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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 29, 2020	Mar. 30, 2020
Cover [Abstract]
Entity Registrant Name	STRATTEC SECURITY CORP
Entity Central Index Key	0000933034
Document Type	10-Q
Document Period End Date	Mar. 29, 2020
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--06-28
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	0-25150
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1804239
Entity Address, Address Line One	3333 West Good Hope Road
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53209
City Area Code	414
Local Phone Number	247-3333
Document Quarterly Report	true
Document Transition Report	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock Shares Outstanding		3,818,520
Security Exchange Name	NASDAQ
Trading Symbol	STRT
Title of 12(b) Security	Common stock, $.01 par value

Condensed Consolidated Statements of Income (Loss) and Comprehensive (Loss) Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net sales	$ 116,938	$ 128,230	$ 343,183	$ 358,302
Cost of goods sold	99,928	112,548	299,954	314,701
Gross profit	17,010	15,682	43,229	43,601
Engineering, selling and administrative expenses	10,727	11,721	35,775	33,222
Income from operations	6,283	3,961	7,454	10,379
Equity (loss) earnings of joint ventures	(921)	66	55	2,451
Interest expense	(204)	(413)	(792)	(1,224)
Pension termination settlement charge				(32,434)
Other income (expense), net	1,049	209	975	(298)
Income (loss) before provision for income taxes and non-controlling interest	6,207	3,823	7,692	(21,126)
Provision (benefit) for income taxes	1,294	786	1,194	(6,994)
Net income (loss)	4,913	3,037	6,498	(14,132)
Net income attributable to non-controlling Interest	1,919	1,307	3,601	2,835
Net income (loss) attributable to STRATTEC SECURITY CORPORATION	2,994	1,730	2,897	(16,967)
Comprehensive (loss) income:
Net income (loss)	4,913	3,037	6,498	(14,132)
Pension and postretirement plans, net of tax	74	(1)	220	19,992
Currency translation adjustments	(6,245)	1,037	(6,059)	39
Other comprehensive (loss) income, net of tax	(6,171)	1,036	(5,839)	20,031
Comprehensive (loss) income	(1,258)	4,073	659	5,899
Comprehensive (loss) income attributable to non-controlling interest	(468)	1,432	1,464	3,117
Comprehensive (loss) income attributable to STRATTEC SECURITY CORPORATION	$ (790)	$ 2,641	$ (805)	$ 2,782
Earnings (loss) per share attributable to STRATTEC SECURITY CORPORATION:
Basic	$ 0.80	$ 0.47	$ 0.78	$ (4.62)
Diluted	$ 0.79	$ 0.46	$ 0.77	$ (4.62)
Average shares outstanding:
Basic	3,748	3,684	3,733	3,670
Diluted	3,768	3,728	3,752	3,670
Cash dividends declared per share	$ 0.14	$ 0.14	$ 0.42	$ 0.42

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 29, 2020	Jun. 30, 2019
Current Assets:
Cash and cash equivalents	$ 10,173	$ 7,809
Receivables, net	72,805	84,230
Inventories:
Finished products	18,531	11,582
Work in process	11,775	10,529
Purchased materials	32,357	29,376
Excess and obsolete reserve	(4,315)	(4,225)
Inventories, net	58,348	47,262
Other current assets	15,216	17,331
Total current assets	156,542	156,632
Investment in joint ventures	23,190	23,528
Deferred Income Taxes	3,952	2,933
Other long-term assets	6,411	11,523
Property, plant and equipment	287,071	287,421
Less: accumulated depreciation	(179,655)	(169,301)
Net property, plant and equipment	107,416	118,120
Total assets	297,511	312,736
Current Liabilities:
Accounts payable	43,104	41,889
Accrued Liabilities:
Payroll and benefits	13,549	17,339
Environmental	1,263	1,278
Warranty	7,850	7,900
Other	10,306	10,857
Total current liabilities	76,072	79,263
Borrowings under credit facilities	27,000	42,000
Accrued pension obligations	1,754	1,663
Accrued postretirement obligations	649	762
Other long-term liabilities	4,781	1,232
Shareholders’ Equity:
Common stock, authorized 12,000,000 shares, $.01 par value, 7,358,812 issued shares at March 29, 2020 and 7,304,994 issued shares at June 30, 2019	74	73
Capital in excess of par value	97,773	96,491
Retained earnings	222,442	221,117
Accumulated other comprehensive loss	(22,270)	(18,568)
Less: treasury stock, at cost (3,610,411 shares at March 29, 2020 and 3,613,439 shares at June 30, 2019)	(135,676)	(135,725)
Total STRATTEC SECURITY CORPORATION shareholders’ equity	162,343	163,388
Non-controlling interest	24,912	24,428
Total shareholders’ equity	187,255	187,816
Total liabilities and shareholders' equity	$ 297,511	$ 312,736

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 30, 2020	Jun. 30, 2019
Statement Of Financial Position [Abstract]
Common stock, shares authorized	12,000,000	12,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	7,358,812	7,304,994
Treasury stock, shares	3,610,411	3,613,439

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 4,913	$ 3,037	$ 6,498	$ (14,132)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation			14,349	12,543
Foreign currency transaction (gain) loss	(2,515)	192	(2,067)	261
Unrealized loss (gain) on peso forward contracts	1,048	(23)	1,048	(116)
Stock based compensation expense			789	867
Equity loss (earnings) of joint ventures	921	(66)	(55)	(2,451)
Pension termination settlement charge				32,434
Non-cash compensation expense			4,473		$ 4,200
Deferred income taxes			(1,032)	(8,131)
Change in operating assets and liabilities:
Receivables			11,014	(14,411)
Inventories			(11,086)	(168)
Other assets			1,798	7,553
Accounts payable and accrued liabilities			3,683	10,753
Other, net			522	(281)
Net cash provided by operating activities			29,934	24,721
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in joint ventures				(200)
Purchase of property, plant and equipment			(10,307)	(13,550)
Proceeds received on sale of property, plant and equipment			29	12
Net cash used in investing activities			(10,278)	(13,738)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facility				2,000
Repayment of borrowings under credit facility			(15,000)	(9,000)
Dividends paid to non-controlling interests of subsidiaries			(980)	(1,384)
Dividends paid			(1,572)	(1,546)
Exercise of stock options and employee stock purchases			543	244
Net cash used in financing activities			(17,009)	(9,686)
Foreign currency impact on cash			(283)	(185)
NET INCREASE IN CASH AND CASH EQUIVALENTS			2,364	1,112
CASH AND CASH EQUIVALENTS
Beginning of period			7,809	8,090	8,090
End of period	$ 10,173	$ 9,202	10,173	9,202	$ 7,809
Cash paid during the period for:
Income taxes			768	230
Interest			838	1,229
Non-cash investing activities:
Change in capital expenditures in accounts payable			$ (1,318)	$ (405)

Basis of Financial Statements

9 Months Ended

Mar. 29, 2020

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, steering column and instrument panel ignition lock housings, latches, power sliding door 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 provide full service and aftermarket support for each VAST Automotive Group partner’s products. We also maintain a 51 percent interest in a joint venture, STRATTEC Advanced Logic, LLC (“SAL LLC”), which exists to introduce a new generation of biometric security products based on the designs of Actuator Systems, our partner and the owner of the remaining ownership interest. The business of SAL LLC has been wound down to sell only commercial biometric locks.

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

In the opinion of management, the accompanying condensed consolidated balance sheets as of March 29, 2020 and June 30, 2019, 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 2019 Form 10-K, which was filed with the Securities and Exchange Commission on September 5, 2019.

Risks and Uncertainties

9 Months Ended

Mar. 29, 2020

Risks And Uncertainties [Abstract]

Risks and Uncertainties

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

STRATTEC’s operating performance is subject to global economic conditions and levels of consumer spending specifically within the automotive industry. During the three months ended March 29, 2020, the impact of the COVID-19 outbreak on our operating results has not been significant. However, the extent of the impact of the COVID-19 outbreak on our future operating results will depend on certain developments, including the duration, intensity and continued spread of the outbreak, regulatory and private sector responses, which may be precautionary, and the impact to our customers, workforce and suppliers, all of which are uncertain and cannot be predicted. These changing conditions may also affect the estimates and assumptions made by management. Such estimates and assumptions affect, among other things, our long-lived asset valuations, equity investment valuation, assessment of our annual effective tax rate, valuation of deferred income taxes, assessment of excess and obsolete inventory reserves, and assessment of collectability of trade receivables. Events and changes in circumstances arising after March 29, 2020, including those resulting from the impacts of COVID-19, will be reflected in management’s estimates for future periods.

During April 2020, the majority of our OEM customer assembly plant operations were completely closed including the majority of the supply chain. Additionally, during April 2020, STRATTEC’s Mexico facilities were closed as a result of the Mexico government’s shutdown of non-essential businesses. Initial re-opening of our OEM customer facilities for operations is scheduled to begin in May 2020, but there is no certainty this will occur on that timeline. Timing of the reopening of our Mexico facilities and the potential for designation of our Mexico facilities as essential is also uncertain. Based on information available, our current estimates indicate our net sales for the upcoming fourth fiscal quarter could be down 50 percent or more compared to our quarter ended March 29, 2020 depending on how long the COVID-19 virus will require the industry to remain idle. Fourth fiscal quarter sales could be more severely impacted if the initial re-opening of our customer facilities is delayed past May 2020. We anticipate our fourth fiscal quarter of 2020 will be the worst or trough quarter and that thereafter the automotive industry can restart and ramp back up production again during our fiscal 2021. The impact on our overall cash liquidity will most likely occur at the beginning of our fiscal year 2021 with a reduction in payments from customers resulting from lower fourth quarter fiscal 2020 net sales as previously discussed. The lower cash liquidity will cause us to utilize our credit facilities to fund our increased working capital requirements.

Subsequent Event

9 Months Ended

Mar. 29, 2020

Subsequent Events [Abstract]

Subsequent Event

As a result of the impacts of the COVID-19 outbreak, during our fiscal 2020 fourth quarter, we are adjusting the cost structure of our business with temporary and permanent layoffs at our U.S. and Mexico locations, reductions in pay for our officers, reductions in working hours for most salaried associates, and a reduction in our U.S. salaried workforce. We expect the cost structure changes for U.S. salaried associates will save approximately $4.0 million in salary and benefit costs on an annualized pre-tax basis. However, these savings will be partially offset during our fourth fiscal 2020 quarter with a pre-tax charge to earnings of approximately $250,000 for severance and outplacement costs.

New Accounting Standards

9 Months Ended

Mar. 29, 2020

Accounting Changes And Error Corrections [Abstract]

New Accounting Standards

In February 2016, the FASB issued an update to the accounting guidance for leases. The update increases the transparency and comparability among organizations by requiring lessees to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about leasing arrangements. We implemented the new guidance effective July 1, 2019, the first day of our 2020 fiscal year, by applying the modified retrospective method without restatement of comparative periods’ financial information, as permitted by the transition guidance. The adoption of the new guidance had an impact on our balance sheet, but did not have an impact on either our consolidated operating results or our cash flows. Adoption of the new guidance resulted in the recognition of a right-of-use asset of $4.1 million and related lease obligation of $4.1 million for an operating lease as of July 1, 2019. We had no finance leases as of July 1, 2019. As noted above, the adoption of the new guidance did not have a significant impact on our operating results or cash flows. See “Leases” below for additional information.

In August 2017, the FASB issued an update to the accounting for hedging activities. The new guidance eliminates the requirement to separately measure and report hedge ineffectiveness, due to a difference between economic terms of the hedge instrument and the underlying transaction, and generally requires, for qualifying hedges, the entire change in the fair value of a hedging instrument to be presented in the same line as the hedged item in the consolidated statement of income. The standard also modifies the accounting for components excluded from the assessment of hedge effectiveness and simplifies the application of hedge accounting in certain situations. Our July 1, 2019 adoption of the new guidance had no impact to our financial statements.

In June 2018, the FASB issued an update to the accounting for nonemployee share-based payment accounting. The update aligns measurement and classification guidance for share-based payments to nonemployees with the guidance applicable to employees. Under the new guidance, the measurement of equity-classified nonemployee awards is fixed at the date of grant. Our July 1, 2019 adoption of the new guidance had no impact to our financial statements.

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

Derivative Instruments

9 Months Ended

Mar. 29, 2020

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 is to minimize our earnings volatility resulting from changes in exchange rates affecting the U.S. dollar cost of our Mexican operations. The Mexican peso forward contracts are not used for speculative purposes and are not designated as hedges. As a result, all currency forward contracts are recognized in our accompanying condensed consolidated financial statements at fair value and changes in the fair value are reported in current earnings as part of Other Income (Expense), net.

The following table quantifies the outstanding Mexican peso forward contracts as of March 29, 2020 (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 15, 2020 - June 17, 2020	$	4,500		21.30	$	(414	)
Buy MXP/Sell USD	July 15, 2020 - December 16, 2020	$	6,000		21.40	$	(634	)

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

	March 29, 2020		June 30, 2019
Not Designated as Hedging Instruments:
Other Current Liabilities:
Mexican Peso Forward Contracts	$	1,048	$	—

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

	Three Months Ended					Nine Months Ended
	March 29, 2020			March 31, 2019		March 29, 2020			March 31, 2019
Not Designated as Hedging Instruments:
Realized Gain	$	—		$	122	$	—		$	344
Unrealized (Loss) Gain	$	(1,048	)	$	23	$	(1,048	)	$	116

Fair Value of Financial Instruments

9 Months Ended

Mar. 29, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The fair value of our cash and cash equivalents, accounts receivable, accounts payable and borrowings under our credit facilities approximated book value as of March 29, 2020 and June 30, 2019. Fair value is defined as the exchange price that would be received for an asset or paid for a liability (an exit price) in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of March 29, 2020 (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	$	204	$	—		$	—
Mid Cap		234		—			—
Large Cap		517		—			—
International		694		—			—
Fixed Income Funds		920		—			—
Cash and Cash Equivalents		—		4			—
Total Assets at Fair Value	$	2,569	$	4		$	—

Liabilities:
Mexican Peso Forward Contracts	$	—	$	(1,048	)	$	—

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. Refer to discussion of Mexican peso forward contracts under Derivative Instruments above. The fair value of the Mexican peso forward contracts considers the remaining term, current exchange rate, and interest rate differentials between the Mexican peso and the U.S. dollar.

- 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

Equity (Loss) Earnings of Joint Ventures

9 Months Ended

Mar. 29, 2020

Equity Method Investments And Joint Ventures [Abstract]

Equity (Loss) Earnings of Joint Ventures

We hold a one-third interest in a joint venture company, VAST LLC. VAST LLC exists to seek opportunities to manufacture and sell all three companies’ products in areas of the world outside of North America and Europe. Our investment in VAST LLC, for which we exercise significant influence but do not control and are not the primary beneficiary, is accounted for using the equity method. We assess the impairment of equity investments whenever events or changes in circumstances indicate that a decrease in value of the investment has occurred that is other than temporary.

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

	Three Months Ended						Nine Months Ended
	March 29, 2020			March 31, 2019			March 29, 2020			March 31, 2019
Net Sales	$	30,490		$	35,771		$	117,537		$	123,546
Cost of Goods Sold		25,679			29,303			96,131			98,173
Gross Profit		4,811			6,468			21,406			25,373
Engineering, Selling and Administrative Expenses		7,524			7,377			21,528			20,246
(Loss) Income From Operations		(2,713	)		(909	)		(122	)		5,127
Other (Expense) Income, net		(424	)		882			1,079			3,186
(Loss) Income before Provision for Income Taxes		(3,137	)		(27	)		957			8,313
Provision (Benefit) for Income Taxes		(294	)		(64	)		851			1,061
Net (Loss) Income	$	(2,843	)	$	37		$	106		$	7,252
STRATTEC’s Share of VAST LLC Net (Loss) Income	$	(947	)	$	12		$	36		$	2,417
Intercompany Profit Elimination		—			13			—			10
STRATTEC’s Equity (Loss) Earnings of VAST LLC	$	(947	)	$	25		$	36		$	2,427

The business of our joint venture company, SAL LLC, has been wound down to sell only commercial biometric locks. STRATTEC’s equity income of SAL LLC totaled $26,000 and $19,000 for the three and nine month periods ended March 29, 2020, respectively. STRATTEC’s equity earnings of SAL LLC totaled $41,000 and $24,000 for the three and nine month periods ended March 31, 2019, respectively.

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

	Three Months Ended				Nine Months Ended
	March 29, 2020		March 31, 2019		March 29, 2020		March 31, 2019
Sales to VAST LLC	$	483	$	878	$	3,035	$	2,751
Purchases from VAST LLC	$	172	$	36	$	351	$	164
Expenses Charged to VAST LLC	$	686	$	317	$	2,036	$	1,096
Expenses Charged from VAST LLC	$	192	$	192	$	636	$	628

Leases

9 Months Ended

Mar. 29, 2020

Leases [Abstract]

Leases

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

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

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

	March 29, 2020
Right-of Use Asset Under Operating Lease:
Other Long-Term Assets	$	3,838
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$	343
Other Long-Term Liabilities		3,495
	$	3,838

Future minimum lease payments, by our fiscal year, including options to extend that are reasonably certain to be exercised, under the non-cancelable lease are as follows as of March 29, 2020 (in thousands):

2020 (for the remaining three months)	$	116
2021		473
2022		484
2023		497
2024		509
Thereafter		2,356
Total Future Minimum Lease Payments		4,435
Less: Imputed Interest		(597	)
Total Lease Obligations	$	3,838

Future minimum lease payments, by our fiscal year, excluding options to extend that are reasonably certain to be exercised, prior to the adoption of the new accounting guidance on leases were as follows as of June 30, 2019 (in thousands):

2020	$	539
2021		504
2022		495
2023		498
2024		168
Thereafter		—
Total Future Minimum Lease Payments	$	2,204

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

	Nine Months Ended
	March 29, 2020
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$	345
Non-Cash Activity:
Right-of-Use Asset Obtained in Exchange for Operating Lease Obligation	$	—

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

March 29,

2020

Weighted Average Remaining Lease Term (in years)

8.6

Weighted Average Discount Rate

3.3

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

Credit Facilities

9 Months Ended

Mar. 29, 2020

Debt Disclosure [Abstract]

Credit Facilities

STRATTEC has a $40 million secured revolving credit facility (the “STRATTEC Credit Facility”) with BMO Harris Bank. ADAC-STRATTEC LLC has a $25 million secured revolving credit facility (the “ADAC-STRATTEC Credit Facility”) with BMO Harris Bank N.A., which is guaranteed by STRATTEC. The credit facilities both expire August 1, 2022. Borrowings under either credit facility are secured by our U.S. cash balances, accounts receivable, inventory, and fixed assets. Interest on borrowings under the STRATTEC Credit Facility and interest on borrowings under the ADAC-STRATTEC Credit Facility prior to December 31, 2018 were at varying rates based, at our option, on the London Interbank Offering Rate (“LIBOR”) plus 1.0 percent or the bank’s prime rate. Effective December 31, 2018, and thereafter, interest on borrowings under the ADAC-STRATTEC Credit Facility is at varying rates based, at our option, on LIBOR plus 1.25 percent or the bank’s prime rate. Both credit facilities contain a restrictive financial covenant that requires the applicable borrower to maintain a minimum net worth level. The ADAC-STRATTEC Credit Facility includes an additional restrictive financial covenant that requires the maintenance of a minimum fixed charge coverage ratio. As of March 29, 2020, we were in compliance with all financial covenants required by these credit facilities.

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

	March 29, 2020		June 30, 2019
STRATTEC Credit Facility	$	12,000	$	18,000
ADAC-STRATTEC Credit Facility		15,000		24,000
	$	27,000	$	42,000

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

	Nine Months Ended
	Average Outstanding Borrowings				Weighted Average Interest Rate
	March 29, 2020		March 31, 2019		March 29, 2020			March 31, 2019
STRATTEC Credit Facility	$	13,799	$	22,212		2.9	%		3.3	%
ADAC-STRATTEC Credit Facility	$	20,062	$	26,286		3.2	%		3.4	%

Commitments and Contingencies

9 Months Ended

Mar. 29, 2020

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 of $3 million 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 2010, the reserve was adjusted based on updated third party estimates to adequately cover the cost for active remediation of the contamination. Additionally, in fiscal 2016, we obtained updated third party estimates for adequately covering the cost for active remediation of this contamination. Based upon the updated estimates, no further adjustment to the reserve was required. From 1995 through March 29, 2020, costs of approximately $612,000 have been incurred related to the installation of monitoring wells on the property and ongoing monitoring costs. We monitor and evaluate the site with the use of these groundwater monitoring wells. An environmental consultant samples these wells one or two times a year to determine the status of the contamination and the potential for remediation of the contamination by natural attenuation, the dissipation of the contamination over time to concentrations below applicable standards. If such sampling evidences a sufficient degree of and trend toward natural attenuation of the contamination at the site, we may be able to obtain a closure letter from the regulatory authorities resolving the issue without the need for active remediation. If a sufficient degree and trend toward natural attenuation is not evidenced by sampling, a more active form of remediation beyond natural attenuation may be required. The sampling has not yet satisfied all of the requirements for closure by natural attenuation. As a result, sampling continues and the reserve remains at an amount to reflect our estimated cost of active remediation. The reserve is not measured on a discounted basis. We believe, based on findings-to-date and known environmental regulations, that the remaining environmental reserve of $1.3 million at March 29, 2020 is adequate.

Shareholders' Equity

9 Months Ended

Mar. 29, 2020

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

A summary of activity impacting shareholders’ equity for the three and nine month periods ended March 29, 2020 and March 31, 2019 were as follows (in thousands):

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

	Three Months Ended March 31, 2019
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, December 30, 2018	$	183,757		$	73	$	95,818	$	220,483		$	(18,648	)	$	(135,758	)	$	21,789
Net Loss		3,037			—		—		1,730			—			—			1,307
Dividend Declared		(517	)		—		—		(517	)		—			—			—
Dividend Declared – Non- controlling Interests of Subsidiaries		(400	)		—		—		—			—			—			(400	)
Translation Adjustments		1,037			—		—		—			912			—			125
Stock Based Compensation		241			—		241		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		(1	)		—		—		—			(1	)		—			—
Stock Option Exercises		140			—		140		—			—			—			—
Employee Stock Purchases		32			—		16		—			—			16			—
Balance, March 31, 2019	$	187,326		$	73	$	96,215	$	221,696		$	(17,737	)	$	(135,742	)	$	22,821

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

	Nine Months Ended March 31, 2019
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, July 1, 2018	$	183,246		$	73	$	95,140	$	236,162		$	(33,439	)	$	(135,778	)	$	21,088
Net Loss		(14,132	)		—		—		(16,967	)		—			—			2,835
Dividend Declared		(1,546	)		—		—		(1,546	)		—			—			—
Dividend Declared – Non- controlling Interests of Subsidiaries		(1,384	)		—		—		—			—			—			(1,384	)
Translation Adjustments		39			—		—		—			(243	)		—			282
Stock Based Compensation		867			—		867		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		19,992			—		—		—			19,992			—			—
Reclassification of Stranded Tax Effects		—			—		—		4,047			(4,047	)		—			—
Stock Option Exercises		172			—		172		—			—			—			—
Employee Stock Purchases		72			—		36		—			—			36			—
Balance, March 31, 2019	$	187,326		$	73	$	96,215	$	221,696		$	(17,737	)	$	(135,742	)	$	22,821

Revenue from Contracts with Customers

9 Months Ended

Mar. 29, 2020

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

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

Contract Balances:

We have no material contract assets as of March 29, 2020. Contract liability balances primarily include discounts recognized as a reduction in sales at the point of revenue recognition, but which will be applied by the customer agreement after the end of the reporting period. The activity related to contract liability balances during the nine month period ended March 29, 2020 was as follows (thousands of dollars):

Balance, June 30, 2019	$	932
Discounts Recorded as a Reduction in Sales		985
Payments of Discounts to Customers		(915	)
Other		29
Balance, March 29, 2020	$	1,031

Revenue by Product Group and Customer:

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

	Three Months Ended				Nine Months Ended
	March 29, 2020		March 31, 2019		March 29, 2020		March 31, 2019
Keys & Locksets	$	30,186	$	34,677	$	91,832	$	101,722
Door Handles & Exterior Trim		31,296		32,212		88,818		83,973
Power Access		21,259		25,398		56,979		68,193
Latches		13,685		12,602		40,656		35,366
Aftermarket & OE Service		11,141		10,839		34,189		32,599
Driver Controls		7,549		10,532		25,310		31,370
Other		1,822		1,970		5,399		5,079
	$	116,938	$	128,230	$	343,183	$	358,302

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

	Three Months Ended				Nine Months Ended
	March 29, 2020		March 31, 2019		March 29, 2020		March 31, 2019
Fiat Chrysler Automobiles	$	26,050	$	29,917	$	78,686	$	85,824
General Motors Company		31,656		30,969		90,899		80,111
Ford Motor Company		15,462		15,942		46,527		47,579
Tier 1 Customers		17,495		20,078		50,026		56,357
Commercial and Other OEM Customers		20,184		22,794		62,950		65,190
Hyundai / Kia		6,091		8,530		14,095		23,241
	$	116,938	$	128,230	$	343,183	$	358,302

Other Income (Expense), Net

9 Months Ended

Mar. 29, 2020

Other Income And Expenses [Abstract]

Other Income (Expense), Net

Other Income (Expense), net

Net other income (expense) included in the accompanying Condensed Consolidated Statements of Income (Loss) and Comprehensive (Loss) Income primarily included foreign currency transaction gains and losses, realized and unrealized losses on our Mexican peso currency forward contracts, net periodic pension and postretirement benefit costs, other than the service cost component, related to our pension and postretirement plans and Rabbi Trust gains and losses. Foreign currency transaction gains and losses resulted from activity associated with foreign denominated assets held by our Mexican subsidiaries. We entered into the Mexican Peso currency forward contracts described above to minimize earnings volatility resulting from changes in exchange rates affecting the U.S. dollar cost of our Mexican operations. Unrealized gains and losses on the peso forward contracts recognized as a result of mark-to-market adjustments as of March 29, 2020 may or may not be realized in future periods, depending on the actual Mexican peso to U.S. dollar exchange rates experienced during the balance of the contract period. The Rabbi Trust assets fund our amended and restated supplemental executive retirement plan. The investments held in this Trust are considered trading securities.

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

	Three Months Ended						Nine Months Ended
	March 29, 2020			March 31, 2019			March 29, 2020			March 31, 2019
Foreign Currency Transaction Gain (Loss)	$	2,515		$	(192	)	$	2,067		$	(261	)
Unrealized (Loss) Gain on Peso Forward Contracts		(1,048	)		23			(1,048	)		116
Realized Gain on Peso Forward Contracts		—			122			—			344
Pension and Postretirement Plans Cost		(118	)		(27	)		(352	)		(662	)
Rabbi Trust (Loss) Gain		(550	)		257			(365	)		57
Other		250			26			673			108
	$	1,049		$	209		$	975		$	(298	)

Income Taxes

9 Months Ended

Mar. 29, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Our effective tax rate was 20.8% and 20.6% for the three months ended March 29, 2020 and March 31, 2019, respectively. Our effective tax rate was 15.5% and 33.1% for the nine months ended March 29, 2020 and March 31, 2019, respectively. During the nine month period ended March 29, 2020, our effective tax rate was impacted by the discrete impact of the non-cash compensation expense, as discussed under Pension and Postretirement Benefits below. During the nine month period ended March 31, 2019, our effective tax rate was impacted by the discrete impact of the pension termination settlement charge, as discussed under Pension and Postretirement Benefits below, and by a discrete tax benefit of $372,000, which represents measurement period adjustments to the one-time transition tax on non-previously taxed post 1986 accumulated foreign earnings occurring as a result of the enactment of the Tax Cuts and Jobs Act of 2017. Our effective tax rate prior to discrete impacts increased from 10.7 percent for the nine month period ended March 31, 2019 to 18.3 percent for the nine month period ended March 29, 2020 due to a larger tax benefit in the nine month period ended March 31, 2020 resulting from the carry-back of forecasted losses for our fiscal 2020, which are the result of forecasted losses in our fiscal 2020 fourth quarter resulting from the COVID-19 outbreak, to tax years with a higher statutory rate. Our effective tax rate differs from the statutory tax rate due to the GILTI provisions, our available R&D tax credit, the forecasted carry-back of losses to tax years with a higher statutory rate and the non-controlling interest portion of our pre-tax income. The non-controlling interest impacts the effective tax rate as ADAC-STRATTEC LLC and STRATTEC POWER ACCESS LLC entities are taxed as partnerships for U.S. tax purposes.

STRATTEC is currently subject to state income tax examinations in our Wisconsin jurisdiction for fiscal years 2015, 2016, 2017, and 2018. The audit is currently in process and preliminary results are not yet available.

Earnings (Loss) Per Share

9 Months Ended

Mar. 29, 2020

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

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

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

	Three Months Ended
	March 29, 2020						March 31, 2019
	Net Income		Shares		Per-Share Amount		Net Income		Shares		Per-Share Amount
Basic Earnings Per Share	$	2,994		3,748	$	0.80	$	1,730		3,684	$	0.47
Stock Option and Restricted Stock Awards		—		20				—		44
Diluted Earnings Per Share	$	2,994		3,768	$	0.79	$	1,730		3,728	$	0.46

	Nine Months Ended
	March 29, 2020						March 31, 2019
	Net Loss		Shares		Per-Share Amount		Net Loss			Shares		Per-Share Amount
Basic Earnings (Loss) Per Share	$	2,897		3,733	$	0.78	$	(16,967	)		3,670	$	(4.62	)
Stock Option and Restricted Stock Awards		—		19				—			—
Diluted Earnings (Loss) Per Share	$	2,897		3,752	$	0.77	$	(16,967	)		3,670	$	(4.62	)

The calculation of loss per share excluded 111,060 and 41,200 share-based payment awards for the quarters ended March 29, 2020 and March 31, 2019, respectively, because their inclusion would have been anti-dilutive. The calculation of earnings (loss) per share excluded 111,060 and 181,867 share-based payment awards for the nine month periods ended March 29, 2020 and March 31, 2019, respectively, because their inclusion would have been anti-dilutive.

Stock-Based Compensation

9 Months Ended

Mar. 29, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

We maintain an omnibus stock incentive plan. This plan provides for the granting of stock options, shares of restricted stock and stock appreciation rights. As of March 29, 2020, the Board of Directors had designated 1,850,000 shares of common stock available for the grant of awards under the plan. Remaining shares available to be granted under the plan as of March 29, 2020 were 115,609. Awards that expire or are canceled without delivery of shares become available for re-issuance under the plan. We issue new shares of common stock to satisfy stock option exercises.

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

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

A summary of stock option activity under our stock incentive plan for the nine months ended March 29, 2020 was as follows:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding, June 30, 2019		117,360		$	31.85
Exercised		(26,500	)	$	18.00
Outstanding, March 29, 2020		90,860		$	35.88		2.7	$	—
Exercisable, March 29, 2020		90,860		$	35.88		2.7	$	—

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

	Three Months Ended				Nine Months Ended
	March 29, 2020		March 31, 2019		March 29, 2020		March 31, 2019
Intrinsic Value of Options Exercised	$	—	$	269	$	120	$	324
Fair Value of Stock Options Vesting	$	—	$	—	$	—	$	—

No options were granted during the nine month periods ended March 29, 2020 or March 31, 2019.

A summary of restricted stock activity under our omnibus stock incentive plan for the nine months ended March 29, 2020 was as follows:

	Shares			Weighted Average Grant Date Fair Value
Nonvested Balance, June 30, 2019		63,757		$	39.47
Granted		39,150		$	21.80
Vested		(27,318	)	$	37.86
Forfeited		(5,470	)	$	35.13
Nonvested Balance, March 29, 2020		70,119		$	30.57

As of March 29, 2020, all compensation cost related to outstanding stock options granted under our omnibus stock incentive plan has been recognized. As of March 29, 2020, there was approximately $1.1 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 0.9 years. Total unrecognized compensation cost will be adjusted for any future changes in estimated and actual forfeitures of awards granted under our omnibus stock incentive plan.

Pension and Postretirement Benefits

9 Months Ended

Mar. 29, 2020

Compensation And Retirement Disclosure [Abstract]

Pension and Postretirement Benefits

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

We have historically had in place a noncontributory supplemental executive retirement plan (“SERP”), which prior to January 1, 2014 was a nonqualified defined benefit plan that essentially mirrored the Qualified Pension Plan, but provided benefits in excess of certain limits placed on our Qualified Pension Plan by the Internal Revenue Code. As noted above, we froze our Qualified Pension Plan effective as of December 31, 2009 and the SERP provided benefits to participants as if the Qualified Pension Plan had not been frozen. Because the Qualified Pension Plan was frozen and because new employees were not eligible to participate in the Qualified Pension Plan, our Board of Directors adopted amendments to the SERP on October 8, 2013 that were effective as of December 31, 2013 to simplify the SERP calculation. The SERP is funded through a Rabbi Trust with TMI Trust Company. Under the amended SERP, 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 received, and currently receives, a supplemental retirement benefit equal to the foregoing lump sum benefit, plus an annual benefit accrual equal to 8 percent of the participant’s base salary and cash bonus, plus annual credited interest on the participant’s account balance. All then current participants as of December 31, 2013 are fully vested in their account balances with any new individuals participating in the SERP effective on or after January 1, 2014 being subject to a five year vesting period. The SERP, which is considered a nonqualified defined benefit plan under applicable rules and regulations of the Internal Revenue Code, will continue to be funded through use of a Rabbi Trust to hold investment assets to be used in part to fund any future required lump sum benefit payments to participants. The Rabbi Trust assets had a value of $2.6 million at March 29, 2020 and $2.9 million at June 30, 2019 and are included in Other Long-Term Assets in the accompanying Condensed Consolidated Balance Sheets.

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

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

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

	Pension Benefits				Postretirement Benefits
	Three Months Ended				Three Months Ended
	March 29, 2020		March 31, 2019		March 29, 2020			March 31, 2019
Service Cost	$	19	$	15	$	3		$	2
Interest Cost		16		19	6				8
Amortization of Prior Service Credit		—		—		(7	)		(109	)
Amortization of Unrecognized Net Loss		4		—	99				109
Net Periodic Benefit Cost	$	39	$	34	$	101		$	10

	Pension Benefits					Postretirement Benefits
	Nine Months Ended					Nine Months Ended
	March 29, 2020		March 31, 2019			March 29, 2020			March 31, 2019
Service Cost	$	56	$	46		$	9		$	8
Interest Cost		46		2,083		19				30
Expected Return on Plan Assets		—		(2,276	)		—			—
Plan Settlements		—		32,434			—			—
Amortization of Prior Service Credit		—		—			(22	)		(329	)
Amortization of Unrecognized Net Loss	11			832		298				323
Net Periodic Benefit Cost	$	113	$	33,119		$	304		$	32

Within the tables above, we have revised the plan settlement charge and net periodic benefit cost for the nine months ended March 31, 2019 that was previously disclosed in our March 31, 2019 financial statements. This revision is not material to the financial statements.

No voluntary contributions were made to the Qualified Pension Plan during the three or nine month periods ended March 29, 2020 and March 31, 2019. No additional future contributions will be made to the Qualified Pension Plan.

Accumulated Other Comprehensive Loss

9 Months Ended

Mar. 29, 2020

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Loss

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

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

	Three Months Ended March 31, 2019
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, December 30, 2018	$	16,529		$	2,119		$	18,648
Other Comprehensive Loss Before Reclassifications		(1,037	)		—			(1,037	)
Net Other Comprehensive Loss Before Reclassifications		(1,037	)		—			(1,037	)
Reclassifications:
Prior Service Credits (A)		—			109			109
Unrecognized Net Loss (A)		—			(109	)		(109	)
Total Reclassifications Before Tax		—			—			—
Income Tax		—			1			1
Net Reclassifications		—			1			1
Other Comprehensive Loss (Income)		(1,037	)		1			(1,036	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(125	)		—			(125	)
Balance, March 31, 2019	$	15,617		$	2,120		$	17,737

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

	Nine Months Ended March 31, 2019
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, July 1, 2018	$	15,291		$	18,148		$	33,439
Other Comprehensive Loss Before Reclassifications		146			—			146
Income Tax		(185	)		—			(185	)
Net Other Comprehensive Loss Before Reclassifications		(39	)		—			(39	)
Reclassifications:
Pension Termination Settlement (A)		—			(25,668	)		(25,668	)
Prior Service Credits (A)		—			329			329
Unrecognized Net Loss (A)		—			(1,155	)		(1,155	)
Total Reclassifications Before Tax		—			(26,494	)		(26,494	)
Income Tax		—			6,502			6,502
Net Reclassifications		—			(19,992	)		(19,992	)
Other Comprehensive Loss (Income)		(39	)		(19,992	)		(20,031	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(282	)		—			(282	)
Reclassification of stranded tax effects		83			3,964			4,047
Balance, March 31, 2019	$	15,617		$	2,120		$	17,737

(A)

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

Derivative Instruments (Tables)

9 Months Ended

Mar. 29, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Quantification of Outstanding Mexican Peso Forward Contracts

The following table quantifies the outstanding Mexican peso forward contracts as of March 29, 2020 (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 15, 2020 - June 17, 2020	$	4,500		21.30	$	(414	)
Buy MXP/Sell USD	July 15, 2020 - December 16, 2020	$	6,000		21.40	$	(634	)

Fair Market Value of All Outstanding Peso Forward Contracts

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

	March 29, 2020		June 30, 2019
Not Designated as Hedging Instruments:
Other Current Liabilities:
Mexican Peso Forward Contracts	$	1,048	$	—

Pre-Tax Effects of the Peso Forward Contracts

	Three Months Ended					Nine Months Ended
	March 29, 2020			March 31, 2019		March 29, 2020			March 31, 2019
Not Designated as Hedging Instruments:
Realized Gain	$	—		$	122	$	—		$	344
Unrealized (Loss) Gain	$	(1,048	)	$	23	$	(1,048	)	$	116

Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 29, 2020

Fair Value Disclosures [Abstract]

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

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of March 29, 2020 (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	$	204	$	—		$	—
Mid Cap		234		—			—
Large Cap		517		—			—
International		694		—			—
Fixed Income Funds		920		—			—
Cash and Cash Equivalents		—		4			—
Total Assets at Fair Value	$	2,569	$	4		$	—

Liabilities:
Mexican Peso Forward Contracts	$	—	$	(1,048	)	$	—

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

9 Months Ended

Mar. 29, 2020

Summarized Statements of Operations

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

	Three Months Ended						Nine Months Ended
	March 29, 2020			March 31, 2019			March 29, 2020			March 31, 2019
Net Sales	$	30,490		$	35,771		$	117,537		$	123,546
Cost of Goods Sold		25,679			29,303			96,131			98,173
Gross Profit		4,811			6,468			21,406			25,373
Engineering, Selling and Administrative Expenses		7,524			7,377			21,528			20,246
(Loss) Income From Operations		(2,713	)		(909	)		(122	)		5,127
Other (Expense) Income, net		(424	)		882			1,079			3,186
(Loss) Income before Provision for Income Taxes		(3,137	)		(27	)		957			8,313
Provision (Benefit) for Income Taxes		(294	)		(64	)		851			1,061
Net (Loss) Income	$	(2,843	)	$	37		$	106		$	7,252
STRATTEC’s Share of VAST LLC Net (Loss) Income	$	(947	)	$	12		$	36		$	2,417
Intercompany Profit Elimination		—			13			—			10
STRATTEC’s Equity (Loss) Earnings of VAST LLC	$	(947	)	$	25		$	36		$	2,427

Summarize of Related Party Transaction

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

	Three Months Ended				Nine Months Ended
	March 29, 2020		March 31, 2019		March 29, 2020		March 31, 2019
Sales to VAST LLC	$	483	$	878	$	3,035	$	2,751
Purchases from VAST LLC	$	172	$	36	$	351	$	164
Expenses Charged to VAST LLC	$	686	$	317	$	2,036	$	1,096
Expenses Charged from VAST LLC	$	192	$	192	$	636	$	628

Leases (Tables)

9 Months Ended

Mar. 29, 2020

Leases [Abstract]

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

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

	March 29, 2020
Right-of Use Asset Under Operating Lease:
Other Long-Term Assets	$	3,838
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$	343
Other Long-Term Liabilities		3,495
	$	3,838

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

2020 (for the remaining three months)	$	116
2021		473
2022		484
2023		497
2024		509
Thereafter		2,356
Total Future Minimum Lease Payments		4,435
Less: Imputed Interest		(597	)
Total Lease Obligations	$	3,838

Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease Excluding Options to Extend Prior to Adoption

2020	$	539
2021		504
2022		495
2023		498
2024		168
Thereafter		—
Total Future Minimum Lease Payments	$	2,204

Schedule of Cash Flow Information Related to Operating Lease

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

	Nine Months Ended
	March 29, 2020
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$	345
Non-Cash Activity:
Right-of-Use Asset Obtained in Exchange for Operating Lease Obligation	$	—

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

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

March 29,

2020

Weighted Average Remaining Lease Term (in years)

8.6

Weighted Average Discount Rate

3.3

Credit Facilities (Tables)

9 Months Ended

Mar. 29, 2020

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings Under the Credit Facilities

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

	March 29, 2020		June 30, 2019
STRATTEC Credit Facility	$	12,000	$	18,000
ADAC-STRATTEC Credit Facility		15,000		24,000
	$	27,000	$	42,000

Schedule of Average Outstanding Borrowings and the Weighted Average Interest Rate

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

	Nine Months Ended
	Average Outstanding Borrowings				Weighted Average Interest Rate
	March 29, 2020		March 31, 2019		March 29, 2020			March 31, 2019
STRATTEC Credit Facility	$	13,799	$	22,212		2.9	%		3.3	%
ADAC-STRATTEC Credit Facility	$	20,062	$	26,286		3.2	%		3.4	%

Shareholders' Equity (Tables)

9 Months Ended

Mar. 29, 2020

Equity [Abstract]

Summary of Activity Impacting Shareholders' Equity

A summary of activity impacting shareholders’ equity for the three and nine month periods ended March 29, 2020 and March 31, 2019 were as follows (in thousands):

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

	Three Months Ended March 31, 2019
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, December 30, 2018	$	183,757		$	73	$	95,818	$	220,483		$	(18,648	)	$	(135,758	)	$	21,789
Net Loss		3,037			—		—		1,730			—			—			1,307
Dividend Declared		(517	)		—		—		(517	)		—			—			—
Dividend Declared – Non- controlling Interests of Subsidiaries		(400	)		—		—		—			—			—			(400	)
Translation Adjustments		1,037			—		—		—			912			—			125
Stock Based Compensation		241			—		241		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		(1	)		—		—		—			(1	)		—			—
Stock Option Exercises		140			—		140		—			—			—			—
Employee Stock Purchases		32			—		16		—			—			16			—
Balance, March 31, 2019	$	187,326		$	73	$	96,215	$	221,696		$	(17,737	)	$	(135,742	)	$	22,821

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

	Nine Months Ended March 31, 2019
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, July 1, 2018	$	183,246		$	73	$	95,140	$	236,162		$	(33,439	)	$	(135,778	)	$	21,088
Net Loss		(14,132	)		—		—		(16,967	)		—			—			2,835
Dividend Declared		(1,546	)		—		—		(1,546	)		—			—			—
Dividend Declared – Non- controlling Interests of Subsidiaries		(1,384	)		—		—		—			—			—			(1,384	)
Translation Adjustments		39			—		—		—			(243	)		—			282
Stock Based Compensation		867			—		867		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		19,992			—		—		—			19,992			—			—
Reclassification of Stranded Tax Effects		—			—		—		4,047			(4,047	)		—			—
Stock Option Exercises		172			—		172		—			—			—			—
Employee Stock Purchases		72			—		36		—			—			36			—
Balance, March 31, 2019	$	187,326		$	73	$	96,215	$	221,696		$	(17,737	)	$	(135,742	)	$	22,821

Revenue from Contracts with Customers (Tables)

9 Months Ended

Mar. 29, 2020

Revenue From Contract With Customer [Abstract]

Contract Liability Balances

The activity related to contract liability balances during the nine month period ended March 29, 2020 was as follows (thousands of dollars):

Balance, June 30, 2019	$	932
Discounts Recorded as a Reduction in Sales		985
Payments of Discounts to Customers		(915	)
Other		29
Balance, March 29, 2020	$	1,031

Revenue by Product Group and Customer

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

	Three Months Ended				Nine Months Ended
	March 29, 2020		March 31, 2019		March 29, 2020		March 31, 2019
Keys & Locksets	$	30,186	$	34,677	$	91,832	$	101,722
Door Handles & Exterior Trim		31,296		32,212		88,818		83,973
Power Access		21,259		25,398		56,979		68,193
Latches		13,685		12,602		40,656		35,366
Aftermarket & OE Service		11,141		10,839		34,189		32,599
Driver Controls		7,549		10,532		25,310		31,370
Other		1,822		1,970		5,399		5,079
	$	116,938	$	128,230	$	343,183	$	358,302

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

	Three Months Ended				Nine Months Ended
	March 29, 2020		March 31, 2019		March 29, 2020		March 31, 2019
Fiat Chrysler Automobiles	$	26,050	$	29,917	$	78,686	$	85,824
General Motors Company		31,656		30,969		90,899		80,111
Ford Motor Company		15,462		15,942		46,527		47,579
Tier 1 Customers		17,495		20,078		50,026		56,357
Commercial and Other OEM Customers		20,184		22,794		62,950		65,190
Hyundai / Kia		6,091		8,530		14,095		23,241
	$	116,938	$	128,230	$	343,183	$	358,302

Other Income (Expense), Net (Tables)

9 Months Ended

Mar. 29, 2020

Other Income And Expenses [Abstract]

Summary of Other Income (Expense), Net

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

	Three Months Ended						Nine Months Ended
	March 29, 2020			March 31, 2019			March 29, 2020			March 31, 2019
Foreign Currency Transaction Gain (Loss)	$	2,515		$	(192	)	$	2,067		$	(261	)
Unrealized (Loss) Gain on Peso Forward Contracts		(1,048	)		23			(1,048	)		116
Realized Gain on Peso Forward Contracts		—			122			—			344
Pension and Postretirement Plans Cost		(118	)		(27	)		(352	)		(662	)
Rabbi Trust (Loss) Gain		(550	)		257			(365	)		57
Other		250			26			673			108
	$	1,049		$	209		$	975		$	(298	)

Earnings (Loss) Per Share (Tables)

9 Months Ended

Mar. 29, 2020

Earnings Per Share [Abstract]

Reconciliation of the Components of Basic and Diluted Per Share

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

	Three Months Ended
	March 29, 2020						March 31, 2019
	Net Income		Shares		Per-Share Amount		Net Income		Shares		Per-Share Amount
Basic Earnings Per Share	$	2,994		3,748	$	0.80	$	1,730		3,684	$	0.47
Stock Option and Restricted Stock Awards		—		20				—		44
Diluted Earnings Per Share	$	2,994		3,768	$	0.79	$	1,730		3,728	$	0.46

	Nine Months Ended
	March 29, 2020						March 31, 2019
	Net Loss		Shares		Per-Share Amount		Net Loss			Shares		Per-Share Amount
Basic Earnings (Loss) Per Share	$	2,897		3,733	$	0.78	$	(16,967	)		3,670	$	(4.62	)
Stock Option and Restricted Stock Awards		—		19				—			—
Diluted Earnings (Loss) Per Share	$	2,897		3,752	$	0.77	$	(16,967	)		3,670	$	(4.62	)

Stock-Based Compensation (Tables)

9 Months Ended

Mar. 29, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity Under Our Stock Incentive Plan

A summary of stock option activity under our stock incentive plan for the nine months ended March 29, 2020 was as follows:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding, June 30, 2019		117,360		$	31.85
Exercised		(26,500	)	$	18.00
Outstanding, March 29, 2020		90,860		$	35.88		2.7	$	—
Exercisable, March 29, 2020		90,860		$	35.88		2.7	$	—

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

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

	Three Months Ended				Nine Months Ended
	March 29, 2020		March 31, 2019		March 29, 2020		March 31, 2019
Intrinsic Value of Options Exercised	$	—	$	269	$	120	$	324
Fair Value of Stock Options Vesting	$	—	$	—	$	—	$	—

Summary of Restricted Stock Activity Under Our Stock Incentive Plan

A summary of restricted stock activity under our omnibus stock incentive plan for the nine months ended March 29, 2020 was as follows:

	Shares			Weighted Average Grant Date Fair Value
Nonvested Balance, June 30, 2019		63,757		$	39.47
Granted		39,150		$	21.80
Vested		(27,318	)	$	37.86
Forfeited		(5,470	)	$	35.13
Nonvested Balance, March 29, 2020		70,119		$	30.57

Pension and Postretirement Benefits (Tables)

9 Months Ended

Mar. 29, 2020

Compensation And Retirement Disclosure [Abstract]

Summary of Net Periodic Benefit Cost Recognized

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

	Pension Benefits				Postretirement Benefits
	Three Months Ended				Three Months Ended
	March 29, 2020		March 31, 2019		March 29, 2020			March 31, 2019
Service Cost	$	19	$	15	$	3		$	2
Interest Cost		16		19	6				8
Amortization of Prior Service Credit		—		—		(7	)		(109	)
Amortization of Unrecognized Net Loss		4		—	99				109
Net Periodic Benefit Cost	$	39	$	34	$	101		$	10

	Pension Benefits					Postretirement Benefits
	Nine Months Ended					Nine Months Ended
	March 29, 2020		March 31, 2019			March 29, 2020			March 31, 2019
Service Cost	$	56	$	46		$	9		$	8
Interest Cost		46		2,083		19				30
Expected Return on Plan Assets		—		(2,276	)		—			—
Plan Settlements		—		32,434			—			—
Amortization of Prior Service Credit		—		—			(22	)		(329	)
Amortization of Unrecognized Net Loss	11			832		298				323
Net Periodic Benefit Cost	$	113	$	33,119		$	304		$	32

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Mar. 29, 2020

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Summary of Changes in Accumulated Other Comprehensive Loss

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

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

	Three Months Ended March 31, 2019
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, December 30, 2018	$	16,529		$	2,119		$	18,648
Other Comprehensive Loss Before Reclassifications		(1,037	)		—			(1,037	)
Net Other Comprehensive Loss Before Reclassifications		(1,037	)		—			(1,037	)
Reclassifications:
Prior Service Credits (A)		—			109			109
Unrecognized Net Loss (A)		—			(109	)		(109	)
Total Reclassifications Before Tax		—			—			—
Income Tax		—			1			1
Net Reclassifications		—			1			1
Other Comprehensive Loss (Income)		(1,037	)		1			(1,036	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(125	)		—			(125	)
Balance, March 31, 2019	$	15,617		$	2,120		$	17,737

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

	Nine Months Ended March 31, 2019
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, July 1, 2018	$	15,291		$	18,148		$	33,439
Other Comprehensive Loss Before Reclassifications		146			—			146
Income Tax		(185	)		—			(185	)
Net Other Comprehensive Loss Before Reclassifications		(39	)		—			(39	)
Reclassifications:
Pension Termination Settlement (A)		—			(25,668	)		(25,668	)
Prior Service Credits (A)		—			329			329
Unrecognized Net Loss (A)		—			(1,155	)		(1,155	)
Total Reclassifications Before Tax		—			(26,494	)		(26,494	)
Income Tax		—			6,502			6,502
Net Reclassifications		—			(19,992	)		(19,992	)
Other Comprehensive Loss (Income)		(39	)		(19,992	)		(20,031	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(282	)		—			(282	)
Reclassification of stranded tax effects		83			3,964			4,047
Balance, March 31, 2019	$	15,617		$	2,120		$	17,737

(A)

Basis of Financial Statements (Details Textual)	9 Months Ended
Basis of Financial Statements (Details Textual)	Mar. 29, 2020 Subsidiary Joint_Venture Segment
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of reporting segments related to STRATTEC Security Corporation \| Segment	1
SAL, LLC
Organization Consolidation And Presentation Of Financial Statements [Line Items]
STRATTEC's percentage ownership in joint venture	51.00%
VAST LLC
Organization Consolidation And Presentation Of Financial Statements [Line Items]
STRATTEC's percentage ownership in joint venture	33.33%
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

Risks and Uncertainties (Details Textual)	3 Months Ended
Risks and Uncertainties (Details Textual)	Jun. 28, 2020
Forecast
Concentration Risk [Line Items]
Percentage of estimated decline in fiscal 2020 quarter 4 sales compared to the quarter ended March 29, 2020	50.00%

Subsequent Event (Details Textual) - Forecast	3 Months Ended
Subsequent Event (Details Textual) - Forecast	Jun. 28, 2020 USD ($)
Subsequent Event [Line Items]
Severance and outplacement costs	$ 250,000
Cost Structure Changes For Salaried Associates \| U.S.
Subsequent Event [Line Items]
Estimated annualized benefit from reduction in salary and benefit costs before tax	$ 4,000,000.0

New Accounting Standards (Details Textual) - USD ($)	Mar. 29, 2020	Jul. 01, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating lease right-of-use asset	$ 3,838,000
Operating lease obligation	$ 3,838,000
ASU 2016-02
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating lease right-of-use asset		$ 4,100,000
Operating lease obligation		4,100,000
Finance lease obligation		$ 0

Derivative Instruments - Schedule of Quantification of Outstanding Mexican Peso Forward Contracts (Details)	9 Months Ended
	Mar. 29, 2020 USD ($) $ / $
Currency buy sell under contract one
Derivative [Line Items]
Effective Dates, Inception	Apr. 15, 2020
Effective Dates, Maturity	Jun. 17, 2020
Notional Amount	$ 4,500,000
Average Forward Contractual Exchange Rate \| $ / $	21.30
Fair Value	$ (414,000)
Currency buy sell under contract two
Derivative [Line Items]
Effective Dates, Inception	Jul. 15, 2020
Effective Dates, Maturity	Dec. 16, 2020
Notional Amount	$ 6,000,000
Average Forward Contractual Exchange Rate \| $ / $	21.40
Fair Value	$ (634,000)

Derivative Instruments - Fair Market Value of All Outstanding Peso Forward Contracts (Details) $ in Thousands	Mar. 29, 2020 USD ($)
Other Current Liabilities \| Mexican Peso Forward Contracts
Not designated as hedging instruments:
Fair market value of derivative instruments	$ 1,048

Derivative Instruments - Pre-Tax Effects of the Peso Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Pre-tax effects of the Mexican peso forward contracts
Realized Gain		$ 122		$ 344
Unrealized (Loss) Gain	$ (1,048)	23	$ (1,048)	116
Not Designated as Hedging Instrument \| Other Expense, Net
Pre-tax effects of the Mexican peso forward contracts
Realized Gain		122		344
Unrealized (Loss) Gain	$ (1,048)	$ 23	$ (1,048)	$ 116

Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring $ in Thousands	Mar. 29, 2020 USD ($)
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	$ 2,569
Level 1 \| Fixed Income Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	920
Level 1 \| Stock Index Funds \| Small Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	204
Level 1 \| Stock Index Funds \| Mid Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	234
Level 1 \| Stock Index Funds \| Large Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	517
Level 1 \| Stock Index Funds \| International
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	694
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	4
Level 2 \| Cash and Cash Equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	4
Level 2 \| Mexican Peso Forward Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Liabilities at Fair Value	$ (1,048)

Equity (Loss) Earnings of Joint Ventures (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Equity (loss) earnings of joint ventures	$ (921,000)	$ 66,000	$ 55,000	$ 2,451,000
VAST LLC
Schedule Of Equity Method Investments [Line Items]
STRATTEC's percentage ownership in joint venture	33.33%		33.33%
Equity (loss) earnings of joint ventures	$ (947,000)	25,000	$ 36,000	2,427,000
SAL LLC
Schedule Of Equity Method Investments [Line Items]
STRATTEC's percentage ownership in joint venture	51.00%		51.00%
Equity (loss) earnings of joint ventures	$ 26,000	$ 41,000	$ 19,000	$ 24,000

Equity (Loss) Earnings of Joint Ventures - Summarized Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Summarized statements of operations
STRATTEC’s Equity (Loss) Earnings of VAST LLC	$ (921)	$ 66	$ 55	$ 2,451
VAST LLC
Summarized statements of operations
Net Sales	30,490	35,771	117,537	123,546
Cost of Goods Sold	25,679	29,303	96,131	98,173
Gross Profit	4,811	6,468	21,406	25,373
Engineering, Selling and Administrative Expenses	7,524	7,377	21,528	20,246
(Loss) Income From Operations	(2,713)	(909)	(122)	5,127
Other (Expense) Income, net	(424)	882	1,079	3,186
(Loss) Income before Provision for Income Taxes	(3,137)	(27)	957	8,313
Provision (Benefit) for Income Taxes	(294)	(64)	851	1,061
Net (Loss) Income	(2,843)	37	106	7,252
STRATTEC’s Share of VAST LLC Net (Loss) Income	(947)	12	36	2,417
Intercompany Profit Elimination		13		10
STRATTEC’s Equity (Loss) Earnings of VAST LLC	$ (947)	$ 25	$ 36	$ 2,427

Equity (Loss) Earnings of Joint Ventures - Summarize of Related Party Transaction (Details) - VAST LLC - Equity Method Investee - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Sales to VAST LLC	$ 483	$ 878	$ 3,035	$ 2,751
Purchases from VAST LLC	172	36	351	164
Expenses Charged to VAST LLC	686	317	2,036	1,096
Expenses Charged from VAST LLC	$ 192	$ 192	$ 636	$ 628

Leases (Details Textual)	3 Months Ended	9 Months Ended
Leases (Details Textual)	Mar. 29, 2020 USD ($)	Mar. 29, 2020 USD ($)
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	$ 116,000	$ 345,000

Leases - Schedule of Operating Lease Asset and Obligation Included in Condensed Consolidated Balance Sheet (Details) $ in Thousands	Mar. 29, 2020 USD ($)
Right-of Use Asset Under Operating Lease:
Operating lease right-of-use asset	$ 3,838
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$ 343
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherAccruedLiabilitiesCurrent
Other Long-Term Liabilities	$ 3,495
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Operating Lease, Liability	$ 3,838

Leases - Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease Including Options to Extend (Details) $ in Thousands	Mar. 29, 2020 USD ($)
Leases [Abstract]
2020 (for the remaining three months)	$ 116
2021	473
2022	484
2023	497
2024	509
Thereafter	2,356
Total Future Minimum Lease Payments	4,435
Less: Imputed Interest	(597)
Total Lease Obligations	$ 3,838

Leases - Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease Excluding Options to Extend Prior to Adoption (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Leases [Abstract]
2020	$ 539
2021	504
2022	495
2023	498
2024	168
Total Future Minimum Lease Payments	$ 2,204

Leases - Schedule of Cash Flow Information Related to Operating Lease (Details) $ in Thousands	9 Months Ended
	Mar. 29, 2020 USD ($)
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$ 345

Leases - Schedule of Weighted Average Lease Term and Discount Rate for Operating Lease (Details)	Mar. 29, 2020
Leases [Abstract]
Weighted Average Remaining Lease Term (in years)	8 years 7 months 6 days
Weighted Average Discount Rate	3.30%

Credit Facilities (Details Textual)	9 Months Ended
Credit Facilities (Details Textual)	Mar. 29, 2020 USD ($)
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Secured revolving credit facility	$ 40,000,000
Credit facility maturity date	Aug. 01, 2022
Interest rate on borrowings under the credit facility	the London Interbank Offering Rate (“LIBOR”) plus 1.0 percent or the bank’s prime rate.
Interest rate - percentage points added to LIBOR - on borrowings under credit facility	1.00%
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Secured revolving credit facility	$ 25,000,000
Credit facility maturity date	Aug. 01, 2022
Interest rate on borrowings under the credit facility	LIBOR plus 1.25 percent or the bank’s prime rate.
Interest rate - percentage points added to LIBOR - on borrowings under credit facility	1.25%

Credit Facilities - Schedule of Outstanding Borrowings Under the Credit Facilities (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Jun. 30, 2019
Line Of Credit Facility [Line Items]
Outstanding Borrowing	$ 27,000	$ 42,000
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Outstanding Borrowing	12,000	18,000
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Outstanding Borrowing	$ 15,000	$ 24,000

- Definition

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

+ References + Details

Credit Facilities - Schedule of Average Outstanding Borrowings and the Weighted Average Interest Rate (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Average Outstanding Borrowings	$ 13,799	$ 22,212
Weighted Average Interest Rate	2.90%	3.30%
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Average Outstanding Borrowings	$ 20,062	$ 26,286
Weighted Average Interest Rate	3.20%	3.40%

Commitments and Contingencies (Details Textual) - USD ($)	9 Months Ended
	Mar. 29, 2020	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Environmental reserve originally established in 1995	$ 3,000,000
Environmental	1,263,000	$ 1,278,000
Cost incurred inception to date on installation and on-going monitoring of wells	$ 612,000

Shareholders' Equity - Summary of Activity Impacting Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Summary of activity impacting shareholders' equity
Beginning Balance	$ 188,849	$ 183,757	$ 187,816	$ 183,246
Net Income (Loss)	4,913	3,037	6,498	(14,132)
Dividend Declared	(525)	(517)	(1,572)	(1,546)
Dividend Declared – Non- controlling Interests of Subsidiaries		(400)	(980)	(1,384)
Translation Adjustments	(6,245)	1,037	(6,059)	39
Stock Based Compensation	165	241	789	867
Pension and Postretirement Adjustment, Net of Tax	74	(1)	220	19,992
Stock Option Exercises		140	478	172
Employee Stock Purchases	24	32	65	72
Ending Balance	187,255	187,326	187,255	187,326
Common Stock
Summary of activity impacting shareholders' equity
Beginning Balance	74	73	73	73
Stock Option Exercises			1
Ending Balance	74	73	74	73
Capital in Excess of Par Value
Summary of activity impacting shareholders' equity
Beginning Balance	97,601	95,818	96,491	95,140
Stock Based Compensation	165	241	789	867
Stock Option Exercises		140	477	172
Employee Stock Purchases	7	16	16	36
Ending Balance	97,773	96,215	97,773	96,215
Retained Earnings
Summary of activity impacting shareholders' equity
Beginning Balance	219,973	220,483	221,117	236,162
Net Income (Loss)	2,994	1,730	2,897	(16,967)
Dividend Declared	(525)	(517)	(1,572)	(1,546)
Reclassification of Stranded Tax Effects				4,047
Ending Balance	222,442	221,696	222,442	221,696
Accumulated Other Comprehensive Loss
Summary of activity impacting shareholders' equity
Beginning Balance	(18,486)	(18,648)	(18,568)	(33,439)
Translation Adjustments	(3,858)	912	(3,922)	(243)
Pension and Postretirement Adjustment, Net of Tax	74	(1)	220	19,992
Reclassification of Stranded Tax Effects				(4,047)
Ending Balance	(22,270)	(17,737)	(22,270)	(17,737)
Treasury Stock
Summary of activity impacting shareholders' equity
Beginning Balance	(135,693)	(135,758)	(135,725)	(135,778)
Employee Stock Purchases	17	16	49	36
Ending Balance	(135,676)	(135,742)	(135,676)	(135,742)
Non-Controlling Interest
Summary of activity impacting shareholders' equity
Beginning Balance	25,380	21,789	24,428	21,088
Net Income (Loss)	1,919	1,307	3,601	2,835
Dividend Declared – Non- controlling Interests of Subsidiaries		(400)	(980)	(1,384)
Translation Adjustments	(2,387)	125	(2,137)	282
Ending Balance	$ 24,912	$ 22,821	$ 24,912	$ 22,821

Revenue from Contracts with Customers - Contract Liability Balances (Details) $ in Thousands	9 Months Ended
	Mar. 29, 2020 USD ($)
Revenue From Contract With Customer [Abstract]
Balance, June 30, 2019	$ 932
Discounts Recorded as a Reduction in Sales	985
Payments of Discounts to Customers	(915)
Other	29
Balance, March 29, 2020	$ 1,031

Revenue from Contracts with Customers - Revenue by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Product Information [Line Items]
Revenue	$ 116,938	$ 128,230	$ 343,183	$ 358,302
Keys & Locksets
Product Information [Line Items]
Revenue	30,186	34,677	91,832	101,722
Power Access
Product Information [Line Items]
Revenue	21,259	25,398	56,979	68,193
Door Handles & Exterior Trim
Product Information [Line Items]
Revenue	31,296	32,212	88,818	83,973
Driver Controls
Product Information [Line Items]
Revenue	7,549	10,532	25,310	31,370
Aftermarket & OE Service
Product Information [Line Items]
Revenue	11,141	10,839	34,189	32,599
Latches
Product Information [Line Items]
Revenue	13,685	12,602	40,656	35,366
Other
Product Information [Line Items]
Revenue	$ 1,822	$ 1,970	$ 5,399	$ 5,079

Revenue from Contracts with Customers - Revenue by Customer or Customer Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 116,938	$ 128,230	$ 343,183	$ 358,302
Fiat Chrysler Automobiles
Entity Wide Revenue Major Customer [Line Items]
Revenue	26,050	29,917	78,686	85,824
General Motors Company
Entity Wide Revenue Major Customer [Line Items]
Revenue	31,656	30,969	90,899	80,111
Ford Motor Company
Entity Wide Revenue Major Customer [Line Items]
Revenue	15,462	15,942	46,527	47,579
Tier 1 Customers
Entity Wide Revenue Major Customer [Line Items]
Revenue	17,495	20,078	50,026	56,357
Commercial and Other OEM Customers
Entity Wide Revenue Major Customer [Line Items]
Revenue	20,184	22,794	62,950	65,190
Hyundai / Kia
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 6,091	$ 8,530	$ 14,095	$ 23,241

Other Income (Expense), Net - Summary of Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Other Income and Expenses [Abstract]
Foreign Currency Transaction Gain (Loss)	$ 2,515	$ (192)	$ 2,067	$ (261)
Unrealized (Loss) Gain on Peso Forward Contracts	(1,048)	23	(1,048)	116
Realized Gain on Peso Forward Contracts		122		344
Pension and Postretirement Plans Cost	(118)	(27)	(352)	(662)
Rabbi Trust (Loss) Gain	(550)	257	(365)	57
Other	250	26	673	108
Other Income (Expense), net	$ 1,049	$ 209	$ 975	$ (298)

Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details Textual) - USD ($)	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	20.80%	20.60%	15.50%	33.10%
Measurement period adjustments				$ 372,000
Effective income tax rate prior to discrete impacts			18.30%	10.70%

Earnings (Loss) Per Share - Reconciliation of the Components of Basic and Diluted Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Reconciliation of the components of the basic and diluted per share
Net Income (Loss), Basic Earnings (Loss) Per Share	$ 2,994	$ 1,730	$ 2,897	$ (16,967)
Net Income (Loss), Diluted Earnings (Loss) Per Share	$ 2,994	$ 1,730	$ 2,897	$ (16,967)
Basic Earnings (Loss) Per Share, Number of Shares	3,748	3,684	3,733	3,670
Stock Option and Restricted Stock Awards, Number of shares	20	44	19
Diluted Earnings (Loss) Per Share, Number of Shares	3,768	3,728	3,752	3,670
Basic Earnings (Loss) Per Share	$ 0.80	$ 0.47	$ 0.78	$ (4.62)
Diluted Earnings (Loss) Per Share	$ 0.79	$ 0.46	$ 0.77	$ (4.62)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- 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.

+ References

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+ Details

Earnings (Loss) Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
Earnings (Loss) Per Share (Details Textual) - shares	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from earnings (loss) per share computation	111,060	41,200	111,060	181,867

Stock-Based Compensation (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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	$ 1.1
Weighted average period over which unrecognized compensation is expected to be recognized	10 months 24 days
Restricted stock \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	1 year
Restricted stock \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	5 years
Omnibus Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award number of shares authorized	1,850,000
Shares of common stock available for grant	115,609

Stock-Based Compensation - Summary of Stock Option Activity Under Our Stock Incentive Plan (Details)	9 Months Ended
	Mar. 29, 2020 $ / shares shares
Share Based Compensation [Abstract]
Shares, Beginning Balance \| shares	117,360
Shares, Exercised \| shares	(26,500)
Shares, Ending Balance \| shares	90,860
Shares, Exercisable \| shares	90,860
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 31.85
Weighted Average Exercise Price, Exercised \| $ / shares	18.00
Weighted Average Exercise Price, Ending Balance \| $ / shares	35.88
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 35.88
Weighted Average Remaining Contractual Term, Outstanding	2 years 8 months 12 days
Weighted Average Remaining Contractual Term, Exercisable, Outstanding	2 years 8 months 12 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. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Intrinsic value of stock options exercised and the fair value of stock options vested
Intrinsic Value of Options Exercised	$ 269	$ 120	$ 324

Stock-Based Compensation - Summary of Restricted Stock Activity Under Our Stock Incentive Plan (Details) - Restricted stock	9 Months Ended
	Mar. 29, 2020 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, Shares Beginning Balance \| shares	63,757
Granted, Shares \| shares	39,150
Vested, Shares \| shares	(27,318)
Forfeited, Shares \| shares	(5,470)
Nonvested, Shares Ending Balance \| shares	70,119
Nonvested, Weighted Average Grant Date Fair Value Beginning Balance \| $ / shares	$ 39.47
Granted, Weighted Average Grant Date Fair Value \| $ / shares	21.80
Vested, Weighted Average Grant Date Fair Value \| $ / shares	37.86
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	35.13
Nonvested, Weighted Average Grant Date Fair Value Ending Balance \| $ / shares	$ 30.57

Pension and Postretirement Benefits (Details Textual) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Dec. 29, 2019	Mar. 29, 2020	Mar. 31, 2019	Jun. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Date the Board of Directors freeze benefit accruals and future eligibility under the Qualified Pension Plan				Dec. 31, 2009
Termination of Qualified Pension Plan, description				The Board of Directors subsequently approved to proceed with the termination of the Qualified Pension Plan. During the quarter ended December 30, 2018, we completed a substantial portion of terminating the Qualified Pension Plan. In connection with the termination of the Qualified Pension Plan, distributions from the Qualified Pension Plan trust were made during the three month period ended December 30, 2018 to participants who elected lump-sum distributions. Additionally, during the three months ended December 30, 2018, we entered into an agreement with an insurance company to purchase from us, through a series of annuity contracts, our remaining obligations under the Qualified Pension Plan and, as a result, we settled the remaining obligations under the plan for the remaining participants utilizing funds available in the Qualified Pension Plan trust.
Additional contributions for termination of Qualified Pension Plan				$ 0
Non-cash pre-tax settlement charge					$ 32,434,000	$ 31,900,000
Non-cash compensation expense				4,473,000		4,200,000
Additional non-cash compensation expense			$ 4,500,000
Rabbi Trust Assets - SERP	$ 2,600,000			2,600,000		$ 2,900,000
Postretirement plan annual benefit limit for future eligible retirees	4,000			$ 4,000
Other postretirement benefits maximum benefit period				5 years
Contributions to the qualified pension plan	$ 0	$ 0		$ 0	$ 0
Supplemental Employee Retirement Plan, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Percentage of participant's base salary received as Supplemental Retirement Benefits				8.00%
Vesting period, SERP				5 years

Pension and Postretirement Benefits - Summary of Net Periodic Benefit Cost Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019	Jun. 30, 2019
COMPONENTS OF NET PERIODIC BENEFIT COST:
Plan Settlements				$ 32,434	$ 31,900
Pension Benefits
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service Cost	$ 19	$ 15	$ 56	46
Interest Cost	16	19	46	2,083
Expected Return on Plan Assets				(2,276)
Plan Settlements				32,434
Amortization of Unrecognized Net Loss	4		11	832
Net Periodic Benefit Cost	39	34	113	33,119
Postretirement Benefits
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service Cost	3	2	9	8
Interest Cost	6	8	19	30
Amortization of Prior Service Credit	(7)	(109)	(22)	(329)
Amortization of Unrecognized Net Loss	99	109	298	323
Net Periodic Benefit Cost	$ 101	$ 10	$ 304	$ 32

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ (188,849)	$ (183,757)	$ (187,816)	$ (183,246)
Other Comprehensive (Income) Loss Before Reclassifications	6,245	(1,037)	6,059	146
Other Comprehensive (Income) Loss Before Reclassifications, Income Tax				(185)
Net Other Comprehensive (Income) Loss Before Reclassifications	6,245	(1,037)	6,059	(39)
Reclassifications:
Pension Termination Settlement				(25,668)
Prior Service Credits	7	109	22	329
Unrecognized Net Loss	(103)	(109)	(309)	(1,155)
Total Reclassifications Before Tax	(96)		(287)	(26,494)
Reclassifications, Income Tax	22	1	67	6,502
Net Reclassifications	(74)	1	(220)	(19,992)
Other Comprehensive (Income) Loss	6,171	(1,036)	5,839	(20,031)
Reclassification of stranded tax effects				4,047
Ending balance	(187,255)	(187,326)	(187,255)	(187,326)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	16,381	16,529	16,317	15,291
Other Comprehensive (Income) Loss Before Reclassifications	6,245	(1,037)	6,059	146
Other Comprehensive (Income) Loss Before Reclassifications, Income Tax				(185)
Net Other Comprehensive (Income) Loss Before Reclassifications	6,245	(1,037)	6,059	(39)
Reclassifications:
Other Comprehensive (Income) Loss	6,245	(1,037)	6,059	(39)
Other Comprehensive Income Attributable to Non- Controlling Interest	2,387	(125)	2,137	(282)
Reclassification of stranded tax effects				83
Ending balance	20,239	15,617	20,239	15,617
Retirement and Postretirement Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	2,105	2,119	2,251	18,148
Reclassifications:
Pension Termination Settlement				(25,668)
Prior Service Credits	7	109	22	329
Unrecognized Net Loss	(103)	(109)	(309)	(1,155)
Total Reclassifications Before Tax	(96)		(287)	(26,494)
Reclassifications, Income Tax	22	1	67	6,502
Net Reclassifications	(74)	1	(220)	(19,992)
Other Comprehensive (Income) Loss	(74)	1	(220)	(19,992)
Reclassification of stranded tax effects				3,964
Ending balance	2,031	2,120	2,031	2,120
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	18,486	18,648	18,568	33,439
Reclassifications:
Ending balance	22,270	17,737	22,270	17,737
AOCI Including Portion Attributable to Noncontrolling Interest
Reclassifications:
Other Comprehensive (Income) Loss	6,171	(1,036)	5,839	(20,031)
AOCI Attributable to Noncontrolling Interest
Reclassifications:
Other Comprehensive Income Attributable to Non- Controlling Interest	$ 2,387	$ (125)	$ 2,137	$ (282)