During the third quarter of fiscal 2022, DXC entered into a purchase agreement to sell its German financial services subsidiary ("FDB" or the "FDB Business") to the FNZ Group ("FNZ"). The closing of the transaction was subject to certain conditions, including receipt of certain regulatory consents. During the third quarter of fiscal 2023, DXC obtained regulatory consent for the FDB sale. As of December 31, 2022, the FDB Business met the requirements for presentation as assets held for sale under GAAP.

On January 3, 2023, DXC completed the sale of its FDB Business for €308 million (approximately $323 million as of January 3, 2023) resulting in an estimated pre-tax gain of approximately $180 million to be recognized in the fourth quarter of fiscal 2023.

Assets held for sale are reported at carrying value, which is less than fair value. FDB’s assets held for sale and related liabilities as of December 31, 2022 were as follows:


(in millions)	December 31, 2022
Assets:
Cash and cash equivalents	$	509
Receivables and contract assets	67
Prepaid expenses	1

Total current assets held for sale	577
Intangible assets, net	45

Goodwill	48

Property and equipment, net	1
Other assets	12
Total non-current assets held for sale	106
Total assets held for sale	$	683

Liabilities:
Accounts payable	$	5

Accrued expenses and other current liabilities	532
Income Taxes Payable	1

Total current liabilities related to assets held for sale	538



Non-current income tax liabilities and deferred tax liabilities	7
Other long-term liabilities	4
Total long-term liabilities related to assets held for sale	11
Total liabilities related to assets held for sale	$	549

In addition to the FDB Business, certain other insignificant divestitures are included in the Company’s balance sheets as assets held for sale.

On April 1, 2021, DXC completed the sale of its HPS Business to Dedalus for approximately $551 million, resulting in a pre-tax gain on sale of $337 million, net of closing costs for the nine months ended December 31, 2022.

During the first nine months of fiscal 2022, the Company also sold certain insignificant businesses that resulted in a gain of $49 million. This was partially offset by $13 million in sales price adjustments related to prior year dispositions, which resulted from changes in estimated net working capital.