Itron (ITRI) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-22418
Entity Registrant Name	ITRON, INC.
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1011792
Entity Address, Address Line One	2111 N Molter Road
Entity Address, City or Town	Liberty Lake
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99019
City Area Code	509
Local Phone Number	924-9900
Title of 12(b) Security	Common stock, no par value
Trading Symbol	ITRI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,492,770
Entity Central Index Key	0000780571
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Revenues	$ 560,772	$ 420,860	$ 1,596,460	$ 1,328,073
Cost of revenues
Cost of revenues	373,569	300,798	1,078,942	946,682
Gross profit	187,203	120,062	517,518	381,391
Operating expenses
Sales, general and administrative	76,576	63,446	231,176	212,724
Research and development	51,644	43,820	154,769	138,471
Amortization of intangible assets	4,663	6,413	14,433	19,451
Restructuring	(615)	(1,272)	36,868	(11,097)
Loss on sale of business	45	767	675	3,182
Goodwill impairment	0	0	0	38,480
Total operating expenses	132,313	113,174	437,921	401,211
Operating income (loss)	54,890	6,888	79,597	(19,820)
Other income (expense)
Interest income	2,642	801	5,968	1,367
Interest expense	(2,445)	(1,679)	(6,479)	(4,931)
Other income (expense), net	646	(1,065)	(1,162)	(3,140)
Total other income (expense)	843	(1,943)	(1,673)	(6,704)
Income (loss) before income taxes	55,733	4,945	77,924	(26,524)
Income tax provision	(15,388)	(473)	(24,513)	(4,973)
Net income (loss)	40,345	4,472	53,411	(31,497)
Net income attributable to noncontrolling interests	173	355	874	447
Net income (loss) attributable to Itron, Inc.	$ 40,172	$ 4,117	$ 52,537	$ (31,944)
Earnings (loss) per common share - Basic (in dollars per share)	$ 0.88	$ 0.09	$ 1.16	$ (0.71)
Earnings (loss) per common share - Diluted (in dollars per share)	$ 0.87	$ 0.09	$ 1.15	$ (0.71)
Weighted average common shares outstanding - Basic (in shares)	45,462	45,139	45,393	45,075
Weighted average common shares outstanding - Diluted (in shares)	45,950	45,330	45,768	45,075
Product [Member]
Revenues
Revenues	$ 480,355	$ 347,791	$ 1,361,482	$ 1,107,499
Cost of revenues
Cost of revenues	332,035	258,541	951,666	818,639
Service [Member]
Revenues
Revenues	80,417	73,069	234,978	220,574
Cost of revenues
Cost of revenues	$ 41,534	$ 42,257	$ 127,276	$ 128,043

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 40,345,000	$ 4,472,000	$ 53,411,000	$ (31,497,000)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(15,009,000)	(28,197,000)	(5,844,000)	(55,716,000)
Foreign currency translation adjustment reclassified to net income (loss) on sale of business	0	1,885,000	0	57,321,000
Pension benefit obligation adjustment	(109,000)	196,000	(322,000)	4,672,000
Total other comprehensive income (loss), net of tax	(15,118,000)	(26,116,000)	(6,166,000)	6,277,000
Total comprehensive income (loss), net of tax	25,227,000	(21,644,000)	47,245,000	(25,220,000)
Comprehensive income (loss) attributable to noncontrolling interests, net of tax	173,000	355,000	874,000	447,000
Comprehensive income (loss) attributable to Itron, Inc.	$ 25,054,000	$ (21,999,000)	$ 46,371,000	$ (25,667,000)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 254,771	$ 202,007
Accounts receivable, net	318,104	280,435
Inventories	276,099	228,701
Other current assets	160,768	118,441
Total current assets	1,009,742	829,584
Property, plant, and equipment, net	129,714	140,123
Deferred tax assets, net	209,153	211,982
Other long-term assets	35,348	39,901
Operating lease right-of-use assets, net	41,285	52,826
Intangible assets, net	50,408	64,941
Goodwill	1,035,761	1,038,721
Total assets	2,511,411	2,378,078
Current liabilities
Accounts payable	224,308	237,178
Other current liabilities	54,508	42,869
Wages and benefits payable	106,941	89,431
Taxes payable	17,407	15,324
Current portion of warranty	16,221	18,203
Unearned revenue	136,539	95,567
Total current liabilities	555,924	498,572
Long-term debt, net	454,247	452,526
Long-term warranty	7,262	7,495
Pension benefit obligation	58,079	57,839
Deferred tax liabilities, net	823	833
Operating lease liabilities	33,024	44,370
Other long-term obligations	144,322	124,887
Total liabilities	1,253,681	1,186,522
Equity
Preferred stock, no par value, 10,000 shares authorized, no shares issued or outstanding	0	0
Common stock, no par value, 75,000 shares authorized, 45,474 and 45,186 shares issued and outstanding	1,811,365	1,788,479
Accumulated other comprehensive loss, net	(100,840)	(94,674)
Accumulated deficit	(472,795)	(525,332)
Total Itron, Inc. shareholders' equity	1,237,730	1,168,473
Noncontrolling interests	20,000	23,083
Total equity	1,257,730	1,191,556
Total liabilities and equity	$ 2,511,411	$ 2,378,078

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in share)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	45,474,000	45,186,000
Common stock, shares outstanding (in shares)	45,474,000	45,186,000

Consolidated Statements of Equi

Consolidated Statements of Equity Statement - USD ($) shares in Thousands, $ in Thousands	Total	Parent [Member]	Common Stock [Member]	Common Stock Including Additional Paid in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]
Beginning balance (in shares) at Dec. 31, 2021			45,152
Beginning balance at Dec. 31, 2021	$ 1,142,759	$ 1,116,077		$ 1,779,775	$ (148,098)	$ (515,600)	$ 26,682
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	896	906				906	(10)
Other comprehensive income (loss), net of tax	52,815	52,815			52,815
Net stock issuance and repurchases (in shares)			165
Net stock issued and repurchased	784	784		784
Stock-based compensation expense	6,127	6,127		6,127
Stock repurchased during period (in shares)			(280)
Stock Repurchased During Period, Value	16,629	16,629		16,629
Ending balance at Mar. 31, 2022	1,186,752	1,160,080		1,770,057	(95,283)	(514,694)	26,672
Ending balance (in shares) at Mar. 31, 2022			45,037
Beginning balance (in shares) at Dec. 31, 2021			45,152
Beginning balance at Dec. 31, 2021	1,142,759	1,116,077		1,779,775	(148,098)	(515,600)	26,682
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(31,497)
Other comprehensive income (loss), net of tax	6,277
Ending balance at Sep. 30, 2022	1,117,173	1,093,828		1,783,193	(141,821)	(547,544)	23,345
Ending balance (in shares) at Sep. 30, 2022			45,154
Beginning balance (in shares) at Mar. 31, 2022			45,037
Beginning balance at Mar. 31, 2022	1,186,752	1,160,080		1,770,057	(95,283)	(514,694)	26,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(36,865)	(36,967)				(36,967)	102
Other comprehensive income (loss), net of tax	(20,422)	(20,422)			(20,422)
Distributions to noncontrolling interests	(3,784)						(3,784)
Net stock issuance and repurchases (in shares)			33
Net stock issued and repurchased	1,014	1,014		1,014
Stock-based compensation expense	6,405	6,405		6,405
Ending balance at Jun. 30, 2022	1,133,100	1,110,110		1,777,476	(115,705)	(551,661)	22,990
Ending balance (in shares) at Jun. 30, 2022			45,070
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,472	4,117				4,117	355
Other comprehensive income (loss), net of tax	(26,116)	(26,116)			(26,116)
Net stock issuance and repurchases (in shares)			84
Net stock issued and repurchased	833	833		833
Stock-based compensation expense	4,884	4,884		4,884
Ending balance at Sep. 30, 2022	$ 1,117,173	1,093,828		1,783,193	(141,821)	(547,544)	23,345
Ending balance (in shares) at Sep. 30, 2022			45,154
Beginning balance (in shares) at Dec. 31, 2022	45,186		45,186
Beginning balance at Dec. 31, 2022	$ 1,191,556	1,168,473		1,788,479	(94,674)	(525,332)	23,083
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(12,037)	(11,836)				(11,836)	(201)
Other comprehensive income (loss), net of tax	7,119	7,119			7,119
Distributions to noncontrolling interests	(21)						(21)
Net stock issuance and repurchases (in shares)			219
Net stock issued and repurchased	607	607		607
Stock-based compensation expense	6,919	6,919		6,919
Ending balance at Mar. 31, 2023	$ 1,194,143	1,171,282		1,796,005	(87,555)	(537,168)	22,861
Ending balance (in shares) at Mar. 31, 2023			45,405
Beginning balance (in shares) at Dec. 31, 2022	45,186		45,186
Beginning balance at Dec. 31, 2022	$ 1,191,556	1,168,473		1,788,479	(94,674)	(525,332)	23,083
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	53,411
Other comprehensive income (loss), net of tax	(6,166)
Ending balance at Sep. 30, 2023	$ 1,257,730	1,237,730		1,811,365	(100,840)	(472,795)	20,000
Ending balance (in shares) at Sep. 30, 2023	45,474		45,474
Beginning balance (in shares) at Mar. 31, 2023			45,405
Beginning balance at Mar. 31, 2023	$ 1,194,143	1,171,282		1,796,005	(87,555)	(537,168)	22,861
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	25,103	24,201				24,201	902
Other comprehensive income (loss), net of tax	1,833	1,833			1,833
Net stock issuance and repurchases (in shares)			43
Net stock issued and repurchased	1,033	1,033		1,033
Stock-based compensation expense	6,775	6,775		6,775
Ending balance at Jun. 30, 2023	1,228,887	1,205,124		1,803,813	(85,722)	(512,967)	23,763
Ending balance (in shares) at Jun. 30, 2023			45,448
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	40,345	40,172				40,172	173
Other comprehensive income (loss), net of tax	(15,118)	(15,118)			(15,118)
Distributions to noncontrolling interests	(3,936)						(3,936)
Net stock issuance and repurchases (in shares)			26
Net stock issued and repurchased	715	715		715
Stock-based compensation expense	6,837	6,837		6,837
Ending balance at Sep. 30, 2023	$ 1,257,730	$ 1,237,730		$ 1,811,365	$ (100,840)	$ (472,795)	$ 20,000
Ending balance (in shares) at Sep. 30, 2023	45,474		45,474

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income (loss)	$ 53,411	$ (31,497)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of intangible assets	42,013	50,612
Non-cash operating lease expense	12,197	12,250
Stock-based compensation	20,531	17,416
Amortization of prepaid debt fees	2,761	2,610
Deferred taxes, net	1,938	(6,428)
Loss on sale of business	675	3,182
Goodwill impairment	0	38,480
Restructuring, non-cash	910	(879)
Other adjustments, net	(318)	2,148
Changes in operating assets and liabilities, net of acquisition and sale of business:
Accounts receivable	(37,832)	12,270
Inventories	(48,280)	(48,377)
Other current assets	(43,240)	(15,907)
Other long-term assets	3,392	(7,897)
Accounts payable, other current liabilities, and taxes payable	220	55,032
Wages and benefits payable	17,361	(30,877)
Unearned revenue	38,619	32,151
Warranty	(2,177)	(5,031)
Restructuring	23,966	(34,410)
Other operating, net	(9,071)	(7,318)
Net cash provided by operating activities	77,076	37,530
Investing activities
Net proceeds (payments) related to the sale of business	(772)	55,933
Acquisitions of property, plant, and equipment	(18,304)	(14,886)
Business acquisitions, net of cash and cash equivalents acquired	0	23
Other investing, net	73	2,424
Net cash provided by (used in) investing activities	(19,003)	43,494
Financing activities
Issuance of common stock	2,366	2,631
Repurchase of common stock	0	(16,972)
Prepaid debt fees	(517)	(697)
Other financing, net	(4,488)	(4,358)
Net cash used in financing activities	(2,639)	(19,396)
Effect of foreign exchange rate changes on cash and cash equivalents	(2,670)	(8,794)
Increase in cash and cash equivalents	52,764	52,834
Cash and cash equivalents at beginning of period	202,007	162,579
Cash and cash equivalents at end of period	254,771	215,413
Supplemental disclosure of cash flow information:
Income taxes, net	29,031	9,954
Interest	$ 1,578	$ 1,409

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Financial Statement Preparation The consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited and reflect entries necessary for the fair presentation of the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022, Consolidated Statements of Equity for the three months ended September 30, 2023 and 2022, June 30, 2023 and 2022 and March 31, 2023 and 2022, the Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022, and the Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, of Itron, Inc. and its subsidiaries. All entries required for the fair presentation of the financial statements are of a normal recurring nature, except as disclosed. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results expected for the full year or for any other period. Certain information and notes normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been partially or completely omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim results. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2022 filed with the SEC in our Annual Report on Form 10-K on February 27, 2023 (2022 Annual Report). There have been no significant changes in financial statement preparation or significant accounting policies since December 31, 2022. Risks and Uncertainties Global economic impacts, such as the COVID-19 pandemic and the various ongoing conflicts around the globe, may create disruption in customer demand and global supply chains, resulting in market volatility, which our management continues to monitor. In the aftermath of these types of events global supply chains, including labor, struggle to keep pace with rapidly changing demand. While recently improving from 2022 levels, our ability to obtain adequate supply of semiconductor components has impacted our ability to service customer demand. Temporal imbalance in supply and demand creates business uncertainties that include costs and availability. Efforts continue with suppliers to increase supply, including the approval of alternate sources. Recently, inflation in our raw materials and component costs, freight charges, and labor costs have increased above historical levels, due to, among other things, the continuing impacts of the uncertain economic environment. We may or may not be able to fully recover these increased costs through pricing actions with our customers. Currently, we have not identified any significant decrease in long-term customer demand for our products and services. Certain of our customer projects have experienced delays in deliveries, with revenues originally forecasted in prior periods shifting to future periods. While we have limited direct business exposure in areas with current conflict, such as Russia, Belarus, Ukraine, and Israel, military actions globally and any resulting sanctions could adversely affect the global economy, as well as further disrupt the supply chain. A major disruption in the global economy and supply chain could have a material adverse effect on our business, prospects, financial condition, results of operations, and cash flows. The extent and duration of the military action, sanctions, and resulting market and/or supply disruptions are impossible to predict, but could be substantial, and our management continues to monitor these events closely . Reclassification In the Consolidated Statements of Cash Flows, the following reclassifications have been made to prior year amounts to conform to current year presentation of restructuring liabilities: Nine Months Ended September 30, 2022 In thousands As Previously Reported Adjustments As Reclassified Changes in operating assets and liabilities, net of acquisitions and sale of business: Accounts payable, other current liabilities, and taxes payable $ 42,550 $ 12,482 $ 55,032 Restructuring — (34,410) (34,410) Other operating, net (29,246) 21,928 (7,318) Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-08 amending Business Combination: ( Topic 805), which was necessary due to 2014-09, Revenue from Contracts with Customers (Topic 606). The FASB issued this Update to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to (1) recognition of an acquired contract liability and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. We adopted this amendment as of the effective date of January 1, 2023. These amendments are to be applied prospectively to business combinations occurring on or after the effective date of the amendments. We currently plan to apply the practical expedients as needed for any future acquisitions. The practical expedients cover contracts that were modified prior to acquisition date as well as determining which date an acquirer would have to determine the standalone selling price of each performance obligation in an acquired contract.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (EPS): Three Months Ended September 30, Nine Months Ended September 30, In thousands, except per share data 2023 2022 2023 2022 Net income (loss) available to common shareholders $ 40,172 $ 4,117 $ 52,537 $ (31,944) Weighted average common shares outstanding - Basic 45,462 45,139 45,393 45,075 Dilutive effect of stock-based awards 488 191 375 — Dilutive effect of convertible notes — — — — Weighted average common shares outstanding - Diluted 45,950 45,330 45,768 45,075 Net income (loss) per common share - Basic $ 0.88 $ 0.09 $ 1.16 $ (0.71) Net income (loss) per common share - Diluted $ 0.87 $ 0.09 $ 1.15 $ (0.71) Stock-based Awards For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase our common stock at the average market price during the period. Related proceeds include the amount the employee must pay upon exercise and the future compensation cost associated with the stock award. Approximately 0.2 million and 0.3 million stock-based awards were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2023 because they were anti-dilutive. Approximately 0.4 million and 0.7 million stock-based awards were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2022 because they were anti-dilutive. These stock-based awards could be dilutive in future periods. Convertible Notes and Warrants For our convertible notes issued in March 2021, the dilutive effect is calculated using the if-converted method. We are required, pursuant to the indenture governing our convertible notes, to settle the principal amount of the convertible notes in cash and may elect to settle the remaining conversion obligation (stock price in excess of conversion price) in cash, shares, or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the remaining conversion obligation, assuming all the convertible notes were converted. The average closing prices of our common stock for the quarter ended September 30, 2023 were used as the basis for determining the dilutive effect on EPS. The quarterly average closing prices for our common stock did not exceed the conversion price of $126.00, and therefore all associated shares were anti-dilutive. In conjunction with the issuance of the convertible notes, we sold warrants to purchase 3.7 million shares of Itron common stock. The warrants have a strike price of $180.00 per share. For calculating the dilutive effect of the warrants, we use the treasury stock method. With this method, we assume exercise of the warrants at the beginning of the period, or at time of issuance if later, and the issuance of common stock upon exercise. Proceeds from the exercise of the warrants are assumed to be used to repurchase shares of our stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be exercised with the warrants less the number of shares repurchased, are included in diluted weighted average common shares outstanding. For periods where the warrants strike price of $180.00 per share is greater than the average share price of Itron stock for the period, the warrants would be anti-dilutive. For the three and nine months ended September 30, 2023, the quarterly average closing prices of our common stock did not exceed the warrant strike price and therefore 3.7 million shares were considered anti-dilutive. Convertible Note Hedge Transactions In connection with the issuance of the convertible notes, we entered into privately negotiated call option contracts on our common stock (the convertible note hedge transactions) with certain commercial banks (the Counterparties). The convertible note hedge transactions cover, subject to anti-dilution adjustments substantially similar to those in the convertible notes, approximately 3.7 million shares of our common stock, the same number of shares initially underlying the convertible notes, at a strike price of approximately $126.00, subject to customary adjustments. The convertible note hedge transactions will expire upon the maturity of the convertible notes, subject to earlier exercise or termination. Exercise of the convertible note hedge transactions would reduce the number of shares of our common stock outstanding and therefore would be anti-dilutive.

Certain Balance Sheet Component

Certain Balance Sheet Components	9 Months Ended
	Sep. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Certain Balance Sheet Components	Certain Balance Sheet Components A summary of accounts receivable from contracts with customers is as follows: Accounts receivable, net In thousands September 30, 2023 December 31, 2022 Trade receivables (net of allowance of $4,643 and $4,863) $ 289,637 $ 249,771 Unbilled receivables 28,467 30,664 Total accounts receivable, net $ 318,104 $ 280,435 Allowance for credit losses account activity Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Beginning balance $ 4,694 $ 5,630 $ 4,863 $ 5,730 Provision for (release of) doubtful accounts, net 76 (1,062) 37 (544) Accounts written-off, net (60) (214) (304) (458) Effect of change in exchange rates (67) 152 47 (222) Ending balance $ 4,643 $ 4,506 $ 4,643 $ 4,506 Inventories In thousands September 30, 2023 December 31, 2022 Raw materials $ 216,316 $ 182,118 Work in process 12,606 8,386 Finished goods 47,177 38,197 Total inventories $ 276,099 $ 228,701 Property, plant, and equipment, net In thousands September 30, 2023 December 31, 2022 Machinery and equipment $ 312,529 $ 306,699 Computers and software 123,198 119,670 Buildings, furniture, and improvements 129,755 130,301 Land 8,513 8,566 Construction in progress, including purchased equipment 20,634 19,403 Total cost 594,629 584,639 Accumulated depreciation (464,915) (444,516) Property, plant, and equipment, net $ 129,714 $ 140,123 Depreciation expense Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Depreciation expense $ 8,982 $ 10,948 $ 27,580 $ 31,161

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities The gross carrying amount and accumulated amortization (accretion) of our intangible assets and liabilities, other than goodwill, were as follows: September 30, 2023 December 31, 2022 In thousands Gross Accumulated Net Gross Accumulated Net Intangible Assets Core-developed technology $ 497,988 $ (494,989) $ 2,999 $ 498,601 $ (492,782) $ 5,819 Customer contracts and relationships 320,995 (275,508) 45,487 322,360 (265,503) 56,857 Trademarks and trade names 71,903 (70,099) 1,804 72,156 (70,101) 2,055 Other 12,017 (11,899) 118 12,017 (11,807) 210 Total intangible assets $ 902,903 $ (852,495) $ 50,408 $ 905,134 $ (840,193) $ 64,941 Intangible Liabilities Customer contracts and relationships $ (23,900) $ 23,900 $ — $ (23,900) $ 23,900 $ — A summary of intangible assets and liabilities activity is as follows: Nine Months Ended September 30, In thousands 2023 2022 Intangible assets, gross beginning balance $ 905,134 $ 928,422 Effect of change in exchange rates (2,231) (47,113) Intangible assets, gross ending balance $ 902,903 $ 881,309 Intangible liabilities, gross beginning balance $ (23,900) $ (23,900) Effect of change in exchange rates — — Intangible liabilities, gross ending balance $ (23,900) $ (23,900) Assumed intangible liabilities reflect the present value of the projected cash outflows for an existing contract where remaining costs are expected to exceed projected revenues. Estimated future annual amortization is as follows: Year Ending December 31, Estimated Annual Amortization In thousands 2023 (amount remaining at September 30, 2023) $ 4,496 2024 14,986 2025 14,267 2026 10,287 2027 5,628 Thereafter 744 Total intangible assets subject to amortization $ 50,408

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2023
Goodwill Excluding Non Goodwill Intangibles [Abstract]
Goodwill	Goodwill The following table reflects changes in the carrying amount of goodwill for the nine months ended September 30, 2023: In thousands Device Solutions Networked Solutions Outcomes Total Company Goodwill balance at January 1, 2023 $ — $ 899,887 $ 138,834 $ 1,038,721 Effect of change in exchange rates — (2,568) (392) (2,960) Goodwill balance at September 30, 2023 $ — $ 897,319 $ 138,442 $ 1,035,761

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The components of our borrowings were as follows: In thousands September 30, 2023 December 31, 2022 Credit facility Multicurrency revolving line of credit $ — $ — Convertible notes 460,000 460,000 Total debt 460,000 460,000 Less: unamortized prepaid debt fees - convertible notes 5,753 7,474 Long-term debt, net $ 454,247 $ 452,526 Credit Facility Our current credit facility, initially entered on January 5, 2018 (as amended, the 2018 credit facility), originally provided for committed credit facilities in the amount of $1.2 billion U.S. dollars. This facility now consists of a multicurrency revolving line of credit (the revolver) with a principal amount of up to $500 million. The revolver also contains a $300 million standby letter of credit sub-facility and a $50 million swingline sub-facility. The $650 million U.S. dollar term loan included in the original facility was fully repaid in August 2021. The 2018 credit facility permits us and certain of our foreign subsidiaries to borrow in U.S. dollars, euros, or, with lender approval, other currencies readily convertible into U.S. dollars. All obligations under the 2018 credit facility are guaranteed by Itron, Inc. and material U.S. domestic subsidiaries and are secured by a pledge of substantially all of the assets of Itron, Inc. and material U.S. domestic subsidiaries. This includes a pledge of 100% of the capital stock of material U.S. domestic subsidiaries and up to 66% of the voting stock (100% of the non-voting stock) of first-tier foreign subsidiaries. In addition, the obligations of any foreign subsidiary who is a foreign borrower, as defined by the 2018 credit facility, are guaranteed by the foreign subsidiary and by its direct and indirect foreign parents. The 2018 credit facility includes debt covenants, which contain certain financial thresholds and place certain restrictions on the incurrence of debt, investments, and the issuance of dividends. We were in compliance with the debt covenants under the 2018 credit facility at September 30, 2023. Under the 2018 credit facility, we elect applicable market interest rates for both the term loan and any outstanding revolving loans. We also pay an applicable margin, which is based on our total net leverage ratio as defined in the credit agreement. The applicable rates per annum may be based on either: (1) the LIBOR rate or EURIBOR rate (subject to a floor of 0%), plus an applicable margin, or (2) the Alternate Base Rate, plus an applicable margin. The Alternate Base Rate election is equal to the greatest of three rates: (i) the prime rate, (ii) the Federal Reserve effective rate plus 0.50%, or (iii) one-month LIBOR plus 1.00%. The cessation of LIBOR occurred in June 2023 . On November 23, 2022, we amended the 2018 credit facility to replace the LIBOR rate with the Term Secured Overnight Financing Rate (SOFR) as the base interest rate. On February 21, 2023, we entered into a sixth amendment to the 2018 credit facility. This amendment modified provisions to allow for the addback for debt covenant calculations of non-recurring cash expenses related to restructuring charges incurred during the quarter ended March 31, 2023. Subsequent to quarter end on October 13, 2023, we entered into a seventh amendment to extend the maturity date to October 18, 2026. However, that date may be advanced to December 14, 2025 if Itron does not settle or extend a sufficient portion of outstanding convertible notes detailed in the amendment. In addition, the amendment revises the interest cost, as follows: Total Net Leverage Ratio Interest Cost Commitment Fee Greater than 4.00 SOFR + 250 bps 40 bps 3.51 to 4.00 SOFR + 225 bps 35 bps 2.51 to 3.50 SOFR + 200 bps 30 bps Less than or equal to 2.50 SOFR + 175 bps 25 bps At September 30, 2023, there were no outstanding loan balances under the credit facility, and $61.6 million was utilized by outstanding standby letters of credit, resulting in $438.4 million available for additional borrowings or standby letters of credit within the revolver. At September 30, 2023, $238.4 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. Convertible Notes On March 12, 2021, we closed the sale of the convertible notes in a private placement to qualified institutional buyers, resulting in net proceeds to us of $448.5 million after deducting initial purchasers' discounts of the offering. The convertible notes do not bear regular interest, and the principal amount does not accrete. The convertible notes will mature on March 15, 2026, unless earlier repurchased, redeemed, or converted in accordance with their terms. No sinking fund is provided for the convertible notes. The initial conversion rate of the convertible notes is 7.9365 shares of our common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $126.00 per share. The conversion rate of the convertible notes is subject to adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the indenture governing the convertible notes) or upon a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder that elects to convert its convertible notes in connection with such make-whole fundamental change or notice of redemption, as the case may be. Prior to the close of business on the business day immediately preceding December 15, 2025, the convertible notes are convertible at the option of the holders only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business-day period after any five consecutive trading-day period (the measurement period) in which the trading price per $1,000 principal amount of convertible notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; (3) upon the occurrence of specified corporate events; or (4) upon redemption by us. On or after December 15, 2025, until the close of business on the second scheduled trading day immediately preceding March 15, 2026, holders of the convertible notes may convert all or a portion of their notes at any time. Upon conversion, we will pay cash up to the aggregate principal amount of convertible notes to be converted and pay and/or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at our election, in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the convertible notes being converted. On or after March 20, 2024 and prior to December 15, 2025, we may redeem for cash all or part of the convertible notes, at our option, if the last reported sales price of common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related notice of the redemption. The redemption price of each convertible note to be redeemed will be the principal amount of such note, plus accrued and unpaid special interest, if any. Upon the occurrence of a fundamental change (as defined in the indenture governing the convertible notes), subject to a limited exception described in the indenture governing the convertible notes, holders may require us to repurchase all or a portion of their notes for cash at a price equal to plus accrued and unpaid special interest to, but not including, the fundamental change repurchase date (as defined in the indenture governing the convertible notes). The convertible notes are senior unsecured obligations and rank equally in right of payment with all of our existing and future unsubordinated debt and senior in right of payment to any future debt that is expressly subordinated in right of payment to the convertible notes. The convertible notes will be effectively subordinated to any of our existing and future secured debt to the extent of the assets securing such indebtedness. The convertible notes will be structurally subordinated to all existing debt and any future debt and any other liabilities of our subsidiaries. Debt Maturities The amount of required minimum principal payments on our long-term debt in aggregate over the next five years is as follows: Year Ending December 31, Minimum Payments In thousands 2023 (amount remaining at September 30, 2023) $ — 2024 — 2025 — 2026 460,000 2027 — Thereafter — Total minimum payments on debt $ 460,000

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments As part of our risk management strategy, we use derivative instruments to hedge certain foreign currencies. Refer to Note 13: Shareholders' Equity and Note 14: Fair Value of Financial Instruments for additional disclosures on our derivative instruments. Derivatives Not Designated as Hedging Relationships We are exposed to foreign exchange risk when we enter into non-functional currency transactions, both intercompany and third party. At each period-end, non-functional currency monetary assets and liabilities are revalued with the change recognized within other income (expense) in our Consolidated Statements of Operations. We enter into monthly foreign exchange forward contracts, which are not designated for hedge accounting, with the intent to reduce earnings volatility associated with currency exposures. As of September 30, 2023, a total of 40 contracts were offsetting our exposures from the euro, pound sterling, Indonesian rupiah, Canadian dollar, Australian dollar, and various other currencies, with notional amounts ranging from $109,000 to $42.3 million. We will continue to monitor and assess our interest rate and foreign exchange risk and may institute additional derivative instruments to manage such risk in the future.

Defined Benefit Pension Plans

Defined Benefit Pension Plans	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Defined Benefit Pension Plans	Defined Benefit Pension Plans We sponsor both funded and unfunded defined benefit pension plans offering death and disability, retirement, and special termination benefits for certain of our international employees, primarily in Germany, France, Indonesia, India, and Italy. The defined benefit obligation is calculated annually by using the projected unit credit method. The measurement date for the pension plans was December 31, 2022. Amounts recognized on the Consolidated Balance Sheets consist of: In thousands September 30, 2023 December 31, 2022 Assets Plan assets in other long-term assets $ 149 $ 162 Liabilities Current portion of pension benefit obligation in wages and benefits payable $ 4,083 $ 3,400 Long-term portion of pension benefit obligation 58,079 57,839 Pension benefit obligation, net $ 62,013 $ 61,077 Our asset investment strategy focuses on maintaining a portfolio using primarily insurance funds, which are accounted for as investments and measured at fair value, in order to achieve our long-term investment objectives on a risk-adjusted basis. Our general funding policy for these qualified pension plans is to contribute amounts sufficient to satisfy regulatory funding standards of the respective countries for each plan. Net periodic pension benefit cost for our plans includes the following components: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Service cost $ 605 $ 739 $ 1,845 $ 2,241 Interest cost 720 403 2,153 1,269 Expected return on plan assets (88) (75) (264) (238) Amortization of prior service costs 15 17 45 53 Amortization of actuarial net loss (122) 187 (365) 618 Net periodic benefit cost $ 1,130 $ 1,271 $ 3,414 $ 3,943 The components of net periodic benefit cost, other than the service cost component, are included in total other income (expense) on the Consolidated Statements of Operations.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation We grant stock-based compensation awards, including restricted stock units, phantom stock, and unrestricted stock units, under the Second Amended and Restated 2010 Stock Incentive Plan (Stock Incentive Plan). Prior to December 31, 2020, stock options were also granted as part of the stock-based compensation awards. In the Stock Incentive Plan, we have 12,123,538 shares of common stock authorized for issuance subject to stock splits, dividends, and other similar events, and at September 30, 2023, 3,396,555 shares were available for grant. We issue new shares of common stock upon the exercise of stock options or when vesting conditions on restricted stock units are fully satisfied. These shares are subject to a fungible share provision such that the authorized share available for grant is reduced by (i) one share for every one share subject to a stock option or share appreciation right granted under the Plan and (ii) 1.7 shares for every one share of common stock that was subject to an award other than an option or share appreciation right. We also award phantom stock units, which are settled in cash upon vesting and accounted for as liability-based awards, with no impact to the shares available for grant. In addition, we maintain the Employee Stock Purchase Plan (ESPP), for which 534,418 shares of common stock were available for future issuance at September 30, 2023. In May 2023, the shareholders authorized, via a proxy approval, the reallocation of 500,000 reserved shares from the shares available for grant in the Stock Incentive Plan to the ESPP. ESPP activity and stock-based grants other than stock options and restricted stock units were not significant for the three and nine months ended September 30, 2023 and 2022. Stock-Based Compensation Expense Total stock-based compensation expense and the related tax benefit were as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Stock options $ 18 $ 236 $ 98 $ 798 Restricted stock units 6,581 4,430 19,680 15,883 Unrestricted stock awards 238 218 753 735 Phantom stock units 1,190 (176) 3,114 596 Total stock-based compensation $ 8,027 $ 4,708 $ 23,645 $ 18,012 Related tax benefit $ 1,686 $ 1,195 $ 5,059 $ 4,264 Stock Options A summary of our stock option activity is as follows: Shares Weighted Weighted Average Aggregate Weighted In thousands Years In thousands Outstanding, January 1, 2022 393 $ 61.18 5.9 $ 4,737 Granted — — $ — Exercised — — — Forfeited (2) 87.27 Canceled (8) 78.76 Outstanding, September 30, 2022 383 $ 60.69 5.1 $ 729 Outstanding, January 1, 2023 381 $ 60.63 4.8 $ 1,892 Granted — — $ — Exercised (6) 56.83 88 Forfeited — — Canceled — — Outstanding, September 30, 2023 375 $ 60.69 4.1 $ 3,316 Exercisable, September 30, 2023 375 $ 60.64 4.1 $ 3,316 At September 30, 2023, all stock-based compensation expense related to nonvested stock options has been recognized. Restricted Stock Units The following table summarizes restricted stock unit activity: In thousands, except fair value Number of Weighted Aggregate Outstanding, January 1, 2022 430 Granted 371 $ 53.32 Released (1) (220) $ 11,441 Forfeited (62) Outstanding, September 30, 2022 519 Outstanding, January 1, 2023 528 $ 66.39 Granted 459 56.62 Released (1) (235) 71.83 $ 739 Forfeited (25) 62.32 Outstanding, September 30, 2023 727 58.81 Vested but not released, September 30, 2023 15 $ 887 (1) Shares released is presented as gross shares and does not reflect shares withheld by us for employee payroll tax obligations. At September 30, 2023, total unrecognized compensation expense on restricted stock units was $37.5 million, which is expected to be recognized over a weighted average period of approximately 1.8 years. The weighted average assumptions used to estimate the fair value of performance-based restricted stock units granted with a service and market condition and the resulting weighted average fair value are as follows: Nine Months Ended September 30, 2023 2022 Expected volatility 50.0 % 55.7 % Risk-free interest rate 4.6 % 1.7 % Expected term (years) 2.2 2.9 Weighted average fair value $ 59.52 $ 57.88

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We determine the interim tax benefit (provision) by applying an estimate of the annual effective tax rate to the year-to-date pretax book income (loss) and adjusting for discrete items during the reporting period, if any. Tax jurisdictions with losses for which tax benefits cannot be realized, as well as significant unusual or infrequently occurring items that are separately reported, are excluded from the annual effective tax rate. Our tax rate for the three and nine months ended September 30, 2023 of 28% and 31%, respectively, differed from the federal statutory rate of 21% due to the impact of valuation allowances on deferred tax assets, the forecasted mix of earnings in domestic and international jurisdictions, U.S. taxation of foreign earnings including GILTI (Global Intangible Low Taxed Income) tax, net of Section 250 deduction (largely driven by research and development capitalization), Subpart F income, an expense related to stock-based compensation, tax credits, and uncertain tax positions. Our tax rate for the three and nine months ended September 30, 2022 of 10% and (19)%, respectively, differed from the federal statutory rate of 21% due to the impact of valuation allowances on deferred tax assets, the forecasted mix of earnings in domestic and international jurisdictions, GILTI (Global Intangible Low-Taxed Income) and Subpart F tax, net of Section 250 deduction (largely driven by research and development capitalization), discrete tax expense related to the Dresser divestiture, a discrete tax benefit due to goodwill impairment, an expense related to stock-based compensation, tax credits, and uncertain tax positions. Beginning January 1, 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures currently and requires taxpayers to capitalize and amortize them over five or fifteen years, dependent upon the geography in which the expenditures are incurred. Although Congress has considered legislation that would defer, modify, or repeal the capitalization and amortization requirement, as of quarter end no such deferral has been passed. The income tax provision has been prepared according to currently enacted tax legislation. In August 2022, the Inflation Reduction Act was signed into law, which made a number of changes to the Internal Revenue Code, including adding a 1% excise tax on stock buybacks by publicly traded corporations and a 15% minimum tax on adjusted financial statement income of certain large companies. We are subject to the new 1% excise tax beginning January 1, 2023, but the amount will vary depending upon various factors. The 15% minimum tax only applies to corporations with average book income in excess of $1 billion, therefore it is not currently applicable. The Organization for Economic Cooperation and Development (OECD) Pillar 2 global minimum tax rules are intended to apply for tax years beginning in 2024. On February 1, 2023, the FASB staff noted that they believe that the Pillar 2 tax would be an alternative minimum tax and therefore deferred tax assets would not need to be recognized related to this parallel taxing system. On February 2, 2023, the OECD issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar 2 global minimum tax. Under an additional transitional safe harbor released July 17, 2023, the undertaxed profits rule (UTPR) top-up tax will not be applied by any constituent entity's jurisdiction of residence with respect to income earned by a company's ultimate parent entity in its jurisdiction of residence, if the ultimate parent entity's jurisdiction has a corporate tax rate of at least 20%. This transition safe harbor will apply to fiscal years beginning on or before December 31, 2025 and ending before December 31, 2026. The Company is closely monitoring developments and evaluating the impacts these new rules will have on our tax rate, including eligibility to qualify for these safe harbor rules. Based upon preliminary calculations for calendar year 2024, the Company anticipates it will meet the safe harbors in most jurisdictions, and any remaining top-up tax should be immaterial. We classify interest expense and penalties related to unrecognized tax liabilities and interest income on tax overpayments as components of income tax expense. The net interest and penalties expense amounts recognized were as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Net interest and penalties expense $ 592 $ 373 $ 1,398 $ 989 Accrued interest and penalties recognized were as follows: In thousands September 30, 2023 December 31, 2022 Accrued interest $ 8,970 $ 7,575 Accrued penalties 452 567 Unrecognized tax benefits related to uncertain tax positions and the amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate were as follows: In thousands September 30, 2023 December 31, 2022 Unrecognized tax benefits related to uncertain tax positions $ 126,529 $ 130,144 The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate 126,522 130,137 At September 30, 2023, we are under examination by certain tax authorities. We believe we have appropriately accrued for the expected outcome of all tax matters and do not currently anticipate that the ultimate resolution of these examinations will have a material adverse effect on our financial condition, future results of operations, or cash flows. Based upon the timing and outcome of examinations, litigation, the impact of legislative, regulatory, and judicial developments, and the impact of these items on the statute of limitations, it is reasonably possible that the related unrecognized tax benefits could change from those recognized within the next 12 months. However, at this time, an estimate of the range of reasonably possible adjustments to the balance of unrecognized tax benefits cannot be made.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees and Indemnifications We are often required to obtain standby letters of credit (LOCs) or bonds in support of our obligations for customer contracts. These standby LOCs or bonds typically provide a guarantee to the customer for our future performance, which usually covers the installation phase of a contract and may, on occasion, cover the operations and maintenance phase of outsourcing contracts. Our available lines of credit, outstanding standby LOCs, and bonds were as follows: In thousands September 30, 2023 December 31, 2022 Credit facility Multicurrency revolving line of credit $ 500,000 $ 500,000 Standby LOCs issued and outstanding (61,635) (55,990) Net available for additional borrowings under the multicurrency revolving line of credit $ 438,365 $ 444,010 Net available for additional standby LOCs under sub-facility $ 238,365 $ 244,010 Unsecured multicurrency revolving lines of credit with various financial institutions Multicurrency revolving lines of credit $ 82,287 $ 81,781 Standby LOCs issued and outstanding (19,908) (22,530) Short-term borrowings — — Net available for additional borrowings and LOCs $ 62,379 $ 59,251 Unsecured surety bonds in force $ 271,160 $ 285,754 In the event any such standby LOC or bond were called, we would be obligated to reimburse the issuer of the standby LOC or bond; however, as of November 2, 2023, we do not believe any outstanding standby LOCs or bonds will be called. We generally provide an indemnification related to the infringement of any patent, copyright, trademark, or other intellectual property right on software or equipment within our sales contracts, which indemnifies the customer from, and pays the resulting costs, damages, and attorney's fees awarded against a customer with respect to, such a claim provided that (a) the customer promptly notifies us in writing of the claim and (b) we have the sole control of the defense and all related settlement negotiations. We may also provide an indemnification to our customers for third-party claims resulting from damages caused by the negligence or willful misconduct of our employees/agents in connection with the performance of certain contracts. The terms of our indemnifications generally do not limit the maximum potential payments. It is not possible to predict the maximum potential amount of future payments under these or similar agreements. Legal Matters We are subject to various legal proceedings and claims of which the outcomes are subject to significant uncertainty. Our policy is to assess the likelihood of any adverse judgments or outcomes related to legal matters, as well as ranges of probable losses. A determination of the amount of the liability required, if any, for these contingencies is made after an analysis of each known issue. A liability would be recognized and charged to operating expense when we determine that a loss is probable and the amount can be reasonably estimated. Additionally, we disclose contingencies for which a material loss is reasonably possible, but not probable. Warranty A summary of the warranty accrual account activity is as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Beginning balance $ 25,486 $ 28,709 $ 25,698 $ 32,022 New product warranties 1,647 1,166 5,094 3,600 Other adjustments and expirations, net (1,343) (1,092) (1,309) (1,157) Claims activity (2,005) (2,299) (5,935) (7,071) Effect of change in exchange rates (302) (1,026) (65) (1,936) Ending balance 23,483 25,458 23,483 25,458 Less: current portion of warranty 16,221 17,943 16,221 17,943 Long-term warranty $ 7,262 $ 7,515 $ 7,262 $ 7,515 Total warranty expense is classified within cost of revenues and consists of new product warranties issued, costs related to insurance and supplier recoveries, other changes and adjustments to warranties, and customer claims. Warranty expense was as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Total warranty expense $ 304 $ 74 $ 3,785 $ 2,443

Restructuring (Notes)

Restructuring (Notes)	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring	2023 Projects On February 23, 2023, our Board of Directors approved a restructuring plan (the 2023 Projects). The 2023 Projects include activities that continue Itron's efforts to optimize its global supply chain and manufacturing operations, sales and marketing organizations, and other overhead. These projects are to be substantially complete by early 2025. The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2023 Projects were as follows: In thousands Total Expected Costs at September 30, 2023 Costs Recognized in Prior Periods Costs Recognized During the Nine Months Ended September 30, 2023 Expected Remaining Costs to be Recognized at September 30, 2023 Employee severance costs $ 38,004 $ — $ 38,004 $ — Asset impairments & net loss (gain) on sale or disposal 1,130 — 1,130 — Other restructuring costs 6,508 — 2,073 4,435 Total $ 45,642 $ — $ 41,207 $ 4,435 2021 Projects On October 29, 2021, our Board of Directors approved a restructuring plan (the 2021 Projects), which in conjunction with the announcement of the sale of certain Gas product lines from our Device Solutions manufacturing and business operations in Europe and North America to Dresser, includes activities to drive reductions in certain locations and functional support areas. These projects are expected to be substantially complete by the end of 2024. The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2021 Projects were as follows: In thousands Total Expected Costs at September 30, 2023 Costs Recognized in Prior Periods Adjustments Recognized During the Nine Months Ended September 30, 2023 Expected Remaining Costs to be Recognized at September 30, 2023 Employee severance costs $ 34,794 $ 38,359 $ (3,565) $ — Asset impairments & net loss (gain) on sale or disposal 8,379 8,599 (220) — Other restructuring costs 5,496 3,084 362 2,050 Total $ 48,669 $ 50,042 $ (3,423) $ 2,050 2020 Projects In September 2020, our Board of Directors approved a restructuring plan (the 2020 Projects), which includes activities that continue our efforts to optimize our global supply chain and manufacturing operations, sales and marketing organizations, and other overhead. These projects are scheduled to be substantially complete by the end of 2023. The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2020 Projects were as follows: In thousands Total Expected Costs at September 30, 2023 Costs Recognized in Prior Periods Adjustments Recognized During the Nine Months Ended September 30, 2023 Expected Remaining Costs to be Recognized at September 30, 2023 Employee severance costs $ 18,735 $ 20,382 $ (1,647) $ — Asset impairments & net loss (gain) on sale or disposal 6,465 6,465 — — Other restructuring costs 8,272 7,341 731 200 Total $ 33,472 $ 34,188 $ (916) $ 200 The following table summarizes the activity within the restructuring related balance sheet accounts for the 2023 Projects, the 2021 Projects, and the 2020 Projects during the nine months ended September 30, 2023: In thousands Accrued Employee Severance Asset Impairments & Net Loss (Gain) on Sale or Disposal Other Accrued Costs Total Beginning balance, January 1, 2023 $ 39,558 $ — $ 2,886 $ 42,444 Costs charged to expense 32,792 910 3,166 36,868 Cash payments (8,440) (27) (2,999) (11,466) Cash receipts — 12 — 12 Net assets disposed and impaired — (895) — (895) Effect of change in exchange rates (533) — — (533) Ending balance, September 30, 2023 $ 63,377 $ — $ 3,053 $ 66,430 Asset impairments are determined at the asset group level. Revenues and net operating income from the activities we have exited or will exit under the restructuring projects are not material to our operating segments or consolidated results. Certain of Itron's employees are represented by unions or works councils, which requires consultation, and potential restructuring projects may be subject to regulatory approval, both of which could impact the timing of planned savings in certain jurisdictions. Other restructuring costs include expenses for employee relocation, professional fees associated with employee severance, costs to exit the facilities once the operations in those facilities have ceased, and other costs associated with the liquidation of any affected legal entities. Costs associated with restructuring activities are generally presented in the Consolidated Statements of Operations as restructuring, except for certain costs associated with inventory write-downs, which are classified within cost of revenues, and accelerated depreciation expense, which is recognized according to the use of the asset. Restructuring expense is part of the Corporate unallocated segment and does not impact the results of our operating segments.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Preferred Stock We have authorized the issuance of 10 million shares of preferred stock with no par value. In the event of a liquidation, dissolution, or winding up of the affairs of the corporation, whether voluntary or involuntary, the holders of any outstanding preferred stock would be entitled to be paid a preferential amount per share to be determined by the Board of Directors prior to any payment to holders of common stock. There was no preferred stock issued or outstanding at September 30, 2023 or December 31, 2022. Stock Repurchase Authorization Effective May 11, 2023, Itron's Board of Directors authorized a share repurchase up to $100 million of our common stock over an 18-month period (the 2023 Stock Repurchase Program). Repurchases will be made in the open market pursuant to the terms of any Rule 10b5-1 plans that we may enter into, and in accordance with applicable securities laws. The repurchase program is intended to comply with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. There have been no repurchases under the 2023 Stock Repurchase Program through November 2, 2023. Convertible Note Hedge Transactions We paid an aggregate amount of $84.1 million for the convertible note hedge transactions. The convertible note hedge transactions cover, subject to anti-dilution adjustments substantially similar to those in the convertible notes, approximately 3.7 million shares of our common stock, the same number of shares initially underlying the convertible notes, at a strike price of approximately $126.00, subject to customary adjustments. The convertible note hedge transactions will expire upon the maturity of the convertible notes, subject to earlier exercise or termination. The convertible note hedge transactions are expected generally to reduce the potential dilutive effect of the conversion of our convertible notes and/or offset any cash payments we are required to make in excess of the principal amount of the converted notes, as the case may be, in the event that the market price per share of our common stock, as measured under the terms of the convertible note hedge transactions, is greater than the strike price of the convertible note hedge transactions. The convertible note hedge transactions meet the criteria in Accounting Standards Codification (ASC) 815-40 to be classified within Stockholders' Equity, and therefore the convertible note hedge transactions are not revalued after their issuance. We made a tax election to integrate the convertible notes and the call options. We are retaining the identification statements in our books and records, together with a schedule providing the accruals on the synthetic debt instruments. The accounting impact of this tax election makes the call options deductible as original issue discount for tax purposes over the term of the convertible notes, and results in a $20.6 million deferred tax asset recognized through equity. Warrant Transactions In addition, concurrently with entering into the convertible note hedge transactions, we separately entered into privately-negotiated warrant transactions (the warrant transactions), whereby we sold to the Counterparties warrants to acquire, collectively, subject to anti-dilution adjustments, 3.7 million shares of our common stock at an initial strike price of $180.00 per share, which represents a premium of 100% over the public offering price in the common stock issuance. We received aggregate proceeds of $45.3 million from the warrant transactions with the Counterparties, with such proceeds partially offsetting the costs of entering into the convertible note hedge transactions. The warrants expire in June 2026. If the market value per share of our common stock, as measured under the warrant transactions, exceeds the strike price of the warrants, the warrants will have a dilutive effect on our earnings per share, unless we elect, subject to certain conditions, to settle the warrants in cash. The warrants meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore the warrants are not revalued after issuance. Accumulated Other Comprehensive Income (Loss) (AOCI) The changes in the components of AOCI, net of tax, were as follows: In thousands Foreign Currency Translation Adjustments Net Unrealized Gain (Loss) on Derivative Instruments Net Unrealized Gain (Loss) on Nonderivative Instruments Pension Benefit Obligation Adjustments Accumulated Other Comprehensive Income (Loss) Balances at January 1, 2022 $ (111,766) $ (210) $ (14,380) $ (21,742) $ (148,098) OCI before reclassifications (55,716) — — 4,183 (51,533) Amounts reclassified from AOCI 57,321 — — 489 57,810 Total other comprehensive income (loss) 1,605 — — 4,672 6,277 Balances at September 30, 2022 $ (110,161) $ (210) $ (14,380) $ (17,070) $ (141,821) Balances at January 1, 2023 $ (83,193) $ (210) $ (14,380) $ 3,109 $ (94,674) OCI before reclassifications (5,844) — — — (5,844) Amounts reclassified from AOCI — — — (322) (322) Total other comprehensive income (loss) (5,844) — — (322) (6,166) Balances at September 30, 2023 $ (89,037) $ (210) $ (14,380) $ 2,787 $ (100,840) The before-tax, income tax (provision) benefit, and net-of-tax amounts related to each component of other comprehensive income (OCI) were as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Before-tax amount Foreign currency translation adjustment $ (15,094) $ (28,380) $ (5,834) $ (55,917) Foreign currency translation adjustment reclassified to net income (loss) on sale of business — 1,885 — 57,321 Net unrealized gain (loss) on defined benefit plans — — — 4,205 Net defined benefit plan (gain) loss reclassified to net income (loss) (107) 204 (320) 492 Total other comprehensive income (loss), before tax $ (15,201) $ (26,291) $ (6,154) $ 6,101 Tax (provision) benefit Foreign currency translation adjustment $ 85 $ 183 $ (10) $ 201 Foreign currency translation adjustment reclassified to net income (loss) on sale of business — — — — Net unrealized gain (loss) on defined benefit plans — (6) — (22) Net defined benefit plan (gain) loss reclassified to net income (loss) (2) (2) (2) (3) Total other comprehensive income (loss) tax (provision) benefit $ 83 $ 175 $ (12) $ 176 Net-of-tax amount Foreign currency translation adjustment $ (15,009) $ (28,197) $ (5,844) $ (55,716) Foreign currency translation adjustment reclassified to net income (loss) on sale of business — 1,885 — 57,321 Net unrealized gain (loss) on defined benefit plans — (6) — 4,183 Net defined benefit plan (gain) loss reclassified to net income (loss) (109) 202 (322) 489 Total other comprehensive income (loss), net of tax $ (15,118) $ (26,116) $ (6,166) $ 6,277

Fair Values of Financial Instru

Fair Values of Financial Instruments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Values of Financial Instruments	Fair Value of Financial Instruments The fair values at September 30, 2023 and December 31, 2022 do not reflect subsequent changes in the economy, interest rates, tax rates, and other variables that may affect the determination of fair value. September 30, 2023 December 31, 2022 In thousands Carrying Fair Carrying Fair Credit facility Multicurrency revolving line of credit $ — $ — $ — $ — Convertible notes 454,247 396,621 452,526 377,200 The following methods and assumptions were used in estimating fair values: Cash and cash equivalents: Due to the liquid nature of these instruments, the carrying amount approximates fair value (Level 1). Credit facility - multicurrency revolving line of credit: The revolver is not traded publicly. The fair values, which are determined based upon a hypothetical market participant, are calculated using a discounted cash flow model with Level 2 inputs, including estimates of incremental borrowing rates for debt with similar terms, maturities, and credit profiles. Refer to Note 6: Debt for a further discussion of our debt. Convertible notes: The convertible notes are not listed on any securities exchange but may be actively traded. The fair value is estimated using Level 1 inputs, as it is based on quoted prices for these instruments in active markets. Derivatives: Each derivative asset and liability has a carrying value equal to fair value. The fair values of our derivative instruments are determined using the income approach and significant other observable inputs (and are classified as "Level 2" in the fair value hierarchy). We have used observable market inputs based on the type of derivative and the nature of the underlying instrument. The key inputs include foreign exchange spot and forward rates, all of which are available in an active mar ket. We have utilized the mid-market pricing convention for these inputs.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	We operate under the Itron brand worldwide and manage and report under three operating segments: Device Solutions, Networked Solutions, and Outcomes. We have three GAAP measures of segment performance: revenues, gross profit (gross margin), and operating income (operating margin). Intersegment revenues are minimal. Certain operating expenses are allocated to the operating segments based upon internally established allocation methodologies. Corporate operating expenses, interest income, interest expense, other income (expense), and the income tax provision (benefit) are neither allocated to the segments, nor are they included in the measure of segment performance. Goodwill impairment charges are recognized in Corporate unallocated. In addition, we allocate only certain production assets and intangible assets to our operating segments. We do not manage the performance of the segments on a balance sheet basis. Segment Products Device Solutions – This segment primarily includes hardware products used for measurement, control, or sensing that do not have communications capability embedded for use with our broader Itron systems, i.e., hardware-based products not part of a complete end-to-end solution. Examples from the Device Solutions portfolio include: standard endpoints that are shipped without Itron communications, such as our standard gas, electricity, and water meters for a variety of global markets and adhering to regulations and standards within those markets, as well as our heat and allocation products; communicating meters that are not a part of an Itron end-to-end solution, such as Smart Spec meters; and the implementation and installation of non-communicating devices. Networked Solutions – This segment primarily includes a combination of communicating devices (e.g., smart meters, modules, endpoints, and sensors), network infrastructure, and associated application software designed and sold as a complete solution for acquiring and transporting robust application-specific data. Networked Solutions includes products and software for the implementation, installation, and management of communicating devices and data networks. The Industrial Internet of Things (IIoT) solutions supported by this segment include automated meter reading (AMR), advanced metering infrastructure (AMI), distributed energy resource management (DERMs), smart grid and distribution automation, smart street lighting, and an ever-growing set of smart city applications such as traffic management, smart parking, air quality monitoring, electric vehicle charging, customer engagement, digital signage, acoustic (e.g., gunshot) detection, and leak detection and mitigation for both gas and water systems. Our IIoT platform allows all these utility and smart city applications to be run and managed on a single, multi-purpose network. Outcomes – This segment primarily includes our value-added, enhanced software and services in which we manage, organize, analyze, and interpret raw, anonymized and aggregated data to improve decision making, maximize operational profitability, drive resource efficiency, improve grid analytics, and deliver results for consumers, utilities, and smart cities. Outcomes supports high-value use cases such as data management, grid operations, distributed intelligence, operations management, gas distribution and safety, water operations management, revenue assurance, DERMs, energy forecasting, consumer engagement, smart payment, and fleet energy resource management. Utilities leverage these outcomes to capitalize on the power of networks and devices, empower their workforce, maximize their operations, and enhance the customer experience. The revenues from these offerings are primarily recurring in nature and would include any direct management of Device Solutions, Networked Solutions, and other products on behalf of our end customers. Revenues, gross profit, and operating income (loss) associated with our operating segments were as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Product revenues Device Solutions $ 110,138 $ 92,893 $ 340,098 $ 334,212 Networked Solutions 352,771 240,498 964,909 731,358 Outcomes 17,446 14,400 56,475 41,929 Total Company $ 480,355 $ 347,791 $ 1,361,482 $ 1,107,499 Service revenues Device Solutions $ 631 $ 1,110 $ 2,085 $ 4,166 Networked Solutions 32,200 29,374 94,460 86,796 Outcomes 47,586 42,585 138,433 129,612 Total Company $ 80,417 $ 73,069 $ 234,978 $ 220,574 Total revenues Device Solutions $ 110,769 $ 94,003 $ 342,183 $ 338,378 Networked Solutions 384,971 269,872 1,059,369 818,154 Outcomes 65,032 56,985 194,908 171,541 Total Company $ 560,772 $ 420,860 $ 1,596,460 $ 1,328,073 Gross profit Device Solutions $ 26,919 $ 14,805 $ 75,351 $ 50,489 Networked Solutions 135,203 81,895 362,852 263,155 Outcomes 25,081 23,362 79,315 67,747 Total Company $ 187,203 $ 120,062 $ 517,518 $ 381,391 Operating income (loss) Device Solutions $ 17,675 $ 7,066 $ 45,837 $ 24,103 Networked Solutions 102,503 54,640 266,052 177,929 Outcomes 10,280 11,339 35,867 28,789 Corporate unallocated (75,568) (66,157) (268,159) (250,641) Total Company 54,890 6,888 79,597 (19,820) Total other income (expense) 843 (1,943) (1,673) (6,704) Income (loss) before income taxes $ 55,733 $ 4,945 $ 77,924 $ (26,524) For the three and nine months ended September 30, 2023 and 2022, no single customer represented more than 10% of total company revenue. Revenues by region were as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 United States and Canada $ 452,583 $ 317,960 $ 1,256,042 $ 947,684 Europe, Middle East, and Africa 81,394 80,735 265,814 306,962 Asia Pacific 26,795 22,165 74,604 73,427 Total Company $ 560,772 $ 420,860 $ 1,596,460 $ 1,328,073 Depreciation expense is allocated to the operating segments based upon each segment's use of the assets. All amortization expense is recognized within Corporate unallocated. Depreciation and amortization of intangible assets expense associated with our operating segments was as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Device Solutions $ 2,976 $ 3,566 $ 9,467 $ 11,049 Networked Solutions 4,074 4,401 12,273 13,126 Outcomes 1,270 2,057 3,748 4,184 Corporate unallocated 5,325 7,337 16,525 22,253 Total Company $ 13,645 $ 17,361 $ 42,013 $ 50,612

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2023
Revenues [Abstract]
Revenue Recognition	A summary of significant net changes in the contract assets and the contract liabilities balances during the period is as follows: In thousands Contract Liabilities, Less Contract Assets Beginning balance, January 1, 2023 $ 75,958 Revenues recognized from beginning contract liability (61,425) Cumulative catch-up adjustments 7,304 Increases due to amounts collected or due 265,717 Revenues recognized from current period increases (193,353) Other 585 Ending balance, September 30, 2023 $ 94,786 On January 1, 2023, total contract assets were $57.0 million and total contract liabilities were $133.0 million. On September 30, 2023, total contract assets were $78.6 million and total contract liabilities were $173.4 million. The contract assets primarily relate to contracts that include a retention clause and allocations related to contracts with multiple performance obligations. The contract liabilities primarily relate to deferred revenue, such as extended warranty and maintenance cost. The cumulative catch-up adjustments relate to contract modifications, measure-of-progress changes, and changes in the estimate of the transaction price. Transaction price allocated to the remaining performance obligations Total transaction price allocated to remaining performance obligations represents committed but undelivered products and services for contracts and purchase orders at period end. Twelve-month remaining performance obligations represent the portion of total transaction price allocated to remaining performance obligations that we estimate will be recognized as revenue over the next 12 months. Total transaction price allocated to remaining performance obligations is not a complete measure of our future revenues as we also receive orders where the customer may have legal termination rights but are not likely to terminate. Total transaction price allocated to remaining performance obligations related to contracts is approximately $1.9 billion for the next 12 months and approximately $1.5 billion for periods longer than 12 months. The total remaining performance obligations consist of product and service components. The service component relates primarily to maintenance agreements for which customers pay a full year's maintenance in advance, and service revenues are generally recognized over the service period. Total transaction price allocated to remaining performance obligations also includes our extended warranty contracts, for which revenue is recognized over the warranty period, and hardware, which is recognized as units are delivered. The estimate of when remaining performance obligations will be recognized requires significant judgment. Cost to obtain a contract and cost to fulfill a contract with a customer Cost to obtain a contract and costs to fulfill a contract were capitalized and amortized using a systematic rational approach to align with the transfer of control of underlying contracts with customers. While amounts were capitalized, they are not material. Disaggregation of revenue Refer to Note 15: Segment Information and the Consolidated Statements of Operations for disclosure regarding the disaggregation of revenue into categories, which depict how revenue and cash flows are affected by economic factors. Specifically, our operating segments and geographical regions as disclosed, and categories for products, which include hardware and software and services, are presented.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Financial Statement Preparation The consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited and reflect entries necessary for the fair presentation of the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022, Consolidated Statements of Equity for the three months ended September 30, 2023 and 2022, June 30, 2023 and 2022 and March 31, 2023 and 2022, the Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022, and the Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, of Itron, Inc. and its subsidiaries. All entries required for the fair presentation of the financial statements are of a normal recurring nature, except as disclosed. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results expected for the full year or for any other period. Certain information and notes normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been partially or completely omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim results. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2022 filed with the SEC in our Annual Report on Form 10-K on February 27, 2023 (2022 Annual Report). There have been no significant changes in financial statement preparation or significant accounting policies since December 31, 2022.
New Accounting Pronouncements	Reclassification In the Consolidated Statements of Cash Flows, the following reclassifications have been made to prior year amounts to conform to current year presentation of restructuring liabilities: Nine Months Ended September 30, 2022 In thousands As Previously Reported Adjustments As Reclassified Changes in operating assets and liabilities, net of acquisitions and sale of business: Accounts payable, other current liabilities, and taxes payable $ 42,550 $ 12,482 $ 55,032 Restructuring — (34,410) (34,410) Other operating, net (29,246) 21,928 (7,318) Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-08 amending Business Combination: ( Topic 805), which was necessary due to 2014-09, Revenue from Contracts with Customers (Topic 606). The FASB issued this Update to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to (1) recognition of an acquired contract liability and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. We adopted this amendment as of the effective date of January 1, 2023. These amendments are to be applied prospectively to business combinations occurring on or after the effective date of the amendments. We currently plan to apply the practical expedients as needed for any future acquisitions. The practical expedients cover contracts that were modified prior to acquisition date as well as determining which date an acquirer would have to determine the standalone selling price of each performance obligation in an acquired contract.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share (EPS): Three Months Ended September 30, Nine Months Ended September 30, In thousands, except per share data 2023 2022 2023 2022 Net income (loss) available to common shareholders $ 40,172 $ 4,117 $ 52,537 $ (31,944) Weighted average common shares outstanding - Basic 45,462 45,139 45,393 45,075 Dilutive effect of stock-based awards 488 191 375 — Dilutive effect of convertible notes — — — — Weighted average common shares outstanding - Diluted 45,950 45,330 45,768 45,075 Net income (loss) per common share - Basic $ 0.88 $ 0.09 $ 1.16 $ (0.71) Net income (loss) per common share - Diluted $ 0.87 $ 0.09 $ 1.15 $ (0.71)

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Accounts Receivable, Net	A summary of accounts receivable from contracts with customers is as follows: Accounts receivable, net In thousands September 30, 2023 December 31, 2022 Trade receivables (net of allowance of $4,643 and $4,863) $ 289,637 $ 249,771 Unbilled receivables 28,467 30,664 Total accounts receivable, net $ 318,104 $ 280,435
Allowance for Credit Losses on Financing Receivables	Allowance for credit losses account activity Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Beginning balance $ 4,694 $ 5,630 $ 4,863 $ 5,730 Provision for (release of) doubtful accounts, net 76 (1,062) 37 (544) Accounts written-off, net (60) (214) (304) (458) Effect of change in exchange rates (67) 152 47 (222) Ending balance $ 4,643 $ 4,506 $ 4,643 $ 4,506
Inventories	Inventories In thousands September 30, 2023 December 31, 2022 Raw materials $ 216,316 $ 182,118 Work in process 12,606 8,386 Finished goods 47,177 38,197 Total inventories $ 276,099 $ 228,701
Property, Plant, and Equipment, Net	Property, plant, and equipment, net In thousands September 30, 2023 December 31, 2022 Machinery and equipment $ 312,529 $ 306,699 Computers and software 123,198 119,670 Buildings, furniture, and improvements 129,755 130,301 Land 8,513 8,566 Construction in progress, including purchased equipment 20,634 19,403 Total cost 594,629 584,639 Accumulated depreciation (464,915) (444,516) Property, plant, and equipment, net $ 129,714 $ 140,123
Depreciation Expense	Depreciation expense Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Depreciation expense $ 8,982 $ 10,948 $ 27,580 $ 31,161

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Intangible Assets by Major Class	The gross carrying amount and accumulated amortization (accretion) of our intangible assets and liabilities, other than goodwill, were as follows: September 30, 2023 December 31, 2022 In thousands Gross Accumulated Net Gross Accumulated Net Intangible Assets Core-developed technology $ 497,988 $ (494,989) $ 2,999 $ 498,601 $ (492,782) $ 5,819 Customer contracts and relationships 320,995 (275,508) 45,487 322,360 (265,503) 56,857 Trademarks and trade names 71,903 (70,099) 1,804 72,156 (70,101) 2,055 Other 12,017 (11,899) 118 12,017 (11,807) 210 Total intangible assets $ 902,903 $ (852,495) $ 50,408 $ 905,134 $ (840,193) $ 64,941 Intangible Liabilities Customer contracts and relationships $ (23,900) $ 23,900 $ — $ (23,900) $ 23,900 $ —
Summary of Intangible Asset Account Activity	A summary of intangible assets and liabilities activity is as follows: Nine Months Ended September 30, In thousands 2023 2022 Intangible assets, gross beginning balance $ 905,134 $ 928,422 Effect of change in exchange rates (2,231) (47,113) Intangible assets, gross ending balance $ 902,903 $ 881,309 Intangible liabilities, gross beginning balance $ (23,900) $ (23,900) Effect of change in exchange rates — — Intangible liabilities, gross ending balance $ (23,900) $ (23,900)
Schedule of Intangible Assets, Future Amortization Expense	Estimated future annual amortization is as follows: Year Ending December 31, Estimated Annual Amortization In thousands 2023 (amount remaining at September 30, 2023) $ 4,496 2024 14,986 2025 14,267 2026 10,287 2027 5,628 Thereafter 744 Total intangible assets subject to amortization $ 50,408

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill Excluding Non Goodwill Intangibles [Abstract]
Schedule of Goodwill	The following table reflects changes in the carrying amount of goodwill for the nine months ended September 30, 2023: In thousands Device Solutions Networked Solutions Outcomes Total Company Goodwill balance at January 1, 2023 $ — $ 899,887 $ 138,834 $ 1,038,721 Effect of change in exchange rates — (2,568) (392) (2,960) Goodwill balance at September 30, 2023 $ — $ 897,319 $ 138,442 $ 1,035,761

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The components of our borrowings were as follows: In thousands September 30, 2023 December 31, 2022 Credit facility Multicurrency revolving line of credit $ — $ — Convertible notes 460,000 460,000 Total debt 460,000 460,000 Less: unamortized prepaid debt fees - convertible notes 5,753 7,474 Long-term debt, net $ 454,247 $ 452,526
Schedule of Maturities of Long-term Debt	The amount of required minimum principal payments on our long-term debt in aggregate over the next five years is as follows: Year Ending December 31, Minimum Payments In thousands 2023 (amount remaining at September 30, 2023) $ — 2024 — 2025 — 2026 460,000 2027 — Thereafter — Total minimum payments on debt $ 460,000
Schedule Of Borrowings Under Credit Agreement At Various Indebtedness To Adjusted Ebitda Levels	In addition, the amendment revises the interest cost, as follows: Total Net Leverage Ratio Interest Cost Commitment Fee Greater than 4.00 SOFR + 250 bps 40 bps 3.51 to 4.00 SOFR + 225 bps 35 bps 2.51 to 3.50 SOFR + 200 bps 30 bps Less than or equal to 2.50 SOFR + 175 bps 25 bps

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Schedule of Amounts Recognized in the Consolidated Balance Sheets	Amounts recognized on the Consolidated Balance Sheets consist of: In thousands September 30, 2023 December 31, 2022 Assets Plan assets in other long-term assets $ 149 $ 162 Liabilities Current portion of pension benefit obligation in wages and benefits payable $ 4,083 $ 3,400 Long-term portion of pension benefit obligation 58,079 57,839 Pension benefit obligation, net $ 62,013 $ 61,077
Schedule of Net Periodic Pension Benefit Costs	Net periodic pension benefit cost for our plans includes the following components: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Service cost $ 605 $ 739 $ 1,845 $ 2,241 Interest cost 720 403 2,153 1,269 Expected return on plan assets (88) (75) (264) (238) Amortization of prior service costs 15 17 45 53 Amortization of actuarial net loss (122) 187 (365) 618 Net periodic benefit cost $ 1,130 $ 1,271 $ 3,414 $ 3,943

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense and Related Tax Benefit	Total stock-based compensation expense and the related tax benefit were as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Stock options $ 18 $ 236 $ 98 $ 798 Restricted stock units 6,581 4,430 19,680 15,883 Unrestricted stock awards 238 218 753 735 Phantom stock units 1,190 (176) 3,114 596 Total stock-based compensation $ 8,027 $ 4,708 $ 23,645 $ 18,012 Related tax benefit $ 1,686 $ 1,195 $ 5,059 $ 4,264
Employee Stock Options Activity	A summary of our stock option activity is as follows: Shares Weighted Weighted Average Aggregate Weighted In thousands Years In thousands Outstanding, January 1, 2022 393 $ 61.18 5.9 $ 4,737 Granted — — $ — Exercised — — — Forfeited (2) 87.27 Canceled (8) 78.76 Outstanding, September 30, 2022 383 $ 60.69 5.1 $ 729 Outstanding, January 1, 2023 381 $ 60.63 4.8 $ 1,892 Granted — — $ — Exercised (6) 56.83 88 Forfeited — — Canceled — — Outstanding, September 30, 2023 375 $ 60.69 4.1 $ 3,316 Exercisable, September 30, 2023 375 $ 60.64 4.1 $ 3,316
Restricted Stock Units Award Activity	The following table summarizes restricted stock unit activity: In thousands, except fair value Number of Weighted Aggregate Outstanding, January 1, 2022 430 Granted 371 $ 53.32 Released (1) (220) $ 11,441 Forfeited (62) Outstanding, September 30, 2022 519 Outstanding, January 1, 2023 528 $ 66.39 Granted 459 56.62 Released (1) (235) 71.83 $ 739 Forfeited (25) 62.32 Outstanding, September 30, 2023 727 58.81 Vested but not released, September 30, 2023 15 $ 887 (1) Shares released is presented as gross shares and does not reflect shares withheld by us for employee payroll tax obligations.
Restricted Stock Units, Valuation Assumptions	The weighted average assumptions used to estimate the fair value of performance-based restricted stock units granted with a service and market condition and the resulting weighted average fair value are as follows: Nine Months Ended September 30, 2023 2022 Expected volatility 50.0 % 55.7 % Risk-free interest rate 4.6 % 1.7 % Expected term (years) 2.2 2.9 Weighted average fair value $ 59.52 $ 57.88

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits Related To Uncertain Tax Positions	The net interest and penalties expense amounts recognized were as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Net interest and penalties expense $ 592 $ 373 $ 1,398 $ 989 Accrued interest and penalties recognized were as follows: In thousands September 30, 2023 December 31, 2022 Accrued interest $ 8,970 $ 7,575 Accrued penalties 452 567 Unrecognized tax benefits related to uncertain tax positions and the amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate were as follows: In thousands September 30, 2023 December 31, 2022 Unrecognized tax benefits related to uncertain tax positions $ 126,529 $ 130,144 The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate 126,522 130,137

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Line of Credit Facilities	Our available lines of credit, outstanding standby LOCs, and bonds were as follows: In thousands September 30, 2023 December 31, 2022 Credit facility Multicurrency revolving line of credit $ 500,000 $ 500,000 Standby LOCs issued and outstanding (61,635) (55,990) Net available for additional borrowings under the multicurrency revolving line of credit $ 438,365 $ 444,010 Net available for additional standby LOCs under sub-facility $ 238,365 $ 244,010 Unsecured multicurrency revolving lines of credit with various financial institutions Multicurrency revolving lines of credit $ 82,287 $ 81,781 Standby LOCs issued and outstanding (19,908) (22,530) Short-term borrowings — — Net available for additional borrowings and LOCs $ 62,379 $ 59,251 Unsecured surety bonds in force $ 271,160 $ 285,754
Schedule of Warranty Accruals	A summary of the warranty accrual account activity is as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Beginning balance $ 25,486 $ 28,709 $ 25,698 $ 32,022 New product warranties 1,647 1,166 5,094 3,600 Other adjustments and expirations, net (1,343) (1,092) (1,309) (1,157) Claims activity (2,005) (2,299) (5,935) (7,071) Effect of change in exchange rates (302) (1,026) (65) (1,936) Ending balance 23,483 25,458 23,483 25,458 Less: current portion of warranty 16,221 17,943 16,221 17,943 Long-term warranty $ 7,262 $ 7,515 $ 7,262 $ 7,515
Warranty Expense	Warranty expense was as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Total warranty expense $ 304 $ 74 $ 3,785 $ 2,443

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2023 Projects were as follows: In thousands Total Expected Costs at September 30, 2023 Costs Recognized in Prior Periods Costs Recognized During the Nine Months Ended September 30, 2023 Expected Remaining Costs to be Recognized at September 30, 2023 Employee severance costs $ 38,004 $ — $ 38,004 $ — Asset impairments & net loss (gain) on sale or disposal 1,130 — 1,130 — Other restructuring costs 6,508 — 2,073 4,435 Total $ 45,642 $ — $ 41,207 $ 4,435 The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2021 Projects were as follows: In thousands Total Expected Costs at September 30, 2023 Costs Recognized in Prior Periods Adjustments Recognized During the Nine Months Ended September 30, 2023 Expected Remaining Costs to be Recognized at September 30, 2023 Employee severance costs $ 34,794 $ 38,359 $ (3,565) $ — Asset impairments & net loss (gain) on sale or disposal 8,379 8,599 (220) — Other restructuring costs 5,496 3,084 362 2,050 Total $ 48,669 $ 50,042 $ (3,423) $ 2,050 The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2020 Projects were as follows: In thousands Total Expected Costs at September 30, 2023 Costs Recognized in Prior Periods Adjustments Recognized During the Nine Months Ended September 30, 2023 Expected Remaining Costs to be Recognized at September 30, 2023 Employee severance costs $ 18,735 $ 20,382 $ (1,647) $ — Asset impairments & net loss (gain) on sale or disposal 6,465 6,465 — — Other restructuring costs 8,272 7,341 731 200 Total $ 33,472 $ 34,188 $ (916) $ 200
Restructuring and Related Costs	The following table summarizes the activity within the restructuring related balance sheet accounts for the 2023 Projects, the 2021 Projects, and the 2020 Projects during the nine months ended September 30, 2023: In thousands Accrued Employee Severance Asset Impairments & Net Loss (Gain) on Sale or Disposal Other Accrued Costs Total Beginning balance, January 1, 2023 $ 39,558 $ — $ 2,886 $ 42,444 Costs charged to expense 32,792 910 3,166 36,868 Cash payments (8,440) (27) (2,999) (11,466) Cash receipts — 12 — 12 Net assets disposed and impaired — (895) — (895) Effect of change in exchange rates (533) — — (533) Ending balance, September 30, 2023 $ 63,377 $ — $ 3,053 $ 66,430

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The changes in the components of AOCI, net of tax, were as follows: In thousands Foreign Currency Translation Adjustments Net Unrealized Gain (Loss) on Derivative Instruments Net Unrealized Gain (Loss) on Nonderivative Instruments Pension Benefit Obligation Adjustments Accumulated Other Comprehensive Income (Loss) Balances at January 1, 2022 $ (111,766) $ (210) $ (14,380) $ (21,742) $ (148,098) OCI before reclassifications (55,716) — — 4,183 (51,533) Amounts reclassified from AOCI 57,321 — — 489 57,810 Total other comprehensive income (loss) 1,605 — — 4,672 6,277 Balances at September 30, 2022 $ (110,161) $ (210) $ (14,380) $ (17,070) $ (141,821) Balances at January 1, 2023 $ (83,193) $ (210) $ (14,380) $ 3,109 $ (94,674) OCI before reclassifications (5,844) — — — (5,844) Amounts reclassified from AOCI — — — (322) (322) Total other comprehensive income (loss) (5,844) — — (322) (6,166) Balances at September 30, 2023 $ (89,037) $ (210) $ (14,380) $ 2,787 $ (100,840)
Total Comprehensive Income (Loss)	The before-tax, income tax (provision) benefit, and net-of-tax amounts related to each component of other comprehensive income (OCI) were as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Before-tax amount Foreign currency translation adjustment $ (15,094) $ (28,380) $ (5,834) $ (55,917) Foreign currency translation adjustment reclassified to net income (loss) on sale of business — 1,885 — 57,321 Net unrealized gain (loss) on defined benefit plans — — — 4,205 Net defined benefit plan (gain) loss reclassified to net income (loss) (107) 204 (320) 492 Total other comprehensive income (loss), before tax $ (15,201) $ (26,291) $ (6,154) $ 6,101 Tax (provision) benefit Foreign currency translation adjustment $ 85 $ 183 $ (10) $ 201 Foreign currency translation adjustment reclassified to net income (loss) on sale of business — — — — Net unrealized gain (loss) on defined benefit plans — (6) — (22) Net defined benefit plan (gain) loss reclassified to net income (loss) (2) (2) (2) (3) Total other comprehensive income (loss) tax (provision) benefit $ 83 $ 175 $ (12) $ 176 Net-of-tax amount Foreign currency translation adjustment $ (15,009) $ (28,197) $ (5,844) $ (55,716) Foreign currency translation adjustment reclassified to net income (loss) on sale of business — 1,885 — 57,321 Net unrealized gain (loss) on defined benefit plans — (6) — 4,183 Net defined benefit plan (gain) loss reclassified to net income (loss) (109) 202 (322) 489 Total other comprehensive income (loss), net of tax $ (15,118) $ (26,116) $ (6,166) $ 6,277

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Values Of Financial Instruments by Balance Sheet Grouping	The fair values at September 30, 2023 and December 31, 2022 do not reflect subsequent changes in the economy, interest rates, tax rates, and other variables that may affect the determination of fair value. September 30, 2023 December 31, 2022 In thousands Carrying Fair Carrying Fair Credit facility Multicurrency revolving line of credit $ — $ — $ — $ — Convertible notes 454,247 396,621 452,526 377,200

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Revenues Gross Profit And Operating Income By Segment	Revenues, gross profit, and operating income (loss) associated with our operating segments were as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Product revenues Device Solutions $ 110,138 $ 92,893 $ 340,098 $ 334,212 Networked Solutions 352,771 240,498 964,909 731,358 Outcomes 17,446 14,400 56,475 41,929 Total Company $ 480,355 $ 347,791 $ 1,361,482 $ 1,107,499 Service revenues Device Solutions $ 631 $ 1,110 $ 2,085 $ 4,166 Networked Solutions 32,200 29,374 94,460 86,796 Outcomes 47,586 42,585 138,433 129,612 Total Company $ 80,417 $ 73,069 $ 234,978 $ 220,574 Total revenues Device Solutions $ 110,769 $ 94,003 $ 342,183 $ 338,378 Networked Solutions 384,971 269,872 1,059,369 818,154 Outcomes 65,032 56,985 194,908 171,541 Total Company $ 560,772 $ 420,860 $ 1,596,460 $ 1,328,073 Gross profit Device Solutions $ 26,919 $ 14,805 $ 75,351 $ 50,489 Networked Solutions 135,203 81,895 362,852 263,155 Outcomes 25,081 23,362 79,315 67,747 Total Company $ 187,203 $ 120,062 $ 517,518 $ 381,391 Operating income (loss) Device Solutions $ 17,675 $ 7,066 $ 45,837 $ 24,103 Networked Solutions 102,503 54,640 266,052 177,929 Outcomes 10,280 11,339 35,867 28,789 Corporate unallocated (75,568) (66,157) (268,159) (250,641) Total Company 54,890 6,888 79,597 (19,820) Total other income (expense) 843 (1,943) (1,673) (6,704) Income (loss) before income taxes $ 55,733 $ 4,945 $ 77,924 $ (26,524)
Revenues By Region	Revenues by region were as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 United States and Canada $ 452,583 $ 317,960 $ 1,256,042 $ 947,684 Europe, Middle East, and Africa 81,394 80,735 265,814 306,962 Asia Pacific 26,795 22,165 74,604 73,427 Total Company $ 560,772 $ 420,860 $ 1,596,460 $ 1,328,073
Depreciation And Amortization Expense Associated With Segments	Depreciation and amortization of intangible assets expense associated with our operating segments was as follows: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2023 2022 2023 2022 Device Solutions $ 2,976 $ 3,566 $ 9,467 $ 11,049 Networked Solutions 4,074 4,401 12,273 13,126 Outcomes 1,270 2,057 3,748 4,184 Corporate unallocated 5,325 7,337 16,525 22,253 Total Company $ 13,645 $ 17,361 $ 42,013 $ 50,612

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
Revenues [Abstract]
Contract with Customer, Asset and Liability	A summary of significant net changes in the contract assets and the contract liabilities balances during the period is as follows: In thousands Contract Liabilities, Less Contract Assets Beginning balance, January 1, 2023 $ 75,958 Revenues recognized from beginning contract liability (61,425) Cumulative catch-up adjustments 7,304 Increases due to amounts collected or due 265,717 Revenues recognized from current period increases (193,353) Other 585 Ending balance, September 30, 2023 $ 94,786

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Risks and uncertainties in entity's business	Risks and UncertaintiesGlobal economic impacts, such as the COVID-19 pandemic and the various ongoing conflicts around the globe, may create disruption in customer demand and global supply chains, resulting in market volatility, which our management continues to monitor. In the aftermath of these types of events global supply chains, including labor, struggle to keep pace with rapidly changing demand. While recently improving from 2022 levels, our ability to obtain adequate supply of semiconductor components has impacted our ability to service customer demand. Temporal imbalance in supply and demand creates business uncertainties that include costs and availability. Efforts continue with suppliers to increase supply, including the approval of alternate sources. Recently, inflation in our raw materials and component costs, freight charges, and labor costs have increased above historical levels, due to, among other things, the continuing impacts of the uncertain economic environment. We may or may not be able to fully recover these increased costs through pricing actions with our customers. Currently, we have not identified any significant decrease in long-term customer demand for our products and services. Certain of our customer projects have experienced delays in deliveries, with revenues originally forecasted in prior periods shifting to future periods.While we have limited direct business exposure in areas with current conflict, such as Russia, Belarus, Ukraine, and Israel, military actions globally and any resulting sanctions could adversely affect the global economy, as well as further disrupt the supply chain. A major disruption in the global economy and supply chain could have a material adverse effect on our business, prospects, financial condition, results of operations, and cash flows. The extent and duration of the military action, sanctions, and resulting market and/or supply disruptions are impossible to predict, but could be substantial, and our management continues to monitor these events closely.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reclassification (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts payable, other current liabilities, and taxes payable	$ 220	$ 55,032
Restructuring	23,966	(34,410)
Other operating, net	$ (9,071)	(7,318)
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts payable, other current liabilities, and taxes payable		42,550
Restructuring		0
Other operating, net		(29,246)
Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts payable, other current liabilities, and taxes payable		12,482
Restructuring		(34,410)
Other operating, net		$ 21,928

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) available to common shareholders	$ 40,172	$ 4,117	$ 52,537	$ (31,944)
Weighted average common shares outstanding - Basic (in shares)	45,462	45,139	45,393	45,075
Dilutive effect of stock-based awards (in shares)	488	191	375	0
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	0	0	0	0
Weighted average common shares outstanding - Diluted (in shares)	45,950	45,330	45,768	45,075
Earnings (loss) per common share - Basic (in dollars per share)	$ 0.88	$ 0.09	$ 1.16	$ (0.71)
Earnings (loss) per common share - Diluted (in dollars per share)	$ 0.87	$ 0.09	$ 1.15	$ (0.71)

Earnings Per Share - Stock-base

Earnings Per Share - Stock-based Awards (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)	0.2	0.4	0.3	0.7

Earnings Per Share - Convertibl

Earnings Per Share - Convertible Senior Notes and Warrants (Details) - $ / shares shares in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2021	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Treasury stock, shares, acquired			3.7
Class of warrant or right, exercise price of warrants or rights			$ 180
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)	0.2	0.4		0.3	0.7
Convertible Debt Securities [Member]
Debt Instrument [Line Items]
Common stock, conversion price (in dollars per share)	$ 126		$ 126
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)	3.7		3.7	3.7

Earnings Per Share - Converti_2

Earnings Per Share - Convertible Note Hedge Transactions (Details) - $ / shares shares in Millions	3 Months Ended
	Sep. 30, 2023	Mar. 31, 2021
Debt Instrument [Line Items]
Treasury stock, shares, acquired		3.7
Convertible Debt Securities [Member]
Debt Instrument [Line Items]
Common stock, conversion price (in dollars per share)	$ 126	$ 126

Certain Balance Sheet Compone_3

Certain Balance Sheet Components Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Trade receivables (net of allowance of $4,643 and $4,863)	$ 289,637	$ 249,771
Unbilled receivables	28,467	30,664
Total accounts receivable, net	$ 318,104	$ 280,435

Certain Balance Sheet Compone_4

Certain Balance Sheet Components Summary of the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Beginning balance	$ 4,694	$ 5,630	$ 4,863	$ 5,730
Provision for (release of) doubtful accounts, net	76	(1,062)	37	(544)
Accounts written-off, net	(60)	(214)	(304)	(458)
Effect of change in exchange rates	(67)	152	47	(222)
Ending balance	$ 4,643	$ 4,506	$ 4,643	$ 4,506

Certain Balance Sheet Compone_5

Certain Balance Sheet Components Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Raw materials	$ 216,316	$ 182,118
Work in process	12,606	8,386
Finished goods	47,177	38,197
Total inventories	$ 276,099	$ 228,701

Certain Balance Sheet Compone_6

Certain Balance Sheet Components Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment, Net [Abstract]
Machinery and equipment	$ 312,529	$ 306,699
Computers and software	123,198	119,670
Buildings, furniture, and improvements	129,755	130,301
Land	8,513	8,566
Construction in progress, including purchased equipment	20,634	19,403
Total cost	594,629	584,639
Accumulated depreciation	(464,915)	(444,516)
Property, plant, and equipment, net	$ 129,714	$ 140,123

Certain Balance Sheet Compone_7

Certain Balance Sheet Components Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 8,982	$ 10,948	$ 27,580	$ 31,161

Intangible Assets and Liabili_3

Intangible Assets and Liabilities Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Intangible Assets [Line Items]
Intangible assets, Accumulated (Amortization) Accretion	$ (852,495)	$ (840,193)
Intangible assets, Net	50,408
Intangible assets, Gross	902,903	905,134	$ 881,309	$ 928,422
Intangible assets, Net	50,408	64,941
Intangible liabilities, Gross	(23,900)	(23,900)	$ (23,900)	$ (23,900)
Intangible liabilities, Accumulated (Amortization) Accretion	23,900	23,900
Intangible liabilities, Net	0	0
Core-developed technology [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	497,988	498,601
Intangible assets, Accumulated (Amortization) Accretion	(494,989)	(492,782)
Intangible assets, Net	2,999	5,819
Customer contracts and relationships [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	320,995	322,360
Intangible assets, Accumulated (Amortization) Accretion	(275,508)	(265,503)
Intangible assets, Net	45,487	56,857
Trademarks and trade names [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	71,903	72,156
Intangible assets, Accumulated (Amortization) Accretion	(70,099)	(70,101)
Intangible assets, Net	1,804	2,055
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	12,017	12,017
Intangible assets, Accumulated (Amortization) Accretion	(11,899)	(11,807)
Intangible assets, Net	$ 118	$ 210

Summary of Intangible Asset Acc

Summary of Intangible Asset Account Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Total Intangible Assets [Abstract]
Intangible assets, gross beginning balance	$ 905,134	$ 928,422
Effect of change in exchange rates	(2,231)	(47,113)
Intangible assets, gross ending balance	902,903	881,309
Intangible liabilities, gross beginning balance	23,900	23,900
Effect of change in exchange rates	0	0
Intangible liabilities, gross ending balance	$ 23,900	$ 23,900

Intangible Assets and Liabili_4

Intangible Assets and Liabilities Estimated Future Annual Amortization Expense (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Intangible Assets [Abstract]
2023 (amount remaining at September 30, 2023)	$ 4,496
2024	14,986
2025	14,267
2026	10,287
2027	5,628
Thereafter	744
Total intangible assets subject to amortization	$ 50,408

Schedule of Goodwill Allocated

Schedule of Goodwill Allocated to Reporting Segments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, net, at beginning of period	$ 1,038,721
Effect of change in exchange rates	(2,960)
Goodwill, Ending Balance	1,035,761
Device Solutions [Member]
Goodwill [Roll Forward]
Goodwill, net, at beginning of period	0
Effect of change in exchange rates	0
Goodwill, Ending Balance	0
Networked Solutions Segment [Member]
Goodwill [Roll Forward]
Goodwill, net, at beginning of period	899,887
Effect of change in exchange rates	(2,568)
Goodwill, Ending Balance	897,319
Outcomes Segment [Member]
Goodwill [Roll Forward]
Goodwill, net, at beginning of period	138,834
Effect of change in exchange rates	(392)
Goodwill, Ending Balance	$ 138,442

Debt - Schedule of Debt Compone

Debt - Schedule of Debt Components of Borrowing (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Convertible Debt	$ 460,000	$ 460,000
Total debt	460,000
Long-term debt, net	454,247	452,526
Line of Credit [Member]
Debt Instrument [Line Items]
Multicurrency revolving line of credit	0	0
Secured Debt [Member]
Debt Instrument [Line Items]
Total debt	460,000	460,000
Long-term debt, net	454,247	452,526
Convertible Debt Securities [Member]
Debt Instrument [Line Items]
Unamortized prepaid debt fees	$ 5,753	$ 7,474

Debt - Credit Facility Addition

Debt - Credit Facility Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Oct. 18, 2019
Debt Instrument [Line Items]
Debt instrument, face amount			$ 1,200,000,000
Line of credit facility, maximum borrowing capacity			500,000,000
Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 500,000,000	$ 500,000,000
Letters of credit outstanding, amount	61,635,000	55,990,000
Line of credit facility, remaining borrowing capacity	$ 238,400,000
Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Alternate base rate (3) [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1%
Debt instrument, description of variable rate basis	one-month LIBOR
London Interbank Offered Rate
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	the LIBOR rate
EURIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	EURIBOR rate
Alternate base rate [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	Alternate Base Rate
Alternate base rate (1) [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	the prime rate
Alternate base rate (2) [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	the Federal Reserve effective rate
USD Denominated Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			650,000,000
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			300,000,000
Letters of credit outstanding, amount	$ 61,600,000
Swingline sub-facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 50,000,000
Multicurrency revolving line of credit	0
Line of Credit [Member]
Debt Instrument [Line Items]
Multicurrency revolving line of credit	0	0
Line of credit facility, remaining borrowing capacity	$ 438,365,000	$ 444,010,000
Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, collateral	All obligations under the 2018 credit facility are guaranteed by Itron, Inc. and material U.S. domestic subsidiaries and are secured by a pledge of substantially all of the assets of Itron, Inc. and material U.S. domestic subsidiaries. This includes a pledge of 100% of the capital stock of material U.S. domestic subsidiaries and up to 66% of the voting stock (100% of the non-voting stock) of first-tier foreign subsidiaries. In addition, the obligations of any foreign subsidiary who is a foreign borrower, as defined by the 2018 credit facility, are guaranteed by the foreign subsidiary and by its direct and indirect foreign parents.

Debt - Convertible Note Additio

Debt - Convertible Note Additional Information (Details) $ / shares in Units, $ in Millions	Mar. 12, 2021 USD ($) $ / shares
Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	98%
Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	130%
Convertible Debt [Member]
Debt Instrument [Line Items]
Proceeds from convertible debt | $	$ 448.5
Debt instrument, convertible, conversion ratio	0.0079365
Debt instrument, convertible, conversion price | $ / shares	$ 126

Debt - Interest Cost Amendment

Debt - Interest Cost Amendment (Details)	Oct. 13, 2023
Greater than 4.00
Debt Instrument [Line Items]
Commitment Fee	0.0040
Greater than 4.00 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest Cost	0.0250
3.51 to 4.00
Debt Instrument [Line Items]
Commitment Fee	0.0035
3.51 to 4.00 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest Cost	0.0225
2.51 to 3.50
Debt Instrument [Line Items]
Commitment Fee	0.0030
2.51 to 3.50 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest Cost	0.0200
Less than or equal to 2.50
Debt Instrument [Line Items]
Commitment Fee	0.0025
Less than or equal to 2.50 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest Cost	0.0175

Debt - Minimum Required Princip

Debt - Minimum Required Principal Payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Text Block [Abstract]
2023 (amount remaining at September 30, 2023)	$ 0
2024	0
2025	0
2026	460,000
2027	0
Thereafter	0
Total debt	$ 460,000

Derivative Financial Instrume_2

Derivative Financial Instruments - Narrative (Details)	Sep. 30, 2023 USD ($) contracts	Mar. 31, 2021 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount		$ 84,100,000
Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Number of foreign exchange contracts | contracts	40
Foreign Exchange Contract [Member] | Minimum [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 109,000
Foreign Exchange Contract [Member] | Maximum [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 42,300,000

Schedule of Amounts Recognized

Schedule of Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Plan assets in other long-term assets	$ 149	$ 162
Current portion of pension benefit obligation in wages and benefits payable	4,083	3,400
Long-term portion of pension benefit obligation	58,079	57,839
Pension benefit obligation, net	$ 62,013	$ 61,077

Schedule of Net Periodic Pensio

Schedule of Net Periodic Pension Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Retirement Benefits [Abstract]
Service cost	$ 605	$ 739	$ 1,845	$ 2,241
Interest cost	720	403	2,153	1,269
Expected return on plan assets	(88)	(75)	(264)	(238)
Amortization of prior service costs	15	17	45	53
Amortization of actuarial net loss	(122)	187	(365)	618
Net periodic benefit cost	$ 1,130	$ 1,271	$ 3,414	$ 3,943

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) shares	May 31, 2023 shares
Restricted Stock Units (RSUs) [Member]
[Line Items]
Compensation cost not yet recognized | $	$ 37.5
Unrecognized compensation expense, Expected weighted average period for recognition (years)	1 year 9 months 18 days
Employee Stock Purchase Plan [Member]
[Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	534,418
Stock Incentive Plan [Member]
[Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)	12,123,538
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	3,396,555
Reduction in stock options available for issue	1
Authorized share reserve reduction in awards other than stock options or share appreciation rights available for issue, conversion ratio	1.7
Number of shares authorized for reallocation		500,000

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense and Related Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options	$ 18	$ 236	$ 98	$ 798
Restricted stock units	6,581	4,430	19,680	15,883
Unrestricted stock awards	238	218	753	735
Total stock-based compensation	8,027	4,708	23,645	18,012
Related tax benefit	1,686	1,195	5,059	4,264
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Phantom stock units	$ 1,190	$ (176)	$ 3,114	$ 596

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Summary (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Shares
Outstanding, beginning balance (in shares)	381	393	381	393
Granted (in shares)			0	0
Exercised (in shares)			(6)	0
Forfeited (in share)			0	(2)
Expired (in shares)			0	(8)
Outstanding, ending balance (in shares)			375	383
Exercisable (in shares)			375
Weighted Average Exercise Price per Share
Outstanding, beginning balance, weighted average exercise price per share (in dollars per share)	$ 60.63	$ 61.18	$ 60.63	$ 61.18
Granted, weighted average exercise price (in dollars per share)			0	0
Exercised, weighted average exercise price (in dollars per share)			56.83	0
Forfeited, weighted average grant date fair value (in dollars per share)			0	87.27
Expired weighted average exercise price (in dollars per share)			0	78.76
Outstanding, ending balance, weighted average exercise price per share (in dollars per share)			60.69	$ 60.69
Exercisable, weighted average exercise price (in usd per share)			$ 60.64
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, weighted average remaining contractual life	4 years 9 months 18 days	5 years 10 months 24 days	4 years 1 month 6 days	5 years 1 month 6 days
Outstanding, beginning balance, aggregate intrinsic value	$ 1,892	$ 4,737	$ 1,892	$ 4,737
Granted, weighted average grant date fair value			$ 0	$ 0
Exercised, aggregate intrinsic value			$ 88	$ 0
Outstanding, weighted average remaining contractual life	4 years 9 months 18 days	5 years 10 months 24 days	4 years 1 month 6 days	5 years 1 month 6 days
Outstanding, ending balance, aggregate intrinsic value			$ 3,316	$ 729
Exercisable, weighted average remaining contractual term			4 years 1 month 6 days
Exercisable, aggregate intrinsic value			$ 3,316

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units Summary (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Number of Restricted Stock Units
Outstanding, beginning balance (in shares)		528	430
Granted (in shares)		459	371
Forfeited (in shares)		(25)	(62)
Outstanding, ending balance (in shares)		727	519
Weighted Average Grant Date Fair Value
Outstanding, beginning balance, weighted average grant date fair value (in dollars per share)		$ 66.39
Granted, weighted average grant date fair value (in dollars per share)		56.62	$ 53.32
Forfeited, weighted average grant date fair value (in dollars per share)		62.32
Outstanding, ending balance, weighted average grant date fair value (in dollars per share)		$ 58.81
Vested and Released [Member]
Number of Restricted Stock Units
Released (in shares)	[1]	(235)	(220)
Weighted Average Grant Date Fair Value
Released, weighted average grant date fair value (in dollars per share)		$ 71.83
Released, aggregate intrinsic value		$ 739	$ 11,441
Vested but Not Released [Member]
Number of Restricted Stock Units
Released (in shares)		(15)
Weighted Average Grant Date Fair Value
Released, aggregate intrinsic value		$ 887
Long Term Performance Restricted Stock Award [Member]
Weighted Average Grant Date Fair Value
Granted, weighted average grant date fair value (in dollars per share)		$ 59.52	$ 57.88
[1] (1) Shares released is presented as gross shares and does not reflect shares withheld by us for employee payroll tax obligations.

Stock-Based Compensation - Long

Stock-Based Compensation - Long-Term Performance Restricted Stock Unit Award Monte Carlo Pricing Model Assumptions (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, weighted average grant date fair value (in dollars per share)	$ 56.62	$ 53.32
Long Term Performance Restricted Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	50%	55.70%
Risk-free interest rate	4.60%	1.70%
Expected term (years)	2 years 2 months 12 days	2 years 10 months 24 days
Granted, weighted average grant date fair value (in dollars per share)	$ 59.52	$ 57.88

Income Taxes - Contingencies (D

Income Taxes - Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net interest and penalties expense	$ 592	$ 373	$ 1,398	$ 989
Accrued interest	8,970		8,970		$ 7,575
Accrued penalties	452		452		567
Unrecognized tax benefits related to uncertain tax positions	126,529		126,529		130,144
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	$ 126,522		$ 126,522		$ 130,137

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Examination [Line Items]
Effective income tax rate reconciliation, percent	28%	10%	31%	(19.00%)
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	21%	21%	21%	21%

Commitments and Contingencies -

Commitments and Contingencies - Available Lines of Credit, Outstanding Standby Letter of Credits, and Bonds (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Oct. 18, 2019
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit			$ 500,000
Net available for additional standby LOCs under sub-facility	$ 238,365	$ 244,010
Credit Facility [Member]
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit	500,000	500,000
Letters of Credit Outstanding, Amount	(61,635)	(55,990)
Line of Credit Facility, Remaining Borrowing Capacity	238,400
Unsecured Multicurrency Revolving Lines of Credit [Member]
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit	82,287	81,781
Letters of Credit Outstanding, Amount	(19,908)	(22,530)
Short-term borrowings	0	0
Line of Credit Facility, Remaining Borrowing Capacity	62,379	59,251
Surety Bond [Member]
Line of Credit Facility [Line Items]
Unsecured surety bonds in force	271,160	285,754
Line of Credit [Member]
Line of Credit Facility [Line Items]
Long-term Line of Credit	0	0
Line of Credit Facility, Remaining Borrowing Capacity	$ 438,365	$ 444,010

Commitments and Contingencies_2

Commitments and Contingencies - Warranty Account Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Beginning balance	$ 25,486	$ 28,709	$ 25,698	$ 32,022
New product warranties	1,647	1,166	5,094	3,600
Other changes/adjustments to warranties	(1,343)	(1,092)	(1,309)	(1,157)
Claims activity	(2,005)	(2,299)	(5,935)	(7,071)
Effect of change in exchange rates	(302)	(1,026)	(65)	(1,936)
Ending balance	23,483	25,458	23,483	25,458
Less: current portion of warranty	16,221	17,943	16,221	17,943
Long-term warranty	$ 7,262	$ 7,515	$ 7,262	$ 7,515

Commitments and Contingencies_3

Commitments and Contingencies - Warranty Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Total warranty expense	$ 304	$ 74	$ 3,785	$ 2,443

Restructuring Expected Costs -

Restructuring Expected Costs - Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 36,868
2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	45,642
Restructuring and Related Cost, Cost Incurred to Date		$ 0
Restructuring	41,207
Restructuring and Related Cost, Expected Cost Remaining	4,435
2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	48,669
Restructuring and Related Cost, Cost Incurred to Date		50,042
Restructuring	(3,423)
Restructuring and Related Cost, Expected Cost Remaining	2,050
2020 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	33,472
Restructuring and Related Cost, Cost Incurred to Date		34,188
Restructuring	(916)
Restructuring and Related Cost, Expected Cost Remaining	200
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring	32,792
Employee Severance [Member] | 2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	38,004
Restructuring and Related Cost, Cost Incurred to Date		0
Restructuring	38,004
Restructuring and Related Cost, Expected Cost Remaining	0
Employee Severance [Member] | 2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	34,794
Restructuring and Related Cost, Cost Incurred to Date		38,359
Restructuring	(3,565)
Restructuring and Related Cost, Expected Cost Remaining	0
Employee Severance [Member] | 2020 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	18,735
Restructuring and Related Cost, Cost Incurred to Date		20,382
Restructuring	(1,647)
Restructuring and Related Cost, Expected Cost Remaining	0
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring	910
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member] | 2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	1,130
Restructuring and Related Cost, Cost Incurred to Date		0
Restructuring	1,130
Restructuring and Related Cost, Expected Cost Remaining	0
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member] | 2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	8,379
Restructuring and Related Cost, Cost Incurred to Date		8,599
Restructuring	(220)
Restructuring and Related Cost, Expected Cost Remaining	0
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member] | 2020 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	6,465
Restructuring and Related Cost, Cost Incurred to Date		6,465
Restructuring	0
Restructuring and Related Cost, Expected Cost Remaining	0
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring	3,166
Other Restructuring [Member] | 2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	6,508
Restructuring and Related Cost, Cost Incurred to Date		0
Restructuring	2,073
Restructuring and Related Cost, Expected Cost Remaining	4,435
Other Restructuring [Member] | 2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	5,496
Restructuring and Related Cost, Cost Incurred to Date		3,084
Restructuring	362
Restructuring and Related Cost, Expected Cost Remaining	2,050
Other Restructuring [Member] | 2020 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	8,272
Restructuring and Related Cost, Cost Incurred to Date		$ 7,341
Restructuring	731
Restructuring and Related Cost, Expected Cost Remaining	$ 200

Restructuring Additional Inform

Restructuring Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, current	$ 15.7	$ 14.5
Restructuring reserve, noncurrent	$ 50.7	$ 27.9

Restructuring Related Balance S

Restructuring Related Balance Sheet Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2023	$ 42,444
Costs charged to expense	36,868
Cash payments	(11,466)
Cash receipts	12
Net assets disposed and impaired	(895)
Effect of change in exchange rates	(533)
Ending balance, September 30, 2023	66,430
Accrued Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2023	39,558
Costs charged to expense	32,792
Cash payments	(8,440)
Cash receipts	0
Net assets disposed and impaired	0
Effect of change in exchange rates	(533)
Ending balance, September 30, 2023	63,377
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member]
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2023	0
Costs charged to expense	910
Cash payments	(27)
Cash receipts	12
Net assets disposed and impaired	(895)
Effect of change in exchange rates	0
Ending balance, September 30, 2023	0
Other Accrued Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2023	2,886
Costs charged to expense	3,166
Cash payments	(2,999)
Cash receipts	0
Net assets disposed and impaired	0
Effect of change in exchange rates	0
Ending balance, September 30, 2023	$ 3,053

Shareholders' Equity Narrative

Shareholders' Equity Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2023 $ / shares shares	Sep. 30, 2022 shares	Mar. 31, 2021 USD ($) $ / shares shares	Nov. 02, 2023 shares	Sep. 30, 2023 $ / shares shares	Sep. 30, 2022 shares	May 11, 2023 shares	Dec. 31, 2022 $ / shares shares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized (in share)	10,000,000				10,000,000			10,000,000
Preferred stock, no par value (in dollars per share) | $ / shares	$ 0				$ 0			$ 0
Preferred stock, shares issued (in shares)	0				0			0
Preferred stock, shares outstanding (in shares)	0				0			0
Derivative, notional amount | $			$ 84.1
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	200,000	400,000			300,000	700,000
Deferred tax assets, derivative instruments | $			$ 20.6
Treasury stock, shares, acquired			3,700,000
Class of warrant or right, exercise price of warrants or rights | $ / shares			$ 180
Class of Warrant or Right, Premium, Percentage			1
Class of Warrant or Right, Aggregate Proceeds From Transaction | $			$ 45.3
2023 Stock Repruchase Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares authorized to be repurchased							100,000,000
2023 Stock Repruchase Program | Subsequent Event
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock repurchased during period (in shares)				0
Convertible Debt Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,700,000		3,700,000		3,700,000
Common stock, conversion price (in dollars per share) | $ / shares	$ 126		$ 126

Shareholders' Equity Accumulate

Shareholders' Equity Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,228,887	$ 1,194,143	$ 1,191,556	$ 1,133,100	$ 1,186,752	$ 1,142,759	$ 1,191,556	$ 1,142,759
Total other comprehensive income (loss), net of tax	(15,118)	1,833	7,119	(26,116)	(20,422)	52,815	(6,166)	6,277
Ending balance	1,257,730	1,228,887	1,194,143	1,117,173	1,133,100	1,186,752	1,257,730	1,117,173
Parent [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1,205,124	1,171,282	1,168,473	1,110,110	1,160,080	1,116,077	1,168,473	1,116,077
Total other comprehensive income (loss), net of tax	(15,118)	1,833	7,119	(26,116)	(20,422)	52,815
Ending balance	1,237,730	$ 1,205,124	1,171,282	1,093,828	$ 1,110,110	1,160,080	1,237,730	1,093,828
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(83,193)			(111,766)	(83,193)	(111,766)
OCI before reclassifications							(5,844)	(55,716)
Amounts reclassified from AOCI							0	57,321
Total other comprehensive income (loss), net of tax							(5,844)	1,605
Ending balance	(89,037)			(110,161)			(89,037)	(110,161)
Net Unrealized Gain (Loss) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(210)			(210)	(210)	(210)
OCI before reclassifications							0	0
Amounts reclassified from AOCI							0	0
Total other comprehensive income (loss), net of tax							0	0
Ending balance	(210)			(210)			(210)	(210)
Net Unrealized Gain (Loss) on Nonderivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(14,380)			(14,380)	(14,380)	(14,380)
OCI before reclassifications							0	0
Amounts reclassified from AOCI							0	0
Total other comprehensive income (loss), net of tax							0	0
Ending balance	(14,380)			(14,380)			(14,380)	(14,380)
Pension Benefit Obligation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			3,109			(21,742)	3,109	(21,742)
OCI before reclassifications							0	4,183
Amounts reclassified from AOCI							(322)	489
Total other comprehensive income (loss), net of tax							(322)	4,672
Ending balance	2,787			(17,070)			2,787	(17,070)
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			$ (94,674)			$ (148,098)	(94,674)	(148,098)
OCI before reclassifications							(5,844)	(51,533)
Amounts reclassified from AOCI							(322)	57,810
Total other comprehensive income (loss), net of tax							(6,166)	6,277
Ending balance	$ (100,840)			$ (141,821)			$ (100,840)	$ (141,821)

Shareholders' Equity Other Comp

Shareholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Before-tax amount [Abstract]
Foreign currency translation adjustment	$ (15,094,000)	$ (28,380,000)	$ (5,834,000)	$ (55,917,000)
Foreign currency translation adjustment reclassified to net income (loss) on sale of business	0	1,885,000	0	57,321,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax	0	0	0	4,205,000
Net defined benefit plan (gain) loss reclassified to net income (loss)	(107,000)	204,000	(320,000)	492,000
Total other comprehensive income (loss), before tax	(15,201,000)	(26,291,000)	(6,154,000)	6,101,000
Tax (provision) benefit [Abstract]
Foreign currency translation adjustment	85,000	183,000	(10,000)	201,000
Foreign currency translation adjustment reclassified to net income (loss) on sale of business	0	0	0	0
Net unrealized gain (loss) on defined benefit plans	0	(6,000)	0	(22,000)
Net defined benefit plan (gain) loss reclassified to net income (loss)	(2,000)	(2,000)	(2,000)	(3,000)
Total other comprehensive income (loss) tax (provision) benefit	83,000	175,000	(12,000)	176,000
Net-of-tax amount [Abstract]
Foreign currency translation adjustment	(15,009,000)	(28,197,000)	(5,844,000)	(55,716,000)
Foreign currency translation adjustment reclassified to net income (loss) on sale of business	0	1,885,000	0	57,321,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax	0	(6,000)	0	4,183,000
Net defined benefit plan (gain) loss reclassified to net income (loss)	(109,000)	202,000	(322,000)	489,000
Total other comprehensive income (loss), net of tax	$ (15,118,000)	$ (26,116,000)	$ (6,166,000)	$ 6,277,000

Schedule of Fair Values of Fina

Schedule of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Line of Credit [Member]
Liabilities
Multicurrency revolving line of credit	$ 0	$ 0
Reported Value Measurement [Member]
Liabilities
Convertible Notes Payable	454,247	452,526
Reported Value Measurement [Member] | Line of Credit [Member]
Liabilities
Multicurrency revolving line of credit	0	0
Estimate of Fair Value Measurement [Member]
Liabilities
Convertible Notes Payable	396,621	377,200
Estimate of Fair Value Measurement [Member] | Line of Credit [Member]
Liabilities
Multicurrency revolving line of credit, fair value	$ 0	$ 0

Segment Information Narrative (

Segment Information Narrative (Details)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Number of reportable segments	3

Information By Segment (Details

Information By Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 560,772	$ 420,860	$ 1,596,460	$ 1,328,073
Gross profit	187,203	120,062	517,518	381,391
Operating income (loss)	54,890	6,888	79,597	(19,820)
Total other income (expense)	843	(1,943)	(1,673)	(6,704)
Income (loss) before income taxes	55,733	4,945	77,924	(26,524)
Operating Segments | Device Solutions [Member]
Segment Reporting Information [Line Items]
Revenues	110,769	94,003	342,183	338,378
Gross profit	26,919	14,805	75,351	50,489
Operating income (loss)	17,675	7,066	45,837	24,103
Operating Segments | Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Revenues	384,971	269,872	1,059,369	818,154
Gross profit	135,203	81,895	362,852	263,155
Operating income (loss)	102,503	54,640	266,052	177,929
Operating Segments | Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Revenues	65,032	56,985	194,908	171,541
Gross profit	25,081	23,362	79,315	67,747
Operating income (loss)	10,280	11,339	35,867	28,789
Corporate Unallocated [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	(75,568)	(66,157)	(268,159)	(250,641)
Product [Member]
Segment Reporting Information [Line Items]
Revenues	480,355	347,791	1,361,482	1,107,499
Product [Member] | Operating Segments | Device Solutions [Member]
Segment Reporting Information [Line Items]
Revenues	110,138	92,893	340,098	334,212
Product [Member] | Operating Segments | Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Revenues	352,771	240,498	964,909	731,358
Product [Member] | Operating Segments | Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Revenues	17,446	14,400	56,475	41,929
Service [Member]
Segment Reporting Information [Line Items]
Revenues	80,417	73,069	234,978	220,574
Service [Member] | Operating Segments | Device Solutions [Member]
Segment Reporting Information [Line Items]
Revenues	631	1,110	2,085	4,166
Service [Member] | Operating Segments | Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Revenues	32,200	29,374	94,460	86,796
Service [Member] | Operating Segments | Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Revenues	$ 47,586	$ 42,585	$ 138,433	$ 129,612

Segment Information Revenues By

Segment Information Revenues By Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues from External Customers [Line Items]
Revenues	$ 560,772	$ 420,860	$ 1,596,460	$ 1,328,073
United States and Canada [Member]
Revenues from External Customers [Line Items]
Revenues	452,583	317,960	1,256,042	947,684
Europe, Middle East, and Africa [Member]
Revenues from External Customers [Line Items]
Revenues	81,394	80,735	265,814	306,962
Asia Pacific
Revenues from External Customers [Line Items]
Revenues	$ 26,795	$ 22,165	$ 74,604	$ 73,427

Depreciation and Amortization,

Depreciation and Amortization, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	$ 13,645	$ 17,361	$ 42,013	$ 50,612
Corporate, Non-Segment [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	5,325	7,337	16,525	22,253
Device Solutions [Member] | Operating Segments
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	2,976	3,566	9,467	11,049
Networked Solutions Segment [Member] | Operating Segments
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	4,074	4,401	12,273	13,126
Outcomes Segment [Member] | Operating Segments
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	$ 1,270	$ 2,057	$ 3,748	$ 4,184

Revenue Recognition Revenue Con

Revenue Recognition Revenue Contract Assets and Liabilities Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Revenue Recognition and Deferred Revenue [Abstract]
Beginning balance, January 1, 2023	$ 75,958
Revenues recognized from beginning contract liability	(61,425)
Cumulative catch-up adjustments	7,304
Increases due to amounts collected or due	265,717
Revenues recognized from current period increases	(193,353)
Other	585
Ending balance, September 30, 2023	$ 94,786

Revenue Recognition Narrative (

Revenue Recognition Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Contract with customer, asset, gross	$ 78.6	$ 57
Contract with customer, liability	$ 173.4	$ 133

Revenue Recognition Remaing Per

Revenue Recognition Remaing Performance Obligation (Details) $ in Millions	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months