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Subsequent Event
9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Event

20)

Subsequent Event – Announcement of the Acquisition of Electro Scientific Industries, Inc. (amounts not in thousands)

On October 29, 2018, the Company entered into a definitive merger agreement to acquire Electro Scientific Industries, Inc. (“ESI”), an innovator in laser-based manufacturing solutions for the micro-machining industry. Pursuant to the merger agreement, the Company agreed to pay $30.00 per share in cash for all of the outstanding shares of ESI, for total cash consideration of approximately $1 billion. The Company intends to fund the transaction with a combination of available cash on hand and up to $650 million in committed term loan debt financing. The acquisition is expected to close in the first quarter of 2019, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and approval by ESI’s shareholders. The Company’s obligations to complete the acquisition are not subject to any financing condition.  Also, on October 29, 2018, the Company entered into a commitment letter to provide for a $100 million asset-based revolving credit facility for working capital purposes to replace the existing $50 million asset-based revolving credit facility.