Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | May 31, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | ITRON INC /WA/ | ||
Entity Central Index Key | 780,571 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Trading Symbol | ITRI | ||
Entity Common Stock, Shares Outstanding | 38,243,435 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Public Float | $ 1,309,640,099 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $ 496,448 | $ 469,528 | $ 470,811 | $ 446,746 | $ 510,521 | $ 482,352 | $ 482,314 | $ 472,429 | $ 917,557 | $ 954,743 | $ 1,387,085 | $ 1,437,095 | $ 1,883,533 | $ 1,947,616 | $ 1,938,025 |
Cost of revenues | 322,238 | 352,257 | 308,324 | 337,053 | 321,627 | 319,606 | 660,581 | 641,233 | 982,819 | 978,286 | 1,326,848 | 1,333,566 | 1,323,257 | ||
Gross profit | 152,419 | 147,290 | 118,554 | 138,422 | 155,241 | 145,299 | 160,687 | 152,823 | 256,976 | 313,510 | 404,266 | 458,809 | 556,685 | 614,050 | 614,768 |
Operating expenses | |||||||||||||||
Sales and marketing | 39,217 | 43,058 | 41,027 | 44,559 | 45,371 | 45,609 | 84,085 | 90,980 | 123,302 | 135,539 | 161,380 | 182,503 | 182,687 | ||
Product development | 41,559 | 43,318 | 41,522 | 42,357 | 43,958 | 44,434 | 84,840 | 88,392 | 126,399 | 130,749 | 162,334 | 175,500 | 175,420 | ||
General and administrative | 31,118 | 32,492 | 39,585 | 36,603 | 38,029 | 39,864 | 72,077 | 77,893 | 103,195 | 114,496 | 155,715 | 162,466 | 143,932 | ||
Amortization of Intangible Assets | 7,869 | 7,888 | 7,973 | 10,917 | 11,109 | 11,070 | 15,861 | 22,179 | 23,730 | 33,096 | 31,673 | 43,619 | 42,019 | ||
Restructuring | 587 | (4,234) | (5,181) | 57 | (8,657) | 6,383 | (9,415) | (2,274) | (8,828) | (2,217) | (7,263) | 49,482 | 36,347 | ||
Goodwill impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 174,226 | ||
Total operating expenses | 120,350 | 122,522 | 124,926 | 134,493 | 129,810 | 147,360 | 247,448 | 277,170 | 367,798 | 411,663 | 503,839 | 613,570 | 754,631 | ||
Operating income (loss) | 26,940 | (3,968) | 13,496 | 10,806 | 30,877 | 5,463 | 9,528 | 36,340 | 36,468 | 47,146 | 52,846 | 480 | (139,863) | ||
Other income (expense) | |||||||||||||||
Interest income | 180 | 212 | 48 | 163 | 53 | 97 | 260 | 150 | 440 | 313 | 761 | 494 | 1,152 | ||
Interest expense | (2,799) | (3,855) | (2,682) | (3,015) | (2,912) | (2,910) | (6,537) | (5,822) | (9,336) | (8,837) | (12,289) | (11,602) | (10,686) | ||
Other income (expense), net | (1,119) | (1,905) | 21 | (1,567) | (1,374) | (2,503) | (1,884) | (3,877) | (3,003) | (5,444) | (4,216) | (7,637) | (4,003) | ||
Total other income (expense) | (3,738) | (5,548) | (2,613) | (4,419) | (4,233) | (5,316) | (8,161) | (9,549) | (11,899) | (13,968) | (15,744) | (18,745) | (13,537) | ||
Income (loss) before income taxes | 23,202 | (9,516) | 10,883 | 6,387 | 26,644 | 147 | 1,367 | 26,791 | 24,569 | 33,178 | 37,102 | (18,265) | (153,400) | ||
Income tax (provision) benefit | (9,932) | (4,098) | (5,030) | (2,557) | (5,223) | (1,061) | (9,128) | (6,284) | (19,060) | (8,841) | (22,099) | (4,035) | 2,466 | ||
Net income (loss) | 13,270 | (13,614) | 5,853 | 3,830 | 21,421 | (914) | (7,761) | 20,507 | 5,509 | 24,337 | 15,003 | (22,300) | (150,934) | ||
Net income attributable to noncontrolling interests | 630 | 732 | 455 | 245 | 585 | 136 | 1,187 | 721 | 1,817 | 966 | 2,325 | 1,370 | 2,219 | ||
Net income (loss) attributable to Itron, Inc. | $ 8,986 | $ 12,640 | $ (14,346) | $ 5,398 | $ (47,041) | $ 3,585 | $ 20,836 | $ (1,050) | $ (8,948) | $ 19,786 | $ 3,692 | $ 23,371 | $ 12,678 | $ (23,670) | $ (153,153) |
Earnings (loss) per common share - Basic | $ 0.23 | $ 0.33 | $ (0.37) | $ 0.14 | $ (1.21) | $ 0.09 | $ 0.53 | $ (0.03) | $ (0.23) | $ 0.50 | $ 0.10 | $ 0.60 | $ 0.33 | $ (0.60) | $ (3.90) |
Earnings (loss) per common share - Diluted | $ 0.23 | $ 0.33 | $ (0.37) | $ 0.14 | $ (1.21) | $ 0.09 | $ 0.53 | $ (0.03) | $ (0.23) | $ 0.50 | $ 0.10 | $ 0.59 | $ 0.33 | $ (0.60) | $ (3.90) |
Weighted average common shares outstanding - Basic | 38,114 | 38,434 | 38,442 | 39,213 | 39,356 | 39,235 | 38,438 | 39,296 | 38,329 | 39,268 | 38,224 | 39,184 | 39,281 | ||
Weighted average common shares outstanding - Diluted | 38,358 | 38,434 | 38,758 | 39,493 | 39,544 | 39,235 | 38,438 | 39,528 | 38,591 | 39,516 | 38,506 | 39,184 | 39,281 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) | $ 13,270 | $ (13,614) | $ 5,853 | $ 3,830 | $ 21,421 | $ (914) | $ (7,761) | $ 20,507 | $ 5,509 | $ 24,337 | $ 15,003 | $ (22,300) | $ (150,934) |
Other comprehensive income (loss), net of tax: | |||||||||||||
Foreign currency translation adjustments | (14,241) | 13,757 | (60,319) | (48,889) | (7,986) | (3,214) | (46,562) | (11,200) | (60,803) | (60,089) | (72,929) | (89,297) | 7,904 |
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges | 71 | 123 | (114) | 400 | (119) | 163 | 9 | 44 | 80 | 444 | 1,086 | 488 | 433 |
Pension plan benefits liability adjustment | 866 | 493 | 504 | 98 | 118 | 97 | 997 | 215 | 1,863 | 313 | 6,296 | (24,947) | 5,117 |
Total other comprehensive income (loss), net of tax | (13,304) | 14,373 | (59,929) | (48,391) | (7,987) | (2,954) | (45,556) | (10,941) | (58,860) | (59,332) | (65,547) | (113,756) | 13,454 |
Total comprehensive income (loss), net of tax | (34) | 759 | (54,076) | (44,561) | 13,434 | (3,868) | (53,317) | 9,566 | (53,351) | (34,995) | (50,544) | (136,056) | (137,480) |
Comprehensive income (loss) attributable to noncontrolling interest, net of tax: | |||||||||||||
Net income attributable to noncontrolling interests | 630 | 732 | 455 | 245 | 585 | 136 | 1,187 | 721 | 1,817 | 966 | 2,325 | 1,370 | 2,219 |
Foreign currency translation adjustments | 0 | 0 | (35) | ||||||||||
Amounts attributable to noncontrolling interests | 630 | 732 | 455 | 245 | 585 | 136 | 1,187 | 721 | 1,817 | 966 | 2,325 | 1,370 | 2,184 |
Comprehensive income (loss) attributable to Itron, Inc. | $ (664) | $ 27 | $ (54,531) | $ (44,806) | $ 12,849 | $ (4,004) | $ (54,504) | $ 8,845 | $ (55,168) | $ (35,961) | $ (52,869) | $ (137,426) | $ (139,664) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||||||||
Cash and cash equivalents | $ 131,018 | $ 109,458 | $ 128,814 | $ 118,084 | $ 112,371 | $ 122,475 | $ 114,780 | $ 146,327 | $ 124,805 | $ 136,411 |
Accounts receivable, net | 330,895 | 340,423 | 338,196 | 324,706 | 346,547 | 342,480 | 369,092 | 341,547 | ||
Inventories | 190,465 | 214,237 | 195,394 | 168,161 | 154,221 | 190,689 | 192,670 | 190,105 | ||
Deferred tax assets current, net | 0 | 42,921 | 44,717 | 44,242 | 45,504 | 41,690 | 42,274 | 41,766 | ||
Other current assets | 106,562 | 121,801 | 128,298 | 128,079 | 123,819 | 123,535 | 125,929 | 116,663 | ||
Total current assets | 758,940 | 828,840 | 835,419 | 783,272 | 782,462 | 820,869 | 844,745 | 836,408 | ||
Property, plant, and equipment, net | 190,256 | 190,699 | 194,756 | 192,064 | 207,152 | 221,141 | 233,571 | 236,045 | ||
Deferred tax assets noncurrent, net | 109,387 | 59,897 | 73,511 | 76,308 | 74,439 | 67,202 | 64,127 | 59,096 | ||
Other long-term assets | 52,726 | 48,244 | 50,387 | 47,363 | 46,965 | 51,187 | 47,994 | 47,843 | ||
Intangible assets, net | 101,932 | 111,767 | 117,136 | 122,431 | 139,909 | 155,432 | 172,927 | 184,052 | ||
Goodwill | 468,122 | 475,410 | 471,648 | 462,718 | 500,820 | 515,641 | 541,539 | 546,437 | 547,604 | |
Total assets | 1,681,363 | 1,714,857 | 1,742,857 | 1,684,156 | 1,751,747 | 1,831,472 | 1,904,903 | 1,909,881 | ||
LIABILITIES AND EQUITY | ||||||||||
Accounts payable | 185,827 | 201,447 | 226,511 | 196,119 | 183,831 | 203,171 | 209,080 | 210,676 | ||
Other current liabilities | 78,630 | 68,837 | 60,763 | 78,819 | 101,315 | 62,039 | 69,064 | 77,042 | ||
Wages and benefits payable | 76,980 | 92,892 | 84,944 | 79,443 | 94,818 | 91,871 | 92,814 | 89,643 | ||
Taxes payable | 14,859 | 13,210 | 16,435 | 18,740 | 21,951 | 18,761 | 14,456 | 15,104 | ||
Current portion of debt | 11,250 | 11,250 | 11,250 | 30,000 | 30,000 | 30,000 | 30,000 | 28,125 | ||
Current portion of warranty | 36,927 | 40,060 | 35,589 | 22,256 | 21,145 | 22,283 | 23,689 | 21,989 | ||
Unearned revenue | 73,301 | 67,613 | 74,524 | 77,693 | 67,009 | 71,364 | 68,044 | 63,539 | ||
Total current liabilities | 477,774 | 495,309 | 510,016 | 503,070 | 520,069 | 499,489 | 507,147 | 506,118 | ||
Long-term debt | 359,962 | 369,457 | 361,708 | 331,310 | 293,969 | 280,000 | 297,500 | 320,000 | ||
Long-term warranty | 17,585 | 14,684 | 22,550 | 14,809 | 15,403 | 18,071 | 18,860 | 24,035 | ||
Pension plan benefit liability | 85,971 | 94,100 | 93,918 | 91,652 | 101,862 | 82,529 | 87,988 | 89,498 | ||
Deferred tax liabilities noncurrent, net | 1,723 | 3,569 | 3,247 | 3,289 | 3,808 | 7,220 | 6,297 | 6,123 | ||
Other long-term obligations | 115,645 | 116,415 | 121,084 | 107,809 | 118,094 | 125,049 | 118,450 | 110,168 | ||
Total liabilities | $ 1,058,660 | 1,093,534 | 1,112,523 | 1,051,939 | $ 1,053,205 | 1,012,358 | 1,036,242 | 1,055,942 | ||
Commitments and contingencies (Note 13) | ||||||||||
Equity | ||||||||||
Preferred stock, no par value, 10 million shares authorized, no shares issued or outstanding | $ 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 | ||
Common stock, no par value, 75 million shares authorized, 37,906 and 38,591 shares issued and outstanding | 1,246,671 | 1,246,177 | 1,255,154 | 1,257,796 | 1,270,045 | 1,288,562 | 1,293,548 | 1,291,690 | ||
Accumulated other comprehensive loss, net | (200,607) | (193,920) | (180,616) | (194,989) | (135,060) | (80,636) | (32,245) | (24,258) | ||
Accumulated deficit | (441,306) | (450,292) | (462,932) | (448,586) | (453,984) | (406,943) | (410,528) | (431,364) | ||
Total Itron, Inc. shareholders' equity | 604,758 | 601,965 | 611,606 | 614,221 | 681,001 | 800,983 | 850,775 | 836,068 | ||
Noncontrolling interests | 17,945 | 19,358 | 18,728 | 17,996 | 17,541 | 18,131 | 17,886 | 17,871 | ||
Total equity | 622,703 | 621,323 | 630,334 | 632,217 | 698,542 | 819,114 | 868,661 | 853,939 | $ 856,746 | $ 998,805 |
Total liabilities and equity | $ 1,681,363 | $ 1,714,857 | $ 1,742,857 | $ 1,684,156 | $ 1,751,747 | $ 1,831,472 | $ 1,904,903 | $ 1,909,881 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Common Stock, Number of Shares, Par Value and Other Disclosures | ||
Common stock, par value | ||
Common stock, shares authorized | 75,000 | 75,000 |
Common stock, shares issued | 37,906 | 38,591 |
Common stock, shares outstanding | 37,906 | 38,591 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures | ||
Preferred stock, par value | ||
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Total Itron Inc. Shareholders' Equity [Member] | Common Stock [Member] | Common Stock Including Additional Paid in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings (Accumulated Deficit) [Member] | Noncontrolling Interests [Member] |
Balance (shares) (Scenario, Previously Reported [Member]) at Dec. 31, 2012 | 39,277 | ||||||
Balance (shares) (Restatement Adjustment [Member]) | 0 | ||||||
Balance (shares) at Dec. 31, 2012 | 39,277 | ||||||
Balance (value) (Scenario, Previously Reported [Member]) at Dec. 31, 2012 | $ 1,009,513 | $ 992,967 | $ 1,294,213 | $ (34,384) | $ (266,862) | $ 16,546 | |
Balance (value) (Restatement Adjustment [Member]) | (10,708) | (10,708) | 0 | (409) | (10,299) | 0 | |
Balance (value) at Dec. 31, 2012 | 998,805 | 982,259 | 1,294,213 | (34,793) | (277,161) | 16,546 | |
Net income (loss) | Scenario, Previously Reported [Member] | (144,590) | ||||||
Net income (loss) | Restatement Adjustment [Member] | (6,344) | ||||||
Net income (loss) | (150,934) | (153,153) | (153,153) | ||||
Net income attributable to noncontrolling interests | Scenario, Previously Reported [Member] | 2,219 | ||||||
Net income attributable to noncontrolling interests | Restatement Adjustment [Member] | 0 | ||||||
Net income attributable to noncontrolling interests | 2,219 | 2,219 | |||||
Other comprehensive income (loss), net of tax | Scenario, Previously Reported [Member] | 12,627 | ||||||
Other comprehensive income (loss), net of tax | Restatement Adjustment [Member] | 827 | ||||||
Other comprehensive income (loss), net of tax | 13,454 | 13,489 | 13,489 | (35) | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (995) | (995) | |||||
Options exercised (shares) | 74 | ||||||
Options exercised (value) | 1,771 | 1,771 | 1,771 | ||||
Restricted stock awards released (shares) | 331 | ||||||
Restricted stock awards released (value) | 0 | 0 | 0 | ||||
Issuance of stock-based compensation awards (shares) | 18 | ||||||
Issuance of stock-based compensation awards (value) | 811 | 811 | 811 | ||||
Employee stock purchase plan (shares) | 94 | ||||||
Employee stock purchase plan (value) | 3,528 | 3,528 | 3,528 | ||||
Stock-based compensation expense | 18,039 | 18,039 | 18,039 | ||||
Employee stock plans income tax deficiencies | (756) | (756) | (756) | ||||
Repurchase of common stock (shares) | (645) | ||||||
Repurchase of common stock (value) | (26,977) | (26,977) | (26,977) | ||||
Balance (shares) at Dec. 31, 2013 | 39,149 | ||||||
Balance (value) at Dec. 31, 2013 | 856,746 | 839,011 | 1,290,629 | (21,304) | (430,314) | 17,735 | |
Net income (loss) | Scenario, Previously Reported [Member] | (118) | ||||||
Net income (loss) | Restatement Adjustment [Member] | (796) | ||||||
Net income (loss) | (914) | ||||||
Net income attributable to noncontrolling interests | Scenario, Previously Reported [Member] | 136 | ||||||
Net income attributable to noncontrolling interests | Restatement Adjustment [Member] | 0 | ||||||
Net income attributable to noncontrolling interests | 136 | ||||||
Other comprehensive income (loss), net of tax | Scenario, Previously Reported [Member] | (3,114) | ||||||
Other comprehensive income (loss), net of tax | Restatement Adjustment [Member] | 160 | ||||||
Other comprehensive income (loss), net of tax | (2,954) | ||||||
Balance (value) (Scenario, Previously Reported [Member]) at Mar. 31, 2014 | 870,800 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (16,861) | ||||||
Balance (value) at Mar. 31, 2014 | 853,939 | ||||||
Balance (shares) at Dec. 31, 2013 | 39,149 | ||||||
Balance (value) at Dec. 31, 2013 | 856,746 | 839,011 | 1,290,629 | (21,304) | (430,314) | 17,735 | |
Net income (loss) | Scenario, Previously Reported [Member] | 19,726 | ||||||
Net income (loss) | Restatement Adjustment [Member] | 781 | ||||||
Net income (loss) | 20,507 | ||||||
Net income attributable to noncontrolling interests | Scenario, Previously Reported [Member] | 721 | ||||||
Net income attributable to noncontrolling interests | Restatement Adjustment [Member] | 0 | ||||||
Net income attributable to noncontrolling interests | 721 | ||||||
Other comprehensive income (loss), net of tax | Scenario, Previously Reported [Member] | (11,110) | ||||||
Other comprehensive income (loss), net of tax | Restatement Adjustment [Member] | 169 | ||||||
Other comprehensive income (loss), net of tax | (10,941) | ||||||
Balance (value) (Scenario, Previously Reported [Member]) at Jun. 30, 2014 | 883,936 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (15,275) | ||||||
Balance (value) at Jun. 30, 2014 | 868,661 | ||||||
Balance (shares) at Dec. 31, 2013 | 39,149 | ||||||
Balance (value) at Dec. 31, 2013 | 856,746 | 839,011 | 1,290,629 | (21,304) | (430,314) | 17,735 | |
Net income (loss) | Scenario, Previously Reported [Member] | 27,279 | ||||||
Net income (loss) | Restatement Adjustment [Member] | (2,942) | ||||||
Net income (loss) | 24,337 | ||||||
Net income attributable to noncontrolling interests | Scenario, Previously Reported [Member] | 966 | ||||||
Net income attributable to noncontrolling interests | Restatement Adjustment [Member] | 0 | ||||||
Net income attributable to noncontrolling interests | 966 | ||||||
Other comprehensive income (loss), net of tax | Scenario, Previously Reported [Member] | (60,003) | ||||||
Other comprehensive income (loss), net of tax | Restatement Adjustment [Member] | 671 | ||||||
Other comprehensive income (loss), net of tax | (59,332) | ||||||
Balance (value) (Scenario, Previously Reported [Member]) at Sep. 30, 2014 | 837,007 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (17,893) | ||||||
Balance (value) at Sep. 30, 2014 | 819,114 | ||||||
Balance (shares) at Dec. 31, 2013 | 39,149 | ||||||
Balance (value) at Dec. 31, 2013 | 856,746 | 839,011 | 1,290,629 | (21,304) | (430,314) | 17,735 | |
Net income (loss) | Scenario, Previously Reported [Member] | (21,550) | ||||||
Net income (loss) | Restatement Adjustment [Member] | (750) | ||||||
Net income (loss) | (22,300) | (23,670) | (23,670) | ||||
Net income attributable to noncontrolling interests | Scenario, Previously Reported [Member] | 1,370 | ||||||
Net income attributable to noncontrolling interests | Restatement Adjustment [Member] | 0 | ||||||
Net income attributable to noncontrolling interests | 1,370 | 1,370 | |||||
Other comprehensive income (loss), net of tax | Scenario, Previously Reported [Member] | (114,792) | ||||||
Other comprehensive income (loss), net of tax | Restatement Adjustment [Member] | 1,036 | ||||||
Other comprehensive income (loss), net of tax | (113,756) | (113,756) | (113,756) | 0 | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,564) | (1,564) | |||||
Options exercised (shares) | 65 | ||||||
Options exercised (value) | 1,621 | 1,621 | 1,621 | ||||
Restricted stock awards released (shares) | 281 | ||||||
Restricted stock awards released (value) | 0 | 0 | 0 | ||||
Issuance of stock-based compensation awards (shares) | 21 | ||||||
Issuance of stock-based compensation awards (value) | 936 | 936 | 936 | ||||
Employee stock purchase plan (shares) | 61 | ||||||
Employee stock purchase plan (value) | 2,247 | 2,247 | 2,247 | ||||
Stock-based compensation expense | 16,924 | 16,924 | 16,924 | ||||
Employee stock plans income tax deficiencies | (2,647) | (2,647) | (2,647) | ||||
Repurchase of common stock (shares) | (986) | ||||||
Repurchase of common stock (value) | $ (39,665) | (39,665) | (39,665) | ||||
Balance (shares) at Dec. 31, 2014 | 38,591 | 38,591 | |||||
Balance (value) (Scenario, Previously Reported [Member]) at Dec. 31, 2014 | $ 714,481 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (15,939) | ||||||
Balance (value) at Dec. 31, 2014 | 698,542 | 681,001 | 1,270,045 | (135,060) | (453,984) | 17,541 | |
Balance (value) (Scenario, Previously Reported [Member]) at Mar. 31, 2014 | 870,800 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (16,861) | ||||||
Balance (value) at Mar. 31, 2014 | 853,939 | ||||||
Net income (loss) | Scenario, Previously Reported [Member] | 19,844 | ||||||
Net income (loss) | Restatement Adjustment [Member] | 1,577 | ||||||
Net income (loss) | 21,421 | ||||||
Net income attributable to noncontrolling interests | Scenario, Previously Reported [Member] | 585 | ||||||
Net income attributable to noncontrolling interests | Restatement Adjustment [Member] | 0 | ||||||
Net income attributable to noncontrolling interests | 585 | ||||||
Other comprehensive income (loss), net of tax | Scenario, Previously Reported [Member] | (7,996) | ||||||
Other comprehensive income (loss), net of tax | Restatement Adjustment [Member] | 9 | ||||||
Other comprehensive income (loss), net of tax | (7,987) | ||||||
Balance (value) (Scenario, Previously Reported [Member]) at Jun. 30, 2014 | 883,936 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (15,275) | ||||||
Balance (value) at Jun. 30, 2014 | 868,661 | ||||||
Net income (loss) | Scenario, Previously Reported [Member] | 7,553 | ||||||
Net income (loss) | Restatement Adjustment [Member] | (3,723) | ||||||
Net income (loss) | 3,830 | ||||||
Net income attributable to noncontrolling interests | Scenario, Previously Reported [Member] | 245 | ||||||
Net income attributable to noncontrolling interests | Restatement Adjustment [Member] | 0 | ||||||
Net income attributable to noncontrolling interests | 245 | ||||||
Other comprehensive income (loss), net of tax | Scenario, Previously Reported [Member] | (48,893) | ||||||
Other comprehensive income (loss), net of tax | Restatement Adjustment [Member] | 502 | ||||||
Other comprehensive income (loss), net of tax | (48,391) | ||||||
Balance (value) (Scenario, Previously Reported [Member]) at Sep. 30, 2014 | 837,007 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (17,893) | ||||||
Balance (value) at Sep. 30, 2014 | 819,114 | ||||||
Balance (value) (Scenario, Previously Reported [Member]) at Dec. 31, 2014 | 714,481 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (15,939) | ||||||
Balance (value) at Dec. 31, 2014 | 698,542 | 681,001 | 1,270,045 | (135,060) | (453,984) | 17,541 | |
Net income (loss) | Scenario, Previously Reported [Member] | 5,365 | ||||||
Net income (loss) | Restatement Adjustment [Member] | 488 | ||||||
Net income (loss) | 5,853 | ||||||
Net income attributable to noncontrolling interests | Scenario, Previously Reported [Member] | 455 | ||||||
Net income attributable to noncontrolling interests | Restatement Adjustment [Member] | 0 | ||||||
Net income attributable to noncontrolling interests | 455 | ||||||
Other comprehensive income (loss), net of tax | Scenario, Previously Reported [Member] | (60,700) | ||||||
Other comprehensive income (loss), net of tax | Restatement Adjustment [Member] | 771 | ||||||
Other comprehensive income (loss), net of tax | (59,929) | ||||||
Balance (value) (Scenario, Previously Reported [Member]) at Mar. 31, 2015 | 646,897 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (14,680) | ||||||
Balance (value) at Mar. 31, 2015 | $ 632,217 | ||||||
Balance (shares) at Dec. 31, 2014 | 38,591 | 38,591 | |||||
Balance (value) (Scenario, Previously Reported [Member]) at Dec. 31, 2014 | $ 714,481 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (15,939) | ||||||
Balance (value) at Dec. 31, 2014 | 698,542 | 681,001 | 1,270,045 | (135,060) | (453,984) | 17,541 | |
Net income (loss) | Scenario, Previously Reported [Member] | (8,101) | ||||||
Net income (loss) | Restatement Adjustment [Member] | 340 | ||||||
Net income (loss) | (7,761) | ||||||
Net income attributable to noncontrolling interests | Scenario, Previously Reported [Member] | 1,187 | ||||||
Net income attributable to noncontrolling interests | Restatement Adjustment [Member] | 0 | ||||||
Net income attributable to noncontrolling interests | 1,187 | ||||||
Other comprehensive income (loss), net of tax | Scenario, Previously Reported [Member] | (46,228) | ||||||
Other comprehensive income (loss), net of tax | Restatement Adjustment [Member] | 672 | ||||||
Other comprehensive income (loss), net of tax | (45,556) | ||||||
Balance (value) (Scenario, Previously Reported [Member]) at Jun. 30, 2015 | 645,261 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (14,927) | ||||||
Balance (value) at Jun. 30, 2015 | $ 630,334 | ||||||
Balance (shares) at Dec. 31, 2014 | 38,591 | 38,591 | |||||
Balance (value) (Scenario, Previously Reported [Member]) at Dec. 31, 2014 | $ 714,481 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (15,939) | ||||||
Balance (value) at Dec. 31, 2014 | 698,542 | 681,001 | 1,270,045 | (135,060) | (453,984) | 17,541 | |
Net income (loss) | Scenario, Previously Reported [Member] | 5,224 | ||||||
Net income (loss) | Restatement Adjustment [Member] | 285 | ||||||
Net income (loss) | 5,509 | ||||||
Net income attributable to noncontrolling interests | Scenario, Previously Reported [Member] | 1,817 | ||||||
Net income attributable to noncontrolling interests | Restatement Adjustment [Member] | 0 | ||||||
Net income attributable to noncontrolling interests | 1,817 | ||||||
Other comprehensive income (loss), net of tax | Scenario, Previously Reported [Member] | (61,029) | ||||||
Other comprehensive income (loss), net of tax | Restatement Adjustment [Member] | 2,169 | ||||||
Other comprehensive income (loss), net of tax | (58,860) | ||||||
Balance (value) (Scenario, Previously Reported [Member]) at Sep. 30, 2015 | 634,808 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (13,485) | ||||||
Balance (value) at Sep. 30, 2015 | $ 621,323 | ||||||
Balance (shares) at Dec. 31, 2014 | 38,591 | 38,591 | |||||
Balance (value) (Scenario, Previously Reported [Member]) at Dec. 31, 2014 | $ 714,481 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (15,939) | ||||||
Balance (value) at Dec. 31, 2014 | 698,542 | 681,001 | 1,270,045 | (135,060) | (453,984) | 17,541 | |
Net income (loss) | 15,003 | 12,678 | 12,678 | ||||
Net income attributable to noncontrolling interests | 2,325 | 2,325 | |||||
Other comprehensive income (loss), net of tax | (65,547) | (65,547) | (65,547) | 0 | |||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,921) | (1,921) | |||||
Options exercised (shares) | 24 | ||||||
Options exercised (value) | 853 | 853 | 853 | ||||
Restricted stock awards released (shares) | 296 | ||||||
Restricted stock awards released (value) | 0 | 0 | 0 | ||||
Issuance of stock-based compensation awards (shares) | 20 | ||||||
Issuance of stock-based compensation awards (value) | 706 | 706 | 706 | ||||
Employee stock purchase plan (shares) | 54 | ||||||
Employee stock purchase plan (value) | 1,819 | 1,819 | 1,819 | ||||
Stock-based compensation expense | 13,384 | 13,384 | 13,384 | ||||
Employee stock plans income tax deficiencies | (1,853) | (1,853) | (1,853) | ||||
Repurchase of common stock (shares) | (1,079) | ||||||
Repurchase of common stock (value) | $ (38,283) | (38,283) | (38,283) | ||||
Balance (shares) at Dec. 31, 2015 | 37,906 | 37,906 | |||||
Balance (value) at Dec. 31, 2015 | $ 622,703 | $ 604,758 | $ 1,246,671 | $ (200,607) | $ (441,306) | $ 17,945 | |
Balance (value) (Scenario, Previously Reported [Member]) at Mar. 31, 2015 | 646,897 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (14,680) | ||||||
Balance (value) at Mar. 31, 2015 | 632,217 | ||||||
Net income (loss) | Scenario, Previously Reported [Member] | (13,466) | ||||||
Net income (loss) | Restatement Adjustment [Member] | (148) | ||||||
Net income (loss) | (13,614) | ||||||
Net income attributable to noncontrolling interests | Scenario, Previously Reported [Member] | 732 | ||||||
Net income attributable to noncontrolling interests | Restatement Adjustment [Member] | 0 | ||||||
Net income attributable to noncontrolling interests | 732 | ||||||
Other comprehensive income (loss), net of tax | Scenario, Previously Reported [Member] | 14,472 | ||||||
Other comprehensive income (loss), net of tax | Restatement Adjustment [Member] | (99) | ||||||
Other comprehensive income (loss), net of tax | 14,373 | ||||||
Balance (value) (Scenario, Previously Reported [Member]) at Jun. 30, 2015 | 645,261 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (14,927) | ||||||
Balance (value) at Jun. 30, 2015 | 630,334 | ||||||
Net income (loss) | Scenario, Previously Reported [Member] | 13,325 | ||||||
Net income (loss) | Restatement Adjustment [Member] | (55) | ||||||
Net income (loss) | 13,270 | ||||||
Net income attributable to noncontrolling interests | Scenario, Previously Reported [Member] | 630 | ||||||
Net income attributable to noncontrolling interests | Restatement Adjustment [Member] | 0 | ||||||
Net income attributable to noncontrolling interests | 630 | ||||||
Other comprehensive income (loss), net of tax | Scenario, Previously Reported [Member] | (14,801) | ||||||
Other comprehensive income (loss), net of tax | Restatement Adjustment [Member] | 1,497 | ||||||
Other comprehensive income (loss), net of tax | (13,304) | ||||||
Balance (value) (Scenario, Previously Reported [Member]) at Sep. 30, 2015 | 634,808 | ||||||
Balance (value) (Restatement Adjustment [Member]) | (13,485) | ||||||
Balance (value) at Sep. 30, 2015 | $ 621,323 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||||||||
Net income (loss) | $ 5,853 | $ (914) | $ (7,761) | $ 20,507 | $ 5,509 | $ 24,337 | $ 15,003 | $ (22,300) | $ (150,934) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||
Depreciation and amortization | 19,355 | 25,187 | 38,792 | 50,201 | 57,790 | 74,827 | 75,993 | 98,139 | 99,246 |
Stock-based compensation | 4,108 | 4,584 | 7,997 | 9,454 | 10,879 | 13,306 | 14,089 | 17,860 | 18,850 |
Amortization of prepaid debt fees | 390 | 404 | 1,579 | 808 | 1,851 | 1,212 | 2,128 | 1,612 | 1,657 |
Deferred taxes, net | (4,932) | (2,703) | 1,885 | (9,499) | 14,744 | (13,068) | 1,488 | (34,757) | (25,308) |
Goodwill impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 174,226 |
Restructuring, non-cash | (110) | 0 | (110) | 0 | 1,018 | 0 | 976 | 5,172 | 1,259 |
Other adjustments, net | 337 | 32 | 919 | 85 | 1,877 | 120 | 2,003 | 914 | 551 |
Changes in operating assets and liabilities, net of acquisitions: | |||||||||
Accounts receivable | 237 | 15,186 | (8,641) | (14,540) | (14,193) | (1,768) | (9,009) | (15,119) | 11,732 |
Inventories | (23,732) | (12,449) | (49,928) | (16,145) | (73,464) | (23,085) | (52,737) | 7,208 | (12,391) |
Other current assets | (7,888) | 5,838 | (6,254) | (3,768) | (998) | (5,154) | 12,512 | (10,947) | (9,950) |
Other long-term assets | (3,081) | (9,446) | (3,185) | (10,166) | (2,529) | (15,766) | (3,721) | (12,540) | (2,298) |
Accounts payables, other current liabilities, and taxes payable | 3,760 | 26,804 | 23,965 | 12,797 | (11,119) | 20,105 | (7,060) | 56,158 | (4,466) |
Wages and benefits payable | (9,913) | (2,092) | (5,846) | 1,356 | 3,787 | 3,839 | (10,866) | 7,502 | (1,822) |
Unearned revenue | 14,582 | 19,217 | 10,649 | 25,999 | 6,536 | 35,704 | 11,943 | 30,584 | 8,744 |
Warranty | 2,384 | (342) | 23,046 | (3,881) | 20,207 | (4,560) | 20,161 | (7,297) | (6,546) |
Other operating, net | (5,305) | (2,545) | (9,540) | 3,983 | (1,741) | 6,489 | 447 | 10,784 | 2,871 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (3,955) | 66,761 | 17,567 | 67,191 | 20,154 | 116,538 | 73,350 | 132,973 | 105,421 |
Investing activities | |||||||||
Acquisitions of property, plant, and equipment | (9,472) | (8,564) | (20,992) | (19,403) | (33,324) | (32,060) | (43,918) | (44,495) | (60,020) |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 | 0 | (5,754) | 0 | (5,754) | 0 | (860) |
Other investing, net | (118) | 167 | 693 | 56 | 545 | (193) | 721 | 2,999 | 4,109 |
Net cash used in investing activities | (9,590) | (8,397) | (20,299) | (19,347) | (38,533) | (32,253) | (48,951) | (41,496) | (56,771) |
Financing activities | |||||||||
Proceeds from borrowings | 63,000 | 0 | 74,183 | 0 | 89,709 | 0 | 113,467 | 47,657 | 35,000 |
Payments on debt | (22,373) | (30,625) | (22,373) | (51,250) | (30,186) | (68,750) | (62,998) | (102,438) | (73,750) |
Issuance of common stock | 451 | 310 | 1,864 | 1,530 | 2,229 | 2,324 | 2,663 | 3,647 | 5,299 |
Repurchase of common stock | (16,341) | (2,948) | (23,185) | (7,164) | (35,278) | (15,324) | (38,283) | (39,665) | (26,977) |
Other financing, net | 1,186 | (2,244) | (3,942) | 1,204 | 1,881 | 2,395 | (7,109) | (1,078) | 2,990 |
Net cash provided by (used in) financing activities | 25,923 | (35,507) | 26,547 | (55,680) | 28,355 | (79,355) | 7,740 | (91,877) | (57,438) |
Effect of foreign exchange rate changes on cash and cash equivalents | (6,665) | (1,335) | (7,372) | (2,189) | (12,889) | (7,260) | (13,492) | (12,034) | (2,818) |
Increase (decrease) in cash and cash equivalents | 5,713 | 21,522 | 16,443 | (10,025) | (2,913) | (2,330) | 18,647 | (12,434) | (11,606) |
Cash and cash equivalents at beginning of period | 112,371 | 124,805 | 112,371 | 124,805 | 112,371 | 124,805 | 112,371 | 124,805 | 136,411 |
Cash and cash equivalents at end of period | 118,084 | 146,327 | 128,814 | 114,780 | 109,458 | 122,475 | 131,018 | 112,371 | 124,805 |
Supplemental disclosure of cash flow information: | |||||||||
Income taxes, net | 19,245 | (891) | 21,233 | 3,502 | 22,578 | 8,528 | 29,189 | 18,222 | 18,659 |
Interest, net of amounts capitalized | $ 2,265 | $ 2,460 | $ 4,998 | $ 4,911 | $ 7,549 | $ 7,536 | $ 10,198 | $ 9,912 | $ 9,026 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies We were incorporated in the state of Washington in 1977. We provide a portfolio of solutions to utilities for the electricity, gas, and water markets throughout the world. Financial Statement Preparation The consolidated financial statements presented in this Annual Report include the Consolidated Statements of Operations, Comprehensive Income (Loss), Equity, and Cash Flows for the years ended December 31, 2015 , 2014 , and 2013 and the Consolidated Balance Sheets as of December 31, 2015 and 2014 of Itron, Inc. and its subsidiaries. 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 50% or less investment and exercise significant influence. Entities in which we have less than a 20% investment and where we do not exercise significant influence are accounted for under the cost method. Intercompany transactions and balances are eliminated upon consolidation. Noncontrolling Interests In several of our consolidated international subsidiaries, we have joint venture partners, who are minority shareholders. Although these entities are not wholly-owned by Itron, we consolidate them because we have a greater than 50% ownership interest or because we exercise control over the operations. The noncontrolling interest balance is adjusted each period to reflect the allocation of net income (loss) and other comprehensive income (loss) attributable to the noncontrolling interests, as shown in our Consolidated Statements of Operations and our Consolidated Statements of Comprehensive Income (Loss) as well as contributions from and distributions to the owners. The noncontrolling interest balance in our Consolidated Balance Sheets represents the proportional share of the equity of the joint venture entities, which is attributable to the minority shareholders. Business Acquisitions On August 26, 2015, we completed our acquisition of 100% of Temetra Limited (Temetra) in a stock purchase. Temetra is a technology company located in Ireland and focused on meter data management and meter data collection in the water industry with a software-as-a-service business model. The acquisition strengthens our data analytics capabilities and provides us with additional cloud-based technology options for our water utility customers. The purchase price of Temetra was $9.8 million (net of $1.4 million of cash and cash equivalents acquired). Refer to Note 6 for additional information about this acquisition. 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. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded for invoices issued to customers in accordance with our contractual arrangements. Interest and late payment fees are minimal. Unbilled receivables are recorded when revenues are recognized upon product shipment or service delivery and invoicing occurs at a later date. We record an allowance for doubtful accounts representing our estimate of the probable losses in accounts receivable at the date of the balance sheet based on our historical experience of bad debts and our specific review of outstanding receivables. 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 market using the first-in, first-out method. Cost includes raw materials and labor, plus applied direct and indirect costs. Derivative Instruments All derivative instruments, whether designated in hedging relationships or not, are recorded on the Consolidated Balance Sheets at fair value as either assets or liabilities. The components and 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 net fair value of our derivative instruments may switch between a net asset and a net 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 are in a net asset position and the effect of our own nonperformance risk when the net fair value of our derivative instruments are 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, the effective portions of changes in the fair value of the derivative are recorded as a component of other comprehensive income (loss) (OCI) and are recognized in earnings when the hedged item affects earnings. Ineffective portions of cash flow hedges are recognized in other income (expense) in the Consolidated Statements of Operations. For a hedge of a net investment, the effective portion of 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. Ineffective portions of fair value changes or the changes in fair value of derivative instruments that do not qualify for hedging activities are recognized in other income (expense) in the Consolidated Statements of 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 whom we have master netting agreements; however, our derivative positions are not recorded on a net basis in the Consolidated Balance Sheets. There are no credit-risk-related contingent features within our derivative instruments. Refer to Note 8 and Note 15 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 to ten 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 assured, or over the useful lives, whichever is shorter. Construction in process represents capital expenditures incurred for assets not yet placed in service. Costs related to internally developed software and software purchased for internal uses are capitalized and are amortized over the estimated useful lives of the assets. Repair and maintenance costs are expensed 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 Statement 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. Prepaid Debt Fees Prepaid debt fees represent the capitalized direct costs incurred related to the issuance of debt and are recorded as noncurrent assets. These costs are amortized to interest expense over the terms of the respective borrowings, including contingent maturity or call features, using the effective interest method, or 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 recorded at their fair values. The acquiree's results of operations are also included as of the date of acquisition in our consolidated results. Intangible assets that arise from contractual/legal rights, or are capable of being separated, as well as in-process research and development (IPR&D), are measured and recorded at fair value, and amortized over the estimated useful life. IPR&D is not amortized until such time as the associated development projects are completed or terminated. If a development project is completed, the IPR&D is reclassified as a core technology intangible asset and amortized over its estimated useful life. If the development project is terminated, the recorded value of the associated IPR&D is immediately expensed. If practicable, assets acquired and liabilities assumed arising from contingencies are measured and recorded at fair value. If not practicable, such assets and liabilities are measured and recorded 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 expensed as incurred. Restructuring costs associated with an acquisition are generally expensed 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 require 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. Cash payments for contingent or deferred consideration are classified within cash flows from investing activities within the Consolidated Statements of Cash Flows. 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. IPR&D is considered an indefinite-lived intangible asset and is not subject to amortization until the associated projects are completed or terminated. 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 at the time 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, effective in the fourth quarter of 2013. 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 two-step 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, a second step is required to measure the goodwill impairment loss amount. This second step determines the current fair values of all assets and liabilities of the reporting unit and then compares the implied fair value of the reporting unit's goodwill to the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to the 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 recorded 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 recorded. Changes in these factors and related estimates could materially affect our financial position and results of operations. Legal costs to defend against contingent liabilities are expensed as incurred. Bonus and Profit Sharing We have various employee bonus and profit sharing plans, which provide award amounts for the achievement of annual financial and nonfinancial targets. If management determines it is probable that the targets will be achieved, and the amounts can be reasonably estimated, a compensation accrual is recorded based on the proportional achievement of the financial and nonfinancial targets. Although we monitor and accrue expenses quarterly based on our progress toward the achievement of the annual targets, the actual results at the end of the year may result in awards that are significantly greater or less than the estimates made in earlier quarters. 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 recorded if a failure event is probable and the cost can be reasonably estimated. When new products are introduced, our process relies on historical averages of similar products until sufficient data are 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 warranty allowances may fluctuate due to changes in estimates for material, labor, and other costs we may incur to repair or replace projected product failures, and we may incur additional warranty and related expenses in the future with respect to new or established products, which could adversely affect our financial position and results of operations. The long-term warranty balance includes estimated warranty claims beyond one year. Warranty expense is classified within cost of revenues. Restructuring We record a liability for costs associated with an exit or disposal activity under a restructuring project at its fair value in the period in which the liability is incurred. Employee termination benefits considered postemployment benefits are accrued when the obligation is probable and estimable, such as benefits stipulated by human resource policies and practices or statutory requirements. One-time termination benefits are expensed at the date the employee is notified. If the employee must provide future service greater than 60 days, such benefits are expensed ratably over the future service period. For contract termination costs, we record 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 recorded 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 recorded 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 or an asset for plan assets in excess of 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, that arise during the period but that are not recognized as components of net periodic benefit cost. If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities, we amortize them over the employees' average future service period. Share Repurchase Plan From time to time, we may repurchase shares of Itron common stock under programs authorized by our Board of Directors. Share repurchases are made in the open market or in privately negotiated transactions and in accordance with applicable securities laws. Under applicable Washington State law, shares repurchased are retired and not displayed separately as treasury stock on the financial statements; the value of the repurchased shares is deducted from common stock. Revenue Recognition Revenues consist primarily of hardware sales, software license fees, software implementation, project management services, installation, consulting, and post-sale maintenance support. Revenues are recognized when (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the sales price is fixed or determinable, and (4) collectability is reasonably assured. Many of our revenue arrangements involve multiple deliverables, which combine two or more of the following: hardware, meter reading system software, installation, and/or project management services. Revenue arrangements with multiple deliverables are divided into separate units of accounting if the delivered item(s) has value to the customer on a standalone basis and delivery/performance of the undelivered item(s) is probable. The total arrangement consideration is allocated among the separate units of accounting based on their relative fair values and the applicable revenue recognition criteria considered for each unit of accounting. The amount allocable to a delivered item is limited to the amount that we are entitled to collect and that is not contingent upon the delivery/performance of additional items. Revenues for each deliverable are then recognized based on the type of deliverable, such as 1) when the products are shipped, 2) services are delivered, 3) percentage-of-completion when implementation services are essential to other deliverables in the arrangement, 4) upon receipt of customer acceptance, or 5) transfer of title and risk of loss. The majority of our revenue is recognized when products are shipped to or received by a customer or when services are provided. Hardware revenues are recognized at the time of shipment, receipt by the customer, or, if applicable, upon completion of customer acceptance provisions. Revenue from our OpenWay network software and services is recognized using the units-of-delivery method of contract accounting, as network design services and network software are essential to the functionality of the related hardware (network). This methodology results in the deferral of costs and revenues as professional services and software implementation commence prior to deployment of hardware. In the unusual instances when we are unable to reliably estimate the cost to complete a contract at its inception, we use the completed contract method of contract accounting. Revenues and costs are recognized upon substantial completion when remaining costs are insignificant and potential risks are minimal. Under contract accounting, if we estimate that the completion of a contract component (unit of accounting) will result in a loss, the loss is recognized in the period in which the loss becomes evident. We reevaluate the estimated loss through the completion of the contract component and adjust the estimated loss for changes in facts and circumstances. Many of our customer arrangements contain clauses for liquidated damages, related to the timing of delivery or milestone accomplishments, which could become material in an event of failure to meet the contractual deadlines. At the inception of the arrangement and on an ongoing basis, we evaluate if the liquidating damages represent contingent revenue and, if so, we reduce the amount of consideration allocated to the delivered products and services and record it as a reduction in revenue in the period of default. If the arrangement is subject to contract accounting, liquidated damages resulting from anticipated events of default are estimated and are accounted for as job costs in the period in which the liquidated damages are deemed probable of occurrence and are reasonably estimable. Our software customers often purchase a combination of software, service, and post contract customer support. For these types of arrangement, revenue recognition is dependent upon the availability of vendor specific objective evidence (VSOE) of fair value for any undelivered element. We determine VSOE by reference to the range of comparable standalone sales or stated renewals. We review these standalone sales or renewals on at least an annual basis. If VSOE is established for all undelivered elements in the contract, revenue is recognized for delivered elements when all other revenue recognition criteria are met. Where VSOE of all undelivered elements is not established, revenue for software and software related elements is deferred until all software products have been delivered, all software related services have commenced, and undelivered services do not include significant production, customization or modification. Revenue would be recognized over the longest period that services would be provided. Certain of our revenue arrangements include an extended or noncustomary warranty provision that covers all or a portion of a customer's replacement or repair costs beyond the standard or customary warranty period. Whether or not the extended warranty is separately priced in the arrangement, a portion of the arrangement's total consideration is allocated to this extended warranty deliverable. This revenue is deferred and recognized over the extended warranty coverage period. Extended or noncustomary warranties do not represent a significant portion of our revenue. We allocate consideration to each deliverable in an arrangement based on its relative selling price. We determine selling price using VSOE, if it exists, otherwise we use third-party evidence (TPE). We define VSOE as a median price of recent standalone transactions that are priced within a narrow range. TPE is determined based on the prices charged by our competitors for a similar deliverable when sold separately. If neither VSOE nor TPE of selling price exists for a unit of accounting, we use estimated selling price (ESP) to determine the price at which we would transact if the product or service were regularly sold by us on a standalone basis. Our determination of ESP involves a weighting of several factors based on the specific facts and circumstances of the arrangement. The factors considered include the cost to produce the deliverable, the anticipated margin on that deliverable, our ongoing pricing strategy and policies, and the characteristics of the varying markets in which the deliverable is sold. We analyze the selling prices used in our allocation of arrangement consideration on an annual basis. Selling prices are analyzed on a more frequent basis if a significant change in our business necessitates a more timely analysis or if we experience significant variances in our selling prices. Unearned revenue is recorded when a customer pays for products or services, but the criteria for revenue recognition have not been met as of the balance sheet date. Unearned revenues of $139.5 million and $134.1 million at December 31, 2015 and 2014 related primarily to professional services and software associated with our smart metering contracts, extended or noncustomary warranty, and prepaid post-contract support. Deferred costs are recorded for products or services for which ownership (typically defined as title and risk of loss) has transferred to the customer, but the criteria for revenue recognition have not been met as of the balance sheet date. Deferred costs were $56.6 million and $63.4 million at December 31, 2015 and 2014 and are recorded within other assets in the Consolidated Balance Sheets. Hardware and software post-sale maintenance support fees are recognized ratably over the life of the related service contract. Shipping and handling costs and incidental expenses billed to customers are recorded as revenue, with the associated cost charged to cost of revenues. We record sales, use, and value added taxes billed to our customers on a net basis. 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 software development expenses 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 measure and recognize compensation expense for all stock-based awards made to employees and directors, including stock options, stock sold pursuant to our Employee Stock Purchase Plan (ESPP), and the issuance of restricted stock units and unrestricted stock awards, based on estimated fair values. The fair value of stock options is estimated at the date of grant using the Black-Scholes option-pricing model, which includes assumptions for the dividend yield, expected volatility, risk-free interest rate, and expected term. For ESPP awards, the fair value is the difference between the market close price of our common stock on the date of purchase and the discounted purchase price. For performance-based restricted stock units and unrestricted stock awards with no market conditions, the fair value is the market close price of our common stock on the date of grant. For restricted stock units with market conditions, the fair value is estimated at the date of award using a Monte Carlo simulation model, which includes assumptions for dividend yield and expected volatility for our common stock and the common stock for companies within the Russell 3000 index, as well as the risk-free interest rate and expected term of the awards. We expense stock-based compensation at the date of grant for unrestricted stock awards. For awards with only a service condition, we expense stock-based compensation, adjusted for estimated forfeitures, using the straight-line method over the requisite service period for the entire award. For awards with performance and service conditions, if vesting is probable, we expense the stock-based compensation, adjusted for estimated forfeitures, 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. Excess tax benefits are credited to common stock when the deduction reduces cash taxes payable. When we have tax deductions in excess of the compensation cost, they are classified as financing cash inflows in the Consolidated Statements of Cash Flows. Effective October 1, 2013, we changed the terms of the ESPP to reduce the discount to 5% from the fair market value of the stock at the end of each fiscal quarter. As a result of this change, the ESPP is no longer 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 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 recorded 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 record 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 a weighted average rate for the relevant reporting period. |
Revision of Prior Period Financ
Revision of Prior Period Financial Statements (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Accounting Changes and Error Corrections [Text Block] | Revision of Prior Period Financial Statements We have revised the previously reported consolidated financial statements for the years ended December 31, 2014 and 2013. Additionally, we revised the unaudited quarterly financial information for each quarter in the fiscal year ended December 31, 2014, and the first three quarters of fiscal 2015 as shown in Note 18. Adjustments related to periods prior to January 1, 2013 are reflected as an adjustment to beginning retained earnings for the year ended December 31, 2013. All impacted financial statement line items and related footnotes reflect these revisions. The revision reflects adjustments primarily related to the following areas: • Adjustments to arrangements including software where VSOE of fair value did not exist for undelivered elements and the determination of whether software was essential to the functionality of certain hardware. To correct these items, revenues and costs associated with certain software license agreements and related services were deferred and recognized ratably from the point at which customization or modification had been completed and all services have commenced, through the date services are completed or the Postcontract Customer Support term, whichever was longer. • Adjustments previously identified that were considered immaterial and had not been corrected. These adjustments have now been reflected in the periods in which the item arose. Statement of operations data: Year Ended December 31, 2014 As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 1,970,697 $ (23,081 ) $ 1,947,616 Cost of revenues 1,347,572 (14,006 ) 1,333,566 Gross profit 623,125 (9,075 ) 614,050 Operating expenses Sales and marketing 185,239 (2,736 ) 182,503 Product development 175,500 — 175,500 General and administrative 163,101 (635 ) 162,466 Amortization of intangible assets 43,619 — 43,619 Restructuring 50,857 (1,375 ) 49,482 Goodwill impairment 977 (977 ) — Total operating expenses 619,293 (5,723 ) 613,570 Operating income (loss) 3,832 (3,352 ) 480 Other income (expense) Interest income 494 — 494 Interest expense (11,602 ) — (11,602 ) Other income (expense), net (7,633 ) (4 ) (7,637 ) Total other income (expense) (18,741 ) (4 ) (18,745 ) Income (loss) before income taxes (14,909 ) (3,356 ) (18,265 ) Income tax (provision) benefit (6,641 ) 2,606 (4,035 ) Net income (loss) (21,550 ) (750 ) (22,300 ) Net income attributable to noncontrolling interests 1,370 — 1,370 Net income (loss) attributable to Itron, Inc. $ (22,920 ) $ (750 ) $ (23,670 ) Earnings (loss) per common share - Basic $ (0.58 ) $ (0.02 ) $ (0.60 ) Earnings (loss) per common share - Diluted $ (0.58 ) $ (0.02 ) $ (0.60 ) Weighted average common shares outstanding - Basic 39,184 — 39,184 Weighted average common shares outstanding - Diluted 39,184 — 39,184 Statement of operations data: Year Ended December 31, 2013 As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 1,948,728 $ (10,703 ) $ 1,938,025 Cost of revenues 1,334,195 (10,938 ) 1,323,257 Gross profit 614,533 235 614,768 Operating expenses Sales and marketing 180,371 2,316 182,687 Product development 176,019 (599 ) 175,420 General and administrative 142,559 1,373 143,932 Amortization of intangible assets 42,019 — 42,019 Restructuring 35,497 850 36,347 Goodwill impairment 173,249 977 174,226 Total operating expenses 749,714 4,917 754,631 Operating income (loss) (135,181 ) (4,682 ) (139,863 ) Other income (expense) Interest income 1,620 (468 ) 1,152 Interest expense (10,686 ) — (10,686 ) Other income (expense), net (4,007 ) 4 (4,003 ) Total other income (expense) (13,073 ) (464 ) (13,537 ) Income (loss) before income taxes (148,254 ) (5,146 ) (153,400 ) Income tax (provision) benefit 3,664 (1,198 ) 2,466 Net income (loss) (144,590 ) (6,344 ) (150,934 ) Net income attributable to noncontrolling interests 2,219 — 2,219 Net income (loss) attributable to Itron, Inc. $ (146,809 ) $ (6,344 ) $ (153,153 ) Earnings (loss) per common share - Basic $ (3.74 ) $ (0.16 ) $ (3.90 ) Earnings (loss) per common share - Diluted $ (3.74 ) $ (0.16 ) $ (3.90 ) Weighted average common shares outstanding - Basic 39,281 — 39,281 Weighted average common shares outstanding - Diluted 39,281 — 39,281 Statement of Comprehensive Income (loss) data: Year Ended December 31, 2014 As Previously Reported Adjustments As Revised (in thousands) Net income (loss) $ (21,550 ) $ (750 ) $ (22,300 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (90,333 ) 1,036 (89,297 ) Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges 488 — 488 Pension plan benefits liability adjustment (24,947 ) — (24,947 ) Total other comprehensive income (loss), net of tax (114,792 ) 1,036 (113,756 ) Total comprehensive income (loss), net of tax (136,342 ) 286 (136,056 ) Comprehensive income (loss) attributable to noncontrolling interest, net of tax: Net income attributable to noncontrolling interests 1,370 — 1,370 Foreign currency translation adjustments — — — Amounts attributable to noncontrolling interests 1,370 — 1,370 Comprehensive income (loss) attributable to Itron, Inc. $ (137,712 ) $ 286 $ (137,426 ) Statement of Comprehensive Income (loss) data: Year Ended December 31, 2013 As Previously Reported Adjustments As Revised (in thousands) Net income (loss) $ (144,590 ) $ (6,344 ) $ (150,934 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 7,077 827 7,904 Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges 433 — 433 Pension plan benefits liability adjustment 5,117 — 5,117 Total other comprehensive income (loss), net of tax 12,627 827 13,454 Total comprehensive income (loss), net of tax (131,963 ) (5,517 ) (137,480 ) Comprehensive income (loss) attributable to noncontrolling interest, net of tax: Net income attributable to noncontrolling interests 2,219 — 2,219 Foreign currency translation adjustments (35 ) — (35 ) Amounts attributable to noncontrolling interests 2,184 — 2,184 Comprehensive income (loss) attributable to Itron, Inc. $ (134,147 ) $ (5,517 ) $ (139,664 ) Balance Sheet Data: As of December 31, 2014 As Previously Reported Adjustments As Revised (in thousands) ASSETS Current assets Cash and cash equivalents $ 112,371 $ — $ 112,371 Accounts receivable, net 348,389 (1,842 ) 346,547 Inventories 154,504 (283 ) 154,221 Deferred tax assets current, net 39,115 6,389 45,504 Other current assets 104,307 19,512 123,819 Total current assets 758,686 23,776 782,462 Property, plant, and equipment, net 207,789 (637 ) 207,152 Deferred tax assets noncurrent, net 74,598 (159 ) 74,439 Other long-term assets 28,503 18,462 46,965 Intangible assets, net 139,909 — 139,909 Goodwill 500,820 — 500,820 Total assets $ 1,710,305 $ 41,442 $ 1,751,747 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 184,132 $ (301 ) $ 183,831 Other current liabilities 100,945 370 101,315 Wages and benefits payable 95,248 (430 ) 94,818 Taxes payable 21,951 — 21,951 Current portion of debt 30,000 — 30,000 Current portion of warranty 21,063 82 21,145 Unearned revenue 43,436 23,573 67,009 Total current liabilities 496,775 23,294 520,069 Long-term debt 293,969 — 293,969 Long-term warranty 15,403 — 15,403 Pension plan benefit liability 101,432 430 101,862 Deferred tax liabilities noncurrent, net 3,808 — 3,808 Other long-term obligations 84,437 33,657 118,094 Total liabilities 995,824 57,381 1,053,205 Commitments and contingencies (Note 13) Equity Preferred stock — — — Common stock 1,270,045 — 1,270,045 Accumulated other comprehensive loss, net (136,514 ) 1,454 (135,060 ) Accumulated deficit (436,591 ) (17,393 ) (453,984 ) Total Itron, Inc. shareholders' equity 696,940 (15,939 ) 681,001 Noncontrolling interests 17,541 — 17,541 Total equity 714,481 (15,939 ) 698,542 Total liabilities and equity $ 1,710,305 $ 41,442 $ 1,751,747 Statement of cash flows data: Year Ended December 31, 2014 As Previously Reported Adjustments As Revised (in thousands) Operating activities Net income (loss) $ (21,550 ) $ (750 ) $ (22,300 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 98,463 (324 ) 98,139 Stock-based compensation 17,860 — 17,860 Amortization of prepaid debt fees 1,612 — 1,612 Deferred taxes, net (31,542 ) (3,215 ) (34,757 ) Goodwill impairment 977 (977 ) — Restructuring, non-cash 5,220 (48 ) 5,172 Other adjustments, net 914 — 914 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable (16,789 ) 1,670 (15,119 ) Inventories 6,021 1,187 7,208 Other current assets (9,447 ) (1,500 ) (10,947 ) Other long-term assets 1,582 (14,122 ) (12,540 ) Accounts payables, other current liabilities, and taxes payable 55,924 234 56,158 Wages and benefits payable 10,334 (2,832 ) 7,502 Unearned revenue 9,240 21,344 30,584 Warranty (6,364 ) (933 ) (7,297 ) Other operating, net 10,518 266 10,784 Net cash provided by operating activities 132,973 — 132,973 Investing activities Acquisitions of property, plant, and equipment (44,495 ) — (44,495 ) Business acquisitions, net of cash equivalents acquired — — — Other investing, net 2,999 — 2,999 Net cash used in investing activities (41,496 ) — (41,496 ) Financing activities Proceeds from borrowings 47,657 — 47,657 Payments on debt (102,438 ) — (102,438 ) Issuance of common stock 3,647 — 3,647 Repurchase of common stock (39,665 ) — (39,665 ) Other financing, net (1,078 ) — (1,078 ) Net cash provided by (used in) financing activities (91,877 ) — (91,877 ) Effect of foreign exchange rate changes on cash and cash equivalents (12,034 ) — (12,034 ) Increase (decrease) in cash and cash equivalents (12,434 ) — (12,434 ) Cash and cash equivalents at beginning of period 124,805 — 124,805 Cash and cash equivalents at end of period $ 112,371 $ — $ 112,371 Supplemental disclosure of cash flow information: Cash paid during the period for: Income taxes, net $ 18,222 $ — $ 18,222 Interest, net of amounts capitalized 9,912 — 9,912 Statement of cash flows data: Year Ended December 31, 2013 As Previously Reported Adjustments As Revised (in thousands) Operating activities Net income (loss) $ (144,590 ) $ (6,344 ) $ (150,934 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 98,845 401 99,246 Stock-based compensation 18,850 — 18,850 Amortization of prepaid debt fees 1,657 — 1,657 Deferred taxes, net (26,757 ) 1,449 (25,308 ) Goodwill impairment 173,249 977 174,226 Restructuring, non-cash 1,259 — 1,259 Other adjustments, net 551 — 551 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable 13,652 (1,920 ) 11,732 Inventories (10,861 ) (1,530 ) (12,391 ) Other current assets (4,143 ) (5,807 ) (9,950 ) Other long-term assets 1,093 (3,391 ) (2,298 ) Accounts payables, other current liabilities, and taxes payable (7,702 ) 3,236 (4,466 ) Wages and benefits payable (1,995 ) 173 (1,822 ) Unearned revenue (3,274 ) 12,018 8,744 Warranty (7,552 ) 1,006 (6,546 ) Other operating, net 3,139 (268 ) 2,871 Net cash provided by operating activities 105,421 — 105,421 Investing activities Acquisitions of property, plant, and equipment (60,020 ) — (60,020 ) Business acquisitions, net of cash equivalents acquired (860 ) — (860 ) Other investing, net 4,109 — 4,109 Net cash used in investing activities (56,771 ) — (56,771 ) Financing activities Proceeds from borrowings 35,000 — 35,000 Payments on debt (73,750 ) — (73,750 ) Issuance of common stock 5,299 — 5,299 Repurchase of common stock (26,977 ) — (26,977 ) Other financing, net 2,990 — 2,990 Net cash provided by (used in) financing activities (57,438 ) — (57,438 ) Effect of foreign exchange rate changes on cash and cash equivalents (2,818 ) — (2,818 ) Increase (decrease) in cash and cash equivalents (11,606 ) — (11,606 ) Cash and cash equivalents at beginning of period 136,411 — 136,411 Cash and cash equivalents at end of period $ 124,805 $ — $ 124,805 Supplemental disclosure of cash flow information: Cash paid during the period for: Income taxes, net $ 18,659 $ — $ 18,659 Interest, net of amounts capitalized 9,026 — 9,026 |
Earnings Per Share and Capital
Earnings Per Share and Capital Structure (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings (Loss) Per Share The following table sets forth the computation of basic and diluted earnings (loss) per share (EPS): Year Ended December 31, 2015 2014 2013 (in thousands, except per share data) Net income (loss) available to common shareholders $ 12,678 $ (23,670 ) $ (153,153 ) Weighted average common shares outstanding - Basic 38,224 39,184 39,281 Dilutive effect of stock-based awards 282 — — Weighted average common shares outstanding - Diluted 38,506 39,184 39,281 Earnings (loss) per common share - Basic $ 0.33 $ (0.60 ) $ (3.90 ) Earnings (loss) per common share - Diluted $ 0.33 $ (0.60 ) $ (3.90 ) 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 common stock at the average market price during the period. Related proceeds include the amount the employee must pay upon exercise, future compensation cost associated with the stock award, and the amount of excess tax benefits, if any. As a result of our net losses for 2014 and 2013, there was no dilutive effect to the weighted average common shares outstanding for these years. Approximately 1.2 million , 1.4 million , and 1.4 million stock-based awards were excluded from the calculation of diluted EPS for the years ended December 31, 2015 , 2014 , and 2013 , respectively, because they were anti-dilutive. These stock-based awards could be dilutive in future periods. |
Certain Balance Sheet Component
Certain Balance Sheet Components (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Certain Balance Sheet Components [Text Block] | Certain Balance Sheet Components Accounts receivable, net December 31, 2015 December 31, 2014 (in thousands) Trade receivables (net of allowance of $5,949 and $6,195) $ 298,550 $ 321,309 Unbilled receivables 32,345 25,238 Total accounts receivable, net $ 330,895 $ 346,547 At December 31, 2015 and 2014 , $688,000 and $4.7 million were recorded within trade receivables as billed but not yet paid by customers in accordance with contract retainage provisions. At December 31, 2015 and 2014 , contract retainage amounts that were unbilled and classified as unbilled receivables were $3.5 million and $4.0 million . These contract retainage amounts within trade receivables and unbilled receivables are expected to be collected within the following 12 months. At December 31, 2015 and 2014 , long-term unbilled receivables totaled $3.6 million and $4.3 million . These long-term unbilled receivables are classified within other long-term assets, as collection is not anticipated within the following 12 months. We had $360,000 of long-term billed contract retainage receivables at December 31, 2015 and none at December 31, 2014 . Allowance for doubtful account activity Year Ended December 31, 2015 2014 (in thousands) Beginning balance $ 6,195 $ 8,643 Provision for doubtful accounts, net 1,025 (31 ) Accounts written-off (549 ) (1,883 ) Effects of change in exchange rates (722 ) (534 ) Ending balance $ 5,949 $ 6,195 Inventories December 31, 2015 December 31, 2014 (in thousands) Materials $ 111,191 $ 90,557 Work in process 9,400 8,991 Finished goods 69,874 54,673 Total inventories $ 190,465 $ 154,221 Our inventory levels may vary period to period as a result of our factory scheduling and the timing of contract fulfillments, which may include the buildup of finished goods for shipment. Consigned inventory is held at third-party locations; however, we retain title to the inventory until purchased by the third-party. Consigned inventory, consisting of raw materials and finished goods, was $2.6 million and $2.5 million at December 31, 2015 and 2014 , respectively. Property, plant, and equipment, net December 31, 2015 December 31, 2014 (in thousands) Machinery and equipment $ 289,015 $ 287,448 Computers and software 104,310 100,212 Buildings, furniture, and improvements 127,531 134,461 Land 19,882 21,759 Construction in progress, including purchased equipment 32,639 20,583 Total cost 573,377 564,463 Accumulated depreciation (383,121 ) (357,311 ) Property, plant, and equipment, net $ 190,256 $ 207,152 Depreciation expense Year Ended December 31, 2015 2014 2013 (in thousands) Depreciation expense $ 44,320 $ 54,435 $ 57,227 |
Intangible Assets (Text Block)
Intangible Assets (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets [Text Block] | Intangible Assets The gross carrying amount and accumulated amortization of our intangible assets, other than goodwill, are as follows: December 31, 2015 December 31, 2014 Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net (in thousands) Core-developed technology $ 388,981 $ (358,092 ) $ 30,889 $ 405,434 $ (359,500 ) $ 45,934 Customer contracts and relationships 238,379 (168,885 ) 69,494 262,930 (172,755 ) 90,175 Trademarks and trade names 64,069 (62,571 ) 1,498 68,205 (64,905 ) 3,300 Other 11,078 (11,027 ) 51 11,579 (11,079 ) 500 Total intangible assets $ 702,507 $ (600,575 ) $ 101,932 $ 748,148 $ (608,239 ) $ 139,909 A summary of the intangible asset account activity is as follows: Year Ended December 31, 2015 2014 (in thousands) Beginning balance, intangible assets, gross $ 748,148 $ 804,281 Intangible assets acquired 4,827 1,453 Intangible assets impaired (497 ) — Effect of change in exchange rates (49,971 ) (57,586 ) Ending balance, intangible assets, gross $ 702,507 $ 748,148 Intangible assets impaired includes purchased software licenses to be sold to others. This amount was expensed as part of cost of revenues in the Consolidated Statement of Operations. Intangible assets acquired in 2015 are based on the purchase price allocation relating to our acquisition of Temetra. Refer to Note 6 for additional information regarding this acquisition. The following table reflects our allocation of purchase price for intangible assets acquired on August 26, 2015: Fair Value Weighted Average Useful Life (in thousands) (in years) Identified intangible assets Core-developed technology $ 4,378 7.0 Customer contracts and relationships 337 7.0 Trademarks and trade names 56 3.0 Other 56 2.0 Total identified intangible assets subject to amortization $ 4,827 6.9 A summary of intangible asset amortization expense is as follows: Amortization expense Year Ended December 31, 2015 2014 2013 (in thousands) Amortization expense $ 31,673 $ 43,619 $ 42,019 Estimated future annual amortization expense is as follows: Year Ending December 31, Estimated Annual Amortization (in thousands) 2016 $ 25,240 2017 18,749 2018 13,068 2019 10,281 2020 8,388 Beyond 2020 26,206 Total intangible assets subject to amortization $ 101,932 |
Goodwill (Text Block)
Goodwill (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill Excluding Non Goodwill Intangibles [Abstract] | |
Goodwill Disclosure [Text Block] | Goodwill The following table reflects goodwill allocated to each reporting segment at December 31, 2015 and 2014 : Electricity Gas Water Total Company (in thousands) Goodwill balance at January 1, 2014 Goodwill before impairment $ 493,610 $ 394,878 $ 429,783 $ 1,318,271 Accumulated impairment losses (434,352 ) — (336,315 ) (770,667 ) Goodwill, net 59,258 394,878 93,468 547,604 Effect of change in exchange rates (3,571 ) (35,393 ) (7,820 ) (46,784 ) Goodwill balance at December 31, 2014 Goodwill before impairment 449,668 359,485 382,655 1,191,808 Accumulated impairment losses (393,981 ) — (297,007 ) (690,988 ) Goodwill, net 55,687 359,485 85,648 500,820 Goodwill acquired — — 4,684 4,684 Effect of change in exchange rates (2,954 ) (28,049 ) (6,379 ) (37,382 ) Goodwill balance at December 31, 2015 Goodwill before impairment 414,910 331,436 350,314 1,096,660 Accumulated impairment losses (362,177 ) — (266,361 ) (628,538 ) Goodwill, net $ 52,733 $ 331,436 $ 83,953 $ 468,122 During our 2015 annual goodwill impairment test, performed as of October 1, 2015, we performed the first step of the quantitative impairment test for Electricity, Gas, and Water and determined that the fair value of each of the reporting units exceeded their carrying values. No goodwill impairment was required to be recognized as the result of this quantitative analysis. In 2014, we tested the Gas and Water reporting units, in conjunction with our annual goodwill impairment testing. We used the qualitative assessment methodology, as we determined it was more likely than not that the fair values of these reporting units exceeded their respective carrying values. As a result, we did not need to perform the quantitative impairment test for the Gas and Water reporting units, and no goodwill impairments were recognized. In 2014, as a result of the impairment recognized in 2013, we concluded that it was not more likely than not that the fair value of the Electricity reporting unit exceeded its carrying value, and we therefore performed a quantitative analysis of this reporting unit. No goodwill impairment was required to be recognized as the result of this quantitative analysis. During our 2013 annual goodwill impairment test, we determined that the carrying value of the Electricity reporting unit exceeded its fair value, primarily due to delays in global smart grid projects and lower volumes and pricing pressures in certain regions in Europe and Asia/Pacific. The revised forecast for the Electricity business drove a decrease in the fair value of the reporting unit. As a result, we performed the second step of the goodwill impairment test for the Electricity reporting unit, which indicated a goodwill impairment of $174.2 million was necessary. This charge was recorded during the fourth quarter of 2013. Refer to Note 1 for a description of our reporting units and the methods used to determine the fair values of our reporting units and to determine the amount of any goodwill impairment. Temetra Acquisition On August 26, 2015, we completed our acquisition of 100% of Temetra in a stock purchase. The purchase price of Temetra includes the following: Total Purchase Price (in thousands) Cash paid (net of $1,395 cash received) $ 5,754 Estimated working capital adjustment 905 Fair value of contingent consideration 3,122 Total purchase price $ 9,781 The contingent consideration could be earned by the former Temetra shareholders based on Temetra's operational performance through the end of 2018. Goodwill generated from the acquisition is not deductible for tax purposes. Refer to Note 5 for additional information regarding this acquisition. Pro forma information has not been provided as the acquisition is not considered significant. |
Debt (Text Block)
Debt (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt [Text Block] | Debt The components of our borrowings are as follows: December 31, 2015 December 31, 2014 (in thousands) Credit Facilities USD denominated term loan $ 219,375 $ 232,500 Multicurrency revolving line of credit 151,837 91,469 Total debt 371,212 323,969 Less: Current portion of debt 11,250 30,000 Long-term debt $ 359,962 $ 293,969 Credit Facilities On June 23, 2015, we entered into an amended and restated credit agreement providing for committed credit facilities in the amount of $725 million U.S. dollars (the 2015 credit facility). The 2015 credit facility consists of a $225 million U.S. dollar term loan (the term loan) and a multicurrency revolving line of credit (the revolver) with a principal amount of up to $500 million . The revolver also contains a $300 million standby letter of credit sub-facility and a $50 million swingline sub-facility (available for immediate cash needs at a higher interest rate). Both the term loan and the revolver mature on June 23, 2020, and amounts borrowed under the revolver are classified as long-term and, during the credit facility term, may be repaid and reborrowed until the revolver's maturity, at which time the revolver will terminate, and all outstanding loans, together with all accrued and unpaid interest, must be repaid. Amounts not borrowed under the revolver are subject to a commitment fee, which is paid in arrears on the last day of each fiscal quarter, ranging from 0.18% to 0.30% per annum depending on our total leverage ratio as of the most recently ended fiscal quarter. Amounts repaid on the term loan may not be reborrowed. The 2015 credit facility permits us and certain of our foreign subsidiaries to borrow in U.S. dollars, euros, British pounds, or, with lender approval, other currencies readily convertible into U.S. dollars. All obligations under the 2015 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, including 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 their first-tier foreign subsidiaries. In addition, the obligations of any foreign subsidiary who is a foreign borrower, as defined by the 2015 credit facility, are guaranteed by the foreign subsidiary and by its direct and indirect foreign parents. The 2015 credit facility includes debt covenants, which contain certain financial ratio thresholds, place certain restrictions on the incurrence of debt, investments, and the issuance of dividends, and require quarterly unaudited and annual audited financial reporting. We were not in compliance with the financial reporting portion of these covenants under the 2015 credit facility at March 31, 2016. We have been granted waivers which extend the due dates for annual audited financial statements and quarterly unaudited financial statements through September 12, 2016. Scheduled principal repayments for the term loan are due quarterly in the amount of $2.8 million through June 2017, $4.2 million from September 2017 through June 2018, $5.6 million from September 2018 through March 2020, and the remainder due at maturity on June 23, 2020. The term loan may be repaid early in whole or in part, subject to certain minimum thresholds, without penalty. Required minimum principal payments on our outstanding credit facilities are as follows: Year Ending December 31, Minimum Payments (in thousands) 2016 $ 11,250 2017 14,063 2018 19,687 2019 22,500 2020 303,712 Total minimum payments on debt $ 371,212 Under the 2015 credit facility, we elect applicable market interest rates for both the term loan and any outstanding revolving loans. We also pay an applicable margin, which is based on our total 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 (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 1/2 of 1%, or (iii) one month LIBOR plus 1% . At December 31, 2015 , the interest rate for both the term loan and the USD revolver was 2.18% (the LIBOR rate plus a margin of 1.75% ), and the interest rate for the EUR revolver was 1.75% (the EURIBOR floor rate plus a margin of 1.75% ). Total credit facility repayments were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Term loan $ 13,125 $ 26,250 $ 18,750 Multicurrency revolving line of credit (1) 49,873 76,188 55,000 Total credit facility repayments $ 62,998 $ 102,438 $ 73,750 (1) We borrowed $113.5 million , $47.7 million , and $35.0 million under the multicurrency revolving line of credit during 2015 , 2014 and 2013 , respectively. At December 31, 2015 , $151.8 million was outstanding under the 2015 credit facility revolver, and $46.6 million was utilized by outstanding standby letters of credit, resulting in $301.6 million available for additional borrowings or standby letters of credit. At December 31, 2015, $253.4 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. Upon entering into the 2015 credit facility, a portion of our unamortized prepaid debt fees, totaling $821,000 , were written off to interest expense. Prepaid debt fees of approximately $3.9 million were capitalized associated with the 2015 credit facility. Total unamortized prepaid debt fees were as follows: December 31, 2015 December 31, 2014 (in thousands) Unamortized prepaid debt fees $ 4,175 $ 2,298 |
Derivative Financial Instrument
Derivative Financial Instruments (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Financial Instruments [Text Block] | 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, Note 15, and Note 16 for additional disclosures on our derivative instruments. The fair values of our derivative instruments are determined using the income approach and significant other observable inputs (also known as “Level 2”). We have used observable market inputs based on the type of derivative and the nature of the underlying instrument. The key inputs include interest rate yield curves (swap rates and futures) and foreign exchange spot and forward rates, all of which are available in an active market. We have utilized the mid-market pricing convention for these inputs. We include, as a discount to the derivative asset, the effect of our counterparty credit risk based on current published credit default swap rates when the net fair value of our derivative instruments is in a net asset position. We consider our own nonperformance risk when the net fair value of our derivative instruments is in a net liability position by discounting our derivative liabilities to reflect the potential credit risk to our counterparty through applying a current market indicative credit spread to all cash flows. The fair values of our derivative instruments are as follows: Fair Value Balance Sheet Location December 31, December 31, (in thousands) Asset Derivatives Derivatives designated as hedging instruments under ASC 815-20 Interest rate swap contracts Other long-term assets $ 1,632 $ 75 Interest rate cap contracts Other long-term assets 1,423 — Derivatives not designated as hedging instruments under ASC 815-20 Foreign exchange forward contracts Other current assets 27 107 Total asset derivatives $ 3,082 $ 182 Liability Derivatives Derivatives designated as hedging instruments under ASC 815-20 Interest rate swap contracts Other current liabilities $ 868 $ 1,317 Derivatives not designated as hedging instruments under ASC 815-20 Foreign exchange forward contracts Other current liabilities 99 236 Total liability derivatives $ 967 $ 1,553 OCI during the reporting period for our derivative and nonderivative instruments designated as hedging instruments, net of tax, was as follows: 2015 2014 2013 (in thousands) Net unrealized gain (loss) on hedging instruments at January 1, $ (15,148 ) $ (15,636 ) $ (16,069 ) Unrealized gain (loss) on derivative instruments 76 (566 ) 2 Realized (gains) losses reclassified into net income (loss) 1,010 1,054 431 Net unrealized gain (loss) on hedging instruments at December 31, $ (14,062 ) $ (15,148 ) $ (15,636 ) Reclassification of amounts related to hedging instruments are included in interest expense in the Consolidated Statements of Operations for the years ended December 31, 2015, 2014, and 2013. Included in the net unrealized loss on hedging instruments at December 31, 2015 and 2014 is a loss of $14.4 million , net of tax, related to our nonderivative net investment hedge, which terminated in 2011. This loss on our net investment hedge will remain in AOCI until such time when earnings are impacted by a sale or liquidation of the associated foreign operation. A summary of the potential effect of netting arrangements on our financial position related to the offsetting of our recognized derivative assets and liabilities under master netting arrangements or similar agreements is as follows: Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Assets Presented in the Consolidated Balance Sheets Derivative Financial Instruments Cash Collateral Received Net Amount (in thousands) December 31, 2015 $ 3,082 $ (565 ) $ — $ 2,517 December 31, 2014 $ 182 $ (182 ) $ — $ — Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Liabilities Presented in the Consolidated Balance Sheets Derivative Financial Instruments Cash Collateral Pledged Net Amount (in thousands) December 31, 2015 $ 967 $ (565 ) $ — $ 402 December 31, 2014 $ 1,553 $ (182 ) $ — $ 1,371 Our derivative assets and liabilities subject to netting arrangements consist of foreign exchange forward and interest rate contracts with nine counterparties at December 31, 2015 and eight counterparties at December 31, 2014. No derivative asset or liability balance with any of our counterparties was individually significant at December 31, 2015 or 2014 . Our derivative contracts with each of these counterparties exist under agreements that provide for the net settlement of all contracts through a single payment in a single currency in the event of default. We have no pledges of cash collateral against our obligations nor have we received pledges of cash collateral from our counterparties under the associated derivative contracts. Cash Flow Hedges As a result of our floating rate debt, we are exposed to variability in our cash flows from changes in the applicable interest rate index. We enter into swaps to achieve a fixed rate of interest on the hedged portion of debt in order to increase our ability to forecast interest expense. The objective of these swaps is to reduce the variability of cash flows from increases in the LIBOR-based borrowing rates on our floating rate credit facility. The swaps do not protect us from changes to the applicable margin under our credit facility. In May 2012, we entered into six interest rate swaps to convert $200 million of our LIBOR based debt from a floating LIBOR interest rate to a fixed interest rate of 1.00% (excluding the applicable margin on the debt) and are effective July 31, 2013 to August 8, 2016. The cash flow hedges are expected to be highly effective in achieving offsetting cash flows attributable to the hedged risk through the term of the hedge. Consequently, effective changes in the fair value of the interest rate swaps are recorded as a component of OCI and will be recognized in earnings when the hedged item affects earnings. The amounts paid or received on the hedges will be recognized as adjustments to interest expense. The amount of net losses expected to be reclassified into earnings in the next 12 months is $0.5 million . In October 2015, we entered into an interest rate swap, which is effective from August 31, 2016 to June 23, 2020, and converts $214 million of our LIBOR based debt from a floating LIBOR interest rate to a fixed interest rate of 1.42% (excluding the applicable margin on the debt). The notional balance will amortize to maturity at the same rate as required minimum payments on our term loan. The cash flow hedge is expected to be highly effective in achieving offsetting cash flows attributable to the hedged risk through the term of the hedge. Consequently, effective changes in the fair value of the interest rate swap is recorded as a component of OCI and will be recognized in earnings when the hedged item affects earnings. The amounts paid or received on the hedge will be recognized as an adjustment to interest expense. The amount of net losses expected to be reclassified into earnings in the next 12 months is $0.3 million . At December 31, 2015 , our LIBOR-based debt balance was $314.4 million . In November 2015, we entered into three interest rate cap contracts with a total notional amount of $100 million at a cost of $1.7 million . The interest rate cap contracts expire on June 23, 2020 and were entered into in order to limit our interest rate exposure on $100 million of our variable LIBOR based debt up to 2.00% . In the event LIBOR is higher than 2.00%, we will pay interest at the capped rate of 2.00% with respect to the $100 million notional amount of such agreements. The interest rate cap contracts do not include the effect of the applicable margin. The amount of net losses expected to be reclassified into earnings in the next 12 months is insignificant. We will continue to monitor and assess our interest rate risk and may institute additional interest rate swaps or other derivative instruments to manage such risk in the future. The before-tax effect of our cash flow derivative instruments on the Consolidated Balance Sheets and the Consolidated Statements of Operations for the years ended December 31 are as follows: Derivatives in ASC 815-20 Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) Location Amount Location Amount 2015 2014 2013 2015 2014 2013 2015 2014 2013 (in thousands) (in thousands) (in thousands) Interest rate swap contracts $ 367 $ (915 ) $ (3 ) Interest expense $ (1,639 ) $ (1,704 ) $ 697 Interest expense $ — $ — $ — Interest rate cap contracts $ (244 ) $ — $ — Interest expense $ — $ — $ — Interest expense $ — $ — $ — Derivatives Not Designated as Hedging Relationships We are also exposed to foreign exchange risk when we enter into non-functional currency transactions, both intercompany and third-party. At each period-end, non-functional currency monetary assets and liabilities are revalued with the change recorded to other income and expense. We enter into monthly foreign exchange forward contracts (a total of 516 contracts were entered into during the year ended December 31, 2015 ), which are not designated for hedge accounting, with the intent to reduce earnings volatility associated with currency exposures. The notional amounts of the contracts ranged from $118,000 to $23.4 million , offsetting our exposures from the euro, British pound, Canadian dollar, Australian dollar, Mexican peso and various other currencies . The effect of our foreign exchange forward derivative instruments on the Consolidated Statements of Operations for the years ended December 31 is as follows: Derivatives Not Designated as Hedging Instrument under ASC 815-20 Gain (Loss) Recognized on Derivatives in Other Income (Expense) 2015 2014 2013 (in thousands) Foreign exchange forward contracts $ (3,145 ) $ (5,248 ) $ (145 ) |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Defined Benefit Pension Plans [Text Block] | Defined Benefit Pension Plans We sponsor both funded and unfunded defined benefit pension plans for our international employees, primarily in Germany, France, Italy, Indonesia, Brazil, and Spain, offering death and disability, retirement, and special termination benefits. The defined benefit obligation is calculated annually by using the projected unit credit method. The measurement date for the pension plans was December 31, 2015 . 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. Our contributions for both funded and unfunded plans are paid from cash flows from our operations. We contributed $671,000 and $375,000 to the defined benefit pension plans for the years ended December 31, 2015 and 2014 , respectively. The timing of when contributions are made can vary by plan and from year to year. For 2016 , assuming that actual plan asset returns are consistent with our expected rate of return, and that interest rates remain constant, we expect to contribute approximately $403,000 to our defined benefit pension plans. The following tables set forth the components of the changes in benefit obligations and fair value of plan assets : Year Ended December 31, 2015 2014 (in thousands) Change in benefit obligation: Benefit obligation at January 1, $ 116,178 $ 102,662 Service cost 4,572 3,559 Interest cost 2,380 3,476 Actuarial (gain) loss (5,211 ) 25,838 Benefits paid (4,382 ) (5,519 ) Foreign currency exchange rate changes (12,190 ) (13,921 ) Other (1) (2,580 ) 83 Benefit obligation at December 31, $ 98,767 $ 116,178 Change in plan assets: Fair value of plan assets at January 1, $ 10,761 $ 11,680 Actual return on plan assets 159 494 Company contributions 671 375 Benefits paid (308 ) (433 ) Foreign currency exchange rate changes (1,621 ) (1,355 ) Fair value of plan assets at December 31, 9,662 10,761 Net pension plan benefit liability at fair value $ 89,105 $ 105,417 (1) Includes impact of curtailments driven by our restructuring activities. Amounts recognized on the Consolidated Balance Sheets consist of: At December 31, 2015 2014 (in thousands) Assets Plan assets in other long-term assets $ 359 $ 567 Liabilities Current portion of pension plan liability in wages and benefits payable 3,493 4,122 Long-term portion of pension plan liability 85,971 101,862 Net pension plan benefit liability $ 89,105 $ 105,417 Amounts in accumulated other comprehensive income (pre-tax) that have not yet been recognized as components of net periodic benefit costs consist of: At December 31, 2015 2014 (in thousands) Net actuarial loss $ 24,687 $ 38,462 Net prior service cost 706 1,203 Amount included in accumulated other comprehensive income $ 25,393 $ 39,665 Amounts recognized in OCI (pre-tax) are as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Net actuarial (gain) loss $ (6,894 ) $ 25,838 $ (5,881 ) Settlement/curtailment loss (336 ) (55 ) (325 ) Plan asset loss 343 129 516 Amortization of net actuarial loss (1,979 ) (572 ) (926 ) Amortization of prior service cost (59 ) (138 ) (70 ) Other (46 ) 68 (658 ) Other comprehensive (income) loss $ (8,971 ) $ 25,270 $ (7,344 ) If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities, we amortize them over the employees' average future service period. The estimated net actuarial loss and prior service cost that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2016 is $1.4 million . Net periodic pension benefit costs for our plans include the following components: Year Ended December 31, 2015 2014 2013 (in thousands) Service cost $ 4,572 $ 3,559 $ 4,205 Interest cost 2,380 3,476 3,355 Expected return on plan assets (502 ) (619 ) (635 ) Amortization of prior service costs 59 138 70 Amortization of actuarial net loss 1,979 572 926 Settlements and other 420 55 (493 ) Net periodic benefit cost $ 8,908 $ 7,181 $ 7,428 The significant actuarial weighted average assumptions used in determining the benefit obligations and net periodic benefit cost for our benefit plans are as follows: At and For The Year Ended December 31, 2015 2014 2013 Actuarial assumptions used to determine benefit obligations at end of period: Discount rate 2.59 % 2.36 % 3.76 % Expected annual rate of compensation increase 3.60 % 3.37 % 3.33 % Actuarial assumptions used to determine net periodic benefit cost for the period: Discount rate 2.36 % 3.76 % 3.36 % Expected rate of return on plan assets 5.45 % 5.40 % 3.63 % Expected annual rate of compensation increase 3.37 % 3.33 % 3.41 % We determine a discount rate for our plans based on the estimated duration of each plan’s liabilities. For our euro denominated defined benefit pension plans, which represent 94% of our benefit obligation, we use two discount rates, with consideration of the duration of the plans, using a hypothetical yield curve developed from euro-denominated AA-rated corporate bond issues, partially weighted for market value, with minimum amounts outstanding of €500 million for bonds with less than 10 years to maturity and €50 million for bonds with 10 or more years to maturity, and excluding the highest and lowest yielding 10% of bonds within each maturity group. The discount rates used, depending on the duration of the plans, were 1.50% and 2.25% . The weighted average discount rate used to measure our benefit obligations, increased by 23 basis points from December 31, 2014 to December 31, 2015 , driving a $5.2 million actuarial gain during 2015 , which is recognized in OCI. 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 $89.0 million and $104.1 million at December 31, 2015 and 2014 , respectively. We have one plan in which the fair value of plan assets exceeds the plan's accumulated benefit obligation. The total obligation and fair value of plan assets for plans with accumulated benefit obligations exceeding the fair value of plan assets are as follows: At December 31, 2015 2014 (in thousands) Projected benefit obligation $ 95,814 $ 114,150 Accumulated benefit obligation 86,534 102,146 Fair value of plan assets 6,502 8,166 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, 2015 Cash $ 795 $ 795 $ — Insurance funds 7,089 — 7,089 Other securities 1,778 — 1,778 Total fair value of plan assets $ 9,662 $ 795 $ 8,867 December 31, 2014 Cash $ 726 $ 726 $ — Insurance funds 7,440 — 7,440 Other securities 2,595 — 2,595 Total fair value of plan assets $ 10,761 $ 726 $ 10,035 The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2015 , and 2014 . Balance at January 1, 2015 Net Realized and Unrealized Gains Net Purchases, Issuances, Settlements, and Other Net Transfers Into Level 3 Effect of Foreign Currency Balance at December 31, 2015 (in thousands) Insurance funds $ 7,440 $ 49 $ 372 $ — $ (772 ) $ 7,089 Other securities 2,595 44 (82 ) — (779 ) 1,778 Total $ 10,035 $ 93 $ 290 $ — $ (1,551 ) $ 8,867 Balance at January 1, 2014 Net Realized and Unrealized Gains Net Purchases, Issuances, Settlements, and Other Net Transfers Into Level 3 Effect of Foreign Currency Balance at December 31, 2014 (in thousands) Insurance funds $ 8,260 $ 133 $ 25 $ — $ (978 ) $ 7,440 Other securities 2,574 320 (106 ) 172 (365 ) 2,595 Total $ 10,834 $ 453 $ (81 ) $ 172 $ (1,343 ) $ 10,035 As the plan assets are not significant to our total company assets, no further breakdown is provided. Annual benefit payments, 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) 2016 $ 4,505 2017 3,257 2018 3,432 2019 3,491 2020 4,348 2021-2025 26,481 |
Stock-Based Compensation (Text
Stock-Based Compensation (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |
Stock-Based Compensation [Text Block] | Stock-Based Compensation We record stock-based compensation expense for awards of stock options, stock sold pursuant to our ESPP, and the issuance of restricted stock units and unrestricted stock awards. We expense stock-based compensation primarily using the straight-line method over the requisite service period. For the years ended December 31 , stock-based compensation expense and the related tax benefit were as follows : 2015 2014 2013 (in thousands) Stock options $ 2,648 $ 2,333 $ 2,074 Restricted stock units 10,735 14,591 15,475 Unrestricted stock awards 706 936 811 ESPP — — 490 Total stock-based compensation $ 14,089 $ 17,860 $ 18,850 Related tax benefit $ 4,228 $ 4,994 $ 5,152 We issue new shares of common stock upon the exercise of stock options or when vesting conditions on restricted stock units are fully satisfied. Subject to stock splits, dividends, and other similar events, 7,473,956 shares of common stock are reserved and authorized for issuance under our 2010 Stock Incentive Plan (Stock Incentive Plan). Awards consist of stock options, restricted stock units, and unrestricted stock awards. At December 31, 2015 , 2,600,999 shares were available for grant under the Stock Incentive Plan. The Stock Incentive Plan shares are subject to a fungible share provision such that, with respect to grants made after December 31, 2009, the authorized share reserve is reduced by (i) one share for every one share subject to a stock option or share appreciation right granted under the Plan and (ii) 1.7 shares for every one share of common stock that was subject to an award other than an option or stock appreciation right. Stock Options Options to purchase our common stock are granted to certain employees, senior management, and members of our Board of Directors with an exercise price equal to the market close price of the stock on the date the Board of Directors approves the grant. Options generally become exercisable in three equal annual installments beginning one year from the date of grant and generally expire 10 years from the date of grant. Compensation expense is recognized only for those options expected to vest, with forfeitures estimated based on our historical experience and future expectations. The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: Year Ended December 31, 2015 2014 2013 Dividend yield — — — Expected volatility 34.3 % 39.3 % 38.1 % Risk-free interest rate 1.7 % 1.7 % 1.0 % Expected term (years) 5.5 5.5 5.5 Expected volatility is 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 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 award date on zero-coupon U.S. government issues with a term equal to the expected life of the award. The expected life is the weighted average expected life of an award based on the period of time between the date the award is granted and the estimated date the award will be fully exercised. Factors considered in estimating the expected life include historical experience of similar awards, contractual terms, vesting schedules, and expectations of future employee behavior. We have not paid dividends in the past and do not plan to pay dividends in the foreseeable future. A summary of our stock option activity for the years ended December 31 is as follows: Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (1) Weighted Average Grant Date Fair Value (in thousands) (years) (in thousands) Outstanding, January 1, 2013 1,137 $ 54.06 4.8 $ 3,815 Granted 129 42.76 $ 15.44 Exercised (74 ) 23.87 1,377 Expired (12 ) 49.04 Outstanding, December 31, 2013 1,180 $ 54.79 4.6 $ 1,300 Granted 160 $ 35.65 $ 13.65 Exercised (67 ) 28.03 $ 826 Forfeited (7 ) 44.06 Expired (143 ) 68.97 Outstanding, December 31, 2014 1,123 $ 51.90 4.4 $ 1,676 Granted 291 $ 35.25 $ 12.09 Exercised (24 ) 36.05 $ 26 Forfeited (17 ) 37.47 Expired (193 ) 52.17 Outstanding, December 31, 2015 1,180 $ 48.31 5.7 $ 405 Exercisable, December 31, 2015 759 $ 55.15 3.8 $ 48 Expected to vest, December 31, 2015 407 $ 36.01 8.9 $ 343 (1) The aggregate intrinsic value of outstanding stock options represents amounts that would have been received by the optionees had all in- the-money options been exercised on that date. Specifically, it is the amount by which the market value of Itron’s stock exceeded the exercise price of the outstanding in-the-money options before applicable income taxes, based on our closing stock price on the last business day of the period. The aggregate intrinsic value of stock options exercised during the period is calculated based on our stock price at the date of exercise. As of December 31, 2015 , total unrecognized stock-based compensation expense related to nonvested stock options was approximately $3.4 million , which is expected to be recognized over a weighted average period of approximately 2.2 years . Restricted Stock Units Certain employees, senior management, and members of our Board of Directors receive restricted stock units as a component of their total compensation. 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 generally vest over a three year period. Compensation expense, net of forfeitures, is recognized over the vesting period. Subsequent to vesting, the restricted stock units are converted into shares of our common stock on a one-for-one basis and issued to employees. We are entitled to an income tax deduction in an amount equal to the taxable income reported by the employees upon vesting of the restricted stock units. For 2013, the performance-based restricted stock units to be issued under the Performance Award Agreement are determined based on (1) our achievement of specified non-GAAP EPS targets, as established at the beginning of each year for each of the calendar years contained in the performance periods (2-year and 3-year awards) (the performance condition) and (2) our total shareholder return (TSR) relative to the TSR attained by companies that are included in the Russell 3000 Index during the performance periods (the market condition). Compensation expense, net of forfeitures, is recognized on a straight-line basis, and the units vest upon achievement of the performance condition, provided participants are employed by Itron at the end of the respective performance periods. For U.S. participants who retire during the performance period, a pro-rated number of restricted stock units (based on the number of days of employment during the performance period) immediately vest based on the attainment of the performance goals as assessed after the end of the performance period. Depending on the level of achievement of the performance condition, the actual number of shares to be earned ranges between 0% and 160% of the awards originally granted. At the end of the 2-year and 3-year performance periods, if the performance conditions are achieved at or above threshold, the number of shares earned is further adjusted by a TSR multiplier payout percentage, which ranges between 75% and 125% , based on the market condition. Therefore, based on the attainment of the performance and market conditions, the actual number of shares that vest may range from 0% to 200% of the awards originally granted. For the 2-year awards granted under the 2013 performance award, 14,433 restricted stock units became eligible for distribution at December 31, 2014 . For the 3-year awards granted under the 2013 performance award, 15,648 restricted stock units became eligible for distribution at December 31, 2015. For 2014 and 2015, the performance-based restricted stock units to be issued are determined based on the same performance and market conditions as the 2013 awards, but the performance period is 3-years. No awards became eligible for distribution since the performance periods had not concluded as of December 31, 2015. Due to the presence of the TSR multiplier market condition, we utilize a Monte Carlo valuation model to determine the fair value of the awards at the grant date. This pricing model uses multiple simulations to evaluate the probability of our achievement of various stock price levels to determine our expected TSR performance ranking. The weighted-average assumptions used to estimate the fair value of performance-based restricted stock units granted and the resulting weighted average fair-value are as follows: Year Ended December 31, 2015 2014 2013 Dividend yield — — — Expected volatility 30.1 % 32.3 % 39.1 % Risk-free interest rate 0.7 % 0.4 % 0.3 % Expected term (years) 2.1 2.0 2.5 Weighted-average fair value $ 33.48 $ 35.15 $ 45.03 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 award date on zero-coupon U.S. government issues with a term equal to the expected term of the award. The expected term is the term of an award based on the period of time between the date of the award and the date the award is expected to vest. The expected term assumption is based upon the plan's performance period as of the date of the award. We have not paid dividends in the past and do not plan to pay dividends in the foreseeable future. The following table summarizes restricted stock unit activity for the years ended December 31 : Number of Restricted Stock Units Weighted Average Grant Date Fair Value Aggregate Intrinsic Value (1) (in thousands) (in thousands) Outstanding, January 1, 2013 774 Granted 255 $ 42.51 Released (331 ) $ 17,983 Forfeited (40 ) Outstanding, December 31, 2013 658 Granted (2) 350 $ 35.74 Released (291 ) $ 14,402 Forfeited (35 ) Outstanding, December 31, 2014 682 Granted (3) 434 $ 35.09 Released (296 ) $ 12,204 Forfeited (64 ) Outstanding, December 31, 2015 756 Vested but not released, December 31, 2015 21 $ 746 Expected to vest, December 31, 2015 604 $ 21,860 (1) The aggregate intrinsic value is the market value of the stock, before applicable income taxes, based on the closing price on the stock release dates or at the end of the period for restricted stock units expected to vest. (2) Restricted stock units include 14,433 shares for the 2-year award under the 2013 Performance Award Agreement, which are eligible for distribution at December 31, 2014. (3) Restricted stock units include 15,648 shares for the 3-year award under the 2014 Performance Award Agreement, which are eligible for distribution at December 31, 2015. At December 31, 2015 , unrecognized compensation expense on restricted stock units was $20.6 million , which is expected to be recognized over a weighted average period of approximately 2.0 years . Unrestricted Stock Awards We grant unrestricted stock awards to members of our Board of Directors as part of their compensation. Awards are fully vested and expensed when granted. The fair value of unrestricted stock awards is the market close price of our common stock on the date of grant. The following table summarizes unrestricted stock award activity for the years ended December 31 : 2015 2014 2013 (in thousands, except per share data) Shares of unrestricted stock granted 20 24 18 Weighted average grant date fair value per share $ 35.01 $ 39.06 $ 44.12 Employee Stock Purchase Plan Under the terms of the ESPP, employees can deduct up to 10% of their regular cash compensation to purchase our common stock at a 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. Effective October 1, 2013, we changed the terms of the ESPP to reduce the discount from 15% to 5% from the fair market value of the stock at the end of each fiscal quarter. As a result of this change, the ESPP will no longer be considered compensatory, and no compensation expense will be recognized for future sales of our common stock to employees. Prior to October 1, 2013, the plan was considered compensatory. The following table summarizes ESPP activity for the years ended December 31 : 2015 2014 2013 (in thousands, except per share data) Shares of stock sold to employees (1) 54 61 94 Weighted average fair value per ESPP award (2) $ — $ — $ 6.61 (1) Stock sold to employees during each fiscal quarter under the ESPP is associated with the offering period ending on the last day of the previous fiscal quarter. (2) Relating to awards associated with the offering periods during the years ended December 31 . Effective October 1, 2013, the ESPP is no longer compensatory and therefore the 2013 weighted average fair value per award is for the nine months ended September 30, 2013. At December 31, 2015 , all compensation cost associated with the ESPP had been recognized. There were approximately 392,000 shares of common stock available for future issuance under the ESPP at December 31, 2015 . |
Defined Contribution Bonus and
Defined Contribution Bonus and Profit Sharing Plans (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Contribution, Bonus, and Profit Sharing [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Defined Contribution, Bonus, and Profit Sharing Plans Defined Contribution Plans In the United States, United Kingdom, and certain other countries, we make contributions to defined contribution plans. For our U.S. employee savings plan, which represents a majority of our contribution expense, we provide a 50% 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, 2015 2014 2013 (in thousands) Defined contribution plans expense $ 6,579 $ 7,097 $ 7,099 Bonus and Profit Sharing Plans and Awards We have employee bonus and profit sharing plans in which many of our employees participate, as well as an award program, which allows for recognition of individual employees' achievements. The bonus and profit sharing plans provide award amounts for the achievement of annual performance and financial targets. Actual bonus and profit sharing award amounts are determined at the end of the year if the performance and financial targets are met. As the bonuses are being earned during the year, we estimate a compensation accrual each quarter based on the progress towards achieving the goals, the estimated financial forecast for the year, and the probability of achieving results. Bonus and profit sharing plans and award expense was as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Bonus and profit sharing plans and award expense $ 14,192 $ 34,989 $ 18,602 |
Income Taxes (Text Block)
Income Taxes (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | Income Taxes The following table summarizes the provision (benefit) for U.S. federal, state, and foreign taxes on income from continuing operations: Year Ended December 31, 2015 2014 2013 (in thousands) Current: Federal $ 5,033 $ 17,749 $ (356 ) State and local 1,633 775 1,044 Foreign 13,945 20,269 22,153 Total current 20,611 38,793 22,841 Deferred: Federal 3,951 (82,186 ) (14,830 ) State and local (972 ) (979 ) (2,329 ) Foreign (41,893 ) (51,646 ) (27,953 ) Total deferred (38,914 ) (134,811 ) (45,112 ) Change in valuation allowance 40,402 100,053 19,805 Total provision (benefit) for income taxes $ 22,099 $ 4,035 $ (2,466 ) The change in the valuation allowance presented above does not include the impacts of currency translation adjustments or significant intercompany transactions. Our tax provision as a percentage of income before tax was 59.6% for 2015 . Our actual tax rate differed from the 35% U.S. federal statutory tax rate due to various items. A reconciliation of income taxes at the U.S. federal statutory rate of 35% to the consolidated actual tax rate is as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Income (loss) before income taxes Domestic $ 115,526 $ 86,605 $ 20,583 Foreign (78,424 ) (104,870 ) (173,983 ) Total income (loss) before income taxes $ 37,102 $ (18,265 ) $ (153,400 ) Expected federal income tax provision (benefit) $ 12,986 $ (6,393 ) $ (53,690 ) Goodwill impairment — 119 49,730 Change in valuation allowance 40,402 100,053 19,805 Stock-based compensation 939 1,255 1,598 Foreign earnings (33,364 ) (31,544 ) (14,015 ) Tax credits (5,257 ) (91,148 ) (10,352 ) Uncertain tax positions, including interest and penalties 4,274 1,519 815 Change in tax rates 312 (20 ) 1,442 State income tax provision (benefit), net of federal effect (14 ) (1,235 ) (2,193 ) U.S. tax provision on foreign earnings 203 31,309 (245 ) Domestic production activities deduction (1,100 ) (2,312 ) (146 ) Local foreign taxes 1,450 2,295 3,212 Other, net 1,268 137 1,573 Total provision (benefit) for income taxes $ 22,099 $ 4,035 $ (2,466 ) As a result of prospective application of ASU 2015-17 (Topic 740), Balance Sheet Classification of Deferred Taxes, we have reclassified our net current deferred tax assets and liabilities to net non-current deferred tax assets and liabilities in our Consolidated Balance Sheet as of December 31, 2015. We have not retrospectively adjusted prior periods. Deferred tax assets and liabilities consist of the following: At December 31, 2015 2014 (in thousands) Deferred tax assets Loss carryforwards (1) $ 190,545 $ 188,607 Tax credits (2) 52,131 81,903 Accrued expenses 33,546 54,393 Pension plan benefits expense 16,232 19,679 Warranty reserves 25,129 19,141 Depreciation and amortization 21,499 19,111 Equity compensation 9,303 10,039 Inventory valuation 4,068 4,420 Deferred revenue 9,097 7,506 Tax effect of accumulated translation 291 — Other deferred tax assets, net 11,770 8,801 Total deferred tax assets 373,611 413,600 Valuation allowance (235,339 ) (257,728 ) Total deferred tax assets, net of valuation allowance 138,272 155,872 Deferred tax liabilities Depreciation and amortization (27,000 ) (37,061 ) Tax effect of accumulated translation — (568 ) Other deferred tax liabilities, net (3,608 ) (2,299 ) Total deferred tax liabilities (30,608 ) (39,928 ) Net deferred tax assets $ 107,664 $ 115,944 (1) For tax return purposes at December 31, 2015, we had U.S. federal loss carryforwards of $16.5 million that expire during the years 2020 and 2021. At December 31, 2015, we have net operating loss carryforwards in Luxembourg of $464.5 million that 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 foreign jurisdictions. The majority of these losses can be carried forward indefinitely. At December 31, 2015, there was a valuation allowance of $235.3 million primarily associated with foreign loss carryforwards and foreign tax credit carryforwards (discussed below). (2) For tax return purposes at December 31, 2015, we had: (1) U.S. general business credits of $21.9 million , which begin to expire in 2022; (2) U.S. alternative minimum tax credits of $2.5 million that can be carried forward indefinitely; and (3) U.S. foreign tax credits of $48.0 million, which begin to expire in 2024. At December 31, 2015, there was a valuation allowance of $31.7 million associated with foreign tax credit carryforward. We record 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 positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and our ability to carry back losses to prior years. We are required to make assumptions and judgments about potential outcomes that lie outside management’s control. Our most sensitive and critical factors are the projection, source, and character of future taxable income. Although realization is not assured, management believes it is more likely than not that deferred tax assets, net of valuation allowance, will be realized. The amount of deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward periods are reduced or current tax planning strategies are not implemented. Our deferred tax assets at December 31, 2015 do not include the tax effect on $55.2 million of excess tax benefits from employee stock plan exercises. Common stock will be increased by $20.3 million when such excess tax benefits reduce cash taxes payable. We do not provide U.S. deferred taxes on temporary differences related to our foreign investments that are considered permanent in duration. These temporary differences consist primarily of undistributed foreign earnings of $26.6 million and $31.4 million at December 31, 2015 and 2014, respectively. Foreign taxes have been provided on these undistributed foreign earnings. We have not computed the unrecognized deferred income tax liability on these temporary differences. There are many assumptions that must be considered to calculate the liability, thereby making it impractical to compute at this time. 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 is as follows (in thousands): Unrecognized tax benefits at January 1, 2013 $ 26,433 Gross increase to positions in prior years 2,154 Gross decrease to positions in prior years (536 ) Gross increases to current period tax positions 1,670 Audit settlements — Decrease related to lapsing of statute of limitations (817 ) Effect of change in exchange rates (289 ) Unrecognized tax benefits at December 31, 2013 $ 28,615 Gross increase to positions in prior years 2,749 Gross decrease to positions in prior years (1,641 ) Gross increases to current period tax positions 3,008 Audit settlements — Decrease related to lapsing of statute of limitations (1,715 ) Effect of change in exchange rates (2,870 ) Unrecognized tax benefits at December 31, 2014 $ 28,146 Gross increase to positions in prior years 6,461 Gross decrease to positions in prior years (2,512 ) Gross increases to current period tax positions 25,741 Audit settlements — Decrease related to lapsing of statute of limitations (908 ) Effect of change in exchange rates (2,048 ) Unrecognized tax benefits at December 31, 2015 $ 54,880 At December 31, 2015 2014 2013 (in thousands) The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate $ 53,602 $ 26,980 $ 27,694 If certain unrecognized tax benefits are recognized they would create additional deferred tax assets. These assets would require a full valuation 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 (benefit) recognized is as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Net interest and penalties expense (benefit) $ 880 $ 469 $ (1,443 ) At December 31, 2015 2014 (in thousands) Accrued interest $ 2,105 $ 1,755 Accrued penalties 2,577 2,671 At December 31, 2015, we are under examination by certain tax authorities for the 2000 to 2013 tax years. The material jurisdictions where we are subject to examination for the 2000 to 2013 tax years include, among others, the U.S., France, Germany, Italy, Brazil and the United Kingdom. No material changes have occurred to previously disclosed assessments. In April 2016, the United States Internal Revenue Service (IRS) proposed certain significant adjustments to our research and development tax credit position as part of the 2011 to 2013 tax audit. Management disagrees with the proposed adjustments on technical and factual grounds. We plan to avail ourself of all administrative, and if necessary, judicial remedies and does not expect the adjustments to ultimately result in a material change to our financial position. 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 liquidity. Based upon the timing and outcome of examinations, litigation, the impact of legislative, regulatory, and judicial developments, and the impact of these items on the statute of limitations, it is reasonably possible that the related unrecognized tax benefits could change from those recorded within the next twelve months. However, at this time, an estimate of the range of reasonably possible adjustments to the balance of unrecognized tax benefits cannot be made. We file income tax returns in the U.S. federal jurisdiction and various states and foreign 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 1999 France Subsequent to 2009 Germany Subsequent to 2010 Brazil Subsequent to 2009 United Kingdom Subsequent to 2012 Italy Subsequent to 2007 |
Commitments and Contingencies (
Commitments and Contingencies (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | Commitments and Contingencies Commitments Operating lease rental expense for factories, service and distribution locations, offices, and equipment was as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Rental expense $ 15,524 $ 19,178 $ 18,662 Future minimum lease payments at December 31, 2015 , under noncancelable operating leases with initial or remaining terms in excess of one year are as follows: Year Ending December 31, Minimum Payments (in thousands) 2016 $ 10,396 2017 8,600 2018 7,917 2019 5,402 2020 2,605 Beyond 2020 1,156 Future minimum lease payments $ 36,076 Rent expense is recognized straight-line over the lease term, including renewal periods if reasonably assured. We lease most of our sales and distribution locations and administrative offices. Our leases typically contain renewal options similar to the original terms with lease payments that increase based on the consumer price index. 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 future performance, which usually covers the installation phase of a contract and may, on occasion, cover the operations and maintenance phase of outsourcing contracts. Our available lines of credit, outstanding standby LOCs, and bonds are as follows: At December 31, 2015 2014 (in thousands) Credit facilities (1) Multicurrency revolving line of credit $ 500,000 $ 660,000 Long-term borrowings (151,837 ) (91,469 ) Standby LOCs issued and outstanding (46,574 ) (50,399 ) Net available for additional borrowings under the multi-currency revolving line of credit $ 301,589 $ 518,132 Net available for additional standby LOCs under sub-facility 253,426 449,601 Unsecured multicurrency revolving lines of credit with various financial institutions Multicurrency revolving line of credit $ 97,989 $ 106,855 Standby LOCs issued and outstanding (31,122 ) (28,636 ) Short-term borrowings (2) (3,884 ) (4,282 ) Net available for additional borrowings and LOCs $ 62,983 $ 73,937 Unsecured surety bonds in force $ 87,558 $ 116,306 (1) Refer to Note 7 for details regarding our secured credit facilities. (2) Short-term borrowings are included in “Other current liabilities” on the Consolidated Balance Sheets. In the event any such standby LOC or bond is called, we would be obligated to reimburse the issuer of the standby LOC or bond; however, we do not believe that any outstanding LOC or bond will be called. We generally provide an indemnification related to the infringement of any patent, copyright, trademark, or other intellectual property right on software or equipment within our sales contracts, which indemnifies the customer from and pays the resulting costs, damages, and attorney’s fees awarded against a customer with respect to such a claim provided that (a) the customer promptly notifies us in writing of the claim and (b) we have the sole control of the defense and all related settlement negotiations. We may also provide an indemnification to our customers for third party claims resulting from damages caused by the negligence or willful misconduct of our employees/agents in connection with the performance of certain contracts. The terms of our indemnifications generally do not limit the maximum potential payments. It is not possible to predict the maximum potential amount of future payments under these or similar agreements. Legal Matters We are subject to various legal proceedings and claims of which the outcomes are subject to significant uncertainty. Our policy is to assess the likelihood of any adverse judgments or outcomes related to legal matters, as well as ranges of probable losses. A determination of the amount of the liability required, if any, for these contingencies is made after an analysis of each known issue. A liability is recorded 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. In 2010 and 2011, Transdata Incorporated (Transdata) filed lawsuits against four of our customers, CenterPoint Energy (CenterPoint), Tri-County Electric Cooperative, Inc. (Tri-County), San Diego Gas & Electric Company (San Diego), and Texas-New Mexico Power Company (TNMP), as well as several other utilities, alleging infringement of three patents owned by Transdata related to the use of an antenna in a meter. Pursuant to our contractual obligations with our customers, we agreed, subject to certain exceptions, to indemnify and defend them in these lawsuits. The complaints seek unspecified damages as well as injunctive relief. CenterPoint, Tri-County, San Diego, and TNMP have denied all of the substantive allegations and filed counterclaims seeking a declaratory judgment that the patents are invalid and not infringed. In December 2011, the Judicial Panel on Multi-District Litigation consolidated all of these cases in the Western District of Oklahoma for pretrial proceedings. On April 17, 2011, the Oklahoma court stayed the litigation pending the resolution of re-examination proceedings in the United States Patent and Trademark Office (U.S. PTO). The U.S. PTO issued re-examination certificates confirming the patentability of the original claims and allowing certain new claims added by Transdata. The parties conducted a claim construction hearing on February 5, 2013 on one claim term -- “electric meter circuitry.” After initially adopting the defendants' proposed construction of the term, the Court granted Transdata's motion for reconsideration by order of June 25, 2013 and has adopted Transdata's proposed construction. On October 1, 2013, the Court issued an order construing other claim terms. Fact discovery closed on June 29, 2014. Following expert reports and depositions, both sides filed various summary judgment motions. On August 28, 2015, the Court issued orders on the motions. Among other things, the Court granted Transdata’s motion for summary judgment that certain prior art did not invalidate the claims, denied CenterPoint’s and SDG&E’s motion for summary judgment that they did not infringe certain asserted claims, and granted defendants’ motion for summary judgment on the issue of willfulness. The cases were then remanded back to the originating courts --the United States District Court for the Eastern District of Texas and the United States District Court for the Southern District of California for trial. The U.S. PTO also instituted additional re-examinations in May 2014 on all three patents but issued Notices of Intent to Issue Re-examination Certificates confirming the patentability of the challenged claims. Petitions for inter partes review, which is a procedure conducted by the Patent Trial and Appeal Board (the PTAB) of the U.S. PTO in which a party can challenge the validity of a patent, were also filed by General Electric (GE), but the PTAB found the petitions were untimely because, under the PTAB's analysis, GE was in privity with a defendant in the pending litigation (and thus was required to file within one year of the beginning of the litigation). Tri-County Electric and Texas-New Mexico Power were dismissed as a result of a settlement involving General Electric meters, leaving CenterPoint and SDG&E as the two remaining customer defendants. CenterPoint is scheduled to go to a jury trial on July 18, 2016. The SDG&E case has been stayed pending resolution of the CenterPoint trial. In addition, Transdata filed a complaint in the Eastern District of Texas on September 13, 2015 asserting that Itron infringes the three patents in the litigation above. The complaint seeks unspecified damages and injunctive relief. Itron has answered the Complaint, and denied that it is infringing any valid claims. That case has also been stayed pending resolution of the CenterPoint trial. We do not believe these matters will have a material adverse effect on our business or financial condition, although an unfavorable outcome could have a material adverse effect on our results of operations for the period in which such loss is recognized. We have reserved an amount we believe is appropriate to cover the anticipated costs related to the resolution of these matters. In Brazil, the Conselha Administravo de Defensa Economica commenced an investigation of water meter suppliers, including a subsidiary of the Company, to determine whether such suppliers participated in agreements or concerted practices to coordinate their commercial policy in Brazil. Although the Company is unable to determine the final amount of any fine at this time, we believe that we have made adequate provisions based on information available to us. Consequently, we do not believe that the actual fine and ultimate outcome of this matter will have a material adverse effect on our operations or financial condition. Itron and its subsidiaries are parties to various employment-related proceedings in jurisdictions where it does business. None of the proceedings are individually material to Itron, and we believe that we have made adequate provision such that the ultimate disposition of the proceedings will not materially affect Itron's business or financial condition. Warranty A summary of the warranty accrual account activity is as follows: Year Ended December 31, 2015 2014 (in thousands) Beginning balance $ 36,548 $ 46,160 New product warranties 8,380 6,441 Other changes/adjustments to warranties 37,604 2,797 Claims activity (25,955 ) (16,568 ) Effect of change in exchange rates (2,065 ) (2,282 ) Ending balance 54,512 36,548 Less: current portion of warranty 36,927 21,145 Long-term warranty $ 17,585 $ 15,403 Total warranty expense is classified within cost of revenues and consists of new product warranties issued, costs related to extended warranty contracts, and other changes and adjustments to warranties. Warranty expense is as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Total warranty expense $ 45,984 $ 9,238 $ 16,910 Warranty expense increased $36.7 million during the year ended December 31, 2015 compared with the prior year primarily due to special warranty provisions. During the second quarter of 2015, we concluded it was necessary to issue a product replacement notification to customers of our Water segment who had purchased certain communication modules manufactured between July 2013 and December 2014. We determined that a component of the modules was failing prematurely. The charge recorded for this matter during the year ended December 31, 2015 was $29.4 million . Extended Warranty A summary of changes to unearned revenue for extended warranty contracts is as follows: Year Ended December 31, 2015 2014 (in thousands) Beginning balance $ 34,138 $ 33,528 Unearned revenue for new extended warranties 2,792 3,529 Unearned revenue recognized (2,832 ) (2,655 ) Effect of change in exchange rates (444 ) (264 ) Ending balance 33,654 34,138 Less: current portion of unearned revenue for extended warranty 3,565 2,759 Long-term unearned revenue for extended warranty within Other long-term obligations $ 30,089 $ 31,379 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, 2015 2014 2013 (in thousands) Plan costs $ 25,355 $ 23,206 $ 22,324 IBNR accrual, which is included in wages and benefits payable, was as follows: At December 31, 2015 2014 (in thousands) IBNR accrual $ 2,051 $ 1,924 Our IBNR accrual and expenses may fluctuate due to the number of plan participants, claims activity, and deductible limits. For our employees located outside of the United States, health benefits are provided primarily through governmental social plans, which are funded through employee and employer tax withholdings. |
Restructuring (Text Block)
Restructuring (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Restructuring 2014 Projects In November 2014, our management approved restructuring projects (2014 Projects) to restructure our Electricity business and related general and administrative activities, along with certain Gas and Water activities, to improve operational efficiencies and reduce expenses. The 2014 Projects include consolidation of certain facilities and reduction of our global workforce. The improved structure will position us to meet our long-term profitability goals by better aligning global operations with markets where we can serve our customers profitably. We began implementing these projects in the fourth quarter of 2014, and we expect to substantially complete these projects by the fourth quarter of 2016. During the year ended December 31, 2015 , the total expected restructuring costs decreased by approximately $15.1 million . This includes $12.2 million in restructuring severance expense release, recognized in the year ended December 31, 2015 , resulting from employees, originally identified to be terminated, voluntarily resigning or filling vacant positions in different departments or locations, as well as the result of employee negotiations and the need to keep additional employees to meet revised forecasted demand on certain projects. In addition, we are expecting lower future legal costs associated with the termination of employees in certain locations. The favorable change in the translation impact of foreign exchange rates also lowered the expected remaining costs to be recognized. Certain aspects of the projects are subject to a variety of labor and employment laws, rules, and regulations, which could result in a delay in completing the projects at some locations. The total expected restructuring costs, the restructuring costs recognized in prior periods, the restructuring costs recognized during the year, and the remaining expected restructuring costs are as follows: Total Expected Costs at December 31, 2015 Costs Recognized in Prior Periods Costs Recognized During the Year Ended December 31, 2015 Remaining Costs to be Recognized at December 31, 2015 (in thousands) Employee severance costs $ 34,373 $ 46,524 $ (12,151 ) $ — Asset impairments & net loss on sale or disposal 8,880 7,904 976 — Other restructuring costs 6,983 17 3,912 3,054 Total $ 50,236 $ 54,445 $ (7,263 ) $ 3,054 Segments: Electricity $ 24,615 $ 28,996 $ (7,253 ) $ 2,872 Gas 11,936 12,142 (287 ) 81 Water 1,953 1,162 778 13 Corporate unallocated 11,732 12,145 (501 ) 88 Total $ 50,236 $ 54,445 $ (7,263 ) $ 3,054 Asset impairments are determined at the asset group level. Assets held for sale are classified within other current assets and are reported at the lower of the carrying amount or the fair value, less costs to sell, and are no longer depreciated or amortized. Other restructuring costs include expenses for employee relocation, professional fees associated with employee severance, and costs to exit the facilities once the operations in those facilities have ceased. Costs associated with restructuring activities are generally presented in the Consolidated Statements of Operations as restructuring, except for certain costs associated with inventory write-downs, which are classified within cost of revenues, and accelerated depreciation expense, which is recognized according to the use of the asset. During 2015, our restructuring activities related to the closure of certain facilities resulted in approximately $1.1 million of inventory write-downs. 2013 Projects In September 2013, our management approved projects (the 2013 Projects) to restructure our operations to improve profitability and increase efficiencies. We began implementing these projects in the third quarter of 2013, and we expect to substantially complete project activities by the third quarter of 2016 and begin recognizing full savings in 2017. While project activities are expected to continue through September 2016, no further costs are expected to be recognized. The 2013 Projects resulted in approximately $26.2 million of restructuring expense, which was recognized from the third quarter of 2013 through the fourth quarter of 2014. The following table summarizes the activity within the restructuring related balance sheet accounts, for the 2014 and 2013 Projects: Accrued Employee Severance Asset Impairments & Net Loss on Sale or Disposal Other Accrued Costs Total (in thousands) Beginning balance, January 1, 2015 $ 58,403 $ — $ 3,526 $ 61,929 Costs incurred (released) and charged to expense (12,151 ) 976 3,912 (7,263 ) Cash payments (14,570 ) — (4,194 ) (18,764 ) Non-cash items — (976 ) — (976 ) Effect of change in exchange rates (5,149 ) — (196 ) (5,345 ) Ending balance, December 31, 2015 $ 26,533 $ — $ 3,048 $ 29,581 The current portions of the restructuring related liability balances were $25.2 million and $48.5 million as of December 31, 2015 and 2014 , respectively. The current portion of the liability is classified within “Other current liabilities” on the Consolidated Balance Sheets. The long-term portions of the restructuring related liability related balances were $4.4 million and $13.5 million as of December 31, 2015 and 2014 , respectively. The long-term portion of the restructuring liability is classified within “Other long-term obligations” on the Consolidated Balance Sheets. The following table includes long-lived assets held and used that were measured at fair value on a nonrecurring basis as of December 31, 2015 and 2014 , and the related recognized losses for the years ended December 31, 2015 and 2014 : Net Carrying Value Fair Value Measurement (Level 3) Total Loss Recognized (in thousands) 2015 Long-lived assets held and used $ — $ — $ — 2014 Long-lived assets held and used $ 1,930 $ 1,930 $ 7,952 The fair values of the asset group included in long-lived assets held and used were determined based primarily on their appraised fair value. |
Shareholders' Equity (Text Bloc
Shareholders' Equity (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Shareholders’ Equity Preferred Stock We have authorized the issuance of 10 million shares of preferred stock with no par value. In the event of a liquidation, dissolution, or winding up of the affairs of the corporation, whether voluntary or involuntary, the holders of any outstanding preferred stock will be entitled to be paid a preferential amount per share to be determined by our Board of Directors prior to any payment to holders of common stock. There was no preferred stock issued or outstanding at December 31, 2015 , 2014 , and 2013 . Stock Repurchase Plan On March 8, 2013, our Board authorized a 12-month repurchase program of up to $50 million in shares of our common stock. The March 8, 2013 authorization expired on March 7, 2014. From January 1, 2014 through March 7, 2014, we repurchased 75,203 shares of our common stock, totaling $2.9 million . On February 7, 2014, our Board authorized a 12-month repurchase program of up to $50 million in shares of our common stock, to begin on March 8, 2014, upon the expiration of the previous stock repurchase program. From March 8, 2014 through December 31, 2014, we repurchased 910,990 shares of our common stock, totaling $36.7 million . From January 1, 2015 through February 2015, we repurchased 335,251 shares of our common stock which fully utilized the remaining $13.3 million authorized under the program. On February 19, 2015, our Board authorized a new repurchase program of up to $50 million of our common stock over a 12-month period, beginning February 19, 2015. From February 19, 2015 through December 31, 2015, we repurchased 743,444 shares of our common stock, totaling $25.0 million . This program expired on February 19, 2016 with no share repurchases made subsequent to December 31, 2015. Other Comprehensive Income (Loss) Other comprehensive income (loss) is reflected as a net increase (decrease) to shareholders’ equity and is not reflected in our results of operations. The changes in the components of accumulated other comprehensive income (loss), net of tax, were as follows: Foreign Currency Translation Adjustments Net Unrealized Gain (Loss) on Derivative Instruments Net Unrealized Gain (Loss) on Nonderivative Instruments Pension Plan Benefit Liability Adjustments Accumulated Other Comprehensive Income (Loss) (in thousands) Balances at January 1, 2013 $ (3,722 ) $ (1,689 ) $ (14,380 ) $ (15,002 ) $ (34,793 ) OCI before reclassifications 7,939 2 — 3,738 11,679 Amounts reclassified from AOCI — 431 — 1,379 1,810 Current period other comprehensive income (loss) 7,939 433 — 5,117 13,489 Balances at December 31, 2013 $ 4,217 $ (1,256 ) $ (14,380 ) $ (9,885 ) $ (21,304 ) OCI before reclassifications (89,297 ) (566 ) — (25,702 ) (115,565 ) Amounts reclassified from AOCI — 1,054 — 755 1,809 Current period other comprehensive income (loss) (89,297 ) 488 — (24,947 ) (113,756 ) Balances at December 31, 2014 $ (85,080 ) $ (768 ) $ (14,380 ) $ (34,832 ) $ (135,060 ) OCI before reclassifications (73,891 ) 76 — 4,570 (69,245 ) Amounts reclassified from AOCI 962 1,010 — 1,726 3,698 Current period other comprehensive income (loss) (72,929 ) 1,086 — 6,296 (65,547 ) Balances at December 31, 2015 $ (158,009 ) $ 318 $ (14,380 ) $ (28,536 ) $ (200,607 ) The before-tax amount, income tax (provision) benefit, and net-of-tax amount related to each component of other comprehensive income (loss) during the reporting periods were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Before-tax amount Foreign currency translation adjustment $ (74,219 ) $ (89,329 ) $ 8,953 Foreign currency translation adjustment reclassified into net income on disposal 962 — — Net unrealized gain (loss) on derivative instruments designated as cash flow hedges 123 (915 ) (3 ) Net hedging (gain) loss reclassified into net income (loss) 1,639 1,704 697 Pension plan benefits liability adjustment 8,971 (25,270 ) 7,344 Total other comprehensive income (loss), before tax (62,524 ) (113,810 ) 16,991 Tax (provision) benefit Foreign currency translation adjustment 328 32 (1,014 ) Foreign currency translation adjustment reclassified into net income on disposal — — — Net unrealized gain (loss) on derivative instruments designated as cash flow hedges (47 ) 349 5 Net hedging (gain) loss reclassified into net income (loss) (629 ) (650 ) (266 ) Pension plan benefits liability adjustment (2,675 ) 323 (2,227 ) Total other comprehensive income (loss) tax (provision) benefit (3,023 ) 54 (3,502 ) Net-of-tax amount Foreign currency translation adjustment (73,891 ) (89,297 ) 7,939 Foreign currency translation adjustment reclassified into net income on disposal 962 — — Net unrealized gain (loss) on derivative instruments designated as cash flow hedges 76 (566 ) 2 Net hedging (gain) loss reclassified into net income (loss) 1,010 1,054 431 Pension plan benefits liability adjustment 6,296 (24,947 ) 5,117 Total other comprehensive income (loss), net of tax $ (65,547 ) $ (113,756 ) $ 13,489 Details about the AOCI components reclassified to the Consolidated Statements of Operations during the reporting periods are as follows: Amount Reclassified from AOCI (1) Year Ended December 31, Affected Line Item in the Income Statement 2015 2014 2013 (in thousands) Amortization of defined benefit pension items Prior-service costs $ (59 ) $ (138 ) $ (70 ) (2) Actuarial losses (1,979 ) (572 ) (926 ) (2) Loss on settlement (375 ) (55 ) (325 ) (2) Other (46 ) — (658 ) (2) Total, before tax (2,459 ) (765 ) (1,979 ) Income before income taxes Tax benefit 733 10 600 Income tax provision Total, net of tax (1,726 ) (755 ) (1,379 ) Net income Total reclassifications for the period, net of tax $ (1,726 ) $ (755 ) $ (1,379 ) Net income (1) Amounts in parenthesis indicate debits to the Consolidated Statements of Operations. (2) These AOCI components are included in the computation of net periodic pension cost. Refer to Note 8 for additional details. Reclassification of amounts related to foreign currency translation adjustment relate to the sale of a small subsidiary and are included in restructuring expense in the Consolidated Statements of Operations for the years ended December 31 2015, 2014, and 2013. Refer to Note 8 for additional details related to derivative activities that resulted in reclassification of AOCI to the Consolidated Statements of Operations. |
Fair Values of Financial Instru
Fair Values of Financial Instruments (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | |
Fair Values of Financial Instruments [Text Block] | Fair Values of Financial Instruments The fair values at December 31, 2015 and 2014 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, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets Cash and cash equivalents $ 131,018 $ 131,018 $ 112,371 $ 112,371 Foreign exchange forwards 27 27 107 107 Interest rate swaps 1,632 1,632 75 75 Interest rate caps 1,423 1,423 — — Liabilities Credit facility USD denominated term loan $ 219,375 $ 217,830 $ 232,500 $ 231,645 Multicurrency revolving line of credit 151,837 150,570 91,469 91,124 Interest rate swaps 868 868 1,317 1,317 Foreign exchange forwards 99 99 236 236 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 value approximates fair value (Level 1). Credit Facility - term loan and multicurrency revolving line of credit: The term loan and revolver are not traded publicly. The fair values, which are determined based upon a hypothetical market participant, are calculated using a discounted cash flow model with Level 2 inputs, including estimates of incremental borrowing rates for debt with similar terms, maturities, and credit profiles. Refer to Note 7 for a further discussion of our debt. Derivatives: See Note 8 for a description of our methods and assumptions in determining the fair value of our derivatives, which were determined using Level 2 inputs. |
Segment Information (Text Block
Segment Information (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information [Text Block] | Segment Information We operate under the Itron brand worldwide and manage and report under three operating segments, Electricity, Gas, and Water. Our Water operating segment includes both our global water and heat solutions. This structure allows each segment to develop its own go-to-market strategy, prioritize its marketing and product development requirements, and focus on its strategic investments. Our sales, marketing, and delivery functions are managed under each segment. Our product development and manufacturing operations are managed on a worldwide basis to promote a global perspective in our operations and processes and yet still maintain alignment with the segments. We have three measures of segment performance: revenue, gross profit (margin), and operating income (margin). Our operating segments have distinct products, and, therefore, intersegment revenues are minimal. Corporate operating expenses, interest income, interest expense, other income (expense), and income tax provision (benefit) are not allocated to the segments nor are included in the measure of segment profit or loss. In addition, we allocate only certain production assets and intangible assets to our operating segments. We do not manage the performance of the segments on a balance sheet basis. Segment Products Electricity Standard electricity (electromechanical and electronic) meters; advanced electricity meters and communication modules; smart electricity meters; smart electricity communication modules; prepayment systems, including smart key, keypad, and smart card communication technologies; advanced systems, including handheld, mobile, and fixed network collection technologies; smart network technologies; meter data management software; knowledge application solutions; installation; implementation; and professional services, including consulting, and analysis. Gas Standard gas meters; advanced gas meters and communication modules; smart gas meters; smart gas communication modules; prepayment systems, including smart key, keypad, and smart card communication technologies; advanced systems, including handheld, mobile, and fixed network collection technologies; smart network technologies; meter data management software; knowledge application solutions installation; implementation; and professional services, including consulting, and analysis. Water Standard water and heat meters; advanced and smart water meters and communication modules; advanced systems including handheld, mobile, and fixed network collection technologies; meter data management software; knowledge application solutions; installation; implementation; and professional services, including consulting, and analysis. Revenues, gross profit, and operating income associated with our segments were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Revenues Electricity $ 820,306 $ 771,857 $ 825,391 Gas 543,805 599,091 570,450 Water 519,422 576,668 542,184 Total Company $ 1,883,533 $ 1,947,616 $ 1,938,025 Gross profit Electricity $ 225,446 $ 200,249 $ 219,852 Gas 185,559 211,623 207,577 Water 145,680 202,178 187,339 Total Company $ 556,685 $ 614,050 $ 614,768 Operating income (loss) Electricity $ 31,104 $ (77,751 ) $ (237,279 ) Gas 67,471 76,101 82,176 Water 19,864 71,356 62,015 Corporate unallocated (65,593 ) (69,226 ) (46,775 ) Total Company 52,846 480 (139,863 ) Total other income (expense) (15,744 ) (18,745 ) (13,537 ) Income (loss) before income taxes $ 37,102 $ (18,265 ) $ (153,400 ) During the second quarter of 2015, we concluded it was necessary to issue a product replacement notification to customers of our Water segment who had purchased certain communication modules manufactured between July 2013 and December 2014. We determined that a component of the modules was failing prematurely. This resulted in a decrease to gross profit of $29.4 million for the year ended December 31, 2015 . After adjusting for the tax impact, this charge resulted in a decrease to basic and diluted earnings per share of $0.47 for the year ended December 31, 2015 . During 2014, in our Electricity segment, we revised our estimate of the cost to complete an OpenWay project in North America. This resulted in a decrease to gross profit of $15.9 million , which decreased basic and diluted earnings per share by $0.25 for the year ended December 31, 2014 . We previously recorded additional costs on this contract in 2013, which decreased gross profit by $14.5 million and decreased basic and diluted earnings per share by $0.23 for the year ended December 31, 2013 . The per share amounts are shown net of tax. For the years ended December 31, 2015 , 2014, and 2013, no single customer represented more than 10% of total Company or the Electricity, Gas or Water operating segment revenues. Revenues by region were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) United States and Canada $ 997,293 $ 875,796 $ 848,951 Europe, Middle East, and Africa (EMEA) 701,301 849,841 849,464 Other 184,939 221,979 239,610 Total Company $ 1,883,533 $ 1,947,616 $ 1,938,025 Property, plant, and equipment, net, by geographic area were as follows: At December 31, 2015 2014 (in thousands) United States $ 72,179 $ 76,130 Outside United States 118,077 131,022 Total Company $ 190,256 $ 207,152 Depreciation and amortization expense associated with our segments was as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Electricity $ 35,896 $ 47,889 $ 46,510 Gas 20,288 25,706 27,671 Water 19,459 24,257 24,818 Corporate Unallocated 350 287 247 Total Company $ 75,993 $ 98,139 $ 99,246 |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results (Unaudited) [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Results (Unaudited) As discussed in greater detail in Note 2 - Revision of Prior Period Financial Statements, we revised our previously issued condensed consolidated financial information for the first three quarters of fiscal 2015 and each of the quarterly periods in the year ended December 31, 2014. The revision resulted from a correction of certain errors relating to timing of revenue and cost recognition associated with contracts involving certain software products that we were unable to demonstrate VSOE of fair value for certain undelivered elements and the determination of whether software was essential to the functionality of certain hardware and certain other errors that were considered immaterial but have now been reflected in the quarterly results. First Quarter Second Quarter Third Quarter Fourth Quarter Total Year (in thousands, except per share data) 2015 Statement of operations data (unaudited): Revenues $ 446,746 $ 470,811 $ 469,528 $ 496,448 $ 1,883,533 Gross profit 138,422 118,554 147,290 152,419 556,685 Net income (loss) attributable to Itron, Inc. 5,398 (14,346 ) 12,640 8,986 12,678 Earnings (loss) per common share - Basic (1) $ 0.14 $ (0.37 ) $ 0.33 $ 0.23 $ 0.33 Earnings (loss) per common share - Diluted (1) $ 0.14 $ (0.37 ) $ 0.33 $ 0.23 $ 0.33 First Quarter Second Quarter Third Quarter Fourth Quarter Total Year (in thousands, except per share data) 2014 Statement of operations data (unaudited): Revenues $ 472,429 $ 482,314 $ 482,352 $ 510,521 $ 1,947,616 Gross profit 152,823 160,687 145,299 155,241 614,050 Net income (loss) attributable to Itron, Inc. (1,050 ) 20,836 3,585 (47,041 ) (23,670 ) Earnings (loss) per common share - Basic (1) $ (0.03 ) $ 0.53 $ 0.09 $ (1.21 ) $ (0.60 ) Earnings (loss) per common share - Diluted (1) $ (0.03 ) $ 0.53 $ 0.09 $ (1.21 ) $ (0.60 ) (1) The sum of the quarterly earnings per share data presented in the table may not equal the annual results due to rounding and the impact of dilutive securities on the annual versus the quarterly earnings per share calculations. For the year ended December 31, 2015, management concluded earnings fell below the threshold at which incentive compensation was appropriate. As a result, $13.3 million of previously accrued compensation expense was reversed in the fourth quarter of 2015. During the second quarter of 2015, we concluded it was necessary to issue a product replacement notification to customers of our Water segment who had purchased certain communication modules manufactured between July 2013 and December 2014. We determined that a component of the modules was failing prematurely. As a result, we recognized a warranty charge of $23.6 million during the second quarter of 2015. In 2014, restructuring projects were approved to increase efficiency and lower our cost of manufacturing, for which we incurred costs of $54.4 million in the fourth quarter of 2014. The following tables present the effects of the adjustments made to our previously reported unaudited quarterly financial information for the first three quarters of the years ended December 31, 2015 and 2014: Statement of operations data (unaudited): Three Months Ended March 31, 2015 As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 448,247 $ (1,501 ) $ 446,746 Cost of revenues 310,048 (1,724 ) 308,324 Gross profit 138,199 223 138,422 Operating expenses Sales and marketing 41,027 — 41,027 Product development 41,522 — 41,522 General and administrative 39,585 — 39,585 Amortization of business acquisition-related intangible assets 7,973 — 7,973 Restructuring expense (5,447 ) 266 (5,181 ) Goodwill impairment — — — Total operating expenses 124,660 266 124,926 Operating income (loss) 13,539 (43 ) 13,496 Other income (expense) Interest income 47 1 48 Interest expense (2,682 ) — (2,682 ) Other income (expense), net 24 (3 ) 21 Total other income (expense) (2,611 ) (2 ) (2,613 ) Income (loss) before income taxes 10,928 (45 ) 10,883 Income tax (provision) benefit (5,563 ) 533 (5,030 ) Net income (loss) 5,365 488 5,853 Net income attributable to noncontrolling interests 455 — 455 Net income (loss) attributable to Itron, Inc. $ 4,910 $ 488 $ 5,398 Earnings (loss) per common share - Basic $ 0.13 $ 0.01 $ 0.14 Earnings (loss) per common share - Diluted $ 0.13 $ 0.01 $ 0.14 Weighted average common shares outstanding - Basic 38,442 — 38,442 Weighted average common shares outstanding - Diluted 38,758 — 38,758 Statement of operations data (unaudited): Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 470,103 $ 708 $ 470,811 $ 918,350 $ (793 ) $ 917,557 Cost of revenues 351,532 725 352,257 661,580 (999 ) 660,581 Gross profit 118,571 (17 ) 118,554 256,770 206 256,976 Operating expenses Sales and marketing 43,058 — 43,058 84,085 — 84,085 Product development 43,318 — 43,318 84,840 — 84,840 General and administrative 32,492 — 32,492 72,077 — 72,077 Amortization of business acquisition-related intangible assets 7,888 — 7,888 15,861 — 15,861 Restructuring expense (4,234 ) — (4,234 ) (9,681 ) 266 (9,415 ) Goodwill impairment — — — — — — Total operating expenses 122,522 — 122,522 247,182 266 247,448 Operating income (loss) (3,951 ) (17 ) (3,968 ) 9,588 (60 ) 9,528 Other income (expense) Interest income 213 (1 ) 212 260 — 260 Interest expense (3,855 ) — (3,855 ) (6,537 ) — (6,537 ) Other income (expense), net (1,907 ) 2 (1,905 ) (1,883 ) (1 ) (1,884 ) Total other income (expense) (5,549 ) 1 (5,548 ) (8,160 ) (1 ) (8,161 ) Income (loss) before income taxes (9,500 ) (16 ) (9,516 ) 1,428 (61 ) 1,367 Income tax (provision) benefit (3,966 ) (132 ) (4,098 ) (9,529 ) 401 (9,128 ) Net income (loss) (13,466 ) (148 ) (13,614 ) (8,101 ) 340 (7,761 ) Net income attributable to noncontrolling interests 732 — 732 1,187 — 1,187 Net income (loss) attributable to Itron, Inc. $ (14,198 ) $ (148 ) $ (14,346 ) $ (9,288 ) $ 340 $ (8,948 ) Earnings (loss) per common share - Basic $ (0.37 ) $ — $ (0.37 ) $ (0.24 ) $ 0.01 $ (0.23 ) Earnings (loss) per common share - Diluted $ (0.37 ) $ — $ (0.37 ) $ (0.24 ) $ 0.01 $ (0.23 ) Weighted average common shares outstanding - Basic 38,434 — 38,434 38,438 — 38,438 Weighted average common shares outstanding - Diluted 38,434 — 38,434 38,438 — 38,438 Statement of operations data (unaudited): Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 469,092 $ 436 $ 469,528 $ 1,387,442 $ (357 ) $ 1,387,085 Cost of revenues 322,126 112 322,238 983,706 (887 ) 982,819 Gross profit 146,966 324 147,290 403,736 530 404,266 Operating expenses Sales and marketing 39,217 — 39,217 123,302 — 123,302 Product development 41,559 — 41,559 126,399 — 126,399 General and administrative 31,118 — 31,118 103,195 — 103,195 Amortization of business acquisition-related intangible assets 7,869 — 7,869 23,730 — 23,730 Restructuring expense (5 ) 592 587 (9,686 ) 858 (8,828 ) Goodwill impairment — — — — — — Total operating expenses 119,758 592 120,350 366,940 858 367,798 Operating income (loss) 27,208 (268 ) 26,940 36,796 (328 ) 36,468 Other income (expense) Interest income 180 — 180 440 — 440 Interest expense (2,799 ) — (2,799 ) (9,336 ) — (9,336 ) Other income (expense), net (1,120 ) 1 (1,119 ) (3,003 ) — (3,003 ) Total other income (expense) (3,739 ) 1 (3,738 ) (11,899 ) — (11,899 ) Income (loss) before income taxes 23,469 (267 ) 23,202 24,897 (328 ) 24,569 Income tax (provision) benefit (10,144 ) 212 (9,932 ) (19,673 ) 613 (19,060 ) Net income (loss) 13,325 (55 ) 13,270 5,224 285 5,509 Net income attributable to noncontrolling interests 630 — 630 1,817 — 1,817 Net income (loss) attributable to Itron, Inc. $ 12,695 $ (55 ) $ 12,640 $ 3,407 $ 285 $ 3,692 Earnings (loss) per common share - Basic $ 0.33 $ — $ 0.33 $ 0.09 $ 0.01 $ 0.10 Earnings (loss) per common share - Diluted $ 0.33 $ — $ 0.33 $ 0.09 $ 0.01 $ 0.10 Weighted average common shares outstanding - Basic 38,114 — 38,114 38,329 — 38,329 Weighted average common shares outstanding - Diluted 38,358 — 38,358 38,591 — 38,591 Statement of operations data (unaudited): Three Months Ended March 31, 2014 As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 474,795 $ (2,366 ) $ 472,429 Cost of revenues 320,260 (654 ) 319,606 Gross profit 154,535 (1,712 ) 152,823 Operating expenses Sales and marketing 47,609 (2,000 ) 45,609 Product development 44,409 25 44,434 General and administrative 40,407 (543 ) 39,864 Amortization of business acquisition-related intangible assets 11,070 — 11,070 Restructuring expense 5,524 859 6,383 Goodwill impairment 977 (977 ) — Total operating expenses 149,996 (2,636 ) 147,360 Operating income (loss) 4,539 924 5,463 Other income (expense) Interest income 97 — 97 Interest expense (2,909 ) (1 ) (2,910 ) Other income (expense), net (2,498 ) (5 ) (2,503 ) Total other income (expense) (5,310 ) (6 ) (5,316 ) Income (loss) before income taxes (771 ) 918 147 Income tax (provision) benefit 653 (1,714 ) (1,061 ) Net income (loss) (118 ) (796 ) (914 ) Net income attributable to noncontrolling interests 136 — 136 Net income (loss) attributable to Itron, Inc. $ (254 ) $ (796 ) $ (1,050 ) Earnings (loss) per common share - Basic $ (0.01 ) $ (0.02 ) $ (0.03 ) Earnings (loss) per common share - Diluted $ (0.01 ) $ (0.02 ) $ (0.03 ) Weighted average common shares outstanding - Basic 39,235 — 39,235 Weighted average common shares outstanding - Diluted 39,235 — 39,235 Statement of operations data (unaudited): Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 489,353 $ (7,039 ) $ 482,314 $ 964,148 $ (9,405 ) $ 954,743 Cost of revenues 326,312 (4,685 ) 321,627 646,572 (5,339 ) 641,233 Gross profit 163,041 (2,354 ) 160,687 317,576 (4,066 ) 313,510 Operating expenses Sales and marketing 46,119 (748 ) 45,371 93,728 (2,748 ) 90,980 Product development 43,999 (41 ) 43,958 88,408 (16 ) 88,392 General and administrative 37,680 349 38,029 78,087 (194 ) 77,893 Amortization of business acquisition-related intangible assets 11,109 — 11,109 22,179 — 22,179 Restructuring expense (7,793 ) (864 ) (8,657 ) (2,269 ) (5 ) (2,274 ) Goodwill impairment — — — 977 (977 ) — Total operating expenses 131,114 (1,304 ) 129,810 281,110 (3,940 ) 277,170 Operating income (loss) 31,927 (1,050 ) 30,877 36,466 (126 ) 36,340 Other income (expense) Interest income 53 — 53 150 — 150 Interest expense (2,913 ) 1 (2,912 ) (5,822 ) — (5,822 ) Other income (expense), net (1,375 ) 1 (1,374 ) (3,873 ) (4 ) (3,877 ) Total other income (expense) (4,235 ) 2 (4,233 ) (9,545 ) (4 ) (9,549 ) Income (loss) before income taxes 27,692 (1,048 ) 26,644 26,921 (130 ) 26,791 Income tax (provision) benefit (7,848 ) 2,625 (5,223 ) (7,195 ) 911 (6,284 ) Net income (loss) 19,844 1,577 21,421 19,726 781 20,507 Net income attributable to noncontrolling interests 585 — 585 721 — 721 Net income (loss) attributable to Itron, Inc. $ 19,259 $ 1,577 $ 20,836 $ 19,005 $ 781 $ 19,786 Earnings (loss) per common share - Basic $ 0.49 $ 0.04 $ 0.53 $ 0.48 $ 0.02 $ 0.50 Earnings (loss) per common share - Diluted $ 0.49 $ 0.04 $ 0.53 $ 0.48 $ 0.02 $ 0.50 Weighted average common shares outstanding - Basic 39,356 — 39,356 39,296 — 39,296 Weighted average common shares outstanding - Diluted 39,544 — 39,544 39,528 — 39,528 Statement of operations data (unaudited): Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 496,454 $ (14,102 ) $ 482,352 $ 1,460,602 $ (23,507 ) $ 1,437,095 Cost of revenues 345,692 (8,639 ) 337,053 992,264 (13,978 ) 978,286 Gross profit 150,762 (5,463 ) 145,299 468,338 (9,529 ) 458,809 Operating expenses Sales and marketing 44,484 75 44,559 138,212 (2,673 ) 135,539 Product development 42,303 54 42,357 130,711 38 130,749 General and administrative 36,542 61 36,603 114,629 (133 ) 114,496 Amortization of business acquisition-related intangible assets 10,917 — 10,917 33,096 — 33,096 Restructuring expense 58 (1 ) 57 (2,211 ) (6 ) (2,217 ) Goodwill impairment — — — 977 (977 ) — Total operating expenses 134,304 189 134,493 415,414 (3,751 ) 411,663 Operating income (loss) 16,458 (5,652 ) 10,806 52,924 (5,778 ) 47,146 Other income (expense) Interest income 163 — 163 313 — 313 Interest expense (3,015 ) — (3,015 ) (8,837 ) — (8,837 ) Other income (expense), net (1,569 ) 2 (1,567 ) (5,442 ) (2 ) (5,444 ) Total other income (expense) (4,421 ) 2 (4,419 ) (13,966 ) (2 ) (13,968 ) Income (loss) before income taxes 12,037 (5,650 ) 6,387 38,958 (5,780 ) 33,178 Income tax (provision) benefit (4,484 ) 1,927 (2,557 ) (11,679 ) 2,838 (8,841 ) Net income (loss) 7,553 (3,723 ) 3,830 27,279 (2,942 ) 24,337 Net income attributable to noncontrolling interests 245 — 245 966 — 966 Net income (loss) attributable to Itron, Inc. $ 7,308 $ (3,723 ) $ 3,585 $ 26,313 $ (2,942 ) $ 23,371 Earnings (loss) per common share - Basic $ 0.19 $ (0.10 ) $ 0.09 $ 0.67 $ (0.07 ) $ 0.60 Earnings (loss) per common share - Diluted $ 0.19 $ (0.10 ) $ 0.09 $ 0.67 $ (0.08 ) $ 0.59 Weighted average common shares outstanding - Basic 39,213 — 39,213 39,268 — 39,268 Weighted average common shares outstanding - Diluted 39,493 — 39,493 39,516 — 39,516 Statement of Comprehensive Income (loss) (unaudited): Three Months Ended March 31, 2015 As Previously Reported Adjustments As Revised (in thousands) Net income (loss) $ 5,365 $ 488 $ 5,853 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (61,090 ) 771 (60,319 ) Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges (114 ) — (114 ) Pension plan benefits liability adjustment 504 — 504 Total other comprehensive income (loss), net of tax (60,700 ) 771 (59,929 ) Total comprehensive income (loss), net of tax (55,335 ) 1,259 (54,076 ) Comprehensive income (loss) attributable to noncontrolling interest, net of tax 455 — 455 Comprehensive income (loss) attributable to Itron, Inc. $ (55,790 ) $ 1,259 $ (54,531 ) Statement of Comprehensive Income (loss) (unaudited): Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands) (in thousands) Net income (loss) $ (13,466 ) $ (148 ) $ (13,614 ) $ (8,101 ) $ 340 $ (7,761 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 13,856 (99 ) 13,757 (47,234 ) 672 (46,562 ) Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges 123 — 123 9 — 9 Pension plan benefits liability adjustment 493 — 493 997 — 997 Total other comprehensive income (loss), net of tax 14,472 (99 ) 14,373 (46,228 ) 672 (45,556 ) Total comprehensive income (loss), net of tax 1,006 (247 ) 759 (54,329 ) 1,012 (53,317 ) Comprehensive income (loss) attributable to noncontrolling interest, net of tax 732 — 732 1,187 — 1,187 Comprehensive income (loss) attributable to Itron, Inc. $ 274 $ (247 ) $ 27 $ (55,516 ) $ 1,012 $ (54,504 ) Statement of Comprehensive Income (loss) (unaudited): Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands) (in thousands) Net income (loss) $ 13,325 $ (55 ) $ 13,270 $ 5,224 $ 285 $ 5,509 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (15,738 ) 1,497 (14,241 ) (62,972 ) 2,169 (60,803 ) Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges 71 — 71 80 — 80 Pension plan benefits liability adjustment 866 — 866 1,863 — 1,863 Total other comprehensive income (loss), net of tax (14,801 ) 1,497 (13,304 ) (61,029 ) 2,169 (58,860 ) Total comprehensive income (loss), net of tax (1,476 ) 1,442 (34 ) (55,805 ) 2,454 (53,351 ) Comprehensive income (loss) attributable to noncontrolling interest, net of tax: 630 — 630 1,817 — 1,817 Comprehensive income (loss) attributable to Itron, Inc. $ (2,106 ) $ 1,442 $ (664 ) $ (57,622 ) $ 2,454 $ (55,168 ) Statement of Comprehensive Income (loss) (unaudited): Three Months Ended March 31, 2014 As Previously Reported Adjustments As Revised (in thousands) Net income (loss) $ (118 ) $ (796 ) $ (914 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (3,374 ) 160 (3,214 ) Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges 163 — 163 Pension plan benefits liability adjustment 97 — 97 Total other comprehensive income (loss), net of tax (3,114 ) 160 (2,954 ) Total comprehensive income (loss), net of tax (3,232 ) (636 ) (3,868 ) Comprehensive income (loss) attributable to noncontrolling interest, net of tax: 136 — 136 Comprehensive income (loss) attributable to Itron, Inc. $ (3,368 ) $ (636 ) $ (4,004 ) Statement of Comprehensive Income (loss) (unauditied): Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands) (in thousands) Net income (loss) $ 19,844 $ 1,577 $ 21,421 $ 19,726 $ 781 $ 20,507 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (7,995 ) 9 (7,986 ) (11,369 ) 169 (11,200 ) Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges (119 ) — (119 ) 44 — 44 Pension plan benefits liability adjustment 118 — 118 215 — 215 Total other comprehensive income (loss), net of tax (7,996 ) 9 (7,987 ) (11,110 ) 169 (10,941 ) Total comprehensive income (loss), net of tax 11,848 1,586 13,434 8,616 950 9,566 Comprehensive income (loss) attributable to noncontrolling interest, net of tax: 585 — 585 721 — 721 Comprehensive income (loss) attributable to Itron, Inc. $ 11,263 $ 1,586 $ 12,849 $ 7,895 $ 950 $ 8,845 Statement of Comprehensive Income (loss) (unaudited): Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands) (in thousands) Net income (loss) $ 7,553 $ (3,723 ) $ 3,830 $ 27,279 $ (2,942 ) $ 24,337 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (49,391 ) 502 (48,889 ) (60,760 ) 671 (60,089 ) Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges 400 — 400 444 — 444 Pension plan benefits liability adjustment 98 — 98 313 — 313 Total other comprehensive income (loss), net of tax (48,893 ) 502 (48,391 ) (60,003 ) 671 (59,332 ) Total comprehensive income (loss), net of tax (41,340 ) (3,221 ) (44,561 ) (32,724 ) (2,271 ) (34,995 ) Comprehensive income (loss) attributable to noncontrolling interest, net of tax: 245 — 245 966 — 966 Comprehensive income (loss) attributable to Itron, Inc. $ (41,585 ) $ (3,221 ) $ (44,806 ) $ (33,690 ) $ (2,271 ) $ (35,961 ) Balance Sheet data (unaudited): March 31, 2015 As Previously Reported Adjustments As Revised (in thousands) ASSETS Current assets Cash and cash equivalents $ 118,084 $ — $ 118,084 Accounts receivable, net 324,706 — 324,706 Inventories 168,161 — 168,161 Deferred tax assets current, net 37,700 6,542 44,242 Other current assets 109,768 18,311 128,079 Total current assets 758,419 24,853 783,272 Property, plant, and equipment, net 192,781 (717 ) 192,064 Deferred tax assets noncurrent, net 76,479 (171 ) 76,308 Other long-term assets 26,390 20,973 47,363 Intangible assets, net 122,431 — 122,431 Goodwill 462,718 — 462,718 Total assets $ 1,639,218 $ 44,938 $ 1,684,156 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 196,117 $ 2 $ 196,119 Other current liabilities 78,683 136 78,819 Wages and benefits payable 79,443 — 79,443 Taxes payable 18,740 — 18,740 Current portion of debt 30,000 — 30,000 Current portion of warranty 22,256 — 22,256 Unearned revenue 53,472 24,221 77,693 Total current liabilities 478,711 24,359 503,070 Long-term debt 331,310 — 331,310 Long-term warranty 14,809 — 14,809 Pension plan benefit liability 91,652 — 91,652 Deferred tax liabilities noncurrent, net 3,289 — 3,289 Other long-term obligations 72,550 35,259 107,809 Total liabilities 992,321 59,618 1,051,939 Commitments and contingencies Equity Preferred stock — — — Common stock 1,257,796 — 1,257,796 Accumulated other comprehensive loss, net (197,214 ) 2,225 (194,989 ) Accumulated deficit (431,681 ) (16,905 ) (448,586 ) Total Itron, Inc. shareholders' equity 628,901 (14,680 ) 614,221 Noncontrolling interests 17,996 — 17,996 Total equity 646,897 (14,680 ) 632,217 Total liabilities and equity $ 1,639,218 $ 44,938 $ 1,684,156 Balance Sheet data (unaudited): June 30, 2015 As Previously Reported Adjustments As Revised (in thousands) ASSETS Current assets Cash and cash equivalents $ 128,814 $ — $ 128,814 Accounts receivable, net 338,196 — 338,196 Inventories 195,394 — 195,394 Deferred tax assets current, net 38,121 6,596 44,717 Other current assets 111,248 17,050 128,298 Total current assets 811,773 23,646 835,419 Property, plant, and equipment, net 195,510 (754 ) 194,756 Deferred tax assets noncurrent, net 73,861 (350 ) 73,511 Other long-term assets 28,741 21,646 50,387 Intangible assets, net 117,136 — 117,136 Goodwill 471,648 — 471,648 Total assets $ 1,698,669 $ 44,188 $ 1,742,857 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 226,512 $ (1 ) $ 226,511 Other current liabilities 60,634 129 60,763 Wages and benefits payable 84,944 — 84,944 Taxes payable 16,435 — 16,435 Current portion of debt 11,250 — 11,250 Current portion of warranty 35,589 — 35,589 Unearned revenue 50,255 24,269 74,524 Total current liabilities 485,619 24,397 510,016 Long-term debt 361,708 — 361,708 Long-term warranty 22,550 — 22,550 Pension plan benefit liability 93,918 — 93,918 Deferred tax liabilities noncurrent, net 3,247 — 3,247 Other long-term obligations 86,366 34,718 121,084 Total liabilities 1,053,408 59,115 1,112,523 Commitments and contingencies Equity Preferred stock — — — Common stock 1,255,154 — 1,255,154 Accumulated other comprehensive loss, net (182,742 ) 2,126 (180,616 ) Accumulated deficit (445,879 ) (17,053 ) (462,932 ) Total Itron, Inc. shareholders' equity 626,533 (14,927 ) 611,606 Noncontrolling interests 18,728 — 18,728 Total equity 645,261 (14,927 ) 630,334 Total liabilities and equity $ 1,698,669 $ 44,188 $ 1,742,857 Balance Sheet data (unaudited): September 30, 2015 As Previously Reported Adjustments As Revised (in thousands) ASSETS Current assets Cash and cash equivalents $ 109,458 $ — $ 109,458 Accounts receivable, net 340,423 — 340,423 Inventories 214,237 — 214,237 Deferred tax assets current, net 35,975 6,946 42,921 Other current assets 106,059 15,742 121,801 Total current assets 806,152 22,688 828,840 Property, plant, and equipment, net 190,295 404 190,699 Deferred tax assets noncurrent, net 59,830 67 59,897 Other long-term assets 27,192 21,052 48,244 Intangible assets, net 111,767 — 111,767 Goodwill 474,965 445 475,410 Total assets $ 1,670,201 $ 44,656 $ 1,714,857 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 201,450 $ (3 ) $ 201,447 Other current liabilities 68,140 697 68,837 Wages and benefits payable 93,206 (314 ) 92,892 Taxes payable 13,210 — 13,210 Current portion of debt 11,250 — 11,250 Current portion of warranty 40,060 — 40,060 Unearned revenue 44,639 22,974 67,613 Total current liabilities 471,955 23,354 495,309 Long-term debt 369,457 — 369,457 Long-term warranty 14,684 — 14,684 Pension plan benefit liability 94,100 — 94,100 Deferred tax liabilities noncurrent, net 3,569 — 3,569 Other long-term obligations 81,628 34,787 116,415 Total liabilities 1,035,393 58,141 1,093,534 Commitments and contingencies Equity Preferred stock — — — Common stock 1,246,177 — 1,246,177 Accumulated other comprehensive loss, net (197,543 ) 3,623 (193,920 ) Accumulated deficit (433,184 ) (17,108 ) (450,292 ) Total Itron, Inc. shareholders' equity 615,450 (13,485 ) 601,965 Noncontrolling interests 19,358 — 19,358 Total equity 634,808 (13,485 ) 621,323 Total liabilities and equity $ 1,670,201 $ 44,656 $ 1,714,857 Balance Sheet data (unaudited): March 31, 2014 As Previously Reported Adjustments As Revised (in thousands) ASSETS Current assets Cash and cash equivalents $ 146,327 $ — $ 146,327 Accounts receivable, net 341,547 — 341,547 Inventories 192,573 (2,468 ) 190,105 Deferred tax assets current, net 36,995 4,771 41,766 Other current assets 104,967 11,696 116,663 Total current assets 822,409 13,999 836,408 Property, plant, and equipment, net 237,326 (1,281 ) 236,045 Deferred tax assets noncurrent, net 61,873 (2,777 ) 59,096 Other long-term assets 32,102 15,741 47,843 Intangible assets, net 184,052 — 184,052 Goodwill 546,437 — 546,437 Total assets $ 1,884,199 $ 25,682 $ 1,909,881 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 210,675 $ 1 $ 210,676 Other current liabilities 75,969 1,073 77,042 Wages and benefits payable 89,129 514 89,643 Taxes payable 14,819 285 15,104 Current portion of debt 28,125 — 28,125 Current portion of warranty 21,989 — 21,989 Unearned revenue 53,457 10,082 63,539 Total current liabilities 494,163 11,955 506,118 Long-term debt 320,000 — 320,000 Long-term warranty 24,035 — 24,035 Pension plan benefit liability 89,498 — 89,498 Deferred tax liabilities noncurrent, net 6,123 — 6,123 Other long-term obligations 79,580 30,588 110,168 Total liabilities 1,013,399 42,543 1,055,942 Commitments and contingencies Equity Preferred stock — — — Common stock 1,291,690 — 1,291,690 Accumulated other comprehensive loss, net (24,836 ) 578 (24,258 ) Accumulated deficit (413,925 ) (17,439 ) (431,364 ) Total Itron, Inc. shareholders' equity 852,929 (16,861 ) 836,068 Noncontrolling interests 17,871 — 17,871 Total equity 870,800 (16,861 ) 853,939 Total liabilities and equity $ 1,884,199 $ 25,682 $ 1,909,881 Balance Sheet data (unaudited): June 30, 2014 As Previously Reported Adjustments As Revised (in thousands) ASSETS Current assets Cash and cash equivalents $ 114,780 $ — $ 114,780 Accounts receivable, net 369,473 (381 ) 369,092 Inventories 192,413 257 192,670 Deferred tax assets current, net 37,103 5,171 42,274 Other current assets 112,172 13,757 125,929 Total current assets 825,941 18,804 844,745 Property, plant, and equipment, net 234,840 (1,269 ) 233,571 Deferred tax assets noncurrent, net 64,641 (514 ) 64,127 Other long-term assets 31,862 16,132 47,994 Intangible assets, net 172,927 — 172,927 Goodwill 541,539 — 541,539 Total assets $ 1,871,750 33,153 $ 1,904,903 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 209,080 $ — $ 209,080 Other current liabilities 69,064 — 69,064 Wages and benefits payable 93,069 (255 ) 92,814 Taxes payable 14,172 284 14,456 Current portion of debt 30,000 — 30,000 Current portion of warranty 23,689 — 23,689 Unearned revenue 53,487 14,557 68,044 Total current liabilities 492,561 14,586 507,147 Long-term debt 297,500 — 297,500 Long-term warranty 18,860 — 18,860 Pension plan benefit liability 87,988 — 87,988 Deferred tax liabilities noncurrent, net 6,297 — 6,297 Other long-term obligations 84,608 33,842 118,450 Total liabilities 987,814 48,428 1,036,242 Commitments and contingencies Equity Preferred stock — — — Common stock 1,293,548 — 1,293,548 Accumulated other comprehensive loss, net (32,832 ) 587 (32,245 ) Accumulated deficit (394,666 ) (15,862 ) (410,528 ) Total Itron, Inc. shareholders' equity 866,050 (15,275 ) 850,775 Noncontrolling interests 17,886 — 17,886 Total equity 883,936 (15,275 ) 868,661 Total liabilities and equity $ 1,871,750 $ 33,153 $ 1,904,903 Balance Sheet data (unaudited): September 30, 2014 As Previously Reported Adjustments As Revised (in thousands) ASSETS Current assets Cash and cash equivalents $ 122,475 $ — $ 122,475 Accounts receivable, net 342,480 — 342,480 Inventories 190,689 — 190,689 Deferred tax assets current, net 34,581 7,109 41,690 Other current assets 104,847 18,688 123,535 Total current assets 795,072 25,797 820,869 Property, plant, and equipment, net 222,354 (1,213 ) 221,141 Deferred tax assets noncurrent, net 67,826 (624 ) 67,202 Other long-term assets 31,604 19,583 51,187 Intangible assets, net 155,432 — 155,432 Goodwill 515,641 — 515,641 Total assets $ 1,787,929 $ 43,543 $ 1,831,472 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 203,175 $ (4 ) $ 203,171 Other current liabilities 62,039 — 62,039 Wages and benefits payable 91,871 — 91,871 Taxes payable 18,491 270 18,761 Current portion of debt 30,000 — 30,000 Current portion of warranty 22,283 — 22,283 Unearned revenue 47,316 24,048 71,364 Total current liabilities 475,175 24,314 499,489 Long-term debt 280,000 — 280,000 Long-term warranty 18,071 — 18,071 Pension plan benefit liability 82,529 — 82,529 Deferred tax liabilities noncurrent, net 7,220 — 7,220 Other long-term obligations 87,927 37,122 125,049 Total liabilities 950,922 61,436 1,012,358 Commitments and contingencies Equity Preferred stock — — — Common stock 1,287,959 603 1,288,562 Accumulated other comprehensive loss, net (81,725 ) 1,089 (80,636 ) Accumulated deficit (387,358 ) (19,585 ) (406,943 ) Total Itron, Inc. shareholders' equity 818,876 (17,893 ) 800,983 Noncontrolling interests 18,131 — 18,131 Total equity 837,007 (17,893 ) 819,114 Total liabilities and equity $ 1,787,929 $ 43,543 $ 1,831,472 Statement of cash flows data (unaudited): Three Months Ended March 31, 2015 As Previously Reported Adjustments As Revised (in thousands) Operating activities Net income (loss) $ 5,365 $ 488 $ 5,853 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 19,339 16 19,355 Stock-based compensation 4,108 — 4,108 Amortization of prepaid debt fees 390 — 390 Deferred taxes, net (4,790 ) (142 ) (4,932 ) Goodwill impairment — — — Restructuring expense, non-cash 267 (377 ) (110 ) Other adjustments, net 337 — 337 Changes in operating assets and liabilities, net of acquisition: Accounts receivable 2,028 (1,791 ) 237 Inventories (23,480 ) (252 ) (23,732 ) Other current assets (9,395 ) 1,507 (7,888 ) Other long-term assets (54 ) (3,027 ) (3,081 ) Accounts payable, other current liabilities, and taxes payable 3,774 (14 ) 3,760 Wages and benefits payable (10,343 ) 430 (9,913 ) Unearned revenue 11,032 3,550 14,582 Warranty 2,457 (73 ) 2,384 Other operating, net (4,990 ) (315 ) (5,305 ) Net cash provided by operating activities (3,955 ) — (3,955 ) Investing activities Acquisitions of property, plant, and equipment (9,472 ) — (9,472 ) Business acquisitions, net of cash and cash equivalents acquired — — — Other investing, net (118 ) — (118 ) Net cash used in investing activities (9,590 ) — (9,590 ) Financing activities Proceeds from borrowings 63,000 — 63,000 Payments on debt (22,373 ) — (22,373 ) Issuance of common stock 451 — 451 Repurchase of common stock (16,341 ) — (16,341 ) Other financing, net 1,186 — 1,186 Net cash used in financing activities 25,923 — 25,923 Effect of foreign exchange rate changes on cash and cash equivalents (6,665 ) — (6,665 ) Increase (decrease) in cash and cash equivalents 5,713 — 5,713 Cash and cash equivalents at beginning of period 112,371 — 112,371 Cash and cash equivalents at end of period $ 118,084 $ — $ 118,084 Supplemental disclosure of cash flow information: Cash paid during the period for: Income taxes, net $ 19,245 $ — $ 19,245 Interest, net of amounts capitalized 2,265 — 2,265 Statement of cash flows data (unaudited): Six Months Ended June 30, 2015 As Previously Reported Adjustments As Revised (in thousands) Operating activities Net income (loss) $ (8,101 ) $ 340 $ (7,761 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 38,760 32 38,792 Stock-based compensation 7,997 — 7,997 Amortization of prepaid debt fees 1,579 — 1,579 Deferred taxes, net 1,901 (16 ) 1,885 Goodwill impairment — — — Restructuring expense, non-cash 267 (377 ) (110 ) Other adjustments, net 919 — 919 Changes in operating assets and liabilities, net of acquisition: Accounts receivable (6,849 ) (1,792 ) (8,641 ) Inventories (49,677 ) (251 ) (49,928 ) Other current assets (9,043 ) 2,789 (6,254 ) Other long-term assets 406 (3,591 ) (3,185 ) Accounts payable, other current liabilities, and taxes payable 23,990 (25 ) 23,965 Wages and benefits payable (6,276 ) 430 |
Subsequent Event (Text Block)
Subsequent Event (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On June 13, 2016, we received a debt covenant waiver as discussed in Note 7 - Debt. In April 2016, the United States Internal Revenue Service (IRS) proposed certain significant adjustments to our research and development tax credit position as part of the 2011 to 2013 tax audit. Management disagrees with the proposed adjustments on technical and factual grounds. We plan to avail ourself of all administrative, and if necessary, judicial remedies and do not expect the adjustments to ultimately result in a material change to our financial position. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Text Block) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | VALUATION AND QUALIFYING ACCOUNTS Description Balance at Beginning of Period Other Adjustments Additions Charged to Costs and Expenses Balance at End of Period, Noncurrent (in thousands) Year ended December 31, 2015: Deferred tax assets valuation allowance $ 257,728 $ (62,791 ) $ 40,402 $ 235,339 Year ended December 31, 2014: Deferred tax assets valuation allowance $ 162,588 $ (4,913 ) $ 100,053 $ 257,728 Year ended December 31, 2013: Deferred tax assets valuation allowance $ 138,910 $ 3,873 $ 19,805 $ 162,588 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Consolidation [Policy Text Block] | 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 50% or less investment and exercise significant influence. Entities in which we have less than a 20% investment and where we do not exercise significant influence are accounted for under the cost method. Intercompany transactions and balances are eliminated upon consolidation. Noncontrolling Interests In several of our consolidated international subsidiaries, we have joint venture partners, who are minority shareholders. Although these entities are not wholly-owned by Itron, we consolidate them because we have a greater than 50% ownership interest or because we exercise control over the operations. The noncontrolling interest balance is adjusted each period to reflect the allocation of net income (loss) and other comprehensive income (loss) attributable to the noncontrolling interests, as shown in our Consolidated Statements of Operations and our Consolidated Statements of Comprehensive Income (Loss) as well as contributions from and distributions to the owners. The noncontrolling interest balance in our Consolidated Balance Sheets represents the proportional share of the equity of the joint venture entities, which is attributable to the minority shareholders. |
Cash and Cash Equivalents [Policy Text Block] | 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. |
Accounts Receivable and Allowance for Doubtful Accounts [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded for invoices issued to customers in accordance with our contractual arrangements. Interest and late payment fees are minimal. Unbilled receivables are recorded when revenues are recognized upon product shipment or service delivery and invoicing occurs at a later date. We record an allowance for doubtful accounts representing our estimate of the probable losses in accounts receivable at the date of the balance sheet based on our historical experience of bad debts and our specific review of outstanding receivables. Accounts receivable are written-off against the allowance when we believe an account, or a portion thereof, is no longer collectible. |
Inventories [Policy Text Block] | Inventories Inventories are stated at the lower of cost or market using the first-in, first-out method. Cost includes raw materials and labor, plus applied direct and indirect costs. |
Derivative Instruments [Policy Text Block] | Derivative Instruments All derivative instruments, whether designated in hedging relationships or not, are recorded on the Consolidated Balance Sheets at fair value as either assets or liabilities. The components and 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 net fair value of our derivative instruments may switch between a net asset and a net 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 are in a net asset position and the effect of our own nonperformance risk when the net fair value of our derivative instruments are 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, the effective portions of changes in the fair value of the derivative are recorded as a component of other comprehensive income (loss) (OCI) and are recognized in earnings when the hedged item affects earnings. Ineffective portions of cash flow hedges are recognized in other income (expense) in the Consolidated Statements of Operations. For a hedge of a net investment, the effective portion of 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. Ineffective portions of fair value changes or the changes in fair value of derivative instruments that do not qualify for hedging activities are recognized in other income (expense) in the Consolidated Statements of 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 whom we have master netting agreements; however, our derivative positions are not recorded on a net basis in the Consolidated Balance Sheets. There are no credit-risk-related contingent features within our derivative instruments. Refer to Note 8 and Note 15 for further disclosures of our derivative instruments and their impact on OCI. |
Property, Plant, and Equipment [Policy Text Block] | 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 to ten 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 assured, or over the useful lives, whichever is shorter. Construction in process represents capital expenditures incurred for assets not yet placed in service. Costs related to internally developed software and software purchased for internal uses are capitalized and are amortized over the estimated useful lives of the assets. Repair and maintenance costs are expensed 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 Statement 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. |
Prepaid Debt Fees [Policy Text Block] | Prepaid Debt Fees Prepaid debt fees represent the capitalized direct costs incurred related to the issuance of debt and are recorded as noncurrent assets. These costs are amortized to interest expense over the terms of the respective borrowings, including contingent maturity or call features, using the effective interest method, or 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 [Policy Text Block] | Business Combinations On the date of acquisition, the assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree are recorded at their fair values. The acquiree's results of operations are also included as of the date of acquisition in our consolidated results. Intangible assets that arise from contractual/legal rights, or are capable of being separated, as well as in-process research and development (IPR&D), are measured and recorded at fair value, and amortized over the estimated useful life. IPR&D is not amortized until such time as the associated development projects are completed or terminated. If a development project is completed, the IPR&D is reclassified as a core technology intangible asset and amortized over its estimated useful life. If the development project is terminated, the recorded value of the associated IPR&D is immediately expensed. If practicable, assets acquired and liabilities assumed arising from contingencies are measured and recorded at fair value. If not practicable, such assets and liabilities are measured and recorded 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 expensed as incurred. Restructuring costs associated with an acquisition are generally expensed 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 require 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. Cash payments for contingent or deferred consideration are classified within cash flows from investing activities within the Consolidated Statements of Cash Flows. |
Goodwill and Intangible Assets [Policy Text Block] | 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. IPR&D is considered an indefinite-lived intangible asset and is not subject to amortization until the associated projects are completed or terminated. 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 at the time 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, effective in the fourth quarter of 2013. 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 two-step 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, a second step is required to measure the goodwill impairment loss amount. This second step determines the current fair values of all assets and liabilities of the reporting unit and then compares the implied fair value of the reporting unit's goodwill to the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to the 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 [Policy Text Block] | Contingencies A loss contingency is recorded 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 recorded. Changes in these factors and related estimates could materially affect our financial position and results of operations. Legal costs to defend against contingent liabilities are expensed as incurred. |
Compensation Related Costs, Policy [Policy Text Block] | Bonus and Profit Sharing We have various employee bonus and profit sharing plans, which provide award amounts for the achievement of annual financial and nonfinancial targets. If management determines it is probable that the targets will be achieved, and the amounts can be reasonably estimated, a compensation accrual is recorded based on the proportional achievement of the financial and nonfinancial targets. Although we monitor and accrue expenses quarterly based on our progress toward the achievement of the annual targets, the actual results at the end of the year may result in awards that are significantly greater or less than the estimates made in earlier quarters. |
Warranty [Policy Text Block] | 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 recorded if a failure event is probable and the cost can be reasonably estimated. When new products are introduced, our process relies on historical averages of similar products until sufficient data are 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 warranty allowances may fluctuate due to changes in estimates for material, labor, and other costs we may incur to repair or replace projected product failures, and we may incur additional warranty and related expenses in the future with respect to new or established products, which could adversely affect our financial position and results of operations. 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 Activities or Restructurings, Policy | Restructuring We record a liability for costs associated with an exit or disposal activity under a restructuring project at its fair value in the period in which the liability is incurred. Employee termination benefits considered postemployment benefits are accrued when the obligation is probable and estimable, such as benefits stipulated by human resource policies and practices or statutory requirements. One-time termination benefits are expensed at the date the employee is notified. If the employee must provide future service greater than 60 days, such benefits are expensed ratably over the future service period. For contract termination costs, we record 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 recorded 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 recorded within restructuring expense in the Consolidated Statements of Operations. |
Defined Benefit Pension Plans [Policy Text Block] | 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 or an asset for plan assets in excess of 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, that arise during the period but that are not recognized as components of net periodic benefit cost. If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities, we amortize them over the employees' average future service period. |
Share Repurchase Policy [Policy Text Block] | Share Repurchase Plan From time to time, we may repurchase shares of Itron common stock under programs authorized by our Board of Directors. Share repurchases are made in the open market or in privately negotiated transactions and in accordance with applicable securities laws. Under applicable Washington State law, shares repurchased are retired and not displayed separately as treasury stock on the financial statements; the value of the repurchased shares is deducted from common stock. |
Revenue Recognition [Policy Text Block] | Revenue Recognition Revenues consist primarily of hardware sales, software license fees, software implementation, project management services, installation, consulting, and post-sale maintenance support. Revenues are recognized when (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the sales price is fixed or determinable, and (4) collectability is reasonably assured. Many of our revenue arrangements involve multiple deliverables, which combine two or more of the following: hardware, meter reading system software, installation, and/or project management services. Revenue arrangements with multiple deliverables are divided into separate units of accounting if the delivered item(s) has value to the customer on a standalone basis and delivery/performance of the undelivered item(s) is probable. The total arrangement consideration is allocated among the separate units of accounting based on their relative fair values and the applicable revenue recognition criteria considered for each unit of accounting. The amount allocable to a delivered item is limited to the amount that we are entitled to collect and that is not contingent upon the delivery/performance of additional items. Revenues for each deliverable are then recognized based on the type of deliverable, such as 1) when the products are shipped, 2) services are delivered, 3) percentage-of-completion when implementation services are essential to other deliverables in the arrangement, 4) upon receipt of customer acceptance, or 5) transfer of title and risk of loss. The majority of our revenue is recognized when products are shipped to or received by a customer or when services are provided. Hardware revenues are recognized at the time of shipment, receipt by the customer, or, if applicable, upon completion of customer acceptance provisions. Revenue from our OpenWay network software and services is recognized using the units-of-delivery method of contract accounting, as network design services and network software are essential to the functionality of the related hardware (network). This methodology results in the deferral of costs and revenues as professional services and software implementation commence prior to deployment of hardware. In the unusual instances when we are unable to reliably estimate the cost to complete a contract at its inception, we use the completed contract method of contract accounting. Revenues and costs are recognized upon substantial completion when remaining costs are insignificant and potential risks are minimal. Under contract accounting, if we estimate that the completion of a contract component (unit of accounting) will result in a loss, the loss is recognized in the period in which the loss becomes evident. We reevaluate the estimated loss through the completion of the contract component and adjust the estimated loss for changes in facts and circumstances. Many of our customer arrangements contain clauses for liquidated damages, related to the timing of delivery or milestone accomplishments, which could become material in an event of failure to meet the contractual deadlines. At the inception of the arrangement and on an ongoing basis, we evaluate if the liquidating damages represent contingent revenue and, if so, we reduce the amount of consideration allocated to the delivered products and services and record it as a reduction in revenue in the period of default. If the arrangement is subject to contract accounting, liquidated damages resulting from anticipated events of default are estimated and are accounted for as job costs in the period in which the liquidated damages are deemed probable of occurrence and are reasonably estimable. Our software customers often purchase a combination of software, service, and post contract customer support. For these types of arrangement, revenue recognition is dependent upon the availability of vendor specific objective evidence (VSOE) of fair value for any undelivered element. We determine VSOE by reference to the range of comparable standalone sales or stated renewals. We review these standalone sales or renewals on at least an annual basis. If VSOE is established for all undelivered elements in the contract, revenue is recognized for delivered elements when all other revenue recognition criteria are met. Where VSOE of all undelivered elements is not established, revenue for software and software related elements is deferred until all software products have been delivered, all software related services have commenced, and undelivered services do not include significant production, customization or modification. Revenue would be recognized over the longest period that services would be provided. Certain of our revenue arrangements include an extended or noncustomary warranty provision that covers all or a portion of a customer's replacement or repair costs beyond the standard or customary warranty period. Whether or not the extended warranty is separately priced in the arrangement, a portion of the arrangement's total consideration is allocated to this extended warranty deliverable. This revenue is deferred and recognized over the extended warranty coverage period. Extended or noncustomary warranties do not represent a significant portion of our revenue. We allocate consideration to each deliverable in an arrangement based on its relative selling price. We determine selling price using VSOE, if it exists, otherwise we use third-party evidence (TPE). We define VSOE as a median price of recent standalone transactions that are priced within a narrow range. TPE is determined based on the prices charged by our competitors for a similar deliverable when sold separately. If neither VSOE nor TPE of selling price exists for a unit of accounting, we use estimated selling price (ESP) to determine the price at which we would transact if the product or service were regularly sold by us on a standalone basis. Our determination of ESP involves a weighting of several factors based on the specific facts and circumstances of the arrangement. The factors considered include the cost to produce the deliverable, the anticipated margin on that deliverable, our ongoing pricing strategy and policies, and the characteristics of the varying markets in which the deliverable is sold. We analyze the selling prices used in our allocation of arrangement consideration on an annual basis. Selling prices are analyzed on a more frequent basis if a significant change in our business necessitates a more timely analysis or if we experience significant variances in our selling prices. Unearned revenue is recorded when a customer pays for products or services, but the criteria for revenue recognition have not been met as of the balance sheet date. Unearned revenues of $139.5 million and $134.1 million at December 31, 2015 and 2014 related primarily to professional services and software associated with our smart metering contracts, extended or noncustomary warranty, and prepaid post-contract support. Deferred costs are recorded for products or services for which ownership (typically defined as title and risk of loss) has transferred to the customer, but the criteria for revenue recognition have not been met as of the balance sheet date. Deferred costs were $56.6 million and $63.4 million at December 31, 2015 and 2014 and are recorded within other assets in the Consolidated Balance Sheets. Hardware and software post-sale maintenance support fees are recognized ratably over the life of the related service contract. Shipping and handling costs and incidental expenses billed to customers are recorded as revenue, with the associated cost charged to cost of revenues. We record sales, use, and value added taxes billed to our customers on a net basis. |
Product and Software Development Costs [Policy Text Block] | 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 software development expenses 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 [Policy Text Block] | Stock-Based Compensation We measure and recognize compensation expense for all stock-based awards made to employees and directors, including stock options, stock sold pursuant to our Employee Stock Purchase Plan (ESPP), and the issuance of restricted stock units and unrestricted stock awards, based on estimated fair values. The fair value of stock options is estimated at the date of grant using the Black-Scholes option-pricing model, which includes assumptions for the dividend yield, expected volatility, risk-free interest rate, and expected term. For ESPP awards, the fair value is the difference between the market close price of our common stock on the date of purchase and the discounted purchase price. For performance-based restricted stock units and unrestricted stock awards with no market conditions, the fair value is the market close price of our common stock on the date of grant. For restricted stock units with market conditions, the fair value is estimated at the date of award using a Monte Carlo simulation model, which includes assumptions for dividend yield and expected volatility for our common stock and the common stock for companies within the Russell 3000 index, as well as the risk-free interest rate and expected term of the awards. We expense stock-based compensation at the date of grant for unrestricted stock awards. For awards with only a service condition, we expense stock-based compensation, adjusted for estimated forfeitures, using the straight-line method over the requisite service period for the entire award. For awards with performance and service conditions, if vesting is probable, we expense the stock-based compensation, adjusted for estimated forfeitures, 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. Excess tax benefits are credited to common stock when the deduction reduces cash taxes payable. When we have tax deductions in excess of the compensation cost, they are classified as financing cash inflows in the Consolidated Statements of Cash Flows. Effective October 1, 2013, we changed the terms of the ESPP to reduce the discount to 5% from the fair market value of the stock at the end of each fiscal quarter. As a result of this change, the ESPP is no longer considered compensatory, and no compensation expense is recognized for sales of our common stock to employees. |
Income Tax, Policy [Policy Text Block] | 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 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 recorded 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 record tax liabilities on undistributed earnings of international subsidiaries that are permanently reinvested. |
Foreign Exchange [Policy Text Block] | 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 a weighted average rate for the relevant reporting period. Translation adjustments resulting from this process are included, net of tax, in OCI. Gains and losses that arise from exchange rate fluctuations for monetary asset and liability balances that are not denominated in an entity’s functional currency are included within other income (expense), net in the Consolidated Statements of Operations. Currency gains and losses of intercompany balances deemed to be long-term in nature or designated as a hedge of the net investment in international subsidiaries are included, net of tax, in OCI. Foreign currency losses, net of hedging, were $3.0 million in 2015 , compared with net foreign currency losses of $5.1 million in 2014 and $3.3 million in 2013 . |
Fair Value Measurement [Policy Text Block] | 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. |
Use of Estimates [Policy Text Block] | 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. Due to various factors affecting future costs and operations, actual results could differ materially from these estimates. |
New Accounting Pronouncements [Text Block] | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date (ASU 2015-14), which deferred the effective date for implementation of ASU 2014-09 by one year and is now effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted but not earlier than the original effective date. In March 2016, the FASB issued ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08), which clarifies the implementation guidance of principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing (ASU 2016-10), which clarifies the identification of performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU 2016-12, Narrow-Scope Improvements and Practical Expedients (ASU 2016-12), to improve guidance on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The effective date and transition requirements in ASU 2016-08, ASU 2016-10, and ASU 2016-12 are the same as the effective date and transition requirements of ASU 2015-14. We have not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interes t (ASU 2015-03). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the corresponding debt liability. In August 2015, the FASB issued Accounting Standards Update 2015-15, Interest - Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (ASU 2015-15). ASU 2015-15 provides additional guidance on the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. ASU 2015-03 and ASU 2015-15 are effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, and is to be applied on a retrospective basis. Effective January 1, 2016, we adopted the provisions of ASU 2015-03 and ASU 2015-15. The adoption of the provisions of ASU 2015-03 and ASU 2015-15 will not materially impact our consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Fees Paid in a Cloud Computing Arrangement (ASU 2015-05), which provides guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 is effective for us on January 1, 2016. We adopted this standard on January 1, 2016, and we do not anticipate a material impact from adoption. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory (ASU 2015-11). The amendments in ASU 2015-11 apply to inventory measured using first-in, first-out (FIFO) or average cost and will require entities to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the normal course of business, minus the cost of completion, disposal and transportation. Replacement cost and net realizable value less a normal profit margin will no longer be considered. ASU 2015-11 is effective for us on January 1, 2017. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments. The amendments in this update require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period with a corresponding adjustment to goodwill in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the provisional amounts will be recorded in the same period’s financial statements, calculated as if the accounting had been completed at the acquisition date. This ASU is effective for fiscal years beginning after December 15, 2015, and early adoption is permitted. The amendments in this update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update with earlier application permitted for financial statements that have not been issued. We adopted this ASU on October 1, 2015, and the adoption of this guidance did not have a material impact on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740) (ASU 2015-17). ASU 2015-17 requires deferred tax liabilities and assets to be classified as noncurrent in the Consolidated Balance Sheet. The standard will be effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for financial statements that have not been previously issued. The ASU may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We adopted this ASU on a prospective basis in the fourth quarter of 2015. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires substantially all leases be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. The new standard also will result in enhanced quantitative and qualitative disclosures, including significant judgments made by management, to provide greater insight into the extent of revenue and expense recognized and expected to be recognized from existing leases. The standard requires modified retrospective adoption and will be effective for annual reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently assessing the basis of adoption and evaluating the impact of the adoption of the update on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures (Topic 323) (ASU 2016-07), which simplified the accounting for equity method investments by eliminating the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. ASU 2016-07 is effective for us on January 1, 2017. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) , which simplifies several areas within Topic 718. These include the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard will be effective for annual reporting periods beginning after December 15, 2016, with early adoption permitted. We are currently assessing the basis of adoption and evaluating the impact of the adoption of the update on our consolidated financial statements. |
Revision of Prior Period Fina29
Revision of Prior Period Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Statement of operations data: Year Ended December 31, 2014 As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 1,970,697 $ (23,081 ) $ 1,947,616 Cost of revenues 1,347,572 (14,006 ) 1,333,566 Gross profit 623,125 (9,075 ) 614,050 Operating expenses Sales and marketing 185,239 (2,736 ) 182,503 Product development 175,500 — 175,500 General and administrative 163,101 (635 ) 162,466 Amortization of intangible assets 43,619 — 43,619 Restructuring 50,857 (1,375 ) 49,482 Goodwill impairment 977 (977 ) — Total operating expenses 619,293 (5,723 ) 613,570 Operating income (loss) 3,832 (3,352 ) 480 Other income (expense) Interest income 494 — 494 Interest expense (11,602 ) — (11,602 ) Other income (expense), net (7,633 ) (4 ) (7,637 ) Total other income (expense) (18,741 ) (4 ) (18,745 ) Income (loss) before income taxes (14,909 ) (3,356 ) (18,265 ) Income tax (provision) benefit (6,641 ) 2,606 (4,035 ) Net income (loss) (21,550 ) (750 ) (22,300 ) Net income attributable to noncontrolling interests 1,370 — 1,370 Net income (loss) attributable to Itron, Inc. $ (22,920 ) $ (750 ) $ (23,670 ) Earnings (loss) per common share - Basic $ (0.58 ) $ (0.02 ) $ (0.60 ) Earnings (loss) per common share - Diluted $ (0.58 ) $ (0.02 ) $ (0.60 ) Weighted average common shares outstanding - Basic 39,184 — 39,184 Weighted average common shares outstanding - Diluted 39,184 — 39,184 Statement of operations data: Year Ended December 31, 2013 As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 1,948,728 $ (10,703 ) $ 1,938,025 Cost of revenues 1,334,195 (10,938 ) 1,323,257 Gross profit 614,533 235 614,768 Operating expenses Sales and marketing 180,371 2,316 182,687 Product development 176,019 (599 ) 175,420 General and administrative 142,559 1,373 143,932 Amortization of intangible assets 42,019 — 42,019 Restructuring 35,497 850 36,347 Goodwill impairment 173,249 977 174,226 Total operating expenses 749,714 4,917 754,631 Operating income (loss) (135,181 ) (4,682 ) (139,863 ) Other income (expense) Interest income 1,620 (468 ) 1,152 Interest expense (10,686 ) — (10,686 ) Other income (expense), net (4,007 ) 4 (4,003 ) Total other income (expense) (13,073 ) (464 ) (13,537 ) Income (loss) before income taxes (148,254 ) (5,146 ) (153,400 ) Income tax (provision) benefit 3,664 (1,198 ) 2,466 Net income (loss) (144,590 ) (6,344 ) (150,934 ) Net income attributable to noncontrolling interests 2,219 — 2,219 Net income (loss) attributable to Itron, Inc. $ (146,809 ) $ (6,344 ) $ (153,153 ) Earnings (loss) per common share - Basic $ (3.74 ) $ (0.16 ) $ (3.90 ) Earnings (loss) per common share - Diluted $ (3.74 ) $ (0.16 ) $ (3.90 ) Weighted average common shares outstanding - Basic 39,281 — 39,281 Weighted average common shares outstanding - Diluted 39,281 — 39,281 Statement of Comprehensive Income (loss) data: Year Ended December 31, 2014 As Previously Reported Adjustments As Revised (in thousands) Net income (loss) $ (21,550 ) $ (750 ) $ (22,300 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (90,333 ) 1,036 (89,297 ) Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges 488 — 488 Pension plan benefits liability adjustment (24,947 ) — (24,947 ) Total other comprehensive income (loss), net of tax (114,792 ) 1,036 (113,756 ) Total comprehensive income (loss), net of tax (136,342 ) 286 (136,056 ) Comprehensive income (loss) attributable to noncontrolling interest, net of tax: Net income attributable to noncontrolling interests 1,370 — 1,370 Foreign currency translation adjustments — — — Amounts attributable to noncontrolling interests 1,370 — 1,370 Comprehensive income (loss) attributable to Itron, Inc. $ (137,712 ) $ 286 $ (137,426 ) Statement of Comprehensive Income (loss) data: Year Ended December 31, 2013 As Previously Reported Adjustments As Revised (in thousands) Net income (loss) $ (144,590 ) $ (6,344 ) $ (150,934 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 7,077 827 7,904 Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges 433 — 433 Pension plan benefits liability adjustment 5,117 — 5,117 Total other comprehensive income (loss), net of tax 12,627 827 13,454 Total comprehensive income (loss), net of tax (131,963 ) (5,517 ) (137,480 ) Comprehensive income (loss) attributable to noncontrolling interest, net of tax: Net income attributable to noncontrolling interests 2,219 — 2,219 Foreign currency translation adjustments (35 ) — (35 ) Amounts attributable to noncontrolling interests 2,184 — 2,184 Comprehensive income (loss) attributable to Itron, Inc. $ (134,147 ) $ (5,517 ) $ (139,664 ) Balance Sheet Data: As of December 31, 2014 As Previously Reported Adjustments As Revised (in thousands) ASSETS Current assets Cash and cash equivalents $ 112,371 $ — $ 112,371 Accounts receivable, net 348,389 (1,842 ) 346,547 Inventories 154,504 (283 ) 154,221 Deferred tax assets current, net 39,115 6,389 45,504 Other current assets 104,307 19,512 123,819 Total current assets 758,686 23,776 782,462 Property, plant, and equipment, net 207,789 (637 ) 207,152 Deferred tax assets noncurrent, net 74,598 (159 ) 74,439 Other long-term assets 28,503 18,462 46,965 Intangible assets, net 139,909 — 139,909 Goodwill 500,820 — 500,820 Total assets $ 1,710,305 $ 41,442 $ 1,751,747 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 184,132 $ (301 ) $ 183,831 Other current liabilities 100,945 370 101,315 Wages and benefits payable 95,248 (430 ) 94,818 Taxes payable 21,951 — 21,951 Current portion of debt 30,000 — 30,000 Current portion of warranty 21,063 82 21,145 Unearned revenue 43,436 23,573 67,009 Total current liabilities 496,775 23,294 520,069 Long-term debt 293,969 — 293,969 Long-term warranty 15,403 — 15,403 Pension plan benefit liability 101,432 430 101,862 Deferred tax liabilities noncurrent, net 3,808 — 3,808 Other long-term obligations 84,437 33,657 118,094 Total liabilities 995,824 57,381 1,053,205 Commitments and contingencies (Note 13) Equity Preferred stock — — — Common stock 1,270,045 — 1,270,045 Accumulated other comprehensive loss, net (136,514 ) 1,454 (135,060 ) Accumulated deficit (436,591 ) (17,393 ) (453,984 ) Total Itron, Inc. shareholders' equity 696,940 (15,939 ) 681,001 Noncontrolling interests 17,541 — 17,541 Total equity 714,481 (15,939 ) 698,542 Total liabilities and equity $ 1,710,305 $ 41,442 $ 1,751,747 Statement of cash flows data: Year Ended December 31, 2014 As Previously Reported Adjustments As Revised (in thousands) Operating activities Net income (loss) $ (21,550 ) $ (750 ) $ (22,300 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 98,463 (324 ) 98,139 Stock-based compensation 17,860 — 17,860 Amortization of prepaid debt fees 1,612 — 1,612 Deferred taxes, net (31,542 ) (3,215 ) (34,757 ) Goodwill impairment 977 (977 ) — Restructuring, non-cash 5,220 (48 ) 5,172 Other adjustments, net 914 — 914 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable (16,789 ) 1,670 (15,119 ) Inventories 6,021 1,187 7,208 Other current assets (9,447 ) (1,500 ) (10,947 ) Other long-term assets 1,582 (14,122 ) (12,540 ) Accounts payables, other current liabilities, and taxes payable 55,924 234 56,158 Wages and benefits payable 10,334 (2,832 ) 7,502 Unearned revenue 9,240 21,344 30,584 Warranty (6,364 ) (933 ) (7,297 ) Other operating, net 10,518 266 10,784 Net cash provided by operating activities 132,973 — 132,973 Investing activities Acquisitions of property, plant, and equipment (44,495 ) — (44,495 ) Business acquisitions, net of cash equivalents acquired — — — Other investing, net 2,999 — 2,999 Net cash used in investing activities (41,496 ) — (41,496 ) Financing activities Proceeds from borrowings 47,657 — 47,657 Payments on debt (102,438 ) — (102,438 ) Issuance of common stock 3,647 — 3,647 Repurchase of common stock (39,665 ) — (39,665 ) Other financing, net (1,078 ) — (1,078 ) Net cash provided by (used in) financing activities (91,877 ) — (91,877 ) Effect of foreign exchange rate changes on cash and cash equivalents (12,034 ) — (12,034 ) Increase (decrease) in cash and cash equivalents (12,434 ) — (12,434 ) Cash and cash equivalents at beginning of period 124,805 — 124,805 Cash and cash equivalents at end of period $ 112,371 $ — $ 112,371 Supplemental disclosure of cash flow information: Cash paid during the period for: Income taxes, net $ 18,222 $ — $ 18,222 Interest, net of amounts capitalized 9,912 — 9,912 Statement of cash flows data: Year Ended December 31, 2013 As Previously Reported Adjustments As Revised (in thousands) Operating activities Net income (loss) $ (144,590 ) $ (6,344 ) $ (150,934 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 98,845 401 99,246 Stock-based compensation 18,850 — 18,850 Amortization of prepaid debt fees 1,657 — 1,657 Deferred taxes, net (26,757 ) 1,449 (25,308 ) Goodwill impairment 173,249 977 174,226 Restructuring, non-cash 1,259 — 1,259 Other adjustments, net 551 — 551 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable 13,652 (1,920 ) 11,732 Inventories (10,861 ) (1,530 ) (12,391 ) Other current assets (4,143 ) (5,807 ) (9,950 ) Other long-term assets 1,093 (3,391 ) (2,298 ) Accounts payables, other current liabilities, and taxes payable (7,702 ) 3,236 (4,466 ) Wages and benefits payable (1,995 ) 173 (1,822 ) Unearned revenue (3,274 ) 12,018 8,744 Warranty (7,552 ) 1,006 (6,546 ) Other operating, net 3,139 (268 ) 2,871 Net cash provided by operating activities 105,421 — 105,421 Investing activities Acquisitions of property, plant, and equipment (60,020 ) — (60,020 ) Business acquisitions, net of cash equivalents acquired (860 ) — (860 ) Other investing, net 4,109 — 4,109 Net cash used in investing activities (56,771 ) — (56,771 ) Financing activities Proceeds from borrowings 35,000 — 35,000 Payments on debt (73,750 ) — (73,750 ) Issuance of common stock 5,299 — 5,299 Repurchase of common stock (26,977 ) — (26,977 ) Other financing, net 2,990 — 2,990 Net cash provided by (used in) financing activities (57,438 ) — (57,438 ) Effect of foreign exchange rate changes on cash and cash equivalents (2,818 ) — (2,818 ) Increase (decrease) in cash and cash equivalents (11,606 ) — (11,606 ) Cash and cash equivalents at beginning of period 136,411 — 136,411 Cash and cash equivalents at end of period $ 124,805 $ — $ 124,805 Supplemental disclosure of cash flow information: Cash paid during the period for: Income taxes, net $ 18,659 $ — $ 18,659 Interest, net of amounts capitalized 9,026 — 9,026 |
Earnings Per Share and Capita30
Earnings Per Share and Capital Structure Earnings Per Share and Capital Structure (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share [Table Text Block] | The following table sets forth the computation of basic and diluted earnings (loss) per share (EPS): Year Ended December 31, 2015 2014 2013 (in thousands, except per share data) Net income (loss) available to common shareholders $ 12,678 $ (23,670 ) $ (153,153 ) Weighted average common shares outstanding - Basic 38,224 39,184 39,281 Dilutive effect of stock-based awards 282 — — Weighted average common shares outstanding - Diluted 38,506 39,184 39,281 Earnings (loss) per common share - Basic $ 0.33 $ (0.60 ) $ (3.90 ) Earnings (loss) per common share - Diluted $ 0.33 $ (0.60 ) $ (3.90 ) |
Certain Balance Sheet Compone31
Certain Balance Sheet Components Certain Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts Receivable, Net [Table Text Block] | Accounts receivable, net December 31, 2015 December 31, 2014 (in thousands) Trade receivables (net of allowance of $5,949 and $6,195) $ 298,550 $ 321,309 Unbilled receivables 32,345 25,238 Total accounts receivable, net $ 330,895 $ 346,547 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Allowance for doubtful account activity Year Ended December 31, 2015 2014 (in thousands) Beginning balance $ 6,195 $ 8,643 Provision for doubtful accounts, net 1,025 (31 ) Accounts written-off (549 ) (1,883 ) Effects of change in exchange rates (722 ) (534 ) Ending balance $ 5,949 $ 6,195 |
Inventories [Table Text Block] | Inventories December 31, 2015 December 31, 2014 (in thousands) Materials $ 111,191 $ 90,557 Work in process 9,400 8,991 Finished goods 69,874 54,673 Total inventories $ 190,465 $ 154,221 |
Property, Plant, and Equipment [Table Text Block] | Property, plant, and equipment, net December 31, 2015 December 31, 2014 (in thousands) Machinery and equipment $ 289,015 $ 287,448 Computers and software 104,310 100,212 Buildings, furniture, and improvements 127,531 134,461 Land 19,882 21,759 Construction in progress, including purchased equipment 32,639 20,583 Total cost 573,377 564,463 Accumulated depreciation (383,121 ) (357,311 ) Property, plant, and equipment, net $ 190,256 $ 207,152 |
Depreciation Expense [Table Text Block] | Depreciation expense Year Ended December 31, 2015 2014 2013 (in thousands) Depreciation expense $ 44,320 $ 54,435 $ 57,227 |
Intangible Assets Schedule of I
Intangible Assets Schedule of Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Intangible Assets [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The gross carrying amount and accumulated amortization of our intangible assets, other than goodwill, are as follows: December 31, 2015 December 31, 2014 Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net (in thousands) Core-developed technology $ 388,981 $ (358,092 ) $ 30,889 $ 405,434 $ (359,500 ) $ 45,934 Customer contracts and relationships 238,379 (168,885 ) 69,494 262,930 (172,755 ) 90,175 Trademarks and trade names 64,069 (62,571 ) 1,498 68,205 (64,905 ) 3,300 Other 11,078 (11,027 ) 51 11,579 (11,079 ) 500 Total intangible assets $ 702,507 $ (600,575 ) $ 101,932 $ 748,148 $ (608,239 ) $ 139,909 |
SummaryOfIntangibleAssetAccountActivity [Table Text Block] | A summary of the intangible asset account activity is as follows: Year Ended December 31, 2015 2014 (in thousands) Beginning balance, intangible assets, gross $ 748,148 $ 804,281 Intangible assets acquired 4,827 1,453 Intangible assets impaired (497 ) — Effect of change in exchange rates (49,971 ) (57,586 ) Ending balance, intangible assets, gross $ 702,507 $ 748,148 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | The following table reflects our allocation of purchase price for intangible assets acquired on August 26, 2015: Fair Value Weighted Average Useful Life (in thousands) (in years) Identified intangible assets Core-developed technology $ 4,378 7.0 Customer contracts and relationships 337 7.0 Trademarks and trade names 56 3.0 Other 56 2.0 Total identified intangible assets subject to amortization $ 4,827 6.9 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | A summary of intangible asset amortization expense is as follows: Amortization expense Year Ended December 31, 2015 2014 2013 (in thousands) Amortization expense $ 31,673 $ 43,619 $ 42,019 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated future annual amortization expense is as follows: Year Ending December 31, Estimated Annual Amortization (in thousands) 2016 $ 25,240 2017 18,749 2018 13,068 2019 10,281 2020 8,388 Beyond 2020 26,206 Total intangible assets subject to amortization $ 101,932 |
Goodwill Schedule of Goodwill A
Goodwill Schedule of Goodwill Allocated to Reporting Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Line Items] | |
Schedule of Goodwill [Table Text Block] | The following table reflects goodwill allocated to each reporting segment at December 31, 2015 and 2014 : Electricity Gas Water Total Company (in thousands) Goodwill balance at January 1, 2014 Goodwill before impairment $ 493,610 $ 394,878 $ 429,783 $ 1,318,271 Accumulated impairment losses (434,352 ) — (336,315 ) (770,667 ) Goodwill, net 59,258 394,878 93,468 547,604 Effect of change in exchange rates (3,571 ) (35,393 ) (7,820 ) (46,784 ) Goodwill balance at December 31, 2014 Goodwill before impairment 449,668 359,485 382,655 1,191,808 Accumulated impairment losses (393,981 ) — (297,007 ) (690,988 ) Goodwill, net 55,687 359,485 85,648 500,820 Goodwill acquired — — 4,684 4,684 Effect of change in exchange rates (2,954 ) (28,049 ) (6,379 ) (37,382 ) Goodwill balance at December 31, 2015 Goodwill before impairment 414,910 331,436 350,314 1,096,660 Accumulated impairment losses (362,177 ) — (266,361 ) (628,538 ) Goodwill, net $ 52,733 $ 331,436 $ 83,953 $ 468,122 |
Schedule of Purchase Price Allocation [Table Text Block] | The purchase price of Temetra includes the following: Total Purchase Price (in thousands) Cash paid (net of $1,395 cash received) $ 5,754 Estimated working capital adjustment 905 Fair value of contingent consideration 3,122 Total purchase price $ 9,781 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | The components of our borrowings are as follows: December 31, 2015 December 31, 2014 (in thousands) Credit Facilities USD denominated term loan $ 219,375 $ 232,500 Multicurrency revolving line of credit 151,837 91,469 Total debt 371,212 323,969 Less: Current portion of debt 11,250 30,000 Long-term debt $ 359,962 $ 293,969 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Required minimum principal payments on our outstanding credit facilities are as follows: Year Ending December 31, Minimum Payments (in thousands) 2016 $ 11,250 2017 14,063 2018 19,687 2019 22,500 2020 303,712 Total minimum payments on debt $ 371,212 |
Schedule of Long-Term Debt Repayments [Table Text Block] | Total credit facility repayments were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Term loan $ 13,125 $ 26,250 $ 18,750 Multicurrency revolving line of credit (1) 49,873 76,188 55,000 Total credit facility repayments $ 62,998 $ 102,438 $ 73,750 (1) We borrowed $113.5 million , $47.7 million , and $35.0 million under the multicurrency revolving line of credit during 2015 , 2014 and 2013 , respectively. |
Prepaid Debt Fees and Accrued Interest Expense [Table Text Block] | Total unamortized prepaid debt fees were as follows: December 31, 2015 December 31, 2014 (in thousands) Unamortized prepaid debt fees $ 4,175 $ 2,298 |
Derivative Financial Instrume35
Derivative Financial Instruments Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The fair values of our derivative instruments are as follows: Fair Value Balance Sheet Location December 31, December 31, (in thousands) Asset Derivatives Derivatives designated as hedging instruments under ASC 815-20 Interest rate swap contracts Other long-term assets $ 1,632 $ 75 Interest rate cap contracts Other long-term assets 1,423 — Derivatives not designated as hedging instruments under ASC 815-20 Foreign exchange forward contracts Other current assets 27 107 Total asset derivatives $ 3,082 $ 182 Liability Derivatives Derivatives designated as hedging instruments under ASC 815-20 Interest rate swap contracts Other current liabilities $ 868 $ 1,317 Derivatives not designated as hedging instruments under ASC 815-20 Foreign exchange forward contracts Other current liabilities 99 236 Total liability derivatives $ 967 $ 1,553 |
Accumulated OCI for Derivative and Nonderivative Instruments Designated as Hedging Instruments, Net of Tax [Table Text Block] | OCI during the reporting period for our derivative and nonderivative instruments designated as hedging instruments, net of tax, was as follows: 2015 2014 2013 (in thousands) Net unrealized gain (loss) on hedging instruments at January 1, $ (15,148 ) $ (15,636 ) $ (16,069 ) Unrealized gain (loss) on derivative instruments 76 (566 ) 2 Realized (gains) losses reclassified into net income (loss) 1,010 1,054 431 Net unrealized gain (loss) on hedging instruments at December 31, $ (14,062 ) $ (15,148 ) $ (15,636 ) |
Offsetting Assets [Table Text Block] | A summary of the potential effect of netting arrangements on our financial position related to the offsetting of our recognized derivative assets and liabilities under master netting arrangements or similar agreements is as follows: Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Assets Presented in the Consolidated Balance Sheets Derivative Financial Instruments Cash Collateral Received Net Amount (in thousands) December 31, 2015 $ 3,082 $ (565 ) $ — $ 2,517 December 31, 2014 $ 182 $ (182 ) $ — $ — |
Offsetting Liabilities [Table Text Block] | Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheets Gross Amounts of Recognized Liabilities Presented in the Consolidated Balance Sheets Derivative Financial Instruments Cash Collateral Pledged Net Amount (in thousands) December 31, 2015 $ 967 $ (565 ) $ — $ 402 December 31, 2014 $ 1,553 $ (182 ) $ — $ 1,371 |
Derivative Instruments, Gain (Loss) [Table Text Block] | The before-tax effect of our cash flow derivative instruments on the Consolidated Balance Sheets and the Consolidated Statements of Operations for the years ended December 31 are as follows: Derivatives in ASC 815-20 Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) Location Amount Location Amount 2015 2014 2013 2015 2014 2013 2015 2014 2013 (in thousands) (in thousands) (in thousands) Interest rate swap contracts $ 367 $ (915 ) $ (3 ) Interest expense $ (1,639 ) $ (1,704 ) $ 697 Interest expense $ — $ — $ — Interest rate cap contracts $ (244 ) $ — $ — Interest expense $ — $ — $ — Interest expense $ — $ — $ — |
Foreign Exchange Derivatives Not Designated As Hedging Instruments [Table Text Block] | The effect of our foreign exchange forward derivative instruments on the Consolidated Statements of Operations for the years ended December 31 is as follows: Derivatives Not Designated as Hedging Instrument under ASC 815-20 Gain (Loss) Recognized on Derivatives in Other Income (Expense) 2015 2014 2013 (in thousands) Foreign exchange forward contracts $ (3,145 ) $ (5,248 ) $ (145 ) |
Defined Benefit Pension Plans D
Defined Benefit Pension Plans Defined Benefit Pension Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Changes in Benefit Obligation and Fair Value of Plan Assets [Table Text Block] | The following tables set forth the components of the changes in benefit obligations and fair value of plan assets : Year Ended December 31, 2015 2014 (in thousands) Change in benefit obligation: Benefit obligation at January 1, $ 116,178 $ 102,662 Service cost 4,572 3,559 Interest cost 2,380 3,476 Actuarial (gain) loss (5,211 ) 25,838 Benefits paid (4,382 ) (5,519 ) Foreign currency exchange rate changes (12,190 ) (13,921 ) Other (1) (2,580 ) 83 Benefit obligation at December 31, $ 98,767 $ 116,178 Change in plan assets: Fair value of plan assets at January 1, $ 10,761 $ 11,680 Actual return on plan assets 159 494 Company contributions 671 375 Benefits paid (308 ) (433 ) Foreign currency exchange rate changes (1,621 ) (1,355 ) Fair value of plan assets at December 31, 9,662 10,761 Net pension plan benefit liability at fair value $ 89,105 $ 105,417 (1) Includes impact of curtailments driven by our restructuring activities. |
Schedule of Amounts Recognized in the Consolidated Balance Sheets [Table Text Block] | Amounts recognized on the Consolidated Balance Sheets consist of: At December 31, 2015 2014 (in thousands) Assets Plan assets in other long-term assets $ 359 $ 567 Liabilities Current portion of pension plan liability in wages and benefits payable 3,493 4,122 Long-term portion of pension plan liability 85,971 101,862 Net pension plan benefit liability $ 89,105 $ 105,417 |
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | Amounts in accumulated other comprehensive income (pre-tax) that have not yet been recognized as components of net periodic benefit costs consist of: At December 31, 2015 2014 (in thousands) Net actuarial loss $ 24,687 $ 38,462 Net prior service cost 706 1,203 Amount included in accumulated other comprehensive income $ 25,393 $ 39,665 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in OCI (pre-tax) are as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Net actuarial (gain) loss $ (6,894 ) $ 25,838 $ (5,881 ) Settlement/curtailment loss (336 ) (55 ) (325 ) Plan asset loss 343 129 516 Amortization of net actuarial loss (1,979 ) (572 ) (926 ) Amortization of prior service cost (59 ) (138 ) (70 ) Other (46 ) 68 (658 ) Other comprehensive (income) loss $ (8,971 ) $ 25,270 $ (7,344 ) |
Schedule of Net Periodic Pension Benefit Costs [Table Text Block] | Net periodic pension benefit costs for our plans include the following components: Year Ended December 31, 2015 2014 2013 (in thousands) Service cost $ 4,572 $ 3,559 $ 4,205 Interest cost 2,380 3,476 3,355 Expected return on plan assets (502 ) (619 ) (635 ) Amortization of prior service costs 59 138 70 Amortization of actuarial net loss 1,979 572 926 Settlements and other 420 55 (493 ) Net periodic benefit cost $ 8,908 $ 7,181 $ 7,428 |
Schedule of Assumptions Used [Table Text Block] | The significant actuarial weighted average assumptions used in determining the benefit obligations and net periodic benefit cost for our benefit plans are as follows: At and For The Year Ended December 31, 2015 2014 2013 Actuarial assumptions used to determine benefit obligations at end of period: Discount rate 2.59 % 2.36 % 3.76 % Expected annual rate of compensation increase 3.60 % 3.37 % 3.33 % Actuarial assumptions used to determine net periodic benefit cost for the period: Discount rate 2.36 % 3.76 % 3.36 % Expected rate of return on plan assets 5.45 % 5.40 % 3.63 % Expected annual rate of compensation increase 3.37 % 3.33 % 3.41 % |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The total obligation and fair value of plan assets for plans with accumulated benefit obligations exceeding the fair value of plan assets are as follows: At December 31, 2015 2014 (in thousands) Projected benefit obligation $ 95,814 $ 114,150 Accumulated benefit obligation 86,534 102,146 Fair value of plan assets 6,502 8,166 |
Fair values of the assets held by the postretirement benefits plans by asset category [Table Text Block] | 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, 2015 Cash $ 795 $ 795 $ — Insurance funds 7,089 — 7,089 Other securities 1,778 — 1,778 Total fair value of plan assets $ 9,662 $ 795 $ 8,867 December 31, 2014 Cash $ 726 $ 726 $ — Insurance funds 7,440 — 7,440 Other securities 2,595 — 2,595 Total fair value of plan assets $ 10,761 $ 726 $ 10,035 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2015 , and 2014 . Balance at January 1, 2015 Net Realized and Unrealized Gains Net Purchases, Issuances, Settlements, and Other Net Transfers Into Level 3 Effect of Foreign Currency Balance at December 31, 2015 (in thousands) Insurance funds $ 7,440 $ 49 $ 372 $ — $ (772 ) $ 7,089 Other securities 2,595 44 (82 ) — (779 ) 1,778 Total $ 10,035 $ 93 $ 290 $ — $ (1,551 ) $ 8,867 Balance at January 1, 2014 Net Realized and Unrealized Gains Net Purchases, Issuances, Settlements, and Other Net Transfers Into Level 3 Effect of Foreign Currency Balance at December 31, 2014 (in thousands) Insurance funds $ 8,260 $ 133 $ 25 $ — $ (978 ) $ 7,440 Other securities 2,574 320 (106 ) 172 (365 ) 2,595 Total $ 10,834 $ 453 $ (81 ) $ 172 $ (1,343 ) $ 10,035 |
Schedule of Expected Benefit Payments [Table Text Block] | Annual benefit payments, 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) 2016 $ 4,505 2017 3,257 2018 3,432 2019 3,491 2020 4,348 2021-2025 26,481 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation Expense and Related Tax Benefit [Table Text Block] | For the years ended December 31 , stock-based compensation expense and the related tax benefit were as follows : 2015 2014 2013 (in thousands) Stock options $ 2,648 $ 2,333 $ 2,074 Restricted stock units 10,735 14,591 15,475 Unrestricted stock awards 706 936 811 ESPP — — 490 Total stock-based compensation $ 14,089 $ 17,860 $ 18,850 Related tax benefit $ 4,228 $ 4,994 $ 5,152 |
Stock Options, Valuation Assumptions [Table Text Block] | The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: Year Ended December 31, 2015 2014 2013 Dividend yield — — — Expected volatility 34.3 % 39.3 % 38.1 % Risk-free interest rate 1.7 % 1.7 % 1.0 % Expected term (years) 5.5 5.5 5.5 |
Employee Stock Options Activity [Table Text Block] | A summary of our stock option activity for the years ended December 31 is as follows: Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (1) Weighted Average Grant Date Fair Value (in thousands) (years) (in thousands) Outstanding, January 1, 2013 1,137 $ 54.06 4.8 $ 3,815 Granted 129 42.76 $ 15.44 Exercised (74 ) 23.87 1,377 Expired (12 ) 49.04 Outstanding, December 31, 2013 1,180 $ 54.79 4.6 $ 1,300 Granted 160 $ 35.65 $ 13.65 Exercised (67 ) 28.03 $ 826 Forfeited (7 ) 44.06 Expired (143 ) 68.97 Outstanding, December 31, 2014 1,123 $ 51.90 4.4 $ 1,676 Granted 291 $ 35.25 $ 12.09 Exercised (24 ) 36.05 $ 26 Forfeited (17 ) 37.47 Expired (193 ) 52.17 Outstanding, December 31, 2015 1,180 $ 48.31 5.7 $ 405 Exercisable, December 31, 2015 759 $ 55.15 3.8 $ 48 Expected to vest, December 31, 2015 407 $ 36.01 8.9 $ 343 (1) The aggregate intrinsic value of outstanding stock options represents amounts that would have been received by the optionees had all in- the-money options been exercised on that date. Specifically, it is the amount by which the market value of Itron’s stock exceeded the exercise price of the outstanding in-the-money options before applicable income taxes, based on our closing stock price on the last business day of the period. The aggregate intrinsic value of stock options exercised during the period is calculated based on our stock price at the date of exercise. |
Schedule of Share-based Payment Award, Restricted Stock Units, Valuation Assumptions [Table Text Block] | The weighted-average assumptions used to estimate the fair value of performance-based restricted stock units granted and the resulting weighted average fair-value are as follows: Year Ended December 31, 2015 2014 2013 Dividend yield — — — Expected volatility 30.1 % 32.3 % 39.1 % Risk-free interest rate 0.7 % 0.4 % 0.3 % Expected term (years) 2.1 2.0 2.5 Weighted-average fair value $ 33.48 $ 35.15 $ 45.03 |
Restricted Stock Units Award Activity [Table Text Block] | The following table summarizes restricted stock unit activity for the years ended December 31 : Number of Restricted Stock Units Weighted Average Grant Date Fair Value Aggregate Intrinsic Value (1) (in thousands) (in thousands) Outstanding, January 1, 2013 774 Granted 255 $ 42.51 Released (331 ) $ 17,983 Forfeited (40 ) Outstanding, December 31, 2013 658 Granted (2) 350 $ 35.74 Released (291 ) $ 14,402 Forfeited (35 ) Outstanding, December 31, 2014 682 Granted (3) 434 $ 35.09 Released (296 ) $ 12,204 Forfeited (64 ) Outstanding, December 31, 2015 756 Vested but not released, December 31, 2015 21 $ 746 Expected to vest, December 31, 2015 604 $ 21,860 (1) The aggregate intrinsic value is the market value of the stock, before applicable income taxes, based on the closing price on the stock release dates or at the end of the period for restricted stock units expected to vest. (2) Restricted stock units include 14,433 shares for the 2-year award under the 2013 Performance Award Agreement, which are eligible for distribution at December 31, 2014. (3) Restricted stock units include 15,648 shares for the 3-year award under the 2014 Performance Award Agreement, which are eligible for distribution at December 31, 2015. |
Unrestricted Stock Awards Activity [Table Text Block] | The following table summarizes unrestricted stock award activity for the years ended December 31 : 2015 2014 2013 (in thousands, except per share data) Shares of unrestricted stock granted 20 24 18 Weighted average grant date fair value per share $ 35.01 $ 39.06 $ 44.12 |
Employee Stock Purchase Plan (ESPP) Activity [Table Text Block] | The following table summarizes ESPP activity for the years ended December 31 : 2015 2014 2013 (in thousands, except per share data) Shares of stock sold to employees (1) 54 61 94 Weighted average fair value per ESPP award (2) $ — $ — $ 6.61 (1) Stock sold to employees during each fiscal quarter under the ESPP is associated with the offering period ending on the last day of the previous fiscal quarter. (2) Relating to awards associated with the offering periods during the years ended December 31 . Effective October 1, 2013, the ESPP is no longer compensatory and therefore the 2013 weighted average fair value per award is for the nine months ended September 30, 2013. |
Defined Contribution, Bonus, an
Defined Contribution, Bonus, and Profit Sharing (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Contribution, Bonus, and Profit Sharing [Abstract] | |
Schedule of Costs of Retirement Plans [Table Text Block] | The expense for our defined contribution plans was as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Defined contribution plans expense $ 6,579 $ 7,097 $ 7,099 |
Schedule of Bonus and Profit Sharing Expenses [Table Text Block] | Bonus and profit sharing plans and award expense was as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Bonus and profit sharing plans and award expense $ 14,192 $ 34,989 $ 18,602 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Income Tax Provision [Table Text Block] | The following table summarizes the provision (benefit) for U.S. federal, state, and foreign taxes on income from continuing operations: Year Ended December 31, 2015 2014 2013 (in thousands) Current: Federal $ 5,033 $ 17,749 $ (356 ) State and local 1,633 775 1,044 Foreign 13,945 20,269 22,153 Total current 20,611 38,793 22,841 Deferred: Federal 3,951 (82,186 ) (14,830 ) State and local (972 ) (979 ) (2,329 ) Foreign (41,893 ) (51,646 ) (27,953 ) Total deferred (38,914 ) (134,811 ) (45,112 ) Change in valuation allowance 40,402 100,053 19,805 Total provision (benefit) for income taxes $ 22,099 $ 4,035 $ (2,466 ) |
Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of income taxes at the U.S. federal statutory rate of 35% to the consolidated actual tax rate is as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Income (loss) before income taxes Domestic $ 115,526 $ 86,605 $ 20,583 Foreign (78,424 ) (104,870 ) (173,983 ) Total income (loss) before income taxes $ 37,102 $ (18,265 ) $ (153,400 ) Expected federal income tax provision (benefit) $ 12,986 $ (6,393 ) $ (53,690 ) Goodwill impairment — 119 49,730 Change in valuation allowance 40,402 100,053 19,805 Stock-based compensation 939 1,255 1,598 Foreign earnings (33,364 ) (31,544 ) (14,015 ) Tax credits (5,257 ) (91,148 ) (10,352 ) Uncertain tax positions, including interest and penalties 4,274 1,519 815 Change in tax rates 312 (20 ) 1,442 State income tax provision (benefit), net of federal effect (14 ) (1,235 ) (2,193 ) U.S. tax provision on foreign earnings 203 31,309 (245 ) Domestic production activities deduction (1,100 ) (2,312 ) (146 ) Local foreign taxes 1,450 2,295 3,212 Other, net 1,268 137 1,573 Total provision (benefit) for income taxes $ 22,099 $ 4,035 $ (2,466 ) |
Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets and liabilities consist of the following: At December 31, 2015 2014 (in thousands) Deferred tax assets Loss carryforwards (1) $ 190,545 $ 188,607 Tax credits (2) 52,131 81,903 Accrued expenses 33,546 54,393 Pension plan benefits expense 16,232 19,679 Warranty reserves 25,129 19,141 Depreciation and amortization 21,499 19,111 Equity compensation 9,303 10,039 Inventory valuation 4,068 4,420 Deferred revenue 9,097 7,506 Tax effect of accumulated translation 291 — Other deferred tax assets, net 11,770 8,801 Total deferred tax assets 373,611 413,600 Valuation allowance (235,339 ) (257,728 ) Total deferred tax assets, net of valuation allowance 138,272 155,872 Deferred tax liabilities Depreciation and amortization (27,000 ) (37,061 ) Tax effect of accumulated translation — (568 ) Other deferred tax liabilities, net (3,608 ) (2,299 ) Total deferred tax liabilities (30,608 ) (39,928 ) Net deferred tax assets $ 107,664 $ 115,944 (1) For tax return purposes at December 31, 2015, we had U.S. federal loss carryforwards of $16.5 million that expire during the years 2020 and 2021. At December 31, 2015, we have net operating loss carryforwards in Luxembourg of $464.5 million that 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 foreign jurisdictions. The majority of these losses can be carried forward indefinitely. At December 31, 2015, there was a valuation allowance of $235.3 million primarily associated with foreign loss carryforwards and foreign tax credit carryforwards (discussed below). (2) For tax return purposes at December 31, 2015, we had: (1) U.S. general business credits of $21.9 million , which begin to expire in 2022; (2) U.S. alternative minimum tax credits of $2.5 million that can be carried forward indefinitely; and (3) U.S. foreign tax credits of $48.0 million, which begin to expire in 2024. At December 31, 2015, there was a valuation allowance of $31.7 million associated with foreign tax credit carryforward. |
Unrecognized Tax Benefits Related To Uncertain Tax Positions [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Unrecognized tax benefits at January 1, 2013 $ 26,433 Gross increase to positions in prior years 2,154 Gross decrease to positions in prior years (536 ) Gross increases to current period tax positions 1,670 Audit settlements — Decrease related to lapsing of statute of limitations (817 ) Effect of change in exchange rates (289 ) Unrecognized tax benefits at December 31, 2013 $ 28,615 Gross increase to positions in prior years 2,749 Gross decrease to positions in prior years (1,641 ) Gross increases to current period tax positions 3,008 Audit settlements — Decrease related to lapsing of statute of limitations (1,715 ) Effect of change in exchange rates (2,870 ) Unrecognized tax benefits at December 31, 2014 $ 28,146 Gross increase to positions in prior years 6,461 Gross decrease to positions in prior years (2,512 ) Gross increases to current period tax positions 25,741 Audit settlements — Decrease related to lapsing of statute of limitations (908 ) Effect of change in exchange rates (2,048 ) Unrecognized tax benefits at December 31, 2015 $ 54,880 At December 31, 2015 2014 2013 (in thousands) The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate $ 53,602 $ 26,980 $ 27,694 If certain unrecognized tax benefits are recognized they would create additional deferred tax assets. These assets would require a full valuation 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 (benefit) recognized is as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Net interest and penalties expense (benefit) $ 880 $ 469 $ (1,443 ) At December 31, 2015 2014 (in thousands) Accrued interest $ 2,105 $ 1,755 Accrued penalties 2,577 2,671 At December 31, 2015, we are under examination by certain tax authorities for the 2000 to 2013 tax years. The material jurisdictions where we are subject to examination for the 2000 to 2013 tax years include, among others, the U.S., France, Germany, Italy, Brazil and the United Kingdom. No material changes have occurred to previously disclosed assessments. In April 2016, the United States Internal Revenue Service (IRS) proposed certain significant adjustments to our research and development tax credit position as part of the 2011 to 2013 tax audit. Management disagrees with the proposed adjustments on technical and factual grounds. We plan to avail ourself of all administrative, and if necessary, judicial remedies and does not expect the adjustments to ultimately result in a material change to our financial position. 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 liquidity. Based upon the timing and outcome of examinations, litigation, the impact of legislative, regulatory, and judicial developments, and the impact of these items on the statute of limitations, it is reasonably possible that the related unrecognized tax benefits could change from those recorded within the next twelve months. However, at this time, an estimate of the range of reasonably possible adjustments to the balance of unrecognized tax benefits cannot be made. We file income tax returns in the U.S. federal jurisdiction and various states and foreign 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 1999 France Subsequent to 2009 Germany Subsequent to 2010 Brazil Subsequent to 2009 United Kingdom Subsequent to 2012 Italy Subsequent to 2007 |
Commitments and Contingencies40
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Rent Expense [Table Text Block] | Operating lease rental expense for factories, service and distribution locations, offices, and equipment was as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Rental expense $ 15,524 $ 19,178 $ 18,662 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments at December 31, 2015 , under noncancelable operating leases with initial or remaining terms in excess of one year are as follows: Year Ending December 31, Minimum Payments (in thousands) 2016 $ 10,396 2017 8,600 2018 7,917 2019 5,402 2020 2,605 Beyond 2020 1,156 Future minimum lease payments $ 36,076 |
Schedule of Line of Credit Facilities [Table Text Block] | Our available lines of credit, outstanding standby LOCs, and bonds are as follows: At December 31, 2015 2014 (in thousands) Credit facilities (1) Multicurrency revolving line of credit $ 500,000 $ 660,000 Long-term borrowings (151,837 ) (91,469 ) Standby LOCs issued and outstanding (46,574 ) (50,399 ) Net available for additional borrowings under the multi-currency revolving line of credit $ 301,589 $ 518,132 Net available for additional standby LOCs under sub-facility 253,426 449,601 Unsecured multicurrency revolving lines of credit with various financial institutions Multicurrency revolving line of credit $ 97,989 $ 106,855 Standby LOCs issued and outstanding (31,122 ) (28,636 ) Short-term borrowings (2) (3,884 ) (4,282 ) Net available for additional borrowings and LOCs $ 62,983 $ 73,937 Unsecured surety bonds in force $ 87,558 $ 116,306 (1) Refer to Note 7 for details regarding our secured credit facilities. (2) Short-term borrowings are included in “Other current liabilities” on the Consolidated Balance Sheets. |
Schedule of Warranty Accruals [Table Text Block] | A summary of the warranty accrual account activity is as follows: Year Ended December 31, 2015 2014 (in thousands) Beginning balance $ 36,548 $ 46,160 New product warranties 8,380 6,441 Other changes/adjustments to warranties 37,604 2,797 Claims activity (25,955 ) (16,568 ) Effect of change in exchange rates (2,065 ) (2,282 ) Ending balance 54,512 36,548 Less: current portion of warranty 36,927 21,145 Long-term warranty $ 17,585 $ 15,403 |
Warranty Expense [Table Text Block] | Warranty expense is as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Total warranty expense $ 45,984 $ 9,238 $ 16,910 |
Schedule of Changes to Unearned Revenue for Extended Warranty [Table Text Block] | A summary of changes to unearned revenue for extended warranty contracts is as follows: Year Ended December 31, 2015 2014 (in thousands) Beginning balance $ 34,138 $ 33,528 Unearned revenue for new extended warranties 2,792 3,529 Unearned revenue recognized (2,832 ) (2,655 ) Effect of change in exchange rates (444 ) (264 ) Ending balance 33,654 34,138 Less: current portion of unearned revenue for extended warranty 3,565 2,759 Long-term unearned revenue for extended warranty within Other long-term obligations $ 30,089 $ 31,379 |
Health Benefit Plan Costs and Incurred But Not Reported Accrual Balance [Table Text Block] | Plan costs were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Plan costs $ 25,355 $ 23,206 $ 22,324 IBNR accrual, which is included in wages and benefits payable, was as follows: At December 31, 2015 2014 (in thousands) IBNR accrual $ 2,051 $ 1,924 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Project [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activity within the restructuring related balance sheet accounts, for the 2014 and 2013 Projects: Accrued Employee Severance Asset Impairments & Net Loss on Sale or Disposal Other Accrued Costs Total (in thousands) Beginning balance, January 1, 2015 $ 58,403 $ — $ 3,526 $ 61,929 Costs incurred (released) and charged to expense (12,151 ) 976 3,912 (7,263 ) Cash payments (14,570 ) — (4,194 ) (18,764 ) Non-cash items — (976 ) — (976 ) Effect of change in exchange rates (5,149 ) — (196 ) (5,345 ) Ending balance, December 31, 2015 $ 26,533 $ — $ 3,048 $ 29,581 |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table includes long-lived assets held and used that were measured at fair value on a nonrecurring basis as of December 31, 2015 and 2014 , and the related recognized losses for the years ended December 31, 2015 and 2014 : Net Carrying Value Fair Value Measurement (Level 3) Total Loss Recognized (in thousands) 2015 Long-lived assets held and used $ — $ — $ — 2014 Long-lived assets held and used $ 1,930 $ 1,930 $ 7,952 |
2014 Project [Member] | |
Restructuring Project [Line Items] | |
Restructuring and Related Costs [Table Text Block] | The total expected restructuring costs, the restructuring costs recognized in prior periods, the restructuring costs recognized during the year, and the remaining expected restructuring costs are as follows: Total Expected Costs at December 31, 2015 Costs Recognized in Prior Periods Costs Recognized During the Year Ended December 31, 2015 Remaining Costs to be Recognized at December 31, 2015 (in thousands) Employee severance costs $ 34,373 $ 46,524 $ (12,151 ) $ — Asset impairments & net loss on sale or disposal 8,880 7,904 976 — Other restructuring costs 6,983 17 3,912 3,054 Total $ 50,236 $ 54,445 $ (7,263 ) $ 3,054 Segments: Electricity $ 24,615 $ 28,996 $ (7,253 ) $ 2,872 Gas 11,936 12,142 (287 ) 81 Water 1,953 1,162 778 13 Corporate unallocated 11,732 12,145 (501 ) 88 Total $ 50,236 $ 54,445 $ (7,263 ) $ 3,054 |
Shareholders' Equity Other Comp
Shareholders' Equity Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in the components of accumulated other comprehensive income (loss), net of tax, were as follows: Foreign Currency Translation Adjustments Net Unrealized Gain (Loss) on Derivative Instruments Net Unrealized Gain (Loss) on Nonderivative Instruments Pension Plan Benefit Liability Adjustments Accumulated Other Comprehensive Income (Loss) (in thousands) Balances at January 1, 2013 $ (3,722 ) $ (1,689 ) $ (14,380 ) $ (15,002 ) $ (34,793 ) OCI before reclassifications 7,939 2 — 3,738 11,679 Amounts reclassified from AOCI — 431 — 1,379 1,810 Current period other comprehensive income (loss) 7,939 433 — 5,117 13,489 Balances at December 31, 2013 $ 4,217 $ (1,256 ) $ (14,380 ) $ (9,885 ) $ (21,304 ) OCI before reclassifications (89,297 ) (566 ) — (25,702 ) (115,565 ) Amounts reclassified from AOCI — 1,054 — 755 1,809 Current period other comprehensive income (loss) (89,297 ) 488 — (24,947 ) (113,756 ) Balances at December 31, 2014 $ (85,080 ) $ (768 ) $ (14,380 ) $ (34,832 ) $ (135,060 ) OCI before reclassifications (73,891 ) 76 — 4,570 (69,245 ) Amounts reclassified from AOCI 962 1,010 — 1,726 3,698 Current period other comprehensive income (loss) (72,929 ) 1,086 — 6,296 (65,547 ) Balances at December 31, 2015 $ (158,009 ) $ 318 $ (14,380 ) $ (28,536 ) $ (200,607 ) |
Income Tax (Provision) Benefit Related To OCI [Table Text Block] | The before-tax amount, income tax (provision) benefit, and net-of-tax amount related to each component of other comprehensive income (loss) during the reporting periods were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Before-tax amount Foreign currency translation adjustment $ (74,219 ) $ (89,329 ) $ 8,953 Foreign currency translation adjustment reclassified into net income on disposal 962 — — Net unrealized gain (loss) on derivative instruments designated as cash flow hedges 123 (915 ) (3 ) Net hedging (gain) loss reclassified into net income (loss) 1,639 1,704 697 Pension plan benefits liability adjustment 8,971 (25,270 ) 7,344 Total other comprehensive income (loss), before tax (62,524 ) (113,810 ) 16,991 Tax (provision) benefit Foreign currency translation adjustment 328 32 (1,014 ) Foreign currency translation adjustment reclassified into net income on disposal — — — Net unrealized gain (loss) on derivative instruments designated as cash flow hedges (47 ) 349 5 Net hedging (gain) loss reclassified into net income (loss) (629 ) (650 ) (266 ) Pension plan benefits liability adjustment (2,675 ) 323 (2,227 ) Total other comprehensive income (loss) tax (provision) benefit (3,023 ) 54 (3,502 ) Net-of-tax amount Foreign currency translation adjustment (73,891 ) (89,297 ) 7,939 Foreign currency translation adjustment reclassified into net income on disposal 962 — — Net unrealized gain (loss) on derivative instruments designated as cash flow hedges 76 (566 ) 2 Net hedging (gain) loss reclassified into net income (loss) 1,010 1,054 431 Pension plan benefits liability adjustment 6,296 (24,947 ) 5,117 Total other comprehensive income (loss), net of tax $ (65,547 ) $ (113,756 ) $ 13,489 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about the AOCI components reclassified to the Consolidated Statements of Operations during the reporting periods are as follows: Amount Reclassified from AOCI (1) Year Ended December 31, Affected Line Item in the Income Statement 2015 2014 2013 (in thousands) Amortization of defined benefit pension items Prior-service costs $ (59 ) $ (138 ) $ (70 ) (2) Actuarial losses (1,979 ) (572 ) (926 ) (2) Loss on settlement (375 ) (55 ) (325 ) (2) Other (46 ) — (658 ) (2) Total, before tax (2,459 ) (765 ) (1,979 ) Income before income taxes Tax benefit 733 10 600 Income tax provision Total, net of tax (1,726 ) (755 ) (1,379 ) Net income Total reclassifications for the period, net of tax $ (1,726 ) $ (755 ) $ (1,379 ) Net income (1) Amounts in parenthesis indicate debits to the Consolidated Statements of Operations. (2) These AOCI components are included in the computation of net periodic pension cost. Refer to Note 8 for additional details. |
Schedule of Fair Values Of Fina
Schedule of Fair Values Of Financial Instruments by Balance Sheet Grouping (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values Of Financial Instruments by Balance Sheet Grouping [Table Text Block] | The fair values at December 31, 2015 and 2014 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, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets Cash and cash equivalents $ 131,018 $ 131,018 $ 112,371 $ 112,371 Foreign exchange forwards 27 27 107 107 Interest rate swaps 1,632 1,632 75 75 Interest rate caps 1,423 1,423 — — Liabilities Credit facility USD denominated term loan $ 219,375 $ 217,830 $ 232,500 $ 231,645 Multicurrency revolving line of credit 151,837 150,570 91,469 91,124 Interest rate swaps 868 868 1,317 1,317 Foreign exchange forwards 99 99 236 236 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Revenues Gross Profit And Operating Income By Segment [Table Text Block] | Revenues, gross profit, and operating income associated with our segments were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Revenues Electricity $ 820,306 $ 771,857 $ 825,391 Gas 543,805 599,091 570,450 Water 519,422 576,668 542,184 Total Company $ 1,883,533 $ 1,947,616 $ 1,938,025 Gross profit Electricity $ 225,446 $ 200,249 $ 219,852 Gas 185,559 211,623 207,577 Water 145,680 202,178 187,339 Total Company $ 556,685 $ 614,050 $ 614,768 Operating income (loss) Electricity $ 31,104 $ (77,751 ) $ (237,279 ) Gas 67,471 76,101 82,176 Water 19,864 71,356 62,015 Corporate unallocated (65,593 ) (69,226 ) (46,775 ) Total Company 52,846 480 (139,863 ) Total other income (expense) (15,744 ) (18,745 ) (13,537 ) Income (loss) before income taxes $ 37,102 $ (18,265 ) $ (153,400 ) |
Revenues By Region [Table Text Block] | Revenues by region were as follows: Year Ended December 31, 2015 2014 2013 (in thousands) United States and Canada $ 997,293 $ 875,796 $ 848,951 Europe, Middle East, and Africa (EMEA) 701,301 849,841 849,464 Other 184,939 221,979 239,610 Total Company $ 1,883,533 $ 1,947,616 $ 1,938,025 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Property, plant, and equipment, net, by geographic area were as follows: At December 31, 2015 2014 (in thousands) United States $ 72,179 $ 76,130 Outside United States 118,077 131,022 Total Company $ 190,256 $ 207,152 |
Depreciation And Amortization Expense Associated With Segments [Table Text Block] | Depreciation and amortization expense associated with our segments was as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Electricity $ 35,896 $ 47,889 $ 46,510 Gas 20,288 25,706 27,671 Water 19,459 24,257 24,818 Corporate Unallocated 350 287 247 Total Company $ 75,993 $ 98,139 $ 99,246 |
Quarterly Results (Unaudited) Q
Quarterly Results (Unaudited) Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | First Quarter Second Quarter Third Quarter Fourth Quarter Total Year (in thousands, except per share data) 2015 Statement of operations data (unaudited): Revenues $ 446,746 $ 470,811 $ 469,528 $ 496,448 $ 1,883,533 Gross profit 138,422 118,554 147,290 152,419 556,685 Net income (loss) attributable to Itron, Inc. 5,398 (14,346 ) 12,640 8,986 12,678 Earnings (loss) per common share - Basic (1) $ 0.14 $ (0.37 ) $ 0.33 $ 0.23 $ 0.33 Earnings (loss) per common share - Diluted (1) $ 0.14 $ (0.37 ) $ 0.33 $ 0.23 $ 0.33 First Quarter Second Quarter Third Quarter Fourth Quarter Total Year (in thousands, except per share data) 2014 Statement of operations data (unaudited): Revenues $ 472,429 $ 482,314 $ 482,352 $ 510,521 $ 1,947,616 Gross profit 152,823 160,687 145,299 155,241 614,050 Net income (loss) attributable to Itron, Inc. (1,050 ) 20,836 3,585 (47,041 ) (23,670 ) Earnings (loss) per common share - Basic (1) $ (0.03 ) $ 0.53 $ 0.09 $ (1.21 ) $ (0.60 ) Earnings (loss) per common share - Diluted (1) $ (0.03 ) $ 0.53 $ 0.09 $ (1.21 ) $ (0.60 ) (1) The sum of the quarterly earnings per share data presented in the table may not equal the annual results due to rounding and the impact of dilutive securities on the annual versus the quarterly earnings per share calculations. The following tables present the effects of the adjustments made to our previously reported unaudited quarterly financial information for the first three quarters of the years ended December 31, 2015 and 2014: Statement of operations data (unaudited): Three Months Ended March 31, 2015 As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 448,247 $ (1,501 ) $ 446,746 Cost of revenues 310,048 (1,724 ) 308,324 Gross profit 138,199 223 138,422 Operating expenses Sales and marketing 41,027 — 41,027 Product development 41,522 — 41,522 General and administrative 39,585 — 39,585 Amortization of business acquisition-related intangible assets 7,973 — 7,973 Restructuring expense (5,447 ) 266 (5,181 ) Goodwill impairment — — — Total operating expenses 124,660 266 124,926 Operating income (loss) 13,539 (43 ) 13,496 Other income (expense) Interest income 47 1 48 Interest expense (2,682 ) — (2,682 ) Other income (expense), net 24 (3 ) 21 Total other income (expense) (2,611 ) (2 ) (2,613 ) Income (loss) before income taxes 10,928 (45 ) 10,883 Income tax (provision) benefit (5,563 ) 533 (5,030 ) Net income (loss) 5,365 488 5,853 Net income attributable to noncontrolling interests 455 — 455 Net income (loss) attributable to Itron, Inc. $ 4,910 $ 488 $ 5,398 Earnings (loss) per common share - Basic $ 0.13 $ 0.01 $ 0.14 Earnings (loss) per common share - Diluted $ 0.13 $ 0.01 $ 0.14 Weighted average common shares outstanding - Basic 38,442 — 38,442 Weighted average common shares outstanding - Diluted 38,758 — 38,758 Statement of operations data (unaudited): Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 470,103 $ 708 $ 470,811 $ 918,350 $ (793 ) $ 917,557 Cost of revenues 351,532 725 352,257 661,580 (999 ) 660,581 Gross profit 118,571 (17 ) 118,554 256,770 206 256,976 Operating expenses Sales and marketing 43,058 — 43,058 84,085 — 84,085 Product development 43,318 — 43,318 84,840 — 84,840 General and administrative 32,492 — 32,492 72,077 — 72,077 Amortization of business acquisition-related intangible assets 7,888 — 7,888 15,861 — 15,861 Restructuring expense (4,234 ) — (4,234 ) (9,681 ) 266 (9,415 ) Goodwill impairment — — — — — — Total operating expenses 122,522 — 122,522 247,182 266 247,448 Operating income (loss) (3,951 ) (17 ) (3,968 ) 9,588 (60 ) 9,528 Other income (expense) Interest income 213 (1 ) 212 260 — 260 Interest expense (3,855 ) — (3,855 ) (6,537 ) — (6,537 ) Other income (expense), net (1,907 ) 2 (1,905 ) (1,883 ) (1 ) (1,884 ) Total other income (expense) (5,549 ) 1 (5,548 ) (8,160 ) (1 ) (8,161 ) Income (loss) before income taxes (9,500 ) (16 ) (9,516 ) 1,428 (61 ) 1,367 Income tax (provision) benefit (3,966 ) (132 ) (4,098 ) (9,529 ) 401 (9,128 ) Net income (loss) (13,466 ) (148 ) (13,614 ) (8,101 ) 340 (7,761 ) Net income attributable to noncontrolling interests 732 — 732 1,187 — 1,187 Net income (loss) attributable to Itron, Inc. $ (14,198 ) $ (148 ) $ (14,346 ) $ (9,288 ) $ 340 $ (8,948 ) Earnings (loss) per common share - Basic $ (0.37 ) $ — $ (0.37 ) $ (0.24 ) $ 0.01 $ (0.23 ) Earnings (loss) per common share - Diluted $ (0.37 ) $ — $ (0.37 ) $ (0.24 ) $ 0.01 $ (0.23 ) Weighted average common shares outstanding - Basic 38,434 — 38,434 38,438 — 38,438 Weighted average common shares outstanding - Diluted 38,434 — 38,434 38,438 — 38,438 Statement of operations data (unaudited): Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 469,092 $ 436 $ 469,528 $ 1,387,442 $ (357 ) $ 1,387,085 Cost of revenues 322,126 112 322,238 983,706 (887 ) 982,819 Gross profit 146,966 324 147,290 403,736 530 404,266 Operating expenses Sales and marketing 39,217 — 39,217 123,302 — 123,302 Product development 41,559 — 41,559 126,399 — 126,399 General and administrative 31,118 — 31,118 103,195 — 103,195 Amortization of business acquisition-related intangible assets 7,869 — 7,869 23,730 — 23,730 Restructuring expense (5 ) 592 587 (9,686 ) 858 (8,828 ) Goodwill impairment — — — — — — Total operating expenses 119,758 592 120,350 366,940 858 367,798 Operating income (loss) 27,208 (268 ) 26,940 36,796 (328 ) 36,468 Other income (expense) Interest income 180 — 180 440 — 440 Interest expense (2,799 ) — (2,799 ) (9,336 ) — (9,336 ) Other income (expense), net (1,120 ) 1 (1,119 ) (3,003 ) — (3,003 ) Total other income (expense) (3,739 ) 1 (3,738 ) (11,899 ) — (11,899 ) Income (loss) before income taxes 23,469 (267 ) 23,202 24,897 (328 ) 24,569 Income tax (provision) benefit (10,144 ) 212 (9,932 ) (19,673 ) 613 (19,060 ) Net income (loss) 13,325 (55 ) 13,270 5,224 285 5,509 Net income attributable to noncontrolling interests 630 — 630 1,817 — 1,817 Net income (loss) attributable to Itron, Inc. $ 12,695 $ (55 ) $ 12,640 $ 3,407 $ 285 $ 3,692 Earnings (loss) per common share - Basic $ 0.33 $ — $ 0.33 $ 0.09 $ 0.01 $ 0.10 Earnings (loss) per common share - Diluted $ 0.33 $ — $ 0.33 $ 0.09 $ 0.01 $ 0.10 Weighted average common shares outstanding - Basic 38,114 — 38,114 38,329 — 38,329 Weighted average common shares outstanding - Diluted 38,358 — 38,358 38,591 — 38,591 Statement of operations data (unaudited): Three Months Ended March 31, 2014 As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 474,795 $ (2,366 ) $ 472,429 Cost of revenues 320,260 (654 ) 319,606 Gross profit 154,535 (1,712 ) 152,823 Operating expenses Sales and marketing 47,609 (2,000 ) 45,609 Product development 44,409 25 44,434 General and administrative 40,407 (543 ) 39,864 Amortization of business acquisition-related intangible assets 11,070 — 11,070 Restructuring expense 5,524 859 6,383 Goodwill impairment 977 (977 ) — Total operating expenses 149,996 (2,636 ) 147,360 Operating income (loss) 4,539 924 5,463 Other income (expense) Interest income 97 — 97 Interest expense (2,909 ) (1 ) (2,910 ) Other income (expense), net (2,498 ) (5 ) (2,503 ) Total other income (expense) (5,310 ) (6 ) (5,316 ) Income (loss) before income taxes (771 ) 918 147 Income tax (provision) benefit 653 (1,714 ) (1,061 ) Net income (loss) (118 ) (796 ) (914 ) Net income attributable to noncontrolling interests 136 — 136 Net income (loss) attributable to Itron, Inc. $ (254 ) $ (796 ) $ (1,050 ) Earnings (loss) per common share - Basic $ (0.01 ) $ (0.02 ) $ (0.03 ) Earnings (loss) per common share - Diluted $ (0.01 ) $ (0.02 ) $ (0.03 ) Weighted average common shares outstanding - Basic 39,235 — 39,235 Weighted average common shares outstanding - Diluted 39,235 — 39,235 Statement of operations data (unaudited): Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 489,353 $ (7,039 ) $ 482,314 $ 964,148 $ (9,405 ) $ 954,743 Cost of revenues 326,312 (4,685 ) 321,627 646,572 (5,339 ) 641,233 Gross profit 163,041 (2,354 ) 160,687 317,576 (4,066 ) 313,510 Operating expenses Sales and marketing 46,119 (748 ) 45,371 93,728 (2,748 ) 90,980 Product development 43,999 (41 ) 43,958 88,408 (16 ) 88,392 General and administrative 37,680 349 38,029 78,087 (194 ) 77,893 Amortization of business acquisition-related intangible assets 11,109 — 11,109 22,179 — 22,179 Restructuring expense (7,793 ) (864 ) (8,657 ) (2,269 ) (5 ) (2,274 ) Goodwill impairment — — — 977 (977 ) — Total operating expenses 131,114 (1,304 ) 129,810 281,110 (3,940 ) 277,170 Operating income (loss) 31,927 (1,050 ) 30,877 36,466 (126 ) 36,340 Other income (expense) Interest income 53 — 53 150 — 150 Interest expense (2,913 ) 1 (2,912 ) (5,822 ) — (5,822 ) Other income (expense), net (1,375 ) 1 (1,374 ) (3,873 ) (4 ) (3,877 ) Total other income (expense) (4,235 ) 2 (4,233 ) (9,545 ) (4 ) (9,549 ) Income (loss) before income taxes 27,692 (1,048 ) 26,644 26,921 (130 ) 26,791 Income tax (provision) benefit (7,848 ) 2,625 (5,223 ) (7,195 ) 911 (6,284 ) Net income (loss) 19,844 1,577 21,421 19,726 781 20,507 Net income attributable to noncontrolling interests 585 — 585 721 — 721 Net income (loss) attributable to Itron, Inc. $ 19,259 $ 1,577 $ 20,836 $ 19,005 $ 781 $ 19,786 Earnings (loss) per common share - Basic $ 0.49 $ 0.04 $ 0.53 $ 0.48 $ 0.02 $ 0.50 Earnings (loss) per common share - Diluted $ 0.49 $ 0.04 $ 0.53 $ 0.48 $ 0.02 $ 0.50 Weighted average common shares outstanding - Basic 39,356 — 39,356 39,296 — 39,296 Weighted average common shares outstanding - Diluted 39,544 — 39,544 39,528 — 39,528 Statement of operations data (unaudited): Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands, except per share data) Revenues $ 496,454 $ (14,102 ) $ 482,352 $ 1,460,602 $ (23,507 ) $ 1,437,095 Cost of revenues 345,692 (8,639 ) 337,053 992,264 (13,978 ) 978,286 Gross profit 150,762 (5,463 ) 145,299 468,338 (9,529 ) 458,809 Operating expenses Sales and marketing 44,484 75 44,559 138,212 (2,673 ) 135,539 Product development 42,303 54 42,357 130,711 38 130,749 General and administrative 36,542 61 36,603 114,629 (133 ) 114,496 Amortization of business acquisition-related intangible assets 10,917 — 10,917 33,096 — 33,096 Restructuring expense 58 (1 ) 57 (2,211 ) (6 ) (2,217 ) Goodwill impairment — — — 977 (977 ) — Total operating expenses 134,304 189 134,493 415,414 (3,751 ) 411,663 Operating income (loss) 16,458 (5,652 ) 10,806 52,924 (5,778 ) 47,146 Other income (expense) Interest income 163 — 163 313 — 313 Interest expense (3,015 ) — (3,015 ) (8,837 ) — (8,837 ) Other income (expense), net (1,569 ) 2 (1,567 ) (5,442 ) (2 ) (5,444 ) Total other income (expense) (4,421 ) 2 (4,419 ) (13,966 ) (2 ) (13,968 ) Income (loss) before income taxes 12,037 (5,650 ) 6,387 38,958 (5,780 ) 33,178 Income tax (provision) benefit (4,484 ) 1,927 (2,557 ) (11,679 ) 2,838 (8,841 ) Net income (loss) 7,553 (3,723 ) 3,830 27,279 (2,942 ) 24,337 Net income attributable to noncontrolling interests 245 — 245 966 — 966 Net income (loss) attributable to Itron, Inc. $ 7,308 $ (3,723 ) $ 3,585 $ 26,313 $ (2,942 ) $ 23,371 Earnings (loss) per common share - Basic $ 0.19 $ (0.10 ) $ 0.09 $ 0.67 $ (0.07 ) $ 0.60 Earnings (loss) per common share - Diluted $ 0.19 $ (0.10 ) $ 0.09 $ 0.67 $ (0.08 ) $ 0.59 Weighted average common shares outstanding - Basic 39,213 — 39,213 39,268 — 39,268 Weighted average common shares outstanding - Diluted 39,493 — 39,493 39,516 — 39,516 Statement of Comprehensive Income (loss) (unaudited): Three Months Ended March 31, 2015 As Previously Reported Adjustments As Revised (in thousands) Net income (loss) $ 5,365 $ 488 $ 5,853 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (61,090 ) 771 (60,319 ) Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges (114 ) — (114 ) Pension plan benefits liability adjustment 504 — 504 Total other comprehensive income (loss), net of tax (60,700 ) 771 (59,929 ) Total comprehensive income (loss), net of tax (55,335 ) 1,259 (54,076 ) Comprehensive income (loss) attributable to noncontrolling interest, net of tax 455 — 455 Comprehensive income (loss) attributable to Itron, Inc. $ (55,790 ) $ 1,259 $ (54,531 ) Statement of Comprehensive Income (loss) (unaudited): Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands) (in thousands) Net income (loss) $ (13,466 ) $ (148 ) $ (13,614 ) $ (8,101 ) $ 340 $ (7,761 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 13,856 (99 ) 13,757 (47,234 ) 672 (46,562 ) Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges 123 — 123 9 — 9 Pension plan benefits liability adjustment 493 — 493 997 — 997 Total other comprehensive income (loss), net of tax 14,472 (99 ) 14,373 (46,228 ) 672 (45,556 ) Total comprehensive income (loss), net of tax 1,006 (247 ) 759 (54,329 ) 1,012 (53,317 ) Comprehensive income (loss) attributable to noncontrolling interest, net of tax 732 — 732 1,187 — 1,187 Comprehensive income (loss) attributable to Itron, Inc. $ 274 $ (247 ) $ 27 $ (55,516 ) $ 1,012 $ (54,504 ) Statement of Comprehensive Income (loss) (unaudited): Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands) (in thousands) Net income (loss) $ 13,325 $ (55 ) $ 13,270 $ 5,224 $ 285 $ 5,509 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (15,738 ) 1,497 (14,241 ) (62,972 ) 2,169 (60,803 ) Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges 71 — 71 80 — 80 Pension plan benefits liability adjustment 866 — 866 1,863 — 1,863 Total other comprehensive income (loss), net of tax (14,801 ) 1,497 (13,304 ) (61,029 ) 2,169 (58,860 ) Total comprehensive income (loss), net of tax (1,476 ) 1,442 (34 ) (55,805 ) 2,454 (53,351 ) Comprehensive income (loss) attributable to noncontrolling interest, net of tax: 630 — 630 1,817 — 1,817 Comprehensive income (loss) attributable to Itron, Inc. $ (2,106 ) $ 1,442 $ (664 ) $ (57,622 ) $ 2,454 $ (55,168 ) Statement of Comprehensive Income (loss) (unaudited): Three Months Ended March 31, 2014 As Previously Reported Adjustments As Revised (in thousands) Net income (loss) $ (118 ) $ (796 ) $ (914 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (3,374 ) 160 (3,214 ) Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges 163 — 163 Pension plan benefits liability adjustment 97 — 97 Total other comprehensive income (loss), net of tax (3,114 ) 160 (2,954 ) Total comprehensive income (loss), net of tax (3,232 ) (636 ) (3,868 ) Comprehensive income (loss) attributable to noncontrolling interest, net of tax: 136 — 136 Comprehensive income (loss) attributable to Itron, Inc. $ (3,368 ) $ (636 ) $ (4,004 ) Statement of Comprehensive Income (loss) (unauditied): Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands) (in thousands) Net income (loss) $ 19,844 $ 1,577 $ 21,421 $ 19,726 $ 781 $ 20,507 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (7,995 ) 9 (7,986 ) (11,369 ) 169 (11,200 ) Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges (119 ) — (119 ) 44 — 44 Pension plan benefits liability adjustment 118 — 118 215 — 215 Total other comprehensive income (loss), net of tax (7,996 ) 9 (7,987 ) (11,110 ) 169 (10,941 ) Total comprehensive income (loss), net of tax 11,848 1,586 13,434 8,616 950 9,566 Comprehensive income (loss) attributable to noncontrolling interest, net of tax: 585 — 585 721 — 721 Comprehensive income (loss) attributable to Itron, Inc. $ 11,263 $ 1,586 $ 12,849 $ 7,895 $ 950 $ 8,845 Statement of Comprehensive Income (loss) (unaudited): Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (in thousands) (in thousands) Net income (loss) $ 7,553 $ (3,723 ) $ 3,830 $ 27,279 $ (2,942 ) $ 24,337 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (49,391 ) 502 (48,889 ) (60,760 ) 671 (60,089 ) Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges 400 — 400 444 — 444 Pension plan benefits liability adjustment 98 — 98 313 — 313 Total other comprehensive income (loss), net of tax (48,893 ) 502 (48,391 ) (60,003 ) 671 (59,332 ) Total comprehensive income (loss), net of tax (41,340 ) (3,221 ) (44,561 ) (32,724 ) (2,271 ) (34,995 ) Comprehensive income (loss) attributable to noncontrolling interest, net of tax: 245 — 245 966 — 966 Comprehensive income (loss) attributable to Itron, Inc. $ (41,585 ) $ (3,221 ) $ (44,806 ) $ (33,690 ) $ (2,271 ) $ (35,961 ) Balance Sheet data (unaudited): March 31, 2015 As Previously Reported Adjustments As Revised (in thousands) ASSETS Current assets Cash and cash equivalents $ 118,084 $ — $ 118,084 Accounts receivable, net 324,706 — 324,706 Inventories 168,161 — 168,161 Deferred tax assets current, net 37,700 6,542 44,242 Other current assets 109,768 18,311 128,079 Total current assets 758,419 24,853 783,272 Property, plant, and equipment, net 192,781 (717 ) 192,064 Deferred tax assets noncurrent, net 76,479 (171 ) 76,308 Other long-term assets 26,390 20,973 47,363 Intangible assets, net 122,431 — 122,431 Goodwill 462,718 — 462,718 Total assets $ 1,639,218 $ 44,938 $ 1,684,156 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 196,117 $ 2 $ 196,119 Other current liabilities 78,683 136 78,819 Wages and benefits payable 79,443 — 79,443 Taxes payable 18,740 — 18,740 Current portion of debt 30,000 — 30,000 Current portion of warranty 22,256 — 22,256 Unearned revenue 53,472 24,221 77,693 Total current liabilities 478,711 24,359 503,070 Long-term debt 331,310 — 331,310 Long-term warranty 14,809 — 14,809 Pension plan benefit liability 91,652 — 91,652 Deferred tax liabilities noncurrent, net 3,289 — 3,289 Other long-term obligations 72,550 35,259 107,809 Total liabilities 992,321 59,618 1,051,939 Commitments and contingencies Equity Preferred stock — — — Common stock 1,257,796 — 1,257,796 Accumulated other comprehensive loss, net (197,214 ) 2,225 (194,989 ) Accumulated deficit (431,681 ) (16,905 ) (448,586 ) Total Itron, Inc. shareholders' equity 628,901 (14,680 ) 614,221 Noncontrolling interests 17,996 — 17,996 Total equity 646,897 (14,680 ) 632,217 Total liabilities and equity $ 1,639,218 $ 44,938 $ 1,684,156 Balance Sheet data (unaudited): June 30, 2015 As Previously Reported Adjustments As Revised (in thousands) ASSETS Current assets Cash and cash equivalents $ 128,814 $ — $ 128,814 Accounts receivable, net 338,196 — 338,196 Inventories 195,394 — 195,394 Deferred tax assets current, net 38,121 6,596 44,717 Other current assets 111,248 17,050 128,298 Total current assets 811,773 23,646 835,419 Property, plant, and equipment, net 195,510 (754 ) 194,756 Deferred tax assets noncurrent, net 73,861 (350 ) 73,511 Other long-term assets 28,741 21,646 50,387 Intangible assets, net 117,136 — 117,136 Goodwill 471,648 — 471,648 Total assets $ 1,698,669 $ 44,188 $ 1,742,857 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 226,512 $ (1 ) $ 226,511 Other current liabilities 60,634 129 60,763 Wages and benefits payable 84,944 — 84,944 Taxes payable 16,435 — 16,435 Current portion of debt 11,250 — 11,250 Current portion of warranty 35,589 — 35,589 Unearned revenue 50,255 24,269 74,524 Total current liabilities 485,619 24,397 510,016 Long-term debt 361,708 — 361,708 Long-term warranty 22,550 — 22,550 Pension plan benefit liability 93,918 — 93,918 Deferred tax liabilities noncurrent, net 3,247 — 3,247 Other long-term obligations 86,366 34,718 121,084 Total liabilities 1,053,408 59,115 1,112,523 Commitments and contingencies Equity Preferred stock — — — Common stock 1,255,154 — 1,255,154 Accumulated other comprehensive loss, net (182,742 ) 2,126 (180,616 ) Accumulated deficit (445,879 ) (17,053 ) (462,932 ) Total Itron, Inc. shareholders' equity 626,533 (14,927 ) 611,606 Noncontrolling interests 18,728 — 18,728 Total equity 645,261 (14,927 ) 630,334 Total liabilities and equity $ 1,698,669 $ 44,188 $ 1,742,857 Balance Sheet data (unaudited): September 30, 2015 As Previously Reported Adjustments As Revised (in thousands) ASSETS Current assets Cash and cash equivalents $ 109,458 $ — $ 109,458 Accounts receivable, net 340,423 — 340,423 Inventories 214,237 — 214,237 Deferred tax assets current, net 35,975 6,946 42,921 Other current assets 106,059 15,742 121,801 Total current assets 806,152 22,688 828,840 Property, plant, and equipment, net 190,295 404 190,699 Deferred tax assets noncurrent, net 59,830 67 59,897 Other long-term assets 27,192 21,052 48,244 Intangible assets, net 111,767 — 111,767 Goodwill 474,965 445 475,410 Total assets $ 1,670,201 $ 44,656 $ 1,714,857 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 201,450 $ (3 ) $ 201,447 Other current liabilities 68,140 697 68,837 Wages and benefits payable 93,206 (314 ) 92,892 Taxes payable 13,210 — 13,210 Current portion of debt 11,250 — 11,250 Current portion of warranty 40,060 — 40,060 Unearned revenue 44,639 22,974 67,613 Total current liabilities 471,955 23,354 495,309 Long-term debt 369,457 — 369,457 Long-term warranty 14,684 — 14,684 Pension plan benefit liability 94,100 — 94,100 Deferred tax liabilities noncurrent, net 3,569 — 3,569 Other long-term obligations 81,628 34,787 116,415 Total liabilities 1,035,393 58,141 1,093,534 Commitments and contingencies Equity Preferred stock — — — Common stock 1,246,177 — 1,246,177 Accumulated other comprehensive loss, net (197,543 ) 3,623 (193,920 ) Accumulated deficit (433,184 ) (17,108 ) (450,292 ) Total Itron, Inc. shareholders' equity 615,450 (13,485 ) 601,965 Noncontrolling interests 19,358 — 19,358 Total equity 634,808 (13,485 ) 621,323 Total liabilities and equity $ 1,670,201 $ 44,656 $ 1,714,857 Balance Sheet data (unaudited): March 31, 2014 As Previously Reported Adjustments As Revised (in thousands) ASSETS Current assets Cash and cash equivalents $ 146,327 $ — $ 146,327 Accounts receivable, net 341,547 — 341,547 Inventories 192,573 (2,468 ) 190,105 Deferred tax assets current, net 36,995 4,771 41,766 Other current assets 104,967 11,696 116,663 Total current assets 822,409 13,999 836,408 Property, plant, and equipment, net 237,326 (1,281 ) 236,045 Deferred tax assets noncurrent, net 61,873 (2,777 ) 59,096 Other long-term assets 32,102 15,741 47,843 Intangible assets, net 184,052 — 184,052 Goodwill 546,437 — 546,437 Total assets $ 1,884,199 $ 25,682 $ 1,909,881 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 210,675 $ 1 $ 210,676 Other current liabilities 75,969 1,073 77,042 Wages and benefits payable 89,129 514 89,643 Taxes payable 14,819 285 15,104 Current portion of debt 28,125 — 28,125 Current portion of warranty 21,989 — 21,989 Unearned revenue 53,457 10,082 63,539 Total current liabilities 494,163 11,955 506,118 Long-term debt 320,000 — 320,000 Long-term warranty 24,035 — 24,035 Pension plan benefit liability 89,498 — 89,498 Deferred tax liabilities noncurrent, net 6,123 — 6,123 Other long-term obligations 79,580 30,588 110,168 Total liabilities 1,013,399 42,543 1,055,942 Commitments and contingencies Equity Preferred stock — — — Common stock 1,291,690 — 1,291,690 Accumulated other comprehensive loss, net (24,836 ) 578 (24,258 ) Accumulated deficit (413,925 ) (17,439 ) (431,364 ) Total Itron, Inc. shareholders' equity 852,929 (16,861 ) 836,068 Noncontrolling interests 17,871 — 17,871 Total equity 870,800 (16,861 ) 853,939 Total liabilities and equity $ 1,884,199 $ 25,682 $ 1,909,881 Balance Sheet data (unaudited): June 30, 2014 As Previously Reported Adjustments As Revised (in thousands) ASSETS Current assets Cash and cash equivalents $ 114,780 $ — $ 114,780 Accounts receivable, net 369,473 (381 ) 369,092 Inventories 192,413 257 192,670 Deferred tax assets current, net 37,103 5,171 42,274 Other current assets 112,172 13,757 125,929 Total current assets 825,941 18,804 844,745 Property, plant, and equipment, net 234,840 (1,269 ) 233,571 Deferred tax assets noncurrent, net 64,641 (514 ) 64,127 Other long-term assets 31,862 16,132 47,994 Intangible assets, net 172,927 — 172,927 Goodwill 541,539 — 541,539 Total assets $ 1,871,750 33,153 $ 1,904,903 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 209,080 $ — $ 209,080 Other current liabilities 69,064 — 69,064 Wages and benefits payable 93,069 (255 ) 92,814 Taxes payable 14,172 284 14,456 Current portion of debt 30,000 — 30,000 Current portion of warranty 23,689 — 23,689 Unearned revenue 53,487 14,557 68,044 Total current liabilities 492,561 14,586 507,147 Long-term debt 297,500 — 297,500 Long-term warranty 18,860 — 18,860 Pension plan benefit liability 87,988 — 87,988 Deferred tax liabilities noncurrent, net 6,297 — 6,297 Other long-term obligations 84,608 33,842 118,450 Total liabilities 987,814 48,428 1,036,242 Commitments and contingencies Equity Preferred stock — — — Common stock 1,293,548 — 1,293,548 Accumulated other comprehensive loss, net (32,832 ) 587 (32,245 ) Accumulated deficit (394,666 ) (15,862 ) (410,528 ) Total Itron, Inc. shareholders' equity 866,050 (15,275 ) 850,775 Noncontrolling interests 17,886 — 17,886 Total equity 883,936 (15,275 ) 868,661 Total liabilities and equity $ 1,871,750 $ 33,153 $ 1,904,903 Balance Sheet data (unaudited): September 30, 2014 As Previously Reported Adjustments As Revised (in thousands) ASSETS Current assets Cash and cash equivalents $ 122,475 $ — $ 122,475 Accounts receivable, net 342,480 — 342,480 Inventories 190,689 — 190,689 Deferred tax assets current, net 34,581 7,109 41,690 Other current assets 104,847 18,688 123,535 Total current assets 795,072 25,797 820,869 Property, plant, and equipment, net 222,354 (1,213 ) 221,141 Deferred tax assets noncurrent, net 67,826 (624 ) 67,202 Other long-term assets 31,604 19,583 51,187 Intangible assets, net 155,432 — 155,432 Goodwill 515,641 — 515,641 Total assets $ 1,787,929 $ 43,543 $ 1,831,472 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 203,175 $ (4 ) $ 203,171 Other current liabilities 62,039 — 62,039 Wages and benefits payable 91,871 — 91,871 Taxes payable 18,491 270 18,761 Current portion of debt 30,000 — 30,000 Current portion of warranty 22,283 — 22,283 Unearned revenue 47,316 24,048 71,364 Total current liabilities 475,175 24,314 499,489 Long-term debt 280,000 — 280,000 Long-term warranty 18,071 — 18,071 Pension plan benefit liability 82,529 — 82,529 Deferred tax liabilities noncurrent, net 7,220 — 7,220 Other long-term obligations 87,927 37,122 125,049 Total liabilities 950,922 61,436 1,012,358 Commitments and contingencies Equity Preferred stock — — — Common stock 1,287,959 603 1,288,562 Accumulated other comprehensive loss, net (81,725 ) 1,089 (80,636 ) Accumulated deficit (387,358 ) (19,585 ) (406,943 ) Total Itron, Inc. shareholders' equity 818,876 (17,893 ) 800,983 Noncontrolling interests 18,131 — 18,131 Total equity 837,007 (17,893 ) 819,114 Total liabilities and equity $ 1,787,929 $ 43,543 $ 1,831,472 Statement of cash flows data (unaudited): Three Months Ended March 31, 2015 As Previously Reported Adjustments As Revised (in thousands) Operating activities Net income (loss) $ 5,365 $ 488 $ 5,853 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 19,339 16 19,355 Stock-based compensation 4,108 — 4,108 Amortization of prepaid debt fees 390 — 390 Deferred taxes, net (4,790 ) (142 ) (4,932 ) Goodwill impairment — — — Restructuring expense, non-cash 267 (377 ) (110 ) Other adjustments, net 337 — 337 Changes in operating assets and liabilities, net of acquisition: Accounts receivable 2,028 (1,791 ) 237 Inventories (23,480 ) (252 ) (23,732 ) Other current assets (9,395 ) 1,507 (7,888 ) Other long-term assets (54 ) (3,027 ) (3,081 ) Accounts payable, other current liabilities, and taxes payable 3,774 (14 ) 3,760 Wages and benefits payable (10,343 ) 430 (9,913 ) Unearned revenue 11,032 3,550 14,582 Warranty 2,457 (73 ) 2,384 Other operating, net (4,990 ) (315 ) (5,305 ) Net cash provided by operating activities (3,955 ) — (3,955 ) Investing activities Acquisitions of property, plant, and equipment (9,472 ) — (9,472 ) Business acquisitions, net of cash and cash equivalents acquired — — — Other investing, net (118 ) — (118 ) Net cash used in investing activities (9,590 ) — (9,590 ) Financing activities Proceeds from borrowings 63,000 — 63,000 Payments on debt (22,373 ) — (22,373 ) Issuance of common stock 451 — 451 Repurchase of common stock (16,341 ) — (16,341 ) Other financing, net 1,186 — 1,186 Net cash used in financing activities 25,923 — 25,923 Effect of foreign exchange rate changes on cash and cash equivalents (6,665 ) — (6,665 ) Increase (decrease) in cash and cash equivalents 5,713 — 5,713 Cash and cash equivalents at beginning of period 112,371 — 112,371 Cash and cash equivalents at end of period $ 118,084 $ — $ 118,084 Supplemental disclosure of cash flow information: Cash paid during the period for: Income taxes, net $ 19,245 $ — $ 19,245 Interest, net of amounts capitalized 2,265 — 2,265 Statement of cash flows data (unaudited): Six Months Ended June 30, 2015 As Previously Reported Adjustments As Revised (in thousands) Operating activities Net income (loss) $ (8,101 ) $ 340 $ (7,761 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 38,760 32 38,792 Stock-based compensation 7,997 — 7,997 Amortization of prepaid debt fees 1,579 — 1,579 Deferred taxes, net 1,901 (16 ) 1,885 Goodwill impairment — — — Restructuring expense, non-cash 267 (377 ) (110 ) Other adjustments, net 919 — 919 Changes in operating assets and liabilities, net of acquisition: Accounts receivable (6,849 ) (1,792 ) (8,641 ) Inventories (49,677 ) (251 ) (49,928 ) Other current assets (9,043 ) 2,789 (6,254 ) Other long-term assets 406 (3,591 ) (3,185 ) Accounts payable, other current liabilities, and taxes payable 23,990 (25 ) 23,965 Wages and benefits payable (6,276 ) 430 (5,846 ) Unearned revenue 7,807 2,842 10,649 Warranty 23,119 (73 ) 23,046 Other operating, net (9,232 ) (308 ) (9,540 ) Net cash provided by operating activities 17,567 — 17,567 Investing activities Acquisitions of property, plant, and equipment (20,992 ) — (20,992 ) Business acquisitions, net of cash and cash equivalents acquired — — — Other investing, net 693 — 693 Net cash used in investing activities (20,299 ) — (20,299 ) Financing activities Proceeds from borrowings 74,183 — 74,183 Payments on debt (22,373 ) — (22,373 ) Issuance of common stock 1,864 — 1,864 Repurchase of common stock (23,185 ) — (23,185 ) Other financing, net (3,942 ) — (3,942 ) Net cash used in financing activities 26,547 — 26,547 Effect of foreign exchange rate changes on cash and cash equivalents (7,372 ) — (7,372 ) Increase (decrease) in cash and cash equivalents 16,443 — 16,443 Cash and cash equivalents at beginning of period 112,371 — 112,371 Cash and cash equivalents at end of period $ 128,814 $ — $ 128,814 Supplemental disclosure of cash flow information: Cash paid during the period for: Income taxes, net $ 21,233 $ — $ 21,233 Interest, net of amounts capitalized 4,998 — 4,998 Statement of cash flows data (unaudited): Nine Months Ended September 30, 2015 As Previously Reported Adjustments As Revised (in thousands) Operating activities Net income (loss) $ 5,224 $ 285 $ 5,509 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 58,514 (724 ) 57,790 Stock-based compensation 10,879 — 10,879 Amortization of prepaid debt fees 1,851 — 1,851 Deferred taxes, net |
Valuation and Qualifying Acco46
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Summary of Valuation Allowance [Table Text Block] | Description Balance at Beginning of Period Other Adjustments Additions Charged to Costs and Expenses Balance at End of Period, Noncurrent (in thousands) Year ended December 31, 2015: Deferred tax assets valuation allowance $ 257,728 $ (62,791 ) $ 40,402 $ 235,339 Year ended December 31, 2014: Deferred tax assets valuation allowance $ 162,588 $ (4,913 ) $ 100,053 $ 257,728 Year ended December 31, 2013: Deferred tax assets valuation allowance $ 138,910 $ 3,873 $ 19,805 $ 162,588 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies Basis of Consolidation Policy Additional Information (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Maximum [Member] | |
Basis of Consolidation [Abstract] | |
Ownership Interest To Use Equity Method | 50.00% |
Ownership Interest To Use Cost Method | 20.00% |
Minimum [Member] | |
Basis of Consolidation [Abstract] | |
Ownership Interest to be Held for Consolidation | 50.00% |
Noncontrolling Interests [Abstract] | |
Ownership Interest to be Held for Consolidation | 50.00% |
Summary of Significant Accoun48
Summary of Significant Accounting Policies Property, Plant, and Equipment Policy Additional Information (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Building and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life, Average | 30 years |
Minimum [Member] | Machinery and Equipment, Computers and Software, and Furniture [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life, Average | 3 years |
Maximum [Member] | Machinery and Equipment, Computers and Software, and Furniture [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life, Average | 10 years |
Summary of Significant Accoun49
Summary of Significant Accounting Policies Revenue Recognition Policy Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Revenue Arrangement [Line Items] | ||
Unearned revenue | $ 139.5 | $ 134.1 |
Deferred costs | $ 56.6 | $ 63.4 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies Stock-Based Compensation (Details) | 9 Months Ended | 27 Months Ended |
Sep. 30, 2013 | Dec. 31, 2015 | |
Employee Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 15.00% | 5.00% |
Summary of Significant Accoun51
Summary of Significant Accounting Policies Summary of Foreign currency losses, net of hedging additional details (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Foreign Currency [Abstract] | |||
Foreign Currency Transaction Gain (Loss), Realized | $ 3 | $ 5.1 | $ 3.3 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies Summary of Business Acquisitions Additional Information (Details) - USD ($) $ in Thousands | Aug. 26, 2015 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Business acquisition, percentage acquired | 100.00% | 100.00% |
Business Combination, Consideration Transferred | $ 9,781 | |
Cash Acquired from Acquisition | $ 1,395 | $ 1,395 |
Revision of Prior Period Fina53
Revision of Prior Period Financial Statements Revised Income Statement (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | $ 496,448 | $ 469,528 | $ 470,811 | $ 446,746 | $ 510,521 | $ 482,352 | $ 482,314 | $ 472,429 | $ 917,557 | $ 954,743 | $ 1,387,085 | $ 1,437,095 | $ 1,883,533 | $ 1,947,616 | $ 1,938,025 |
Cost of revenues | 322,238 | 352,257 | 308,324 | 337,053 | 321,627 | 319,606 | 660,581 | 641,233 | 982,819 | 978,286 | 1,326,848 | 1,333,566 | 1,323,257 | ||
Gross profit | 152,419 | 147,290 | 118,554 | 138,422 | 155,241 | 145,299 | 160,687 | 152,823 | 256,976 | 313,510 | 404,266 | 458,809 | 556,685 | 614,050 | 614,768 |
Operating expenses | |||||||||||||||
Sales and marketing | 39,217 | 43,058 | 41,027 | 44,559 | 45,371 | 45,609 | 84,085 | 90,980 | 123,302 | 135,539 | 161,380 | 182,503 | 182,687 | ||
Product development | 41,559 | 43,318 | 41,522 | 42,357 | 43,958 | 44,434 | 84,840 | 88,392 | 126,399 | 130,749 | 162,334 | 175,500 | 175,420 | ||
General and administrative | 31,118 | 32,492 | 39,585 | 36,603 | 38,029 | 39,864 | 72,077 | 77,893 | 103,195 | 114,496 | 155,715 | 162,466 | 143,932 | ||
Amortization of Intangible Assets | 7,869 | 7,888 | 7,973 | 10,917 | 11,109 | 11,070 | 15,861 | 22,179 | 23,730 | 33,096 | 31,673 | 43,619 | 42,019 | ||
Costs incurred (released) and charged to expense | 587 | (4,234) | (5,181) | 57 | (8,657) | 6,383 | (9,415) | (2,274) | (8,828) | (2,217) | (7,263) | 49,482 | 36,347 | ||
Goodwill, Impairment Loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 174,226 | ||
Total operating expenses | 120,350 | 122,522 | 124,926 | 134,493 | 129,810 | 147,360 | 247,448 | 277,170 | 367,798 | 411,663 | 503,839 | 613,570 | 754,631 | ||
Operating income (loss) | 26,940 | (3,968) | 13,496 | 10,806 | 30,877 | 5,463 | 9,528 | 36,340 | 36,468 | 47,146 | 52,846 | 480 | (139,863) | ||
Other income (expense) | |||||||||||||||
Interest income | 180 | 212 | 48 | 163 | 53 | 97 | 260 | 150 | 440 | 313 | 761 | 494 | 1,152 | ||
Interest Expense | (2,799) | (3,855) | (2,682) | (3,015) | (2,912) | (2,910) | (6,537) | (5,822) | (9,336) | (8,837) | (12,289) | (11,602) | (10,686) | ||
Other income (expense), net | (1,119) | (1,905) | 21 | (1,567) | (1,374) | (2,503) | (1,884) | (3,877) | (3,003) | (5,444) | (4,216) | (7,637) | (4,003) | ||
Total other income (expense) | (3,738) | (5,548) | (2,613) | (4,419) | (4,233) | (5,316) | (8,161) | (9,549) | (11,899) | (13,968) | (15,744) | (18,745) | (13,537) | ||
Income (loss) before income taxes | 23,202 | (9,516) | 10,883 | 6,387 | 26,644 | 147 | 1,367 | 26,791 | 24,569 | 33,178 | 37,102 | (18,265) | (153,400) | ||
Income Tax Expense (Benefit) | (9,932) | (4,098) | (5,030) | (2,557) | (5,223) | (1,061) | (9,128) | (6,284) | (19,060) | (8,841) | (22,099) | (4,035) | 2,466 | ||
Net income (loss) | 13,270 | (13,614) | 5,853 | 3,830 | 21,421 | (914) | (7,761) | 20,507 | 5,509 | 24,337 | 15,003 | (22,300) | (150,934) | ||
Net income attributable to noncontrolling interests | 630 | 732 | 455 | 245 | 585 | 136 | 1,187 | 721 | 1,817 | 966 | 2,325 | 1,370 | 2,219 | ||
Net income (loss) attributable to Itron, Inc. | $ 8,986 | $ 12,640 | $ (14,346) | $ 5,398 | $ (47,041) | $ 3,585 | $ 20,836 | $ (1,050) | $ (8,948) | $ 19,786 | $ 3,692 | $ 23,371 | $ 12,678 | $ (23,670) | $ (153,153) |
Earnings (loss) per common share - Basic | $ 0.23 | $ 0.33 | $ (0.37) | $ 0.14 | $ (1.21) | $ 0.09 | $ 0.53 | $ (0.03) | $ (0.23) | $ 0.50 | $ 0.10 | $ 0.60 | $ 0.33 | $ (0.60) | $ (3.90) |
Earnings (loss) per common share - Diluted | $ 0.23 | $ 0.33 | $ (0.37) | $ 0.14 | $ (1.21) | $ 0.09 | $ 0.53 | $ (0.03) | $ (0.23) | $ 0.50 | $ 0.10 | $ 0.59 | $ 0.33 | $ (0.60) | $ (3.90) |
Weighted average common shares outstanding - Basic | 38,114 | 38,434 | 38,442 | 39,213 | 39,356 | 39,235 | 38,438 | 39,296 | 38,329 | 39,268 | 38,224 | 39,184 | 39,281 | ||
Weighted average common shares outstanding - Diluted | 38,358 | 38,434 | 38,758 | 39,493 | 39,544 | 39,235 | 38,438 | 39,528 | 38,591 | 39,516 | 38,506 | 39,184 | 39,281 | ||
Scenario, Previously Reported [Member] | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | $ 469,092 | $ 470,103 | $ 448,247 | $ 496,454 | $ 489,353 | $ 474,795 | $ 918,350 | $ 964,148 | $ 1,387,442 | $ 1,460,602 | $ 1,970,697 | $ 1,948,728 | |||
Cost of revenues | 322,126 | 351,532 | 310,048 | 345,692 | 326,312 | 320,260 | 661,580 | 646,572 | 983,706 | 992,264 | 1,347,572 | 1,334,195 | |||
Gross profit | 146,966 | 118,571 | 138,199 | 150,762 | 163,041 | 154,535 | 256,770 | 317,576 | 403,736 | 468,338 | 623,125 | 614,533 | |||
Operating expenses | |||||||||||||||
Sales and marketing | 39,217 | 43,058 | 41,027 | 44,484 | 46,119 | 47,609 | 84,085 | 93,728 | 123,302 | 138,212 | 185,239 | 180,371 | |||
Product development | 41,559 | 43,318 | 41,522 | 42,303 | 43,999 | 44,409 | 84,840 | 88,408 | 126,399 | 130,711 | 175,500 | 176,019 | |||
General and administrative | 31,118 | 32,492 | 39,585 | 36,542 | 37,680 | 40,407 | 72,077 | 78,087 | 103,195 | 114,629 | 163,101 | 142,559 | |||
Amortization of Intangible Assets | 7,869 | 7,888 | 7,973 | 10,917 | 11,109 | 11,070 | 15,861 | 22,179 | 23,730 | 33,096 | 43,619 | 42,019 | |||
Costs incurred (released) and charged to expense | (5) | (4,234) | (5,447) | 58 | (7,793) | 5,524 | (9,681) | (2,269) | (9,686) | (2,211) | 50,857 | 35,497 | |||
Goodwill, Impairment Loss | 0 | 0 | 0 | 0 | 0 | 977 | 0 | 977 | 0 | 977 | 977 | 173,249 | |||
Total operating expenses | 119,758 | 122,522 | 124,660 | 134,304 | 131,114 | 149,996 | 247,182 | 281,110 | 366,940 | 415,414 | 619,293 | 749,714 | |||
Operating income (loss) | 27,208 | (3,951) | 13,539 | 16,458 | 31,927 | 4,539 | 9,588 | 36,466 | 36,796 | 52,924 | 3,832 | (135,181) | |||
Other income (expense) | |||||||||||||||
Interest income | 180 | 213 | 47 | 163 | 53 | 97 | 260 | 150 | 440 | 313 | 494 | 1,620 | |||
Interest Expense | (2,799) | (3,855) | (2,682) | (3,015) | (2,913) | (2,909) | (6,537) | (5,822) | (9,336) | (8,837) | (11,602) | (10,686) | |||
Other income (expense), net | (1,120) | (1,907) | 24 | (1,569) | (1,375) | (2,498) | (1,883) | (3,873) | (3,003) | (5,442) | (7,633) | (4,007) | |||
Total other income (expense) | (3,739) | (5,549) | (2,611) | (4,421) | (4,235) | (5,310) | (8,160) | (9,545) | (11,899) | (13,966) | (18,741) | (13,073) | |||
Income (loss) before income taxes | 23,469 | (9,500) | 10,928 | 12,037 | 27,692 | (771) | 1,428 | 26,921 | 24,897 | 38,958 | (14,909) | (148,254) | |||
Income Tax Expense (Benefit) | (10,144) | (3,966) | (5,563) | (4,484) | (7,848) | 653 | (9,529) | (7,195) | (19,673) | (11,679) | (6,641) | 3,664 | |||
Net income (loss) | 13,325 | (13,466) | 5,365 | 7,553 | 19,844 | (118) | (8,101) | 19,726 | 5,224 | 27,279 | (21,550) | (144,590) | |||
Net income attributable to noncontrolling interests | 630 | 732 | 455 | 245 | 585 | 136 | 1,187 | 721 | 1,817 | 966 | 1,370 | 2,219 | |||
Net income (loss) attributable to Itron, Inc. | $ 12,695 | $ (14,198) | $ 4,910 | $ 7,308 | $ 19,259 | $ (254) | $ (9,288) | $ 19,005 | $ 3,407 | $ 26,313 | $ (22,920) | $ (146,809) | |||
Earnings (loss) per common share - Basic | $ 0.33 | $ (0.37) | $ 0.13 | $ 0.19 | $ 0.49 | $ (0.01) | $ (0.24) | $ 0.48 | $ 0.09 | $ 0.67 | $ (0.58) | $ (3.74) | |||
Earnings (loss) per common share - Diluted | $ 0.33 | $ (0.37) | $ 0.13 | $ 0.19 | $ 0.49 | $ (0.01) | $ (0.24) | $ 0.48 | $ 0.09 | $ 0.67 | $ (0.58) | $ (3.74) | |||
Weighted average common shares outstanding - Basic | 38,114 | 38,434 | 38,442 | 39,213 | 39,356 | 39,235 | 38,438 | 39,296 | 38,329 | 39,268 | 39,184 | 39,281 | |||
Weighted average common shares outstanding - Diluted | 38,358 | 38,434 | 38,758 | 39,493 | 39,544 | 39,235 | 38,438 | 39,528 | 38,591 | 39,516 | 39,184 | 39,281 | |||
Restatement Adjustment [Member] | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | $ 436 | $ 708 | $ (1,501) | $ (14,102) | $ (7,039) | $ (2,366) | $ (793) | $ (9,405) | $ (357) | $ (23,507) | $ (23,081) | $ (10,703) | |||
Cost of revenues | 112 | 725 | (1,724) | (8,639) | (4,685) | (654) | (999) | (5,339) | (887) | (13,978) | (14,006) | (10,938) | |||
Gross profit | 324 | (17) | 223 | (5,463) | (2,354) | (1,712) | 206 | (4,066) | 530 | (9,529) | (9,075) | 235 | |||
Operating expenses | |||||||||||||||
Sales and marketing | 0 | 0 | 0 | 75 | (748) | (2,000) | 0 | (2,748) | 0 | (2,673) | (2,736) | 2,316 | |||
Product development | 0 | 0 | 0 | 54 | (41) | 25 | 0 | (16) | 0 | 38 | 0 | (599) | |||
General and administrative | 0 | 0 | 0 | 61 | 349 | (543) | 0 | (194) | 0 | (133) | (635) | 1,373 | |||
Amortization of Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Costs incurred (released) and charged to expense | 592 | 0 | 266 | (1) | (864) | 859 | 266 | (5) | 858 | (6) | (1,375) | 850 | |||
Goodwill, Impairment Loss | 0 | 0 | 0 | 0 | 0 | (977) | 0 | (977) | 0 | (977) | (977) | 977 | |||
Total operating expenses | 592 | 0 | 266 | 189 | (1,304) | (2,636) | 266 | (3,940) | 858 | (3,751) | (5,723) | 4,917 | |||
Operating income (loss) | (268) | (17) | (43) | (5,652) | (1,050) | 924 | (60) | (126) | (328) | (5,778) | (3,352) | (4,682) | |||
Other income (expense) | |||||||||||||||
Interest income | 0 | (1) | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (468) | |||
Interest Expense | 0 | 0 | 0 | 0 | 1 | (1) | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other income (expense), net | 1 | 2 | (3) | 2 | 1 | (5) | (1) | (4) | 0 | (2) | (4) | 4 | |||
Total other income (expense) | 1 | 1 | (2) | 2 | 2 | (6) | (1) | (4) | 0 | (2) | (4) | (464) | |||
Income (loss) before income taxes | (267) | (16) | (45) | (5,650) | (1,048) | 918 | (61) | (130) | (328) | (5,780) | (3,356) | (5,146) | |||
Income Tax Expense (Benefit) | 212 | (132) | 533 | 1,927 | 2,625 | (1,714) | 401 | 911 | 613 | 2,838 | 2,606 | (1,198) | |||
Net income (loss) | (55) | (148) | 488 | (3,723) | 1,577 | (796) | 340 | 781 | 285 | (2,942) | (750) | (6,344) | |||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Net income (loss) attributable to Itron, Inc. | $ (55) | $ (148) | $ 488 | $ (3,723) | $ 1,577 | $ (796) | $ 340 | $ 781 | $ 285 | $ (2,942) | $ (750) | $ (6,344) | |||
Earnings (loss) per common share - Basic | $ 0 | $ 0 | $ 0.01 | $ (0.10) | $ 0.04 | $ (0.02) | $ 0.01 | $ 0.02 | $ 0.01 | $ (0.07) | $ (0.02) | $ (0.16) | |||
Earnings (loss) per common share - Diluted | $ 0 | $ 0 | $ 0.01 | $ (0.10) | $ 0.04 | $ (0.02) | $ 0.01 | $ 0.02 | $ 0.01 | $ (0.08) | $ (0.02) | $ (0.16) | |||
Weighted average common shares outstanding - Basic | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Weighted average common shares outstanding - Diluted | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Revision of Prior Period Fina54
Revision of Prior Period Financial Statements Revised Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income (loss) | $ 13,270 | $ (13,614) | $ 5,853 | $ 3,830 | $ 21,421 | $ (914) | $ (7,761) | $ 20,507 | $ 5,509 | $ 24,337 | $ 15,003 | $ (22,300) | $ (150,934) |
Foreign currency translation adjustments | (14,241) | 13,757 | (60,319) | (48,889) | (7,986) | (3,214) | (46,562) | (11,200) | (60,803) | (60,089) | (72,929) | (89,297) | 7,904 |
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges | 71 | 123 | (114) | 400 | (119) | 163 | 9 | 44 | 80 | 444 | 1,086 | 488 | 433 |
Pension plan benefits liability adjustment | 866 | 493 | 504 | 98 | 118 | 97 | 997 | 215 | 1,863 | 313 | 6,296 | (24,947) | 5,117 |
Total other comprehensive income (loss), net of tax | (13,304) | 14,373 | (59,929) | (48,391) | (7,987) | (2,954) | (45,556) | (10,941) | (58,860) | (59,332) | (65,547) | (113,756) | 13,454 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (34) | 759 | (54,076) | (44,561) | 13,434 | (3,868) | (53,317) | 9,566 | (53,351) | (34,995) | (50,544) | (136,056) | (137,480) |
Comprehensive income (loss) attributable to noncontrolling interest, net of tax: | |||||||||||||
Net income attributable to noncontrolling interests | 630 | 732 | 455 | 245 | 585 | 136 | 1,187 | 721 | 1,817 | 966 | 2,325 | 1,370 | 2,219 |
Foreign currency translation adjustments | 0 | 0 | (35) | ||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 630 | 732 | 455 | 245 | 585 | 136 | 1,187 | 721 | 1,817 | 966 | 2,325 | 1,370 | 2,184 |
Comprehensive income (loss) attributable to Itron, Inc. | (664) | 27 | (54,531) | (44,806) | 12,849 | (4,004) | (54,504) | 8,845 | (55,168) | (35,961) | $ (52,869) | (137,426) | (139,664) |
Scenario, Previously Reported [Member] | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income (loss) | 13,325 | (13,466) | 5,365 | 7,553 | 19,844 | (118) | (8,101) | 19,726 | 5,224 | 27,279 | (21,550) | (144,590) | |
Foreign currency translation adjustments | (15,738) | 13,856 | (61,090) | (49,391) | (7,995) | (3,374) | (47,234) | (11,369) | (62,972) | (60,760) | (90,333) | 7,077 | |
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges | 71 | 123 | (114) | 400 | (119) | 163 | 9 | 44 | 80 | 444 | 488 | 433 | |
Pension plan benefits liability adjustment | 866 | 493 | 504 | 98 | 118 | 97 | 997 | 215 | 1,863 | 313 | (24,947) | 5,117 | |
Total other comprehensive income (loss), net of tax | (14,801) | 14,472 | (60,700) | (48,893) | (7,996) | (3,114) | (46,228) | (11,110) | (61,029) | (60,003) | (114,792) | 12,627 | |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (1,476) | 1,006 | (55,335) | (41,340) | 11,848 | (3,232) | (54,329) | 8,616 | (55,805) | (32,724) | (136,342) | (131,963) | |
Comprehensive income (loss) attributable to noncontrolling interest, net of tax: | |||||||||||||
Net income attributable to noncontrolling interests | 630 | 732 | 455 | 245 | 585 | 136 | 1,187 | 721 | 1,817 | 966 | 1,370 | 2,219 | |
Foreign currency translation adjustments | 0 | (35) | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 630 | 732 | 455 | 245 | 585 | 136 | 1,187 | 721 | 1,817 | 966 | 1,370 | 2,184 | |
Comprehensive income (loss) attributable to Itron, Inc. | (2,106) | 274 | (55,790) | (41,585) | 11,263 | (3,368) | (55,516) | 7,895 | (57,622) | (33,690) | (137,712) | (134,147) | |
Restatement Adjustment [Member] | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income (loss) | (55) | (148) | 488 | (3,723) | 1,577 | (796) | 340 | 781 | 285 | (2,942) | (750) | (6,344) | |
Foreign currency translation adjustments | 1,497 | (99) | 771 | 502 | 9 | 160 | 672 | 169 | 2,169 | 671 | 1,036 | 827 | |
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Pension plan benefits liability adjustment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Total other comprehensive income (loss), net of tax | 1,497 | (99) | 771 | 502 | 9 | 160 | 672 | 169 | 2,169 | 671 | 1,036 | 827 | |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1,442 | (247) | 1,259 | (3,221) | 1,586 | (636) | 1,012 | 950 | 2,454 | (2,271) | 286 | (5,517) | |
Comprehensive income (loss) attributable to noncontrolling interest, net of tax: | |||||||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Foreign currency translation adjustments | 0 | 0 | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Comprehensive income (loss) attributable to Itron, Inc. | $ 1,442 | $ (247) | $ 1,259 | $ (3,221) | $ 1,586 | $ (636) | $ 1,012 | $ 950 | $ 2,454 | $ (2,271) | $ 286 | $ (5,517) |
Revision of Prior Period Fina55
Revision of Prior Period Financial Statements Revised Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Cash and cash equivalents | $ 131,018 | $ 109,458 | $ 128,814 | $ 118,084 | $ 112,371 | $ 122,475 | $ 114,780 | $ 146,327 | $ 124,805 | $ 136,411 |
Accounts receivable, net | 330,895 | 340,423 | 338,196 | 324,706 | 346,547 | 342,480 | 369,092 | 341,547 | ||
Inventories | 190,465 | 214,237 | 195,394 | 168,161 | 154,221 | 190,689 | 192,670 | 190,105 | ||
Deferred tax assets current, net | 0 | 42,921 | 44,717 | 44,242 | 45,504 | 41,690 | 42,274 | 41,766 | ||
Other current assets | 106,562 | 121,801 | 128,298 | 128,079 | 123,819 | 123,535 | 125,929 | 116,663 | ||
Total current assets | 758,940 | 828,840 | 835,419 | 783,272 | 782,462 | 820,869 | 844,745 | 836,408 | ||
Property, plant, and equipment, net | 190,256 | 190,699 | 194,756 | 192,064 | 207,152 | 221,141 | 233,571 | 236,045 | ||
Deferred tax assets noncurrent, net | 109,387 | 59,897 | 73,511 | 76,308 | 74,439 | 67,202 | 64,127 | 59,096 | ||
Other long-term assets | 52,726 | 48,244 | 50,387 | 47,363 | 46,965 | 51,187 | 47,994 | 47,843 | ||
Intangible assets, net | 101,932 | 111,767 | 117,136 | 122,431 | 139,909 | 155,432 | 172,927 | 184,052 | ||
Goodwill | 468,122 | 475,410 | 471,648 | 462,718 | 500,820 | 515,641 | 541,539 | 546,437 | 547,604 | |
Total assets | 1,681,363 | 1,714,857 | 1,742,857 | 1,684,156 | 1,751,747 | 1,831,472 | 1,904,903 | 1,909,881 | ||
Liabilities, Current [Abstract] | ||||||||||
Accounts payable | 185,827 | 201,447 | 226,511 | 196,119 | 183,831 | 203,171 | 209,080 | 210,676 | ||
Other current liabilities | 78,630 | 68,837 | 60,763 | 78,819 | 101,315 | 62,039 | 69,064 | 77,042 | ||
Wages and benefits payable | 76,980 | 92,892 | 84,944 | 79,443 | 94,818 | 91,871 | 92,814 | 89,643 | ||
Taxes payable | 14,859 | 13,210 | 16,435 | 18,740 | 21,951 | 18,761 | 14,456 | 15,104 | ||
Current portion of debt | 11,250 | 11,250 | 11,250 | 30,000 | 30,000 | 30,000 | 30,000 | 28,125 | ||
Current portion of warranty | 36,927 | 40,060 | 35,589 | 22,256 | 21,145 | 22,283 | 23,689 | 21,989 | ||
Unearned revenue | 73,301 | 67,613 | 74,524 | 77,693 | 67,009 | 71,364 | 68,044 | 63,539 | ||
Total current liabilities | 477,774 | 495,309 | 510,016 | 503,070 | 520,069 | 499,489 | 507,147 | 506,118 | ||
Long-term debt | 359,962 | 369,457 | 361,708 | 331,310 | 293,969 | 280,000 | 297,500 | 320,000 | ||
Long-term warranty | 17,585 | 14,684 | 22,550 | 14,809 | 15,403 | 18,071 | 18,860 | 24,035 | ||
Pension plan benefit liability | 85,971 | 94,100 | 93,918 | 91,652 | 101,862 | 82,529 | 87,988 | 89,498 | ||
Deferred tax liabilities noncurrent, net | 1,723 | 3,569 | 3,247 | 3,289 | 3,808 | 7,220 | 6,297 | 6,123 | ||
Other long-term obligations | 115,645 | 116,415 | 121,084 | 107,809 | 118,094 | 125,049 | 118,450 | 110,168 | ||
Total liabilities | $ 1,058,660 | 1,093,534 | 1,112,523 | 1,051,939 | $ 1,053,205 | 1,012,358 | 1,036,242 | 1,055,942 | ||
Commitments and contingencies (Note 13) | ||||||||||
Equity | ||||||||||
Preferred Stock, Value, Issued | $ 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 | ||
Common Stock, Value, Issued | 1,246,671 | 1,246,177 | 1,255,154 | 1,257,796 | 1,270,045 | 1,288,562 | 1,293,548 | 1,291,690 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (200,607) | (193,920) | (180,616) | (194,989) | (135,060) | (80,636) | (32,245) | (24,258) | ||
Retained Earnings (Accumulated Deficit) | (441,306) | (450,292) | (462,932) | (448,586) | (453,984) | (406,943) | (410,528) | (431,364) | ||
Total Itron, Inc. shareholders' equity | 604,758 | 601,965 | 611,606 | 614,221 | 681,001 | 800,983 | 850,775 | 836,068 | ||
Noncontrolling interests | 17,945 | 19,358 | 18,728 | 17,996 | 17,541 | 18,131 | 17,886 | 17,871 | ||
Total equity | 622,703 | 621,323 | 630,334 | 632,217 | 698,542 | 819,114 | 868,661 | 853,939 | 856,746 | 998,805 |
Total liabilities and equity | $ 1,681,363 | 1,714,857 | 1,742,857 | 1,684,156 | 1,751,747 | 1,831,472 | 1,904,903 | 1,909,881 | ||
Restatement Adjustment [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Accounts receivable, net | 0 | 0 | 0 | (1,842) | 0 | (381) | 0 | |||
Inventories | 0 | 0 | 0 | (283) | 0 | 257 | (2,468) | |||
Deferred tax assets current, net | 6,946 | 6,596 | 6,542 | 6,389 | 7,109 | 5,171 | 4,771 | |||
Other current assets | 15,742 | 17,050 | 18,311 | 19,512 | 18,688 | 13,757 | 11,696 | |||
Total current assets | 22,688 | 23,646 | 24,853 | 23,776 | 25,797 | 18,804 | 13,999 | |||
Property, plant, and equipment, net | 404 | (754) | (717) | (637) | (1,213) | (1,269) | (1,281) | |||
Deferred tax assets noncurrent, net | 67 | (350) | (171) | (159) | (624) | (514) | (2,777) | |||
Other long-term assets | 21,052 | 21,646 | 20,973 | 18,462 | 19,583 | 16,132 | 15,741 | |||
Intangible assets, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Goodwill | 445 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total assets | 44,656 | 44,188 | 44,938 | 41,442 | 43,543 | 33,153 | 25,682 | |||
Liabilities, Current [Abstract] | ||||||||||
Accounts payable | (3) | (1) | 2 | (301) | (4) | 0 | 1 | |||
Other current liabilities | 697 | 129 | 136 | 370 | 0 | 0 | 1,073 | |||
Wages and benefits payable | (314) | 0 | 0 | (430) | 0 | (255) | 514 | |||
Taxes payable | 0 | 0 | 0 | 0 | 270 | 284 | 285 | |||
Current portion of debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Current portion of warranty | 0 | 0 | 0 | 82 | 0 | 0 | 0 | |||
Unearned revenue | 22,974 | 24,269 | 24,221 | 23,573 | 24,048 | 14,557 | 10,082 | |||
Total current liabilities | 23,354 | 24,397 | 24,359 | 23,294 | 24,314 | 14,586 | 11,955 | |||
Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Long-term warranty | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Pension plan benefit liability | 0 | 0 | 0 | 430 | 0 | 0 | 0 | |||
Deferred tax liabilities noncurrent, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other long-term obligations | 34,787 | 34,718 | 35,259 | 33,657 | 37,122 | 33,842 | 30,588 | |||
Total liabilities | 58,141 | 59,115 | 59,618 | 57,381 | 61,436 | 48,428 | 42,543 | |||
Equity | ||||||||||
Preferred Stock, Value, Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common Stock, Value, Issued | 0 | 0 | 0 | 0 | 603 | 0 | 0 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 3,623 | 2,126 | 2,225 | 1,454 | 1,089 | 587 | 578 | |||
Retained Earnings (Accumulated Deficit) | (17,108) | (17,053) | (16,905) | (17,393) | (19,585) | (15,862) | (17,439) | |||
Total Itron, Inc. shareholders' equity | (13,485) | (14,927) | (14,680) | (15,939) | (17,893) | (15,275) | (16,861) | |||
Noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total equity | (13,485) | (14,927) | (14,680) | (15,939) | (17,893) | (15,275) | (16,861) | (10,708) | ||
Total liabilities and equity | 44,656 | 44,188 | 44,938 | 41,442 | 43,543 | 33,153 | 25,682 | |||
Scenario, Previously Reported [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Cash and cash equivalents | 109,458 | 128,814 | 118,084 | 112,371 | 122,475 | 114,780 | 146,327 | $ 124,805 | 136,411 | |
Accounts receivable, net | 340,423 | 338,196 | 324,706 | 348,389 | 342,480 | 369,473 | 341,547 | |||
Inventories | 214,237 | 195,394 | 168,161 | 154,504 | 190,689 | 192,413 | 192,573 | |||
Deferred tax assets current, net | 35,975 | 38,121 | 37,700 | 39,115 | 34,581 | 37,103 | 36,995 | |||
Other current assets | 106,059 | 111,248 | 109,768 | 104,307 | 104,847 | 112,172 | 104,967 | |||
Total current assets | 806,152 | 811,773 | 758,419 | 758,686 | 795,072 | 825,941 | 822,409 | |||
Property, plant, and equipment, net | 190,295 | 195,510 | 192,781 | 207,789 | 222,354 | 234,840 | 237,326 | |||
Deferred tax assets noncurrent, net | 59,830 | 73,861 | 76,479 | 74,598 | 67,826 | 64,641 | 61,873 | |||
Other long-term assets | 27,192 | 28,741 | 26,390 | 28,503 | 31,604 | 31,862 | 32,102 | |||
Intangible assets, net | 111,767 | 117,136 | 122,431 | 139,909 | 155,432 | 172,927 | 184,052 | |||
Goodwill | 474,965 | 471,648 | 462,718 | 500,820 | 515,641 | 541,539 | 546,437 | |||
Total assets | 1,670,201 | 1,698,669 | 1,639,218 | 1,710,305 | 1,787,929 | 1,871,750 | 1,884,199 | |||
Liabilities, Current [Abstract] | ||||||||||
Accounts payable | 201,450 | 226,512 | 196,117 | 184,132 | 203,175 | 209,080 | 210,675 | |||
Other current liabilities | 68,140 | 60,634 | 78,683 | 100,945 | 62,039 | 69,064 | 75,969 | |||
Wages and benefits payable | 93,206 | 84,944 | 79,443 | 95,248 | 91,871 | 93,069 | 89,129 | |||
Taxes payable | 13,210 | 16,435 | 18,740 | 21,951 | 18,491 | 14,172 | 14,819 | |||
Current portion of debt | 11,250 | 11,250 | 30,000 | 30,000 | 30,000 | 30,000 | 28,125 | |||
Current portion of warranty | 40,060 | 35,589 | 22,256 | 21,063 | 22,283 | 23,689 | 21,989 | |||
Unearned revenue | 44,639 | 50,255 | 53,472 | 43,436 | 47,316 | 53,487 | 53,457 | |||
Total current liabilities | 471,955 | 485,619 | 478,711 | 496,775 | 475,175 | 492,561 | 494,163 | |||
Long-term debt | 369,457 | 361,708 | 331,310 | 293,969 | 280,000 | 297,500 | 320,000 | |||
Long-term warranty | 14,684 | 22,550 | 14,809 | 15,403 | 18,071 | 18,860 | 24,035 | |||
Pension plan benefit liability | 94,100 | 93,918 | 91,652 | 101,432 | 82,529 | 87,988 | 89,498 | |||
Deferred tax liabilities noncurrent, net | 3,569 | 3,247 | 3,289 | 3,808 | 7,220 | 6,297 | 6,123 | |||
Other long-term obligations | 81,628 | 86,366 | 72,550 | 84,437 | 87,927 | 84,608 | 79,580 | |||
Total liabilities | 1,035,393 | 1,053,408 | 992,321 | 995,824 | 950,922 | 987,814 | 1,013,399 | |||
Equity | ||||||||||
Preferred Stock, Value, Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common Stock, Value, Issued | 1,246,177 | 1,255,154 | 1,257,796 | 1,270,045 | 1,287,959 | 1,293,548 | 1,291,690 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (197,543) | (182,742) | (197,214) | (136,514) | (81,725) | (32,832) | (24,836) | |||
Retained Earnings (Accumulated Deficit) | (433,184) | (445,879) | (431,681) | (436,591) | (387,358) | (394,666) | (413,925) | |||
Total Itron, Inc. shareholders' equity | 615,450 | 626,533 | 628,901 | 696,940 | 818,876 | 866,050 | 852,929 | |||
Noncontrolling interests | 19,358 | 18,728 | 17,996 | 17,541 | 18,131 | 17,886 | 17,871 | |||
Total equity | 634,808 | 645,261 | 646,897 | 714,481 | 837,007 | 883,936 | 870,800 | $ 1,009,513 | ||
Total liabilities and equity | $ 1,670,201 | $ 1,698,669 | $ 1,639,218 | $ 1,710,305 | $ 1,787,929 | $ 1,871,750 | $ 1,884,199 |
Revision of Prior Period Fina56
Revision of Prior Period Financial Statements Revised Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income (loss) | $ 13,270 | $ (13,614) | $ 5,853 | $ 3,830 | $ 21,421 | $ (914) | $ (7,761) | $ 20,507 | $ 5,509 | $ 24,337 | $ 15,003 | $ (22,300) | $ (150,934) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 19,355 | 25,187 | 38,792 | 50,201 | 57,790 | 74,827 | 75,993 | 98,139 | 99,246 | ||||
Stock-based compensation | 4,108 | 4,584 | 7,997 | 9,454 | 10,879 | 13,306 | 14,089 | 17,860 | 18,850 | ||||
Amortization of prepaid debt fees | 390 | 404 | 1,579 | 808 | 1,851 | 1,212 | 2,128 | 1,612 | 1,657 | ||||
Increase (Decrease) in Deferred Income Taxes | (4,932) | (2,703) | 1,885 | (9,499) | 14,744 | (13,068) | 1,488 | (34,757) | (25,308) | ||||
Goodwill, Impairment Loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 174,226 |
Restructuring, non-cash | (110) | 0 | (110) | 0 | 1,018 | 0 | 976 | 5,172 | 1,259 | ||||
Other adjustments, net | 337 | 32 | 919 | 85 | 1,877 | 120 | 2,003 | 914 | 551 | ||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||||
Increase (Decrease) in Accounts Receivable | 237 | 15,186 | (8,641) | (14,540) | (14,193) | (1,768) | (9,009) | (15,119) | 11,732 | ||||
Increase (Decrease) in Inventories | (23,732) | (12,449) | (49,928) | (16,145) | (73,464) | (23,085) | (52,737) | 7,208 | (12,391) | ||||
Other current assets | (7,888) | 5,838 | (6,254) | (3,768) | (998) | (5,154) | 12,512 | (10,947) | (9,950) | ||||
Increase (Decrease) in Other Noncurrent Assets | (3,081) | (9,446) | (3,185) | (10,166) | (2,529) | (15,766) | (3,721) | (12,540) | (2,298) | ||||
Accounts payables, other current liabilities, and taxes payable | 3,760 | 26,804 | 23,965 | 12,797 | (11,119) | 20,105 | (7,060) | 56,158 | (4,466) | ||||
Wages and benefits payable | (9,913) | (2,092) | (5,846) | 1,356 | 3,787 | 3,839 | (10,866) | 7,502 | (1,822) | ||||
Unearned revenue | 14,582 | 19,217 | 10,649 | 25,999 | 6,536 | 35,704 | 11,943 | 30,584 | 8,744 | ||||
Warranty | 2,384 | (342) | 23,046 | (3,881) | 20,207 | (4,560) | 20,161 | (7,297) | (6,546) | ||||
Other operating, net | (5,305) | (2,545) | (9,540) | 3,983 | (1,741) | 6,489 | 447 | 10,784 | 2,871 | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (3,955) | 66,761 | 17,567 | 67,191 | 20,154 | 116,538 | 73,350 | 132,973 | 105,421 | ||||
Investing activities | |||||||||||||
Payments to Acquire Property, Plant, and Equipment | (9,472) | (8,564) | (20,992) | (19,403) | (33,324) | (32,060) | (43,918) | (44,495) | (60,020) | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 | 0 | (5,754) | 0 | (5,754) | 0 | (860) | ||||
Payments for (Proceeds from) Other Investing Activities | (118) | 167 | 693 | 56 | 545 | (193) | 721 | 2,999 | 4,109 | ||||
Net cash used in investing activities | (9,590) | (8,397) | (20,299) | (19,347) | (38,533) | (32,253) | (48,951) | (41,496) | (56,771) | ||||
Financing activities | |||||||||||||
Proceeds from borrowings | 63,000 | 0 | 74,183 | 0 | 89,709 | 0 | 113,467 | 47,657 | 35,000 | ||||
Repayments of Long-term Debt | (22,373) | (30,625) | (22,373) | (51,250) | (30,186) | (68,750) | (62,998) | (102,438) | (73,750) | ||||
Issuance of common stock | 451 | 310 | 1,864 | 1,530 | 2,229 | 2,324 | 2,663 | 3,647 | 5,299 | ||||
Repurchase of common stock | (16,341) | (2,948) | (23,185) | (7,164) | (35,278) | (15,324) | (38,283) | (39,665) | (26,977) | ||||
Other financing, net | 1,186 | (2,244) | (3,942) | 1,204 | 1,881 | 2,395 | (7,109) | (1,078) | 2,990 | ||||
Net cash provided by (used in) financing activities | 25,923 | (35,507) | 26,547 | (55,680) | 28,355 | (79,355) | 7,740 | (91,877) | (57,438) | ||||
Effect of foreign exchange rate changes on cash and cash equivalents | (6,665) | (1,335) | (7,372) | (2,189) | (12,889) | (7,260) | (13,492) | (12,034) | (2,818) | ||||
Increase (decrease) in cash and cash equivalents | 5,713 | 21,522 | 16,443 | (10,025) | (2,913) | (2,330) | 18,647 | (12,434) | (11,606) | ||||
Cash and cash equivalents at beginning of period | 128,814 | 118,084 | 112,371 | 114,780 | 146,327 | 124,805 | 112,371 | 124,805 | 112,371 | 124,805 | 112,371 | 124,805 | 136,411 |
Cash and cash equivalents at end of period | 109,458 | 128,814 | 118,084 | 122,475 | 114,780 | 146,327 | 128,814 | 114,780 | 109,458 | 122,475 | 131,018 | 112,371 | 124,805 |
Supplemental disclosure of cash flow information: | |||||||||||||
Income taxes, net | 19,245 | (891) | 21,233 | 3,502 | 22,578 | 8,528 | 29,189 | 18,222 | 18,659 | ||||
Interest, net of amounts capitalized | 2,265 | 2,460 | 4,998 | 4,911 | 7,549 | 7,536 | 10,198 | 9,912 | 9,026 | ||||
Scenario, Previously Reported [Member] | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income (loss) | 13,325 | (13,466) | 5,365 | 7,553 | 19,844 | (118) | (8,101) | 19,726 | 5,224 | 27,279 | (21,550) | (144,590) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 19,339 | 25,592 | 38,760 | 50,606 | 58,514 | 75,233 | 98,463 | 98,845 | |||||
Stock-based compensation | 4,108 | 4,584 | 7,997 | 9,454 | 10,879 | 12,703 | 17,860 | 18,850 | |||||
Amortization of prepaid debt fees | 390 | 404 | 1,579 | 808 | 1,851 | 1,212 | 1,612 | 1,657 | |||||
Increase (Decrease) in Deferred Income Taxes | (4,790) | (3,915) | 1,901 | (8,046) | 14,926 | (9,787) | (31,542) | (26,757) | |||||
Goodwill, Impairment Loss | 0 | 0 | 0 | 0 | 0 | 977 | 0 | 977 | 0 | 977 | 977 | 173,249 | |
Restructuring, non-cash | 267 | 0 | 267 | 0 | 1,395 | 0 | 5,220 | 1,259 | |||||
Other adjustments, net | 337 | 32 | 919 | 85 | 1,877 | 120 | 914 | 551 | |||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||||
Increase (Decrease) in Accounts Receivable | 2,028 | 15,392 | (6,849) | (14,712) | (12,401) | (1,576) | (16,789) | 13,652 | |||||
Increase (Decrease) in Inventories | (23,480) | (15,827) | (49,677) | (16,801) | (73,212) | (23,986) | 6,021 | (10,861) | |||||
Other current assets | (9,395) | (1,547) | (9,043) | (9,103) | (4,696) | (5,298) | (9,447) | (4,143) | |||||
Increase (Decrease) in Other Noncurrent Assets | (54) | 892 | 406 | 312 | 605 | (1,396) | 1,582 | 1,093 | |||||
Accounts payables, other current liabilities, and taxes payable | 3,774 | 25,303 | 23,990 | 12,360 | (11,666) | 19,669 | 55,924 | (7,702) | |||||
Wages and benefits payable | (10,343) | 272 | (6,276) | 4,473 | 4,110 | 6,717 | 10,334 | (1,995) | |||||
Unearned revenue | 11,032 | 16,441 | 7,807 | 16,560 | 4,128 | 11,800 | 9,240 | (3,274) | |||||
Warranty | 2,457 | 675 | 23,119 | (2,864) | 20,280 | (3,544) | (6,364) | (7,552) | |||||
Other operating, net | (4,990) | (2,396) | (9,232) | 3,356 | (1,660) | 6,415 | 10,518 | 3,139 | |||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (3,955) | 66,761 | 17,567 | 67,191 | 20,154 | 116,538 | 132,973 | 105,421 | |||||
Investing activities | |||||||||||||
Payments to Acquire Property, Plant, and Equipment | (9,472) | (8,564) | (20,992) | (19,403) | (33,324) | (32,060) | (44,495) | (60,020) | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 | 0 | (5,754) | 0 | 0 | (860) | |||||
Payments for (Proceeds from) Other Investing Activities | (118) | 167 | 693 | 56 | 545 | (193) | 2,999 | 4,109 | |||||
Net cash used in investing activities | (9,590) | (8,397) | (20,299) | (19,347) | (38,533) | (32,253) | (41,496) | (56,771) | |||||
Financing activities | |||||||||||||
Proceeds from borrowings | 63,000 | 0 | 74,183 | 0 | 89,709 | 0 | 47,657 | 35,000 | |||||
Repayments of Long-term Debt | (22,373) | (30,625) | (22,373) | (51,250) | (30,186) | (68,750) | (102,438) | (73,750) | |||||
Issuance of common stock | 451 | 310 | 1,864 | 1,530 | 2,229 | 2,324 | 3,647 | 5,299 | |||||
Repurchase of common stock | (16,341) | (2,948) | (23,185) | (7,164) | (35,278) | (15,324) | (39,665) | (26,977) | |||||
Other financing, net | 1,186 | (2,244) | (3,942) | 1,204 | 1,881 | 2,395 | (1,078) | 2,990 | |||||
Net cash provided by (used in) financing activities | 25,923 | (35,507) | 26,547 | (55,680) | 28,355 | (79,355) | (91,877) | (57,438) | |||||
Effect of foreign exchange rate changes on cash and cash equivalents | (6,665) | (1,335) | (7,372) | (2,189) | (12,889) | (7,260) | (12,034) | (2,818) | |||||
Increase (decrease) in cash and cash equivalents | 5,713 | 21,522 | 16,443 | (10,025) | (2,913) | (2,330) | (12,434) | (11,606) | |||||
Cash and cash equivalents at beginning of period | 128,814 | 118,084 | 112,371 | 114,780 | 146,327 | 124,805 | 112,371 | 124,805 | 112,371 | 124,805 | 112,371 | 124,805 | 136,411 |
Cash and cash equivalents at end of period | 109,458 | 128,814 | 118,084 | 122,475 | 114,780 | 146,327 | 128,814 | 114,780 | 109,458 | 122,475 | 112,371 | 124,805 | |
Supplemental disclosure of cash flow information: | |||||||||||||
Income taxes, net | 19,245 | (891) | 21,233 | 3,502 | 22,578 | 8,528 | 18,222 | 18,659 | |||||
Interest, net of amounts capitalized | 2,265 | 2,460 | 4,998 | 4,911 | 7,549 | 7,536 | 9,912 | 9,026 | |||||
Restatement Adjustment [Member] | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income (loss) | (55) | (148) | 488 | (3,723) | 1,577 | (796) | 340 | 781 | 285 | (2,942) | (750) | (6,344) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 16 | (405) | 32 | (405) | (724) | (406) | (324) | 401 | |||||
Stock-based compensation | 0 | 0 | 0 | 0 | 0 | 603 | 0 | 0 | |||||
Amortization of prepaid debt fees | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Increase (Decrease) in Deferred Income Taxes | (142) | 1,212 | (16) | (1,453) | (182) | (3,281) | (3,215) | 1,449 | |||||
Goodwill, Impairment Loss | 0 | 0 | 0 | 0 | 0 | (977) | 0 | (977) | 0 | (977) | (977) | 977 | |
Restructuring, non-cash | (377) | 0 | (377) | 0 | (377) | 0 | (48) | 0 | |||||
Other adjustments, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||||
Increase (Decrease) in Accounts Receivable | (1,791) | (206) | (1,792) | 172 | (1,792) | (192) | 1,670 | (1,920) | |||||
Increase (Decrease) in Inventories | (252) | 3,378 | (251) | 656 | (252) | 901 | 1,187 | (1,530) | |||||
Other current assets | 1,507 | 7,385 | 2,789 | 5,335 | 3,698 | 144 | (1,500) | (5,807) | |||||
Increase (Decrease) in Other Noncurrent Assets | (3,027) | (10,338) | (3,591) | (10,478) | (3,134) | (14,370) | (14,122) | (3,391) | |||||
Accounts payables, other current liabilities, and taxes payable | (14) | 1,501 | (25) | 437 | 547 | 436 | 234 | 3,236 | |||||
Wages and benefits payable | 430 | (2,364) | 430 | (3,117) | (323) | (2,878) | (2,832) | 173 | |||||
Unearned revenue | 3,550 | 2,776 | 2,842 | 9,439 | 2,408 | 23,904 | 21,344 | 12,018 | |||||
Warranty | (73) | (1,017) | (73) | (1,017) | (73) | (1,016) | (933) | 1,006 | |||||
Other operating, net | (315) | (149) | (308) | 627 | (81) | 74 | 266 | (268) | |||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Investing activities | |||||||||||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Net cash used in investing activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Financing activities | |||||||||||||
Proceeds from borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Repayments of Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Issuance of common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Repurchase of common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Other financing, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Supplemental disclosure of cash flow information: | |||||||||||||
Income taxes, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Interest, net of amounts capitalized | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share and Capita57
Earnings Per Share and Capital Structure Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) available to common shareholders | $ 8,986 | $ 12,640 | $ (14,346) | $ 5,398 | $ (47,041) | $ 3,585 | $ 20,836 | $ (1,050) | $ (8,948) | $ 19,786 | $ 3,692 | $ 23,371 | $ 12,678 | $ (23,670) | $ (153,153) |
Weighted average common shares outstanding - Basic | 38,114 | 38,434 | 38,442 | 39,213 | 39,356 | 39,235 | 38,438 | 39,296 | 38,329 | 39,268 | 38,224 | 39,184 | 39,281 | ||
Dilutive effect of stock-based awards | 282 | 0 | 0 | ||||||||||||
Weighted average common shares outstanding - Diluted | 38,358 | 38,434 | 38,758 | 39,493 | 39,544 | 39,235 | 38,438 | 39,528 | 38,591 | 39,516 | 38,506 | 39,184 | 39,281 | ||
Earnings (loss) per common share - Basic(1) | $ 0.23 | $ 0.33 | $ (0.37) | $ 0.14 | $ (1.21) | $ 0.09 | $ 0.53 | $ (0.03) | $ (0.23) | $ 0.50 | $ 0.10 | $ 0.60 | $ 0.33 | $ (0.60) | $ (3.90) |
Earnings (loss) per common share - Diluted | $ 0.23 | $ 0.33 | $ (0.37) | $ 0.14 | $ (1.21) | $ 0.09 | $ 0.53 | $ (0.03) | $ (0.23) | $ 0.50 | $ 0.10 | $ 0.59 | $ 0.33 | $ (0.60) | $ (3.90) |
Earnings Per Share and Capita58
Earnings Per Share and Capital Structure Stock-based Awards (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock-based awards excluded from diluted EPS calculation (antidilutive) | 1.2 | 1.4 | 1.4 |
Certain Balance Sheet Compone59
Certain Balance Sheet Components Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Accounts Receivable, Net (Line Items] | ||||||||
Trade receivables (net of allowance of $5,949 and $6,195) | $ 298,550 | $ 321,309 | ||||||
Unbilled receivables | 32,345 | 25,238 | ||||||
Total accounts receivable, net | $ 330,895 | $ 340,423 | $ 338,196 | $ 324,706 | $ 346,547 | $ 342,480 | $ 369,092 | $ 341,547 |
Certain Balance Sheet Compone60
Certain Balance Sheet Components Accounts Receivable Allowance (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts Receivable, Net (Line Items] | |||
Allowance | $ 5,949 | $ 6,195 | $ 8,643 |
Certain Balance Sheet Compone61
Certain Balance Sheet Components Accounts Receivable, Net, Additional Information (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current retainage contract receivables [Member] | ||
Long term Retainage Contract Receivables [Line Items] | ||
Contract Receivable Retainage, Next Rolling Twelve Months | $ 688,000 | $ 4,700,000 |
Unbilled Contracts Receivable | 3,500,000 | 4,000,000 |
Long Term Retainage Contract Receivables [Member] | ||
Long term Retainage Contract Receivables [Line Items] | ||
Unbilled Receivables, Not Billable, Amount Expected to be Collected after Next Twelve Months | 3,600,000 | 4,300,000 |
Contract Receivable Retainage, Due after Next Rolling Twelve Months | $ 360,000 | $ 0 |
Certain Balance Sheet Compone62
Certain Balance Sheet Components Summary of the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Allowance for Doubtful Accounts Activity [Line Items] | ||
Beginning balance | $ 6,195 | $ 8,643 |
Provision for doubtful accounts, net | 1,025 | (31) |
Accounts written-off | (549) | (1,883) |
Effects of change in exchange rates | (722) | (534) |
Ending balance | $ 5,949 | $ 6,195 |
Certain Balance Sheet Compone63
Certain Balance Sheet Components Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Inventory [Line Items] | ||||||||
Inventory, Raw Materials, Net of Reserves | $ 111,191 | $ 90,557 | ||||||
Inventory, Work in Process, Net of Reserves | 9,400 | 8,991 | ||||||
Inventory, Finished Goods, Net of Reserves | 69,874 | 54,673 | ||||||
Total inventories | $ 190,465 | $ 214,237 | $ 195,394 | $ 168,161 | $ 154,221 | $ 190,689 | $ 192,670 | $ 190,105 |
Certain Balance Sheet Compone64
Certain Balance Sheet Components Consigned Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Inventory, Gross [Abstract] | ||
Consigned Inventory | $ 2.6 | $ 2.5 |
Certain Balance Sheet Compone65
Certain Balance Sheet Components Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||||||||
Machinery and equipment | $ 289,015 | $ 287,448 | ||||||
Computers and Software, Gross | 104,310 | 100,212 | ||||||
Buildings, furniture, and improvements | 127,531 | 134,461 | ||||||
Land | 19,882 | 21,759 | ||||||
Construction in progress, including purchased equipment | 32,639 | 20,583 | ||||||
Total cost | 573,377 | 564,463 | ||||||
Accumulated depreciation | (383,121) | (357,311) | ||||||
Property, plant, and equipment, net | $ 190,256 | $ 190,699 | $ 194,756 | $ 192,064 | $ 207,152 | $ 221,141 | $ 233,571 | $ 236,045 |
Certain Balance Sheet Compone66
Certain Balance Sheet Components Depreciation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Depreciation expense [Line Items] | |||
Depreciation expense | $ 44,320 | $ 54,435 | $ 57,227 |
Intangible Assets Gross Carryin
Intangible Assets Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-Lived Intangible Assets, Gross | $ 702,507 | $ 748,148 | |||||||
Accumulated Amortization | (600,575) | (608,239) | |||||||
Intangible assets, net | 101,932 | $ 111,767 | $ 117,136 | $ 122,431 | 139,909 | $ 155,432 | $ 172,927 | $ 184,052 | |
Net | 101,932 | 139,909 | |||||||
Intangible Assets, Gross (Excluding Goodwill) | 702,507 | 748,148 | $ 804,281 | ||||||
Core-developed technology [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-Lived Intangible Assets, Gross | 388,981 | 405,434 | |||||||
Accumulated Amortization | (358,092) | (359,500) | |||||||
Net | 30,889 | 45,934 | |||||||
Customer contracts and relationships [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-Lived Intangible Assets, Gross | 238,379 | 262,930 | |||||||
Accumulated Amortization | (168,885) | (172,755) | |||||||
Net | 69,494 | 90,175 | |||||||
Trademarks and Trade Names [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-Lived Intangible Assets, Gross | 64,069 | 68,205 | |||||||
Accumulated Amortization | (62,571) | (64,905) | |||||||
Net | 1,498 | 3,300 | |||||||
Other [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||
Finite-Lived Intangible Assets, Gross | 11,078 | 11,579 | |||||||
Accumulated Amortization | (11,027) | (11,079) | |||||||
Net | $ 51 | $ 500 |
Intangible Assets Summary of In
Intangible Assets Summary of Intangible Asset Account Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Beginning balance, intangible assets, gross | $ 748,148 | $ 804,281 |
Intangible assets acquired | 4,827 | 1,453 |
Impairment of Intangible Assets, Finite-lived | 497 | 0 |
Effect of change in exchange rates | (49,971) | (57,586) |
Ending balance, intangible assets, gross | $ 702,507 | $ 748,148 |
Intangible Assets Schedule of A
Intangible Assets Schedule of Acquired Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 4,827 | $ 1,453 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 10 months 20 days | |
Core Developed Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 4,378 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 1 day | |
Customer Contracts And Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 337 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 1 day | |
Trademarks and Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 56 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years 1 day | |
Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 56 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years 1 day |
Intangible Assets Amortization
Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Amortization of Intangible Assets | $ 7,869 | $ 7,888 | $ 7,973 | $ 10,917 | $ 11,109 | $ 11,070 | $ 15,861 | $ 22,179 | $ 23,730 | $ 33,096 | $ 31,673 | $ 43,619 | $ 42,019 |
Intangible Assets Estimated Fut
Intangible Assets Estimated Future Annual Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
2,016 | $ 25,240 | |
2,017 | 18,749 | |
2,018 | 13,068 | |
2,019 | 10,281 | |
2,020 | 8,388 | |
Beyond 2,020 | 26,206 | |
Total intangible assets subject to amortization | $ 101,932 | $ 139,909 |
Intangible Assets Intangible As
Intangible Assets Intangible Assets Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 10 months 20 days | |
Finite-lived Intangible Assets Acquired | $ 4,827 | $ 1,453 |
Finite-Lived Intangible Assets, Gross | 702,507 | 748,148 |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 388,981 | 405,434 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 238,379 | $ 262,930 |
Goodwill Schedule of Goodwill73
Goodwill Schedule of Goodwill Allocated to Reporting Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||||||||||||
Goodwill beginning balance | $ 471,648 | $ 462,718 | $ 500,820 | $ 541,539 | $ 546,437 | $ 547,604 | $ 500,820 | $ 547,604 | $ 500,820 | $ 547,604 | $ 500,820 | $ 547,604 | |
Goodwill acquired | 4,684 | ||||||||||||
Goodwill impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ (174,226) |
Effect of change in exchange rates | (37,382) | (46,784) | |||||||||||
Goodwill before impairment | 1,096,660 | 1,191,808 | 1,318,271 | ||||||||||
Accumulated impairment losses | (628,538) | (690,988) | (770,667) | ||||||||||
Goodwill ending balance | $ 475,410 | $ 471,648 | 462,718 | $ 515,641 | $ 541,539 | 546,437 | 471,648 | 541,539 | 475,410 | 515,641 | 468,122 | 500,820 | 547,604 |
Electricity Operating Segment [Member] | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill beginning balance | 55,687 | 59,258 | 55,687 | 59,258 | 55,687 | 59,258 | 55,687 | 59,258 | |||||
Goodwill acquired | 0 | ||||||||||||
Goodwill impairment | (174,200) | ||||||||||||
Effect of change in exchange rates | (2,954) | (3,571) | |||||||||||
Goodwill before impairment | 414,910 | 449,668 | 493,610 | ||||||||||
Accumulated impairment losses | (362,177) | (393,981) | (434,352) | ||||||||||
Goodwill ending balance | 52,733 | 55,687 | 59,258 | ||||||||||
Gas Operating Segment [Member] | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill beginning balance | 359,485 | 394,878 | 359,485 | 394,878 | 359,485 | 394,878 | 359,485 | 394,878 | |||||
Goodwill acquired | 0 | ||||||||||||
Effect of change in exchange rates | (28,049) | (35,393) | |||||||||||
Goodwill before impairment | 331,436 | 359,485 | 394,878 | ||||||||||
Accumulated impairment losses | 0 | 0 | 0 | ||||||||||
Goodwill ending balance | 331,436 | 359,485 | 394,878 | ||||||||||
Water Operating Segment [Member] | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill beginning balance | $ 85,648 | $ 93,468 | $ 85,648 | $ 93,468 | $ 85,648 | $ 93,468 | 85,648 | 93,468 | |||||
Goodwill acquired | 4,684 | ||||||||||||
Effect of change in exchange rates | (6,379) | (7,820) | |||||||||||
Goodwill before impairment | 350,314 | 382,655 | 429,783 | ||||||||||
Accumulated impairment losses | (266,361) | (297,007) | (336,315) | ||||||||||
Goodwill ending balance | $ 83,953 | $ 85,648 | $ 93,468 |
Goodwill Narrative (Details)
Goodwill Narrative (Details) - USD ($) $ in Thousands | Aug. 26, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 0 | $ 0 | $ 0 | $ 0 | $ 5,754 | $ 0 | $ 5,754 | $ 0 | $ 860 | |||||
Cash Acquired from Acquisition | $ 1,395 | $ 1,395 | ||||||||||||
Business acquisition, percentage acquired | 100.00% | 100.00% | ||||||||||||
Goodwill impairment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | (174,226) | |
Estimated working capital adjustment | 905 | |||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 3,122 | |||||||||||||
Business Combination, Consideration Transferred | $ 9,781 | |||||||||||||
Electricity Operating Segment [Member] | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill impairment | $ (174,200) |
Debt Schedule of Debt (Details)
Debt Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Debt Instrument [Line Items] | ||||||||
Total debt | $ 371,212 | |||||||
Current portion of debt | 11,250 | $ 11,250 | $ 11,250 | $ 30,000 | $ 30,000 | $ 30,000 | $ 30,000 | $ 28,125 |
Long-term debt | 359,962 | $ 369,457 | $ 361,708 | $ 331,310 | 293,969 | $ 280,000 | $ 297,500 | $ 320,000 |
USD Denominated Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loans Payable to Bank | 219,375 | 232,500 | ||||||
Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Line of Credit | 151,837 | 91,469 | ||||||
Secured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 371,212 | 323,969 | ||||||
Current portion of debt | 11,250 | 30,000 | ||||||
Long-term debt | $ 359,962 | $ 293,969 |
Debt Schedule of Long-Term Debt
Debt Schedule of Long-Term Debt Maturities (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 11,250 |
2,017 | 14,063 |
2,018 | 19,687 |
2,019 | 22,500 |
2,020 | 303,712 |
Total minimum payments on debt | $ 371,212 |
Debt Schedule of Long-Term De77
Debt Schedule of Long-Term Debt Repayments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||||||||
Repayments of Long-term Debt | $ 22,373 | $ 30,625 | $ 22,373 | $ 51,250 | $ 30,186 | $ 68,750 | $ 62,998 | $ 102,438 | $ 73,750 |
USD Denominated Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Long-term Debt | 13,125 | 26,250 | 18,750 | ||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Long-term Debt | 49,873 | 76,188 | 55,000 | ||||||
Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Long-term Debt | $ 62,998 | $ 102,438 | $ 73,750 |
Debt Schedule of Unamortized Pr
Debt Schedule of Unamortized Prepaid Debt Fees (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Write off of Deferred Debt Issuance Cost | $ 821,000 | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized prepaid debt fees | $ 4,175,000 | $ 2,298,000 |
Debt Credit Facility Additional
Debt Credit Facility Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 725,000,000 | |||
Line of credit facility, maximum borrowing capacity | 500,000,000 | |||
Standby Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 300,000,000 | |||
Letters of Credit Outstanding, Amount | 46,600,000 | |||
Line of credit facility, remaining borrowing capacity | 253,400,000 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 50,000,000 | |||
Multicurrency revolving line of credit | 0 | |||
USD Denominated Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 225,000,000 | |||
Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Issuance Cost | 3,900,000 | |||
Multicurrency revolving line of credit | 151,837,000 | $ 91,469,000 | ||
Line of credit facility, remaining borrowing capacity | [1] | $ 301,589,000 | 518,132,000 | |
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Collateral | All obligations under the 2015 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, including 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 their first-tier foreign subsidiaries. In addition, the obligations of any foreign subsidiary who is a foreign borrower, as defined by the 2015 credit facility, are guaranteed by the foreign subsidiary and by its direct and indirect foreign parents. | |||
Scheduled Quarterly Repayments September 2015 through June 2017 [Domain] | USD Denominated Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Secured Debt | $ 2,800,000 | |||
Scheduled Quarterly Repayments September 2017 through June 2018 [Domain] | USD Denominated Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Secured Debt | 4,200,000 | |||
Scheduled Quarterly Repayments September 2018 through March 2020 [Domain] | USD Denominated Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Secured Debt | 5,600,000 | |||
Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Lines of Credit | $ 113,500,000 | $ 47,700,000 | $ 35,000,000 | |
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.175% | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | the LIBOR rate | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Debt Instrument, Interest Rate at Period End | 2.18% | |||
EURIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | EURIBOR rate | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Debt Instrument, Interest Rate at Period End | 1.75% | |||
Alternate base rate (1) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | the prime rate | |||
Alternate base rate (2) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | the Federal Reserve effective rate | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Alternate base rate (3) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | one month LIBOR | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
[1] | Refer to Note 7 for details regarding our secured credit facilities. |
Derivative Financial Instrume80
Derivative Financial Instruments Derivative and Nonderivative Hedging Instrument Fair Value Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Asset Derivatives [Abstract] | ||
Derivative Asset | $ 3,082 | $ 182 |
Liability Derivatives [Abstract] | ||
Derivative Liability | 967 | 1,553 |
Other Current Liabilities [Member] | Interest Rate Swap [Member] | ||
Liability Derivatives [Abstract] | ||
Derivative Liability, Current | 868 | 1,317 |
Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Interest Rate Cap [Member] | ||
Asset Derivatives [Abstract] | ||
Derivative Asset, Noncurrent | 1,423 | 0 |
Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | Interest Rate Swap [Member] | ||
Asset Derivatives [Abstract] | ||
Derivative Asset, Noncurrent | 1,632 | 75 |
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Asset Derivatives [Abstract] | ||
Foreign exchange forward contracts | 27 | 107 |
Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Liability Derivatives [Abstract] | ||
Foreign exchange forward contracts | $ 99 | $ 236 |
Derivative Financial Instrume81
Derivative Financial Instruments Effect of Net Investment Hedge Nonderivative Financial Instrument on OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 200,607 | $ 135,060 | $ 193,920 | $ 180,616 | $ 194,989 | $ 80,636 | $ 32,245 | $ 24,258 | ||
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges | 76 | (566) | $ 2 | |||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (1,010) | (1,054) | (431) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (200,607) | (135,060) | $ (193,920) | $ (180,616) | $ (194,989) | $ (80,636) | $ (32,245) | $ (24,258) | ||
Accumulated Other Comprehensive Income, Net Unrealized Gain (Loss) on Nonderivative Instruments [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 14,380 | 14,380 | 14,380 | $ 14,380 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (14,380) | (14,380) | (14,380) | (14,380) | ||||||
Accumulated Net Gain (Loss) from Derivative and Nonderivative Instruments Designated as Hedging Instruments [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 14,062 | 15,148 | 15,636 | 16,069 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (14,062) | $ (15,148) | $ (15,636) | $ (16,069) |
Derivative Financial Instrume82
Derivative Financial Instruments Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Derivative Asset | $ 3,082 | $ 182 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 565 | 182 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ 2,517 | $ 0 |
Derivative Financial Instrume83
Derivative Financial Instruments Offsetting of Derivative Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Liabilities [Line Items] | ||
Derivative Liability | $ 967 | $ 1,553 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 565 | 182 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 402 | $ 1,371 |
Derivative Financial Instrume84
Derivative Financial Instruments Derivative Financial Instruments Narrative (Details) | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)contracts | Dec. 31, 2014USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Derivative [Line Items] | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (200,607,000) | $ (135,060,000) | $ (193,920,000) | $ (180,616,000) | $ (194,989,000) | $ (80,636,000) | $ (32,245,000) | $ (24,258,000) | ||
Long-term Debt | $ 371,212,000 | |||||||||
Forward Contracts [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Description of Derivative Activity Volume | 516 | |||||||||
Secured Debt [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Long-term Debt | $ 371,212,000 | 323,969,000 | ||||||||
Interest Rate Swap [Member] | 2011 Credit Facility USD Term Loan Interest Rate Swaps [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Number of Interest Rate Derivatives Held | contracts | 6 | |||||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 500,000 | |||||||||
Derivative, Notional Amount | $ 200,000,000 | |||||||||
Derivative, Fixed Interest Rate | 1.00% | |||||||||
Interest Rate Swap [Member] | 2015 Credit Facility USD Term Loan Interest Rate Swaps [Member] [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 300,000 | |||||||||
Derivative, Notional Amount | $ 214,000,000 | |||||||||
Derivative, Fixed Interest Rate | 1.42% | |||||||||
Interest Rate Cap [Member] | 2015 Credit Facility USD Term Loan Interest Rate Swaps [Member] [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Cap Interest Rate | 2.00% | |||||||||
Derivative, Notional Amount | $ 100,000,000 | |||||||||
Derivative Purchase Price | 1,700,000 | |||||||||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Minimum [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | 118,000 | |||||||||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Maximum [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Derivative, Notional Amount | 23,400,000 | |||||||||
Accumulated Other Comprehensive Income, Net Unrealized Gain (Loss) on Nonderivative Instruments [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (14,380,000) | $ (14,380,000) | $ (14,380,000) | $ (14,380,000) | ||||||
Number of Counterparties [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Description of Derivative Activity Volume | nine | eight | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Long-term Debt | $ 314,400,000 |
Derivative Financial Instrume85
Derivative Financial Instruments Effect of Cash Flow Derivatives on the Balance Sheet and Income Statement, Before Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Rate Swap Contracts [Abstract] | |||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ (1,639) | $ (1,704) | $ (697) |
Interest Rate Swap [Member] | |||
Interest Rate Swap Contracts [Abstract] | |||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 367 | (915) | (3) |
Interest Rate Swap [Member] | Interest Expense [Member] | |||
Interest Rate Swap Contracts [Abstract] | |||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (1,639) | (1,704) | 697 |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | 0 | 0 | 0 |
Interest Rate Cap [Member] | |||
Interest Rate Swap Contracts [Abstract] | |||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (244) | 0 | 0 |
Interest Rate Cap [Member] | Interest Expense [Member] | |||
Interest Rate Swap Contracts [Abstract] | |||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 0 | 0 | 0 |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | $ 0 | $ 0 | $ 0 |
Derivative Financial Instrume86
Derivative Financial Instruments Derivatives Not Designated as Hedging Relationships (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income (Expense) [Member] | |||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | |||
Foreign exchange forward contracts | $ (3,145) | $ (5,248) | $ (145) |
Defined Benefit Pension Plans C
Defined Benefit Pension Plans Change in Benefit Obligation and Plan Assets (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Service cost | $ 4,572,000 | $ 3,559,000 | $ 4,205,000 | |
Interest cost | 2,380,000 | 3,476,000 | 3,355,000 | |
Fair value of plan assets at January 1, | 10,761,000 | |||
Fair value of plan assets at December 31, | 9,662,000 | 10,761,000 | ||
Net pension plan benefit liability at fair value | 89,105,000 | 105,417,000 | ||
Defined Benefit Obligations [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at January 1, | 116,178,000 | 102,662,000 | ||
Service cost | 4,572,000 | 3,559,000 | ||
Interest cost | 2,380,000 | 3,476,000 | ||
Actuarial (gain) loss | (5,211,000) | (25,838,000) | ||
Benefits paid | (4,382,000) | (5,519,000) | ||
Foreign currency exchange rate changes | (12,190,000) | (13,921,000) | ||
Defined Benefit Plan, Other Changes | [1] | (2,580,000) | 83,000 | |
Benefit obligation at December 31, | 98,767,000 | 116,178,000 | 102,662,000 | |
Fair Value of Plan Assets [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefits paid | (308,000) | (433,000) | ||
Fair value of plan assets at January 1, | 10,761,000 | 11,680,000 | ||
Actual return on plan assets | 159,000 | 494,000 | ||
Company contributions | 671,000 | 375,000 | ||
Foreign currency exchange rate changes | (1,621,000) | (1,355,000) | ||
Fair value of plan assets at December 31, | 9,662,000 | 10,761,000 | $ 11,680,000 | |
Net pension plan benefit liability at fair value | $ 89,105,000 | $ 105,417,000 | ||
[1] | Includes impact of curtailments driven by our restructuring activities. |
Defined Benefit Pension Plans S
Defined Benefit Pension Plans Schedule of Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Schedule of Amounts Recognized in the Consolidated Balance Sheets [Line Items] | ||||||||
Plan Assets in Other Long Term Assets | $ (359) | $ (567) | ||||||
Current Portion of Pension Plan Liability in Wages and Benefits Payable | 3,493 | 4,122 | ||||||
Long-term portion of pension plan liability | 85,971 | $ 94,100 | $ 93,918 | $ 91,652 | 101,862 | $ 82,529 | $ 87,988 | $ 89,498 |
Net Pension Plan Benefit Liability | $ (89,105) | $ (105,417) |
Defined Benefit Pension Plans89
Defined Benefit Pension Plans Schedule of Net Periodic Benefit Cost Not yet Recognized (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 24,687 | $ 38,462 |
Net prior service cost | 706 | 1,203 |
Amount included in accumulated other comprehensive income | $ 25,393 | $ 39,665 |
Defined Benefit Pension Plans90
Defined Benefit Pension Plans Schedule of Amounts Recognized in Other Comprehensive Income (loss), pre-tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial (gain) loss | $ (6,894) | $ 25,838 | $ (5,881) |
Settlement/ curtailment loss | (336) | (55) | (325) |
Plan asset (gain) loss | 343 | 129 | 516 |
Amortization of net actuarial gain (loss) | (1,979) | (572) | (926) |
Amortization of prior service cost | (59) | (138) | (70) |
Other | (46) | 68 | (658) |
Other comprehensive (income) loss | $ (8,971) | $ 25,270 | $ (7,344) |
Defined Benefit Pension Plans91
Defined Benefit Pension Plans Schedule of Net Periodic Pension Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 4,572 | $ 3,559 | $ 4,205 |
Interest cost | 2,380 | 3,476 | 3,355 |
Expected Return on Plan Assets | (502) | (619) | (635) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 59 | 138 | 70 |
Amortization of actuarial net (gains) loss | 1,979 | 572 | 926 |
Defined Benefit Plan, Settlement and Other Benefit Costs | 420 | 55 | (493) |
Net Periodic Benefit Cost | $ 8,908 | $ 7,181 | $ 7,428 |
Defined Benefit Pension Plans92
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.59% | 2.36% | 3.76% |
Expected annual rate of compensation increase | 3.60% | 3.37% | 3.33% |
Discount rate | 2.36% | 3.76% | 3.36% |
Expected rate of return on plan assets | 5.45% | 5.40% | 3.63% |
Expected annual rate of compensation increase | 3.37% | 3.33% | 3.41% |
Defined Benefit Pension Plans93
Defined Benefit Pension Plans Schedule of Accumulated Benefit Obligation in Excess of the Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 95,814 | $ 114,150 |
Accumulated benefit obligation | 86,534 | 102,146 |
Fair value of plan assets | $ 6,502 | $ 8,166 |
Defined Benefit Pension Plans F
Defined Benefit Pension Plans Fair Values of Plan Investments by Asset Category (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 9,662 | $ 10,761 | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 795 | 726 | |
Guaranteed Insurance Contract, Type of Benefit [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,089 | 7,440 | |
Securities (Assets) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,778 | 2,595 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 795 | 726 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 795 | 726 | |
Fair Value, Inputs, Level 1 [Member] | Guaranteed Insurance Contract, Type of Benefit [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Securities (Assets) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8,867 | 10,035 | $ 10,834 |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Guaranteed Insurance Contract, Type of Benefit [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,089 | 7,440 | 8,260 |
Fair Value, Inputs, Level 3 [Member] | Securities (Assets) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,778 | $ 2,595 | $ 2,574 |
Defined Benefit Pension Plans L
Defined Benefit Pension Plans Level 3 Plan Asset Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 9,662 | $ 10,761 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8,867 | 10,035 | $ 10,834 |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 172 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | (1,551) | (1,343) | |
Defined Benefit Plan, Purchases, Sales, and Settlements | 290 | (81) | |
Defined Benefit Plan, Actual Return on Plan Assets | 93 | 453 | |
Guaranteed Insurance Contract, Type of Benefit [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,089 | 7,440 | |
Guaranteed Insurance Contract, Type of Benefit [Domain] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,089 | 7,440 | 8,260 |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | (772) | (978) | |
Defined Benefit Plan, Purchases, Sales, and Settlements | 372 | 25 | |
Defined Benefit Plan, Actual Return on Plan Assets | 49 | 133 | |
Securities (Assets) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,778 | 2,595 | |
Securities (Assets) [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,778 | 2,595 | $ 2,574 |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 172 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | (779) | (365) | |
Defined Benefit Plan, Purchases, Sales, and Settlements | (82) | (106) | |
Defined Benefit Plan, Actual Return on Plan Assets | $ 44 | $ 320 |
Defined Benefit Pension Plans E
Defined Benefit Pension Plans Expected Future Annual Benefit Payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 4,505 |
2,017 | 3,257 |
2,018 | 3,432 |
2,019 | 3,491 |
2,020 | 4,348 |
2021-2025 | $ 26,481 |
Defined Benefit Pension Plans97
Defined Benefit Pension Plans Defined Benefit Pension Plan Employer Contributions Additional Information (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated Future Employer Contributions in Next Fiscal Year | $ 403,000 |
Defined Benefit Pension Plans A
Defined Benefit Pension Plans Accumulated Benefit Obligation Additional Details (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | $ 1.4 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 89 | $ 104.1 |
Defined Benefit Pension Plans99
Defined Benefit Pension Plans Significant Actuarial Weighted Assumptions (Discount Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.59% | 2.36% | 3.76% |
Percentage of Benefit Plans Denominated in Euro [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of benefit plans denominated in euro | 94% | ||
Euro Denominated Benefit Plans [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | we use two discount rates, with consideration of the duration of the plans, using a hypothetical yield curve developed from euro-denominated AA-rated corporate bond issues, partially weighted for market value, with minimum amounts outstanding of €500 million for bonds with less than 10 years to maturity and €50 million for bonds with 10 or more years to maturity, and excluding the highest and lowest yielding 10% of bonds within each maturity group. | ||
Shorter duration euro denominated defined benefit plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 1.50% | ||
Longer duration euro denominated defined benefit plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.25% | ||
Defined Benefit Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Change in Discount Rate | 23 basis points | ||
Actuarial (gain) loss | $ 5,211 | $ 25,838 |
Stock-Based Compensation Expens
Stock-Based Compensation Expense and Related Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options | $ 2,648 | $ 2,333 | $ 2,074 | ||||||
Restricted stock units | 10,735 | 14,591 | 15,475 | ||||||
Unrestricted stock awards | 706 | 936 | 811 | ||||||
ESPP | 0 | 0 | 490 | ||||||
Total stock-based compensation | $ 4,108 | $ 4,584 | $ 7,997 | $ 9,454 | $ 10,879 | $ 13,306 | 14,089 | 17,860 | 18,850 |
Related tax benefit | $ 4,228 | $ 4,994 | $ 5,152 |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Option Black Scholes Option Pricing Model Assumptions (Details) - Employee Stock Option [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 34.30% | 39.30% | 38.10% |
Risk-free interest rate | 1.70% | 1.70% | 1.00% |
Expected term (years) | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Stock-Based Compensation Sto102
Stock-Based Compensation Stock Option Summary (Details) - Employee Stock Option [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($)shares$ / shares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2012USD ($)$ / sharesshares | ||
[Line Items] | |||||
Outstanding, beginning balance, Number | shares | 1,123 | 1,180 | 1,137 | ||
Outstanding, beginning balance, Weighted Average Exercise Price Per Share | $ 51.90 | $ 54.79 | $ 54.06 | ||
Outstanding, beginning balance, Aggregate Intrinsic Value | $ | [1] | $ 1,676 | $ 1,300 | $ 3,815 | |
Granted, Number | shares | 291 | 160 | 129 | ||
Granted, Weighted Average Exercise Price Per Share | $ 35.25 | $ 35.65 | $ 42.76 | ||
Granted, Weighted Average Grant Date Fair Value | $ 12.09 | $ 13.65 | $ 15.44 | ||
Exercised, Number | shares | (24) | (67) | (74) | ||
Exercised, Weighted Average Exercise Price Per Share | $ 36.05 | $ 28.03 | $ 23.87 | ||
Exercised, Aggregate Intrinsic Value | $ | [1] | $ 26 | $ 826 | $ 1,377 | |
Forfeited, Number | shares | (17) | (7) | |||
Forfeited, Weighted Average Exercise Price Per Share | $ 37.47 | $ 44.06 | |||
Expired, Number | shares | (193) | (143) | (12) | ||
Expired, Weighted Average Exercise Price Per Share | $ 52.17 | $ 68.97 | $ 49.04 | ||
Outstanding, ending balance, Number | shares | 1,180 | 1,123 | 1,180 | 1,137 | |
Outstanding, ending balance, Weighted Average Exercise Price Per Share | $ 48.31 | $ 51.90 | $ 54.79 | $ 54.06 | |
Outstanding, ending balance, Weighted Average Remaining Contractual Term | 5 years 7 months 30 days | 4 years 4 months 22 days | 4 years 7 months 23 days | 4 years 9 months 2 days | |
Outstanding, ending balance, Aggregate Intrinsic Value | $ | [1] | $ 405 | $ 1,676 | $ 1,300 | $ 3,815 |
Exercisable, Number | shares | 759 | ||||
Exercisable, Weighted Average Exercise Price Per Share | $ 55.15 | ||||
Exercisable, Weighted Average Remaining Contractual Term | 3 years 9 months 30 days | ||||
Exercisable, Aggregate Intrinsic Value | $ | [1] | $ 48 | |||
Share Based Compensation Arrangement By Share Based Payment Award Options Expected To Vest Number | shares | 407 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Options Expected To Vest Outstanding Weighted Average Exercise Price | $ 36.01 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Options Expected To Vest Weighted Average Remaining Contractual Term | 8 years 10 months 15 days | ||||
Share Based Compensation Arrangement By Share Based Payment Award Options Expected To Vest Aggregate Intrinsic Value | $ | [1] | $ 343 | |||
[1] | The aggregate intrinsic value of outstanding stock options represents amounts that would have been received by the optionees had all in- the-money options been exercised on that date. Specifically, it is the amount by which the market value of Itron’s stock exceeded the exercise price of the outstanding in-the-money options before applicable income taxes, based on our closing stock price on the last business day of the period. The aggregate intrinsic value of stock options exercised during the period is calculated based on our stock price at the date of exercise. |
Stock-Based Compensation Long-T
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average fair value | $ 35.09 | [1] | $ 35.74 | $ 42.51 |
Long Term Performance Restricted Stock Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend yield | 0.00% | 0.00% | 0.00% | |
Expected volatility | 30.10% | 32.30% | 39.10% | |
Risk-free interest rate | 0.70% | 0.40% | 0.30% | |
Expected term (years) | 2 years 1 month 10 days | 2 years 10 days | 2 years 6 months 10 days | |
Weighted-average fair value | $ 33.48 | $ 35.15 | $ 45.03 | |
[1] | Restricted stock units include 14,433 shares for the 2-year award under the 2013 Performance Award Agreement, which are eligible for distribution at December 31, 2014. |
Stock-Based Compensation Restri
Stock-Based Compensation Restricted Stock Units Summary (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Restricted Stock Units (RSUs) [Member] | |||||
[Line Items] | |||||
Outstanding, beginning balance, Number | 682,000 | 658,000 | 774,000 | ||
Granted, Number | 434,000 | [1] | 350,000 | 255,000 | |
Granted, Weighted Average Grant Date Fair Value | $ 35.09 | [1] | $ 35.74 | $ 42.51 | |
Forfeited, Number | (64,000) | (35,000) | (40,000) | ||
Outstanding, ending balance, Number | 756,000 | 682,000 | 658,000 | ||
Long Term Performance Restricted Stock Award [Member] | |||||
[Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 15,648 | 14,433 | |||
Vested and Released [Member] | Restricted Stock Units (RSUs) [Member] | |||||
[Line Items] | |||||
Issued, Number | (296,000) | (291,000) | (331,000) | ||
Released, Aggregate Intrinsic Value | [2] | $ 12,204 | $ 14,402 | $ 17,983 | |
Vested but Not Released [Member] | Restricted Stock Units (RSUs) [Member] | |||||
[Line Items] | |||||
Issued, Number | (21,000) | ||||
Vested but not released, Aggregate Intrinsic Value | [2] | $ 746 | |||
Expected to Vest [Member] | Restricted Stock Units (RSUs) [Member] | |||||
[Line Items] | |||||
Outstanding, ending balance, Number | 604,000 | ||||
Expected to vest, Aggregate Intrinsic Value | [2] | $ 21,860 | |||
[1] | Restricted stock units include 14,433 shares for the 2-year award under the 2013 Performance Award Agreement, which are eligible for distribution at December 31, 2014. | ||||
[2] | The aggregate intrinsic value is the market value of the stock, before applicable income taxes, based on the closing price on the stock release dates or at the end of the period for restricted stock units expected to vest. |
Stock-Based Compensation Unrest
Stock-Based Compensation Unrestricted Stock Awards Summary (Details) - Unrestricted Stock Award [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
[Line Items] | |||
Shares of unrestricted stock granted | 20 | 24 | 18 |
Weighted average grant date fair value per share | $ 35.01 | $ 39.06 | $ 44.12 |
Stock-Based Compensation Employ
Stock-Based Compensation Employee Stock Purchase Plan (Details) - Employee Stock [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
[Line Items] | ||||
Shares of stock sold to employees(1) | [1] | 54 | 61 | 94 |
Weighted average fair value per ESPP award(2) | [2] | $ 0 | $ 0 | $ 6.61 |
[1] | Stock sold to employees during each fiscal quarter under the ESPP is associated with the offering period ending on the last day of the previous fiscal quarter. | |||
[2] | Relating to awards associated with the offering periods during the years ended December 31. Effective October 1, 2013, the ESPP is no longer compensatory and therefore the 2013 weighted average fair value per award is for the nine months ended September 30, 2013. |
Stock-Based Compensation Narrat
Stock-Based Compensation Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | 27 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Employee Stock Option [Member] | ||||
[Line Items] | ||||
Award vesting rights | Options generally become exercisable in three equal annual installments beginning one year from the date of grant | |||
Unrecognized compensation expense | $ 3.4 | $ 3.4 | ||
Unrecognized compensation expense, Expected weighted average period for recognition | 2 years 2 months | |||
Stock Options Expiration Period | 10 years | |||
Restricted Stock Units (RSUs) [Member] | ||||
[Line Items] | ||||
Unrecognized compensation expense | $ 20.6 | $ 20.6 | ||
Unrecognized compensation expense, Expected weighted average period for recognition | 2 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Long Term Performance Restricted Stock Award [Member] | ||||
[Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Condition Vesting Range, Lower Range Limit | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Condition Vesting Range, Upper Range Limit | 160.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Market Condition Multiplier, Lower Range Limit | 75.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Market Condition Multiplier, Upper Range Limit | 125.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Possible Total Percentage of Shares Vested, Lower Range Limit | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Possible Total Percentage of Shares Vested, Upper Range Limit | 200.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 15,648 | 14,433 | ||
Employee Stock [Member] | ||||
[Line Items] | ||||
Number of shares available for future grant under the Stock Incentive Plan | 392,000 | 392,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 15.00% | 5.00% | ||
ESPP, maximum percentage of employee salary eligible for participation | 10.00% | 10.00% | ||
Stock Incentive Plan [Member] | ||||
[Line Items] | ||||
Number of shares authorized for issuance under the Stock Incentive Plan | 7,473,956 | 7,473,956 | ||
Number of shares available for future grant under the Stock Incentive Plan | 2,600,999 | 2,600,999 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Description | The Stock Incentive Plan shares are subject to a fungible share provision such that, with respect to grants made after December 31, 2009, the authorized share reserve is reduced by (i) one share for every one share subject to a stock option or share appreciation right granted under the Plan and (ii) 1.7 shares for every one share of common stock that was subject to an award other than an option or stock appreciation right. |
Defined Contribution Bonus a108
Defined Contribution Bonus and Profit Sharing Plans Schedule of Defined Contribution Plans Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Defined contribution plans expense | $ 6,579 | $ 7,097 | $ 7,099 |
Defined Contribution Bonus a109
Defined Contribution Bonus and Profit Sharing Plans Schedule of Bonus and Profit Sharing Plans Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Bonus and Profit Sharing Plans and Awards Expense | $ 14,192 | $ 34,989 | $ 18,602 |
Defined Contribution Bonus a110
Defined Contribution Bonus and Profit Sharing Plans Narrative (Details) - Employer Match Percentage [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Percentage of employer match into employee savings plan. | 50.00% |
Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% |
Income Taxes Schedule of Income
Income Taxes Schedule of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||||
Federal | $ 5,033 | $ 17,749 | $ (356) | ||||||||||
State and local | 1,633 | 775 | 1,044 | ||||||||||
Foreign | 13,945 | 20,269 | 22,153 | ||||||||||
Total current | 20,611 | 38,793 | 22,841 | ||||||||||
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||||
Federal | 3,951 | (82,186) | (14,830) | ||||||||||
State and local | (972) | (979) | (2,329) | ||||||||||
Foreign | (41,893) | (51,646) | (27,953) | ||||||||||
Total deferred | (38,914) | (134,811) | (45,112) | ||||||||||
Change in valuation allowance | 40,402 | 100,053 | 19,805 | ||||||||||
Total provision (benefit) for income taxes | $ 9,932 | $ 4,098 | $ 5,030 | $ 2,557 | $ 5,223 | $ 1,061 | $ 9,128 | $ 6,284 | $ 19,060 | $ 8,841 | $ 22,099 | $ 4,035 | $ (2,466) |
Income Taxes Schedule of Inc112
Income Taxes Schedule of Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (loss) before income taxes | |||||||||||||
Domestic | $ 115,526 | $ 86,605 | $ 20,583 | ||||||||||
Foreign | (78,424) | (104,870) | (173,983) | ||||||||||
Income (loss) before income taxes | $ 23,202 | $ (9,516) | $ 10,883 | $ 6,387 | $ 26,644 | $ 147 | $ 1,367 | $ 26,791 | $ 24,569 | $ 33,178 | 37,102 | (18,265) | (153,400) |
Expected federal income tax provision (benefit) | 12,986 | (6,393) | (53,690) | ||||||||||
Goodwill impairment | 0 | 119 | 49,730 | ||||||||||
Change in valuation allowance | 40,402 | 100,053 | 19,805 | ||||||||||
Stock-based compensation | 939 | 1,255 | 1,598 | ||||||||||
Foreign earnings | (33,364) | (31,544) | (14,015) | ||||||||||
Tax credits | (5,257) | (91,148) | (10,352) | ||||||||||
Uncertain tax positions, including interest and penalties | 4,274 | 1,519 | 815 | ||||||||||
Change in tax rates | 312 | (20) | 1,442 | ||||||||||
State income tax provision (benefit), net of federal effect | (14) | (1,235) | (2,193) | ||||||||||
U.S. tax provision on foreign earnings | 203 | 31,309 | (245) | ||||||||||
Domestic production activities deduction | (1,100) | (2,312) | (146) | ||||||||||
Local foreign taxes | 1,450 | 2,295 | 3,212 | ||||||||||
Other, net | 1,268 | 137 | 1,573 | ||||||||||
Total provision (benefit) for income taxes | $ 9,932 | $ 4,098 | $ 5,030 | $ 2,557 | $ 5,223 | $ 1,061 | $ 9,128 | $ 6,284 | $ 19,060 | $ 8,841 | $ 22,099 | $ 4,035 | $ (2,466) |
Income Taxes Schedule of Deferr
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | ||
Deferred tax assets | ||||
Loss carryforwards | $ 190,545 | [1] | $ 188,607 | |
Tax Credit Carryforward, Amount | 52,131 | [2] | 81,903 | |
Accrued expenses | 33,546 | 54,393 | ||
Pension plan benefits expense | 16,232 | 19,679 | ||
Warranty reserves | 25,129 | 19,141 | ||
Depreciation and amortization | 21,499 | 19,111 | ||
Equity compensation | 9,303 | 10,039 | ||
Inventory valuation | 4,068 | 4,420 | ||
Deferred tax asset, deferred revenue | 9,097 | 7,506 | ||
Deferred Tax Assets, Unrealized Currency Losses | 291 | 0 | ||
Other deferred tax assets, net | 11,770 | 8,801 | ||
Total deferred tax assets | 373,611 | 413,600 | ||
Valuation allowance | (235,339) | (257,728) | ||
Total deferred tax assets, net of valuation allowance | 138,272 | 155,872 | ||
Deferred tax liabilities | ||||
Depreciation and amortization | (27,000) | (37,061) | ||
Tax effect of accumulated translation | 0 | (568) | ||
Other deferred tax liabilities, net | (3,608) | (2,299) | ||
Total deferred tax liabilities | (30,608) | (39,928) | ||
Net deferred tax assets | 107,664 | $ 115,944 | ||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 21,900 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 2,500 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 48,000 | |||
Tax Credit Carryforward, Valuation Allowance | 31,700 | |||
U.S. federal | ||||
Deferred tax liabilities | ||||
Loss carryforwards by Jurisdiction | [1] | 16,500 | ||
LUXEMBOURG | ||||
Deferred tax liabilities | ||||
Loss carryforwards by Jurisdiction | [1] | $ 464,500 | ||
[1] | For tax return purposes at December 31, 2015, we had U.S. federal loss carryforwards of $16.5 million that expire during the years 2020 and 2021. At December 31, 2015, we have net operating loss carryforwards in Luxembourg of $464.5 million that 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 foreign jurisdictions. The majority of these losses can be carried forward indefinitely. At December 31, 2015, there was a valuation allowance of $235.3 million primarily associated with foreign loss carryforwards and foreign tax credit carryforwards (discussed below). | |||
[2] | For tax return purposes at December 31, 2015, we had: (1) U.S. general business credits of $21.9 million, which begin to expire in 2022; (2) U.S. alternative minimum tax credits of $2.5 million that can be carried forward indefinitely; and (3) U.S. foreign tax credits of $48.0 million, which begin to expire in 2024. At December 31, 2015, there was a valuation allowance of $31.7 million associated with foreign tax credit carryforward. |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | $ 28,146 | $ 28,615 | $ 26,433 |
Gross increase to positions in prior years | 6,461 | 2,749 | 2,154 |
Gross decrease to positions in prior years | (2,512) | (1,641) | (536) |
Gross increases to current period tax positions | 25,741 | 3,008 | 1,670 |
Audit settlements | 0 | 0 | 0 |
Decrease related to lapsing of statute of limitations | (908) | (1,715) | (817) |
Effect of change in exchange rates | (2,048) | (2,870) | (289) |
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate | 53,602 | 26,980 | 27,694 |
Net interest and penalties expense (benefit) | (880) | (469) | 1,443 |
Accrued interest | 2,105 | 1,755 | |
Accrued penalties | 2,577 | 2,671 | |
Unrecognized tax benefits | $ 54,880 | $ 28,146 | $ 28,615 |
Income Taxes Income Tax Examina
Income Taxes Income Tax Examination by Jurisdiction (Details) | 12 Months Ended |
Dec. 31, 2015 | |
U.S. federal | |
Income Tax Examination [Line Items] | |
Earliest year subject to examination by major tax jurisdiction | 2,000 |
FRANCE | |
Income Tax Examination [Line Items] | |
Earliest year subject to examination by major tax jurisdiction | 2,010 |
GERMANY | |
Income Tax Examination [Line Items] | |
Earliest year subject to examination by major tax jurisdiction | 2,011 |
BRAZIL | |
Income Tax Examination [Line Items] | |
Earliest year subject to examination by major tax jurisdiction | 2,010 |
UNITED KINGDOM | |
Income Tax Examination [Line Items] | |
Earliest year subject to examination by major tax jurisdiction | 2,013 |
ITALY | |
Income Tax Examination [Line Items] | |
Earliest year subject to examination by major tax jurisdiction | 2,008 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Percent | 59.60% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |
Deferred Tax Assets, Valuation Allowance | $ 235,339 | $ 257,728 |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 2,500 | |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 48,000 | |
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 21,900 | |
Excess tax benefits from employee stock plan exercises | 55,200 | |
Tax effect of excess benefits from employee stock plan exercises, which will increase our common stock when it reduces our cash taxes payable, and which is not recognized in our deferred tax assets | 20,300 | |
Undistributed Earnings of Foreign Subsidiaries and Foreign Corporate Joint Ventures [Member] | ||
Undistributed Earnings of Foreign Subsidiaries | $ 26,600 | $ 31,400 |
Commitments and Contingencies R
Commitments and Contingencies Rental Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long-term Purchase Commitment [Line Items] | |||
Rental expense | $ 15,524 | $ 19,178 | $ 18,662 |
Commitments and Contingencies F
Commitments and Contingencies Future Minimum Lease Payment Schedule (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Long-term Purchase Commitment [Line Items] | |
2,016 | $ 10,396 |
2,017 | 8,600 |
2,018 | 7,917 |
2,019 | 5,402 |
2,020 | 2,605 |
Beyond 2,020 | 1,156 |
Future minimum lease payments | $ 36,076 |
Commitments and Contingencies A
Commitments and Contingencies Available Lines of Credit, Outstanding Standby Letter of Credits, and Bonds (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||
Multicurrency revolving line of credit | $ 500,000 | ||
Line of Credit Facility, Remaining capacity to support letters of credit | [1] | 253,426 | |
Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Multicurrency revolving line of credit | [1] | 500,000 | $ 660,000 |
Long-term borrowings | [1] | (151,837) | (91,469) |
Standby LOCs issued and outstanding | [1] | (46,574) | (50,399) |
Net available for additional borrowings and LOCs | [1] | 449,601 | |
Unsecured Multicurrency Revolving Lines of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Multicurrency revolving line of credit | 97,989 | 106,855 | |
Standby LOCs issued and outstanding | (31,122) | (28,636) | |
Short-term borrowings(2) | [2] | (3,884) | (4,282) |
Net available for additional borrowings and LOCs | 62,983 | 73,937 | |
Surety Bond [Member] | |||
Line of Credit Facility [Line Items] | |||
Unsecured surety bonds in force | 87,558 | 116,306 | |
Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-term borrowings | (151,837) | (91,469) | |
Net available for additional borrowings and LOCs | [1] | $ 301,589 | $ 518,132 |
[1] | Refer to Note 7 for details regarding our secured credit facilities. | ||
[2] | Short-term borrowings are included in “Other current liabilities” on the Consolidated Balance Sheets. |
Commitments and Contingencies W
Commitments and Contingencies Warranty Account Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
WarrantiesActivity [Line Items] | |||
Beginning balance | $ 36,548 | $ 46,160 | |
New product warranties | 8,380 | 6,441 | |
Other changes/adjustments to warranties | 37,604 | 2,797 | |
Claims activity | (25,955) | (16,568) | |
Effect of change in exchange rates | (2,065) | (2,282) | |
Ending balance | 54,512 | 36,548 | $ 46,160 |
Less: current portion of warranty | 36,927 | 21,145 | |
Long-term warranty | 17,585 | 15,403 | |
Warranty Expense | $ 45,984 | $ 9,238 | $ 16,910 |
Commitments and Contingencies E
Commitments and Contingencies Extended Warranty (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Beginning balance | $ 134,100 | |||||||
Ending balance | 139,500 | $ 134,100 | ||||||
Less: current portion of unearned revenue for extended warranty | 73,301 | 67,009 | $ 67,613 | $ 74,524 | $ 77,693 | $ 71,364 | $ 68,044 | $ 63,539 |
Extended Warranty [Member] | ||||||||
Beginning balance | 34,138 | 33,528 | ||||||
Unearned revenue for new extended warranties | 2,792 | 3,529 | ||||||
Unearned revenue recognized | (2,832) | (2,655) | ||||||
Effect of change in exchange rates | (444) | (264) | ||||||
Ending balance | 33,654 | 34,138 | ||||||
Less: current portion of unearned revenue for extended warranty | 3,565 | 2,759 | ||||||
Long-term unearned revenue for extended warranty within Other long-term obligations | $ 30,089 | $ 31,379 |
Commitments and Contingencies H
Commitments and Contingencies Health Benefit Plan Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Plan costs | $ 25,355 | $ 23,206 | $ 22,324 |
Commitments and Contingencies I
Commitments and Contingencies Incurred But Not Reported Health Benefit Cost Accrual (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
IBNR accrual | $ 2,051 | $ 1,924 |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Product Warranty Expense, Change | $ 36.7 |
Warranty charge | $ 29.4 |
Restructuring Expected Costs, C
Restructuring Expected Costs, Cost Recognized, and Remaining Costs to be Recognized - 2014 Projects (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring Charges | $ 587 | $ (4,234) | $ (5,181) | $ 57 | $ (8,657) | $ 6,383 | $ (9,415) | $ (2,274) | $ (8,828) | $ (2,217) | $ (7,263) | $ 49,482 | $ 36,347 | |
Employee severance costs | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring Charges | (12,151) | |||||||||||||
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring Charges | 976 | |||||||||||||
Other restructuring costs | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring Charges | 3,912 | |||||||||||||
2014 Project [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and Related Cost, Expected Cost | 50,236 | |||||||||||||
Restructuring Charges | $ 54,400 | (7,263) | 54,445 | |||||||||||
Restructuring and Related Cost, Expected Cost Remaining | 3,054 | |||||||||||||
2014 Project [Member] | Electricity Operating Segment [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and Related Cost, Expected Cost | 24,615 | |||||||||||||
Restructuring Charges | (7,253) | 28,996 | ||||||||||||
Restructuring and Related Cost, Expected Cost Remaining | 2,872 | |||||||||||||
2014 Project [Member] | Gas Operating Segment [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and Related Cost, Expected Cost | 11,936 | |||||||||||||
Restructuring Charges | (287) | 12,142 | ||||||||||||
Restructuring and Related Cost, Expected Cost Remaining | 81 | |||||||||||||
2014 Project [Member] | Water Operating Segment [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and Related Cost, Expected Cost | 1,953 | |||||||||||||
Restructuring Charges | 778 | 1,162 | ||||||||||||
Restructuring and Related Cost, Expected Cost Remaining | 13 | |||||||||||||
2014 Project [Member] | Corporate, Non-Segment [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and Related Cost, Expected Cost | 11,732 | |||||||||||||
Restructuring Charges | (501) | 12,145 | ||||||||||||
Restructuring and Related Cost, Expected Cost Remaining | 88 | |||||||||||||
2014 Project [Member] | Employee severance costs | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and Related Cost, Expected Cost | 34,373 | |||||||||||||
Restructuring Charges | (12,151) | 46,524 | ||||||||||||
Restructuring and Related Cost, Expected Cost Remaining | 0 | |||||||||||||
2014 Project [Member] | Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and Related Cost, Expected Cost | 8,880 | |||||||||||||
Restructuring Charges | 976 | 7,904 | ||||||||||||
Restructuring and Related Cost, Expected Cost Remaining | 0 | |||||||||||||
2014 Project [Member] | Other restructuring costs | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring and Related Cost, Expected Cost | 6,983 | |||||||||||||
Restructuring Charges | 3,912 | $ 17 | ||||||||||||
Restructuring and Related Cost, Expected Cost Remaining | $ 3,054 |
Restructuring Related Balance S
Restructuring Related Balance Sheet Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring Reserve - Beginning Balance | $ 61,929 | $ 61,929 | $ 61,929 | $ 61,929 | |||||||||
Costs incurred (released) and charged to expense | $ 587 | $ (4,234) | (5,181) | $ 57 | $ (8,657) | $ 6,383 | (9,415) | $ (2,274) | (8,828) | $ (2,217) | (7,263) | $ 49,482 | $ 36,347 |
Cash payments | (18,764) | ||||||||||||
Non-cash items | 976 | ||||||||||||
Effect of change in exchange rates | (5,345) | ||||||||||||
Restructuring Reserve - Ending Balance | 29,581 | 61,929 | |||||||||||
Employee severance costs | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring Reserve - Beginning Balance | 58,403 | 58,403 | 58,403 | 58,403 | |||||||||
Costs incurred (released) and charged to expense | (12,151) | ||||||||||||
Cash payments | (14,570) | ||||||||||||
Non-cash items | 0 | ||||||||||||
Effect of change in exchange rates | (5,149) | ||||||||||||
Restructuring Reserve - Ending Balance | 26,533 | 58,403 | |||||||||||
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring Reserve - Beginning Balance | 0 | 0 | 0 | 0 | |||||||||
Costs incurred (released) and charged to expense | 976 | ||||||||||||
Cash payments | 0 | ||||||||||||
Non-cash items | 976 | ||||||||||||
Effect of change in exchange rates | 0 | ||||||||||||
Restructuring Reserve - Ending Balance | 0 | 0 | |||||||||||
Other restructuring costs | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring Reserve - Beginning Balance | $ 3,526 | $ 3,526 | $ 3,526 | 3,526 | |||||||||
Costs incurred (released) and charged to expense | 3,912 | ||||||||||||
Cash payments | (4,194) | ||||||||||||
Non-cash items | 0 | ||||||||||||
Effect of change in exchange rates | (196) | ||||||||||||
Restructuring Reserve - Ending Balance | $ 3,048 | $ 3,526 |
Restructuring Long-Lived Assets
Restructuring Long-Lived Assets Held for sale, at fair value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 0 | $ 1,930 |
Impairment of Long-Lived Assets Held-for-use | 0 | 7,952 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Long-lived assets held for sale (fair value) | $ 0 | $ 1,930 |
Restructuring Additional Inform
Restructuring Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | ||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Inventory Write-down | $ 1,100 | ||||||||||||||
Costs incurred (released) and charged to expense | $ 587 | $ (4,234) | $ (5,181) | $ 57 | $ (8,657) | $ 6,383 | $ (9,415) | $ (2,274) | $ (8,828) | $ (2,217) | (7,263) | $ 49,482 | $ 36,347 | ||
Restructuring Reserve, Current | $ 48,500 | 25,200 | 48,500 | $ 48,500 | |||||||||||
Restructuring Reserve, Noncurrent | 13,500 | 4,400 | 13,500 | 13,500 | |||||||||||
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Costs incurred (released) and charged to expense | 976 | ||||||||||||||
2013 Project [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Costs incurred (released) and charged to expense | $ 26,200 | ||||||||||||||
2014 Project [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Change in Total Expected Restructuring Costs | 15,100 | ||||||||||||||
Costs incurred (released) and charged to expense | $ 54,400 | (7,263) | 54,445 | ||||||||||||
2014 Project [Member] | Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member] | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Costs incurred (released) and charged to expense | $ 976 | $ 7,904 |
Shareholders' Equity Share Repu
Shareholders' Equity Share Repurchase Plan Information (Details) - USD ($) $ in Millions | 2 Months Ended | 10 Months Ended | |||||
Feb. 28, 2015 | Mar. 07, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 19, 2015 | Feb. 07, 2014 | Mar. 08, 2013 | |
Stock Repurchased and Retired During Period, Shares | 335,251 | 75,203 | 743,444 | 910,990 | |||
Stock Repurchase Program, Authorized Amount | $ 50 | $ 50 | $ 50 | ||||
Stock Repurchased and Retired During Period, Value | $ 13.3 | $ 2.9 | $ 25 | $ 36.7 | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Shareholders' Equity Accumulate
Shareholders' Equity Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | $ (135,060) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (65,547) | $ (113,756) | $ 13,489 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (200,607) | (135,060) | |
Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | (135,060) | (21,304) | (34,793) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (69,245) | (115,565) | 11,679 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3,698 | 1,809 | 1,810 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (65,547) | (113,756) | 13,489 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (200,607) | (135,060) | (21,304) |
Accumulated Other Comprehensive Income, Net Unrealized Gain (Loss) on Nonderivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | (14,380) | (14,380) | (14,380) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (14,380) | (14,380) | (14,380) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | (768) | (1,256) | (1,689) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 76 | (566) | 2 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,010 | 1,054 | 431 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,086 | 488 | 433 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 318 | (768) | (1,256) |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | (85,080) | 4,217 | (3,722) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (73,891) | (89,297) | 7,939 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 962 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (72,929) | (89,297) | 7,939 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (158,009) | (85,080) | 4,217 |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period | (34,832) | (9,885) | (15,002) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 4,570 | (25,702) | 3,738 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,726 | 755 | 1,379 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 6,296 | (24,947) | 5,117 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (28,536) | $ (34,832) | $ (9,885) |
Shareholders' Equity Schedule o
Shareholders' Equity Schedule of Other Comprehensive Income (Loss) Tax Effect (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Before-tax amount [Abstract] | |||||||||||||
Foreign currency translation adjustment | $ (74,219) | $ (89,329) | $ 8,953 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | (962) | 0 | 0 | ||||||||||
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges | 123 | (915) | (3) | ||||||||||
Net hedging (gain) loss reclassified into net income (loss) | 1,639 | 1,704 | 697 | ||||||||||
Pension plan benefits liability adjustment | 8,971 | (25,270) | 7,344 | ||||||||||
Total other comprehensive income (loss), before tax | (62,524) | (113,810) | 16,991 | ||||||||||
Tax (provision) benefit [Abstract] | |||||||||||||
Foreign currency translation adjustment | 328 | 32 | (1,014) | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 0 | 0 | 0 | ||||||||||
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges | (47) | 349 | 5 | ||||||||||
Net hedging (gain) loss reclassified into net income (loss) | (629) | (650) | (266) | ||||||||||
Pension plan benefits liability adjustment | (2,675) | 323 | (2,227) | ||||||||||
Total other comprehensive income (loss) tax (provision) benefit | (3,023) | 54 | (3,502) | ||||||||||
Net-of-tax amount | |||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (73,891) | (89,297) | 7,939 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 962 | 0 | 0 | ||||||||||
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges | 76 | (566) | 2 | ||||||||||
Net hedging (gain) loss reclassified into net income (loss) | 1,010 | 1,054 | 431 | ||||||||||
Pension plan benefits liability adjustment | $ 866 | $ 493 | $ 504 | $ 98 | $ 118 | $ 97 | $ 997 | $ 215 | $ 1,863 | $ 313 | 6,296 | (24,947) | 5,117 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (65,547) | $ (113,756) | $ 13,489 |
Shareholders' Equity Accumul132
Shareholders' Equity Accumulated OCI Reclassified to Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | $ (59) | $ (138) | $ (70) | |||||||||||
Other Amounts Recognized in Other Comprehensive Income, before tax | 46 | (68) | 658 | |||||||||||
Income (loss) before income taxes | $ 23,202 | $ (9,516) | $ 10,883 | $ 6,387 | $ 26,644 | $ 147 | $ 1,367 | $ 26,791 | $ 24,569 | $ 33,178 | 37,102 | (18,265) | (153,400) | |
Income Tax Expense (Benefit) | (9,932) | (4,098) | (5,030) | (2,557) | (5,223) | (1,061) | (9,128) | (6,284) | (19,060) | (8,841) | (22,099) | (4,035) | 2,466 | |
Net income (loss) | 13,270 | (13,614) | 5,853 | 3,830 | 21,421 | (914) | (7,761) | 20,507 | 5,509 | 24,337 | 15,003 | (22,300) | (150,934) | |
Total reclassifications for the period, net of tax | $ 13,270 | $ (13,614) | $ 5,853 | $ 3,830 | $ 21,421 | $ (914) | $ (7,761) | $ 20,507 | $ 5,509 | $ 24,337 | 15,003 | (22,300) | (150,934) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Net income (loss) | [1] | (1,726) | (755) | (1,379) | ||||||||||
Total reclassifications for the period, net of tax | [1] | (1,726) | (755) | (1,379) | ||||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | [1],[2] | (59) | (138) | (70) | ||||||||||
Defined Benefit Plan, Amortization of Gains (Losses) | [1],[2] | (1,979) | (572) | (926) | ||||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | [1],[2] | (375) | (55) | (325) | ||||||||||
Other Amounts Recognized in Other Comprehensive Income, before tax | [1],[2] | (46) | 0 | (658) | ||||||||||
Income (loss) before income taxes | [1] | (2,459) | (765) | (1,979) | ||||||||||
Income Tax Expense (Benefit) | [1] | 733 | 10 | 600 | ||||||||||
Net income (loss) | [1] | (1,726) | (755) | (1,379) | ||||||||||
Total reclassifications for the period, net of tax | [1] | $ (1,726) | $ (755) | $ (1,379) | ||||||||||
[1] | Amounts in parenthesis indicate debits to the Consolidated Statements of Operations. | |||||||||||||
[2] | These AOCI components are included in the computation of net periodic pension cost. Refer to Note 8 for additional details. |
Shareholders' Equity Additional
Shareholders' Equity Additional Information (Details) - $ / shares shares in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Stockholders' Equity Note [Abstract] | |||
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Preferred Stock, No Par Value |
Fair Values of Financial Ins134
Fair Values of Financial Instruments Schedule of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||||||||
Cash and cash equivalents | $ 131,018 | $ 109,458 | $ 128,814 | $ 118,084 | $ 112,371 | $ 122,475 | $ 114,780 | $ 146,327 | $ 124,805 | $ 136,411 |
Line of Credit [Member] | ||||||||||
Liabilities | ||||||||||
Multicurrency revolving line of credit | 151,837 | 91,469 | ||||||||
Reported Value Measurement [Member] | ||||||||||
Assets | ||||||||||
Foreign exchange forward contracts | 27 | 107 | ||||||||
Cash and cash equivalents | 131,018 | 112,371 | ||||||||
Liabilities | ||||||||||
Interest rate swaps, at fair value | 868 | 1,317 | ||||||||
Foreign exchange forwards, liability, at fair value | 99 | 236 | ||||||||
Reported Value Measurement [Member] | Line of Credit [Member] | ||||||||||
Liabilities | ||||||||||
Multicurrency revolving line of credit | 151,837 | 91,469 | ||||||||
Reported Value Measurement [Member] | USD Denominated Term Loan [Member] | ||||||||||
Liabilities | ||||||||||
Term loans | 219,375 | 232,500 | ||||||||
Estimate of Fair Value Measurement [Member] | ||||||||||
Assets | ||||||||||
Foreign exchange forward contracts | 27 | 107 | ||||||||
Cash and cash equivalents, at fair value | 131,018 | 112,371 | ||||||||
Liabilities | ||||||||||
Interest rate swaps, at fair value | 868 | 1,317 | ||||||||
Foreign exchange forwards, liability, at fair value | 99 | 236 | ||||||||
Estimate of Fair Value Measurement [Member] | Line of Credit [Member] | ||||||||||
Liabilities | ||||||||||
Multicurrency revolving line of credit, Fair Value of Amount Outstanding | 150,570 | 91,124 | ||||||||
Estimate of Fair Value Measurement [Member] | USD Denominated Term Loan [Member] | ||||||||||
Liabilities | ||||||||||
Term loans, at fair value | 217,830 | 231,645 | ||||||||
Interest Rate Swap [Member] | Estimate of Fair Value Measurement [Member] | ||||||||||
Assets | ||||||||||
Interest Rate Derivative Assets, at Fair Value | 1,632 | 75 | ||||||||
Interest Rate Cap [Member] | Estimate of Fair Value Measurement [Member] | ||||||||||
Assets | ||||||||||
Interest Rate Derivative Assets, at Fair Value | 1,423 | 0 | ||||||||
Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||||||
Assets | ||||||||||
Derivative Asset, Noncurrent | 1,632 | 75 | ||||||||
Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||||||||
Assets | ||||||||||
Derivative Asset, Noncurrent | $ 1,423 | $ 0 |
Segment Information Information
Segment Information Information By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | $ 496,448 | $ 469,528 | $ 470,811 | $ 446,746 | $ 510,521 | $ 482,352 | $ 482,314 | $ 472,429 | $ 917,557 | $ 954,743 | $ 1,387,085 | $ 1,437,095 | $ 1,883,533 | $ 1,947,616 | $ 1,938,025 |
Gross profit | $ 152,419 | 147,290 | 118,554 | 138,422 | $ 155,241 | 145,299 | 160,687 | 152,823 | 256,976 | 313,510 | 404,266 | 458,809 | 556,685 | 614,050 | 614,768 |
Operating Income (Loss) | 26,940 | (3,968) | 13,496 | 10,806 | 30,877 | 5,463 | 9,528 | 36,340 | 36,468 | 47,146 | 52,846 | 480 | (139,863) | ||
Total other income (expense) | (3,738) | (5,548) | (2,613) | (4,419) | (4,233) | (5,316) | (8,161) | (9,549) | (11,899) | (13,968) | (15,744) | (18,745) | (13,537) | ||
Income (loss) before income taxes | $ 23,202 | $ (9,516) | 10,883 | $ 6,387 | $ 26,644 | 147 | 1,367 | 26,791 | 24,569 | 33,178 | 37,102 | (18,265) | (153,400) | ||
Depreciation and amortization | $ 19,355 | $ 25,187 | $ 38,792 | $ 50,201 | $ 57,790 | $ 74,827 | 75,993 | 98,139 | 99,246 | ||||||
Electricity Operating Segment [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 820,306 | 771,857 | 825,391 | ||||||||||||
Gross profit | 225,446 | 200,249 | 219,852 | ||||||||||||
Operating Income (Loss) | 31,104 | (77,751) | (237,279) | ||||||||||||
Depreciation and amortization | 35,896 | 47,889 | 46,510 | ||||||||||||
Gas Operating Segment [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 543,805 | 599,091 | 570,450 | ||||||||||||
Gross profit | 185,559 | 211,623 | 207,577 | ||||||||||||
Operating Income (Loss) | 67,471 | 76,101 | 82,176 | ||||||||||||
Depreciation and amortization | 20,288 | 25,706 | 27,671 | ||||||||||||
Water Operating Segment [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 519,422 | 576,668 | 542,184 | ||||||||||||
Gross profit | 145,680 | 202,178 | 187,339 | ||||||||||||
Operating Income (Loss) | 19,864 | 71,356 | 62,015 | ||||||||||||
Depreciation and amortization | 19,459 | 24,257 | 24,818 | ||||||||||||
Corporate, Non-Segment [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating Income (Loss) | (65,593) | (69,226) | (46,775) | ||||||||||||
Depreciation and amortization | $ 350 | $ 287 | $ 247 |
Segment Information Revenues By
Segment Information Revenues By Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers [Line Items] | |||||||||||||||
Total revenues | $ 496,448 | $ 469,528 | $ 470,811 | $ 446,746 | $ 510,521 | $ 482,352 | $ 482,314 | $ 472,429 | $ 917,557 | $ 954,743 | $ 1,387,085 | $ 1,437,095 | $ 1,883,533 | $ 1,947,616 | $ 1,938,025 |
United States and Canada [Member] | |||||||||||||||
Revenues from External Customers [Line Items] | |||||||||||||||
Total revenues | 997,293 | 875,796 | 848,951 | ||||||||||||
EMEA [Member] | |||||||||||||||
Revenues from External Customers [Line Items] | |||||||||||||||
Total revenues | 701,301 | 849,841 | 849,464 | ||||||||||||
Other Countries [Member] | |||||||||||||||
Revenues from External Customers [Line Items] | |||||||||||||||
Total revenues | $ 184,939 | $ 221,979 | $ 239,610 |
Segment Information Major Custo
Segment Information Major Customers (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Revenue, Major Customer [Line Items] | |
Segment Reporting, Disclosure of Major Customers | For the years ended December 31, 2015, 2014, and 2013, no single customer represented more than 10% of total Company or the Electricity, Gas or Water operating segmement revenues |
Sales [Member] | Threshold for Reporting Customer Concentration [Member] | |
Revenue, Major Customer [Line Items] | |
Percentage of total company revenue represented by one customer | 10.00% |
Property, Plant, and Equipment
Property, Plant, and Equipment By Location (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Schedule of Property, Plant, and Equipment by Location | ||||||||
Property, plant, and equipment, net | $ 190,256 | $ 190,699 | $ 194,756 | $ 192,064 | $ 207,152 | $ 221,141 | $ 233,571 | $ 236,045 |
UNITED STATES [Member] | ||||||||
Schedule of Property, Plant, and Equipment by Location | ||||||||
Property, plant, and equipment, net | 72,179 | 76,130 | ||||||
Outside United States [Member] | ||||||||
Schedule of Property, Plant, and Equipment by Location | ||||||||
Property, plant, and equipment, net | $ 118,077 | $ 131,022 |
Segment Information Segment Res
Segment Information Segment Results Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Warranty charge | $ 29,400 | ||||||||||||||
Gross profit | $ 152,419 | $ 147,290 | $ 118,554 | $ 138,422 | $ 155,241 | $ 145,299 | $ 160,687 | $ 152,823 | $ 256,976 | $ 313,510 | $ 404,266 | $ 458,809 | $ 556,685 | $ 614,050 | $ 614,768 |
Earnings (loss) per common share - Basic | $ 0.23 | $ 0.33 | $ (0.37) | $ 0.14 | $ (1.21) | $ 0.09 | $ 0.53 | $ (0.03) | $ (0.23) | $ 0.50 | $ 0.10 | $ 0.60 | $ 0.33 | $ (0.60) | $ (3.90) |
Earnings (loss) per common share - Diluted | $ 0.23 | $ 0.33 | $ (0.37) | $ 0.14 | $ (1.21) | $ 0.09 | $ 0.53 | $ (0.03) | $ (0.23) | $ 0.50 | $ 0.10 | $ 0.59 | $ 0.33 | $ (0.60) | $ (3.90) |
Water Operating Segment [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Gross profit | $ 145,680 | $ 202,178 | $ 187,339 | ||||||||||||
Water Operating Segment [Member] | Warranty Obligations [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Warranty charge | 29,400 | ||||||||||||||
Electricity Operating Segment [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Gross profit | $ 225,446 | 200,249 | 219,852 | ||||||||||||
Customers purchasing certain communication modules manufactured between July 2013 and December 2014 [Domain] | Water Operating Segment [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Earnings (loss) per common share - Diluted | $ 0.47 | ||||||||||||||
OpenWay project in North America [Member] | Electricity Operating Segment [Member] | Contracts Accounted for under Percentage of Completion [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Gross profit | $ 15,900 | $ 14,500 | |||||||||||||
Earnings (loss) per common share - Basic | $ (0.25) | $ (0.23) | |||||||||||||
Earnings (loss) per common share - Diluted | $ (0.25) | $ (0.23) |
Quarterly Results (Unaudited140
Quarterly Results (Unaudited) Quarterly Results Revisions (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||
Revenues | $ 496,448 | $ 469,528 | $ 470,811 | $ 446,746 | $ 510,521 | $ 482,352 | $ 482,314 | $ 472,429 | $ 917,557 | $ 954,743 | $ 1,387,085 | $ 1,437,095 | $ 1,883,533 | $ 1,947,616 | $ 1,938,025 |
Gross profit | 152,419 | 147,290 | 118,554 | 138,422 | 155,241 | 145,299 | 160,687 | 152,823 | 256,976 | 313,510 | 404,266 | 458,809 | 556,685 | 614,050 | 614,768 |
Net income (loss) attributable to Itron, Inc. | $ 8,986 | $ 12,640 | $ (14,346) | $ 5,398 | $ (47,041) | $ 3,585 | $ 20,836 | $ (1,050) | $ (8,948) | $ 19,786 | $ 3,692 | $ 23,371 | $ 12,678 | $ (23,670) | $ (153,153) |
Earnings (loss) per common share - Basic | $ 0.23 | $ 0.33 | $ (0.37) | $ 0.14 | $ (1.21) | $ 0.09 | $ 0.53 | $ (0.03) | $ (0.23) | $ 0.50 | $ 0.10 | $ 0.60 | $ 0.33 | $ (0.60) | $ (3.90) |
Earnings (loss) per common share - Diluted | $ 0.23 | $ 0.33 | $ (0.37) | $ 0.14 | $ (1.21) | $ 0.09 | $ 0.53 | $ (0.03) | $ (0.23) | $ 0.50 | $ 0.10 | $ 0.59 | $ 0.33 | $ (0.60) | $ (3.90) |
Quarterly Results (Unaudited141
Quarterly Results (Unaudited) Quarterly Results Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Results [Line Items] | |||||||||||||||
Effect of Fourth Quarter Events, Amount | $ 13,300 | ||||||||||||||
Warranty Expense | $ 45,984 | $ 9,238 | $ 16,910 | ||||||||||||
Costs incurred (released) and charged to expense | $ 587 | $ (4,234) | $ (5,181) | $ 57 | $ (8,657) | $ 6,383 | $ (9,415) | $ (2,274) | $ (8,828) | $ (2,217) | (7,263) | 49,482 | $ 36,347 | ||
2014 Project [Member] | |||||||||||||||
Quarterly Results [Line Items] | |||||||||||||||
Costs incurred (released) and charged to expense | $ 54,400 | (7,263) | 54,445 | ||||||||||||
Water Operating Segment [Member] | |||||||||||||||
Quarterly Results [Line Items] | |||||||||||||||
Warranty Expense | $ 23,600 | ||||||||||||||
Water Operating Segment [Member] | 2014 Project [Member] | |||||||||||||||
Quarterly Results [Line Items] | |||||||||||||||
Costs incurred (released) and charged to expense | $ 778 | $ 1,162 |
Quarterly Results (Unaudited142
Quarterly Results (Unaudited) Quarterly Revised Statements of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | $ 496,448 | $ 469,528 | $ 470,811 | $ 446,746 | $ 510,521 | $ 482,352 | $ 482,314 | $ 472,429 | $ 917,557 | $ 954,743 | $ 1,387,085 | $ 1,437,095 | $ 1,883,533 | $ 1,947,616 | $ 1,938,025 |
Cost of revenues | 322,238 | 352,257 | 308,324 | 337,053 | 321,627 | 319,606 | 660,581 | 641,233 | 982,819 | 978,286 | 1,326,848 | 1,333,566 | 1,323,257 | ||
Gross profit | 152,419 | 147,290 | 118,554 | 138,422 | 155,241 | 145,299 | 160,687 | 152,823 | 256,976 | 313,510 | 404,266 | 458,809 | 556,685 | 614,050 | 614,768 |
Operating expenses | |||||||||||||||
Sales and marketing | 39,217 | 43,058 | 41,027 | 44,559 | 45,371 | 45,609 | 84,085 | 90,980 | 123,302 | 135,539 | 161,380 | 182,503 | 182,687 | ||
Product development | 41,559 | 43,318 | 41,522 | 42,357 | 43,958 | 44,434 | 84,840 | 88,392 | 126,399 | 130,749 | 162,334 | 175,500 | 175,420 | ||
General and administrative | 31,118 | 32,492 | 39,585 | 36,603 | 38,029 | 39,864 | 72,077 | 77,893 | 103,195 | 114,496 | 155,715 | 162,466 | 143,932 | ||
Amortization of Intangible Assets | 7,869 | 7,888 | 7,973 | 10,917 | 11,109 | 11,070 | 15,861 | 22,179 | 23,730 | 33,096 | 31,673 | 43,619 | 42,019 | ||
Costs incurred (released) and charged to expense | 587 | (4,234) | (5,181) | 57 | (8,657) | 6,383 | (9,415) | (2,274) | (8,828) | (2,217) | (7,263) | 49,482 | 36,347 | ||
Goodwill, Impairment Loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 174,226 | ||
Total operating expenses | 120,350 | 122,522 | 124,926 | 134,493 | 129,810 | 147,360 | 247,448 | 277,170 | 367,798 | 411,663 | 503,839 | 613,570 | 754,631 | ||
Operating income (loss) | 26,940 | (3,968) | 13,496 | 10,806 | 30,877 | 5,463 | 9,528 | 36,340 | 36,468 | 47,146 | 52,846 | 480 | (139,863) | ||
Other income (expense) | |||||||||||||||
Interest income | 180 | 212 | 48 | 163 | 53 | 97 | 260 | 150 | 440 | 313 | 761 | 494 | 1,152 | ||
Interest Expense | (2,799) | (3,855) | (2,682) | (3,015) | (2,912) | (2,910) | (6,537) | (5,822) | (9,336) | (8,837) | (12,289) | (11,602) | (10,686) | ||
Other income (expense), net | (1,119) | (1,905) | 21 | (1,567) | (1,374) | (2,503) | (1,884) | (3,877) | (3,003) | (5,444) | (4,216) | (7,637) | (4,003) | ||
Total other income (expense) | (3,738) | (5,548) | (2,613) | (4,419) | (4,233) | (5,316) | (8,161) | (9,549) | (11,899) | (13,968) | (15,744) | (18,745) | (13,537) | ||
Income (loss) before income taxes | 23,202 | (9,516) | 10,883 | 6,387 | 26,644 | 147 | 1,367 | 26,791 | 24,569 | 33,178 | 37,102 | (18,265) | (153,400) | ||
Income Tax Expense (Benefit) | (9,932) | (4,098) | (5,030) | (2,557) | (5,223) | (1,061) | (9,128) | (6,284) | (19,060) | (8,841) | (22,099) | (4,035) | 2,466 | ||
Net income (loss) | 13,270 | (13,614) | 5,853 | 3,830 | 21,421 | (914) | (7,761) | 20,507 | 5,509 | 24,337 | 15,003 | (22,300) | (150,934) | ||
Net income attributable to noncontrolling interests | 630 | 732 | 455 | 245 | 585 | 136 | 1,187 | 721 | 1,817 | 966 | 2,325 | 1,370 | 2,219 | ||
Net income (loss) attributable to Itron, Inc. | $ 8,986 | $ 12,640 | $ (14,346) | $ 5,398 | $ (47,041) | $ 3,585 | $ 20,836 | $ (1,050) | $ (8,948) | $ 19,786 | $ 3,692 | $ 23,371 | $ 12,678 | $ (23,670) | $ (153,153) |
Earnings (loss) per common share - Basic | $ 0.23 | $ 0.33 | $ (0.37) | $ 0.14 | $ (1.21) | $ 0.09 | $ 0.53 | $ (0.03) | $ (0.23) | $ 0.50 | $ 0.10 | $ 0.60 | $ 0.33 | $ (0.60) | $ (3.90) |
Earnings (loss) per common share - Diluted | $ 0.23 | $ 0.33 | $ (0.37) | $ 0.14 | $ (1.21) | $ 0.09 | $ 0.53 | $ (0.03) | $ (0.23) | $ 0.50 | $ 0.10 | $ 0.59 | $ 0.33 | $ (0.60) | $ (3.90) |
Weighted average common shares outstanding - Basic | 38,114 | 38,434 | 38,442 | 39,213 | 39,356 | 39,235 | 38,438 | 39,296 | 38,329 | 39,268 | 38,224 | 39,184 | 39,281 | ||
Weighted average common shares outstanding - Diluted | 38,358 | 38,434 | 38,758 | 39,493 | 39,544 | 39,235 | 38,438 | 39,528 | 38,591 | 39,516 | 38,506 | 39,184 | 39,281 | ||
Scenario, Previously Reported [Member] | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | $ 469,092 | $ 470,103 | $ 448,247 | $ 496,454 | $ 489,353 | $ 474,795 | $ 918,350 | $ 964,148 | $ 1,387,442 | $ 1,460,602 | $ 1,970,697 | $ 1,948,728 | |||
Cost of revenues | 322,126 | 351,532 | 310,048 | 345,692 | 326,312 | 320,260 | 661,580 | 646,572 | 983,706 | 992,264 | 1,347,572 | 1,334,195 | |||
Gross profit | 146,966 | 118,571 | 138,199 | 150,762 | 163,041 | 154,535 | 256,770 | 317,576 | 403,736 | 468,338 | 623,125 | 614,533 | |||
Operating expenses | |||||||||||||||
Sales and marketing | 39,217 | 43,058 | 41,027 | 44,484 | 46,119 | 47,609 | 84,085 | 93,728 | 123,302 | 138,212 | 185,239 | 180,371 | |||
Product development | 41,559 | 43,318 | 41,522 | 42,303 | 43,999 | 44,409 | 84,840 | 88,408 | 126,399 | 130,711 | 175,500 | 176,019 | |||
General and administrative | 31,118 | 32,492 | 39,585 | 36,542 | 37,680 | 40,407 | 72,077 | 78,087 | 103,195 | 114,629 | 163,101 | 142,559 | |||
Amortization of Intangible Assets | 7,869 | 7,888 | 7,973 | 10,917 | 11,109 | 11,070 | 15,861 | 22,179 | 23,730 | 33,096 | 43,619 | 42,019 | |||
Costs incurred (released) and charged to expense | (5) | (4,234) | (5,447) | 58 | (7,793) | 5,524 | (9,681) | (2,269) | (9,686) | (2,211) | 50,857 | 35,497 | |||
Goodwill, Impairment Loss | 0 | 0 | 0 | 0 | 0 | 977 | 0 | 977 | 0 | 977 | 977 | 173,249 | |||
Total operating expenses | 119,758 | 122,522 | 124,660 | 134,304 | 131,114 | 149,996 | 247,182 | 281,110 | 366,940 | 415,414 | 619,293 | 749,714 | |||
Operating income (loss) | 27,208 | (3,951) | 13,539 | 16,458 | 31,927 | 4,539 | 9,588 | 36,466 | 36,796 | 52,924 | 3,832 | (135,181) | |||
Other income (expense) | |||||||||||||||
Interest income | 180 | 213 | 47 | 163 | 53 | 97 | 260 | 150 | 440 | 313 | 494 | 1,620 | |||
Interest Expense | (2,799) | (3,855) | (2,682) | (3,015) | (2,913) | (2,909) | (6,537) | (5,822) | (9,336) | (8,837) | (11,602) | (10,686) | |||
Other income (expense), net | (1,120) | (1,907) | 24 | (1,569) | (1,375) | (2,498) | (1,883) | (3,873) | (3,003) | (5,442) | (7,633) | (4,007) | |||
Total other income (expense) | (3,739) | (5,549) | (2,611) | (4,421) | (4,235) | (5,310) | (8,160) | (9,545) | (11,899) | (13,966) | (18,741) | (13,073) | |||
Income (loss) before income taxes | 23,469 | (9,500) | 10,928 | 12,037 | 27,692 | (771) | 1,428 | 26,921 | 24,897 | 38,958 | (14,909) | (148,254) | |||
Income Tax Expense (Benefit) | (10,144) | (3,966) | (5,563) | (4,484) | (7,848) | 653 | (9,529) | (7,195) | (19,673) | (11,679) | (6,641) | 3,664 | |||
Net income (loss) | 13,325 | (13,466) | 5,365 | 7,553 | 19,844 | (118) | (8,101) | 19,726 | 5,224 | 27,279 | (21,550) | (144,590) | |||
Net income attributable to noncontrolling interests | 630 | 732 | 455 | 245 | 585 | 136 | 1,187 | 721 | 1,817 | 966 | 1,370 | 2,219 | |||
Net income (loss) attributable to Itron, Inc. | $ 12,695 | $ (14,198) | $ 4,910 | $ 7,308 | $ 19,259 | $ (254) | $ (9,288) | $ 19,005 | $ 3,407 | $ 26,313 | $ (22,920) | $ (146,809) | |||
Earnings (loss) per common share - Basic | $ 0.33 | $ (0.37) | $ 0.13 | $ 0.19 | $ 0.49 | $ (0.01) | $ (0.24) | $ 0.48 | $ 0.09 | $ 0.67 | $ (0.58) | $ (3.74) | |||
Earnings (loss) per common share - Diluted | $ 0.33 | $ (0.37) | $ 0.13 | $ 0.19 | $ 0.49 | $ (0.01) | $ (0.24) | $ 0.48 | $ 0.09 | $ 0.67 | $ (0.58) | $ (3.74) | |||
Weighted average common shares outstanding - Basic | 38,114 | 38,434 | 38,442 | 39,213 | 39,356 | 39,235 | 38,438 | 39,296 | 38,329 | 39,268 | 39,184 | 39,281 | |||
Weighted average common shares outstanding - Diluted | 38,358 | 38,434 | 38,758 | 39,493 | 39,544 | 39,235 | 38,438 | 39,528 | 38,591 | 39,516 | 39,184 | 39,281 | |||
Restatement Adjustment [Member] | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Revenues | $ 436 | $ 708 | $ (1,501) | $ (14,102) | $ (7,039) | $ (2,366) | $ (793) | $ (9,405) | $ (357) | $ (23,507) | $ (23,081) | $ (10,703) | |||
Cost of revenues | 112 | 725 | (1,724) | (8,639) | (4,685) | (654) | (999) | (5,339) | (887) | (13,978) | (14,006) | (10,938) | |||
Gross profit | 324 | (17) | 223 | (5,463) | (2,354) | (1,712) | 206 | (4,066) | 530 | (9,529) | (9,075) | 235 | |||
Operating expenses | |||||||||||||||
Sales and marketing | 0 | 0 | 0 | 75 | (748) | (2,000) | 0 | (2,748) | 0 | (2,673) | (2,736) | 2,316 | |||
Product development | 0 | 0 | 0 | 54 | (41) | 25 | 0 | (16) | 0 | 38 | 0 | (599) | |||
General and administrative | 0 | 0 | 0 | 61 | 349 | (543) | 0 | (194) | 0 | (133) | (635) | 1,373 | |||
Amortization of Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Costs incurred (released) and charged to expense | 592 | 0 | 266 | (1) | (864) | 859 | 266 | (5) | 858 | (6) | (1,375) | 850 | |||
Goodwill, Impairment Loss | 0 | 0 | 0 | 0 | 0 | (977) | 0 | (977) | 0 | (977) | (977) | 977 | |||
Total operating expenses | 592 | 0 | 266 | 189 | (1,304) | (2,636) | 266 | (3,940) | 858 | (3,751) | (5,723) | 4,917 | |||
Operating income (loss) | (268) | (17) | (43) | (5,652) | (1,050) | 924 | (60) | (126) | (328) | (5,778) | (3,352) | (4,682) | |||
Other income (expense) | |||||||||||||||
Interest income | 0 | (1) | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (468) | |||
Interest Expense | 0 | 0 | 0 | 0 | 1 | (1) | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other income (expense), net | 1 | 2 | (3) | 2 | 1 | (5) | (1) | (4) | 0 | (2) | (4) | 4 | |||
Total other income (expense) | 1 | 1 | (2) | 2 | 2 | (6) | (1) | (4) | 0 | (2) | (4) | (464) | |||
Income (loss) before income taxes | (267) | (16) | (45) | (5,650) | (1,048) | 918 | (61) | (130) | (328) | (5,780) | (3,356) | (5,146) | |||
Income Tax Expense (Benefit) | 212 | (132) | 533 | 1,927 | 2,625 | (1,714) | 401 | 911 | 613 | 2,838 | 2,606 | (1,198) | |||
Net income (loss) | (55) | (148) | 488 | (3,723) | 1,577 | (796) | 340 | 781 | 285 | (2,942) | (750) | (6,344) | |||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Net income (loss) attributable to Itron, Inc. | $ (55) | $ (148) | $ 488 | $ (3,723) | $ 1,577 | $ (796) | $ 340 | $ 781 | $ 285 | $ (2,942) | $ (750) | $ (6,344) | |||
Earnings (loss) per common share - Basic | $ 0 | $ 0 | $ 0.01 | $ (0.10) | $ 0.04 | $ (0.02) | $ 0.01 | $ 0.02 | $ 0.01 | $ (0.07) | $ (0.02) | $ (0.16) | |||
Earnings (loss) per common share - Diluted | $ 0 | $ 0 | $ 0.01 | $ (0.10) | $ 0.04 | $ (0.02) | $ 0.01 | $ 0.02 | $ 0.01 | $ (0.08) | $ (0.02) | $ (0.16) | |||
Weighted average common shares outstanding - Basic | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Weighted average common shares outstanding - Diluted | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quarterly Results (Unaudited143
Quarterly Results (Unaudited) Quarterly Revised Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income (loss) | $ 13,270 | $ (13,614) | $ 5,853 | $ 3,830 | $ 21,421 | $ (914) | $ (7,761) | $ 20,507 | $ 5,509 | $ 24,337 | $ 15,003 | $ (22,300) | $ (150,934) |
Foreign currency translation adjustments | (14,241) | 13,757 | (60,319) | (48,889) | (7,986) | (3,214) | (46,562) | (11,200) | (60,803) | (60,089) | (72,929) | (89,297) | 7,904 |
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges | 71 | 123 | (114) | 400 | (119) | 163 | 9 | 44 | 80 | 444 | 1,086 | 488 | 433 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (1,010) | (1,054) | (431) | ||||||||||
Pension plan benefits liability adjustment | 866 | 493 | 504 | 98 | 118 | 97 | 997 | 215 | 1,863 | 313 | 6,296 | (24,947) | 5,117 |
Total other comprehensive income (loss), net of tax | (13,304) | 14,373 | (59,929) | (48,391) | (7,987) | (2,954) | (45,556) | (10,941) | (58,860) | (59,332) | (65,547) | (113,756) | 13,454 |
Total comprehensive income (loss), net of tax | (34) | 759 | (54,076) | (44,561) | 13,434 | (3,868) | (53,317) | 9,566 | (53,351) | (34,995) | (50,544) | (136,056) | (137,480) |
Foreign currency translation adjustments | 0 | 0 | (35) | ||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 630 | 732 | 455 | 245 | 585 | 136 | 1,187 | 721 | 1,817 | 966 | 2,325 | 1,370 | 2,184 |
Comprehensive income (loss) attributable to Itron, Inc. | (664) | 27 | (54,531) | (44,806) | 12,849 | (4,004) | (54,504) | 8,845 | (55,168) | (35,961) | $ (52,869) | (137,426) | (139,664) |
Restatement Adjustment [Member] | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income (loss) | (55) | (148) | 488 | (3,723) | 1,577 | (796) | 340 | 781 | 285 | (2,942) | (750) | (6,344) | |
Foreign currency translation adjustments | 1,497 | (99) | 771 | 502 | 9 | 160 | 672 | 169 | 2,169 | 671 | 1,036 | 827 | |
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Pension plan benefits liability adjustment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Total other comprehensive income (loss), net of tax | 1,497 | (99) | 771 | 502 | 9 | 160 | 672 | 169 | 2,169 | 671 | 1,036 | 827 | |
Total comprehensive income (loss), net of tax | 1,442 | (247) | 1,259 | (3,221) | 1,586 | (636) | 1,012 | 950 | 2,454 | (2,271) | 286 | (5,517) | |
Foreign currency translation adjustments | 0 | 0 | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Comprehensive income (loss) attributable to Itron, Inc. | 1,442 | (247) | 1,259 | (3,221) | 1,586 | (636) | 1,012 | 950 | 2,454 | (2,271) | 286 | (5,517) | |
Scenario, Previously Reported [Member] | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income (loss) | 13,325 | (13,466) | 5,365 | 7,553 | 19,844 | (118) | (8,101) | 19,726 | 5,224 | 27,279 | (21,550) | (144,590) | |
Foreign currency translation adjustments | (15,738) | 13,856 | (61,090) | (49,391) | (7,995) | (3,374) | (47,234) | (11,369) | (62,972) | (60,760) | (90,333) | 7,077 | |
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges | 71 | 123 | (114) | 400 | (119) | 163 | 9 | 44 | 80 | 444 | 488 | 433 | |
Pension plan benefits liability adjustment | 866 | 493 | 504 | 98 | 118 | 97 | 997 | 215 | 1,863 | 313 | (24,947) | 5,117 | |
Total other comprehensive income (loss), net of tax | (14,801) | 14,472 | (60,700) | (48,893) | (7,996) | (3,114) | (46,228) | (11,110) | (61,029) | (60,003) | (114,792) | 12,627 | |
Total comprehensive income (loss), net of tax | (1,476) | 1,006 | (55,335) | (41,340) | 11,848 | (3,232) | (54,329) | 8,616 | (55,805) | (32,724) | (136,342) | (131,963) | |
Foreign currency translation adjustments | 0 | (35) | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 630 | 732 | 455 | 245 | 585 | 136 | 1,187 | 721 | 1,817 | 966 | 1,370 | 2,184 | |
Comprehensive income (loss) attributable to Itron, Inc. | $ (2,106) | $ 274 | $ (55,790) | $ (41,585) | $ 11,263 | $ (3,368) | $ (55,516) | $ 7,895 | $ (57,622) | $ (33,690) | $ (137,712) | $ (134,147) |
Quarterly Results (Unaudited144
Quarterly Results (Unaudited) Quarterly Revised Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Cash and cash equivalents | $ 131,018 | $ 109,458 | $ 128,814 | $ 118,084 | $ 112,371 | $ 122,475 | $ 114,780 | $ 146,327 | $ 124,805 | $ 136,411 |
Accounts receivable, net | 330,895 | 340,423 | 338,196 | 324,706 | 346,547 | 342,480 | 369,092 | 341,547 | ||
Inventories | 190,465 | 214,237 | 195,394 | 168,161 | 154,221 | 190,689 | 192,670 | 190,105 | ||
Deferred tax assets current, net | 0 | 42,921 | 44,717 | 44,242 | 45,504 | 41,690 | 42,274 | 41,766 | ||
Other current assets | 106,562 | 121,801 | 128,298 | 128,079 | 123,819 | 123,535 | 125,929 | 116,663 | ||
Total current assets | 758,940 | 828,840 | 835,419 | 783,272 | 782,462 | 820,869 | 844,745 | 836,408 | ||
Property, plant, and equipment, net | 190,256 | 190,699 | 194,756 | 192,064 | 207,152 | 221,141 | 233,571 | 236,045 | ||
Deferred tax assets noncurrent, net | 109,387 | 59,897 | 73,511 | 76,308 | 74,439 | 67,202 | 64,127 | 59,096 | ||
Other long-term assets | 52,726 | 48,244 | 50,387 | 47,363 | 46,965 | 51,187 | 47,994 | 47,843 | ||
Intangible assets, net | 101,932 | 111,767 | 117,136 | 122,431 | 139,909 | 155,432 | 172,927 | 184,052 | ||
Goodwill | 468,122 | 475,410 | 471,648 | 462,718 | 500,820 | 515,641 | 541,539 | 546,437 | 547,604 | |
Total assets | 1,681,363 | 1,714,857 | 1,742,857 | 1,684,156 | 1,751,747 | 1,831,472 | 1,904,903 | 1,909,881 | ||
Liabilities, Current [Abstract] | ||||||||||
Accounts payable | 185,827 | 201,447 | 226,511 | 196,119 | 183,831 | 203,171 | 209,080 | 210,676 | ||
Other current liabilities | 78,630 | 68,837 | 60,763 | 78,819 | 101,315 | 62,039 | 69,064 | 77,042 | ||
Wages and benefits payable | 76,980 | 92,892 | 84,944 | 79,443 | 94,818 | 91,871 | 92,814 | 89,643 | ||
Taxes payable | 14,859 | 13,210 | 16,435 | 18,740 | 21,951 | 18,761 | 14,456 | 15,104 | ||
Current portion of debt | 11,250 | 11,250 | 11,250 | 30,000 | 30,000 | 30,000 | 30,000 | 28,125 | ||
Current portion of warranty | 36,927 | 40,060 | 35,589 | 22,256 | 21,145 | 22,283 | 23,689 | 21,989 | ||
Unearned revenue | 73,301 | 67,613 | 74,524 | 77,693 | 67,009 | 71,364 | 68,044 | 63,539 | ||
Total current liabilities | 477,774 | 495,309 | 510,016 | 503,070 | 520,069 | 499,489 | 507,147 | 506,118 | ||
Long-term debt | 359,962 | 369,457 | 361,708 | 331,310 | 293,969 | 280,000 | 297,500 | 320,000 | ||
Long-term warranty | 17,585 | 14,684 | 22,550 | 14,809 | 15,403 | 18,071 | 18,860 | 24,035 | ||
Pension plan benefit liability | 85,971 | 94,100 | 93,918 | 91,652 | 101,862 | 82,529 | 87,988 | 89,498 | ||
Deferred tax liabilities noncurrent, net | 1,723 | 3,569 | 3,247 | 3,289 | 3,808 | 7,220 | 6,297 | 6,123 | ||
Other long-term obligations | 115,645 | 116,415 | 121,084 | 107,809 | 118,094 | 125,049 | 118,450 | 110,168 | ||
Total liabilities | $ 1,058,660 | 1,093,534 | 1,112,523 | 1,051,939 | $ 1,053,205 | 1,012,358 | 1,036,242 | 1,055,942 | ||
Commitments and contingencies (Note 13) | ||||||||||
Equity | ||||||||||
Preferred Stock, Value, Issued | $ 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 | ||
Common Stock, Value, Issued | 1,246,671 | 1,246,177 | 1,255,154 | 1,257,796 | 1,270,045 | 1,288,562 | 1,293,548 | 1,291,690 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (200,607) | (193,920) | (180,616) | (194,989) | (135,060) | (80,636) | (32,245) | (24,258) | ||
Retained Earnings (Accumulated Deficit) | (441,306) | (450,292) | (462,932) | (448,586) | (453,984) | (406,943) | (410,528) | (431,364) | ||
Total Itron, Inc. shareholders' equity | 604,758 | 601,965 | 611,606 | 614,221 | 681,001 | 800,983 | 850,775 | 836,068 | ||
Noncontrolling interests | 17,945 | 19,358 | 18,728 | 17,996 | 17,541 | 18,131 | 17,886 | 17,871 | ||
Total equity | 622,703 | 621,323 | 630,334 | 632,217 | 698,542 | 819,114 | 868,661 | 853,939 | 856,746 | 998,805 |
Total liabilities and equity | $ 1,681,363 | 1,714,857 | 1,742,857 | 1,684,156 | 1,751,747 | 1,831,472 | 1,904,903 | 1,909,881 | ||
Scenario, Previously Reported [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Cash and cash equivalents | 109,458 | 128,814 | 118,084 | 112,371 | 122,475 | 114,780 | 146,327 | 124,805 | 136,411 | |
Accounts receivable, net | 340,423 | 338,196 | 324,706 | 348,389 | 342,480 | 369,473 | 341,547 | |||
Inventories | 214,237 | 195,394 | 168,161 | 154,504 | 190,689 | 192,413 | 192,573 | |||
Deferred tax assets current, net | 35,975 | 38,121 | 37,700 | 39,115 | 34,581 | 37,103 | 36,995 | |||
Other current assets | 106,059 | 111,248 | 109,768 | 104,307 | 104,847 | 112,172 | 104,967 | |||
Total current assets | 806,152 | 811,773 | 758,419 | 758,686 | 795,072 | 825,941 | 822,409 | |||
Property, plant, and equipment, net | 190,295 | 195,510 | 192,781 | 207,789 | 222,354 | 234,840 | 237,326 | |||
Deferred tax assets noncurrent, net | 59,830 | 73,861 | 76,479 | 74,598 | 67,826 | 64,641 | 61,873 | |||
Other long-term assets | 27,192 | 28,741 | 26,390 | 28,503 | 31,604 | 31,862 | 32,102 | |||
Intangible assets, net | 111,767 | 117,136 | 122,431 | 139,909 | 155,432 | 172,927 | 184,052 | |||
Goodwill | 474,965 | 471,648 | 462,718 | 500,820 | 515,641 | 541,539 | 546,437 | |||
Total assets | 1,670,201 | 1,698,669 | 1,639,218 | 1,710,305 | 1,787,929 | 1,871,750 | 1,884,199 | |||
Liabilities, Current [Abstract] | ||||||||||
Accounts payable | 201,450 | 226,512 | 196,117 | 184,132 | 203,175 | 209,080 | 210,675 | |||
Other current liabilities | 68,140 | 60,634 | 78,683 | 100,945 | 62,039 | 69,064 | 75,969 | |||
Wages and benefits payable | 93,206 | 84,944 | 79,443 | 95,248 | 91,871 | 93,069 | 89,129 | |||
Taxes payable | 13,210 | 16,435 | 18,740 | 21,951 | 18,491 | 14,172 | 14,819 | |||
Current portion of debt | 11,250 | 11,250 | 30,000 | 30,000 | 30,000 | 30,000 | 28,125 | |||
Current portion of warranty | 40,060 | 35,589 | 22,256 | 21,063 | 22,283 | 23,689 | 21,989 | |||
Unearned revenue | 44,639 | 50,255 | 53,472 | 43,436 | 47,316 | 53,487 | 53,457 | |||
Total current liabilities | 471,955 | 485,619 | 478,711 | 496,775 | 475,175 | 492,561 | 494,163 | |||
Long-term debt | 369,457 | 361,708 | 331,310 | 293,969 | 280,000 | 297,500 | 320,000 | |||
Long-term warranty | 14,684 | 22,550 | 14,809 | 15,403 | 18,071 | 18,860 | 24,035 | |||
Pension plan benefit liability | 94,100 | 93,918 | 91,652 | 101,432 | 82,529 | 87,988 | 89,498 | |||
Deferred tax liabilities noncurrent, net | 3,569 | 3,247 | 3,289 | 3,808 | 7,220 | 6,297 | 6,123 | |||
Other long-term obligations | 81,628 | 86,366 | 72,550 | 84,437 | 87,927 | 84,608 | 79,580 | |||
Total liabilities | 1,035,393 | 1,053,408 | 992,321 | 995,824 | 950,922 | 987,814 | 1,013,399 | |||
Equity | ||||||||||
Preferred Stock, Value, Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common Stock, Value, Issued | 1,246,177 | 1,255,154 | 1,257,796 | 1,270,045 | 1,287,959 | 1,293,548 | 1,291,690 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (197,543) | (182,742) | (197,214) | (136,514) | (81,725) | (32,832) | (24,836) | |||
Retained Earnings (Accumulated Deficit) | (433,184) | (445,879) | (431,681) | (436,591) | (387,358) | (394,666) | (413,925) | |||
Total Itron, Inc. shareholders' equity | 615,450 | 626,533 | 628,901 | 696,940 | 818,876 | 866,050 | 852,929 | |||
Noncontrolling interests | 19,358 | 18,728 | 17,996 | 17,541 | 18,131 | 17,886 | 17,871 | |||
Total equity | 634,808 | 645,261 | 646,897 | 714,481 | 837,007 | 883,936 | 870,800 | 1,009,513 | ||
Total liabilities and equity | 1,670,201 | 1,698,669 | 1,639,218 | 1,710,305 | 1,787,929 | 1,871,750 | 1,884,199 | |||
Restatement Adjustment [Member] | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | |
Accounts receivable, net | 0 | 0 | 0 | (1,842) | 0 | (381) | 0 | |||
Inventories | 0 | 0 | 0 | (283) | 0 | 257 | (2,468) | |||
Deferred tax assets current, net | 6,946 | 6,596 | 6,542 | 6,389 | 7,109 | 5,171 | 4,771 | |||
Other current assets | 15,742 | 17,050 | 18,311 | 19,512 | 18,688 | 13,757 | 11,696 | |||
Total current assets | 22,688 | 23,646 | 24,853 | 23,776 | 25,797 | 18,804 | 13,999 | |||
Property, plant, and equipment, net | 404 | (754) | (717) | (637) | (1,213) | (1,269) | (1,281) | |||
Deferred tax assets noncurrent, net | 67 | (350) | (171) | (159) | (624) | (514) | (2,777) | |||
Other long-term assets | 21,052 | 21,646 | 20,973 | 18,462 | 19,583 | 16,132 | 15,741 | |||
Intangible assets, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Goodwill | 445 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total assets | 44,656 | 44,188 | 44,938 | 41,442 | 43,543 | 33,153 | 25,682 | |||
Liabilities, Current [Abstract] | ||||||||||
Accounts payable | (3) | (1) | 2 | (301) | (4) | 0 | 1 | |||
Other current liabilities | 697 | 129 | 136 | 370 | 0 | 0 | 1,073 | |||
Wages and benefits payable | (314) | 0 | 0 | (430) | 0 | (255) | 514 | |||
Taxes payable | 0 | 0 | 0 | 0 | 270 | 284 | 285 | |||
Current portion of debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Current portion of warranty | 0 | 0 | 0 | 82 | 0 | 0 | 0 | |||
Unearned revenue | 22,974 | 24,269 | 24,221 | 23,573 | 24,048 | 14,557 | 10,082 | |||
Total current liabilities | 23,354 | 24,397 | 24,359 | 23,294 | 24,314 | 14,586 | 11,955 | |||
Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Long-term warranty | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Pension plan benefit liability | 0 | 0 | 0 | 430 | 0 | 0 | 0 | |||
Deferred tax liabilities noncurrent, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other long-term obligations | 34,787 | 34,718 | 35,259 | 33,657 | 37,122 | 33,842 | 30,588 | |||
Total liabilities | 58,141 | 59,115 | 59,618 | 57,381 | 61,436 | 48,428 | 42,543 | |||
Equity | ||||||||||
Preferred Stock, Value, Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Common Stock, Value, Issued | 0 | 0 | 0 | 0 | 603 | 0 | 0 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 3,623 | 2,126 | 2,225 | 1,454 | 1,089 | 587 | 578 | |||
Retained Earnings (Accumulated Deficit) | (17,108) | (17,053) | (16,905) | (17,393) | (19,585) | (15,862) | (17,439) | |||
Total Itron, Inc. shareholders' equity | (13,485) | (14,927) | (14,680) | (15,939) | (17,893) | (15,275) | (16,861) | |||
Noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total equity | (13,485) | (14,927) | (14,680) | (15,939) | (17,893) | (15,275) | (16,861) | $ (10,708) | ||
Total liabilities and equity | $ 44,656 | $ 44,188 | $ 44,938 | $ 41,442 | $ 43,543 | $ 33,153 | $ 25,682 |
Quarterly Results (Unaudited145
Quarterly Results (Unaudited) Quarterly Revised Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net income (loss) | $ 13,270 | $ (13,614) | $ 5,853 | $ 3,830 | $ 21,421 | $ (914) | $ (7,761) | $ 20,507 | $ 5,509 | $ 24,337 | $ 15,003 | $ (22,300) | $ (150,934) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 19,355 | 25,187 | 38,792 | 50,201 | 57,790 | 74,827 | 75,993 | 98,139 | 99,246 | |||||
Stock-based compensation | 4,108 | 4,584 | 7,997 | 9,454 | 10,879 | 13,306 | 14,089 | 17,860 | 18,850 | |||||
Amortization of prepaid debt fees | 390 | 404 | 1,579 | 808 | 1,851 | 1,212 | 2,128 | 1,612 | 1,657 | |||||
Increase (Decrease) in Deferred Income Taxes | (4,932) | (2,703) | 1,885 | (9,499) | 14,744 | (13,068) | 1,488 | (34,757) | (25,308) | |||||
Goodwill, Impairment Loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 174,226 | |
Restructuring, non-cash | (110) | 0 | (110) | 0 | 1,018 | 0 | 976 | 5,172 | 1,259 | |||||
Other adjustments, net | 337 | 32 | 919 | 85 | 1,877 | 120 | 2,003 | 914 | 551 | |||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||
Increase (Decrease) in Accounts Receivable | 237 | 15,186 | (8,641) | (14,540) | (14,193) | (1,768) | (9,009) | (15,119) | 11,732 | |||||
Increase (Decrease) in Inventories | (23,732) | (12,449) | (49,928) | (16,145) | (73,464) | (23,085) | (52,737) | 7,208 | (12,391) | |||||
Other current assets | (7,888) | 5,838 | (6,254) | (3,768) | (998) | (5,154) | 12,512 | (10,947) | (9,950) | |||||
Increase (Decrease) in Other Noncurrent Assets | (3,081) | (9,446) | (3,185) | (10,166) | (2,529) | (15,766) | (3,721) | (12,540) | (2,298) | |||||
Accounts payables, other current liabilities, and taxes payable | 3,760 | 26,804 | 23,965 | 12,797 | (11,119) | 20,105 | (7,060) | 56,158 | (4,466) | |||||
Wages and benefits payable | (9,913) | (2,092) | (5,846) | 1,356 | 3,787 | 3,839 | (10,866) | 7,502 | (1,822) | |||||
Unearned revenue | 14,582 | 19,217 | 10,649 | 25,999 | 6,536 | 35,704 | 11,943 | 30,584 | 8,744 | |||||
Warranty | 2,384 | (342) | 23,046 | (3,881) | 20,207 | (4,560) | 20,161 | (7,297) | (6,546) | |||||
Other operating, net | (5,305) | (2,545) | (9,540) | 3,983 | (1,741) | 6,489 | 447 | 10,784 | 2,871 | |||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (3,955) | 66,761 | 17,567 | 67,191 | 20,154 | 116,538 | 73,350 | 132,973 | 105,421 | |||||
Investing activities | ||||||||||||||
Payments to Acquire Property, Plant, and Equipment | (9,472) | (8,564) | (20,992) | (19,403) | (33,324) | (32,060) | (43,918) | (44,495) | (60,020) | |||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 | 0 | (5,754) | 0 | (5,754) | 0 | (860) | |||||
Payments for (Proceeds from) Other Investing Activities | (118) | 167 | 693 | 56 | 545 | (193) | 721 | 2,999 | 4,109 | |||||
Net cash used in investing activities | (9,590) | (8,397) | (20,299) | (19,347) | (38,533) | (32,253) | (48,951) | (41,496) | (56,771) | |||||
Financing activities | ||||||||||||||
Proceeds from borrowings | 63,000 | 0 | 74,183 | 0 | 89,709 | 0 | 113,467 | 47,657 | 35,000 | |||||
Repayments of Long-term Debt | (22,373) | (30,625) | (22,373) | (51,250) | (30,186) | (68,750) | (62,998) | (102,438) | (73,750) | |||||
Issuance of common stock | 451 | 310 | 1,864 | 1,530 | 2,229 | 2,324 | 2,663 | 3,647 | 5,299 | |||||
Repurchase of common stock | (16,341) | (2,948) | (23,185) | (7,164) | (35,278) | (15,324) | (38,283) | (39,665) | (26,977) | |||||
Other financing, net | 1,186 | (2,244) | (3,942) | 1,204 | 1,881 | 2,395 | (7,109) | (1,078) | 2,990 | |||||
Net cash provided by (used in) financing activities | 25,923 | (35,507) | 26,547 | (55,680) | 28,355 | (79,355) | 7,740 | (91,877) | (57,438) | |||||
Effect of foreign exchange rate changes on cash and cash equivalents | (6,665) | (1,335) | (7,372) | (2,189) | (12,889) | (7,260) | (13,492) | (12,034) | (2,818) | |||||
Increase (decrease) in cash and cash equivalents | 5,713 | 21,522 | 16,443 | (10,025) | (2,913) | (2,330) | 18,647 | (12,434) | (11,606) | |||||
Cash and cash equivalents | 109,458 | 128,814 | 118,084 | 122,475 | 114,780 | 146,327 | 128,814 | 114,780 | 109,458 | 122,475 | 131,018 | 112,371 | 124,805 | $ 136,411 |
Non-cash transactions: | ||||||||||||||
Income taxes, net | 19,245 | (891) | 21,233 | 3,502 | 22,578 | 8,528 | 29,189 | 18,222 | 18,659 | |||||
Interest, net of amounts capitalized | 2,265 | 2,460 | 4,998 | 4,911 | 7,549 | 7,536 | $ 10,198 | 9,912 | 9,026 | |||||
Scenario, Previously Reported [Member] | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net income (loss) | 13,325 | (13,466) | 5,365 | 7,553 | 19,844 | (118) | (8,101) | 19,726 | 5,224 | 27,279 | (21,550) | (144,590) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 19,339 | 25,592 | 38,760 | 50,606 | 58,514 | 75,233 | 98,463 | 98,845 | ||||||
Stock-based compensation | 4,108 | 4,584 | 7,997 | 9,454 | 10,879 | 12,703 | 17,860 | 18,850 | ||||||
Amortization of prepaid debt fees | 390 | 404 | 1,579 | 808 | 1,851 | 1,212 | 1,612 | 1,657 | ||||||
Increase (Decrease) in Deferred Income Taxes | (4,790) | (3,915) | 1,901 | (8,046) | 14,926 | (9,787) | (31,542) | (26,757) | ||||||
Goodwill, Impairment Loss | 0 | 0 | 0 | 0 | 0 | 977 | 0 | 977 | 0 | 977 | 977 | 173,249 | ||
Restructuring, non-cash | 267 | 0 | 267 | 0 | 1,395 | 0 | 5,220 | 1,259 | ||||||
Other adjustments, net | 337 | 32 | 919 | 85 | 1,877 | 120 | 914 | 551 | ||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||
Increase (Decrease) in Accounts Receivable | 2,028 | 15,392 | (6,849) | (14,712) | (12,401) | (1,576) | (16,789) | 13,652 | ||||||
Increase (Decrease) in Inventories | (23,480) | (15,827) | (49,677) | (16,801) | (73,212) | (23,986) | 6,021 | (10,861) | ||||||
Other current assets | (9,395) | (1,547) | (9,043) | (9,103) | (4,696) | (5,298) | (9,447) | (4,143) | ||||||
Increase (Decrease) in Other Noncurrent Assets | (54) | 892 | 406 | 312 | 605 | (1,396) | 1,582 | 1,093 | ||||||
Accounts payables, other current liabilities, and taxes payable | 3,774 | 25,303 | 23,990 | 12,360 | (11,666) | 19,669 | 55,924 | (7,702) | ||||||
Wages and benefits payable | (10,343) | 272 | (6,276) | 4,473 | 4,110 | 6,717 | 10,334 | (1,995) | ||||||
Unearned revenue | 11,032 | 16,441 | 7,807 | 16,560 | 4,128 | 11,800 | 9,240 | (3,274) | ||||||
Warranty | 2,457 | 675 | 23,119 | (2,864) | 20,280 | (3,544) | (6,364) | (7,552) | ||||||
Other operating, net | (4,990) | (2,396) | (9,232) | 3,356 | (1,660) | 6,415 | 10,518 | 3,139 | ||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (3,955) | 66,761 | 17,567 | 67,191 | 20,154 | 116,538 | 132,973 | 105,421 | ||||||
Investing activities | ||||||||||||||
Payments to Acquire Property, Plant, and Equipment | (9,472) | (8,564) | (20,992) | (19,403) | (33,324) | (32,060) | (44,495) | (60,020) | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 | 0 | (5,754) | 0 | 0 | (860) | ||||||
Payments for (Proceeds from) Other Investing Activities | (118) | 167 | 693 | 56 | 545 | (193) | 2,999 | 4,109 | ||||||
Net cash used in investing activities | (9,590) | (8,397) | (20,299) | (19,347) | (38,533) | (32,253) | (41,496) | (56,771) | ||||||
Financing activities | ||||||||||||||
Proceeds from borrowings | 63,000 | 0 | 74,183 | 0 | 89,709 | 0 | 47,657 | 35,000 | ||||||
Repayments of Long-term Debt | (22,373) | (30,625) | (22,373) | (51,250) | (30,186) | (68,750) | (102,438) | (73,750) | ||||||
Issuance of common stock | 451 | 310 | 1,864 | 1,530 | 2,229 | 2,324 | 3,647 | 5,299 | ||||||
Repurchase of common stock | (16,341) | (2,948) | (23,185) | (7,164) | (35,278) | (15,324) | (39,665) | (26,977) | ||||||
Other financing, net | 1,186 | (2,244) | (3,942) | 1,204 | 1,881 | 2,395 | (1,078) | 2,990 | ||||||
Net cash provided by (used in) financing activities | 25,923 | (35,507) | 26,547 | (55,680) | 28,355 | (79,355) | (91,877) | (57,438) | ||||||
Effect of foreign exchange rate changes on cash and cash equivalents | (6,665) | (1,335) | (7,372) | (2,189) | (12,889) | (7,260) | (12,034) | (2,818) | ||||||
Increase (decrease) in cash and cash equivalents | 5,713 | 21,522 | 16,443 | (10,025) | (2,913) | (2,330) | (12,434) | (11,606) | ||||||
Cash and cash equivalents | 109,458 | 128,814 | 118,084 | 122,475 | 114,780 | 146,327 | 128,814 | 114,780 | 109,458 | 122,475 | 112,371 | 124,805 | 136,411 | |
Non-cash transactions: | ||||||||||||||
Income taxes, net | 19,245 | (891) | 21,233 | 3,502 | 22,578 | 8,528 | 18,222 | 18,659 | ||||||
Interest, net of amounts capitalized | 2,265 | 2,460 | 4,998 | 4,911 | 7,549 | 7,536 | 9,912 | 9,026 | ||||||
Restatement Adjustment [Member] | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net income (loss) | (55) | (148) | 488 | (3,723) | 1,577 | (796) | 340 | 781 | 285 | (2,942) | (750) | (6,344) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 16 | (405) | 32 | (405) | (724) | (406) | (324) | 401 | ||||||
Stock-based compensation | 0 | 0 | 0 | 0 | 0 | 603 | 0 | 0 | ||||||
Amortization of prepaid debt fees | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Increase (Decrease) in Deferred Income Taxes | (142) | 1,212 | (16) | (1,453) | (182) | (3,281) | (3,215) | 1,449 | ||||||
Goodwill, Impairment Loss | 0 | 0 | 0 | 0 | 0 | (977) | 0 | (977) | 0 | (977) | (977) | 977 | ||
Restructuring, non-cash | (377) | 0 | (377) | 0 | (377) | 0 | (48) | 0 | ||||||
Other adjustments, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||
Increase (Decrease) in Accounts Receivable | (1,791) | (206) | (1,792) | 172 | (1,792) | (192) | 1,670 | (1,920) | ||||||
Increase (Decrease) in Inventories | (252) | 3,378 | (251) | 656 | (252) | 901 | 1,187 | (1,530) | ||||||
Other current assets | 1,507 | 7,385 | 2,789 | 5,335 | 3,698 | 144 | (1,500) | (5,807) | ||||||
Increase (Decrease) in Other Noncurrent Assets | (3,027) | (10,338) | (3,591) | (10,478) | (3,134) | (14,370) | (14,122) | (3,391) | ||||||
Accounts payables, other current liabilities, and taxes payable | (14) | 1,501 | (25) | 437 | 547 | 436 | 234 | 3,236 | ||||||
Wages and benefits payable | 430 | (2,364) | 430 | (3,117) | (323) | (2,878) | (2,832) | 173 | ||||||
Unearned revenue | 3,550 | 2,776 | 2,842 | 9,439 | 2,408 | 23,904 | 21,344 | 12,018 | ||||||
Warranty | (73) | (1,017) | (73) | (1,017) | (73) | (1,016) | (933) | 1,006 | ||||||
Other operating, net | (315) | (149) | (308) | 627 | (81) | 74 | 266 | (268) | ||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Investing activities | ||||||||||||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net cash used in investing activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Financing activities | ||||||||||||||
Proceeds from borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Repayments of Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Issuance of common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Repurchase of common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Other financing, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | |
Non-cash transactions: | ||||||||||||||
Income taxes, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Interest, net of amounts capitalized | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Valuation and Qualifying Acc146
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Other Adjustments | $ 1,025 | $ (31) | |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of Period | 257,728 | 162,588 | $ 138,910 |
Other Adjustments | (62,791) | (4,913) | 3,873 |
Additions Charged to Cost and Expense | 40,402 | 100,053 | 19,805 |
Balance at End of Period Noncurrent | $ 235,339 | $ 257,728 | $ 162,588 |