Ingram Micro (INGM) presents a deeply negative liquidation posture consistent with its prior period, driven by the structural asymmetry between haircutted assets and face-value liabilities. Total assets of $20.95B collapse materially under liquidation haircuts: cash of $0.92B recovers at par; AR of $10.88B (net) yields approximately $9.8-10.3B at 90-95%; inventory of $5.18B yields approximately $3.1B at 60%; PP&E of $0.53B yields approximately $0.27-0.37B at 50-70%; intangibles ($0.69B finite-lived, net) and goodwill ($0.85B) recover at zero. Operating lease ROU assets ($0.41B) are also effectively zero in liquidation. Estimated gross liquidation asset pool: approximately $14.2-15.0B. Against this, total liabilities stand at $16.74B at face value, including $13.64B current liabilities dominated by trade payables of $11.64B, accrued liabilities of $1.11B, and $0.79B short-term debt. Non-current liabilities add $3.1B (long-term debt $2.55B, operating lease liabilities $0.36B, other non-current $0.19B). The liability stack comfortably exceeds the haircutted asset pool, yielding a materially negative liquidation recovery to equity — consistent with MFFAIS CLV of -$15.6B. The SupplierFinanceProgramObligation of $2.61B is embedded within accounts payable and represents confirmed supplier financing obligations that would not extinguish at face value below book on windup; this is a non-trivial contingent acceleration risk not separately flagged in most distributions businesses at this scale. Key changes since the prior 10-K (December 27, 2025): cash declined sharply from $1.86B to $0.92B, driven by $978M operating cash outflow in Q1 2026 (primarily AR build as receivables grew $440M), a $200M voluntary term loan repayment, and $75M share repurchase. Total debt increased modestly from $3.20B to $3.34B. Lines of credit and other debt surged from $105M to $419M (uncommitted U.S. facility draw). AR allowance rose to $181M, suggesting incremental credit deterioration. The filing discloses ongoing Brazil tax exposures with a reasonably possible loss of approximately $152M (BRL 795M), and a French Competition Authority follow-on civil claim seeking approximately $109M in damages — neither is separately XBRL-tagged at the contingent liability level beyond LossContingencyAccrualAtCarryingValue. A material weakness in internal controls (manual journal entry segregation of duties) remains unremediated.
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