribution Plans - Narrative (Details)	12 Months Ended
Defined Contribution Plans - Narrative (Details)	Dec. 31, 2025
Defined Contribution [Abstract]
Employer matching contribution, percentage of match	75.00%
Employer matching contribution, percentage of employees' gross pay	6.00%

Defined Benefit Pension Plans - Fair Values of Plan Investments by Asset Category (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	$ 8,777	$ 8,031	$ 8,840
Insurance Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	8,777	8,031
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	0	0
Fair Value, Inputs, Level 1 [Member] \| Insurance Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	0	0
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	8,777	8,031
Fair Value, Inputs, Level 3 [Member] \| Insurance Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	$ 8,777	$ 8,031	$ 8,840

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

We operate under the Itron brand worldwide and manage and report under four reportable segments: Device Solutions, Networked Solutions, Outcomes, and Resiliency Solutions. Resiliency Solutions is a new reportable segment starting in the fourth quarter of 2025. We define these segments based on the structure in which internally reported financial information is regularly provided to the chief operating decision maker (CODM) to analyze financial performance, make strategic decisions, and allocate resources. The Company's CODM is the chief executive officer.

Segment Products

Device Solutions – This segment primarily includes hardware products used for measurement, control, or sensing. Examples from the Device Solutions portfolio include: standard endpoints that are shipped without Itron communications, such as our standard electricity, gas, 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 designed to operate outside of Itron end-to-end solutions and designed to meet market requirements; and the implementation and installation of associated devices.

Networked Solutions – This segment primarily includes a combination of communicating endpoints (e.g., smart meters, modules, endpoints, and sensors), network infrastructure, network design services, and associated headend management and application software designed and sold as a complete solution for acquiring and transporting robust application-specific data. Networked Solutions includes products, software and services for the implementation, installation, and management of communicating endpoints and data networks. The Industrial Internet of Things (IIoT) solutions supported by this segment include automated meter reading (AMR) and advanced metering infrastructure (AMI) for electricity, water, and gas; distributed energy resource management (DERMs); grid edge devices; distribution automation communications; smart lighting; and smart city sensors and applications. Our IIoT platform allows utility and smart city applications to be run and managed on a flexible, secure, and interoperable multi-purpose network.

Outcomes – This segment primarily includes our value-added, enhanced software and services in which we utilize distributed compute to manage, organize, analyze, and interpret raw, anonymized data using artificial intelligence, machine learning, statistical modeling, and other analytics. This delivers new value for utilities, municipalities, and cities through improving decision making, maximizing operational profitability, engaging consumers, ensuring safety, enhancing resource efficiency, and improving grid resiliency and reliability. Outcomes supports high-value use cases, such as data management, grid planning and operations, AMI operations, gas distribution safety, non-revenue water reduction, revenue assurance, distributed energy resources (DER) management, energy forecasting, consumer engagement, and smart payment. Utilities leverage these outcomes to unlock the capabilities of their networks and devices, improve the productivity of their workforce, increase the reliability of

their operations, manage and optimize the proliferation of DERs, address grid complexity, and enhance the customer experience. Revenue from these offerings are primarily recurring in nature and would include any direct management of Device Solutions, Networked Solutions, and other third-parties' products on behalf of our end customers.

Resiliency Solutions – This segment primarily includes software and services focused on worker safety, emergency preparedness and response, and damage prevention for critical infrastructure providers and their supporting contractors. These solutions are enhanced through the use of artificial intelligence-based models to predict events to aid in compliance, incident remedy, and prevention.

Intersegment revenues are minimal. Certain operating expenses are allocated to the reportable 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. These amounts are not included in the significant segment expense amounts below. Goodwill impairment charges are recognized in Corporate unallocated. No asset information for reportable segments is provided to the CODM. We do not manage the performance of the segments on a balance sheet basis. Other income (expense) primarily includes interest income, interest expense, and amortization of prepaid debt fees.

The CODM assesses the segments' performance primarily by using each segment's adjusted operating income, predominantly in the annual budget and periodic forecasting processes. The CODM considers budget-to-actual and forecast-to-actual variances for these measures when making decisions about the allocation of operating and capital resources to each segment, including evaluating pricing strategy. Prior to the fourth quarter of 2025, the CODM used gross margin as the primary segment performance metric. Starting in the fourth quarter of 2025, the CODM believes adjusted segment operating income provides a more complete metric for allocating resources and assessing segment performance in line with our recent business acquisition and exclusion of amortization of core-developed technology. Previously reported segment information has been recast for comparability.

Information about our reportable segments and Corporate unallocated and the reconciliation to income before income taxes was as follows:


	Year Ended December 31, 2025
In thousands	Device Solutions		Networked Solutions		Outcomes		Resiliency Solutions		Total
Product revenues	$	444,598	$	1,442,243	$	122,135	$	—	$	2,008,976
Service revenues	2,483		115,078		237,608		3,049		358,218
Total revenues	447,081		1,557,321		359,743		3,049		2,367,194
Adjusted cost of revenues (1)	307,682		948,745		216,839		732


Adjusted sales, general and administrative	13,283		27,929		16,921		1,000
Adjusted research and development	17,399		108,247		48,991		1,426

Adjusted segment operating income (loss)	108,717		472,400		76,992		(109)		658,000

Reconciliation of adjusted segment operating income (loss)
Amortization of core-developed technology intangible assets									(1,078)
Corporate unallocated expenses									(343,854)
Total other income (expense)									29,199
Consolidated income before income taxes									$	342,267

(1)Excludes amortization of core-developed technology intangible assets.


	Year Ended December 31, 2024
In thousands	Device Solutions		Networked Solutions		Outcomes		Total
Product revenues	$	473,329	$	1,546,278	$	111,772	$	2,131,379
Service revenues	3,248		103,797		202,413		309,458
Total revenues	476,577		1,650,075		314,185		2,440,837
Adjusted cost of revenues (1)	353,113		1,052,295		196,112


Adjusted sales, general and administrative	13,627		27,676		15,826
Adjusted research and development	16,315		113,442		50,517

Adjusted segment operating income (loss)	93,522		456,662		51,730		601,914

Reconciliation of adjusted segment operating income (loss)
Amortization of core-developed technology intangible assets							—
Corporate unallocated expenses							(337,804)
Total other income (expense)							20,421
Consolidated income before income taxes							$	284,531

(1)Excludes amortization of core-developed technology intangible assets.


	Year Ended December 31, 2023
In thousands	Device Solutions		Networked Solutions		Outcomes		Total
Product revenues	$	452,718	$	1,331,546	$	79,225	$	1,863,489
Service revenues	3,008		118,745		188,391		310,144
Total revenues	455,726		1,450,291		267,616		2,173,633
Adjusted cost of revenues (1)	349,809		950,566		159,350


Adjusted sales, general and administrative	13,846		26,055		14,428
Adjusted research and development	26,381		104,749		43,492

Adjusted segment operating income (loss)	65,690		368,921		50,346		484,957

Reconciliation of adjusted segment operating income (loss)
Amortization of core-developed technology intangible assets							—
Corporate unallocated expenses							(356,090)
Total other income (expense)							(1,481)
Consolidated income before income taxes							$	127,386

(1)Excludes amortization of core-developed technology intangible assets.


	Three Months Ended September 30, 2025
In thousands	Device Solutions		Networked Solutions		Outcomes		Total
Product revenues	$	103,097	$	365,378	$	25,848	$	494,323
Service revenues	525		28,324		58,453		87,302
Total revenues	103,622		393,702		84,301		581,625
Adjusted cost of revenues (1)	71,615		238,941		51,524


Adjusted sales, general and administrative	2,900		6,695		3,707
Adjusted research and development	4,232		26,186		12,264

Adjusted segment operating income (loss)	24,875		121,880		16,806		163,561

Reconciliation of adjusted segment operating income (loss)
Amortization of core-developed technology intangible assets							—
Corporate unallocated expenses							(81,778)
Total other income (expense)							8,918
Consolidated income before income taxes							$	90,701

(1)Excludes amortization of core-developed technology intangible assets.


	Three Months Ended June 30, 2025
In thousands	Device Solutions		Networked Solutions		Outcomes		Total
Product revenues	$	111,939	$	379,481	$	25,764	$	517,184
Service revenues	821		29,453		59,303		89,577
Total revenues	112,760		408,934		85,067		606,761
Adjusted cost of revenues (1)	79,169		251,691		52,283


Adjusted sales, general and administrative	3,628		7,477		4,636
Adjusted research and development	4,509		28,767		12,461

Adjusted segment operating income (loss)	25,454		120,999		15,687		162,140

Reconciliation of adjusted segment operating income (loss)
Amortization of core-developed technology intangible assets							—
Corporate unallocated expenses							(85,727)
Total other income (expense)							7,069
Consolidated income before income taxes							$	83,482

(1)Excludes amortization of core-developed technology intangible assets.


	Three Months Ended March 31, 2025
In thousands	Device Solutions		Networked Solutions		Outcomes		Total
Product revenues	$	125,387	$	374,522	$	23,232	$	523,141
Service revenues	484		28,210		55,316		84,010
Total revenues	125,871		402,732		78,548		607,151
Adjusted cost of revenues (1)	88,118		254,018		47,796


Adjusted sales, general and administrative	3,328		6,680		4,077
Adjusted research and development	3,954		25,925		12,345

Adjusted segment operating income (loss)	30,471		116,109		14,330		160,910

Reconciliation of adjusted segment operating income (loss)
Amortization of core-developed technology intangible assets							—
Corporate unallocated expenses							(84,697)
Total other income (expense)							6,066
Consolidated income before income taxes							$	82,279

(1)Excludes amortization of core-developed technology intangible assets.

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

Revenues by region were as follows:


	Year Ended December 31,
In thousands	2025		2024		2023
United States and Canada	$	1,927,475	$	2,007,045	$	1,733,680
Europe, Middle East, and Africa	318,510		338,997		340,854
Asia Pacific	121,209		94,795		99,099
Total Company	$	2,367,194	$	2,440,837	$	2,173,633

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


	December 31,
In thousands	2025		2024
United States	$	69,322	$	73,878
Outside United States	42,871		41,550
Total Company	$	112,193	$	115,428

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


	Year Ended December 31,
In thousands	2025		2024		2023
Device Solutions	$	8,994	$	12,145	$	12,348
Networked Solutions	13,876		16,545		16,314
Outcomes	5,817		6,372		5,433
Resiliency Solutions	476		—		—
Corporate unallocated	20,354		21,215		21,668
Total Company	$	49,517	$	56,277	$	55,763

- 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.

+ References

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+ Details

Consolidated Balance Sheets (Parentheticals) - shares	Dec. 31, 2025	Dec. 31, 2024
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, shares authorized (in shares)	150,000,000	75,000,000
Common stock, shares issued (in shares)	44,929,000	45,131,000
Common stock, shares outstanding (in shares)	44,929,000	45,131,000

Debt - Schedule of Debt Components of Borrowing (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt	$ 1,265,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Current Portion Of Debt	478	$ 0
Current portion of debt, net	459,522	0
Long-Term Debt, Gross	805,000	1,265,000
Long-term debt, net	788,805	1,242,424
2021 Convertible notes
Debt Instrument [Line Items]
Convertible Debt	460,000	460,000
2024 Convertible notes
Debt Instrument [Line Items]
Convertible Debt	805,000	805,000
Line of Credit
Debt Instrument [Line Items]
Long-term line of credit	0	0
Secured Debt
Debt Instrument [Line Items]
Total debt	1,265,000	1,265,000
Current Portion Of Debt, Gross	460,000	0
Long-term debt, net	788,805	1,242,424
Convertible Debt Securities
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 16,195	$ 22,576

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Total revenues	$ 2,367,194	$ 2,440,837	$ 2,173,633
Total cost of revenues	1,475,076	1,601,520	1,459,725
Gross profit	892,118	839,317	713,908
Operating expenses
Sales, general and administrative	352,965	339,069	312,779
Research and development	207,041	215,034	208,688
Amortization of intangible assets	18,034	17,828	18,918
Restructuring	931	2,679	43,989
Loss on sale of business	79	597	667
Total operating expenses	579,050	575,207	585,041
Operating income	313,068	264,110	128,867
Other income (expense)
Interest income	48,376	34,577	9,314
Interest expense	(22,451)	(15,379)	(8,349)
Other income (expense), net	3,274	1,223	(2,446)
Total other income (expense)	29,199	20,421	(1,481)
Total income before income taxes	342,267	284,531	127,386
Income tax provision	(38,932)	(43,407)	(29,068)
Net income	303,335	241,124	98,318
Net income attributable to noncontrolling interests	2,280	2,019	1,395
Net income attributable to Itron, Inc.	$ 301,055	$ 239,105	$ 96,923
Net income (loss) per common share - Basic (in dollars per share)	$ 6.62	$ 5.27	$ 2.13
Net income (loss) per common share - Diluted (in dollars per share)	$ 6.50	$ 5.18	$ 2.11
Weighted average common shares outstanding - Basic (in shares)	45,492	45,368	45,421
Weighted average common shares outstanding - Diluted (in shares)	46,323	46,187	45,836
Product revenues
Total revenues	$ 2,008,976	$ 2,131,379	$ 1,863,489
Total cost of revenues	1,292,329	1,429,942	1,292,170
Service revenues
Total revenues	358,218	309,458	310,144
Total cost of revenues	$ 182,747	$ 171,578	$ 167,555

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

A sweeping legislative package formally titled "An act to provide for reconciliation pursuant to title II of H. Con. Res. 14" (the "Act"), and commonly referred to as the One Big Beautiful Bill Act, was signed into law on July 4, 2025. The legislation includes numerous changes to existing tax law that are retroactive to the beginning of 2025, including provisions for the current deductibility of certain property additions and deductibility of current and previously capitalized domestic research and development costs. In our U.S. tax provision, we've elected to deduct 100% of all eligible property additions, and to accelerate all previously capitalized domestic research costs in 2025. These impacts have been incorporated into our provision for income taxes and cash tax forecasts. Additionally, multiple changes are effective beginning in 2026 and we are continuing to evaluate the impacts they will have on our subsequent consolidated financial statements and related disclosures.

The Organization for Economic Cooperation and Development (OECD) guidance under the Base Erosion and Profit Shifting (BEPS) initiative aims to minimize perceived tax abuses and modernize global tax policy, including the implementation of a global minimum effective tax rate of 15%. In December 2022, the Council of the European Union adopted OECD Pillar 2 for implementation by European Union member states by December 31, 2023. The resulting legislation in most countries where Itron has significant operations took effect for calendar year 2024. The OECD released further guidance on January 6, 2026, which included new and revised safe harbor rules, including a new permanent safe harbor, and the framework for a "side-by-side" agreement that would exempt US-based multinational companies from all top-up taxes, other than qualified domestic top-up taxes imposed on subsidiaries in their countries of residence. Enactment through legislation will be required in order for this additional guidance to be effective and is expected to only be effective for years after 2025. These enactments or amendments could adversely affect our tax rate and ultimately result in a negative impact on our operating results and cash flows. Consistent with calculations for calendar year 2024, the Company anticipates it will meet the safe harbors in most jurisdictions in 2025, and any remaining top-up tax should be immaterial.

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


	Year Ended December 31,
In thousands	2025		2024		2023
Current:
Federal	$	(38,833)	$	65,461	$	43,101
State and local	3,967		13,427		12,039
Foreign	8,853		3,310		8,573
Total current	(26,013)		82,198		63,713

Deferred:
Federal	61,686		(28,541)		(29,717)
State and local	8,098		(5,475)		(6,471)
Foreign	(10,052)		(3,178)		1,071
Total deferred	59,732		(37,194)		(35,117)

Change in valuation allowance	5,213		(1,597)		472
Total provision (benefit) for income taxes	$	38,932	$	43,407	$	29,068

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

We adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures on a retrospective basis beginning with the year ended December 31, 2025. The following table reconciles the U.S. federal statutory tax amount and rate to our actual global effective amount and rate pursuant to ASU 2023-09 for the current and comparative periods ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
In thousands	2025				2024				2023
Income before income taxes
Domestic	$	315,629			$	230,120			$	88,258
Foreign	26,638				54,411				39,128
Total income before income taxes	$	342,267			$	284,531			$	127,386

	Amount		Percent		Amount		Percent		Amount		Percent
Expected federal income tax provision	$	71,876	21.0	%	$	59,751	21.0	%	$	26,751	21.0	%
State and local income taxes, net of federal income tax effect(1)	14,734		4.3		5,904		2.1		2,874		2.3
Foreign tax effects
Luxembourg

Local statutory tax deductible adjustments	(10,019)		(2.9)		(18,034)		(6.3)		—		—
Effect of changes in tax laws or rates enacted in the current period	—		—		13,999		4.9		—		—
Changes in valuation allowances	2,214		0.6		783		0.3		(4,584)		(3.6)
Nondeductible interest	8,442		2.5		811		0.3		—		—
Other	879		0.3		(100)		0.0		1,137		0.9
France

Changes in valuation allowances	4,184		1.2		(689)		(0.2)		6,761		5.3
Nondeductible interest	616		0.2		1,809		0.6		1,571		1.2


Other	232		0.1		(343)		(0.1)		(386)		(0.3)
Other	2,999		0.9		755		0.3		1,648		1.3
Effect of cross-border tax laws	(76)		0.0		125		0.0		340		0.3
Tax credits
Research and development tax credits	(9,631)		(2.8)		(12,532)		(4.4)		(11,374)		(8.9)
Other	—		—		(1,197)		(0.4)		—		—
Changes in valuation allowances	(1,521)		(0.4)		—		—		(56)		0.0
Nontaxable or nondeductible items
Share-based payment awards	(6,286)		(1.8)		(3,322)		(1.2)		928		0.7
Executive compensation	8,209		2.4		3,824		1.3		1,086		0.9
Nontaxable interest income	(8,442)		(2.5)		(811)		(0.3)		—		—
Other	1,489		0.4		1,056		0.4		306		0.2
Changes in unrecognized tax benefits	(42,233)		(12.3)		(9,046)		(3.2)		3,137		2.5
Other	1,266		0.4		664		0.2		(1,071)		(0.8)
Total provision from income taxes	$	38,932	11.4	%	$	43,407	15.3	%	$	29,068	22.8	%

Deferred tax assets and liabilities consist of the following:


	December 31,
In thousands	2025		2024
Deferred tax assets
Loss carryforwards(1)	$	511,724	$	397,686
Tax credits(2)	33,692		24,485
Accrued expenses	21,376		28,960
Pension plan benefits expense	9,085		9,596
Warranty reserves	7,147		7,754
Depreciation and amortization	33,555		58,199
Equity compensation	18,728		12,619
Inventory valuation	2,039		1,762
Deferred revenue	18,198		14,850
Interest	18,431		30,304
Leases	4,351		5,013
Capitalized research costs	70,967		151,418
Other deferred tax assets, net	1,482		756
Total deferred tax assets	750,775		743,402
Valuation allowance	(473,906)		(420,655)
Total deferred tax assets, net of valuation allowance	276,869		322,747

Deferred tax liabilities
Depreciation and amortization	(4,947)		(7,282)
Leases	(3,251)		(2,977)
Other deferred tax liabilities, net	(4,111)		(2,773)
Total deferred tax liabilities	(12,309)		(13,032)
Net deferred tax assets	$	264,560	$	309,715

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


	Year Ended December 31,
In thousands	2025		2024		2023
Balance at beginning of period	$	420,655	$	445,170	$	427,423
Other adjustments	48,038		(22,918)		17,275
Additions charged to costs and expenses	5,213		(1,597)		472
Balance at end of period, noncurrent	$	473,906	$	420,655	$	445,170

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

of valuation allowance, will be realized. The amount of deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward periods are reduced.

We do not provide U.S. deferred taxes on temporary differences related to our foreign investments that are considered permanent in duration. Foreign taxes have been provided on these undistributed foreign earnings and any repatriation of these earnings would not result in additional U.S. federal income tax.

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

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


	December 31,
In thousands	2025		2024		2023
Unrecognized tax benefits at beginning of the year	$	106,132	$	130,067	$	130,144
Gross increase to positions in prior years	969		630		1,182
Gross decrease to positions in prior years	(9,696)		(4,320)		(8,666)
Gross increases to current period tax positions	3,082		4,868		10,967
Gross decreases to current period tax positions	(389)		(1,056)		—
Audit settlements	(105)		(19,727)		(3,234)
Decrease related to lapsing of statute of limitations	(33,004)		(2,752)		(2,000)
Effect of change in exchange rates	1,937		(1,578)		1,674
Unrecognized tax benefits at end of the year	$	68,926	$	106,132	$	130,067


	December 31,
In thousands	2025		2024		2023
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	$	68,913	$	106,122	$	129,591

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

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


	Year Ended December 31,
In thousands	2025		2024		2023
Net interest and penalties expense (benefit)	$	(2,773)	$	(3,449)	$	1,821

Accrued interest and penalties recognized were as follows:


	December 31,
In thousands	2025		2024
Accrued interest	$	3,909	$	6,418
Accrued penalties	137		293

At December 31, 2025, 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.

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


Tax Jurisdiction						Years Subject to Audit
U.S. federal						Subsequent to 2021
France						Subsequent to 2022
Germany						Subsequent to 2018
United Kingdom						Subsequent to 2020
Indonesia						Subsequent to 2017
Italy						Subsequent to 2019

While the above years are subject to audit based on the local jurisdiction's statute of limitations, tax attributes carrying over into the above years may also be adjusted upon audit.

Income taxes paid, net of refunds received, consisted of the following:


	Year Ended December 31,
In thousands	2025		2024		2023
Federal	$	29,000	$	42,224	$	28,440
State and local	8,595		9,250		17,519
Foreign
United Kingdom	4,858		*		*
India	3,288		*		*
Germany	*		12,753		*
Indonesia	*		4,342		*
All other foreign	10,575		11,603		8,591
Income taxes paid, net of refunds	$	56,316	$	80,172	$	54,550

*These jurisdictions did not exceed the 5% threshold for disclosure in this year.

- Definition

The entire disclosure for income tax.

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+ Details

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 06, 2025 USD ($) shares	Jun. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2025 $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares	Nov. 10, 2025 USD ($)	Sep. 19, 2024 USD ($)	May 11, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized (in shares) \| shares				10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0	$ 0
Preferred stock, shares outstanding (in shares) \| shares				0	0
Preferred stock, shares issued (in shares) \| shares				0	0
Treasury stock, shares, acquired (in shares) \| shares			3,700,000			3,700,000
Derivative, notional amount \| $			$ 84,100
Deferred Tax Assets, Derivative Instruments \| $			$ 20,600
Class of warrant or right, exercise price of warrants or rights \| $ / shares			$ 180.00			$ 180.00
Class of Warrant or Right, Premium, Percentage			1
Class of warrant or right, aggregate proceeds from transaction \| $			$ 45,300
2024 Notes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Deferred tax assets, equity method investments \| $					$ 26,700
2024 Notes \| Call Option
Accumulated Other Comprehensive Income (Loss) [Line Items]
Option indexed to issuer's equity, shares \| shares					6,100,000
Option indexed to issuer's equity, strike price (in usd per share) \| $ / shares					$ 131.2353
Option indexed to issuer's equity, cap price (in usd per share) \| $ / shares					$ 205.86
Convertible Debt Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Derivative Instruments and Hedges, Common Stock, Shares \| shares						3,700,000
Common stock conversion price (in usd per share) \| $ / shares			$ 126.00			$ 126.00
2025 Stock Repurchase Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share repurchase program, authorized, amount \| $							$ 250,000
Stock repurchased during period, shares \| shares				0
2024 Stock Repurchase Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share repurchase program, authorized, amount \| $								$ 100,000
Stock repurchased during period, shares \| shares	942,577
Treasury stock, value, acquired, cost method \| $	$ 100,000
2023 Stock Repurchase Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share repurchase program, authorized, amount \| $									$ 100,000
Stock repurchased during period, shares \| shares		971,534
Treasury stock acquired, average cost per share (in usd per share) \| $ / shares		$ 102.93
Treasury stock, value, acquired, cost method \| $		$ 100,000

Business Combinations - Preliminary Allocation of the Purchase Price (Details) - USD ($) $ in Thousands	Nov. 03, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Assets and Liabilities Acquired in a Business Combination [Line Items]
Goodwill		$ 1,344,983	$ 1,052,130	$ 1,052,504
Urbint, Inc
Schedule of Assets and Liabilities Acquired in a Business Combination [Line Items]
Current Assets	$ 12,334
Other long-term assets	$ 20,737
Weighted average useful life, acquired intangible assets	9 years
Total identified intangible assets subject to amortization	$ 59,000
Goodwill	254,880
Other current liabilities	(10,296)
Long-term liabilities	(5,955)
Total net assets acquired	$ 330,700
Core-developed technology \| Urbint, Inc
Schedule of Assets and Liabilities Acquired in a Business Combination [Line Items]
Weighted average useful life, acquired intangible assets	5 years
Total identified intangible assets subject to amortization	$ 13,400
Customer contracts and relationships \| Urbint, Inc
Schedule of Assets and Liabilities Acquired in a Business Combination [Line Items]
Weighted average useful life, acquired intangible assets	10 years
Total identified intangible assets subject to amortization	$ 44,500
Trademarks and trade names \| Urbint, Inc
Schedule of Assets and Liabilities Acquired in a Business Combination [Line Items]
Weighted average useful life, acquired intangible assets	5 years
Total identified intangible assets subject to amortization	$ 1,100

Stock-Based Compensation - Stock-Based Compensation Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($)
Restricted Stock Units (RSUs) [Member]
[Line Items]
Compensation cost not yet recognized \| $	$ 35.6
Unrecognized compensation expense, expected weighted average period for recognition	1 year 7 months 6 days
Phantom Share Units (PSUs) [Member]
[Line Items]
Compensation cost not yet recognized \| $	$ 3.5
Unrecognized compensation expense, expected weighted average period for recognition	1 year 7 months 6 days
Deferred compensation share-based arrangements, liability, current \| $	$ 2.5	$ 4.8
Employee Stock [Member]
[Line Items]
Number of shares available for future grant under the Stock Incentive Plan (in shares) \| shares	441,813
Stock Incentive Plan [Member]
[Line Items]
Number of shares authorized for issuance under the Stock Incentive Plan (in shares) \| shares	13,991,273
Number of shares available for future grant under the Stock Incentive Plan (in shares) \| shares	3,808,654
Reduction in stock options available for issue (in shares)	1
Authorized share reserve reduction in awards other than stock options or share appreciation rights available for issue, conversion ratio	1.7

Commitments and Contingencies - Incurred But Not Reported Health Benefit Cost Accrual (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
IBNR accrual	$ 3,983	$ 3,658

Derivative Financial Instruments	12 Months Ended
Derivative Financial Instruments	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments As part of our risk management strategy, we use derivative instruments to hedge certain foreign currency and interest rate exposures. Refer to Note 1: Summary of Significant Accounting Policies, Note 14: Shareholders' Equity, and Note 15: Fair Value of Financial Instruments for additional disclosures on our derivative instruments. Derivatives Not Designated as Hedging Relationships We are exposed to foreign exchange risk when we enter into non-functional currency transactions, both intercompany and third party. At each period-end, non-functional currency monetary assets and liabilities are revalued with the change recognized within other income (expense) in our Consolidated Statements of Operations. We enter into monthly foreign exchange forward contracts, which are not designated for hedge accounting, with the intent to reduce earnings volatility associated with currency exposures. As of December 31, 2025, a total of 33 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 $120,000 to $32.5 million. 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.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Seattle, Washington
Auditor Firm ID	34

Debt - Interest Cost Amendment (Details)	Sep. 25, 2025	Oct. 13, 2023
Greater than 3.50
Debt Instrument [Line Items]
Interest Cost	0.01750
Commitment Fee	0.00300
2.51 to 3.50
Debt Instrument [Line Items]
Interest Cost	0.01500
Commitment Fee	0.00250
1.51 to 2.50
Debt Instrument [Line Items]
Interest Cost	0.01375
Commitment Fee	0.00200
Less than or equal to 1.50
Debt Instrument [Line Items]
Interest Cost	0.01250
Commitment Fee	0.00175
Greater than 4.00
Debt Instrument [Line Items]
Interest Cost		0.0250
Commitment Fee		0.0040
3.51 to 4.00
Debt Instrument [Line Items]
Interest Cost		0.0225
Commitment Fee		0.0035
2.51 to 3.50
Debt Instrument [Line Items]
Interest Cost		0.0200
Commitment Fee		0.0030
Less than or equal to 2.50
Debt Instrument [Line Items]
Interest Cost		0.0175
Commitment Fee		0.0025

Summary of Significant Accounting Policies - Basis of Consolidation Policy Additional Information (Details)	12 Months Ended
	Dec. 31, 2025
Maximum
Basis of Consolidation [Abstract]
Fair value method	20.00%
Maximum \| General Investments With Significant Influence \| Equity Method Investments
Basis of Consolidation [Abstract]
Ownership interest to use equity method	50.00%
Maximum \| General Investments With No Significant Influence \| Cost Method Investments
Basis of Consolidation [Abstract]
Ownership interest to use equity method	50.00%
Minimum
Basis of Consolidation [Abstract]
Ownership interest to be held for consolidation	50.00%
Minimum \| General Investments With Significant Influence \| Equity Method Investments
Basis of Consolidation [Abstract]
Ownership interest to use equity method	20.00%
Minimum \| General Investments With No Significant Influence \| Cost Method Investments
Basis of Consolidation [Abstract]
Ownership interest to use equity method	20.00%

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income available to common shareholders	$ 301,055	$ 239,105	$ 96,923
Weighted average common shares outstanding - Basic (in shares)	45,492	45,368	45,421
Dilutive effect of stock-based awards (in shares)	823	819	415
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	8	0	0
Weighted average common shares outstanding - Diluted (in shares)	46,323	46,187	45,836
Net income (loss) per common share - Basic (in dollars per share)	$ 6.62	$ 5.27	$ 2.13
Net income (loss) per common share - Diluted (in dollars per share)	$ 6.50	$ 5.18	$ 2.11

- Definition

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

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-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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-Subparagraph (g)
-Publisher FASB
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-Subparagraph (g)(3)
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (f)
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 11
-Subparagraph (a)
-Publisher FASB
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Fair Values of Financial Instruments - Schedule of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Line of Credit
Liabilities
Multicurrency revolving line of credit	$ 0	$ 0
Carrying Amount
Liabilities
Convertible notes	1,248,327	1,242,424
Carrying Amount \| Line of Credit
Liabilities
Multicurrency revolving line of credit	0	0
Fair Value
Liabilities
Convertible notes	1,277,442	1,330,670
Fair Value \| Line of Credit
Liabilities
Multicurrency revolving line of credit, Fair Value of Amount Outstanding	$ 0	$ 0

- 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

Defined Benefit Pension Plans - Schedule of Amounts Recognized in Other Comprehensive Income (loss), pre-tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Net actuarial (gain) loss	$ (5,538)	$ (2,422)	$ 1,568
Settlement	0	3	7
Curtailment	765	585	114
Plan asset (gain) loss	446	423	(369)
Amortization of net actuarial gain (loss)	1,173	(272)	65
Amortization of prior service cost	(132)	(133)	(57)
Other	0	0	918
Other comprehensive (income) loss	$ (3,286)	$ (1,816)	$ 2,246

- Definition

Amount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan.

+ References + Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Revenues Gross Profit And Operating Income By Segment

Information about our reportable segments and Corporate unallocated and the reconciliation to income before income taxes was as follows:


	Year Ended December 31, 2025
In thousands	Device Solutions		Networked Solutions		Outcomes		Resiliency Solutions		Total
Product revenues	$	444,598	$	1,442,243	$	122,135	$	—	$	2,008,976
Service revenues	2,483		115,078		237,608		3,049		358,218
Total revenues	447,081		1,557,321		359,743		3,049		2,367,194
Adjusted cost of revenues (1)	307,682		948,745		216,839		732


Adjusted sales, general and administrative	13,283		27,929		16,921		1,000
Adjusted research and development	17,399		108,247		48,991		1,426

Adjusted segment operating income (loss)	108,717		472,400		76,992		(109)		658,000

Reconciliation of adjusted segment operating income (loss)
Amortization of core-developed technology intangible assets									(1,078)
Corporate unallocated expenses									(343,854)
Total other income (expense)									29,199
Consolidated income before income taxes									$	342,267

(1)Excludes amortization of core-developed technology intangible assets.


	Year Ended December 31, 2024
In thousands	Device Solutions		Networked Solutions		Outcomes		Total
Product revenues	$	473,329	$	1,546,278	$	111,772	$	2,131,379
Service revenues	3,248		103,797		202,413		309,458
Total revenues	476,577		1,650,075		314,185		2,440,837
Adjusted cost of revenues (1)	353,113		1,052,295		196,112


Adjusted sales, general and administrative	13,627		27,676		15,826
Adjusted research and development	16,315		113,442		50,517

Adjusted segment operating income (loss)	93,522		456,662		51,730		601,914

Reconciliation of adjusted segment operating income (loss)
Amortization of core-developed technology intangible assets							—
Corporate unallocated expenses							(337,804)
Total other income (expense)							20,421
Consolidated income before income taxes							$	284,531

(1)Excludes amortization of core-developed technology intangible assets.


	Year Ended December 31, 2023
In thousands	Device Solutions		Networked Solutions		Outcomes		Total
Product revenues	$	452,718	$	1,331,546	$	79,225	$	1,863,489
Service revenues	3,008		118,745		188,391		310,144
Total revenues	455,726		1,450,291		267,616		2,173,633
Adjusted cost of revenues (1)	349,809		950,566		159,350


Adjusted sales, general and administrative	13,846		26,055		14,428
Adjusted research and development	26,381		104,749		43,492

Adjusted segment operating income (loss)	65,690		368,921		50,346		484,957

Reconciliation of adjusted segment operating income (loss)
Amortization of core-developed technology intangible assets							—
Corporate unallocated expenses							(356,090)
Total other income (expense)							(1,481)
Consolidated income before income taxes							$	127,386

(1)Excludes amortization of core-developed technology intangible assets.


	Three Months Ended September 30, 2025
In thousands	Device Solutions		Networked Solutions		Outcomes		Total
Product revenues	$	103,097	$	365,378	$	25,848	$	494,323
Service revenues	525		28,324		58,453		87,302
Total revenues	103,622		393,702		84,301		581,625
Adjusted cost of revenues (1)	71,615		238,941		51,524


Adjusted sales, general and administrative	2,900		6,695		3,707
Adjusted research and development	4,232		26,186		12,264

Adjusted segment operating income (loss)	24,875		121,880		16,806		163,561

Reconciliation of adjusted segment operating income (loss)
Amortization of core-developed technology intangible assets							—
Corporate unallocated expenses							(81,778)
Total other income (expense)							8,918
Consolidated income before income taxes							$	90,701

(1)Excludes amortization of core-developed technology intangible assets.


	Three Months Ended June 30, 2025
In thousands	Device Solutions		Networked Solutions		Outcomes		Total
Product revenues	$	111,939	$	379,481	$	25,764	$	517,184
Service revenues	821		29,453		59,303		89,577
Total revenues	112,760		408,934		85,067		606,761
Adjusted cost of revenues (1)	79,169		251,691		52,283


Adjusted sales, general and administrative	3,628		7,477		4,636
Adjusted research and development	4,509		28,767		12,461

Adjusted segment operating income (loss)	25,454		120,999		15,687		162,140

Reconciliation of adjusted segment operating income (loss)
Amortization of core-developed technology intangible assets							—
Corporate unallocated expenses							(85,727)
Total other income (expense)							7,069
Consolidated income before income taxes							$	83,482

(1)Excludes amortization of core-developed technology intangible assets.


	Three Months Ended March 31, 2025
In thousands	Device Solutions		Networked Solutions		Outcomes		Total
Product revenues	$	125,387	$	374,522	$	23,232	$	523,141
Service revenues	484		28,210		55,316		84,010
Total revenues	125,871		402,732		78,548		607,151
Adjusted cost of revenues (1)	88,118		254,018		47,796


Adjusted sales, general and administrative	3,328		6,680		4,077
Adjusted research and development	3,954		25,925		12,345

Adjusted segment operating income (loss)	30,471		116,109		14,330		160,910

Reconciliation of adjusted segment operating income (loss)
Amortization of core-developed technology intangible assets							—
Corporate unallocated expenses							(84,697)
Total other income (expense)							6,066
Consolidated income before income taxes							$	82,279

(1)Excludes amortization of core-developed technology intangible assets.

Revenues By Region

Revenues by region were as follows:


	Year Ended December 31,
In thousands	2025		2024		2023
United States and Canada	$	1,927,475	$	2,007,045	$	1,733,680
Europe, Middle East, and Africa	318,510		338,997		340,854
Asia Pacific	121,209		94,795		99,099
Total Company	$	2,367,194	$	2,440,837	$	2,173,633

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

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


	December 31,
In thousands	2025		2024
United States	$	69,322	$	73,878
Outside United States	42,871		41,550
Total Company	$	112,193	$	115,428

Depreciation And Amortization Expense Associated With Segments


	Year Ended December 31,
In thousands	2025		2024		2023
Device Solutions	$	8,994	$	12,145	$	12,348
Networked Solutions	13,876		16,545		16,314
Outcomes	5,817		6,372		5,433
Resiliency Solutions	476		—		—
Corporate unallocated	20,354		21,215		21,668
Total Company	$	49,517	$	56,277	$	55,763

Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets and Liabilities

Intangible Assets

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


	December 31, 2025						December 31, 2024
In thousands	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible Assets
Core-developed technology	$	54,168	$	(32,993)	$	21,175	$	48,048	$	(36,661)	$	11,387
Customer contracts and relationships	359,837		(299,893)		59,944		315,744		(285,441)		30,303
Trademarks and trade names	28,076		(25,858)		2,218		30,793		(29,374)		1,419
Other	—		—		—		11,023		(11,023)		—


Total intangible assets	$	442,081	$	(358,744)	$	83,337	$	405,608	$	(362,499)	$	43,109

On March 1, 2024, we completed the acquisition of 100% of the shares of Elpis2, Inc. (Elpis Squared), a privately held software and services company. The purchase resulted in the addition of intangible assets of $15.0 million including $12.5 million identified core-developed technology and $2.5 million of customer contracts and relationships. The core-developed technology and customer contracts and relationships are amortized over the five-year and three-year useful lives, respectively, using the straight-line method.

On November 3, 2025, we completed the acquisition of 100% of the outstanding equity of Urbint, Inc. (Urbint) a privately held software and services company, based in Florida, serving utilities. The purchase resulted in the addition of intangible assets of $59.0 million including $44.5 million identified customer contracts and relationships, $13.4 million of core-developed technology, and $1.1 million of trademarks and trade names. The customer contracts and relationships, core-developed technology, and trademarks and trade names will be amortized over the ten-year, five-year, and five-year useful lives, respectively, using the straight-line method. Refer to Note 5: Goodwill and Note 18: Business Combinations for additional information.

Estimated future annual amortization is as follows:


Year Ending December 31,	Estimated Annual Amortization
In thousands
2026	$	17,755
2027	16,014
2028	10,422
2029	8,317
2030	7,391
Thereafter	23,438
Total intangible assets subject to amortization	$	83,337


Amortization Expense	Year Ended December 31,
In thousands	2025		2024		2023
Amortization expense	$	19,112	$	17,828	$	18,918

We recognize all amortization expense within amortization of intangible assets in the Consolidated Statements of Operations, except core-developed technology, which is included in cost of revenues. These expenses relate to intangible assets acquired as part of business combinations.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary Significant Accounting Policies	Summary of Significant Accounting Policies We were incorporated in the state of Washington in 1977 and are a technology company, offering end-to-end solutions to enhance productivity and efficiency, primarily focused on utilities and municipalities around the globe. We operate under the Itron brand worldwide and manage and report under four reportable segments: Device Solutions, Networked Solutions, Outcomes, and Resiliency Solutions. Financial Statement Preparation The consolidated financial statements presented in this Annual Report include the Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income, Consolidated Statements of Equity, and Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023 and the Consolidated Balance Sheets as of December 31, 2025 and 2024 of Itron, Inc. and its subsidiaries, prepared in accordance with U.S. generally accepted accounting principles (GAAP). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of significant estimates include revenue recognition, warranty, restructuring, income taxes, business combinations, goodwill and intangible assets, defined benefit pension plans, contingencies, and stock-based compensation. Due to various factors affecting future costs and operations, actual results could differ materially from these estimates. Risks and Uncertainties Global economic impacts, such as pandemics and various ongoing conflicts around the world, may create disruption in customer demand and global supply chains, resulting in market volatility, which our management continues to monitor. In the aftermath of these types of events, global supply chains, including labor, may struggle to keep pace with rapidly changing demand. Temporary imbalance in supply and demand may create business uncertainties that include increased costs and lack of availability. Efforts continue with suppliers to improve supply resiliency, including the approval of alternative sources. Additionally, inflation in our raw materials and component costs, freight charges, sanctions, tariffs, and labor costs may increase above historical levels due to, among other things, the continuing impacts of an uncertain economic environment. We may or may not be able to fully recover these increased costs through pricing actions with our customers. Currently, we have not identified any significant decrease in long-term customer demand for our products and services. While we have limited direct business exposure in areas with current conflict, such as Ukraine or Iran, military actions globally and any resulting sanctions or tariffs 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 military action, sanctions, tariffs, and resulting market and/or supply disruptions are impossible to predict but could be substantial, and our management continues to monitor these events closely. Basis of Consolidation We consolidate all entities in which we have a greater than 50% ownership interest or in which we exercise control over the operations. We use the equity method of accounting for entities in which we have a 20% to 50% investment and exercise significant influence. We use the cost method of accounting for entities in which we have a 20% to 50% investment and exercise no significant influence. Entities in which we have less than a 20% investment and where we do not exercise significant influence are accounted for under the fair value method. Intercompany transactions and balances are eliminated upon consolidation. Noncontrolling Interests In several of our consolidated international subsidiaries, we have joint venture partners, who are minority shareholders. Although these entities are not wholly owned by Itron, we consolidate them because we have a greater than 50% ownership interest or because we exercise control over the operations. The noncontrolling interest balance is adjusted each period to reflect the allocation of net income (loss) and other comprehensive income (loss) attributable to the noncontrolling interests, as shown in our Consolidated Statements of Operations and our Consolidated Statements of Comprehensive Income, as well as contributions from and distributions to the owners. The noncontrolling interest balance in our Consolidated Balance Sheets represents the proportional share of the equity of the joint venture entities, which is attributable to the minority shareholders. Cash and Cash Equivalents We consider all highly liquid instruments with remaining maturities of three months or less at the date of acquisition to be cash equivalents. Restricted Cash and Cash Equivalents Cash and cash equivalents that are contractually restricted from operating use are classified as restricted cash and cash equivalents. We had $1.8 million pledged for standby letters of credit as of December 31, 2025 and 2024. Accounts Receivable, net Accounts receivable are recognized for invoices issued to customers in accordance with our contractual arrangements. Interest and late payment fees are minimal. Unbilled receivables are recognized when revenues are recognized upon product shipment or service delivery, and there is a contractual right to invoice, although invoicing may occasionally be deferred. We recognize an allowance for credit losses representing our estimate of the expected losses in accounts receivable at the date of the balance sheet based on our historical experience of bad debts, our specific review of outstanding receivables, and our review of current and expected economic conditions. We assume the current conditions as of the balance sheet will not change for the remaining life of the assets. Accounts receivable are written-off against the allowance when we believe an account, or a portion thereof, is no longer collectible. Inventories Inventories are stated at the lower of cost or net realizable value using the first-in, first-out method. Cost includes raw materials and labor, plus applied direct and indirect overhead costs. Net realizable value is the estimated selling price in the normal course of business, minus the cost of completion, disposal and transportation. Derivative Instruments All derivative instruments, whether designated in hedging relationships or not, are recognized on the Consolidated Balance Sheets at fair value as either assets or liabilities. The fair values of our derivative instruments are determined using the fair value measurements of significant other observable inputs (Level 2), as defined by GAAP. The fair value of our derivative instruments may switch between an asset and a liability depending on market circumstances at the end of the period. We include the effect of our counterparty credit risk based on current published credit default swap rates when the net fair value of our derivative instruments is in a net asset position and the effect of our own nonperformance risk when the net fair value of our derivative instruments is in a net liability position. For any derivative designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. For any derivative designated as a cash flow hedge, changes in the fair value of the derivative are recognized as a component of other comprehensive income (loss) (OCI) and are recognized in earnings when the hedged item affects earnings. For a hedge of a net investment, any unrealized gain or loss from the foreign currency revaluation of the hedging instrument is reported in OCI as a net unrealized gain or loss on derivative instruments. Upon termination of a net investment hedge, the net derivative gain/loss will remain in accumulated other comprehensive income (loss) (AOCI) until such time when earnings are impacted by a sale or liquidation of the associated operations. We classify cash flows from our derivative programs as cash flows from operating activities in the Consolidated Statements of Cash Flows. Derivatives are not used for trading or speculative purposes. Our derivatives are with credit-worthy multinational commercial banks, with which we have master netting agreements; however, our derivative positions are not recognized on a net basis in the Consolidated Balance Sheets. There are no credit-risk related contingent features within our derivative instruments. Refer to Note 7: Derivative Financial Instruments and Note 14: Shareholders' Equity for further disclosures of our derivative instruments and their impact on OCI. Property, Plant, and Equipment Property, plant, and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 30 years for buildings and improvements and three years to 10 years for machinery and equipment, computers and software, and furniture. Leasehold improvements are capitalized and depreciated over the term of the applicable lease, including renewable periods if reasonably certain, or over the useful lives, whichever is shorter. Construction in progress represents capital expenditures incurred for assets not yet placed in service. Costs related to internally developed software and software purchased for internal uses are capitalized and are amortized over the estimated useful lives of the assets. Repair and maintenance costs are recognized as incurred. We have no major planned maintenance activities. We review long-lived assets for impairment whenever events or circumstances indicate the carrying amount of an asset group may not be recoverable. Assets held for sale are classified within other current assets in the Consolidated Balance Sheets, are reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. Gains and losses from asset disposals and impairment losses are classified within the Consolidated Statements of Operations according to the use of the asset, except those gains and losses recognized in conjunction with our restructuring activities, which are classified within restructuring expense, or impairment losses recognized in conjunction with an announced or completed sale of a business, which are classified within loss on sale of business. Prepaid Debt Fees Prepaid debt fees for term debt represent the capitalized direct costs incurred related to the issuance of debt and are recognized as a deduction from the carrying amount of the corresponding debt liability. We have elected to present prepaid debt fees for revolving debt within other long-term assets in the Consolidated Balance Sheets. These costs are amortized to interest expense over the terms of the respective borrowings, including any contingent maturity or call features, using the effective interest method or the straight-line method when associated with a revolving credit facility. When debt is repaid early, the related portion of unamortized prepaid debt fees is written off and included in interest expense. Business Combinations On the date of acquisition, the assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree are recognized at their fair values. The acquiree's results of operations are also included beginning on the date of acquisition in our consolidated results. Intangible assets that arise from contractual/legal rights, or are capable of being separated, are measured and recognized at fair value, and amortized over the estimated useful life. If practicable, assets acquired and liabilities assumed arising from contingencies are measured and recognized at fair value. If not practicable, such assets and liabilities are measured and recognized when it is probable that a gain or loss has occurred and the amount can be reasonably estimated. The residual balance of the purchase price, after fair value allocations to all identified assets and liabilities, represents goodwill. Acquisition-related costs are recognized as incurred. Integration costs associated with an acquisition are generally recognized in periods subsequent to the acquisition date, and changes in deferred tax asset valuation allowances and acquired income tax uncertainties, including penalties and interest, after the measurement period are recognized as a component of the provision for income taxes. Our acquisitions may include contingent consideration, which requires us to recognize the fair value of the estimated liability at the time of the acquisition. Subsequent changes in the estimate of the amount to be paid under the contingent consideration arrangement are recognized in the Consolidated Statements of Operations. We estimate the preliminary fair value of acquired assets and liabilities as of the date of acquisition based on information available at that time utilizing either a cost or income approach. The determination of fair value is judgmental in nature and involves the use of significant estimates and assumptions. The valuation of these tangible and identifiable intangible assets and liabilities is subject to further management review and may change materially between the preliminary allocation and end of the purchase price allocation period. During the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Any changes in these estimates may have a material effect on our consolidated operating results or financial position. Upon the conclusion of the measurement period or final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recognized in our Consolidated Statements of Operations. Leases We determine if an arrangement is a lease at inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (2) the customer has the right to control the use of the identified asset. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities, and operating lease liabilities on our Consolidated Balance Sheets. Finance leases are included in property, plant, and equipment, other long-term assets, other current liabilities, and other long-term obligations on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. We use the rate implicit in the lease agreement when readily determinable. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is the estimated rate of interest we expect to pay on a collateralized basis over a similar term, based on the information available at the lease commencement date. The Operating lease ROU asset also includes any lease payments made and is reduced by lease incentives received and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We have lease agreements that include lease and nonlease components. When nonlease components are fixed, we have elected the practical expedient to account for lease and nonlease components as a single lease component, except for leases embedded in service contracts. All leases with a lease term that is greater than one month are subject to recognition and measurement on the balance sheet, except where we have leases in service contracts with contract manufacturers. For leases with contract manufacturers, we have elected to utilize the short-term lease exemption. Lease expense for variable lease payments, where the timing or amount of the payment is not fixed, are recognized when the obligation is incurred. Variable lease payments generally arise in our net lease arrangements where executory and other lease-related costs are billed to Itron when incurred by the lessor. Goodwill and Intangible Assets Goodwill and intangible assets may result from our business acquisitions. Intangible assets may also result from the purchase of assets and intellectual property in a transaction that does not qualify as a business combination. We use estimates, including estimates of useful lives of intangible assets, the amount and timing of related future cash flows, and fair values of the related operations, in determining the value assigned to goodwill and intangible assets. Our finite-lived intangible assets are amortized over their estimated useful lives based on estimated discounted cash flows, generally three years to 10 years for core-developed technology and customer contracts and relationships. Fully amortized finite-lived intangible assets are evaluated for write-off based on Itron's internal process. The evaluation is completed if they expire, become obsolete, or are determined to have no value to the Company. Finite-lived intangible assets are tested for impairment at the asset group level when events or changes in circumstances indicate the carrying value may not be recoverable. Indefinite-lived intangible assets are tested for impairment annually, when events or changes in circumstances indicate the asset may be impaired, or when their useful lives are determined to be no longer indefinite. Goodwill is assigned to our reporting units based on the expected benefit from the synergies arising from each business combination, determined by using certain financial metrics, including the forecasted discounted cash flows associated with each reporting unit. Each reporting unit corresponds with its respective operating segment. We test goodwill for impairment each year as of October 1, or more frequently should a significant impairment indicator occur. As part of the impairment test, we may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit, including goodwill, is less than its carrying amount, or if we elect to bypass the qualitative assessment, we would then proceed with the quantitative impairment test. The impairment test involves comparing the fair values of the reporting units to their carrying amounts. If the carrying amount of a reporting unit exceeds its fair value, we first evaluate the long-lived assets within the reporting unit for impairment and then recognize goodwill impairment loss in an amount equal to any excess. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. We forecast discounted future cash flows at the reporting unit level using risk-adjusted discount rates and estimated future revenues and operating costs, which take into consideration factors such as existing backlog, expected future orders, supplier contracts, and expectations of competitive and economic environments. We also identify similar publicly traded companies and develop a correlation, referred to as a multiple, to apply to the operating results of the reporting units. These combined fair values are then reconciled to the aggregate market value of our common stock on the date of valuation, while considering a reasonable control premium. Contingencies A loss contingency is recognized if it is probable that an asset has been impaired or a liability has been incurred, and the amount of the loss can be reasonably estimated. We evaluate, among other factors, the degree of probability of an unfavorable outcome and our ability to make a reasonable estimate of the amount of the ultimate loss. Loss contingencies that we determine to be reasonably possible, but not probable, are disclosed but not recognized. Legal costs to defend against contingent liabilities are recognized as incurred. Bonus Compensation We have various employee bonus compensation plans, which provide award amounts for the achievement of financial and nonfinancial targets. If management determines it is probable that the discretionary targets will be achieved and the amounts can be reasonably estimated, a compensation accrual is recognized based on the proportional achievement of the financial and nonfinancial targets. In addition, management or the Board of Directors may decide to grant monetary bonus awards, at their discretion, and we accrue such awards when it becomes probable they will be paid. Warranty We offer standard warranties on our hardware products and large application software products. We accrue the estimated cost of new product warranties based on historical and projected product performance trends and costs during the warranty period. Testing of new products in the development stage helps identify and correct potential warranty issues prior to manufacturing. Quality control efforts during manufacturing reduce our exposure to warranty claims. When testing or quality control efforts fail to detect a fault in one of our products, we may experience an increase in warranty claims. We track warranty claims to identify potential warranty trends. If an unusual trend is noted, an additional warranty accrual would be recognized if the failure event is probable and the cost can be reasonably estimated. When new products are introduced, our process relies on historical averages of similar products until sufficient data is available. As actual experience on new products becomes available, it is used to modify the historical averages to ensure the expected warranty costs are within a range of likely outcomes. Management regularly evaluates the sufficiency of the warranty provisions and makes adjustments when necessary. The long-term warranty balance includes estimated warranty claims beyond one year. Warranty expense is classified within cost of revenues. Restructuring We recognize a liability for costs associated with an exit or disposal activity under a restructuring project in the period in which the liability is incurred. Employee termination benefits considered postemployment benefits are accrued when the obligation is probable and estimable, such as benefits stipulated by human resource policies and practices or statutory requirements. If the employee must provide future service, such benefits are recognized ratably over the future service period. For contract termination costs, we recognize a liability upon the termination of a contract in accordance with the contract terms or the cessation of the use of the rights conveyed by the contract, whichever occurs later. Asset impairments associated with a restructuring project are determined at the asset group level. An impairment may be recognized for assets that are to be abandoned, are to be sold for less than net book value, or are held for sale in which the estimated proceeds less costs to sell are less than the net book value. We may also recognize impairment on an asset group, which is held and used, when the carrying value is not recoverable and exceeds the asset group's fair value. If an asset group is considered a business, a portion of our goodwill balance is allocated to it based on relative fair value. If the sale of an asset group under a restructuring project results in proceeds that exceed the net book value of the asset group, the resulting gain is recognized within restructuring expense in the Consolidated Statements of Operations. Defined Benefit Pension Plans We sponsor both funded and unfunded defined benefit pension plans for certain international employees. We recognize a liability for the projected benefit obligation in excess of plan assets. We recognize an asset when plan assets exceed the projected benefit obligation. We also recognize the funded status of our defined benefit pension plans on our Consolidated Balance Sheets and recognize as a component of OCI, net of tax, the actuarial gains or losses and prior service costs or credits, if any, which arise during the period but that are not recognized as components of net periodic benefit cost. If actuarial gains and losses exceed 10 percent of the greater of plan assets or plan liabilities, we amortize them over the employees' average future service period. Stock Repurchase Plans From time to time, we may repurchase shares of Itron common stock under programs authorized by our Board of Directors. Repurchases are made in the open market or in privately negotiated transactions and in accordance with applicable securities laws. Under applicable Washington State law, shares repurchased are retired and not displayed separately as treasury stock on the financial statements; the value of the repurchased shares is deducted from common stock. Product Revenues and Service Revenues Product revenues include sales from standard and smart meters, systems or software, and any associated implementation and installation revenue. Service revenues include sales from post-sale maintenance support, consulting, outsourcing, Software-as-a-Service (SaaS), and managed services. Revenue Recognition The majority of our revenues consist primarily of hardware sales, but may also include the license of software, software implementation services, cloud services and SaaS, project management services, installation services, consulting services, post-sale maintenance support, and extended or customer-specific warranties. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. In determining whether the definition of a contract has been met, we consider whether the arrangement creates enforceable rights and obligations, which involves evaluation of contractual terms that would allow for the customer to terminate the agreement. If the customer has the unilateral right to terminate the agreement without providing further consideration to us, the agreement would not be considered to meet the definition of a contract. Many of our revenue arrangements involve multiple performance obligations as our hardware and services are often sold together. Separate contracts entered into with the same customer (or related parties of the customer) at or near the same time are accounted for as a single contract when one or more of the following criteria are met: •The contracts are negotiated as a package with a single commercial objective. •The amount of consideration to be paid in one contract depends on the price or performance of the other contract: or •The goods or services promised in the contracts (or some goods or services promised in each of the contracts) are a single performance obligation. Once the contract has been defined, we evaluate whether the promises in the contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment, and the decision to separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recognized in a given period. Some of our contracts contain a significant service of integrating, customizing or modifying goods or services in the contract, in which case the goods or services would be combined into a single performance obligation. It is common that we may promise to provide multiple distinct goods or services, in which case we separate the contract into more than one performance obligation. If a contract is separated into more than one performance obligation, we allocate the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services. For goods or services where we have observable standalone sales, the observable standalone sales are used to determine the standalone selling price. Where we do not have observable standalone sales we estimate the standalone selling price using either the adjusted market assessment approach or the expected cost plus a margin approach. Approaches used to estimate the standalone selling price for a good or service will maximize the use of observable inputs and consider several factors, including our pricing practices, costs to provide a good or service, the type of good or service, and availability of other transactional data, among others. We determine the estimated standalone selling prices of goods or services used in our allocation of arrangement consideration on an annual basis or more frequently if there is a significant change in our business or if we experience significant variances in our transaction prices. Many of our contracts with customers include variable consideration which can include liquidated damage provisions, rebates and volume discounts. Some of our contracts with customers contain clauses for liquidated damages related to the timing of delivery or milestone accomplishments, which could become material in the event of failure to meet the contractual deadlines. At the inception of the arrangement and on an ongoing basis, we evaluate the probability and magnitude of liquidated damages. We estimate variable consideration using the expected value method, taking into consideration contract terms, historical customer behavior, and historical sales. In the case of liquidated damages, we also take into consideration progress towards meeting contractual milestones, including whether milestones have not been achieved, specified rates, if applicable, stated in the contract, and history of paying liquidated damages to the customer or similar customers. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. In the normal course of business, we do not accept product returns unless the item is defective as manufactured and covered by warranty. A warranty provision is estimated as deemed necessary. Hardware revenue is recognized at a point in time. Transfer of control is typically at the time of shipment, receipt by the customer, or, if applicable, upon receipt of customer acceptance. We will recognize revenue prior to receipt of customer acceptance for hardware in cases where the customer acceptance provision is determined to be a formality. Transfer of control would not occur until receipt of customer acceptance in hardware arrangements where such provisions are subjective or where we do not have history of meeting the acceptance criteria. Perpetual software licenses are a right to use intellectual property and are recognized at a point in time. Transfer of control is at the point at which it is available to the customer to download and use or upon receipt of customer acceptance. In certain contracts, software licenses may be sold with implementation services that include a significant service of integrating, customizing or modifying the software. In these instances, the software license is combined into single performance obligation with the implementation services and recognized over time as the implementation services are performed. Hardware and software licenses (when not combined with professional services) are typically billed when shipped and revenue recognized at a point-in-time. As a result, the timing of revenue recognition and invoicing does not have a significant impact on contract assets and liabilities. Professional services, which include implementation, project management, installation, and consulting services are recognized over time. We measure progress towards satisfying these performance obligations using input methods, most commonly based on the costs incurred in relation to the total expected costs to provide the service. We expect this method to best depict our performance in transferring control of services promised to the customer or represents a reasonable proxy for measuring progress. The estimate of expected costs to provide services requires judgment. Cost estimates take into consideration our historical experience and the specific scope requested by the customer and are updated quarterly. We may also offer professional services on a stand-ready basis over a specified period of time, in which case revenue would be recognized ratably over the term. Invoicing of these services is commensurate with performance and occurs on a monthly basis. As such, these services do not have a significant impact on contract assets and contract liabilities. Cloud services and SaaS arrangements where customers have access to certain of our software within a cloud-based IT environment that we manage, host, and support are offered to customers on a subscription basis. Revenue for the cloud services and SaaS offerings are generally recognized ratably over the contact term commencing with the date the services are made available to the customer. Professional services are typically billed monthly in arrears or as milestones are achieved. Other services, including cloud services and SaaS arrangements, are commonly billed annually upfront resulting in a contract liability. Certain of our revenue arrangements include an extended or customer-specific warranty provision that covers all or a portion of a customer's replacement or repair costs beyond the standard warranty period. Whether or not the extended warranty is separately priced in the arrangement, such warranties are a separate good or service, and a portion of the transaction price is allocated to this extended warranty performance obligation. This revenue is recognized ratably over the extended warranty coverage period. Hardware and software post-sale maintenance support fees are recognized ratably over the life of the related service contract. Support fees are typically billed in advance on an annual basis, resulting in a contract liability. Shipping and handling costs and incidental expenses billed to customers are recognized as revenue in the period incurred, with the associated cost charged to cost of revenues in the same period. We recognize sales, use, and value added taxes billed to our customers on a net basis consistent with the policy election permitted under Accounting Standards Codification (ASC) 606-10-32-2A. Payment terms with customers can vary by customer; however, amounts billed are typically payable within 30 to 90 days, depending on the destination country. We do not typically offer financing as part of our contracts with customers. We incur certain incremental costs to obtain contracts with customers, primarily in the form of sales commissions. Where the amortization period is one year or less, we have elected to apply the practical expedient and recognize the related commissions expense as incurred. Otherwise, such incremental costs are capitalized and amortized over the contract period. Capitalized incremental costs are not material. Product and Software Development Costs Product and software development costs primarily include employee compensation and third-party contracting fees. We do not capitalize product development costs, and we do not generally capitalize development expenses for computer software to be sold, leased, or otherwise marketed as the costs incurred are immaterial for the relatively short period of time between technological feasibility and the completion of software development. Stock-Based Compensation We grant various stock-based compensation awards to our officers, employees, and Board of Directors with service, performance, and market vesting conditions, including restricted stock units, phantom stock units, and unrestricted stock units (awards). Prior to December 31, 2020, stock options were also granted as part of the stock-based compensation awards. We measure and recognize compensation expense for all awards based on estimated fair values. For awards with only a service condition, we expense stock-based compensation using the straight-line method over the requisite service period for the entire award. For awards with service and performance conditions where vesting is probable, we expense the stock-based compensation on a straight-line basis over the requisite service period for each separately vesting portion of the award. For awards with a market condition, we expense the fair value over the requisite service period. We have elected to account for forfeitures of any awards in stock-based compensation expense prospectively as they occur. The fair value of a restricted stock unit is the market close price of our common stock on the date of grant. Restricted stock units vest over a maximum period of three years. After vesting, the restricted stock units are converted into shares of our common stock on a one-for-one basis and issued to employees. Certain restricted stock units are issued under the Long-Term Performance Restricted Stock Unit Award Agreement and include performance and market conditions. The final number of shares issued will be based on the achievement of financial targets and our total shareholder return relative to the Russell 3000 Index during the performance periods. Due to the presence of a market condition, we utilize a Monte Carlo valuation model to determine the fair value of the awards at the grant date. Expected volatility is based on the historical volatility of our common stock for the related expected term. We believe this approach is reflective of current and historical market conditions and is an appropriate indicator of expected volatility. The risk-free interest rate is the rate available as of the grant date on zero-coupon U.S. government issues with a term equal to the expected term of the award. The expected term is the remaining term of an award based on the period of time between the grant date and the date the award is expected to vest. Phantom stock units are a form of share-based award that are indexed to our stock price and are settled in cash upon vesting and accounted for as liability-based awards. Fair value is remeasured at the end of each reporting period based on the market close price of our common stock. Phantom stock units vest over a maximum period of three years. Since phantom stock units are settled in cash, compensation expense recognized over the vesting period will vary based on changes in the fair value of the awards. The fair value of unrestricted stock awards is the market close price of our common stock on the date of grant, and the awards are deemed fully vested. We expense stock-based compensation at the date of grant for unrestricted stock awards. The fair value of stock options was estimated at the date of grant using the Black-Scholes option-pricing model. Options to purchase our common stock were granted with an exercise price equal to the market close price of the stock on the date the Board of Directors approved the grant. Options generally became exercisable in three equal annual installments beginning one year from the date of grant and expiring 10 years from the date of grant. Expected volatility was based on a combination of the historical volatility of our common stock and the implied volatility of our traded options for the related expected term. We believe this combined approach was reflective of current and historical market conditions and was an appropriate indicator of expected volatility. The risk-free interest rate was the rate available as of the award date on zero-coupon U.S. government issues with a term equal to the expected term of the award. The expected term was the weighted average expected term of an award based on the period of time between the date the award was granted and the estimated date the award will be fully exercised. Factors considered in estimating the expected term included historical experience of similar awards, contractual terms, vesting schedules, and expectations of future employee behavior. Excess tax benefits and deficiencies resulting from employee share-based payment are recognized as income tax provision or benefit in the Consolidated Statements of Operations, and as an operating activity on the Consolidated Statements of Cash Flows. We also maintain an Employee Stock Purchase Plan (ESPP) for our employees. Under the terms of the ESPP, employees can deduct up to 10% of eligible compensation to purchase our common stock at a 5% discount from the fair market value of the stock at the end of each fiscal quarter, subject to other limitations under the plan. The sale of the stock to the employees occurs at the beginning of the subsequent quarter. The ESPP is not considered compensatory, and no compensation expense is recognized for sales of our common stock to employees. Income Taxes We account for income taxes using the asset and liability method of accounting. Deferred tax assets and liabilities are recognized based upon anticipated future tax consequences, in each of the jurisdictions that we operate, attributable to: (1) the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases; and (2) net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured annually using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The calculation of our tax liabilities involves applying complex tax regulations in different tax jurisdictions to our tax positions. The effect on deferred tax assets and liabilities of a change in tax legislation and/or rates is recognized in the period that includes the enactment date. A valuation allowance is recognized to reduce the carrying amounts of deferred tax assets if it is not more likely than not that such assets will be realized. We do not recognize tax liabilities on undistributed earnings of international subsidiaries that are permanently reinvested. Foreign Exchange Our consolidated financial statements are reported in U.S. dollars. Assets and liabilities of international subsidiaries with non-U.S. dollar functional currencies are translated to U.S. dollars at the exchange rates in effect on the balance sheet date, or the last business day of the period, if applicable. Revenues and expenses for each subsidiary are translated to U.S. dollars using an average rate for the relevant reporting period. Translation adjustments resulting from this process are included, net of tax, in OCI. Gains and losses that arise from exchange rate fluctuations for monetary asset and liability balances that are not denominated in an entity's functional currency are included within other income (expense), net in the Consolidated Statements of Operations. Currency gains and losses of intercompany balances deemed to be long-term in nature or designated as a hedge of the net investment in international subsidiaries are included, net of tax, in OCI. Fair Value Measurements For assets and liabilities measured at fair value, the GAAP fair value hierarchy prioritizes the inputs used in different valuation methodologies, assigning the highest priority to unadjusted quoted prices for identical assets and liabilities in actively traded markets (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 inputs consist of quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in non-active markets; and model-derived valuations in which significant inputs are corroborated by observable market data either directly or indirectly through correlation or other means. Inputs may include yield curves, volatility, credit risks, and default rates. Segments Operating segments are defined as components of the Company that engage in business activities from which it may earn revenues and incur expenses, and for which separate financial information is available and is regularly reviewed by the Company’s chief operating decision maker (CODM) to assess the performance of the individual segments and make decisions about resources to be allocated to the segments. A reportable segment consists of one or more operating segments. Following the acquisition of Urbint, Inc. (Urbint), we have identified our fourth operating and reportable segment. Recently Adopted Accounting Standards In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures, which amends Income Taxes (Topic 740). The FASB issued this update to improve annual basis income tax disclosures related to (1) rate reconciliation, (2) income taxes paid, and (3) other disclosures related to pretax income (or loss) and income tax expense (or benefit) from continuing operations. The effective date for this amendment is January 1, 2025 with early adoption permitted. We adopted the new standard for the annual reporting period ended December 31, 2025 and applied the new reporting requirements retrospectively so comparative periods have been restated accordingly. See Note 11 Income Taxes in the accompanying notes to the consolidated financial statements for further detail. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in ASU 2025-05 provide a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606 Revenue from Contracts with Customers. The ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. Effective October 1, 2025, we early adopted ASU 2025-05, electing the practical expedient permitting an entity to assume that current conditions as of the balance sheet date remains unchanged over the life of the asset when estimating expected credit losses for current account receivable and current contract assets. The adoption did not have a material impact on our financial statements or related disclosures. Recent Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance is intended to enhance transparency and disclosures by requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The FASB further clarified the effective date in January 2025 with the issuance of ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASU is effective for our Annual Report as of December 31, 2027, and for interim reporting periods beginning in the first quarter of 2028, with early adoption permitted. We are in the process of evaluating the impact that the adoption of this ASU will have on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The new guidance clarifies the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument. The ASU is effective beginning in 2026, with early adoption permitted. We will utilize this guidance for any future induced conversions or extinguishments of our convertible notes. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the internal-use software guidance that is accounting for under Subtopic 350-40. The amendments eliminates the previous stage-based model (preliminary project stage, application development stage, and post-implementation stage) and replaces it with a principles-based approach that better aligns with modern software development practice, including agile and iterative methodologies. Under the new guidance, entities may begin capitalizing internal-use software development costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to performed the function intended. The ASC also supersede the separate guidance on website development costs guidance and incorporate it into the internal-use software framework. ASU 2025-06 is effective for us beginning with our interim financial reports for the first quarter of 2028, with early adoption permitted. We intend to early adopt ASU 2025-06 prospectively for our fiscal year beginning January 1, 2026, including interim periods. We do not expect the guidance to have a material impact on our consolidated financial statements or related disclosures. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The ASU adds a new scope exception from derivative accounting for non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. The ASU also clarifies that when an entity has a right to receive a share-based payment from its customer in exchange for the transfer of goods or services, the share-based payment should be accounted for as noncash consideration within the scope of ASC 606. ASU 2025-07 is effective for us beginning with our interim financial reports for the first quarter of 2027. This standard is not expected to have any significant impact on our results of operations, financial position, cash flow, or related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which is intended to improve the navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendment, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. The amendment also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for our interim financial reports for the first quarter of 2028, with early adoption permitted. We are currently evaluating the impact this standard will have on our consolidated financial statements and related disclosures.

Defined Benefit Pension Plans - Schedule of Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Plan assets in other long-term assets	$ 334	$ 133
Current portion of pension benefit obligation in wages and benefits payable	4,376	4,123
Long-term portion of pension benefit obligation	61,998	59,537
Pension benefit obligation, net	$ 66,040	$ 63,527

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Restructuring

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring

2023 Projects

On February 23, 2023, our Board of Directors approved a restructuring plan (the 2023 Projects). The 2023 Projects include activities that continue Itron's efforts to optimize its global supply chain and manufacturing operations, sales and marketing organizations, and other overhead. These projects were substantially complete as of March 31, 2025.

The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2023 Projects were as follows:


In thousands	Total Expected Costs at December 31, 2025		Costs Recognized in Prior Periods		Adjustments Recognized During the Year Ended December 31, 2025		Expected Remaining Costs to be Recognized at December 31, 2025
Employee severance costs	$	40,222	$	42,078	$	(1,856)	$	—
Asset impairments & net loss (gain) on sale or disposal	1,124		1,149		(25)		—
Other restructuring costs	10,319		6,947		2,812		560
Total	$	51,665	$	50,174	$	931	$	560

The following table summarizes the activity within the restructuring related balance sheet accounts for the 2023 Projects during the year ended December 31, 2025:


In thousands	Accrued Employee Severance		Asset Impairments & Net Loss (Gain) on Sale or Disposal		Other Accrued Costs		Total
Beginning balance, January 1, 2025	$	38,115	$	—	$	3,216	$	41,331
Costs charged to expense	(1,856)		(25)		2,812		931
Cash payments	(24,212)		—		(2,154)		(26,366)
Cash receipts	—		26		—		26
Net assets disposed and impaired	—		(1)		—		(1)
Effect of change in exchange rates	2,939		—		100		3,039
Ending balance, December 31, 2025	$	14,986	$	—	$	3,974	$	18,960

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 reportable segments or consolidated results.

Certain of Itron's employees are represented by unions or works councils, which require consultation, and potential restructuring projects may be subject to regulatory approval, both of which could impact the timing of planned savings in certain jurisdictions.

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 recognized within the Corporate unallocated segment and does not impact the results of our reportable segments.

The current portions of restructuring liabilities were $15.0 million and $24.3 million as of December 31, 2025 and 2024 and are classified within other current liabilities on the Consolidated Balance Sheets. The long-term portions of restructuring liabilities were $4.0 million and $17.0 million as of December 31, 2025 and 2024. 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 (Tables)

12 Months Ended

Dec. 31, 2025

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, 2023	$	(83,193)	$	(210)	$	(14,380)	$	3,109	$	(94,674)
OCI before reclassifications	15,550		—		—		(1,947)		13,603
Amounts reclassified from AOCI	—		—		—		(119)		(119)
Total other comprehensive income (loss)	15,550		—		—		(2,066)		13,484
Balances at December 31, 2023	(67,643)		(210)		(14,380)		1,043		(81,190)
OCI before reclassifications	(29,913)		—		—		1,290		(28,623)
Amounts reclassified from AOCI	—		—		—		(118)		(118)
Total other comprehensive income (loss)	(29,913)		—		—		1,172		(28,741)
Balances at December 31, 2024	(97,556)		(210)		(14,380)		2,215		(109,931)
OCI before reclassifications	50,953		—		—		3,832		54,785
Amounts reclassified from AOCI	—		—		—		(1,359)		(1,359)
Total other comprehensive income (loss)	50,953		—		—		2,473		53,426
Balances at December 31, 2025	$	(46,603)	$	(210)	$	(14,380)	$	4,688	$	(56,505)

Income Tax (Provision) Benefit Related To OCI

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


	Year Ended December 31,
In thousands	2025		2024		2023
Before-tax amount
Foreign currency translation adjustment	$	51,188	$	(30,238)	$	15,622




Net unrealized gain (loss) on defined benefit plans	5,092		1,999		(2,117)
Net defined benefit plan (gain) loss reclassified to net income (loss)	(1,806)		(183)		(129)
Total other comprehensive income (loss), before tax	54,474		(28,422)		13,376

Tax (provision) benefit
Foreign currency translation adjustment	(235)		325		(72)




Net unrealized gain (loss) on defined benefit plans	(1,260)		(709)		170
Net defined benefit plan (gain) loss reclassified to net income (loss)	447		65		10
Total other comprehensive income (loss) tax (provision) benefit	(1,048)		(319)		108

Net-of-tax amount
Foreign currency translation adjustment	50,953		(29,913)		15,550




Net unrealized gain (loss) on defined benefit plans	3,832		1,290		(1,947)
Net defined benefit plan (gain) loss reclassified to net income (loss)	(1,359)		(118)		(119)
Total other comprehensive income (loss), net of tax	$	53,426	$	(28,741)	$	13,484

Revenues (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability

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


In thousands	Contract liabilities, less contract assets
Beginning balance, January 1, 2025	$	127,557
Changes due to business combination	14,555
Revenues recognized from beginning contract liability	(73,437)
Cumulative catch-up adjustments	(2,027)
Increases due to amounts collected or due	349,435
Revenues recognized from current period increases	(266,087)
Other	1,354
Ending balance, December 31, 2025	$	151,350

Debt - Convertible Debt Additional Information (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Jun. 21, 2024 USD ($) $ / shares	Mar. 12, 2021 USD ($) $ / shares	Dec. 31, 2025 USD ($)	Dec. 31, 2021 $ / shares	Mar. 31, 2021 $ / shares
Debt Instrument [Line Items]
Debt instrument redemption minimum outstanding amount			$ 100.0
Convertible Debt Securities
Debt Instrument [Line Items]
Common stock conversion price (in usd per share) \| $ / shares				$ 126.00	$ 126.00
2021 Notes \| Convertible Debt Securities
Debt Instrument [Line Items]
Common stock conversion price (in usd per share) \| $ / shares		$ 126.00
2021 Notes \| Convertible Debt
Debt Instrument [Line Items]
Convertible Debt		$ 460.0
Proceeds from Convertible Debt		$ 448.5
Debt Instrument, Convertible, Conversion Ratio		0.0079365
2024 Notes
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares	$ 131.24
2024 Notes \| Maximum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	98.00%
2024 Notes \| Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	130.00%
2024 Notes \| Convertible Debt
Debt Instrument [Line Items]
Convertible Debt	$ 805.0
Proceeds from Convertible Debt	$ 784.0
Interest rate	1.375%
Debt Instrument, Convertible, Conversion Ratio	0.0076199

Income Taxes - Schedule of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ (38,833)	$ 65,461	$ 43,101
State and local	3,967	13,427	12,039
Foreign	8,853	3,310	8,573
Total current	(26,013)	82,198	63,713
Deferred:
Federal	61,686	(28,541)	(29,717)
State and local	8,098	(5,475)	(6,471)
Foreign	(10,052)	(3,178)	1,071
Total deferred	59,732	(37,194)	(35,117)
Change in valuation allowance	5,213	(1,597)	472
Total provision from income taxes	$ 38,932	$ 43,407	$ 29,068

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Total Itron, Inc. Shareholders' Equity	Common Stock	Common Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2022			45,186
Beginning balance (value) at Dec. 31, 2022	$ 1,191,556	$ 1,168,473		$ 1,788,479	$ (94,674)	$ (525,332)	$ 23,083
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	98,318	96,923				96,923	1,395
Other comprehensive income (loss), net of tax	13,484	13,484			13,484		0
Distributions to noncontrolling interests	(3,958)	0					(3,958)
Options exercised (in shares)			18
Options exercised (value)	830	830		830
Restricted stock awards released net of repurchased shares for taxes (in shares)			242
Restricted stock awards released net of repurchased shares for taxes	0	0		0
Issuance of stock-based compensation awards (in shares)			15
Issuance of stock-based compensation awards (value)	1,065	1,065		1,065
Employee stock purchase plan (in shares)			51
Employee stock purchase plan (value)	2,844	2,844		2,844
Stock-based compensation expense	27,292	27,292		27,292
Balance (in shares) at Dec. 31, 2023			45,512
Ending balance (value) at Dec. 31, 2023	1,331,431	1,310,911		1,820,510	(81,190)	(428,409)	20,520
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	241,124	239,105				239,105	2,019
Other comprehensive income (loss), net of tax	(28,741)	(28,741)			(28,741)		0
Distributions to noncontrolling interests	(1,711)	0					(1,711)
Options exercised (in shares)			89
Options exercised (value)	4,558	4,558		4,558
Restricted stock awards released net of repurchased shares for taxes (in shares)			446
Restricted stock awards released net of repurchased shares for taxes	(4)	(4)		(4)
Issuance of stock-based compensation awards (in shares)			13
Issuance of stock-based compensation awards (value)	1,343	1,343		1,343
Employee stock purchase plan (in shares)			43
Employee stock purchase plan (value)	3,767	3,767		3,767
Stock-based compensation expense	42,531	42,531		42,531
Payments on call spread for convertible offering, net of tax	(82,304)	(82,304)		(82,304)
Stock repurchased during period, shares			(972)
Stock Repurchased During Period, Value	(100,000)	(100,000)		(100,000)
Registration fee	(54)	(54)		(54)
Excise tax related to shares repurchased	$ (512)	(512)		(512)
Balance (in shares) at Dec. 31, 2024	45,131		45,131
Ending balance (value) at Dec. 31, 2024	$ 1,411,428	1,390,600		1,689,835	(109,931)	(189,304)	20,828
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	303,335	301,055				301,055	2,280
Other comprehensive income (loss), net of tax	53,426	53,426			53,426		0
Distributions to noncontrolling interests	(1,508)	0					(1,508)
Options exercised (in shares)			87
Options exercised (value)	3,460	3,460		3,460
Restricted stock awards released net of repurchased shares for taxes (in shares)			611
Restricted stock awards released net of repurchased shares for taxes	(7)	(7)		(7)
Issuance of stock-based compensation awards (in shares)			8
Issuance of stock-based compensation awards (value)	929	929		929
Employee stock purchase plan (in shares)			35
Employee stock purchase plan (value)	3,867	3,867		3,867
Stock-based compensation expense	61,520	61,520		61,520
Stock repurchased during period, shares			(943)
Stock Repurchased During Period, Value	(100,000)	(100,000)		(100,000)
Contingent share issuance to affiliate	2,000	2,000		2,000
Excise tax related to shares repurchased	$ (254)	(254)		(254)
Balance (in shares) at Dec. 31, 2025	44,929		44,929
Ending balance (value) at Dec. 31, 2025	$ 1,738,196	$ 1,716,596		$ 1,661,350	$ (56,505)	$ 111,751	$ 21,600

Commitments and Contingencies - Available Lines of Credit, Outstanding Standby Letter of Credits, and Bonds (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Oct. 18, 2019
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit			$ 500,000
Credit Facility
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit	$ 750,000	$ 500,000
Standby LOCs issued and outstanding	(43,824)	(46,013)
Standby Letters of Credit
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	256,176	253,987
Unsecured Multicurrency Revolving Lines of Credit
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit	98,128	87,230
Standby LOCs issued and outstanding	(25,815)	(19,541)
Short-term borrowings	0	0
Line of credit facility, remaining borrowing capacity	72,313	67,689
Surety Bond
Line of Credit Facility [Line Items]
Unsecured surety bonds in force	522,098	363,097
Line of Credit
Line of Credit Facility [Line Items]
Long-term borrowings	0	0
Line of credit facility, remaining borrowing capacity	$ 706,176	$ 453,987

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	In order to address cybersecurity risks and threats, we have in place teams, processes, and programs for protecting company and customer information. We have an Information Security Steering Committee (ISSC), whose purpose is to oversee the overall information security program as well as product security and data protection. The ISSC consists of senior executives, including our CEO and CFO. The ISSC meets quarterly to discuss strategy and general updates and is advised by company personnel with expertise and experience in cybersecurity risk management including a combined six plus decades of experience in cybersecurity, data privacy, product security, and information technology along with key certifications in cybersecurity and data privacy. We have a risk management process utilizing a Governance, Risk, and Compliance system. Our security program uses a "defense in depth" philosophy, meaning that multiple controls must be breached for an attack to be successful. We maintain a series of both protective and detective controls to enable breakdown or bypass of protection mechanisms to be detected and escalated for response. We perform logging and monitoring across systems, directed to a centralized, secure logging system operated by the Information Security team. Significant events are assessed systematically on a case-by-case basis for their potential impact and whether they could potentially become material. We maintain a cybersecurity incident policy, which provides guidelines for informing our Board of Directors (the Board) of material cybersecurity incidents and events, including potential ransomware payments. We also hold insurance with the intent to cover cybersecurity incidents. In the event of a significant cybersecurity or data privacy incident, the ISSC members are notified and updated on the status of the incident by an Incident Response Team (IRT). The IRT utilizes a process to evaluate the potential materiality of an incident. This process guides the IRT to provide information to executive leadership for materiality determination. To address risk related to third-party service providers, we have multiple processes in place to safeguard company and customer information. Upon obtaining a new vendor, we complete a risk assessment that is reviewed at least every three years. We maintain a Supplier Code of Conduct that outlines vendor expectations in areas including network security, data protection, and security breach notifications. In the case where a contract with a vendor relates to our service to customers, the contractual terms for certain cybersecurity parameters are passed down to the vendor. We hold certifications to meet the requirements of our customers and regulators, such as ISO 27001, IEC62443, and others. In addition, Itron maintains SOC 1 and SOC 2 attestations for the majority of our customer-facing managed services businesses. Through third-party incident response experts, we conduct incident response tabletop exercises each year with both the technical teams and ISSC designed to improve our systems and processes, and we have included our Board in a similar exercise.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	In order to address cybersecurity risks and threats, we have in place teams, processes, and programs for protecting company and customer information. We have an Information Security Steering Committee (ISSC), whose purpose is to oversee the overall information security program as well as product security and data protection. The ISSC consists of senior executives, including our CEO and CFO. The ISSC meets quarterly to discuss strategy and general updates and is advised by company personnel with expertise and experience in cybersecurity risk management including a combined six plus decades of experience in cybersecurity, data privacy, product security, and information technology along with key certifications in cybersecurity and data privacy.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board provides oversight for cybersecurity within the Company and includes one director with cybersecurity expertise. Executive management reports on the status of the ISSC to the Board on a regular basis. At each Board meeting, a summary is provided covering the periodic assessment of Itron's Information Security Program. Semiannually, the Director of Information Security presents to the Board about the status of Itron's overall security program, internal response preparedness, and assessments of risks. At each Board meeting, information regarding the current maturity level of the program, as measured against the National Institutes of Standards and Technology Cybersecurity Framework, is presented. Due to the nature of our business, a material security incident could have a significant impact on both our brand reputation and our ability to deliver services to our clients.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	We have an Information Security Steering Committee (ISSC), whose purpose is to oversee the overall information security program as well as product security and data protectionThe Board provides oversight for cybersecurity within the Company and includes one director with cybersecurity expertise. Executive management reports on the status of the ISSC to the Board on a regular basis
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	At each Board meeting, a summary is provided covering the periodic assessment of Itron's Information Security Program. Semiannually, the Director of Information Security presents to the Board about the status of Itron's overall security program, internal response preparedness, and assessments of risks. At each Board meeting, information regarding the current maturity level of the program, as measured against the National Institutes of Standards and Technology Cybersecurity Framework, is presented
Cybersecurity Risk Role of Management [Text Block]	In order to address cybersecurity risks and threats, we have in place teams, processes, and programs for protecting company and customer information. We have an Information Security Steering Committee (ISSC), whose purpose is to oversee the overall information security program as well as product security and data protection. The ISSC consists of senior executives, including our CEO and CFO. The ISSC meets quarterly to discuss strategy and general updates and is advised by company personnel with expertise and experience in cybersecurity risk management including a combined six plus decades of experience in cybersecurity, data privacy, product security, and information technology along with key certifications in cybersecurity and data privacy. We have a risk management process utilizing a Governance, Risk, and Compliance system. Our security program uses a "defense in depth" philosophy, meaning that multiple controls must be breached for an attack to be successful. We maintain a series of both protective and detective controls to enable breakdown or bypass of protection mechanisms to be detected and escalated for response. We perform logging and monitoring across systems, directed to a centralized, secure logging system operated by the Information Security team. Significant events are assessed systematically on a case-by-case basis for their potential impact and whether they could potentially become material. We maintain a cybersecurity incident policy, which provides guidelines for informing our Board of Directors (the Board) of material cybersecurity incidents and events, including potential ransomware payments. We also hold insurance with the intent to cover cybersecurity incidents. In the event of a significant cybersecurity or data privacy incident, the ISSC members are notified and updated on the status of the incident by an Incident Response Team (IRT). The IRT utilizes a process to evaluate the potential materiality of an incident. This process guides the IRT to provide information to executive leadership for materiality determination. To address risk related to third-party service providers, we have multiple processes in place to safeguard company and customer information. Upon obtaining a new vendor, we complete a risk assessment that is reviewed at least every three years. We maintain a Supplier Code of Conduct that outlines vendor expectations in areas including network security, data protection, and security breach notifications. In the case where a contract with a vendor relates to our service to customers, the contractual terms for certain cybersecurity parameters are passed down to the vendor. We hold certifications to meet the requirements of our customers and regulators, such as ISO 27001, IEC62443, and others. In addition, Itron maintains SOC 1 and SOC 2 attestations for the majority of our customer-facing managed services businesses. Through third-party incident response experts, we conduct incident response tabletop exercises each year with both the technical teams and ISSC designed to improve our systems and processes, and we have included our Board in a similar exercise. The Board provides oversight for cybersecurity within the Company and includes one director with cybersecurity expertise. Executive management reports on the status of the ISSC to the Board on a regular basis. At each Board meeting, a summary is provided covering the periodic assessment of Itron's Information Security Program. Semiannually, the Director of Information Security presents to the Board about the status of Itron's overall security program, internal response preparedness, and assessments of risks. At each Board meeting, information regarding the current maturity level of the program, as measured against the National Institutes of Standards and Technology Cybersecurity Framework, is presented. Due to the nature of our business, a material security incident could have a significant impact on both our brand reputation and our ability to deliver services to our clients.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Board provides oversight for cybersecurity within the Company and includes one director with cybersecurity expertise. Executive management reports on the status of the ISSC to the Board on a regular basis
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The ISSC consists of senior executives, including our CEO and CFO. The ISSC meets quarterly to discuss strategy and general updates and is advised by company personnel with expertise and experience in cybersecurity risk management including a combined six plus decades of experience in cybersecurity, data privacy, product security, and information technology along with key certifications in cybersecurity and data privacy.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Executive management reports on the status of the ISSC to the Board on a regular basis. At each Board meeting, a summary is provided covering the periodic assessment of Itron's Information Security Program. Semiannually, the Director of Information Security presents to the Board about the status of Itron's overall security program, internal response preparedness, and assessments of risks. At each Board meeting, information regarding the current maturity level of the program, as measured against the National Institutes of Standards and Technology Cybersecurity Framework, is presented
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Segment Information - Information By Segment (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues				$ 2,367,194	$ 2,440,837	$ 2,173,633
Total cost of revenues				1,475,076	1,601,520	1,459,725
Gross profit				892,118	839,317	713,908
Sales, general and administrative				352,965	339,069	312,779
Research and development				207,041	215,034	208,688
Operating income				313,068	264,110	128,867
Total other income (expense)				29,199	20,421	(1,481)
Total income before income taxes				342,267	284,531	127,386
Amortization of intangible assets				18,034	17,828	18,918
Gain (loss) on restructuring				931	2,679	43,989
Loss on sale of business				79	597	667
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Segment Reporting Information [Line Items]
Total revenues	$ 581,625	$ 606,761	$ 607,151	2,367,194	2,440,837	2,173,633
Operating income	163,561	162,140	160,910	658,000	601,914	484,957
Segment Reporting, Reconciling Item, Corporate Nonsegment
Segment Reporting Information [Line Items]
Segment Reporting, Other Segment Item, Amount	(81,778)	(85,727)	(84,697)	(343,854)	(337,804)	(356,090)
Total other income (expense)	8,918	7,069	6,066	29,199	20,421	(1,481)
Total income before income taxes	90,701	83,482	82,279	342,267	284,531	127,386
Amortization of intangible assets	0	0	0	(1,078)	0	0
Device Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	103,622	112,760	125,871	447,081	476,577	455,726
Total cost of revenues	71,615	79,169	88,118	307,682	353,113	349,809
Sales, general and administrative	2,900	3,628	3,328	13,283	13,627	13,846
Research and development	4,232	4,509	3,954	17,399	16,315	26,381
Operating income	24,875	25,454	30,471	108,717	93,522	65,690
Networked Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	393,702	408,934	402,732	1,557,321	1,650,075	1,450,291
Total cost of revenues	238,941	251,691	254,018	948,745	1,052,295	950,566
Sales, general and administrative	6,695	7,477	6,680	27,929	27,676	26,055
Research and development	26,186	28,767	25,925	108,247	113,442	104,749
Operating income	121,880	120,999	116,109	472,400	456,662	368,921
Outcomes \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	84,301	85,067	78,548	359,743	314,185	267,616
Total cost of revenues	51,524	52,283	47,796	216,839	196,112	159,350
Sales, general and administrative	3,707	4,636	4,077	16,921	15,826	14,428
Research and development	12,264	12,461	12,345	48,991	50,517	43,492
Operating income	16,806	15,687	14,330	76,992	51,730	50,346
Resiliency Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues				3,049
Total cost of revenues				732
Sales, general and administrative				1,000
Research and development				1,426
Operating income				(109)
Product revenues
Segment Reporting Information [Line Items]
Total revenues				2,008,976	2,131,379	1,863,489
Total cost of revenues				1,292,329	1,429,942	1,292,170
Product revenues \| Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Segment Reporting Information [Line Items]
Total revenues	494,323	517,184	523,141	2,008,976	2,131,379	1,863,489
Product revenues \| Device Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	103,097	111,939	125,387	444,598	473,329	452,718
Product revenues \| Networked Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	365,378	379,481	374,522	1,442,243	1,546,278	1,331,546
Product revenues \| Outcomes \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	25,848	25,764	23,232	122,135	111,772	79,225
Product revenues \| Resiliency Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues				0
Service revenues
Segment Reporting Information [Line Items]
Total revenues				358,218	309,458	310,144
Total cost of revenues				182,747	171,578	167,555
Service revenues \| Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Segment Reporting Information [Line Items]
Total revenues	87,302	89,577	84,010	358,218	309,458	310,144
Service revenues \| Device Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	525	821	484	2,483	3,248	3,008
Service revenues \| Networked Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	28,324	29,453	28,210	115,078	103,797	118,745
Service revenues \| Outcomes \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	$ 58,453	$ 59,303	$ 55,316	237,608	$ 202,413	$ 188,391
Service revenues \| Resiliency Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues				$ 3,049

Certain Balance Sheet Components - Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Machinery and equipment	$ 310,271	$ 294,237
Computers and software	123,339	119,818
Buildings, furniture, and improvements	107,254	115,372
Land	9,654	8,513
Construction in progress, including purchased equipment	19,226	22,247
Total cost	569,744	560,187
Accumulated depreciation	(457,551)	(444,759)
Property, plant, and equipment, net	$ 112,193	$ 115,428

Commitments and Contingencies - Health Benefit Plan Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Plan costs	$ 46,735	$ 39,042	$ 36,326

Certain Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Trade receivables (net of allowance of $1,113 and $417)	$ 342,491	$ 295,341
Unbilled receivables	25,303	55,132
Total accounts receivable, net	367,794	350,473
Accounts Receivable, Allowance for Credit Loss, Current	$ 1,113	$ 417

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

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 typically 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:


	December 31,
In thousands	2025		2024
Credit facility
Multicurrency revolving line of credit	$	750,000	$	500,000

Standby LOCs issued and outstanding	(43,824)		(46,013)
Net available for additional borrowings under the multicurrency revolving line of credit	$	706,176	$	453,987

Net available for additional standby LOCs under sub-facility	$	256,176	$	253,987

Unsecured multicurrency revolving lines of credit with various financial institutions
Multicurrency revolving lines of credit	$	98,128	$	87,230
Standby LOCs issued and outstanding	(25,815)		(19,541)
Short-term borrowings	—		—
Net available for additional borrowings and LOCs	$	72,313	$	67,689

Unsecured surety bonds in force	$	522,098	$	363,097

In the event any such standby LOC or bond were called, we would be obligated to reimburse the issuer of the standby LOC or bond. As of February 17, 2026, we are not aware of any valid claims against our outstanding standby LOCs or bonds.

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

Legal Matters

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

Warranty

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


	Year Ended December 31,
In thousands	2025		2024		2023
Beginning balance	$	22,141	$	22,164	$	25,698

New product warranties	4,443		6,132		6,665
Other adjustments and expirations, net	1,894		1,975		710
Claims activity	(10,782)		(7,894)		(11,187)
Effect of change in exchange rates	522		(236)		278
Ending balance	18,218		22,141		22,164
Less: current portion of warranty	10,868		14,302		14,663
Long-term warranty	$	7,350	$	7,839	$	7,501

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:


	Year Ended December 31,
In thousands	2025		2024		2023
Total warranty expense	$	6,337	$	8,107	$	7,375

Health Benefits

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

Plan costs were as follows:


	Year Ended December 31,
In thousands	2025		2024		2023
Plan costs	$	46,735	$	39,042	$	36,326

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


	December 31,
In thousands	2025		2024
IBNR accrual	$	3,983	$	3,658

Our IBNR accrual and expenses may fluctuate due to the number of plan participants, claims activity, and deductible limits.

For our employees located outside of the United States, health benefits are provided primarily through governmental social plans, which are funded through employee and employer tax withholding.

Earnings Per Share - Narrative (Details) - $ / shares	3 Months Ended	12 Months Ended
Earnings Per Share - Narrative (Details) - $ / shares	Mar. 31, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021	Jun. 21, 2024	Mar. 12, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)		13,000	17,000	300,000
Treasury stock, shares, acquired (in shares)	3,700,000				3,700,000
Class of warrant or right, exercise price of warrants or rights	$ 180.00				$ 180.00
2024 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt instrument, convertible, conversion price (in usd per share)						$ 131.24
2024 Notes \| Call Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Option indexed to issuer's equity, shares			6,100,000
Option indexed to issuer's equity, strike price (in usd per share)			$ 131.2353
Option indexed to issuer's equity, cap price (in usd per share)			$ 205.86
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)		3,700,000
Common stock conversion price (in usd per share)	$ 126.00				$ 126.00
Convertible Debt Securities \| 2021 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock conversion price (in usd per share)							$ 126.00

Defined Benefit Pension Plans (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

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

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


	Year Ended December 31,
In thousands	2025		2024
Change in benefit obligation:
Benefit obligation at January 1,	$	71,558	$	76,270
Service cost	2,765		2,541
Interest cost	2,937		2,710
Actuarial loss	(5,538)		(2,422)
Benefits paid	(3,710)		(3,126)
Foreign currency exchange rate changes	6,585		(4,303)

Settlement	—		(112)
Release for divestiture	99		—
Other	121		—
Benefit obligation at December 31,	$	74,817	$	71,558

Change in plan assets:
Fair value of plan assets at January 1,	$	8,031	$	8,840
Actual return on plan assets	(133)		(130)
Company contributions	166		111
Benefits paid	(312)		(256)
Foreign currency exchange rate changes	1,025		(534)


Fair value of plan assets at December 31,	8,777		8,031
Net pension benefit obligation at fair value	$	66,040	$	63,527

Schedule of Amounts Recognized in the Consolidated Balance Sheets

Amounts recognized on the Consolidated Balance Sheets consist of:


	December 31,
In thousands	2025		2024
Assets
Plan assets in other long-term assets	$	334	$	133
Liabilities
Current portion of pension benefit obligation in wages and benefits payable	$	4,376	$	4,123
Long-term portion of pension benefit obligation	61,998		59,537

Pension benefit obligation, net	$	66,040	$	63,527

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

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


	Year Ended December 31,
In thousands	2025		2024		2023
Net actuarial (gain) loss	$	(5,538)	$	(2,422)	$	1,568
Settlement	—		3		7
Curtailment	765		585		114
Plan asset (gain) loss	446		423		(369)
Amortization of net actuarial gain (loss)	1,173		(272)		65
Amortization of prior service cost	(132)		(133)		(57)
Other	—		—		918
Other comprehensive (income) loss	$	(3,286)	$	(1,816)	$	2,246

Schedule of Net Periodic Pension Benefit Costs

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


	Year Ended December 31,
In thousands	2025		2024		2023
Service cost	$	2,765	$	2,541	$	2,450
Interest cost	2,937		2,710		2,861
Expected return on plan assets	(313)		(293)		(355)
Amortization of prior service costs	132		133		57
Amortization of actuarial net (gain) loss	(1,173)		272		(65)
Settlement	—		(3)		(7)
Curtailment	(765)		(585)		(114)

Net periodic benefit cost	$	3,583	$	4,775	$	4,827

Schedule of Assumptions Used

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


	Year Ended December 31,
	2025		2024		2023
Actuarial assumptions used to determine benefit obligations at end of period:
Discount rate	4.42	%	4.04	%	3.74	%
Expected annual rate of compensation increase	4.43	%	4.73	%	4.41	%
Actuarial assumptions used to determine net periodic benefit cost for the period:
Discount rate	4.04	%	3.74	%	4.14	%
Expected rate of return on plan assets	3.63	%	3.42	%	3.99	%
Expected annual rate of compensation increase	4.73	%	4.41	%	4.26	%

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

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


In thousands	December 31,
	2025		2024
Projected benefit obligation	$	74,059	$	70,670
Accumulated benefit obligation	66,200		62,944
Fair value of plan assets	7,685		7,010

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

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


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


In thousands	December 31, 2025

Insurance funds	$	8,777	$	—	$	8,777

Total fair value of plan assets	$	8,777	$	—	$	8,777


In thousands	December 31, 2024

Insurance funds	$	8,031	$	—	$	8,031

Total fair value of plan assets	$	8,031	$	—	$	8,031

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

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2025 and 2024:


In thousands	Balance at January 1, 2025		Net Realized and Unrealized Gains/(Loss)		Net Purchases, Issuances, Settlements, and Other		Effect of Foreign Currency		Balance at December 31, 2025
Insurance funds	$	8,031	$	(133)	$	(146)	$	1,025	$	8,777


In thousands	Balance at January 1, 2024		Net Realized and Unrealized Gains/(Loss)		Net Purchases, Issuances, Settlements, and Other		Effect of Foreign Currency		Balance at December 31, 2024
Insurance funds	$	8,840	$	(130)	$	(145)	$	(534)	$	8,031

Schedule of Expected Benefit Payments


Year Ending December 31,	Estimated Annual Benefit Payments

In thousands
2026	$	4,874
2027	4,902
2028	5,026
2029	4,907
2030	5,478
2031-2035	30,632

Certain Balance Sheet Components - Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 30,405	$ 38,449	$ 36,845

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Nov. 03, 2025	Mar. 01, 2024	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill beginning balance				$ 1,052,130	$ 1,052,504
Goodwill acquired			$ 19,300	254,880	19,251
Effect of change in exchange rates				37,973	(19,625)
Goodwill ending balance			1,052,130	1,344,983	1,052,130
Device Solutions
Goodwill [Roll Forward]
Goodwill beginning balance				0	0
Goodwill acquired				0	0
Effect of change in exchange rates				0	0
Goodwill ending balance			0	0	0
Networked Solutions
Goodwill [Roll Forward]
Goodwill beginning balance				894,819	911,847
Goodwill acquired				0	0
Effect of change in exchange rates				32,901	(17,028)
Goodwill ending balance			894,819	927,720	894,819
Outcomes
Goodwill [Roll Forward]
Goodwill beginning balance				157,311	140,657
Goodwill acquired				0	19,251
Effect of change in exchange rates				5,015	(2,597)
Goodwill ending balance			157,311	162,326	157,311
Goodwill, Period Increase (Decrease)		$ 19,700
Resiliency Solutions
Goodwill [Roll Forward]
Goodwill beginning balance				0	0
Goodwill acquired				254,880	0
Effect of change in exchange rates				57	0
Goodwill ending balance			$ 0	$ 254,937	$ 0
Goodwill, Period Increase (Decrease)	$ 254,900

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-41

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 740
-Name Accounting Standards Codification
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478064/805-740-55-13

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-39

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 1
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-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table reflects changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024:


In thousands	Device Solutions		Networked Solutions		Outcomes		Resiliency Solutions		Total Company

Goodwill balance at January 1, 2024	$	—	$	911,847	$	140,657	$	—	$	1,052,504


Goodwill acquired (1)	—		—		19,251		—		19,251

Effect of change in exchange rates	—		(17,028)		(2,597)		—		(19,625)
Goodwill balance at December 31, 2024	—		894,819		157,311		—		1,052,130


Goodwill acquired (2)	—		—		—		254,880		254,880
Effect of change in exchange rates	—		32,901		5,015		57		37,973

Goodwill balance at December 31, 2025	$	—	$	927,720	$	162,326	$	254,937	$	1,344,983

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Income Taxes - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 420,655	$ 445,170	$ 427,423
Other adjustments	48,038	(22,918)	17,275
Additions charged to costs and expenses	5,213	(1,597)	472
Balance at end of period, noncurrent	$ 473,906	$ 420,655	$ 445,170

Debt - Credit Facility Additional Information (Details) - USD ($)		12 Months Ended
	Sep. 25, 2025	Dec. 31, 2025	Dec. 31, 2024	Jun. 14, 2024	Oct. 18, 2019
Debt Instrument [Line Items]
Debt instrument, face amount					$ 1,200,000,000
Line of credit facility, maximum borrowing capacity					500,000,000
Debt instrument, covenant compliance percent		100.00%
Debt instrument, capital stock pledge percentage		100.00%
Debt instrument, voting stock pledge percentage		66.00%
Debt instrument, non-voting stock pledge percentage		100.00%
Voting Common Stock
Debt Instrument [Line Items]
Debt instrument, covenant compliance percent		66.00%
Nonvoting Common Stock
Debt Instrument [Line Items]
Debt instrument, covenant compliance percent		100.00%
Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.00%
London Interbank Offered Rate
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis		the LIBOR rate
Alternate base rate (1)
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis		the prime rate
Alternate base rate (2)
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis		the Federal Reserve effective rate
Federal Reserve Effect Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.50%
Alternate base rate (3)
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis		one-month LIBOR
Debt instrument, basis spread on variable rate		1.00%
EURIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis		EURIBOR rate
Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 750,000,000	$ 500,000,000
Letters of credit outstanding, amount		43,824,000	46,013,000
Standby Letters of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity		256,176,000	253,987,000
Standby Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					300,000,000
Letters of credit outstanding, amount		43,800,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit		0
Line of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity		706,176,000	453,987,000
Long-term line of credit		0	$ 0
Swingline Sub-Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					50,000,000
Long-term line of credit		$ 0
USD Denominated Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount					$ 650,000,000
2025 Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 750,000,000
Line of credit facility, maximum borrowing capacity	$ 750,000,000
2025 Credit Facility \| London Interbank Offered Rate
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	the Term Secured Overnight Financing Rate
2025 Credit Facility \| Alternate base rate
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	the Alternate Base Rate
2025 Credit Facility \| Alternate base rate (1)
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	the prime rate
2025 Credit Facility \| Alternate base rate (2)
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	the Federal Reserve effective rate
2025 Credit Facility \| Federal Reserve Effect Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
2025 Credit Facility \| Alternate base rate (3)
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	SOFR
Debt instrument, basis spread on variable rate	1.00%
2025 Credit Facility \| Standby Letters of Credit \| Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 300,000,000
2025 Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000
2018 Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 500,000,000

Defined Benefit Pension Plans - Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at January 1,	$ 71,558	$ 76,270
Service cost	2,765	2,541	$ 2,450
Interest cost	2,937	2,710	2,861
Actuarial loss	(5,538)	(2,422)
Benefits paid	(3,710)	(3,126)
Foreign currency exchange rate changes	6,585	(4,303)
Settlement	0	(112)
Release for divestiture	99	0
Other	121	0
Benefit obligation at December 31,	74,817	71,558	76,270
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at January 1,	8,031	8,840
Actual return on plan assets	(133)	(130)
Company contributions	166	111
Benefits paid	(312)	(256)
Foreign currency exchange rate changes	1,025	(534)
Fair value of plan assets at December 31,	8,777	8,031	$ 8,840
Net pension benefit obligation at fair value	$ 66,040	$ 63,527

Shareholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance (value)	$ 1,411,428	$ 1,331,431	$ 1,191,556
Total other comprehensive income (loss), net of tax	53,426	(28,741)	13,484
Ending balance (value)	1,738,196	1,411,428	1,331,431
Parent [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance (value)	1,390,600	1,310,911	1,168,473
Total other comprehensive income (loss), net of tax	53,426	(28,741)	13,484
Ending balance (value)	1,716,596	1,390,600	1,310,911
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance (value)	(97,556)	(67,643)	(83,193)
OCI before reclassifications	50,953	(29,913)	15,550
Amounts reclassified from AOCI	0	0	0
Total other comprehensive income (loss), net of tax	50,953	(29,913)	15,550
Ending balance (value)	(46,603)	(97,556)	(67,643)
Net Unrealized Gain (Loss) on Nonderivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance (value)	(14,380)	(14,380)	(14,380)
OCI before reclassifications	0	0	0
Amounts reclassified from AOCI	0	0	0
Total other comprehensive income (loss), net of tax	0	0	0
Ending balance (value)	(14,380)	(14,380)	(14,380)
Pension Benefit Obligation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance (value)	2,215	1,043	3,109
OCI before reclassifications	3,832	1,290	(1,947)
Amounts reclassified from AOCI	(1,359)	(118)	(119)
Total other comprehensive income (loss), net of tax	2,473	1,172	(2,066)
Ending balance (value)	4,688	2,215	1,043
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance (value)	(109,931)	(81,190)	(94,674)
OCI before reclassifications	54,785	(28,623)	13,603
Amounts reclassified from AOCI	(1,359)	(118)	(119)
Total other comprehensive income (loss), net of tax	53,426	(28,741)	13,484
Ending balance (value)	(56,505)	(109,931)	(81,190)
Net Unrealized Gain (Loss) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance (value)	(210)	(210)	(210)
OCI before reclassifications	0	0	0
Amounts reclassified from AOCI	0	0	0
Total other comprehensive income (loss), net of tax	0	0	0
Ending balance (value)	$ (210)	$ (210)	$ (210)

Summary of Significant Accounting Policies - Goodwill and Intangibles Assets Policy Additional Information (Details)	Dec. 31, 2025
Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Certain Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

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	December 31, 2025		December 31, 2024
Trade receivables (net of allowance of $1,113 and $417)	$	342,491	$	295,341
Unbilled receivables	25,303		55,132
Total accounts receivable, net	$	367,794	$	350,473

Allowance for Credit Losses on Financing Receivables


Allowance for credit losses account activity	Year Ended December 31,
In thousands	2025		2024		2023
Beginning balance	$	417	$	738	$	4,863
Provision for (release of) doubtful accounts, net	713		(187)		(120)
Accounts written-off, net	(167)		(122)		(4,115)
Effect of change in exchange rates	150		(12)		110
Ending balance	$	1,113	$	417	$	738

Inventories


Inventories
In thousands	December 31, 2025		December 31, 2024
Raw materials	$	184,727	$	198,995
Work in process	13,542		16,679
Finished goods	44,617		55,051
Total inventories	$	242,886	$	270,725

Property, Plant, and Equipment


Property, plant, and equipment, net
In thousands	December 31, 2025		December 31, 2024
Machinery and equipment	$	310,271	$	294,237
Computers and software	123,339		119,818
Buildings, furniture, and improvements	107,254		115,372
Land	9,654		8,513
Construction in progress, including purchased equipment	19,226		22,247
Total cost	569,744		560,187
Accumulated depreciation	(457,551)		(444,759)
Property, plant, and equipment, net	$	112,193	$	115,428

Depreciation Expense


Depreciation expense	Year Ended December 31,
In thousands	2025		2024		2023
Depreciation expense	$	30,405	$	38,449	$	36,845

Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Values Of Financial Instruments by Balance Sheet Grouping

The fair values at December 31, 2025 and 2024 do not reflect subsequent changes in the economy, interest rates, tax rates, and other variables that may affect the determination of fair value.


	December 31, 2025				December 31, 2024
In thousands	Carrying Amount		Fair Value		Carrying Amount		Fair Value








Credit facility

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

Convertible notes	1,248,327		1,277,442		1,242,424		1,330,670