0001564590-21-046790 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jun. 27, 2021	Jul. 30, 2021	Dec. 24, 2020
Cover [Abstract]
Entity Registrant Name	STRATTEC SECURITY CORP
Entity Central Index Key	0000933034
Document Type	10-K
Document Period End Date	Jun. 27, 2021
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--06-27
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Public Float			$ 187,672,000
Entity Filer Category	Accelerated Filer
Entity Common Stock Shares Outstanding		3,887,345
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
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 Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of the Proxy Statement dated September 2, 2021, for the Annual Meeting of Shareholders to be held on October 5, 2021.
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	STRT
Security Exchange Name	NASDAQ

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Income Statement [Abstract]
NET SALES	$ 485,295	$ 385,300
Cost of goods sold	406,637	349,854
GROSS PROFIT	78,658	35,446
Engineering, selling, and administrative expenses	44,743	44,108
INCOME (LOSS) FROM OPERATIONS	33,915	(8,662)
Equity earnings (loss) of joint ventures	2,560	(209)
Interest expense	(302)	(920)
Other (expense) income, net	(1,165)	1,668
INCOME (LOSS) BEFORE BENEFIT FOR INCOME TAXES AND NON- CONTROLLING INTEREST	35,008	(8,123)
Provision (benefit) for income taxes	5,111	(2,266)
NET INCOME (LOSS)	29,897	(5,857)
Net income attributable to non-controlling interest	7,365	1,748
NET INCOME (LOSS) ATTRIBUTABLE TO STRATTEC SECURITY CORPORATION	22,532	(7,605)
COMPREHENSIVE INCOME (LOSS):
NET INCOME (LOSS)	29,897	(5,857)
Currency translation adjustments, net of tax	7,144	(5,796)
Pension and postretirement plans, net of tax	(135)	274
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	7,009	(5,522)
COMPREHENSIVE INCOME (LOSS)	36,906	(11,379)
Comprehensive income (loss) attributable to non-controlling interest	9,058	(229)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO STRATTEC SECURITY CORPORATION	$ 27,848	$ (11,150)
INCOME (LOSS) PER SHARE ATTRIBUTABLE TO STRATTEC SECURITY CORPORATION:
Basic	$ 5.95	$ (2.04)
Diluted	$ 5.85	$ (2.04)
AVERAGE SHARES OUTSTANDING:
Basic	3,788	3,737
Diluted	3,852	3,737

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 27, 2021	Jun. 28, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 14,465	$ 11,774
Receivables, less allowance for doubtful accounts of $500 at June 27, 2021 and June 28, 2020	69,902	41,955
Inventories, net	70,860	54,400
Customer tooling in progress, net	7,571	8,768
Income taxes recoverable	5,716	2,912
Other current assets	6,390	5,559
Total current assets	174,904	125,368
INVESTMENT IN JOINT VENTURES	27,224	22,068
DEFERRED INCOME TAXES	5,052	6,490
OTHER LONG-TERM ASSETS	6,982	6,471
PROPERTY, PLANT AND EQUIPMENT, NET	96,401	105,148
Total assets	310,563	265,545
CURRENT LIABILITIES:
Accounts payable	36,727	18,549
Accrued liabilities:
Payroll and benefits	22,483	13,498
Environmental	1,390	1,259
Warranty	8,425	8,500
Other	8,547	6,334
Total current liabilities	77,572	48,140
Commitments and Contingencies
BORROWINGS UNDER CREDIT FACILITIES	12,000	35,000
ACCRUED PENSION OBLIGATIONS	2,334	1,255
ACCRUED POSTRETIREMENT OBLIGATIONS	599	701
OTHER LONG-TERM LIABILITIES	4,625	5,008
SHAREHOLDERS’ EQUITY:
Common stock, authorized 12,000,000 shares, $.01 par value, issued 7,411,717 shares at June 27, 2021 and 7,358,812 shares at June 28, 2020	74	74
Capital in excess of par value	99,512	97,977
Retained earnings	234,472	211,940
Accumulated other comprehensive loss	(16,797)	(22,113)
Less: Treasury stock at cost (3,606,652 shares at June 27, 2021 and 3,609,193 shares at June 28, 2020)	(135,615)	(135,656)
Total STRATTEC SECURITY CORPORATION shareholders’ equity	181,646	152,222
Non-controlling interest	31,787	23,219
Total shareholders’ equity	213,433	175,441
Total liabilities and shareholders' equity	$ 310,563	$ 265,545

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 27, 2021	Jun. 28, 2020
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 500	$ 500
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	3,606,652	3,609,193

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Non-controlling interest
Beginning balance at Jun. 30, 2019	$ 187,816	$ 73	$ 96,491	$ 221,117	$ (18,568)	$ (135,725)	$ 24,428
Net income (loss)	(5,857)			(7,605)			1,748
Currency translation adjustments	(5,796)				(3,819)		(1,977)
Pension and postretirement funded status adjustment, net of tax	274				274
Cash dividends declared ($0.42 per share)	(1,572)			(1,572)
Cash dividends paid to non-controlling interests of subsidiaries	(980)						(980)
Stock-based compensation	996		996
Stock option exercises	477	1	476
Employee stock purchases	83		14			69
Ending balance at Jun. 28, 2020	175,441	74	97,977	211,940	(22,113)	(135,656)	23,219
Net income (loss)	29,897			22,532			7,365
Currency translation adjustments	7,144				5,451		1,693
Pension and postretirement funded status adjustment, net of tax	(135)				(135)
Cash dividends paid to non-controlling interests of subsidiaries	(490)						(490)
Stock-based compensation	972		972
Stock option exercises	526		526
Employee stock purchases	78		37			41
Ending balance at Jun. 27, 2021	$ 213,433	$ 74	$ 99,512	$ 234,472	$ (16,797)	$ (135,615)	$ 31,787

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Statement Of Stockholders Equity [Abstract]
Pension and postretirement funded status adjustment tax impact	$ 42	$ 85
Cash dividends declared per share		$ 0.42

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME (LOSS)	$ 29,897	$ (5,857)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity (earnings) loss of joint ventures	(2,560)	209
Depreciation	19,786	19,329
Foreign currency transaction loss (gain)	2,445	(1,982)
Unrealized (gain) loss on peso forward contracts	(723)	480
Loss on disposition of property, plant and equipment	1,421	369
Non-cash compensation expense		4,824	$ 4,200
Deferred income taxes	1,473	(3,589)
Stock-based compensation expense	972	996
Change in operating assets and liabilities:
Receivables	(27,744)	41,990
Inventories	(16,460)	(7,138)
Other assets	(2,435)	(29)
Accounts payable and accrued liabilities	28,540	(24,207)
Other, net	538	29
Net cash provided by operating activities	35,150	25,424
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in joint ventures	(100)
Additions to property, plant and equipment	(8,929)	(12,381)
Proceeds received on sale of property, plant and equipment	8	32
Net cash used in investing activities	(9,021)	(12,349)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under credit facilities		8,000
Repayments under credit facilities	(23,000)	(15,000)
Exercise of stock options and employee stock purchases	604	560
Dividends paid to non-controlling interests of subsidiaries	(490)	(980)
Dividends paid		(1,572)
Net cash used in financing activities	(22,886)	(8,992)
FOREIGN CURRENCY IMPACT ON CASH	(552)	(118)
NET INCREASE IN CASH AND CASH EQUIVALENTS	2,691	3,965
CASH AND CASH EQUIVALENTS
Beginning of year	11,774	7,809
End of year	14,465	11,774	$ 7,809
Cash Paid During the Period For:
Income taxes	5,431	2,113
Interest	320	976
Non-Cash Investing Activities:
Change in capital expenditures in accounts payable	$ 225	$ (951)

Organization and Summary of Significant Accounting Policies

12 Months Ended

Jun. 27, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Summary of Significant Accounting Policies

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 side 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. We also previously maintained a 51 percent interest in a joint venture, STRATTEC Advanced Logic, LLC (“SAL LLC”), which was established to introduce a new generation of commercial and residential biometric security products based on the designs of Actuator Systems, our partner and owner of the remaining ownership interest. SAL LLC was dissolved during our fiscal 2020.

The accompanying 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 in Juarez and Leon, Mexico. Equity investments in Vehicle Access Systems Technology LLC (“VAST LLC”) and SAL 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. SAL LLC was located in El Paso, Texas. We have only one reporting segment.

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, and in particular the supply of semiconductor chips, transponders and related components to the automotive industry.

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 fiscal year ended June 27, 2021 resulting in an increase in our net sales for this current fiscal year period compared to our prior year period.

The extent of the impact of the COVID-19 outbreak on our future operating results will depend on the duration, intensity and continued spread of the outbreak, regulatory and private sector responses, which may be precautionary and may include potential restrictive operating measures imposed by governmental authorities, and the impact to our customers, workforce and suppliers, in particular related to the sourcing of semiconductor chips, transponders and other critical supply chain components by us and our customers to meet expected 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.

Significant Accounting Policies: The significant accounting policies followed in the preparation of these financial statements, as summarized in the following paragraphs, are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP).

Principles of Consolidation and Presentation: The accompanying consolidated financial statements include the accounts of STRATTEC SECURITY CORPORATION, its wholly owned Mexican subsidiary and its majority owned subsidiaries. Equity investments for which STRATTEC exercises significant influence but does not control and are not variable interest entities of STRATTEC are accounted for using the equity method. All significant inter-company transactions and balances have been eliminated.

New Accounting Standards: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. The 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 within those fiscal years, beginning after December 15, 2019, with early adoption permitted. In November 2019, FASB issued ASU 2019-10, Financial Instruments – Credit Losses, Derivatives and Hedging, 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 ASU 2019-12, Income Taxes, which 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.

Fiscal Year: Our fiscal year ends on the Sunday nearest June 30. The years ended June 27, 2021 and June 28, 2020 are each comprised of 52 weeks.

Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses for the periods presented. These estimates and assumptions could also affect the disclosure of contingencies. Actual results and outcomes may differ from management’s estimates and assumptions.

Cash and Cash Equivalents: Cash and cash equivalents include all short-term investments with an original maturity of three months or less due to the short-term nature of the instruments. Excess cash balances are placed in short-term commercial paper.

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 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 consolidated financial statements at fair value and changes in the fair value are reported in current earnings as part of Other (Expense) Income, net.

The following table quantifies the outstanding Mexican peso forward contracts as of June 27, 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		July 13, 2021 - June 14, 2022		$	15,000				20.71			$	243

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

	June 27, 2021		June 28, 2020
Not designated as hedging instruments:
Other current assets:
Mexican peso forward contracts	$	243	$	—
Other current liabilities:
Mexican peso forward contracts	$	—	$	480

The pre-tax effects of the Mexican peso forward contracts on the accompanying Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Income consisted of the following (thousands of dollars):

	Other (Expense) Income, net
	Years Ended
	June 27, 2021		June 28, 2020
Not Designated as Hedging Instruments:
Realized gain (loss)	$	164	$	(418	)
Unrealized gain (loss)	$	723	$	(480	)

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 their book value as of June 27, 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 for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. There is an established fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable. Level 1 – Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 – Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily-available pricing sources for comparable instruments. Level 3 – Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of June 27, 2021 and June 28, 2020 (thousands of dollars):

	June 27, 2021								June 28, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Rabbi Trust assets:
Stock index funds:
Small cap	$	384	$	—	$	—	$	384	$	251	$	—	$	—	$	251
Mid cap		377		—		—		377		284		—		—		284
Large cap		756		—		—		756		563		—		—		563
International		1,104		—		—		1,104		820		—		—		820
Fixed income funds		960		—		—		960		793		—		—		793
Cash and cash equivalents		—		2		—		2		—		224		—		224
Mexican peso forward contracts		—		243		—		243		—		—		—		—
Total assets at fair value	$	3,581	$	245	$	—	$	3,826	$	2,711	$	224	$	—	$	2,935

Liabilities:
Mexican peso forward contracts	$	—	$	—	$	—	$	—	$	—	$	480	$	—	$	480

The Rabbi Trust assets fund our supplemental executive retirement plan and are primarily included in Other Long-Term Assets in the accompanying Consolidated Balance Sheets. Refer to discussion of Mexican peso forward contracts under Derivative Instruments above. The fair value of the Mexican peso forward contracts considers the remaining term, current exchange rate and interest rate differentials between the two currencies.

Receivables: Receivables consist primarily of trade receivables due from Original Equipment Manufacturers in the automotive industry and locksmith/dealership distributors relating to our service and aftermarket sales. We evaluate the collectability of receivables based on a number of factors. An allowance for doubtful accounts is recorded for significant past due receivable balances based on a review of the past due items, general economic conditions (including with respect to the impact of COVID-19 on our customers) and the industry as a whole. The allowance for doubtful accounts totaled $500,000 at June 27, 2021 and June 28, 2020.

Inventories: Inventories are comprised of material, direct labor and manufacturing overhead, and are stated at net realizable value using the first-in, first-out (“FIFO”) cost method of accounting. Inventories consisted of the following (thousands of dollars):

	June 27, 2021			June 28, 2020
Finished products	$	20,633		$	13,142
Work in process		14,707			11,815
Purchased materials		40,900			34,333
		76,240			59,290
Excess and obsolete reserve		(5,380	)		(4,890	)
Inventories, net	$	70,860		$	54,400

We record a reserve for excess and obsolete inventory based on historical and estimated future demand and market conditions. The reserve level is determined by comparing inventory levels of individual materials and parts to historical usage and estimated future sales by analyzing the age of the inventory in order to identify specific materials and parts that are unlikely to be sold. Technical obsolescence and other known factors are also considered in evaluating the reserve level. The activity related to the excess and obsolete inventory reserve was as follows (thousands of dollars):

Balance,

Beginning

of Year

Provision

Charged to

Expense

Amounts

Written Off

Balance,

End of Year

Year ended June 27, 2021

4,890

973

483

5,380

Year ended June 28, 2020

4,225

2,178

1,513

4,890

Customer Tooling in Progress: We incur costs related to tooling used in component production and assembly. Costs for development of certain tooling, which will be directly reimbursed by the customer whose parts are produced from the tool, are accumulated on the balance sheet and are then billed to the customer. The accumulated costs are billed upon formal acceptance by the customer of products produced with the individual tool. Other tooling costs are not directly reimbursed by the customer. We capitalize and amortize these other tooling costs over the life of the related product based on the fact that the related tool will be used over the life of the supply arrangement. To the extent that estimated costs exceed expected reimbursement from the customer we recognize a loss.

Property, Plant and Equipment: Property, plant and equipment are stated at cost. Property, plant and equipment are depreciated on a straight-line basis over the estimated useful lives of the assets as follows:

Classification		Expected Useful Lives
Land improvements		20 years
Buildings and improvements		15 to 35 years
Machinery and equipment		3 to 15 years

Property, plant and equipment consisted of the following (thousands of dollars):

	June 27, 2021			June 28, 2020
Land and improvements	$	5,963		$	5,002
Buildings and improvements		36,325			33,179
Machinery and equipment		228,141			228,035
		270,429			266,216
Less: accumulated depreciation		(174,028	)		(161,068	)
	$	96,401		$	105,148

Depreciation expense was as follows for the periods indicated (thousands of dollars):

Fiscal Year

Depreciation

Expense

2021

19,786

2020

19,329

The gross and net book value of property, plant and equipment located outside of the United States, primarily in Mexico, were as follows (thousands of dollars):

	June 27, 2021		June 28, 2020
Gross book value	$	154,371	$	146,690
Net book value	$	67,348	$	71,369

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such indicators are present, the recoverability of assets to be held and used is assessed by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If an asset is determined to not be recoverable, the impairment recognized is calculated as the excess of the carrying amount of the asset over the fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less estimated costs to sell. There were no impairments recorded in the years ended June 27, 2021 or June 28, 2020.

Expenditures for repairs and maintenance are charged to expense as incurred. Expenditures for major renewals and betterments, which significantly extend the useful lives of existing plant and equipment, are capitalized and depreciated. Upon retirement or disposition of plant and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income.

Leases: Our right-of-use operating lease assets are recorded at the present value of future minimum lease payments, net of amortization. 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 Consolidated Balance Sheets are presented below (thousands of dollars):

	June 27, 2021		June 28, 2020
Right-of-Use Asset Under Operating Lease:
Other Long-Term Assets	$	3,399	$	3,753
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$	378	$	354
Other Long-Term Liabilities		3,021		3,399
	$	3,399	$	3,753

Future minimum lease payments, by our fiscal year, including options to extend that are reasonably certain to be exercised, under the non-cancelable lease are as follows as of June 27, 2021 (thousands of dollars):

2022	$	484
2023		497
2024		509
2025		522
Thereafter		1,834
Total Future Minimum Lease Payments		3,846
Less: Imputed Interest		(447	)
Total Lease Obligations	$	3,399

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

	Years Ended
	June 27, 2021		June 28, 2020
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$	473	$	461

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

	June 27, 2021			June 28, 2020
Weighted Average Remaining Lease Term, (in years)		7.3			8.3
Weighted Average Discount Rate		3.3	%		3.3	%

Operating lease expense for the year ended June 27, 2021 and June 28, 2020 totaled $473,000 and $461,000, respectively.

Supplier Concentrations: The following inventory purchases were made from major suppliers during each fiscal year noted:

Fiscal Year

Percentage of

Inventory

Purchases

Number of

Suppliers

2021

2020

We have long-term contracts or arrangements with most of our suppliers to guarantee the availability of raw materials and component parts.

Labor Concentrations: We had approximately 3,752 full-time associates of which approximately 204 or 5.4 percent were represented by a labor union at June 27, 2021. The associates represented by a labor union account for all production associates at our Milwaukee facility. The current contract with the unionized associates is effective through September 17, 2021.

Revenue Recognition: 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.

Revenue Recognition:

Our contracts with customers under long-term supply agreements do not commit the customer to a specified quantity of parts. However, we are generally required to fulfill our customers’ purchasing requirements for the production life of the vehicle. Contracts do not become a performance obligation until we receive either a purchase order and/or customer release for a specific number of parts at a specified price. While long-term supply agreements may range from four to six years for new vehicle production and ten to fifteen subsequent years for service parts production, contracts may be terminated by customers at any time. Historically, terminations have been minimal. Contracts may also provide for annual price reductions over the production life of the vehicle, and prices are adjusted on an ongoing basis to reflect changes in product content/cost and other commercial factors.

Revenue is recognized at a point in time when control of the parts produced are transferred to the customer according to the terms of the contract, which is usually when the parts are shipped or delivered to the customer’s premises. Customers are generally invoiced upon shipment or delivery and payment generally occurs within 45 to 90 days after the shipment date. The amount of revenue recognized reflects the consideration that we expect to be entitled to receive in exchange for those products based on purchase orders, annual price reductions and ongoing price adjustments, some of which are accounted for as variable consideration. We use the most likely amount method, the single most likely outcome of the contract, to estimate the amount to which we expect to be entitled. There were no significant changes to our estimates of variable consideration during the reporting periods referenced in our accompanying financial statements and significant changes to our estimates of variable consideration are not expected in future periods.

We do not have an enforceable right to payment at any time prior to when the parts are shipped or delivered to the customer. Therefore, we recognize revenue at the point in time we satisfy a performance obligation by transferring control of a part to a customer. Amounts billed to customers related to shipping and handling costs are included in Net Sales in the accompanying Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). Shipping and handling costs are accounted for as fulfillment costs and are included in Cost of Goods Sold in the accompanying Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).

Tooling and Pre-Production Engineering Costs Related to Long-Term Supply Arrangements:

We incur pre-production engineering and tooling costs related to the products produced for our customers under long-term supply agreements. Customer reimbursements for tooling and pre-production engineering activities that are part of a long-term supply arrangement are accounted for as a reduction of cost in accordance with ASC 340, Other Assets and Deferred Costs. Pre-production costs related to long-term supply agreements with a contractual guarantee for reimbursement are included in Other Current Assets in the accompanying Consolidated Balance Sheets. We expense all pre-production engineering costs for which reimbursement is not contractually guaranteed by the customer. All pre-production tooling costs related to customer-owned tools for which reimbursement is not contractually guaranteed by the customer or for which we do not have a non-cancelable right to use the tooling is also expensed when incurred.

Receivables, net:

Receivables, net include amounts billed and currently due from customers. We maintain an allowance for doubtful accounts to provide for estimated amounts of receivables not expected to be collected. We continually assess our receivables for collectability and any allowance is recorded based upon age of the outstanding receivables, historical payment experience, customer creditworthiness and general economic conditions.

Contract Balances:

We had no material contract assets or contract liabilities as of June 27, 2021 or June 28, 2020.

Product Sales and Sales and Receivable Concentration:

Refer to Product Sales and Sales and Receivable Concentration included herein for revenue by product group and revenue by customer.

Research and Development Costs: Expenditures relating to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred. Research and development expenditures were approximately $10.8 million in 2021 and $9.8 million in 2020.

Other (Expense) Income, Net: Net other (expense) income included in the accompanying Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) primarily included foreign currency transaction gains and losses, realized and unrealized gains and losses on our Mexican peso currency forward contracts, the components of net periodic benefit cost other than the service cost component related to our pension 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. The Rabbi Trust assets fund our amended and restated supplemental executive retirement plan. The investments held in the Trust are considered trading securities. We entered into the Mexican peso currency forward contracts during fiscal 2021 and 2020 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 June 27, 2021 may or may not be realized in future periods, depending on actual Mexican peso to U.S. dollar exchange rates experienced during the balance of the contract period. Pension and postretirement plan costs include the components of net periodic benefit cost other than the service cost component. Additionally, during fiscal 2020, other miscellaneous income, net includes $450,000 of favorable valued-added tax adjustments realized by our Mexican entities and $434,000 of experience gains from asset returns related to the termination of our Qualified Pension Plan as discussed below under Retirement Plans and Postretirement Costs. The impact of these items for the periods presented was as follows (thousands of dollars):

	Years Ended
	June 27, 2021			June 28, 2020
Foreign currency transaction (loss) gain	$	(2,445	)	$	1,982
Rabbi Trust gain (loss)		865			(2	)
Unrealized gain (loss) on Mexican peso forward contracts		723			(480	)
Realized gain (loss) on Mexican peso forward contracts		164			(418	)
Pension and postretirement plans cost		(483	)		(469	)
Other miscellaneous income, net		11			1,055
	$	(1,165	)	$	1,668

Warranty Reserve: We have a warranty liability recorded related to our known and potential exposure to warranty claims in the event our products fail to perform as expected, and in the event we may be required to participate in the repair costs incurred by our customers for such products. The recorded warranty liability balance involves judgment and estimates. Our liability estimate is based on an analysis of historical warranty data as well as current trends and information, including our customers’ recent extension and/or expansion of their warranty programs. In recent fiscal periods, our largest customers have extended their warranty protection for their vehicles and have since demanded higher warranty cost sharing arrangements from their suppliers in their terms and conditions to purchase, including from STRATTEC. As additional information becomes available, actual results may differ from recorded estimates, which may require us to adjust the amount of our warranty provision. Changes in the warranty reserve were as follows (thousands of dollars):

Balance,

Beginning

of Year

Provision

Charged

to Expense

Payments

Balance,

End of Year

Year ended June 27, 2021

8,500

373

448

8,425

Year ended June 28, 2020

7,900

823

223

8,500

Foreign Currency Translation: The financial statements of our foreign subsidiaries and equity investees are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and the average exchange rate for each applicable period for sales, costs and expenses. Foreign currency translation adjustments are included as a component of accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in other (expense) income, net in the accompanying Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).

Accumulated Other Comprehensive Loss (“AOCL”): The following tables summarize the changes in AOCL for the years ended June 27, 2021 and June 28, 2020 (thousands of dollars):

	Year Ended June 27, 2021
	Foreign Currency Translation Adjustments			Retirement and Postretirement Plans			Total
Balance June 28, 2020	$	20,136		$	1,977		$	22,113
Other comprehensive loss before reclassifications		(6,924	)		540			(6,384	)
Income Tax		(220	)		(128	)		(348	)
Net other comprehensive loss before Reclassifications		(7,144	)		412			(6,732	)
Reclassifications:
Prior service credits (A)		—			8			8
Actuarial losses (A)		—			(369	)		(369	)
Total reclassifications before tax		—			(361	)		(361	)
Income Tax		—			84			84
Net reclassifications		—			(277	)		(277	)
Other comprehensive loss		(7,144	)		135			(7,009	)
Other comprehensive loss attributable
to non-controlling interest		(1,693	)		—			(1,693	)
Balance June 27, 2021	$	14,685		$	2,112		$	16,797

	Year Ended June 28, 2020
	Foreign Currency Translation Adjustments			Retirement and Postretirement Plans			Total
Balance June 30, 2019	$	16,317		$	2,251		$	18,568
Other comprehensive loss before reclassifications		6,153			25			6,178
Income Tax		(357	)		(6	)		(363	)
Net other comprehensive loss before Reclassifications		5,796			19			5,815
Reclassifications:
Prior service credits (A)		—			29			29
Actuarial losses (A)		—			(412	)		(412	)
Total reclassifications before tax		—			(383	)		(383	)
Income Tax		—			90			90
Net reclassifications		—			(293	)		(293	)
Other comprehensive loss		5,796			(274	)		5,522
Other comprehensive loss attributable
to non-controlling interest		1,977			—			1,977
Balance June 28, 2020	$	20,136		$	1,977		$	22,113

(A)

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

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. The Board of Directors has 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 June 27, 2021 were 219,084. Awards that expire or are cancelled 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 the 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 our 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. Shares of restricted stock granted under the plan are subject to vesting criteria determined by the Compensation Committee of our Board of Directors at the time the shares are granted and have a minimum vesting period of one year from the date of grant. 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 issued vest 1 to 5 years after the date of grant.

The fair value of each stock option grant was estimated as of the date of grant using the Black-Scholes pricing model. 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. The expected term of awards granted is determined based on historical experience with similar awards, giving consideration to the contractual terms and vesting schedules. The expected volatility is determined based on our historical stock prices over the most recent period commensurate with the expected term of the award. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term commensurate with the expected term of the award. Expected pre-vesting option forfeitures are based primarily on historical data. 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 is amortized on a straight-line basis over the vesting period. We record stock based compensation only for those awards that are expected to vest.

All compensation cost related to stock options granted under the plan has been recognized as of June 27, 2021. Unrecognized compensation cost as of June 27, 2021 related to restricted stock granted under the plan was as follows (thousands of dollars):

Compensation

Cost

Weighted Average

Period over

which Cost is to be

Recognized

(in years)

Restricted stock granted

822

0.9

Unrecognized compensation cost will be adjusted for any future changes in estimated and actual forfeitures.

Cash received from stock option exercises and the related income tax benefit were as follows (thousands of dollars):

Fiscal Year

Cash Received

from

Stock Option

Exercises

Income Tax

Benefit

2021

526

130

2020

477

The intrinsic value of stock options exercised and the fair value of options vested were as follows (thousands of dollars):

	Years Ended
	June 27, 2021		June 28, 2020
Intrinsic value of options exercised	$	555	$	120
Fair value of stock options vested	$	—	$	—

No options were granted during the fiscal years ended June 27, 2021 or June 28, 2020.

The range of options outstanding as of June 27, 2021 was as follows:

	Number of Options Outstanding and Exercisable	Weighted Average Exercise Price Outstanding and Exercisable	Weighted Average Remaining Contractual Life Outstanding (In Years)
$26.53-$25.64	35,703	$26.20	0.51
$38.71	27,911	$38.71	2.15
$79.73	9,010	$79.73	3.14
	72,624	$37.65

Income Taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered, settled or utilized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. We recognize the benefit of an income tax position only if it is more likely than not (greater than 50 percent) that the tax position will be sustained upon tax examination, based solely on the technical merits of the tax position. Otherwise, no benefit is recognized. The tax benefits recognized are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. Additionally, we accrue interest and related penalties, if applicable, on all tax exposures for which reserves have been established consistent with jurisdictional tax laws. Interest and penalties on uncertain tax positions are classified in the (Benefit) Provision for Income Taxes in the accompanying Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).

Investment in Joint Ventures and Majority Owned Subsidiaries

12 Months Ended

Jun. 27, 2021

Equity Method Investments And Joint Ventures [Abstract]

Investment in Joint Ventures and Majority Owned Subsidiaries

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 equity 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 $874,000 in 2021 and $1.0 million in 2020. STRATTEC also pays WITTE a royalty related to certain latch product sales. Such royalties incurred totaled $1.1 million in 2021. The outstanding payable balance to WITTE was $427,000 and $21,000 as of June 27, 2021 and June 28, 2020, respectively.

VAST LLC has investments in Sistema de Acesso Veicular Ltda, VAST China (Taicang), VAST Jingzhou Co. Ltd., VAST Shanghai Co., VAST Fuzhou and Minda-VAST Access Systems. The operations under VAST Fuzhou closed during our fiscal 2021, and the land and building owned by VAST Fuzhou are currently for sale. Sistema de Acesso Veicular Ltda is located in Brazil and services customers in South America. VAST China (Taicang), VAST Jingzhou Co. Ltd, and VAST Shanghai Co. (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.

VAST LLC investments are accounted for using the equity method of accounting. Results of the VAST LLC foreign subsidiaries and joint venture are reported on a one-month lag basis. The activities of the VAST LLC foreign subsidiaries and joint ventures resulted in equity earnings of joint ventures to STRATTEC of approximately $2.6 million during 2021 and equity loss of joint ventures of $565,000 during 2020. This 2020 equity loss of joint ventures included a $2 million impairment charge related to its Minda-VAST Access Systems joint venture in India. STRATTEC’s portion of this impairment charge totaled $667,000. During 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 2020, no capital contributions were made to VAST LLC.

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 income to STRATTEC of approximately $4.1 million in 2021 and $1.5 million in 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 ADAC-STRATTEC LLC net sales, are included in the consolidated results of STRATTEC, and totaled $8.8 million in 2021 and $6.9 million in 2020. The related outstanding payable balance to ADAC was $1.9 million and $658,000 as of June 27, 2021 and June 28, 2020, respectively. Additionally, ADAC-STRATTEC LLC sells production parts to ADAC. Sales to ADAC are included in the consolidated results of STRATTEC and totaled $11.6 million in 2021 and $10.2 million in 2020. The related outstanding receivable balance from ADAC was $1.5 million and $1.0 million as of June 27, 2021 and June 28, 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 income to STRATTEC of approximately $6.4 million in 2021 and reduced net income to STRATTEC of approximately $1.3 million in 2020.

See further discussion under Equity Earnings (Loss) of Joint Ventures included in Notes to Financial Statements herein.

Equity Earnings (Loss) of Joint Ventures

12 Months Ended

Jun. 27, 2021

Equity Method Investments And Joint Ventures [Abstract]

Equity Earnings (Loss) of Joint Ventures

EQUITY EARNINGS (LOSS) OF JOINT VENTURES

As discussed above under the note Investment in Joint Ventures and Majority Owned Subsidiaries, we hold a one-third ownership interest in VAST LLC, for which we exercise significant influence but do not control and VAST LLC is not a variable interest entity of STRATTEC. Our investment in VAST LLC 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. The following are summarized statements of operations and summarized balance sheet data for VAST LLC (thousands of dollars):

	Years Ended
	June 27, 2021			June 28, 2020
Net sales	$	210,149		$	153,006
Cost of goods sold		171,930			125,012
Gross profit		38,219			27,994
Engineering, selling and administrative expense		30,605			28,812
Impairment charge		—			2,000
Income (loss) from operations		7,614			(2,818	)
Other income, net		1,681			1,556
Income (loss) before provision for income taxes		9,295			(1,262	)
Provision for income taxes		1,554			466
Net income (loss)	$	7,741		$	(1,728	)
STRATTEC’s share of VAST LLC net
income (loss)	$	2,580		$	(576	)
Intercompany profit eliminations		(20	)		11
STRATTEC’s equity earnings (loss) of VAST LLC	$	2,560		$	(565	)

	June 27, 2021		June 28, 2020
Cash and cash equivalents	$	7,623	$	8,549
Receivables, net		48,717		40,983
Inventories, net		27,697		22,285
Other current assets		28,592		17,674
Total current assets		112,629		89,491
Property, plant and equipment, net		69,352		63,574
Other long-term assets		17,432		14,387
Total assets	$	199,413	$	167,452
Current debt	$	4,605	$	13,072
Other current liabilities		91,373		72,878
Long-term debt		18,993		12,778
Other long-term liabilities		2,418		2,228
Total liabilities	$	117,389	$	100,956
Net assets	$	82,024	$	66,496
STRATTEC’s share of VAST LLC net assets	$	27,341	$	22,165

SAL LLC was dissolved during 2020. STRATTEC’s equity earnings of SAL LLC totaled $356,000 in 2020.

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 from VAST LLC to STRATTEC for general headquarter expenses. The following tables summarize the related party transactions with VAST LLC for the periods indicated (thousands of dollars):

	Years Ended
	June 27, 2021		June 28, 2020
Sales to VAST LLC	$	3,900	$	4,041
Purchases from VAST LLC	$	527	$	469
Expenses charged to VAST LLC	$	1,507	$	2,299
Expenses charged from VAST LLC	$	1,167	$	935

	June 27, 2021		June 28, 2020
Accounts receivable from VAST LLC	$	84	$	1,115
Accounts payable to VAST LLC	$	25	$	239

Credit Facilities

12 Months Ended

Jun. 27, 2021

Debt Disclosure [Abstract]

Credit Facilities

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 were extended during June 2021 and both expire on August 1, 2024. Borrowings under either credit facility are secured by our U.S. cash balances, accounts receivable, inventory, and fixed assets located in the U.S. Interest on borrowings under the STRATTEC Credit Facility through May 31, 2021 was 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 through May 31, 2021 was at varying rates based, at our option, on LIBOR plus 1.25 percent or the bank’s prime rate. Effective June 1, 2021, interest on borrowings under both credit facilities were at varying rates based, at our option, on the London Interbank Offering Rate (“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 June 27, 2021, we were in compliance with all financial covenants required by these credit facilities.

Outstanding borrowings under the credit facilities referenced in the above paragraph as of the end of 2021 and 2020 were as follows (thousands of dollars):

	June 27, 2021		June 28, 2020
STRATTEC Credit Facility	$	—	$	18,000
ADAC-STRATTEC Credit Facility		12,000		17,000
	$	12,000	$	35,000

Average outstanding borrowings and the weighted average interest rate under each such credit facility during 2021 and 2020 were as follows (thousands of dollars):

	Average Outstanding Borrowings				Weighted Average Interest Rate
	Years Ended				Years Ended
	June 27, 2021		June 28, 2020		June 27, 2021			June 28, 2020
STRATTEC Credit Facility	$	8,775	$	13,827		1.2	%		2.6	%
ADAC-STRATTEC Credit Facility	$	14,346	$	19,121		1.4	%		2.9	%

We believe that the credit facilities referenced above are adequate, along with existing cash balances and cash flow from operations, to meet our anticipated capital expenditure, working capital, dividend and operating expenditure requirements.

Commitments and Contingencies

12 Months Ended

Jun. 27, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

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 the consolidated financial position, results of operations or cash flows of STRATTEC. With respect to warranty matters, although we cannot ensure that the 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 June 27, 2021 is adequate.

At June 27, 2021, we had purchase commitments related to zinc and other purchased parts. We also had minimum rental commitments under non-cancelable operating leases with a term in excess of one year. The purchase and minimum rental commitments are payable as follows (thousands of dollars):

	Purchase		Minimum Rental
Fiscal Year	Commitments		Commitments
2022	$	4,865	$	484
2023	$	—	$	497
2024	$	—	$	509
2025	$	—	$	522
2026-2027	$	—	$	1,834

Income Taxes

12 Months Ended

Jun. 27, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The provision for income taxes consisted of the following (thousands of dollars):

	Years Ended
	June 27, 2021		June 28, 2020
Currently (recoverable) payable:
Federal	$	557	$	(1,869	)
State		420		(176	)
Foreign		2,661		3,368
		3,638		1,323
Deferred tax provision		1,473		(3,589	)
	$	5,111	$	(2,266	)

The items accounting for the difference between income taxes computed at the Federal statutory tax rate and the provision for income taxes were as follows:

	Years Ended
	June 27, 2021			June 28, 2020
U.S. statutory rate		21.0	%		21.0	%
State taxes, net of Federal tax benefit		1.1			2.1
Foreign subsidiaries		1.0			(5.8	)
Federal net operating loss carry-back statutory rate differential		—			11.7
Global intangible low-taxed income		0.5			(4.4	)
Research and development tax credit		(2.3	)		9.9
Non-controlling interest		(5.9	)		(2.3	)
Uncertain tax positions		—			(4.0	)
Stock based compensation		0.1			(1.8	)
Other		(0.9	)		1.5
		14.6	%		27.9	%

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("the CARES Act") was enacted. The CARES Act contains several income tax provisions, as well as other measures, that are intended to assist businesses impacted by the economic effects of the COVID-19 pandemic. The CARES Act includes a five-year carryback allowance for taxable net operating losses generated in tax years 2018 through 2020, our fiscal years 2019 through 2021. We recorded an expected benefit for the carryback of our fiscal year 2020 federal net operating loss. As we carried the losses back to years beginning before January 1, 2018, the tax benefit was a result of the rate differential between the previous 35% federal tax rate and current statutory rate of 21%.

The components of deferred tax (liabilities) assets were as follows (thousands of dollars):

	June 27, 2021			June 28, 2020
Unrecognized pension and postretirement benefit plan liabilities	$	659		$	617
Accrued warranty		499			517
Payroll-related accruals		3,044			2,259
Stock-based compensation		306			389
Inventory reserve		964			964
Environmental reserve		327			296
Repair and maintenance supply parts reserve		284			510
Allowance for doubtful accounts		118			118
Lease Liability		799			882
Right of Use Assets		(799	)		(882	)
Credit carry-forwards		1,544			3,860
Postretirement obligations		(294	)		(357	)
Accumulated depreciation		(4,663	)		(5,063	)
Accrued pension obligations		459			472
Joint ventures		1,187			1,167
Other		618			741
	$	5,052		$	6,490

Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered.

Federal credit carry-forwards at June 27, 2021 resulted in future benefits of approximately $1.4 million and expire between 2030 and 2031. We currently anticipate having sufficient Federal taxable income to offset these credit carry-forwards. State credit carry-forwards at June 27, 2021 resulted in future benefits of approximately $194,000 and expire at varying times between 2025 and 2035. A valuation allowance of $153,000 has been recorded as of June 27, 2021, due to our assessment of the future realization of certain credit carry-forward benefits. We do not currently anticipate having sufficient state taxable income to offset these credit carry-forwards. Foreign income before the provision for income taxes was $5.1 million in 2021 and $7.7 million in 2020.

The total liability for unrecognized tax benefits was $1.6 million as of each of June 27, 2021 and June 28, 2020 and was included in Other Long-term Liabilities in the accompanying Consolidated Balance Sheets. This liability includes approximately $1.5 million of unrecognized tax benefits at each of June 27, 2021 and June 28, 2020 and approximately $146,000 of accrued interest at June 27, 2021 and $147,000 at June 28, 2020. This liability does not include an amount for accrued penalties. The amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was approximately $1.1 million at June 27, 2021 and at June 28, 2020. We recognize interest and penalties related to unrecognized tax benefits in the provision for income taxes.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended June 27, 2021 and June 28, 2020 (thousands of dollars):

	Years Ended
	June 27, 2021			June 28, 2020
Unrecognized tax benefits, beginning of year	$	1,462		$	1,138
Gross increases – tax positions in prior years		76			140
Gross increases – current period tax positions		207			245
Tax years closed		(287	)		(61	)
Unrecognized tax benefits, end of year	$	1,458		$	1,462

We or one of our subsidiaries files income tax returns in the United States (Federal), Wisconsin (state), Michigan (state) and various other states, Mexico and other foreign jurisdictions. Tax years open to examination by tax authorities under the statute of limitations include fiscal 2018 through 2021 for Federal, fiscal 2017 through 2021 for most states and calendar 2016 through 2020 for foreign jurisdictions.

- 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

Retirement Plans and Postretirement Costs

12 Months Ended

Jun. 27, 2021

Compensation And Retirement Disclosure [Abstract]

Retirement Plans and Postretirement Costs

RETIREMENT PLANS AND POSTRETIREMENT COSTS

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 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. 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 $3.6 million at June 27, 2021 and $2.9 million at June 28, 2020, respectively. At June 27, 2021, the Rabbi Trust asset balance was included in Other Long-Term Assets in the accompanying Consolidated Balance Sheets. At June 28, 2020, $217,000 of the Rabbi Trust asset balance was included in Other Current Assets and $2.7 million of the Rabbi Trust asset balance was included in Other Long-Term Assets in the accompanying Consolidated Balance Sheets. The Rabbi Trust assets are excluded from the pension and SERP tables below as they do not qualify as plan assets. The projected benefit obligation under the SERP, which is included in the pension and SERP tables below, was $2.8 million at June 27, 2021 and $2.3 million at June 28, 2020. The SERP has a separately determined accumulated benefit obligation, which is the actuarial present value of benefits based on service rendered and current and past compensation levels. This differs from the projected benefit obligation in that it includes no assumptions about future compensation levels. The accumulated benefit obligation under the SERP was $2.6 million at June 27, 2021 and $2.2 million at June 28, 2020.

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.

Amounts included in accumulated other comprehensive loss, net of tax, at June 27, 2021, which have not yet been recognized in net periodic benefit cost were as follows (thousands of dollars):

		SERP				Postretirement
Net actuarial loss			639				1,473

Unrecognized net actuarial losses included in accumulated other comprehensive loss at June 27, 2021 which are expected to be recognized in net periodic benefit cost (credit) in fiscal 2022, net of tax, for the pension, SERP and postretirement plans are as follows (thousands of dollars):

		SERP				Postretirement
Net actuarial loss			66				257

The following tables summarize the pension, SERP and postretirement plans’ income and expense, funded status and actuarial assumptions for the years indicated (thousands of dollars). We use a June 30 measurement date for our pension and postretirement plans.

	Pension and SERP Benefits				Postretirement Benefits
	Years Ended				Years Ended
	June 27, 2021		June 28, 2020		June 27, 2021			June 28, 2020
COMPONENTS OF NET PERIODIC BENEFIT COST (CREDIT):
Service cost	$	63	$	74	$	13		$	12
Interest cost		41		61		16			26
Plan settlements		65		—		—			—
Amortization of prior service cost (credit)		—		—		(8	)		(29	)
Amortization of unrecognized net loss		10		15		359			397
Net periodic benefit cost (credit)	$	179	$	150	$	380		$	406

WEIGHTED-AVERAGE ASSUMPTIONS:
Benefit Obligations:
Discount rate		2.06	%		2.33	%		2.01	%		2.07	%
Rate of compensation increases - SERP		3.0	%		3.0	%	n/a			n/a
Net Periodic Benefit Cost:
Discount rate		2.33	%		3.17	%		2.07	%		3.01	%
Rate of compensation increases – SERP		3.0	%		3.0	%	n/a			n/a
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Benefit obligation at beginning of year	$	2,293		$	2,229		$	821		$	914
Service cost		63			74			13			12
Interest cost		41			61			16			26
Actuarial loss (gain)		631			3			(26	)		22
Benefits paid		(231	)		(74	)		(115	)		(153	)
Benefit obligation at end of year	$	2,797		$	2,293		$	709		$	821
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year	$	—		$	8,645		$	—		$	—
Actual return on plan assets		—			84			—			—
Employer contribution		231			14			115			153
Excess Asset Transfer		—			(9,019	)		—			—
Plan settlements		—			350			—			—
Benefits paid		(231	)		(74	)		(115	)		(153	)
Fair value of plan assets at end of year	$	—		$	—		$	—		$	—
Funded status – accrued benefit obligations	$	(2,797	)	$	(2,293	)	$	(709	)	$	(821	)
AMOUNTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS:
Accrued payroll and benefits (current liabilities)		(463	)		(1,039	)		(110	)		(120	)
Accrued benefit obligations (long-term liabilities)		(2,334	)		(1,254	)		(599	)		(701	)
Net amount recognized	$	(2,797	)	$	(2,293	)	$	(709	)	$	(821	)
CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE INCOME:
Net periodic benefit cost	$	179		$	150		$	380		$	406
Net actuarial loss (gain)		631			3			(26	)		22
Settlement loss		(65	)		—			—			—
Amortization of prior service credits		—			—			8			29
Amortization of unrecognized net loss		(10	)		(15	)		(359	)		(397	)
Total recognized in other comprehensive (income) loss, before tax		556			(12	)		(377	)		(346	)
Total recognized in net periodic benefit cost and other comprehensive loss, before tax	$	735		$	138		$	3		$	60

For measurement purposes as it pertains to the estimated obligation associated with retirees prior to January 1, 2010, a 6.47 percent annual rate increase in the per capita cost of covered health care benefits was assumed for fiscal 2022; the rate was assumed to decrease gradually to 3.0 percent by the year 2029 and remain at that level thereafter. The health care cost trend assumption has a minimal effect on our postretirement benefit amounts reported.

We expect to contribute $463,000 to our SERP and $110,000 to our postretirement health care plan in fiscal 2022. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the fiscal years noted below (thousands of dollars):

	SERP Benefits		Postretirement Benefits
2022	$	468	$	110
2023	$	446	$	98
2024	$	444	$	95
2025	$	14	$	65
2026	$	14	$	40
2027-2031	$	585	$	222

All U.S. associates may participate in our 401(k) Plan. We contribute 100 percent up to the first 5 percent of eligible compensation that a participant contributes to the plan. Our contributions to the 401(k) Plan were as follows (thousands of dollars):

	Years Ended
	June 27, 2021		June 28, 2020
Company contributions	$	1,706	$	1,709

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Shareholders' Equity

12 Months Ended

Jun. 27, 2021

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

We have 12,000,000 shares of authorized common stock, par value $.01 per share, with 3,805,065 and 3,749,619 shares outstanding at June 27, 2021 and June 28, 2020, respectively. Holders of our common stock are entitled to one vote for each share on all matters voted on by shareholders.

Our Board of Directors previously authorized a stock repurchase program to buy back up to 3,839,395 outstanding shares of our common stock as of June 27, 2021. As of June 27, 2021, 3,655,322 shares have been repurchased under this program at a cost of approximately $136.4 million. No shares were repurchased under this program during 2021 or 2020.

Earning (Loss) Per Share

12 Months Ended

Jun. 27, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed on the basis of the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings (loss) 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):

	Years Ended
	June 27, 2021		June 28, 2020
Net income (loss) attributable to STRATTEC	$	22,532	$	(7,605	)

Weighted average shares of common stock outstanding		3,788		3,737
Incremental shares – stock based compensation		64		—
Diluted weighted average shares of common stock outstanding		3,852		3,737
Basic earnings (loss) per share	$	5.95	$	(2.04	)
Diluted earnings (loss) per share	$	5.85	$	(2.04	)

Potentially dilutive common shares that were excluded from the calculation of diluted earnings (loss) per share because their inclusion would have been antidilutive were as follows:

Years Ended

Number of Options

Excluded

June 27, 2021

9,010

June 28, 2020

160,254

Stock Option and Purchase Plans

12 Months Ended

Jun. 27, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option and Purchase Plans

STOCK OPTION AND PURCHASE PLANS

A summary of stock option activity under our stock incentive plan was as follows:

				Weighted Average		Weighted Average Remaining Contractual		Aggregate Intrinsic Value
	Shares			Exercise Price		Term (in years)		(in thousands)
Balance at June 30, 2019		117,360		$	31.85
Exercised		(26,500	)	$	18.00
Balance at June 28, 2020		90,860		$	35.88
Exercised		(18,236	)	$	28.85
Balance at June 27, 2021		72,624		$	37.65		1.5	$	790
Exercisable as of:
June 27, 2021		72,624		$	37.65		1.5	$	790
June 28, 2020		90,860		$	35.88		2.4	$	-

No options were granted during fiscal 2021 or 2020.

A summary of restricted stock activity under our stock incentive plan was as follows:

				Weighted Average
				Grant Date
	Shares			Fair Value
Nonvested Balance at June 30, 2019		63,757		$	39.47
Granted		39,150		$	21.80
Vested		(27,318	)	$	37.86
Forfeited		(6,195	)	$	34.38
Nonvested Balance at June 28, 2020		69,394		$	30.59
Granted		48,300		$	21.20
Vested		(34,669	)	$	34.95
Forfeited		(1,050	)	$	22.84
Nonvested Balance at June 27, 2021		81,975		$	23.31

We have an Employee Stock Purchase Plan to provide substantially all U.S. full-time associates an opportunity to purchase shares of STRATTEC common stock through payroll deductions. A participant may contribute a maximum of $5,200 per calendar year to the plan. On the last day of each month or if such date is not a trading day on the most recent previous trading day, participant account balances are used to purchase shares of our common stock at the average of the highest and lowest reported sales prices of a share of STRATTEC common stock on the NASDAQ Global Market on such date. A total of 100,000 shares may be issued under the plan. Shares issued from treasury stock under the plan totaled 2,541 at an average price of $31.03 during 2021 and 4,246 at an average price of $19.42 during 2020. A total of 51,330 shares remain available for purchase under the plan as of June 27, 2021.

Export Sales

12 Months Ended

Jun. 27, 2021

Segment Reporting [Abstract]

Export Sales

EXPORT SALES

Total export sales, sales from the United States to locations outside of the United States, are summarized as follows (thousands of dollars and percent of total net sales):

	Years Ended
	June 27, 2021			June 28, 2020
	Net Sales		%	Net Sales		%
Export sales	$	130,260	27%	$	114,381	30%

Countries for which customer sales account for ten percent or more of total net sales are summarized as follows (thousands of dollars and percent of total net sales):

	Years Ended
	June 27, 2021			June 28, 2020
	Net Sales		%	Net Sales		%
Export sales into Canada	$	34,927	7%	$	46,191	12%

Product Sales

12 Months Ended

Jun. 27, 2021

Segment Reporting [Abstract]

Product Sales

PRODUCT SALES

Sales by product group were as follows (thousands of dollars and percent of total net sales):

	Years Ended
	June 27, 2021					June 28, 2020
	Net Sales		%			Net Sales		%
Door handles & exterior trim	$	126,218		26	%	$	98,168		25	%
Keys & locksets		116,572		24			101,666		26
Power access		95,245		20			63,829		17
Latches		51,211		10			45,295		12
Aftermarket & OE service		47,138		10			40,742		11
Driver controls		40,031		8			29,649		8
Other		8,880		2			5,951		1
	$	485,295		100	%	$	385,300		100	%

Sales and Receivable Concentration

12 Months Ended

Jun. 27, 2021

Segment Reporting Information Receivable [Abstract]

Sales and Receivable Concentration

SALES AND RECEIVABLE CONCENTRATION

Sales to our largest customers were as follows (thousands of dollars and percent of total net sales):

	Years Ended
	June 27, 2021					June 28, 2020
	Net Sales		%			Net Sales		%
General Motors Company	$	146,547		30	%	$	102,487		27	%
Fiat Chrysler Automobiles		85,629		18			85,010		22
Ford Motor Company		67,670		14			52,666		13
	$	299,846		62	%	$	240,163		62	%

Receivables from our largest customers were as follows (thousands of dollars and percent of gross receivables):

	June 27, 2021					June 28, 2020
	Receivables		%			Receivables		%
General Motors Company	$	22,934		32	%	$	12,630		30	%
Fiat Chrysler Automobiles		11,938		17			5,881		14
Ford Motor Company		8,204		12			6,101		15
	$	43,076		61	%	$	24,612		59	%

Organization and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 27, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Risks and Uncertainties

Significant Accounting Policies

Principles of Consolidation and Presentation

New Accounting Standards

Fiscal Year

Fiscal Year: Our fiscal year ends on the Sunday nearest June 30. The years ended June 27, 2021 and June 28, 2020 are each comprised of 52 weeks.

Use of Estimates

Cash and Cash Equivalents

Derivatives Instruments

The following table quantifies the outstanding Mexican peso forward contracts as of June 27, 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		July 13, 2021 - June 14, 2022		$	15,000				20.71			$	243

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

	June 27, 2021		June 28, 2020
Not designated as hedging instruments:
Other current assets:
Mexican peso forward contracts	$	243	$	—
Other current liabilities:
Mexican peso forward contracts	$	—	$	480

	Other (Expense) Income, net
	Years Ended
	June 27, 2021		June 28, 2020
Not Designated as Hedging Instruments:
Realized gain (loss)	$	164	$	(418	)
Unrealized gain (loss)	$	723	$	(480	)

Fair Value of Financial Instruments

	June 27, 2021								June 28, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Rabbi Trust assets:
Stock index funds:
Small cap	$	384	$	—	$	—	$	384	$	251	$	—	$	—	$	251
Mid cap		377		—		—		377		284		—		—		284
Large cap		756		—		—		756		563		—		—		563
International		1,104		—		—		1,104		820		—		—		820
Fixed income funds		960		—		—		960		793		—		—		793
Cash and cash equivalents		—		2		—		2		—		224		—		224
Mexican peso forward contracts		—		243		—		243		—		—		—		—
Total assets at fair value	$	3,581	$	245	$	—	$	3,826	$	2,711	$	224	$	—	$	2,935

Liabilities:
Mexican peso forward contracts	$	—	$	—	$	—	$	—	$	—	$	480	$	—	$	480

Receivables

Inventories

	June 27, 2021			June 28, 2020
Finished products	$	20,633		$	13,142
Work in process		14,707			11,815
Purchased materials		40,900			34,333
		76,240			59,290
Excess and obsolete reserve		(5,380	)		(4,890	)
Inventories, net	$	70,860		$	54,400

Balance,

Beginning

of Year

Provision

Charged to

Expense

Amounts

Written Off

Balance,

End of Year

Year ended June 27, 2021

4,890

973

483

5,380

Year ended June 28, 2020

4,225

2,178

1,513

4,890

Customer Tooling in Progress

Property, Plant and Equipment

Classification		Expected Useful Lives
Land improvements		20 years
Buildings and improvements		15 to 35 years
Machinery and equipment		3 to 15 years

Property, plant and equipment consisted of the following (thousands of dollars):

	June 27, 2021			June 28, 2020
Land and improvements	$	5,963		$	5,002
Buildings and improvements		36,325			33,179
Machinery and equipment		228,141			228,035
		270,429			266,216
Less: accumulated depreciation		(174,028	)		(161,068	)
	$	96,401		$	105,148

Depreciation expense was as follows for the periods indicated (thousands of dollars):

Fiscal Year

Depreciation

Expense

2021

19,786

2020

19,329

The gross and net book value of property, plant and equipment located outside of the United States, primarily in Mexico, were as follows (thousands of dollars):

	June 27, 2021		June 28, 2020
Gross book value	$	154,371	$	146,690
Net book value	$	67,348	$	71,369

Leases

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

	June 27, 2021		June 28, 2020
Right-of-Use Asset Under Operating Lease:
Other Long-Term Assets	$	3,399	$	3,753
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$	378	$	354
Other Long-Term Liabilities		3,021		3,399
	$	3,399	$	3,753

2022	$	484
2023		497
2024		509
2025		522
Thereafter		1,834
Total Future Minimum Lease Payments		3,846
Less: Imputed Interest		(447	)
Total Lease Obligations	$	3,399

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

	Years Ended
	June 27, 2021		June 28, 2020
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$	473	$	461

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

	June 27, 2021			June 28, 2020
Weighted Average Remaining Lease Term, (in years)		7.3			8.3
Weighted Average Discount Rate		3.3	%		3.3	%

Operating lease expense for the year ended June 27, 2021 and June 28, 2020 totaled $473,000 and $461,000, respectively.

Supplier Concentrations

Supplier Concentrations: The following inventory purchases were made from major suppliers during each fiscal year noted:

Fiscal Year

Percentage of

Inventory

Purchases

Number of

Suppliers

2021

2020

We have long-term contracts or arrangements with most of our suppliers to guarantee the availability of raw materials and component parts.

Labor Concentrations

Revenue Recognition

Revenue Recognition:

Tooling and Pre-Production Engineering Costs Related to Long-Term Supply Arrangements:

Receivables, net:

Contract Balances:

We had no material contract assets or contract liabilities as of June 27, 2021 or June 28, 2020.

Product Sales and Sales and Receivable Concentration:

Refer to Product Sales and Sales and Receivable Concentration included herein for revenue by product group and revenue by customer.

Research and Development Costs

Other (Expense) Income, Net

	Years Ended
	June 27, 2021			June 28, 2020
Foreign currency transaction (loss) gain	$	(2,445	)	$	1,982
Rabbi Trust gain (loss)		865			(2	)
Unrealized gain (loss) on Mexican peso forward contracts		723			(480	)
Realized gain (loss) on Mexican peso forward contracts		164			(418	)
Pension and postretirement plans cost		(483	)		(469	)
Other miscellaneous income, net		11			1,055
	$	(1,165	)	$	1,668

Warranty Reserve

Balance,

Beginning

of Year

Provision

Charged

to Expense

Payments

Balance,

End of Year

Year ended June 27, 2021

8,500

373

448

8,425

Year ended June 28, 2020

7,900

823

223

8,500

Foreign Currency Translation

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss (“AOCL”): The following tables summarize the changes in AOCL for the years ended June 27, 2021 and June 28, 2020 (thousands of dollars):

	Year Ended June 27, 2021
	Foreign Currency Translation Adjustments			Retirement and Postretirement Plans			Total
Balance June 28, 2020	$	20,136		$	1,977		$	22,113
Other comprehensive loss before reclassifications		(6,924	)		540			(6,384	)
Income Tax		(220	)		(128	)		(348	)
Net other comprehensive loss before Reclassifications		(7,144	)		412			(6,732	)
Reclassifications:
Prior service credits (A)		—			8			8
Actuarial losses (A)		—			(369	)		(369	)
Total reclassifications before tax		—			(361	)		(361	)
Income Tax		—			84			84
Net reclassifications		—			(277	)		(277	)
Other comprehensive loss		(7,144	)		135			(7,009	)
Other comprehensive loss attributable
to non-controlling interest		(1,693	)		—			(1,693	)
Balance June 27, 2021	$	14,685		$	2,112		$	16,797

	Year Ended June 28, 2020
	Foreign Currency Translation Adjustments			Retirement and Postretirement Plans			Total
Balance June 30, 2019	$	16,317		$	2,251		$	18,568
Other comprehensive loss before reclassifications		6,153			25			6,178
Income Tax		(357	)		(6	)		(363	)
Net other comprehensive loss before Reclassifications		5,796			19			5,815
Reclassifications:
Prior service credits (A)		—			29			29
Actuarial losses (A)		—			(412	)		(412	)
Total reclassifications before tax		—			(383	)		(383	)
Income Tax		—			90			90
Net reclassifications		—			(293	)		(293	)
Other comprehensive loss		5,796			(274	)		5,522
Other comprehensive loss attributable
to non-controlling interest		1,977			—			1,977
Balance June 28, 2020	$	20,136		$	1,977		$	22,113

(A)

Stock-Based Compensation

Compensation

Cost

Weighted Average

Period over

which Cost is to be

Recognized

(in years)

Restricted stock granted

822

0.9

Unrecognized compensation cost will be adjusted for any future changes in estimated and actual forfeitures.

Cash received from stock option exercises and the related income tax benefit were as follows (thousands of dollars):

Fiscal Year

Cash Received

from

Stock Option

Exercises

Income Tax

Benefit

2021

526

130

2020

477

The intrinsic value of stock options exercised and the fair value of options vested were as follows (thousands of dollars):

	Years Ended
	June 27, 2021		June 28, 2020
Intrinsic value of options exercised	$	555	$	120
Fair value of stock options vested	$	—	$	—

No options were granted during the fiscal years ended June 27, 2021 or June 28, 2020.

The range of options outstanding as of June 27, 2021 was as follows:

	Number of Options Outstanding and Exercisable	Weighted Average Exercise Price Outstanding and Exercisable	Weighted Average Remaining Contractual Life Outstanding (In Years)
$26.53-$25.64	35,703	$26.20	0.51
$38.71	27,911	$38.71	2.15
$79.73	9,010	$79.73	3.14
	72,624	$37.65

Income Taxes

Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 27, 2021

Schedule of Quantification of Outstanding Mexican Peso Forward Contracts

The following table quantifies the outstanding Mexican peso forward contracts as of June 27, 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		July 13, 2021 - June 14, 2022		$	15,000				20.71			$	243

Fair Market Value of All Outstanding Peso Forward Contracts

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

	June 27, 2021		June 28, 2020
Not designated as hedging instruments:
Other current assets:
Mexican peso forward contracts	$	243	$	—
Other current liabilities:
Mexican peso forward contracts	$	—	$	480

Pre-Tax Effects of the Peso Forward Contracts

	Other (Expense) Income, net
	Years Ended
	June 27, 2021		June 28, 2020
Not Designated as Hedging Instruments:
Realized gain (loss)	$	164	$	(418	)
Unrealized gain (loss)	$	723	$	(480	)

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 June 27, 2021 and June 28, 2020 (thousands of dollars)

	June 27, 2021								June 28, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Rabbi Trust assets:
Stock index funds:
Small cap	$	384	$	—	$	—	$	384	$	251	$	—	$	—	$	251
Mid cap		377		—		—		377		284		—		—		284
Large cap		756		—		—		756		563		—		—		563
International		1,104		—		—		1,104		820		—		—		820
Fixed income funds		960		—		—		960		793		—		—		793
Cash and cash equivalents		—		2		—		2		—		224		—		224
Mexican peso forward contracts		—		243		—		243		—		—		—		—
Total assets at fair value	$	3,581	$	245	$	—	$	3,826	$	2,711	$	224	$	—	$	2,935

Liabilities:
Mexican peso forward contracts	$	—	$	—	$	—	$	—	$	—	$	480	$	—	$	480

Inventories

Inventories consisted of the following (thousands of dollars):

	June 27, 2021			June 28, 2020
Finished products	$	20,633		$	13,142
Work in process		14,707			11,815
Purchased materials		40,900			34,333
		76,240			59,290
Excess and obsolete reserve		(5,380	)		(4,890	)
Inventories, net	$	70,860		$	54,400

The activity related to the excess and obsolete inventory reserve was as follows (thousands of dollars):

Balance,

Beginning

of Year

Provision

Charged to

Expense

Amounts

Written Off

Balance,

End of Year

Year ended June 27, 2021

4,890

973

483

5,380

Year ended June 28, 2020

4,225

2,178

1,513

4,890

Property, Plant and Equipment, Useful Lives of Assets

Property, plant and equipment are stated at cost. Property, plant and equipment are depreciated on a straight-line basis over the estimated useful lives of the assets as follows:

Classification		Expected Useful Lives
Land improvements		20 years
Buildings and improvements		15 to 35 years
Machinery and equipment		3 to 15 years

Property, Plant and Equipment

Property, plant and equipment consisted of the following (thousands of dollars):

	June 27, 2021			June 28, 2020
Land and improvements	$	5,963		$	5,002
Buildings and improvements		36,325			33,179
Machinery and equipment		228,141			228,035
		270,429			266,216
Less: accumulated depreciation		(174,028	)		(161,068	)
	$	96,401		$	105,148

Schedule of Depreciation Expenses

Depreciation expense was as follows for the periods indicated (thousands of dollars):

Fiscal Year

Depreciation

Expense

2021

19,786

2020

19,329

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

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

	June 27, 2021		June 28, 2020
Right-of-Use Asset Under Operating Lease:
Other Long-Term Assets	$	3,399	$	3,753
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$	378	$	354
Other Long-Term Liabilities		3,021		3,399
	$	3,399	$	3,753

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

2022	$	484
2023		497
2024		509
2025		522
Thereafter		1,834
Total Future Minimum Lease Payments		3,846
Less: Imputed Interest		(447	)
Total Lease Obligations	$	3,399

Schedule of Cash Flow Information Related to Operating Lease

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

	Years Ended
	June 27, 2021		June 28, 2020
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$	473	$	461

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:

	June 27, 2021			June 28, 2020
Weighted Average Remaining Lease Term, (in years)		7.3			8.3
Weighted Average Discount Rate		3.3	%		3.3	%

Inventory Purchase from Major Suppliers

Supplier Concentrations: The following inventory purchases were made from major suppliers during each fiscal year noted

Fiscal Year

Percentage of

Inventory

Purchases

Number of

Suppliers

2021

2020

Summary of Other Income (Expense), Net

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

	Years Ended
	June 27, 2021			June 28, 2020
Foreign currency transaction (loss) gain	$	(2,445	)	$	1,982
Rabbi Trust gain (loss)		865			(2	)
Unrealized gain (loss) on Mexican peso forward contracts		723			(480	)
Realized gain (loss) on Mexican peso forward contracts		164			(418	)
Pension and postretirement plans cost		(483	)		(469	)
Other miscellaneous income, net		11			1,055
	$	(1,165	)	$	1,668

Changes in Warranty Reserve

Changes in the warranty reserve were as follows (thousands of dollars):

Balance,

Beginning

of Year

Provision

Charged

to Expense

Payments

Balance,

End of Year

Year ended June 27, 2021

8,500

373

448

8,425

Year ended June 28, 2020

7,900

823

223

8,500

Summary of Changes in Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss (“AOCL”): The following tables summarize the changes in AOCL for the years ended June 27, 2021 and June 28, 2020 (thousands of dollars):

	Year Ended June 27, 2021
	Foreign Currency Translation Adjustments			Retirement and Postretirement Plans			Total
Balance June 28, 2020	$	20,136		$	1,977		$	22,113
Other comprehensive loss before reclassifications		(6,924	)		540			(6,384	)
Income Tax		(220	)		(128	)		(348	)
Net other comprehensive loss before Reclassifications		(7,144	)		412			(6,732	)
Reclassifications:
Prior service credits (A)		—			8			8
Actuarial losses (A)		—			(369	)		(369	)
Total reclassifications before tax		—			(361	)		(361	)
Income Tax		—			84			84
Net reclassifications		—			(277	)		(277	)
Other comprehensive loss		(7,144	)		135			(7,009	)
Other comprehensive loss attributable
to non-controlling interest		(1,693	)		—			(1,693	)
Balance June 27, 2021	$	14,685		$	2,112		$	16,797

	Year Ended June 28, 2020
	Foreign Currency Translation Adjustments			Retirement and Postretirement Plans			Total
Balance June 30, 2019	$	16,317		$	2,251		$	18,568
Other comprehensive loss before reclassifications		6,153			25			6,178
Income Tax		(357	)		(6	)		(363	)
Net other comprehensive loss before Reclassifications		5,796			19			5,815
Reclassifications:
Prior service credits (A)		—			29			29
Actuarial losses (A)		—			(412	)		(412	)
Total reclassifications before tax		—			(383	)		(383	)
Income Tax		—			90			90
Net reclassifications		—			(293	)		(293	)
Other comprehensive loss		5,796			(274	)		5,522
Other comprehensive loss attributable
to non-controlling interest		1,977			—			1,977
Balance June 28, 2020	$	20,136		$	1,977		$	22,113

(A)

Schedule of Unrecognized Compensation Cost

Unrecognized compensation cost as of June 27, 2021 related to restricted stock granted under the plan was as follows (thousands of dollars):

Compensation

Cost

Weighted Average

Period over

which Cost is to be

Recognized

(in years)

Restricted stock granted

822

0.9

Cash Received from Stock Option Exercises and Related Income Tax Benefit

Cash received from stock option exercises and the related income tax benefit were as follows (thousands of dollars):

Fiscal Year

Cash Received

from

Stock Option

Exercises

Income Tax

Benefit

2021

526

130

2020

477

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

The intrinsic value of stock options exercised and the fair value of options vested were as follows (thousands of dollars):

	Years Ended
	June 27, 2021		June 28, 2020
Intrinsic value of options exercised	$	555	$	120
Fair value of stock options vested	$	—	$	—

Range of Options Outstanding

The range of options outstanding as of June 27, 2021 was as follows

	Number of Options Outstanding and Exercisable	Weighted Average Exercise Price Outstanding and Exercisable	Weighted Average Remaining Contractual Life Outstanding (In Years)
$26.53-$25.64	35,703	$26.20	0.51
$38.71	27,911	$38.71	2.15
$79.73	9,010	$79.73	3.14
	72,624	$37.65

MEXICO

Property, Plant and Equipment

The gross and net book value of property, plant and equipment located outside of the United States, primarily in Mexico, were as follows (thousands of dollars):

	June 27, 2021		June 28, 2020
Gross book value	$	154,371	$	146,690
Net book value	$	67,348	$	71,369

Equity Earnings (Loss) of Joint Ventures (Tables)

12 Months Ended

Jun. 27, 2021

Summarized Statements of Operations and Balance Sheet Data

The following are summarized statements of operations and summarized balance sheet data for VAST LLC (thousands of dollars)

	Years Ended
	June 27, 2021			June 28, 2020
Net sales	$	210,149		$	153,006
Cost of goods sold		171,930			125,012
Gross profit		38,219			27,994
Engineering, selling and administrative expense		30,605			28,812
Impairment charge		—			2,000
Income (loss) from operations		7,614			(2,818	)
Other income, net		1,681			1,556
Income (loss) before provision for income taxes		9,295			(1,262	)
Provision for income taxes		1,554			466
Net income (loss)	$	7,741		$	(1,728	)
STRATTEC’s share of VAST LLC net
income (loss)	$	2,580		$	(576	)
Intercompany profit eliminations		(20	)		11
STRATTEC’s equity earnings (loss) of VAST LLC	$	2,560		$	(565	)

	June 27, 2021		June 28, 2020
Cash and cash equivalents	$	7,623	$	8,549
Receivables, net		48,717		40,983
Inventories, net		27,697		22,285
Other current assets		28,592		17,674
Total current assets		112,629		89,491
Property, plant and equipment, net		69,352		63,574
Other long-term assets		17,432		14,387
Total assets	$	199,413	$	167,452
Current debt	$	4,605	$	13,072
Other current liabilities		91,373		72,878
Long-term debt		18,993		12,778
Other long-term liabilities		2,418		2,228
Total liabilities	$	117,389	$	100,956
Net assets	$	82,024	$	66,496
STRATTEC’s share of VAST LLC net assets	$	27,341	$	22,165

VAST LLC

Summarize of Related Party Transaction

The following tables summarize the related party transactions with VAST LLC for the periods indicated (thousands of dollars):

	Years Ended
	June 27, 2021		June 28, 2020
Sales to VAST LLC	$	3,900	$	4,041
Purchases from VAST LLC	$	527	$	469
Expenses charged to VAST LLC	$	1,507	$	2,299
Expenses charged from VAST LLC	$	1,167	$	935

	June 27, 2021		June 28, 2020
Accounts receivable from VAST LLC	$	84	$	1,115
Accounts payable to VAST LLC	$	25	$	239

Credit Facilities (Tables)

12 Months Ended

Jun. 27, 2021

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings Under the Credit Facilities

Outstanding borrowings under the credit facilities referenced in the above paragraph as of the end of 2021 and 2020 were as follows (thousands of dollars):

	June 27, 2021		June 28, 2020
STRATTEC Credit Facility	$	—	$	18,000
ADAC-STRATTEC Credit Facility		12,000		17,000
	$	12,000	$	35,000

Schedule of Average Outstanding Borrowings and the Weighted Average Interest Rate

Average outstanding borrowings and the weighted average interest rate under each such credit facility during 2021 and 2020 were as follows (thousands of dollars):

	Average Outstanding Borrowings				Weighted Average Interest Rate
	Years Ended				Years Ended
	June 27, 2021		June 28, 2020		June 27, 2021			June 28, 2020
STRATTEC Credit Facility	$	8,775	$	13,827		1.2	%		2.6	%
ADAC-STRATTEC Credit Facility	$	14,346	$	19,121		1.4	%		2.9	%

Commitments and Contingencies (Tables)

12 Months Ended

Jun. 27, 2021

Commitments And Contingencies Disclosure [Abstract]

Purchase and Minimum Rental Commitments Under Non-Cancelable Operating Leases

	Purchase		Minimum Rental
Fiscal Year	Commitments		Commitments
2022	$	4,865	$	484
2023	$	—	$	497
2024	$	—	$	509
2025	$	—	$	522
2026-2027	$	—	$	1,834

Income Taxes (Tables)

12 Months Ended

Jun. 27, 2021

Income Tax Disclosure [Abstract]

Provision (Benefit) for Income Taxes

The provision for income taxes consisted of the following (thousands of dollars):

	Years Ended
	June 27, 2021		June 28, 2020
Currently (recoverable) payable:
Federal	$	557	$	(1,869	)
State		420		(176	)
Foreign		2,661		3,368
		3,638		1,323
Deferred tax provision		1,473		(3,589	)
	$	5,111	$	(2,266	)

Difference Between Income Taxes Computed at the Federal Statutory Tax Rate and the Provision for Income Taxes

The items accounting for the difference between income taxes computed at the Federal statutory tax rate and the provision for income taxes were as follows:

	Years Ended
	June 27, 2021			June 28, 2020
U.S. statutory rate		21.0	%		21.0	%
State taxes, net of Federal tax benefit		1.1			2.1
Foreign subsidiaries		1.0			(5.8	)
Federal net operating loss carry-back statutory rate differential		—			11.7
Global intangible low-taxed income		0.5			(4.4	)
Research and development tax credit		(2.3	)		9.9
Non-controlling interest		(5.9	)		(2.3	)
Uncertain tax positions		—			(4.0	)
Stock based compensation		0.1			(1.8	)
Other		(0.9	)		1.5
		14.6	%		27.9	%

Components of Deferred Tax (Liabilities) Assets

The components of deferred tax (liabilities) assets were as follows (thousands of dollars):

	June 27, 2021			June 28, 2020
Unrecognized pension and postretirement benefit plan liabilities	$	659		$	617
Accrued warranty		499			517
Payroll-related accruals		3,044			2,259
Stock-based compensation		306			389
Inventory reserve		964			964
Environmental reserve		327			296
Repair and maintenance supply parts reserve		284			510
Allowance for doubtful accounts		118			118
Lease Liability		799			882
Right of Use Assets		(799	)		(882	)
Credit carry-forwards		1,544			3,860
Postretirement obligations		(294	)		(357	)
Accumulated depreciation		(4,663	)		(5,063	)
Accrued pension obligations		459			472
Joint ventures		1,187			1,167
Other		618			741
	$	5,052		$	6,490

Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended June 27, 2021 and June 28, 2020 (thousands of dollars):

	Years Ended
	June 27, 2021			June 28, 2020
Unrecognized tax benefits, beginning of year	$	1,462		$	1,138
Gross increases – tax positions in prior years		76			140
Gross increases – current period tax positions		207			245
Tax years closed		(287	)		(61	)
Unrecognized tax benefits, end of year	$	1,458		$	1,462

Retirement Plans and Postretirement Costs (Tables)

12 Months Ended

Jun. 27, 2021

Compensation And Retirement Disclosure [Abstract]

Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax

Amounts included in accumulated other comprehensive loss, net of tax, at June 27, 2021, which have not yet been recognized in net periodic benefit cost were as follows (thousands of dollars):

		SERP				Postretirement
Net actuarial loss			639				1,473

Amounts Included in Accumulated Other Comprehensive Loss Expected to be Recognized, Net of Tax

		SERP				Postretirement
Net actuarial loss			66				257

Summary of Pension Supplemental Executive Retirement Plan and Postretirement Plans Income and Expense

	Pension and SERP Benefits				Postretirement Benefits
	Years Ended				Years Ended
	June 27, 2021		June 28, 2020		June 27, 2021			June 28, 2020
COMPONENTS OF NET PERIODIC BENEFIT COST (CREDIT):
Service cost	$	63	$	74	$	13		$	12
Interest cost		41		61		16			26
Plan settlements		65		—		—			—
Amortization of prior service cost (credit)		—		—		(8	)		(29	)
Amortization of unrecognized net loss		10		15		359			397
Net periodic benefit cost (credit)	$	179	$	150	$	380		$	406

WEIGHTED-AVERAGE ASSUMPTIONS:
Benefit Obligations:
Discount rate		2.06	%		2.33	%		2.01	%		2.07	%
Rate of compensation increases - SERP		3.0	%		3.0	%	n/a			n/a
Net Periodic Benefit Cost:
Discount rate		2.33	%		3.17	%		2.07	%		3.01	%
Rate of compensation increases – SERP		3.0	%		3.0	%	n/a			n/a
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Benefit obligation at beginning of year	$	2,293		$	2,229		$	821		$	914
Service cost		63			74			13			12
Interest cost		41			61			16			26
Actuarial loss (gain)		631			3			(26	)		22
Benefits paid		(231	)		(74	)		(115	)		(153	)
Benefit obligation at end of year	$	2,797		$	2,293		$	709		$	821
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year	$	—		$	8,645		$	—		$	—
Actual return on plan assets		—			84			—			—
Employer contribution		231			14			115			153
Excess Asset Transfer		—			(9,019	)		—			—
Plan settlements		—			350			—			—
Benefits paid		(231	)		(74	)		(115	)		(153	)
Fair value of plan assets at end of year	$	—		$	—		$	—		$	—
Funded status – accrued benefit obligations	$	(2,797	)	$	(2,293	)	$	(709	)	$	(821	)
AMOUNTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS:
Accrued payroll and benefits (current liabilities)		(463	)		(1,039	)		(110	)		(120	)
Accrued benefit obligations (long-term liabilities)		(2,334	)		(1,254	)		(599	)		(701	)
Net amount recognized	$	(2,797	)	$	(2,293	)	$	(709	)	$	(821	)
CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE INCOME:
Net periodic benefit cost	$	179		$	150		$	380		$	406
Net actuarial loss (gain)		631			3			(26	)		22
Settlement loss		(65	)		—			—			—
Amortization of prior service credits		—			—			8			29
Amortization of unrecognized net loss		(10	)		(15	)		(359	)		(397	)
Total recognized in other comprehensive (income) loss, before tax		556			(12	)		(377	)		(346	)
Total recognized in net periodic benefit cost and other comprehensive loss, before tax	$	735		$	138		$	3		$	60

Expected Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the fiscal years noted below (thousands of dollars):

	SERP Benefits		Postretirement Benefits
2022	$	468	$	110
2023	$	446	$	98
2024	$	444	$	95
2025	$	14	$	65
2026	$	14	$	40
2027-2031	$	585	$	222

Schedule of 401(k) Plan Contribution

Our contributions to the 401(k) Plan were as follows (thousands of dollars):

	Years Ended
	June 27, 2021		June 28, 2020
Company contributions	$	1,706	$	1,709

Earning (Loss) Per Share (Tables)

12 Months Ended

Jun. 27, 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):

	Years Ended
	June 27, 2021		June 28, 2020
Net income (loss) attributable to STRATTEC	$	22,532	$	(7,605	)

Weighted average shares of common stock outstanding		3,788		3,737
Incremental shares – stock based compensation		64		—
Diluted weighted average shares of common stock outstanding		3,852		3,737
Basic earnings (loss) per share	$	5.95	$	(2.04	)
Diluted earnings (loss) per share	$	5.85	$	(2.04	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive common shares that were excluded from the calculation of diluted earnings (loss) per share because their inclusion would have been antidilutive were as follows:

Years Ended

Number of Options

Excluded

June 27, 2021

9,010

June 28, 2020

160,254

Stock Option and Purchase Plans (Tables)

12 Months Ended

Jun. 27, 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 was as follows:

				Weighted Average		Weighted Average Remaining Contractual		Aggregate Intrinsic Value
	Shares			Exercise Price		Term (in years)		(in thousands)
Balance at June 30, 2019		117,360		$	31.85
Exercised		(26,500	)	$	18.00
Balance at June 28, 2020		90,860		$	35.88
Exercised		(18,236	)	$	28.85
Balance at June 27, 2021		72,624		$	37.65		1.5	$	790
Exercisable as of:
June 27, 2021		72,624		$	37.65		1.5	$	790
June 28, 2020		90,860		$	35.88		2.4	$	-

Summary of Restricted Stock Activity Under Our Stock Incentive Plan

A summary of restricted stock activity under our stock incentive plan was as follows:

				Weighted Average
				Grant Date
	Shares			Fair Value
Nonvested Balance at June 30, 2019		63,757		$	39.47
Granted		39,150		$	21.80
Vested		(27,318	)	$	37.86
Forfeited		(6,195	)	$	34.38
Nonvested Balance at June 28, 2020		69,394		$	30.59
Granted		48,300		$	21.20
Vested		(34,669	)	$	34.95
Forfeited		(1,050	)	$	22.84
Nonvested Balance at June 27, 2021		81,975		$	23.31

Export Sales (Tables)

12 Months Ended

Jun. 27, 2021

Schedule of Sales to Locations Outside of the United States

Total export sales, sales from the United States to locations outside of the United States, are summarized as follows (thousands of dollars and percent of total net sales):

	Years Ended
	June 27, 2021			June 28, 2020
	Net Sales		%	Net Sales		%
Export sales	$	130,260	27%	$	114,381	30%

Geographic Concentration Risk | Canada

Schedule of Sales to Locations Outside of the United States

Countries for which customer sales account for ten percent or more of total net sales are summarized as follows (thousands of dollars and percent of total net sales):

	Years Ended
	June 27, 2021			June 28, 2020
	Net Sales		%	Net Sales		%
Export sales into Canada	$	34,927	7%	$	46,191	12%

Product Sales (Tables)

12 Months Ended

Jun. 27, 2021

Segment Reporting [Abstract]

Schedule of Product Sales

Sales by product group were as follows (thousands of dollars and percent of total net sales):

	Years Ended
	June 27, 2021					June 28, 2020
	Net Sales		%			Net Sales		%
Door handles & exterior trim	$	126,218		26	%	$	98,168		25	%
Keys & locksets		116,572		24			101,666		26
Power access		95,245		20			63,829		17
Latches		51,211		10			45,295		12
Aftermarket & OE service		47,138		10			40,742		11
Driver controls		40,031		8			29,649		8
Other		8,880		2			5,951		1
	$	485,295		100	%	$	385,300		100	%

Sales and Receivable Concentration (Tables)

12 Months Ended

Jun. 27, 2021

Segment Reporting Information Receivable [Abstract]

Sales to Largest Customers

Sales to our largest customers were as follows (thousands of dollars and percent of total net sales):

	Years Ended
	June 27, 2021					June 28, 2020
	Net Sales		%			Net Sales		%
General Motors Company	$	146,547		30	%	$	102,487		27	%
Fiat Chrysler Automobiles		85,629		18			85,010		22
Ford Motor Company		67,670		14			52,666		13
	$	299,846		62	%	$	240,163		62	%

Receivables from Largest Customers

Receivables from our largest customers were as follows (thousands of dollars and percent of gross receivables):

	June 27, 2021					June 28, 2020
	Receivables		%			Receivables		%
General Motors Company	$	22,934		32	%	$	12,630		30	%
Fiat Chrysler Automobiles		11,938		17			5,881		14
Ford Motor Company		8,204		12			6,101		15
	$	43,076		61	%	$	24,612		59	%

Organization and Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Jun. 27, 2021 USD ($) Subsidiary Joint_Venture Segment Associates shares	Jun. 28, 2020 USD ($) shares
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of reporting segments related to STRATTEC Security Corporation \| Segment	1
Fiscal year duration	364 days	364 days
Allowance for doubtful accounts receivable	$ 500,000	$ 500,000
Property, plant and equipment impairment	$ 0	0
Operating lease, existence of option to extend	true
Operating lease, renewal Term	5 years
Operating lease, expiration term	2023-10
Operating lease expense	$ 473,000	461,000
Number of full time associates \| Associates	3,752
Number of associates represented by labor union \| Associates	204
Percentage of associate represent by labor union	5.40%
Research and development expenditures	$ 10,800,000	9,800,000
Gain loss from asset returns related to termination of qualified pension plan		$ 434,000
Options, granted \| shares	0	0
Employee Stock Option
Organization And Summary Of Significant Accounting Policies [Line Items]
Options expires after date of grant	10 years
Omnibus Stock Incentive Plan
Organization And Summary Of Significant Accounting Policies [Line Items]
Share based compensation arrangement by share based payment award number of shares authorized \| shares	2,000,000
Shares of common stock available for grant \| shares	219,084
Other Miscellaneous Income, Net
Organization And Summary Of Significant Accounting Policies [Line Items]
Value-added tax adjustment		$ 450,000
Minimum
Organization And Summary Of Significant Accounting Policies [Line Items]
Payment generally occurs after shipment date	45 days
Minimum \| Employee Stock Option
Organization And Summary Of Significant Accounting Policies [Line Items]
Vesting period after the date of grant	1 year
Minimum \| Restricted stock
Organization And Summary Of Significant Accounting Policies [Line Items]
Vesting period after the date of grant	1 year
Minimum \| New Vehicle Production \| Long-term Supply Agreements
Organization And Summary Of Significant Accounting Policies [Line Items]
Production period	4 years
Minimum \| Service Parts Production \| Long-term Supply Agreements
Organization And Summary Of Significant Accounting Policies [Line Items]
Production period	10 years
Maximum
Organization And Summary Of Significant Accounting Policies [Line Items]
Payment generally occurs after shipment date	90 days
Maximum \| Employee Stock Option
Organization And Summary Of Significant Accounting Policies [Line Items]
Vesting period after the date of grant	4 years
Maximum \| Restricted stock
Organization And Summary Of Significant Accounting Policies [Line Items]
Vesting period after the date of grant	5 years
Maximum \| New Vehicle Production \| Long-term Supply Agreements
Organization And Summary Of Significant Accounting Policies [Line Items]
Production period	6 years
Maximum \| Service Parts Production \| Long-term Supply Agreements
Organization And Summary Of Significant Accounting Policies [Line Items]
Production period	15 years
SAL, LLC
Organization And Summary Of Significant Accounting Policies [Line Items]
STRATTEC's percentage ownership in joint venture		51.00%
VAST LLC \| CHINA
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of wholly owned subsidiaries \| Subsidiary	4
VAST LLC \| BRAZIL
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of wholly owned subsidiaries \| Subsidiary	1
VAST LLC \| INDIA
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of joint venture entities \| Joint_Venture	1

Organization and Summary of Significant Accounting Policies - Schedule of Quantification of Outstanding Mexican Peso Forward Contracts (Details) - Buy MXP/Sell USD	12 Months Ended
	Jun. 27, 2021 USD ($) $ / $
Derivative [Line Items]
Derivative, Effective Dates, Inception	Jul. 13, 2021
Derivative, Effective Dates, Maturity	Jun. 14, 2022
Derivative, Notional Amount	$ 15,000,000
Derivative, Average Forward Contractual Exchange Rate \| $ / $	20.71
Derivative, Fair Value	$ 243,000

Organization and Summary of Significant Accounting Policies - Fair Market Value of All Outstanding Peso Forward Contracts (Details) - Mexican Peso Forward Contracts - USD ($) $ in Thousands	Jun. 27, 2021	Jun. 28, 2020
Other Current Assets
Not designated as hedging instruments:
Fair market value of derivative instruments	$ 243
Other Current Liabilities
Not designated as hedging instruments:
Fair market value of derivative instruments		$ 480

Organization and Summary of Significant Accounting Policies - Pre-Tax Effects of the Peso Forward Contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Pre-tax effects of the Mexican peso forward contracts
Realized gain (loss)	$ 164	$ (418)
Unrealized gain (loss)	723	(480)
Not Designated as Hedging Instrument \| Other Expense, Net
Pre-tax effects of the Mexican peso forward contracts
Realized gain (loss)	164	(418)
Unrealized gain (loss)	$ 723	$ (480)

Organization and Summary of Significant Accounting Policies -Summary of Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Jun. 27, 2021	Jun. 28, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	$ 3,826	$ 2,935
Fixed Income Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	960	793
Stock Index Funds \| Small Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	384	251
Stock Index Funds \| Mid Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	377	284
Stock Index Funds \| Large Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	756	563
Stock Index Funds \| International
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	1,104	820
Cash and Cash Equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	2	224
Mexican Peso Forward Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	243
Total Liabilities at Fair Value		480
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	3,581	2,711
Level 1 \| Fixed Income Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	960	793
Level 1 \| Stock Index Funds \| Small Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	384	251
Level 1 \| Stock Index Funds \| Mid Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	377	284
Level 1 \| Stock Index Funds \| Large Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	756	563
Level 1 \| Stock Index Funds \| International
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	1,104	820
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	245	224
Level 2 \| Cash and Cash Equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	2	224
Level 2 \| Mexican Peso Forward Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	$ 243
Total Liabilities at Fair Value		$ 480

Organization and Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Jun. 28, 2020	Jun. 30, 2019
Inventories
Finished products	$ 20,633	$ 13,142
Work in process	14,707	11,815
Purchased materials	40,900	34,333
Inventory, Gross, Total	76,240	59,290
Excess and obsolete reserve	(5,380)	(4,890)	$ (4,225)
Inventories, net	$ 70,860	$ 54,400

Organization and Summary of Significant Accounting Policies - Activity Related to the Excess and Obsolete Inventory Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Activity related to the excess and obsolete inventory reserve
Balance, Beginning of Year	$ 4,890	$ 4,225
Provision Charged to Expense	973	2,178
Amounts Written Off	483	1,513
Balance, End of Year	$ 5,380	$ 4,890

Organization and Summary of Significant Accounting Policies - Property, Plant and Equipment, Useful Lives of Assets (Details)	12 Months Ended
	Jun. 27, 2021
Land improvements
Estimated useful lives of the assets
Expected Useful Lives	20 years
Buildings and improvements \| Minimum
Estimated useful lives of the assets
Expected Useful Lives	15 years
Buildings and improvements \| Maximum
Estimated useful lives of the assets
Expected Useful Lives	35 years
Machinery and equipment \| Minimum
Estimated useful lives of the assets
Expected Useful Lives	3 years
Machinery and equipment \| Maximum
Estimated useful lives of the assets
Expected Useful Lives	15 years

Organization and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Jun. 28, 2020
Property, plant and equipment
Gross	$ 270,429	$ 266,216
Less: accumulated depreciation	(174,028)	(161,068)
Total	96,401	105,148
Land and improvements
Property, plant and equipment
Gross	5,963	5,002
Buildings and improvements
Property, plant and equipment
Gross	36,325	33,179
Machinery and equipment
Property, plant and equipment
Gross	$ 228,141	$ 228,035

Organization and Summary of Significant Accounting Policies - Schedule of Depreciation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Depreciation [Abstract]
Depreciation Expense	$ 19,786	$ 19,329

Organization and Summary of Significant Accounting Policies - Gross and Net Book Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Jun. 28, 2020
Gross and net book value of property plant and equipment
Property, plant and equipment, gross	$ 270,429	$ 266,216
Property, plant and equipment, net	96,401	105,148
MEXICO
Gross and net book value of property plant and equipment
Property, plant and equipment, gross	154,371	146,690
Property, plant and equipment, net	$ 67,348	$ 71,369

Organization and Summary of Significant Accounting Policies - Schedule of Operating Lease Asset and Obligation Included in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Jun. 28, 2020
Right-of-Use Asset Under Operating Lease:
Other Long-Term Assets	$ 3,399	$ 3,753
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	OTHER LONG-TERM ASSETS	OTHER LONG-TERM ASSETS
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$ 378	$ 354
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other	Other
Other Long-Term Liabilities	$ 3,021	$ 3,399
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	OTHER LONG-TERM LIABILITIES	OTHER LONG-TERM LIABILITIES
Operating Lease, Liability	$ 3,399	$ 3,753

Organization and Summary of Significant Accounting Policies - Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease Including Options to Extend (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Jun. 28, 2020
Future minimum lease payments
2022	$ 484
2023	497
2024	509
2025	522
Thereafter	1,834
Total Future Minimum Lease Payments	3,846
Less: Imputed Interest	(447)
Total Lease Obligations	$ 3,399	$ 3,753

Organization and Summary of Significant Accounting Policies - Schedule of Cash Flow Information Related to Operating Lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$ 473	$ 461

Organization and Summary of Significant Accounting Policies - Schedule of Weighted Average Lease Term and Discount Rate for Operating Lease (Details)	Jun. 27, 2021	Jun. 28, 2020
Weighted average lease term and discount rate
Weighted Average Remaining Lease Term, (in years)	7 years 3 months 18 days	8 years 3 months 18 days
Weighted Average Discount Rate	3.30%	3.30%

Organization and Summary of Significant Accounting Policies - Inventory Purchase from Major Suppliers (Details) - Supplier	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Supplier Concentrations
Percentage of inventory purchases from major suppliers	44.00%	39.00%
Number of major Suppliers	8	7

Organization and Summary of Significant Accounting Policies - Summary of Other Income (Expense), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Other Income and Expenses [Abstract]
Foreign currency transaction (loss) gain	$ (2,445)	$ 1,982
Rabbi Trust gain (loss)	865	(2)
Unrealized gain (loss) on Mexican peso forward contracts	723	(480)
Realized gain (loss) on Mexican peso forward contracts	164	(418)
Pension and postretirement plans cost	(483)	(469)
Other miscellaneous income, net	11	1,055
Other Income (Expense), net	$ (1,165)	$ 1,668

Organization and Summary of Significant Accounting Policies - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Changes in warranty reserve
Balance, Beginning of Year	$ 8,500	$ 7,900
Provision Charged to Expense	373	823
Payments	448	223
Balance, End of Year	$ 8,425	$ 8,500

Organization and Summary of Significant Accounting Policies - Summary of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ (175,441)	$ (187,816)
Other comprehensive loss before reclassifications	(6,384)	6,178
Other comprehensive loss before reclassifications, Income Tax	(348)	(363)
Net other comprehensive loss before Reclassifications	(6,732)	5,815
Reclassifications:
Prior service credits	8	29
Actuarial losses	(369)	(412)
Total reclassifications before tax	(361)	(383)
Retirement and Postretirement Plans Reclassifications, Income Tax	84	90
Net reclassifications	(277)	(293)
Other Comprehensive (Income) Loss	(7,009)	5,522
Ending balance	(213,433)	(175,441)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	20,136	16,317
Other comprehensive loss before reclassifications	(6,924)	6,153
Other comprehensive loss before reclassifications, Income Tax	(220)	(357)
Net other comprehensive loss before Reclassifications	(7,144)	5,796
Reclassifications:
Other Comprehensive (Income) Loss	(7,144)	5,796
Other comprehensive loss (income) attributable to non-controlling interest	(1,693)	1,977
Ending balance	14,685	20,136
Retirement and Postretirement Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	1,977	2,251
Other comprehensive loss before reclassifications	540	25
Other comprehensive loss before reclassifications, Income Tax	(128)	(6)
Net other comprehensive loss before Reclassifications	412	19
Reclassifications:
Prior service credits	8	29
Actuarial losses	(369)	(412)
Total reclassifications before tax	(361)	(383)
Retirement and Postretirement Plans Reclassifications, Income Tax	84	90
Net reclassifications	(277)	(293)
Other Comprehensive (Income) Loss	135	(274)
Ending balance	2,112	1,977
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	22,113	18,568
Reclassifications:
Ending balance	16,797	22,113
AOCI Including Portion Attributable to Noncontrolling Interest
Reclassifications:
Other Comprehensive (Income) Loss	(7,009)	5,522
AOCI Attributable to Noncontrolling Interest
Reclassifications:
Other comprehensive loss (income) attributable to non-controlling interest	$ (1,693)	$ 1,977

Organization and Summary of Significant Accounting Policies - Schedule of Unrecognized Compensation Cost (Details) - Restricted stock $ in Thousands	12 Months Ended
	Jun. 27, 2021 USD ($)
Unrecognized compensation cost related to restricted stock granted under the plan
Compensation Cost	$ 822
Weighted Average Period Over Which Cost is to be Recognized (in years)	10 months 24 days

Organization and Summary of Significant Accounting Policies - Cash Received from Stock Option Exercises and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Cash Received From Stock Option Exercises And Related Income Tax Benefit
Cash Received from Stock Option Exercises	$ 526	$ 477
Income Tax Benefit	$ 130	$ 28

Organization and Summary of Significant Accounting Policies - Intrinsic Value of Stock Options Exercised and Fair Value Of Stock Options Vested (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Intrinsic value of stock options exercised and the fair value of stock options vested
Intrinsic value of options exercised	$ 555	$ 120

Organization and Summary of Significant Accounting Policies - Range of Options Outstanding (Details)	12 Months Ended
	Jun. 27, 2021 $ / shares shares
Range of options outstanding
Number of Options Outstanding and Exercisable \| shares	72,624
Weighted Average Exercise Price Outstanding and Exercisable	$ 37.65
Exercise Price Range One
Range of options outstanding
Number of Options Outstanding and Exercisable \| shares	35,703
Weighted Average Exercise Price Outstanding and Exercisable	$ 26.20
Weighted Average Remaining Contractual Life Outstanding (In Years)	6 months 3 days
Exercise Price Range, Lower Range Limit	$ 26.53
Exercise Price Range, Upper Range Limit	$ 25.64
Exercise Price Range Two
Range of options outstanding
Number of Options Outstanding and Exercisable \| shares	27,911
Weighted Average Exercise Price Outstanding and Exercisable	$ 38.71
Weighted Average Remaining Contractual Life Outstanding (In Years)	2 years 1 month 24 days
Exercise Price Range	$ 38.71
Exercise Price Range Three
Range of options outstanding
Number of Options Outstanding and Exercisable \| shares	9,010
Weighted Average Exercise Price Outstanding and Exercisable	$ 79.73
Weighted Average Remaining Contractual Life Outstanding (In Years)	3 years 1 month 20 days
Exercise Price Range	$ 79.73

Investment in Joint Ventures and Majority Owned Subsidiaries (Details Textual) - USD ($)	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Schedule Of Equity Method Investments [Line Items]
Equity (loss) earnings of joint ventures	$ 2,560,000	$ (209,000)
Payments to acquire interest in joint venture	$ 100,000
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%
Majority owned subsidiary, impact on net income	$ 6,400,000	$ 1,300,000
Strattec Power Access Llc \| WITTE
Schedule Of Equity Method Investments [Line Items]
Purchases	874,000	1,000,000.0
Royalties on product sales	1,100,000
Outstanding payable balance	$ 427,000	$ 21,000
Percentage ownership interest in less than wholly owned consolidated subsidiary	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%
Majority owned subsidiary, impact on net income	$ 4,100,000	$ 1,500,000
ADAC-STRATTEC LLC \| ADAC
Schedule Of Equity Method Investments [Line Items]
Outstanding payable balance	$ 1,900,000	$ 658,000
Percentage ownership interest in less than wholly owned consolidated subsidiary	49.00%	49.00%
Engineering, research, design and sales fee	$ 8,800,000	$ 6,900,000
Sales	11,600,000	10,200,000
Outstanding receivable balance	1,500,000	1,000,000.0
VAST LLC
Schedule Of Equity Method Investments [Line Items]
Impairment change of equity method investment		2,000,000
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%
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	$ 2,600,000	(565,000)
Impairment change of equity method investment		667,000
Payments to acquire interest in joint venture	$ 100,000	$ 0
VAST LLC \| ADAC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.30%
VAST LLC \| WITTE
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.30%

Equity Earnings (Loss) of Joint Ventures (Details Textual) - USD ($)	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Schedule Of Equity Method Investments [Line Items]
Equity earnings (loss) of joint ventures	$ 2,560,000	$ (209,000)
VAST LLC \| STRATTEC
Schedule Of Equity Method Investments [Line Items]
STRATTEC's percentage ownership in joint venture	33.33%
Equity earnings (loss) of joint ventures	$ 2,600,000	$ (565,000)
SAL LLC
Schedule Of Equity Method Investments [Line Items]
STRATTEC's percentage ownership in joint venture		51.00%
Equity earnings (loss) of joint ventures		$ 356,000

Equity Earnings (Loss) of Joint Ventures - Summarized Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Summarized statements of operations
Net sales	$ 485,295	$ 385,300
Cost of goods sold	406,637	349,854
GROSS PROFIT	78,658	35,446
Engineering, selling and administrative expense	44,743	44,108
INCOME (LOSS) FROM OPERATIONS	33,915	(8,662)
Other income, net	(1,165)	1,668
INCOME (LOSS) BEFORE BENEFIT FOR INCOME TAXES AND NON- CONTROLLING INTEREST	35,008	(8,123)
Provision for income taxes	5,111	(2,266)
NET INCOME (LOSS)	29,897	(5,857)
STRATTEC’s equity earnings (loss) of VAST LLC	2,560	(209)
VAST LLC \| Equity Method Investment Summarized Financial Information
Summarized statements of operations
Net sales	210,149	153,006
Cost of goods sold	171,930	125,012
GROSS PROFIT	38,219	27,994
Engineering, selling and administrative expense	30,605	28,812
Impairment charge		2,000
INCOME (LOSS) FROM OPERATIONS	7,614	(2,818)
Other income, net	1,681	1,556
INCOME (LOSS) BEFORE BENEFIT FOR INCOME TAXES AND NON- CONTROLLING INTEREST	9,295	(1,262)
Provision for income taxes	1,554	466
NET INCOME (LOSS)	7,741	(1,728)
STRATTEC's Share of VAST LLC Net (Loss) Income	2,580	(576)
Intercompany profit eliminations	(20)	11
STRATTEC’s equity earnings (loss) of VAST LLC	$ 2,560	$ (565)

Equity Earnings (Loss) of Joint Ventures - Summarized Statements Balance Sheet (Details) - VAST LLC - USD ($) $ in Thousands	Jun. 27, 2021	Jun. 28, 2020
Summarized balance sheets
Cash and cash equivalents	$ 7,623	$ 8,549
Receivables, net	48,717	40,983
Inventories, net	27,697	22,285
Other current assets	28,592	17,674
Total current assets	112,629	89,491
Property, plant and equipment, net	69,352	63,574
Other long-term assets	17,432	14,387
Total assets	199,413	167,452
Current debt	4,605	13,072
Other current liabilities	91,373	72,878
Long-term debt	18,993	12,778
Other long-term liabilities	2,418	2,228
Total liabilities	117,389	100,956
Net assets	82,024	66,496
STRATTEC’s share of VAST LLC net assets	$ 27,341	$ 22,165

Equity Earnings (Loss) of Joint Ventures - Summarize of Related Party Transaction (Details) - VAST LLC - Equity Method Investee - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Schedule Of Equity Method Investments [Line Items]
Sales to VAST LLC	$ 3,900	$ 4,041
Purchases from VAST LLC	527	469
Expenses charged to VAST LLC	1,507	2,299
Expenses charged from VAST LLC	1,167	935
Accounts receivable from VAST LLC	84	1,115
Accounts payable to VAST LLC	$ 25	$ 239

Credit Facilities (Details Textual) - USD ($)	1 Months Ended	11 Months Ended	12 Months Ended
Credit Facilities (Details Textual) - USD ($)	Jun. 27, 2021	May 31, 2021	Jun. 27, 2021
Line Of Credit Facility [Line Items]
Interest rate on borrowings under the credit facility			the London Interbank Offering Rate (“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%
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Secured revolving credit facility	$ 40,000,000		$ 40,000,000
Credit facility maturity date			Aug. 01, 2024
Interest rate on borrowings under the credit facility	the London Interbank Offering Rate (“LIBOR”) plus 1.25 percent or the bank’s prime rate.	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	1.25%	1.00%
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Secured revolving credit facility	$ 25,000,000		$ 25,000,000
Credit facility maturity date			Aug. 01, 2024
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	Jun. 27, 2021	Jun. 28, 2020
Line Of Credit Facility [Line Items]
Outstanding Borrowing	$ 12,000	$ 35,000
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Outstanding Borrowing		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	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Average Outstanding Borrowings	$ 8,775	$ 13,827
Weighted Average Interest Rate	1.20%	2.60%
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Average Outstanding Borrowings	$ 14,346	$ 19,121
Weighted Average Interest Rate	1.40%	2.90%

Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Jun. 27, 2021	Jun. 28, 2020
Commitments And Contingencies Disclosure [Abstract]
Environmental	$ 1,390	$ 1,259

Commitments and Contingencies - Purchase and Minimum Rental Commitments Under Non-Cancelable Operating Leases (Details) $ in Thousands	Jun. 27, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2022	$ 484
2023	497
2024	509
2025	522
Minimum rental commitments, 2024-2025	1,834
Purchase commitments, 2022	$ 4,865

Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Currently (recoverable) payable:
Federal	$ 557	$ (1,869)
State	420	(176)
Foreign	2,661	3,368
Total current income tax expense	3,638	1,323
Deferred tax provision	1,473	(3,589)
Total tax provision	$ 5,111	$ (2,266)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Difference Between Income Taxes Computed at the Federal Statutory Tax Rate and the Provision for Income Taxes (Details)	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Dec. 31, 2017
Difference between income taxes computed at the Federal statutory tax rate and the provision for income taxes
U.S. statutory rate	21.00%	21.00%	35.00%
State taxes, net of Federal tax benefit	1.10%	2.10%
Foreign subsidiaries	1.00%	(5.80%)
Federal net operating loss carry-back statutory rate differential		11.70%
Global intangible low-taxed income	0.50%	(4.40%)
Research and development tax credit	(2.30%)	9.90%
Non-controlling interest	(5.90%)	(2.30%)
Uncertain tax positions		(4.00%)
Stock based compensation	0.10%	(1.80%)
Other	(0.90%)	1.50%
Total	14.60%	27.90%

Income Taxes (Details Textual) - USD ($)	12 Months Ended
Income Taxes (Details Textual) - USD ($)	Jun. 27, 2021	Jun. 28, 2020	Dec. 31, 2017	Jun. 30, 2019
Income Tax [Line Items]
U.S. statutory rate	21.00%	21.00%	35.00%
Federal operating loss and credit carry-forwards	$ 1,400,000
State operating loss and credit carry-forwards	194,000
Valuation allowance	153,000
Foreign income before income taxes	5,100,000	$ 7,700,000
Total liability for unrecognized tax benefits including interest	1,600,000	1,600,000
Unrecognized tax benefits	1,458,000	1,462,000		$ 1,138,000
Unrecognized tax benefits, accrued interest	146,000	147,000
Unrecognized tax benefits, would effect tax rate	$ 1,100,000	$ 1,100,000
Earliest Tax Year \| Federal
Income Tax [Line Items]
Expiration year of operating loss and credit carry-forwards	2030
Earliest Tax Year \| State
Income Tax [Line Items]
Expiration year of operating loss and credit carry-forwards	2025
Latest Tax Year \| Federal
Income Tax [Line Items]
Expiration year of operating loss and credit carry-forwards	2031
Latest Tax Year \| State
Income Tax [Line Items]
Expiration year of operating loss and credit carry-forwards	2035

Income Taxes - Components of Deferred Tax (Liabilities) Assets (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Jun. 28, 2020
Income Tax Disclosure [Abstract]
Unrecognized pension and postretirement benefit plan liabilities	$ 659	$ 617
Accrued warranty	499	517
Payroll-related accruals	3,044	2,259
Stock-based compensation	306	389
Inventory reserve	964	964
Environmental reserve	327	296
Repair and maintenance supply parts reserve	284	510
Allowance for doubtful accounts	118	118
Lease Liability	799	882
Right of Use Assets	(799)	(882)
Credit carry-forwards	1,544	3,860
Postretirement obligations	(294)	(357)
Accumulated depreciation	(4,663)	(5,063)
Accrued pension obligations	459	472
Joint ventures	1,187	1,167
Other	618	741
Deferred tax assets, net	$ 5,052	$ 6,490

Income Taxes - Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Unrecognized tax benefits, beginning of year	$ 1,462	$ 1,138
Gross increases – tax positions in prior years	76	140
Gross increases – current period tax positions	207	245
Tax years closed	(287)	(61)
Unrecognized tax benefits, end of year	$ 1,458	$ 1,462

Retirement Plans and Postretirement Costs (Details Textual) - USD ($)	12 Months Ended
	Jun. 27, 2021	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 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 contributions for termination of Qualified Pension Plan	$ 0
Non-cash pre-tax settlement charge			$ 31,900,000
Non-cash compensation expense		$ 4,824,000	4,200,000
Rabbi Trust Assets - SERP	3,600,000	2,900,000
Postretirement plan annual benefit limit for future eligible retirees	$ 4,000
Other postretirement benefits maximum benefit period	5 years
Health care cost trend rate for next fiscal year	6.47%
Ultimate health care cost trend rate	3.00%
401(K) Plan
Defined Benefit Plan Disclosure [Line Items]
Percent of each dollar of eligible employee contributions matched by employer	100.00%
Employer matching contribution to employee up to participant's eligible contribution	5.00%
Other Current Assets
Defined Benefit Plan Disclosure [Line Items]
Rabbi Trust Assets - SERP		217,000
Other Long-Term Assets
Defined Benefit Plan Disclosure [Line Items]
Rabbi Trust Assets - SERP		2,700,000
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
Projected benefit obligation	$ 2,800,000	2,300,000
Accumulated benefit obligation	2,600,000	2,200,000
Expected employer contributions in next fiscal year	463,000
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	709,000	$ 821,000	$ 914,000
Expected employer contributions in next fiscal year	$ 110,000

Retirement Plans and Postretirement Costs - Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax (Details) $ in Thousands	Jun. 27, 2021 USD ($)
SERP
Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax
Net actuarial loss	$ 639
Postretirement
Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax
Net actuarial loss	$ 1,473

Retirement Plans and Postretirement Costs - Amounts Included in Accumulated Other Comprehensive Loss Expected to be Recognized, Net of Tax (Details) $ in Thousands	Jun. 27, 2021 USD ($)
SERP
Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax
Net actuarial loss	$ 66
Postretirement
Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax
Net actuarial loss	$ 257

Retirement Plans and Postretirement Costs - Summary of Pension Supplemental Executive Retirement Plan and Postretirement Plans Income and Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 30, 2019
COMPONENTS OF NET PERIODIC BENEFIT COST (CREDIT):
Plan settlements			$ 31,900
CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE INCOME:
Amortization of prior service credits	$ 8	$ 29
Amortization of unrecognized net loss	(369)	(412)
Pension and SERP Benefits
COMPONENTS OF NET PERIODIC BENEFIT COST (CREDIT):
Service cost	63	74
Interest cost	41	61
Plan settlements	65
Amortization of unrecognized net loss	10	15
Net periodic benefit cost (credit)	$ 179	$ 150
Benefit Obligations:
Benefit Obligations, Discount rate	2.06%	2.33%
Benefit Obligations, Rate of compensation increases - SERP	3.00%	3.00%
Net Periodic Benefit Cost:
Net Periodic Benefit Cost, Discount rate	2.33%	3.17%
Net Periodic Benefit Cost, Rate of compensation increases - SERP	3.00%	3.00%
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Benefit obligation at beginning of year	$ 2,293	$ 2,229
Service cost	63	74
Interest cost	41	61
Actuarial loss (gain)	631	3
Benefits paid	(231)	(74)
Benefit obligation at end of year	2,797	2,293	2,229
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year		8,645
Actual return on plan assets		84
Employer contribution	231	14
Excess Asset Transfer		(9,019)
Plan settlements		350
Benefits paid	(231)	(74)
Fair value of plan assets at end of year			8,645
Funded status – accrued benefit obligations	(2,797)	(2,293)
AMOUNTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS:
Accrued payroll and benefits (current liabilities)	(463)	(1,039)
Accrued benefit obligations (long-term liabilities)	(2,334)	(1,254)
Net amount recognized	(2,797)	(2,293)
CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE INCOME:
Net periodic benefit cost	179	150
Net actuarial loss (gain)	631	3
Settlement loss	(65)
Amortization of unrecognized net loss	(10)	(15)
Total recognized in other comprehensive (income) loss, before tax	556	(12)
Total recognized in net periodic benefit cost and other comprehensive loss, before tax	735	138
Postretirement Benefits
COMPONENTS OF NET PERIODIC BENEFIT COST (CREDIT):
Service cost	13	12
Interest cost	16	26
Amortization of prior service cost (credit)	(8)	(29)
Amortization of unrecognized net loss	359	397
Net periodic benefit cost (credit)	$ 380	$ 406
Benefit Obligations:
Benefit Obligations, Discount rate	2.01%	2.07%
Net Periodic Benefit Cost:
Net Periodic Benefit Cost, Discount rate	2.07%	3.01%
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Benefit obligation at beginning of year	$ 821	$ 914
Service cost	13	12
Interest cost	16	26
Actuarial loss (gain)	(26)	22
Benefits paid	(115)	(153)
Benefit obligation at end of year	709	821	$ 914
CHANGE IN PLAN ASSETS:
Employer contribution	115	153
Benefits paid	(115)	(153)
Funded status – accrued benefit obligations	(709)	(821)
AMOUNTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS:
Accrued payroll and benefits (current liabilities)	(110)	(120)
Accrued benefit obligations (long-term liabilities)	(599)	(701)
Net amount recognized	(709)	(821)
CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE INCOME:
Net periodic benefit cost	380	406
Net actuarial loss (gain)	(26)	22
Amortization of prior service credits	8	29
Amortization of unrecognized net loss	(359)	(397)
Total recognized in other comprehensive (income) loss, before tax	(377)	(346)
Total recognized in net periodic benefit cost and other comprehensive loss, before tax	$ 3	$ 60

Retirement Plans and Postretirement Costs - Expected Future Benefit Payments (Details) $ in Thousands	Jun. 27, 2021 USD ($)
SERP
Expected future benefit payments
2022	$ 468
2023	446
2024	444
2025	14
2026	14
2027-2031	585
Postretirement Benefits
Expected future benefit payments
2022	110
2023	98
2024	95
2025	65
2026	40
2027-2031	$ 222

Retirement Plans and Postretirement Costs - Schedule of 401(k) Plan Contribution (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Compensation And Retirement Disclosure [Abstract]
Employer contribution defined contribution plan	$ 1,706	$ 1,709

Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Equity [Abstract]
Common stock, shares authorized	12,000,000	12,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares outstanding	3,805,065	3,749,619
Number of shares authorized to be repurchased	3,839,395
Number of shares repurchased to date	3,655,322
Cost of shares repurchased to date	$ 136.4
Number of shares repurchased during period	0	0

Earnings (Loss) Per Share - Reconciliation of the Components of Basic and Diluted Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Reconciliation of the components of the basic and diluted per share
Net income (loss) attributable to STRATTEC	$ 22,532	$ (7,605)
Weighted average shares of common stock outstanding	3,788	3,737
Incremental shares – stock based compensation	64
Diluted weighted average shares of common stock outstanding	3,852	3,737
Basic	$ 5.95	$ (2.04)
Diluted	$ 5.85	$ (2.04)

- 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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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

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Earnings Per Share [Abstract]
Antidilutive shares excluded from earnings (loss) per share computation	9,010	160,254

Stock Option and Purchase Plans - Summary of Stock Option Activity Under Our Stock Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Share Based Compensation [Abstract]
Shares, Beginning Balance	90,860	117,360
Shares, Exercised	(18,236)	(26,500)
Shares, Ending Balance	72,624	90,860
Shares, Exercisable	72,624	90,860
Weighted Average Exercise Price, Beginning Balance	$ 35.88	$ 31.85
Weighted Average Exercise Price, Exercised	28.85	18.00
Weighted Average Exercise Price, Ending Balance	37.65	35.88
Weighted Average Exercise Price, Exercisable	$ 37.65	$ 35.88
Weighted Average Remaining Contractual Term, Outstanding	1 year 6 months
Weighted Average Remaining Contractual Term, Exercisable	1 year 6 months	2 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding	$ 790
Aggregate Intrinsic Value, Exercisable	$ 790

Stock Option and Purchase Plans (Details Textual) - USD ($)	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, granted	0	0
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum Contribution per participant per calendar year	$ 5,200
Maximum number of shares authorized for issuance from treasury under the Employee Stock Purchase Plan	100,000
Employee stock purchase plan average price of shares purchased during period	$ 31.03	$ 19.42
Shares available for issuance from treasury under the Employee Stock Purchase plan	51,330
Employee Stock Purchase Plan \| Treasury Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued under stock purchase plan	2,541	4,246

Stock Option and Purchase Plans - Summary of Restricted Stock Activity Under Our Stock Incentive Plan (Details) - Restricted stock - $ / shares	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, Shares Beginning Balance	69,394	63,757
Granted, Shares	48,300	39,150
Vested, Shares	(34,669)	(27,318)
Forfeited, Shares	(1,050)	(6,195)
Nonvested, Shares Ending Balance	81,975	69,394
Nonvested, Weighted Average Grant Date Fair Value Beginning Balance	$ 30.59	$ 39.47
Granted, Weighted Average Grant Date Fair Value	21.20	21.80
Vested, Weighted Average Grant Date Fair Value	34.95	37.86
Forfeited, Weighted Average Grant Date Fair Value	22.84	34.38
Nonvested, Weighted Average Grant Date Fair Value Ending Balance	$ 23.31	$ 30.59

Export Sales - Schedule of Sales to Locations Outside of the United States (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Concentration Risk [Line Items]
Net sales	$ 485,295	$ 385,300
Export Sales
Concentration Risk [Line Items]
Net sales	$ 130,260	$ 114,381
Export Sales \| Sales Revenue Net \| Geographic Concentration Risk
Concentration Risk [Line Items]
Percentage of Export Sales	27.00%	30.00%
Canada \| Geographic Concentration Risk
Concentration Risk [Line Items]
Net sales	$ 34,927	$ 46,191
Canada \| Sales Revenue Net \| Geographic Concentration Risk
Concentration Risk [Line Items]
Percentage of Export Sales	7.00%	12.00%

- 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.

+ References

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-Name Accounting Standards Codification
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+ Details

Product Sales - Schedule of Product Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Product Information [Line Items]
Net sales	$ 485,295	$ 385,300
Revenue, Product and Service Benchmark \| Product Concentration Risk
Product Information [Line Items]
Percentage of Net Sales	100.00%	100.00%
Keys & Locksets
Product Information [Line Items]
Net sales	$ 116,572	$ 101,666
Keys & Locksets \| Revenue, Product and Service Benchmark \| Product Concentration Risk
Product Information [Line Items]
Percentage of Net Sales	24.00%	26.00%
Door Handles & Exterior Trim
Product Information [Line Items]
Net sales	$ 126,218	$ 98,168
Door Handles & Exterior Trim \| Revenue, Product and Service Benchmark \| Product Concentration Risk
Product Information [Line Items]
Percentage of Net Sales	26.00%	25.00%
Power Access
Product Information [Line Items]
Net sales	$ 95,245	$ 63,829
Power Access \| Revenue, Product and Service Benchmark \| Product Concentration Risk
Product Information [Line Items]
Percentage of Net Sales	20.00%	17.00%
Latches
Product Information [Line Items]
Net sales	$ 51,211	$ 45,295
Latches \| Revenue, Product and Service Benchmark \| Product Concentration Risk
Product Information [Line Items]
Percentage of Net Sales	10.00%	12.00%
Aftermarket & OE Service
Product Information [Line Items]
Net sales	$ 47,138	$ 40,742
Aftermarket & OE Service \| Revenue, Product and Service Benchmark \| Product Concentration Risk
Product Information [Line Items]
Percentage of Net Sales	10.00%	11.00%
Driver Controls
Product Information [Line Items]
Net sales	$ 40,031	$ 29,649
Driver Controls \| Revenue, Product and Service Benchmark \| Product Concentration Risk
Product Information [Line Items]
Percentage of Net Sales	8.00%	8.00%
Other
Product Information [Line Items]
Net sales	$ 8,880	$ 5,951
Other \| Revenue, Product and Service Benchmark \| Product Concentration Risk
Product Information [Line Items]
Percentage of Net Sales	2.00%	1.00%

Sales and Receivable Concentration - Sales to Largest Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Sales to largest customers
Net sales	$ 485,295	$ 385,300
Fiat Chrysler Automobiles \| Customer Concentration Risk
Sales to largest customers
Net sales	$ 85,629	$ 85,010
Fiat Chrysler Automobiles \| Customer Concentration Risk \| Sales Revenue Net
Sales to largest customers
Percentage of Net Sales	18.00%	22.00%
General Motors Company \| Customer Concentration Risk
Sales to largest customers
Net sales	$ 146,547	$ 102,487
General Motors Company \| Customer Concentration Risk \| Sales Revenue Net
Sales to largest customers
Percentage of Net Sales	30.00%	27.00%
Ford Motor Company \| Customer Concentration Risk
Sales to largest customers
Net sales	$ 67,670	$ 52,666
Ford Motor Company \| Customer Concentration Risk \| Sales Revenue Net
Sales to largest customers
Percentage of Net Sales	14.00%	13.00%
Total of Major Customers \| Customer Concentration Risk
Sales to largest customers
Net sales	$ 299,846	$ 240,163
Total of Major Customers \| Customer Concentration Risk \| Sales Revenue Net
Sales to largest customers
Percentage of Net Sales	62.00%	62.00%

- Definition

+ References

+ Details

Sales and Receivable Concentration - Receivables from Largest Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Receivables from largest customers
Receivables	$ 69,902	$ 41,955
Fiat Chrysler Automobiles \| Customer Concentration Risk
Receivables from largest customers
Receivables	$ 11,938	$ 5,881
Fiat Chrysler Automobiles \| Customer Concentration Risk \| Accounts Receivable
Receivables from largest customers
Percentage of Gross Receivables	17.00%	14.00%
General Motors Company \| Customer Concentration Risk
Receivables from largest customers
Receivables	$ 22,934	$ 12,630
General Motors Company \| Customer Concentration Risk \| Accounts Receivable
Receivables from largest customers
Percentage of Gross Receivables	32.00%	30.00%
Ford Motor Company \| Customer Concentration Risk
Receivables from largest customers
Receivables	$ 8,204	$ 6,101
Ford Motor Company \| Customer Concentration Risk \| Accounts Receivable
Receivables from largest customers
Percentage of Gross Receivables	12.00%	15.00%
Total of Major Customers \| Customer Concentration Risk
Receivables from largest customers
Receivables	$ 43,076	$ 24,612
Total of Major Customers \| Customer Concentration Risk \| Accounts Receivable
Receivables from largest customers
Percentage of Gross Receivables	61.00%	59.00%