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	14. ACCRETION / DILUTION ANALYSIS
	($ in millions, except per share data)
		FY2026E	FY2027E	FY2028E	FY2029E	FY2030E
	STANDALONE ACQUIRER
	Acquirer Standalone Net Income	$1,676	$1,878	$2,098	$2,302	$2,545
	Acquirer Shares Outstanding (mm)	$250	$250	$250	$250	$250
	Acquirer Standalone EPS ($)	$6.70	$7.51	$8.39	$9.21	$10.18
	PRO FORMA (WITHOUT SYNERGIES)
	Acquirer Net Income	$1,676	$1,878	$2,098	$2,302	$2,545
	Target Net Income	$628	$720	$823	$926	$1,040
	New Interest Expense (After-Tax)	-$154	-$149	-$145	-$141	-$137
	Forgone Interest on Cash (After-Tax)	-$48	-$48	-$48	-$48	-$48
	Intangible Amortization (After-Tax)	-$133	-$133	-$133	-$133	-$133
	Financing Fee Amortization (After-Tax)	-$7	-$7	-$7	-$7	-$7
	Pro Forma Net Income (No Synergies)	$1,963	$2,261	$2,588	$2,900	$3,261
	Pro Forma Shares Outstanding (mm)	281.1	281.1	281.1	281.1	281.1
	Pro Forma EPS (No Synergies) ($)	$6.98	$8.04	$9.21	$10.32	$11.60
	Accretion / (Dilution) - No Synergies ($)	$0.28	$0.53	$0.82	$1.11	$1.42
	Accretion / (Dilution) - No Synergies (%)	4.2%	7.1%	9.7%	12.0%	13.9%
	PRO FORMA (WITH SYNERGIES)
	Pro Forma NI (No Synergies)	$1,963	$2,261	$2,588	$2,900	$3,261
	After-Tax Synergies	$122	$236	$366	$450	$450
	After-Tax Integration Costs	-$105	-$68	-$23	$0	$0
	Pro Forma Net Income (With Synergies)	$1,980	$2,430	$2,932	$3,350	$3,711
	Pro Forma EPS (With Synergies) ($)	$7.04	$8.65	$10.43	$11.92	$13.20
	Accretion / (Dilution) - With Synergies ($)	$0.34	$1.13	$2.04	$2.71	$3.02
	Accretion / (Dilution) - With Synergies (%)	5.1%	15.1%	24.3%	29.4%	29.7%
	Note: Positive % = Accretive (EPS increases post-merger). Negative % = Dilutive (EPS decreases). Analysis with and without synergies.