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Disposition
9 Months Ended
Sep. 30, 2018
Discontinued Operations And Disposal Groups [Abstract]  
Disposition

16. Disposition

On July 2, 2018, we completed the sale of our Print Logistics business for $60.0 million cash, of which we received $55.1 million after transaction costs and preliminary working capital adjustments in the third quarter of 2018. In addition, $4.9 million of cash was included in the disposition. A final working capital adjustment of approximately $6.9 million is expected to be paid by us in the fourth quarter of 2018. Proceeds from the sale were used to reduce borrowings outstanding on our credit facility. The disposition resulted in a pre-tax gain of $4.5 million during the three and nine months ended September 30, 2018, which was recorded in Other operating income in the Condensed Consolidated Statements of Operations. We paid minimal income taxes as a result of the sale due to the utilization of capital loss carryforwards to offset the taxable gain. Prior to the sale, operating results for the Print Logistics business were reported as services within the Business Services segment.