Average Invested Capital. Average Invested Capital for a Performance Period means the average of the Invested Capital of the Company as of the last day of the immediately preceding Performance Period and the last day of each fiscal quarter in the Performance Period.

Return on Average Invested Capital. Return on Average Invested Capital for a Performance Period means an amount, expressed as a percentage, determined by dividing # the Company’s Adjusted Net Earnings for the Performance Period by # the Company’s Average Invested Capital for the Performance Period.

Annual ROIC is defined as consolidated after-tax operating profit plus earnings from equity companies for the year, divided by invested capital. Invested capital will be defined as the average total assets less notes receivable and non-interest bearing current liabilities.

“ROIC” – this is an acronym for “Return on Invested Capital” and, for each year within a Performance Period, will be determined by dividing the year’s Adjusted After-Tax Operating Income by Adjusted Invested Capital. The annual ROIC percentages will be aggregated and divided by three to determine the average annual ROIC for use in the LTIP Program calculations.

Performance Measures: Consist of BD’s # average annual return on invested capital and # average annual revenue growth, each weighted 50%. Payouts are adjusted, subject to certain limits, based on BD’s relative total shareholder return compared to select peer companies during the performance period. Payouts may range from zero to 200% of award target.

“Adjusted Invested Capital” – this is the average reported shareholders’ equity, adjusted to include the cumulative after-tax impact of goodwill and intangible asset impairment charges and to exclude the effect of special charges and certain other non-recurring income and expenses, plus average short-term and long-term debt minus average cash and cash investments, where each such component’s average is determined by combining the current year’s and prior year’s respective amounts and dividing each resulting sum by two.

Average Stockholders’ Equity. Average Stockholders’ Equity for a Performance Period means the average of the Stockholders’ Equity of the Company as of the last day of the immediately preceding Performance Period and the last day of each month in the Performance Period.

The following rules apply in determining an Officer’s Average Bonus Amount.

“Average Invested Assets” means, for a specified period, the average of the aggregate book value of the assets of the Company invested, directly or indirectly, in Properties and other Permitted Investments secured by real estate, before reserves for depreciation, bad debts or other similar non-cash reserves, computed by taking the average of such book values at the end of each month during such period.

return on invested capital;

Return on invested capital

return measures (including return on assets, capital, invested capital, equity, sales, or revenue);

Returns (e.g., profits or cash flow returns on: assets, investment, capital, invested capital, net capital employed, equity, or sales);

“Invested Capital” means the aggregate original issue price paid for the Shares, before reduction for Organization and Offering Expenses, reduced by any distribution of Sale or financing proceeds.

The Company Management Incentive Program (MIP) is designed to focus on two key factors that drive improvements in shareholder value: return on invested capital (ROIC) and sales growth.

Performance Measures: For awards prior to ​, consist primarily of BD’s revenue growth and return on invested capital during the performance period, with revenue growth weighted 60% or 70%, depending on the year of grant. For awards made in ​ and later, consist primarily of BD’s return on invested capital and relative total shareholder return compared to that of a select group of peer companies, each weighted 50%. Payouts may range from zero to 200% of the award’s share target.