0001564590-22-003945 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Dec. 26, 2021	Dec. 27, 2021
Cover [Abstract]
Entity Registrant Name	STRATTEC SECURITY CORP
Entity Central Index Key	0000933034
Document Type	10-Q
Document Period End Date	Dec. 26, 2021
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--07-03
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	0-25150
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1804239
Entity Address, Address Line One	3333 West Good Hope Road
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53209
City Area Code	414
Local Phone Number	247-3333
Document Quarterly Report	true
Document Transition Report	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock Shares Outstanding		3,953,798
Security Exchange Name	NASDAQ
Trading Symbol	STRT
Title of 12(b) Security	Common stock, $.01 par value

Condensed Consolidated Statements of Income and Comprehensive (Loss) Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 26, 2021	Dec. 27, 2020
Income Statement [Abstract]
Net sales	$ 112,908	$ 127,360	$ 213,249	$ 253,594
Cost of goods sold	97,975	105,119	185,767	208,842
Gross profit	14,933	22,241	27,482	44,752
Engineering, selling and administrative expenses	11,301	10,302	23,422	21,616
Income from operations	3,632	11,939	4,060	23,136
Equity earnings of joint ventures	615	1,075	364	1,900
Interest expense	(57)	(84)	(105)	(196)
Other (expense) income, net	(95)	(1,366)	35	(1,626)
Income before provision for income taxes and non-controlling interest	4,095	11,564	4,354	23,214
Provision for income taxes	255	1,991	292	3,568
Net income	3,840	9,573	4,062	19,646
Net income attributable to non-controlling Interest	446	2,460	567	4,525
Net income attributable to STRATTEC SECURITY CORPORATION	3,394	7,113	3,495	15,121
Comprehensive income:
Net income	3,840	9,573	4,062	19,646
Pension and postretirement plans, net of tax	78	69	159	139
Currency translation adjustments	(544)	4,417	(1,256)	6,116
Other comprehensive (loss) income, net of tax	(466)	4,486	(1,097)	6,255
Comprehensive income	3,374	14,059	2,965	25,901
Comprehensive income attributable to non-controlling interest	93	3,773	64	6,159
Comprehensive income attributable to STRATTEC SECURITY CORPORATION	$ 3,281	$ 10,286	$ 2,901	$ 19,742
Earnings per share attributable to STRATTEC SECURITY CORPORATION:
Basic	$ 0.88	$ 1.88	$ 0.91	$ 4.01
Diluted	$ 0.87	$ 1.85	$ 0.90	$ 3.96
Average shares outstanding:
Basic	3,866	3,786	3,848	3,775
Diluted	3,908	3,842	3,901	3,815

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 26, 2021	Jun. 27, 2021
Current Assets:
Cash and cash equivalents	$ 14,071	$ 14,465
Receivables, net	72,472	69,902
Inventories:
Finished products	18,883	20,633
Work in process	15,269	14,707
Purchased materials	44,926	40,900
Excess and obsolete reserve	(5,835)	(5,380)
Inventories, net	73,243	70,860
Other current assets	18,129	19,677
Total current assets	177,915	174,904
Investment in joint ventures	27,394	27,224
Deferred Income Taxes	4,852	5,052
Other long-term assets	6,867	6,982
Property, plant and equipment	269,561	270,429
Less: accumulated depreciation	(178,276)	(174,028)
Net property, plant and equipment	91,285	96,401
Total assets	308,313	310,563
Current Liabilities:
Accounts payable	31,635	36,727
Accrued Liabilities:
Payroll and benefits	15,763	22,483
Environmental	1,390	1,390
Warranty	8,220	8,425
Other	9,829	8,547
Total current liabilities	66,837	77,572
Borrowings under credit facilities	17,000	12,000
Accrued pension obligations	2,384	2,334
Accrued postretirement obligations	561	599
Other long-term liabilities	4,460	4,625
Shareholders’ Equity:
Common stock, authorized 18,000,000 shares, $.01 par value, 7,472,327 issued shares at December 26, 2021 and 7,411,717 issued shares at June 27, 2021	75	74
Capital in excess of par value	100,768	99,512
Retained earnings	237,967	234,472
Accumulated other comprehensive loss	(17,391)	(16,797)
Less: treasury stock, at cost (3,605,654 shares at December 26, 2021 and 3,606,652 shares at June 27, 2021)	(135,599)	(135,615)
Total STRATTEC SECURITY CORPORATION shareholders’ equity	185,820	181,646
Non-controlling interest	31,251	31,787
Total shareholders’ equity	217,071	213,433
Total liabilities and shareholders' equity	$ 308,313	$ 310,563

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 26, 2021	Jun. 27, 2021
Statement Of Financial Position [Abstract]
Common stock, shares authorized	18,000,000	18,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	7,472,327	7,411,717
Treasury stock, shares	3,605,654	3,606,652

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 4,062	$ 19,646
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	9,968	9,797
Foreign currency transaction (gain) loss	(243)	2,312
Loss on disposal of property, plant and equipment	93	1,426
Unrealized loss (gain) on peso forward contracts	224	(480)
Stock based compensation expense	634	582
Equity earnings of joint ventures	(364)	(1,900)
Change in operating assets and liabilities:
Receivables	(2,644)	(43,640)
Inventories	(2,383)	(1,933)
Other assets	1,365	3,737
Accounts payable and accrued liabilities	(10,934)	27,274
Other, net	240	235
Net cash provided by operating activities	18	17,056
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in VAST LLC		(100)
Purchase of property, plant and equipment	(5,362)	(4,593)
Proceeds received on sale of property, plant and equipment		3
Net cash used in investing activities	(5,362)	(4,690)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facilities	8,000
Repayment of borrowings under credit facilities	(3,000)	(13,000)
Dividends paid to non-controlling interests of subsidiaries	(600)	(490)
Exercise of stock options and employee stock purchases	639	40
Net cash provided by (used in) financing activities	5,039	(13,450)
Foreign currency impact on cash	(89)	(258)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(394)	(1,342)
CASH AND CASH EQUIVALENTS
Beginning of period	14,465	11,774
End of period	14,071	10,432
Cash paid (recovered) during the period for:
Income taxes	(2,031)	2,406
Interest	100	208
Non-cash investing activities:
Change in capital expenditures in accounts payable	$ 624	$ (340)

Basis of Financial Statements

6 Months Ended

Dec. 26, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Financial Statements

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

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

In the opinion of management, the accompanying condensed consolidated balance sheets as of December 26, 2021 and June 27, 2021, which have been derived from our audited financial statements, and the related unaudited interim condensed consolidated financial statements included herein contain all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with Rule 10-01 of Regulation S-X. All significant intercompany transactions have been eliminated.

Interim financial results are not necessarily indicative of operating results for an entire year. The information included in this Form 10-Q should be read in conjunction with the financial statements and notes thereto included in the STRATTEC SECURITY CORPORATION 2021 Form 10-K, which was filed with the Securities and Exchange Commission on September 2, 2021.

Risks and Uncertainties

6 Months Ended

Dec. 26, 2021

Risks And Uncertainties [Abstract]

Risks and Uncertainties

In December 2019, a novel strain of coronavirus (COVID-19) was reported in Wuhan, China. The coronavirus has since spread, and infections have been found in multiple countries around the world, including the United States. In March 2020, the World Health Organization recognized the COVID-19 outbreak as a pandemic based on the global spread of the disease, the severity of illnesses it causes and its effects on society. In response to the COVID-19 outbreak, the governments of many countries, states, cities and other geographic regions have taken preventative or protective actions, such as imposing restrictions on travel and business operations, and in certain cases, advising or requiring individuals to limit or forego their time outside of their homes or from participating in large group gatherings. 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. Nonetheless, during the fourth quarter of our fiscal 2021, our net sales were negatively impacted by a global semiconductor chip shortage (especially as it relates to the automotive industry), which shortage continued into our current fiscal 2022 first and second quarters resulting in a decrease in our net sales for both the current year quarter and year to date period as compared to the same periods in our prior fiscal year.

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 needed by us and our customers to meet expected production schedules, all of which are uncertain and cannot be predicted as to timing and cost impacts. These changing conditions may also affect the estimates and assumptions made by our management. Such estimates and assumptions affect, among other things, our long-lived asset valuations, equity investment valuation, assessment of our annual effective tax rate, valuation of deferred income taxes, assessment of excess and obsolete inventory reserves, and assessment of collectability of trade receivables.

New Accounting Standards

6 Months Ended

Dec. 26, 2021

Accounting Changes And Error Corrections [Abstract]

New Accounting Standards

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

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

- Definition

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

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+ Details

Subsequent Event

6 Months Ended

Dec. 26, 2021

Subsequent Events [Abstract]

Subsequent Event

On January 28, 2022, our VAST LLC joint venture company experienced a fire impacting a paint line at their Taicang, China facility. VAST China is currently working to resource production to its Jingzhou, China facility and to its partners’ facilities. Inability of VAST China to resource production may have a negative impact on their future financial results and on STRATTEC’s future equity earnings of joint ventures. Additionally, insurance coverage and equipment impairment are currently in the process of being evaluated.

Derivative Instruments

6 Months Ended

Dec. 26, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments

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

The following table quantifies the outstanding Mexican peso forward contracts as of December 26, 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	January 18, 2022 - June 14, 2022	$	10,500		20.80	$	(71	)
Buy MXP/Sell USD	July 19, 2022 - December 13, 2022	$	3,000		22.62	$	90

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

	December 26, 2021			June 27, 2021
Not Designated as Hedging Instruments:
Other Current Assets:
Mexican Peso Forward Contracts	$	90		$	243
Other Current Liabilities:
Mexican Peso Forward Contracts	$	(71	)	$	—

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

	Three Months Ended					Six Months Ended
	December 26, 2021			December 27, 2020		December 26, 2021			December 27, 2020
Not Designated as Hedging Instruments:
Realized Gain	$	45		$	135	$	184		$	76
Realized (Loss)	$	(49	)	$	—	$	(49	)	$	—
Unrealized (Loss) Gain	$	(126	)	$	145	$	(224	)	$	480

Fair Value of Financial Instruments

6 Months Ended

Dec. 26, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The fair value of our cash and cash equivalents, accounts receivable, accounts payable and borrowings under our credit facilities approximated book value as of December 26, 2021 and June 27, 2021. Fair value is defined as the exchange price that would be received for an asset or paid for a liability (an exit price) in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 26, 2021 (in thousands):

	Fair Value Inputs
	Level 1 Assets: Quoted Prices In Active Markets		Level 2 Assets: Observable Inputs Other Than Market Prices			Level 3 Assets: Unobservable Inputs
Assets:
Rabbi Trust Assets:
Stock Index Funds:
Small Cap	$	177	$	—		$	—
Mid Cap		363		—			—
Large Cap		761		—			—
International		893		—			—
Fixed Income Funds		1,094		—			—
Cash and Cash Equivalents		—		365			—
Mexican Peso Forward Contracts		—		90			—
Total Assets at Fair Value	$	3,288	$	455		$	—

Liabilities:
Mexican Peso Forward Contracts		—		(71	)		—
Total Liabilities at Fair Value	$	—	$	(71	)	$	—

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

- Definition

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

+ References + Details

Investment in Joint Ventures and Majority Owned Subsidiaries

6 Months Ended

Dec. 26, 2021

Equity Method Investments And Joint Ventures [Abstract]

Investment in Joint Ventures and Majority Owned Subsidiaries

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

The Alliance Agreements include a set of cross-licensing agreements for the manufacture, distribution and sale of WITTE products by STRATTEC and ADAC in North America, and the manufacture, distribution and sale of STRATTEC and ADAC products by WITTE in Europe. Additionally, a joint venture company, Vehicle Access Systems Technology LLC (“VAST LLC”), in which WITTE, STRATTEC and ADAC each hold a one-third interest, exists to seek opportunities to manufacture and sell each company’s products in areas of the world outside of North America and Europe. As a result of these relationships, the entities involved purchase products from each other on an as needed basis to use as components in end products assembled and sold in their respective home markets. STRATTEC currently purchases such component parts from WITTE. These purchases totaled $228,000 and $415,000 during the three and six month periods ended December 26, 2021, respectively, and $237,000 and $320,000 during the three and six month periods ended December 27, 2020.

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

The VAST LLC investments are accounted for using the equity method of accounting and the results of the VAST LLC foreign subsidiaries and joint venture are reported on a one-month lag basis. The activities related to the VAST LLC foreign subsidiaries and joint venture resulted in equity earnings of joint ventures to STRATTEC of $364,000 during the six month period ended December 26, 2021 and $1.9 million during the six month period ended December 27, 2020. During the six months ended December 26, 2021, no capital contributions were made to VAST LLC by any of the members. During the six months ended December 27, 2020, 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.

ADAC-STRATTEC LLC, a Delaware limited liability company, was formed in fiscal year 2007 to support injection molding and door handle assembly operations in Mexico. ADAC-STRATTEC LLC was 51 percent owned by STRATTEC and 49 percent owned by ADAC for all periods presented in this report. An additional Mexican entity, ADAC-STRATTEC de Mexico, is wholly owned by ADAC-STRATTEC LLC. ADAC-STRATTEC LLC’s financial results are consolidated with the financial results of STRATTEC and resulted in increased net sales and decreased net income to STRATTEC of approximately $51.9 million and $326,000, respectively, during the six month period ended December 26, 2021 and increased net sales and increased net income to STRATTEC of approximately $68.9 million and $2.7 million, respectively, during the six month period ended December 27, 2020. ADAC charges ADAC STRATTEC LLC an engineering, research and design fee as well as a sales fee. Such fees are calculated as a percentage of net sales, are included in the consolidated results of STRATTEC, and totaled $2.0 million and $3.6 million in the three and six month periods ended December 26, 2021 and $2.4 million and $4.8 million in the three and six month periods ended December 27, 2020. Additionally, ADAC-STRATTEC LLC sells production parts to ADAC. Sales to ADAC are included in the consolidated results of STRATTEC and totaled $1.9 million and $3.1 million in the three and six month periods ended December 26, 2021 and $3.3 million and $6.4 million in the three and six month periods ended December 27, 2020.

STRATTEC POWER ACCESS LLC (“SPA”) was formed in fiscal year 2009 to supply the North American portion of the power sliding door, lift gate and deck lid system access control products which were acquired from Delphi Corporation. SPA was 80 percent owned by STRATTEC and 20 percent owned by WITTE for all periods presented in this report. An additional Mexican entity, STRATTEC POWER ACCESS de Mexico, is wholly owned by SPA. The financial results of SPA are consolidated with the financial results of STRATTEC and resulted in increased net sales and increased net income to STRATTEC of approximately $44.7 million and $2.2 million, respectively, during the six month period ended December 26, 2021 and $45.8 million and $3.2 million, respectively, during the six month period ended December 27, 2020.

Equity Earnings of Joint Ventures

6 Months Ended

Dec. 26, 2021

Equity Method Investments And Joint Ventures [Abstract]

Equity Earnings of Joint Ventures

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

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

	Three Months Ended				Six Months Ended
	December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
Net Sales	$	55,556	$	58,352	$	98,173	$	108,763
Cost of Goods Sold		45,712		46,599		80,604		87,190
Gross Profit		9,844		11,753		17,569		21,573
Engineering, Selling and Administrative Expenses		7,949		8,649		16,500		15,252
Income From Operations		1,895		3,104		1,069		6,321
Other Income, net		304		1,185		393		1,036
Income before Provision for Income Taxes		2,199		4,289		1,462		7,357
Provision for Income Taxes		354		1,071		375		1,663
Net Income	$	1,845	$	3,218	$	1,087	$	5,694
STRATTEC's Share of VAST LLC Net Income		615		1,073		362		1,898
Intercompany Profit Elimination		—		2		2		2
STRATTEC’s Equity Earnings of VAST LLC	$	615	$	1,075	$	364	$	1,900

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

	Three Months Ended				Six Months Ended
	December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
Sales to VAST LLC	$	702	$	998	$	1,217	$	2,214
Purchases from VAST LLC	$	19	$	14	$	151	$	201
Expenses Charged to VAST LLC	$	204	$	589	$	378	$	1,096
Expenses Charged from VAST LLC	$	189	$	359	$	442	$	651

Leases

6 Months Ended

Dec. 26, 2021

Leases [Abstract]

Leases

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

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

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

	December 26, 2021
Right-of Use Asset Under Operating Lease:
Other Long-Term Assets	$	3,213
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$	389
Other Long-Term Liabilities		2,824
	$	3,213

Future minimum lease payments, by our fiscal year, including options to extend that are reasonably certain to be exercised, under this non-cancelable lease are as follows as of December 26, 2021 (in thousands):

2022 (for the remaining six months)	$	244
2023		497
2024		509
2025		522
2026		535
Thereafter		1,299
Total Future Minimum Lease Payments		3,606
Less: Imputed Interest		(393	)
Total Lease Obligations	$	3,213

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

	Six Months Ended
	December 26, 2021		December 27, 2020
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$	241	$	235

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

December 26,

2021

Weighted Average Remaining Lease Term (in years)

6.8

Weighted Average Discount Rate

3.3

Operating lease expense for the three and six month periods ended December 26, 2021 totaled $122,000 and $241,000, respectively. Operating lease expense for the three and six month periods ended December 27, 2020 totaled $119,000 and $235,000, respectively.

Credit Facilities

6 Months Ended

Dec. 26, 2021

Debt Disclosure [Abstract]

Credit Facilities

STRATTEC has a $40 million secured revolving credit facility (the “STRATTEC Credit Facility”) with BMO Harris Bank N.A. ADAC-STRATTEC LLC has a $25 million secured revolving credit facility (the “ADAC-STRATTEC Credit Facility”) with BMO Harris Bank N.A., which is guaranteed by STRATTEC. The credit facilities both expire August 1, 2024. Borrowings under either credit facility are secured by our U.S. cash balances, accounts receivable, inventory, and fixed assets. Interest on borrowings under the STRATTEC Credit Facility 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 December 26, 2021, we were in compliance with all financial covenants required by these credit facilities.

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

	December 26, 2021		June 27, 2021
STRATTEC Credit Facility	$	—	$	—
ADAC-STRATTEC Credit Facility		17,000		12,000
	$	17,000	$	12,000

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

	Six Months Ended
	Average Outstanding Borrowings				Weighted Average Interest Rate
	December 26, 2021		December 27, 2020		December 26, 2021			December 27, 2020
STRATTEC Credit Facility	$	170	$	13,747		3.3	%		1.2	%
ADAC-STRATTEC Credit Facility	$	14,846	$	16,258		1.4	%		1.4	%

Commitments and Contingencies

6 Months Ended

Dec. 26, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

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

In 1995, we recorded a provision for estimated costs to remediate an environmental contamination site at our Milwaukee facility. The facility was contaminated by a solvent spill, which occurred in 1985, from a former above ground solvent storage tank located on the east side of the facility. The reserve was originally established based on third party estimates to adequately cover the cost for active remediation of the contamination. Due to changing technology and related costs associated with active remediation of the contamination, in fiscal years 2010, 2016, and 2021, we obtained updated third party estimates of projected costs to adequately cover the cost for active remediation of this contamination and adjusted the reserve as needed. We monitor and evaluate the site with the use of these groundwater monitoring wells. An environmental consultant samples these wells one or two times a year to determine the status of the contamination and the potential for remediation of the contamination by natural attenuation, the dissipation of the contamination over time to concentrations below applicable standards. If such sampling evidences a sufficient degree of and trend toward natural attenuation of the contamination at the site, we may be able to obtain a closure letter from the regulatory authorities resolving the issue without the need for active remediation. If a sufficient degree and trend toward natural attenuation is not evidenced by sampling, a more active form of remediation beyond natural attenuation may be required. The sampling has not yet satisfied all of the requirements for closure by natural attenuation. As a result, sampling continues and the reserve remains at an amount to reflect our estimated cost of active remediation. The reserve is not measured on a discounted basis. We believe, based on findings-to-date and known environmental regulations, that the environmental reserve of $1.4 million at December 26, 2021 is adequate.

Shareholders' Equity

6 Months Ended

Dec. 26, 2021

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

A summary of activity impacting shareholders’ equity for the three and six month periods ended December 26, 2021 and December 27, 2020 were as follows (in thousands):

	Three Months Ended December 26, 2021
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, September 26, 2021	$	213,439		$	75	$	100,519	$	234,573	$	(17,278	)	$	(135,608	)	$	31,158
Net Income		3,840			—		—		3,394		—			—			446
Translation Adjustments		(544	)		—		—		—		(191	)		—			(353	)
Stock Based Compensation		238			—		238		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		78			—		—		—		78			—			—
Employee Stock Purchases		20			—		11		—		—			9			—
Balance, December 26, 2021	$	217,071		$	75	$	100,768	$	237,967	$	(17,391	)	$	(135,599	)	$	31,251

	Three Months Ended December 27, 2020
	Total Shareholders’ Equity		Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, September 27, 2020	$	187,020	$	74	$	98,188	$	219,948	$	(20,665	)	$	(135,640	)	$	25,115
Net Income		9,573		—		—		7,113		—			—			2,460
Translation Adjustments		4,417		—		—		—		3,104			—			1,313
Stock Based Compensation		374		—		374		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		69		—		—		—		69			—			—
Employee Stock Purchases		20		—		9		—		—			11			—
Balance, December 27, 2020	$	201,473	$	74	$	98,571	$	227,061	$	(17,492	)	$	(135,629	)	$	28,888

	Six Months Ended December 26, 2021
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, June 27, 2021	$	213,433		$	74	$	99,512	$	234,472	$	(16,797	)	$	(135,615	)	$	31,787
Net Income		4,062			—		—		3,495		—			—			567
Dividend Declared – Non- controlling Interests of Subsidiaries		(600	)		—		—		—		—			—			(600	)
Translation Adjustments		(1,256	)		—		—		—		(753	)		—			(503	)
Stock Based Compensation		634			—		634		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		159			—		—		—		159			—			—
Stock Option Exercises		600			1		599		—		—			—			—
Employee Stock Purchases		39			—		23		—		—			16			—
Balance, December 26, 2021	$	217,071		$	75	$	100,768	$	237,967	$	(17,391	)	$	(135,599	)	$	31,251

	Six Months Ended December 27, 2020
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, June 28, 2020	$	175,441		$	74	$	97,977	$	211,940	$	(22,113	)	$	(135,656	)	$	23,219
Net Income		19,646			—		—		15,121		—			—			4,525
Dividend Declared – Non- controlling Interests of Subsidiaries		(490	)		—		—		—		—			—			(490	)
Translation Adjustments		6,116			—		—		—		4,482			—			1,634
Stock Based Compensation		582			—		582		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		139			—		—		—		139			—			—
Employee Stock Purchases		39			—		12		—		—			27			—
Balance, December 27, 2020	$	201,473		$	74	$	98,571	$	227,061	$	(17,492	)	$	(135,629	)	$	28,888

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Revenue from Contracts with Customers

6 Months Ended

Dec. 26, 2021

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

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

Contract Balances:

We have no material contract assets or contract liabilities as of December 26, 2021 or June 27, 2021.

Revenue by Product Group and Customer:

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

	Three Months Ended				Six Months Ended
	December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
Door Handles & Exterior Trim	$	28,358	$	34,813	$	51,898	$	68,904
Keys & Locksets		26,654		30,136		49,495		62,872
Power Access		23,529		25,210		44,669		45,830
Latches		11,915		14,343		22,022		28,178
Aftermarket & OE Service		11,414		9,971		23,310		23,108
Driver Controls		8,775		10,535		16,792		20,322
Other		2,263		2,352		5,063		4,380
	$	112,908	$	127,360	$	213,249	$	253,594

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

	Three Months Ended				Six Months Ended
	December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
General Motors Company	$	31,129	$	39,023	$	56,813	$	76,779
Stellantis (Formerly Fiat Chrysler Automobiles)		23,050		23,152		39,610		48,234
Ford Motor Company		21,070		16,788		38,765		32,634
Commercial and Other OEM Customers		16,190		19,596		33,602		41,031
Tier 1 Customers		15,607		18,660		27,582		36,155
Hyundai / Kia		5,862		10,141		16,877		18,761
	$	112,908	$	127,360	$	213,249	$	253,594

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Other (Expense) Income, net

6 Months Ended

Dec. 26, 2021

Other Income And Expenses [Abstract]

Other (Expense) Income, net

Net other (expense) income included in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income primarily included foreign currency transaction gains and losses, realized and unrealized gains or losses on our Mexican peso currency forward contracts, net periodic pension and postretirement benefit costs, other than the service cost component, related to our Supplemental Executive Retirement Plan (“SERP”) and postretirement plans and Rabbi Trust gains and losses. Foreign currency transaction gains and losses resulted from activity associated with foreign denominated assets held by our Mexican subsidiaries. We entered into the Mexican Peso currency forward contracts described above to minimize earnings volatility resulting from changes in exchange rates affecting the U.S. dollar cost of our Mexican operations. Unrealized gains and losses on the peso forward contracts recognized as a result of mark-to-market adjustments as of December 26, 2021 may or may not be realized in future periods, depending on the actual Mexican peso to U.S. dollar exchange rates experienced during the balance of the contract period. The Rabbi Trust assets fund our Amended and Restated Supplemental Executive Retirement Plan. The investments held in this Trust are considered trading securities.

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

	Three Months Ended						Six Months Ended
	December 26, 2021			December 27, 2020			December 26, 2021			December 27, 2020
Foreign Currency Transaction Gain (loss)	$	104		$	(1,913	)	$	243		$	(2,312	)
Unrealized (Loss) Gain on Peso Forward Contracts		(126	)		145			(224	)		480
Realized (Loss) Gain on Peso Forward Contracts, net		(4	)		135			135			76
Pension and Postretirement Plans Cost		(120	)		(103	)		(240	)		(208	)
Rabbi Trust Gain		48			375			70			318
Other		3			(5	)		51			20
	$	(95	)	$	(1,366	)	$	35		$	(1,626	)

Income Taxes

6 Months Ended

Dec. 26, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Our effective tax rate was 6.2% and 17.2% for the three months ended December 26, 2021 and December 27, 2020, respectively. Our effective tax rate was 6.7% and 15.4% for the six month periods ended December 26, 2021 and December 27, 2020, respectively. The reduction in our effective tax rate in the current three and six months periods as compared to the respective prior year periods is due to an increase in our foreign tax credits between periods. Effective July 20, 2020, the U.S Treasury Department finalized and enacted previously proposed regulations regarding the Global Intangible Low Taxed Income (GILTI) tax provisions of the Tax Cuts and Jobs Act of 2017 (TCJA). Prior to this enactment, GILTI represented a significant U.S. income tax on our foreign earnings during our fiscal 2020. With the enactment of these final regulations, we became eligible for an exclusion from GILTI since we met the provisions for the GILTI High-Tax exception included in the final regulations. In addition, the enactment of the new regulations and our eligibility for the GILTI High-Tax exception was retroactive to the original enactment of the GILTI tax provision, which included our 2020 fiscal year. As a result, we recorded an income tax benefit of $675,000 during the six month period ended December 27, 2020. Our effective tax rate differs from the statutory tax rate due to the GILTI provisions, our available R&D tax credit and the non-controlling interest portion of our pre-tax income. The non-controlling interest impacts the effective tax rate as ADAC-STRATTEC LLC and STRATTEC POWER ACCESS LLC entities are taxed as partnerships for U.S. tax purposes.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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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-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Paragraph 2
-Subparagraph (a)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings Per Share

6 Months Ended

Dec. 26, 2021

Earnings Per Share [Abstract]

Earnings Per Share

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

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

	Three Months Ended
	December 26, 2021						December 27, 2020
	Net Income		Shares		Per-Share Amount		Net Income		Shares		Per-Share Amount
Basic Earnings Per Share	$	3,394		3,866	$	0.88	$	7,113		3,786	$	1.88
Stock Option and Restricted Stock Awards		—		42				—		56
Diluted Earnings Per Share	$	3,394		3,908	$	0.87	$	7,113		3,842	$	1.85

	Six Months Ended
	December 26, 2021						December 27, 2020
	Net Income		Shares		Per-Share Amount		Net Income		Shares		Per-Share Amount
Basic Earnings Per Share	$	3,495		3,848	$	0.91	$	15,121		3,775	$	4.01
Stock Option and Restricted Stock Awards		—		53				—		40
Diluted Earnings Per Share	$	3,495		3,901	$	0.90	$	15,121		3,815	$	3.96

The calculation of earnings per share excluded 9,010 and 41,200 share-based payment awards as of December 26, 2021 and December 27, 2020, respectively, because their inclusion would have been anti-dilutive.

Stock-Based Compensation

6 Months Ended

Dec. 26, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

We maintain an omnibus stock incentive plan. This plan provides for the granting of stock options, shares of restricted stock and stock appreciation rights. As of December 26, 2021, the Board of Directors had designated 2 million shares of common stock available for the grant of awards under the plan. Remaining shares available to be granted under the plan as of December 26, 2021 were 175,934. Awards that expire or are canceled without delivery of shares become available for re-issuance under the plan. We issue new shares of common stock to satisfy stock option exercises.

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

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

A summary of stock option activity under our stock incentive plan for the six months ended December 26, 2021 follows:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding, June 27, 2021		72,624	$	37.65
Exercised		22,610	$	26.53
Outstanding, December 26, 2021		50,014	$	42.68		1.6	$	153
Exercisable, December 26, 2021		50,014	$	42.68		1.6	$	153

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

	Three Months Ended				Six Months Ended
	December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
Intrinsic Value of Options Exercised	$	—	$	—	$	331	$	—
Fair Value of Stock Options Vesting	$	—	$	—	$	—	$	—

No options were granted during the six month periods ended December 26, 2021 or December 27, 2020.

A summary of restricted stock activity under our stock incentive plan for the six months ended December 26, 2021 follows:

	Shares			Weighted Average Grant Date Fair Value
Nonvested Balance, June 27, 2021		81,975		$	23.31
Granted		43,875		$	42.50
Vested		(38,000	)	$	25.56
Forfeited		(725	)	$	32.12
Nonvested Balance, December 26, 2021		87,125		$	31.92

As of December 26, 2021, all compensation cost related to outstanding stock options granted under our omnibus stock incentive plan has been recognized. As of December 26, 2021, there was approximately $1.9 million of total unrecognized compensation cost related to unvested restricted stock grants outstanding under the plan. This cost is expected to be recognized over a remaining weighted average period of 1.2 years. Total unrecognized compensation cost will be adjusted for any future changes in estimated and actual forfeitures of awards granted under our omnibus stock incentive plan.

Pension and Postretirement Benefits

6 Months Ended

Dec. 26, 2021

Compensation And Retirement Disclosure [Abstract]

Pension and Postretirement Benefits

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 $3.7 million at December 26, 2021 and $3.6 million at June 27, 2021 and are included in Other Long-Term Assets in the accompanying Condensed Consolidated Balance Sheets.

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

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

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

	SERP Benefits				Postretirement Benefits
	Three Months Ended				Three Months Ended
	December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
Service Cost	$	15	$	15	$	3	$	4
Interest Cost		12		11		3		4
Amortization of Prior Service Credit		—		—		—		(2	)
Amortization of Unrecognized Net Loss		21		2	81			89
Net Periodic Benefit Cost	$	48	$	28	$	87	$	95

	SERP Benefits				Postretirement Benefits
	Six Months Ended				Six Months Ended
	December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
Service Cost	$	31	$	31	$	6	$	7
Interest Cost		25		21		6		8
Amortization of Prior Service Credit		—		—		—		(4	)
Amortization of Unrecognized Net Loss	43			5	165			178
Net Periodic Benefit Cost	$	99	$	57	$	177	$	189

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

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+ Details

Accumulated Other Comprehensive Loss

6 Months Ended

Dec. 26, 2021

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Loss

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

	Three Months Ended December 26, 2021
	Foreign Currency Translation Adjustments		Retirement and Postretirement Benefit Plans			Total
Balance, September 26, 2021	$	15,247	$	2,031		$	17,278
Other Comprehensive Income Before Reclassifications		544		—			544
Net Other Comprehensive Income Before Reclassifications		544		—			544
Reclassifications:
Unrecognized Net Loss (A)		—		(102	)		(102	)
Total Reclassifications Before Tax		—		(102	)		(102	)
Income Tax		—		24			24
Net Reclassifications		—		(78	)		(78	)
Other Comprehensive Loss		544		(78	)		466
Other Comprehensive Loss Attributable to Non- Controlling Interest		353		—			353
Balance, December 26, 2021	$	15,438	$	1,953		$	17,391

	Three Months Ended December 27, 2020
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, September 27, 2020	$	18,758		$	1,907		$	20,665
Other Comprehensive Loss Before Reclassifications		(4,417	)		—			(4,417	)
Net Other Comprehensive Loss Before Reclassifications		(4,417	)		—			(4,417	)
Reclassifications:
Prior Service Credits (A)		—			2			2
Unrecognized Net Loss (A)		—			(91	)		(91	)
Total Reclassifications Before Tax		—			(89	)		(89	)
Income Tax		—			20			20
Net Reclassifications		—			(69	)		(69	)
Other Comprehensive Income		(4,417	)		(69	)		(4,486	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(1,313	)		—			(1,313	)
Balance, December 27, 2020	$	15,654		$	1,838		$	17,492

	Six Months Ended December 26, 2021
	Foreign Currency Translation Adjustments		Retirement and Postretirement Benefit Plans			Total
Balance, June 27, 2021	$	14,685	$	2,112		$	16,797
Other Comprehensive Income Before Reclassifications		1,256		—			1,256
Net Other Comprehensive Income Before Reclassifications		1,256		—			1,256
Reclassifications:
Unrecognized Net Loss (A)		—		(208	)		(208	)
Total Reclassifications Before Tax		—		(208	)		(208	)
Income Tax		—		49			49
Net Reclassifications		—		(159	)		(159	)
Other Comprehensive Loss		1,256		(159	)		1,097
Other Comprehensive Loss Attributable to Non- Controlling Interest		503		—			503
Balance, December 26, 2021	$	15,438	$	1,953		$	17,391

	Six Months Ended December 27, 2020
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, June 28, 2020	$	20,136		$	1,977		$	22,113
Other Comprehensive Loss Before Reclassifications		(6,116	)		—			(6,116	)
Net Other Comprehensive Loss Before Reclassifications		(6,116	)		—			(6,116	)
Reclassifications:
Prior Service Credits (A)		—			4			4
Unrecognized Net Loss (A)		—			(183	)		(183	)
Total Reclassifications Before Tax		—			(179	)		(179	)
Income Tax		—			40			40
Net Reclassifications		—			(139	)		(139	)
Other Comprehensive Income		(6,116	)		(139	)		(6,255	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(1,634	)		—			(1,634	)
Balance, December 27, 2020	$	15,654		$	1,838		$	17,492

(A)

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

Derivative Instruments (Tables)

6 Months Ended

Dec. 26, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Quantification of Outstanding Mexican Peso Forward Contracts

The following table quantifies the outstanding Mexican peso forward contracts as of December 26, 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	January 18, 2022 - June 14, 2022	$	10,500		20.80	$	(71	)
Buy MXP/Sell USD	July 19, 2022 - December 13, 2022	$	3,000		22.62	$	90

Fair Market Value of All Outstanding Peso Forward Contracts

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

	December 26, 2021			June 27, 2021
Not Designated as Hedging Instruments:
Other Current Assets:
Mexican Peso Forward Contracts	$	90		$	243
Other Current Liabilities:
Mexican Peso Forward Contracts	$	(71	)	$	—

Pre-Tax Effects of the Peso Forward Contracts

	Three Months Ended					Six Months Ended
	December 26, 2021			December 27, 2020		December 26, 2021			December 27, 2020
Not Designated as Hedging Instruments:
Realized Gain	$	45		$	135	$	184		$	76
Realized (Loss)	$	(49	)	$	—	$	(49	)	$	—
Unrealized (Loss) Gain	$	(126	)	$	145	$	(224	)	$	480

Fair Value of Financial Instruments (Tables)

6 Months Ended

Dec. 26, 2021

Fair Value Disclosures [Abstract]

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

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 26, 2021 (in thousands):

	Fair Value Inputs
	Level 1 Assets: Quoted Prices In Active Markets		Level 2 Assets: Observable Inputs Other Than Market Prices			Level 3 Assets: Unobservable Inputs
Assets:
Rabbi Trust Assets:
Stock Index Funds:
Small Cap	$	177	$	—		$	—
Mid Cap		363		—			—
Large Cap		761		—			—
International		893		—			—
Fixed Income Funds		1,094		—			—
Cash and Cash Equivalents		—		365			—
Mexican Peso Forward Contracts		—		90			—
Total Assets at Fair Value	$	3,288	$	455		$	—

Liabilities:
Mexican Peso Forward Contracts		—		(71	)		—
Total Liabilities at Fair Value	$	—	$	(71	)	$	—

Equity Earnings of Joint Ventures (Tables) - VAST LLC

6 Months Ended

Dec. 26, 2021

Summarized Statements of Operations

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

	Three Months Ended				Six Months Ended
	December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
Net Sales	$	55,556	$	58,352	$	98,173	$	108,763
Cost of Goods Sold		45,712		46,599		80,604		87,190
Gross Profit		9,844		11,753		17,569		21,573
Engineering, Selling and Administrative Expenses		7,949		8,649		16,500		15,252
Income From Operations		1,895		3,104		1,069		6,321
Other Income, net		304		1,185		393		1,036
Income before Provision for Income Taxes		2,199		4,289		1,462		7,357
Provision for Income Taxes		354		1,071		375		1,663
Net Income	$	1,845	$	3,218	$	1,087	$	5,694
STRATTEC's Share of VAST LLC Net Income		615		1,073		362		1,898
Intercompany Profit Elimination		—		2		2		2
STRATTEC’s Equity Earnings of VAST LLC	$	615	$	1,075	$	364	$	1,900

Summarize of Related Party Transaction

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

	Three Months Ended				Six Months Ended
	December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
Sales to VAST LLC	$	702	$	998	$	1,217	$	2,214
Purchases from VAST LLC	$	19	$	14	$	151	$	201
Expenses Charged to VAST LLC	$	204	$	589	$	378	$	1,096
Expenses Charged from VAST LLC	$	189	$	359	$	442	$	651

Leases (Tables)

6 Months Ended

Dec. 26, 2021

Leases [Abstract]

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

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

	December 26, 2021
Right-of Use Asset Under Operating Lease:
Other Long-Term Assets	$	3,213
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$	389
Other Long-Term Liabilities		2,824
	$	3,213

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

2022 (for the remaining six months)	$	244
2023		497
2024		509
2025		522
2026		535
Thereafter		1,299
Total Future Minimum Lease Payments		3,606
Less: Imputed Interest		(393	)
Total Lease Obligations	$	3,213

Schedule of Cash Flow Information Related to Operating Lease

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

	Six Months Ended
	December 26, 2021		December 27, 2020
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$	241	$	235

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:

December 26,

2021

Weighted Average Remaining Lease Term (in years)

6.8

Weighted Average Discount Rate

3.3

Credit Facilities (Tables)

6 Months Ended

Dec. 26, 2021

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings Under the Credit Facilities

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

	December 26, 2021		June 27, 2021
STRATTEC Credit Facility	$	—	$	—
ADAC-STRATTEC Credit Facility		17,000		12,000
	$	17,000	$	12,000

Schedule of Average Outstanding Borrowings and the Weighted Average Interest Rate

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

	Six Months Ended
	Average Outstanding Borrowings				Weighted Average Interest Rate
	December 26, 2021		December 27, 2020		December 26, 2021			December 27, 2020
STRATTEC Credit Facility	$	170	$	13,747		3.3	%		1.2	%
ADAC-STRATTEC Credit Facility	$	14,846	$	16,258		1.4	%		1.4	%

Shareholders' Equity (Tables)

6 Months Ended

Dec. 26, 2021

Equity [Abstract]

Summary of Activity Impacting Shareholders' Equity

A summary of activity impacting shareholders’ equity for the three and six month periods ended December 26, 2021 and December 27, 2020 were as follows (in thousands):

	Three Months Ended December 26, 2021
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, September 26, 2021	$	213,439		$	75	$	100,519	$	234,573	$	(17,278	)	$	(135,608	)	$	31,158
Net Income		3,840			—		—		3,394		—			—			446
Translation Adjustments		(544	)		—		—		—		(191	)		—			(353	)
Stock Based Compensation		238			—		238		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		78			—		—		—		78			—			—
Employee Stock Purchases		20			—		11		—		—			9			—
Balance, December 26, 2021	$	217,071		$	75	$	100,768	$	237,967	$	(17,391	)	$	(135,599	)	$	31,251

	Three Months Ended December 27, 2020
	Total Shareholders’ Equity		Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, September 27, 2020	$	187,020	$	74	$	98,188	$	219,948	$	(20,665	)	$	(135,640	)	$	25,115
Net Income		9,573		—		—		7,113		—			—			2,460
Translation Adjustments		4,417		—		—		—		3,104			—			1,313
Stock Based Compensation		374		—		374		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		69		—		—		—		69			—			—
Employee Stock Purchases		20		—		9		—		—			11			—
Balance, December 27, 2020	$	201,473	$	74	$	98,571	$	227,061	$	(17,492	)	$	(135,629	)	$	28,888

	Six Months Ended December 26, 2021
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, June 27, 2021	$	213,433		$	74	$	99,512	$	234,472	$	(16,797	)	$	(135,615	)	$	31,787
Net Income		4,062			—		—		3,495		—			—			567
Dividend Declared – Non- controlling Interests of Subsidiaries		(600	)		—		—		—		—			—			(600	)
Translation Adjustments		(1,256	)		—		—		—		(753	)		—			(503	)
Stock Based Compensation		634			—		634		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		159			—		—		—		159			—			—
Stock Option Exercises		600			1		599		—		—			—			—
Employee Stock Purchases		39			—		23		—		—			16			—
Balance, December 26, 2021	$	217,071		$	75	$	100,768	$	237,967	$	(17,391	)	$	(135,599	)	$	31,251

	Six Months Ended December 27, 2020
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, June 28, 2020	$	175,441		$	74	$	97,977	$	211,940	$	(22,113	)	$	(135,656	)	$	23,219
Net Income		19,646			—		—		15,121		—			—			4,525
Dividend Declared – Non- controlling Interests of Subsidiaries		(490	)		—		—		—		—			—			(490	)
Translation Adjustments		6,116			—		—		—		4,482			—			1,634
Stock Based Compensation		582			—		582		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		139			—		—		—		139			—			—
Employee Stock Purchases		39			—		12		—		—			27			—
Balance, December 27, 2020	$	201,473		$	74	$	98,571	$	227,061	$	(17,492	)	$	(135,629	)	$	28,888

Revenue from Contracts with Customers (Tables)

6 Months Ended

Dec. 26, 2021

Revenue From Contract With Customer [Abstract]

Revenue by Product Group and Customer

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

	Three Months Ended				Six Months Ended
	December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
Door Handles & Exterior Trim	$	28,358	$	34,813	$	51,898	$	68,904
Keys & Locksets		26,654		30,136		49,495		62,872
Power Access		23,529		25,210		44,669		45,830
Latches		11,915		14,343		22,022		28,178
Aftermarket & OE Service		11,414		9,971		23,310		23,108
Driver Controls		8,775		10,535		16,792		20,322
Other		2,263		2,352		5,063		4,380
	$	112,908	$	127,360	$	213,249	$	253,594

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

	Three Months Ended				Six Months Ended
	December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
General Motors Company	$	31,129	$	39,023	$	56,813	$	76,779
Stellantis (Formerly Fiat Chrysler Automobiles)		23,050		23,152		39,610		48,234
Ford Motor Company		21,070		16,788		38,765		32,634
Commercial and Other OEM Customers		16,190		19,596		33,602		41,031
Tier 1 Customers		15,607		18,660		27,582		36,155
Hyundai / Kia		5,862		10,141		16,877		18,761
	$	112,908	$	127,360	$	213,249	$	253,594

Other (Expense) Income, net (Tables)

6 Months Ended

Dec. 26, 2021

Other Income And Expenses [Abstract]

Summary of Other (Expense) Income, net

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

	Three Months Ended						Six Months Ended
	December 26, 2021			December 27, 2020			December 26, 2021			December 27, 2020
Foreign Currency Transaction Gain (loss)	$	104		$	(1,913	)	$	243		$	(2,312	)
Unrealized (Loss) Gain on Peso Forward Contracts		(126	)		145			(224	)		480
Realized (Loss) Gain on Peso Forward Contracts, net		(4	)		135			135			76
Pension and Postretirement Plans Cost		(120	)		(103	)		(240	)		(208	)
Rabbi Trust Gain		48			375			70			318
Other		3			(5	)		51			20
	$	(95	)	$	(1,366	)	$	35		$	(1,626	)

Earnings Per Share (Tables)

6 Months Ended

Dec. 26, 2021

Earnings Per Share [Abstract]

Reconciliation of the Components of Basic and Diluted Per Share

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

	Three Months Ended
	December 26, 2021						December 27, 2020
	Net Income		Shares		Per-Share Amount		Net Income		Shares		Per-Share Amount
Basic Earnings Per Share	$	3,394		3,866	$	0.88	$	7,113		3,786	$	1.88
Stock Option and Restricted Stock Awards		—		42				—		56
Diluted Earnings Per Share	$	3,394		3,908	$	0.87	$	7,113		3,842	$	1.85

	Six Months Ended
	December 26, 2021						December 27, 2020
	Net Income		Shares		Per-Share Amount		Net Income		Shares		Per-Share Amount
Basic Earnings Per Share	$	3,495		3,848	$	0.91	$	15,121		3,775	$	4.01
Stock Option and Restricted Stock Awards		—		53				—		40
Diluted Earnings Per Share	$	3,495		3,901	$	0.90	$	15,121		3,815	$	3.96

Stock-Based Compensation (Tables)

6 Months Ended

Dec. 26, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity Under Our Stock Incentive Plan

A summary of stock option activity under our stock incentive plan for the six months ended December 26, 2021 follows:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding, June 27, 2021		72,624	$	37.65
Exercised		22,610	$	26.53
Outstanding, December 26, 2021		50,014	$	42.68		1.6	$	153
Exercisable, December 26, 2021		50,014	$	42.68		1.6	$	153

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

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

	Three Months Ended				Six Months Ended
	December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
Intrinsic Value of Options Exercised	$	—	$	—	$	331	$	—
Fair Value of Stock Options Vesting	$	—	$	—	$	—	$	—

Summary of Restricted Stock Activity Under Our Stock Incentive Plan

A summary of restricted stock activity under our stock incentive plan for the six months ended December 26, 2021 follows:

	Shares			Weighted Average Grant Date Fair Value
Nonvested Balance, June 27, 2021		81,975		$	23.31
Granted		43,875		$	42.50
Vested		(38,000	)	$	25.56
Forfeited		(725	)	$	32.12
Nonvested Balance, December 26, 2021		87,125		$	31.92

Pension and Postretirement Benefits (Tables)

6 Months Ended

Dec. 26, 2021

Compensation And Retirement Disclosure [Abstract]

Summary of Net Periodic Benefit Cost Recognized

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

	SERP Benefits				Postretirement Benefits
	Three Months Ended				Three Months Ended
	December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
Service Cost	$	15	$	15	$	3	$	4
Interest Cost		12		11		3		4
Amortization of Prior Service Credit		—		—		—		(2	)
Amortization of Unrecognized Net Loss		21		2	81			89
Net Periodic Benefit Cost	$	48	$	28	$	87	$	95

	SERP Benefits				Postretirement Benefits
	Six Months Ended				Six Months Ended
	December 26, 2021		December 27, 2020		December 26, 2021		December 27, 2020
Service Cost	$	31	$	31	$	6	$	7
Interest Cost		25		21		6		8
Amortization of Prior Service Credit		—		—		—		(4	)
Amortization of Unrecognized Net Loss	43			5	165			178
Net Periodic Benefit Cost	$	99	$	57	$	177	$	189

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Dec. 26, 2021

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Summary of Changes in Accumulated Other Comprehensive Loss

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

	Three Months Ended December 26, 2021
	Foreign Currency Translation Adjustments		Retirement and Postretirement Benefit Plans			Total
Balance, September 26, 2021	$	15,247	$	2,031		$	17,278
Other Comprehensive Income Before Reclassifications		544		—			544
Net Other Comprehensive Income Before Reclassifications		544		—			544
Reclassifications:
Unrecognized Net Loss (A)		—		(102	)		(102	)
Total Reclassifications Before Tax		—		(102	)		(102	)
Income Tax		—		24			24
Net Reclassifications		—		(78	)		(78	)
Other Comprehensive Loss		544		(78	)		466
Other Comprehensive Loss Attributable to Non- Controlling Interest		353		—			353
Balance, December 26, 2021	$	15,438	$	1,953		$	17,391

	Three Months Ended December 27, 2020
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, September 27, 2020	$	18,758		$	1,907		$	20,665
Other Comprehensive Loss Before Reclassifications		(4,417	)		—			(4,417	)
Net Other Comprehensive Loss Before Reclassifications		(4,417	)		—			(4,417	)
Reclassifications:
Prior Service Credits (A)		—			2			2
Unrecognized Net Loss (A)		—			(91	)		(91	)
Total Reclassifications Before Tax		—			(89	)		(89	)
Income Tax		—			20			20
Net Reclassifications		—			(69	)		(69	)
Other Comprehensive Income		(4,417	)		(69	)		(4,486	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(1,313	)		—			(1,313	)
Balance, December 27, 2020	$	15,654		$	1,838		$	17,492

	Six Months Ended December 26, 2021
	Foreign Currency Translation Adjustments		Retirement and Postretirement Benefit Plans			Total
Balance, June 27, 2021	$	14,685	$	2,112		$	16,797
Other Comprehensive Income Before Reclassifications		1,256		—			1,256
Net Other Comprehensive Income Before Reclassifications		1,256		—			1,256
Reclassifications:
Unrecognized Net Loss (A)		—		(208	)		(208	)
Total Reclassifications Before Tax		—		(208	)		(208	)
Income Tax		—		49			49
Net Reclassifications		—		(159	)		(159	)
Other Comprehensive Loss		1,256		(159	)		1,097
Other Comprehensive Loss Attributable to Non- Controlling Interest		503		—			503
Balance, December 26, 2021	$	15,438	$	1,953		$	17,391

	Six Months Ended December 27, 2020
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, June 28, 2020	$	20,136		$	1,977		$	22,113
Other Comprehensive Loss Before Reclassifications		(6,116	)		—			(6,116	)
Net Other Comprehensive Loss Before Reclassifications		(6,116	)		—			(6,116	)
Reclassifications:
Prior Service Credits (A)		—			4			4
Unrecognized Net Loss (A)		—			(183	)		(183	)
Total Reclassifications Before Tax		—			(179	)		(179	)
Income Tax		—			40			40
Net Reclassifications		—			(139	)		(139	)
Other Comprehensive Income		(6,116	)		(139	)		(6,255	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(1,634	)		—			(1,634	)
Balance, December 27, 2020	$	15,654		$	1,838		$	17,492

(A)

Basis of Financial Statements (Details Textual)	6 Months Ended
Basis of Financial Statements (Details Textual)	Dec. 26, 2021 Subsidiary Joint_Venture Segment
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of reporting segments related to STRATTEC Security Corporation \| Segment	1
VAST LLC \| CHINA
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of wholly owned subsidiaries	4
VAST LLC \| BRAZIL
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of wholly owned subsidiaries	1
VAST LLC \| INDIA
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of joint venture entities \| Joint_Venture	1

Derivative Instruments - Schedule of Quantification of Outstanding Mexican Peso Forward Contracts (Details)	6 Months Ended
	Dec. 26, 2021 USD ($) $ / $
Currency buy sell under contract one
Derivative [Line Items]
Derivative, Effective Dates, Inception	Jan. 18, 2022
Derivative, Effective Dates, Maturity	Jun. 14, 2022
Derivative, Notional Amount	$ 10,500,000
Derivative, Average Forward Contractual Exchange Rate \| $ / $	20.80
Derivative, Fair Value	$ (71,000)
Currency buy sell under contract two
Derivative [Line Items]
Derivative, Effective Dates, Inception	Jul. 19, 2022
Derivative, Effective Dates, Maturity	Dec. 13, 2022
Derivative, Notional Amount	$ 3,000,000
Derivative, Average Forward Contractual Exchange Rate \| $ / $	22.62
Derivative, Fair Value	$ 90,000

Derivative Instruments - Fair Market Value of All Outstanding Peso Forward Contracts (Details) - Mexican Peso Forward Contracts - USD ($) $ in Thousands	Dec. 26, 2021	Jun. 27, 2021
Other Current Assets
Not Designated as Hedging Instruments:
Fair market value of derivative instruments	$ 90	$ 243
Other Current Liabilities
Not Designated as Hedging Instruments:
Fair market value of derivative instruments	$ (71)

Derivative Instruments - Pre-Tax Effects of the Peso Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 26, 2021	Dec. 27, 2020
Pre-tax effects of the Mexican peso forward contracts
Unrealized (Loss) Gain	$ (126)	$ 145	$ (224)	$ 480
Not Designated as Hedging Instrument \| Other Expense, Net
Pre-tax effects of the Mexican peso forward contracts
Realized Gain	45	135	184	76
Realized (Loss)	(49)		(49)
Unrealized (Loss) Gain	$ (126)	$ 145	$ (224)	$ 480

Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring $ in Thousands	Dec. 26, 2021 USD ($)
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	$ 3,288
Level 1 \| Fixed Income Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	1,094
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	455
Total Liabilities at Fair Value	(71)
Level 2 \| Mexican Peso Forward Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	90
Total Liabilities at Fair Value	(71)
Stock Index Funds \| Level 1 \| Small Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	177
Stock Index Funds \| Level 1 \| Mid Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	363
Stock Index Funds \| Level 1 \| Large Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	761
Stock Index Funds \| Level 1 \| International
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	893
Cash and Cash Equivalents \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	$ 365

Investment in Joint Ventures and Majority Owned Subsidiaries (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 26, 2021	Dec. 27, 2020
Schedule Of Equity Method Investments [Line Items]
Equity earnings of joint ventures	$ 615,000	$ 1,075,000	$ 364,000	$ 1,900,000
Payments to acquire interest in joint venture				100,000
VAST LLC \| BRAZIL
Schedule Of Equity Method Investments [Line Items]
Payments to acquire interest in joint venture				$ 300,000
VAST LLC \| MINDA-VAST ACCESS SYSTEMS
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	50.00%		50.00%
STRATTEC \| ADAC-STRATTEC LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary	51.00%	51.00%	51.00%	51.00%
Majority owned subsidiary, impact on net income			$ (326,000)	$ 2,700,000
Majority owned subsidiary, impact on net sales			$ 51,900,000	$ 68,900,000
STRATTEC \| Strattec Power Access Llc
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary	80.00%	80.00%	80.00%	80.00%
Majority owned subsidiary, impact on net income			$ 2,200,000	$ 3,200,000
Majority owned subsidiary, impact on net sales			$ 44,700,000	45,800,000
STRATTEC \| VAST LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.33%		33.33%
Equity earnings of joint ventures			$ 364,000	1,900,000
Payments to acquire interest in joint venture			$ 0	$ 100,000
ADAC \| ADAC-STRATTEC LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary	49.00%	49.00%	49.00%	49.00%
Engineering, research, design and sales fee	$ 2,000,000.0	$ 2,400,000	$ 3,600,000	$ 4,800,000
Sales	$ 1,900,000	$ 3,300,000	$ 3,100,000	$ 6,400,000
ADAC \| VAST LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.30%		33.30%
WITTE \| Strattec Power Access Llc
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary	20.00%	20.00%	20.00%	20.00%
WITTE \| VAST LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.30%		33.30%
WITTE \| STRATTEC
Schedule Of Equity Method Investments [Line Items]
Purchases	$ 228,000	$ 237,000	$ 415,000	$ 320,000

Equity Earnings of Joint Ventures (Details Textual)	Dec. 26, 2021
VAST LLC \| STRATTEC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.33%

Equity Earnings of Joint Ventures - Summarized Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 26, 2021	Dec. 27, 2020
Summarized statements of operations
Net sales	$ 112,908	$ 127,360	$ 213,249	$ 253,594
Cost of goods sold	97,975	105,119	185,767	208,842
Gross profit	14,933	22,241	27,482	44,752
Engineering, selling and administrative expenses	11,301	10,302	23,422	21,616
Income from operations	3,632	11,939	4,060	23,136
Other (expense) income, net	(95)	(1,366)	35	(1,626)
Income before provision for income taxes and non-controlling interest	4,095	11,564	4,354	23,214
Provision for Income Taxes	255	1,991	292	3,568
Net income	3,840	9,573	4,062	19,646
STRATTEC’s Equity Earnings of VAST LLC	615	1,075	364	1,900
VAST LLC \| Equity Method Investment Summarized Financial Information
Summarized statements of operations
Net sales	55,556	58,352	98,173	108,763
Cost of goods sold	45,712	46,599	80,604	87,190
Gross profit	9,844	11,753	17,569	21,573
Engineering, selling and administrative expenses	7,949	8,649	16,500	15,252
Income from operations	1,895	3,104	1,069	6,321
Other (expense) income, net	304	1,185	393	1,036
Income before provision for income taxes and non-controlling interest	2,199	4,289	1,462	7,357
Provision for Income Taxes	354	1,071	375	1,663
Net income	1,845	3,218	1,087	5,694
STRATTEC's Share of VAST LLC Net Income	615	1,073	362	1,898
Intercompany Profit Elimination		2	2	2
STRATTEC’s Equity Earnings of VAST LLC	$ 615	$ 1,075	$ 364	$ 1,900

Equity Earnings of Joint Ventures- Summarize of Related Party Transaction (Details) - VAST LLC - Equity Method Investee - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 26, 2021	Dec. 27, 2020
Schedule Of Equity Method Investments [Line Items]
Sales to VAST LLC	$ 702	$ 998	$ 1,217	$ 2,214
Purchases from VAST LLC	19	14	151	201
Expenses Charged to VAST LLC	204	589	378	1,096
Expenses Charged from VAST LLC	$ 189	$ 359	$ 442	$ 651

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI http://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Leases (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Leases (Details Textual) - USD ($)	Dec. 26, 2021	Dec. 27, 2020	Dec. 26, 2021	Dec. 27, 2020
Leases [Abstract]
Operating lease, existence of option to extend			true
Operating lease, renewal Term	5 years		5 years
Operating lease, expiration term			2023-10
Operating lease expense	$ 122,000	$ 119,000	$ 241,000	$ 235,000

Leases - Schedule of Operating Lease Asset and Obligation Included in Condensed Consolidated Balance Sheets (Details) $ in Thousands	Dec. 26, 2021 USD ($)
Right-of Use Asset Under Operating Lease:
Operating lease right-of-use asset	$ 3,213
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherAssets
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$ 389
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent, us-gaap:OtherLiabilitiesCurrent
Other Long-Term Liabilities	$ 2,824
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities
Operating Lease, Liability	$ 3,213

Leases - Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease Including Options to Extend (Details) $ in Thousands	Dec. 26, 2021 USD ($)
Leases [Abstract]
2022 (for the remaining six months)	$ 244
2023	497
2024	509
2025	522
2026	535
Thereafter	1,299
Total Future Minimum Lease Payments	3,606
Less: Imputed Interest	(393)
Total Lease Obligations	$ 3,213

Leases - Schedule of Cash Flow Information Related to Operating Lease (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$ 241	$ 235

Leases - Schedule of Weighted Average Lease Term and Discount Rate for Operating Lease (Details)	Dec. 26, 2021
Leases [Abstract]
Weighted Average Remaining Lease Term (in years)	6 years 9 months 18 days
Weighted Average Discount Rate	3.30%

Credit Facilities (Details Textual) - USD ($)	6 Months Ended	7 Months Ended	11 Months Ended
Credit Facilities (Details Textual) - USD ($)	Dec. 26, 2021	Dec. 26, 2021	May 31, 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	Dec. 26, 2021	Jun. 27, 2021
Line Of Credit Facility [Line Items]
Outstanding Borrowing	$ 17,000	$ 12,000
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Outstanding Borrowing	$ 17,000	$ 12,000

- 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	6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Average Outstanding Borrowings	$ 170	$ 13,747
Weighted Average Interest Rate	3.30%	1.20%
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Average Outstanding Borrowings	$ 14,846	$ 16,258
Weighted Average Interest Rate	1.40%	1.40%

Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Dec. 26, 2021	Jun. 27, 2021
Commitments And Contingencies Disclosure [Abstract]
Environmental	$ 1,390	$ 1,390

Shareholders' Equity - Summary of Activity Impacting Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 26, 2021	Dec. 27, 2020
Summary of activity impacting shareholders' equity
Beginning Balance	$ 213,439	$ 187,020	$ 213,433	$ 175,441
Net income	3,840	9,573	4,062	19,646
Dividend Declared – Non-controlling Interests of Subsidiaries			(600)	(490)
Translation Adjustments	(544)	4,417	(1,256)	6,116
Stock Based Compensation	238	374	634	582
Pension and Postretirement Adjustment, Net of Tax	78	69	159	139
Stock Option Exercises			600
Employee Stock Purchases	20	20	39	39
Ending Balance	217,071	201,473	217,071	201,473
Common Stock
Summary of activity impacting shareholders' equity
Beginning Balance	75	74	74	74
Stock Option Exercises			1
Ending Balance	75	74	75	74
Capital in Excess of Par Value
Summary of activity impacting shareholders' equity
Beginning Balance	100,519	98,188	99,512	97,977
Stock Based Compensation	238	374	634	582
Stock Option Exercises			599
Employee Stock Purchases	11	9	23	12
Ending Balance	100,768	98,571	100,768	98,571
Retained Earnings
Summary of activity impacting shareholders' equity
Beginning Balance	234,573	219,948	234,472	211,940
Net income	3,394	7,113	3,495	15,121
Ending Balance	237,967	227,061	237,967	227,061
Accumulated Other Comprehensive Loss
Summary of activity impacting shareholders' equity
Beginning Balance	(17,278)	(20,665)	(16,797)	(22,113)
Translation Adjustments	(191)	3,104	(753)	4,482
Pension and Postretirement Adjustment, Net of Tax	78	69	159	139
Ending Balance	(17,391)	(17,492)	(17,391)	(17,492)
Treasury Stock
Summary of activity impacting shareholders' equity
Beginning Balance	(135,608)	(135,640)	(135,615)	(135,656)
Employee Stock Purchases	9	11	16	27
Ending Balance	(135,599)	(135,629)	(135,599)	(135,629)
Non-Controlling Interest
Summary of activity impacting shareholders' equity
Beginning Balance	31,158	25,115	31,787	23,219
Net income	446	2,460	567	4,525
Dividend Declared – Non-controlling Interests of Subsidiaries			(600)	(490)
Translation Adjustments	(353)	1,313	(503)	1,634
Ending Balance	$ 31,251	$ 28,888	$ 31,251	$ 28,888

Revenue from Contracts with Customers - Revenue by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 26, 2021	Dec. 27, 2020
Product Information [Line Items]
Revenue	$ 112,908	$ 127,360	$ 213,249	$ 253,594
Door Handles & Exterior Trim
Product Information [Line Items]
Revenue	28,358	34,813	51,898	68,904
Keys & Locksets
Product Information [Line Items]
Revenue	26,654	30,136	49,495	62,872
Power Access
Product Information [Line Items]
Revenue	23,529	25,210	44,669	45,830
Latches
Product Information [Line Items]
Revenue	11,915	14,343	22,022	28,178
Aftermarket & OE Service
Product Information [Line Items]
Revenue	11,414	9,971	23,310	23,108
Driver Controls
Product Information [Line Items]
Revenue	8,775	10,535	16,792	20,322
Other
Product Information [Line Items]
Revenue	$ 2,263	$ 2,352	$ 5,063	$ 4,380

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 4
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue from Contracts with Customers - Revenue by Customer or Customer Group (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 26, 2021	Dec. 27, 2020
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 112,908	$ 127,360	$ 213,249	$ 253,594
General Motors Company
Entity Wide Revenue Major Customer [Line Items]
Revenue	31,129	39,023	56,813	76,779
Ford Motor Company
Entity Wide Revenue Major Customer [Line Items]
Revenue	21,070	16,788	38,765	32,634
Stellantis (Formerly Fiat Chrysler Automobiles)
Entity Wide Revenue Major Customer [Line Items]
Revenue	23,050	23,152	39,610	48,234
Commercial and Other OEM Customers
Entity Wide Revenue Major Customer [Line Items]
Revenue	16,190	19,596	33,602	41,031
Tier 1 Customers
Entity Wide Revenue Major Customer [Line Items]
Revenue	15,607	18,660	27,582	36,155
Hyundai / Kia
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 5,862	$ 10,141	$ 16,877	$ 18,761

- Definition

+ References

+ Details

Other (Expense) Income, Net - Summary of Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 26, 2021	Dec. 27, 2020
Other Income and Expenses [Abstract]
Foreign Currency Transaction Gain (loss)	$ 104	$ (1,913)	$ 243	$ (2,312)
Unrealized (Loss) Gain on Peso Forward Contracts	(126)	145	(224)	480
Realized (Loss) Gain on Peso Forward Contracts, net	(4)	135	135	76
Pension and Postretirement Plans Cost	(120)	(103)	(240)	(208)
Rabbi Trust Gain	48	375	70	318
Other	3	(5)	51	20
Other Income (Expense), net	$ (95)	$ (1,366)	$ 35	$ (1,626)

Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details Textual) - USD ($)	Dec. 26, 2021	Dec. 27, 2020	Dec. 26, 2021	Dec. 27, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	6.20%	17.20%	6.70%	15.40%
Income tax benefit from global intangible low-taxed income				$ 675,000

Earnings Per Share - Reconciliation of the Components of Basic and Diluted Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 26, 2021	Dec. 27, 2020
Reconciliation of the components of the basic and diluted per share
Net Income, Basic Earnings Per Share	$ 3,394	$ 7,113	$ 3,495	$ 15,121
Net Income, Diluted Earnings Per Share	$ 3,394	$ 7,113	$ 3,495	$ 15,121
Basic Earnings Per Share, Number of Shares	3,866	3,786	3,848	3,775
Stock Option and Restricted Stock Awards, Number of Shares	42	56	53	40
Diluted Earnings Per Share, Number of Shares	3,908	3,842	3,901	3,815
Basic Earnings Per Share	$ 0.88	$ 1.88	$ 0.91	$ 4.01
Diluted Earnings Per Share	$ 0.87	$ 1.85	$ 0.90	$ 3.96

- Definition

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

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- Definition

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

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

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Earnings Per Share (Details Textual) - shares	6 Months Ended
Earnings Per Share (Details Textual) - shares	Dec. 26, 2021	Dec. 27, 2020
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from earnings per share computation	9,010	41,200

Stock-Based Compensation (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award number of shares authorized	2,000,000
Shares of common stock available for grant	175,934
Options, granted	0	0
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options expires after date of grant	10 years
Employee Stock Option \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	1 year
Employee Stock Option \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	4 years
Restricted stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested restricted stock grants	$ 1.9
Weighted average period over which unrecognized compensation is expected to be recognized	1 year 2 months 12 days
Restricted stock \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	1 year
Restricted stock \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	5 years

Stock-Based Compensation - Summary of Stock Option Activity Under Our Stock Incentive Plan (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Dec. 26, 2021 USD ($) $ / shares shares
Share Based Compensation [Abstract]
Shares, Beginning Balance \| shares	72,624
Shares, Exercised \| shares	22,610
Shares, Ending Balance \| shares	50,014
Shares, Exercisable \| shares	50,014
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 37.65
Weighted Average Exercise Price, Exercised \| $ / shares	26.53
Weighted Average Exercise Price, Ending Balance \| $ / shares	42.68
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 42.68
Weighted Average Remaining Contractual Term, Outstanding	1 year 7 months 6 days
Weighted Average Remaining Contractual Term, Exercisable, Outstanding	1 year 7 months 6 days
Aggregate Intrinsic Value, Outstanding \| $	$ 153
Aggregate Intrinsic Value, Exercisable \| $	$ 153

Stock-Based Compensation - Intrinsic Value of Stock Options Exercised and the Fair Value of Stock Options Vested (Details) $ in Thousands	6 Months Ended
	Dec. 26, 2021 USD ($)
Intrinsic value of stock options exercised and the fair value of stock options vested
Intrinsic Value of Options Exercised	$ 331

Stock-Based Compensation - Summary of Restricted Stock Activity Under Our Stock Incentive Plan (Details) - Restricted stock	6 Months Ended
	Dec. 26, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, Shares Beginning Balance \| shares	81,975
Granted, Shares \| shares	43,875
Vested, Shares \| shares	(38,000)
Forfeited, Shares \| shares	(725)
Nonvested, Shares Ending Balance \| shares	87,125
Nonvested, Weighted Average Grant Date Fair Value Beginning Balance \| $ / shares	$ 23.31
Granted, Weighted Average Grant Date Fair Value \| $ / shares	42.50
Vested, Weighted Average Grant Date Fair Value \| $ / shares	25.56
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	32.12
Nonvested, Weighted Average Grant Date Fair Value Ending Balance \| $ / shares	$ 31.92

Pension and Postretirement Benefits (Details Textual) - USD ($)	6 Months Ended
	Dec. 26, 2021	Jun. 27, 2021
Defined Benefit Plan Disclosure [Line Items]
Rabbi Trust Assets - SERP	$ 3,700,000	$ 3,600,000
Postretirement plan annual benefit limit for future eligible retirees	$ 4,000
Other postretirement benefits maximum benefit period	5 years
Supplemental Employee Retirement Plan, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Percentage of participant's base salary received as Supplemental Retirement Benefits	8.00%
Vesting period, SERP	5 years

Pension and Postretirement Benefits - Summary of Net Periodic Benefit Cost Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 26, 2021	Dec. 27, 2020
SERP Benefits
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service Cost	$ 15	$ 15	$ 31	$ 31
Interest Cost	12	11	25	21
Amortization of Unrecognized Net Loss	21	2	43	5
Net Periodic Benefit Cost	48	28	99	57
Postretirement Benefits
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service Cost	3	4	6	7
Interest Cost	3	4	6	8
Amortization of Prior Service Credit		(2)		(4)
Amortization of Unrecognized Net Loss	81	89	165	178
Net Periodic Benefit Cost	$ 87	$ 95	$ 177	$ 189

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 26, 2021	Dec. 27, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ (213,439)	$ (187,020)	$ (213,433)	$ (175,441)
Other Comprehensive Income (Loss) Before Reclassifications	544	(4,417)	1,256	(6,116)
Net Other Comprehensive Income (Loss) Before Reclassifications	544	(4,417)	1,256	(6,116)
Reclassifications:
Prior Service Credits		2		4
Unrecognized Net Loss	(102)	(91)	(208)	(183)
Total Reclassifications Before Tax	(102)	(89)	(208)	(179)
Reclassifications, Income Tax	24	20	49	40
Net Reclassifications	(78)	(69)	(159)	(139)
Other Comprehensive Loss (Income)	466	(4,486)	1,097	(6,255)
Ending balance	(217,071)	(201,473)	(217,071)	(201,473)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	15,247	18,758	14,685	20,136
Other Comprehensive Income (Loss) Before Reclassifications	544	(4,417)	1,256	(6,116)
Net Other Comprehensive Income (Loss) Before Reclassifications	544	(4,417)	1,256	(6,116)
Reclassifications:
Other Comprehensive Loss (Income)	544	(4,417)	1,256	(6,116)
Other Comprehensive Loss (Income) Attributable to Non- Controlling Interest	353	(1,313)	503	(1,634)
Ending balance	15,438	15,654	15,438	15,654
Retirement and Postretirement Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	2,031	1,907	2,112	1,977
Reclassifications:
Prior Service Credits		2		4
Unrecognized Net Loss	(102)	(91)	(208)	(183)
Total Reclassifications Before Tax	(102)	(89)	(208)	(179)
Reclassifications, Income Tax	24	20	49	40
Net Reclassifications	(78)	(69)	(159)	(139)
Other Comprehensive Loss (Income)	(78)	(69)	(159)	(139)
Ending balance	1,953	1,838	1,953	1,838
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	17,278	20,665	16,797	22,113
Reclassifications:
Ending balance	17,391	17,492	17,391	17,492
AOCI Including Portion Attributable to Noncontrolling Interest
Reclassifications:
Other Comprehensive Loss (Income)	466	4,486	1,097	(6,255)
AOCI Attributable to Noncontrolling Interest
Reclassifications:
Other Comprehensive Loss (Income) Attributable to Non- Controlling Interest	$ 353	$ (1,313)	$ 503	$ (1,634)