0000950170-23-020773 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Apr. 02, 2023	Apr. 03, 2023
Cover [Abstract]
Entity Registrant Name	STRATTEC SECURITY CORP
Entity Central Index Key	0000933034
Document Type	10-Q
Document Period End Date	Apr. 02, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--07-02
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		4,015,985
Security Exchange Name	NASDAQ
Trading Symbol	STRT
Title of 12(b) Security	Common stock, $.01 par value

Condensed Consolidated Statements of (Loss) Income and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
Income Statement [Abstract]
Net sales	$ 127,183	$ 115,943	$ 360,727	$ 329,192
Cost of goods sold	117,182	101,305	330,843	287,072
Gross profit	10,001	14,638	29,884	42,120
Engineering, selling and administrative expenses	12,485	11,261	37,266	34,683
(Loss) income from operations	(2,484)	3,377	(7,382)	7,437
Equity earnings of joint ventures	819	577	1,934	941
Interest expense	(266)	(54)	(591)	(159)
Other (expense) income, net	(1,223)	282	(1,464)	308
(Loss) income before provision for income taxes and non-controlling interest	(3,154)	4,182	(7,503)	8,527
Provision (benefit) for income taxes	133	50	(1,638)	339
Net (loss) income	(3,287)	4,132	(5,865)	8,188
Net (loss) income attributable to non- controlling interest	(1,031)	989	(1,895)	1,556
Net (loss) income attributable to STRATTEC SECURITY CORPORATION	(2,256)	3,143	(3,970)	6,632
Comprehensive income (loss):
Net (loss) income	(3,287)	4,132	(5,865)	8,188
Pension and postretirement plans, net of tax	350	76	490	230
Currency translation adjustments	3,451	685	3,198	(571)
Other comprehensive income (loss), net of tax	3,801	761	3,688	(341)
Comprehensive income (loss)	514	4,893	(2,177)	7,847
Comprehensive income (loss) attributable to non-controlling interest	116	1,362	(223)	1,426
Comprehensive income (loss) attributable to STRATTEC SECURITY CORPORATION	$ 398	$ 3,531	$ (1,954)	$ 6,421
(Loss) earnings per share attributable to STRATTEC SECURITY CORPORATION:
Basic	$ (0.57)	$ 0.81	$ (1.01)	$ 1.72
Diluted	$ (0.57)	$ 0.80	$ (1.01)	$ 1.70
Weighted Average shares outstanding:
Basic	3,928	3,871	3,918	3,856
Diluted	3,928	3,916	3,918	3,906

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Apr. 02, 2023	Jul. 03, 2022
Current Assets:
Cash and cash equivalents	$ 12,086	$ 8,774
Receivables, net	83,581	75,827
Inventories:
Finished products	14,453	19,499
Work in process	15,445	18,263
Purchased materials	45,462	48,209
Excess and obsolete reserve	(5,745)	(5,489)
Inventories, net	69,615	80,482
Customer tooling in progress, net	20,516	10,828
Other current assets	21,227	12,321
Total current assets	207,025	188,232
Investment in joint ventures	27,773	26,654
Deferred Income Taxes	7,296	7,081
Other long-term assets	5,269	5,438
Property, plant and equipment	294,876	278,249
Less: accumulated depreciation	(200,841)	(186,520)
Net property, plant and equipment	94,035	91,729
Total assets	341,398	319,134
Current Liabilities:
Accounts payable	48,546	43,950
Accrued Liabilities:
Payroll and benefits	20,730	17,959
Environmental	1,390	1,390
Warranty	8,940	8,100
Other	15,974	10,130
Total current liabilities	95,580	81,529
Borrowings under credit facilities	21,000	11,000
Accrued pension obligations	1,225	1,259
Accrued postretirement obligations	1,318	1,329
Other long-term liabilities	3,802	4,070
Shareholders’ Equity:
Common stock, authorized 18,000,000 shares, $.01 par value, 7,530,170 issued shares at April 2, 2023 and 7,481,169 issued shares at July 3, 2022	75	75
Capital in excess of par value	102,789	101,524
Retained earnings	236,999	240,969
Accumulated other comprehensive loss	(16,572)	(18,588)
Less: treasury stock, at cost (3,602,085 shares at April 2, 2023 and 3,604,466 shares at July 3, 2022)	(135,542)	(135,580)
Total STRATTEC SECURITY CORPORATION shareholders’ equity	187,749	188,400
Non-controlling interest	30,724	31,547
Total shareholders’ equity	218,473	219,947
Total liabilities and shareholders' equity	$ 341,398	$ 319,134

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Apr. 02, 2023	Jul. 03, 2022
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	7,530,170	7,481,169
Treasury stock, shares	3,602,085	3,604,466

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ (5,865)	$ 8,188
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	13,145	14,724
Foreign currency transaction loss	2,114	76
Unrealized loss (gain) on peso forward contracts	93	(500)
Stock-based compensation expense	1,139	873
Equity earnings of joint ventures	(1,934)	(941)
Loss on settlement of pension obligation	217
Change in operating assets and liabilities:
Receivables	(7,584)	(6,637)
Inventories	10,867	(2,450)
Other assets	(17,518)	(4,370)
Accounts payable and accrued liabilities	12,468	2,306
Other, net	370	514
Net cash provided by operating activities	7,512	11,783
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in joint ventures	(237)	(75)
Purchase of property, plant and equipment	(13,724)	(9,407)
Proceeds received on sale of property, plant and equipment	15
Net cash used in investing activities	(13,946)	(9,482)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facilities	13,000	11,000
Repayment of borrowings under credit facilities	(3,000)	(11,000)
Dividends paid to non-controlling interests of subsidiaries	(600)	(1,200)
Exercise of stock options and employee stock purchases	164	884
Net cash provided by (used in) financing activities	9,564	(316)
Foreign currency impact on cash	182	9
NET INCREASE IN CASH AND CASH EQUIVALENTS	3,312	1,994
CASH AND CASH EQUIVALENTS
Beginning of period	8,774	14,465
End of period	12,086	16,459
Cash paid (recovered) during the period for:
Income taxes	1,573	(1,378)
Interest	485	158
Non-cash investing activities:
Change in capital expenditures in accounts payable	$ (1,207)	$ 824

Basis of Financial Statements

9 Months Ended

Apr. 02, 2023

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, fobs, 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 headquartered 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 April 2, 2023 and July 3, 2022, 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 2022 Form 10-K, which was filed with the Securities and Exchange Commission on September 8, 2022.

During December 2022, management determined that a previously unrecorded liability for postretirement death benefits is required to be recognized in accordance with ASC 715. Eligible participants for this death benefit include all salaried retirees who retired prior to October 1, 2001 and all hourly retirees who were hired prior to June 27, 2005 and retired prior to January 1, 2010. As such, the actuarially calculated liability and the unrecognized actuarial losses impacting Accumulated Other Comprehensive Loss will be reported in the Condensed Consolidated Balance Sheets. Additionally, interest cost and amortization of actuarial losses will be reported in the in the Condensed Consolidated Statements of (Loss) Income and Comprehensive Income (Loss).

Additionally, management identified a correction to previously reported Equity Earnings of Joint Ventures in the Condensed Consolidated Statements of (Loss) Income and Comprehensive Income (Loss), which correction also impacts the previously reported Investment in Joint Ventures amount reported in the Condensed Consolidated Balance Sheets. While prior period amounts have been corrected for comparability, the corrections, both individually and in total, were not material to the previously reported condensed consolidated financial statements.

The impact of the prior period corrections on the Condensed Consolidated Balance Sheet, the related components of Stockholders’ Equity, and the related components of Accumulate Other Comprehensive Loss is as follows (thousands of dollars):


	July 3, 2022
	Previously Reported			Adjustment			As Reported
ASSETS
Investment in joint ventures	$	26,344		$	310		$	26,654
Deferred income taxes		6,937			144			7,081
Total assets	$	318,680		$	454		$	319,134

LIABILITIES AND SHAREHOLDERS' EQUITY
Accrued Liabilities: Payroll and benefits	$	17,905		$	54		$	17,959
Total current liabilities		81,475			54			81,529
Accrued postretirement obligations		463			866			1,329

Retained earnings		241,504			(535	)		240,969
Accumulated other comprehensive loss		(18,657	)		69			(18,588	)
Total STRATTEC SECURITY CORPORATION shareholders' equity		188,866			(466	)		188,400
Total shareholders' equity		220,413			(466	)		219,947
Total liabilities and shareholders' equity	$	318,680		$	454		$	319,134

Accumulated Other Comprehensive Loss:
Foreign currency translation adjustments	$	(16,723	)	$	(10	)	$	(16,733	)
Retirement and Postretirement Benefit Plans		(1,934	)		79			(1,855	)
Accumulated other comprehensive loss	$	(18,657	)	$	69		$	(18,588	)

	June 27, 2021
	Previously Reported			Adjustment			As Reported
Retained earnings	$	234,472		$	(519	)	$	233,953
Accumulated other comprehensive loss		(16,797	)		(117	)		(16,914	)
Total STRATTEC SECURITY CORPORATION shareholders' equity		181,646			(636	)		181,010
Total shareholders' equity	$	213,433		$	(636	)	$	212,797

Accumulated Other Comprehensive Loss:
Foreign currency translation adjustments	$	(14,685	)	$	2		$	(14,683	)
Retirement and Postretirement Benefit Plans		(2,112	)		(119	)		(2,231	)
Accumulated other comprehensive loss	$	(16,797	)	$	(117	)	$	(16,914	)


	March 27, 2022									December 26, 2021
	Previously Reported			Adjustment			As Reported			Previously Reported			Adjustment			As Reported
Retained earnings	$	241,113		$	(528	)	$	240,585		$	237,967		$	(525	)	$	237,442
Accumulated other comprehensive loss		(17,000	)		(125	)		(17,125	)		(17,391	)		(122	)		(17,513	)
Total STRATTEC SECURITY CORPORATION shareholders' equity		189,841			(653	)		189,188			185,820			(647	)		185,173
Total shareholders' equity	$	221,854		$	(653	)	$	221,201		$	217,071		$	(647	)	$	216,424

Accumulated Other Comprehensive Loss:
Foreign currency translation adjustments	$	(15,126	)	$	2		$	(15,124	)	$	(15,438	)	$	2		$	(15,436	)
Retirement and Postretirement Benefit Plans		(1,874	)		(127	)		(2,001	)		(1,953	)		(124	)		(2,077	)
Accumulated other comprehensive loss	$	(17,000	)	$	(125	)	$	(17,125	)	$	(17,391	)	$	(122	)	$	(17,513	)

The impact of the prior period corrections on the Condensed Consolidated Statements of (Loss) Income and Comprehensive Income (Loss) is as follows (thousands of dollars):


	Three Months Ended March 27, 2022							Nine Months Ended March 27, 2022
	Previously Reported		Adjustment			As Reported		Previously Reported			Adjustment			As Reported
Other income (expense), net	$	285	$	(3	)	$	282	$	320		$	(12	)	$	308
Income before provision for income taxes and non-controlling interest		4,185		(3	)		4,182		8,539			(12	)		8,527
Provision for income taxes		50		-			50		342			(3	)		339
Net income		4,135		(3	)		4,132		8,197			(9	)		8,188
Net income attributed to STRATTEC SECURITY CORPORATION	$	3,146	$	(3	)	$	3,143	$	6,641		$	(9	)	$	6,632

Comprehensive Income:
Net income	$	4,135	$	(3	)	$	4,132	$	8,197		$	(9	)	$	8,188
Pension and postretirement plans, net of tax		79		(3	)		76		238			(8	)		230
Other comprehensive income (loss), net of tax		764		(3	)		761		(333	)		(8	)		(341	)
Comprehensive income		4,899		(6	)		4,893		7,864			(17	)		7,847
Comprehensive income attributed to STRATTEC SECURITY CORPORATION	$	3,537	$	(6	)	$	3,531	$	6,438		$	(17	)	$	6,421

The correction of prior period amounts had no impact on total operating, investing, and financing activities on the Condensed Consolidated Statements of Cash Flows during the nine-month period ended March 27, 2022. In conjunction with the correction of the prior period amounts, the following footnotes, which were impacted by the above adjustments, were also corrected: Shareholders’ Equity, Other (Expense) Income, net, Earnings Per Share, Pension and Postretirement Benefits, and Accumulated Other Comprehensive Loss.

Risks and Uncertainties

9 Months Ended

Apr. 02, 2023

Risks And Uncertainties [Abstract]

Risks and Uncertainties

In December 2019, a novel strain of coronavirus (COVID-19) was reported in Wuhan, China. The coronavirus subsequently spread, and infections occurred 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, as well as the recent conflict in the Ukraine, 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, inflationary pressures and levels of consumer spending specifically within the automotive industry and its operating performance has been impacted by the lingering effects of the COVID-19 pandemic, the war in the Ukraine, global inflationary conditions and the rising interest rate environment, some of which are described above. 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 fiscal 2022. Although semiconductor chip availability improved during the first nine months of our fiscal 2023 relative to our fiscal 2022, negative impacts of the shortage continue to affect STRATTEC, specifically as it pertains to aftermarket products, which trail the prioritization of component production for production vehicles in the allocation of semiconductor chips. Additionally, rising interest rates and global inflationary pressures resulted in increased raw material and purchased part costs during

our fiscal 2023 year to date period, as well as higher labor costs associated with mandatory minimum wage increases in Mexico beginning in calendar 2021. Such increases negatively impacted our operating results in our fiscal 2022 and continued to escalate during the first nine months of our fiscal 2023.

Each of the COVID-19 outbreak, the Ukraine conflict and the resulting inflationary pressures in the U.S. and global economy, which have and continue to adversely impact pricing conditions for necessary raw materials and purchased components in our products, continue to adversely impact our operating results due mostly to the supply chain continuity and disruption issues noted above, and in particular related to the supply of semiconductor chips, transponders and related components to our customers in the automotive industry. The extent of such impacts, including related to their duration and intensity, depends upon any continued and lingering impacts from the COVID-19 outbreak, the length of the Ukraine conflict, and related regulatory or operating restraints, which may be precautionary, imposed by local governments and the private sector and by any continuing elevated interest rates and inflationary pressures in the U.S. and global economies. All of these events may continue to impact the supply chain and our operations, including impacting our customers, workforce and suppliers, any of which may continue to disrupt and limit sourcing of semiconductor chips, transponders and other critical supply chain components needed by us and our customers to meet expected production schedules. Moreover, these events may continue to create added inflationary pressures on our operations, including related to wages and the prices of raw materials and purchased parts. All of these foregoing matters, including their scope and duration 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 in our financial statements. 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.

Our current revolving credit facilities, as discussed further under Credit Facilities, expire August 1, 2024. We rely on our credit facilities to provide us with adequate working capital to operate our business and fund our capital expenditures. Further escalation of the aforementioned global inflationary pressures on our operating results may impact our ability to achieve our covenants in the short term and our ability to negotiate favorable terms in the long term, including interest rates and debt covenants, in the extension of our current credit facility.

New Accounting Standard

9 Months Ended

Apr. 02, 2023

Accounting Changes And Error Corrections [Abstract]

New Accounting Standard

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 do not expect that the adoption of this guidance will have a material impact on our consolidated financial statements.

- Definition

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

+ References

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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Event

9 Months Ended

Apr. 02, 2023

Subsequent Events [Abstract]

Subsequent Event

On April 4, 2023, we entered into a lease amendment related to our El Paso, Texas finished goods and service parts distribution warehouse. The agreement included a lease modification that changed future payments for the existing premises. The lease modification resulted in a $1.8 million increase to both our right of use asset and lease liability included in our Condensed Consolidated Balance Sheet as of the modification date.

Derivative Instruments

9 Months Ended

Apr. 02, 2023

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 April 2, 2023 (thousands of dollars, except with respect to the average forward contractual exchange rate):


	Effective Dates	Notional Amount		Average Forward Contractual Exchange Rate		Fair Value
Buy MXP/Sell USD	April 18, 2023 - June 13, 2023	$	2,250		22.51	$	534

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):


	April 2, 2023		July 3, 2022
Not Designated as Hedging Instruments:
Other Current Assets:
Mexican Peso Forward Contracts	$	534	$	627

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


	Three Months Ended						Nine Months Ended
	April 2, 2023			March 27, 2022			April 2, 2023			March 27, 2022
Not Designated as Hedging Instruments:
Realized Gain	$	474		$	83		$	1,019		$	267
Realized (Loss)	$	—		$	(18	)	$	—		$	(67	)
Unrealized (Loss) Gain	$	(70	)	$	724		$	(93	)	$	500

Fair Value of Financial Instruments

9 Months Ended

Apr. 02, 2023

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 April 2, 2023 and July 3, 2022. 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 April 2, 2023 (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	$	153	$	—	$	—
Mid Cap		312		—		—
Large Cap		452		—		—
International		491		—		—
Fixed Income Funds		1,027		—		—
Cash and Cash Equivalents		—		113		—
Mexican Peso Forward Contracts		—		534		—
Total Assets at Fair Value	$	2,435	$	647	$	—

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

- Definition

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

+ References + Details

Investment in Joint Ventures and Majority Owned Subsidiaries

9 Months Ended

Apr. 02, 2023

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 $240,000 and $515,000 during the three- and nine- month periods ended April 2, 2023, and $200,000 and $615,000 during the three- and nine- month periods ended March 27, 2022.

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

The VAST LLC investments are accounted for using the equity method of accounting and the results of the VAST LLC foreign subsidiaries and joint venture are reported on a one-month lag basis. The activities related to the VAST LLC foreign subsidiaries and joint venture resulted in equity earnings of joint ventures to STRATTEC of $1.9 million during the nine-month period ended April 2, 2023 and $941,000 during the nine-month period ended March 27, 2022. During the nine months ended April 2, 2023, capital contributions totaling $711,000 were made to VAST for purposes of funding operations in Brazil. STRATTEC's portion of the capital contributions totaled $237,000. During the nine months ended March 27, 2022, capital contributions totaling $225,000 were made to VAST for purposes of funding operations in Brazil. STRATTEC's portion of the capital contributions totaled $75,000.

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 reduced net income to STRATTEC of approximately $89.4 million and $1.8 million, respectively, during the nine-month period ended April 2, 2023 and increased net sales and reduced net income to STRATTEC of approximately $81.2 million and $98,000, respectively, during the nine-month period ended March 27, 2022. 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 $2.2 million and $6.3 million in the three- and nine-month periods ended April 2, 2023 and $2.1 million and $5.7 million in the three- and nine-month periods ended March 27, 2022. Effective January 1, 2023, ADAC and STRATTEC have agreed to suspend the payment of these fees as needed to comply with debt covenant provisions included in the ADAC-STRATTEC LLC credit facility described in greater detail below. Additionally, ADAC-STRATTEC LLC sells production parts to ADAC. Sales to ADAC are included in the consolidated results of STRATTEC and totaled $3.1 million and $8.4 million in the three- and nine-month periods ended April 2, 2023 and $2.9 million and $6.0 million in the three- and nine-month periods ended March 27, 2022.

STRATTEC POWER ACCESS LLC (“SPA”) was originally formed in fiscal year 2009 to supply the North American portion of the power sliding door, lift gate, tail gate and deck lid system access control products some of which were acquired from Delphi Corporation in 2009. 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 $82.3 million and $1.9 million, respectively, during the nine-month period ended April 2, 2023 and $68.3 million and $3.8 million, respectively, during the nine-month period ended March 27, 2022.

Equity Earnings of Joint Ventures

9 Months Ended

Apr. 02, 2023

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.

During the quarter ended March 27, 2022, VAST China experienced a fire at their Taicang plant. As a result, certain door handle and painting operations were temporarily transferred to their Jingzhou facility and another supplier. The transfer of production negatively impacted VAST China's profitability for the quarter ended March 27, 2022.

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


	Three Months Ended					Nine Months Ended
	April 2, 2023		March 27, 2022			April 2, 2023		March 27, 2022
Net Sales	$	44,989	$	55,281		$	168,088	$	153,454
Cost of Goods Sold		36,471		46,418			138,222		127,022
Gross Profit		8,518		8,863			29,866		26,432
Engineering, Selling and Administrative Expenses		6,872		7,575			24,631		24,075
Income From Operations		1,646		1,288			5,235		2,357
Other Income, net		1,167		692			1,625		1,085
Income before Provision for Income Taxes		2,813		1,980			6,860		3,442
Provision for Income Taxes		360		239			1,110		614
Net Income	$	2,453	$	1,741		$	5,750	$	2,828
STRATTEC's Share of VAST LLC Net Income		818		581			1,917		943
Intercompany Profit Elimination		1		(4	)		17		(2	)
STRATTEC’s Equity Earnings of VAST LLC	$	819	$	577		$	1,934	$	941

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


	Three Months Ended				Nine Months Ended
	April 2, 2023		March 27, 2022		April 2, 2023		March 27, 2022
Sales to VAST LLC	$	6	$	316	$	33	$	1,533
Purchases from VAST LLC	$	12	$	6	$	39	$	157
Expenses Charged to VAST LLC	$	59	$	134	$	301	$	512
Expenses Charged from VAST LLC	$	191	$	151	$	643	$	593

Leases

9 Months Ended

Apr. 02, 2023

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. Refer to Subsequent Event included in these Notes to Condensed Consolidated Financial Statements for additional information regarding extension of this 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):


	April 2, 2023
Right-of Use Asset Under Operating Lease:
Other Long-Term Assets	$	2,721
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$	415
Other Long-Term Liabilities		2,306
	$	2,721

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 April 2, 2023 (in thousands):


2023 (for the remaining three months)	$	125
2024		509
2025		522
2026		535
2027		548
Thereafter		751
Total Future Minimum Lease Payments		2,990
Less: Imputed Interest		(269	)
Total Lease Obligations	$	2,721

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


	Nine Months Ended
	April 2, 2023		March 27, 2022
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$	372	$	362

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


	April 2, 2023
Weighted Average Remaining Lease Term (in years)		5.6
Weighted Average Discount Rate		3.3	%

Operating lease expense for the three- and nine-month periods ended April 2, 2023 totaled $125,000 and $372,000, respectively. Operating lease expense for the three- and nine-month periods ended March 27, 2022 totaled $122,000 and $362,000, respectively.

Credit Facilities

9 Months Ended

Apr. 02, 2023

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 were at varying rates based, at our option, on LIBOR plus 1.25 percent or the bank’s prime rate through February 22, 2023. Interest on borrowings under the ADAC-STRATTEC Credit Facility were at varying rates based, at our option, on LIBOR plus 1.25 percent or the bank’s prime rate through February 6, 2023. Subsequent to these dates, interest on borrowings under both credit facilities were at varying rates based, at our option, on SOFR plus 1.35 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 April 2, 2023, we were in compliance with all other financial covenants required by these credit facilities.

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


	April 2, 2023		July 3, 2022
STRATTEC Credit Facility	$	8,000	$	—
ADAC-STRATTEC Credit Facility		13,000		11,000
	$	21,000	$	11,000

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


	Nine Months Ended
	Average Outstanding Borrowings				Weighted Average Interest Rate
	April 2, 2023		March 27, 2022		April 2, 2023			March 27, 2022
STRATTEC Credit Facility	$	3,755	$	421		5.1	%		1.9	%
ADAC-STRATTEC Credit Facility	$	12,234	$	14,784		4.9	%		1.4	%

Commitments and Contingencies

9 Months Ended

Apr. 02, 2023

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 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 April 2, 2023 is adequate.

Shareholders' Equity

9 Months Ended

Apr. 02, 2023

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

A summary of activity impacting shareholders’ equity for the three- and nine-month periods ended April 2, 2023 and March 27, 2022 were as follows (in thousands):


	Three months ended April 2, 2023
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, January 1, 2023	$	217,676		$	75	$	102,520	$	239,255		$	(19,226	)	$	(135,556	)	$	30,608
Net Loss		(3,287	)		—		—		(2,256	)		—			—			(1,031	)
Translation Adjustments		3,451			—		—		—			2,304			—			1,147
Stock Based Compensation		265			—		265		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		350			—		—		—			350			—			—
Employee Stock Purchases		18			—		4		—			—			14			—
Balance, April 2, 2023	$	218,473		$	75	$	102,789	$	236,999		$	(16,572	)	$	(135,542	)	$	30,724


	Three months ended March 27, 2022
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, December 26, 2021	$	216,424		$	75	$	100,768	$	237,442	$	(17,513	)	$	(135,599	)	$	31,251
Net Income		4,132			—		—		3,143		—			—			989
Dividend Declared – Non- controlling Interests of Subsidiaries		(600	)		—		—		—		—			—			(600	)
Translation Adjustments		685			—		—		—		312			—			373
Stock Based Compensation		239			—		239		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		76			—		—		—		76			—			—
Stock Option Exercises		227			—		227		—		—			—			—
Employee Stock Purchases		18			—		10		—		—			8			—
Balance, March 27, 2022	$	221,201		$	75	$	101,244	$	240,585	$	(17,125	)	$	(135,591	)	$	32,013


	Nine months ended April 2, 2023
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, July 3, 2022	$	219,947		$	75	$	101,524	$	240,969		$	(18,588	)	$	(135,580	)	$	31,547
Net Loss		(5,865	)		—		—		(3,970	)		—			—			(1,895	)
Dividend Declared – Non- controlling Interests of Subsidiaries		(600	)		—		—		—			—			—			(600	)
Translation Adjustments		3,198			—		—		—			1,526			—			1,672
Stock Based Compensation		1,139			—		1,139		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		490			—		—		—			490			—			—
Stock Option Exercises		109			—		109		—			—			—			—
Employee Stock Purchases		55			—		17		—			—			38			—
Balance, April 2, 2023	$	218,473		$	75	$	102,789	$	236,999		$	(16,572	)	$	(135,542	)	$	30,724


	Nine months ended March 27, 2022
	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	$	212,797		$	74	$	99,512	$	233,953	$	(16,914	)	$	(135,615	)	$	31,787
Net Income		8,188			—		—		6,632		—			—			1,556
Dividend Declared – Non- controlling Interests of Subsidiaries		(1,200	)		—		—		—		—			—			(1,200	)
Translation Adjustments		(571	)		—		—		—		(441	)		—			(130	)
Stock Based Compensation		873			—		873		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		230			—		—		—		230			—			—
Stock Option Exercises		827			1		826		—		—			—			—
Employee Stock Purchases		57			—		33		—		—			24			—
Balance, March 27, 2022	$	221,201		$	75	$	101,244	$	240,585	$	(17,125	)	$	(135,591	)	$	32,013

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Revenue from Contracts with Customers

9 Months Ended

Apr. 02, 2023

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 April 2, 2023 or July 3, 2022.

Revenue by Product Group and Customer:

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


	Three Months Ended				Nine Months Ended
	April 2, 2023		March 27, 2022		April 2, 2023		March 27, 2022
Door Handles & Exterior Trim	$	30,834	$	29,313	$	89,384	$	81,211
Power Access		31,046		23,675		82,332		68,344
Keys & Locksets		27,625		28,230		81,006		77,725
Latches		14,150		12,760		42,570		34,782
Aftermarket & OE Service		11,345		11,421		31,486		34,731
User Interface Controls (formerly Driver Controls)		9,989		8,525		27,727		25,317
Other		2,194		2,019		6,222		7,082
	$	127,183	$	115,943	$	360,727	$	329,192

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


	Three Months Ended				Nine Months Ended
	April 2, 2023		March 27, 2022		April 2, 2023		March 27, 2022
General Motors Company	$	37,537	$	34,738	$	111,221	$	91,551
Ford Motor Company		23,293		19,162		70,058		57,927
Stellantis		21,610		23,047		55,760		62,657
Tier 1 Customers		19,742		15,279		53,134		42,861
Commercial and Other OEM Customers		13,839		16,518		41,799		50,120
Hyundai / Kia		11,162		7,199		28,755		24,076
	$	127,183	$	115,943	$	360,727	$	329,192

- 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 https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other (Expense) Income, net

9 Months Ended

Apr. 02, 2023

Other Income And Expenses [Abstract]

Other (Expense) Income, net

Net other (expense) income included in the accompanying Condensed Consolidated Statements of (Loss) Income and Comprehensive Income (Loss) 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 reduce 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 April 2, 2023 may or may not be realized in future periods, depending on the actual Mexican peso to U.S. dollar exchange rates experienced during the balance of the contract period. The Rabbi Trust assets fund our Amended and Restated Supplemental Executive Retirement Plan. The investments held in this Trust are considered trading securities.

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


	Three Months Ended						Nine Months Ended
	April 2, 2023			March 27, 2022			April 2, 2023			March 27, 2022
Foreign Currency Transaction Loss	$	(1,529	)	$	(319	)	$	(2,114	)	$	(76	)
Unrealized (Loss) Gain on Peso Forward Contracts		(70	)		724			(93	)		500
Realized Gain on Peso Forward Contracts, net		474			65			1,019			200
Pension and Postretirement Plans Cost		(344	)		(123	)		(604	)		(372	)
Rabbi Trust Gain (Loss)		108			(130	)		131			(60	)
Other		138			65			197			116
	$	(1,223	)	$	282		$	(1,464	)	$	308

Warranty

9 Months Ended

Apr. 02, 2023

Guarantees and Product Warranties [Abstract]

Warranty

We have a warranty liability recorded related to our known and potential exposure to warranty claims in the event our products fail to perform as expected, and in the event we may be required to participate in the repair costs incurred by our customers for such products. The recorded liability balance involves judgement and estimates. Our liability estimate is based on analysis of historical warranty data as well as current trends and information, including our customers recent extension and /or expansion of their warranty programs. In recent fiscal periods, our largest customers have extended their warranty protection for their vehicles and have since demanded higher warranty cost sharing arrangements from their suppliers in their terms and conditions to purchase, including from STRATTEC. As additional information becomes available, actual results may differ from recorded estimates, which may require us to adjust the amount of our warranty provision. During the quarter ended April 2, 2023, we recorded a warranty provision of $1.3 million associated with a customer's specific warranty claim involving our product.

During the quarter ended January 1, 2023, we received notice that a product we shipped failed to perform as the customer expected. While it is probable we will incur costs related to this matter, it is not possible to reasonably estimate those costs based on limited information available, including uncertainty as to STRATTEC's responsibility and the responsibility of STRATTEC's supplier in the matter, as of the date of filing of this Form 10-Q. As additional information related to this matter becomes available, we may need to record additional warranty provisions.

Income Taxes

9 Months Ended

Apr. 02, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Our effective tax rate was (4.2)% and 1.2% for the three months ended April 2, 2023 and March 27, 2022, respectively. Our effective tax rate was 21.8% and 4.0% for the nine-month periods ended April 2, 2023 and March 27, 2021, respectively. The effective tax rate for the three-month period ended April 2, 2023 was impacted by an increase in our fiscal year pre-tax net loss estimate as of the end of the current year quarter as compared to our estimate as of January 1, 2023. Our effective tax rate in the three- and nine-month periods ended March 27, 2022 was impacted by adjustments we made to the amounts of our fiscal 2021 estimated foreign tax credits and estimated tax impacts associated with our investment in VAST LLC. These true-up adjustments resulted from the filing of our US income tax returns during the quarter ended March 27, 2022 and were attributable to actual results included in non-US income tax returns, which are filed on a calendar year basis, and which differ from estimates included in our fiscal 2021 tax provision. The adjustment amounts recorded during the three- and nine-month periods ended March 27, 2022 totaled $740,000 and $1.0 million, respectively. Our effective tax rate for the three- and nine-month periods ended March 27, 2022 excluding these adjustments were 18.9 percent and 15.7 percent, respectively. Our effective tax rate differs from the statutory tax rate due to the application of the Global Intangible Low Taxed Income (GILTI) tax provisions, our available R&D tax credit and the non-controlling interest portion of our pre-tax income. The non-controlling interest portion 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
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

(Loss) Earnings Per Share

9 Months Ended

Apr. 02, 2023

Earnings Per Share [Abstract]

(Loss) Earnings Per Share

Basic (loss) earnings per share is computed on the basis of the weighted average number of shares of common stock outstanding during the applicable period. Diluted (loss) 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
	April 2, 2023								March 27, 2022
	Net Loss			Shares		Per-Share Amount			Net Income		Shares		Per-Share Amount
Basic (Loss) Earnings Per Share	$	(2,256	)		3,928	$	(0.57	)	$	3,143		3,871	$	0.81
Stock Option and Restricted Stock Awards		—			—					—		45
Diluted (Loss) Earnings Per Share	$	(2,256	)		3,928	$	(0.57	)	$	3,143		3,916	$	0.80


	Nine Months Ended
	April 2, 2023								March 27, 2022
	Net Loss			Shares		Per-Share Amount			Net Income		Shares		Per-Share Amount
Basic (Loss) Earnings Per Share	$	(3,970	)		3,918	$	(1.01	)	$	6,632		3,856	$	1.72
Stock Option and Restricted Stock Awards		—			—					—		50
Diluted (Loss) Earnings Per Share	$	(3,970	)		3,918	$	(1.01	)	$	6,632		3,906	$	1.70

The calculation of (loss) earnings per share excluded 125,871 share-based payment awards as of April 2, 2023 and 9,010 share-based payment awards as of March 27, 2022 because their inclusion would have been anti-dilutive.

Stock-Based Compensation

9 Months Ended

Apr. 02, 2023

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 April 2, 2023, 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 April 2, 2023 were 134,769. 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 3 years after the date of grant as determined by the Compensation Committee of the Board of Directors.

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

A summary of stock option activity under our stock incentive plan for the nine months ended April 2, 2023 follows:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Balance, July 3, 2022		41,172		$	46.34
Exercised		(4,251	)	$	25.64
Forfeited		(4,360	)	$	47.55
Balance, April 2, 2023		32,561		$	48.88		0.6		—
Exercisable, April 2, 2023		32,561		$	48.88		0.6		—

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


	Three Months Ended				Nine Months Ended
	April 2, 2023		March 27, 2022		April 2, 2023		March 27, 2022
Intrinsic Value of Options Exercised	$	—	$	120	$	31	$	451
Fair Value of Stock Options Vesting	$	—	$	—	$	—	$	—

No options were granted during the nine-month periods ended April 2, 2023 or March 27, 2022.

A summary of restricted stock activity under our stock incentive plan for the nine months ended April 2, 2023 follows:


	Shares			Weighted Average Grant Date Fair Value
Nonvested Balance, July 3, 2022		85,100		$	31.89
Granted		49,050		$	29.91
Vested		(44,750	)	$	29.00
Forfeited		(1,500	)	$	32.03
Nonvested Balance, April 2, 2023		87,900		$	32.09

As of April 2, 2023, all compensation cost related to outstanding stock options granted under our omnibus stock incentive plan has been recognized. As of April 2, 2023, there was approximately $1.6 million of total unrecognized compensation cost related to unvested restricted stock grants outstanding under the plan. This cost is expected to be recognized over a remaining weighted average period of 1 year. Total unrecognized compensation cost will be adjusted for any future changes in estimated and actual forfeitures of awards granted under our omnibus stock incentive plan.

Pension and Postretirement Benefits

9 Months Ended

Apr. 02, 2023

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. During our fiscal 2023 third quarter, SERP benefits of $863,000 were cash settled using Rabbi trust assets. We incurred a related settlement charge to operations of $217,000 pre-tax in our fiscal third quarter as a result of the requirement to expense a portion of the unrealized actuarial losses due to the settlement of the SERP obligation. The Rabbi Trust assets had a value of $2.5 million at April 2, 2023 and $3.3 million at July 3, 2022. At April 2, 2023, the Rabbi Trust asset balance was included in Other Long-Term Assets in the accompanying Condensed Consolidated Balance Sheets. At July 3, 2022, $863,000 of the Rabbi Trust asset balance was included in Other Current Assets and the remaining balance was included in Other Long-Term Assets in the accompanying Condensed Consolidated Balance Sheets.

We also sponsor a postretirement health care plan for all current and future eligible U.S. retirees 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. Additionally, we sponsor a postretirement life plan for all U.S. salaried retirees who retired prior to October 1, 2001 and all U.S. hourly retirees who were hired prior to June 27, 2005 and retired prior to January 1, 2010. The benefit provides for a death benefit of $8,000, which is increased to $70,000 for disability retirees until reaching the age of 65, in which case the death benefit decreased to $8,000. The postretirement life plan is unfunded. See "Basis of Financial Statements" above for additional information regarding certain matters related to recording a liability adjustment for the death benefit owed to eligible participants under the postretirement life plan.

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 (Loss) Income and Comprehensive Income (Loss).

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
	April 2, 2023		March 27, 2022		April 2, 2023		March 27, 2022
Service Cost	$	21	$	15	$	3	$	3
Interest Cost		24		15		16		8
Plan Settlements		217		—		—		—
Amortization of Unrecognized Net Loss		25		20	61			80
Net Periodic Benefit Cost	$	287	$	50	$	80	$	91


	SERP Benefits				Postretirement Benefits
	Nine Months Ended				Nine Months Ended
	April 2, 2023		March 27, 2022		April 2, 2023		March 27, 2022
Service Cost	$	60	$	46	$	8	$	9
Interest Cost		71		40		47		31
Plan Settlements		217		—		—		—
Amortization of Unrecognized Net Loss		87		63		182		238
Net Periodic Benefit Cost	$	435	$	149	$	237	$	278

- 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 https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Accumulated Other Comprehensive Loss

9 Months Ended

Apr. 02, 2023

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 April 2, 2023
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, January 1, 2023	$	17,511		$	1,715		$	19,226
Other Comprehensive Income Before Reclassifications		(3,451	)		(371	)		(3,822	)
Income Tax		—			87			87
Net Other Comprehensive Income Before Reclassifications		(3,451	)		(284	)		(3,735	)
Reclassifications:
Unrecognized Net Loss (A)		—			(86	)		(86	)
Income Tax		—			20			20
Net Reclassifications		—			(66	)		(66	)
Other Comprehensive Income		(3,451	)		(350	)		(3,801	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(1,147	)		—			(1,147	)
Balance, April 2, 2023	$	15,207		$	1,365		$	16,572


	Three Months Ended March 27, 2022
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, December 26, 2021	$	15,436		$	2,077		$	17,513
Other Comprehensive Income Before Reclassifications		(1,291	)		—			(1,291	)
Income Tax		606			—			606
Net Other Comprehensive Income Before Reclassifications		(685	)		—			(685	)
Reclassifications:
Unrecognized Net Loss (A)		—			(100	)		(100	)
Income Tax		—			24			24
Net Reclassifications		—			(76	)		(76	)
Other Comprehensive Income		(685	)		(76	)		(761	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(373	)		—			(373	)
Balance, March 27, 2022	$	15,124		$	2,001		$	17,125


	Nine Months Ended April 2, 2023
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, July 3, 2022	$	16,733		$	1,855		$	18,588
Other Comprehensive Income Before Reclassifications		(3,198	)		(371	)		(3,569	)
Income Tax		—			87			87
Net Other Comprehensive Income Before Reclassifications		(3,198	)		(284	)		(3,482	)
Reclassifications:
Unrecognized Net Loss (A)		—			(269	)		(269	)
Income Tax		—			63			63
Net Reclassifications		—			(206	)		(206	)
Other Comprehensive Income		(3,198	)		(490	)		(3,688	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(1,672	)		—			(1,672	)
Balance, April 2, 2023	$	15,207		$	1,365		$	16,572


	Nine Months Ended March 27, 2022
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, June 27, 2021	$	14,683		$	2,231		$	16,914
Other Comprehensive Loss Before Reclassifications		(35	)		—			(35	)
Income Tax		606			—			606
Net Other Comprehensive Loss Before Reclassifications		571			—			571
Reclassifications:
Unrecognized Net Loss (A)		—			(301	)		(301	)
Income Tax		—			71			71
Net Reclassifications		—			(230	)		(230	)
Other Comprehensive Loss		571			(230	)		341
Other Comprehensive Loss Attributable to Non- Controlling Interest		130			—			130
Balance, March 27, 2022	$	15,124		$	2,001		$	17,125

(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 (Loss) Income and Comprehensive Income (Loss). See Pension and Postretirement Benefits note to these Notes to Condensed Consolidated Financial Statements above.

Basis of Financial Statements (Tables)

3 Months Ended

Apr. 02, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of the prior period corrections and Adjustments


	July 3, 2022
	Previously Reported			Adjustment			As Reported
ASSETS
Investment in joint ventures	$	26,344		$	310		$	26,654
Deferred income taxes		6,937			144			7,081
Total assets	$	318,680		$	454		$	319,134

LIABILITIES AND SHAREHOLDERS' EQUITY
Accrued Liabilities: Payroll and benefits	$	17,905		$	54		$	17,959
Total current liabilities		81,475			54			81,529
Accrued postretirement obligations		463			866			1,329

Retained earnings		241,504			(535	)		240,969
Accumulated other comprehensive loss		(18,657	)		69			(18,588	)
Total STRATTEC SECURITY CORPORATION shareholders' equity		188,866			(466	)		188,400
Total shareholders' equity		220,413			(466	)		219,947
Total liabilities and shareholders' equity	$	318,680		$	454		$	319,134

Accumulated Other Comprehensive Loss:
Foreign currency translation adjustments	$	(16,723	)	$	(10	)	$	(16,733	)
Retirement and Postretirement Benefit Plans		(1,934	)		79			(1,855	)
Accumulated other comprehensive loss	$	(18,657	)	$	69		$	(18,588	)

	June 27, 2021
	Previously Reported			Adjustment			As Reported
Retained earnings	$	234,472		$	(519	)	$	233,953
Accumulated other comprehensive loss		(16,797	)		(117	)		(16,914	)
Total STRATTEC SECURITY CORPORATION shareholders' equity		181,646			(636	)		181,010
Total shareholders' equity	$	213,433		$	(636	)	$	212,797

Accumulated Other Comprehensive Loss:
Foreign currency translation adjustments	$	(14,685	)	$	2		$	(14,683	)
Retirement and Postretirement Benefit Plans		(2,112	)		(119	)		(2,231	)
Accumulated other comprehensive loss	$	(16,797	)	$	(117	)	$	(16,914	)


	March 27, 2022									December 26, 2021
	Previously Reported			Adjustment			As Reported			Previously Reported			Adjustment			As Reported
Retained earnings	$	241,113		$	(528	)	$	240,585		$	237,967		$	(525	)	$	237,442
Accumulated other comprehensive loss		(17,000	)		(125	)		(17,125	)		(17,391	)		(122	)		(17,513	)
Total STRATTEC SECURITY CORPORATION shareholders' equity		189,841			(653	)		189,188			185,820			(647	)		185,173
Total shareholders' equity	$	221,854		$	(653	)	$	221,201		$	217,071		$	(647	)	$	216,424

Accumulated Other Comprehensive Loss:
Foreign currency translation adjustments	$	(15,126	)	$	2		$	(15,124	)	$	(15,438	)	$	2		$	(15,436	)
Retirement and Postretirement Benefit Plans		(1,874	)		(127	)		(2,001	)		(1,953	)		(124	)		(2,077	)
Accumulated other comprehensive loss	$	(17,000	)	$	(125	)	$	(17,125	)	$	(17,391	)	$	(122	)	$	(17,513	)

The impact of the prior period corrections on the Condensed Consolidated Statements of (Loss) Income and Comprehensive Income (Loss) is as follows (thousands of dollars):


	Three Months Ended March 27, 2022							Nine Months Ended March 27, 2022
	Previously Reported		Adjustment			As Reported		Previously Reported			Adjustment			As Reported
Other income (expense), net	$	285	$	(3	)	$	282	$	320		$	(12	)	$	308
Income before provision for income taxes and non-controlling interest		4,185		(3	)		4,182		8,539			(12	)		8,527
Provision for income taxes		50		-			50		342			(3	)		339
Net income		4,135		(3	)		4,132		8,197			(9	)		8,188
Net income attributed to STRATTEC SECURITY CORPORATION	$	3,146	$	(3	)	$	3,143	$	6,641		$	(9	)	$	6,632

Comprehensive Income:
Net income	$	4,135	$	(3	)	$	4,132	$	8,197		$	(9	)	$	8,188
Pension and postretirement plans, net of tax		79		(3	)		76		238			(8	)		230
Other comprehensive income (loss), net of tax		764		(3	)		761		(333	)		(8	)		(341	)
Comprehensive income		4,899		(6	)		4,893		7,864			(17	)		7,847
Comprehensive income attributed to STRATTEC SECURITY CORPORATION	$	3,537	$	(6	)	$	3,531	$	6,438		$	(17	)	$	6,421

Derivative Instruments (Tables)

9 Months Ended

Apr. 02, 2023

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 April 2, 2023 (thousands of dollars, except with respect to the average forward contractual exchange rate):


	Effective Dates	Notional Amount		Average Forward Contractual Exchange Rate		Fair Value
Buy MXP/Sell USD	April 18, 2023 - June 13, 2023	$	2,250		22.51	$	534

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):


	April 2, 2023		July 3, 2022
Not Designated as Hedging Instruments:
Other Current Assets:
Mexican Peso Forward Contracts	$	534	$	627

Pre-Tax Effects of the Peso Forward Contracts


	Three Months Ended						Nine Months Ended
	April 2, 2023			March 27, 2022			April 2, 2023			March 27, 2022
Not Designated as Hedging Instruments:
Realized Gain	$	474		$	83		$	1,019		$	267
Realized (Loss)	$	—		$	(18	)	$	—		$	(67	)
Unrealized (Loss) Gain	$	(70	)	$	724		$	(93	)	$	500

Fair Value of Financial Instruments (Tables)

9 Months Ended

Apr. 02, 2023

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 April 2, 2023 (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	$	153	$	—	$	—
Mid Cap		312		—		—
Large Cap		452		—		—
International		491		—		—
Fixed Income Funds		1,027		—		—
Cash and Cash Equivalents		—		113		—
Mexican Peso Forward Contracts		—		534		—
Total Assets at Fair Value	$	2,435	$	647	$	—

Equity Earnings of Joint Ventures (Tables) - VAST LLC

9 Months Ended

Apr. 02, 2023

Summarized Statements of Operations

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


	Three Months Ended					Nine Months Ended
	April 2, 2023		March 27, 2022			April 2, 2023		March 27, 2022
Net Sales	$	44,989	$	55,281		$	168,088	$	153,454
Cost of Goods Sold		36,471		46,418			138,222		127,022
Gross Profit		8,518		8,863			29,866		26,432
Engineering, Selling and Administrative Expenses		6,872		7,575			24,631		24,075
Income From Operations		1,646		1,288			5,235		2,357
Other Income, net		1,167		692			1,625		1,085
Income before Provision for Income Taxes		2,813		1,980			6,860		3,442
Provision for Income Taxes		360		239			1,110		614
Net Income	$	2,453	$	1,741		$	5,750	$	2,828
STRATTEC's Share of VAST LLC Net Income		818		581			1,917		943
Intercompany Profit Elimination		1		(4	)		17		(2	)
STRATTEC’s Equity Earnings of VAST LLC	$	819	$	577		$	1,934	$	941

Summarize of Related Party Transaction

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


	Three Months Ended				Nine Months Ended
	April 2, 2023		March 27, 2022		April 2, 2023		March 27, 2022
Sales to VAST LLC	$	6	$	316	$	33	$	1,533
Purchases from VAST LLC	$	12	$	6	$	39	$	157
Expenses Charged to VAST LLC	$	59	$	134	$	301	$	512
Expenses Charged from VAST LLC	$	191	$	151	$	643	$	593

Leases (Tables)

9 Months Ended

Apr. 02, 2023

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):


	April 2, 2023
Right-of Use Asset Under Operating Lease:
Other Long-Term Assets	$	2,721
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$	415
Other Long-Term Liabilities		2,306
	$	2,721

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


2023 (for the remaining three months)	$	125
2024		509
2025		522
2026		535
2027		548
Thereafter		751
Total Future Minimum Lease Payments		2,990
Less: Imputed Interest		(269	)
Total Lease Obligations	$	2,721

Schedule of Cash Flow Information Related to Operating Lease

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


	Nine Months Ended
	April 2, 2023		March 27, 2022
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$	372	$	362

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:


	April 2, 2023
Weighted Average Remaining Lease Term (in years)		5.6
Weighted Average Discount Rate		3.3	%

Credit Facilities (Tables)

9 Months Ended

Apr. 02, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings Under the Credit Facilities

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


	April 2, 2023		July 3, 2022
STRATTEC Credit Facility	$	8,000	$	—
ADAC-STRATTEC Credit Facility		13,000		11,000
	$	21,000	$	11,000

Schedule of Average Outstanding Borrowings and the Weighted Average Interest Rate

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


	Nine Months Ended
	Average Outstanding Borrowings				Weighted Average Interest Rate
	April 2, 2023		March 27, 2022		April 2, 2023			March 27, 2022
STRATTEC Credit Facility	$	3,755	$	421		5.1	%		1.9	%
ADAC-STRATTEC Credit Facility	$	12,234	$	14,784		4.9	%		1.4	%

Shareholders' Equity (Tables)

9 Months Ended

Apr. 02, 2023

Equity [Abstract]

Summary of Activity Impacting Shareholders' Equity

A summary of activity impacting shareholders’ equity for the three- and nine-month periods ended April 2, 2023 and March 27, 2022 were as follows (in thousands):


	Three months ended April 2, 2023
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, January 1, 2023	$	217,676		$	75	$	102,520	$	239,255		$	(19,226	)	$	(135,556	)	$	30,608
Net Loss		(3,287	)		—		—		(2,256	)		—			—			(1,031	)
Translation Adjustments		3,451			—		—		—			2,304			—			1,147
Stock Based Compensation		265			—		265		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		350			—		—		—			350			—			—
Employee Stock Purchases		18			—		4		—			—			14			—
Balance, April 2, 2023	$	218,473		$	75	$	102,789	$	236,999		$	(16,572	)	$	(135,542	)	$	30,724


	Three months ended March 27, 2022
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, December 26, 2021	$	216,424		$	75	$	100,768	$	237,442	$	(17,513	)	$	(135,599	)	$	31,251
Net Income		4,132			—		—		3,143		—			—			989
Dividend Declared – Non- controlling Interests of Subsidiaries		(600	)		—		—		—		—			—			(600	)
Translation Adjustments		685			—		—		—		312			—			373
Stock Based Compensation		239			—		239		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		76			—		—		—		76			—			—
Stock Option Exercises		227			—		227		—		—			—			—
Employee Stock Purchases		18			—		10		—		—			8			—
Balance, March 27, 2022	$	221,201		$	75	$	101,244	$	240,585	$	(17,125	)	$	(135,591	)	$	32,013


	Nine months ended April 2, 2023
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, July 3, 2022	$	219,947		$	75	$	101,524	$	240,969		$	(18,588	)	$	(135,580	)	$	31,547
Net Loss		(5,865	)		—		—		(3,970	)		—			—			(1,895	)
Dividend Declared – Non- controlling Interests of Subsidiaries		(600	)		—		—		—			—			—			(600	)
Translation Adjustments		3,198			—		—		—			1,526			—			1,672
Stock Based Compensation		1,139			—		1,139		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		490			—		—		—			490			—			—
Stock Option Exercises		109			—		109		—			—			—			—
Employee Stock Purchases		55			—		17		—			—			38			—
Balance, April 2, 2023	$	218,473		$	75	$	102,789	$	236,999		$	(16,572	)	$	(135,542	)	$	30,724


	Nine months ended March 27, 2022
	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	$	212,797		$	74	$	99,512	$	233,953	$	(16,914	)	$	(135,615	)	$	31,787
Net Income		8,188			—		—		6,632		—			—			1,556
Dividend Declared – Non- controlling Interests of Subsidiaries		(1,200	)		—		—		—		—			—			(1,200	)
Translation Adjustments		(571	)		—		—		—		(441	)		—			(130	)
Stock Based Compensation		873			—		873		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		230			—		—		—		230			—			—
Stock Option Exercises		827			1		826		—		—			—			—
Employee Stock Purchases		57			—		33		—		—			24			—
Balance, March 27, 2022	$	221,201		$	75	$	101,244	$	240,585	$	(17,125	)	$	(135,591	)	$	32,013

Revenue from Contracts with Customers (Tables)

9 Months Ended

Apr. 02, 2023

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				Nine Months Ended
	April 2, 2023		March 27, 2022		April 2, 2023		March 27, 2022
Door Handles & Exterior Trim	$	30,834	$	29,313	$	89,384	$	81,211
Power Access		31,046		23,675		82,332		68,344
Keys & Locksets		27,625		28,230		81,006		77,725
Latches		14,150		12,760		42,570		34,782
Aftermarket & OE Service		11,345		11,421		31,486		34,731
User Interface Controls (formerly Driver Controls)		9,989		8,525		27,727		25,317
Other		2,194		2,019		6,222		7,082
	$	127,183	$	115,943	$	360,727	$	329,192

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


	Three Months Ended				Nine Months Ended
	April 2, 2023		March 27, 2022		April 2, 2023		March 27, 2022
General Motors Company	$	37,537	$	34,738	$	111,221	$	91,551
Ford Motor Company		23,293		19,162		70,058		57,927
Stellantis		21,610		23,047		55,760		62,657
Tier 1 Customers		19,742		15,279		53,134		42,861
Commercial and Other OEM Customers		13,839		16,518		41,799		50,120
Hyundai / Kia		11,162		7,199		28,755		24,076
	$	127,183	$	115,943	$	360,727	$	329,192

Other (Expense) Income, net (Tables)

9 Months Ended

Apr. 02, 2023

Other Income And Expenses [Abstract]

Summary of Other Income (Expense), net

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


	Three Months Ended						Nine Months Ended
	April 2, 2023			March 27, 2022			April 2, 2023			March 27, 2022
Foreign Currency Transaction Loss	$	(1,529	)	$	(319	)	$	(2,114	)	$	(76	)
Unrealized (Loss) Gain on Peso Forward Contracts		(70	)		724			(93	)		500
Realized Gain on Peso Forward Contracts, net		474			65			1,019			200
Pension and Postretirement Plans Cost		(344	)		(123	)		(604	)		(372	)
Rabbi Trust Gain (Loss)		108			(130	)		131			(60	)
Other		138			65			197			116
	$	(1,223	)	$	282		$	(1,464	)	$	308

(Loss) Earnings Per Share (Tables)

9 Months Ended

Apr. 02, 2023

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
	April 2, 2023								March 27, 2022
	Net Loss			Shares		Per-Share Amount			Net Income		Shares		Per-Share Amount
Basic (Loss) Earnings Per Share	$	(2,256	)		3,928	$	(0.57	)	$	3,143		3,871	$	0.81
Stock Option and Restricted Stock Awards		—			—					—		45
Diluted (Loss) Earnings Per Share	$	(2,256	)		3,928	$	(0.57	)	$	3,143		3,916	$	0.80


	Nine Months Ended
	April 2, 2023								March 27, 2022
	Net Loss			Shares		Per-Share Amount			Net Income		Shares		Per-Share Amount
Basic (Loss) Earnings Per Share	$	(3,970	)		3,918	$	(1.01	)	$	6,632		3,856	$	1.72
Stock Option and Restricted Stock Awards		—			—					—		50
Diluted (Loss) Earnings Per Share	$	(3,970	)		3,918	$	(1.01	)	$	6,632		3,906	$	1.70

Stock-Based Compensation (Tables)

9 Months Ended

Apr. 02, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity Under Our Stock Incentive Plan

A summary of stock option activity under our stock incentive plan for the nine months ended April 2, 2023 follows:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Balance, July 3, 2022		41,172		$	46.34
Exercised		(4,251	)	$	25.64
Forfeited		(4,360	)	$	47.55
Balance, April 2, 2023		32,561		$	48.88		0.6		—
Exercisable, April 2, 2023		32,561		$	48.88		0.6		—

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

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


	Three Months Ended				Nine Months Ended
	April 2, 2023		March 27, 2022		April 2, 2023		March 27, 2022
Intrinsic Value of Options Exercised	$	—	$	120	$	31	$	451
Fair Value of Stock Options Vesting	$	—	$	—	$	—	$	—

Summary of Restricted Stock Activity Under Our Stock Incentive Plan

A summary of restricted stock activity under our stock incentive plan for the nine months ended April 2, 2023 follows:


	Shares			Weighted Average Grant Date Fair Value
Nonvested Balance, July 3, 2022		85,100		$	31.89
Granted		49,050		$	29.91
Vested		(44,750	)	$	29.00
Forfeited		(1,500	)	$	32.03
Nonvested Balance, April 2, 2023		87,900		$	32.09

Pension and Postretirement Benefits (Tables)

9 Months Ended

Apr. 02, 2023

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
	April 2, 2023		March 27, 2022		April 2, 2023		March 27, 2022
Service Cost	$	21	$	15	$	3	$	3
Interest Cost		24		15		16		8
Plan Settlements		217		—		—		—
Amortization of Unrecognized Net Loss		25		20	61			80
Net Periodic Benefit Cost	$	287	$	50	$	80	$	91


	SERP Benefits				Postretirement Benefits
	Nine Months Ended				Nine Months Ended
	April 2, 2023		March 27, 2022		April 2, 2023		March 27, 2022
Service Cost	$	60	$	46	$	8	$	9
Interest Cost		71		40		47		31
Plan Settlements		217		—		—		—
Amortization of Unrecognized Net Loss		87		63		182		238
Net Periodic Benefit Cost	$	435	$	149	$	237	$	278

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Apr. 02, 2023

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 April 2, 2023
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, January 1, 2023	$	17,511		$	1,715		$	19,226
Other Comprehensive Income Before Reclassifications		(3,451	)		(371	)		(3,822	)
Income Tax		—			87			87
Net Other Comprehensive Income Before Reclassifications		(3,451	)		(284	)		(3,735	)
Reclassifications:
Unrecognized Net Loss (A)		—			(86	)		(86	)
Income Tax		—			20			20
Net Reclassifications		—			(66	)		(66	)
Other Comprehensive Income		(3,451	)		(350	)		(3,801	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(1,147	)		—			(1,147	)
Balance, April 2, 2023	$	15,207		$	1,365		$	16,572


	Three Months Ended March 27, 2022
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, December 26, 2021	$	15,436		$	2,077		$	17,513
Other Comprehensive Income Before Reclassifications		(1,291	)		—			(1,291	)
Income Tax		606			—			606
Net Other Comprehensive Income Before Reclassifications		(685	)		—			(685	)
Reclassifications:
Unrecognized Net Loss (A)		—			(100	)		(100	)
Income Tax		—			24			24
Net Reclassifications		—			(76	)		(76	)
Other Comprehensive Income		(685	)		(76	)		(761	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(373	)		—			(373	)
Balance, March 27, 2022	$	15,124		$	2,001		$	17,125


	Nine Months Ended April 2, 2023
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, July 3, 2022	$	16,733		$	1,855		$	18,588
Other Comprehensive Income Before Reclassifications		(3,198	)		(371	)		(3,569	)
Income Tax		—			87			87
Net Other Comprehensive Income Before Reclassifications		(3,198	)		(284	)		(3,482	)
Reclassifications:
Unrecognized Net Loss (A)		—			(269	)		(269	)
Income Tax		—			63			63
Net Reclassifications		—			(206	)		(206	)
Other Comprehensive Income		(3,198	)		(490	)		(3,688	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(1,672	)		—			(1,672	)
Balance, April 2, 2023	$	15,207		$	1,365		$	16,572


	Nine Months Ended March 27, 2022
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, June 27, 2021	$	14,683		$	2,231		$	16,914
Other Comprehensive Loss Before Reclassifications		(35	)		—			(35	)
Income Tax		606			—			606
Net Other Comprehensive Loss Before Reclassifications		571			—			571
Reclassifications:
Unrecognized Net Loss (A)		—			(301	)		(301	)
Income Tax		—			71			71
Net Reclassifications		—			(230	)		(230	)
Other Comprehensive Loss		571			(230	)		341
Other Comprehensive Loss Attributable to Non- Controlling Interest		130			—			130
Balance, March 27, 2022	$	15,124		$	2,001		$	17,125

(A)

Basis of Financial Statements (Details Textual)	9 Months Ended
Basis of Financial Statements (Details Textual)	Apr. 02, 2023 Segment Subsidiary Joint_Venture
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of reporting segment \| 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

Basis of Financial Statements - Schedule of impact of the prior period corrections (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Jan. 01, 2023	Jul. 03, 2022	Mar. 27, 2022	Dec. 26, 2021	Jun. 27, 2021
ASSETS
Investment in joint ventures	$ 27,773		$ 26,654
Deferred Income Taxes	7,296		7,081
Total assets	341,398		319,134
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total current liabilities	95,580		81,529
Accrued postretirement obligations	1,318		1,329
Retained earnings	236,999		240,969	$ 240,585	$ 237,442	$ 233,953
Accumulated other comprehensive loss	(16,572)		(18,588)	(17,125)	(17,513)	(16,914)
Total STRATTEC SECURITY CORPORATION shareholders’ equity	187,749		188,400	189,188	185,173	181,010
Total shareholders’ equity	218,473	$ 217,676	219,947	221,201	216,424	212,797
Total liabilities and shareholders' equity	341,398		319,134
Accrued Liabilities:
Payroll and benefits	20,730		17,959
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss	(16,572)		(18,588)	(17,125)	(17,513)	(16,914)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss			(16,733)	(15,124)	(15,436)	(14,683)
Total shareholders’ equity	(15,207)	(17,511)	(16,733)	(15,124)	(15,436)	(14,683)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss			(16,733)	(15,124)	(15,436)	(14,683)
Retirement and Postretirement Benefit Plans
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss			(1,855)	(2,001)	(2,077)	(2,231)
Total shareholders’ equity	$ (1,365)	$ (1,715)	(1,855)	(2,001)	(2,077)	(2,231)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss			(1,855)	(2,001)	(2,077)	(2,231)
Previously Reported
ASSETS
Investment in joint ventures			26,344
Deferred Income Taxes			6,937
Total assets			318,680
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total current liabilities			81,475
Accrued postretirement obligations			463
Retained earnings			241,504	241,113	237,967	234,472
Accumulated other comprehensive loss			(18,657)	(17,000)	(17,391)	(16,797)
Total STRATTEC SECURITY CORPORATION shareholders’ equity			188,866	189,841	185,820	181,646
Total shareholders’ equity			220,413	221,854	217,071	213,433
Total liabilities and shareholders' equity			318,680
Accrued Liabilities:
Payroll and benefits			17,905
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss			(18,657)	(17,000)	(17,391)	(16,797)
Previously Reported \| Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss			(16,723)	(15,126)	(15,438)	(14,685)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss			(16,723)	(15,126)	(15,438)	(14,685)
Previously Reported \| Retirement and Postretirement Benefit Plans
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss			(1,934)	(1,874)	(1,953)	(2,112)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss			(1,934)	(1,874)	(1,953)	(2,112)
Adjustment
ASSETS
Investment in joint ventures			310
Deferred Income Taxes			144
Total assets			454
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total current liabilities			54
Accrued postretirement obligations			866
Retained earnings			(535)	(528)	(525)	(519)
Accumulated other comprehensive loss			69	(125)	(122)	(117)
Total STRATTEC SECURITY CORPORATION shareholders’ equity			(466)	(653)	(647)	(636)
Total shareholders’ equity			(466)	(653)	(647)	(636)
Total liabilities and shareholders' equity			454
Accrued Liabilities:
Payroll and benefits			54
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss			69	(125)	(122)	(117)
Adjustment \| Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss			(10)	2	2	2
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss			(10)	2	2	2
Adjustment \| Retirement and Postretirement Benefit Plans
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss			79	(127)	(124)	(119)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss			$ 79	$ (127)	$ (124)	$ (119)

Basis of Financial Statements - Schedule of impact of the prior period Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
Other income (expense), net	$ (1,223)	$ 282	$ (1,464)	$ 308
Income before provision for income taxes and non-controlling interest	(3,154)	4,182	(7,503)	8,527
Provision for income taxes	133	50	(1,638)	339
Net income	(3,287)	4,132	(5,865)	8,188
Net (loss) income attributable to STRATTEC SECURITY CORPORATION	(2,256)	3,143	(3,970)	6,632
Comprehensive Income:
Pension and postretirement plans, net of tax	350	76	490	230
Other comprehensive income (loss), net of tax	3,801	761	3,688	(341)
Comprehensive (loss) income	514	4,893	(2,177)	7,847
Comprehensive loss attributable to STRATTEC SECURITY CORPORATION	$ 398	3,531	$ (1,954)	6,421
Previously Reported
Other income (expense), net		285		320
Income before provision for income taxes and non-controlling interest		4,185		8,539
Provision for income taxes		50		342
Net income		4,135		8,197
Net (loss) income attributable to STRATTEC SECURITY CORPORATION		3,146		6,641
Comprehensive Income:
Pension and postretirement plans, net of tax		79		238
Other comprehensive income (loss), net of tax		764		(333)
Comprehensive (loss) income		4,899		7,864
Comprehensive loss attributable to STRATTEC SECURITY CORPORATION		3,537		6,438
Adjustment
Other income (expense), net		(3)		(12)
Income before provision for income taxes and non-controlling interest		(3)		(12)
Provision for income taxes				(3)
Net income		(3)		(9)
Net (loss) income attributable to STRATTEC SECURITY CORPORATION		(3)		(9)
Comprehensive Income:
Pension and postretirement plans, net of tax		(3)		(8)
Other comprehensive income (loss), net of tax		(3)		(8)
Comprehensive (loss) income		(6)		(17)
Comprehensive loss attributable to STRATTEC SECURITY CORPORATION		$ (6)		$ (17)

Risks and Uncertainties (Details Textual)	9 Months Ended
Risks and Uncertainties (Details Textual)	Apr. 02, 2023
Line Of Credit Facility [Abstract]
Credit facility maturity date	Aug. 01, 2024

Subsequent Event (Details Textual) - USD ($) $ in Thousands	Apr. 04, 2023	Apr. 02, 2023
Subsequent Event [Line Items]
Operating lease, renewal Term		5 years
Right of use asset		$ 2,721
Lease liability		$ 2,721
Subsequent Event
Subsequent Event [Line Items]
Right of use asset	$ 1,800
Lease liability	$ 1,800

Derivative Instruments - Schedule of Quantification of Outstanding Mexican Peso Forward Contracts (Details) - Currency buy sell under contract one	9 Months Ended
	Apr. 02, 2023 USD ($) $ / $
Derivative [Line Items]
Derivative, Effective Dates, Inception	Apr. 18, 2023
Derivative, Effective Dates, Maturity	Jun. 13, 2023
Derivative, Notional Amount	$ 2,250,000
Derivative, Average Forward Contractual Exchange Rate \| $ / $	22.51
Derivative, Fair Value	$ 534,000

Derivative Instruments - Fair Market Value of All Outstanding Peso Forward Contracts (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Jul. 03, 2022
Mexican Peso Forward Contracts \| Other Current Assets
Not Designated as Hedging Instruments:
Fair market value of derivative instruments	$ 534	$ 627

Derivative Instruments - Pre-Tax Effects of the Peso Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
Pre-tax effects of the Mexican peso forward contracts
Unrealized (Loss) Gain	$ (70)	$ 724	$ (93)	$ 500
Not Designated as Hedging Instrument \| Other Expense, Net
Pre-tax effects of the Mexican peso forward contracts
Realized Gain	474	83	1,019	267
Realized (Loss)		(18)		(67)
Unrealized (Loss) Gain	$ (70)	$ 724	$ (93)	$ 500

Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring $ in Thousands	Apr. 02, 2023 USD ($)
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	$ 2,435
Level 1 \| Fixed Income Funds \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	1,027
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	647
Level 2 \| Mexican Peso Forward Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	534
Stock Index Funds \| Level 1 \| Small Cap \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	153
Stock Index Funds \| Level 1 \| Mid Cap \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	312
Stock Index Funds \| Level 1 \| Large Cap \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	452
Stock Index Funds \| Level 1 \| International \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	491
Cash and Cash Equivalents \| Level 2 \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	$ 113

Investment in Joint Ventures and Majority Owned Subsidiaries (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
Schedule Of Equity Method Investments [Line Items]
Equity earnings of joint ventures	$ 819,000	$ 577,000	$ 1,934,000	$ 941,000
Payments to acquire interest in joint venture			237,000	75,000
VAST LLC \| BRAZIL
Schedule Of Equity Method Investments [Line Items]
Payments to acquire interest in joint venture			$ 711,000	$ 225,000
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			$ 1,800,000	$ 98,000
Majority owned subsidiary, impact on net sales			$ 89,400,000	$ 81,200,000
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			$ 1,900,000	$ 3,800,000
Majority owned subsidiary, impact on net sales			$ 82,300,000	68,300,000
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			$ 1,900,000	941,000
Payments to acquire interest in joint venture			$ 237,000	$ 75,000
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	$ 2,200,000	$ 2,100,000	$ 6,300,000	$ 5,700,000
Sales	$ 3,100,000	$ 2,900,000	$ 8,400,000	$ 6,000,000.0
ADAC \| VAST LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.33%		33.33%
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	33.33%		33.33%
WITTE \| STRATTEC
Schedule Of Equity Method Investments [Line Items]
Purchases	$ 240,000	$ 200,000	$ 515,000	$ 615,000

Equity Earnings of Joint Ventures (Details Textual)	Apr. 02, 2023
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		9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
Summarized statements of operations
Net sales	$ 127,183	$ 115,943	$ 360,727	$ 329,192
Cost of goods sold	117,182	101,305	330,843	287,072
Gross profit	10,001	14,638	29,884	42,120
Engineering, selling and administrative expenses	12,485	11,261	37,266	34,683
(Loss) income from operations	(2,484)	3,377	(7,382)	7,437
Other income, net	(1,223)	282	(1,464)	308
(Loss) income before provision for income taxes and non-controlling interest	(3,154)	4,182	(7,503)	8,527
Provision for income taxes	133	50	(1,638)	339
Net (loss) income	(3,287)	4,132	(5,865)	8,188
VAST LLC \| Equity Method Investment Summarized Financial Information
Summarized statements of operations
Net sales	44,989	55,281	168,088	153,454
Cost of goods sold	36,471	46,418	138,222	127,022
Gross profit	8,518	8,863	29,866	26,432
Engineering, selling and administrative expenses	6,872	7,575	24,631	24,075
(Loss) income from operations	1,646	1,288	5,235	2,357
Other income, net	1,167	692	1,625	1,085
(Loss) income before provision for income taxes and non-controlling interest	2,813	1,980	6,860	3,442
Provision for income taxes	360	239	1,110	614
Net (loss) income	2,453	1,741	5,750	2,828
STRATTEC's Share of VAST LLC Net Income	818	581	1,917	943
Intercompany Profit Elimination	1	(4)	17	(2)
STRATTEC's Equity Earnings of VAST LLC	$ 819	$ 577	$ 1,934	$ 941

Equity Earnings of Joint Ventures - Summarize of Related Party Transaction (Details) - VAST LLC - Equity Method Investee - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
Schedule Of Equity Method Investments [Line Items]
Sales to VAST LLC	$ 6	$ 316	$ 33	$ 1,533
Purchases from VAST LLC	12	6	39	157
Expenses Charged to VAST LLC	59	134	301	512
Expenses Charged from VAST LLC	$ 191	$ 151	$ 643	$ 593

- 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 https://asc.fasb.org/extlink&oid=126975872&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 https://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 https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 4: 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)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Leases (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Leases (Details Textual) - USD ($)	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
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	$ 125,000	$ 122,000	$ 372,000	$ 362,000

Leases - Schedule of Operating Lease Asset and Obligation Included in Condensed Consolidated Balance Sheets (Details) $ in Thousands	Apr. 02, 2023 USD ($)
Right-of Use Asset Under Operating Lease:
Operating lease right-of-use asset	$ 2,721
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$ 415
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other
Other Long-Term Liabilities	$ 2,306
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities
Operating Lease, Liability	$ 2,721

Leases - Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease Including Options to Extend (Details) $ in Thousands	Apr. 02, 2023 USD ($)
Leases [Abstract]
2023 (for the remaining three months)	$ 125
2024	509
2025	522
2026	535
2027	548
Thereafter	751
Total Future Minimum Lease Payments	2,990
Less: Imputed Interest	(269)
Total Lease Obligations	$ 2,721

Leases - Schedule of Cash Flow Information Related to Operating Lease (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$ 372	$ 362

Leases - Schedule of Weighted Average Lease Term and Discount Rate for Operating Lease (Details)	Apr. 02, 2023
Leases [Abstract]
Weighted Average Remaining Lease Term (in years)	5 years 7 months 6 days
Weighted Average Discount Rate	3.30%

Credit Facilities (Details Textual) - USD ($)	7 Months Ended	8 Months Ended	9 Months Ended
Credit Facilities (Details Textual) - USD ($)	Feb. 06, 2023	Feb. 22, 2023	Apr. 02, 2023
Line Of Credit Facility [Line Items]
Credit facility maturity date			Aug. 01, 2024
SOFR
Line Of Credit Facility [Line Items]
Interest rate on borrowings under the credit facility			SOFR plus 1.35 percent or the bank's prime rate
Interest rate - percentage points - on borrowings under credit facility			1.35%
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Secured revolving credit facility			$ 40,000,000
Credit facility maturity date			Aug. 01, 2024
STRATTEC Credit Facility \| LIBOR
Line Of Credit Facility [Line Items]
Interest rate on borrowings under the credit facility		LIBOR plus 1.25 percent or the bank’s prime rate
Interest rate - percentage points - on borrowings under credit facility		1.25%
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Secured revolving credit facility			$ 25,000,000
Credit facility maturity date			Aug. 01, 2024
ADAC-STRATTEC Credit Facility \| LIBOR
Line Of Credit Facility [Line Items]
Interest rate on borrowings under the credit facility	LIBOR plus 1.25 percent or the bank’s prime rate
Interest rate - percentage points - on borrowings under credit facility	1.25%

Credit Facilities - Schedule of Outstanding Borrowings Under the Credit Facilities (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Jul. 03, 2022
Line Of Credit Facility [Line Items]
Outstanding Borrowing	$ 21,000	$ 11,000
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Outstanding Borrowing	8,000
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Outstanding Borrowing	$ 13,000	$ 11,000

- Definition

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

+ References + Details

Credit Facilities - Schedule of Average Outstanding Borrowings and the Weighted Average Interest Rate (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Average Outstanding Borrowings	$ 3,755	$ 421
Weighted Average Interest Rate	5.10%	1.90%
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Average Outstanding Borrowings	$ 12,234	$ 14,784
Weighted Average Interest Rate	4.90%	1.40%

Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Apr. 02, 2023	Jul. 03, 2022
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		9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
Summary of activity impacting shareholders' equity
Beginning Balance	$ 217,676	$ 216,424	$ 219,947	$ 212,797
Net (loss) income	(3,287)	4,132	(5,865)	8,188
Dividend Declared – Non- controlling Interests of Subsidiaries		(600)	(600)	(1,200)
Translation Adjustments	3,451	685	3,198	(571)
Stock Based Compensation	265	239	1,139	873
Pension and Postretirement Adjustment, Net of Tax	350	76	490	230
Stock Option Exercises		227	109	827
Employee Stock Purchases	18	18	55	57
Ending Balance	218,473	221,201	218,473	221,201
Common Stock
Summary of activity impacting shareholders' equity
Beginning Balance	75	75	75	74
Stock Option Exercises				1
Ending Balance	75	75	75	75
Capital in Excess of Par Value
Summary of activity impacting shareholders' equity
Beginning Balance	102,520	100,768	101,524	99,512
Stock Based Compensation	265	239	1,139	873
Stock Option Exercises		227	109	826
Employee Stock Purchases	4	10	17	33
Ending Balance	102,789	101,244	102,789	101,244
Retained Earnings
Summary of activity impacting shareholders' equity
Beginning Balance	239,255	237,442	240,969	233,953
Net (loss) income	(2,256)	3,143	(3,970)	6,632
Ending Balance	236,999	240,585	236,999	240,585
Accumulated Other Comprehensive Loss
Summary of activity impacting shareholders' equity
Beginning Balance	(19,226)	(17,513)	(18,588)	(16,914)
Translation Adjustments	2,304	312	1,526	(441)
Pension and Postretirement Adjustment, Net of Tax	350	76	490	230
Ending Balance	(16,572)	(17,125)	(16,572)	(17,125)
Treasury Stock
Summary of activity impacting shareholders' equity
Beginning Balance	(135,556)	(135,599)	(135,580)	(135,615)
Employee Stock Purchases	14	8	38	24
Ending Balance	(135,542)	(135,591)	(135,542)	(135,591)
Non-Controlling Interest
Summary of activity impacting shareholders' equity
Beginning Balance	30,608	31,251	31,547	31,787
Net (loss) income	(1,031)	989	(1,895)	1,556
Dividend Declared – Non- controlling Interests of Subsidiaries		(600)	(600)	(1,200)
Translation Adjustments	1,147	373	1,672	(130)
Ending Balance	$ 30,724	$ 32,013	$ 30,724	$ 32,013

Revenue from Contracts with Customers - Revenue by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
Product Information [Line Items]
Revenue	$ 127,183	$ 115,943	$ 360,727	$ 329,192
Door Handles & Exterior Trim
Product Information [Line Items]
Revenue	30,834	29,313	89,384	81,211
Keys & Locksets
Product Information [Line Items]
Revenue	27,625	28,230	81,006	77,725
Power Access
Product Information [Line Items]
Revenue	31,046	23,675	82,332	68,344
Latches
Product Information [Line Items]
Revenue	14,150	12,760	42,570	34,782
Aftermarket & OE Service
Product Information [Line Items]
Revenue	11,345	11,421	31,486	34,731
User Interface Controls (Formerly Driver Controls)
Product Information [Line Items]
Revenue	9,989	8,525	27,727	25,317
Other
Product Information [Line Items]
Revenue	$ 2,194	$ 2,019	$ 6,222	$ 7,082

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
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-URI https://asc.fasb.org/extlink&oid=126920106&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
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://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		9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 127,183	$ 115,943	$ 360,727	$ 329,192
General Motors Company
Entity Wide Revenue Major Customer [Line Items]
Revenue	37,537	34,738	111,221	91,551
Ford Motor Company
Entity Wide Revenue Major Customer [Line Items]
Revenue	23,293	19,162	70,058	57,927
Stellantis
Entity Wide Revenue Major Customer [Line Items]
Revenue	21,610	23,047	55,760	62,657
Tier 1 Customers
Entity Wide Revenue Major Customer [Line Items]
Revenue	19,742	15,279	53,134	42,861
Commercial and Other OEM Customers
Entity Wide Revenue Major Customer [Line Items]
Revenue	13,839	16,518	41,799	50,120
Hyundai / Kia
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 11,162	$ 7,199	$ 28,755	$ 24,076

- Definition

+ References

+ Details

Other (Expense) Income, net - Summary of Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
Other Income and Expenses [Abstract]
Foreign Currency Transaction Loss	$ (1,529)	$ (319)	$ (2,114)	$ (76)
Unrealized (Loss) Gain on Peso Forward Contracts	(70)	724	(93)	500
Realized Gain on Peso Forward Contracts, net	474	65	1,019	200
Pension and Postretirement Plans Cost	(344)	(123)	(604)	(372)
Rabbi Trust Gain (Loss)	108	(130)	131	(60)
Other	138	65	197	116
Other Income (Expense), net	$ (1,223)	$ 282	$ (1,464)	$ 308

Warranty (Details Textual) $ in Millions	3 Months Ended
Warranty (Details Textual) $ in Millions	Apr. 02, 2023 USD ($)
Warrants and Rights Note Disclosure [Abstract]
Warranty Provision	$ 1.3

Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details Textual) - USD ($)	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	(4.20%)	1.20%	21.80%	4.00%
Income tax adjustments		$ 740,000		$ 1,000,000.0
Percentage of effective income tax rate reconciliation excluding adjustment		18.90%		15.70%

(Loss) Earnings Per Share - Reconciliation of the Components of Basic and Diluted Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
Reconciliation of the components of the basic and diluted per share
Net (Loss) Income, Basic (Loss) Earnings Per Share	$ (2,256)	$ 3,143	$ (3,970)	$ 6,632
Net (Loss) Income, Diluted (Loss) Earnings Per Share	$ (2,256)	$ 3,143	$ (3,970)	$ 6,632
Basic (Loss) Earnings Per Share, Number of Shares	3,928	3,871	3,918	3,856
Stock Option and Restricted Stock Awards, Number of Shares		45		50
Diluted (Loss) Earnings Per Share, Number of Shares	3,928	3,916	3,918	3,906
Basic (Loss) Earnings Per Share	$ (0.57)	$ 0.81	$ (1.01)	$ 1.72
Diluted (Loss) Earnings Per Share	$ (0.57)	$ 0.80	$ (1.01)	$ 1.70

- 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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- Definition

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

(Loss) Earnings Per Share (Details Textual) - shares	9 Months Ended
(Loss) Earnings Per Share (Details Textual) - shares	Apr. 02, 2023	Mar. 27, 2022
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from earnings per share computation	125,871	9,010

Stock-Based Compensation (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022
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	134,769
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	$ 1.6
Weighted average period over which unrecognized compensation is expected to be recognized	1 year
Restricted stock \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	1 year
Restricted stock \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	3 years

Stock-Based Compensation - Summary of Stock Option Activity Under Our Stock Incentive Plan (Details)	9 Months Ended
	Apr. 02, 2023 $ / shares shares
Share Based Compensation [Abstract]
Shares, Beginning Balance \| shares	41,172
Shares, Exercised \| shares	(4,251)
Shares, Forfeited \| shares	(4,360)
Shares, Ending Balance \| shares	32,561
Shares, Exercisable \| shares	32,561
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 46.34
Weighted Average Exercise Price, Exercised \| $ / shares	25.64
Weighted Average Exercise Price, Forfeited \| $ / shares	47.55
Weighted Average Exercise Price, Ending Balance \| $ / shares	48.88
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 48.88
Weighted Average Remaining Contractual Term, Outstanding	7 months 6 days
Weighted Average Remaining Contractual Term, Exercisable, Outstanding	7 months 6 days

Stock-Based Compensation - Intrinsic Value of Stock Options Exercised and the Fair Value of Stock Options Vested (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
Intrinsic value of stock options exercised and the fair value of stock options vested
Intrinsic Value of Options Exercised	$ 120	$ 31	$ 451

Stock-Based Compensation - Summary of Restricted Stock Activity Under Our Stock Incentive Plan (Details) - Restricted stock	9 Months Ended
	Apr. 02, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, Shares Beginning Balance \| shares	85,100
Granted, Shares \| shares	49,050
Vested, Shares \| shares	(44,750)
Forfeited, Shares \| shares	(1,500)
Nonvested, Shares Ending Balance \| shares	87,900
Nonvested, Weighted Average Grant Date Fair Value Beginning Balance \| $ / shares	$ 31.89
Granted, Weighted Average Grant Date Fair Value \| $ / shares	29.91
Vested, Weighted Average Grant Date Fair Value \| $ / shares	29.00
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	32.03
Nonvested, Weighted Average Grant Date Fair Value Ending Balance \| $ / shares	$ 32.09

Pension and Postretirement Benefits (Details Textual)		3 Months Ended	9 Months Ended
Pension and Postretirement Benefits (Details Textual)	Apr. 02, 2023 USD ($) Age	Apr. 02, 2023 USD ($)	Apr. 02, 2023 USD ($)	Apr. 02, 2023 USD ($)	Jul. 03, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Rabbi Trust Assets - SERP	$ 2,500,000	$ 2,500,000	$ 2,500,000	$ 2,500,000	$ 3,300,000
Postretirement plan annual benefit limit for future eligible retirees	4,000	4,000	$ 4,000	$ 4,000
Other postretirement benefits maximum benefit period				5 years
Postretirement death benefit	8,000
Postretirement benefit increase in disability retirees	$ 70,000
Disability retirees age \| Age	65
Decrease in death benefit for disability retirees	$ 8,000
Other Current Assets
Defined Benefit Plan Disclosure [Line Items]
Rabbi Trust Assets - SERP					$ 863,000
Supplemental Employee Retirement Plan, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Percentage of participant's base salary received as Supplemental Retirement Benefits				8.00%
Vesting period, SERP			5 years
Cash settled using Rabbi trust assets		863,000
Settlement charge pre tax		$ 217,000

Pension and Postretirement Benefits - Summary of Net Periodic Benefit Cost Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Apr. 02, 2023	Mar. 27, 2022
COMPONENTS OF NET PERIODIC BENEFIT COST:
Plan Settlements				$ 217
SERP Benefits
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service Cost	$ 21	$ 15	$ 60		$ 46
Interest Cost	24	15	71		40
Plan Settlements	217		217
Amortization of Unrecognized Net Loss	25	20	87		63
Net Periodic Benefit Cost	287	50	435		149
Postretirement Benefits
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service Cost	3	3	8		9
Interest Cost	16	8	47		31
Amortization of Unrecognized Net Loss	61	80	182		238
Net Periodic Benefit Cost	$ 80	$ 91	$ 237		$ 278

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Mar. 27, 2022	Apr. 02, 2023	Mar. 27, 2022
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ (217,676)	$ (216,424)	$ (219,947)	$ (212,797)
Other Comprehensive Income (Loss) Before Reclassifications		(1,291)		(35)
Other Comprehensive Income (Loss) Before Reclassifications, Income Tax		606		606
Net Other Comprehensive Income (Loss) Before Reclassifications		(685)		571
Reclassifications:
Unrecognized Net Loss		(100)		(301)
Reclassifications, Income Tax		24		71
Net Reclassifications		(76)		(230)
Other Comprehensive Income (Loss)	(3,801)	(761)	(3,688)	341
Ending balance	(218,473)	(221,201)	(218,473)	(221,201)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	17,511	15,436	16,733	14,683
Other Comprehensive Income (Loss) Before Reclassifications	(3,451)	(1,291)	(3,198)	(35)
Other Comprehensive Income (Loss) Before Reclassifications, Income Tax		606		606
Net Other Comprehensive Income (Loss) Before Reclassifications	(3,451)	(685)	(3,198)	571
Reclassifications:
Other Comprehensive Income (Loss)	(3,451)	(685)	(3,198)	571
Other Comprehensive Income (Loss) Attributable to Non- Controlling Interest	(1,147)	(373)	(1,672)	130
Ending balance	15,207	15,124	15,207	15,124
Retirement and Postretirement Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	1,715	2,077	1,855	2,231
Other Comprehensive Income (Loss) Before Reclassifications	(371)		(371)
Other Comprehensive Income (Loss) Before Reclassifications, Income Tax	(87)		87
Net Other Comprehensive Income (Loss) Before Reclassifications	(284)		(284)
Reclassifications:
Unrecognized Net Loss	(86)	(100)	(269)	(301)
Reclassifications, Income Tax	20	24	63	71
Net Reclassifications	(66)	(76)	(206)	(230)
Other Comprehensive Income (Loss)	(350)	(76)	(490)	(230)
Ending balance	1,365	2,001	1,365	2,001
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	19,226	17,513	18,588	16,914
Other Comprehensive Income (Loss) Before Reclassifications	(3,822)		(3,569)
Other Comprehensive Income (Loss) Before Reclassifications, Income Tax	87		87
Net Other Comprehensive Income (Loss) Before Reclassifications	(3,735)		(3,482)
Reclassifications:
Unrecognized Net Loss	(86)		(269)
Reclassifications, Income Tax	20		63
Net Reclassifications	(66)		(206)
Other Comprehensive Income (Loss)	(3,801)		(3,688)
Other Comprehensive Income (Loss) Attributable to Non- Controlling Interest	(1,147)		(1,672)
Ending balance	$ 16,572	17,125	$ 16,572	17,125
AOCI Including Portion Attributable to Noncontrolling Interest
Reclassifications:
Other Comprehensive Income (Loss)		(761)		341
AOCI Attributable to Noncontrolling Interest
Reclassifications:
Other Comprehensive Income (Loss) Attributable to Non- Controlling Interest		$ (373)		$ 130