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 last half of the year, we closed on the sale of most of the non-U.S. jurisdictions, and expect to close on the remaining non-U.S. jurisdictions in the first quarter of 2019, subject to local regulatory requirements. Cash proceeds from the sale were $340 million and net proceeds, after the payment of closing costs, transaction fees and taxes, were approximately $270 million.

In connection with the sale, we entered into Transition Services Agreements (TSAs) with the purchaser whereby we will perform certain support functions for periods of a year or less. These TSAs will not have a material effect on our financial performance.

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



	Years Ended December 31,
	2018		2017		2016
Revenue	$	211,542	$	426,676	$	425,252

Earnings from discontinued operations	$	18,952	$	61,074	$	41,880
Gain on sale	60,611		—		—
Income from discontinued operations before taxes	79,563		61,074		41,880
Tax provision	55,876		21,096		24,844
Income from discontinued operations	$	23,687	$	39,978	$	17,036

The gain on sale includes a $13 million non-cash pension settlement charge and $11 million of transaction costs.

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:



	December 31, 2018		December 31, 2017
Cash and cash equivalents	$	1,965	$	—
Accounts receivable, net	1,057		97,402
Inventories	849		48,910
Other current assets and prepayments	278		3,365
Property, plant and equipment, net	526		5,541
Rental property and equipment, net	179		1,786
Goodwill	—		177,799
Other assets	—		45
Assets of discontinued operations	$	4,854	$	334,848

Accounts payable and accrued liabilities	$	662	$	36,592
Advance billings	593		30,607
Other current liabilities	2,021		—
Other noncurrent liabilities	—		5,609
Liabilities of discontinued operations	$	3,276	$	72,808