$VGNT

Versigent PLC

CIK:0002078008|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 2,444	$ 2,206	$ 4,656	$ 4,230
Operating expenses:
Cost of sales	2,123	1,943	4,091	3,718
Selling, general and administrative	100	104	197	209
Amortization	0	1	1	1
Restructuring (Note 9)	0	25	46	41
Separation costs	22	2	48	7
Total operating expenses	2,245	2,075	4,383	3,976
Operating income	199	131	273	254
Interest expense	(36)	(1)	(41)	(3)
Other expense, net (Note 18)	(6)	0	(7)	(1)
Income before income taxes and equity income	157	130	225	250
Income tax expense (Note 13)	(46)	(21)	(37)	(50)
Income before equity income	111	109	188	200
Equity income, net of tax	5	3	9	8
Net income	116	112	197	208
Net (loss) income attributable to noncontrolling interest	(2)	5	1	6
Net income attributable to Versigent	$ 118	$ 107	$ 196	$ 202
Basic earnings per share:
Basic earnings per share attributable to Versigent (in usd per share)	$ 1.66	$ 1.51	$ 2.76	$ 2.85
Weighted average number of basic shares outstanding (in shares)	70,900	70,890	70,900	70,890
Diluted earnings per share:
Diluted earnings per share attributable to Versigent (in usd per share)	$ 1.64	$ 1.51	$ 2.75	$ 2.85
Weighted average number of diluted shares outstanding (in shares)	71,880	70,890	71,390	70,890

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 197	$ 208
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	111	110
Amortization	1	1
Amortization of deferred debt issuance costs	2	0
Restructuring expense, net of cash paid	9	13
Deferred income taxes	5	(2)
Pension and other postretirement benefit expenses	21	7
Income from equity method investments, net of dividends received	(7)	0
Loss on sale of assets	1	2
Share-based compensation	19	16
Changes in operating assets and liabilities:
Accounts receivable, net	(278)	(271)
Inventories	0	(47)
Other assets	(77)	(20)
Accounts payable	169	111
Accrued and other long-term liabilities	89	56
Other, net	(57)	7
Pension contributions	(11)	(1)
Net cash provided by operating activities	194	190
Cash flows from investing activities:
Capital expenditures	(117)	(79)
Net cash used in investing activities	(117)	(79)
Cash flows from financing activities:
Net proceeds (repayments) under short-term debt agreements	86	(132)
Net repayments under long-term debt agreements	0	(1)
Proceeds from issuance of senior notes and credit agreement, net of issuance costs	2,063	0
Cash distribution paid to Former Parent	(1,894)	0
Net transfers (to) from Former Parent	(47)	134
Dividend payments of consolidated affiliates to minority shareholders	(4)	0
Taxes withheld and paid on employees' restricted share awards	(1)	0
Net cash provided by financing activities	203	1
Effect of exchange rate fluctuations on cash and cash equivalents	(2)	15
Increase in cash and cash equivalents	278	127
Cash and cash equivalents at beginning of the period	276	201
Cash and cash equivalents at end of the period	554	328
Supplemental non-cash investing activities:
Capital expenditures included in accounts payable	$ 40	$ 27

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 554	$ 276
Accounts receivable, net of allowance for doubtful accounts of $18 million and $17 million, respectively (Note 2)	1,877	1,567
Inventories (Note 4)	772	772
Other current assets (Note 5)	337	158
Total current assets	3,540	2,773
Long-term assets:
Property, net	901	901
Operating lease right-of-use assets	192	168
Investments in affiliates (Note 6)	149	143
Intangible assets, net (Note 2)	6	7
Deferred tax assets	443	384
Other long-term assets (Note 5)	128	109
Total long-term assets	1,819	1,712
Total assets	5,359	4,485
Current liabilities:
Short-term debt (Note 10)	153	58
Accounts payable	1,666	1,530
Accrued liabilities (Note 7)	713	578
Total current liabilities	2,532	2,166
Long-term liabilities:
Long-term debt (Note 10)	2,071	3
Pension benefit obligations	214	217
Long-term operating lease liabilities	144	130
Other long-term liabilities (Note 7)	114	121
Total long-term liabilities	2,543	471
Total liabilities	5,075	2,637
Commitments and contingencies (Note 12)
Shareholders’ equity:
Preferred shares, $0.01 par value per share, 50,000,000 shares authorized, none issued and outstanding	0	0
Ordinary shares, $0.01 par value per share, 1,200,000,000 shares authorized, 70,925,978 issued and 70,815,717 outstanding as of June 30, 2026	1	0
Additional paid-in-capital	143	0
Retained earnings	118	0
Former Parent’s net investment	0	1,925
Accumulated other comprehensive loss (Note 15)	(177)	(268)
Total Versigent shareholders' equity	85	1,657
Noncontrolling interest	199	191
Total shareholders’ equity	284	1,848
Total liabilities and shareholders’ equity	$ 5,359	$ 4,485