Autoliv (ALV) as of March 31, 2026 presents a deeply negative liquidation recovery posture consistent with prior periods for a capital-intensive automotive supplier. MFFAIS reports a cash liquidation value of -$5.18B and an operating liquidation value of -$4.24B, reflecting the structural liability-heavy balance sheet that persists through Q1 2026. Total assets of $8.47B are dominated by goodwill and intangibles ($1.39B, zero recovery under liquidation), net PP&E ($2.36B, 50-70% recovery = $1.18-1.65B), and accounts/other receivables ($2.42B, 90-95% recovery = $2.18-2.30B). Inventory of $947M recovers at 60% = $568M. Cash of $342M recovers at par. Against these haircut assets, liabilities stand at face value: current liabilities of $3.71B (including $393M short-term debt, $1.86B AP, $1.02B accruals, $43M operating lease current), noncurrent liabilities of $2.12B (including $1.70B long-term debt, $176M pension, $117M operating lease noncurrent, $125M other noncurrent). Total debt stack is $2.09B gross ($393M short-term + $1.70B long-term). Net debt per company disclosure is $1.77B at March 31, 2026, up from $1.57B at December 31, 2025, driven primarily by working capital consumption in Q1 (operating cash flow negative $76M, capex $85M). The leverage ratio per company policy is 1.3x (net debt plus pensions / adjusted EBITDA), at the upper end of the 0.5x-1.5x target band and up from 1.1x at year-end 2025. Pension obligations of $176M are carried at face value in the liquidation stack and have increased modestly from $169M at December 31, 2025. The supplier finance program obligation of $308M sits in current liabilities and represents an off-balance-sheet-like acceleration risk in a wind-down scenario. The current period's Q1 2026 operating cash outflow of -$76M (versus +$77M in Q1 2025) is notable: working capital consumed $349M versus $179M in the prior year period, reflecting receivables build ($175M outflow) and AP reduction ($134M outflow). Q1 is seasonally weak for OCF but the deterioration in working capital conversion is material for near-term liquidity assessment. Goodwill and intangibles are not separately broken out in XBRL for this filing; the $1.39B IntangibleAssetsNetIncludingGoodwill tag captures the combined amount, which is zeroed in liquidation. The filing discusses restructuring/capacity alignment charges ($28M total in Q1 2026 per the non-GAAP reconciliation tables) in MD&A and in the non-GAAP reconciliation but does not separately tag a restructuring accrual liability in XBRL. The curtailment loss component ($9M non-operating) relates to pension plan changes in connection with capacity alignment activity, which incrementally increases the pension liability over time and is not separately XBRL-tagged.
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