Discontinued Operations

On July 2, 2018, we completed the sale of the Production Mail Business, other than in certain non-U.S. jurisdictions, to an affiliate of Platinum Equity, LLC, a leading global private equity firm. Subsequently during the third quarter, we closed on the sale of additional non-U.S. jurisdictions, and expect to close on the sale of the majority of the remaining non-U.S. jurisdictions in the fourth quarter, subject to local regulatory requirements. Cash proceeds received in the third quarter were $340 million. Net proceeds from the sale after the payment of closing costs, transaction fees and taxes are estimated to be approximately $270 million.

In connection with the sale of the Production Mail Business, we entered into Transition Services Agreements (TSAs) with the purchaser whereby we will perform certain support functions for periods of a year or less. None of these TSAs will have a material effect on our financial performance.

Selected financial information of the Production Mail Business included in discontinued operations is as follows:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2018			2017		2018		2017
Revenue	$	19,557		$	109,547	$	211,000	$	293,965

(Loss) earnings from discontinued operations	$	(1,316	)	$	18,700	$	20,304	$	42,345
Gain on sale, including transaction costs	86,640			—		77,863		—
Income from discontinued operations before taxes	85,324			18,700		98,167		42,345
Tax provision	55,476			6,779		58,624		15,275
Income from discontinued operations, net of tax	$	29,848		$	11,921	$	39,543	$	27,070

The major categories of assets and liabilities of the Production Mail Business included in assets of discontinued operations and liabilities of discontinued operations are as follows:



	September 30, 2018		December 31, 2017
Cash and cash equivalents	$	1,026	$	—
Accounts receivable, net	2,900		97,402
Inventories	4,360		48,910
Other current assets and prepayments	188		3,365
Property, plant and equipment, net	578		5,541
Rental property and equipment, net	386		1,786
Goodwill	8,787		177,799
Other assets	48		45
Assets of discontinued operations	$	18,273	$	334,848

Accounts payable and accrued liabilities	$	2,261	$	36,592
Advance billings	2,534		30,607
Other noncurrent liabilities	5,651		5,609
Liabilities of discontinued operations	$	10,446	$	72,808