Discontinued Operations and Assets Held for Sale

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Assets Held for Sale

Discontinued Operations and Assets Held For Sale

Discontinued Operations

Discontinued operations includes the worldwide Management Services business (PBMS), International Mailing Services business (IMS) and Nordic furniture business, which were sold during 2013 and DIS, which was sold in April 2014. The following tables show selected financial information for discontinued operations:

	Three Months Ended September 30, 2014
	PBMS			IMS		Nordic furniture business		DIS			Total
Revenue	$	—		$	—	$	—	$	—		$	—
Loss from operations before taxes	$	(858	)	$	—	$	—	$	(297	)	$	(1,155	)
Gain (loss) on sale	2,971			—		—		(19		)	2,952
Income (loss) before taxes	2,113			—		—		(316		)	1,797
Tax (benefit) provision	(5,149		)	—		—		85			(5,064		)
Net income (loss)	$	7,262		$	—	$	—	$	(401	)	$	6,861
Capital Services, net of tax											13,794
Income from discontinued operations											$	20,655

	Three Months Ended September 30, 2013
	PBMS			IMS			Nordic furniture business			DIS		Total
Revenue	$	194,511		$	4		$	12,014		$	18,297	$	224,826
(Loss) income from operations before taxes	$	(14,438	)	$	(1,072	)	$	(4,381	)	$	5,041	$	(14,850	)
Gain on sale	13,269			1,196			4,465			—		18,930
(Loss) income before taxes	(1,169		)	124			84			5,041		4,080
Tax provision (benefit)	81,084			168			(9		)	1,338		82,581
(Loss) income from discontinued operations	$	(82,253	)	$	(44	)	$	93		$	3,703	$	(78,501	)

	Nine Months Ended September 30, 2014
	PBMS			IMS		Nordic furniture business		DIS		Total
Revenue	$	—		$	—	$	—	$	19,858	$	19,858
(Loss) income from operations before taxes	$	(524	)	$	308	$	345	$	3,132	$	3,261
Gain on sale	3,101			1,994		—		25,179		30,274
Income before taxes	2,577			2,302		345		28,311		33,535
Tax (benefit) provision	(4,953		)	851		97		21,161		17,156
Net income	$	7,530		$	1,451	$	248	$	7,150	$	16,379
Capital Services, net of tax										13,794
Income from discontinued operations										$	30,173

	Nine Months Ended September 30, 2013
	PBMS			IMS			Nordic furniture business			DIS		Total
Revenue	$	639,237		$	23,036		$	37,785		$	57,702	$	757,760
(Loss) income before taxes	$	(116,018	)	$	(3,050	)	$	(4,859	)	$	13,129	$	(110,798	)
Gain (loss) on sale	13,269			(2,717		)	4,465			—		15,017
(Loss) income before taxes	(102,749		)	(5,767		)	(394		)	13,129		(95,781		)
Tax provision (benefit)	61,679			(1,076		)	(144		)	3,485		63,944
(Loss) income from discontinued operations	$	(164,428	)	$	(4,691	)	$	(250	)	$	9,644	$	(159,725	)

During the quarter, we recognized tax benefits of $14 million related to tax planning initiatives associated with our Capital Services business sold in 2006.

The loss before income taxes for the nine months ended September 30, 2013 for PBMS includes goodwill impairment charges of $100 million and asset impairment charges of $15 million. The inputs used to determine the fair value of the long-lived assets and goodwill were classified as Level 3 in the fair value hierarchy.

Assets Held for Sale

Assets held for sale at September 30, 2014 and December 31, 2013 include the carrying value of our corporate headquarters building and surrounding land, which we expect to sell by the end of the year. Assets held for sale at September 30, 2014 also includes the value of a lease portfolio.