Itron (ITRI) 10-K 25 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 18, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-22418
Entity Registrant Name	Itron, Inc.
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1011792
Entity Address, Address Line One	2111 N Molter Road
Entity Address, City or Town	Liberty Lake
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99019
City Area Code	(509)
Local Phone Number	924-9900
Title of 12(b) Security	Common stock, no par value
Trading Symbol	ITRI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,400,399,793
Entity Common Stock, Shares Outstanding		45,179,771
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE The information called for by Part III is incorporated by reference to the definitive Proxy Statement for the Annual Meeting of Shareholders of the Company to be held on May 8, 2025.
Entity Central Index Key	0000780571
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Seattle, Washington
Auditor Firm ID	34

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total revenues	$ 2,440,837	$ 2,173,633	$ 1,795,564
Total cost of revenues	1,601,520	1,459,725	1,273,375
Gross profit	839,317	713,908	522,189
Operating expenses
Sales, general and administrative	339,069	312,779	290,453
Research and development	215,034	208,688	185,098
Amortization of intangible assets	17,828	18,918	25,717
Restructuring	2,679	43,989	(13,625)
Loss on sale of business	597	667	3,505
Goodwill impairment	0	0	38,480
Total operating expenses	575,207	585,041	529,628
Operating income (loss)	264,110	128,867	(7,439)
Other income (expense)
Interest income	34,577	9,314	2,633
Interest expense	(15,379)	(8,349)	(6,724)
Other income (expense), net	1,223	(2,446)	(4,213)
Total other income (expense)	20,421	(1,481)	(8,304)
Total income (loss) before income taxes	284,531	127,386	(15,743)
Income tax benefit (provision)	(43,407)	(29,068)	6,196
Net income (loss)	241,124	98,318	(9,547)
Net income attributable to noncontrolling interests	2,019	1,395	185
Net income (loss) attributable to Itron, Inc.	$ 239,105	$ 96,923	$ (9,732)
Net income (loss) per common share - Basic (in dollars per share)	$ 5.27	$ 2.13	$ (0.22)
Net income (loss) per common share - Diluted (in dollars per share)	$ 5.18	$ 2.11	$ (0.22)
Weighted average common shares outstanding - Basic (in shares)	45,368	45,421	45,101
Weighted average common shares outstanding - Diluted (in shares)	46,187	45,836	45,101
Product revenues
Total revenues	$ 2,131,379	$ 1,863,489	$ 1,500,243
Total cost of revenues	1,429,942	1,292,170	1,102,475
Service revenues
Total revenues	309,458	310,144	295,321
Total cost of revenues	$ 171,578	$ 167,555	$ 170,900

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 241,124	$ 98,318	$ (9,547)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(29,913)	15,550	(28,748)
Foreign currency translation adjustment reclassified to net income (loss) on sale or disposal of business	0	0	57,321
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	0	0	0
Pension benefit obligation adjustment	1,172	(2,066)	24,851
Total other comprehensive income (loss), net of tax	(28,741)	13,484	53,424
Total comprehensive income (loss), net of tax	212,383	111,802	43,877
Comprehensive income attributable to noncontrolling interests, net of tax	2,019	1,395	185
Comprehensive income (loss) attributable to Itron, Inc.	$ 210,364	$ 110,407	$ 43,692

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 1,051,237	$ 302,049
Accounts receivable, net	350,473	303,821
Inventories	270,725	283,686
Other current assets	143,457	159,882
Total current assets	1,815,892	1,049,438
Property, plant, and equipment, net	115,428	128,806
Deferred tax assets, net	310,280	247,211
Other long-term assets	41,827	38,836
Operating lease right-of-use assets, net	28,957	41,186
Intangible assets, net	43,109	46,282
Goodwill	1,052,130	1,052,504
Total assets	3,407,623	2,604,263
Current liabilities
Accounts payable	144,929	199,520
Other current liabilities	61,241	54,407
Wages and benefits payable	137,384	135,803
Taxes payable	19,689	8,636
Current portion of warranty	14,302	14,663
Unearned revenue	150,720	124,207
Total current liabilities	528,265	537,236
Long-term debt, net	1,242,424	454,827
Long-term warranty	7,839	7,501
Pension benefit obligation	59,537	63,887
Deferred tax liabilities, net	565	697
Operating lease liabilities	25,350	32,656
Other long-term obligations	132,215	176,028
Total liabilities	1,996,195	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, 45,131 and 45,512 shares issued and outstanding	1,689,835	1,820,510
Accumulated other comprehensive loss, net	(109,931)	(81,190)
Accumulated deficit	(189,304)	(428,409)
Total Itron, Inc. shareholders' equity	1,390,600	1,310,911
Noncontrolling interests	20,828	20,520
Total equity	1,411,428	1,331,431
Total liabilities and equity	$ 3,407,623	$ 2,604,263

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - shares	Dec. 31, 2024	Dec. 31, 2023
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	45,131,000	45,512,000
Common stock, shares outstanding (in shares)	45,131,000	45,512,000

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Total Itron, Inc. Shareholders' Equity	Common Stock	Common Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2021			45,152
Balance (value) at Dec. 31, 2021	$ 1,142,759	$ 1,116,077		$ 1,779,775	$ (148,098)	$ (515,600)	$ 26,682
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(9,547)	(9,732)				(9,732)	185
Other comprehensive income (loss), net of tax	53,424	53,424			53,424		0
Distributions to noncontrolling interests	(3,784)	0					(3,784)
Options exercised (in shares)			1
Options exercised (value)	30	30		30
Restricted stock awards released (in shares)			227
Restricted stock awards released (value)	0	0		0
Issuance of stock-based compensation awards (in shares)			16
Issuance of stock-based compensation awards (value)	952	952		952
Employee stock purchase plan (in shares)			70
Employee stock purchase plan (value)	3,422	3,422		3,422
Stock-based compensation expense	20,929	20,929		20,929
Stock repurchased during period, shares			(280)
Stock Repurchased During Period, Value	(16,629)	(16,629)		(16,629)
Balance (in shares) at Dec. 31, 2022			45,186
Balance (value) at Dec. 31, 2022	1,191,556	1,168,473		1,788,479	(94,674)	(525,332)	23,083
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	98,318	96,923				96,923	1,395
Other comprehensive income (loss), net of tax	13,484	13,484			13,484		0
Distributions to noncontrolling interests	(3,958)	0					(3,958)
Options exercised (in shares)			18
Options exercised (value)	830	830		830
Restricted stock awards released (in shares)			242
Restricted stock awards released (value)	0	0		0
Issuance of stock-based compensation awards (in shares)			15
Issuance of stock-based compensation awards (value)	1,065	1,065		1,065
Employee stock purchase plan (in shares)			51
Employee stock purchase plan (value)	2,844	2,844		2,844
Stock-based compensation expense	$ 27,292	27,292		27,292
Balance (in shares) at Dec. 31, 2023	45,512		45,512
Balance (value) at Dec. 31, 2023	$ 1,331,431	1,310,911		1,820,510	(81,190)	(428,409)	20,520
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	241,124	239,105				239,105	2,019
Other comprehensive income (loss), net of tax	(28,741)	(28,741)			(28,741)		0
Distributions to noncontrolling interests	(1,711)	0					(1,711)
Options exercised (in shares)			89
Options exercised (value)	4,558	4,558		4,558
Restricted stock awards released (in shares)			446
Restricted stock awards released (value)	(4)	(4)		(4)
Issuance of stock-based compensation awards (in shares)			13
Issuance of stock-based compensation awards (value)	1,343	1,343		1,343
Employee stock purchase plan (in shares)			43
Employee stock purchase plan (value)	3,767	3,767		3,767
Stock-based compensation expense	42,531	42,531		42,531
Payments on call spread for convertible offering, net of tax	(82,304)	(82,304)		(82,304)
Stock repurchased during period, shares			(972)
Stock Repurchased During Period, Value	(100,000)	(100,000)		(100,000)
Registration fee	(54)	(54)		(54)
Excise tax related to shares repurchased	$ (512)	(512)		(512)
Balance (in shares) at Dec. 31, 2024	45,131		45,131
Balance (value) at Dec. 31, 2024	$ 1,411,428	$ 1,390,600		$ 1,689,835	$ (109,931)	$ (189,304)	$ 20,828

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income (loss)	$ 241,124	$ 98,318	$ (9,547)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of intangible assets	56,277	55,763	66,763
Non-cash operating lease expense	20,597	16,454	16,257
Stock-based compensation	43,874	28,357	21,881
Amortization of prepaid debt fees	5,489	3,664	3,499
Deferred taxes, net	(38,791)	(34,646)	(32,635)
Loss on sale of business	597	667	3,505
Goodwill impairment	0	0	38,480
Restructuring, non-cash	(191)	385	(624)
Other adjustments, net	(895)	(169)	11,678
Changes in operating assets and liabilities, net of acquisitions and sale of business:
Accounts receivable	(49,138)	(19,494)	5,064
Inventories	5,969	(52,118)	(68,124)
Other current assets	15,165	(42,410)	(16,695)
Other long-term assets	(6,789)	2,317	(5,436)
Accounts payable, other current liabilities, and taxes payable	(35,388)	(43,657)	45,085
Wages and benefits payable	3,784	44,700	(21,749)
Unearned revenue	29,319	28,329	18,466
Warranty	210	(3,778)	(5,497)
Restructuring	(31,011)	29,866	(40,981)
Other operating, net	(22,027)	12,423	(4,890)
Net cash provided by operating activities	238,175	124,971	24,500
Investing activities
Net proceeds (payments) related to the sale of business	405	(772)	55,933
Acquisitions of property, plant, and equipment	(30,562)	(26,884)	(19,747)
Business acquisitions, net of cash and cash equivalents acquired	(34,105)	0	23
Other investing, net	850	4,348	4,307
Net cash provided by (used in) investing activities	(63,412)	(23,308)	40,516
Financing activities
Proceeds from borrowings	805,000	0	0
Issuance of common stock	8,321	3,674	3,452
Payments on call spread for convertible offering	(108,997)	0	0
Repurchase of common stock	(100,000)	0	(16,972)
Prepaid debt fees	(21,872)	(2,471)	(697)
Other financing, net	(2,879)	(4,711)	(4,520)
Net cash provided by (used in) financing activities	579,573	(3,508)	(18,737)
Effect of foreign exchange rate changes on cash and cash equivalents	(5,148)	1,887	(6,851)
Increase in cash and cash equivalents	749,188	100,042	39,428
Cash and cash equivalents at beginning of period	302,049	202,007	162,579
Cash and cash equivalents at end of period	1,051,237	302,049	202,007
Supplemental disclosure of cash flow information:
Income taxes, net	80,172	54,550	11,915
Interest	1,342	1,832	1,622
Deferred tax effect of call spread offerings	$ 26,693	$ 0	$ 0

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary Significant Accounting Policies	Summary of Significant Accounting Policies We were incorporated in the state of Washington in 1977 and are a technology company, offering end-to-end solutions to enhance productivity and efficiency, primarily focused on utilities and municipalities around the globe. We operate under the Itron brand worldwide and manage and report under three operating segments: Device Solutions, Networked Solutions, and Outcomes. Financial Statement Preparation The consolidated financial statements presented in this Annual Report include the Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Equity, and Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023, and 2022 and the Consolidated Balance Sheets as of December 31, 2024 and 2023 of Itron, Inc. and its subsidiaries, prepared in accordance with U.S. generally accepted accounting principles (GAAP). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of significant estimates include revenue recognition, warranty, restructuring, income taxes, business combinations, goodwill and intangible assets, defined benefit pension plans, contingencies, and stock-based compensation. Due to various factors affecting future costs and operations, actual results could differ materially from these estimates. Risks and Uncertainties Global economic impacts, such as pandemics and various ongoing conflicts around the world, may create disruption in customer demand and global supply chains, resulting in market volatility, which our management continues to monitor. In the aftermath of these types of events, global supply chains, including labor, may struggle to keep pace with rapidly changing demand. Temporary imbalance in supply and demand may create business uncertainties that include 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, sanctions, tariffs, and labor costs may increase above historical levels due to, among other things, the continuing impacts of an uncertain economic environment. We may or may not be able to fully recover these increased costs through pricing actions with our customers. Currently, we have not identified any significant decrease in long-term customer demand for our products and services. While we have limited direct business exposure in areas with current conflict, such as Ukraine and Israel, military actions globally and any resulting sanctions or tariffs could adversely affect the global economy, as well as further disrupt the supply chain. A major disruption in the global economy and supply chain could have a material adverse effect on our business, prospects, financial condition, results of operations, and cash flows. The extent and duration of the military action, sanctions, tariffs, and resulting market and/or supply disruptions are impossible to predict but could be substantial, and our management continues to monitor these events closely . Basis of Consolidation We consolidate all entities in which we have a greater than 50% ownership interest or in which we exercise control over the operations. We use the equity method of accounting for entities in which we have a 20% to 50% investment and exercise significant influence. Entities in which we have less than a 20% investment and where we do not exercise significant influence are accounted for under the fair value method. Intercompany transactions and balances are eliminated upon consolidation. Noncontrolling Interests In several of our consolidated international subsidiaries, we have joint venture partners, who are minority shareholders. Although these entities are not wholly owned by Itron, we consolidate them because we have a greater than 50% ownership interest or because we exercise control over the operations. The noncontrolling interest balance is adjusted each period to reflect the allocation of net income (loss) and other comprehensive income (loss) attributable to the noncontrolling interests, as shown in our Consolidated Statements of Operations and our Consolidated Statements of Comprehensive Income (Loss), as well as contributions from and distributions to the owners. The noncontrolling interest balance in our Consolidated Balance Sheets represents the proportional share of the equity of the joint venture entities, which is attributable to the minority shareholders. Cash and Cash Equivalents We consider all highly liquid instruments with remaining maturities of three months or less at the date of acquisition to be cash equivalents. Restricted Cash and Cash Equivalents Cash and cash equivalents that are contractually restricted from operating use are classified as restricted cash and cash equivalents. We had $1.8 million pledged for standby letters of credit as of December 31, 2024 and 2023. Accounts Receivable, net Accounts receivable are recognized for invoices issued to customers in accordance with our contractual arrangements. Interest and late payment fees are minimal. Unbilled receivables are recognized when revenues are recognized upon product shipment or service delivery and invoicing occurs at a later date. We recognize an allowance for credit losses representing our estimate of the expected losses in accounts receivable at the date of the balance sheet based on our historical experience of bad debts, our specific review of outstanding receivables, and our review of current and expected economic conditions. Accounts receivable are written-off against the allowance when we believe an account, or a portion thereof, is no longer collectible. Inventories Inventories are stated at the lower of cost or net realizable value using the first-in, first-out method. Cost includes raw materials and labor, plus applied direct and indirect overhead costs. Net realizable value is the estimated selling price in the normal course of business, minus the cost of completion, disposal and transportation. Derivative Instruments All derivative instruments, whether designated in hedging relationships or not, are recognized on the Consolidated Balance Sheets at fair value as either assets or liabilities. The fair values of our derivative instruments are determined using the fair value measurements of significant other observable inputs (Level 2), as defined by GAAP. The fair value of our derivative instruments may switch between an asset and a liability depending on market circumstances at the end of the period. We include the effect of our counterparty credit risk based on current published credit default swap rates when the net fair value of our derivative instruments is in a net asset position and the effect of our own nonperformance risk when the net fair value of our derivative instruments is in a net liability position. For any derivative designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. For any derivative designated as a cash flow hedge, changes in the fair value of the derivative are recognized as a component of other comprehensive income (loss) (OCI) and are recognized in earnings when the hedged item affects earnings. For a hedge of a net investment, any unrealized gain or loss from the foreign currency revaluation of the hedging instrument is reported in OCI as a net unrealized gain or loss on derivative instruments. Upon termination of a net investment hedge, the net derivative gain/loss will remain in accumulated other comprehensive income (loss) (AOCI) until such time when earnings are impacted by a sale or liquidation of the associated operations. We classify cash flows from our derivative programs as cash flows from operating activities in the Consolidated Statements of Cash Flows. Derivatives are not used for trading or speculative purposes. Our derivatives are with credit-worthy multinational commercial banks, with which we have master netting agreements; however, our derivative positions are not recognized on a net basis in the Consolidated Balance Sheets. There are no credit-risk related contingent features within our derivative instruments. Refer to Note 7: Derivative Financial Instruments and Note 14: Shareholders' Equity for further disclosures of our derivative instruments and their impact on OCI. Property, Plant, and Equipment Property, plant, and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 30 years for buildings and improvements and three years to 10 years for machinery and equipment, computers and software, and furniture. Leasehold improvements are capitalized and depreciated over the term of the applicable lease, including renewable periods if reasonably certain, or over the useful lives, whichever is shorter. Construction in progress represents capital expenditures incurred for assets not yet placed in service. Costs related to internally developed software and software purchased for internal uses are capitalized and are amortized over the estimated useful lives of the assets. Repair and maintenance costs are recognized as incurred. We have no major planned maintenance activities. We review long-lived assets for impairment whenever events or circumstances indicate the carrying amount of an asset group may not be recoverable. Assets held for sale are classified within other current assets in the Consolidated Balance Sheets, are reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. Gains and losses from asset disposals and impairment losses are classified within the Consolidated Statements of Operations according to the use of the asset, except those gains and losses recognized in conjunction with our restructuring activities, which are classified within restructuring expense, or impairment losses recognized in conjunction with an announced or completed sale of a business, which are classified within loss on sale of business. Prepaid Debt Fees Prepaid debt fees for term debt represent the capitalized direct costs incurred related to the issuance of debt and are recognized as a deduction from the carrying amount of the corresponding debt liability. We have elected to present prepaid debt fees for revolving debt within other long-term assets in the Consolidated Balance Sheets. These costs are amortized to interest expense over the terms of the respective borrowings, including any contingent maturity or call features, using the effective interest method or the straight-line method when associated with a revolving credit facility. When debt is repaid early, the related portion of unamortized prepaid debt fees is written off and included in interest expense. Business Combinations On the date of acquisition, the assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree are recognized at their fair values. The acquiree's results of operations are also included beginning on the date of acquisition in our consolidated results. Intangible assets that arise from contractual/legal rights, or are capable of being separated, are measured and recognized at fair value, and amortized over the estimated useful life. If practicable, assets acquired and liabilities assumed arising from contingencies are measured and recognized at fair value. If not practicable, such assets and liabilities are measured and recognized when it is probable that a gain or loss has occurred and the amount can be reasonably estimated. The residual balance of the purchase price, after fair value allocations to all identified assets and liabilities, represents goodwill. Acquisition-related costs are recognized as incurred. Integration costs associated with an acquisition are generally recognized in periods subsequent to the acquisition date, and changes in deferred tax asset valuation allowances and acquired income tax uncertainties, including penalties and interest, after the measurement period are recognized as a component of the provision for income taxes. Our acquisitions may include contingent consideration, which requires us to recognize the fair value of the estimated liability at the time of the acquisition. Subsequent changes in the estimate of the amount to be paid under the contingent consideration arrangement are recognized in the Consolidated Statements of Operations. We estimate the preliminary fair value of acquired assets and liabilities as of the date of acquisition based on information available at that time utilizing either a cost or income approach. The determination of the fair value is judgmental in nature and involves the use of significant estimates and assumptions. Contingent consideration is recognized at fair value as of the date of the acquisition with adjustments occurring after the purchase price allocation period, which could be up to one year, recognized in earnings. Changes to valuation allowances on acquired deferred tax assets that occur after the acquisition date are recognized in the provision for, or benefit from, income taxes. The valuation of these tangible and identifiable intangible assets and liabilities is subject to further management review and may change materially between the preliminary allocation and end of the purchase price allocation period. Any changes in these estimates may have a material effect on our consolidated operating results or financial position. Leases We determine if an arrangement is a lease at inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (2) the customer has the right to control the use of the identified asset. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities, and operating lease liabilities on our Consolidated Balance Sheets. Finance leases are included in property, plant, and equipment, other long-term assets, other current liabilities, and other long-term obligations on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. We use the rate implicit in the lease agreement when readily determinable. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is the estimated rate of interest we expect to pay on a collateralized basis over a similar term, based on the information available at the lease commencement date. The Operating lease ROU asset also includes any lease payments made and is reduced by lease incentives received and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We have lease agreements that include lease and nonlease components. When nonlease components are fixed, we have elected the practical expedient to account for lease and nonlease components as a single lease component, except for leases embedded in service contracts. All leases with a lease term that is greater than one month are subject to recognition and measurement on the balance sheet, except where we have leases in service contracts with contract manufacturers. For leases with contract manufacturers, we have elected to utilize the short-term lease exemption. Lease expense for variable lease payments, where the timing or amount of the payment is not fixed, are recognized when the obligation is incurred. Variable lease payments generally arise in our net lease arrangements where executory and other lease-related costs are billed to Itron when incurred by the lessor. Goodwill and Intangible Assets Goodwill and intangible assets may result from our business acquisitions. Intangible assets may also result from the purchase of assets and intellectual property in a transaction that does not qualify as a business combination. We use estimates, including estimates of useful lives of intangible assets, the amount and timing of related future cash flows, and fair values of the related operations, in determining the value assigned to goodwill and intangible assets. Our finite-lived intangible assets are amortized over their estimated useful lives based on estimated discounted cash flows, generally three years to 10 years for core-developed technology and customer contracts and relationships. Fully amortized finite-lived intangible assets are removed from the presentation of gross intangible assets and accumulated amortization. Finite-lived intangible assets are tested for impairment at the asset group level when events or changes in circumstances indicate the carrying value may not be recoverable. Indefinite-lived intangible assets are tested for impairment annually, when events or changes in circumstances indicate the asset may be impaired, or when their useful lives are determined to be no longer indefinite. Goodwill is assigned to our reporting units based on the expected benefit from the synergies arising from each business combination, determined by using certain financial metrics, including the forecasted discounted cash flows associated with each reporting unit. Each reporting unit corresponds with its respective operating segment. We test goodwill for impairment each year as of October 1, or more frequently should a significant impairment indicator occur. As part of the impairment test, we may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit, including goodwill, is less than its carrying amount, or if we elect to bypass the qualitative assessment, we would then proceed with the quantitative impairment test. The impairment test involves comparing the fair values of the reporting units to their carrying amounts. If the carrying amount of a reporting unit exceeds its fair value, we first evaluate the long-lived assets within the reporting unit for impairment and then recognize goodwill impairment loss in an amount equal to any excess. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. We forecast discounted future cash flows at the reporting unit level using risk-adjusted discount rates and estimated future revenues and operating costs, which take into consideration factors such as existing backlog, expected future orders, supplier contracts, and expectations of competitive and economic environments. We also identify similar publicly traded companies and develop a correlation, referred to as a multiple, to apply to the operating results of the reporting units. These combined fair values are then reconciled to the aggregate market value of our common stock on the date of valuation, while considering a reasonable control premium. Contingencies A loss contingency is recognized if it is probable that an asset has been impaired or a liability has been incurred, and the amount of the loss can be reasonably estimated. We evaluate, among other factors, the degree of probability of an unfavorable outcome and our ability to make a reasonable estimate of the amount of the ultimate loss. Loss contingencies that we determine to be reasonably possible, but not probable, are disclosed but not recognized. Legal costs to defend against contingent liabilities are recognized as incurred. Bonus Compensation We have various employee bonus compensation plans, which provide award amounts for the achievement of financial and nonfinancial targets. If management determines it is probable that the discretionary targets will be achieved and the amounts can be reasonably estimated, a compensation accrual is recognized based on the proportional achievement of the financial and nonfinancial targets. In addition, management or the Board of Directors may decide to grant monetary bonus awards, at their discretion, and we accrue such awards when it becomes probable they will be paid. Warranty We offer standard warranties on our hardware products and large application software products. We accrue the estimated cost of new product warranties based on historical and projected product performance trends and costs during the warranty period. Testing of new products in the development stage helps identify and correct potential warranty issues prior to manufacturing. Quality control efforts during manufacturing reduce our exposure to warranty claims. When testing or quality control efforts fail to detect a fault in one of our products, we may experience an increase in warranty claims. We track warranty claims to identify potential warranty trends. If an unusual trend is noted, an additional warranty accrual would be recognized if the failure event is probable and the cost can be reasonably estimated. When new products are introduced, our process relies on historical averages of similar products until sufficient data is available. As actual experience on new products becomes available, it is used to modify the historical averages to ensure the expected warranty costs are within a range of likely outcomes. Management regularly evaluates the sufficiency of the warranty provisions and makes adjustments when necessary. The long-term warranty balance includes estimated warranty claims beyond one year. Warranty expense is classified within cost of revenues. Restructuring We recognize a liability for costs associated with an exit or disposal activity under a restructuring project in the period in which the liability is incurred. Employee termination benefits considered postemployment benefits are accrued when the obligation is probable and estimable, such as benefits stipulated by human resource policies and practices or statutory requirements. If the employee must provide future service, such benefits are recognized ratably over the future service period. For contract termination costs, we recognize a liability upon the termination of a contract in accordance with the contract terms or the cessation of the use of the rights conveyed by the contract, whichever occurs later. Asset impairments associated with a restructuring project are determined at the asset group level. An impairment may be recognized for assets that are to be abandoned, are to be sold for less than net book value, or are held for sale in which the estimated proceeds less costs to sell are less than the net book value. We may also recognize impairment on an asset group, which is held and used, when the carrying value is not recoverable and exceeds the asset group's fair value. If an asset group is considered a business, a portion of our goodwill balance is allocated to it based on relative fair value. If the sale of an asset group under a restructuring project results in proceeds that exceed the net book value of the asset group, the resulting gain is recognized within restructuring expense in the Consolidated Statements of Operations. Defined Benefit Pension Plans We sponsor both funded and unfunded defined benefit pension plans for certain international employees. We recognize a liability for the projected benefit obligation in excess of plan assets. We recognize an asset when plan assets exceed the projected benefit obligation. We also recognize the funded status of our defined benefit pension plans on our Consolidated Balance Sheets and recognize as a component of OCI, net of tax, the actuarial gains or losses and prior service costs or credits, if any, which arise during the period but that are not recognized as components of net periodic benefit cost. If actuarial gains and losses exceed 10 percent of the greater of plan assets or plan liabilities, we amortize them over the employees' average future service period. Stock Repurchase Plans From time to time, we may repurchase shares of Itron common stock under programs authorized by our Board of Directors. Repurchases are made in the open market or in privately negotiated transactions and in accordance with applicable securities laws. Under applicable Washington State law, shares repurchased are retired and not displayed separately as treasury stock on the financial statements; the value of the repurchased shares is deducted from common stock. Product Revenues and Service Revenues Product revenues include sales from standard and smart meters, systems or software, and any associated implementation and installation revenue. Service revenues include sales from post-sale maintenance support, consulting, outsourcing, and managed services. Revenue Recognition The majority of our revenues consist primarily of hardware sales, but may also include the license of software, software implementation services, cloud services and Software-as-a-Service (SaaS), project management services, installation services, consulting services, post-sale maintenance support, and extended or customer-specific warranties. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. In determining whether the definition of a contract has been met, we consider whether the arrangement creates enforceable rights and obligations, which involves evaluation of contractual terms that would allow for the customer to terminate the agreement. If the customer has the unilateral right to terminate the agreement without providing further consideration to us, the agreement would not be considered to meet the definition of a contract. Many of our revenue arrangements involve multiple performance obligations as our hardware and services are often sold together. Separate contracts entered into with the same customer (or related parties of the customer) at or near the same time are accounted for as a single contract when one or more of the following criteria are met: • The contracts are negotiated as a package with a single commercial objective. • The amount of consideration to be paid in one contract depends on the price or performance of the other contract: or • The goods or services promised in the contracts (or some goods or services promised in each of the contracts) are a single performance obligation. Once the contract has been defined, we evaluate whether the promises in the contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment, and the decision to separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recognized in a given period. Some of our contracts contain a significant service of integrating, customizing or modifying goods or services in the contract, in which case the goods or services would be combined into a single performance obligation. It is common that we may promise to provide multiple distinct goods or services, in which case we separate the contract into more than one performance obligation. If a contract is separated into more than one performance obligation, we allocate the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services. For goods or services where we have observable standalone sales, the observable standalone sales are used to determine the standalone selling price. For the majority of our goods and services, we do not have observable standalone sales. As a result, we estimate the standalone selling price using either the adjusted market assessment approach or the expected cost plus a margin approach. Approaches used to estimate the standalone selling price for a given good or service will maximize the use of observable inputs and considers several factors, including our pricing practices, costs to provide a good or service, the type of good or service, and availability of other transactional data, among others. We determine the estimated standalone selling prices of goods or services used in our allocation of arrangement consideration on an annual basis or more frequently if there is a significant change in our business or if we experience significant variances in our transaction prices. Many of our contracts with customers include variable consideration, which can include liquidated damage provisions, rebates and volume and early payment discounts. Some of our contracts with customers contain clauses for liquidated damages related to the timing of delivery or milestone accomplishments, which could become material in the event of failure to meet the contractual deadlines. At the inception of the arrangement and on an ongoing basis, we evaluate the probability and magnitude of having to pay liquidated damages. We estimate variable consideration using the expected value method, taking into consideration contract terms, historical customer behavior, and historical sales. In the case of liquidated damages, we also take into consideration progress towards meeting contractual milestones, including whether milestones have not been achieved, specified rates, if applicable, stated in the contract, and history of paying liquidated damages to the customer or similar customers. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. In the normal course of business, we do not accept product returns unless the item is defective as manufactured and covered by warranty. A warranty provision is estimated as deemed necessary. Hardware revenue is recognized at a point in time. Transfer of control is typically at the time of shipment, receipt by the customer, or, if applicable, upon receipt of customer acceptance. We will recognize revenue prior to receipt of customer acceptance for hardware in cases where the customer acceptance provision is determined to be a formality. Transfer of control would not occur until receipt of customer acceptance in hardware arrangements where such provisions are subjective or where we do not have history of meeting the acceptance criteria. Perpetual software licenses are a right to use intellectual property and are recognized at a point in time. Transfer of control is at the point at which it is available to the customer to download and use or upon receipt of customer acceptance. In certain contracts, software licenses may be sold with implementation services that include a significant service of integrating, customizing or modifying the software. In these instances, the software license is combined into single performance obligation with the implementation services and recognized over time as the implementation services are performed. Hardware and software licenses (when not combined with professional services) are typically billed when shipped and revenue recognized at a point-in-time. As a result, the timing of revenue recognition and invoicing does not have a significant impact on contract assets and liabilities. Professional services, which include implementation, project management, installation, and consulting services are recognized over time. We measure progress towards satisfying these performance obligations using input methods, most commonly based on the costs incurred in relation to the total expected costs to provide the service. We expect this method to best depict our performance in transferring control of services promised to the customer or represents a reasonable proxy for measuring progress. The estimate of expected costs to provide services requires judgment. Cost estimates take into consider

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings (loss) per share (EPS): Year Ended December 31, In thousands, except per share data 2024 2023 2022 Net income (loss) available to common shareholders $ 239,105 $ 96,923 $ (9,732) Weighted average common shares outstanding - Basic 45,368 45,421 45,101 Dilutive effect of stock-based awards 819 415 — Dilutive effect of convertible notes — — — Weighted average common shares outstanding - Diluted 46,187 45,836 45,101 Net income (loss) per common share - Basic $ 5.27 $ 2.13 $ (0.22) Net income (loss) per common share - Diluted $ 5.18 $ 2.11 $ (0.22) 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 17,000, 0.3 million, and 0.7 million stock-based awards were excluded from the calculation of diluted EPS for the years ended December 31, 2024, 2023, and 2022, because they were anti-dilutive. These stock-based awards could be dilutive in future periods. Convertible Notes and Share Hedges 2021 Notes, Warrants and Call Option Transactions For our convertible notes issued in March 2021 (the 2021 Notes), the dilutive effect is calculated using the if-converted method. We are required, pursuant to the indenture governing the notes, to settle the principal amount in cash and may elect to settle the remaining conversion obligation (stock price in excess of conversion price) in cash, shares, or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the remaining conversion obligation, assuming all the notes were converted. The average quarterly closing prices of our common stock for the year ended December 31, 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 year ended December 31, 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 quarterly closing prices of our common stock for the year ended December 31, 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	12 Months Ended
	Dec. 31, 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 December 31, 2024 December 31, 2023 Trade receivables (net of allowance of $417 and $738) $ 295,341 $ 272,890 Unbilled receivables 55,132 30,931 Total accounts receivable, net $ 350,473 $ 303,821 Allowance for credit losses account activity Year Ended December 31, In thousands 2024 2023 2022 Beginning balance $ 738 $ 4,863 $ 5,730 Provision for (release of) doubtful accounts, net (187) (120) (258) Accounts written-off, net (122) (4,115) (492) Effect of change in exchange rates (12) 110 (117) Ending balance $ 417 $ 738 $ 4,863 Inventories In thousands December 31, 2024 December 31, 2023 Raw materials $ 198,995 $ 213,303 Work in process 16,679 17,849 Finished goods 55,051 52,534 Total inventories $ 270,725 $ 283,686 Property, plant, and equipment, net In thousands December 31, 2024 December 31, 2023 Machinery and equipment $ 294,237 $ 318,546 Computers and software 119,818 126,149 Buildings, furniture, and improvements 115,372 126,041 Land 8,513 7,846 Construction in progress, including purchased equipment 22,247 24,316 Total cost 560,187 602,898 Accumulated depreciation (444,759) (474,092) Property, plant, and equipment, net $ 115,428 $ 128,806 Depreciation expense Year Ended December 31, In thousands 2024 2023 2022 Depreciation expense $ 38,449 $ 36,845 $ 41,046

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 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: December 31, 2024 December 31, 2023 In thousands Gross Accumulated Net Gross Accumulated Net Intangible Assets Core-developed technology $ 48,048 $ (36,661) $ 11,387 $ 502,010 $ (499,571) $ 2,439 Customer contracts and relationships 315,744 (285,441) 30,303 329,688 (287,653) 42,035 Trademarks and trade names 30,793 (29,374) 1,419 73,461 (71,740) 1,721 Other 11,023 (11,023) — 12,019 (11,932) 87 Total intangible assets $ 405,608 $ (362,499) $ 43,109 $ 917,178 $ (870,896) $ 46,282 Intangible Liabilities Customer contracts and relationships $ — $ — $ — $ (23,900) $ 23,900 $ — 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 18: Business Combination for additional information. Assumed intangible liabilities reflect the present value of the projected cash outflows for a then existing contract for which remaining costs were expected to exceed projected revenues. Estimated future annual amortization is as follows: Year Ending December 31, Estimated Annual Amortization In thousands 2025 $ 17,593 2026 13,614 2027 8,272 2028 2,681 2029 576 Thereafter 373 Total intangible assets subject to amortization $ 43,109 We recognize all amortization expense within Amortization of intangible assets in the Consolidated Statements of Operations. These expenses relate to intangible assets acquired and liabilities assumed as part of business combinations.

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The following table reflects changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023: In thousands Device Solutions Networked Solutions Outcomes Total Company Goodwill balance at January 1, 2023 $ — $ 899,887 $ 138,834 $ 1,038,721 Effect of change in exchange rates — 11,960 1,823 13,783 Goodwill balance at December 31, 2023 — 911,847 140,657 1,052,504 Goodwill acquired (1) — — 19,251 19,251 Effect of change in exchange rates — (17,028) (2,597) (19,625) Goodwill balance at December 31, 2024 $ — $ 894,819 $ 157,311 $ 1,052,130 (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. In the fourth quarter of 2024, a tax adjustment reduced the goodwill acquired related to Elpis Squared to $19.3 million. Refer to Note 4: Intangible Assets and Liabilities and Note 18: Business Combination for additional information on the transaction. The accumulated goodwill impairment losses at December 31, 2024 and 2023 were $714.9 million. The goodwill impairment losses were originally recognized in 2011, 2013, and 2022. We test goodwill for impairment each year as of October 1. Changes in market demand, fluctuations in the markets in which we operate, the volatility and decline in the worldwide equity markets, and a decline in our market capitalization could unfavorably impact the remaining carrying value of our goodwill, which could have a significant effect on our current and future results of operations and financial position. Based on the results of the annual impairment testing for our reporting units performed as of October 1, 2024, no adjustments to the carrying value of goodwill were required. Refer to Note 1: Summary of Significant Accounting Policies for further details regarding the annual goodwill impairment process.

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt The components of our borrowings were as follows: In thousands December 31, 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 22,576 5,173 Long-term debt, net $ 1,242,424 $ 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 December 31, 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 December 31, 2024, there were no outstanding loan balances under the 2018 credit facility, and $46.0 million was utilized by outstanding standby letters of credit, resulting in $454.0 million available for additional borrowings. At December 31, 2024 , $254.0 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 accrue interest at a rate of 1.375% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2025. The 2024 Notes mature on July 15, 2030, unless earlier repurchased, redeemed, or converted in accordance with their terms. The initial conversion rate of the 2024 Notes is 7.6199 shares of our common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $131.24 per share. The conversion rate of the notes is subject to adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the indenture governing the convertible notes) or upon a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder that elects to convert its notes in connection with such make-whole fundamental change or notice of redemption, as the case may be. Prior to the close of business on the business day immediately preceding April 15, 2030, the 2024 Notes are convertible at the option of the holders only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2024 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business-day period after any five consecutive trading-day period (the measurement period) in which the trading price per $1,000 principal amount of the notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; (3) upon the occurrence of specified corporate events; or (4) upon redemption by us. On or after April 15, 2030, until the close of business on the second scheduled trading day immediately preceding July 15, 2030, holders of the notes may convert all or a portion of their notes at any time. Upon conversion, we will pay cash up to the aggregate principal amount of the notes to be converted and pay and/or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at our election, in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the notes being converted. Subsequent to July 20, 2028 and prior to April 15, 2030, we may redeem for cash all or part of the 2024 Notes, at our option, if the last reported sales price of common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of redemption, during any 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related notice of the redemption. However, we may not redeem less than all of the outstanding notes unless at least $100.0 million aggregate principal amount of notes are outstanding and not called for redemption as of the time we send related redemption notices. The redemption price of each note to be redeemed will be the principal amount of such note, plus accrued and unpaid special interest, if any. Upon the occurrence of a fundamental change (as defined in the indenture governing the 2024 Notes), subject to a limited exception described in the indenture governing the notes, holders may require us to repurchase all or a portion of their notes for cash at a price equal to plus accrued and unpaid special interest to, but not including, the fundamental change repurchase date (as defined in the indenture governing the 2024 Notes). The 2024 Notes are senior unsecured obligations and rank equally in right of payment with all of our existing and future unsubordinated debt and senior in right of payment to any future debt that is expressly subordinated in right of payment to the notes. The notes will be effectively subordinated to any of our existing and future secured debt to the extent of the assets securing such indebtedness. The notes will be structurally subordinated to all existing debt and any future debt and any other liabilities of our subsidiaries. Debt Maturities The amount of required minimum principal payments on our long-term debt in aggregate over the next five years is as follows: Year Ending December 31, Minimum Payments In thousands 2025 $ — 2026 460,000 2027 — 2028 — 2029 — Thereafter 805,000 Total minimum payments on debt $ 1,265,000

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 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 1: Summary of Significant Accounting Policies, Note 14: Shareholders' Equity, and Note 15: Fair Value of Financial Instruments for additional disclosures on our derivative instruments. Derivatives Not Designated as Hedging Relationships We are exposed to foreign exchange risk when we enter into non-functional currency transactions, both intercompany and third party. At each period-end, non-functional currency monetary assets and liabilities are revalued with the change recognized within other income (expense) in our Consolidated Statements of Operations. We enter into monthly foreign exchange forward contracts, which are not designated for hedge accounting, with the intent to reduce earnings volatility associated with currency exposures. As of December 31, 2024, a total of 35 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 $104,000 to $32.3 million. We will continue to monitor and assess our interest rate and foreign exchange risk and may institute additional derivative instruments to manage such risk in the future.

Defined Benefit Pension Plans

Defined Benefit Pension Plans	12 Months Ended
	Dec. 31, 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, 2024. The following tables set forth the components of the changes in benefit obligations and fair value of plan assets : Year Ended December 31, In thousands 2024 2023 Change in benefit obligation: Benefit obligation at January 1, $ 76,270 $ 69,739 Service cost 2,541 2,450 Interest cost 2,710 2,861 Actuarial gain (loss) (2,422) 1,682 Benefits paid (3,126) (2,950) Foreign currency exchange rate changes (4,303) 2,819 Curtailment — (114) Settlement (112) (217) Benefit obligation at December 31, $ 71,558 $ 76,270 Change in plan assets: Fair value of plan assets at January 1, $ 8,840 $ 8,662 Actual return on plan assets (130) 724 Company contributions 111 254 Benefits paid (256) (283) Foreign currency exchange rate changes (534) 401 Other — (918) Fair value of plan assets at December 31, 8,031 8,840 Net pension benefit obligation at fair value $ 63,527 $ 67,430 Amounts recognized on the Consolidated Balance Sheets consist of: December 31, In thousands 2024 2023 Assets Plan assets in other long-term assets $ 133 $ 80 Liabilities Current portion of pension benefit obligation in wages and benefits payable $ 4,123 $ 3,623 Long-term portion of pension benefit obligation 59,537 63,887 Pension benefit obligation, net $ 63,527 $ 67,430 Amounts recognized in OCI (pre-tax) are as follows: Year Ended December 31, In thousands 2024 2023 2022 Net actuarial (gain) loss $ (2,422) $ 1,568 $ (24,316) Settlement 3 7 (166) Curtailment 585 114 20 Plan asset (gain) loss 423 (369) 316 Amortization of net actuarial gain (loss) (272) 65 (1,490) Amortization of prior service cost (133) (57) (70) Other — 918 481 Other comprehensive (income) loss $ (1,816) $ 2,246 $ (25,225) If actuarial gains and losses exceed 10 percent of the greater of plan assets or plan liabilities, we amortize them over the employees' average future service period. The estimated net actuarial gain and prior service cost that will be amortized from AOCI into net periodic benefit cost during 2025 is $0.2 million. Net periodic pension benefit cost for our plans include the following components: Year Ended December 31, In thousands 2024 2023 2022 Service cost $ 2,541 $ 2,450 $ 2,908 Interest cost 2,710 2,861 1,676 Expected return on plan assets (293) (355) (312) Amortization of prior service costs 133 57 70 Amortization of actuarial net (gain) loss 272 (65) 1,490 Settlement (3) (7) 166 Curtailment (585) (114) (20) Net periodic benefit cost $ 4,775 $ 4,827 $ 5,978 The components of net periodic benefit cost, other than the service cost component, are included in total other income (expense) on the Consolidated Statements of Operations. The significant actuarial weighted average assumptions used in determining the benefit obligations and net periodic benefit cost for our benefit plans are as follows: Year Ended December 31, 2024 2023 2022 Actuarial assumptions used to determine benefit obligations at end of period: Discount rate 4.04 % 3.74 % 4.14 % Expected annual rate of compensation increase 4.73 % 4.41 % 4.26 % Actuarial assumptions used to determine net periodic benefit cost for the period: Discount rate 3.74 % 4.14 % 1.93 % Expected rate of return on plan assets 3.42 % 3.99 % 3.45 % Expected annual rate of compensation increase 4.41 % 4.26 % 3.88 % We determine a discount rate for our plans based on the estimated duration of each plan's liabilities. For euro denominated defined benefit pension plans, which represent 80% of our projected benefit obligation, we use discount rates with consideration of the duration of each of the plans, using a hypothetical yield curve developed from euro-denominated AA-rated corporate bond issues. These bonds are assigned different weights to adjust their relative influence on the yield curve, and the highest and lowest yielding 10% of bonds are excluded within each maturity group. The discount rate used, depending on the duration of the plans, were between 3.00% and 3.50%. Our expected rate of return on plan assets is derived from a study of actual historic returns achieved and anticipated future long-term performance of plan assets, specific to plan investment asset category. While the study primarily gives consideration to recent insurers' performance and historical returns, the assumption represents a long-term prospective return. The total accumulated benefit obligation for our defined benefit pension plans was $63.5 million and $68.8 million at December 31, 2024 and 2023. The total obligations and fair value of plan assets for plans with projected benefit obligations and accumulated benefit obligations exceeding the fair value of plan assets are as follows: In thousands December 31, 2024 2023 Projected benefit obligation $ 70,670 $ 75,182 Accumulated benefit obligation 62,944 68,022 Fair value of plan assets 7,010 7,672 Our asset investment strategy focuses on maintaining a portfolio using primarily insurance funds, which are accounted for as investments and measured at fair value, in order to achieve our long-term investment objectives on a risk adjusted basis. Our general funding policy for these qualified pension plans is to contribute amounts sufficient to satisfy regulatory funding standards of the respective countries for each plan. The fair values of our plan investments by asset category are as follows: Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Unobservable Inputs (Level 3) In thousands December 31, 2024 Insurance funds $ 8,031 $ — $ 8,031 Total fair value of plan assets $ 8,031 $ — $ 8,031 In thousands December 31, 2023 Insurance funds $ 8,840 $ — $ 8,840 Total fair value of plan assets $ 8,840 $ — $ 8,840 The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2024 and 2023: In thousands Balance at January 1, 2024 Net Realized and Unrealized Gains/(Loss) Net Purchases, Issuances, Settlements, and Other Effect of Foreign Currency Balance at December 31, 2024 Insurance funds $ 8,840 $ (130) $ (145) $ (534) $ 8,031 In thousands Balance at January 1, 2023 Net Realized and Unrealized Gains/(Loss) Net Purchases, Issuances, Settlements, and Other Effect of Foreign Currency Balance at December 31, 2023 Insurance funds $ 7,805 $ 727 $ (67) $ 375 $ 8,840 As the plan assets and contributions are not significant to our total company assets, no further disclosures are considered material. Annual benefit payments for the next 10 years, including amounts to be paid from our assets for unfunded plans and reflecting expected future service, as appropriate, are expected to be paid as follows: Year Ending December 31, Estimated Annual Benefit Payments In thousands 2025 $ 4,606 2026 3,992 2027 4,534 2028 4,590 2029 4,655 2030-2034 28,849

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [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 December 31, 2024, 4,590,590 shares were available for grant. We issue new shares of common stock upon the exercise of stock options or when vesting conditions on restricted stock units are fully satisfied. These shares are subject to a fungible share provision such that the authorized share available for grant under the Plan is reduced by (i) one share for every one share subject to a stock option or share appreciation right granted and (ii) 1.7 shares for every one share of common stock that was subject to an award other than an option or share appreciation right. We also award phantom stock units, which are settled in cash upon vesting and accounted for as liability-based awards, with no impact to the shares available for grant. In addition, we maintain the ESPP, for which 477,368 shares of common stock were available for future issuance at December 31, 2024. ESPP activity and stock-based grants other than stock options and restricted stock units were not significant for the years ended December 31, 2024, 2023, and 2022. Stock-Based Compensation Expense Total stock-based compensation expense and the related tax benefit were as follows : Year Ended December 31, In thousands 2024 2023 2022 Stock options $ — $ 103 $ 891 Restricted stock units 42,531 27,189 20,038 Unrestricted stock awards 1,343 1,065 952 Phantom stock units 5,923 5,025 1,315 Total stock-based compensation $ 49,797 $ 33,382 $ 23,196 Related tax benefit $ 10,802 $ 6,928 $ 5,371 Stock Options A summary of our stock option activity is as follows: Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Weighted Average Grant Date Fair Value In thousands Years In thousands Outstanding, January 1, 2022 393 $ 61.18 5.9 $ 4,737 Granted — — $ — Exercised (1) 45.90 4 Forfeited (2) 87.27 Canceled (9) 80.00 Outstanding, December 31, 2022 381 $ 60.63 4.8 $ 1,892 Granted — — $ — Exercised (18) 45.96 397 Forfeited — — Canceled — — Outstanding, December 31, 2023 363 $ 61.36 4.0 $ 5,886 Granted — — $ — Exercised (89) 51.45 4,450 Forfeited — — Canceled — — Outstanding and Exercisable, December 31, 2024 274 $ 64.55 3.2 $ 12,087 At December 31, 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: Number of Restricted Stock Units Weighted Average Grant Date Fair Value Aggregate Intrinsic Value In thousands In thousands Outstanding, January 1, 2022 430 $ 85.77 Granted 391 53.33 Released (1) (227) $ 18,169 Forfeited (66) Outstanding, December 31, 2022 528 $ 66.39 Granted 497 56.89 Released (1) (242) $ 13,974 Forfeited (32) Outstanding, December 31, 2023 751 $ 58.89 Granted 552 76.34 Released (1) (446) 62.02 $ 38,260 Forfeited (26) 67.52 Outstanding, December 31, 2024 831 $ 67.71 Vested but not released, December 31, 2024 18 $ 108.58 $ 1,914 ( 1 ) Shares released is presented as gross shares and does not reflect shares withheld by us for employee payroll tax obligations. At December 31, 2024, total unrecognized compensation expense on restricted stock units was $43.0 million, which is expected to be recognized over a weighted average period of approximately 1.6 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: Year Ended December 31, 2024 2023 2022 Expected volatility 40.3 % 46.0 % 55.7 % Risk-free interest rate 4.3 % 4.6 % 1.7 % Expected term (years) 2.0 1.9 2.9 Weighted average fair value $ 115.69 $ 73.41 $ 57.88 Phantom Stock Units The following table summarizes phantom stock unit activity: Number of Phantom Stock Units Weighted Aggregate Intrinsic Value In thousands In thousands Outstanding, January 1, 2022 69 $ 85.47 Granted 59 53.07 Released (34) $ 1,780 Forfeited (9) Outstanding, December 31, 2022 85 $ 66.46 Granted 77 56.52 Released (43) $ 2,511 Forfeited (4) Outstanding, December 31, 2023 115 $ 58.58 Granted 57 77.38 Released (63) 60.99 $ 5,420 Forfeited (18) 58.74 Outstanding, December 31, 2024 91 $ 68.63 At December 31, 2024, total unrecognized compensation expense on phantom stock units was $5.1 million, which is expected to be recognized over a weighted average period of approximately 1.6 years. As of December 31, 2024 and 2023, we have recognized a phantom stock liability of $4.8 million and $4.4 million within wages and benefits payable in the Consolidated Balance Sheets.

Defined Contribution Plans

Defined Contribution Plans	12 Months Ended
	Dec. 31, 2024
Defined Contribution [Abstract]
Defined Contribution Plans	Defined Contribution Plans In the United States, United Kingdom, and certain other countries, we make contributions to defined contribution plans. For our U.S. employee savings plan, which represents a majority of our contribution expense, we provide a 75% match on the first 6% of the employee salary deferral, subject to statutory limitations. For our international defined contribution plans, we provide various levels of contributions, based on salary, subject to stipulated or statutory limitations. The expense for our defined contribution plans was as follows: Year Ended December 31, In thousands 2024 2023 2022 Defined contribution plans expense $ 20,683 $ 16,958 $ 14,241

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Organization for Economic Cooperation and Development (OECD) guidance under the Base Erosion and Profit Shifting (BEPS) initiative aims to minimize perceived tax abuses and modernize global tax policy, including the implementation of a global minimum effective tax rate of 15%. In December 2022, the Council of the European Union adopted OECD Pillar 2 for implementation by European Union member states by December 31, 2023. The resulting legislation in most countries where Itron has significant operations is taking 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 preliminary calculations for calendar year 2024, the Company anticipates it will meet the safe harbors in most jurisdictions, and any remaining top-up tax should be immaterial. The following table summarizes the provision (benefit) for U.S. federal, state, and foreign taxes on income from continuing operations: Year Ended December 31, In thousands 2024 2023 2022 Current: Federal $ 65,461 $ 43,101 $ (2,692) State and local 13,427 12,039 3,698 Foreign 3,310 8,573 25,433 Total current 82,198 63,713 26,439 Deferred: Federal (28,541) (29,717) (24,167) State and local (5,475) (6,471) (4,723) Foreign (3,178) 1,071 (23,832) Total deferred (37,194) (35,117) (52,722) Change in valuation allowance (1,597) 472 20,087 Total provision (benefit) for income taxes $ 43,407 $ 29,068 $ (6,196) The change in the valuation allowance does not include the impacts of currency translation adjustments, acquisitions, or significant intercompany transactions. Our tax provision (benefit) as a percentage of income before tax was 15%, 23%, and 39% for 2024, 2023, and 2022. A reconciliation of income taxes at the U.S. federal statutory rate of 21% to the consolidated actual tax rate is as follows: Year Ended December 31, In thousands 2024 2023 2022 Income (loss) before income taxes Domestic $ 230,120 $ 88,258 $ (19,104) Foreign 54,411 39,128 3,361 Total income (loss) before income taxes $ 284,531 $ 127,386 $ (15,743) Expected federal income tax provision (benefit) $ 59,751 $ 26,751 $ (3,306) Divestitures — — 1,578 Change in valuation allowance (1,597) 472 20,087 Stock-based compensation (3,322) 928 1,611 Foreign earnings (14,004) 3,921 (22,244) Tax credits (14,081) (11,906) (10,967) Uncertain tax positions, including interest and penalties (9,046) (57) (2,053) Change in tax rates 14,151 106 385 State income tax provision (benefit), net of federal effect 4,311 2,324 (2,873) U.S. tax provision on foreign earnings 356 404 146 Nondeductible goodwill impairment — — 6,375 Local foreign taxes 666 509 551 Other, net 6,222 5,616 4,514 Total provision (benefit) from income taxes $ 43,407 $ 29,068 $ (6,196) Deferred tax assets and liabilities consist of the following: December 31, In thousands 2024 2023 Deferred tax assets Loss carryforwards (1) $ 397,686 $ 419,327 Tax credits (2) 24,485 23,441 Accrued expenses 28,960 37,609 Pension plan benefits expense 9,596 7,671 Warranty reserves 7,754 8,265 Depreciation and amortization 58,199 64,959 Equity compensation 12,619 9,362 Inventory valuation 1,762 4,883 Deferred revenue 14,850 12,264 Interest 30,304 8,228 Leases 5,013 7,173 Capitalized research costs 151,418 113,465 Other deferred tax assets, net 756 9,004 Total deferred tax assets 743,402 725,651 Valuation allowance (420,655) (445,170) Total deferred tax assets, net of valuation allowance 322,747 280,481 Deferred tax liabilities Depreciation and amortization (7,282) (23,313) Leases (2,977) (6,064) Other deferred tax liabilities, net (2,773) (4,590) Total deferred tax liabilities (13,032) (33,967) Net deferred tax assets $ 309,715 $ 246,514 (1) For tax return purposes at December 31, 2024, we had U.S. federal loss carryforwards of $5.7 million, which begin to expire in the year 2025. At December 31, 2024, we have net operating loss carryforwards in Luxembourg of $1.3 billion, the majority of which can be carried forward indefinitely, offset by a full valuation allowance. The remaining portion of the loss carryforwards are composed primarily of losses in various other state and foreign jurisdictions. The majority of these losses can be carried forward indefinitely. At December 31, 2024, there was a valuation allowance of $420.7 million primarily associated with foreign loss carryforwards. (2) For tax return purposes at December 31, 2024, we had: U.S. general business credits of $0.5 million, which begin to expire in 2040; U.S. foreign tax credits of $0.9 million, which begin to expire in 2034; and state tax credits of $43.2 million, which begin to expire in 2025. Changes in the valuation allowance for deferred tax assets are summarized as follows: Year Ended December 31, In thousands 2024 2023 2022 Balance at beginning of period $ 445,170 $ 427,423 $ 443,593 Other adjustments (22,918) 17,275 (36,257) Additions charged to costs and expenses (1,597) 472 20,087 Balance at end of period, noncurrent $ 420,655 $ 445,170 $ 427,423 We recognize valuation allowances to reduce deferred tax assets to the extent we believe it is more likely than not that a portion of such assets will not be realized. In making such determinations, we consider all available favorable and unfavorable evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and our ability to carry back losses to prior years. We are required to make assumptions and judgments about potential outcomes that lie outside management's control. Our most sensitive and critical factors are the projection, source, and character of future taxable income. Although realization is not assured, management believes it is more likely than not that deferred tax assets, net of valuation allowance, will be realized. The amount of deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward periods are reduced. We do not provide U.S. deferred taxes on temporary differences related to our foreign investments that are considered permanent in duration. These temporary differences include undistributed foreign earnings of $38.2 million and $30.8 million at December 31, 2024 and 2023. Foreign taxes have been provided on these undistributed foreign earnings. As a result of recent changes in U.S. tax legislation, any repatriation of these earnings would not result in additional U.S. federal income tax. We are subject to income tax in the United States and numerous foreign jurisdictions. Significant judgment is required in evaluating our tax positions and determining our provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. We establish reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when we believe that certain positions might be challenged despite our belief that our tax return positions are fully supportable. We adjust these reserves in light of changing facts and circumstances, such as the outcome of tax audits. The provision for income taxes includes the impact of reserve positions and changes to reserves that are considered appropriate. A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows: In thousands Total Unrecognized tax benefits at January 1, 2022 $ 139,529 Gross increase to positions in prior years 14,450 Gross decrease to positions in prior years (2,786) Gross increases to current period tax positions 4,702 Audit settlements — Decrease related to lapsing of statute of limitations (23,164) Effect of change in exchange rates (2,587) Unrecognized tax benefits at December 31, 2022 130,144 Gross increase to positions in prior years 1,182 Gross decrease to positions in prior years (8,666) Gross increases to current period tax positions 10,967 Audit settlements (3,234) Decrease related to lapsing of statute of limitations (2,000) Effect of change in exchange rates 1,674 Unrecognized tax benefits at December 31, 2023 130,067 Gross increase to positions in prior years 630 Gross decrease to positions in prior years (4,320) Gross increases to current period tax positions 4,868 Gross decreases to current period tax positions (1,056) Audit settlements (19,727) Decrease related to lapsing of statute of limitations (2,752) Effect of change in exchange rates (1,578) Unrecognized tax benefits at December 31, 2024 $ 106,132 December 31, In thousands 2024 2023 2022 The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate $ 106,122 $ 129,591 $ 130,137 If certain unrecognized tax benefits are recognized they would create additional deferred tax assets. These assets would require a full valuation allowance in certain locations based upon present circumstances. We classify interest expense and penalties related to unrecognized tax benefits and interest income on tax overpayments as components of income tax expense. The net interest and penalties expense recognized were as follows: Year Ended December 31, In thousands 2024 2023 2022 Net interest and penalties expense (benefit) $ (3,449) $ 1,821 $ 4,665 Accrued interest and penalties recognized were as follows: December 31, In thousands 2024 2023 Accrued interest $ 6,418 $ 9,794 Accrued penalties 293 466 At December 31, 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. We file income tax returns in various jurisdictions. We are subject to income tax examination by tax authorities in our major tax jurisdictions as follows: Tax Jurisdiction Years Subject to Audit U.S. federal Subsequent to 2020 France Subsequent to 2020 Germany Subsequent to 2018 United Kingdom Subsequent to 2019 Indonesia Subsequent to 2018 Italy Subsequent to 2018 While the above years are subject to audit based on the local jurisdiction's statute of limitations, tax attributes carrying over into the above years may also be adjusted upon audit.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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: December 31, In thousands 2024 2023 Credit facility Multicurrency revolving line of credit $ 500,000 $ 500,000 Standby LOCs issued and outstanding (46,013) (59,059) Net available for additional borrowings under the multicurrency revolving line of credit $ 453,987 $ 440,941 Net available for additional standby LOCs under sub-facility $ 253,987 $ 240,941 Unsecured multicurrency revolving lines of credit with various financial institutions Multicurrency revolving lines of credit $ 87,230 $ 84,318 Standby LOCs issued and outstanding (19,541) (21,853) Short-term borrowings — — Net available for additional borrowings and LOCs $ 67,689 $ 62,465 Unsecured surety bonds in force $ 363,097 $ 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 February 25, 2025, we are not aware of any valid claims against our outstanding standby LOCs or bonds. We generally provide an indemnification related to the infringement of any patent, copyright, trademark, or other intellectual property right on software or equipment within our sales contracts, which indemnifies the customer from, and pays the resulting costs, damages, and attorney's fees awarded against a customer with respect to, such a claim provided that (a) the customer promptly notifies us in writing of the claim and (b) we have the sole control of the defense and all related settlement negotiations. We may also provide an indemnification to our customers for third-party claims resulting from damages caused by the negligence or willful misconduct of our employees/agents in connection with the performance of certain contracts. The terms of our indemnifications generally do not limit the maximum potential payments. It is not possible to predict the maximum potential amount of future payments under these or similar agreements. Legal Matters We are subject to various legal proceedings and claims of which the outcomes are subject to significant uncertainty. Our policy is to assess the likelihood of any adverse judgments or outcomes related to legal matters, as well as ranges of probable losses. A determination of the amount of the liability required, if any, for these contingencies is made after an analysis of each known issue. A liability would be recognized and charged to operating expense when we determine that a loss is probable and the amount can be reasonably estimated. Additionally, we disclose contingencies for which a material loss is reasonably possible, but not probable. Warranty A summary of the warranty accrual account activity is as follows: Year Ended December 31, In thousands 2024 2023 2022 Beginning balance $ 22,164 $ 25,698 $ 32,022 New product warranties 6,132 6,665 5,061 Other adjustments and expirations, net 1,975 710 (882) Claims activity (7,894) (11,187) (9,719) Effect of change in exchange rates (236) 278 (784) Ending balance 22,141 22,164 25,698 Less: current portion of warranty 14,302 14,663 18,203 Long-term warranty $ 7,839 $ 7,501 $ 7,495 Total warranty expense is classified within cost of revenues and consists of new product warranties issued, costs related to insurance and supplier recoveries, other changes and adjustments to warranties, and customer claims. Warranty expense was as follows: Year Ended December 31, In thousands 2024 2023 2022 Total warranty expense $ 8,107 $ 7,375 $ 4,179 Health Benefits We are self-insured for a substantial portion of the cost of our U.S. employee group health insurance. We purchase insurance from a third-party, which provides individual and aggregate stop-loss protection for these costs. Each reporting period, we expense the costs of our health insurance plan including paid claims, the change in the estimate of incurred but not reported (IBNR) claims, taxes, and administrative fees (collectively, the plan costs). Plan costs were as follows: Year Ended December 31, In thousands 2024 2023 2022 Plan costs $ 39,042 $ 36,326 $ 37,942 IBNR accrual, which is included in wages and benefits payable, was as follows: December 31, In thousands 2024 2023 IBNR accrual $ 3,658 $ 3,673 Our IBNR accrual and expenses may fluctuate due to the number of plan participants, claims activity, and deductible limits. For our employees located outside of the United States, health benefits are provided primarily through governmental social plans, which are funded through employee and employer tax withholding.

Restructuring

Restructuring	12 Months Ended
	Dec. 31, 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 December 31, 2024 Costs Recognized in Prior Periods Adjustments Recognized During the Year Ended December 31, 2024 Expected Remaining Costs to be Recognized at December 31, 2024 Employee severance costs $ 42,078 $ 43,347 $ (1,269) $ — Asset impairments & net loss (gain) on sale or disposal 1,149 1,130 19 — Other restructuring costs 7,547 4,051 2,896 600 Total $ 50,774 $ 48,528 $ 1,646 $ 600 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 were substantially complete at 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 December 31, 2024 Costs Recognized in Prior Periods Adjustments Recognized During the Year Ended December 31, 2024 Expected Remaining Costs to be Recognized at December 31, 2024 Employee severance costs $ 35,816 $ 34,821 $ 995 $ — Asset impairments & net loss (gain) on sale or disposal 8,169 8,379 (210) — Other restructuring costs 5,277 3,729 248 1,300 Total $ 49,262 $ 46,929 $ 1,033 $ 1,300 The following table summarizes the activity within the restructuring related balance sheet accounts for the 2023 Projects and the 2021 Projects during the year ended December 31, 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 (274) (191) 3,144 2,679 Cash payments (27,987) (13) (4,041) (32,041) Cash receipts — 150 — 150 Net assets disposed and impaired — 54 — 54 Effect of change in exchange rates (2,322) — 435 (1,887) Ending balance, December 31, 2024 $ 38,115 $ — $ 3,216 $ 41,331 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 $24.3 million and $21.0 million as of December 31, 2024 and 2023 and are classified within other current liabilities on the Consolidated Balance Sheets. The long-term portions of restructuring liabilities were $17.0 million and $51.4 million as of December 31, 2024 and 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	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	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 December 31, 2024 or 2023. Stock Repurchase Programs Effective September 19, 2024, Itron's Board of Directors authorized a repurchase up to $100 million of our common stock over an 18-month period (the 2024 Stock Repurchase Program). The repurchase program is intended to comply with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. We repurchased no shares under the 2024 Stock Repurchase Program. Effective May 11, 2023, Itron's Board of Directors authorized a repurchase up to $100 million of our common stock over an 18-month period (the 2023 Stock Repurchase Program). In June 2024, we repurchased 971,534 shares under the 2023 Stock Repurchase Program at an average price of $102.93 (excluding commissions) for a total of $100.0 million. This repurchase was completed in conjunction with the issuance of the 2024 convertible notes. 2021 Call Option Transactions We paid an aggregate amount of $84.1 million for the 2021 call option transactions. The 2021 call option transactions cover, subject to anti-dilution adjustments substantially similar to those in the 2021 Notes, approximately 3.7 million shares of our common stock, the same number of shares initially underlying the 2021 Notes, at a strike price of approximately $126.00, subject to customary adjustments. The 2021 call option transactions will expire upon the maturity of the 2021 Notes, subject to earlier exercise or termination. The 2021 call option transactions are expected generally to reduce the potential dilutive effect of the conversion of our 2021 Notes and/or offset any cash payments we are required to make in excess of the principal amount of the converted notes, as the case may be, in the event that the market price per share of our common stock, as measured under the terms of the 2021 call option transactions, is greater than the strike price of the 2021 call option transactions. The 2021 call option transactions meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore they are not revalued after their issuance. We made a tax election to integrate the 2021 Notes and the 2021 call option transactions. We are retaining the identification statements in our books and records, together with a schedule providing the accruals on the synthetic debt instruments. The accounting impact of this tax election makes the call options deductible as original issue discount for tax purposes over the term of the 2021 Notes, and results in a $20.6 million deferred tax asset recognized through equity. Warrant Transactions In addition, concurrently with entering into the 2021 call option transactions, we separately entered into privately-negotiated warrant transactions (the warrant transactions), whereby we sold to the counterparties warrants to acquire, collectively, subject to anti-dilution adjustments, 3.7 million shares of our common stock at an initial strike price of $180.00 per share, which represents a premium of 100% over the public offering price in the common stock issuance. We received aggregate proceeds of $45.3 million from the warrant transactions with the counterparties, with such proceeds partially offsetting the costs of entering into the convertible note hedge transactions. The warrants expire in June 2026. If the market value per share of our common stock, as measured under the warrant transactions, exceeds the strike price of the warrants, the warrants will have a dilutive effect on our earnings per share, unless we elect, subject to certain conditions, to settle the warrants in cash. The warrants meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore the warrants are not revalued after issuance. 2024 Capped Call Transactions In connection with the issuance of the 2024 Notes, we entered into privately negotiated capped call transactions on our common stock with certain commercial banks. The 2024 capped call transactions cover, subject to anti-dilution adjustments substantially similar to those in the 2024 Notes, approximately 6.1 million shares of our common stock, the same number of shares initially underlying the convertible notes, at a strike price of approximately $131.2353, subject to customary adjustments. The cap price of the 2024 capped call transactions will initially be $205.86 per share, which represents a premium of 100% over the last reported stock price per share of the Company's common stock on June 17, 2024, and is subject to certain adjustments under the terms of the 2024 capped call transactions. The 2024 capped call transactions will expire upon the maturity of the 2024 Notes, subject to earlier exercise or termination. We made a tax election to integrate the 2024 Notes and the 2024 capped call transactions. We are retaining the identification statements in our books and records, together with a schedule providing the accruals on the synthetic debt instruments. The accounting impact of this tax election makes the capped call transactions deductible as original issue discount for tax purposes over the term of the 2024 Notes, and results in a $26.7 million deferred tax asset recognized through equity. Accumulated Other Comprehensive Income (Loss) The changes in the components of AOCI, net of tax, were as follows: In thousands Foreign Currency Translation Adjustments Net Unrealized Gain (Loss) on Derivative Instruments Net Unrealized Gain (Loss) on Nonderivative Instruments Pension Benefit Obligation Adjustments Accumulated Other Comprehensive Income (Loss) Balances at January 1, 2022 $ (111,766) $ (210) $ (14,380) $ (21,742) $ (148,098) OCI before reclassifications (28,748) — — 23,170 (5,578) Amounts reclassified from AOCI 57,321 — — 1,681 59,002 Total other comprehensive income (loss) 28,573 — — 24,851 53,424 Balances at December 31, 2022 (83,193) (210) (14,380) 3,109 (94,674) OCI before reclassifications 15,550 — — (1,947) 13,603 Amounts reclassified from AOCI — — — (119) (119) Total other comprehensive income (loss) 15,550 — — (2,066) 13,484 Balances at December 31, 2023 (67,643) (210) (14,380) 1,043 (81,190) OCI before reclassifications (29,913) — — 1,290 (28,623) Amounts reclassified from AOCI — — — (118) (118) Total other comprehensive income (loss) (29,913) — — 1,172 (28,741) Balances at December 31, 2024 $ (97,556) $ (210) $ (14,380) $ 2,215 $ (109,931) Upon closing the divestiture transaction in 2022, outstanding amounts in AOCI were reclassified to net income (loss) on the sale of business with a corresponding reversal of the impairment loss originally booked in the prior period. We also substantially liquidated our legal entity in Russia during 2022 recognizing the reclassification of the currency translation adjustment from accumulated other comprehensive income (loss) related to the disposal of the business. The before-tax, income tax (provision) benefit, and net-of-tax amounts related to each component of OCI were as follows: Year Ended December 31, In thousands 2024 2023 2022 Before-tax amount Foreign currency translation adjustment $ (30,238) $ 15,622 $ (28,921) Foreign currency translation adjustment reclassified to net income (loss) on sale or disposal of business — — 57,321 Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges — — — Net hedging (gain) loss reclassified to net income (loss) — — — Net unrealized gain (loss) on defined benefit plans 1,999 (2,117) 23,519 Net defined benefit plan (gain) loss reclassified to net income (loss) (183) (129) 1,706 Total other comprehensive income (loss), before tax (28,422) 13,376 53,625 Tax (provision) benefit Foreign currency translation adjustment 325 (72) 173 Foreign currency translation adjustment reclassified to net income (loss) on sale or disposal of business — — — Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges — — — Net hedging (gain) loss reclassified to net income (loss) — — — Net unrealized gain (loss) on defined benefit plans (709) 170 (349) Net defined benefit plan (gain) loss reclassified to net income (loss) 65 10 (25) Total other comprehensive income (loss) tax (provision) benefit (319) 108 (201) Net-of-tax amount Foreign currency translation adjustment (29,913) 15,550 (28,748) Foreign currency translation adjustment reclassified to net income (loss) on sale or disposal of business — — 57,321 Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges — — — Net hedging (gain) loss reclassified to net income (loss) — — — Net unrealized gain (loss) on defined benefit plans 1,290 (1,947) 23,170 Net defined benefit plan (gain) loss reclassified to net income (loss) (118) (119) 1,681 Total other comprehensive income (loss), net of tax $ (28,741) $ 13,484 $ 53,424

Fair Values of Financial Instru

Fair Values of Financial Instruments	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Values of Financial Instruments	Fair Value of Financial Instruments The fair values at December 31, 2024 and 2023 do not reflect subsequent changes in the economy, interest rates, tax rates, and other variables that may affect the determination of fair value. December 31, 2024 December 31, 2023 In thousands Carrying Amount Fair Value Carrying Amount Fair Value Credit facility Multicurrency revolving line of credit $ — $ — $ — $ — Convertible notes 1,242,424 1,330,670 454,827 423,476 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	12 Months Ended
	Dec. 31, 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 define these segments based on the structure in which internally reported financial information is regularly provided to the chief operating decision maker (CODM) to analyze financial performance, make strategic decisions, and allocate resources. The Company's CODM is the chief executive officer. Segment Products Device Solutions – This segment primarily includes hardware products used for measurement, control, or sensing that can have communications capability embedded for use with our broader Itron systems, i.e., hardware-based products that may be part of a complete end-to-end solution. Examples from the Device Solutions portfolio include: standard endpoints that are shipped without Itron communications, such as our standard electricity, gas, and water meters for a variety of global markets and adhering to regulations and standards within those markets, as well as our heat and allocation products; communicating meters that may be sold as part of an Itron end-to-end solution and designed to meet market requirements; and the implementation and installation of communicating and non-communicating devices. Networked Solutions – This segment primarily includes a combination of communicating devices (e.g., smart meters, modules, endpoints, and sensors), network infrastructure, network design services, 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); grid edge devices; distribution automation communications; smart street lighting; smart city sensors and applications; 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 in which we enable grid edge intelligence and manage, organize, analyze, and interpret raw, anonymized data using artificial intelligence, machine learning, statistical modeling, and other analytics. This allows us to help utilities improve decision making, maximize operational profitability, engage consumers, enhance resource efficiency, improve grid resiliency and reliability, and deliver value for 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. The CODM assesses the segments' performance primarily by using each segment's revenues and gross profit (gross 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. No asset information for reportable segments is provided to the CODM. We do not manage the performance of the segments on a balance sheet basis. The CODM assesses revenues and gross profit for each segment predominantly in the annual budget and periodic forecasting process. The CODM considers budget-to-actual and forecast-to-actual variances for these measures when making decisions about the allocation of operating and capital resources to each segment. The CODM primarily uses segment gross profit for evaluating pricing strategy and the performance of each segment. Information about our reporting segments and Corporate unallocated and the reconciliation to income before income taxes was as follows: Year Ended December 31, 2024 In thousands Device Solutions Networked Solutions Outcomes Segments Subtotal Corporate Unallocated Consolidated Product Revenue $ 473,329 $ 1,546,278 $ 111,772 $ 2,131,379 Service Revenue 3,248 103,797 202,413 309,458 Total revenue 476,577 1,650,075 314,185 2,440,837 Cost of sales 353,113 1,052,295 196,112 1,601,520 Gross profit 123,464 597,780 118,073 839,317 Sales, general and administrative 13,627 27,676 15,826 57,129 Research and development 16,315 113,442 50,517 180,274 Corporate unallocated expenses — — — — 337,804 Total other income (expense) — — — — 20,421 Income (loss) before income taxes $ 93,522 $ 456,662 $ 51,730 $ 601,914 $ (317,383) $ 284,531 Year Ended December 31, 2023 In thousands Device Solutions Networked Solutions Outcomes Segments Subtotal Corporate Unallocated Consolidated Product Revenue $ 452,718 $ 1,331,546 $ 79,225 $ 1,863,489 Service Revenue 3,008 118,745 188,391 310,144 Total revenue 455,726 1,450,291 267,616 2,173,633 Cost of sales 349,809 950,566 159,350 1,459,725 Gross profit 105,917 499,725 108,266 713,908 Sales, general and administrative 13,846 26,055 14,428 54,329 Research and development 26,381 104,749 43,492 174,622 Corporate unallocated expenses — — — — 356,090 Total other income (expense) — — — — (1,481) Income (loss) before income taxes $ 65,690 $ 368,921 $ 50,346 $ 484,957 $ (357,571) $ 127,386 Year Ended December 31, 2022 In thousands Device Solutions Networked Solutions Outcomes Segments Subtotal Corporate Unallocated Consolidated Product Revenue $ 433,354 $ 1,002,156 $ 64,733 $ 1,500,243 Service Revenue 5,356 117,112 172,853 295,321 Total revenue 438,710 1,119,268 237,586 1,795,564 Cost of sales 376,932 757,293 139,150 1,273,375 Gross profit 61,778 361,975 98,436 522,189 Sales, general and administrative 12,544 21,823 12,772 47,139 Research and development 22,531 91,884 39,417 153,832 Corporate unallocated expenses — — — — 328,657 Total other income (expense) — — — — (8,304) Income (loss) before income taxes $ 26,703 $ 248,268 $ 46,247 $ 321,218 $ (336,961) $ (15,743) Three Months Ended September 30, 2024 In thousands Device Solutions Networked Solutions Outcomes Segments Subtotal Corporate Unallocated Consolidated Product Revenue $ 122,119 $ 390,201 $ 25,929 $ 538,249 Service Revenue 619 26,512 50,082 77,213 Total revenue 122,738 416,713 76,011 615,462 Cost of sales 89,396 267,065 49,403 405,864 Gross profit 33,342 149,648 26,608 209,598 Sales, general and administrative 3,137 6,860 3,874 13,871 Research and development 3,720 27,557 11,548 42,825 Corporate unallocated expenses — — — — 78,969 Total other income (expense) — — — — 8,492 Income (loss) before income taxes $ 26,485 $ 115,231 $ 11,186 $ 152,902 $ (70,477) $ 82,425 Three Months Ended June 30, 2024 In thousands Device Solutions Networked Solutions Outcomes Segments Subtotal Corporate Unallocated Consolidated Product Revenue $ 117,929 $ 387,351 $ 27,627 $ 532,907 Service Revenue 621 25,353 50,188 76,162 Total revenue 118,550 412,704 77,815 609,069 Cost of sales 87,319 260,547 50,743 398,609 Gross profit 31,231 152,157 27,072 210,460 Sales, general and administrative 3,328 7,031 3,819 14,178 Research and development 4,178 27,682 12,602 44,462 Corporate unallocated expenses — — — — 87,173 Total other income (expense) — — — — 2,393 Income (loss) before income taxes $ 23,725 $ 117,444 $ 10,651 $ 151,820 $ (84,780) $ 67,040 Three Months Ended March 31, 2024 In thousands Device Solutions Networked Solutions Outcomes Segments Subtotal Corporate Unallocated Consolidated Product Revenue $ 125,908 $ 381,305 $ 20,609 $ 527,822 Service Revenue 844 26,211 48,565 75,620 Total revenue 126,752 407,516 69,174 603,442 Cost of sales 96,688 256,491 44,884 398,063 Gross profit 30,064 151,025 24,290 205,379 Sales, general and administrative 3,781 6,499 4,027 14,307 Research and development 4,580 27,848 11,172 43,600 Corporate unallocated expenses — — — — 84,672 Total other income (expense) — — — — 2,416 Income (loss) before income taxes $ 21,703 $ 116,678 $ 9,091 $ 147,472 $ (82,256) $ 65,216 For the three months ended September 30, 2024, one customer represented 10.7% of total company revenue. This revenue is included in both the Networked Solutions and Outcomes reporting segments. For all other periods presented, no single customer represented more than 10% of total company revenue. Revenues by region were as follows: Year Ended December 31, In thousands 2024 2023 2022 United States and Canada $ 2,007,045 $ 1,733,680 $ 1,302,241 Europe, Middle East, and Africa 338,997 340,854 391,556 Asia Pacific 94,795 99,099 101,767 Total Company $ 2,440,837 $ 2,173,633 $ 1,795,564 Property, plant, and equipment, net, by geographic area were as follows: December 31, In thousands 2024 2023 United States $ 73,878 $ 80,035 Outside United States 41,550 48,771 Total Company $ 115,428 $ 128,806 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: Year Ended December 31, In thousands 2024 2023 2022 Device Solutions $ 12,145 $ 12,348 $ 14,452 Networked Solutions 16,545 16,314 17,539 Outcomes 6,372 5,433 5,501 Corporate unallocated 21,215 21,668 29,271 Total Company $ 56,277 $ 55,763 $ 66,763

Revenues

Revenues	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues A summary of significant net changes in the contract assets and the contract liabilities balances during the period is as follows: In thousands Contract liabilities, less contract assets Beginning balance, January 1, 2024 $ 82,885 Revenues recognized from beginning contract liability (68,091) Cumulative catch-up adjustments 10,028 Increases due to amounts collected or due 340,239 Revenues recognized from current period increases (236,496) Other (1,008) Ending balance, December 31, 2024 $ 127,557 On January 1, 2024, total contract assets were $80.1 million and total contract liabilities were $163.0 million. On December 31, 2024, total contract assets were $65.4 million and total contract liabilities were $193.0 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 $1.3 billion for the next 12 months and approximately $1.1 billion for periods longer than 12 months. The total remaining performance obligations consist of product and service components. The service component relates primarily to maintenance agreements for which customers pay a full year's maintenance in advance, and service revenues are generally recognized over the service period. Total transaction price allocated to remaining performance obligations also includes our extended warranty contracts, for which revenue is recognized over the extended warranty period, and hardware, which is recognized as units are delivered. The estimate of when remaining performance obligations will be recognized requires significant judgment. Cost to obtain a contract and cost to fulfill a contract with a customer Cost to obtain a contract and costs to fulfill a contract were capitalized and amortized using a systematic rational approach to align with the transfer of control of underlying contracts with customers. While amounts were capitalized, they are not material. Disaggregation of revenue Refer to Note 16: Segment Information and the Consolidated Statements of Operations for disclosure regarding the disaggregation of revenue into categories, which depict how revenue and cash flows are affected by economic factors. Specifically, our operating segments and geographical regions as disclosed, and categories for products, which include hardware and software and services, are presented.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2023
Business Combinations [Abstract]
Business Combinations	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 $19.3 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 .

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Lessee, Operating Leases	Leases We lease certain factories, service and distribution locations, offices, and equipment under operating leases. Our operating leases have initial lease terms ranging from one to 10 years, some of which include options to extend or renew the leases for up to 10 years. Certain lease agreements contain provisions for future rent increases. Our leases do not contain material residual value guarantees, and finance leases are not material. The components of operating lease expense are as follows: In thousands Year Ended December 31, 2024 2023 Operating lease cost $ 22,563 $ 18,798 Variable lease cost 3,640 3,804 Total operating lease cost $ 26,203 $ 22,602 Supplemental cash flow information related to operating leases is as follows: In thousands Year Ended December 31, 2024 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 18,741 $ 19,517 Right-of-use assets obtained in exchange for operating lease liabilities 9,351 3,652 Supplemental balance sheet information related to operating leases is as follows: In thousands December 31, 2024 December 31, 2023 Operating lease right-of-use assets, net $ 28,957 $ 41,186 Other current liabilities 14,584 14,981 Operating lease liabilities 25,350 32,656 Total operating lease liability $ 39,934 $ 47,637 Weighted average remaining lease term - Operating leases 3.8 years 3.6 years Weighted average discount rate - Operating leases 4.6 % 4.5 % Amounts due under operating lease liabilities as of December 31, 2024 are as follows: In thousands December 31, 2024 2025 $ 15,932 2026 13,657 2027 5,648 2028 2,700 2029 1,252 Thereafter 4,291 Total lease payments 43,480 Less: imputed interest (3,546) Total operating lease liability $ 39,934

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 239,105	$ 96,923	$ (9,732)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the quarter ended December 31, 2024, the following Section 16 officers and directors, as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934 (the Exchange Act), adopted, modified, or terminated Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K of the Exchange Act): • On November 11, 2024, Donald L. Reeves, Senior Vice President, Outcomes, adopted a new written trading plan to sell up to 4,170 shares of Itron, Inc. common stock over a period ending on November 7, 2025, subject to certain conditions.
Name	Donald L. Reeves
Title	Senior Vice President
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	November 11, 2024
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Expiration Date	November 7, 2025
Arrangement Duration	361 days
Aggregate Available	4,170	4,170

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	In order to address cybersecurity risks and threats, we have in place teams, processes, and programs for protecting company and customer information. We have an Information Security Steering Committee (ISSC), whose purpose is to oversee the overall information security program as well as product security and data protection. The ISSC consists of senior executives, including our CEO and CFO. The ISSC meets quarterly to discuss strategy and general updates and is advised by company personnel with expertise and experience in cybersecurity risk management. We have a risk management process utilizing a Governance, Risk, and Compliance system. Our security program uses a "defense in depth" philosophy, meaning that multiple controls must be breached for an attack to be successful. We maintain a series of both protective and detective controls to enable breakdown or bypass of protection mechanisms to be detected and escalated for response. We perform logging and monitoring across systems, directed to a centralized, secure logging system operated by the Information Security team. Significant events are assessed systematically on a case-by-case basis for their potential impact and whether they could potentially become material. We maintain a cybersecurity incident policy, which provides guidelines for informing our Board of Directors (the Board) of material cybersecurity incidents and events, including potential ransomware payments. We also hold insurance with the intent to cover cybersecurity incidents. In the event of a significant cybersecurity or data privacy incident, the ISSC members are notified and updated on the status of the incident by an Incident Response Team (IRT). The IRT utilizes a process to evaluate the potential materiality of an incident. This process guides the IRT to provide information to executive leadership for materiality determination. To address risk related to third-party service providers, we have multiple processes in place to safeguard company and customer information. Upon obtaining a new vendor, we complete a risk assessment that is reviewed at least every three years. We maintain a Supplier Code of Conduct that outlines vendor expectations in areas including network security, data protection, and security breach notifications. In the case where a contract with a vendor relates to our service to customers, the contractual terms for certain cybersecurity parameters are passed down to the vendor. We hold certifications to meet the requirements of our customers and regulators, such as ISO 27001, IEC62443, and others. In addition, Itron maintains SOC 1 and SOC 2 attestations for the majority of our customer-facing managed services businesses. Through third-party incident response experts, we conduct incident response tabletop exercises each year with both the technical teams and ISSC designed to improve our systems and processes, and we have included our Board in a similar exercise.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	In order to address cybersecurity risks and threats, we have in place teams, processes, and programs for protecting company and customer information. We have an Information Security Steering Committee (ISSC), whose purpose is to oversee the overall information security program as well as product security and data protection. The ISSC consists of senior executives, including our CEO and CFO. The ISSC meets quarterly to discuss strategy and general updates and is advised by company personnel with expertise and experience in cybersecurity risk management.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board provides oversight for cybersecurity within the Company and includes one director with cybersecurity expertise. Executive management reports on the status of the ISSC to the Board on a regular basis. At each Board meeting, a summary is provided covering the periodic assessment of Itron's Information Security Program. Semiannually, the Director of Information Security presents to the Board about the status of Itron's overall security program, internal response preparedness, and assessments of risks. At each Board meeting, information regarding the current maturity level of the program, as measured against the National Institutes of Standards and Technology Cybersecurity Framework, is presented. Due to the nature of our business, a material security incident could have a significant impact on both our brand reputation and our ability to deliver services to our clients.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	We have an Information Security Steering Committee (ISSC), whose purpose is to oversee the overall information security program as well as product security and data protectionThe Board provides oversight for cybersecurity within the Company and includes one director with cybersecurity expertise. Executive management reports on the status of the ISSC to the Board on a regular basis
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	At each Board meeting, a summary is provided covering the periodic assessment of Itron's Information Security Program. Semiannually, the Director of Information Security presents to the Board about the status of Itron's overall security program, internal response preparedness, and assessments of risks. At each Board meeting, information regarding the current maturity level of the program, as measured against the National Institutes of Standards and Technology Cybersecurity Framework, is presented
Cybersecurity Risk Role of Management [Text Block]	In order to address cybersecurity risks and threats, we have in place teams, processes, and programs for protecting company and customer information. We have an Information Security Steering Committee (ISSC), whose purpose is to oversee the overall information security program as well as product security and data protection. The ISSC consists of senior executives, including our CEO and CFO. The ISSC meets quarterly to discuss strategy and general updates and is advised by company personnel with expertise and experience in cybersecurity risk management. We have a risk management process utilizing a Governance, Risk, and Compliance system. Our security program uses a "defense in depth" philosophy, meaning that multiple controls must be breached for an attack to be successful. We maintain a series of both protective and detective controls to enable breakdown or bypass of protection mechanisms to be detected and escalated for response. We perform logging and monitoring across systems, directed to a centralized, secure logging system operated by the Information Security team. Significant events are assessed systematically on a case-by-case basis for their potential impact and whether they could potentially become material. We maintain a cybersecurity incident policy, which provides guidelines for informing our Board of Directors (the Board) of material cybersecurity incidents and events, including potential ransomware payments. We also hold insurance with the intent to cover cybersecurity incidents. In the event of a significant cybersecurity or data privacy incident, the ISSC members are notified and updated on the status of the incident by an Incident Response Team (IRT). The IRT utilizes a process to evaluate the potential materiality of an incident. This process guides the IRT to provide information to executive leadership for materiality determination. To address risk related to third-party service providers, we have multiple processes in place to safeguard company and customer information. Upon obtaining a new vendor, we complete a risk assessment that is reviewed at least every three years. We maintain a Supplier Code of Conduct that outlines vendor expectations in areas including network security, data protection, and security breach notifications. In the case where a contract with a vendor relates to our service to customers, the contractual terms for certain cybersecurity parameters are passed down to the vendor. We hold certifications to meet the requirements of our customers and regulators, such as ISO 27001, IEC62443, and others. In addition, Itron maintains SOC 1 and SOC 2 attestations for the majority of our customer-facing managed services businesses. Through third-party incident response experts, we conduct incident response tabletop exercises each year with both the technical teams and ISSC designed to improve our systems and processes, and we have included our Board in a similar exercise.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Board provides oversight for cybersecurity within the Company and includes one director with cybersecurity expertise. Executive management reports on the status of the ISSC to the Board on a regular basis
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The ISSC consists of senior executives, including our CEO and CFO. The ISSC meets quarterly to discuss strategy and general updates and is advised by company personnel with expertise and experience in cybersecurity risk management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Executive management reports on the status of the ISSC to the Board on a regular basis. At each Board meeting, a summary is provided covering the periodic assessment of Itron's Information Security Program. Semiannually, the Director of Information Security presents to the Board about the status of Itron's overall security program, internal response preparedness, and assessments of risks. At each Board meeting, information regarding the current maturity level of the program, as measured against the National Institutes of Standards and Technology Cybersecurity Framework, is presented
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy	Financial Statement Preparation The consolidated financial statements presented in this Annual Report include the Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Equity, and Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023, and 2022 and the Consolidated Balance Sheets as of December 31, 2024 and 2023 of Itron, Inc. and its subsidiaries, prepared in accordance with U.S. generally accepted accounting principles (GAAP).
Use of Estimates, Policy	Use of Estimates
Risks and Uncertainties	Risks and Uncertainties Global economic impacts, such as pandemics and various ongoing conflicts around the world, may create disruption in customer demand and global supply chains, resulting in market volatility, which our management continues to monitor. In the aftermath of these types of events, global supply chains, including labor, may struggle to keep pace with rapidly changing demand. Temporary imbalance in supply and demand may create business uncertainties that include 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, sanctions, tariffs, and labor costs may increase above historical levels due to, among other things, the continuing impacts of an uncertain economic environment. We may or may not be able to fully recover these increased costs through pricing actions with our customers. Currently, we have not identified any significant decrease in long-term customer demand for our products and services. While we have limited direct business exposure in areas with current conflict, such as Ukraine and Israel, military actions globally and any resulting sanctions or tariffs could adversely affect the global economy, as well as further disrupt the supply chain. A major disruption in the global economy and supply chain could have a material adverse effect on our business, prospects, financial condition, results of operations, and cash flows. The extent and duration of the military action, sanctions, tariffs, and resulting market and/or supply disruptions are impossible to predict but could be substantial, and our management continues to monitor these events closely .
Basis of Consolidation, and Noncontrolling Interests	Basis of Consolidation We consolidate all entities in which we have a greater than 50% ownership interest or in which we exercise control over the operations. We use the equity method of accounting for entities in which we have a 20% to 50% investment and exercise significant influence. Entities in which we have less than a 20% investment and where we do not exercise significant influence are accounted for under the fair value method. Intercompany transactions and balances are eliminated upon consolidation. Noncontrolling Interests In several of our consolidated international subsidiaries, we have joint venture partners, who are minority shareholders. Although these entities are not wholly owned by Itron, we consolidate them because we have a greater than 50% ownership interest or because we exercise control over the operations. The noncontrolling interest balance is adjusted each period to reflect the allocation of net income (loss) and other comprehensive income (loss) attributable to the noncontrolling interests, as shown in our Consolidated Statements of Operations and our Consolidated Statements of Comprehensive Income (Loss), as well as contributions from and distributions to the owners. The noncontrolling interest balance in our Consolidated Balance Sheets represents the proportional share of the equity of the joint venture entities, which is attributable to the minority shareholders.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid instruments with remaining maturities of three months or less at the date of acquisition to be cash equivalents.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy	Restricted Cash and Cash Equivalents Cash and cash equivalents that are contractually restricted from operating use are classified as restricted cash and cash equivalents. We had $1.8 million pledged for standby letters of credit as of December 31, 2024 and 2023.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable, net Accounts receivable are recognized for invoices issued to customers in accordance with our contractual arrangements. Interest and late payment fees are minimal. Unbilled receivables are recognized when revenues are recognized upon product shipment or service delivery and invoicing occurs at a later date. We recognize an allowance for credit losses representing our estimate of the expected losses in accounts receivable at the date of the balance sheet based on our historical experience of bad debts, our specific review of outstanding receivables, and our review of current and expected economic conditions. Accounts receivable are written-off against the allowance when we believe an account, or a portion thereof, is no longer collectible.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value using the first-in, first-out method. Cost includes raw materials and labor, plus applied direct and indirect overhead costs. Net realizable value is the estimated selling price in the normal course of business, minus the cost of completion, disposal and transportation.
Derivative Instruments	Derivative Instruments All derivative instruments, whether designated in hedging relationships or not, are recognized on the Consolidated Balance Sheets at fair value as either assets or liabilities. The fair values of our derivative instruments are determined using the fair value measurements of significant other observable inputs (Level 2), as defined by GAAP. The fair value of our derivative instruments may switch between an asset and a liability depending on market circumstances at the end of the period. We include the effect of our counterparty credit risk based on current published credit default swap rates when the net fair value of our derivative instruments is in a net asset position and the effect of our own nonperformance risk when the net fair value of our derivative instruments is in a net liability position. For any derivative designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. For any derivative designated as a cash flow hedge, changes in the fair value of the derivative are recognized as a component of other comprehensive income (loss) (OCI) and are recognized in earnings when the hedged item affects earnings. For a hedge of a net investment, any unrealized gain or loss from the foreign currency revaluation of the hedging instrument is reported in OCI as a net unrealized gain or loss on derivative instruments. Upon termination of a net investment hedge, the net derivative gain/loss will remain in accumulated other comprehensive income (loss) (AOCI) until such time when earnings are impacted by a sale or liquidation of the associated operations. We classify cash flows from our derivative programs as cash flows from operating activities in the Consolidated Statements of Cash Flows. Derivatives are not used for trading or speculative purposes. Our derivatives are with credit-worthy multinational commercial banks, with which we have master netting agreements; however, our derivative positions are not recognized on a net basis in the Consolidated Balance Sheets. There are no credit-risk related contingent features within our derivative instruments. Refer to Note 7: Derivative Financial Instruments and Note 14: Shareholders' Equity for further disclosures of our derivative instruments and their impact on OCI.
Property, Plant, and Equipment	Property, Plant, and Equipment Property, plant, and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 30 years for buildings and improvements and three years to 10 years for machinery and equipment, computers and software, and furniture. Leasehold improvements are capitalized and depreciated over the term of the applicable lease, including renewable periods if reasonably certain, or over the useful lives, whichever is shorter. Construction in progress represents capital expenditures incurred for assets not yet placed in service. Costs related to internally developed software and software purchased for internal uses are capitalized and are amortized over the estimated useful lives of the assets. Repair and maintenance costs are recognized as incurred. We have no major planned maintenance activities. We review long-lived assets for impairment whenever events or circumstances indicate the carrying amount of an asset group may not be recoverable. Assets held for sale are classified within other current assets in the Consolidated Balance Sheets, are reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. Gains and losses from asset disposals and impairment losses are classified within the Consolidated Statements of Operations according to the use of the asset, except those gains and losses recognized in conjunction with our restructuring activities, which are classified within restructuring expense, or impairment losses recognized in conjunction with an announced or completed sale of a business, which are classified within loss on sale of business.
Prepaid Debt Fees	Prepaid Debt Fees Prepaid debt fees for term debt represent the capitalized direct costs incurred related to the issuance of debt and are recognized as a deduction from the carrying amount of the corresponding debt liability. We have elected to present prepaid debt fees for revolving debt within other long-term assets in the Consolidated Balance Sheets. These costs are amortized to interest expense over the terms of the respective borrowings, including any contingent maturity or call features, using the effective interest method or the straight-line method when associated with a revolving credit facility. When debt is repaid early, the related portion of unamortized prepaid debt fees is written off and included in interest expense.
Business Combinations	Business Combinations On the date of acquisition, the assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree are recognized at their fair values. The acquiree's results of operations are also included beginning on the date of acquisition in our consolidated results. Intangible assets that arise from contractual/legal rights, or are capable of being separated, are measured and recognized at fair value, and amortized over the estimated useful life. If practicable, assets acquired and liabilities assumed arising from contingencies are measured and recognized at fair value. If not practicable, such assets and liabilities are measured and recognized when it is probable that a gain or loss has occurred and the amount can be reasonably estimated. The residual balance of the purchase price, after fair value allocations to all identified assets and liabilities, represents goodwill. Acquisition-related costs are recognized as incurred. Integration costs associated with an acquisition are generally recognized in periods subsequent to the acquisition date, and changes in deferred tax asset valuation allowances and acquired income tax uncertainties, including penalties and interest, after the measurement period are recognized as a component of the provision for income taxes. Our acquisitions may include contingent consideration, which requires us to recognize the fair value of the estimated liability at the time of the acquisition. Subsequent changes in the estimate of the amount to be paid under the contingent consideration arrangement are recognized in the Consolidated Statements of Operations. We estimate the preliminary fair value of acquired assets and liabilities as of the date of acquisition based on information available at that time utilizing either a cost or income approach. The determination of the fair value is judgmental in nature and involves the use of significant estimates and assumptions. Contingent consideration is recognized at fair value as of the date of the acquisition with adjustments occurring after the purchase price allocation period, which could be up to one year, recognized in earnings. Changes to valuation allowances on acquired deferred tax assets that occur after the acquisition date are recognized in the provision for, or benefit from, income taxes. The valuation of these tangible and identifiable intangible assets and liabilities is subject to further management review and may change materially between the preliminary allocation and end of the purchase price allocation period. Any changes in these estimates may have a material effect on our consolidated operating results or financial position.
Lessee, Leases	Leases We determine if an arrangement is a lease at inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (2) the customer has the right to control the use of the identified asset. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities, and operating lease liabilities on our Consolidated Balance Sheets. Finance leases are included in property, plant, and equipment, other long-term assets, other current liabilities, and other long-term obligations on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. We use the rate implicit in the lease agreement when readily determinable. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is the estimated rate of interest we expect to pay on a collateralized basis over a similar term, based on the information available at the lease commencement date. The Operating lease ROU asset also includes any lease payments made and is reduced by lease incentives received and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We have lease agreements that include lease and nonlease components. When nonlease components are fixed, we have elected the practical expedient to account for lease and nonlease components as a single lease component, except for leases embedded in service contracts. All leases with a lease term that is greater than one month are subject to recognition and measurement on the balance sheet, except where we have leases in service contracts with contract manufacturers. For leases with contract manufacturers, we have elected to utilize the short-term lease exemption. Lease expense for variable lease payments, where the timing or amount of the payment is not fixed, are recognized when the obligation is incurred. Variable lease payments generally arise in our net lease arrangements where executory and other lease-related costs are billed to Itron when incurred by the lessor.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and intangible assets may result from our business acquisitions. Intangible assets may also result from the purchase of assets and intellectual property in a transaction that does not qualify as a business combination. We use estimates, including estimates of useful lives of intangible assets, the amount and timing of related future cash flows, and fair values of the related operations, in determining the value assigned to goodwill and intangible assets. Our finite-lived intangible assets are amortized over their estimated useful lives based on estimated discounted cash flows, generally three years to 10 years for core-developed technology and customer contracts and relationships. Fully amortized finite-lived intangible assets are removed from the presentation of gross intangible assets and accumulated amortization. Finite-lived intangible assets are tested for impairment at the asset group level when events or changes in circumstances indicate the carrying value may not be recoverable. Indefinite-lived intangible assets are tested for impairment annually, when events or changes in circumstances indicate the asset may be impaired, or when their useful lives are determined to be no longer indefinite. Goodwill is assigned to our reporting units based on the expected benefit from the synergies arising from each business combination, determined by using certain financial metrics, including the forecasted discounted cash flows associated with each reporting unit. Each reporting unit corresponds with its respective operating segment. We test goodwill for impairment each year as of October 1, or more frequently should a significant impairment indicator occur. As part of the impairment test, we may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit, including goodwill, is less than its carrying amount, or if we elect to bypass the qualitative assessment, we would then proceed with the quantitative impairment test. The impairment test involves comparing the fair values of the reporting units to their carrying amounts. If the carrying amount of a reporting unit exceeds its fair value, we first evaluate the long-lived assets within the reporting unit for impairment and then recognize goodwill impairment loss in an amount equal to any excess. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. We forecast discounted future cash flows at the reporting unit level using risk-adjusted discount rates and estimated future revenues and operating costs, which take into consideration factors such as existing backlog, expected future orders, supplier contracts, and expectations of competitive and economic environments. We also identify similar publicly traded companies and develop a correlation, referred to as a multiple, to apply to the operating results of the reporting units. These combined fair values are then reconciled to the aggregate market value of our common stock on the date of valuation, while considering a reasonable control premium.
Contingencies	Contingencies A loss contingency is recognized if it is probable that an asset has been impaired or a liability has been incurred, and the amount of the loss can be reasonably estimated. We evaluate, among other factors, the degree of probability of an unfavorable outcome and our ability to make a reasonable estimate of the amount of the ultimate loss. Loss contingencies that we determine to be reasonably possible, but not probable, are disclosed but not recognized. Legal costs to defend against contingent liabilities are recognized as incurred.
Compensation Related Costs, Policy	Bonus Compensation We have various employee bonus compensation plans, which provide award amounts for the achievement of financial and nonfinancial targets. If management determines it is probable that the discretionary targets will be achieved and the amounts can be reasonably estimated, a compensation accrual is recognized based on the proportional achievement of the financial and nonfinancial targets. In addition, management or the Board of Directors may decide to grant monetary bonus awards, at their discretion, and we accrue such awards when it becomes probable they will be paid.
Warranty	Warranty We offer standard warranties on our hardware products and large application software products. We accrue the estimated cost of new product warranties based on historical and projected product performance trends and costs during the warranty period. Testing of new products in the development stage helps identify and correct potential warranty issues prior to manufacturing. Quality control efforts during manufacturing reduce our exposure to warranty claims. When testing or quality control efforts fail to detect a fault in one of our products, we may experience an increase in warranty claims. We track warranty claims to identify potential warranty trends. If an unusual trend is noted, an additional warranty accrual would be recognized if the failure event is probable and the cost can be reasonably estimated. When new products are introduced, our process relies on historical averages of similar products until sufficient data is available. As actual experience on new products becomes available, it is used to modify the historical averages to ensure the expected warranty costs are within a range of likely outcomes. Management regularly evaluates the sufficiency of the warranty provisions and makes adjustments when necessary. The long-term warranty balance includes estimated warranty claims beyond one year. Warranty expense is classified within cost of revenues.
Costs Associated with Exit or Disposal Activity or Restructuring	Restructuring We recognize a liability for costs associated with an exit or disposal activity under a restructuring project in the period in which the liability is incurred. Employee termination benefits considered postemployment benefits are accrued when the obligation is probable and estimable, such as benefits stipulated by human resource policies and practices or statutory requirements. If the employee must provide future service, such benefits are recognized ratably over the future service period. For contract termination costs, we recognize a liability upon the termination of a contract in accordance with the contract terms or the cessation of the use of the rights conveyed by the contract, whichever occurs later. Asset impairments associated with a restructuring project are determined at the asset group level. An impairment may be recognized for assets that are to be abandoned, are to be sold for less than net book value, or are held for sale in which the estimated proceeds less costs to sell are less than the net book value. We may also recognize impairment on an asset group, which is held and used, when the carrying value is not recoverable and exceeds the asset group's fair value. If an asset group is considered a business, a portion of our goodwill balance is allocated to it based on relative fair value. If the sale of an asset group under a restructuring project results in proceeds that exceed the net book value of the asset group, the resulting gain is recognized within restructuring expense in the Consolidated Statements of Operations.
Defined Benefit Pension Plans	Defined Benefit Pension Plans We sponsor both funded and unfunded defined benefit pension plans for certain international employees. We recognize a liability for the projected benefit obligation in excess of plan assets. We recognize an asset when plan assets exceed the projected benefit obligation. We also recognize the funded status of our defined benefit pension plans on our Consolidated Balance Sheets and recognize as a component of OCI, net of tax, the actuarial gains or losses and prior service costs or credits, if any, which arise during the period but that are not recognized as components of net periodic benefit cost. If actuarial gains and losses exceed 10 percent of the greater of plan assets or plan liabilities, we amortize them over the employees' average future service period.
Share Repurchase Policy	Stock Repurchase Plans From time to time, we may repurchase shares of Itron common stock under programs authorized by our Board of Directors. Repurchases are made in the open market or in privately negotiated transactions and in accordance with applicable securities laws. Under applicable Washington State law, shares repurchased are retired and not displayed separately as treasury stock on the financial statements; the value of the repurchased shares is deducted from common stock.
Revenue Recognition	Product Revenues and Service Revenues Product revenues include sales from standard and smart meters, systems or software, and any associated implementation and installation revenue. Service revenues include sales from post-sale maintenance support, consulting, outsourcing, and managed services. Revenue Recognition The majority of our revenues consist primarily of hardware sales, but may also include the license of software, software implementation services, cloud services and Software-as-a-Service (SaaS), project management services, installation services, consulting services, post-sale maintenance support, and extended or customer-specific warranties. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. In determining whether the definition of a contract has been met, we consider whether the arrangement creates enforceable rights and obligations, which involves evaluation of contractual terms that would allow for the customer to terminate the agreement. If the customer has the unilateral right to terminate the agreement without providing further consideration to us, the agreement would not be considered to meet the definition of a contract. Many of our revenue arrangements involve multiple performance obligations as our hardware and services are often sold together. Separate contracts entered into with the same customer (or related parties of the customer) at or near the same time are accounted for as a single contract when one or more of the following criteria are met: • The contracts are negotiated as a package with a single commercial objective. • The amount of consideration to be paid in one contract depends on the price or performance of the other contract: or • The goods or services promised in the contracts (or some goods or services promised in each of the contracts) are a single performance obligation. Once the contract has been defined, we evaluate whether the promises in the contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment, and the decision to separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recognized in a given period. Some of our contracts contain a significant service of integrating, customizing or modifying goods or services in the contract, in which case the goods or services would be combined into a single performance obligation. It is common that we may promise to provide multiple distinct goods or services, in which case we separate the contract into more than one performance obligation. If a contract is separated into more than one performance obligation, we allocate the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services. For goods or services where we have observable standalone sales, the observable standalone sales are used to determine the standalone selling price. For the majority of our goods and services, we do not have observable standalone sales. As a result, we estimate the standalone selling price using either the adjusted market assessment approach or the expected cost plus a margin approach. Approaches used to estimate the standalone selling price for a given good or service will maximize the use of observable inputs and considers several factors, including our pricing practices, costs to provide a good or service, the type of good or service, and availability of other transactional data, among others. We determine the estimated standalone selling prices of goods or services used in our allocation of arrangement consideration on an annual basis or more frequently if there is a significant change in our business or if we experience significant variances in our transaction prices. Many of our contracts with customers include variable consideration, which can include liquidated damage provisions, rebates and volume and early payment discounts. Some of our contracts with customers contain clauses for liquidated damages related to the timing of delivery or milestone accomplishments, which could become material in the event of failure to meet the contractual deadlines. At the inception of the arrangement and on an ongoing basis, we evaluate the probability and magnitude of having to pay liquidated damages. We estimate variable consideration using the expected value method, taking into consideration contract terms, historical customer behavior, and historical sales. In the case of liquidated damages, we also take into consideration progress towards meeting contractual milestones, including whether milestones have not been achieved, specified rates, if applicable, stated in the contract, and history of paying liquidated damages to the customer or similar customers. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. In the normal course of business, we do not accept product returns unless the item is defective as manufactured and covered by warranty. A warranty provision is estimated as deemed necessary. Hardware revenue is recognized at a point in time. Transfer of control is typically at the time of shipment, receipt by the customer, or, if applicable, upon receipt of customer acceptance. We will recognize revenue prior to receipt of customer acceptance for hardware in cases where the customer acceptance provision is determined to be a formality. Transfer of control would not occur until receipt of customer acceptance in hardware arrangements where such provisions are subjective or where we do not have history of meeting the acceptance criteria. Perpetual software licenses are a right to use intellectual property and are recognized at a point in time. Transfer of control is at the point at which it is available to the customer to download and use or upon receipt of customer acceptance. In certain contracts, software licenses may be sold with implementation services that include a significant service of integrating, customizing or modifying the software. In these instances, the software license is combined into single performance obligation with the implementation services and recognized over time as the implementation services are performed. Hardware and software licenses (when not combined with professional services) are typically billed when shipped and revenue recognized at a point-in-time. As a result, the timing of revenue recognition and invoicing does not have a significant impact on contract assets and liabilities. Professional services, which include implementation, project management, installation, and consulting services are recognized over time. We measure progress towards satisfying these performance obligations using input methods, most commonly based on the costs incurred in relation to the total expected costs to provide the service. We expect this method to best depict our performance in transferring control of services promised to the customer or represents a reasonable proxy for measuring progress. The estimate of expected costs to provide services requires judgment. Cost estimates take into consideration our historical experience and the specific scope requested by the customer and are updated quarterly. We may also offer professional services on a stand-ready basis over a specified period of time, in which case revenue would be recognized ratably over the term. Invoicing of these services is commensurate with performance and occurs on a monthly basis. As such, these services do not have a significant impact on contract assets and contract liabilities. Cloud services and SaaS arrangements where customers have access to certain of our software within a cloud-based IT environment that we manage, host, and support are offered to customers on a subscription basis. Revenue for the cloud services and SaaS offerings are generally recognized over time, ratably over the contact term commencing with the date the services are made available to the customer. Professional services are typically billed monthly in arrears or as milestones are achieved. Other services, including cloud services and SaaS arrangements, are commonly billed annually upfront resulting in a contract liability. Certain of our revenue arrangements include an extended or customer-specific warranty provision that covers all or a portion of a customer's replacement or repair costs beyond the standard warranty period. Whether or not the extended warranty is separately priced in the arrangement, such warranties are a separate good or service, and a portion of the transaction price is allocated to this extended warranty performance obligation. This revenue is recognized ratably over the extended warranty coverage period. Hardware and software post-sale maintenance support fees are recognized ratably over the life of the related service contract. Support fees are typically billed in advance on an annual basis, resulting in a contract liability. Shipping and handling costs and incidental expenses billed to customers are recognized as revenue in the period incurred, with the associated cost charged to cost of revenues in the same period. We recognize sales, use, and value added taxes billed to our customers on a net basis consistent with the policy election permitted under Accounting Standards Codification (ASC) 606-10-32-2A. Payment terms with customers can vary by customer; however, amounts billed are typically payable within 30 to 90 days, depending on the destination country. We do not typically offer financing as part of our contracts with customers. We incur certain incremental costs to obtain contracts with customers, primarily in the form of sales commissions. Where the amortization period is one year or less, we have elected to apply the practical expedient and recognize the related commissions expense as incurred. Otherwise, such incremental costs are capitalized and amortized over the contract period. Capitalized incremental costs are not material.
Product and Software Development Costs	Product and Software Development Costs Product and software development costs primarily include employee compensation and third-party contracting fees. We do not capitalize product development costs, and we do not generally capitalize development expenses for computer software to be sold, leased, or otherwise marketed as the costs incurred are immaterial for the relatively short period of time between technological feasibility and the completion of software development.
Stock-based Compensation	Stock-Based Compensation We grant various stock-based compensation awards to our officers, employees, and Board of Directors with service, performance, and market vesting conditions, including restricted stock units, phantom stock units, and unrestricted stock units (awards). Prior to December 31, 2020, stock options were also granted as part of the stock-based compensation awards. We measure and recognize compensation expense for all awards based on estimated fair values. For awards with only a service condition, we expense stock-based compensation using the straight-line method over the requisite service period for the entire award. For awards with service and performance conditions where vesting is probable, we expense the stock-based compensation on a straight-line basis over the requisite service period for each separately vesting portion of the award. For awards with a market condition, we expense the fair value over the requisite service period. We have elected to account for forfeitures of any awards in stock-based compensation expense prospectively as they occur. The fair value of a restricted stock unit is the market close price of our common stock on the date of grant. Restricted stock units vest over a maximum period of three years. After vesting, the restricted stock units are converted into shares of our common stock on a one-for-one basis and issued to employees. Certain restricted stock units are issued under the Long-Term Performance Restricted Stock Unit Award Agreement and include performance and market conditions. The final number of shares issued will be based on the achievement of financial targets and our total shareholder return relative to the Russell 3000 Index during the performance periods. Due to the presence of a market condition, we utilize a Monte Carlo valuation model to determine the fair value of the awards at the grant date. Expected volatility is based on the historical volatility of our common stock for the related expected term. We believe this approach is reflective of current and historical market conditions and is an appropriate indicator of expected volatility. The risk-free interest rate is the rate available as of the grant date on zero-coupon U.S. government issues with a term equal to the expected term of the award. The expected term is the remaining term of an award based on the period of time between the grant date and the date the award is expected to vest. Phantom stock units are a form of share-based award that are indexed to our stock price and are settled in cash upon vesting and accounted for as liability-based awards. Fair value is remeasured at the end of each reporting period based on the market close price of our common stock. Phantom stock units vest over a maximum period of three years. Since phantom stock units are settled in cash, compensation expense recognized over the vesting period will vary based on changes in the fair value of the awards. The fair value of unrestricted stock awards is the market close price of our common stock on the date of grant, and the awards are deemed fully vested. We expense stock-based compensation at the date of grant for unrestricted stock awards. The fair value of stock options was estimated at the date of grant using the Black-Scholes option-pricing model. Options to purchase our common stock were granted with an exercise price equal to the market close price of the stock on the date the Board of Directors approved the grant. Options generally became exercisable in three equal annual installments beginning one year from the date of grant and expiring 10 years from the date of grant. Expected volatility was based on a combination of the historical volatility of our common stock and the implied volatility of our traded options for the related expected term. We believe this combined approach was reflective of current and historical market conditions and was an appropriate indicator of expected volatility. The risk-free interest rate was the rate available as of the award date on zero-coupon U.S. government issues with a term equal to the expected term of the award. The expected term was the weighted average expected term of an award based on the period of time between the date the award was granted and the estimated date the award will be fully exercised. Factors considered in estimating the expected term included historical experience of similar awards, contractual terms, vesting schedules, and expectations of future employee behavior. Excess tax benefits and deficiencies resulting from employee share-based payment are recognized as income tax provision or benefit in the Consolidated Statements of Operations, and as an operating activity on the Consolidated Statements of Cash Flows.
Income Tax, Policy	Income Taxes We account for income taxes using the asset and liability method of accounting. Deferred tax assets and liabilities are recognized based upon anticipated future tax consequences, in each of the jurisdictions that we operate, attributable to: (1) the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases; and (2) net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured annually using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The calculation of our tax liabilities involves applying complex tax regulations in different tax jurisdictions to our tax positions. The effect on deferred tax assets and liabilities of a change in tax legislation and/or rates is recognized in the period that includes the enactment date. A valuation allowance is recognized to reduce the carrying amounts of deferred tax assets if it is not more likely than not that such assets will be realized. We do not recognize tax liabilities on undistributed earnings of international subsidiaries that are permanently reinvested.
Foreign Exchange	Foreign Exchange Our consolidated financial statements are reported in U.S. dollars. Assets and liabilities of international subsidiaries with non-U.S. dollar functional currencies are translated to U.S. dollars at the exchange rates in effect on the balance sheet date, or the last business day of the period, if applicable. Revenues and expenses for each subsidiary are translated to U.S. dollars using an average rate for the relevant reporting period. Translation adjustments resulting from this process are included, net of tax, in OCI. Gains and losses that arise from exchange rate fluctuations for monetary asset and liability balances that are not denominated in an entity's functional currency are included within other income (expense), net in the Consolidated Statements of Operations. Currency gains and losses of intercompany balances deemed to be long-term in nature or designated as a hedge of the net investment in international subsidiaries are included, net of tax, in OCI. Foreign currency losses (gains), net of hedging, of $(1.1) million, $3.1 million, and $2.9 million were included in other expenses, net, for the years ended December 31, 2024, 2023, and 2022.
Fair Value Measurement	Fair Value Measurements For assets and liabilities measured at fair value, the GAAP fair value hierarchy prioritizes the inputs used in different valuation methodologies, assigning the highest priority to unadjusted quoted prices for identical assets and liabilities in actively traded markets (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 inputs consist of quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in non-active markets; and model-derived valuations in which significant inputs are corroborated by observable market data either directly or indirectly through correlation or other means. Inputs may include yield curves, volatility, credit risks, and default rates.
New Accounting Pronouncements	Recently Adopted Accounting Standards 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. The disclosure requirements in ASU 2023-07 have been reflected in the segment disclosures within these consolidated financial statements and will be included in our interim financial reports beginning with the first quarter of 2025. See Note 16: Segment Information. Recent Accounting Standards Not Yet Adopted 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; however, retrospective application is permitted. We are currently evaluating the impact this standard will have on our consolidated financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses . The new guidance is intended to enhance transparency and disclosures by requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU is effective for our annual report as of December 31, 2027, and for interim reporting periods beginning in the first quarter of 2028, with early adoption permitted. We are in the process of evaluating the impact that the adoption of this ASU will have on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20) Induced Conversions of Convertible Debt Instruments . The new guidance clarifies the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt when changes are made to conversion features as part of an offer to settle the instrument. The ASU is effective beginning in 2026, with early adoption permitted. We will utilize this guidance for any future induced conversions or extinguishments of our convertible notes.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 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 (loss) per share (EPS): Year Ended December 31, In thousands, except per share data 2024 2023 2022 Net income (loss) available to common shareholders $ 239,105 $ 96,923 $ (9,732) Weighted average common shares outstanding - Basic 45,368 45,421 45,101 Dilutive effect of stock-based awards 819 415 — Dilutive effect of convertible notes — — — Weighted average common shares outstanding - Diluted 46,187 45,836 45,101 Net income (loss) per common share - Basic $ 5.27 $ 2.13 $ (0.22) Net income (loss) per common share - Diluted $ 5.18 $ 2.11 $ (0.22)

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accounts Receivable, Net	Accounts receivable, net In thousands December 31, 2024 December 31, 2023 Trade receivables (net of allowance of $417 and $738) $ 295,341 $ 272,890 Unbilled receivables 55,132 30,931 Total accounts receivable, net $ 350,473 $ 303,821
Allowance for Credit Losses on Financing Receivables	Allowance for credit losses account activity Year Ended December 31, In thousands 2024 2023 2022 Beginning balance $ 738 $ 4,863 $ 5,730 Provision for (release of) doubtful accounts, net (187) (120) (258) Accounts written-off, net (122) (4,115) (492) Effect of change in exchange rates (12) 110 (117) Ending balance $ 417 $ 738 $ 4,863
Inventories	Inventories In thousands December 31, 2024 December 31, 2023 Raw materials $ 198,995 $ 213,303 Work in process 16,679 17,849 Finished goods 55,051 52,534 Total inventories $ 270,725 $ 283,686
Property, Plant, and Equipment	Property, plant, and equipment, net In thousands December 31, 2024 December 31, 2023 Machinery and equipment $ 294,237 $ 318,546 Computers and software 119,818 126,149 Buildings, furniture, and improvements 115,372 126,041 Land 8,513 7,846 Construction in progress, including purchased equipment 22,247 24,316 Total cost 560,187 602,898 Accumulated depreciation (444,759) (474,092) Property, plant, and equipment, net $ 115,428 $ 128,806
Depreciation Expense	Depreciation expense Year Ended December 31, In thousands 2024 2023 2022 Depreciation expense $ 38,449 $ 36,845 $ 41,046

Schedule of Intangible Assets (

Schedule of Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Finite-Lived Intangible Assets	The gross carrying amount and accumulated amortization (accretion) of our intangible assets and liabilities, other than goodwill, were as follows: December 31, 2024 December 31, 2023 In thousands Gross Accumulated Net Gross Accumulated Net Intangible Assets Core-developed technology $ 48,048 $ (36,661) $ 11,387 $ 502,010 $ (499,571) $ 2,439 Customer contracts and relationships 315,744 (285,441) 30,303 329,688 (287,653) 42,035 Trademarks and trade names 30,793 (29,374) 1,419 73,461 (71,740) 1,721 Other 11,023 (11,023) — 12,019 (11,932) 87 Total intangible assets $ 405,608 $ (362,499) $ 43,109 $ 917,178 $ (870,896) $ 46,282 Intangible Liabilities Customer contracts and relationships $ — $ — $ — $ (23,900) $ 23,900 $ —
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated future annual amortization is as follows: Year Ending December 31, Estimated Annual Amortization In thousands 2025 $ 17,593 2026 13,614 2027 8,272 2028 2,681 2029 576 Thereafter 373 Total intangible assets subject to amortization $ 43,109

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table reflects changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023: In thousands Device Solutions Networked Solutions Outcomes Total Company Goodwill balance at January 1, 2023 $ — $ 899,887 $ 138,834 $ 1,038,721 Effect of change in exchange rates — 11,960 1,823 13,783 Goodwill balance at December 31, 2023 — 911,847 140,657 1,052,504 Goodwill acquired (1) — — 19,251 19,251 Effect of change in exchange rates — (17,028) (2,597) (19,625) Goodwill balance at December 31, 2024 $ — $ 894,819 $ 157,311 $ 1,052,130 (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. In the fourth quarter of 2024, a tax adjustment reduced the goodwill acquired related to Elpis Squared to $19.3 million. Refer to Note 4: Intangible Assets and Liabilities and Note 18: Business Combination for additional information on the transaction.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The components of our borrowings were as follows: In thousands December 31, 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 22,576 5,173 Long-term debt, net $ 1,242,424 $ 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: 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
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 2025 $ — 2026 460,000 2027 — 2028 — 2029 — Thereafter 805,000 Total minimum payments on debt $ 1,265,000

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Schedule of Changes in Benefit Obligation and Fair Value of Plan Assets	The following tables set forth the components of the changes in benefit obligations and fair value of plan assets : Year Ended December 31, In thousands 2024 2023 Change in benefit obligation: Benefit obligation at January 1, $ 76,270 $ 69,739 Service cost 2,541 2,450 Interest cost 2,710 2,861 Actuarial gain (loss) (2,422) 1,682 Benefits paid (3,126) (2,950) Foreign currency exchange rate changes (4,303) 2,819 Curtailment — (114) Settlement (112) (217) Benefit obligation at December 31, $ 71,558 $ 76,270 Change in plan assets: Fair value of plan assets at January 1, $ 8,840 $ 8,662 Actual return on plan assets (130) 724 Company contributions 111 254 Benefits paid (256) (283) Foreign currency exchange rate changes (534) 401 Other — (918) Fair value of plan assets at December 31, 8,031 8,840 Net pension benefit obligation at fair value $ 63,527 $ 67,430
Schedule of Amounts Recognized in the Consolidated Balance Sheets	Amounts recognized on the Consolidated Balance Sheets consist of: December 31, In thousands 2024 2023 Assets Plan assets in other long-term assets $ 133 $ 80 Liabilities Current portion of pension benefit obligation in wages and benefits payable $ 4,123 $ 3,623 Long-term portion of pension benefit obligation 59,537 63,887 Pension benefit obligation, net $ 63,527 $ 67,430
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)	Amounts recognized in OCI (pre-tax) are as follows: Year Ended December 31, In thousands 2024 2023 2022 Net actuarial (gain) loss $ (2,422) $ 1,568 $ (24,316) Settlement 3 7 (166) Curtailment 585 114 20 Plan asset (gain) loss 423 (369) 316 Amortization of net actuarial gain (loss) (272) 65 (1,490) Amortization of prior service cost (133) (57) (70) Other — 918 481 Other comprehensive (income) loss $ (1,816) $ 2,246 $ (25,225)
Schedule of Net Periodic Pension Benefit Costs	Net periodic pension benefit cost for our plans include the following components: Year Ended December 31, In thousands 2024 2023 2022 Service cost $ 2,541 $ 2,450 $ 2,908 Interest cost 2,710 2,861 1,676 Expected return on plan assets (293) (355) (312) Amortization of prior service costs 133 57 70 Amortization of actuarial net (gain) loss 272 (65) 1,490 Settlement (3) (7) 166 Curtailment (585) (114) (20) Net periodic benefit cost $ 4,775 $ 4,827 $ 5,978
Schedule of Assumptions Used	The significant actuarial weighted average assumptions used in determining the benefit obligations and net periodic benefit cost for our benefit plans are as follows: Year Ended December 31, 2024 2023 2022 Actuarial assumptions used to determine benefit obligations at end of period: Discount rate 4.04 % 3.74 % 4.14 % Expected annual rate of compensation increase 4.73 % 4.41 % 4.26 % Actuarial assumptions used to determine net periodic benefit cost for the period: Discount rate 3.74 % 4.14 % 1.93 % Expected rate of return on plan assets 3.42 % 3.99 % 3.45 % Expected annual rate of compensation increase 4.41 % 4.26 % 3.88 %
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets	The total obligations and fair value of plan assets for plans with projected benefit obligations and accumulated benefit obligations exceeding the fair value of plan assets are as follows: In thousands December 31, 2024 2023 Projected benefit obligation $ 70,670 $ 75,182 Accumulated benefit obligation 62,944 68,022 Fair value of plan assets 7,010 7,672
Fair values of the assets held by the postretirement benefits plans by asset category	The fair values of our plan investments by asset category are as follows: Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Unobservable Inputs (Level 3) In thousands December 31, 2024 Insurance funds $ 8,031 $ — $ 8,031 Total fair value of plan assets $ 8,031 $ — $ 8,031 In thousands December 31, 2023 Insurance funds $ 8,840 $ — $ 8,840 Total fair value of plan assets $ 8,840 $ — $ 8,840
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets	The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2024 and 2023: In thousands Balance at January 1, 2024 Net Realized and Unrealized Gains/(Loss) Net Purchases, Issuances, Settlements, and Other Effect of Foreign Currency Balance at December 31, 2024 Insurance funds $ 8,840 $ (130) $ (145) $ (534) $ 8,031 In thousands Balance at January 1, 2023 Net Realized and Unrealized Gains/(Loss) Net Purchases, Issuances, Settlements, and Other Effect of Foreign Currency Balance at December 31, 2023 Insurance funds $ 7,805 $ 727 $ (67) $ 375 $ 8,840
Schedule of Expected Benefit Payments	Annual benefit payments for the next 10 years, including amounts to be paid from our assets for unfunded plans and reflecting expected future service, as appropriate, are expected to be paid as follows: Year Ending December 31, Estimated Annual Benefit Payments In thousands 2025 $ 4,606 2026 3,992 2027 4,534 2028 4,590 2029 4,655 2030-2034 28,849

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation Expense and Related Tax Benefit	Total stock-based compensation expense and the related tax benefit were as follows : Year Ended December 31, In thousands 2024 2023 2022 Stock options $ — $ 103 $ 891 Restricted stock units 42,531 27,189 20,038 Unrestricted stock awards 1,343 1,065 952 Phantom stock units 5,923 5,025 1,315 Total stock-based compensation $ 49,797 $ 33,382 $ 23,196 Related tax benefit $ 10,802 $ 6,928 $ 5,371
Employee Stock Options Activity	A summary of our stock option activity is as follows: Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Weighted Average Grant Date Fair Value In thousands Years In thousands Outstanding, January 1, 2022 393 $ 61.18 5.9 $ 4,737 Granted — — $ — Exercised (1) 45.90 4 Forfeited (2) 87.27 Canceled (9) 80.00 Outstanding, December 31, 2022 381 $ 60.63 4.8 $ 1,892 Granted — — $ — Exercised (18) 45.96 397 Forfeited — — Canceled — — Outstanding, December 31, 2023 363 $ 61.36 4.0 $ 5,886 Granted — — $ — Exercised (89) 51.45 4,450 Forfeited — — Canceled — — Outstanding and Exercisable, December 31, 2024 274 $ 64.55 3.2 $ 12,087
Restricted Stock Units Award Activity	The following table summarizes restricted stock unit activity: Number of Restricted Stock Units Weighted Average Grant Date Fair Value Aggregate Intrinsic Value In thousands In thousands Outstanding, January 1, 2022 430 $ 85.77 Granted 391 53.33 Released (1) (227) $ 18,169 Forfeited (66) Outstanding, December 31, 2022 528 $ 66.39 Granted 497 56.89 Released (1) (242) $ 13,974 Forfeited (32) Outstanding, December 31, 2023 751 $ 58.89 Granted 552 76.34 Released (1) (446) 62.02 $ 38,260 Forfeited (26) 67.52 Outstanding, December 31, 2024 831 $ 67.71 Vested but not released, December 31, 2024 18 $ 108.58 $ 1,914
Restricted Stock Units, Valuation Assumptions	The weighted average assumptions used to estimate the fair value of performance-based restricted stock units granted with a service and market condition and the resulting weighted average fair value are as follows: Year Ended December 31, 2024 2023 2022 Expected volatility 40.3 % 46.0 % 55.7 % Risk-free interest rate 4.3 % 4.6 % 1.7 % Expected term (years) 2.0 1.9 2.9 Weighted average fair value $ 115.69 $ 73.41 $ 57.88
Schedule of Other Share-based Compensation, Activity	The following table summarizes phantom stock unit activity: Number of Phantom Stock Units Weighted Aggregate Intrinsic Value In thousands In thousands Outstanding, January 1, 2022 69 $ 85.47 Granted 59 53.07 Released (34) $ 1,780 Forfeited (9) Outstanding, December 31, 2022 85 $ 66.46 Granted 77 56.52 Released (43) $ 2,511 Forfeited (4) Outstanding, December 31, 2023 115 $ 58.58 Granted 57 77.38 Released (63) 60.99 $ 5,420 Forfeited (18) 58.74 Outstanding, December 31, 2024 91 $ 68.63

Defined Contribution Plans (Tab

Defined Contribution Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Defined Contribution [Abstract]
Schedule of Costs of Retirement Plans	The expense for our defined contribution plans was as follows: Year Ended December 31, In thousands 2024 2023 2022 Defined contribution plans expense $ 20,683 $ 16,958 $ 14,241

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax Provision	The following table summarizes the provision (benefit) for U.S. federal, state, and foreign taxes on income from continuing operations: Year Ended December 31, In thousands 2024 2023 2022 Current: Federal $ 65,461 $ 43,101 $ (2,692) State and local 13,427 12,039 3,698 Foreign 3,310 8,573 25,433 Total current 82,198 63,713 26,439 Deferred: Federal (28,541) (29,717) (24,167) State and local (5,475) (6,471) (4,723) Foreign (3,178) 1,071 (23,832) Total deferred (37,194) (35,117) (52,722) Change in valuation allowance (1,597) 472 20,087 Total provision (benefit) for income taxes $ 43,407 $ 29,068 $ (6,196)
Income Tax Rate Reconciliation	A reconciliation of income taxes at the U.S. federal statutory rate of 21% to the consolidated actual tax rate is as follows: Year Ended December 31, In thousands 2024 2023 2022 Income (loss) before income taxes Domestic $ 230,120 $ 88,258 $ (19,104) Foreign 54,411 39,128 3,361 Total income (loss) before income taxes $ 284,531 $ 127,386 $ (15,743) Expected federal income tax provision (benefit) $ 59,751 $ 26,751 $ (3,306) Divestitures — — 1,578 Change in valuation allowance (1,597) 472 20,087 Stock-based compensation (3,322) 928 1,611 Foreign earnings (14,004) 3,921 (22,244) Tax credits (14,081) (11,906) (10,967) Uncertain tax positions, including interest and penalties (9,046) (57) (2,053) Change in tax rates 14,151 106 385 State income tax provision (benefit), net of federal effect 4,311 2,324 (2,873) U.S. tax provision on foreign earnings 356 404 146 Nondeductible goodwill impairment — — 6,375 Local foreign taxes 666 509 551 Other, net 6,222 5,616 4,514 Total provision (benefit) from income taxes $ 43,407 $ 29,068 $ (6,196)
Deferred Tax Assets and Liabilities	Deferred tax assets and liabilities consist of the following: December 31, In thousands 2024 2023 Deferred tax assets Loss carryforwards (1) $ 397,686 $ 419,327 Tax credits (2) 24,485 23,441 Accrued expenses 28,960 37,609 Pension plan benefits expense 9,596 7,671 Warranty reserves 7,754 8,265 Depreciation and amortization 58,199 64,959 Equity compensation 12,619 9,362 Inventory valuation 1,762 4,883 Deferred revenue 14,850 12,264 Interest 30,304 8,228 Leases 5,013 7,173 Capitalized research costs 151,418 113,465 Other deferred tax assets, net 756 9,004 Total deferred tax assets 743,402 725,651 Valuation allowance (420,655) (445,170) Total deferred tax assets, net of valuation allowance 322,747 280,481 Deferred tax liabilities Depreciation and amortization (7,282) (23,313) Leases (2,977) (6,064) Other deferred tax liabilities, net (2,773) (4,590) Total deferred tax liabilities (13,032) (33,967) Net deferred tax assets $ 309,715 $ 246,514 (1) For tax return purposes at December 31, 2024, we had U.S. federal loss carryforwards of $5.7 million, which begin to expire in the year 2025. At December 31, 2024, we have net operating loss carryforwards in Luxembourg of $1.3 billion, the majority of which can be carried forward indefinitely, offset by a full valuation allowance. The remaining portion of the loss carryforwards are composed primarily of losses in various other state and foreign jurisdictions. The majority of these losses can be carried forward indefinitely. At December 31, 2024, there was a valuation allowance of $420.7 million primarily associated with foreign loss carryforwards. (2)
Summary of Valuation Allowance	Changes in the valuation allowance for deferred tax assets are summarized as follows: Year Ended December 31, In thousands 2024 2023 2022 Balance at beginning of period $ 445,170 $ 427,423 $ 443,593 Other adjustments (22,918) 17,275 (36,257) Additions charged to costs and expenses (1,597) 472 20,087 Balance at end of period, noncurrent $ 420,655 $ 445,170 $ 427,423
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows: In thousands Total Unrecognized tax benefits at January 1, 2022 $ 139,529 Gross increase to positions in prior years 14,450 Gross decrease to positions in prior years (2,786) Gross increases to current period tax positions 4,702 Audit settlements — Decrease related to lapsing of statute of limitations (23,164) Effect of change in exchange rates (2,587) Unrecognized tax benefits at December 31, 2022 130,144 Gross increase to positions in prior years 1,182 Gross decrease to positions in prior years (8,666) Gross increases to current period tax positions 10,967 Audit settlements (3,234) Decrease related to lapsing of statute of limitations (2,000) Effect of change in exchange rates 1,674 Unrecognized tax benefits at December 31, 2023 130,067 Gross increase to positions in prior years 630 Gross decrease to positions in prior years (4,320) Gross increases to current period tax positions 4,868 Gross decreases to current period tax positions (1,056) Audit settlements (19,727) Decrease related to lapsing of statute of limitations (2,752) Effect of change in exchange rates (1,578) Unrecognized tax benefits at December 31, 2024 $ 106,132 December 31, In thousands 2024 2023 2022 The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate $ 106,122 $ 129,591 $ 130,137
Unrecognized Tax Benefits Related To Uncertain Tax Positions	The net interest and penalties expense recognized were as follows: Year Ended December 31, In thousands 2024 2023 2022 Net interest and penalties expense (benefit) $ (3,449) $ 1,821 $ 4,665 Accrued interest and penalties recognized were as follows: December 31, In thousands 2024 2023 Accrued interest $ 6,418 $ 9,794 Accrued penalties 293 466 We file income tax returns in various jurisdictions. We are subject to income tax examination by tax authorities in our major tax jurisdictions as follows: Tax Jurisdiction Years Subject to Audit U.S. federal Subsequent to 2020 France Subsequent to 2020 Germany Subsequent to 2018 United Kingdom Subsequent to 2019 Indonesia Subsequent to 2018 Italy Subsequent to 2018 While the above years are subject to audit based on the local jurisdiction's statute of limitations, tax attributes carrying over into the above years may also be adjusted upon audit.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 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: December 31, In thousands 2024 2023 Credit facility Multicurrency revolving line of credit $ 500,000 $ 500,000 Standby LOCs issued and outstanding (46,013) (59,059) Net available for additional borrowings under the multicurrency revolving line of credit $ 453,987 $ 440,941 Net available for additional standby LOCs under sub-facility $ 253,987 $ 240,941 Unsecured multicurrency revolving lines of credit with various financial institutions Multicurrency revolving lines of credit $ 87,230 $ 84,318 Standby LOCs issued and outstanding (19,541) (21,853) Short-term borrowings — — Net available for additional borrowings and LOCs $ 67,689 $ 62,465 Unsecured surety bonds in force $ 363,097 $ 271,164
Schedule of Warranty Accruals	A summary of the warranty accrual account activity is as follows: Year Ended December 31, In thousands 2024 2023 2022 Beginning balance $ 22,164 $ 25,698 $ 32,022 New product warranties 6,132 6,665 5,061 Other adjustments and expirations, net 1,975 710 (882) Claims activity (7,894) (11,187) (9,719) Effect of change in exchange rates (236) 278 (784) Ending balance 22,141 22,164 25,698 Less: current portion of warranty 14,302 14,663 18,203 Long-term warranty $ 7,839 $ 7,501 $ 7,495
Warranty Expense	Warranty expense was as follows: Year Ended December 31, In thousands 2024 2023 2022 Total warranty expense $ 8,107 $ 7,375 $ 4,179
Health Benefit Plan Costs and Incurred But Not Reported Accrual Balance	Plan costs were as follows: Year Ended December 31, In thousands 2024 2023 2022 Plan costs $ 39,042 $ 36,326 $ 37,942 IBNR accrual, which is included in wages and benefits payable, was as follows: December 31, In thousands 2024 2023 IBNR accrual $ 3,658 $ 3,673

Restructuring (Tables)

Restructuring (Tables)	12 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The total expected restructuring costs, the restructuring costs recognized, and the remaining expected restructuring costs related to the 2023 Projects were as follows: In thousands Total Expected Costs at December 31, 2024 Costs Recognized in Prior Periods Adjustments Recognized During the Year Ended December 31, 2024 Expected Remaining Costs to be Recognized at December 31, 2024 Employee severance costs $ 42,078 $ 43,347 $ (1,269) $ — Asset impairments & net loss (gain) on sale or disposal 1,149 1,130 19 — Other restructuring costs 7,547 4,051 2,896 600 Total $ 50,774 $ 48,528 $ 1,646 $ 600 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 December 31, 2024 Costs Recognized in Prior Periods Adjustments Recognized During the Year Ended December 31, 2024 Expected Remaining Costs to be Recognized at December 31, 2024 Employee severance costs $ 35,816 $ 34,821 $ 995 $ — Asset impairments & net loss (gain) on sale or disposal 8,169 8,379 (210) — Other restructuring costs 5,277 3,729 248 1,300 Total $ 49,262 $ 46,929 $ 1,033 $ 1,300
Schedule of Restructuring Reserve by Type of Cost	The following table summarizes the activity within the restructuring related balance sheet accounts for the 2023 Projects and the 2021 Projects during the year ended December 31, 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 (274) (191) 3,144 2,679 Cash payments (27,987) (13) (4,041) (32,041) Cash receipts — 150 — 150 Net assets disposed and impaired — 54 — 54 Effect of change in exchange rates (2,322) — 435 (1,887) Ending balance, December 31, 2024 $ 38,115 $ — $ 3,216 $ 41,331

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 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, 2022 $ (111,766) $ (210) $ (14,380) $ (21,742) $ (148,098) OCI before reclassifications (28,748) — — 23,170 (5,578) Amounts reclassified from AOCI 57,321 — — 1,681 59,002 Total other comprehensive income (loss) 28,573 — — 24,851 53,424 Balances at December 31, 2022 (83,193) (210) (14,380) 3,109 (94,674) OCI before reclassifications 15,550 — — (1,947) 13,603 Amounts reclassified from AOCI — — — (119) (119) Total other comprehensive income (loss) 15,550 — — (2,066) 13,484 Balances at December 31, 2023 (67,643) (210) (14,380) 1,043 (81,190) OCI before reclassifications (29,913) — — 1,290 (28,623) Amounts reclassified from AOCI — — — (118) (118) Total other comprehensive income (loss) (29,913) — — 1,172 (28,741) Balances at December 31, 2024 $ (97,556) $ (210) $ (14,380) $ 2,215 $ (109,931) Upon closing the divestiture transaction in 2022, outstanding amounts in AOCI were reclassified to net income (loss) on the sale of business with a corresponding reversal of the impairment loss originally booked in the prior period. We also substantially liquidated our legal entity in Russia during 2022 recognizing the reclassification of the currency translation adjustment from accumulated other comprehensive income (loss) related to the disposal of the business.
Income Tax (Provision) Benefit Related To OCI	The before-tax, income tax (provision) benefit, and net-of-tax amounts related to each component of OCI were as follows: Year Ended December 31, In thousands 2024 2023 2022 Before-tax amount Foreign currency translation adjustment $ (30,238) $ 15,622 $ (28,921) Foreign currency translation adjustment reclassified to net income (loss) on sale or disposal of business — — 57,321 Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges — — — Net hedging (gain) loss reclassified to net income (loss) — — — Net unrealized gain (loss) on defined benefit plans 1,999 (2,117) 23,519 Net defined benefit plan (gain) loss reclassified to net income (loss) (183) (129) 1,706 Total other comprehensive income (loss), before tax (28,422) 13,376 53,625 Tax (provision) benefit Foreign currency translation adjustment 325 (72) 173 Foreign currency translation adjustment reclassified to net income (loss) on sale or disposal of business — — — Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges — — — Net hedging (gain) loss reclassified to net income (loss) — — — Net unrealized gain (loss) on defined benefit plans (709) 170 (349) Net defined benefit plan (gain) loss reclassified to net income (loss) 65 10 (25) Total other comprehensive income (loss) tax (provision) benefit (319) 108 (201) Net-of-tax amount Foreign currency translation adjustment (29,913) 15,550 (28,748) Foreign currency translation adjustment reclassified to net income (loss) on sale or disposal of business — — 57,321 Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges — — — Net hedging (gain) loss reclassified to net income (loss) — — — Net unrealized gain (loss) on defined benefit plans 1,290 (1,947) 23,170 Net defined benefit plan (gain) loss reclassified to net income (loss) (118) (119) 1,681 Total other comprehensive income (loss), net of tax $ (28,741) $ 13,484 $ 53,424

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Values Of Financial Instruments by Balance Sheet Grouping	The fair values at December 31, 2024 and 2023 do not reflect subsequent changes in the economy, interest rates, tax rates, and other variables that may affect the determination of fair value. December 31, 2024 December 31, 2023 In thousands Carrying Amount Fair Value Carrying Amount Fair Value Credit facility Multicurrency revolving line of credit $ — $ — $ — $ — Convertible notes 1,242,424 1,330,670 454,827 423,476

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Revenues Gross Profit And Operating Income By Segment	Information about our reporting segments and Corporate unallocated and the reconciliation to income before income taxes was as follows: Year Ended December 31, 2024 In thousands Device Solutions Networked Solutions Outcomes Segments Subtotal Corporate Unallocated Consolidated Product Revenue $ 473,329 $ 1,546,278 $ 111,772 $ 2,131,379 Service Revenue 3,248 103,797 202,413 309,458 Total revenue 476,577 1,650,075 314,185 2,440,837 Cost of sales 353,113 1,052,295 196,112 1,601,520 Gross profit 123,464 597,780 118,073 839,317 Sales, general and administrative 13,627 27,676 15,826 57,129 Research and development 16,315 113,442 50,517 180,274 Corporate unallocated expenses — — — — 337,804 Total other income (expense) — — — — 20,421 Income (loss) before income taxes $ 93,522 $ 456,662 $ 51,730 $ 601,914 $ (317,383) $ 284,531 Year Ended December 31, 2023 In thousands Device Solutions Networked Solutions Outcomes Segments Subtotal Corporate Unallocated Consolidated Product Revenue $ 452,718 $ 1,331,546 $ 79,225 $ 1,863,489 Service Revenue 3,008 118,745 188,391 310,144 Total revenue 455,726 1,450,291 267,616 2,173,633 Cost of sales 349,809 950,566 159,350 1,459,725 Gross profit 105,917 499,725 108,266 713,908 Sales, general and administrative 13,846 26,055 14,428 54,329 Research and development 26,381 104,749 43,492 174,622 Corporate unallocated expenses — — — — 356,090 Total other income (expense) — — — — (1,481) Income (loss) before income taxes $ 65,690 $ 368,921 $ 50,346 $ 484,957 $ (357,571) $ 127,386 Year Ended December 31, 2022 In thousands Device Solutions Networked Solutions Outcomes Segments Subtotal Corporate Unallocated Consolidated Product Revenue $ 433,354 $ 1,002,156 $ 64,733 $ 1,500,243 Service Revenue 5,356 117,112 172,853 295,321 Total revenue 438,710 1,119,268 237,586 1,795,564 Cost of sales 376,932 757,293 139,150 1,273,375 Gross profit 61,778 361,975 98,436 522,189 Sales, general and administrative 12,544 21,823 12,772 47,139 Research and development 22,531 91,884 39,417 153,832 Corporate unallocated expenses — — — — 328,657 Total other income (expense) — — — — (8,304) Income (loss) before income taxes $ 26,703 $ 248,268 $ 46,247 $ 321,218 $ (336,961) $ (15,743) Three Months Ended September 30, 2024 In thousands Device Solutions Networked Solutions Outcomes Segments Subtotal Corporate Unallocated Consolidated Product Revenue $ 122,119 $ 390,201 $ 25,929 $ 538,249 Service Revenue 619 26,512 50,082 77,213 Total revenue 122,738 416,713 76,011 615,462 Cost of sales 89,396 267,065 49,403 405,864 Gross profit 33,342 149,648 26,608 209,598 Sales, general and administrative 3,137 6,860 3,874 13,871 Research and development 3,720 27,557 11,548 42,825 Corporate unallocated expenses — — — — 78,969 Total other income (expense) — — — — 8,492 Income (loss) before income taxes $ 26,485 $ 115,231 $ 11,186 $ 152,902 $ (70,477) $ 82,425 Three Months Ended June 30, 2024 In thousands Device Solutions Networked Solutions Outcomes Segments Subtotal Corporate Unallocated Consolidated Product Revenue $ 117,929 $ 387,351 $ 27,627 $ 532,907 Service Revenue 621 25,353 50,188 76,162 Total revenue 118,550 412,704 77,815 609,069 Cost of sales 87,319 260,547 50,743 398,609 Gross profit 31,231 152,157 27,072 210,460 Sales, general and administrative 3,328 7,031 3,819 14,178 Research and development 4,178 27,682 12,602 44,462 Corporate unallocated expenses — — — — 87,173 Total other income (expense) — — — — 2,393 Income (loss) before income taxes $ 23,725 $ 117,444 $ 10,651 $ 151,820 $ (84,780) $ 67,040 Three Months Ended March 31, 2024 In thousands Device Solutions Networked Solutions Outcomes Segments Subtotal Corporate Unallocated Consolidated Product Revenue $ 125,908 $ 381,305 $ 20,609 $ 527,822 Service Revenue 844 26,211 48,565 75,620 Total revenue 126,752 407,516 69,174 603,442 Cost of sales 96,688 256,491 44,884 398,063 Gross profit 30,064 151,025 24,290 205,379 Sales, general and administrative 3,781 6,499 4,027 14,307 Research and development 4,580 27,848 11,172 43,600 Corporate unallocated expenses — — — — 84,672 Total other income (expense) — — — — 2,416 Income (loss) before income taxes $ 21,703 $ 116,678 $ 9,091 $ 147,472 $ (82,256) $ 65,216
Revenues By Region	Revenues by region were as follows: Year Ended December 31, In thousands 2024 2023 2022 United States and Canada $ 2,007,045 $ 1,733,680 $ 1,302,241 Europe, Middle East, and Africa 338,997 340,854 391,556 Asia Pacific 94,795 99,099 101,767 Total Company $ 2,440,837 $ 2,173,633 $ 1,795,564
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country	Property, plant, and equipment, net, by geographic area were as follows: December 31, In thousands 2024 2023 United States $ 73,878 $ 80,035 Outside United States 41,550 48,771 Total Company $ 115,428 $ 128,806
Depreciation And Amortization Expense Associated With Segments	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: Year Ended December 31, In thousands 2024 2023 2022 Device Solutions $ 12,145 $ 12,348 $ 14,452 Networked Solutions 16,545 16,314 17,539 Outcomes 6,372 5,433 5,501 Corporate unallocated 21,215 21,668 29,271 Total Company $ 56,277 $ 55,763 $ 66,763

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	A summary of significant net changes in the contract assets and the contract liabilities balances during the period is as follows: In thousands Contract liabilities, less contract assets Beginning balance, January 1, 2024 $ 82,885 Revenues recognized from beginning contract liability (68,091) Cumulative catch-up adjustments 10,028 Increases due to amounts collected or due 340,239 Revenues recognized from current period increases (236,496) Other (1,008) Ending balance, December 31, 2024 $ 127,557

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Lease, Cost	The components of operating lease expense are as follows: In thousands Year Ended December 31, 2024 2023 Operating lease cost $ 22,563 $ 18,798 Variable lease cost 3,640 3,804 Total operating lease cost $ 26,203 $ 22,602 Supplemental cash flow information related to operating leases is as follows: In thousands Year Ended December 31, 2024 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 18,741 $ 19,517 Right-of-use assets obtained in exchange for operating lease liabilities 9,351 3,652
Assets And Liabilities, Leases	Supplemental balance sheet information related to operating leases is as follows: In thousands December 31, 2024 December 31, 2023 Operating lease right-of-use assets, net $ 28,957 $ 41,186 Other current liabilities 14,584 14,981 Operating lease liabilities 25,350 32,656 Total operating lease liability $ 39,934 $ 47,637 Weighted average remaining lease term - Operating leases 3.8 years 3.6 years Weighted average discount rate - Operating leases 4.6 % 4.5 %
Lessee, Operating Lease, Liability, Maturity	Amounts due under operating lease liabilities as of December 31, 2024 are as follows: In thousands December 31, 2024 2025 $ 15,932 2026 13,657 2027 5,648 2028 2,700 2029 1,252 Thereafter 4,291 Total lease payments 43,480 Less: imputed interest (3,546) Total operating lease liability $ 39,934

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Basis of Consolidation Policy Additional Information (Details)	12 Months Ended
	Dec. 31, 2024
Maximum
Basis of Consolidation [Abstract]
Fair value method	20%
Maximum | Investments
Basis of Consolidation [Abstract]
Ownership interest to use equity method	50%
Minimum
Basis of Consolidation [Abstract]
Ownership interest to be held for consolidation	50%
Minimum | Investments
Basis of Consolidation [Abstract]
Ownership interest to use equity method	20%

Summary of Significant Accoun_4

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

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property, Plant, and Equipment Policy Additional Information (Details)	Dec. 31, 2024
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Minimum | Machinery and Equipment, Computers and Software, and Furniture [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Maximum | Machinery and Equipment, Computers and Software, and Furniture [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Goodwill and Intangibles Assets Policy Additional Information (Details)	Dec. 31, 2024
Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Revenue Recognition Policy Additional Information (Details)	12 Months Ended
	Dec. 31, 2024
Minimum
Deferred Revenue Arrangement [Line Items]
Payment terms	30 days
Maximum
Deferred Revenue Arrangement [Line Items]
Payment terms	90 days

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2024
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Expiration period	10 years
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, maximum percentage of employee salary eligible for participation	10%
Discount from market price, purchase date	5%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Foreign Exchange Policy Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Foreign currency transaction (gain) loss, realized	$ (1,100)	$ 3,100	$ 2,900

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income (loss) available to common shareholders	$ 239,105	$ 96,923	$ (9,732)
Weighted average common shares outstanding - Basic (in shares)	45,368	45,421	45,101
Dilutive effect of stock-based awards (in shares)	819	415	0
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	0	0	0
Weighted average common shares outstanding - Diluted (in shares)	46,187	45,836	45,101
Net income (loss) per common share - Basic (in dollars per share)	$ 5.27	$ 2.13	$ (0.22)
Net income (loss) per common share - Diluted (in dollars per share)	$ 5.18	$ 2.11	$ (0.22)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - $ / shares shares in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 21, 2024	Mar. 12, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)			17	300	700
Treasury stock, shares, acquired (in shares)		3,700
Class of warrant or right, exercise price of warrants or rights		$ 180
2024 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt instrument, convertible, conversion price (in usd per share)						$ 131.24
2024 Notes | Call Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Option indexed to issuer's equity, shares	6,100
Option indexed to issuer's equity, strike price (in usd per share)	$ 131.2353
Option indexed to issuer's equity, cap price (in usd per share)	$ 205.86
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)		3,700	3,700
Common stock conversion price (in usd per share)		$ 126
Convertible Debt Securities | 2021 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock conversion price (in usd per share)							$ 126

Certain Balance Sheet Compone_3

Certain Balance Sheet Components - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Trade receivables (net of allowance of $417 and $738)	$ 295,341	$ 272,890
Unbilled receivables	55,132	30,931
Total accounts receivable, net	350,473	303,821
Accounts Receivable, Allowance for Credit Loss, Current	$ 417	$ 738

Certain Balance Sheet Compone_4

Certain Balance Sheet Components - Summary of the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 738	$ 4,863	$ 5,730
Provision for (release of) doubtful accounts, net	(187)	(120)	(258)
Accounts written-off, net	(122)	(4,115)	(492)
Effect of change in exchange rates	(12)	110	(117)
Ending balance	$ 417	$ 738	$ 4,863

Certain Balance Sheet Compone_5

Certain Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 198,995	$ 213,303
Work in process	16,679	17,849
Finished goods	55,051	52,534
Total inventories	$ 270,725	$ 283,686

Certain Balance Sheet Compone_6

Certain Balance Sheet Components - Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Machinery and equipment	$ 294,237	$ 318,546
Computers and software	119,818	126,149
Buildings, furniture, and improvements	115,372	126,041
Land	8,513	7,846
Construction in progress, including purchased equipment	22,247	24,316
Total cost	560,187	602,898
Accumulated depreciation	(444,759)	(474,092)
Property, plant, and equipment, net	$ 115,428	$ 128,806

Certain Balance Sheet Compone_7

Certain Balance Sheet Components - Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 38,449	$ 36,845	$ 41,046

Intangible Assets and Liabili_2

Intangible Assets and Liabilities - Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 405,608	$ 917,178
Accumulated amortization	(362,499)	(870,896)
Total intangible assets subject to amortization	43,109	46,282
Finite-lived intangible liabilities, gross	0	(23,900)
Finite-lived intangible liabilities, accumulated accretion	0	23,900
Finite-lived intangible liabilities, net	0	0
Core-developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	48,048	502,010
Accumulated amortization	(36,661)	(499,571)
Total intangible assets subject to amortization	11,387	2,439
Customer contracts and relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	315,744	329,688
Accumulated amortization	(285,441)	(287,653)
Total intangible assets subject to amortization	30,303	42,035
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	30,793	73,461
Accumulated amortization	(29,374)	(71,740)
Total intangible assets subject to amortization	1,419	1,721
Other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	11,023	12,019
Accumulated amortization	(11,023)	(11,932)
Total intangible assets subject to amortization	$ 0	$ 87

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Narrative (Details) $ in Thousands	Mar. 01, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible assets acquired	$ 15,000
Core-developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible assets acquired	$ 12,500
Finite-lived intangible asset, useful life	5 years
Customer Contracts And Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible assets acquired	$ 2,500
Finite-lived intangible asset, useful life	3 years
Elpis Squared
Finite-Lived Intangible Assets [Line Items]
Percentage of voting interests acquired	100%

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Estimated Future Annual Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2025	$ 17,593
2026	13,614
2027	8,272
2028	2,681
2029	576
Thereafter	373
Total intangible assets subject to amortization	$ 43,109	$ 46,282

Goodwill - Schedule of Goodwill

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Mar. 01, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill beginning balance			$ 1,052,504	$ 1,038,721
Goodwill acquired		$ 19,300	19,251
Effect of change in exchange rates			(19,625)	13,783
Goodwill ending balance		1,052,130	1,052,130	1,052,504
Goodwill, Period Increase (Decrease)	$ 19,700
Device Solutions [Member]
Goodwill [Roll Forward]
Goodwill beginning balance			0	0
Goodwill acquired			0
Effect of change in exchange rates			0	0
Goodwill ending balance		0	0	0
Networked Solutions Segment [Member]
Goodwill [Roll Forward]
Goodwill beginning balance			911,847	899,887
Goodwill acquired			0
Effect of change in exchange rates			(17,028)	11,960
Goodwill ending balance		894,819	894,819	911,847
Outcomes Segment [Member]
Goodwill [Roll Forward]
Goodwill beginning balance			140,657	138,834
Goodwill acquired			19,251
Effect of change in exchange rates			(2,597)	1,823
Goodwill ending balance		$ 157,311	$ 157,311	$ 140,657

Goodwill - Goodwill Narrative (

Goodwill - Goodwill Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill, Impaired, Accumulated Impairment Loss	$ 714,900	$ 714,900	$ 714,900
Goodwill acquired	$ 19,300	19,251
Goodwill impairment		0	$ 0	$ 38,480
Networked Solutions Segment [Member]
Goodwill [Line Items]
Goodwill acquired		0
Device Solutions [Member]
Goodwill [Line Items]
Goodwill acquired		$ 0

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Convertible Debt	$ 1,265,000	$ 460,000
Total debt	1,265,000
Debt issuance costs, noncurrent, net	22,576	5,173
Long-term debt, net	1,242,424	454,827
Line of Credit
Debt Instrument [Line Items]
Long-term line of credit	0	0
Secured Debt
Debt Instrument [Line Items]
Total debt	1,265,000	460,000
Long-term debt, net	$ 1,242,424	$ 454,827

Debt - Credit Facility Addition

Debt - Credit Facility Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 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
Debt instrument, capital stock pledge percentage	100%
Debt instrument, voting stock pledge percentage	66%
Debt instrument, non-voting stock pledge percentage	100%
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	46,013,000		59,059,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 253,987,000		240,941,000
Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0%
Maximum | 2018 Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 500,000,000
EURIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis	EURIBOR 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
Alternate base rate (3)
Debt Instrument [Line Items]
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
Federal Reserve Effect Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Alternate base rate (3)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1%
Standby Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				300,000,000
Letters of credit outstanding, amount	$ 46,000,000
Swingline Sub-Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				50,000,000
Long-term line of credit	0
USD Denominated Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount				$ 650,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit	0
Line of Credit
Debt Instrument [Line Items]
Long-term line of credit	0		0
Line of Credit Facility, Remaining Borrowing Capacity	$ 453,987,000		$ 440,941,000

Debt - Convertible Debt Additio

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

Debt - Interest Cost Amendment

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

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
2025	$ 0
2026	460,000
2027	0
2028	0
2029	0
Thereafter	805,000
Total minimum payments on debt	$ 1,265,000

Derivative Financial Instrume_2

Derivative Financial Instruments - Narrative (Details)	Dec. 31, 2024 USD ($) contracts	Mar. 31, 2021 USD ($)
Derivative [Line Items]
Derivative, notional amount		$ 84,100,000
Forward Contracts [Member]
Derivative [Line Items]
Number of instruments held | contracts	35
Foreign Exchange Contract [Member] | Minimum | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount	$ 104,000
Foreign Exchange Contract [Member] | Maximum | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount	$ 32,300,000

Defined Benefit Pension Plans -

Defined Benefit Pension Plans - Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at January 1,	$ 76,270	$ 69,739
Service cost	2,541	2,450	$ 2,908
Interest cost	2,710	2,861	1,676
Actuarial gain (loss)	(2,422)	1,682
Benefits paid	(3,126)	(2,950)
Foreign currency exchange rate changes	(4,303)	2,819
Curtailment	0	(114)
Settlement	(112)	(217)
Benefit obligation at December 31,	71,558	76,270	69,739
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at January 1,	8,840	8,662
Actual return on plan assets	(130)	724
Company contributions	111	254
Benefits paid	(256)	(283)
Foreign currency exchange rate changes	(534)	401
Other	0	(918)
Fair value of plan assets at December 31,	8,031	8,840	$ 8,662
Net pension benefit obligation at fair value	$ 63,527	$ 67,430

Defined Benefit Pension Plans_2

Defined Benefit Pension Plans - Schedule of Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Plan assets in other long-term assets	$ 133	$ 80
Current portion of pension benefit obligation in wages and benefits payable	4,123	3,623
Long-term portion of pension benefit obligation	59,537	63,887
Pension benefit obligation, net	$ 63,527	$ 67,430

Defined Benefit Pension Plans_3

Defined Benefit Pension Plans - Schedule of Amounts Recognized in Other Comprehensive Income (loss), pre-tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Net actuarial (gain) loss	$ (2,422)	$ 1,568	$ (24,316)
Settlement	3	7	(166)
Curtailment	585	114	20
Plan asset (gain) loss	423	(369)	316
Amortization of net actuarial gain (loss)	(272)	65	(1,490)
Amortization of prior service cost	(133)	(57)	(70)
Other	0	918	481
Other comprehensive (income) loss	$ (1,816)	$ 2,246	$ (25,225)

Defined Benefit Pension Plans_4

Defined Benefit Pension Plans - Accumulated Benefit Obligation Additional Details (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined benefit plan, expected amortization, next fiscal year	$ 0.2
Defined benefit plan, accumulated benefit obligation	$ 63.5	$ 68.8

Defined Benefit Pension Plans_5

Defined Benefit Pension Plans - Schedule of Net Periodic Pension Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Service cost	$ 2,541	$ 2,450	$ 2,908
Interest cost	2,710	2,861	1,676
Expected return on plan assets	(293)	(355)	(312)
Amortization of prior service costs	133	57	70
Amortization of actuarial net (gain) loss	272	(65)	1,490
Settlement	(3)	(7)	166
Curtailment	(585)	(114)	(20)
Net periodic benefit cost	$ 4,775	$ 4,827	$ 5,978
Defined benefit plan, net periodic benefit cost (credit) excluding service cost, statement of income or comprehensive income	Other income (expense), net	Other income (expense), net	Other income (expense), net

Defined Benefit Pension Plans_6

Defined Benefit Pension Plans - Schedule of Significant Actuarial Weighted Average Assumptions Used in Determining the Benefit Obligation and Net Periodic Benefit Cost (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Actuarial assumptions used to determine benefit obligations at end of period:
Discount rate	4.04%	3.74%	4.14%
Expected annual rate of compensation increase	4.73%	4.41%	4.26%
Actuarial assumptions used to determine net periodic benefit cost for the period:
Discount rate	3.74%	4.14%	1.93%
Expected rate of return on plan assets	3.42%	3.99%	3.45%
Expected annual rate of compensation increase	4.41%	4.26%	3.88%

Defined Benefit Pension Plans_7

Defined Benefit Pension Plans - Significant Actuarial Weighted Assumptions (Discount Rate) (Details)	12 Months Ended
	Dec. 31, 2024
Percentage of Benefit Plans Denominated in Euro [Domain]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of benefit plans denominated in euro	80
Shorter duration euro denominated defined benefit plans [Member] | Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	3%
Shorter duration euro denominated defined benefit plans [Member] | Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	3.50%

Defined Benefit Pension Plans_8

Defined Benefit Pension Plans - Schedule of Accumulated Benefit Obligation in Excess of the Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Projected benefit obligation	$ 70,670	$ 75,182
Accumulated benefit obligation	62,944	68,022
Fair value of plan assets	$ 7,010	$ 7,672

Defined Benefit Pension Plans_9

Defined Benefit Pension Plans - Fair Values of Plan Investments by Asset Category (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	$ 8,031	$ 8,840	$ 8,662
Insurance Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	8,031	8,840
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	0	0
Fair Value, Inputs, Level 1 [Member] | Insurance Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	0	0
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	8,031	8,840
Fair Value, Inputs, Level 3 [Member] | Insurance Fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan assets	$ 8,031	$ 8,840	$ 7,805

Defined Benefit Pension Plan_10

Defined Benefit Pension Plans - Level 3 Plan Asset Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at January 1,	$ 8,840	$ 8,662
Effect of Foreign Currency	(534)	401
Fair value of plan assets at December 31,	8,031	8,840
Insurance Fund [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at January 1,	8,840
Fair value of plan assets at December 31,	8,031	8,840
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at January 1,	8,840
Fair value of plan assets at December 31,	8,031	8,840
Fair Value, Inputs, Level 3 [Member] | Insurance Fund [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at January 1,	8,840	7,805
Net Realized and Unrealized Gains	(130)	727
Net Purchases, Issuances, Settlements, and Other	(145)	(67)
Effect of Foreign Currency	(534)	375
Fair value of plan assets at December 31,	$ 8,031	$ 8,840

Defined Benefit Pension Plan_11

Defined Benefit Pension Plans - Expected Future Annual Benefit Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Retirement Benefits [Abstract]
2025	$ 4,606
2026	3,992
2027	4,534
2028	4,590
2029	4,655
2030-2034	$ 28,849

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense and Related Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock options	$ 0	$ 103	$ 891
Restricted stock units	42,531	27,189	20,038
Unrestricted stock awards	1,343	1,065	952
Phantom stock units	5,923	5,025	1,315
Total stock-based compensation	49,797	33,382	23,196
Related tax benefit	$ 10,802	$ 6,928	$ 5,371

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Option Summary (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	363	381	393
Granted (in shares)	0	0	0
Exercised (in shares)	(89)	(18)	(1)
Forfeited (in shares)	0	0	(2)
Canceled (in shares)	0	0	(9)
Outstanding, ending balance (in shares)	274	363	381	393
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 61.36	$ 60.63	$ 61.18
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	51.45	45.96	45.90
Canceled (in dollars per share)	0	0	80
Forfeited (in dollars per share)	0	0	87.27
Outstanding, ending balance (in dollars per share)	$ 64.55	$ 61.36	$ 60.63	$ 61.18
Outstanding, Weighted Average Remaining Contractual Term	3 years 2 months 12 days	4 years	4 years 9 months 18 days	5 years 10 months 24 days
Outstanding, Aggregate Intrinsic Value	$ 12,087,000	$ 5,886,000	$ 1,892,000	$ 4,737,000
Exercised, Aggregate Intrinsic Value	$ 4,450,000	$ 397,000	$ 4,000
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	$ 0	$ 0	$ 0

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	751	528	430
Granted (in shares)	552	497	391
Forfeited (in shares)	(26)	(32)	(66)
Outstanding, ending balance (in shares)	831	751	528
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 58.89	$ 66.39	$ 85.77
Granted (in dollars per share)	76.34	56.89	53.33
Forfeitures (in dollars per share)	67.52
Outstanding, ending balance (in dollars per share)	$ 67.71	$ 58.89	$ 66.39
Vested and Released [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Released (in shares)	(446)	(242)	(227)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Released (in dollars per share)	$ 62.02
Released, Aggregate Intrinsic Value	$ 38,260	$ 13,974	$ 18,169
Vested but Not Released [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Vested but not released (in shares)	18
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, ending balance (in dollars per share)	$ 108.58
Released, Aggregate Intrinsic Value	$ 1,914

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 76.34	$ 56.89	$ 53.33
Long Term Performance Restricted Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	40.30%	46%	55.70%
Risk-free interest rate	4.30%	4.60%	1.70%
Expected term (years)	2 years	1 year 10 months 24 days	2 years 10 months 24 days
Granted (in dollars per share)	$ 115.69	$ 73.41	$ 57.88

Stock-Based Compensation - Phan

Stock-Based Compensation - Phantom Stock Units Summary (Details) - Phantom Share Units (PSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	115	85	69
Granted (in shares)	57	77	59
Released (in shares)	(63)	(43)	(34)
Forfeited, Number	(18)	(4)	(9)
Outstanding, ending balance (in shares)	91	115	85
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 58.58	$ 66.46	$ 85.47
Granted (in dollars per share)	77.38	56.52	53.07
Released (in dollars per share)	60.99
Forfeitures (in dollars per share)	58.74
Outstanding, ending balance (in dollars per share)	$ 68.63	$ 58.58	$ 66.46
Aggregate Intrinsic Value	$ 5,420	$ 2,511	$ 1,780

Stock-Based Compensation - St_3

Stock-Based Compensation - Stock-Based Compensation Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Restricted Stock Units (RSUs) [Member]
[Line Items]
Compensation cost not yet recognized | $	$ 43
Unrecognized compensation expense, expected weighted average period for recognition	1 year 7 months 6 days
Phantom Share Units (PSUs) [Member]
[Line Items]
Compensation cost not yet recognized | $	$ 5.1
Unrecognized compensation expense, expected weighted average period for recognition	1 year 7 months 6 days
Deferred compensation share-based arrangements, liability, current | $	$ 4.8	$ 4.4
Employee Stock [Member]
[Line Items]
Number of shares available for future grant under the Stock Incentive Plan (in shares) | shares	477,368
Stock Incentive Plan [Member]
[Line Items]
Number of shares authorized for issuance under the Stock Incentive Plan (in shares) | shares	13,991,273
Number of shares available for future grant under the Stock Incentive Plan (in shares) | shares	4,590,590
Reduction in stock options available for issue (in shares)	1
Authorized share reserve reduction in awards other than stock options or share appreciation rights available for issue, conversion ratio	1.7

Defined Contribution Plans - Sc

Defined Contribution Plans - Schedule of Defined Contribution Plans Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution [Abstract]
Defined contribution plans expense	$ 20,683	$ 16,958	$ 14,241

Defined Contribution Plans - Na

Defined Contribution Plans - Narrative (Details)	12 Months Ended
	Dec. 31, 2024
Defined Contribution [Abstract]
Employer matching contribution, percentage of match	75%
Employer matching contribution, percentage of employees' gross pay	6%

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 65,461	$ 43,101	$ (2,692)
State and local	13,427	12,039	3,698
Foreign	3,310	8,573	25,433
Total current	82,198	63,713	26,439
Deferred:
Federal	(28,541)	(29,717)	(24,167)
State and local	(5,475)	(6,471)	(4,723)
Foreign	(3,178)	1,071	(23,832)
Total deferred	(37,194)	(35,117)	(52,722)
Change in valuation allowance	(1,597)	472	20,087
Total provision (benefit) from income taxes	$ 43,407	$ 29,068	$ (6,196)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent	15%	23%	39%
Deferred tax liabilities, net	$ (13,032)	$ (33,967)
Valuation allowance, deferred tax asset, increase (decrease), amount	1,597	(472)	$ (20,087)
Undistributed Earnings of Foreign Subsidiaries and Foreign Corporate Joint Ventures [Member]
Undistributed earnings of foreign subsidiaries	$ 38,200	$ 30,800

Income Taxes - Schedule of In_2

Income Taxes - Schedule of Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic				$ 230,120	$ 88,258	$ (19,104)
Foreign				54,411	39,128	3,361
Total income (loss) before income taxes	$ 82,425	$ 67,040	$ 65,216	284,531	127,386	(15,743)
Expected federal income tax provision (benefit)				59,751	26,751	(3,306)
Divestitures				0	0	1,578
Change in valuation allowance				(1,597)	472	20,087
Stock-based compensation				(3,322)	928	1,611
Foreign earnings				(14,004)	3,921	(22,244)
Tax credits				(14,081)	(11,906)	(10,967)
Uncertain tax positions, including interest and penalties				(9,046)	(57)	(2,053)
Change in tax rates				14,151	106	385
State income tax provision (benefit), net of federal effect				4,311	2,324	(2,873)
U.S. tax provision on foreign earnings				356	404	146
Nondeductible goodwill impairment				0	0	6,375
Local foreign taxes				666	509	551
Other, net				6,222	5,616	4,514
Total provision (benefit) from income taxes				$ 43,407	$ 29,068	$ (6,196)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2024		Dec. 31, 2023
Deferred tax assets
Loss carryforwards		$ 397,686	[1]	$ 419,327
Tax credits		24,485	[2]	23,441
Accrued expenses		28,960		37,609
Pension plan benefits expense		9,596		7,671
Warranty reserves		7,754		8,265
Depreciation and amortization		58,199		64,959
Equity compensation		12,619		9,362
Inventory valuation		1,762		4,883
Deferred revenue		14,850		12,264
Interest		30,304		8,228
Leases		5,013		7,173
Capitalized research costs		151,418		113,465
Other deferred tax assets, net		756		9,004
Total deferred tax assets		743,402		725,651
Valuation allowance		(420,655)	[1]	(445,170)
Total deferred tax assets, net of valuation allowance		322,747		280,481
Deferred tax liabilities
Depreciation and amortization		(7,282)		(23,313)
Leases		(2,977)		(6,064)
Other deferred tax liabilities, net		(2,773)		(4,590)
Total deferred tax liabilities		(13,032)		(33,967)
Net deferred tax assets		309,715		$ 246,514
Deferred tax assets, tax credit carryforwards, general business	[2]	500
Deferred Tax Assets, Tax Credit Carryforwards, Foreign		900
Deferred tax assets, tax credit carryforwards, other	[2]	43,200
U.S. federal
Deferred tax liabilities
Loss carryforwards by Jurisdiction	[1]	5,700
LUXEMBOURG
Deferred tax liabilities
Loss carryforwards by Jurisdiction	[1]	$ 1,300,000
[1] For tax return purposes at December 31, 2024, we had U.S. federal loss carryforwards of $5.7 million, which begin to expire in the year 2025. At December 31, 2024, we have net operating loss carryforwards in Luxembourg of $1.3 billion, the majority of which can be carried forward indefinitely, offset by a full valuation allowance. The remaining portion of the loss carryforwards are composed primarily of losses in various other state and foreign jurisdictions. The majority of these losses can be carried forward indefinitely. At December 31, 2024, there was a valuation allowance of $420.7 million primarily associated with foreign loss carryforwards. For tax return purposes at December 31, 2024, we had: U.S. general business credits of $0.5 million, which begin to expire in 2040; U.S. foreign tax credits of $0.9 million, which begin to expire in 2034; and state tax credits of $43.2 million, which begin to expire in 2025.

Income Taxes - Valuation and Qu

Income Taxes - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 445,170	$ 427,423	$ 443,593
Other adjustments	(22,918)	17,275	(36,257)
Additions charged to costs and expenses	(1,597)	472	20,087
Balance at end of period, noncurrent	$ 420,655	$ 445,170	$ 427,423

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits, beginning of period	$ 130,067	$ 130,144	$ 139,529
Gross increase to positions in prior years	630	1,182	14,450
Gross decrease to positions in prior years	(4,320)	(8,666)	(2,786)
Gross increases to current period tax positions	4,868	10,967	4,702
Gross decreases to current period tax positions	(1,056)
Audit settlements	(19,727)	(3,234)	0
Decrease related to lapsing of statute of limitations	(2,752)	(2,000)	(23,164)
Effect of change in exchange rates	(1,578)	1,674	(2,587)
Unrecognized tax benefits, end of period	106,132	130,067	130,144
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	106,122	129,591	130,137
Net interest and penalties expense (benefit)	(3,449)	1,821	$ 4,665
Accrued interest	6,418	9,794
Accrued penalties	$ 293	$ 466

Commitments and Contingencies -

Commitments and Contingencies - Available Lines of Credit, Outstanding Standby Letter of Credits, and Bonds (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Oct. 18, 2019
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit			$ 500,000
Credit Facility [Member]
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit	$ 500,000	$ 500,000
Standby LOCs issued and outstanding	(46,013)	(59,059)
Line of credit facility, remaining borrowing capacity	253,987	240,941
Unsecured Multicurrency Revolving Lines of Credit [Member]
Line of Credit Facility [Line Items]
Multicurrency revolving line of credit	87,230	84,318
Standby LOCs issued and outstanding	(19,541)	(21,853)
Short-term borrowings	0	0
Line of credit facility, remaining borrowing capacity	67,689	62,465
Surety Bond [Member]
Line of Credit Facility [Line Items]
Unsecured surety bonds in force	363,097	271,164
Line of Credit
Line of Credit Facility [Line Items]
Long-term borrowings	0	0
Line of credit facility, remaining borrowing capacity	$ 453,987	$ 440,941

Commitments and Contingencies_2

Commitments and Contingencies - Warranty Account Accrual Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement in Product Warranty Accrual [Roll Forward]
Beginning balance	$ 22,164	$ 25,698	$ 32,022
New product warranties	6,132	6,665	5,061
Other adjustments and expirations, net	1,975	710	(882)
Claims activity	(7,894)	(11,187)	(9,719)
Effect of change in exchange rates	(236)	278	(784)
Ending balance	22,141	22,164	25,698
Less: current portion of warranty	14,302	14,663	18,203
Long-term warranty	7,839	7,501	7,495
Total warranty expense	$ 8,107	$ 7,375	$ 4,179

Commitments and Contingencies_3

Commitments and Contingencies - Health Benefit Plan Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Plan costs	$ 39,042	$ 36,326	$ 37,942

Commitments and Contingencies_4

Commitments and Contingencies - Incurred But Not Reported Health Benefit Cost Accrual (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
IBNR accrual	$ 3,658	$ 3,673

Restructuring - Expected Cost,

Restructuring - Expected Cost, Costs Recognized, and Costs to be Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 2,679
2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	50,774
Costs Recognized in Prior Periods		$ 48,528
Restructuring Charges	1,646
Restructuring and Related Cost, Expected Cost Remaining	600
2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	49,262
Costs Recognized in Prior Periods		46,929
Restructuring Charges	1,033
Restructuring and Related Cost, Expected Cost Remaining	1,300
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(274)
Employee Severance | 2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	42,078
Costs Recognized in Prior Periods		43,347
Restructuring Charges	(1,269)
Restructuring and Related Cost, Expected Cost Remaining	0
Employee Severance | 2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	35,816
Costs Recognized in Prior Periods		34,821
Restructuring Charges	995
Restructuring and Related Cost, Expected Cost Remaining	0
Asset Impairment and Net (Gain) Loss on Sale or Disposal
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(191)
Asset Impairment and Net (Gain) Loss on Sale or Disposal | 2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	1,149
Costs Recognized in Prior Periods		1,130
Restructuring Charges	19
Restructuring and Related Cost, Expected Cost Remaining	0
Asset Impairment and Net (Gain) Loss on Sale or Disposal | 2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	8,169
Costs Recognized in Prior Periods		8,379
Restructuring Charges	(210)
Restructuring and Related Cost, Expected Cost Remaining	0
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	3,144
Other Restructuring | 2023 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	7,547
Costs Recognized in Prior Periods		4,051
Restructuring Charges	2,896
Restructuring and Related Cost, Expected Cost Remaining	600
Other Restructuring | 2021 Projects
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost	5,277
Costs Recognized in Prior Periods		$ 3,729
Restructuring Charges	248
Restructuring and Related Cost, Expected Cost Remaining	$ 1,300

Restructuring - Additional Info

Restructuring - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, current	$ 24.3	$ 21
Restructuring reserve, noncurrent	$ 17	$ 51.4

Restructuring - Related Balance

Restructuring - Related Balance Sheet Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	$ 72,376
Restructuring Charges	2,679
Cash payments	(32,041)
Cash receipts	150
Net assets disposed and impaired	54
Effect of change in exchange rates	(1,887)
Restructuring Reserve - Ending Balance	$ 41,331
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (loss) on restructuring
Employee severance costs
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	$ 68,698
Restructuring Charges	(274)
Cash payments	(27,987)
Cash receipts	0
Net assets disposed and impaired	0
Effect of change in exchange rates	(2,322)
Restructuring Reserve - Ending Balance	38,115
Asset Impairment and Net (Gain) Loss on Sale or Disposal
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	0
Restructuring Charges	(191)
Cash payments	(13)
Cash receipts	150
Net assets disposed and impaired	54
Effect of change in exchange rates	0
Restructuring Reserve - Ending Balance	0
Other restructuring costs
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve - Beginning Balance	3,678
Restructuring Charges	3,144
Cash payments	(4,041)
Cash receipts	0
Net assets disposed and impaired	0
Effect of change in exchange rates	435
Restructuring Reserve - Ending Balance	$ 3,216

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Jun. 30, 2024 $ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 shares	Sep. 19, 2024 USD ($)	May 11, 2023 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized (in shares)		10,000,000			10,000,000	10,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0			$ 0	$ 0
Preferred stock, shares outstanding (in shares)		0			0	0
Preferred stock, shares issued (in shares)		0			0	0
Treasury stock, shares, acquired (in shares)				3,700,000
Derivative, notional amount | $				$ 84,100
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)					17,000	300,000	700,000
Deferred Tax Assets, Derivative Instruments | $				$ 20,600
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
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 usd per share) | $ / shares			$ 131.2353
Option indexed to issuer's equity, cap price (in usd per share) | $ / shares			$ 205.86
Convertible Debt Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock-based awards excluded from diluted EPS calculation (antidilutive) (in shares)				3,700,000	3,700,000
Common stock conversion price (in usd per share) | $ / shares				$ 126
2024 Stock Repurchase Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share repurchase program, authorized, amount | $								$ 100,000
Treasury stock, shares, acquired (in shares)		0
2023 Stock Repurchase Program
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share repurchase program, authorized, amount | $									$ 100,000
Stock repurchased during period, shares	971,534
Treasury stock acquired, average cost per share (in usd per share) | $ / shares	$ 102.93
Treasury stock, value, acquired, cost method | $	$ 100,000

Shareholders' Equity - Accumula

Shareholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period	$ (81,190)
Total other comprehensive income (loss), net of tax	(28,741)	$ 13,484	$ 53,424
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period	(109,931)	(81,190)
Actuarial gain (loss)	(2,422)	1,682
Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period	(81,190)	(94,674)	(148,098)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(28,623)	13,603	(5,578)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(118)	(119)	59,002
Total other comprehensive income (loss), net of tax	(28,741)	13,484	53,424
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period	(109,931)	(81,190)	(94,674)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period	(67,643)	(83,193)	(111,766)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(29,913)	15,550	(28,748)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0	57,321
Total other comprehensive income (loss), net of tax	(29,913)	15,550	28,573
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period	(97,556)	(67,643)	(83,193)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period	(210)	(210)	(210)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0	0
Total other comprehensive income (loss), net of tax	0	0	0
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period	(210)	(210)	(210)
Accumulated Other Comprehensive Income, Net Unrealized Gain (Loss) on Nonderivative Instruments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period	(14,380)	(14,380)	(14,380)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0	0
Total other comprehensive income (loss), net of tax	0	0	0
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period	(14,380)	(14,380)	(14,380)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning of Period	1,043	3,109	(21,742)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	1,290	(1,947)	23,170
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(118)	(119)	1,681
Total other comprehensive income (loss), net of tax	1,172	(2,066)	24,851
Accumulated Other Comprehensive Income (Loss), Net of Tax, End of Period	$ 2,215	$ 1,043	$ 3,109

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Other Comprehensive Income (Loss) Tax Effect (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Before-tax amount [Abstract]
Foreign currency translation adjustment	$ (30,238)	$ 15,622	$ (28,921)
Foreign currency translation adjustment reclassified to net income (loss) on sale or disposal of business	0	0	57,321
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	0	0	0
Net hedging (gain) loss reclassified to net income (loss)	0	0	0
Net unrealized gain (loss) on defined benefit plans	1,999	(2,117)	23,519
Net defined benefit plan (gain) loss reclassified to net income (loss)	(183)	(129)	1,706
Total other comprehensive income (loss), before tax	(28,422)	13,376	53,625
Tax (provision) benefit [Abstract]
Foreign currency translation adjustment	325	(72)	173
Foreign currency translation adjustment reclassified to net income (loss) on sale or disposal of business	0	0	0
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	0	0	0
Net hedging (gain) loss reclassified to net income (loss)	0	0	0
Net unrealized gain (loss) on defined benefit plans	(709)	170	(349)
Net defined benefit plan (gain) loss reclassified to net income (loss)	65	10	(25)
Total other comprehensive income (loss) tax (provision) benefit	(319)	108	(201)
Net-of-tax amount
Foreign currency translation adjustment	(29,913)	15,550	(28,748)
Foreign currency translation adjustment reclassified to net income (loss) on sale or disposal of business	0	0	57,321
Net unrealized gain (loss) on derivative instruments, designated as cash flow hedges	0	0	0
Net hedging (gain) loss reclassified to net income (loss)	0	0	0
Net unrealized gain (loss) on defined benefit plans	1,290	(1,947)	23,170
Net defined benefit plan (gain) loss reclassified to net income (loss)	(118)	(119)	1,681
Total other comprehensive income (loss), net of tax	$ (28,741)	$ 13,484	$ 53,424

Fair Values of Financial Inst_3

Fair Values of Financial Instruments - Schedule of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Line of Credit
Liabilities
Multicurrency revolving line of credit	$ 0	$ 0
Carrying Amount
Liabilities
Convertible notes	1,242,424	454,827
Carrying Amount | Line of Credit
Liabilities
Multicurrency revolving line of credit	0	0
Fair Value
Liabilities
Convertible notes	1,330,670	423,476
Fair Value | Line of Credit
Liabilities
Multicurrency revolving line of credit, Fair Value of Amount Outstanding	$ 0	$ 0

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2024 segment
Segment Reporting Information [Line Items]
Number of operating segments		3	3
One Customer | Revenue Benchmark | Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration Risk, Percentage	10.70%

Segment Information - Informati

Segment Information - Information By Segment (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues				$ 2,440,837	$ 2,173,633	$ 1,795,564
Total cost of revenues				1,601,520	1,459,725	1,273,375
Gross profit				839,317	713,908	522,189
Sales, general and administrative				339,069	312,779	290,453
Research and development				215,034	208,688	185,098
Operating income (loss)				264,110	128,867	(7,439)
Total other income (expense)				20,421	(1,481)	(8,304)
Total income (loss) before income taxes	$ 82,425	$ 67,040	$ 65,216	284,531	127,386	(15,743)
Amortization of intangible assets				17,828	18,918	25,717
Gain (loss) on restructuring				2,679	43,989	(13,625)
Loss on sale of business				597	667	3,505
Goodwill impairment				0	0	38,480
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Segment Reporting Information [Line Items]
Total revenues	615,462	609,069	603,442	2,440,837	2,173,633	1,795,564
Total cost of revenues	405,864	398,609	398,063	1,601,520	1,459,725	1,273,375
Gross profit	209,598	210,460	205,379	839,317	713,908	522,189
Sales, general and administrative	13,871	14,178	14,307	57,129	54,329	47,139
Research and development	42,825	44,462	43,600	180,274	174,622	153,832
Segment Reporting, Other Segment Item, Amount	0	0	0	0	0	0
Total other income (expense)	0	0	0	0	0	0
Total income (loss) before income taxes	152,902	151,820	147,472	601,914	484,957	321,218
Segment Reporting, Reconciling Item, Corporate Nonsegment
Segment Reporting Information [Line Items]
Segment Reporting, Other Segment Item, Amount	78,969	87,173	84,672	337,804	356,090	328,657
Total other income (expense)	8,492	2,393	2,416	20,421	(1,481)	(8,304)
Total income (loss) before income taxes	(70,477)	(84,780)	(82,256)	(317,383)	(357,571)	(336,961)
Device Solutions [Member] | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	122,738	118,550	126,752	476,577	455,726	438,710
Total cost of revenues	89,396	87,319	96,688	353,113	349,809	376,932
Gross profit	33,342	31,231	30,064	123,464	105,917	61,778
Sales, general and administrative	3,137	3,328	3,781	13,627	13,846	12,544
Research and development	3,720	4,178	4,580	16,315	26,381	22,531
Segment Reporting, Other Segment Item, Amount	0	0	0	0	0	0
Total other income (expense)	0	0	0	0	0	0
Total income (loss) before income taxes	26,485	23,725	21,703	93,522	65,690	26,703
Networked Solutions Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	416,713	412,704	407,516	1,650,075	1,450,291	1,119,268
Total cost of revenues	267,065	260,547	256,491	1,052,295	950,566	757,293
Gross profit	149,648	152,157	151,025	597,780	499,725	361,975
Sales, general and administrative	6,860	7,031	6,499	27,676	26,055	21,823
Research and development	27,557	27,682	27,848	113,442	104,749	91,884
Segment Reporting, Other Segment Item, Amount	0	0	0	0	0	0
Total other income (expense)	0	0	0	0	0	0
Total income (loss) before income taxes	115,231	117,444	116,678	456,662	368,921	248,268
Outcomes Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	76,011	77,815	69,174	314,185	267,616	237,586
Total cost of revenues	49,403	50,743	44,884	196,112	159,350	139,150
Gross profit	26,608	27,072	24,290	118,073	108,266	98,436
Sales, general and administrative	3,874	3,819	4,027	15,826	14,428	12,772
Research and development	11,548	12,602	11,172	50,517	43,492	39,417
Segment Reporting, Other Segment Item, Amount	0	0	0	0	0	0
Total other income (expense)	0	0	0	0	0	0
Total income (loss) before income taxes	11,186	10,651	9,091	51,730	50,346	46,247
Product revenues
Segment Reporting Information [Line Items]
Total revenues				2,131,379	1,863,489	1,500,243
Total cost of revenues				1,429,942	1,292,170	1,102,475
Product revenues | Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Segment Reporting Information [Line Items]
Total revenues	538,249	532,907	527,822	2,131,379	1,863,489	1,500,243
Product revenues | Device Solutions [Member] | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	122,119	117,929	125,908	473,329	452,718	433,354
Product revenues | Networked Solutions Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	390,201	387,351	381,305	1,546,278	1,331,546	1,002,156
Product revenues | Outcomes Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	25,929	27,627	20,609	111,772	79,225	64,733
Service revenues
Segment Reporting Information [Line Items]
Total revenues				309,458	310,144	295,321
Total cost of revenues				171,578	167,555	170,900
Service revenues | Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Segment Reporting Information [Line Items]
Total revenues	77,213	76,162	75,620	309,458	310,144	295,321
Service revenues | Device Solutions [Member] | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	619	621	844	3,248	3,008	5,356
Service revenues | Networked Solutions Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	26,512	25,353	26,211	103,797	118,745	117,112
Service revenues | Outcomes Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	$ 50,082	$ 50,188	$ 48,565	$ 202,413	$ 188,391	$ 172,853

Segment Information - Revenues

Segment Information - Revenues By Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers [Line Items]
Total revenues	$ 2,440,837	$ 2,173,633	$ 1,795,564
United States and Canada
Revenues from External Customers [Line Items]
Total revenues	2,007,045	1,733,680	1,302,241
Europe, Middle East, and Africa
Revenues from External Customers [Line Items]
Total revenues	338,997	340,854	391,556
Asia Pacific
Revenues from External Customers [Line Items]
Total revenues	$ 94,795	$ 99,099	$ 101,767

Segment Information - Property,

Segment Information - Property, Plant, and Equipment By Location (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Property, Plant, and Equipment by Location
Property, plant, and equipment, net	$ 115,428	$ 128,806
UNITED STATES [Member]
Schedule of Property, Plant, and Equipment by Location
Property, plant, and equipment, net	73,878	80,035
Outside United States [Member]
Schedule of Property, Plant, and Equipment by Location
Property, plant, and equipment, net	$ 41,550	$ 48,771

Segment Information - Depreciat

Segment Information - Depreciation Expense Allocated to Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Depreciation and amortization of intangible assets	$ 56,277	$ 55,763	$ 66,763
Operating Segments | Device Solutions [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization of intangible assets	12,145	12,348	14,452
Operating Segments | Networked Solutions Segment [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization of intangible assets	16,545	16,314	17,539
Operating Segments | Outcomes Segment [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization of intangible assets	6,372	5,433	5,501
Segment Reporting, Reconciling Item, Corporate Nonsegment
Segment Reporting Information [Line Items]
Depreciation and amortization of intangible assets	$ 21,215	$ 21,668	$ 29,271

Revenues - Contract with Custom

Revenues - Contract with Customer, Asset and Liability Rollforward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Beginning balance, January 1, 2024	$ 82,885
Revenues recognized from beginning contract liability	(68,091)
Cumulative catch-up adjustments	10,028
Increases due to amounts collected or due	340,239
Revenues recognized from current period increases	(236,496)
Other	(1,008)
Ending balance, December 31, 2024	$ 127,557

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with customer, asset, gross	$ 65.4	$ 80.1
Contract with customer, liability	$ 193	$ 163

Revenues - Remaining Performanc

Revenues - Remaining Performance Obligations (Details) $ in Billions	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Mar. 01, 2024	Dec. 31, 2024	Dec. 31, 2024
Business Acquisition [Line Items]
Goodwill acquired		$ 19,300	$ 19,251
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	$ 19,300

Leases - Components of Lease Co

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating Lease, Cost	$ 22,563	$ 18,798
Variable Lease, Cost	3,640	3,804
Lease, Cost, Total	$ 26,203	$ 22,602

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating Lease, Payments	$ 18,741	$ 19,517
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 9,351	$ 3,652

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets, net	$ 28,957	$ 41,186
Operating Lease, Liability, Current	14,584	14,981
Operating lease liabilities	25,350	32,656
Total operating lease liability	$ 39,934	$ 47,637
Operating Lease, Weighted Average Remaining Lease Term	3 years 9 months 18 days	3 years 7 months 6 days
Operating Lease, Weighted Average Discount Rate, Percent	4.60%	4.50%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities

Leases - Operating Lease Maturi

Leases - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 15,932
2026	13,657
2027	5,648
2028	2,700
2029	1,252
Thereafter	4,291
Total lease payments	43,480
Less: imputed interest	(3,546)
Total operating lease liability	$ 39,934	$ 47,637