| | | |
Public Offering
Price |
| |
Underwriting
Discount |
| |
Proceeds, Before Expenses,
to the Issuers |
| |||||||||||||||||||||||||||
| | | |
Per Note
|
| |
Total
|
| |
Per Note
|
| |
Total
|
| |
Per Note
|
| |
Total
|
| ||||||||||||||||||
|
% Senior Notes due 2029
|
| | | | % | | | | | $ | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | |||
|
% Senior Notes due 2031
|
| | | | % | | | | | $ | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | |||
|
% Senior Notes due 2033
|
| | | | % | | | | | $ | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | |||
|
% Senior Notes due 2036
|
| | | | % | | | | | $ | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | |||
|
% Senior Notes due 2046
|
| | | | % | | | | | $ | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | |||
|
% Senior Notes due 2056
|
| | | | % | | | | | $ | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | |||
|
% Senior Notes due 2066
|
| | | | % | | | | | $ | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | |||
|
Total
|
| | | | | | | | | $ | | | | | | | | | | | $ | | | | | | | | | | | $ | | | | ||
| | Goldman Sachs & Co. LLC | | |
TD Securities
|
|
| |
BofA Securities
|
| |
J.P. Morgan
|
| |
Wells Fargo Securities
|
|
| | | |
Page
|
| |||
| | | | | S-ii | | | |
| | | | | S-iii | | | |
| | | | | S-v | | | |
| | | | | S-vii | | | |
| | | | | S-1 | | | |
| | | | | S-16 | | | |
| | | | | S-25 | | | |
| | | | | S-26 | | | |
| | | | | S-27 | | | |
| | | | | S-40 | | | |
| | | | | S-45 | | | |
| | | | | S-51 | | | |
| | | | | S-52 | | | |
| | | |
Page
|
| |||
| | | | | ii | | | |
| | | | | iii | | | |
| | | | | iv | | | |
| | | | | v | | | |
| | | | | 1 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 9 | | | |
| | | | | 13 | | | |
| | | | | 16 | | | |
| | | | | 32 | | | |
| | | | | 33 | | | |
| | | | | 37 | | | |
| | | | | 38 | | | |
| | | |
Pro Forma
(Unaudited) |
| |
Historical
|
| ||||||||||||||||||
| | | |
Year Ended
June 27, 2026 |
| |
Year Ended
June 27, 2026 |
| |
Year Ended
June 28, 2025 |
| |
Year Ended
June 29, 2024 |
| ||||||||||||
|
Sales
|
| | | $ | 100,561 | | | | | $ | 84,553 | | | | | $ | 81,370 | | | | | $ | 78,844 | | |
|
Cost of sales
|
| | | | 81,810 | | | | | | 68,914 | | | | | | 66,401 | | | | | | 64,236 | | |
|
Gross profit
|
| | | | 18,751 | | | | | | 15,639 | | | | | | 14,969 | | | | | | 14,608 | | |
|
Operating expenses
|
| | | | 14,594 | | | | | | 12,544 | | | | | | 11,881 | | | | | | 11,406 | | |
|
Operating income
|
| | | | 4,157 | | | | | | 3,095 | | | | | | 3,088 | | | | | | 3,202 | | |
|
Interest expense
|
| | | | 2,008 | | | | | | 717 | | | | | | 635 | | | | | | 607 | | |
|
Other expense (income), net
|
| | | | 75 | | | | | | 102 | | | | | | 38 | | | | | | 30 | | |
|
Earnings before income taxes
|
| | | | 2,074 | | | | | | 2,276 | | | | | | 2,415 | | | | | | 2,565 | | |
|
Income taxes
|
| | | | 423 | | | | | | 519 | | | | | | 587 | | | | | | 610 | | |
|
Net earnings
|
| | | $ | 1,651 | | | | | $ | 1,757 | | | | | $ | 1,828 | | | | | $ | 1,955 | | |
| | | |
Pro Forma
|
| |
Historical
|
| ||||||||||||||||||
| | | |
Year Ended
June 27, 2026 |
| |
Year Ended
June 27, 2026 |
| |
Year Ended
June 28, 2025 |
| |
Year Ended
June 29, 2024 |
| ||||||||||||
| EBITDA(1) | | | | $ | 5,787 | | | | | $ | 3,969 | | | | | $ | 3,995 | | | | | $ | 4,045 | | |
|
EBITDA adjusted for Certain Items(1)
|
| | | $ | 6,608 | | | | | $ | 4,387 | | | | | $ | 4,293 | | | | | $ | 4,192 | | |
|
EBITDA adjusted for Certain Items margin(2)
|
| | | | 6.6% | | | | | | 5.2% | | | | | | 5.3% | | | | | | 5.3% | | |
|
Net Debt(3)
|
| | | $ | 32,286 | | | | | $ | 11,730 | | | | | $ | 12,238 | | | | | $ | 11,286 | | |
| | | |
Pro Forma
|
| |
Historical
|
| ||||||||||||||||||
| | | |
Year Ended
June 27, 2026 |
| |
Year Ended
June 27, 2026 |
| |
Year Ended
June 28, 2025 |
| |
Year Ended
June 29, 2024 |
| ||||||||||||
|
Net earnings
|
| | | $ | 1,651 | | | | | $ | 1,757 | | | | | $ | 1,828 | | | | | $ | 1,955 | | |
|
Interest expense
|
| | | | 2,008 | | | | | | 717 | | | | | | 635 | | | | | | 607 | | |
|
Interest expense – related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Income taxes
|
| | | | 423 | | | | | | 519 | | | | | | 587 | | | | | | 610 | | |
|
Depreciation and amortization
|
| | | | 1,705 | | | | | | 976 | | | | | | 945 | | | | | | 873 | | |
|
EBITDA
|
| | | $ | 5,787 | | | | | $ | 3,969 | | | | | $ | 3,995 | | | | | $ | 4,045 | | |
| Certain item adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Impact of restructuring and transformational
project costs(a) |
| | | | 280 | | | | | | 280 | | | | | | 179 | | | | | | 116 | | |
|
Impact of acquisition-related costs(b)
|
| | | | 84 | | | | | | 84 | | | | | | 27 | | | | | | 31 | | |
|
Impact of deal contingent rate lock transactions(c)
|
| | | | 54 | | | | | | 54 | | | | | | — | | | | | | — | | |
|
Impact of goodwill impairment
|
| | | | — | | | | | | — | | | | | | 92 | | | | | | — | | |
|
Non-recurring transaction costs(d)
|
| | | | 191 | | | | | | — | | | | | | — | | | | | | — | | |
|
Non-recurring retention bonuses(e)
|
| | | | 163 | | | | | | — | | | | | | — | | | | | | — | | |
|
Non-recurring transfer taxes(f)
|
| | | | 49 | | | | | | — | | | | | | — | | | | | | — | | |
|
EBITDA adjusted for Certain Items
|
| | | $ | 6,608 | | | | | $ | 4,387 | | | | | $ | 4,293 | | | | | $ | 4,192 | | |
| | | |
Pro Forma
|
| |
Historical
|
| ||||||||||||||||||
| | | |
As of June 27,
2026 |
| |
As of June 27,
2026 |
| |
As of June 28,
2025 |
| |
As of June 29,
2024 |
| ||||||||||||
|
Total Debt(a)
|
| | | $ | 34,399 | | | | | $ | 13,516 | | | | | $ | 13,309 | | | | | $ | 11,982 | | |
|
Cash & Cash Equivalents
|
| | | | (2,113) | | | | | | (1,786) | | | | | | (1,071) | | | | | | (696) | | |
|
Net Debt(b)
|
| | | $ | 32,286 | | | | | $ | 11,730 | | | | | $ | 12,238 | | | | | $ | 11,286 | | |
| | | |
Actual
|
| |
As adjusted
|
| ||||||
| | | |
(In millions)
|
| |||||||||
|
Cash:
|
| | | $ | 1,786 | | | | | $ | | | |
| Debt:(1) | | | | | | | | | | | | | |
|
Commercial paper(2)
|
| | | | — | | | | | | — | | |
|
Revolving credit facility(3)
|
| | | | — | | | | | | — | | |
|
Term loans
|
| | | | — | | | | | | — | | |
|
Senior notes and debentures
|
| | | | 12,230 | | | | | | | | |
| Notes offered hereby | | | | | | | | | | | | | |
|
notes, interest at %, maturing on , 2029
|
| | | | — | | | | | | | | |
|
notes, interest at %, maturing on , 2031
|
| | | | — | | | | | | | | |
|
notes, interest at %, maturing on , 2033
|
| | | | — | | | | | | | | |
|
notes, interest at %, maturing on , 2036
|
| | | | — | | | | | | | | |
|
notes, interest at %, maturing on , 2046
|
| | | | — | | | | | | | | |
|
notes, interest at %, maturing on , 2056
|
| | | | — | | | | | | | | |
|
notes, interest at %, maturing on , 2066
|
| | | | — | | | | | | | | |
|
Concurrent Securities Offerings
|
| | | | — | | | | | | | | |
|
Plant and equipment financing programs, finance leases, notes payable, and other debt, interest averaging 5.38% and maturing at various dates to fiscal 2050
|
| | | | 1,286 | | | | | | | | |
|
Total debt
|
| | | | 13,516 | | | | | | | | |
|
Less current maturities of long-term debt
|
| | | | 1,201 | | | | | | 1,201 | | |
|
Less notes payable
|
| | | | — | | | | | | — | | |
|
Long-term debt net of current maturities
|
| | | $ | 12,315 | | | | | $ | | | |
|
Total shareholders’ equity(4)
|
| | | $ | 2,666 | | | | | $ | 3,666 | | |
|
Total capitalization(5)
|
| | | $ | 16,182 | | | | | $ | | | |
|
Series
|
| |
Par Call Date
|
| |
Make-Whole Spread
|
|
|
2029 notes
|
| |
( prior to maturity)
|
| |
basis points
|
|
|
2031 notes
|
| |
( prior to maturity)
|
| |
basis points
|
|
|
2033 notes
|
| |
( prior to maturity)
|
| |
basis points
|
|
|
2036 notes
|
| |
( prior to maturity)
|
| |
basis points
|
|
|
2046 notes
|
| |
( prior to maturity)
|
| |
basis points
|
|
|
2056 notes
|
| |
( prior to maturity)
|
| |
basis points
|
|
|
2066 notes
|
| |
( prior to maturity)
|
| |
basis points
|
|
|
Underwriters
|
| |
Principal
Amount of 2029 Notes |
| |
Principal
Amount of 2031 Notes |
| |
Principal
Amount of 2033 Notes |
| |
Principal
Amount of 2036 Notes |
| |
Principal
Amount of 2046 Notes |
| |
Principal
Amount of 2056 Notes |
| |
Principal
Amount of 2066 Notes |
| |||||||||||||||||||||
|
Goldman Sachs & Co. LLC
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||||
|
TD Securities (USA) LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
BofA Securities, Inc.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
J.P. Morgan Securities LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Wells Fargo Securities, LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | ||||||
| | | |
Paid by the Issuers
|
| |||||||||
| | | |
Per note
|
| |
Total
|
| ||||||
|
2029 notes
|
| | | | % | | | | | $ | | | |
|
2031 notes
|
| | | | % | | | | | $ | | | |
|
2033 notes
|
| | | | % | | | | | $ | | | |
|
2036 notes
|
| | | | % | | | | | $ | | | |
|
2046 notes
|
| | | | % | | | | | $ | | | |
|
2056 notes
|
| | | | % | | | | | $ | | | |
|
2066 notes
|
| | | | % | | | | | $ | | | |
| | | |
Page
|
| |||
| | | | | ii | | | |
| | | | | iii | | | |
| | | | | iv | | | |
| | | | | v | | | |
| | | | | 1 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 9 | | | |
| | | | | 13 | | | |
| | | | | 16 | | | |
| | | | | 32 | | | |
| | | | | 33 | | | |
| | | | | 37 | | | |
| | | | | 38 | | | |
| | Goldman Sachs & Co. LLC | | |
TD Securities
|
| |||
| |
BofA Securities
|
| |
J.P. Morgan
|
| |
Wells Fargo Securities
|
|