hD

Balance Sheet Summary

Sealed Air Corp/de (SEE) quarterly balance sheet covering the six quarters from June 2024 to December 2025, as reported to the SEC.

  • Sealed Air Corp/de had total assets of $7.01B and total liabilities of $5.78B as of December 31, 2025. That leaves shareholders' equity of $1.24B.
  • Total assets were down 0.13% from $7.02B a year earlier.
  • Total current assets of $1.92B were 0.9 times total current liabilities of $2.1B.
  • Cash and cash equivalents were $344M, down 7.5% from $371.8M. That is 4.9% of total assets.
  • Long-term debt, less current portion was $3.28B, or 46.8% of total assets, down 21.8% from $4.2B.
  • Sealed Air Corp/de has built up retained earnings of $1.03B.

A balance sheet shows what a company owns and what it owes on a single date. The difference between the two belongs to shareholders.

Figures in USD millions
Dec'25Sep'25Jun'25Mar'25Dec'24Jun'24
Current assets:
Cash and cash equivalents

344

282

354

335

371

388

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Cash and cash equivalents

344

282

354

335

371

388

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Trade receivables, net of allowance for credit losses of $11.6 in 2025 and $12.6 in 2024

522

490

488

483

443

471

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Trade receivables, net of allowance for credit losses of $11.6 in 2025 and $12.6 in 2024

522

490

488

483

443

471

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Income tax receivables

57

69

35

20

25

20

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Income tax receivables

57

69

35

20

25

20

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other receivables

96

101

109

101

135

96

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other receivables

96

101

109

101

135

96

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Advances and deposits

-

-

-

-

-

70

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Advances and deposits

-

-

-

-

-

70

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Inventories, net of inventory reserves of $51.0 in 2025 and $45.4 in 2024 (Note 7)

737

825

824

766

722

806

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Inventories, net of inventory reserves of $51.0 in 2025 and $45.4 in 2024 (Note 7)

737

825

824

766

722

806

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other current assets

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other current assets

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Deferred taxes

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Deferred taxes

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Current assets held for sale

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Current assets held for sale

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Prepaid expenses and other current assets

162

214

216

198

193

197

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Prepaid expenses and other current assets

162

214

216

198

193

197

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total current assets

1,919

1,982

2,028

1,905

1,891

2,050

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total current assets

1,919

1,982

2,028

1,905

1,891

2,050

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Property and equipment, net (Note 8)

1,423

1,431

1,446

1,409

1,397

1,416

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Property and equipment, net (Note 8)

1,423

1,431

1,446

1,409

1,397

1,416

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Goodwill (Note 9)

2,900

2,899

2,902

2,886

2,878

2,884

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Goodwill (Note 9)

2,900

2,899

2,902

2,886

2,878

2,884

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Identifiable intangible assets, net (Note 9)

333

344

357

368

381

409

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Identifiable intangible assets, net (Note 9)

333

344

357

368

381

409

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Deferred taxes

70

55

140

117

112

135

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Deferred taxes

70

55

140

117

112

135

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Non-current assets held for sale

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Non-current assets held for sale

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Operating lease right-of-use-assets (Note 4)

82

86

91

92

98

97

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Operating lease right-of-use-assets (Note 4)

82

86

91

92

98

97

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other non-current assets

283

284

279

269

262

274

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other non-current assets

283

284

279

269

262

274

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total assets

7,012

7,084

7,247

7,049

7,022

7,268

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total assets

7,012

7,084

7,247

7,049

7,022

7,268

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings (Note 15)

99

154

317

137

140

134

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Short-term borrowings (Note 15)

99

154

317

137

140

134

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Current portion of long-term debt

625

47

42

70

64

50

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Current portion of long-term debt

625

47

42

70

64

50

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Current portion of operating lease liabilities (Note 4)

30

31

31

29

29

28

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Current portion of operating lease liabilities (Note 4)

30

31

31

29

29

28

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Accounts payable

769

779

805

788

771

836

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Accounts payable

769

779

805

788

771

836

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Current liabilities held for sale

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Current liabilities held for sale

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Deferred taxes

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Deferred taxes

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Liabilities held for sale

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Liabilities held for sale

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Settlement agreement and related accrued interest

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Settlement agreement and related accrued interest

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Accrued restructuring costs (Note 13)

33

34

25

32

42

18

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Accrued restructuring costs (Note 13)

33

34

25

32

42

18

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Income tax payable

20

11

23

37

53

30

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Income tax payable

20

11

23

37

53

30

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other current liabilities (Note 14)

523

481

453

411

533

474

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other current liabilities (Note 14)

523

481

453

411

533

474

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total current liabilities

2,101

1,539

1,699

1,507

1,635

1,574

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total current liabilities

2,101

1,539

1,699

1,507

1,635

1,574

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Long-term debt, less current portion

3,284

3,971

3,982

4,195

4,198

4,429

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Long-term debt, less current portion

3,284

3,971

3,982

4,195

4,198

4,429

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Long-term operating lease liabilities, less current portion (Note 4)

60

63

68

68

74

77

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Long-term operating lease liabilities, less current portion (Note 4)

60

63

68

68

74

77

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Deferred taxes

41

27

27

27

26

34

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Deferred taxes

41

27

27

27

26

34

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Non-current liabilities held for sale

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Non-current liabilities held for sale

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other non-current liabilities (Note 14)

287

291

516

452

462

502

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other non-current liabilities (Note 14)

287

291

516

452

462

502

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total liabilities

5,775

5,893

6,294

6,251

6,397

6,618

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total liabilities

5,775

5,893

6,294

6,251

6,397

6,618

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Commitments and contingencies (Note 21)

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Commitments and contingencies (Note 21)

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Stockholders’ equity:
Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2025 and 2024

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2025 and 2024

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 155,307,121 in 2025 and 154,610,375 in 2024; shares outstanding: 147,252,812 in 2025 and 145,731,673 in 2024 (Note 22)

15

15

15

15

15

15

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 155,307,121 in 2025 and 154,610,375 in 2024; shares outstanding: 147,252,812 in 2025 and 145,731,673 in 2024 (Note 22)

15

15

15

15

15

15

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Additional paid-in capital

1,461

1,456

1,447

1,440

1,445

1,431

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Additional paid-in capital

1,461

1,456

1,447

1,440

1,445

1,431

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Common stock reserved for issuance related to Settlement agreement, $0.10 par value per share, no shares in 2014 and 18,000,000 shares in 2013

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Common stock reserved for issuance related to Settlement agreement, $0.10 par value per share, no shares in 2014 and 18,000,000 shares in 2013

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Retained earnings

1,029

1,015

790

727

643

617

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Retained earnings

1,029

1,015

790

727

643

617

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Common stock in treasury, 8,054,309 shares in 2025 and 8,878,702 shares in 2024 (Note 22)

366

366

366

366

404

404

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Common stock in treasury, 8,054,309 shares in 2025 and 8,878,702 shares in 2024 (Note 22)

366

366

366

366

404

404

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Accumulated other comprehensive loss, net of taxes:
Unrecognized pension items

135

-

-

-

141

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Unrecognized pension items

135

-

-

-

141

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Cumulative translation adjustment

-709

-

-

-

-917

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Cumulative translation adjustment

-709

-

-

-

-917

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Unrealized net losses on net investment hedges

-58

-

-

-

-20

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Unrealized net losses on net investment hedges

-58

-

-

-

-20

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Unrealized net gains on cash flow hedges

0

-

-

-

3

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Unrealized net gains on cash flow hedges

0

-

-

-

3

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Unrealized gain on available-for-sale securities

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Unrealized gain on available-for-sale securities

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total accumulated other comprehensive loss, net of taxes (Note 23)

-901

-930

-933

-1,018

-1,075

-1,010

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total accumulated other comprehensive loss, net of taxes (Note 23)

-901

-930

-933

-1,018

-1,075

-1,010

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total stockholders’ equity

1,237

1,190

953

797

624

650

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total stockholders’ equity

1,237

1,190

953

797

624

650

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Noncontrolling interests

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Noncontrolling interests

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total stockholders equity

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total stockholders equity

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total liabilities and stockholders’ equity

7,012

7,084

7,247

7,049

7,022

7,268

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Total liabilities and stockholders’ equity

7,012

7,084

7,247

7,049

7,022

7,268

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx