In the fourth quarter of 2025, the Company entered into an agreement to sell its remaining South American operations, which is expected to close in the second half of 2026, subject to regulatory and other customary closing conditions. Losses related to this transaction are included within loss on sale of subsidiary and subsidiaries held for sale on the Condensed Consolidated Statements of Operations as they relate to the strategic exit of South American markets and include significant losses related to foreign currency translation effects.

The Company initiated various other dispositions in the fourth quarter of 2025, which are classified as held for sale. Losses related to these actions are included within operating costs on the Condensed Consolidated Statements of Operations.

The assets and liabilities of the held for sale disposal group as of March 31, 2026, were as follows:


(in millions)	South American Businesses		Other Businesses
Assets
Cash and cash equivalents	$	244	$	156
Accounts receivable and other current assets	758		213
Property, equipment and capitalized software	838		180
Goodwill	177		90
Other intangible assets	252		422
Other long-term assets	316		517
Remeasurement of assets of businesses held for sale to fair value less cost to sell(1)	(1,595)		(557)
Total assets	$	990	$	1,021
Liabilities
Medical costs payable	$	225	$	99
Accounts payable and other current liabilities	366		236
Other long-term liabilities	356		472
Total liabilities	$	947	$	807

(1) Includes the effect of $927 million of cumulative foreign currency translation losses and $279 million of noncontrolling interests for the South American businesses held for sale.

During the three months ended March 31, 2026, the Company completed dispositions of businesses that were classified as held for sale in the fourth quarter of 2025 for $1.1 billion of cash. The businesses held assets of $1.2 billion, liabilities of $442 million and had cumulative foreign currency translation gains of $160 million. As a result of the dispositions, the Company recorded a net gain of $211 million, which was included within operating costs on the Condensed Consolidated Statements of Operations, with a gain of $525 million at Optum Insight and an incremental loss of $314 million at Optum Health. The Company contributed $400 million of the proceeds from the disposition within Optum Insight to the United Health Foundation.