Itron (ITRI) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		44,962,799
Entity Central Index Key	0000780571
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Revenues	$ 609,069	$ 541,070	$ 1,212,511	$ 1,035,688
Cost of revenues
Cost of revenues	398,609	367,123	796,672	705,373
Gross profit	210,460	173,947	415,839	330,315
Operating expenses
Sales, general and administrative	88,413	79,079	174,384	154,600
Research and development	53,053	53,560	105,454	103,125
Amortization of intangible assets	4,511	4,722	8,497	9,770
Restructuring	(99)	874	99	37,483
(Gain) loss on sale of business	(65)	612	(42)	630
Total operating expenses	145,813	138,847	288,392	305,608
Operating income	64,647	35,100	127,447	24,707
Other income (expense)
Interest income	5,128	1,508	8,974	3,326
Interest expense	(2,290)	(1,977)	(4,183)	(4,034)
Other income (expense), net	(445)	(333)	18	(1,808)
Total other income (expense)	2,393	(802)	4,809	(2,516)
Income before income taxes	67,040	34,298	132,256	22,191
Income tax provision	(15,180)	(9,195)	(28,609)	(9,125)
Net income	51,860	25,103	103,647	13,066
Net income attributable to noncontrolling interests	542	902	608	701
Net income attributable to Itron, Inc.	$ 51,318	$ 24,201	$ 103,039	$ 12,365
Earnings (loss) per common share - Basic (in dollars per share)	$ 1.12	$ 0.53	$ 2.25	$ 0.27
Earnings (loss) per common share - Diluted (in dollars per share)	$ 1.10	$ 0.53	$ 2.22	$ 0.27
Weighted average common shares outstanding - Basic (in shares)	45,745	45,435	45,698	45,358
Weighted average common shares outstanding - Diluted (in shares)	46,526	45,781	46,441	45,677
Product [Member]
Revenues
Revenues	$ 532,907	$ 464,803	$ 1,060,729	$ 881,127
Cost of revenues
Cost of revenues	356,747	322,288	713,454	619,631
Service [Member]
Revenues
Revenues	76,162	76,267	151,782	154,561
Cost of revenues
Cost of revenues	$ 41,862	$ 44,835	$ 83,218	$ 85,742

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 51,860	$ 25,103	$ 103,647	$ 13,066
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(5,418)	1,940	(16,269)	9,165
Pension benefit obligation adjustment	(516)	(107)	(573)	(213)
Total other comprehensive income (loss), net of tax	(5,934)	1,833	(16,842)	8,952
Total comprehensive income (loss), net of tax	45,926	26,936	86,805	22,018
Comprehensive income (loss) attributable to noncontrolling interests, net of tax	542	902	608	701
Comprehensive income (loss) attributable to Itron, Inc.	$ 45,384	$ 26,034	$ 86,197	$ 21,317

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 920,639	$ 302,049
Accounts receivable, net	316,742	303,821
Inventories	291,781	283,686
Other current assets	160,293	159,882
Total current assets	1,689,455	1,049,438
Property, plant, and equipment, net	122,026	128,806
Deferred tax assets, net	283,697	247,211
Other long-term assets	38,506	38,836
Operating lease right-of-use assets, net	37,619	41,186
Intangible assets, net	52,544	46,282
Goodwill	1,060,093	1,052,504
Total assets	3,283,940	2,604,263
Current liabilities
Accounts payable	184,783	199,520
Other current liabilities	57,491	54,407
Wages and benefits payable	105,884	135,803
Taxes payable	12,792	8,636
Current portion of warranty	14,612	14,663
Unearned revenue	159,625	124,207
Total current liabilities	535,187	537,236
Long-term debt, net	1,239,772	454,827
Long-term warranty	8,227	7,501
Pension benefit obligation	62,024	63,887
Deferred tax liabilities, net	670	697
Operating lease liabilities	28,468	32,656
Other long-term obligations	148,901	176,028
Total liabilities	2,023,249	1,272,832
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, 44,952 and 45,512 shares issued and outstanding	1,662,965	1,820,510
Accumulated other comprehensive loss, net	(98,032)	(81,190)
Accumulated deficit	(325,370)	(428,409)
Total Itron, Inc. shareholders' equity	1,239,563	1,310,911
Noncontrolling interests	21,128	20,520
Total equity	1,260,691	1,331,431
Total liabilities and equity	$ 3,283,940	$ 2,604,263

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	44,952,000	45,512,000
Common stock, shares outstanding (in shares)	44,952,000	45,512,000

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, 2022			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
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)	13,066
Other comprehensive income (loss), net of tax	8,952
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
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
Beginning balance (in shares) at Dec. 31, 2023	45,512		45,512
Beginning balance at Dec. 31, 2023	$ 1,331,431	1,310,911		1,820,510	(81,190)	(428,409)	20,520
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	51,787	51,721				51,721	66
Other comprehensive income (loss), net of tax	(10,908)	(10,908)			(10,908)
Net stock issuance and repurchases (in shares)			338
Net stock issued and repurchased	1,560	1,560		1,560
Stock-based compensation expense	11,429	11,429		11,429
Registration fee	11	11		11
Ending balance at Mar. 31, 2024	$ 1,385,310	1,364,724		1,833,510	(92,098)	(376,688)	20,586
Ending balance (in shares) at Mar. 31, 2024			45,850
Beginning balance (in shares) at Dec. 31, 2023	45,512		45,512
Beginning balance at Dec. 31, 2023	$ 1,331,431	1,310,911		1,820,510	(81,190)	(428,409)	20,520
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	103,647
Other comprehensive income (loss), net of tax	(16,842)
Ending balance at Jun. 30, 2024	$ 1,260,691	1,239,563		1,662,965	(98,032)	(325,370)	21,128
Ending balance (in shares) at Jun. 30, 2024	44,952		44,952
Beginning balance (in shares) at Mar. 31, 2024			45,850
Beginning balance at Mar. 31, 2024	$ 1,385,310	1,364,724		1,833,510	(92,098)	(376,688)	20,586
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	51,860	51,318				51,318	542
Other comprehensive income (loss), net of tax	(5,934)	(5,934)			(5,934)
Net stock issuance and repurchases (in shares)			74
Net stock issued and repurchased	1,408	1,408		1,408
Stock-based compensation expense	10,416	10,416		10,416
Payments on call spread for convertible offering, net of tax	(82,304)	(82,304)		(82,304)
Stock repurchased (in shares)			(972)
Stock repurchased	(100,000)	(100,000)		(100,000)
Registration fee	(65)	(65)		(65)
Ending balance at Jun. 30, 2024	$ 1,260,691	$ 1,239,563		$ 1,662,965	$ (98,032)	$ (325,370)	$ 21,128
Ending balance (in shares) at Jun. 30, 2024	44,952		44,952

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income (loss)	$ 103,647	$ 13,066
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangible assets	26,263	28,368
Non-cash operating lease expense	7,634	8,141
Stock-based compensation	21,845	13,694
Amortization of prepaid debt fees	1,867	1,820
Deferred taxes, net	(8,725)	(2,509)
(Gain) loss on sale of business	(42)	630
Restructuring, non-cash	(171)	922
Other adjustments, net	(591)	(199)
Changes in operating assets and liabilities, net of acquisition and sale of business:
Accounts receivable	(13,557)	(34,681)
Inventories	(13,216)	(36,466)
Other current assets	(510)	(33,554)
Other long-term assets	(1,885)	5,595
Accounts payable, other current liabilities, and taxes payable	(7,128)	4,670
Wages and benefits payable	(28,700)	9,040
Unearned revenue	39,039	42,919
Warranty	810	(440)
Restructuring	(14,628)	31,181
Other operating, net	(18,927)	(9,208)
Net cash provided by operating activities	93,025	42,989
Investing activities
Net proceeds (payments) related to the sale of business	405	(772)
Acquisitions of property, plant, and equipment	(14,255)	(12,498)
Business acquisitions, net of cash and cash equivalents acquired	(34,126)	0
Other investing, net	156	50
Net cash used in investing activities	(47,820)	(13,220)
Financing activities
Proceeds from borrowings	805,000	0
Issuance of common stock	2,972	1,641
Payments on call spread for convertible offering	(108,997)	0
Repurchase of common stock	(100,000)	0
Prepaid debt fees	(21,495)	(517)
Other financing, net	(641)	(354)
Net cash provided by financing activities	576,839	770
Effect of foreign exchange rate changes on cash and cash equivalents	(3,454)	241
Increase in cash and cash equivalents	618,590	30,780
Cash and cash equivalents at beginning of period	302,049	202,007
Cash and cash equivalents at end of period	920,639	232,787
Supplemental disclosure of cash flow information:
Income taxes, net	40,006	20,653
Interest	$ 958	$ 785

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023, Consolidated Statements of Equity for the three months ended June 30, 2024 and 2023 and March 31, 2024 and 2023, the Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023, and the Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, 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 six months ended June 30, 2024 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, 2023 filed with the SEC in our Annual Report on Form 10-K on February 26, 2024 (2023 Annual Report). There have been no significant changes in financial statement preparation or significant accounting policies since December 31, 2023. Restricted Cash and Cash Equivalents Cash and cash equivalents that are contractually restricted from operating use are classified as restricted cash and cash equivalents. We had $1.8 million pledged for standby letters of credit as of June 30, 2024 and December 31, 2023. Risks and Uncertainties Global economic impacts, such as pandemics and various ongoing conflicts around the world, may create disruption in customer demand and global supply chains, resulting in market volatility, which our management continues to monitor. In the aftermath of these types of events, global supply chains, including labor, may struggle to keep pace with rapidly changing demand. Temporary imbalance in supply and demand may create business uncertainties that include costs and availability. Efforts continue with suppliers to improve supply resiliency, including the approval of alternate sources. Additionally, inflation in our raw materials and component costs, freight charges, and labor costs may increase above historical levels due to, among other things, the continuing impacts of an uncertain economic environment. We may or may not be able to fully recover these increased costs through pricing actions with our customers. Currently, we have not identified any significant decrease in long-term customer demand for our products and services. While we have limited direct business exposure in areas with current conflict, such as Ukraine 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 . Recent Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures, which amends the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual financial reporting in 2024 and interim financial reports for the first quarter of 2025, with early adoption permitted. These amendments are to be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact this standard will have on our consolidated financial statement disclosures for our reportable segment information. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which amends Income Taxes (Topic 740). The FASB issued this update to improve annual basis income tax disclosures related to (1) rate reconciliation, (2) income taxes paid, and (3) other disclosures related to pretax income (or loss) and income tax expense (or benefit) from continuing operations. The effective date for this amendment is January 1, 2025, with early adoption permitted. These amendments are to be applied on a prospective basis. Retrospective application is permitted. We are currently evaluating the impact this standard will have on our consolidated financial statement disclosures.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, In thousands, except per share data 2024 2023 2024 2023 Net income available to common shareholders $ 51,318 $ 24,201 $ 103,039 $ 12,365 Weighted average common shares outstanding - Basic 45,745 45,435 45,698 45,358 Dilutive effect of stock-based awards 781 346 743 319 Dilutive effect of convertible notes — — — — Weighted average common shares outstanding - Diluted 46,526 45,781 46,441 45,677 Net income per common share - Basic $ 1.12 $ 0.53 $ 2.25 $ 0.27 Net income per common share - Diluted $ 1.10 $ 0.53 $ 2.22 $ 0.27 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 10,000 and 33,000 stock-based awards were excluded from the calculation of diluted EPS for the three and six months ended June 30, 2024 because they were anti-dilutive. Approximately 0.4 million stock-based awards were excluded from the calculation of diluted EPS for the three and six months ended June 30, 2023 because they were anti-dilutive. These stock-based awards could be dilutive in future periods. Convertible Notes and Share Hedges 2021 Notes, Warrants and Call Option Transactions For our convertible notes issued in March 2021 (the 2021 Notes), the dilutive effect is calculated using the if-converted method. We are required, pursuant to the indenture governing the notes, to settle the principal amount in cash and may elect to settle the remaining conversion obligation (stock price in excess of conversion price) in cash, shares, or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the remaining conversion obligation, assuming all the notes were converted. The average closing prices of our common stock for the quarter ended June 30, 2024 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 2021 Notes, we sold warrants to purchase 3.7 million shares of Itron common stock. The warrants have a strike price of $180.00 per share. For calculating the dilutive effect of the warrants, we use the treasury stock method. With this method, we assume exercise of the warrants at the beginning of the period, or at time of issuance if later, and the issuance of common stock upon exercise. Proceeds from the exercise of the warrants are assumed to be used to repurchase shares of our stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be exercised with the warrants less the number of shares repurchased, are included in diluted weighted average common shares outstanding. For periods where the warrants strike price of $180.00 per share is greater than the average share price of Itron stock for the period, the warrants would be anti-dilutive. For the three and six months ended June 30, 2024, 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. In connection with the issuance of the 2021 Notes, we entered into privately negotiated call option contracts on our common stock (the 2021 call option transactions) with certain commercial banks. The 2021 call option transactions cover, subject to anti-dilution adjustments substantially similar to those in the 2021 Notes, approximately 3.7 million shares of our common stock, the same number of shares initially underlying the notes, at a strike price of approximately $126.00, subject to customary adjustments. The 2021 call option transactions will expire upon the maturity of the 2021 Notes, subject to earlier exercise or termination. Exercise of the 2021 call option transactions would reduce the number of shares of our common stock outstanding and therefore would be anti-dilutive. 2024 Notes and Capped Call Transactions For our convertible notes issued in June 2024 (the 2024 Notes), the dilutive effect is calculated using the if-converted method. We are required, pursuant to the indenture governing our convertible notes, to settle the principal amount of the convertible notes in cash and may elect to settle the remaining conversion obligation (stock price in excess of conversion price) in cash, shares, or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the remaining conversion obligation, assuming all the convertible notes were converted. The average closing prices of our common stock for the quarter ended June 30, 2024 were used as the basis for determining the dilutive effect on EPS. The quarterly average closing prices for our common stock did not exceed the conversion price of $131.24, and therefore all associated shares were anti-dilutive. In connection with the issuance of the 2024 Notes, we entered into privately negotiated capped call transactions (the 2024 capped call transactions) on our common stock with certain commercial banks. The 2024 capped call transactions cover, subject to anti-dilution adjustments substantially similar to those in the 2024 Notes, approximately 6.1 million shares of our common stock, the same number of shares initially underlying the convertible notes, at a strike price of approximately $131.2353, subject to customary adjustments. The cap price of the 2024 capped call transactions will initially be $205.86 per share, which represents a premium of 100% over the last reported stock price per share of the Company's common stock on June 17, 2024, and is subject to certain adjustments under the terms of the 2024 capped call transactions. The 2024 capped call transactions will expire upon the maturity of the 2024 Notes, subject to earlier exercise or termination. Exercise of the 2024 capped call transactions would reduce the number of shares of our common stock outstanding and therefore would be anti-dilutive.

Certain Balance Sheet Component

Certain Balance Sheet Components	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 December 31, 2023 Trade receivables (net of allowance of $603 and $738) $ 288,568 $ 272,890 Unbilled receivables 28,174 30,931 Total accounts receivable, net $ 316,742 $ 303,821 Allowance for credit losses account activity Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Beginning balance $ 722 $ 4,782 $ 738 $ 4,863 Provision for (release of) doubtful accounts, net (100) 52 (78) (39) Accounts written-off, net (17) (178) (43) (244) Effect of change in exchange rates (2) 38 (14) 114 Ending balance $ 603 $ 4,694 $ 603 $ 4,694 Inventories In thousands June 30, 2024 December 31, 2023 Raw materials $ 201,690 $ 213,303 Work in process 14,620 17,849 Finished goods 75,471 52,534 Total inventories $ 291,781 $ 283,686 Property, plant, and equipment, net In thousands June 30, 2024 December 31, 2023 Machinery and equipment $ 315,068 $ 318,546 Computers and software 127,653 126,149 Buildings, furniture, and improvements 124,040 126,041 Land 8,223 7,846 Construction in progress, including purchased equipment 22,053 24,316 Total cost 597,037 602,898 Accumulated depreciation (475,011) (474,092) Property, plant, and equipment, net $ 122,026 $ 128,806 Depreciation expense Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Depreciation expense $ 9,008 $ 9,183 $ 17,766 $ 18,598

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	6 Months Ended
	Jun. 30, 2024
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: June 30, 2024 December 31, 2023 In thousands Gross Accumulated Net Gross Accumulated Net Intangible Assets Core-developed technology $ 512,185 $ (498,767) $ 13,418 $ 502,010 $ (499,571) $ 2,439 Customer contracts and relationships 327,053 (289,556) 37,497 329,688 (287,653) 42,035 Trademarks and trade names 72,495 (70,925) 1,570 73,461 (71,740) 1,721 Other 12,019 (11,960) 59 12,019 (11,932) 87 Total intangible assets $ 923,752 $ (871,208) $ 52,544 $ 917,178 $ (870,896) $ 46,282 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: Six Months Ended June 30, In thousands 2024 2023 Intangible assets, gross beginning balance $ 917,178 $ 905,134 Intangible assets acquired (1) 15,000 — Effect of change in exchange rates (8,426) 7,202 Intangible assets, gross ending balance $ 923,752 $ 912,336 Intangible liabilities, gross beginning balance $ (23,900) $ (23,900) Effect of change in exchange rates — — Intangible liabilities, gross ending balance $ (23,900) $ (23,900) (1) On March 1, 2024, we completed the acquisition of 100% of the shares Elpis2, Inc. (Elpis Squared), a privately held software and services company. The purchase resulted in the addition of intangible assets of $15.0 million including $12.5 million identified core-developed technology and $2.5 million of customer contracts and relationships. The core-developed technology and customer contract and relationships will be amortized over the weighted-average five-year and three-year useful lives, respectively, using the straight-line method. Refer to Note 5: Goodwill and Note 17: Business Combination for additional information. Assumed intangible liabilities reflect the present value of the projected cash outflows for an existing contract where remaining costs were expected to exceed projected revenues. Estimated future annual amortization is as follows: Year Ending December 31, Estimated Annual Amortization In thousands 2024 (amount remaining at June 30, 2024) $ 9,334 2025 17,660 2026 13,652 2027 8,275 2028 2,681 Thereafter 942 Total intangible assets subject to amortization $ 52,544

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2024
Goodwill Excluding Non Goodwill Intangibles [Abstract]
Goodwill	Goodwill The following table reflects changes in the carrying amount of goodwill for the six months ended June 30, 2024: In thousands Device Solutions Networked Solutions Outcomes Total Company Goodwill balance at January 1, 2024 $ — $ 911,847 $ 140,657 $ 1,052,504 Goodwill acquired (1) — — 19,661 19,661 Effect of change in exchange rates — (10,475) (1,597) (12,072) Goodwill balance at June 30, 2024 $ — $ 901,372 $ 158,721 $ 1,060,093 (1) On March 1, 2024, we acquired Elpis Squared. The purchase resulted in the recognition of $19.7 million in goodwill allocated to our Outcomes operating segment and reporting unit. Refer to Note 4: Intangible Assets and Liabilities and Note 17: Business Combination for additional information on the transaction.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The components of our borrowings were as follows: In thousands June 30, 2024 December 31, 2023 Credit facility Multicurrency revolving line of credit $ — $ — Convertible notes 1,265,000 460,000 Total debt 1,265,000 460,000 Less: unamortized prepaid debt fees - convertible notes 25,228 5,173 Long-term debt, net $ 1,239,772 $ 454,827 Credit Facility Our current credit facility, entered on January 5, 2018 (as amended, the 2018 credit facility), originally provided for committed credit facilities in the amount of $1.2 billion 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 (the 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 June 30, 2024. 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 debt covenant provisions to allow for the addback of non-recurring cash expenses related to restructuring charges incurred during the quarter ended March 31, 2023. On October 13, 2023, we entered into a seventh amendment to extend the maturity date to October 18, 2026. However, that date 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 On June 14, 2024, we entered into an eighth amendment of the 2018 credit facility. In contemplation of the issuance of the 2024 convertible notes, this amendment to the Credit Agreement removed the $500 million maximum amount of convertible notes we could offer. At June 30, 2024, there were no outstanding loan balances under the credit facility, and $46.8 million was utilized by outstanding standby letters of credit, resulting in $453.2 million available for additional borrowings or standby letters of credit within the revolver. At June 30, 2024, $253.2 million was available for additional standby letters of credit under the letter of credit sub-facility, and no amounts were outstanding under the swingline sub-facility. Convertible Notes 2021 Notes On March 12, 2021, we closed the sale of $460 million of convertible notes in a private placement to qualified institutional buyers, resulting in net proceeds to us of $448.5 million after deducting initial purchasers' discounts of the offering. The 2021 Notes do not bear regular interest, and the principal amount does not accrete. The 2021 Notes will mature on March 15, 2026, unless earlier repurchased, redeemed, or converted in accordance with their terms. No sinking fund is provided for the 2021 Notes. The initial conversion rate of the 2021 Notes is 7.9365 shares of our common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $126.00 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the indenture governing the 2021 Notes) or upon a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder that elects to convert its convertible notes in connection with such make-whole fundamental change or notice of redemption, as the case may be. Prior to the close of business on the business day immediately preceding December 15, 2025, the 2021 Notes 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 the notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; (3) upon the occurrence of specified corporate events; or (4) upon redemption by us. On or after December 15, 2025, until the close of business on the second scheduled trading day immediately preceding March 15, 2026, holders of the 2021 Notes may convert all or a portion of their notes at any time. Upon conversion, we will pay cash up to the aggregate principal amount to be converted and pay and/or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at our election, in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the notes being converted. Subsequent to March 20, 2024 and prior to December 15, 2025, we may redeem for cash all or part of the 2021 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 2021 Notes are senior unsecured obligations and rank equally in right of payment with all of our existing and future unsubordinated debt and senior in right of payment to any future debt that is expressly subordinated in right of payment to 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. 2024 Notes On June 21, 2024, we closed the sale of $805 million of convertible notes in a private placement to qualified institutional buyers, resulting in net proceeds to us of $784 million after deducting initial purchasers' discounts of the offering. The 2024 Notes will accrue interest at a rate of 1.375% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2025. The 2024 Notes will mature on July 15, 2030, unless earlier repurchased, redeemed, or converted in accordance with their terms. The initial conversion rate of the 2024 Notes is 7.6199 shares of our common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $131.24 per share. The conversion rate of the notes is subject to adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the indenture governing the convertible notes) or upon a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder that elects to convert its notes in connection with such make-whole fundamental change or notice of redemption, as the case may be. Prior to the close of business on the business day immediately preceding April 15, 2030, the 2024 Notes are convertible at the option of the holders only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2024 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business-day period after any five consecutive trading-day period (the measurement period) in which the trading price per $1,000 principal amount of the notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; (3) upon the occurrence of specified corporate events; or (4) upon redemption by us. On or after April 15, 2030, until the close of business on the second scheduled trading day immediately preceding July 15, 2030, holders of the notes may convert all or a portion of their notes at any time. Upon conversion, we will pay cash up to the aggregate principal amount of the notes to be converted and pay and/or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at our election, in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the notes being converted. Subsequent to July 20, 2028 and prior to April 15, 2030, we may redeem for cash all or part of the 2024 Notes, at our option, if the last reported sales price of common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related notice of the redemption. However, we may not redeem less than all of the outstanding notes unless at least $100.0 million aggregate principal amount of notes are outstanding and not called for redemption as of the time we send related redemption notices. The redemption price of each note to be redeemed will be the principal amount of such note, plus accrued and unpaid special interest, if any. Upon the occurrence of a fundamental change (as defined in the indenture governing the 2024 Notes), subject to a limited exception described in the indenture governing the notes, holders may require us to repurchase all or a portion of their notes for cash at a price equal to plus accrued and unpaid special interest to, but not including, the fundamental change repurchase date (as defined in the indenture governing the 2024 Notes). The 2024 Notes are senior unsecured obligations and rank equally in right of payment with all of our existing and future unsubordinated debt and senior in right of payment to any future debt that is expressly subordinated in right of payment to the notes. The notes will be effectively subordinated to any of our existing and future secured debt to the extent of the assets securing such indebtedness. The notes will be structurally subordinated to all existing debt and any future debt and any other liabilities of our subsidiaries. Debt Maturities The amount of required minimum principal payments on our long-term debt in aggregate over the next five years is as follows: Year Ending December 31, Minimum Payments In thousands 2024 (amount remaining at June 30, 2024) $ — 2025 — 2026 460,000 2027 — 2028 — Thereafter 805,000 Total minimum payments on debt $ 1,265,000

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments As part of our risk management strategy, we use derivative instruments to hedge certain foreign currency and interest rate exposures. Refer to Note 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 June 30, 2024, a total of 41 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 $103,000 to $39.1 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	6 Months Ended
	Jun. 30, 2024
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, India, and Indonesia. The defined benefit obligation is calculated annually by using the projected unit credit method. The measurement date for the pension plans was December 31, 2023. Amounts recognized on the Consolidated Balance Sheets consist of: In thousands June 30, 2024 December 31, 2023 Assets Plan assets in other long-term assets $ 66 $ 80 Liabilities Current portion of pension benefit obligation in wages and benefits payable $ 3,793 $ 3,623 Long-term portion of pension benefit obligation 62,024 63,887 Pension benefit obligation, net $ 65,751 $ 67,430 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 include the following components: Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Service cost $ 659 $ 636 $ 1,294 $ 1,240 Interest cost 676 721 1,357 1,433 Expected return on plan assets (73) (89) (146) (176) Amortization of prior service costs 33 15 67 30 Amortization of actuarial net loss (85) (122) (170) (243) Curtailment (585) — (585) — Net periodic benefit cost $ 625 $ 1,161 $ 1,817 $ 2,284 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	6 Months Ended
	Jun. 30, 2024
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 13,991,273 shares of common stock authorized for issuance subject to stock splits, dividends, and other similar events, and at June 30, 2024, 4,591,679 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 494,176 shares of common stock were available for future issuance at June 30, 2024. ESPP activity and stock-based grants other than stock options and restricted stock units were not significant for the three and six months ended June 30, 2024 and 2023. Stock-Based Compensation Expense Total stock-based compensation expense and the related tax benefit were as follows: Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Stock options $ — $ 20 $ — $ 80 Restricted stock units 10,080 6,516 21,173 13,099 Unrestricted stock awards 336 239 672 515 Phantom stock units 1,312 1,147 2,761 1,924 Total stock-based compensation $ 11,728 $ 7,922 $ 24,606 $ 15,618 Related tax benefit $ 2,551 $ 1,670 $ 5,350 $ 3,373 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, 2023 381 $ 60.63 4.8 $ 1,892 Granted — — $ — Exercised (5) 55.49 73 Forfeited — — Canceled — — Outstanding, June 30, 2023 376 $ 60.70 4.4 $ 5,494 Outstanding, January 1, 2024 363 $ 61.36 4.0 $ 5,886 Granted — — $ — Exercised (19) 44.74 779 Forfeited — — Canceled — — Outstanding, June 30, 2024 344 $ 62.27 3.5 $ 12,626 Exercisable, June 30, 2024 344 $ 62.27 3.5 $ 12,626 At June 30, 2024, 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, 2023 528 Granted 442 $ 56.37 Released (1) (222) $ 1,236 Forfeited (19) Outstanding, June 30, 2023 729 Outstanding, January 1, 2024 751 $ 58.89 Granted 410 75.89 Released (1) (360) 63.22 $ 28,739 Forfeited (10) 60.84 Outstanding, June 30, 2024 791 66.31 Vested but not released, June 30, 2024 17 $ 1,669 (1) Shares released is presented as gross shares and does not reflect shares withheld by us for employee payroll tax obligations. At June 30, 2024, total unrecognized compensation expense on restricted stock units was $62.0 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: Six Months Ended June 30, 2024 2023 Expected volatility 45.7 % 50.0 % Risk-free interest rate 4.4 % 4.6 % Expected term (years) 2.9 2.2 Weighted average fair value $ 83.26 $ 59.52

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 of 23% and 22%, 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, a benefit related to stock-based compensation, tax credits, state taxes, and uncertain tax positions. Our tax rate for the three and six months ended June 30, 2023 of 27% and 41%, 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. 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, including the effect of guidance issued in December 2023 that provided clarity regarding research providers and recipients. 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) guidance under the Base Erosion and Profit Shifting (BEPS) initiative aims to minimize perceived tax abuses and modernize global tax policy, including the implementation of a global minimum effective tax rate of 15%. In December 2022, the Council of the European Union adopted OECD Pillar 2 for implementation by European Union member states by December 31, 2023. Legislation is in various stages of adoption, from formal legislative proposals to passage into law, in most countries where Itron has significant operations, and is expected to take effect for calendar year 2024. The OECD continues to release more guidance on these rules and framework and we are evaluating the impact to our financial position. These enactments or amendments could adversely affect our tax rate and ultimately result in a negative impact on our operating results and cash flows. Based upon forecast calculations for calendar year 2024, the Company expects to meet the safe harbors in most jurisdictions, and the remaining top-up tax is forecasted to be immaterial. We classify interest expense and penalties related to unrecognized tax benefits and interest income on tax overpayments as components of income tax expense. The net interest and penalties expense amounts recognized were as follows: Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Net interest and penalties expense $ 1,015 $ 556 $ 1,489 $ 806 Accrued interest and penalties recognized were as follows: In thousands June 30, 2024 December 31, 2023 Accrued interest $ 11,082 $ 9,794 Accrued penalties 359 466 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 June 30, 2024 December 31, 2023 Unrecognized tax benefits related to uncertain tax positions $ 129,514 $ 130,067 The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate 129,056 129,591 At June 30, 2024, 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 twelve months. However, at this time, an estimate of the range of reasonably possible adjustments to the balance of unrecognized tax benefits cannot be made.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 December 31, 2023 Credit facility Multicurrency revolving line of credit $ 500,000 $ 500,000 Standby LOCs issued and outstanding (46,763) (59,059) Net available for additional borrowings under the multicurrency revolving line of credit $ 453,237 $ 440,941 Net available for additional standby LOCs under sub-facility $ 253,237 $ 240,941 Unsecured multicurrency revolving lines of credit with various financial institutions Multicurrency revolving lines of credit $ 89,856 $ 84,318 Standby LOCs issued and outstanding (20,221) (21,853) Short-term borrowings — — Net available for additional borrowings and LOCs $ 69,635 $ 62,465 Unsecured surety bonds in force $ 263,331 $ 271,164 In the event any such standby LOC or bond were called, we would be obligated to reimburse the issuer of the standby LOC or bond. As of August 1, 2024, we are not aware of any valid claims against our outstanding standby LOCs or bonds. We generally provide an indemnification related to the infringement of any patent, copyright, trademark, or other intellectual property right on software or equipment within our sales contracts, which indemnifies the customer from, and pays the resulting costs, damages, and attorney's fees awarded against a customer with respect to, such a claim provided that (a) the customer promptly notifies us in writing of the claim and (b) we have the sole control of the defense and all related settlement negotiations. We may also provide an indemnification to our customers for third-party claims resulting from damages caused by the negligence or willful misconduct of our employees/agents in connection with the performance of certain contracts. The terms of our indemnifications generally do not limit the maximum potential payments. It is not possible to predict the maximum potential amount of future payments under these or similar agreements. Legal Matters We are subject to various legal proceedings and claims of which the outcomes are subject to significant uncertainty. Our policy is to assess the likelihood of any adverse judgments or outcomes related to legal matters, as well as ranges of probable losses. A determination of the amount of the liability required, if any, for these contingencies is made after an analysis of each known issue. A liability would be recognized and charged to operating expense when we determine that a loss is probable and the amount can be reasonably estimated. Additionally, we disclose contingencies for which a material loss is reasonably possible, but not probable. Warranty A summary of the warranty accrual account activity is as follows: Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Beginning balance $ 23,575 $ 24,831 $ 22,164 $ 25,698 New product warranties 1,529 1,817 3,227 3,447 Other adjustments and expirations, net (552) 723 928 34 Claims activity (1,653) (1,943) (3,343) (3,930) Effect of change in exchange rates (60) 58 (137) 237 Ending balance 22,839 25,486 22,839 25,486 Less: current portion of warranty 14,612 17,847 14,612 17,847 Long-term warranty $ 8,227 $ 7,639 $ 8,227 $ 7,639 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 June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Total warranty expense $ 977 $ 2,540 $ 4,155 $ 3,481

Restructuring (Notes)

Restructuring (Notes)	6 Months Ended
	Jun. 30, 2024
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 expected 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 June 30, 2024 Costs Recognized in Prior Periods Adjustments Recognized During the Six Months Ended June 30, 2024 Expected Remaining Costs to be Recognized at June 30, 2024 Employee severance costs $ 42,167 $ 43,347 $ (1,180) $ — Asset impairments & net loss (gain) on sale or disposal 1,169 1,130 39 — Other restructuring costs 7,543 4,051 1,792 1,700 Total $ 50,879 $ 48,528 $ 651 $ 1,700 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 Utility Solutions, 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 June 30, 2024 Costs Recognized in Prior Periods Adjustments Recognized During the Six Months Ended June 30, 2024 Expected Remaining Costs to be Recognized at June 30, 2024 Employee severance costs $ 34,947 $ 34,821 $ 126 $ — Asset impairments & net loss (gain) on sale or disposal 8,169 8,379 (210) — Other restructuring costs 4,861 3,729 (468) 1,600 Total $ 47,977 $ 46,929 $ (552) $ 1,600 The following table summarizes the activity within the restructuring related balance sheet accounts for the 2023 Projects and the 2021 Projects during the six months ended June 30, 2024: In thousands Accrued Employee Severance Asset Impairments & Net Loss (Gain) on Sale or Disposal Other Accrued Costs Total Beginning balance, January 1, 2024 $ 68,698 $ — $ 3,678 $ 72,376 Costs charged to expense (1,054) (171) 1,324 99 Cash payments (10,987) (13) (2,482) (13,482) Net assets disposed and impaired — 184 — 184 Effect of change in exchange rates (1,917) — 460 (1,457) Ending balance, June 30, 2024 $ 54,740 $ — $ 2,980 $ 57,720 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 recognized within the Corporate unallocated segment and does not impact the results of our operating segments. The current portions of restructuring liabilities were $25.0 million and $21.0 million as of June 30, 2024 and December 31, 2023 and are classified within other current liabilities on the Consolidated Balance Sheets. The long-term portions of restructuring liabilities were $32.7 million and $51.4 million as of June 30, 2024 and December 31, 2023. The long-term portions of restructuring liabilities are classified within other long-term obligations on the Consolidated Balance Sheets and include severance accruals and facility exit costs.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 or December 31, 2023. Stock Repurchase Program 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). The repurchase program is intended to comply with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. In June 2024, we repurchased 971,534 shares under the 2023 Stock Repurchase Program at an average price of $102.93 (excluding commissions) for a total of $100.0 million. This repurchase was completed in conjunction with the issuance of the convertible notes. 2021 Call Option Transactions We paid an aggregate amount of $84.1 million for the 2021 call option transactions. The 2021 call option transactions cover, subject to anti-dilution adjustments substantially similar to those in the 2021 Notes, approximately 3.7 million shares of our common stock, the same number of shares initially underlying the 2021 Notes, at a strike price of approximately $126.00, subject to customary adjustments. The 2021 call option transactions will expire upon the maturity of the 2021 Notes, subject to earlier exercise or termination. The 2021 call option transactions are expected generally to reduce the potential dilutive effect of the conversion of our 2021 Notes and/or offset any cash payments we are required to make in excess of the principal amount of the converted notes, as the case may be, in the event that the market price per share of our common stock, as measured under the terms of the 2021 call option transactions, is greater than the strike price of the 2021 call option transactions. The 2021 call option transactions meet the criteria in Accounting Standards Codification (ASC) 815-40 to be classified within Stockholders' Equity, and therefore they are not revalued after their issuance. We made a tax election to integrate the 2021 Notes and the 2021 call option transactions. We are retaining the identification statements in our books and records, together with a schedule providing the accruals on the synthetic debt instruments. The accounting impact of this tax election makes the call options deductible as original issue discount for tax purposes over the term of the 2021 Notes, and results in a $20.6 million deferred tax asset recognized through equity. Warrant Transactions In addition, concurrently with entering into the 2021 call option transactions, we separately entered into privately-negotiated warrant transactions (the warrant transactions), whereby we sold to the counterparties warrants to acquire, collectively, subject to anti-dilution adjustments, 3.7 million shares of our common stock at an initial strike price of $180.00 per share, which represents a premium of 100% over the public offering price in the common stock issuance. We received aggregate proceeds of $45.3 million from the warrant transactions with the counterparties, with such proceeds partially offsetting the costs of entering into the convertible note hedge transactions. The warrants expire in June 2026. If the market value per share of our common stock, as measured under the warrant transactions, exceeds the strike price of the warrants, the warrants will have a dilutive effect on our earnings per share, unless we elect, subject to certain conditions, to settle the warrants in cash. The warrants meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore the warrants are not revalued after issuance. 2024 Capped Call Transactions In connection with the issuance of the 2024 Notes, we entered into privately negotiated capped call transactions on our common stock with certain commercial banks. The 2024 capped call transactions cover, subject to anti-dilution adjustments substantially similar to those in the 2024 Notes, approximately 6.1 million shares of our common stock, the same number of shares initially underlying the convertible notes, at a strike price of approximately $131.2353, subject to customary adjustments. The cap price of the 2024 capped call transactions will initially be $205.86 per share, which represents a premium of 100% over the last reported stock price per share of the Company's common stock on June 17, 2024, and is subject to certain adjustments under the terms of the 2024 capped call transactions. The 2024 capped call transactions will expire upon the maturity of the 2024 Notes, subject to earlier exercise or termination. We made a tax election to integrate the 2024 Notes and the 2024 capped call transactions. We are retaining the identification statements in our books and records, together with a schedule providing the accruals on the synthetic debt instruments. The accounting impact of this tax election makes the capped call transactions deductible as original issue discount for tax purposes over the term of the 2024 Notes, and results in a $26.7 million deferred tax asset recognized through equity. Accumulated Other Comprehensive Income (Loss) (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, 2023 $ (83,193) $ (210) $ (14,380) $ 3,109 $ (94,674) OCI before reclassifications 9,165 — — — 9,165 Amounts reclassified from AOCI — — — (213) (213) Total other comprehensive income (loss) 9,165 — — (213) 8,952 Balances at June 30, 2023 $ (74,028) $ (210) $ (14,380) $ 2,896 $ (85,722) Balances at January 1, 2024 $ (67,643) $ (210) $ (14,380) $ 1,043 $ (81,190) OCI before reclassifications (16,269) — — — (16,269) Amounts reclassified from AOCI — — — (573) (573) Total other comprehensive income (loss) (16,269) — — (573) (16,842) Balances at June 30, 2024 $ (83,912) $ (210) $ (14,380) $ 470 $ (98,032) 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 June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Before-tax amount Foreign currency translation adjustment $ (5,453) $ 2,033 $ (16,361) $ 9,260 Net defined benefit plan gain reclassified to net income (637) (107) (688) (213) Total other comprehensive income (loss), before tax $ (6,090) $ 1,926 $ (17,049) $ 9,047 Tax (provision) benefit Foreign currency translation adjustment $ 35 $ (93) $ 92 $ (95) Net defined benefit plan loss reclassified to net income 121 — 115 — Total other comprehensive income (loss) tax (provision) benefit $ 156 $ (93) $ 207 $ (95) Net-of-tax amount Foreign currency translation adjustment $ (5,418) $ 1,940 $ (16,269) $ 9,165 Net defined benefit plan gain reclassified to net income (516) (107) (573) (213) Total other comprehensive income (loss), net of tax $ (5,934) $ 1,833 $ (16,842) $ 8,952

Fair Values of Financial Instru

Fair Values of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Values of Financial Instruments	Fair Value of Financial Instruments The fair values at June 30, 2024 and December 31, 2023 do not reflect subsequent changes in the economy, interest rates, tax rates, and other variables that may affect the determination of fair value. June 30, 2024 December 31, 2023 In thousands Carrying Fair Carrying Fair Credit facility Multicurrency revolving line of credit $ — $ — $ — $ — Convertible notes 1,239,772 1,262,373 454,827 423,476 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	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	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. These products generally do not have communications capability or may be designed for use with non-Itron systems. 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 and designed to meet market requirements; and the implementation and installation of said hardware products. Networked Solutions – This segment primarily includes a combination of communicating devices (e.g., smart meters, modules, endpoints, and sensors), network infrastructure, and associated head-end management and 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) for electricity, water and gas; distributed energy resource management (DERMs); smart grid and distribution automation; smart street lighting; and leak detection and applications for both gas and water systems. Our IIoT platform allows utility and smart city applications to be run and managed on a flexible multi-purpose network. Outcomes – This segment primarily includes our value-added, enhanced software and services, artificial intelligence, and machine learning in which we enable grid edge intelligence and manage, organize, analyze, and interpret raw, anonymized data to improve decision making, maximize operational profitability, enhance 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, AMI operations, 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 unlock the capabilities of their networks and devices, improve the productivity of their workforce, increase the reliability of their operations, manage and optimize the proliferation of distributed energy resources (DERs), address grid complexity, and enhance the customer experience. Revenue from these offerings are primarily recurring in nature and would include any direct management of Device Solutions, Networked Solutions, and other third-parties' products on behalf of our end customers. Revenues, gross profit, and operating income associated with our operating segments were as follows: Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Product revenues Device Solutions $ 117,929 $ 112,509 $ 243,837 $ 229,960 Networked Solutions 387,351 330,668 768,656 612,138 Outcomes 27,627 21,626 48,236 39,029 Total Company $ 532,907 $ 464,803 $ 1,060,729 $ 881,127 Service revenues Device Solutions $ 621 $ 651 $ 1,465 $ 1,454 Networked Solutions 25,353 30,262 51,564 62,260 Outcomes 50,188 45,354 98,753 90,847 Total Company $ 76,162 $ 76,267 $ 151,782 $ 154,561 Total revenues Device Solutions $ 118,550 $ 113,160 $ 245,302 $ 231,414 Networked Solutions 412,704 360,930 820,220 674,398 Outcomes 77,815 66,980 146,989 129,876 Total Company $ 609,069 $ 541,070 $ 1,212,511 $ 1,035,688 Gross profit Device Solutions $ 31,231 $ 24,719 $ 61,295 $ 48,432 Networked Solutions 152,157 121,873 303,182 227,649 Outcomes 27,072 27,355 51,362 54,234 Total Company $ 210,460 $ 173,947 $ 415,839 $ 330,315 Operating income Device Solutions $ 23,725 $ 14,084 $ 45,428 $ 28,162 Networked Solutions 117,444 88,593 234,122 163,549 Outcomes 10,651 12,676 19,742 25,587 Corporate unallocated (87,173) (80,253) (171,845) (192,591) Total Company 64,647 35,100 127,447 24,707 Total other income (expense) 2,393 (802) 4,809 (2,516) Income before income taxes $ 67,040 $ 34,298 $ 132,256 $ 22,191 For the three and six months ended June 30, 2024 and 2023, no single customer represented more than 10% of total company revenue. Revenues by region were as follows: Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 United States and Canada $ 498,388 $ 430,617 $ 980,484 $ 803,459 Europe, Middle East, and Africa 86,781 85,676 185,437 184,420 Asia Pacific 23,900 24,777 46,590 47,809 Total Company $ 609,069 $ 541,070 $ 1,212,511 $ 1,035,688 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 June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Device Solutions $ 2,832 $ 3,229 $ 5,430 $ 6,491 Networked Solutions 3,997 4,068 8,015 8,199 Outcomes 1,504 1,224 2,960 2,478 Corporate unallocated 5,186 5,384 9,858 11,200 Total Company $ 13,519 $ 13,905 $ 26,263 $ 28,368

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2024
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, 2024 $ 82,885 Revenues recognized from beginning contract liability (59,846) Cumulative catch-up adjustments 3,279 Increases due to amounts collected or due 187,812 Revenues recognized from current period increases (93,924) Other (717) Ending balance, June 30, 2024 $ 119,489 On January 1, 2024, total contract assets were $80.1 million and total contract liabilities were $163.0 million. On June 30, 2024, total contract assets were $84.4 million and total contract liabilities were $203.9 million. The contract assets primarily relate to contracts that include a retention clause and allocations related to contracts with multiple performance obligations. The contract liabilities primarily relate to deferred revenue, such as extended warranty and maintenance agreements. 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 $1.6 billion for the next 12 months and approximately $1.7 billion for periods longer than 12 months. The total remaining performance obligations consist of product and service components. The service component relates primarily to maintenance agreements for which customers pay a full year's maintenance in advance, and service revenues are generally recognized over the service period. Total transaction price allocated to remaining performance obligations also includes our extended warranty contracts, for which revenue is recognized over the extended warranty period, and hardware, which is recognized as units are delivered. The estimate of when remaining performance obligations will be recognized requires significant judgment. Cost to obtain a contract and cost to fulfill a contract with a customer Cost to obtain a contract and costs to fulfill a contract were capitalized and amortized using a systematic rational approach to align with the transfer of control of underlying contracts with customers. While amounts were capitalized, they are not material. Disaggregation of revenue Refer to Note 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.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2024
Business Combinations [Abstract]
Business Combinations	Business Combination Elpis2, Inc. On March 1, 2024, we completed the acquisition of 100% of the shares of Elpis2, Inc. (Elpis Squared), a privately held software and services company. This acquisition provides value to Itron through the leverage of Elpis Squared's utility grid analytics, services, and operational software platforms to enhance Itron's Outcomes offerings. The acquisition was deemed a business acquisition. The sales, results of operations, and acquisition-related costs associated with the acquisition were not material. The purchase price for this acquisition is $34.1 million . The purchase price was allocated to assets acquired and liabilities assumed, primarily $15.0 million in finite-lived intangible assets and $19.7 million in goodwill. Since this was a stock acquisition, none of the goodwill is deductible for tax purposes. The purchase w as funded through cash on hand. Refer to Note 4: Intangible Assets and Liabilities and Note 5: Goodwill for additional information .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023, Consolidated Statements of Equity for the three months ended June 30, 2024 and 2023 and March 31, 2024 and 2023, the Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023, and the Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, 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 six months ended June 30, 2024 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, 2023 filed with the SEC in our Annual Report on Form 10-K on February 26, 2024 (2023 Annual Report). There have been no significant changes in financial statement preparation or significant accounting policies since December 31, 2023.
Restricted Cash and Cash Equivalents	Restricted Cash and Cash Equivalents
Risk and Uncertainties	Risks and Uncertainties Global economic impacts, such as pandemics and various ongoing conflicts around the world, may create disruption in customer demand and global supply chains, resulting in market volatility, which our management continues to monitor. In the aftermath of these types of events, global supply chains, including labor, may struggle to keep pace with rapidly changing demand. Temporary imbalance in supply and demand may create business uncertainties that include costs and availability. Efforts continue with suppliers to improve supply resiliency, including the approval of alternate sources. Additionally, inflation in our raw materials and component costs, freight charges, and labor costs may increase above historical levels due to, among other things, the continuing impacts of an uncertain economic environment. We may or may not be able to fully recover these increased costs through pricing actions with our customers. Currently, we have not identified any significant decrease in long-term customer demand for our products and services. While we have limited direct business exposure in areas with current conflict, such as Ukraine 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 .
New Accounting Pronouncements	Recent Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures, which amends the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual financial reporting in 2024 and interim financial reports for the first quarter of 2025, with early adoption permitted. These amendments are to be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact this standard will have on our consolidated financial statement disclosures for our reportable segment information. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which amends Income Taxes (Topic 740). The FASB issued this update to improve annual basis income tax disclosures related to (1) rate reconciliation, (2) income taxes paid, and (3) other disclosures related to pretax income (or loss) and income tax expense (or benefit) from continuing operations. The effective date for this amendment is January 1, 2025, with early adoption permitted. These amendments are to be applied on a prospective basis. Retrospective application is permitted. We are currently evaluating the impact this standard will have on our consolidated financial statement disclosures.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, In thousands, except per share data 2024 2023 2024 2023 Net income available to common shareholders $ 51,318 $ 24,201 $ 103,039 $ 12,365 Weighted average common shares outstanding - Basic 45,745 45,435 45,698 45,358 Dilutive effect of stock-based awards 781 346 743 319 Dilutive effect of convertible notes — — — — Weighted average common shares outstanding - Diluted 46,526 45,781 46,441 45,677 Net income per common share - Basic $ 1.12 $ 0.53 $ 2.25 $ 0.27 Net income per common share - Diluted $ 1.10 $ 0.53 $ 2.22 $ 0.27

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 December 31, 2023 Trade receivables (net of allowance of $603 and $738) $ 288,568 $ 272,890 Unbilled receivables 28,174 30,931 Total accounts receivable, net $ 316,742 $ 303,821
Allowance for Credit Losses on Financing Receivables	Allowance for credit losses account activity Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Beginning balance $ 722 $ 4,782 $ 738 $ 4,863 Provision for (release of) doubtful accounts, net (100) 52 (78) (39) Accounts written-off, net (17) (178) (43) (244) Effect of change in exchange rates (2) 38 (14) 114 Ending balance $ 603 $ 4,694 $ 603 $ 4,694
Inventories	Inventories In thousands June 30, 2024 December 31, 2023 Raw materials $ 201,690 $ 213,303 Work in process 14,620 17,849 Finished goods 75,471 52,534 Total inventories $ 291,781 $ 283,686
Property, Plant, and Equipment, Net	Property, plant, and equipment, net In thousands June 30, 2024 December 31, 2023 Machinery and equipment $ 315,068 $ 318,546 Computers and software 127,653 126,149 Buildings, furniture, and improvements 124,040 126,041 Land 8,223 7,846 Construction in progress, including purchased equipment 22,053 24,316 Total cost 597,037 602,898 Accumulated depreciation (475,011) (474,092) Property, plant, and equipment, net $ 122,026 $ 128,806
Depreciation Expense	Depreciation expense Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Depreciation expense $ 9,008 $ 9,183 $ 17,766 $ 18,598

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
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: June 30, 2024 December 31, 2023 In thousands Gross Accumulated Net Gross Accumulated Net Intangible Assets Core-developed technology $ 512,185 $ (498,767) $ 13,418 $ 502,010 $ (499,571) $ 2,439 Customer contracts and relationships 327,053 (289,556) 37,497 329,688 (287,653) 42,035 Trademarks and trade names 72,495 (70,925) 1,570 73,461 (71,740) 1,721 Other 12,019 (11,960) 59 12,019 (11,932) 87 Total intangible assets $ 923,752 $ (871,208) $ 52,544 $ 917,178 $ (870,896) $ 46,282 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: Six Months Ended June 30, In thousands 2024 2023 Intangible assets, gross beginning balance $ 917,178 $ 905,134 Intangible assets acquired (1) 15,000 — Effect of change in exchange rates (8,426) 7,202 Intangible assets, gross ending balance $ 923,752 $ 912,336 Intangible liabilities, gross beginning balance $ (23,900) $ (23,900) Effect of change in exchange rates — — Intangible liabilities, gross ending balance $ (23,900) $ (23,900) (1) On March 1, 2024, we completed the acquisition of 100% of the shares Elpis2, Inc. (Elpis Squared), a privately held software and services company. The purchase resulted in the addition of intangible assets of $15.0 million including $12.5 million identified core-developed technology and $2.5 million of customer contracts and relationships. The core-developed technology and customer contract and relationships will be amortized over the weighted-average five-year and three-year useful lives, respectively, using the straight-line method. Refer to Note 5: Goodwill and Note 17: Business Combination for additional information.
Schedule of Intangible Assets, Future Amortization Expense	Estimated future annual amortization is as follows: Year Ending December 31, Estimated Annual Amortization In thousands 2024 (amount remaining at June 30, 2024) $ 9,334 2025 17,660 2026 13,652 2027 8,275 2028 2,681 Thereafter 942 Total intangible assets subject to amortization $ 52,544

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill Excluding Non Goodwill Intangibles [Abstract]
Schedule of Goodwill	The following table reflects changes in the carrying amount of goodwill for the six months ended June 30, 2024: In thousands Device Solutions Networked Solutions Outcomes Total Company Goodwill balance at January 1, 2024 $ — $ 911,847 $ 140,657 $ 1,052,504 Goodwill acquired (1) — — 19,661 19,661 Effect of change in exchange rates — (10,475) (1,597) (12,072) Goodwill balance at June 30, 2024 $ — $ 901,372 $ 158,721 $ 1,060,093

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The components of our borrowings were as follows: In thousands June 30, 2024 December 31, 2023 Credit facility Multicurrency revolving line of credit $ — $ — Convertible notes 1,265,000 460,000 Total debt 1,265,000 460,000 Less: unamortized prepaid debt fees - convertible notes 25,228 5,173 Long-term debt, net $ 1,239,772 $ 454,827
Schedule Of Borrowings Under Credit Agreement At Various Indebtedness To Adjusted Ebitda Levels	In addition, the amendment revises the interest cost, as follows:
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 2024 (amount remaining at June 30, 2024) $ — 2025 — 2026 460,000 2027 — 2028 — Thereafter 805,000 Total minimum payments on debt $ 1,265,000

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of Amounts Recognized in the Consolidated Balance Sheets	Amounts recognized on the Consolidated Balance Sheets consist of: In thousands June 30, 2024 December 31, 2023 Assets Plan assets in other long-term assets $ 66 $ 80 Liabilities Current portion of pension benefit obligation in wages and benefits payable $ 3,793 $ 3,623 Long-term portion of pension benefit obligation 62,024 63,887 Pension benefit obligation, net $ 65,751 $ 67,430
Schedule of Net Periodic Pension Benefit Costs	Net periodic pension benefit cost for our plans include the following components: Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Service cost $ 659 $ 636 $ 1,294 $ 1,240 Interest cost 676 721 1,357 1,433 Expected return on plan assets (73) (89) (146) (176) Amortization of prior service costs 33 15 67 30 Amortization of actuarial net loss (85) (122) (170) (243) Curtailment (585) — (585) — Net periodic benefit cost $ 625 $ 1,161 $ 1,817 $ 2,284

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Stock options $ — $ 20 $ — $ 80 Restricted stock units 10,080 6,516 21,173 13,099 Unrestricted stock awards 336 239 672 515 Phantom stock units 1,312 1,147 2,761 1,924 Total stock-based compensation $ 11,728 $ 7,922 $ 24,606 $ 15,618 Related tax benefit $ 2,551 $ 1,670 $ 5,350 $ 3,373
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, 2023 381 $ 60.63 4.8 $ 1,892 Granted — — $ — Exercised (5) 55.49 73 Forfeited — — Canceled — — Outstanding, June 30, 2023 376 $ 60.70 4.4 $ 5,494 Outstanding, January 1, 2024 363 $ 61.36 4.0 $ 5,886 Granted — — $ — Exercised (19) 44.74 779 Forfeited — — Canceled — — Outstanding, June 30, 2024 344 $ 62.27 3.5 $ 12,626 Exercisable, June 30, 2024 344 $ 62.27 3.5 $ 12,626
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, 2023 528 Granted 442 $ 56.37 Released (1) (222) $ 1,236 Forfeited (19) Outstanding, June 30, 2023 729 Outstanding, January 1, 2024 751 $ 58.89 Granted 410 75.89 Released (1) (360) 63.22 $ 28,739 Forfeited (10) 60.84 Outstanding, June 30, 2024 791 66.31 Vested but not released, June 30, 2024 17 $ 1,669 (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: Six Months Ended June 30, 2024 2023 Expected volatility 45.7 % 50.0 % Risk-free interest rate 4.4 % 4.6 % Expected term (years) 2.9 2.2 Weighted average fair value $ 83.26 $ 59.52

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Net interest and penalties expense $ 1,015 $ 556 $ 1,489 $ 806 Accrued interest and penalties recognized were as follows: In thousands June 30, 2024 December 31, 2023 Accrued interest $ 11,082 $ 9,794 Accrued penalties 359 466 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 June 30, 2024 December 31, 2023 Unrecognized tax benefits related to uncertain tax positions $ 129,514 $ 130,067 The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate 129,056 129,591

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 December 31, 2023 Credit facility Multicurrency revolving line of credit $ 500,000 $ 500,000 Standby LOCs issued and outstanding (46,763) (59,059) Net available for additional borrowings under the multicurrency revolving line of credit $ 453,237 $ 440,941 Net available for additional standby LOCs under sub-facility $ 253,237 $ 240,941 Unsecured multicurrency revolving lines of credit with various financial institutions Multicurrency revolving lines of credit $ 89,856 $ 84,318 Standby LOCs issued and outstanding (20,221) (21,853) Short-term borrowings — — Net available for additional borrowings and LOCs $ 69,635 $ 62,465 Unsecured surety bonds in force $ 263,331 $ 271,164
Schedule of Warranty Accruals	A summary of the warranty accrual account activity is as follows: Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Beginning balance $ 23,575 $ 24,831 $ 22,164 $ 25,698 New product warranties 1,529 1,817 3,227 3,447 Other adjustments and expirations, net (552) 723 928 34 Claims activity (1,653) (1,943) (3,343) (3,930) Effect of change in exchange rates (60) 58 (137) 237 Ending balance 22,839 25,486 22,839 25,486 Less: current portion of warranty 14,612 17,847 14,612 17,847 Long-term warranty $ 8,227 $ 7,639 $ 8,227 $ 7,639
Warranty Expense	Warranty expense was as follows: Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Total warranty expense $ 977 $ 2,540 $ 4,155 $ 3,481

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 Costs Recognized in Prior Periods Adjustments Recognized During the Six Months Ended June 30, 2024 Expected Remaining Costs to be Recognized at June 30, 2024 Employee severance costs $ 42,167 $ 43,347 $ (1,180) $ — Asset impairments & net loss (gain) on sale or disposal 1,169 1,130 39 — Other restructuring costs 7,543 4,051 1,792 1,700 Total $ 50,879 $ 48,528 $ 651 $ 1,700 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 June 30, 2024 Costs Recognized in Prior Periods Adjustments Recognized During the Six Months Ended June 30, 2024 Expected Remaining Costs to be Recognized at June 30, 2024 Employee severance costs $ 34,947 $ 34,821 $ 126 $ — Asset impairments & net loss (gain) on sale or disposal 8,169 8,379 (210) — Other restructuring costs 4,861 3,729 (468) 1,600 Total $ 47,977 $ 46,929 $ (552) $ 1,600
Restructuring and Related Costs	The following table summarizes the activity within the restructuring related balance sheet accounts for the 2023 Projects and the 2021 Projects during the six months ended June 30, 2024: In thousands Accrued Employee Severance Asset Impairments & Net Loss (Gain) on Sale or Disposal Other Accrued Costs Total Beginning balance, January 1, 2024 $ 68,698 $ — $ 3,678 $ 72,376 Costs charged to expense (1,054) (171) 1,324 99 Cash payments (10,987) (13) (2,482) (13,482) Net assets disposed and impaired — 184 — 184 Effect of change in exchange rates (1,917) — 460 (1,457) Ending balance, June 30, 2024 $ 54,740 $ — $ 2,980 $ 57,720

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The changes in the components of AOCI, net of tax, were as follows: In thousands Foreign Currency Translation Adjustments Net Unrealized Gain (Loss) on Derivative Instruments Net Unrealized Gain (Loss) on Nonderivative Instruments Pension Benefit Obligation Adjustments Accumulated Other Comprehensive Income (Loss) Balances at January 1, 2023 $ (83,193) $ (210) $ (14,380) $ 3,109 $ (94,674) OCI before reclassifications 9,165 — — — 9,165 Amounts reclassified from AOCI — — — (213) (213) Total other comprehensive income (loss) 9,165 — — (213) 8,952 Balances at June 30, 2023 $ (74,028) $ (210) $ (14,380) $ 2,896 $ (85,722) Balances at January 1, 2024 $ (67,643) $ (210) $ (14,380) $ 1,043 $ (81,190) OCI before reclassifications (16,269) — — — (16,269) Amounts reclassified from AOCI — — — (573) (573) Total other comprehensive income (loss) (16,269) — — (573) (16,842) Balances at June 30, 2024 $ (83,912) $ (210) $ (14,380) $ 470 $ (98,032)
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 June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Before-tax amount Foreign currency translation adjustment $ (5,453) $ 2,033 $ (16,361) $ 9,260 Net defined benefit plan gain reclassified to net income (637) (107) (688) (213) Total other comprehensive income (loss), before tax $ (6,090) $ 1,926 $ (17,049) $ 9,047 Tax (provision) benefit Foreign currency translation adjustment $ 35 $ (93) $ 92 $ (95) Net defined benefit plan loss reclassified to net income 121 — 115 — Total other comprehensive income (loss) tax (provision) benefit $ 156 $ (93) $ 207 $ (95) Net-of-tax amount Foreign currency translation adjustment $ (5,418) $ 1,940 $ (16,269) $ 9,165 Net defined benefit plan gain reclassified to net income (516) (107) (573) (213) Total other comprehensive income (loss), net of tax $ (5,934) $ 1,833 $ (16,842) $ 8,952

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Values Of Financial Instruments by Balance Sheet Grouping	The fair values at June 30, 2024 and December 31, 2023 do not reflect subsequent changes in the economy, interest rates, tax rates, and other variables that may affect the determination of fair value. June 30, 2024 December 31, 2023 In thousands Carrying Fair Carrying Fair Credit facility Multicurrency revolving line of credit $ — $ — $ — $ — Convertible notes 1,239,772 1,262,373 454,827 423,476

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Revenues Gross Profit And Operating Income By Segment	Revenues, gross profit, and operating income associated with our operating segments were as follows: Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Product revenues Device Solutions $ 117,929 $ 112,509 $ 243,837 $ 229,960 Networked Solutions 387,351 330,668 768,656 612,138 Outcomes 27,627 21,626 48,236 39,029 Total Company $ 532,907 $ 464,803 $ 1,060,729 $ 881,127 Service revenues Device Solutions $ 621 $ 651 $ 1,465 $ 1,454 Networked Solutions 25,353 30,262 51,564 62,260 Outcomes 50,188 45,354 98,753 90,847 Total Company $ 76,162 $ 76,267 $ 151,782 $ 154,561 Total revenues Device Solutions $ 118,550 $ 113,160 $ 245,302 $ 231,414 Networked Solutions 412,704 360,930 820,220 674,398 Outcomes 77,815 66,980 146,989 129,876 Total Company $ 609,069 $ 541,070 $ 1,212,511 $ 1,035,688 Gross profit Device Solutions $ 31,231 $ 24,719 $ 61,295 $ 48,432 Networked Solutions 152,157 121,873 303,182 227,649 Outcomes 27,072 27,355 51,362 54,234 Total Company $ 210,460 $ 173,947 $ 415,839 $ 330,315 Operating income Device Solutions $ 23,725 $ 14,084 $ 45,428 $ 28,162 Networked Solutions 117,444 88,593 234,122 163,549 Outcomes 10,651 12,676 19,742 25,587 Corporate unallocated (87,173) (80,253) (171,845) (192,591) Total Company 64,647 35,100 127,447 24,707 Total other income (expense) 2,393 (802) 4,809 (2,516) Income before income taxes $ 67,040 $ 34,298 $ 132,256 $ 22,191
Revenues By Region	Revenues by region were as follows: Three Months Ended June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 United States and Canada $ 498,388 $ 430,617 $ 980,484 $ 803,459 Europe, Middle East, and Africa 86,781 85,676 185,437 184,420 Asia Pacific 23,900 24,777 46,590 47,809 Total Company $ 609,069 $ 541,070 $ 1,212,511 $ 1,035,688
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 June 30, Six Months Ended June 30, In thousands 2024 2023 2024 2023 Device Solutions $ 2,832 $ 3,229 $ 5,430 $ 6,491 Networked Solutions 3,997 4,068 8,015 8,199 Outcomes 1,504 1,224 2,960 2,478 Corporate unallocated 5,186 5,384 9,858 11,200 Total Company $ 13,519 $ 13,905 $ 26,263 $ 28,368

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2024
Revenues [Abstract]
Contract with Customer, Contract Asset, Contract Liability, and Receivable	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, 2024 $ 82,885 Revenues recognized from beginning contract liability (59,846) Cumulative catch-up adjustments 3,279 Increases due to amounts collected or due 187,812 Revenues recognized from current period increases (93,924) Other (717) Ending balance, June 30, 2024 $ 119,489

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Standby Letters of Credit [Member]
Cash and Cash Equivalents [Line Items]
Restricted Cash and Cash Equivalents	$ 1.8	$ 1.8

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income available to common shareholders	$ 51,318	$ 24,201	$ 103,039	$ 12,365
Weighted average common shares outstanding - Basic (in shares)	45,745	45,435	45,698	45,358
Dilutive effect of stock-based awards (in shares)	781	346	743	319
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	0	0	0	0
Weighted average common shares outstanding - Diluted (in shares)	46,526	45,781	46,441	45,677
Earnings (loss) per common share - Basic (in dollars per share)	$ 1.12	$ 0.53	$ 2.25	$ 0.27
Earnings (loss) per common share - Diluted (in dollars per share)	$ 1.10	$ 0.53	$ 2.22	$ 0.27

Earnings Per Share - Stock-base

Earnings Per Share - Stock-based Awards (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)	10,000	400,000	33,000	400,000
Antidilutive securities excluded from computation of earnings per share, amount	10,000	400,000	33,000	400,000

Earnings Per Share - Convertibl

Earnings Per Share - Convertible Senior Notes and Warrants (Details) - $ / shares	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2021	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Treasury stock, shares, acquired			3,700,000
Class of warrant or right, exercise price of warrants or rights			$ 180
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)	10,000	400,000		33,000	400,000
Convertible Debt Securities [Member]
Debt Instrument [Line Items]
Common stock, conversion price (in dollars per share)			$ 126
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)	3,700,000		3,700,000	3,700,000

Earnings Per Share - Converti_2

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

Earnings Per Share -2024 Notes

Earnings Per Share -2024 Notes and Capped Call Transaction (Details) - $ / shares shares in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 21, 2024	Mar. 12, 2021
2021 Notes
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price			$ 126
2024 Notes
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price		$ 131.24
2024 Notes | Call Option
Debt Instrument [Line Items]
Option indexed to issuer's equity, shares	6.1
Option indexed to issuer's equity, strike price (in dollars per share)	$ 131.2353
Option indexed to issuer's equity, cap price (in dollars per share)	$ 205.86

Certain Balance Sheet Compone_3

Certain Balance Sheet Components Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Trade receivables (net of allowance of $603 and $738)	$ 288,568	$ 272,890
Unbilled receivables	28,174	30,931
Total accounts receivable, net	$ 316,742	$ 303,821

Certain Balance Sheet Compone_4

Certain Balance Sheet Components Summary of the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Beginning balance	$ 722	$ 4,782	$ 738	$ 4,863
Provision for (release of) doubtful accounts, net	(100)	52	(78)	(39)
Accounts written-off, net	(17)	(178)	(43)	(244)
Effect of change in exchange rates	(2)	38	(14)	114
Ending balance	$ 603	$ 4,694	$ 603	$ 4,694

Certain Balance Sheet Compone_5

Certain Balance Sheet Components Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Raw materials	$ 201,690	$ 213,303
Work in process	14,620	17,849
Finished goods	75,471	52,534
Total inventories	$ 291,781	$ 283,686

Certain Balance Sheet Compone_6

Certain Balance Sheet Components Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment, Net [Abstract]
Machinery and equipment	$ 315,068	$ 318,546
Computers and software	127,653	126,149
Buildings, furniture, and improvements	124,040	126,041
Land	8,223	7,846
Construction in progress, including purchased equipment	22,053	24,316
Total cost	597,037	602,898
Accumulated depreciation	(475,011)	(474,092)
Property, plant, and equipment, net	$ 122,026	$ 128,806

Certain Balance Sheet Compone_7

Certain Balance Sheet Components Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 9,008	$ 9,183	$ 17,766	$ 18,598

Intangible Assets and Liabili_3

Intangible Assets and Liabilities Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Intangible Assets [Line Items]
Intangible assets, Accumulated (Amortization) Accretion	$ (871,208)	$ (870,896)
Intangible assets, Net	52,544
Intangible assets, Gross	923,752	917,178	$ 912,336	$ 905,134
Intangible assets, Net	52,544	46,282
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	512,185	502,010
Intangible assets, Accumulated (Amortization) Accretion	(498,767)	(499,571)
Intangible assets, Net	13,418	2,439
Customer contracts and relationships [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	327,053	329,688
Intangible assets, Accumulated (Amortization) Accretion	(289,556)	(287,653)
Intangible assets, Net	37,497	42,035
Trademarks and trade names [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	72,495	73,461
Intangible assets, Accumulated (Amortization) Accretion	(70,925)	(71,740)
Intangible assets, Net	1,570	1,721
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Intangible assets, Gross	12,019	12,019
Intangible assets, Accumulated (Amortization) Accretion	(11,960)	(11,932)
Intangible assets, Net	$ 59	$ 87

Summary of Intangible Asset Acc

Summary of Intangible Asset Account Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross beginning balance	$ 917,178	$ 905,134
Intangible assets acquired (1)	15,000	0
Effect of change in exchange rates	(8,426)	7,202
Intangible assets, gross ending balance	923,752	912,336
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
Core-developed technology [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired (1)	$ 12,500
Finite-Lived Intangible Asset, Useful Life	5 years
Customer Contracts And Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired (1)	$ 2,500
Finite-Lived Intangible Asset, Useful Life	3 years

Intangible Assets and Liabili_4

Intangible Assets and Liabilities Estimated Future Annual Amortization Expense (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Intangible Assets [Abstract]
2024 (amount remaining at June 30, 2024)	$ 9,334
2025	17,660
2026	13,652
2027	8,275
2028	2,681
Thereafter	942
Total intangible assets subject to amortization	$ 52,544

Schedule of Goodwill Allocated

Schedule of Goodwill Allocated to Reporting Segments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, net, at beginning of period	$ 1,052,504
Goodwill acquired	19,661
Effect of change in exchange rates	(12,072)
Goodwill, Ending Balance	1,060,093
Device Solutions [Member]
Goodwill [Roll Forward]
Goodwill, net, at beginning of period	0
Goodwill acquired	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	911,847
Goodwill acquired	0
Effect of change in exchange rates	(10,475)
Goodwill, Ending Balance	901,372
Outcomes Segment [Member]
Goodwill [Roll Forward]
Goodwill, net, at beginning of period	140,657
Goodwill acquired	19,661
Effect of change in exchange rates	(1,597)
Goodwill, Ending Balance	$ 158,721

Debt - Schedule of Debt Compone

Debt - Schedule of Debt Components of Borrowing (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Convertible Debt	$ 1,265,000	$ 460,000
Total debt	1,265,000
Long-term debt, net	1,239,772	454,827
Line of Credit [Member]
Debt Instrument [Line Items]
Multicurrency revolving line of credit	0	0
Secured Debt [Member]
Debt Instrument [Line Items]
Total debt	1,265,000	460,000
Long-term debt, net	1,239,772	454,827
Convertible Debt Securities [Member]
Debt Instrument [Line Items]
Unamortized prepaid debt fees	$ 25,228	$ 5,173

Debt - Credit Facility Addition

Debt - Credit Facility Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 14, 2024	Dec. 31, 2023	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
Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0%
Maximum [Member] | 2018 Credit Facility
Debt Instrument [Line Items]
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	46,763,000		59,059,000
Line of credit facility, remaining borrowing capacity	$ 253,200,000
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	$ 46,800,000
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	$ 453,237,000		$ 440,941,000
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 - 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 - Convertible Note Additio

Debt - Convertible Note Additional Information (Details) $ / shares in Units, $ in Thousands	Jun. 21, 2024 USD ($) $ / shares	Mar. 12, 2021 USD ($) $ / shares	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Convertible Debt			$ 1,265,000	$ 460,000
2021 Notes
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price | $ / shares		$ 126
2021 Notes | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		98%
2021 Notes | Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		130%
2021 Notes | Convertible Debt [Member]
Debt Instrument [Line Items]
Convertible Debt		$ 460,000
Proceeds from convertible debt		$ 448,500
Debt instrument, convertible, conversion price | $ / shares		$ 126
Debt instrument, convertible, conversion ratio		0.0079365
2024 Notes
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price | $ / shares	$ 131.24
2024 Notes | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	98%
2024 Notes | Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	130%
2024 Notes | Convertible Debt [Member]
Debt Instrument [Line Items]
Convertible Debt	$ 805,000
Proceeds from convertible debt	$ 784,000
Debt Instrument, interest rate, stated percentage	1.375%
Debt instrument, convertible, conversion ratio	0.0076199

Debt - Minimum Required Princip

Debt - Minimum Required Principal Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Text Block [Abstract]
2024 (amount remaining at June 30, 2024)	$ 0
2025	0
2026	460,000
2027	0
2028	0
Thereafter	805,000
Total debt	$ 1,265,000

Derivative Financial Instrume_2

Derivative Financial Instruments - Narrative (Details)	Jun. 30, 2024 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	41
Foreign Exchange Contract [Member] | Minimum [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 103,000
Foreign Exchange Contract [Member] | Maximum [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 39,100,000

Schedule of Amounts Recognized

Schedule of Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Plan assets in other long-term assets	$ 66	$ 80
Current portion of pension benefit obligation in wages and benefits payable	3,793	3,623
Long-term portion of pension benefit obligation	62,024	63,887
Pension benefit obligation, net	$ 65,751	$ 67,430

Schedule of Net Periodic Pensio

Schedule of Net Periodic Pension Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 659	$ 636	$ 1,294	$ 1,240
Interest cost	676	721	1,357	1,433
Expected return on plan assets	(73)	(89)	(146)	(176)
Amortization of prior service costs	33	15	67	30
Amortization of actuarial net loss	(85)	(122)	(170)	(243)
Curtailment	(585)	0	(585)	0
Net periodic benefit cost	$ 625	$ 1,161	$ 1,817	$ 2,284

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Restricted Stock Units (RSUs) [Member]
[Line Items]
Compensation cost not yet recognized | $	$ 62
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)	494,176
Stock Incentive Plan [Member]
[Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)	13,991,273
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	4,591,679
Reduction in stock options available for issue	1
Authorized share reserve reduction in awards other than stock options or share appreciation rights available for issue, conversion ratio	1.7

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense and Related Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options	$ 0	$ 20	$ 0	$ 80
Restricted stock units	10,080	6,516	21,173	13,099
Unrestricted stock awards	336	239	672	515
Total stock-based compensation	11,728	7,922	24,606	15,618
Related tax benefit	2,551	1,670	5,350	3,373
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Phantom stock units	$ 1,312	$ 1,147	$ 2,761	$ 1,924

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	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Shares
Outstanding, beginning balance (in shares)	363	381	381
Granted (in shares)	0	0
Exercised (in shares)	(19)	(5)
Forfeited (in share)	0	0
Expired (in shares)	0	0
Outstanding, ending balance (in shares)	344	376	363	381
Exercisable (in shares)	344
Weighted Average Exercise Price per Share
Outstanding, beginning balance, weighted average exercise price per share (in dollars per share)	$ 61.36	$ 60.63	$ 60.63
Granted, weighted average exercise price (in dollars per share)	0	0
Exercised, weighted average exercise price (in dollars per share)	44.74	55.49
Forfeited, weighted average grant date fair value (in dollars per share)	0	0
Expired weighted average exercise price (in dollars per share)	0	0
Outstanding, ending balance, weighted average exercise price per share (in dollars per share)	62.27	$ 60.70	$ 61.36	$ 60.63
Exercisable, weighted average exercise price (in usd per share)	$ 62.27
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, weighted average remaining contractual life	3 years 6 months	4 years 4 months 24 days	4 years	4 years 9 months 18 days
Outstanding, beginning balance, aggregate intrinsic value	$ 5,886	$ 1,892	$ 1,892
Granted, weighted average grant date fair value	$ 0	$ 0
Exercised, aggregate intrinsic value	$ 779	$ 73
Outstanding, weighted average remaining contractual life	3 years 6 months	4 years 4 months 24 days	4 years	4 years 9 months 18 days
Outstanding, ending balance, aggregate intrinsic value	$ 12,626	$ 5,494	$ 5,886	$ 1,892
Exercisable, weighted average remaining contractual term	3 years 6 months
Exercisable, aggregate intrinsic value	$ 12,626

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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Number of Restricted Stock Units
Outstanding, beginning balance (in shares)	751	528
Granted (in shares)	410	442
Forfeited (in shares)	(10)	(19)
Outstanding, ending balance (in shares)	791	729
Weighted Average Grant Date Fair Value
Outstanding, beginning balance, weighted average grant date fair value (in dollars per share)	$ 58.89
Granted, weighted average grant date fair value (in dollars per share)	75.89	$ 56.37
Forfeited, weighted average grant date fair value (in dollars per share)	60.84
Outstanding, ending balance, weighted average grant date fair value (in dollars per share)	$ 66.31
Vested and Released [Member]
Number of Restricted Stock Units
Released (in shares)	(360)	(222)
Weighted Average Grant Date Fair Value
Released, weighted average grant date fair value (in dollars per share)	$ 63.22
Released, aggregate intrinsic value	$ 28,739	$ 1,236
Vested but Not Released [Member]
Number of Restricted Stock Units
Vested but not released	17
Weighted Average Grant Date Fair Value
Released, aggregate intrinsic value	$ 1,669
Long Term Performance Restricted Stock Award [Member]
Weighted Average Grant Date Fair Value
Granted, weighted average grant date fair value (in dollars per share)	$ 83.26	$ 59.52

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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, weighted average grant date fair value (in dollars per share)	$ 75.89	$ 56.37
Long Term Performance Restricted Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	45.70%	50%
Risk-free interest rate	4.40%	4.60%
Expected term (years)	2 years 10 months 24 days	2 years 2 months 12 days
Granted, weighted average grant date fair value (in dollars per share)	$ 83.26	$ 59.52

Income Taxes - Contingencies (D

Income Taxes - Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net interest and penalties expense	$ 1,015	$ 556	$ 1,489	$ 806
Accrued interest	11,082		11,082		$ 9,794
Accrued penalties	359		359		466
Unrecognized tax benefits related to uncertain tax positions	129,514		129,514		130,067
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	$ 129,056		$ 129,056		$ 129,591

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Examination [Line Items]
Effective income tax rate reconciliation, percent	23%	27%	22%	41%
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	Jun. 30, 2024	Dec. 31, 2023	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	$ 253,237	$ 240,941
Credit Facility [Member]
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit	500,000	500,000
Letters of Credit Outstanding, Amount	(46,763)	(59,059)
Line of Credit Facility, Remaining Borrowing Capacity	253,200
Unsecured Multicurrency Revolving Lines of Credit [Member]
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit	89,856	84,318
Letters of Credit Outstanding, Amount	(20,221)	(21,853)
Short-term borrowings	0	0
Line of Credit Facility, Remaining Borrowing Capacity	69,635	62,465
Surety Bond [Member]
Line of Credit Facility [Line Items]
Unsecured surety bonds in force	263,331	271,164
Line of Credit [Member]
Line of Credit Facility [Line Items]
Long-term Line of Credit	0	0
Line of Credit Facility, Remaining Borrowing Capacity	$ 453,237	$ 440,941

Commitments and Contingencies_2

Commitments and Contingencies - Warranty Account Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Beginning balance	$ 23,575	$ 24,831	$ 22,164	$ 25,698
New product warranties	1,529	1,817	3,227	3,447
Other changes/adjustments to warranties	(552)	723	928	34
Claims activity	(1,653)	(1,943)	(3,343)	(3,930)
Effect of change in exchange rates	(60)	58	(137)	237
Ending balance	22,839	25,486	22,839	25,486
Less: current portion of warranty	14,612	17,847	14,612	17,847
Long-term warranty	$ 8,227	$ 7,639	$ 8,227	$ 7,639

Commitments and Contingencies_3

Commitments and Contingencies - Warranty Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Total warranty expense	$ 977	$ 2,540	$ 4,155	$ 3,481

Restructuring Expected Costs -

Restructuring Expected Costs - Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 99
2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	50,879
Restructuring and Related Cost, Cost Incurred to Date		$ 48,528
Restructuring	651
Restructuring and Related Cost, Expected Cost Remaining	1,700
2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	47,977
Restructuring and Related Cost, Cost Incurred to Date		46,929
Restructuring	(552)
Restructuring and Related Cost, Expected Cost Remaining	1,600
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring	(1,054)
Employee Severance [Member] | 2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	42,167
Restructuring and Related Cost, Cost Incurred to Date		43,347
Restructuring	(1,180)
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	34,947
Restructuring and Related Cost, Cost Incurred to Date		34,821
Restructuring	126
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	(171)
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	1,169
Restructuring and Related Cost, Cost Incurred to Date		1,130
Restructuring	39
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	8,169
Restructuring and Related Cost, Cost Incurred to Date		8,379
Restructuring	(210)
Restructuring and Related Cost, Expected Cost Remaining	0
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring	1,324
Other Restructuring [Member] | 2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	7,543
Restructuring and Related Cost, Cost Incurred to Date		4,051
Restructuring	1,792
Restructuring and Related Cost, Expected Cost Remaining	1,700
Other Restructuring [Member] | 2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	4,861
Restructuring and Related Cost, Cost Incurred to Date		$ 3,729
Restructuring	(468)
Restructuring and Related Cost, Expected Cost Remaining	$ 1,600

Restructuring Additional Inform

Restructuring Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, current	$ 25	$ 21
Restructuring reserve, noncurrent	$ 32.7	$ 51.4

Restructuring Related Balance S

Restructuring Related Balance Sheet Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2024	$ 72,376
Costs charged to expense	99
Cash payments	(13,482)
Net assets disposed and impaired	184
Effect of change in exchange rates	(1,457)
Ending balance, June 30, 2024	57,720
Accrued Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2024	68,698
Costs charged to expense	(1,054)
Cash payments	(10,987)
Net assets disposed and impaired	0
Effect of change in exchange rates	(1,917)
Ending balance, June 30, 2024	54,740
Asset Impairment and Net (Gain) Loss on Sale or Disposal [Member]
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2024	0
Costs charged to expense	(171)
Cash payments	(13)
Net assets disposed and impaired	184
Effect of change in exchange rates	0
Ending balance, June 30, 2024	0
Other Accrued Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning balance, January 1, 2024	3,678
Costs charged to expense	1,324
Cash payments	(2,482)
Net assets disposed and impaired	0
Effect of change in exchange rates	460
Ending balance, June 30, 2024	$ 2,980

Shareholders' Equity Narrative

Shareholders' Equity Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 shares	Mar. 31, 2021 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 shares	Dec. 31, 2023 $ / shares shares	May 11, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized (in share)	10,000,000	10,000,000			10,000,000		10,000,000
Preferred stock, no par value (in dollars per share) | $ / shares	$ 0	$ 0			$ 0		$ 0
Preferred stock, shares outstanding (in shares)	0	0			0		0
Preferred stock, shares issued (in shares)	0	0			0		0
Derivative, notional amount | $				$ 84,100
Antidilutive securities excluded from computation of earnings per share, amount		10,000	400,000		33,000	400,000
Deferred tax assets, derivative instruments | $				$ 20,600
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 | $				$ 45,300
2024 Notes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Deferred tax assets, equity method investments | $	$ 26,700	$ 26,700			$ 26,700
2024 Notes | Call Option
Accumulated Other Comprehensive Income (Loss) [Line Items]
Option indexed to issuer's equity, shares		6,100,000
Option indexed to issuer's equity, strike price (in dollars per share) | $ / shares		$ 131.2353
Option indexed to issuer's equity, cap price (in dollars per share) | $ / shares		$ 205.86
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
2023 Stock Repurchase Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock repurchase program, authorized amount | $								$ 100,000
Stock repurchased during period (in shares)	971,534
Stock repurchased, average cost per share (in dollars per share) | $ / shares	$ 102.93
Treasury stock, value, acquired, cost method | $	$ 100,000

Shareholders' Equity Accumulate

Shareholders' Equity Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,385,310	$ 1,331,431	$ 1,194,143	$ 1,191,556	$ 1,331,431	$ 1,191,556
Total other comprehensive income (loss), net of tax	(5,934)	(10,908)	1,833	7,119	(16,842)	8,952
Ending balance	1,260,691	1,385,310	1,228,887	1,194,143	1,260,691	1,228,887
Parent [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1,364,724	1,310,911	1,171,282	1,168,473	1,310,911	1,168,473
Total other comprehensive income (loss), net of tax	(5,934)	(10,908)	1,833	7,119
Ending balance	1,239,563	1,364,724	1,205,124	1,171,282	1,239,563	1,205,124
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(67,643)		(83,193)	(67,643)	(83,193)
OCI before reclassifications					(16,269)	9,165
Amounts reclassified from AOCI					0	0
Total other comprehensive income (loss), net of tax					(16,269)	9,165
Ending balance	(83,912)		(74,028)		(83,912)	(74,028)
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		1,043		3,109	1,043	3,109
OCI before reclassifications					0	0
Amounts reclassified from AOCI					(573)	(213)
Total other comprehensive income (loss), net of tax					(573)	(213)
Ending balance	470		2,896		470	2,896
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		$ (81,190)		$ (94,674)	(81,190)	(94,674)
OCI before reclassifications					(16,269)	9,165
Amounts reclassified from AOCI					(573)	(213)
Total other comprehensive income (loss), net of tax					(16,842)	8,952
Ending balance	$ (98,032)		$ (85,722)		$ (98,032)	$ (85,722)

Shareholders' Equity Other Comp

Shareholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Before-tax amount [Abstract]
Foreign currency translation adjustment	$ (5,453)	$ 2,033	$ (16,361)	$ 9,260
Net defined benefit plan gain reclassified to net income	(637)	(107)	(688)	(213)
Total other comprehensive income (loss), before tax	(6,090)	1,926	(17,049)	9,047
Tax (provision) benefit [Abstract]
Foreign currency translation adjustment	35	(93)	92	(95)
Net defined benefit plan loss reclassified to net income	121	0	115	0
Total other comprehensive income (loss) tax (provision) benefit	156	(93)	207	(95)
Net-of-tax amount [Abstract]
Foreign currency translation adjustment	(5,418)	1,940	(16,269)	9,165
Net defined benefit plan gain reclassified to net income	(516)	(107)	(573)	(213)
Total other comprehensive income (loss), net of tax	$ (5,934)	$ 1,833	$ (16,842)	$ 8,952

Schedule of Fair Values of Fina

Schedule of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Line of Credit [Member]
Liabilities
Multicurrency revolving line of credit	$ 0	$ 0
Reported Value Measurement [Member]
Liabilities
Convertible Notes Payable	1,239,772	454,827
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	1,262,373	423,476
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)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Number of reportable segments	3

Information By Segment (Details

Information By Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 609,069	$ 541,070	$ 1,212,511	$ 1,035,688
Gross profit	210,460	173,947	415,839	330,315
Operating income	64,647	35,100	127,447	24,707
Total other income (expense)	2,393	(802)	4,809	(2,516)
Income before income taxes	67,040	34,298	132,256	22,191
Operating Segments | Device Solutions [Member]
Segment Reporting Information [Line Items]
Revenues	118,550	113,160	245,302	231,414
Gross profit	31,231	24,719	61,295	48,432
Operating income	23,725	14,084	45,428	28,162
Operating Segments | Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Revenues	412,704	360,930	820,220	674,398
Gross profit	152,157	121,873	303,182	227,649
Operating income	117,444	88,593	234,122	163,549
Operating Segments | Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Revenues	77,815	66,980	146,989	129,876
Gross profit	27,072	27,355	51,362	54,234
Operating income	10,651	12,676	19,742	25,587
Corporate Unallocated [Member]
Segment Reporting Information [Line Items]
Operating income	(87,173)	(80,253)	(171,845)	(192,591)
Product [Member]
Segment Reporting Information [Line Items]
Revenues	532,907	464,803	1,060,729	881,127
Product [Member] | Operating Segments | Device Solutions [Member]
Segment Reporting Information [Line Items]
Revenues	117,929	112,509	243,837	229,960
Product [Member] | Operating Segments | Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Revenues	387,351	330,668	768,656	612,138
Product [Member] | Operating Segments | Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Revenues	27,627	21,626	48,236	39,029
Service [Member]
Segment Reporting Information [Line Items]
Revenues	76,162	76,267	151,782	154,561
Service [Member] | Operating Segments | Device Solutions [Member]
Segment Reporting Information [Line Items]
Revenues	621	651	1,465	1,454
Service [Member] | Operating Segments | Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Revenues	25,353	30,262	51,564	62,260
Service [Member] | Operating Segments | Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Revenues	$ 50,188	$ 45,354	$ 98,753	$ 90,847

Segment Information Revenues By

Segment Information Revenues By Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues from External Customers [Line Items]
Revenues	$ 609,069	$ 541,070	$ 1,212,511	$ 1,035,688
United States and Canada [Member]
Revenues from External Customers [Line Items]
Revenues	498,388	430,617	980,484	803,459
Europe, Middle East, and Africa [Member]
Revenues from External Customers [Line Items]
Revenues	86,781	85,676	185,437	184,420
Asia Pacific
Revenues from External Customers [Line Items]
Revenues	$ 23,900	$ 24,777	$ 46,590	$ 47,809

Depreciation and Amortization,

Depreciation and Amortization, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	$ 13,519	$ 13,905	$ 26,263	$ 28,368
Corporate, Non-Segment [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	5,186	5,384	9,858	11,200
Device Solutions [Member] | Operating Segments
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	2,832	3,229	5,430	6,491
Networked Solutions Segment [Member] | Operating Segments
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	3,997	4,068	8,015	8,199
Outcomes Segment [Member] | Operating Segments
Property, Plant and Equipment [Line Items]
Depreciation and amortization of intangible assets	$ 1,504	$ 1,224	$ 2,960	$ 2,478

Revenue Recognition Revenue Con

Revenue Recognition Revenue Contract Assets and Liabilities Rollforward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Revenue Recognition and Deferred Revenue [Abstract]
Beginning balance, January 1, 2024	$ 82,885
Revenues recognized from beginning contract liability	(59,846)
Cumulative catch-up adjustments	3,279
Increases due to amounts collected or due	187,812
Revenues recognized from current period increases	(93,924)
Other	(717)
Ending balance, June 30, 2024	$ 119,489

Revenue Recognition Narrative (

Revenue Recognition Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Contract with customer, asset, gross	$ 84.4	$ 80.1
Contract with customer, liability	$ 203.9	$ 163

Revenue Recognition Remaining P

Revenue Recognition Remaining Performance Obligation (Details) $ in Billions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Business Combinations Narrative

Business Combinations Narrative (Details) - USD ($) $ in Thousands		6 Months Ended
	Mar. 01, 2024	Jun. 30, 2024
Business Acquisition [Line Items]
Goodwill acquired		$ 19,661
Elpis Squared
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 34,100
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles	15,000
Goodwill acquired	$ 19,700