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Return on Invested Capital ("ROIC") and Economic Return Calculations GAAP to non-GAAP reconciliation (dollars in thousands):
Fiscal year ended
September 27,September 28,September 30,
202520242023
Operating income, as reported$202,371 $167,732 $195,820 
Restructuring and other charges4,683 20,257 23,094 
Accelerated stock-based compensation (1)— 5,063 — 
Adjusted operating income207,054 193,052 218,914 
Tax rate8.0 %13.0 %13.0 %
Adjusted operating income (tax-effected)$190,490 $167,955 $190,455 
Average invested capital$1,303,575 $1,418,698 $1,425,626 
ROIC14.6 %11.8 %13.4 %
WACC8.9 %8.2 %9.0 %
Economic Return5.7 %3.6 %4.4 %
Average Invested CapitalFiscal 2025
September 27,June 28,March 29,December 28,September 28,Average invested capital
20252025202520242024
Equity$1,454,588 $1,419,085 $1,351,675 $1,319,069 $1,324,825 
Plus:
  Debt and finance lease obligations - current45,793 50,678 121,014 121,977 157,325 
  Operating lease obligations - current (2)8,253 8,470 9,968 14,875 14,697 
  Debt and finance lease obligations - long-term91,987 92,215 88,761 88,728 89,993 
  Operating lease obligations - long-term29,422 31,192 32,720 35,124 32,275 
Less:
  Cash and cash equivalents(306,464)(237,567)(310,531)(317,161)(345,109)
$1,323,579 $1,364,073 $1,293,607 $1,262,612 $1,274,006 $1,303,575 
Average Invested CapitalFiscal 2024
September 28,June 29,March 30,December 30,September 30,Average invested capital
20242024202420232023
Equity$1,324,825 $1,266,360 $1,259,762 $1,266,755 $1,214,382 
Plus:
  Debt and finance lease obligations - current157,325 258,175 245,964 251,119 240,205 
  Operating lease obligations - current (2)14,697 7,990 8,281 9,172 8,363 
  Debt and finance lease obligations - long-term89,993 90,715 192,025 192,118 190,853 
  Operating lease obligations - long-term32,275 31,923 33,915 35,989 38,552 
Less:
  Cash and cash equivalents(345,109)(269,868)(265,053)(231,982)(256,233)
$1,274,006 $1,385,295 $1,474,894 $1,523,171 $1,436,122 $1,418,698 



Average Invested CapitalFiscal 2023
September 30,July 1,April 1,December 31,October 1,Average invested capital
20232023202320222022
Equity$1,214,382 $1,184,362 $1,182,382 $1,150,259 $1,095,731 
Plus:
  Debt and finance lease obligations - current240,205 304,781 294,011 329,076 273,971 
  Operating lease obligations - current (2)8,363 8,772 8,358 8,878 7,948 
  Debt and finance lease obligations - long-term190,853 187,468 188,730 187,272 187,776 
  Operating lease obligations - long-term38,552 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 

(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 Consolidated Statement of Operations as a result of a previously announced executive retirement agreement.
(2)Included in other accrued liabilities on the Consolidated Balance Sheets.