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| | | | | | | | | Exhibit 99.1 |
| Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands): |
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| | | Fiscal year ended | | | | |
| | | September 30, | | October 1, | | October 2, | | | | |
| | | 2023 | | 2022 | | 2021 | | | | |
| Operating income, as reported | | | $ | 195,820 | | | $ | 178,185 | | | $ | 176,268 | | | | | |
| Restructuring and other charges | | | 23,094 | | | 2,021 | | | 3,267 | | | | | |
| Adjusted operating income | | | 218,914 | | | 180,206 | | | 179,535 | | | | | |
| Tax rate | | | 13.0 | % | | 13.0 | % | | 13.0 | % | | | | |
| Adjusted operating income (tax-effected) | | | $ | 190,455 | | | $ | 156,779 | | | $ | 156,195 | | | | | |
| Average invested capital | | | $ | 1,425,626 | | | $ | 1,207,357 | | | $ | 1,014,742 | | | | | |
| ROIC | | | 13.4 | % | | 13.0 | % | | 15.4 | % | | | | |
| WACC | | | 9.0 | % | | 9.3 | % | | 8.1 | % | | | | |
| Economic Return | | | 4.4 | % | | 3.7 | % | | 7.3 | % | | | | |
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| Average Invested Capital | Fiscal 2023 |
| September 30, | | July 1, | | April 1, | | December 31, | | October 1, | | Average invested capital |
| 2023 | | 2023 | | 2023 | | 2022 | | 2022 | |
| Equity | $ | 1,214,382 | | | $ | 1,184,362 | | | $ | 1,182,382 | | | $ | 1,150,259 | | | $ | 1,095,731 | | | |
| Plus: | | | | | | | | | | | |
| Debt and finance lease obligations - current | 240,205 | | | 304,781 | | | 294,011 | | | 329,076 | | | 273,971 | | | |
| Operating lease obligations - current (1) | 8,363 | | | 8,772 | | | 8,358 | | | 8,878 | | | 7,948 | | | |
| Debt and finance lease obligations - long-term | 190,853 | | | 187,468 | | | 188,730 | | | 187,272 | | | 187,776 | | | |
| Operating lease obligations - long-term | 38,552 | | | 40,515 | | | 31,257 | | | 32,149 | | | 33,628 | | | |
| Less: | | | | | | | | | | | |
| Cash and cash equivalents | (256,233) | | | (252,965) | | | (269,664) | | | (247,880) | | | (274,805) | | | |
| $ | 1,436,122 | | | $ | 1,472,933 | | | $ | 1,435,074 | | | $ | 1,459,754 | | | $ | 1,324,249 | | | $ | 1,425,626 | |
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| Average Invested Capital | Fiscal 2022 |
| October 1, | | July 2, | | April 2, | | January 1, | | October 2, | | Average invested capital |
| 2022 | | 2022 | | 2022 | | 2022 | | 2021 | |
| Equity | $ | 1,095,731 | | | $ | 1,058,190 | | | $ | 1,040,591 | | | $ | 1,044,095 | | | $ | 1,028,232 | | | |
| Plus: | | | | | | | | | | | |
| Debt and finance lease obligations - current | 273,971 | | | 250,012 | | | 222,393 | | | 151,417 | | | 66,313 | | | |
| Operating lease obligations - current (1) | 7,948 | | | 8,640 | | | 9,266 | | | 9,507 | | | 9,877 | | | |
| Debt and finance lease obligations - long-term | 187,776 | | | 184,707 | | | 186,069 | | | 187,075 | | | 187,033 | | | |
| Operating lease obligations - long-term | 33,628 | | | 32,270 | | | 34,347 | | | 36,343 | | | 37,970 | | | |
| Less: | | | | | | | | | | | |
| Cash and cash equivalents | (274,805) | | | (276,608) | | | (307,964) | | | (217,067) | | | (270,172) | | | |
| $ | 1,324,249 | | | $ | 1,257,211 | | | $ | 1,184,702 | | | $ | 1,211,370 | | | $ | 1,059,253 | | | $ | 1,207,357 | |
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