| Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands): | |||||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | Three Months Ended | |||||||||||||||||||||||||||
| Dec 28, | Sep 28, | Dec 30, | |||||||||||||||||||||||||||
| 2024 | 2024 | 2023 | |||||||||||||||||||||||||||
| Operating income, as reported | $ | 46,860 | $ | 167,732 | $ | 45,158 | |||||||||||||||||||||||
| Restructuring and other charges | 4,683 | 20,257 | — | ||||||||||||||||||||||||||
| Accelerated stock-based compensation (1) | + | — | + | 5,063 | + | — | |||||||||||||||||||||||
| Adjusted operating income | 51,543 | 193,052 | 45,158 | ||||||||||||||||||||||||||
| x | 4 | x | 4 | ||||||||||||||||||||||||||
| Adjusted annualized operating income | 206,172 | 193,052 | 180,632 | ||||||||||||||||||||||||||
| Adjusted effective tax rate | x | 15 | % | 13 | % | 16 | % | ||||||||||||||||||||||
| Tax impact | 30,926 | 25,097 | 28,901 | ||||||||||||||||||||||||||
| Adjusted operating income (tax-effected) | $ | 175,246 | $ | 167,955 | $ | 151,731 | |||||||||||||||||||||||
| Average invested capital | $ | 1,268,309 | $ | 1,418,698 | $ | 1,479,647 | |||||||||||||||||||||||
| ROIC | 13.8 | % | 11.8 | % | 10.3 | % | |||||||||||||||||||||||
| WACC | 8.9 | % | 8.2 | % | 8.2 | % | |||||||||||||||||||||||
| Economic Return | 4.9 | % | 3.6 | % | 2.1 | % | |||||||||||||||||||||||
| December 28, | September 28, | June 29, | March 30, | December 30, | September 30, | ||||||||||||||||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | 2023 | ||||||||||||||||||||||||||||||
| Equity | $ | 1,319,069 | $ | 1,324,825 | $ | 1,266,360 | $ | 1,259,762 | $ | 1,266,755 | $ | 1,214,382 | |||||||||||||||||||||||
| Plus: | |||||||||||||||||||||||||||||||||||
| Debt and finance lease obligations - current | 121,977 | 157,325 | 258,175 | 245,964 | 251,119 | 240,205 | |||||||||||||||||||||||||||||
| Operating lease obligations - current (2) | 14,875 | 14,697 | 7,990 | 8,281 | 9,172 | 8,363 | |||||||||||||||||||||||||||||
| Debt and finance lease obligations - long-term | 88,728 | 89,993 | 90,715 | 192,025 | 192,118 | 190,853 | |||||||||||||||||||||||||||||
| Operating lease obligations - long-term | 35,124 | 32,275 | 31,923 | 33,915 | 35,989 | 38,552 | |||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | (317,161) | (345,109) | (269,868) | (265,053) | (231,982) | (256,233) | |||||||||||||||||||||||||||||
| $ | 1,262,612 | $ | 1,274,006 | $ | 1,385,295 | $ | 1,474,894 | $ | 1,523,171 | $ | 1,436,122 | ||||||||||||||||||||||||
| (1) | During the twelve months ended September 28, 2024, $5.1 million of accelerated stock-based compensation expense was recorded in selling and administrative expense in the accompanying Condensed Consolidated Statements of Operations as a result of executive retirement agreements. | |||||||||||||||||||
| (2) | Included in other accrued liabilities on the Condensed Consolidated Balance Sheets. | |||||||||||||||||||