Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Effective January 11, 2019, a standby letter of credit totaling approximately $245 million (Swedish kroner 2.2 billion) was issued under a new bilateral letter of credit reimbursement agreement ("L/C Agreement") to secure a payment guarantee required by the Swedish Tax Authorities in order to grant a respite from paying the tax reassessment described in Note 15, "Income Taxes." Outstanding amounts under the L/C Agreement do not reduce the available revolving credit from The Credit Agreement as described in Note 10, "Credit Agreement".

On January 28, 2019, the Company completed its acquisition of 100% of the outstanding stock of Aeryon Labs Inc., a privately held aerospace company, for total cash consideration of approximately $200 million. Aeryon Labs is a leading developer of high-performance UAS for the global military, public safety, and critical infrastructure markets. The final purchase price allocation will be completed in 2019 and will be recorded in the Company's Government and Defense business unit.

On February 7, 2019, the Company's Board of Directors authorized the repurchase of up to 15 million shares of the Company's outstanding common stock. This authorization will expire on February 7, 2021.

On February 7, 2019, the Company's Board of Directors declared a quarterly dividend of $0.17 per share on the Company's common stock, payable on March 8, 2019, to shareholders of record as of the close of business on February 22, 2019. The total cash payment of this dividend will be approximately $23 million.

On February 11, 2019, the Company announced that it has entered into a definitive agreement to acquire Endeavor Robotics Holdings, Inc. ("Endeavor") from Arlington Capital Partners for total cash consideration of approximately $385 million. Endeavor Robotics is a leading developer of battle-tested, tactical unmanned ground vehicles for the global military, public safety, and critical infrastructure markets. Upon closing of the acquisition, which is expected in the first quarter of 2019, Endeavor will be a part of the Company's Government and Defense business unit.