| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Exhibit 99.1 |
| Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands): |
| | | | | | | | | | | |
| | | Fiscal year ended | | | | |
| | | October 2, | | October 3, | | September 28, | | | | |
| | | 2021 | | 2020 | | 2019 | | | | |
| Operating income, as reported | | | $ | 176,268 | | | $ | 153,372 | | | $ | 142,055 | | | | | |
| Restructuring and other charges | | | 3,267 | | | 6,003 | | | 1,678 | | | | | |
| Adjusted operating income | | | 179,535 | | | 159,375 | | | 143,733 | | | | | |
| Tax rate | | | 13.0 | % | | 14.0 | % | | 16.0 | % | | | | |
| Adjusted operating income (tax effected) | | | $ | 156,195 | | | $ | 137,062 | | | $ | 120,736 | | | | | |
| Average invested capital | | | $ | 1,014,742 | | | $ | 979,981 | | | $ | 923,107 | | | | | |
| ROIC | | | 15.4 | % | | 14.0 | % | | 13.1 | % | | | | |
| WACC | | | 8.1 | % | | 8.8 | % | | 9.0 | % | | | | |
| Economic Return | | | 7.3 | % | | 5.2 | % | | 4.1 | % | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Average Invested Capital | Fiscal 2021 |
| October 2, | | July 3, | | April 3, | | January 2, | | October 3, | | Average invested capital |
| 2021 | | 2021 | | 2021 | | 2021 | | 2020 | |
| Equity | $ | 1,028,232 | | | $ | 1,020,450 | | | $ | 1,013,952 | | | $ | 1,006,959 | | | $ | 977,480 | | | |
| Plus: | | | | | | | | | | | |
| Debt and finance lease obligations - current | 66,313 | | | 60,468 | | | 50,229 | | | 148,408 | | | 146,829 | | | |
| Operating lease obligations - current (1) (2) | 9,877 | | | 9,130 | | | 9,314 | | | 9,351 | | | 7,724 | | | |
| Debt and finance lease obligations - long-term | 187,033 | | | 187,690 | | | 188,730 | | | 188,148 | | | 187,975 | | | |
| Operating lease obligations - long-term (2) | 37,970 | | | 33,193 | | | 34,751 | | | 37,052 | | | 36,779 | | | |
| Less: | | | | | | | | | | | |
| Cash and cash equivalents | (270,172) | | | (303,255) | | | (294,370) | | | (356,724) | | | (385,807) | | | |
| $ | 1,059,253 | | | $ | 1,007,676 | | | $ | 1,002,606 | | | $ | 1,033,194 | | | $ | 970,980 | | | $ | 1,014,742 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Average Invested Capital | Fiscal 2020 |
| October 3, | | July 4, | | April 4, | | January 4, | | September 28, | | Average invested capital |
| 2020 | | 2020 | | 2020 | | 2020 | | 2019 | |
| Equity | $ | 977,480 | | | $ | 944,821 | | | $ | 892,558 | | | $ | 908,372 | | | $ | 865,576 | | | |
| Plus: | | | | | | | | | | | |
| Debt and finance lease obligations - current | 146,829 | | | 145,993 | | | 107,880 | | | 67,847 | | | 100,702 | | | |
| Operating lease obligations - current (1) (2) | 7,724 | | | 8,061 | | | 8,546 | | | 9,102 | | | — | | | |
| Debt and finance lease obligations - long-term | 187,975 | | | 188,626 | | | 186,327 | | | 186,827 | | | 187,278 | | | |
| Operating lease obligations - long-term (2) | 36,779 | | | 38,077 | | | 39,617 | | | 41,764 | | | — | | | |
| Less: | | | | | | | | | | | |
| Cash and cash equivalents | (385,807) | | | (296,545) | | | (225,830) | | | (252,914) | | | (223,761) | | | |
| $ | 970,980 | | | $ | 1,029,033 | | | $ | 1,009,098 | | | $ | 960,998 | | | $ | 929,795 | | | $ | 979,981 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |