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. Cash proceeds received at the closing were $316 million. We expect to close the other non-U.S. jurisdiction sales in the third and fourth quarters, subject to local regulatory requirements. On August 1, 2018, following the completion of certain local requirements in a non-U.S. jurisdiction, we received an additional $24 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 June 30,					Six Months Ended June 30,
	2018			2017		2018			2017
Revenue	$	89,201		$	90,958	$	191,435		$	184,418

Earnings from discontinued operations	$	8,278		$	11,602	$	21,620		$	23,645
Transaction costs	(7,238		)	—		(8,777		)	—
Income from discontinued operations before taxes	1,040			11,602		12,843			23,645
Tax (benefit) provision	(168		)	4,162		3,148			8,496
Income from discontinued operations, net of tax	$	1,208		$	7,440	$	9,695		$	15,149

The assets and liabilities of the Production Mail Business have been classified as assets of discontinued operations and liabilities of discontinued operations on the Condensed Consolidated Balance Sheets. 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:



	June 30, 2018		December 31, 2017
Accounts receivable, net	$	69,924	$	97,402
Inventories	54,808		48,910
Other current assets and prepayments	6,653		3,365
Property, plant and equipment, net	3,185		5,541
Rental property and equipment, net	1,041		1,786
Goodwill	176,501		177,799
Other assets	1,244		45
Total assets of discontinued operations	$	313,356	$	334,848

Accounts payable and accrued liabilities	$	34,244	$	36,592
Advance billings	44,694		30,607
Other noncurrent liabilities	5,281		5,609
Total liabilities of discontinued operations	$	84,219	$	72,808