| 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 28, | Mar 29, | Jun 29, | |||||||||||||||||||||||||||
| 2025 | 2025 | 2024 | |||||||||||||||||||||||||||
| Operating income, as reported | $ | 149,259 | $ | 95,651 | $ | 113,874 | |||||||||||||||||||||||
| Restructuring and other charges | 4,683 | 4,683 | 20,257 | ||||||||||||||||||||||||||
| Accelerated stock-based compensation (1) | + | — | + | — | + | 892 | |||||||||||||||||||||||
| Adjusted operating income | 153,942 | 100,334 | 135,023 | ||||||||||||||||||||||||||
| ÷ | 3 | x | 2 | ÷ | 3 | ||||||||||||||||||||||||
| 51,314 | 45,008 | ||||||||||||||||||||||||||||
| x | 4 | x | 4 | ||||||||||||||||||||||||||
| Adjusted annualized operating income | 205,256 | 200,668 | 180,032 | ||||||||||||||||||||||||||
| Adjusted effective tax rate | x | 11 | % | x | 13 | % | x | 16 | % | ||||||||||||||||||||
| Tax impact | 22,578 | 26,087 | 28,805 | ||||||||||||||||||||||||||
| Adjusted operating income (tax-effected) | $ | 182,678 | $ | 174,581 | $ | 151,227 | |||||||||||||||||||||||
| Average invested capital | $ | 1,298,575 | $ | 1,276,742 | $ | 1,454,871 | |||||||||||||||||||||||
| ROIC | 14.1 | % | 13.7 | % | 10.4 | % | |||||||||||||||||||||||
| WACC | - | 8.9 | % | - | 8.9 | % | - | 8.2 | % | ||||||||||||||||||||
| Economic Return | 5.2 | % | 4.8 | % | 2.2 | % | |||||||||||||||||||||||
| Jun 28, | Mar 29, | Dec 28, | Sep 28, | |||||||||||||||||||||||
| 2025 | 2025 | 2024 | 2024 | |||||||||||||||||||||||
| Equity | $ | 1,419,085 | $ | 1,351,675 | $ | 1,319,069 | $ | 1,324,825 | ||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||
| Debt and finance lease obligations - current | 50,678 | 121,014 | 121,977 | 157,325 | ||||||||||||||||||||||
| Operating lease obligations - current (2) | 8,470 | 9,968 | 14,875 | 14,697 | ||||||||||||||||||||||
| Debt and finance lease obligations - long-term | 92,215 | 88,761 | 88,728 | 89,993 | ||||||||||||||||||||||
| Operating lease obligations - long-term | 31,192 | 32,720 | 35,124 | 32,275 | ||||||||||||||||||||||
| Less: Cash and cash equivalents | (237,567) | (310,531) | (317,161) | (345,109) | ||||||||||||||||||||||
| $ | 1,364,073 | $ | 1,293,607 | $ | 1,262,612 | $ | 1,274,006 | |||||||||||||||||||
| Jun 29, | Mar 30, | Dec 30, | Sep 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 | |||||||||||||||||||
| (1) | During the nine months ended June 29, 2024, $0.9 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 a previously announced executive retirement agreement. | |||||||||||||||||||
| (2) | Included in other accrued liabilities on the Condensed Consolidated Balance Sheets. | |||||||||||||||||||