| | | |
Public Offering Price
|
| |
Underwriting Discount
|
| |
Proceeds, Before Expenses,
to the Issuers |
| |||||||||||||||||||||||||||
| | | |
Per Note
|
| |
Total
|
| |
Per Note
|
| |
Total
|
| |
Per Note
|
| |
Total
|
| ||||||||||||||||||
|
4.250% Senior Notes due 2030
|
| | | | 99.838% | | | | | C | $748,785,000 | | | | | | 0.300% | | | | | C | $2,250,000 | | | | | | 99.538% | | | | | C | $746,535,000 | | |
|
4.800% Senior Notes due 2034
|
| | | | 99.979% | | | | | C | $749,842,500 | | | | | | 0.425% | | | | | C | $3,187,500 | | | | | | 99.554% | | | | | C | $746,655,000 | | |
| Total | | | | | | | | | | C | $1,498,627,500 | | | | | | | | | | | C | $5,437,500 | | | | | | | | | | | C | $1,493,190,000 | | |
| |
Goldman Sachs & Co. LLC
|
| |
TD Securities
|
| |
BofA Securities
|
|
| | J.P. Morgan | | |
Wells Fargo Securities
|
| |
BNP PARIBAS
|
|
| |
PNC Capital Markets LLC
|
| |
Truist Securities
|
| |
US Bancorp
|
|
| | Barclays | | |
Rabo Securities Canada
|
| |
Scotiabank
|
|
| | BMO Capital Markets | | |
Lloyds Securities
|
| |
Siebert Williams Shank
|
|
| | | | | | S-ii | | | |
| | | | | | S-iv | | | |
| | | | | | S-vi | | | |
| | | | | | S-viii | | | |
| | | | | | S-1 | | | |
| | | | | | S-16 | | | |
| | | | | | S-28 | | | |
| | | | | | S-29 | | | |
| | | | | | S-31 | | | |
| | | | | | S-45 | | | |
| | | | | | S-51 | | | |
| | | | | | S-57 | | | |
| | | | | | S-58 | | |
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Page
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| | | | | 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 | | | | | $ | 19,445 | | |
| Debt:(1) | | | | | | | | | | | | | |
|
Commercial paper(2)
|
| | | | — | | | | | | — | | |
|
Revolving credit facility(3)
|
| | | | — | | | | | | — | | |
|
Term loans
|
| | | | — | | | | | | — | | |
|
Senior notes and debentures
|
| | | | 12,230 | | | | | | 12,230 | | |
| Notes offered hereby(4) | | | | | | | | | | | | | |
|
2030 notes denominated in CAD, interest at 4.250%, maturing on October 3, 2030
|
| | | | — | | | | | | 532 | | |
|
2034 notes denominated in CAD, interest at 4.800%, maturing on October 3, 2034
|
| | | | — | | | | | | 532 | | |
| Concurrent Securities Offerings(5) | | | | | | | | | | | | | |
|
Senior notes, interest at 5.450%, maturing on October 6, 2029
|
| | | | — | | | | | | 1,741 | | |
|
Senior notes, interest at 5.600%, maturing on June 6, 2031
|
| | | | — | | | | | | 1,986 | | |
|
Senior notes, interest at 5.800%, maturing on October 6, 2033
|
| | | | — | | | | | | 1,487 | | |
|
Senior notes, interest at 5.950%, maturing on June 6, 2036
|
| | | | — | | | | | | 1,979 | | |
|
Senior notes, interest at 6.400%, maturing on October 6, 2046
|
| | | | — | | | | | | 984 | | |
|
Senior notes, interest at 6.500%, maturing on October 6, 2056
|
| | | | — | | | | | | 1,729 | | |
|
Senior notes, interest at 6.600%, maturing on October 6, 2066
|
| | | | — | | | | | | 740 | | |
|
Junior subordinated notes, interest at 7.100%, maturing on October 6, 2056
|
| | | | — | | | | | | 1,481 | | |
|
Junior subordinated notes, interest at 7.250%, maturing on October 6, 2056
|
| | | | — | | | | | | 986 | | |
|
Junior subordinated notes, interest at 7.350%, maturing on October 6, 2056
|
| | | | — | | | | | | 1,382 | | |
|
Junior subordinated notes denominated in EUR, interest at 6.000%, maturing on October 6, 2056
|
| | | | — | | | | | | 1,132 | | |
|
Plant and equipment financing programs, finance leases, notes payable, and other debt, interest averaging 5.380% and maturing at various dates to fiscal 2050
|
| | | | 1,286 | | | | | | 1,286 | | |
|
Total debt
|
| | | | 13,516 | | | | | | 30,207 | | |
|
Less current maturities of long-term debt
|
| | | | (1,201) | | | | | | (1,201) | | |
|
Less notes payable
|
| | | | — | | | | | | — | | |
|
Long-term debt net of current maturities
|
| | | $ | 12,315 | | | | | $ | 29,006 | | |
| Shareholders’ equity | | | | ||||||||||
|
Equity offering
|
| | | | — | | | | | | 967 | | |
|
Total shareholders’ equity(6)
|
| | | $ | 2,666 | | | | | $ | 3,633 | | |
|
Total capitalization(7)
|
| | |
$
|
16,182
|
| | | |
$
|
33,841
|
| |
|
Series
|
| |
Par Call Date
|
| |
Applicable Canada
Yield Spread |
|
|
2030 notes
|
| |
September 3, 2030 (1 month prior to maturity)
|
| |
19.5 basis points
|
|
|
2034 notes
|
| |
August 3, 2034 (2 months prior to maturity)
|
| |
27 basis points
|
|
|
Underwriters
|
| |
Principal Amount of
2030 Notes |
| |
Principal Amount of
2034 Notes |
| ||||||||
|
Goldman Sachs & Co. LLC
|
| | | C$ | 270,000,000 | | | | | | C$ | 270,000,000 | | | |
|
TD Securities Inc.
|
| | | | 180,000,000 | | | | | | | 180,000,000 | | | |
|
Merrill Lynch Canada Inc.
|
| | | | 47,250,000 | | | | | | | 47,250,000 | | | |
|
J.P. Morgan Securities LLC
|
| | | | 47,250,000 | | | | | | | 47,250,000 | | | |
|
Wells Fargo Securities Canada, Ltd.
|
| | | | 47,250,000 | | | | | | | 47,250,000 | | | |
|
BNP Paribas Securities Corp.
|
| | | | 29,718,750 | | | | | | | 29,718,750 | | | |
|
PNC Capital Markets LLC
|
| | | | 29,718,750 | | | | | | | 29,718,750 | | | |
|
Truist Securities, Inc.
|
| | | | 29,718,750 | | | | | | | 29,718,750 | | | |
|
U.S. Bancorp Investments, Inc.
|
| | | | 29,718,750 | | | | | | | 29,718,750 | | | |
|
Barclays Capital Canada Inc.
|
| | | | 9,375,000 | | | | | | | 9,375,000 | | | |
|
Rabo Securities Canada, Inc.
|
| | | | 9,375,000 | | | | | | | 9,375,000 | | | |
|
Scotia Capital Inc.
|
| | | | 9,375,000 | | | | | | | 9,375,000 | | | |
|
BMO Nesbitt Burns Inc.
|
| | | | 3,750,000 | | | | | | | 3,750,000 | | | |
|
Lloyds Securities Inc.
|
| | | | 3,750,000 | | | | | | | 3,750,000 | | | |
|
Siebert Williams Shank & Co., LLC
|
| | | | 3,750,000 | | | | | | | 3,750,000 | | | |
|
Total
|
| | | C$ | 750,000,000 | | | | | | C$ | 750,000,000 | | | |
| | | |
Paid by the Issuers
|
| |||||||||||
| | | |
Per note
|
| |
Total
|
| ||||||||
|
2030 notes
|
| | | | 0.300 | % | | | | | C$ | 2,250,000 | | | |
|
2034 notes
|
| | | | 0.425 | % | | | | | C$ | 3,187,500 | | | |
| | | |
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
|
| |
BNP PARIBAS
|
|
| |
PNC Capital Markets LLC
|
| |
Truist Securities
|
| |
US Bancorp
|
|
| | Barclays | | |
Rabo Securities Canada
|
| |
Scotiabank
|
|
| | BMO Capital Markets | | |
Lloyds Securities
|
| |
Siebert Williams Shank
|
|