Exhibit 99.1 | ||||||||||||||
Return on Invested Capital ("ROIC") and Economic Return Calculations (dollars in thousands): | ||||||||||||||
Nine Months Ended | Six Months Ended | Nine Months Ended | ||||||||||||
Jun 29, | Mar 30, | Jun 30, | ||||||||||||
2019 | 2019 | 2018 | ||||||||||||
Operating income, as reported | $ | 104,528 | $ | 70,125 | $ | 81,318 | ||||||||
One-time employee bonus | + | — | + | — | + | 13,512 | ||||||||
Adjusted operating income | $ | 104,528 | $ | 70,125 | $ | 94,830 | ||||||||
÷ | 3 | ÷ | 3 | |||||||||||
34,843 | 31,610 | |||||||||||||
x | 4 | x | 2 | x | 4 | |||||||||
Adjusted annualized operating income | $ | 139,372 | $ | 140,250 | $ | 126,440 | ||||||||
Adjusted effective tax rate | x | 15 | % | x | 15 | % | x | 10 | % | |||||
Tax impact | 20,906 | 21,038 | 12,644 | |||||||||||
Adjusted operating income (tax effected) | $ | 118,466 | $ | 119,212 | $ | 113,796 | ||||||||
Average invested capital | ÷ | $ | 921,435 | ÷ | $ | 898,929 | ÷ | $ | 716,374 | |||||
ROIC | 12.9 | % | 13.3 | % | 15.9 | % | ||||||||
Weighted average cost of capital | - | 9.0 | % | - | 9.0 | % | - | 9.5 | % | |||||
Economic return | 3.9 | % | 4.3 | % | 6.4 | % |
Three Months Ended | ||||||||||||||||
Average Invested Capital | Jun 29, | Mar 30, | Dec 29, | Sept 29, | ||||||||||||
2019 | 2019 | 2018 | 2018 | |||||||||||||
Equity | $ | 860,791 | $ | 875,444 | $ | 905,163 | $ | 921,143 | ||||||||
Plus: | ||||||||||||||||
Debt - current | 138,976 | 93,197 | 8,633 | 5,532 | ||||||||||||
Debt - long-term | 187,581 | 187,120 | 187,567 | 183,085 | ||||||||||||
Less: | ||||||||||||||||
Cash and cash equivalents | (198,395) | (184,028) | (188,799) | (297,269) | ||||||||||||
$ | 988,953 | $ | 971,733 | $ | 912,564 | $ | 812,491 |
Three Months Ended | ||||||||||||||||
Average Invested Capital | Jun 30, | Mar 31, | Dec 30, | Sept 30, | ||||||||||||
2018 | 2018 | 2017 | 2017 | |||||||||||||
Equity | $ | 882,360 | $ | 920,503 | $ | 933,849 | $ | 1,025,939 | ||||||||
Plus: | ||||||||||||||||
Debt - current | 6,365 | 180,772 | 179,881 | 286,934 | ||||||||||||
Debt - long-term | 180,204 | 27,217 | 26,047 | 26,173 | ||||||||||||
Less: | ||||||||||||||||
Cash and cash equivalents | (332,723) | (402,470) | (506,694) | (568,860) | ||||||||||||
$ | 736,206 | $ | 726,022 | $ | 633,083 | $ | 770,186 |