| Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands): | |||||||||||||||||||||||||||||
| Nine Months Ended | Six Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
| Jun 29, | Mar 30, | Jul 1, | |||||||||||||||||||||||||||
| 2024 | 2024 | 2023 | |||||||||||||||||||||||||||
| Operating income, as reported | $ | 113,874 | $ | 74,628 | $ | 142,487 | |||||||||||||||||||||||
| Restructuring and impairment charges | 20,257 | 11,038 | 23,094 | ||||||||||||||||||||||||||
| Accelerated stock-based compensation (1) | + | 892 | + | — | + | — | |||||||||||||||||||||||
| Adjusted operating income | 135,023 | 85,666 | 165,581 | ||||||||||||||||||||||||||
| ÷ | 3 | x | 2 | ÷ | 3 | ||||||||||||||||||||||||
| 45,008 | 55,194 | ||||||||||||||||||||||||||||
| x | 4 | x | 4 | ||||||||||||||||||||||||||
| Adjusted annualized operating income | $ | 180,032 | $ | 171,332 | $ | 220,776 | |||||||||||||||||||||||
| Adjusted effective tax rate | x | 16 | % | x | 15 | % | x | 13 | % | ||||||||||||||||||||
| Tax impact | $ | 28,805 | $ | 25,700 | $ | 28,701 | |||||||||||||||||||||||
| Adjusted operating income (tax-effected) | $ | 151,227 | $ | 145,632 | $ | 192,075 | |||||||||||||||||||||||
| Average invested capital | $ | 1,454,871 | $ | 1,478,062 | $ | 1,423,003 | |||||||||||||||||||||||
| ROIC | 10.4 | % | 9.9 | % | 13.5 | % | |||||||||||||||||||||||
| WACC | 8.2 | % | 8.2 | % | 9.0 | % | |||||||||||||||||||||||
| Economic Return | 2.2 | % | 1.7 | % | 4.5 | % | |||||||||||||||||||||||
| June 29, | March 30, | December 30, | September 30, | ||||||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | ||||||||||||||||||||
| Equity | $ | 1,266,360 | $ | 1,259,762 | $ | 1,266,755 | $ | 1,214,382 | |||||||||||||||
| Plus: | |||||||||||||||||||||||
| Debt and finance lease obligations - current | 258,175 | 245,964 | 251,119 | 240,205 | |||||||||||||||||||
| Operating lease obligations - current (2) | 7,990 | 8,281 | 9,172 | 8,363 | |||||||||||||||||||
| Debt and finance lease obligations - long-term | 90,715 | 192,025 | 192,118 | 190,853 | |||||||||||||||||||
| Operating lease obligations - long-term | 31,923 | 33,915 | 35,989 | 38,552 | |||||||||||||||||||
| Less: Cash and cash equivalents | (269,868) | (265,053) | (231,982) | (256,233) | |||||||||||||||||||
| $ | 1,385,295 | $ | 1,474,894 | $ | 1,523,171 | $ | 1,436,122 | ||||||||||||||||
| July 1, | April 1, | December 31, | October 1, | ||||||||||||||||||||
| 2023 | 2023 | 2022 | 2022 | ||||||||||||||||||||
| Equity | $ | 1,184,362 | $ | 1,182,382 | $ | 1,150,259 | $ | 1,095,731 | |||||||||||||||
| Plus: | |||||||||||||||||||||||
| Debt and finance lease obligations - current | 304,781 | 294,011 | 329,076 | 273,971 | |||||||||||||||||||
| Operating lease obligations - current (2) | 8,772 | 8,358 | 8,878 | 7,948 | |||||||||||||||||||
| Debt and finance lease obligations - long-term | 187,468 | 188,730 | 187,272 | 187,776 | |||||||||||||||||||
| Operating lease obligations - long-term | 40,515 | 31,257 | 32,149 | 33,628 | |||||||||||||||||||
| Less: Cash and cash equivalents | (252,965) | (269,664) | (247,880) | (274,805) | |||||||||||||||||||
| $ | 1,472,933 | $ | 1,435,074 | $ | 1,459,754 | $ | 1,324,249 | ||||||||||||||||
| (1) | During the three and nine months ended June 29, 2024, $0.9 million of accelerated stock-based compensation expense was recorded in selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations as a result of a previously announced executive retirement agreement. | |||||||||||||||||||
| (2) | Included in other accrued liabilities on the Condensed Consolidated Balance Sheets. | |||||||||||||||||||