0001564590-21-024423 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 28, 2021	Mar. 29, 2021
Cover [Abstract]
Entity Registrant Name	STRATTEC SECURITY CORP
Entity Central Index Key	0000933034
Document Type	10-Q
Document Period End Date	Mar. 28, 2021
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--06-27
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	0-25150
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1804239
Entity Address, Address Line One	3333 West Good Hope Road
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53209
City Area Code	414
Local Phone Number	247-3333
Document Quarterly Report	true
Document Transition Report	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock Shares Outstanding		3,886,616
Security Exchange Name	NASDAQ
Trading Symbol	STRT
Title of 12(b) Security	Common stock, $.01 par value

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Income Statement [Abstract]
Net sales	$ 121,644	$ 116,938	$ 375,238	$ 343,183
Cost of goods sold	102,990	99,928	311,832	299,954
Gross profit	18,654	17,010	63,406	43,229
Engineering, selling and administrative expenses	11,927	10,727	33,543	35,775
Income from operations	6,727	6,283	29,863	7,454
Equity (loss) earnings of joint ventures	(56)	(921)	1,844	55
Interest expense	(63)	(204)	(259)	(792)
Other income (expense), net	455	1,049	(1,171)	975
Income before provision for income taxes and non-controlling interest	7,063	6,207	30,277	7,692
Provision for income taxes	1,153	1,294	4,721	1,194
Net income	5,910	4,913	25,556	6,498
Net income attributable to non-controlling Interest	1,425	1,919	5,950	3,601
Net income attributable to STRATTEC SECURITY CORPORATION	4,485	2,994	19,606	2,897
Comprehensive income (loss):
Net income	5,910	4,913	25,556	6,498
Pension and postretirement plans, net of tax	69	74	208	220
Currency translation adjustments	(697)	(6,245)	5,419	(6,059)
Other comprehensive (loss) income, net of tax	(628)	(6,171)	5,627	(5,839)
Comprehensive income (loss)	5,282	(1,258)	31,183	659
Comprehensive income (loss) attributable to non-controlling interest	1,016	(468)	7,175	1,464
Comprehensive income (loss) attributable to STRATTEC SECURITY CORPORATION	$ 4,266	$ (790)	$ 24,008	$ (805)
Earnings per share attributable to STRATTEC SECURITY CORPORATION:
Basic	$ 1.18	$ 0.80	$ 5.18	$ 0.78
Diluted	$ 1.15	$ 0.79	$ 5.11	$ 0.77
Average shares outstanding:
Basic	3,797	3,748	3,783	3,733
Diluted	3,886	3,768	3,839	3,752
Cash dividends declared per share		$ 0.14		$ 0.42

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 28, 2021	Jun. 28, 2020
Current Assets:
Cash and cash equivalents	$ 11,335	$ 11,774
Receivables, net	81,304	41,955
Inventories:
Finished products	16,709	13,142
Work in process	13,546	11,815
Purchased materials	33,478	34,333
Excess and obsolete reserve	(5,403)	(4,890)
Inventories, net	58,330	54,400
Other current assets	18,051	17,239
Total current assets	169,020	125,368
Investment in joint ventures	26,051	22,068
Deferred Income Taxes	6,494	6,490
Other long-term assets	6,896	6,471
Property, plant and equipment	266,346	266,216
Less: accumulated depreciation	(169,083)	(161,068)
Net property, plant and equipment	97,263	105,148
Total assets	305,724	265,545
Current Liabilities:
Accounts payable	36,250	18,549
Accrued Liabilities:
Payroll and benefits	21,474	13,498
Environmental	1,390	1,259
Warranty	8,273	8,500
Other	8,111	6,334
Total current liabilities	75,498	48,140
Borrowings under credit facilities	16,000	35,000
Accrued pension obligations	1,322	1,255
Accrued postretirement obligations	622	701
Other long-term liabilities	4,788	5,008
Shareholders’ Equity:
Common stock, authorized 12,000,000 shares, $.01 par value, 7,411,717 issued shares at March 28, 2021 and 7,358,812 issued shares at June 28, 2020	74	74
Capital in excess of par value	99,303	97,977
Retained earnings	231,546	211,940
Accumulated other comprehensive loss	(17,711)	(22,113)
Less: treasury stock, at cost (3,607,076 shares at March 28, 2021 and 3,609,193 shares at June 28, 2020)	(135,622)	(135,656)
Total STRATTEC SECURITY CORPORATION shareholders’ equity	177,590	152,222
Non-controlling interest	29,904	23,219
Total shareholders’ equity	207,494	175,441
Total liabilities and shareholders' equity	$ 305,724	$ 265,545

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 28, 2021	Jun. 28, 2020
Statement Of Financial Position [Abstract]
Common stock, shares authorized	12,000,000	12,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	7,411,717	7,358,812
Treasury stock, shares	3,607,076	3,609,193

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Dec. 29, 2019	Mar. 28, 2021	Mar. 29, 2020	Jun. 28, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 5,910	$ 4,913		$ 25,556	$ 6,498
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation				14,730	14,349
Foreign currency transaction loss (gain)	(386)	(2,515)		1,926	(2,067)
Loss on disposal of property, plant and equipment				1,421	270
Unrealized (gain) loss on peso forward contracts	(32)	1,048		(512)	1,048
Stock based compensation expense				775	789
Equity earnings of joint ventures	56	921		(1,844)	(55)
Non-cash compensation expense			$ 4,500		4,473	$ 4,800	$ 4,200
Deferred income taxes					(1,032)
Change in operating assets and liabilities:
Receivables				(39,176)	11,014
Inventories				(3,930)	(11,086)
Other assets				(1,119)	1,798
Accounts payable and accrued liabilities				27,213	3,683
Other, net				356	252
Net cash provided by operating activities				25,396	29,934
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in VAST LLC				(100)
Purchase of property, plant and equipment				(6,401)	(10,307)
Proceeds received on sale of property, plant and equipment				8	29
Net cash used in investing activities				(6,493)	(10,278)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of borrowings under credit facility				(19,000)	(15,000)
Dividends paid to non-controlling interests of subsidiaries				(490)	(980)
Dividends paid					(1,572)
Exercise of stock options and employee stock purchases				585	543
Net cash used in financing activities				(18,905)	(17,009)
Foreign currency impact on cash				(437)	(283)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS				(439)	2,364
CASH AND CASH EQUIVALENTS
Beginning of period			$ 7,809	11,774	7,809	7,809
End of period	$ 11,335	$ 10,173		11,335	10,173	$ 11,774	$ 7,809
Cash paid during the period for:
Income taxes				3,701	768
Interest				276	838
Non-cash investing activities:
Change in capital expenditures in accounts payable				$ (873)	$ (1,318)

Basis of Financial Statements

9 Months Ended

Mar. 28, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Financial Statements

STRATTEC SECURITY CORPORATION designs, develops, manufactures and markets automotive access control products including mechanical locks and keys, electronically enhanced locks and keys, passive entry passive start systems (PEPS), steering column and instrument panel ignition lock housings, latches, power sliding door systems, power tailgate systems, power lift gate systems, power deck lid systems, door handles and related products for primarily North American automotive customers. We also supply global automotive manufacturers through a unique strategic relationship with WITTE Automotive (“WITTE”) of Velbert, Germany, and ADAC Automotive (“ADAC”) of Grand Rapids, Michigan. Under this relationship, STRATTEC, WITTE and ADAC market the products of each company to global customers under the “VAST Automotive Group” brand name (as more fully described herein). STRATTEC products are shipped to customer locations in the United States, Canada, Mexico, Europe, South America, Korea, China and India, and we, along with our VAST LLC partners, provide full service and aftermarket support for each VAST Automotive Group partner’s products.

The accompanying condensed consolidated financial statements reflect the consolidated results of STRATTEC SECURITY CORPORATION, its wholly owned Mexican subsidiary, STRATTEC de Mexico, and its majority owned subsidiaries, ADAC-STRATTEC, LLC and STRATTEC POWER ACCESS LLC. STRATTEC SECURITY CORPORATION is located in Milwaukee, Wisconsin. STRATTEC de Mexico is located in Juarez, Mexico. ADAC-STRATTEC, LLC and STRATTEC POWER ACCESS LLC have operations in El Paso, Texas and Juarez and Leon, Mexico. Equity investments in Vehicle Access Systems Technology LLC (“VAST LLC”), for which we exercise significant influence but do not control and are not variable interest entities of STRATTEC, are accounted for using the equity method. VAST LLC consists primarily of four wholly owned subsidiaries in China, one wholly owned subsidiary in Brazil and one joint venture entity in India. The results of the VAST LLC foreign subsidiaries and joint venture are reported on a one-month lag basis. We have only one reporting segment.

In the opinion of management, the accompanying condensed consolidated balance sheets as of March 28, 2021 and June 28, 2020, which have been derived from our audited financial statements, and the related unaudited interim condensed consolidated financial statements included herein contain all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with Rule 10-01 of Regulation S-X. All significant intercompany transactions have been eliminated.

Interim financial results are not necessarily indicative of operating results for an entire year. The information included in this Form 10-Q should be read in conjunction with the financial statements and notes thereto included in the STRATTEC SECURITY CORPORATION 2020 Form 10-K, which was filed with the Securities and Exchange Commission on September 3, 2020.

Risks and Uncertainties

9 Months Ended

Mar. 28, 2021

Risks And Uncertainties [Abstract]

Risks and Uncertainties

In December 2019, a novel strain of coronavirus (COVID-19) was reported in Wuhan, China. The coronavirus has since spread, and infections have been found in multiple countries around the world, including the United States. In March 2020, the World Health Organization recognized the COVID-19 outbreak as a pandemic based on the global spread of the disease, the severity of illnesses it causes and its effects on society. In response to the COVID-19 outbreak, the governments of many countries, states, cities and other geographic regions have taken preventative or protective actions, such as imposing restrictions on travel and business operations and advising or requiring individuals to limit or forego their time outside of their homes. Accordingly, the COVID-19 outbreak has severely restricted the level of economic activity in many countries, and continues to adversely impact global economic activity, including with respect to customer purchasing actions and supply chain continuity and disruption.

STRATTEC’s operating performance is subject to global economic conditions and levels of consumer spending specifically within the automotive industry. During the period from late March 2020 through mid-June 2020, the majority of our OEM customer assembly plant operations were completely closed including most of the supply chain. Additionally, during most of this same period, STRATTEC’s Mexico facilities were closed as a result of the Mexican government’s shutdown of non-essential businesses. Re-opening of our OEM customer facilities and our Mexico facilities began in June 2020, and the automotive industry continued to ramp-up throughout our nine-month fiscal period ended March 28, 2021 resulting in an increase in our net sales for this current fiscal nine-month period compared to our prior year period. While we expect increased sales over our prior year during our fourth fiscal quarter due to our customers’ reduction in production schedules and their assembly plant closures during the period late March 2020 through mid-June 2020, such estimates are dependent on the severity of the ongoing impacts of COVID-19 and any worsening of the impact of the pandemic (including relating to potential restrictive operating measures imposed by governmental authorities) on society and specifically on the automotive industry and are also dependent upon any adverse lingering impact of COVID-19 on the continued sourcing of transponders and other critical supply chain components by us and our customers to meet expected production schedules.

The extent of the impact of the COVID-19 outbreak on our future operating results will depend on certain developments, including the duration, intensity and continued spread of the outbreak, regulatory and private sector responses, which may be precautionary, and the impact to our customers, workforce and suppliers, in particular our and customer supply chains when meeting production schedules, all of which are uncertain and cannot be predicted. These changing conditions may also affect the estimates and assumptions made by our management. Such estimates and assumptions affect, among other things, our long-lived asset valuations, equity investment valuation, assessment of our annual effective tax rate, valuation of deferred income taxes, assessment of excess and obsolete inventory reserves, and assessment of collectability of trade receivables.

New Accounting Standards

9 Months Ended

Mar. 28, 2021

Accounting Changes And Error Corrections [Abstract]

New Accounting Standards

In June 2016, the FASB issued ASU 2016-13, Financial instruments – Credit Losses. This update revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. Originally, the update was effective for fiscal years, and for interim periods with those fiscal years, beginning after December 15, 2019, with early adoption permitted. In November 2019, the FASB issued ASU 2019-10, Financial instruments – Credit Losses, Derivatives and Hedging Activities, and Leases. This ASU defers the effective date of ASU 2016-13 for public companies that are considered smaller reporting companies as defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We are planning to adopt this standard in the first quarter of our fiscal 2024. We are currently evaluating the potential effects of adopting the new guidance on our consolidated financial statements.

In December 2019, the FASB issued an update to accounting for income taxes. The update enhances and simplifies various aspects of income tax accounting including hybrid tax regimes, tax basis step-up in goodwill obtained in a transaction that is not a business combination, separate financial statements of entities not subject to tax, the intraperiod tax allocation exception to the incremental approach, investment ownership changes from a subsidiary to an equity method investment and vice versa, interim-period accounting for enacted changes in tax law, and the year-to-date loss limitation in interim-period tax accounting. This accounting update is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. We do not expect that the adoption of this pronouncement will have a material impact on our consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Derivative Instruments

9 Months Ended

Mar. 28, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments

We own and operate manufacturing operations in Mexico. As a result, a portion of our manufacturing costs are incurred in Mexican pesos, which causes our earnings and cash flows to fluctuate due to changes in the U.S. dollar/Mexican peso exchange rate. We have contracts with Bank of Montreal that provide for monthly Mexican peso currency forward contracts for a portion of our estimated peso denominated operating costs. Our objective in entering into currency forward contracts from time to time is to minimize our earnings volatility resulting from changes in exchange rates affecting the U.S. dollar cost of our Mexican operations. The Mexican peso forward contracts are not used for speculative purposes and are not designated as hedges. As a result, all currency forward contracts are recognized in our accompanying condensed consolidated financial statements at fair value and changes in the fair value are reported in current earnings as part of Other Income (Expense), net.

The following table quantifies the outstanding Mexican peso forward contracts as of March 28, 2021 (thousands of dollars, except with respect to the average forward contractual exchange rate):

		Effective Dates		Notional Amount				Average Forward Contractual Exchange Rate				Fair Value
Buy MXP/Sell USD		April 13, 2021 - December 14, 2021		$	5,000				21.05			$	32

The fair market value of all outstanding Mexican peso forward contracts in the accompanying Condensed Consolidated Balance Sheets as of the dates specified was as follows (thousands of dollars):

	March 28, 2021		June 28, 2020
Not Designated as Hedging Instruments:
Other Current Assets (Liabilities):
Mexican Peso Forward Contracts	$	32	$	(480	)

The pre-tax effects of the Mexican peso forward contracts are included in Other Income (Expense), net on the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Loss) and consisted of the following for the periods indicated below (thousands of dollars):

	Three Months Ended					Nine Months Ended
	March 28, 2021		March 29, 2020			March 28, 2021		March 29, 2020
Not Designated as Hedging Instruments:
Realized Gain	$	11	$	—		$	87	$	—
Unrealized Gain (Loss)	$	32	$	(1,048	)	$	512	$	(1,048	)

Fair Value of Financial Instruments

9 Months Ended

Mar. 28, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The fair value of our cash and cash equivalents, accounts receivable, accounts payable and borrowings under our credit facilities approximated book value as of March 28, 2021 and June 28, 2020. Fair value is defined as the exchange price that would be received for an asset or paid for a liability (an exit price) in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of March 28, 2021 (in thousands):

	Fair Value Inputs
	Level 1 Assets: Quoted Prices In Active Markets		Level 2 Assets: Observable Inputs Other Than Market Prices		Level 3 Assets: Unobservable Inputs
Assets:
Rabbi Trust Assets:
Stock Index Funds:
Small Cap	$	361	$	—	$	—
Mid Cap		350		—		—
Large Cap		700		—		—
International		1,039		—		—
Fixed Income Funds		953		—		—
Cash and Cash Equivalents		—		4		—
Mexican Peso Forward Contracts		—		32		—
Total Assets at Fair Value	$	3,403	$	36	$

The Rabbi Trust assets fund our Amended and Restated Supplemental Executive Retirement Plan and are included in Other Long-term Assets in the accompanying Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investment in Joint Ventures and Majority Owned Subsidiaries

9 Months Ended

Mar. 28, 2021

Equity Method Investments And Joint Ventures [Abstract]

Investment in Joint Ventures and Majority Owned Subsidiaries

We participate in certain Alliance Agreements with WITTE Automotive (“WITTE”) and ADAC Automotive (“ADAC”). WITTE, of Velbert, Germany, is a privately held automotive supplier. WITTE designs, manufactures and markets automotive components, including locks and keys, hood latches, rear compartment latches, seat back latches, door handles and specialty fasteners. WITTE’s primary market for these products has been Europe. ADAC, of Grand Rapids, Michigan, is a privately held automotive supplier and manufactures engineered products, including door handles and other automotive trim parts, utilizing plastic injection molding, automated painting and various assembly processes.

The Alliance Agreements include a set of cross-licensing agreements for the manufacture, distribution and sale of WITTE products by STRATTEC and ADAC in North America, and the manufacture, distribution and sale of STRATTEC and ADAC products by WITTE in Europe. Additionally, a joint venture company, Vehicle Access Systems Technology LLC (“VAST LLC”), in which WITTE, STRATTEC and ADAC each hold a one-third interest, exists to seek opportunities to manufacture and sell each company’s products in areas of the world outside of North America and Europe. As a result of these relationships, the entities involved purchase products from each other on an as needed basis to use as components in end products assembled and sold in their respective home markets. STRATTEC currently purchases such component parts from WITTE. These purchases totaled $286,000 and $606,000 during the three and nine month periods ended March 28, 2021, respectively, and $190,000 and $832,000 during the three and nine month periods ended March 29, 2020, respectively.

VAST LLC has investments in Sistema de Acesso Veicular Ltda, VAST Fuzhou, VAST Great Shanghai, VAST Shanghai Co., VAST Jingzhou Co. Ltd., and Minda-VAST Access Systems. Sistema de Acesso Veicular Ltda is located in Brazil and services customers in South America. VAST Fuzhou, VAST Great Shanghai, VAST Shanghai Co., and VAST Jingzhou Co. Ltd. (collectively known as VAST China), provide a base of operations to service each VAST partner’s automotive customers in the Asian market. Minda-VAST Access Systems is based in Pune, India and is a 50:50 joint venture between VAST LLC and Minda Management Services Limited, an affiliate of both Minda Corporation Limited and Spark Minda, Ashok Minda Group of New Delhi, India (collectively “Minda”). Minda and its affiliates cater to the needs of all major car, motorcycle, commercial vehicle, tractor and off-road vehicle manufacturers in India. They are a leading manufacturer in the Indian marketplace of security & access products, handles, automotive safety, restraint systems, driver information and telematics systems for both OEMs and the aftermarket. VAST LLC also maintains branch offices in South Korea and Japan in support of customer sales and engineering requirements.

The VAST LLC investments are accounted for using the equity method of accounting and the results of the VAST LLC foreign subsidiaries and joint venture are reported on a one-month lag basis. The activities related to the VAST LLC foreign subsidiaries and joint venture resulted in equity earnings of joint ventures to STRATTEC of $1.8 million during the nine month period ended March 28, 2021 and $36,000 during the nine month period ended March 29, 2020. During the nine months ended March 28, 2021, capital contributions totaling $300,000 were made to VAST LLC for purposes of funding operations in Brazil. STRATTEC’s portion of the capital contributions totaled $100,000. During the nine months ended March 29, 2020, no capital contributions were made to VAST LLC by any of the members.

ADAC-STRATTEC LLC, a Delaware limited liability company, was formed in fiscal year 2007 to support injection molding and door handle assembly operations in Mexico. ADAC-STRATTEC LLC was 51 percent owned by STRATTEC and 49 percent owned by ADAC for all periods presented in this report. An additional Mexican entity, ADAC-STRATTEC de Mexico, is wholly owned by ADAC-STRATTEC LLC. ADAC-STRATTEC LLC’s financial results are consolidated with the financial results of STRATTEC and resulted in increased net sales and increased net income to STRATTEC of approximately $98.7 million and $3.4 million, respectively, during the nine month period ended March 28, 2021 and approximately $88.8 million and $2.6 million, respectively, during the nine month period ended March 29, 2020. ADAC charges ADAC STRATTEC LLC an engineering, research and design fee as well as a sales fee. Such fees are calculated as a percentage of net sales, are included in the consolidated results of STRATTEC, and totaled $2.1 million and $6.9 million in the three and nine month periods ended March 28, 2021, respectively, and $2.2 million and $6.2 million in the three and nine month periods ended March 29, 2020, respectively. Additionally, ADAC-STRATTEC LLC sells production parts to ADAC. Sales to ADAC are included in the consolidated results of STRATTEC and totaled $2.7 million and $9.1 million in the three and nine month periods ended March 28, 2021, respectively, and $3.5 million and $9.2 million in the three and nine month periods ended March 29, 2020, respectively.

STRATTEC POWER ACCESS LLC (“SPA”) was formed in fiscal year 2009 to supply the North American portion of the power sliding door, lift gate and deck lid system access control products which were acquired from Delphi Corporation. SPA was 80 percent owned by STRATTEC and 20 percent owned by WITTE for all periods presented in this report. An additional Mexican entity, STRATTEC POWER ACCESS de Mexico, is wholly owned by SPA. The financial results of SPA are consolidated with the financial results of STRATTEC and resulted in increased net sales and increased net income to STRATTEC of approximately $72.0 million and $4.7 million, respectively, during the nine month period ended March 28, 2021 and increased net sales and decreased net income to STRATTEC of approximately $57.0 million and $167,000, respectively, during the nine month period ended March 29, 2020.

Equity (Loss) Earnings of Joint Ventures

9 Months Ended

Mar. 28, 2021

Equity Method Investments And Joint Ventures [Abstract]

Equity (Loss) Earnings of Joint Ventures

As discussed above under Investment in Joint Ventures and Majority Owned Subsidiaries, we hold a one-third interest in a joint venture company, VAST LLC. Our investment in VAST LLC, for which we exercise significant influence but do not control and is not a variable interest entity of STRATTEC, is accounted for using the equity method. The results of the VAST LLC foreign subsidiaries and joint venture are reported on a one-month lag basis. We assess the impairment of equity investments whenever events or changes in circumstances indicate that a decrease in value of the investment has occurred that is other than temporary.

The following are summarized statements of operations for VAST LLC (in thousands):

	Three Months Ended						Nine Months Ended
	March 28, 2021			March 29, 2020			March 28, 2021			March 29, 2020
Net Sales	$	51,748		$	30,490		$	160,511		$	117,537
Cost of Goods Sold		44,155			25,679			131,345			96,131
Gross Profit		7,593			4,811			29,166			21,406
Engineering, Selling and Administrative Expenses		7,684			7,524			22,936			21,528
(Loss) Income From Operations		(91	)		(2,713	)		6,230			(122	)
Other Income (Expense), net		327			(424	)		1,363			1,079
Income (Loss) before Provision for Income Taxes		236			(3,137	)		7,593			957
Provision (Benefit) for Income Taxes		348			(294	)		2,011			851
Net (Loss) Income	$	(112	)	$	(2,843	)	$	5,582		$	106
STRATTEC's Share of VAST LLC Net (Loss) Income		(37	)		(947	)		1,861			36
Intercompany Profit Elimination		(19	)		—			(17	)		—
STRATTEC’s Equity (Loss) Earnings of VAST LLC	$	(56	)	$	(947	)	$	1,844		$	36

We have sales of component parts to VAST LLC, purchases of component parts from VAST LLC, expenses charged to VAST LLC for engineering and accounting services and expenses charged to us from VAST LLC for general headquarters expenses. The following table summarizes these related party transactions with VAST LLC for the periods indicated below (in thousands):

	Three Months Ended				Nine Months Ended
	March 28, 2021		March 29, 2020		March 28, 2021		March 29, 2020
Sales to VAST LLC	$	1,059	$	483	$	3,273	$	3,035
Purchases from VAST LLC	$	139	$	172	$	340	$	351
Expenses Charged to VAST LLC	$	265	$	686	$	1,361	$	2,036
Expenses Charged from VAST LLC	$	302	$	192	$	953	$	636

Leases

9 Months Ended

Mar. 28, 2021

Leases [Abstract]

Leases

We have an operating lease for our El Paso, Texas finished goods and service parts distribution warehouse that has a current lease term through October 2023. This lease includes renewal terms that can extend the lease term for five additional years. For purposes of calculating operating lease obligations, we included the option to extend the lease as it is reasonably certain that we will exercise such option. The lease does not contain material residual value guarantees or restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease term.

As the lease does not provide an implicit rate, we used our incremental borrowing rate at lease commencement to determine the present value of our lease payments. The incremental borrowing rate is an entity-specific rate which represents the rate of interest we would pay to borrow over a similar term with similar payments.

The operating lease asset and obligation related to our El Paso warehouse lease included in the accompanying Condensed Consolidated Balance Sheets are presented below (in thousands):

	March 28, 2021
Right-of Use Asset Under Operating Lease:
Other Long-Term Assets	$	3,490
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$	366
Other Long-Term Liabilities		3,124
	$	3,490

Future minimum lease payments, by our fiscal year, including options to extend that are reasonably certain to be exercised, under this non-cancelable lease are as follows as of March 28, 2021 (in thousands):

2021 (for the remaining three months)	$	119
2022		484
2023		497
2024		509
2025		522
Thereafter		1,834
Total Future Minimum Lease Payments		3,965
Less: Imputed Interest		(475	)
Total Lease Obligations	$	3,490

Cash flow information related to the operating lease is shown below (in thousands):

	Nine Months Ended
	March 28, 2021
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$	354

The weighted average lease term and discount rate for the El Paso, Texas operating lease are shown below:

March 28,

2021

Weighted Average Remaining Lease Term (in years)

7.6

Weighted Average Discount Rate

3.3

Operating lease expense for the three and nine month periods ended March 28, 2021 totaled $119,000 and $354,000, respectively. Operating lease expense for the three and nine month periods ended March 29, 2020 totaled $116,000 and $345,000, respectively.

Credit Facilities

9 Months Ended

Mar. 28, 2021

Debt Disclosure [Abstract]

Credit Facilities

STRATTEC has a $40 million secured revolving credit facility (the “STRATTEC Credit Facility”) with BMO Harris Bank N.A. ADAC-STRATTEC LLC has a $25 million secured revolving credit facility (the “ADAC-STRATTEC Credit Facility”) with BMO Harris Bank N.A., which is guaranteed by STRATTEC. The credit facilities both expire August 1, 2022. Borrowings under either credit facility are secured by our U.S. cash balances, accounts receivable, inventory, and fixed assets. Interest on borrowings under the STRATTEC Credit Facility is at varying rates based, at our option, on the London Interbank Offering Rate (“LIBOR”) plus 1.0 percent or the bank’s prime rate. Interest on borrowings under the ADAC-STRATTEC Credit Facility is at varying rates based, at our option, on LIBOR plus 1.25 percent or the bank’s prime rate. Both credit facilities contain a restrictive financial covenant that requires the applicable borrower to maintain a minimum net worth level. The ADAC-STRATTEC Credit Facility includes an additional restrictive financial covenant that requires the maintenance of a minimum fixed charge coverage ratio. As of March 28, 2021, we were in compliance with all financial covenants required by these credit facilities.

Outstanding borrowings under the credit facilities were as follows (in thousands):

	March 28, 2021		June 28, 2020
STRATTEC Credit Facility	$	4,000	$	18,000
ADAC-STRATTEC Credit Facility		12,000		17,000
	$	16,000	$	35,000

Average outstanding borrowings and the weighted average interest rate under each credit facility referenced above were as follows for each period presented (in thousands):

	Nine Months Ended
	Average Outstanding Borrowings				Weighted Average Interest Rate
	March 28, 2021		March 29, 2020		March 28, 2021			March 29, 2020
STRATTEC Credit Facility	$	11,436	$	13,799		1.2	%		2.9	%
ADAC-STRATTEC Credit Facility	$	15,000	$	20,062		1.4	%		3.2	%

Commitments and Contingencies

9 Months Ended

Mar. 28, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

We are from time to time subject to various legal actions and claims incidental to our business, including those arising out of alleged defects, alleged breaches of contracts, product warranties, intellectual property matters and employment related matters. It is our opinion that the outcome of such matters will not have a material adverse impact on our consolidated financial position, results of operations or cash flows. With respect to warranty matters, although we cannot ensure that future costs of warranty claims by customers will not be material, we believe our established reserves are adequate to cover potential warranty settlements.

In 1995, we recorded a provision for estimated costs to remediate an environmental contamination site at our Milwaukee facility. The facility was contaminated by a solvent spill, which occurred in 1985, from a former above ground solvent storage tank located on the east side of the facility. The reserve was originally established based on third party estimates to adequately cover the cost for active remediation of the contamination. Due to changing technology and related costs associated with active remediation of the contamination, in fiscal years 2010, 2016, and 2021, we obtained updated third party estimates of projected costs to adequately cover the cost for active remediation of this contamination and adjusted the reserve as needed. We monitor and evaluate the site with the use of these groundwater monitoring wells. An environmental consultant samples these wells one or two times a year to determine the status of the contamination and the potential for remediation of the contamination by natural attenuation, the dissipation of the contamination over time to concentrations below applicable standards. If such sampling evidences a sufficient degree of and trend toward natural attenuation of the contamination at the site, we may be able to obtain a closure letter from the regulatory authorities resolving the issue without the need for active remediation. If a sufficient degree and trend toward natural attenuation is not evidenced by sampling, a more active form of remediation beyond natural attenuation may be required. The sampling has not yet satisfied all of the requirements for closure by natural attenuation. As a result, sampling continues and the reserve remains at an amount to reflect our estimated cost of active remediation. The reserve is not measured on a discounted basis. We believe, based on findings-to-date and known environmental regulations, that the environmental reserve of $1.4 million at March 28, 2021 is adequate.

Shareholders' Equity

9 Months Ended

Mar. 28, 2021

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

A summary of activity impacting shareholders’ equity for the three and nine month periods ended March 28, 2021 and March 29, 2020 were as follows (in thousands):

	Three Months Ended March 28, 2021
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, December 27, 2020	$	201,473		$	74	$	98,571	$	227,061	$	(17,492	)	$	(135,629	)	$	28,888
Net Income		5,910			—		—		4,485		—			—			1,425
Translation Adjustments		(697	)		—		—		—		(288	)		—			(409	)
Stock Based Compensation		193			—		193		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		69			—		—		—		69			—			—
Stock Option Exercises		526			—		526		—		—			—			—
Employee Stock Purchases		20			—		13		—		—			7			—
Balance, March 28, 2021	$	207,494		$	74	$	99,303	$	231,546	$	(17,711	)	$	(135,622	)	$	29,904

	Three Months Ended March 29, 2020
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, December 29, 2019	$	188,849		$	74	$	97,601	$	219,973		$	(18,486	)	$	(135,693	)	$	25,380
Net Income		4,913			—		—		2,994			—			—			1,919
Dividend Declared		(525	)		—		—		(525	)		—			—			—
Translation Adjustments		(6,245	)		—		—		—			(3,858	)		—			(2,387	)
Stock Based Compensation		165			—		165		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		74			—		—		—			74			—			—
Employee Stock Purchases		24			—		7		—			—			17			—
Balance, March 29, 2020	$	187,255		$	74	$	97,773	$	222,442		$	(22,270	)	$	(135,676	)	$	24,912

	Nine Months Ended March 28, 2021
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, June 28,2020	$	175,441		$	74	$	97,977	$	211,940	$	(22,113	)	$	(135,656	)	$	23,219
Net Income		25,556			—		—		19,606		—			—			5,950
Dividend Declared – Non- controlling Interests of Subsidiaries		(490	)		—		—		—		—			—			(490	)
Translation Adjustments		5,419			—		—		—		4,194			—			1,225
Stock Based Compensation		775			—		775		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		208			—		—		—		208			—			—
Stock Option Exercises		526			—		526		—		—			—			—
Employee Stock Purchases		59			—		25		—		—			34			—
Balance, March 28, 2021	$	207,494		$	74	$	99,303	$	231,546	$	(17,711	)	$	(135,622	)	$	29,904

	Nine Months Ended March 29, 2020
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, June 30, 2019	$	187,816		$	73	$	96,491	$	221,117		$	(18,568	)	$	(135,725	)	$	24,428
Net Income		6,498			—		—		2,897			—			—			3,601
Dividend Declared		(1,572	)		—		—		(1,572	)		—			—			—
Dividend Declared – Non- controlling Interests of Subsidiaries		(980	)		—		—		—			—			—			(980	)
Translation Adjustments		(6,059	)		—		—		—			(3,922	)		—			(2,137	)
Stock Based Compensation		789			—		789		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		220			—		—		—			220			—			—
Stock Option Exercises		478			1		477		—			—			—			—
Employee Stock Purchases		65			—		16		—			—			49			—
Balance, March 29, 2020	$	187,255		$	74	$	97,773	$	222,442		$	(22,270	)	$	(135,676	)	$	24,912

Revenue from Contracts with Customers

9 Months Ended

Mar. 28, 2021

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

We generate revenue from the production of parts sold to automotive and light-truck Original Equipment Manufacturers (“OEMs”), or Tier 1 suppliers at the direction of the OEM, under long-term supply agreements supporting new vehicle production. Such agreements also require related production of service parts subsequent to the initial vehicle production periods. Additionally, we generate revenue from the production of parts sold in aftermarket service channels and to non-automotive commercial customers.

Contract Balances:

We have no material contract assets as of March 28, 2021. Contract liability balances primarily include discounts recognized as a reduction in sales at the point of revenue recognition, but which will be applied by the customer agreement after the end of the reporting period. Contract liability balances are included in Other Accrued Liabilities in the accompanying Condensed Consolidated Balance Sheets. The activity related to contract liability balances during the nine month period ended March 28, 2021 was as follows (thousands of dollars):

Balance, June 28, 2020	$	373
Discounts Recorded as a Reduction in Sales		222
Payments of Discounts to Customers		(337	)
Other		(140	)
Balance, March 28, 2021	$	118

Revenue by Product Group and Customer:

Revenue by product group for the periods presented was as follows (thousands of dollars):

	Three Months Ended				Nine Months Ended
	March 28, 2021		March 29, 2020		March 28, 2021		March 29, 2020
Door Handles & Exterior Trim	$	29,790	$	31,296	$	98,694	$	88,818
Keys & Locksets		28,616		30,186		91,488		91,832
Power Access		26,209		21,259		72,039		56,979
Latches		13,125		13,685		41,303		40,656
Aftermarket & OE Service		10,969		11,141		34,077		34,189
Driver Controls		10,822		7,549		31,144		25,310
Other		2,113		1,822		6,493		5,399
	$	121,644	$	116,938	$	375,238	$	343,183

Revenue by customer or customer group for the periods presented was as follows (thousands of dollars):

	Three Months Ended				Nine Months Ended
	March 28, 2021		March 29, 2020		March 28, 2021		March 29, 2020
General Motors Company	$	34,543	$	31,656	$	111,322	$	90,899
Fiat Chrysler Automobiles		21,685		26,050		69,919		78,686
Ford Motor Company		21,722		15,462		54,356		46,527
Commercial and Other OEM Customers		17,241		20,184		58,272		62,950
Tier 1 Customers		17,289		17,495		53,444		50,026
Hyundai / Kia		9,164		6,091		27,925		14,095
	$	121,644	$	116,938	$	375,238	$	343,183

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Other Income (Expense), net

9 Months Ended

Mar. 28, 2021

Other Income And Expenses [Abstract]

Other Income (Expense), net

Net other income (expense) included in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Loss) primarily included foreign currency transaction gains and losses, realized and unrealized gains on our Mexican peso currency forward contracts, net periodic pension and postretirement benefit costs, other than the service cost component, related to our Supplemental Executive Retirement Plan (“SERP”) and postretirement plans and Rabbi Trust gains and losses. Foreign currency transaction gains and losses resulted from activity associated with foreign denominated assets held by our Mexican subsidiaries. We entered into the Mexican Peso currency forward contracts described above to minimize earnings volatility resulting from changes in exchange rates affecting the U.S. dollar cost of our Mexican operations. Unrealized gains and losses on the peso forward contracts recognized as a result of mark-to-market adjustments as of March 28, 2021 may or may not be realized in future periods, depending on the actual Mexican peso to U.S. dollar exchange rates experienced during the balance of the contract period. The Rabbi Trust assets fund our Amended and Restated Supplemental Executive Retirement Plan. The investments held in this Trust are considered trading securities.

The impact of these items for each of the periods presented was as follows (in thousands):

	Three Months Ended						Nine Months Ended
	March 28, 2021			March 29, 2020			March 28, 2021			March 29, 2020
Foreign Currency Transaction Gain (loss)	$	386		$	2,515		$	(1,926	)	$	2,067
Unrealized Gain (Loss) on Peso Forward Contracts		32			(1,048	)		512			(1,048	)
Realized Gain on Peso Forward Contracts		11			—			87			—
Pension and Postretirement Plans Cost		(106	)		(118	)		(314	)		(352	)
Rabbi Trust Gain (Loss)		154			(550	)		472			(365	)
Other		(22	)		250			(2	)		673
	$	455		$	1,049		$	(1,171	)	$	975

Income Taxes

9 Months Ended

Mar. 28, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Our effective tax rate was 16.3% and 20.8% for the three months ended March 28, 2021 and March 29, 2020, respectively. Our effective tax rate was 15.6% and 15.5% for the nine months ended March 28, 2021 and March 29, 2020, respectively. Effective July 20, 2020, the U.S Treasury Department finalized and enacted previously proposed regulations regarding the Global Intangible Low Taxed Income (GILTI) tax provisions of the Tax Cuts and Jobs Act of 2017 (TCJA). Prior to this enactment, GILTI represented a significant U.S. income tax on our foreign earnings during fiscal 2020. With the enactment of these final regulations, we are now eligible for an exclusion from GILTI since we meet the provisions for the GILTI High-Tax exception included in the final regulations. In addition, the enactment of the new regulations and our eligibility for the GILTI High-Tax exception are retroactive to the original enactment of the GILTI tax provision, which includes our 2020 fiscal year. As a result of the newly enacted regulations, we recorded an income tax benefit of $675,000 during the nine month period ended March 28, 2021. During the nine month period ended March 29, 2020, our effective tax rate was impacted by the discrete impact of the non-cash compensation expense, as discussed under Pension and Postretirement Benefits below. Our effective tax rate differs from the statutory tax rate due to the GILTI provisions, our available R&D tax credit and the non-controlling interest portion of our pre-tax income. The non-controlling interest impacts the effective tax rate as ADAC-STRATTEC LLC and STRATTEC POWER ACCESS LLC entities are taxed as partnerships for U.S. tax purposes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Earnings Per Share

9 Months Ended

Mar. 28, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed on the basis of the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the potential dilutive common shares outstanding during the applicable period using the treasury stock method. Potential dilutive common shares include outstanding stock options and unvested restricted stock awards.

A reconciliation of the components of the basic and diluted per-share computations follows (in thousands, except per share amounts):

	Three Months Ended
	March 28, 2021						March 29, 2020
	Net Income		Shares		Per-Share Amount		Net Income		Shares		Per-Share Amount
Basic Earnings Per Share	$	4,485		3,797	$	1.18	$	2,994		3,748	$	0.80
Stock Option and Restricted Stock Awards		—		89				—		20
Diluted Earnings Per Share	$	4,485		3,886	$	1.15	$	2,994		3,768	$	0.79

	Nine Months Ended
	March 28, 2021						March 29, 2020
	Net Income		Shares		Per-Share Amount		Net Income		Shares		Per-Share Amount
Basic Earnings Per Share	$	19,606		3,783	$	5.18	$	2,897		3,733	$	0.78
Stock Option and Restricted Stock Awards		—		56				—		19
Diluted Earnings Per Share	$	19,606		3,839	$	5.11	$	2,897		3,752	$	0.77

The calculation of earnings per share excluded 9,010 and 111,060 share-based payment awards as of March 28, 2021 and March 29, 2020, respectively, because their inclusion would have been anti-dilutive.

Stock-Based Compensation

9 Months Ended

Mar. 28, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

We maintain an omnibus stock incentive plan. This plan provides for the granting of stock options, shares of restricted stock and stock appreciation rights. As of March 28, 2021, the Board of Directors had designated 2 million shares of common stock available for the grant of awards under the plan. Remaining shares available to be granted under the plan as of March 28, 2021 were 219,084. Awards that expire or are canceled without delivery of shares become available for re-issuance under the plan. We issue new shares of common stock to satisfy stock option exercises.

Nonqualified and incentive stock options and shares of restricted stock have been granted to our officers, outside directors and specified associates under our stock incentive plan. Stock options granted under the plan may not be issued with an exercise price less than the fair market value of the common stock on the date the option is granted. Stock options become exercisable as determined at the date of grant by the Compensation Committee of the Board of Directors. The options expire 10 years after the grant date unless an earlier expiration date is set at the time of grant. The options vest 1 to 4 years after the date of grant as determined by the Compensation Committee of the Board of Directors. Shares of restricted stock granted under the plan are subject to vesting criteria determined by the Compensation Committee of the Board of Directors at the time the shares are granted and have a minimum vesting period of one year from the date of grant. Unvested restricted shares granted have voting rights, regardless of whether the shares are vested or unvested, but only have the right to receive cash dividends after such shares become vested. Restricted stock grants vest 1 to 5 years after the date of grant as determined by the Compensation Committee of the Board of Directors.

The fair value of each stock option grant was estimated as of the date of grant using the Black-Scholes pricing model. The fair value of each restricted stock grant was based on the market price of the underlying common stock as of the date of grant. The resulting compensation cost for fixed awards with graded vesting schedules is amortized on a straight line basis over the vesting period for the entire award.

A summary of stock option activity under our stock incentive plan for the nine months ended March 28, 2021 follows:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding, June 28, 2020		90,860	$	35.88
Exercised		18,236	$	28.85
Outstanding, March 28, 2021		72,624	$	37.65		1.7	$	819
Exercisable, March 28, 2021		72,624	$	37.65		1.7	$	819

The intrinsic value of stock options exercised and the fair value of stock options that vested during the three and nine month periods presented below were as follows (in thousands):

	Three Months Ended				Nine Months Ended
	March 28, 2021		March 29, 2020		March 28, 2021		March 29, 2020
Intrinsic Value of Options Exercised	$	555	$	—	$	555	$	120
Fair Value of Stock Options Vesting	$	—	$	—	$	—	$	—

No options were granted during the nine month periods ended March 28, 2021 or March 29, 2020.

A summary of restricted stock activity under our stock incentive plan for the nine months ended March 28, 2021 follows:

	Shares			Weighted Average Grant Date Fair Value
Nonvested Balance, June 28, 2020		69,394		$	30.59
Granted		48,300		$	21.20
Vested		(34,669	)	$	34.95
Forfeited		(1,050	)	$	22.84
Nonvested Balance, March 28, 2021		81,975		$	23.31

As of March 28, 2021, all compensation cost related to outstanding stock options granted under our omnibus stock incentive plan has been recognized. As of March 28, 2021, there was approximately $1.0 million of total unrecognized compensation cost related to unvested restricted stock grants outstanding under the plan. This cost is expected to be recognized over a remaining weighted average period of 1 year. Total unrecognized compensation cost will be adjusted for any future changes in estimated and actual forfeitures of awards granted under our omnibus stock incentive plan.

Pension and Postretirement Benefits

9 Months Ended

Mar. 28, 2021

Compensation And Retirement Disclosure [Abstract]

Pension and Postretirement Benefits

We had a qualified, noncontributory defined benefit pension plan (“Qualified Pension Plan”) covering substantially all U.S. associates employed by us prior to January 1, 2010. Effective December 31, 2009, the Board of Directors amended the Qualified Pension Plan to freeze benefit accruals and future eligibility. The Board of Directors subsequently approved proceeding with the termination of the Qualified Pension Plan. During the quarter ended December 30, 2018, we completed a substantial portion of terminating the Qualified Pension Plan. In connection with the termination of the Qualified Pension Plan, distributions from the Qualified Pension Plan trust were made during the three month period ended December 30, 2018 to participants who elected lump-sum distributions. Additionally, during the three months ended December 30, 2018, we entered into an agreement with an insurance company to purchase from us, through a series of annuity contracts, our remaining obligations under the Qualified Pension Plan and, as a result, we settled the remaining obligations under the plan for the remaining participants utilizing funds available in the Qualified Pension Plan trust. No additional cash contributions to the trust were required to settle the pension obligations. As a result of these actions, a non-cash pre-tax settlement charge of $31.9 million was recorded during fiscal 2019. A non-cash compensation expense charge of $4.2 million was also recorded during fiscal 2019 related to the future transfer of the excess assets in the Qualified Pension Plan to a STRATTEC defined contribution plan for subsequent pay-out to eligible STRATTEC employees based on a plan approved by the Board of Directors in June 2019. An additional $4.8 million non-cash compensation expense charge related to the final transfer and pay-out of the excess Qualified Pension Plan assets was recorded during our fiscal 2020, of which $2.3 million of non-cash compensation expense was recorded during the three month period ended December 29, 2019 and $4.5 million of non-cash compensation expense was recorded during the six month period ended December 29, 2019. During fiscal 2020, the excess Qualified Pension Plan assets were transferred to our defined contribution plan and distributed to eligible STRATTEC employees, which completed the full termination of the Qualified Pension Plan.

We have a noncontributory Supplemental Executive Retirement Plan (“SERP”), which is a nonqualified defined benefit plan. The SERP is funded through a Rabbi Trust with TMI Trust Company. Under the SERP, as amended December 31, 2013, participants received an accrued lump-sum benefit as of December 31, 2013, which was credited to each participant’s account. Subsequent to December 31, 2013, each eligible participant receives a supplemental retirement benefit equal to the foregoing lump sum benefit, plus an annual benefit accrual equal to 8 percent of the participant’s base salary and cash bonus, plus annual credited interest on the participant’s account balance. All then current participants as of December 31, 2013 are fully vested in their account balances with any new individuals participating in the SERP effective on or after January 1, 2014 being subject to a five year vesting period. The SERP, which is considered a nonqualified defined benefit plan under applicable rules and regulations of the Internal Revenue Code, will continue to be funded through use of a Rabbi Trust to hold investment assets to be used in part to fund any future required lump sum benefit payments to participants. The Rabbi Trust assets had a value of $3.4 million at March 28, 2021 and $2.6 million at June 28, 2020 and are included in Other Long-Term Assets in the accompanying Condensed Consolidated Balance Sheets.

We also sponsor a postretirement health care plan for all U.S. associates hired prior to June 1, 2001. The expected cost of retiree health care benefits is recognized during the years the associates who are covered under the plan render service. Effective January 1, 2010, an amendment to the postretirement health care plan limited the benefit for future eligible retirees to $4,000 per plan year and the benefit is further subject to a maximum five year coverage period based on the associate’s retirement date and age. The postretirement health care plan is unfunded.

The service cost component of the net periodic benefit costs under these plans is allocated between Cost of Goods Sold and Engineering, Selling and Administrative Expenses while the remaining components of the net periodic benefit costs are included in Other Income (Expense), net in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Loss).

The following table summarizes the net periodic benefit cost recognized for each of the periods indicated under these plans (in thousands):

	SERP Benefits				Postretirement Benefits
	Three Months Ended				Three Months Ended
	March 28, 2021		March 29, 2020		March 28, 2021			March 29, 2020
Service Cost	$	16	$	19	$	3		$	3
Interest Cost		10		16	4				6
Amortization of Prior Service Credit		—		—		(2	)		(7	)
Amortization of Unrecognized Net Loss		3		4	91				99
Net Periodic Benefit Cost	$	29	$	39	$	96		$	101

	SERP Benefits				Postretirement Benefits
	Nine Months Ended				Nine Months Ended
	March 28, 2021		March 29, 2020		March 28, 2021			March 29, 2020
Service Cost	$	47	$	56	$	10		$	9
Interest Cost		31		46	12				19
Amortization of Prior Service Credit		—		—		(6	)		(22	)
Amortization of Unrecognized Net Loss	8			11	269				298
Net Periodic Benefit Cost	$	86	$	113	$	285		$	304

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Accumulated Other Comprehensive Loss

9 Months Ended

Mar. 28, 2021

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Loss

The following tables summarize the changes in accumulated other comprehensive loss (“AOCL”) for each period presented (in thousands):

	Three Months Ended March 28, 2021
	Foreign Currency Translation Adjustments		Retirement and Postretirement Benefit Plans			Total
Balance, December 27, 2020	$	15,654	$	1,838		$	17,492
Other Comprehensive Loss Before Reclassifications		697		—			697
Net Other Comprehensive Loss Before Reclassifications		697		—			697
Reclassifications:
Prior Service Credits (A)		—		2			2
Unrecognized Net Loss (A)		—		(94	)		(94	)
Total Reclassifications Before Tax		—		(92	)		(92	)
Income Tax		—		23			23
Net Reclassifications		—		(69	)		(69	)
Other Comprehensive Loss (Income)		697		(69	)		628
Other Comprehensive Loss Attributable to Non- Controlling Interest		409		—			409
Balance, March 28, 2021	$	15,942	$	1,769		$	17,711

	Three Months Ended March 29, 2020
	Foreign Currency Translation Adjustments		Retirement and Postretirement Benefit Plans			Total
Balance, December 29, 2019	$	16,381	$	2,105		$	18,486
Other Comprehensive Loss Before Reclassifications		6,245		—			6,245
Net Other Comprehensive Loss Before Reclassifications		6,245		—			6,245
Reclassifications:
Prior Service Credits (A)		—		7			7
Unrecognized Net Loss (A)		—		(103	)		(103	)
Total Reclassifications Before Tax		—		(96	)		(96	)
Income Tax		—		22			22
Net Reclassifications		—		(74	)		(74	)
Other Comprehensive Loss (Income)		6,245		(74	)		6,171
Other Comprehensive Loss Attributable to Non- Controlling Interest		2,387		—			2,387
Balance, March 29, 2020	$	20,239	$	2,031		$	22,270

	Nine Months Ended March 28, 2021
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, June 28, 2020	$	20,136		$	1,977		$	22,113
Other Comprehensive Income Before Reclassifications		(5,419	)		—			(5,419	)
Net Other Comprehensive Income Before Reclassifications		(5,419	)		—			(5,419	)
Reclassifications:
Prior Service Credits (A)		—			6			6
Unrecognized Net Loss (A)		—			(277	)		(277	)
Total Reclassifications Before Tax		—			(271	)		(271	)
Income Tax		—			63			63
Net Reclassifications		—			(208	)		(208	)
Other Comprehensive Income		(5,419	)		(208	)		(5,627	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(1,225	)		—			(1,225	)
Balance, March 28, 2021	$	15,942		$	1,769		$	17,711

	Nine Months Ended March 29, 2020
	Foreign Currency Translation Adjustments		Retirement and Postretirement Benefit Plans			Total
Balance, June 30, 2019	$	16,317	$	2,251		$	18,568
Other Comprehensive Loss Before Reclassifications		6,059		—			6,059
Net Other Comprehensive Loss Before Reclassifications		6,059		—			6,059
Reclassifications:
Prior Service Credits (A)		—		22			22
Unrecognized Net Loss (A)		—		(309	)		(309	)
Total Reclassifications Before Tax		—		(287	)		(287	)
Income Tax		—		67			67
Net Reclassifications		—		(220	)		(220	)
Other Comprehensive Loss (Income)		6,059		(220	)		5,839
Other Comprehensive Loss Attributable to Non- Controlling Interest		2,137		—			2,137
Balance, March 29, 2020	$	20,239	$	2,031		$	22,270

(A)

Amounts reclassified are included in the computation of net periodic benefit cost, which is included in Other Income (Expense), net in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income (Loss). See Pension and Postretirement Benefits note to these Notes to Condensed Consolidated Financial Statements above.

Derivative Instruments (Tables)

9 Months Ended

Mar. 28, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Quantification of Outstanding Mexican Peso Forward Contracts

The following table quantifies the outstanding Mexican peso forward contracts as of March 28, 2021 (thousands of dollars, except with respect to the average forward contractual exchange rate):

		Effective Dates		Notional Amount				Average Forward Contractual Exchange Rate				Fair Value
Buy MXP/Sell USD		April 13, 2021 - December 14, 2021		$	5,000				21.05			$	32

Fair Market Value of All Outstanding Peso Forward Contracts

The fair market value of all outstanding Mexican peso forward contracts in the accompanying Condensed Consolidated Balance Sheets as of the dates specified was as follows (thousands of dollars):

	March 28, 2021		June 28, 2020
Not Designated as Hedging Instruments:
Other Current Assets (Liabilities):
Mexican Peso Forward Contracts	$	32	$	(480	)

Pre-Tax Effects of the Peso Forward Contracts

	Three Months Ended					Nine Months Ended
	March 28, 2021		March 29, 2020			March 28, 2021		March 29, 2020
Not Designated as Hedging Instruments:
Realized Gain	$	11	$	—		$	87	$	—
Unrealized Gain (Loss)	$	32	$	(1,048	)	$	512	$	(1,048	)

Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 28, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities at Fair Value on Recurring Basis

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of March 28, 2021 (in thousands):

	Fair Value Inputs
	Level 1 Assets: Quoted Prices In Active Markets		Level 2 Assets: Observable Inputs Other Than Market Prices		Level 3 Assets: Unobservable Inputs
Assets:
Rabbi Trust Assets:
Stock Index Funds:
Small Cap	$	361	$	—	$	—
Mid Cap		350		—		—
Large Cap		700		—		—
International		1,039		—		—
Fixed Income Funds		953		—		—
Cash and Cash Equivalents		—		4		—
Mexican Peso Forward Contracts		—		32		—
Total Assets at Fair Value	$	3,403	$	36	$

Equity (Loss) Earnings of Joint Ventures (Tables) - VAST LLC

9 Months Ended

Mar. 28, 2021

Summarized Statements of Operations

The following are summarized statements of operations for VAST LLC (in thousands):

	Three Months Ended						Nine Months Ended
	March 28, 2021			March 29, 2020			March 28, 2021			March 29, 2020
Net Sales	$	51,748		$	30,490		$	160,511		$	117,537
Cost of Goods Sold		44,155			25,679			131,345			96,131
Gross Profit		7,593			4,811			29,166			21,406
Engineering, Selling and Administrative Expenses		7,684			7,524			22,936			21,528
(Loss) Income From Operations		(91	)		(2,713	)		6,230			(122	)
Other Income (Expense), net		327			(424	)		1,363			1,079
Income (Loss) before Provision for Income Taxes		236			(3,137	)		7,593			957
Provision (Benefit) for Income Taxes		348			(294	)		2,011			851
Net (Loss) Income	$	(112	)	$	(2,843	)	$	5,582		$	106
STRATTEC's Share of VAST LLC Net (Loss) Income		(37	)		(947	)		1,861			36
Intercompany Profit Elimination		(19	)		—			(17	)		—
STRATTEC’s Equity (Loss) Earnings of VAST LLC	$	(56	)	$	(947	)	$	1,844		$	36

Summarize of Related Party Transaction

The following table summarizes these related party transactions with VAST LLC for the periods indicated below (in thousands):

	Three Months Ended				Nine Months Ended
	March 28, 2021		March 29, 2020		March 28, 2021		March 29, 2020
Sales to VAST LLC	$	1,059	$	483	$	3,273	$	3,035
Purchases from VAST LLC	$	139	$	172	$	340	$	351
Expenses Charged to VAST LLC	$	265	$	686	$	1,361	$	2,036
Expenses Charged from VAST LLC	$	302	$	192	$	953	$	636

Leases (Tables)

9 Months Ended

Mar. 28, 2021

Leases [Abstract]

Schedule of Operating Lease Asset and Obligation Included in Condensed Consolidated Balance Sheets

The operating lease asset and obligation related to our El Paso warehouse lease included in the accompanying Condensed Consolidated Balance Sheets are presented below (in thousands):

	March 28, 2021
Right-of Use Asset Under Operating Lease:
Other Long-Term Assets	$	3,490
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$	366
Other Long-Term Liabilities		3,124
	$	3,490

Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease Including Options to Extend

2021 (for the remaining three months)	$	119
2022		484
2023		497
2024		509
2025		522
Thereafter		1,834
Total Future Minimum Lease Payments		3,965
Less: Imputed Interest		(475	)
Total Lease Obligations	$	3,490

Schedule of Cash Flow Information Related to Operating Lease

Cash flow information related to the operating lease is shown below (in thousands):

	Nine Months Ended
	March 28, 2021
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$	354

Schedule of Weighted Average Lease Term and Discount Rate for Operating Lease

The weighted average lease term and discount rate for the El Paso, Texas operating lease are shown below:

March 28,

2021

Weighted Average Remaining Lease Term (in years)

7.6

Weighted Average Discount Rate

3.3

Credit Facilities (Tables)

9 Months Ended

Mar. 28, 2021

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings Under the Credit Facilities

Outstanding borrowings under the credit facilities were as follows (in thousands):

	March 28, 2021		June 28, 2020
STRATTEC Credit Facility	$	4,000	$	18,000
ADAC-STRATTEC Credit Facility		12,000		17,000
	$	16,000	$	35,000

Schedule of Average Outstanding Borrowings and the Weighted Average Interest Rate

Average outstanding borrowings and the weighted average interest rate under each credit facility referenced above were as follows for each period presented (in thousands):

	Nine Months Ended
	Average Outstanding Borrowings				Weighted Average Interest Rate
	March 28, 2021		March 29, 2020		March 28, 2021			March 29, 2020
STRATTEC Credit Facility	$	11,436	$	13,799		1.2	%		2.9	%
ADAC-STRATTEC Credit Facility	$	15,000	$	20,062		1.4	%		3.2	%

Shareholders' Equity (Tables)

9 Months Ended

Mar. 28, 2021

Equity [Abstract]

Summary of Activity Impacting Shareholders' Equity

A summary of activity impacting shareholders’ equity for the three and nine month periods ended March 28, 2021 and March 29, 2020 were as follows (in thousands):

	Three Months Ended March 28, 2021
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, December 27, 2020	$	201,473		$	74	$	98,571	$	227,061	$	(17,492	)	$	(135,629	)	$	28,888
Net Income		5,910			—		—		4,485		—			—			1,425
Translation Adjustments		(697	)		—		—		—		(288	)		—			(409	)
Stock Based Compensation		193			—		193		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		69			—		—		—		69			—			—
Stock Option Exercises		526			—		526		—		—			—			—
Employee Stock Purchases		20			—		13		—		—			7			—
Balance, March 28, 2021	$	207,494		$	74	$	99,303	$	231,546	$	(17,711	)	$	(135,622	)	$	29,904

	Three Months Ended March 29, 2020
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, December 29, 2019	$	188,849		$	74	$	97,601	$	219,973		$	(18,486	)	$	(135,693	)	$	25,380
Net Income		4,913			—		—		2,994			—			—			1,919
Dividend Declared		(525	)		—		—		(525	)		—			—			—
Translation Adjustments		(6,245	)		—		—		—			(3,858	)		—			(2,387	)
Stock Based Compensation		165			—		165		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		74			—		—		—			74			—			—
Employee Stock Purchases		24			—		7		—			—			17			—
Balance, March 29, 2020	$	187,255		$	74	$	97,773	$	222,442		$	(22,270	)	$	(135,676	)	$	24,912

	Nine Months Ended March 28, 2021
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, June 28,2020	$	175,441		$	74	$	97,977	$	211,940	$	(22,113	)	$	(135,656	)	$	23,219
Net Income		25,556			—		—		19,606		—			—			5,950
Dividend Declared – Non- controlling Interests of Subsidiaries		(490	)		—		—		—		—			—			(490	)
Translation Adjustments		5,419			—		—		—		4,194			—			1,225
Stock Based Compensation		775			—		775		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		208			—		—		—		208			—			—
Stock Option Exercises		526			—		526		—		—			—			—
Employee Stock Purchases		59			—		25		—		—			34			—
Balance, March 28, 2021	$	207,494		$	74	$	99,303	$	231,546	$	(17,711	)	$	(135,622	)	$	29,904

	Nine Months Ended March 29, 2020
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, June 30, 2019	$	187,816		$	73	$	96,491	$	221,117		$	(18,568	)	$	(135,725	)	$	24,428
Net Income		6,498			—		—		2,897			—			—			3,601
Dividend Declared		(1,572	)		—		—		(1,572	)		—			—			—
Dividend Declared – Non- controlling Interests of Subsidiaries		(980	)		—		—		—			—			—			(980	)
Translation Adjustments		(6,059	)		—		—		—			(3,922	)		—			(2,137	)
Stock Based Compensation		789			—		789		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		220			—		—		—			220			—			—
Stock Option Exercises		478			1		477		—			—			—			—
Employee Stock Purchases		65			—		16		—			—			49			—
Balance, March 29, 2020	$	187,255		$	74	$	97,773	$	222,442		$	(22,270	)	$	(135,676	)	$	24,912

Revenue from Contracts with Customers (Tables)

9 Months Ended

Mar. 28, 2021

Revenue From Contract With Customer [Abstract]

Contract Liability Balances

The activity related to contract liability balances during the nine month period ended March 28, 2021 was as follows (thousands of dollars):

Balance, June 28, 2020	$	373
Discounts Recorded as a Reduction in Sales		222
Payments of Discounts to Customers		(337	)
Other		(140	)
Balance, March 28, 2021	$	118

Revenue by Product Group and Customer

Revenue by product group for the periods presented was as follows (thousands of dollars):

	Three Months Ended				Nine Months Ended
	March 28, 2021		March 29, 2020		March 28, 2021		March 29, 2020
Door Handles & Exterior Trim	$	29,790	$	31,296	$	98,694	$	88,818
Keys & Locksets		28,616		30,186		91,488		91,832
Power Access		26,209		21,259		72,039		56,979
Latches		13,125		13,685		41,303		40,656
Aftermarket & OE Service		10,969		11,141		34,077		34,189
Driver Controls		10,822		7,549		31,144		25,310
Other		2,113		1,822		6,493		5,399
	$	121,644	$	116,938	$	375,238	$	343,183

Revenue by customer or customer group for the periods presented was as follows (thousands of dollars):

	Three Months Ended				Nine Months Ended
	March 28, 2021		March 29, 2020		March 28, 2021		March 29, 2020
General Motors Company	$	34,543	$	31,656	$	111,322	$	90,899
Fiat Chrysler Automobiles		21,685		26,050		69,919		78,686
Ford Motor Company		21,722		15,462		54,356		46,527
Commercial and Other OEM Customers		17,241		20,184		58,272		62,950
Tier 1 Customers		17,289		17,495		53,444		50,026
Hyundai / Kia		9,164		6,091		27,925		14,095
	$	121,644	$	116,938	$	375,238	$	343,183

Other Income (Expense), net (Tables)

9 Months Ended

Mar. 28, 2021

Other Income And Expenses [Abstract]

Summary of Other Income (Expense), net

The impact of these items for each of the periods presented was as follows (in thousands):

	Three Months Ended						Nine Months Ended
	March 28, 2021			March 29, 2020			March 28, 2021			March 29, 2020
Foreign Currency Transaction Gain (loss)	$	386		$	2,515		$	(1,926	)	$	2,067
Unrealized Gain (Loss) on Peso Forward Contracts		32			(1,048	)		512			(1,048	)
Realized Gain on Peso Forward Contracts		11			—			87			—
Pension and Postretirement Plans Cost		(106	)		(118	)		(314	)		(352	)
Rabbi Trust Gain (Loss)		154			(550	)		472			(365	)
Other		(22	)		250			(2	)		673
	$	455		$	1,049		$	(1,171	)	$	975

Earnings Per Share (Tables)

9 Months Ended

Mar. 28, 2021

Earnings Per Share [Abstract]

Reconciliation of the Components of Basic and Diluted Per Share

A reconciliation of the components of the basic and diluted per-share computations follows (in thousands, except per share amounts):

	Three Months Ended
	March 28, 2021						March 29, 2020
	Net Income		Shares		Per-Share Amount		Net Income		Shares		Per-Share Amount
Basic Earnings Per Share	$	4,485		3,797	$	1.18	$	2,994		3,748	$	0.80
Stock Option and Restricted Stock Awards		—		89				—		20
Diluted Earnings Per Share	$	4,485		3,886	$	1.15	$	2,994		3,768	$	0.79

	Nine Months Ended
	March 28, 2021						March 29, 2020
	Net Income		Shares		Per-Share Amount		Net Income		Shares		Per-Share Amount
Basic Earnings Per Share	$	19,606		3,783	$	5.18	$	2,897		3,733	$	0.78
Stock Option and Restricted Stock Awards		—		56				—		19
Diluted Earnings Per Share	$	19,606		3,839	$	5.11	$	2,897		3,752	$	0.77

Stock-Based Compensation (Tables)

9 Months Ended

Mar. 28, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity Under Our Stock Incentive Plan

A summary of stock option activity under our stock incentive plan for the nine months ended March 28, 2021 follows:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding, June 28, 2020		90,860	$	35.88
Exercised		18,236	$	28.85
Outstanding, March 28, 2021		72,624	$	37.65		1.7	$	819
Exercisable, March 28, 2021		72,624	$	37.65		1.7	$	819

Intrinsic Value of Stock Options Exercised and the Fair Value of Stock Options Vested

The intrinsic value of stock options exercised and the fair value of stock options that vested during the three and nine month periods presented below were as follows (in thousands):

	Three Months Ended				Nine Months Ended
	March 28, 2021		March 29, 2020		March 28, 2021		March 29, 2020
Intrinsic Value of Options Exercised	$	555	$	—	$	555	$	120
Fair Value of Stock Options Vesting	$	—	$	—	$	—	$	—

Summary of Restricted Stock Activity Under Our Stock Incentive Plan

A summary of restricted stock activity under our stock incentive plan for the nine months ended March 28, 2021 follows:

	Shares			Weighted Average Grant Date Fair Value
Nonvested Balance, June 28, 2020		69,394		$	30.59
Granted		48,300		$	21.20
Vested		(34,669	)	$	34.95
Forfeited		(1,050	)	$	22.84
Nonvested Balance, March 28, 2021		81,975		$	23.31

Pension and Postretirement Benefits (Tables)

9 Months Ended

Mar. 28, 2021

Compensation And Retirement Disclosure [Abstract]

Summary of Net Periodic Benefit Cost Recognized

The following table summarizes the net periodic benefit cost recognized for each of the periods indicated under these plans (in thousands):

	SERP Benefits				Postretirement Benefits
	Three Months Ended				Three Months Ended
	March 28, 2021		March 29, 2020		March 28, 2021			March 29, 2020
Service Cost	$	16	$	19	$	3		$	3
Interest Cost		10		16	4				6
Amortization of Prior Service Credit		—		—		(2	)		(7	)
Amortization of Unrecognized Net Loss		3		4	91				99
Net Periodic Benefit Cost	$	29	$	39	$	96		$	101

	SERP Benefits				Postretirement Benefits
	Nine Months Ended				Nine Months Ended
	March 28, 2021		March 29, 2020		March 28, 2021			March 29, 2020
Service Cost	$	47	$	56	$	10		$	9
Interest Cost		31		46	12				19
Amortization of Prior Service Credit		—		—		(6	)		(22	)
Amortization of Unrecognized Net Loss	8			11	269				298
Net Periodic Benefit Cost	$	86	$	113	$	285		$	304

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Mar. 28, 2021

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Summary of Changes in Accumulated Other Comprehensive Loss

The following tables summarize the changes in accumulated other comprehensive loss (“AOCL”) for each period presented (in thousands):

	Three Months Ended March 28, 2021
	Foreign Currency Translation Adjustments		Retirement and Postretirement Benefit Plans			Total
Balance, December 27, 2020	$	15,654	$	1,838		$	17,492
Other Comprehensive Loss Before Reclassifications		697		—			697
Net Other Comprehensive Loss Before Reclassifications		697		—			697
Reclassifications:
Prior Service Credits (A)		—		2			2
Unrecognized Net Loss (A)		—		(94	)		(94	)
Total Reclassifications Before Tax		—		(92	)		(92	)
Income Tax		—		23			23
Net Reclassifications		—		(69	)		(69	)
Other Comprehensive Loss (Income)		697		(69	)		628
Other Comprehensive Loss Attributable to Non- Controlling Interest		409		—			409
Balance, March 28, 2021	$	15,942	$	1,769		$	17,711

	Three Months Ended March 29, 2020
	Foreign Currency Translation Adjustments		Retirement and Postretirement Benefit Plans			Total
Balance, December 29, 2019	$	16,381	$	2,105		$	18,486
Other Comprehensive Loss Before Reclassifications		6,245		—			6,245
Net Other Comprehensive Loss Before Reclassifications		6,245		—			6,245
Reclassifications:
Prior Service Credits (A)		—		7			7
Unrecognized Net Loss (A)		—		(103	)		(103	)
Total Reclassifications Before Tax		—		(96	)		(96	)
Income Tax		—		22			22
Net Reclassifications		—		(74	)		(74	)
Other Comprehensive Loss (Income)		6,245		(74	)		6,171
Other Comprehensive Loss Attributable to Non- Controlling Interest		2,387		—			2,387
Balance, March 29, 2020	$	20,239	$	2,031		$	22,270

	Nine Months Ended March 28, 2021
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, June 28, 2020	$	20,136		$	1,977		$	22,113
Other Comprehensive Income Before Reclassifications		(5,419	)		—			(5,419	)
Net Other Comprehensive Income Before Reclassifications		(5,419	)		—			(5,419	)
Reclassifications:
Prior Service Credits (A)		—			6			6
Unrecognized Net Loss (A)		—			(277	)		(277	)
Total Reclassifications Before Tax		—			(271	)		(271	)
Income Tax		—			63			63
Net Reclassifications		—			(208	)		(208	)
Other Comprehensive Income		(5,419	)		(208	)		(5,627	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(1,225	)		—			(1,225	)
Balance, March 28, 2021	$	15,942		$	1,769		$	17,711

	Nine Months Ended March 29, 2020
	Foreign Currency Translation Adjustments		Retirement and Postretirement Benefit Plans			Total
Balance, June 30, 2019	$	16,317	$	2,251		$	18,568
Other Comprehensive Loss Before Reclassifications		6,059		—			6,059
Net Other Comprehensive Loss Before Reclassifications		6,059		—			6,059
Reclassifications:
Prior Service Credits (A)		—		22			22
Unrecognized Net Loss (A)		—		(309	)		(309	)
Total Reclassifications Before Tax		—		(287	)		(287	)
Income Tax		—		67			67
Net Reclassifications		—		(220	)		(220	)
Other Comprehensive Loss (Income)		6,059		(220	)		5,839
Other Comprehensive Loss Attributable to Non- Controlling Interest		2,137		—			2,137
Balance, March 29, 2020	$	20,239	$	2,031		$	22,270

(A)

Basis of Financial Statements (Details Textual)	9 Months Ended
Basis of Financial Statements (Details Textual)	Mar. 28, 2021 Subsidiary Joint_Venture Segment
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of reporting segments related to STRATTEC Security Corporation \| Segment	1
VAST LLC \| CHINA
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of wholly owned subsidiaries	4
VAST LLC \| BRAZIL
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of wholly owned subsidiaries	1
VAST LLC \| INDIA
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of joint venture entities \| Joint_Venture	1

Derivative Instruments - Schedule of Quantification of Outstanding Mexican Peso Forward Contracts (Details) - Buy MXP/Sell USD	9 Months Ended
	Mar. 28, 2021 USD ($) $ / $
Derivative [Line Items]
Derivative, Effective Dates, Inception	Apr. 13, 2021
Derivative, Effective Dates, Maturity	Dec. 14, 2021
Derivative, Notional Amount	$ 5,000,000
Derivative, Average Forward Contractual Exchange Rate \| $ / $	21.05
Derivative, Fair Value	$ 32,000

Derivative Instruments - Fair Market Value of All Outstanding Peso Forward Contracts (Details) - Mexican Peso Forward Contracts - USD ($) $ in Thousands	Mar. 28, 2021	Jun. 28, 2020
Other Current Assets
Not designated as hedging instruments:
Fair market value of derivative instruments	$ 32
Other Current Liabilities
Not designated as hedging instruments:
Fair market value of derivative instruments		$ (480)

Derivative Instruments - Pre-Tax Effects of the Peso Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Pre-tax effects of the Mexican peso forward contracts
Realized Gain	$ 11		$ 87
Unrealized Gain (Loss)	32	$ (1,048)	512	$ (1,048)
Not Designated as Hedging Instrument \| Other Expense, Net
Pre-tax effects of the Mexican peso forward contracts
Realized Gain	11		87
Unrealized Gain (Loss)	$ 32	$ (1,048)	$ 512	$ (1,048)

Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring $ in Thousands	Mar. 28, 2021 USD ($)
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	$ 3,403
Level 1 \| Fixed Income Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	953
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	36
Level 2 \| Mexican Peso Forward Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	32
Stock Index Funds \| Level 1 \| Small Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	361
Stock Index Funds \| Level 1 \| Mid Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	350
Stock Index Funds \| Level 1 \| Large Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	700
Stock Index Funds \| Level 1 \| International
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	1,039
Cash and Cash Equivalents \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	$ 4

Investment in Joint Ventures and Majority Owned Subsidiaries (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Schedule Of Equity Method Investments [Line Items]
Equity (loss) earnings of joint ventures	$ (56,000)	$ (921,000)	$ 1,844,000	$ 55,000
Payments to acquire interest in joint venture			100,000
VAST LLC \| BRAZIL
Schedule Of Equity Method Investments [Line Items]
Payments to acquire interest in joint venture			$ 300,000
VAST LLC \| MINDA-VAST ACCESS SYSTEMS
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	50.00%		50.00%
STRATTEC \| VAST LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.33%		33.33%
Equity (loss) earnings of joint ventures			$ 1,800,000	36,000
Payments to acquire interest in joint venture			$ 100,000	$ 0
ADAC \| VAST LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.30%		33.30%
WITTE \| VAST LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.30%		33.30%
Strattec Power Access Llc \| STRATTEC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary	80.00%	80.00%	80.00%	80.00%
Majority owned subsidiary, impact on net income			$ 4,700,000	$ (167,000)
Majority owned subsidiary, impact on net sales			72,000,000.0	57,000,000.0
Strattec Power Access Llc \| WITTE
Schedule Of Equity Method Investments [Line Items]
Purchases	$ 286,000	$ 190,000	$ 606,000	$ 832,000
Percentage ownership interest in less than wholly owned consolidated subsidiary	20.00%	20.00%	20.00%	20.00%
ADAC-STRATTEC LLC \| STRATTEC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary	51.00%	51.00%	51.00%	51.00%
Majority owned subsidiary, impact on net income			$ 3,400,000	$ 2,600,000
Majority owned subsidiary, impact on net sales			$ 98,700,000	$ 88,800,000
ADAC-STRATTEC LLC \| ADAC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary	49.00%	49.00%	49.00%	49.00%
Engineering, research, design and sales fee	$ 2,100,000	$ 2,200,000	$ 6,900,000	$ 6,200,000
Sales	$ 2,700,000	$ 3,500,000	$ 9,100,000	$ 9,200,000

Equity (Loss) Earnings of Joint Ventures (Details Textual)	Mar. 28, 2021
VAST LLC \| STRATTEC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.33%

Equity (Loss) Earnings of Joint Ventures - Summarized Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Summarized statements of operations
Net sales	$ 121,644	$ 116,938	$ 375,238	$ 343,183
Cost of goods sold	102,990	99,928	311,832	299,954
Gross profit	18,654	17,010	63,406	43,229
Engineering, selling and administrative expenses	11,927	10,727	33,543	35,775
Income from operations	6,727	6,283	29,863	7,454
Other income (expense), net	455	1,049	(1,171)	975
Income before provision for income taxes and non-controlling interest	7,063	6,207	30,277	7,692
Provision (Benefit) for Income Taxes	1,153	1,294	4,721	1,194
Net income	5,910	4,913	25,556	6,498
STRATTEC’s Equity (Loss) Earnings of VAST LLC	(56)	(921)	1,844	55
VAST LLC \| Equity Method Investment Summarized Financial Information
Summarized statements of operations
Net sales	51,748	30,490	160,511	117,537
Cost of goods sold	44,155	25,679	131,345	96,131
Gross profit	7,593	4,811	29,166	21,406
Engineering, selling and administrative expenses	7,684	7,524	22,936	21,528
Income from operations	(91)	(2,713)	6,230	(122)
Other income (expense), net	327	(424)	1,363	1,079
Income before provision for income taxes and non-controlling interest	236	(3,137)	7,593	957
Provision (Benefit) for Income Taxes	348	(294)	2,011	851
Net income	(112)	(2,843)	5,582	106
STRATTEC's Share of VAST LLC Net (Loss) Income	(37)	(947)	1,861	36
Intercompany Profit Elimination	(19)		(17)
STRATTEC’s Equity (Loss) Earnings of VAST LLC	$ (56)	$ (947)	$ 1,844	$ 36

Equity (Loss) Earnings of Joint Ventures- Summarize of Related Party Transaction (Details) - VAST LLC - Equity Method Investee - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Schedule Of Equity Method Investments [Line Items]
Sales to VAST LLC	$ 1,059	$ 483	$ 3,273	$ 3,035
Purchases from VAST LLC	139	172	340	351
Expenses Charged to VAST LLC	265	686	1,361	2,036
Expenses Charged from VAST LLC	$ 302	$ 192	$ 953	$ 636

Leases (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Leases (Details Textual) - USD ($)	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Leases [Abstract]
Operating lease, existence of option to extend			true
Operating lease, renewal Term	5 years		5 years
Operating lease, expiration term			2023-10
Operating lease expense	$ 119,000	$ 116,000	$ 354,000	$ 345,000

Leases - Schedule of Operating Lease Asset and Obligation Included in Condensed Consolidated Balance Sheets (Details) $ in Thousands	Mar. 28, 2021 USD ($)
Right-of Use Asset Under Operating Lease:
Operating lease right-of-use asset	$ 3,490
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$ 366
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherAccruedLiabilitiesCurrent
Other Long-Term Liabilities	$ 3,124
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Operating Lease, Liability	$ 3,490

Leases - Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease Including Options to Extend (Details) $ in Thousands	Mar. 28, 2021 USD ($)
Leases [Abstract]
2021 (for the remaining three months)	$ 119
2022	484
2023	497
2024	509
2025	522
Thereafter	1,834
Total Future Minimum Lease Payments	3,965
Less: Imputed Interest	(475)
Total Lease Obligations	$ 3,490

Leases - Schedule of Cash Flow Information Related to Operating Lease (Details) $ in Thousands	9 Months Ended
	Mar. 28, 2021 USD ($)
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$ 354

Leases - Schedule of Weighted Average Lease Term and Discount Rate for Operating Lease (Details)	Mar. 28, 2021
Leases [Abstract]
Weighted Average Remaining Lease Term (in years)	7 years 7 months 6 days
Weighted Average Discount Rate	3.30%

Credit Facilities (Details Textual)	9 Months Ended
Credit Facilities (Details Textual)	Mar. 28, 2021 USD ($)
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Secured revolving credit facility	$ 40,000,000
Credit facility maturity date	Aug. 01, 2022
Interest rate on borrowings under the credit facility	the London Interbank Offering Rate (“LIBOR”) plus 1.0 percent or the bank’s prime rate.
Interest rate - percentage points added to LIBOR - on borrowings under credit facility	1.00%
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Secured revolving credit facility	$ 25,000,000
Credit facility maturity date	Aug. 01, 2022
Interest rate on borrowings under the credit facility	LIBOR plus 1.25 percent or the bank’s prime rate.
Interest rate - percentage points added to LIBOR - on borrowings under credit facility	1.25%

Credit Facilities - Schedule of Outstanding Borrowings Under the Credit Facilities (Details) - USD ($) $ in Thousands	Mar. 28, 2021	Jun. 28, 2020
Line Of Credit Facility [Line Items]
Outstanding Borrowing	$ 16,000	$ 35,000
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Outstanding Borrowing	4,000	18,000
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Outstanding Borrowing	$ 12,000	$ 17,000

- Definition

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Credit Facilities - Schedule of Average Outstanding Borrowings and the Weighted Average Interest Rate (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Average Outstanding Borrowings	$ 11,436	$ 13,799
Weighted Average Interest Rate	1.20%	2.90%
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Average Outstanding Borrowings	$ 15,000	$ 20,062
Weighted Average Interest Rate	1.40%	3.20%

Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Mar. 28, 2021	Jun. 28, 2020
Commitments And Contingencies Disclosure [Abstract]
Environmental	$ 1,390	$ 1,259

Shareholders' Equity - Summary of Activity Impacting Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Summary of activity impacting shareholders' equity
Beginning Balance	$ 201,473	$ 188,849	$ 175,441	$ 187,816
Net income	5,910	4,913	25,556	6,498
Dividend Declared		(525)		(1,572)
Dividend Declared – Non-controlling Interests ofSubsidiaries			(490)	(980)
Translation Adjustments	(697)	(6,245)	5,419	(6,059)
Stock Based Compensation	193	165	775	789
Pension and Postretirement Adjustment, Net of Tax	69	74	208	220
Stock Option Exercises	526		526	478
Employee Stock Purchases	20	24	59	65
Ending Balance	207,494	187,255	207,494	187,255
Common Stock
Summary of activity impacting shareholders' equity
Beginning Balance	74	74	74	73
Stock Option Exercises				1
Ending Balance	74	74	74	74
Capital in Excess of Par Value
Summary of activity impacting shareholders' equity
Beginning Balance	98,571	97,601	97,977	96,491
Stock Based Compensation	193	165	775	789
Stock Option Exercises	526		526	477
Employee Stock Purchases	13	7	25	16
Ending Balance	99,303	97,773	99,303	97,773
Retained Earnings
Summary of activity impacting shareholders' equity
Beginning Balance	227,061	219,973	211,940	221,117
Net income	4,485	2,994	19,606	2,897
Dividend Declared		(525)		(1,572)
Ending Balance	231,546	222,442	231,546	222,442
Accumulated Other Comprehensive Loss
Summary of activity impacting shareholders' equity
Beginning Balance	(17,492)	(18,486)	(22,113)	(18,568)
Translation Adjustments	(288)	(3,858)	4,194	(3,922)
Pension and Postretirement Adjustment, Net of Tax	69	74	208	220
Ending Balance	(17,711)	(22,270)	(17,711)	(22,270)
Treasury Stock
Summary of activity impacting shareholders' equity
Beginning Balance	(135,629)	(135,693)	(135,656)	(135,725)
Employee Stock Purchases	7	17	34	49
Ending Balance	(135,622)	(135,676)	(135,622)	(135,676)
Non-Controlling Interest
Summary of activity impacting shareholders' equity
Beginning Balance	28,888	25,380	23,219	24,428
Net income	1,425	1,919	5,950	3,601
Dividend Declared – Non-controlling Interests ofSubsidiaries			(490)	(980)
Translation Adjustments	(409)	(2,387)	1,225	(2,137)
Ending Balance	$ 29,904	$ 24,912	$ 29,904	$ 24,912

Revenue from Contracts with Customers - Contract Liability Balances (Details) - Other Accrued Liabilities $ in Thousands	9 Months Ended
	Mar. 28, 2021 USD ($)
Contract With Customer Liability [Line Items]
Balance, June 28, 2020	$ 373
Discounts Recorded as a Reduction in Sales	222
Payments of Discounts to Customers	(337)
Other	(140)
Balance, March 28, 2021	$ 118

Revenue from Contracts with Customers - Revenue by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Product Information [Line Items]
Revenue	$ 121,644	$ 116,938	$ 375,238	$ 343,183
Door Handles & Exterior Trim
Product Information [Line Items]
Revenue	29,790	31,296	98,694	88,818
Keys & Locksets
Product Information [Line Items]
Revenue	28,616	30,186	91,488	91,832
Power Access
Product Information [Line Items]
Revenue	26,209	21,259	72,039	56,979
Latches
Product Information [Line Items]
Revenue	13,125	13,685	41,303	40,656
Aftermarket & OE Service
Product Information [Line Items]
Revenue	10,969	11,141	34,077	34,189
Driver Controls
Product Information [Line Items]
Revenue	10,822	7,549	31,144	25,310
Other
Product Information [Line Items]
Revenue	$ 2,113	$ 1,822	$ 6,493	$ 5,399

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Revenue from Contracts with Customers - Revenue by Customer or Customer Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 121,644	$ 116,938	$ 375,238	$ 343,183
General Motors Company
Entity Wide Revenue Major Customer [Line Items]
Revenue	34,543	31,656	111,322	90,899
Fiat Chrysler Automobiles
Entity Wide Revenue Major Customer [Line Items]
Revenue	21,685	26,050	69,919	78,686
Ford Motor Company
Entity Wide Revenue Major Customer [Line Items]
Revenue	21,722	15,462	54,356	46,527
Commercial and Other OEM Customers
Entity Wide Revenue Major Customer [Line Items]
Revenue	17,241	20,184	58,272	62,950
Tier 1 Customers
Entity Wide Revenue Major Customer [Line Items]
Revenue	17,289	17,495	53,444	50,026
Hyundai / Kia
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 9,164	$ 6,091	$ 27,925	$ 14,095

- Definition

+ References

+ Details

Other (Expense) Income, Net - Summary of Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Other Income and Expenses [Abstract]
Foreign Currency Transaction Gain (loss)	$ 386	$ 2,515	$ (1,926)	$ 2,067
Unrealized Gain (Loss) on Peso Forward Contracts	32	(1,048)	512	(1,048)
Realized Gain on Peso Forward Contracts	11		87
Pension and Postretirement Plans Cost	(106)	(118)	(314)	(352)
Rabbi Trust Gain (Loss)	154	(550)	472	(365)
Other	(22)	250	(2)	673
Other Expense, net	$ 455	$ 1,049	$ (1,171)	$ 975

Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details Textual) - USD ($)	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	16.30%	20.80%	15.60%	15.50%
Income tax benefit from global intangible low-taxed income			$ 675,000

Earnings Per Share - Reconciliation of the Components of Basic and Diluted Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Reconciliation of the components of the basic and diluted per share
Net Income, Basic Earnings Per Share	$ 4,485	$ 2,994	$ 19,606	$ 2,897
Net Income, Diluted Earnings Per Share	$ 4,485	$ 2,994	$ 19,606	$ 2,897
Basic Earnings Per Share, Number of Shares	3,797	3,748	3,783	3,733
Stock Option and Restricted Stock Awards, Number of Shares	89	20	56	19
Diluted Earnings Per Share, Number of Shares	3,886	3,768	3,839	3,752
Basic Earnings Per Share	$ 1.18	$ 0.80	$ 5.18	$ 0.78
Diluted Earnings Per Share	$ 1.15	$ 0.79	$ 5.11	$ 0.77

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

Earnings Per Share (Details Textual) - shares	9 Months Ended
Earnings Per Share (Details Textual) - shares	Mar. 28, 2021	Mar. 29, 2020
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from earnings per share computation	9,010	111,060

Stock-Based Compensation (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award number of shares authorized	2,000,000
Shares of common stock available for grant	219,084
Options, granted	0	0
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options expires after date of grant	10 years
Employee Stock Option \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	1 year
Employee Stock Option \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	4 years
Restricted stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested restricted stock grants	$ 1.0
Weighted average period over which unrecognized compensation is expected to be recognized	1 year
Restricted stock \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	1 year
Restricted stock \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	5 years

Stock-Based Compensation - Summary of Stock Option Activity Under Our Stock Incentive Plan (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Mar. 28, 2021 USD ($) $ / shares shares
Share Based Compensation [Abstract]
Shares, Beginning Balance \| shares	90,860
Shares, Exercised \| shares	18,236
Shares, Ending Balance \| shares	72,624
Shares, Exercisable \| shares	72,624
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 35.88
Weighted Average Exercise Price, Exercised \| $ / shares	28.85
Weighted Average Exercise Price, Ending Balance \| $ / shares	37.65
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 37.65
Weighted Average Remaining Contractual Term, Outstanding	1 year 8 months 12 days
Weighted Average Remaining Contractual Term, Exercisable, Outstanding	1 year 8 months 12 days
Aggregate Intrinsic Value, Outstanding \| $	$ 819
Aggregate Intrinsic Value, Exercisable \| $	$ 819

Stock-Based Compensation - Intrinsic Value of Stock Options Exercised and the Fair Value of Stock Options Vested (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 28, 2021	Mar. 28, 2021	Mar. 29, 2020
Intrinsic value of stock options exercised and the fair value of stock options vested
Intrinsic Value of Options Exercised	$ 555	$ 555	$ 120

Stock-Based Compensation - Summary of Restricted Stock Activity Under Our Stock Incentive Plan (Details) - Restricted stock	9 Months Ended
	Mar. 28, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, Shares Beginning Balance \| shares	69,394
Granted, Shares \| shares	48,300
Vested, Shares \| shares	(34,669)
Forfeited, Shares \| shares	(1,050)
Nonvested, Shares Ending Balance \| shares	81,975
Nonvested, Weighted Average Grant Date Fair Value Beginning Balance \| $ / shares	$ 30.59
Granted, Weighted Average Grant Date Fair Value \| $ / shares	21.20
Vested, Weighted Average Grant Date Fair Value \| $ / shares	34.95
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	22.84
Nonvested, Weighted Average Grant Date Fair Value Ending Balance \| $ / shares	$ 23.31

Pension and Postretirement Benefits (Details Textual) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended		12 Months Ended
	Dec. 29, 2019	Dec. 29, 2019	Mar. 28, 2021	Mar. 29, 2020	Jun. 28, 2020	Jun. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Date the Board of Directors freeze benefit accruals and future eligibility under the Qualified Pension Plan			Dec. 31, 2009
Termination of Qualified Pension Plan, description			The Board of Directors subsequently approved proceeding with the termination of the Qualified Pension Plan. During the quarter ended December 30, 2018, we completed a substantial portion of terminating the Qualified Pension Plan. In connection with the termination of the Qualified Pension Plan, distributions from the Qualified Pension Plan trust were made during the three month period ended December 30, 2018 to participants who elected lump-sum distributions. Additionally, during the three months ended December 30, 2018, we entered into an agreement with an insurance company to purchase from us, through a series of annuity contracts, our remaining obligations under the Qualified Pension Plan and, as a result, we settled the remaining obligations under the plan for the remaining participants utilizing funds available in the Qualified Pension Plan trust.
Additional cash contributions to settle pension obligations			$ 0
Non-cash pre-tax settlement charge						$ 31,900,000
Non-cash compensation expense	$ 2,300,000	$ 4,500,000		$ 4,473,000	$ 4,800,000	$ 4,200,000
Rabbi Trust Assets - SERP			3,400,000		$ 2,600,000
Postretirement plan annual benefit limit for future eligible retirees			$ 4,000
Other postretirement benefits maximum benefit period			5 years
Supplemental Employee Retirement Plan, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Percentage of participant's base salary received as Supplemental Retirement Benefits			8.00%
Vesting period, SERP			5 years

Pension and Postretirement Benefits - Summary of Net Periodic Benefit Cost Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020	Jun. 30, 2019
COMPONENTS OF NET PERIODIC BENEFIT COST:
Plan Settlements					$ 31,900
SERP Benefits
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service Cost	$ 16	$ 19	$ 47	$ 56
Interest Cost	10	16	31	46
Amortization of Unrecognized Net Loss	3	4	8	11
Net Periodic Benefit Cost	29	39	86	113
Postretirement Benefits
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service Cost	3	3	10	9
Interest Cost	4	6	12	19
Amortization of Prior Service Credit	(2)	(7)	(6)	(22)
Amortization of Unrecognized Net Loss	91	99	269	298
Net Periodic Benefit Cost	$ 96	$ 101	$ 285	$ 304

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ (201,473)	$ (188,849)	$ (175,441)	$ (187,816)
Other Comprehensive Loss Before Reclassifications	697	6,245	(5,419)	6,059
Net Other Comprehensive Loss Before Reclassifications	697	6,245	(5,419)	6,059
Reclassifications:
Prior service credits	2	7	6	22
Unrecognized Net Loss	(94)	(103)	(277)	(309)
Total Reclassifications Before Tax	(92)	(96)	(271)	(287)
Reclassifications, Income Tax	23	22	63	67
Net Reclassifications	(69)	(74)	(208)	(220)
Other Comprehensive Loss (Income)	628	6,171	(5,627)	5,839
Ending balance	(207,494)	(187,255)	(207,494)	(187,255)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	15,654	16,381	20,136	16,317
Other Comprehensive Loss Before Reclassifications	697	6,245	(5,419)	6,059
Net Other Comprehensive Loss Before Reclassifications	697	6,245	(5,419)	6,059
Reclassifications:
Other Comprehensive Loss (Income)	697	6,245	(5,419)	6,059
Other Comprehensive Loss Attributable to Non- Controlling Interest	409	2,387	(1,225)	2,137
Ending balance	15,942	20,239	15,942	20,239
Retirement and Postretirement Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	1,838	2,105	1,977	2,251
Reclassifications:
Prior service credits	2	7	6	22
Unrecognized Net Loss	(94)	(103)	(277)	(309)
Total Reclassifications Before Tax	(92)	(96)	(271)	(287)
Reclassifications, Income Tax	23	22	63	67
Net Reclassifications	(69)	(74)	(208)	(220)
Other Comprehensive Loss (Income)	(69)	(74)	(208)	(220)
Ending balance	1,769	2,031	1,769	2,031
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	17,492	18,486	22,113	18,568
Reclassifications:
Ending balance	17,711	22,270	17,711	22,270
AOCI Including Portion Attributable to Noncontrolling Interest
Reclassifications:
Other Comprehensive Loss (Income)	628	6,171	(5,627)	5,839
AOCI Attributable to Noncontrolling Interest
Reclassifications:
Other Comprehensive Loss Attributable to Non- Controlling Interest	$ 409	$ 2,387	$ (1,225)	$ 2,137