0000950170-23-002234 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jan. 01, 2023	Jan. 02, 2023
Cover [Abstract]
Entity Registrant Name	STRATTEC SECURITY CORP
Entity Central Index Key	0000933034
Document Type	10-Q
Document Period End Date	Jan. 01, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--07-02
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	0-25150
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1804239
Entity Address, Address Line One	3333 West Good Hope Road
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53209
City Area Code	414
Local Phone Number	247-3333
Document Quarterly Report	true
Document Transition Report	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock Shares Outstanding		4,015,133
Security Exchange Name	NASDAQ
Trading Symbol	STRT
Title of 12(b) Security	Common stock, $.01 par value

Condensed Consolidated Statements of (Loss) Income and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Income Statement [Abstract]
Net sales	$ 113,184	$ 112,908	$ 233,544	$ 213,249
Cost of goods sold	105,797	97,975	213,661	185,767
Gross profit	7,387	14,933	19,883	27,482
Engineering, selling and administrative expenses	12,081	11,301	24,781	23,422
(Loss) income from operations	(4,694)	3,632	(4,898)	4,060
Equity earnings of joint ventures	588	615	1,115	364
Interest expense	(196)	(57)	(325)	(105)
Other income (expense), net	52	(100)	(241)	26
(Loss) income before provision for income taxes and non-controlling interest	(4,250)	4,090	(4,349)	4,345
(Benefit) provision for income taxes	(1,735)	253	(1,771)	289
Net (loss) income	(2,515)	3,837	(2,578)	4,056
Net (loss) income attributable to non- controlling interest	(676)	446	(864)	567
Net (loss) income attributable to STRATTEC SECURITY CORPORATION	(1,839)	3,391	(1,714)	3,489
Comprehensive (loss) income:
Net (loss) income	(2,515)	3,837	(2,578)	4,056
Pension and postretirement plans, net of tax	70	76	140	154
Currency translation adjustments	429	(544)	(253)	(1,256)
Other comprehensive income (loss), net of tax	499	(468)	(113)	(1,102)
Comprehensive (loss) income	(2,016)	3,369	(2,691)	2,954
Comprehensive (loss) income attributable to non-controlling interest	(207)	93	(339)	64
Comprehensive loss attributable to STRATTEC SECURITY CORPORATION	$ (1,809)	$ 3,276	$ (2,352)	$ 2,890
(Loss) earnings per share attributable to STRATTEC SECURITY CORPORATION:
Basic	$ (0.47)	$ 0.88	$ (0.44)	$ 0.91
Diluted	$ (0.47)	$ 0.87	$ (0.44)	$ 0.89
Weighted Average shares outstanding:
Basic	3,927	3,866	3,913	3,848
Diluted	3,927	3,908	3,913	3,901

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 01, 2023	Jul. 03, 2022
Current Assets:
Cash and cash equivalents	$ 13,578	$ 8,774
Receivables, net	73,205	75,827
Inventories:
Finished products	14,953	19,499
Work in process	15,211	18,263
Purchased materials	43,532	48,209
Excess and obsolete reserve	(5,845)	(5,489)
Inventories, net	67,851	80,482
Other current assets	34,646	23,149
Total current assets	189,280	188,232
Investment in joint ventures	26,301	26,654
Deferred Income Taxes	7,150	7,081
Other long-term assets	5,263	5,438
Property, plant and equipment	287,997	278,249
Less: accumulated depreciation	(195,220)	(186,520)
Net property, plant and equipment	92,777	91,729
Total assets	320,771	319,134
Current Liabilities:
Accounts payable	37,292	43,950
Accrued Liabilities:
Payroll and benefits	18,878	17,959
Environmental	1,390	1,390
Warranty	7,760	8,100
Other	14,216	10,130
Total current liabilities	79,536	81,529
Borrowings under credit facilities	17,000	11,000
Accrued pension obligations	1,338	1,259
Accrued postretirement obligations	1,333	1,329
Other long-term liabilities	3,888	4,070
Shareholders’ Equity:
Common stock, authorized 18,000,000 shares, $.01 par value, 7,530,170 issued shares at January 1, 2023 and 7,481,169 issued shares at July 3, 2022	75	75
Capital in excess of par value	102,520	101,524
Retained earnings	239,255	240,969
Accumulated other comprehensive loss	(19,226)	(18,588)
Less: treasury stock, at cost (3,602,937 shares at January 1, 2023 and 3,604,466 shares at July 3, 2022)	(135,556)	(135,580)
Total STRATTEC SECURITY CORPORATION shareholders’ equity	187,068	188,400
Non-controlling interest	30,608	31,547
Total shareholders’ equity	217,676	219,947
Total liabilities and shareholders' equity	$ 320,771	$ 319,134

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jan. 01, 2023	Jul. 03, 2022
Statement Of Financial Position [Abstract]
Common stock, shares authorized	18,000,000	18,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	7,530,170	7,481,169
Treasury stock, shares	3,602,937	3,604,466

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ (2,578)	$ 4,056
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	8,798	9,968
Foreign currency transaction loss (gain)	585	(243)
Unrealized loss on peso forward contracts	23	224
Stock-based compensation expense	874	634
Equity earnings of joint ventures	(1,115)	(364)
Change in operating assets and liabilities:
Receivables	2,702	(2,644)
Inventories	12,631	(2,383)
Other assets	(11,177)	1,365
Accounts payable and accrued liabilities	(2,258)	(10,928)
Other, net	250	333
Net cash provided by operating activities	8,735	18
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in joint ventures	(104)
Purchase of property, plant and equipment	(9,477)	(5,362)
Proceeds received on sale of property, plant and equipment	4
Net cash used in investing activities	(9,577)	(5,362)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facilities	9,000	8,000
Repayment of borrowings under credit facilities	(3,000)	(3,000)
Dividends paid to non-controlling interests of subsidiaries	(600)	(600)
Exercise of stock options and employee stock purchases	146	639
Net cash provided by financing activities	5,546	5,039
Foreign currency impact on cash	100	(89)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	4,804	(394)
CASH AND CASH EQUIVALENTS
Beginning of period	8,774	14,465
End of period	13,578	14,071
Cash paid (recovered) during the period for:
Income taxes	946	(2,031)
Interest	244	100
Non-cash investing activities:
Change in capital expenditures in accounts payable	$ (553)	$ 624

Basis of Financial Statements

6 Months Ended

Jan. 01, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Financial Statements

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

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

In the opinion of management, the accompanying condensed consolidated balance sheets as of January 1, 2023 and July 3, 2022, which have been derived from our audited financial statements, and the related unaudited interim condensed consolidated financial statements included herein contain all adjustments, consisting only of normal recurring items, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with Rule 10-01 of Regulation S-X. All significant intercompany transactions have been eliminated.

Interim financial results are not necessarily indicative of operating results for an entire year. The information included in this Form 10-Q should be read in conjunction with the financial statements and notes thereto included in the STRATTEC SECURITY CORPORATION 2022 Form 10-K, which was filed with the Securities and Exchange Commission on September 8, 2022.

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

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

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


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

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

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

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


	October 2, 2022									December 26, 2021
	Previously Reported			Adjustment			As Reported			Previously Reported			Adjustment			As Reported
Retained earnings	$	241,632		$	(538	)	$	241,094		$	237,967		$	(525	)	$	237,442
Accumulated other comprehensive loss		(19,320	)		64			(19,256	)		(17,391	)		(122	)		(17,513	)
Total STRATTEC SECURITY CORPORATION shareholders' equity		189,068			(474	)		188,594			185,820			(647	)		185,173
Total shareholders' equity	$	219,883		$	(474	)	$	219,409		$	217,071		$	(647	)	$	216,424

Accumulated Other Comprehensive Loss:
Foreign currency translation adjustments	$	(17,461	)	$	(10	)	$	(17,471	)	$	(15,438	)	$	2		$	(15,436	)
Retirement and Postretirement Benefit Plans		(1,859	)		74			(1,785	)		(1,953	)		(124	)		(2,077	)
Accumulated other comprehensive loss	$	(19,320	)	$	64		$	(19,256	)	$	(17,391	)	$	(122	)	$	(17,513	)

	September 26, 2021									June 27, 2021
	Previously Reported			Adjustment			As Reported			Previously Reported			Adjustment			As Reported
Retained earnings	$	234,573		$	(522	)	$	234,051		$	234,472		$	(519	)	$	233,953
Accumulated other comprehensive loss		(17,278	)		(120	)		(17,398	)		(16,797	)		(117	)		(16,914	)
Total STRATTEC SECURITY CORPORATION shareholders' equity		182,281			(642	)		181,639			181,646			(636	)		181,010
Total shareholders' equity	$	213,439		$	(642	)	$	212,797		$	213,433		$	(636	)	$	212,797

Accumulated Other Comprehensive Loss:
Foreign currency translation adjustments	$	(15,247	)	$	2		$	(15,245	)	$	(14,685	)	$	2		$	(14,683	)
Retirement and Postretirement Benefit Plans		(2,031	)		(122	)		(2,153	)		(2,112	)		(119	)		(2,231	)
Accumulated other comprehensive loss	$	(17,278	)	$	(120	)	$	(17,398	)	$	(16,797	)	$	(117	)	$	(16,914	)

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


	Three Months Ended December 26, 2021									Six Months Ended December 26, 2021
	Previously Reported			Adjustment			As Reported			Previously Reported			Adjustment			As Reported
Other (expense) income, net	$	(95	)	$	(5	)	$	(100	)	$	35		$	(9	)	$	26
Income before provision for income taxes and non-controlling interest		4,095			(5	)		4,090			4,354			(9	)		4,345
Provision for income taxes		255			(2	)		253			292			(3	)		289
Net income		3,840			(3	)		3,837			4,062			(6	)		4,056
Net income attributed to STRATTEC SECURITY CORPORATION	$	3,394		$	(3	)	$	3,391		$	3,495		$	(6	)	$	3,489

Comprehensive Loss:
Net income	$	3,840		$	(3	)	$	3,837		$	4,062		$	(6	)	$	4,056
Pension and postretirement plans, net of tax		78			(2	)		76			159			(5	)		154
Other comprehensive (loss) income, net of tax		(466	)		(2	)		(468	)		(1,097	)		(5	)		(1,102	)
Comprehensive income		3,374			(5	)		3,369			2,965			(11	)		2,954
Comprehensive income attributed to STRATTEC SECURITY CORPORATION	$	3,281		$	(5	)	$	3,276		$	2,901		$	(11	)	$	2,890

Earnings per share attributed to STRATTEC SECURITY CORPORATION: diluted	$	0.87		$	-		$	0.87		$	0.90		$	(0.01	)	$	0.89

The correction of prior period amounts had no impact on total operating, investing, and financing activities on the Condensed Consolidated Statements of Cash Flows during the six month period ended December 26, 2021. In conjunction with the correction of the prior period amounts, the following footnotes, which were impacted by the above adjustments, were also corrected: Shareholders’ Equity, Other Income (Expense), net, Earnings Per Share, Pension and Postretirement Benefits, and Accumulated Other Comprehensive Loss.

Risks and Uncertainties

6 Months Ended

Jan. 01, 2023

Risks And Uncertainties [Abstract]

Risks and Uncertainties

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

STRATTEC’s operating performance is subject to global economic conditions, inflationary pressures and levels of consumer spending specifically within the automotive industry and its operating performance has been impacted by the lingering effects of the COVID-19 pandemic and the war in the Ukraine, all as described above. During the period from late March 2020 through mid-June 2020, the majority of our OEM customer assembly plant operations were completely closed including most of the supply chain. Additionally, during most of this same period, STRATTEC’s Mexico facilities were closed as a result of the Mexican government’s shutdown of non-essential businesses. Re-opening of our OEM customer facilities and our Mexico facilities began in June 2020, and the automotive industry continued to ramp-up throughout our fiscal year ended June 27, 2021. Nonetheless, during the fourth quarter of our fiscal 2021, our net sales were negatively impacted by a global semiconductor chip shortage (especially as it relates to the automotive industry), which shortage continued into our fiscal 2022. Although semiconductor chip availability improved during the first six months of our fiscal 2023 relative to our fiscal 2022, negative impacts of the shortage continue to affect STRATTEC, specifically as it pertains to aftermarket products, which trail the prioritization of production of components for production vehicles in the allocation of semiconductor chips. Additionally, inflationary pressures resulted in increased raw material and purchased part costs as well as higher labor costs associated with mandatory minimum wage increases in Mexico beginning in calendar 2021. Such increases negatively impacted our operating results in our fiscal 2022 and continued to escalate during the first six months of our fiscal 2023.

Each of the COVID-19 outbreak, the Ukraine conflict and the resulting inflationary pressures in the U.S. and global economy, which have adversely impacted, and continue to do so, pricing conditions for necessary raw materials and purchased components in our products, continue to adversely impact our operating results due mostly to the supply chain continuity and disruption issues noted above, and in particular related to the supply of semiconductor chips, transponders and related components to our customers in the automotive industry. The extent of such impacts, including related to their duration and intensity, depends upon any continued spread of the COVID-19 outbreak, the length of the Ukraine conflict, and related regulatory or operating restraints, which may be precautionary, imposed by local governments and the private sector and by any continuing inflationary pressures in the U.S. and global economies. All of these events may continue to impact the supply chain and our operations, including impacting our customers, workforce and suppliers, any of which may continue to disrupt and limit sourcing of semiconductor chips, transponders and other critical supply chain components needed by us and our customers to meet expected production schedules. Moreover, these events may continue to create added inflationary pressures on our operations, including related to wages and the prices of raw materials and purchased parts. All of these foregoing matters, including their scope and duration are uncertain and cannot be predicted as to timing and cost impacts. These changing conditions may also affect the estimates and assumptions made by our management in our financial statements. Such estimates and assumptions affect, among other things, our long-lived asset valuations, equity investment valuation, assessment of our annual effective tax rate, valuation of deferred income taxes, assessment of excess and obsolete inventory reserves, and assessment of collectability of trade receivables.

New Accounting Standard

6 Months Ended

Jan. 01, 2023

Accounting Changes And Error Corrections [Abstract]

New Accounting Standard

In June 2016, the FASB issued ASU 2016-13, Financial instruments – Credit Losses. This update revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. Originally, the update was effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. In November 2019, the FASB issued ASU 2019-10, Financial instruments – Credit Losses, Derivatives and Hedging Activities, and Leases. This ASU defers the effective date of ASU 2016-13 for public companies that are considered smaller reporting companies as defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We are planning to adopt this standard in the first quarter of our fiscal 2024. We do not expect that the adoption of this guidance will have a material impact on our consolidated financial statements.

- Definition

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

+ References

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

Subsequent Event

6 Months Ended

Jan. 01, 2023

Subsequent Events [Abstract]

Subsequent Event

Subsequent to January 1, 2023, the ADAC-STRATTEC Credit Facility, as described under Credit Facilities, was amended such that effective with the first borrowing subsequent to February 6, 2023, interest on borrowings under the credit facility will be at varying rates based, at our option, on Term SOFR plus 1.35 percent or the bank’s prime rate. The amendment also modifies the calculation of the fixed charge coverage ratio and the required level of minimum net worth for all future periods under the ADAC-STRATTEC Credit Facility. Refer to the discussion under Credit Facilities.

Derivative Instruments

6 Months Ended

Jan. 01, 2023

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments

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

The following table quantifies the outstanding Mexican peso forward contracts as of January 1, 2023 (thousands of dollars, except with respect to the average forward contractual exchange rate):


	Effective Dates	Notional Amount		Average Forward Contractual Exchange Rate		Fair Value
Buy MXP/Sell USD	January 17, 2023 - June 13, 2023	$	4,500		22.51	$	604

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):


	January 1, 2023		July 3, 2022
Not Designated as Hedging Instruments:
Other Current Assets:
Mexican Peso Forward Contracts	$	604	$	627

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


	Three Months Ended					Six Months Ended
	January 1, 2023		December 26, 2021			January 1, 2023			December 26, 2021
Not Designated as Hedging Instruments:
Realized Gain	$	307	$	45		$	545		$	184
Realized (Loss)	$	—	$	(49	)	$	—		$	(49	)
Unrealized (Loss) Gain	$	12	$	(126	)	$	(23	)	$	(224	)

Fair Value of Financial Instruments

6 Months Ended

Jan. 01, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The fair value of our cash and cash equivalents, accounts receivable, accounts payable and borrowings under our credit facilities approximated book value as of January 1, 2023 and July 3, 2022. Fair value is defined as the exchange price that would be received for an asset or paid for a liability (an exit price) in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of January 1, 2023 (in thousands):


	Fair Value Inputs
	Level 1 Assets: Quoted Prices In Active Markets		Level 2 Assets: Observable Inputs Other Than Market Prices		Level 3 Assets: Unobservable Inputs
Assets:
Rabbi Trust Assets:
Stock Index Funds:
Small Cap	$	148	$	—	$	—
Mid Cap		300		—		—
Large Cap		421		—		—
International		460		—		—
Fixed Income Funds		1,004		—		—
Cash and Cash Equivalents		—		970		—
Mexican Peso Forward Contracts		—		604		—
Total Assets at Fair Value	$	2,333	$	1,574	$	—

The Rabbi Trust assets fund our Amended and Restated Supplemental Executive Retirement Plan. Of the January 1, 2023 $3.3 million Rabbi Trust asset balance, $863,000 was included in Other Current Assets and $2.4 million was included in Other Long-term Assets in the accompanying Condensed Consolidated Balance Sheets.

- Definition

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

+ References + Details

Investment in Joint Ventures and Majority Owned Subsidiaries

6 Months Ended

Jan. 01, 2023

Equity Method Investments And Joint Ventures [Abstract]

Investment in Joint Ventures and Majority Owned Subsidiaries

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

The Alliance Agreements include a set of cross-licensing agreements for the manufacture, distribution and sale of WITTE products by STRATTEC and ADAC in North America, and the manufacture, distribution and sale of STRATTEC and ADAC products by WITTE in Europe. Additionally, a joint venture company, Vehicle Access Systems Technology LLC (“VAST LLC”), in which WITTE, STRATTEC and ADAC each hold a one-third interest, exists to seek opportunities to manufacture and sell each company’s products in areas of the world outside of North America and Europe. As a result of these relationships, the entities involved purchase products from each other on an as needed basis to use as components in end products assembled and sold in their respective home markets. STRATTEC currently purchases such component parts from WITTE. These purchases totaled $142,000 and $277,000 during the three and six month periods ended January 1, 2023, and $228,000 and $415,000 during the three and six month periods ended December 26, 2021.

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

The VAST LLC investments are accounted for using the equity method of accounting and the results of the VAST LLC foreign subsidiaries and joint venture are reported on a one-month lag basis. The activities related to the VAST LLC foreign subsidiaries and joint venture resulted in equity earnings of joint ventures to STRATTEC of $1.1 million during the six month period ended January 1, 2023 and $364,000 during the six month period ended December 26, 2021. During the six months ended January 1, 2023, capital contributions totaling $312,000 were made to VAST for purposes of funding operations in Brazil. STRATTEC's portion of the capital contributions totaled $104,000. During the six months ended December 26, 2021, no capital contributions were made to VAST LLC by any of the members.

ADAC-STRATTEC LLC, a Delaware limited liability company, was formed in fiscal year 2007 to support injection molding and door handle assembly operations in Mexico. ADAC-STRATTEC LLC was 51 percent owned by STRATTEC and 49 percent owned by ADAC for all periods presented in this report. An additional Mexican entity, ADAC-STRATTEC de Mexico, is wholly owned by ADAC-STRATTEC LLC. ADAC-STRATTEC LLC’s financial results are consolidated with the financial results of STRATTEC and resulted in increased net sales and reduced net income to STRATTEC of approximately $58.5 million and $950,000, respectively, during the six month period ended January 1, 2023 and increased net sales and reduced net income to STRATTEC of approximately $51.9 million and $326,000, respectively, during the six month period ended December 26, 2021. ADAC charges ADAC STRATTEC LLC an engineering, research and design fee as well as a sales fee. Such fees are calculated as a percentage of net sales, are included in the consolidated results of STRATTEC, and totaled $2.0 million and $4.1 million in the three and six month periods ended January 1, 2023 and $2.0 million and $3.6 million in the three and six month periods ended December 26, 2021. Effective January 1, 2023, ADAC and STRATTEC have agreed to suspend the payment of these fees as needed to comply with debt covenant provisions. Refer to Credit Facilities for further discussion. Additionally, ADAC-STRATTEC LLC sells production parts to ADAC. Sales to ADAC are included in the consolidated results of STRATTEC and totaled $2.5 million and $5.3 million in the three and six month periods ended January 1, 2023 and $1.9 million and $3.1 million in the three and six month periods ended December 26, 2021.

STRATTEC POWER ACCESS LLC (“SPA”) was originally formed in fiscal year 2009 to supply the North American portion of the power sliding door, lift gate, tail gate and deck lid system access control products some of which were acquired from Delphi Corporation in 2009. SPA was 80 percent owned by STRATTEC and 20 percent owned by WITTE for all periods presented in this report. An additional Mexican entity, STRATTEC POWER ACCESS de Mexico, is wholly owned by SPA. The financial results of SPA are consolidated with the financial results of STRATTEC and resulted in increased net sales and increased net income to STRATTEC of approximately $51.3 million and $1.6 million, respectively, during the six month period ended January 1, 2023 and $44.7 million and $2.2 million, respectively, during the six month period ended December 26, 2021.

Equity Earnings of Joint Ventures

6 Months Ended

Jan. 01, 2023

Equity Method Investments And Joint Ventures [Abstract]

Equity Earnings of Joint Ventures

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

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


	Three Months Ended				Six Months Ended
	January 1, 2023		December 26, 2021		January 1, 2023		December 26, 2021
Net Sales	$	56,953	$	55,556	$	123,099	$	98,173
Cost of Goods Sold		45,969		45,712		101,751		80,604
Gross Profit		10,984		9,844		21,348		17,569
Engineering, Selling and Administrative Expenses		9,227		7,949		17,759		16,500
Income From Operations		1,757		1,895		3,589		1,069
Other (Expense) Income, net		386		304		458		393
Income before Provision for Income Taxes		2,143		2,199		4,047		1,462
Provision for Income Taxes		382		354		750		375
Net Income	$	1,761	$	1,845	$	3,297	$	1,087
STRATTEC's Share of VAST LLC Net Income (Loss)		587		615		1,099		362
Intercompany Profit Elimination		1		—		16		2
STRATTEC’s Equity Earnings of VAST LLC	$	588	$	615	$	1,115	$	364

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


	Three Months Ended				Six Months Ended
	January 1, 2023		December 26, 2021		January 1, 2023		December 26, 2021
Sales to VAST LLC	$	17	$	702	$	27	$	1,217
Purchases from VAST LLC	$	13	$	19	$	27	$	151
Expenses Charged to VAST LLC	$	161	$	204	$	242	$	378
Expenses Charged from VAST LLC	$	209	$	189	$	452	$	442

Leases

6 Months Ended

Jan. 01, 2023

Leases [Abstract]

Leases

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

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

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


	January 1, 2023
Right-of Use Asset Under Operating Lease:
Other Long-Term Assets	$	2,823
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$	415
Other Long-Term Liabilities		2,408
	$	2,823

Future minimum lease payments, by our fiscal year, including options to extend that are reasonably certain to be exercised, under this non-cancelable lease are as follows as of January 1, 2023 (in thousands):


2023 (for the remaining six months)	$	250
2024		509
2025		522
2026		535
2027		548
Thereafter		751
Total Future Minimum Lease Payments		3,115
Less: Imputed Interest		(292	)
Total Lease Obligations	$	2,823

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


	Six Months Ended
	January 1, 2023		December 26, 2021
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$	247	$	241

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


	January 1, 2023
Weighted Average Remaining Lease Term (in years)		5.8
Weighted Average Discount Rate		3.3	%

Operating lease expense for the three and six month periods ended January 1, 2023 totaled $125,000 and $247,000, respectively. Operating lease expense for the three and six month periods ended December 26, 2021 totaled $122,000 and $241,000, respectively.

Credit Facilities

6 Months Ended

Jan. 01, 2023

Debt Disclosure [Abstract]

Credit Facilities

STRATTEC has a $40 million secured revolving credit facility (the “STRATTEC Credit Facility”) with BMO Harris Bank N.A. ADAC-STRATTEC LLC has a $25 million secured revolving credit facility (the “ADAC-STRATTEC Credit Facility”) with BMO Harris Bank N.A., which is guaranteed by STRATTEC. The credit facilities both expire August 1, 2024. Borrowings under either credit facility are secured by our U.S. cash balances, accounts receivable, inventory, and fixed assets. Interest on borrowings under both credit facilities were 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. Subsequent to January 1, 2023, a waiver was received from BMO Harris Bank N.A. related to non-compliance with the ADAC-STRATTEC Credit Facility fixed charge coverage ratio as of January 1, 2023. Furthermore, subsequent to January 1, 2023, the ADAC-STRATTEC Credit Facility was amended to modify the calculation of the fixed charge coverage ratio and the minimum level of net worth for all future periods such that it is probable ADAC-STRATTEC will comply with the amended covenant in future periods. As of January 1, 2023, we were in compliance with all other financial covenants required by these credit facilities.

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


	January 1, 2023		July 3, 2022
STRATTEC Credit Facility	$	4,000	$	—
ADAC-STRATTEC Credit Facility		13,000		11,000
	$	17,000	$	11,000

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


	Six Months Ended
	Average Outstanding Borrowings				Weighted Average Interest Rate
	January 1, 2023		December 26, 2021		January 1, 2023			December 26, 2021
STRATTEC Credit Facility	$	3,121	$	170		4.4	%		3.3	%
ADAC-STRATTEC Credit Facility	$	11,852	$	14,846		4.3	%		1.4	%

Commitments and Contingencies

6 Months Ended

Jan. 01, 2023

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

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

In 1995, we recorded a provision for estimated costs to remediate an environmental contamination site at our Milwaukee facility. The facility was contaminated by a solvent spill, which occurred in 1985, from a former above ground solvent storage tank located on the east side of the facility. The reserve was originally established based on third party estimates to adequately cover the cost for active remediation of the contamination. Due to changing technology and related costs associated with active remediation of the contamination, in fiscal years 2010, 2016, and 2021, we obtained updated third party estimates of projected costs to adequately cover the cost for active remediation of this contamination and adjusted the reserve as needed. We monitor and evaluate the site with the use of groundwater monitoring wells. An environmental consultant samples these wells one or two times a year to determine the status of the contamination and the potential for remediation of the contamination by natural attenuation, the dissipation of the contamination over time to concentrations below applicable standards. If such sampling evidences a sufficient degree of and trend toward natural attenuation of the contamination at the site, we may be able to obtain a closure letter from the regulatory authorities resolving the issue without the need for active remediation. If a sufficient degree and trend toward natural attenuation is not evidenced by sampling, a more active form of remediation beyond natural attenuation may be required. The sampling has not yet satisfied all of the requirements for closure by natural attenuation. As a result, sampling continues and the reserve remains at an amount to reflect our estimated cost of active remediation. The reserve is not measured on a discounted basis. We believe, based on findings-to-date and known environmental regulations, that the environmental reserve of $1.4 million at January 1, 2023 is adequate.

Shareholders' Equity

6 Months Ended

Jan. 01, 2023

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

A summary of activity impacting shareholders’ equity for the three and six month periods ended January 1, 2023 and December 26, 2021 were as follows (in thousands):


	Three months ended January 1, 2023
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, October 2, 2022	$	219,409		$	75	$	102,250	$	241,094		$	(19,256	)	$	(135,569	)	$	30,815
Net Loss		(2,515	)		—		—		(1,839	)		—			—			(676	)
Translation Adjustments		429			—		—		—			(40	)		—			469
Stock Based Compensation		263			—		263		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		70			—		—		—			70			—			—
Employee Stock Purchases		20			—		7		—			—			13			—
Balance, January 1, 2023	$	217,676		$	75	$	102,520	$	239,255		$	(19,226	)	$	(135,556	)	$	30,608


	Three months ended December 26, 2021
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, September 26, 2021	$	212,797		$	75	$	100,519	$	234,051	$	(17,398	)	$	(135,608	)	$	31,158
Net Income		3,837			—		—		3,391		—			—			446
Translation Adjustments		(544	)		—		—		—		(191	)		—			(353	)
Stock Based Compensation		238			—		238		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		76			—		—		—		76			—			—
Employee Stock Purchases		20			—		11		—		—			9			—
Balance, December 26, 2021	$	216,424		$	75	$	100,768	$	237,442	$	(17,513	)	$	(135,599	)	$	31,251


	Six months ended January 1, 2023
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, July 3, 2022	$	219,947		$	75	$	101,524	$	240,969		$	(18,588	)	$	(135,580	)	$	31,547
Net Loss		(2,578	)		—		—		(1,714	)		—			—			(864	)
Dividend Declared – Non- controlling Interests of Subsidiaries		(600	)		—		—		—			—			—			(600	)
Translation Adjustments		(253	)		—		—		—			(778	)		—			525
Stock Based Compensation		874			—		874		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		140			—		—		—			140			—			—
Stock Option Exercises		109			—		109		—			—			—			—
Employee Stock Purchases		37			—		13		—			—			24			—
Balance, January 1, 2023	$	217,676		$	75	$	102,520	$	239,255		$	(19,226	)	$	(135,556	)	$	30,608


	Six months ended December 26, 2021
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, June 27, 2021	$	212,797		$	74	$	99,512	$	233,953	$	(16,914	)	$	(135,615	)	$	31,787
Net Income		4,056			—		—		3,489		—			—			567
Dividend Declared – Non- controlling Interests of Subsidiaries		(600	)		—		—		—		—			—			(600	)
Translation Adjustments		(1,256	)		—		—		—		(753	)		—			(503	)
Stock Based Compensation		634			—		634		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		154			—		—		—		154			—			—
Stock Option Exercises		600			1		599		—		—			—			—
Employee Stock Purchases		39			—		23		—		—			16			—
Balance, December 26, 2021	$	216,424		$	75	$	100,768	$	237,442	$	(17,513	)	$	(135,599	)	$	31,251

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Revenue from Contracts with Customers

6 Months Ended

Jan. 01, 2023

Revenue From Contract With Customer [Abstract]

Revenue from Contracts with Customers

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

Contract Balances:

We have no material contract assets or contract liabilities as of January 1, 2023 or July 3, 2022.

Revenue by Product Group and Customer:

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


	Three Months Ended				Six Months Ended
	January 1, 2023		December 26, 2021		January 1, 2023		December 26, 2021
Door Handles & Exterior Trim	$	28,425	$	28,358	$	58,550	$	51,898
Keys & Locksets		24,716		26,654		53,381		49,495
Power Access		26,445		23,529		51,286		44,669
Latches		13,658		11,915		28,420		22,022
Aftermarket & OE Service		9,493		11,414		20,141		23,310
User Interface Controls (formerly Driver Controls)		8,620		8,775		17,738		16,792
Other		1,827		2,263		4,028		5,063
	$	113,184	$	112,908	$	233,544	$	213,249

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


	Three Months Ended				Six Months Ended
	January 1, 2023		December 26, 2021		January 1, 2023		December 26, 2021
General Motors Company	$	35,534	$	31,129	$	73,684	$	56,813
Ford Motor Company		22,149		21,070		46,765		38,765
Stellantis		16,995		23,050		34,150		39,610
Tier 1 Customers		16,083		15,607		33,392		27,582
Commercial and Other OEM Customers		13,134		16,190		27,960		33,602
Hyundai / Kia		9,289		5,862		17,593		16,877
	$	113,184	$	112,908	$	233,544	$	213,249

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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+ Details

Other Income (Expense), net

6 Months Ended

Jan. 01, 2023

Other Income And Expenses [Abstract]

Other Income (Expense), net

Net other income (expense) included in the accompanying Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income primarily included foreign currency transaction gains and losses, realized and unrealized gains or losses on our Mexican peso currency forward contracts, net periodic pension and postretirement benefit costs, other than the service cost component, related to our Supplemental Executive Retirement Plan (“SERP”) and postretirement plans and Rabbi Trust gains and losses. Foreign currency transaction gains and losses resulted from activity associated with foreign denominated assets held by our Mexican subsidiaries. We entered into the Mexican Peso currency forward contracts described above to minimize earnings volatility resulting from changes in exchange rates affecting the U.S. dollar cost of our Mexican operations. Unrealized gains and losses on the peso forward contracts recognized as a result of mark-to-market adjustments as of January 1, 2023 may or may not be realized in future periods, depending on the actual Mexican peso to U.S. dollar exchange rates experienced during the balance of the contract period. The Rabbi Trust assets fund our Amended and Restated Supplemental Executive Retirement Plan. The investments held in this Trust are considered trading securities.

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


	Three Months Ended						Six Months Ended
	January 1, 2023			December 26, 2021			January 1, 2023			December 26, 2021
Foreign Currency Transaction (Loss) Gain	$	(514	)	$	104		$	(585	)	$	243
Unrealized Gain (Loss) on Peso Forward Contracts		12			(126	)		(23	)		(224	)
Realized Gain (Loss) on Peso Forward Contracts, net		307			(4	)		545			135
Pension and Postretirement Plans Cost		(131	)		(125	)		(260	)		(249	)
Rabbi Trust Gain		389			48			23			70
Other		(11	)		3			59			51
	$	52		$	(100	)	$	(241	)	$	26

Warranty

6 Months Ended

Jan. 01, 2023

Guarantees and Product Warranties [Abstract]

Warranty

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

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

Income Taxes

6 Months Ended

Jan. 01, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Our effective tax rate was 40.8% and 6.2% for the three months ended January 1, 2023 and December 26, 2021, respectively. Our effective tax rate was 40.7% and 6.7% for the six month periods ended January 1, 2023 and December 26, 2021, respectively. The increased effective tax rate in the current year three and six month periods was due to the impact of available R&D and foreign tax credits on projected pre-tax book losses for the fiscal year. The reduced effective tax rate for the prior year three and six month periods was due to an increase in our foreign tax credits in the prior year periods as compared to the current year periods. Our effective tax rate differs from the statutory tax rate due to the application of the Global Intangible Low Taxed Income (GILTI) tax provisions, our available R&D tax credit and the non-controlling interest portion of our pre-tax income. The non-controlling interest portion impacts the effective tax rate as ADAC-STRATTEC LLC and STRATTEC POWER ACCESS LLC entities are taxed as partnerships for U.S. tax purposes.

- Definition

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

+ References

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

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-Name Accounting Standards Codification
-Topic 740
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

(Loss) Earnings Per Share

6 Months Ended

Jan. 01, 2023

Earnings Per Share [Abstract]

(Loss) Earnings Per Share

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

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


	Three Months Ended
	January 1, 2023								December 26, 2021
	Net Loss			Shares		Per-Share Amount			Net Income		Shares		Per-Share Amount
Basic (Loss) Earnings Per Share	$	(1,839	)		3,927	$	(0.47	)	$	3,391		3,866	$	0.88
Stock Option and Restricted Stock Awards		—			—					—		42
Diluted (Loss) Earnings Per Share	$	(1,839	)		3,927	$	(0.47	)	$	3,391		3,908	$	0.87


	Six Months Ended
	January 1, 2023								December 26, 2021
	Net Loss			Shares		Per-Share Amount			Net Income		Shares		Per-Share Amount
Basic (Loss) Earnings Per Share	$	(1,714	)		3,913	$	(0.44	)	$	3,489		3,848	$	0.91
Stock Option and Restricted Stock Awards		—			—					—		53
Diluted (Loss) Earnings Per Share	$	(1,714	)		3,913	$	(0.44	)	$	3,489		3,901	$	0.89

The calculation of (loss) earnings per share excluded 125,871 share-based payment awards as of January 1, 2023 and 9,010 share-based payment awards as of December 26, 2021 because their inclusion would have been anti-dilutive.

Stock-Based Compensation

6 Months Ended

Jan. 01, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

We maintain an omnibus stock incentive plan. This plan provides for the granting of stock options, shares of restricted stock and stock appreciation rights. As of January 1, 2023, the Board of Directors had designated 2 million shares of common stock available for the grant of awards under the plan. Remaining shares available to be granted under the plan as of January 1, 2023 were 129,359. Awards that expire or are canceled without delivery of shares become available for re-issuance under the plan. We issue new shares of common stock to satisfy stock option exercises.

Nonqualified and incentive stock options and shares of restricted stock have been granted to our officers, outside directors and specified associates under our stock incentive plan. Stock options granted under the plan may not be issued with an exercise price less than the fair market value of the common stock on the date the option is granted. Stock options become exercisable as determined at the date of grant by the Compensation Committee of the Board of Directors. The options expire 10 years after the grant date unless an earlier expiration date is set at the time of grant. The options vest 1 to 4 years after the date of grant as determined by the Compensation Committee of the Board of Directors. Shares of restricted stock granted under the plan are subject to vesting criteria determined by the Compensation Committee of the Board of Directors at the time the shares are granted and have a minimum vesting period of one year from the date of grant. Unvested restricted shares granted have voting rights, regardless of whether the shares are vested or unvested, but only have the right to receive cash dividends after such shares become vested. Restricted stock grants vest 1 to 3 years after the date of grant as determined by the Compensation Committee of the Board of Directors.

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

A summary of stock option activity under our stock incentive plan for the six months ended January 1, 2023 follows:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Balance, July 3, 2022		41,172		$	46.34
Exercised		(4,251	)	$	25.64
Balance, January 1, 2023		36,921		$	48.72		0.9		—
Exercisable, January 1, 2023		36,921		$	48.72		0.9		—

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


	Three Months Ended				Six Months Ended
	January 1, 2023		December 26, 2021		January 1, 2023		December 26, 2021
Intrinsic Value of Options Exercised	$	—	$	—	$	31	$	331
Fair Value of Stock Options Vesting	$	—	$	—	$	—	$	—

No options were granted during the six month periods ended January 1, 2023 or December 26, 2021.

A summary of restricted stock activity under our stock incentive plan for the six months ended January 1, 2023 follows:


	Shares			Weighted Average Grant Date Fair Value
Nonvested Balance, July 3, 2022		85,100		$	31.89
Granted		49,050		$	29.91
Vested		(44,750	)	$	29.00
Forfeited		(450	)	$	30.34
Nonvested Balance, January 1, 2023		88,950		$	32.09

As of January 1, 2023, all compensation cost related to outstanding stock options granted under our omnibus stock incentive plan has been recognized. As of January 1, 2023, there was approximately $1.9 million of total unrecognized compensation cost related to unvested restricted stock grants outstanding under the plan. This cost is expected to be recognized over a remaining weighted average period of 1.1 years. Total unrecognized compensation cost will be adjusted for any future changes in estimated and actual forfeitures of awards granted under our omnibus stock incentive plan.

Pension and Postretirement Benefits

6 Months Ended

Jan. 01, 2023

Compensation And Retirement Disclosure [Abstract]

Pension and Postretirement Benefits

We have a noncontributory Supplemental Executive Retirement Plan (“SERP”), which is a nonqualified defined benefit plan. The SERP is funded through a Rabbi Trust with TMI Trust Company. Under the SERP, as amended December 31, 2013, participants received an accrued lump-sum benefit as of December 31, 2013, which was credited to each participant’s account. Subsequent to December 31, 2013, each eligible participant receives a supplemental retirement benefit equal to the foregoing lump sum benefit, plus an annual benefit accrual equal to 8 percent of the participant’s base salary and cash bonus, plus annual credited interest on the participant’s account balance. All then current participants as of December 31, 2013 are fully vested in their account balances with any new individuals participating in the SERP effective on or after January 1, 2014 being subject to a five year vesting period. The SERP, which is considered a nonqualified defined benefit plan under applicable rules and regulations of the Internal Revenue Code, will continue to be funded through use of a Rabbi Trust to hold investment assets to be used in part to fund any future required lump sum benefit payments to participants. The Rabbi Trust assets had a value of $3.3 million at both January 1, 2023 and at July 3, 2022. At both January 1, 2023 and July 3, 2022, $863,000 of the Rabbi Trust asset balance was included in Other Current Assets and the remaining balance was included in Other Long-Term Assets in the accompanying Condensed Consolidated Balance Sheets.

We also sponsor a postretirement health care plan for all current and future eligible U.S. retirees hired prior to June 1, 2001. The expected cost of retiree health care benefits is recognized during the years the associates who are covered under the plan render service. Effective January 1, 2010, an amendment to the postretirement health care plan limited the benefit for future eligible retirees to $4,000 per plan year and the benefit is further subject to a maximum five year coverage period based on the associate’s retirement date and age. The postretirement health care plan is unfunded. Additionally, we sponsor a postretirement life plan for all U.S. salaried retirees who retired prior to October 1, 2001 and all U.S. hourly retirees who were hired prior to June 27, 2005 and retired prior to January 1, 2010. The benefit provides for a death benefit of $8,000, which is increased to $70,000 for disability retirees until reaching the age of 65, in which case the death benefit decreased to $8,000. The postretirement life plan is unfunded. See "Basis of Financial Statements" above for additional information regarding certain matters related to recording a liability adjustment for the death benefit owed to eligible participants under the postretirement life plan.

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

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


	SERP Benefits				Postretirement Benefits
	Three Months Ended				Three Months Ended
	January 1, 2023		December 26, 2021		January 1, 2023		December 26, 2021
Service Cost	$	19	$	15	$	2	$	3
Interest Cost		24		12		15		14
Amortization of Unrecognized Net Loss		31		21	61			78
Net Periodic Benefit Cost	$	74	$	48	$	78	$	95


	SERP Benefits				Postretirement Benefits
	Six Months Ended				Six Months Ended
	January 1, 2023		December 26, 2021		January 1, 2023		December 26, 2021
Service Cost	$	39	$	31	$	5	$	6
Interest Cost		47		25		30		23
Amortization of Unrecognized Net Loss		62		43		121		158
Net Periodic Benefit Cost	$	148	$	99	$	156	$	187

- Definition

The entire disclosure for retirement benefits.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Loss

6 Months Ended

Jan. 01, 2023

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Loss

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


	Three Months Ended January 1, 2023
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, October 2, 2022	$	17,471		$	1,785		$	19,256
Other Comprehensive Income Before Reclassifications		(429	)		—			(429	)
Net Other Comprehensive Income Before Reclassifications		(429	)		—			(429	)
Reclassifications:
Unrecognized Net Loss (A)		—			(92	)		(92	)
Income Tax		—			22			22
Net Reclassifications		—			(70	)		(70	)
Other Comprehensive Income		(429	)		(70	)		(499	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(469	)		—			(469	)
Balance, January 1, 2023	$	17,511		$	1,715		$	19,226


	Three Months Ended December 26, 2021
	Foreign Currency Translation Adjustments		Retirement and Postretirement Benefit Plans			Total
Balance, September 26, 2021	$	15,245	$	2,153		$	17,398
Other Comprehensive Loss Before Reclassifications		544		—			544
Net Other Comprehensive Loss Before Reclassifications		544		—			544
Reclassifications:
Unrecognized Net Loss (A)		—		(99	)		(99	)
Income Tax		—		23			23
Net Reclassifications		—		(76	)		(76	)
Other Comprehensive Loss		544		(76	)		468
Other Comprehensive Loss Attributable to Non- Controlling Interest		353		—			353
Balance, December 26, 2021	$	15,436	$	2,077		$	17,513


	Six Months Ended January 1, 2023
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, July 3, 2022	$	16,733		$	1,855		$	18,588
Other Comprehensive Loss Before Reclassifications		253			—			253
Net Other Comprehensive Loss Before Reclassifications		253			—			253
Reclassifications:
Unrecognized Net Loss (A)		—			(183	)		(183	)
Income Tax		—			43			43
Net Reclassifications		—			(140	)		(140	)
Other Comprehensive Loss		253			(140	)		113
Other Comprehensive Income Attributable to Non- Controlling Interest		(525	)		—			(525	)
Balance, January 1, 2023	$	17,511		$	1,715		$	19,226


	Six Months Ended December 26, 2021
	Foreign Currency Translation Adjustments		Retirement and Postretirement Benefit Plans			Total
Balance, June 27, 2021	$	14,683	$	2,231		$	16,914
Other Comprehensive Loss Before Reclassifications		1,256		—			1,256
Net Other Comprehensive Loss Before Reclassifications		1,256		—			1,256
Reclassifications:
Unrecognized Net Loss (A)		—		(201	)		(201	)
Income Tax		—		47			47
Net Reclassifications		—		(154	)		(154	)
Other Comprehensive Loss		1,256		(154	)		1,102
Other Comprehensive Loss Attributable to Non- Controlling Interest		503		—			503
Balance, December 26, 2021	$	15,436	$	2,077		$	17,513

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

Basis of Financial Statements (Tables)

6 Months Ended

Jan. 01, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of the prior period corrections and Adjustments


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

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

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

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


	October 2, 2022									December 26, 2021
	Previously Reported			Adjustment			As Reported			Previously Reported			Adjustment			As Reported
Retained earnings	$	241,632		$	(538	)	$	241,094		$	237,967		$	(525	)	$	237,442
Accumulated other comprehensive loss		(19,320	)		64			(19,256	)		(17,391	)		(122	)		(17,513	)
Total STRATTEC SECURITY CORPORATION shareholders' equity		189,068			(474	)		188,594			185,820			(647	)		185,173
Total shareholders' equity	$	219,883		$	(474	)	$	219,409		$	217,071		$	(647	)	$	216,424

Accumulated Other Comprehensive Loss:
Foreign currency translation adjustments	$	(17,461	)	$	(10	)	$	(17,471	)	$	(15,438	)	$	2		$	(15,436	)
Retirement and Postretirement Benefit Plans		(1,859	)		74			(1,785	)		(1,953	)		(124	)		(2,077	)
Accumulated other comprehensive loss	$	(19,320	)	$	64		$	(19,256	)	$	(17,391	)	$	(122	)	$	(17,513	)

	September 26, 2021									June 27, 2021
	Previously Reported			Adjustment			As Reported			Previously Reported			Adjustment			As Reported
Retained earnings	$	234,573		$	(522	)	$	234,051		$	234,472		$	(519	)	$	233,953
Accumulated other comprehensive loss		(17,278	)		(120	)		(17,398	)		(16,797	)		(117	)		(16,914	)
Total STRATTEC SECURITY CORPORATION shareholders' equity		182,281			(642	)		181,639			181,646			(636	)		181,010
Total shareholders' equity	$	213,439		$	(642	)	$	212,797		$	213,433		$	(636	)	$	212,797

Accumulated Other Comprehensive Loss:
Foreign currency translation adjustments	$	(15,247	)	$	2		$	(15,245	)	$	(14,685	)	$	2		$	(14,683	)
Retirement and Postretirement Benefit Plans		(2,031	)		(122	)		(2,153	)		(2,112	)		(119	)		(2,231	)
Accumulated other comprehensive loss	$	(17,278	)	$	(120	)	$	(17,398	)	$	(16,797	)	$	(117	)	$	(16,914	)

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


	Three Months Ended December 26, 2021									Six Months Ended December 26, 2021
	Previously Reported			Adjustment			As Reported			Previously Reported			Adjustment			As Reported
Other (expense) income, net	$	(95	)	$	(5	)	$	(100	)	$	35		$	(9	)	$	26
Income before provision for income taxes and non-controlling interest		4,095			(5	)		4,090			4,354			(9	)		4,345
Provision for income taxes		255			(2	)		253			292			(3	)		289
Net income		3,840			(3	)		3,837			4,062			(6	)		4,056
Net income attributed to STRATTEC SECURITY CORPORATION	$	3,394		$	(3	)	$	3,391		$	3,495		$	(6	)	$	3,489

Comprehensive Loss:
Net income	$	3,840		$	(3	)	$	3,837		$	4,062		$	(6	)	$	4,056
Pension and postretirement plans, net of tax		78			(2	)		76			159			(5	)		154
Other comprehensive (loss) income, net of tax		(466	)		(2	)		(468	)		(1,097	)		(5	)		(1,102	)
Comprehensive income		3,374			(5	)		3,369			2,965			(11	)		2,954
Comprehensive income attributed to STRATTEC SECURITY CORPORATION	$	3,281		$	(5	)	$	3,276		$	2,901		$	(11	)	$	2,890

Earnings per share attributed to STRATTEC SECURITY CORPORATION: diluted	$	0.87		$	-		$	0.87		$	0.90		$	(0.01	)	$	0.89

Derivative Instruments (Tables)

6 Months Ended

Jan. 01, 2023

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Quantification of Outstanding Mexican Peso Forward Contracts

The following table quantifies the outstanding Mexican peso forward contracts as of January 1, 2023 (thousands of dollars, except with respect to the average forward contractual exchange rate):


	Effective Dates	Notional Amount		Average Forward Contractual Exchange Rate		Fair Value
Buy MXP/Sell USD	January 17, 2023 - June 13, 2023	$	4,500		22.51	$	604

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):


	January 1, 2023		July 3, 2022
Not Designated as Hedging Instruments:
Other Current Assets:
Mexican Peso Forward Contracts	$	604	$	627

Pre-Tax Effects of the Peso Forward Contracts


	Three Months Ended					Six Months Ended
	January 1, 2023		December 26, 2021			January 1, 2023			December 26, 2021
Not Designated as Hedging Instruments:
Realized Gain	$	307	$	45		$	545		$	184
Realized (Loss)	$	—	$	(49	)	$	—		$	(49	)
Unrealized (Loss) Gain	$	12	$	(126	)	$	(23	)	$	(224	)

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jan. 01, 2023

Fair Value Disclosures [Abstract]

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

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of January 1, 2023 (in thousands):


	Fair Value Inputs
	Level 1 Assets: Quoted Prices In Active Markets		Level 2 Assets: Observable Inputs Other Than Market Prices		Level 3 Assets: Unobservable Inputs
Assets:
Rabbi Trust Assets:
Stock Index Funds:
Small Cap	$	148	$	—	$	—
Mid Cap		300		—		—
Large Cap		421		—		—
International		460		—		—
Fixed Income Funds		1,004		—		—
Cash and Cash Equivalents		—		970		—
Mexican Peso Forward Contracts		—		604		—
Total Assets at Fair Value	$	2,333	$	1,574	$	—

Equity Earnings of Joint Ventures (Tables) - VAST LLC

6 Months Ended

Jan. 01, 2023

Summarized Statements of Operations

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


	Three Months Ended				Six Months Ended
	January 1, 2023		December 26, 2021		January 1, 2023		December 26, 2021
Net Sales	$	56,953	$	55,556	$	123,099	$	98,173
Cost of Goods Sold		45,969		45,712		101,751		80,604
Gross Profit		10,984		9,844		21,348		17,569
Engineering, Selling and Administrative Expenses		9,227		7,949		17,759		16,500
Income From Operations		1,757		1,895		3,589		1,069
Other (Expense) Income, net		386		304		458		393
Income before Provision for Income Taxes		2,143		2,199		4,047		1,462
Provision for Income Taxes		382		354		750		375
Net Income	$	1,761	$	1,845	$	3,297	$	1,087
STRATTEC's Share of VAST LLC Net Income (Loss)		587		615		1,099		362
Intercompany Profit Elimination		1		—		16		2
STRATTEC’s Equity Earnings of VAST LLC	$	588	$	615	$	1,115	$	364

Summarize of Related Party Transaction

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


	Three Months Ended				Six Months Ended
	January 1, 2023		December 26, 2021		January 1, 2023		December 26, 2021
Sales to VAST LLC	$	17	$	702	$	27	$	1,217
Purchases from VAST LLC	$	13	$	19	$	27	$	151
Expenses Charged to VAST LLC	$	161	$	204	$	242	$	378
Expenses Charged from VAST LLC	$	209	$	189	$	452	$	442

Leases (Tables)

6 Months Ended

Jan. 01, 2023

Leases [Abstract]

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

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


	January 1, 2023
Right-of Use Asset Under Operating Lease:
Other Long-Term Assets	$	2,823
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$	415
Other Long-Term Liabilities		2,408
	$	2,823

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


2023 (for the remaining six months)	$	250
2024		509
2025		522
2026		535
2027		548
Thereafter		751
Total Future Minimum Lease Payments		3,115
Less: Imputed Interest		(292	)
Total Lease Obligations	$	2,823

Schedule of Cash Flow Information Related to Operating Lease

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


	Six Months Ended
	January 1, 2023		December 26, 2021
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$	247	$	241

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:


	January 1, 2023
Weighted Average Remaining Lease Term (in years)		5.8
Weighted Average Discount Rate		3.3	%

Credit Facilities (Tables)

6 Months Ended

Jan. 01, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings Under the Credit Facilities

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


	January 1, 2023		July 3, 2022
STRATTEC Credit Facility	$	4,000	$	—
ADAC-STRATTEC Credit Facility		13,000		11,000
	$	17,000	$	11,000

Schedule of Average Outstanding Borrowings and the Weighted Average Interest Rate

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


	Six Months Ended
	Average Outstanding Borrowings				Weighted Average Interest Rate
	January 1, 2023		December 26, 2021		January 1, 2023			December 26, 2021
STRATTEC Credit Facility	$	3,121	$	170		4.4	%		3.3	%
ADAC-STRATTEC Credit Facility	$	11,852	$	14,846		4.3	%		1.4	%

Shareholders' Equity (Tables)

6 Months Ended

Jan. 01, 2023

Equity [Abstract]

Summary of Activity Impacting Shareholders' Equity

A summary of activity impacting shareholders’ equity for the three and six month periods ended January 1, 2023 and December 26, 2021 were as follows (in thousands):


	Three months ended January 1, 2023
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, October 2, 2022	$	219,409		$	75	$	102,250	$	241,094		$	(19,256	)	$	(135,569	)	$	30,815
Net Loss		(2,515	)		—		—		(1,839	)		—			—			(676	)
Translation Adjustments		429			—		—		—			(40	)		—			469
Stock Based Compensation		263			—		263		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		70			—		—		—			70			—			—
Employee Stock Purchases		20			—		7		—			—			13			—
Balance, January 1, 2023	$	217,676		$	75	$	102,520	$	239,255		$	(19,226	)	$	(135,556	)	$	30,608


	Three months ended December 26, 2021
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, September 26, 2021	$	212,797		$	75	$	100,519	$	234,051	$	(17,398	)	$	(135,608	)	$	31,158
Net Income		3,837			—		—		3,391		—			—			446
Translation Adjustments		(544	)		—		—		—		(191	)		—			(353	)
Stock Based Compensation		238			—		238		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		76			—		—		—		76			—			—
Employee Stock Purchases		20			—		11		—		—			9			—
Balance, December 26, 2021	$	216,424		$	75	$	100,768	$	237,442	$	(17,513	)	$	(135,599	)	$	31,251


	Six months ended January 1, 2023
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, July 3, 2022	$	219,947		$	75	$	101,524	$	240,969		$	(18,588	)	$	(135,580	)	$	31,547
Net Loss		(2,578	)		—		—		(1,714	)		—			—			(864	)
Dividend Declared – Non- controlling Interests of Subsidiaries		(600	)		—		—		—			—			—			(600	)
Translation Adjustments		(253	)		—		—		—			(778	)		—			525
Stock Based Compensation		874			—		874		—			—			—			—
Pension and Postretirement Adjustment, Net of Tax		140			—		—		—			140			—			—
Stock Option Exercises		109			—		109		—			—			—			—
Employee Stock Purchases		37			—		13		—			—			24			—
Balance, January 1, 2023	$	217,676		$	75	$	102,520	$	239,255		$	(19,226	)	$	(135,556	)	$	30,608


	Six months ended December 26, 2021
	Total Shareholders’ Equity			Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss			Treasury Stock			Non-Controlling Interest
Balance, June 27, 2021	$	212,797		$	74	$	99,512	$	233,953	$	(16,914	)	$	(135,615	)	$	31,787
Net Income		4,056			—		—		3,489		—			—			567
Dividend Declared – Non- controlling Interests of Subsidiaries		(600	)		—		—		—		—			—			(600	)
Translation Adjustments		(1,256	)		—		—		—		(753	)		—			(503	)
Stock Based Compensation		634			—		634		—		—			—			—
Pension and Postretirement Adjustment, Net of Tax		154			—		—		—		154			—			—
Stock Option Exercises		600			1		599		—		—			—			—
Employee Stock Purchases		39			—		23		—		—			16			—
Balance, December 26, 2021	$	216,424		$	75	$	100,768	$	237,442	$	(17,513	)	$	(135,599	)	$	31,251

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jan. 01, 2023

Revenue From Contract With Customer [Abstract]

Revenue by Product Group and Customer

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


	Three Months Ended				Six Months Ended
	January 1, 2023		December 26, 2021		January 1, 2023		December 26, 2021
Door Handles & Exterior Trim	$	28,425	$	28,358	$	58,550	$	51,898
Keys & Locksets		24,716		26,654		53,381		49,495
Power Access		26,445		23,529		51,286		44,669
Latches		13,658		11,915		28,420		22,022
Aftermarket & OE Service		9,493		11,414		20,141		23,310
User Interface Controls (formerly Driver Controls)		8,620		8,775		17,738		16,792
Other		1,827		2,263		4,028		5,063
	$	113,184	$	112,908	$	233,544	$	213,249

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


	Three Months Ended				Six Months Ended
	January 1, 2023		December 26, 2021		January 1, 2023		December 26, 2021
General Motors Company	$	35,534	$	31,129	$	73,684	$	56,813
Ford Motor Company		22,149		21,070		46,765		38,765
Stellantis		16,995		23,050		34,150		39,610
Tier 1 Customers		16,083		15,607		33,392		27,582
Commercial and Other OEM Customers		13,134		16,190		27,960		33,602
Hyundai / Kia		9,289		5,862		17,593		16,877
	$	113,184	$	112,908	$	233,544	$	213,249

Other Income (Expense), net (Tables)

6 Months Ended

Jan. 01, 2023

Other Income And Expenses [Abstract]

Summary of Other Income (Expense), net

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


	Three Months Ended						Six Months Ended
	January 1, 2023			December 26, 2021			January 1, 2023			December 26, 2021
Foreign Currency Transaction (Loss) Gain	$	(514	)	$	104		$	(585	)	$	243
Unrealized Gain (Loss) on Peso Forward Contracts		12			(126	)		(23	)		(224	)
Realized Gain (Loss) on Peso Forward Contracts, net		307			(4	)		545			135
Pension and Postretirement Plans Cost		(131	)		(125	)		(260	)		(249	)
Rabbi Trust Gain		389			48			23			70
Other		(11	)		3			59			51
	$	52		$	(100	)	$	(241	)	$	26

(Loss) Earnings Per Share (Tables)

6 Months Ended

Jan. 01, 2023

Earnings Per Share [Abstract]

Reconciliation of the Components of Basic and Diluted Per Share

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


	Three Months Ended
	January 1, 2023								December 26, 2021
	Net Loss			Shares		Per-Share Amount			Net Income		Shares		Per-Share Amount
Basic (Loss) Earnings Per Share	$	(1,839	)		3,927	$	(0.47	)	$	3,391		3,866	$	0.88
Stock Option and Restricted Stock Awards		—			—					—		42
Diluted (Loss) Earnings Per Share	$	(1,839	)		3,927	$	(0.47	)	$	3,391		3,908	$	0.87


	Six Months Ended
	January 1, 2023								December 26, 2021
	Net Loss			Shares		Per-Share Amount			Net Income		Shares		Per-Share Amount
Basic (Loss) Earnings Per Share	$	(1,714	)		3,913	$	(0.44	)	$	3,489		3,848	$	0.91
Stock Option and Restricted Stock Awards		—			—					—		53
Diluted (Loss) Earnings Per Share	$	(1,714	)		3,913	$	(0.44	)	$	3,489		3,901	$	0.89

Stock-Based Compensation (Tables)

6 Months Ended

Jan. 01, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity Under Our Stock Incentive Plan

A summary of stock option activity under our stock incentive plan for the six months ended January 1, 2023 follows:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Balance, July 3, 2022		41,172		$	46.34
Exercised		(4,251	)	$	25.64
Balance, January 1, 2023		36,921		$	48.72		0.9		—
Exercisable, January 1, 2023		36,921		$	48.72		0.9		—

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

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


	Three Months Ended				Six Months Ended
	January 1, 2023		December 26, 2021		January 1, 2023		December 26, 2021
Intrinsic Value of Options Exercised	$	—	$	—	$	31	$	331
Fair Value of Stock Options Vesting	$	—	$	—	$	—	$	—

Summary of Restricted Stock Activity Under Our Stock Incentive Plan

A summary of restricted stock activity under our stock incentive plan for the six months ended January 1, 2023 follows:


	Shares			Weighted Average Grant Date Fair Value
Nonvested Balance, July 3, 2022		85,100		$	31.89
Granted		49,050		$	29.91
Vested		(44,750	)	$	29.00
Forfeited		(450	)	$	30.34
Nonvested Balance, January 1, 2023		88,950		$	32.09

Pension and Postretirement Benefits (Tables)

6 Months Ended

Jan. 01, 2023

Compensation And Retirement Disclosure [Abstract]

Summary of Net Periodic Benefit Cost Recognized

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


	SERP Benefits				Postretirement Benefits
	Three Months Ended				Three Months Ended
	January 1, 2023		December 26, 2021		January 1, 2023		December 26, 2021
Service Cost	$	19	$	15	$	2	$	3
Interest Cost		24		12		15		14
Amortization of Unrecognized Net Loss		31		21	61			78
Net Periodic Benefit Cost	$	74	$	48	$	78	$	95

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jan. 01, 2023

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Summary of Changes in Accumulated Other Comprehensive Loss

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


	Three Months Ended January 1, 2023
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, October 2, 2022	$	17,471		$	1,785		$	19,256
Other Comprehensive Income Before Reclassifications		(429	)		—			(429	)
Net Other Comprehensive Income Before Reclassifications		(429	)		—			(429	)
Reclassifications:
Unrecognized Net Loss (A)		—			(92	)		(92	)
Income Tax		—			22			22
Net Reclassifications		—			(70	)		(70	)
Other Comprehensive Income		(429	)		(70	)		(499	)
Other Comprehensive Income Attributable to Non- Controlling Interest		(469	)		—			(469	)
Balance, January 1, 2023	$	17,511		$	1,715		$	19,226


	Three Months Ended December 26, 2021
	Foreign Currency Translation Adjustments		Retirement and Postretirement Benefit Plans			Total
Balance, September 26, 2021	$	15,245	$	2,153		$	17,398
Other Comprehensive Loss Before Reclassifications		544		—			544
Net Other Comprehensive Loss Before Reclassifications		544		—			544
Reclassifications:
Unrecognized Net Loss (A)		—		(99	)		(99	)
Income Tax		—		23			23
Net Reclassifications		—		(76	)		(76	)
Other Comprehensive Loss		544		(76	)		468
Other Comprehensive Loss Attributable to Non- Controlling Interest		353		—			353
Balance, December 26, 2021	$	15,436	$	2,077		$	17,513


	Six Months Ended January 1, 2023
	Foreign Currency Translation Adjustments			Retirement and Postretirement Benefit Plans			Total
Balance, July 3, 2022	$	16,733		$	1,855		$	18,588
Other Comprehensive Loss Before Reclassifications		253			—			253
Net Other Comprehensive Loss Before Reclassifications		253			—			253
Reclassifications:
Unrecognized Net Loss (A)		—			(183	)		(183	)
Income Tax		—			43			43
Net Reclassifications		—			(140	)		(140	)
Other Comprehensive Loss		253			(140	)		113
Other Comprehensive Income Attributable to Non- Controlling Interest		(525	)		—			(525	)
Balance, January 1, 2023	$	17,511		$	1,715		$	19,226


	Six Months Ended December 26, 2021
	Foreign Currency Translation Adjustments		Retirement and Postretirement Benefit Plans			Total
Balance, June 27, 2021	$	14,683	$	2,231		$	16,914
Other Comprehensive Loss Before Reclassifications		1,256		—			1,256
Net Other Comprehensive Loss Before Reclassifications		1,256		—			1,256
Reclassifications:
Unrecognized Net Loss (A)		—		(201	)		(201	)
Income Tax		—		47			47
Net Reclassifications		—		(154	)		(154	)
Other Comprehensive Loss		1,256		(154	)		1,102
Other Comprehensive Loss Attributable to Non- Controlling Interest		503		—			503
Balance, December 26, 2021	$	15,436	$	2,077		$	17,513

(A)

Basis of Financial Statements (Details Textual)	6 Months Ended
Basis of Financial Statements (Details Textual)	Jan. 01, 2023 Segment Subsidiary Joint_Venture
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of reporting segment \| Segment	1
VAST LLC \| CHINA
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of wholly owned subsidiaries	4
VAST LLC \| BRAZIL
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of wholly owned subsidiaries	1
VAST LLC \| INDIA
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of joint venture entities \| Joint_Venture	1

Basis of Financial Statements - Schedule of impact of the prior period corrections (Details) - USD ($) $ in Thousands	Jan. 01, 2023	Oct. 02, 2022	Jul. 03, 2022	Dec. 26, 2021	Sep. 26, 2021	Jun. 27, 2021
ASSETS
Investment in joint ventures	$ 26,301		$ 26,654
Deferred Income Taxes	7,150		7,081
Total assets	320,771		319,134
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total current liabilities	79,536		81,529
Accrued postretirement obligations	1,333		1,329
Retained earnings	239,255	$ 241,094	240,969	$ 237,442	$ 234,051	$ 233,953
Accumulated other comprehensive loss	(19,226)	(19,256)	(18,588)	(17,513)	(17,398)	(16,914)
Total STRATTEC SECURITY CORPORATION shareholders’ equity	187,068	188,594	188,400	185,173	181,639	181,010
Total shareholders’ equity	217,676	219,409	219,947	216,424	212,797	212,797
Total liabilities and shareholders' equity	320,771		319,134
Accrued Liabilities:
Payroll and benefits	18,878		17,959
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss	(19,226)	(19,256)	(18,588)	(17,513)	(17,398)	(16,914)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss		(17,471)	(16,733)	(15,436)	(15,245)	(14,683)
Total shareholders’ equity	(17,511)	(17,471)	16,733	(15,436)	(15,245)	(14,683)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss		(17,471)	(16,733)	(15,436)	(15,245)	(14,683)
Retirement and Postretirement Benefit Plans
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss		(1,785)	(1,855)	(2,077)	(2,153)	(2,231)
Total shareholders’ equity	$ (1,715)	(1,785)	1,855	(2,077)	(2,153)	(2,231)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss		(1,785)	(1,855)	(2,077)	(2,153)	(2,231)
Previously Reported
ASSETS
Investment in joint ventures			26,344
Deferred Income Taxes			6,937
Total assets			318,680
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total current liabilities			81,475
Accrued postretirement obligations			463
Retained earnings		241,632	241,504	237,967	234,573	234,472
Accumulated other comprehensive loss		(19,320)	(18,657)	(17,391)	(17,278)	(16,797)
Total STRATTEC SECURITY CORPORATION shareholders’ equity		189,068	188,866	185,820	182,281	181,646
Total shareholders’ equity		219,883	220,413	217,071	213,439	213,433
Total liabilities and shareholders' equity			318,680
Accrued Liabilities:
Payroll and benefits			17,905
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss		(19,320)	(18,657)	(17,391)	(17,278)	(16,797)
Previously Reported \| Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss		(17,461)	(16,723)	(15,438)	(15,247)	(14,685)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss		(17,461)	(16,723)	(15,438)	(15,247)	(14,685)
Previously Reported \| Retirement and Postretirement Benefit Plans
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss		(1,859)	(1,934)	(1,953)	(2,031)	(2,112)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss		(1,859)	(1,934)	(1,953)	(2,031)	(2,112)
Adjustment
ASSETS
Investment in joint ventures			310
Deferred Income Taxes			144
Total assets			454
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total current liabilities			54
Accrued postretirement obligations			866
Retained earnings		(538)	(535)	(525)	(522)	(519)
Accumulated other comprehensive loss		64	69	(122)	(120)	(117)
Total STRATTEC SECURITY CORPORATION shareholders’ equity		(474)	(466)	(647)	(642)	(636)
Total shareholders’ equity		(474)	(466)	(647)	(642)	(636)
Total liabilities and shareholders' equity			454
Accrued Liabilities:
Payroll and benefits			54
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss		64	69	(122)	(120)	(117)
Adjustment \| Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss		(10)	(10)	2	2	2
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss		(10)	(10)	2	2	2
Adjustment \| Retirement and Postretirement Benefit Plans
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accumulated other comprehensive loss		74	79	(124)	(122)	(119)
Accumulated Other Comprehensive Loss:
Accumulated other comprehensive loss		$ 74	$ 79	$ (124)	$ (122)	$ (119)

Basis of Financial Statements - Schedule of impact of the prior period Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Other (expense) income, net	$ 52	$ (100)	$ (241)	$ 26
Income before provision for income taxes and non-controlling interest	(4,250)	4,090	(4,349)	4,345
Provision for income taxes	(1,735)	253	(1,771)	289
Net income	(2,515)	3,837	(2,578)	4,056
Net (loss) income attributable to STRATTEC SECURITY CORPORATION	(1,839)	3,391	(1,714)	3,489
Comprehensive Loss:
Pension and postretirement plans, net of tax	70	76	140	154
Other comprehensive income (loss), net of tax	499	(468)	(113)	(1,102)
Comprehensive (loss) income	(2,016)	3,369	(2,691)	2,954
Comprehensive loss attributable to STRATTEC SECURITY CORPORATION	$ (1,809)	$ 3,276	$ (2,352)	$ 2,890
Earnings per share attributed to STRATTEC SECURITY CORPORATION:
Diluted	$ (0.47)	$ 0.87	$ (0.44)	$ 0.89
Previously Reported
Other (expense) income, net		$ (95)		$ 35
Income before provision for income taxes and non-controlling interest		4,095		4,354
Provision for income taxes		255		292
Net income		3,840		4,062
Net (loss) income attributable to STRATTEC SECURITY CORPORATION		3,394		3,495
Comprehensive Loss:
Pension and postretirement plans, net of tax		78		159
Other comprehensive income (loss), net of tax		(466)		(1,097)
Comprehensive (loss) income		3,374		2,965
Comprehensive loss attributable to STRATTEC SECURITY CORPORATION		$ 3,281		$ 2,901
Earnings per share attributed to STRATTEC SECURITY CORPORATION:
Diluted		$ 0.87		$ 0.90
Adjustment
Other (expense) income, net		$ (5)		$ (9)
Income before provision for income taxes and non-controlling interest		(5)		(9)
Provision for income taxes		(2)		(3)
Net income		(3)		(6)
Net (loss) income attributable to STRATTEC SECURITY CORPORATION		(3)		(6)
Comprehensive Loss:
Pension and postretirement plans, net of tax		(2)		(5)
Other comprehensive income (loss), net of tax		(2)		(5)
Comprehensive (loss) income		(5)		(11)
Comprehensive loss attributable to STRATTEC SECURITY CORPORATION		$ (5)		$ (11)
Earnings per share attributed to STRATTEC SECURITY CORPORATION:
Diluted				$ (0.01)

Subsequent Events (Details Textual)		6 Months Ended
Subsequent Events (Details Textual)	Feb. 06, 2023	Jan. 01, 2023
Subsequent Event [Line Items]
Interest rate - percentage points added - on borrowings under credit facility		1.25%
Interest rate on borrowings under the credit facility		LIBOR plus 1.25 percent or the bank’s prime rate.
Subsequent Event \| Adjusted Term SOFR \| ADAC-STRATTEC Credit Facility
Subsequent Event [Line Items]
Interest rate - percentage points added - on borrowings under credit facility	1.35%
Interest rate on borrowings under the credit facility	Term SOFR plus 1.35 percent or the bank’s prime rate.

Derivative Instruments - Schedule of Quantification of Outstanding Mexican Peso Forward Contracts (Details) - Currency buy sell under contract one	6 Months Ended
	Jan. 01, 2023 USD ($) $ / $
Derivative [Line Items]
Derivative, Effective Dates, Inception	Jan. 17, 2023
Derivative, Effective Dates, Maturity	Jun. 13, 2023
Derivative, Notional Amount	$ 4,500,000
Derivative, Average Forward Contractual Exchange Rate \| $ / $	22.51
Derivative, Fair Value	$ 604,000

Derivative Instruments - Fair Market Value of All Outstanding Peso Forward Contracts (Details) - USD ($) $ in Thousands	Jan. 01, 2023	Jul. 03, 2022
Mexican Peso Forward Contracts \| Other Current Assets
Not Designated as Hedging Instruments:
Fair market value of derivative instruments	$ 604	$ 627

Derivative Instruments - Pre-Tax Effects of the Peso Forward Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Pre-tax effects of the Mexican peso forward contracts
Unrealized (Loss) Gain	$ 12	$ (126)	$ (23)	$ (224)
Not Designated as Hedging Instrument \| Other Expense, Net
Pre-tax effects of the Mexican peso forward contracts
Realized Gain	307	45	545	184
Realized (Loss)		(49)		(49)
Unrealized (Loss) Gain	$ 12	$ (126)	$ (23)	$ (224)

Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring $ in Thousands	Jan. 01, 2023 USD ($)
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	$ 2,333
Level 1 \| Fixed Income Funds \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	1,004
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	1,574
Level 2 \| Mexican Peso Forward Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	604
Stock Index Funds \| Level 1 \| Small Cap \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	148
Stock Index Funds \| Level 1 \| Mid Cap \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	300
Stock Index Funds \| Level 1 \| Large Cap \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	421
Stock Index Funds \| Level 1 \| International \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	460
Cash and Cash Equivalents \| Level 2 \| Rabbi Trust Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Assets at Fair Value	$ 970

Fair Value of Financial Instruments (Details Textual) - USD ($)	Jan. 01, 2023	Jul. 03, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Rabbi Trust Assets	$ 3,300,000	$ 3,300,000
Other Current Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Rabbi Trust Assets	863,000	$ 863,000
Other Noncurrent Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Rabbi Trust Assets	$ 2,400,000

Investment in Joint Ventures and Majority Owned Subsidiaries (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Schedule Of Equity Method Investments [Line Items]
Equity earnings of joint ventures	$ 588,000	$ 615,000	$ 1,115,000	$ 364,000
Payments to acquire interest in joint venture			104,000
VAST LLC \| BRAZIL
Schedule Of Equity Method Investments [Line Items]
Payments to acquire interest in joint venture			$ 312,000
VAST LLC \| MINDA-VAST ACCESS SYSTEMS
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	50.00%		50.00%
STRATTEC \| ADAC-STRATTEC LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary	51.00%	51.00%	51.00%	51.00%
Majority owned subsidiary, impact on net income			$ 950,000	$ 326,000
Majority owned subsidiary, impact on net sales			$ 58,500,000	$ 51,900,000
STRATTEC \| Strattec Power Access Llc
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary	80.00%	80.00%	80.00%	80.00%
Majority owned subsidiary, impact on net income			$ 1,600,000	$ 2,200,000
Majority owned subsidiary, impact on net sales			$ 51,300,000	44,700,000
STRATTEC \| VAST LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.33%		33.33%
Equity earnings of joint ventures			$ 1,100,000	364,000
Payments to acquire interest in joint venture			$ 104,000	$ 0
ADAC \| ADAC-STRATTEC LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary	49.00%	49.00%	49.00%	49.00%
Engineering, research, design and sales fee	$ 2,000,000.0	$ 2,000,000.0	$ 4,100,000	$ 3,600,000
Sales	$ 2,500,000	$ 1,900,000	$ 5,300,000	$ 3,100,000
ADAC \| VAST LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.33%		33.33%
WITTE \| Strattec Power Access Llc
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in less than wholly owned consolidated subsidiary	20.00%	20.00%	20.00%	20.00%
WITTE \| VAST LLC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.33%		33.33%
WITTE \| STRATTEC
Schedule Of Equity Method Investments [Line Items]
Purchases	$ 142,000	$ 228,000	$ 277,000	$ 415,000

Equity Earnings of Joint Ventures (Details Textual)	Jan. 01, 2023
VAST LLC \| STRATTEC
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest in equity method investment	33.33%

Equity Earnings of Joint Ventures - Summarized Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Summarized statements of operations
Net sales	$ 113,184	$ 112,908	$ 233,544	$ 213,249
Cost of goods sold	105,797	97,975	213,661	185,767
Gross profit	7,387	14,933	19,883	27,482
Engineering, selling and administrative expenses	12,081	11,301	24,781	23,422
(Loss) income from operations	(4,694)	3,632	(4,898)	4,060
Other (expense) income, net	52	(100)	(241)	26
(Loss) income before provision for income taxes and non-controlling interest	(4,250)	4,090	(4,349)	4,345
(Benefit) provision for income taxes	(1,735)	253	(1,771)	289
Net (loss) income	(2,515)	3,837	(2,578)	4,056
VAST LLC \| Equity Method Investment Summarized Financial Information
Summarized statements of operations
Net sales	56,953	55,556	123,099	98,173
Cost of goods sold	45,969	45,712	101,751	80,604
Gross profit	10,984	9,844	21,348	17,569
Engineering, selling and administrative expenses	9,227	7,949	17,759	16,500
(Loss) income from operations	1,757	1,895	3,589	1,069
Other (expense) income, net	386	304	458	393
(Loss) income before provision for income taxes and non-controlling interest	2,143	2,199	4,047	1,462
(Benefit) provision for income taxes	382	354	750	375
Net (loss) income	1,761	1,845	3,297	1,087
STRATTEC's Share of VAST LLC Net Income (Loss)	587	615	1,099	362
Intercompany Profit Elimination	1		16	2
STRATTEC's Equity Earnings of VAST LLC	$ 588	$ 615	$ 1,115	$ 364

Equity Earnings of Joint Ventures - Summarize of Related Party Transaction (Details) - VAST LLC - Equity Method Investee - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Schedule Of Equity Method Investments [Line Items]
Sales to VAST LLC	$ 17	$ 702	$ 27	$ 1,217
Purchases from VAST LLC	13	19	27	151
Expenses Charged to VAST LLC	161	204	242	378
Expenses Charged from VAST LLC	$ 209	$ 189	$ 452	$ 442

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
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-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Leases (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Leases (Details Textual) - USD ($)	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Leases [Abstract]
Operating lease, existence of option to extend			true
Operating lease, renewal Term	5 years		5 years
Operating lease, expiration term			2023-10
Operating lease expense	$ 125,000	$ 122,000	$ 247,000	$ 241,000

Leases - Schedule of Operating Lease Asset and Obligation Included in Condensed Consolidated Balance Sheets (Details) $ in Thousands	Jan. 01, 2023 USD ($)
Right-of Use Asset Under Operating Lease:
Operating lease right-of-use asset	$ 2,823
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$ 415
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other
Other Long-Term Liabilities	$ 2,408
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities
Operating Lease, Liability	$ 2,823

Leases - Schedule of Future Minimum Lease Payments Under Non-Cancelable Lease Including Options to Extend (Details) $ in Thousands	Jan. 01, 2023 USD ($)
Leases [Abstract]
2023 (for the remaining six months)	$ 250
2024	509
2025	522
2026	535
2027	548
Thereafter	751
Total Future Minimum Lease Payments	3,115
Less: Imputed Interest	(292)
Total Lease Obligations	$ 2,823

Leases - Schedule of Cash Flow Information Related to Operating Lease (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$ 247	$ 241

Leases - Schedule of Weighted Average Lease Term and Discount Rate for Operating Lease (Details)	Jan. 01, 2023
Leases [Abstract]
Weighted Average Remaining Lease Term (in years)	5 years 9 months 18 days
Weighted Average Discount Rate	3.30%

Credit Facilities (Details Textual)	6 Months Ended
Credit Facilities (Details Textual)	Jan. 01, 2023 USD ($)
Line Of Credit Facility [Line Items]
Interest rate on borrowings under the credit facility	LIBOR plus 1.25 percent or the bank’s prime rate.
Interest rate - percentage points added to LIBOR - on borrowings under credit facility	1.25%
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Secured revolving credit facility	$ 40,000,000
Credit facility maturity date	Aug. 01, 2024
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Secured revolving credit facility	$ 25,000,000
Credit facility maturity date	Aug. 01, 2024

Credit Facilities - Schedule of Outstanding Borrowings Under the Credit Facilities (Details) - USD ($) $ in Thousands	Jan. 01, 2023	Jul. 03, 2022
Line Of Credit Facility [Line Items]
Outstanding Borrowing	$ 17,000	$ 11,000
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Outstanding Borrowing	4,000
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Outstanding Borrowing	$ 13,000	$ 11,000

- Definition

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

+ References + Details

Credit Facilities - Schedule of Average Outstanding Borrowings and the Weighted Average Interest Rate (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021
STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Average Outstanding Borrowings	$ 3,121	$ 170
Weighted Average Interest Rate	4.40%	3.30%
ADAC-STRATTEC Credit Facility
Line Of Credit Facility [Line Items]
Average Outstanding Borrowings	$ 11,852	$ 14,846
Weighted Average Interest Rate	4.30%	1.40%

Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Jan. 01, 2023	Jul. 03, 2022
Commitments And Contingencies Disclosure [Abstract]
Environmental	$ 1,390	$ 1,390

Shareholders' Equity - Summary of Activity Impacting Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Summary of activity impacting shareholders' equity
Beginning Balance	$ 219,409	$ 212,797	$ 219,947	$ 212,797
Net income	(2,515)	3,837	(2,578)	4,056
Dividend Declared – Non- controlling Interests of Subsidiaries			(600)	(600)
Translation Adjustments	429	(544)	(253)	(1,256)
Stock Based Compensation	263	238	874	634
Pension and Postretirement Adjustment, Net of Tax	70	76	140	154
Stock Option Exercises			109	600
Employee Stock Purchases	20	20	37	39
Ending Balance	217,676	216,424	217,676	216,424
Common Stock
Summary of activity impacting shareholders' equity
Beginning Balance	75	75	75	74
Stock Option Exercises				1
Ending Balance	75	75	75	75
Capital in Excess of Par Value
Summary of activity impacting shareholders' equity
Beginning Balance	102,250	100,519	101,524	99,512
Stock Based Compensation	263	238	874	634
Stock Option Exercises			109	599
Employee Stock Purchases	7	11	13	23
Ending Balance	102,520	100,768	102,520	100,768
Retained Earnings
Summary of activity impacting shareholders' equity
Beginning Balance	241,094	234,051	240,969	233,953
Net income	(1,839)	3,391	(1,714)	3,489
Ending Balance	239,255	237,442	239,255	237,442
Accumulated Other Comprehensive Loss
Summary of activity impacting shareholders' equity
Beginning Balance	(19,256)	(17,398)	(18,588)	(16,914)
Translation Adjustments	(40)	(191)	(778)	(753)
Pension and Postretirement Adjustment, Net of Tax	70	76	140	154
Ending Balance	(19,226)	(17,513)	(19,226)	(17,513)
Treasury Stock
Summary of activity impacting shareholders' equity
Beginning Balance	(135,569)	(135,608)	(135,580)	(135,615)
Employee Stock Purchases	13	9	24	16
Ending Balance	(135,556)	(135,599)	(135,556)	(135,599)
Non-Controlling Interest
Summary of activity impacting shareholders' equity
Beginning Balance	30,815	31,158	31,547	31,787
Net income	(676)	446	(864)	567
Dividend Declared – Non- controlling Interests of Subsidiaries			(600)	(600)
Translation Adjustments	469	(353)	525	(503)
Ending Balance	$ 30,608	$ 31,251	$ 30,608	$ 31,251

Revenue from Contracts with Customers - Revenue by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Product Information [Line Items]
Revenue	$ 113,184	$ 112,908	$ 233,544	$ 213,249
Door Handles & Exterior Trim
Product Information [Line Items]
Revenue	28,425	28,358	58,550	51,898
Keys & Locksets
Product Information [Line Items]
Revenue	24,716	26,654	53,381	49,495
Power Access
Product Information [Line Items]
Revenue	26,445	23,529	51,286	44,669
Latches
Product Information [Line Items]
Revenue	13,658	11,915	28,420	22,022
Aftermarket & OE Service
Product Information [Line Items]
Revenue	9,493	11,414	20,141	23,310
User Interface Controls (Formerly Driver Controls)
Product Information [Line Items]
Revenue	8,620	8,775	17,738	16,792
Other
Product Information [Line Items]
Revenue	$ 1,827	$ 2,263	$ 4,028	$ 5,063

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 4
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue from Contracts with Customers - Revenue by Customer or Customer Group (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 113,184	$ 112,908	$ 233,544	$ 213,249
General Motors Company
Entity Wide Revenue Major Customer [Line Items]
Revenue	35,534	31,129	73,684	56,813
Ford Motor Company
Entity Wide Revenue Major Customer [Line Items]
Revenue	22,149	21,070	46,765	38,765
Stellantis
Entity Wide Revenue Major Customer [Line Items]
Revenue	16,995	23,050	34,150	39,610
Tier 1 Customers
Entity Wide Revenue Major Customer [Line Items]
Revenue	16,083	15,607	33,392	27,582
Commercial and Other OEM Customers
Entity Wide Revenue Major Customer [Line Items]
Revenue	13,134	16,190	27,960	33,602
Hyundai / Kia
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 9,289	$ 5,862	$ 17,593	$ 16,877

- Definition

+ References

+ Details

Other Income (Expense), Net - Summary of Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Other Income and Expenses [Abstract]
Foreign Currency Transaction (Loss) Gain	$ (514)	$ 104	$ (585)	$ 243
Unrealized Gain (Loss) on Peso Forward Contracts	12	(126)	(23)	(224)
Realized Gain (Loss) on Peso Forward Contracts, net	307	(4)	545	135
Pension and Postretirement Plans Cost	(131)	(125)	(260)	(249)
Rabbi Trust Gain	389	48	23	70
Other	(11)	3	59	51
Other Income (Expense), net	$ 52	$ (100)	$ (241)	$ 26

Income Taxes (Details Textual)	3 Months Ended		6 Months Ended
Income Taxes (Details Textual)	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	40.80%	6.20%	40.70%	6.70%

(Loss) Earnings Per Share - Reconciliation of the Components of Basic and Diluted Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Reconciliation of the components of the basic and diluted per share
Net (Loss) Income, Basic (Loss) Earnings Per Share	$ (1,839)	$ 3,391	$ (1,714)	$ 3,489
Net (Loss) Income, Diluted (Loss) Earnings Per Share	$ (1,839)	$ 3,391	$ (1,714)	$ 3,489
Basic (Loss) Earnings Per Share, Number of Shares	3,927	3,866	3,913	3,848
Stock Option and Restricted Stock Awards, Number of Shares		42		53
Diluted (Loss) Earnings Per Share, Number of Shares	3,927	3,908	3,913	3,901
Basic (Loss) Earnings Per Share	$ (0.47)	$ 0.88	$ (0.44)	$ 0.91
Diluted (Loss) Earnings Per Share	$ (0.47)	$ 0.87	$ (0.44)	$ 0.89

- 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 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 3
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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

+ References + Details

(Loss) Earnings Per Share (Details Textual) - shares	6 Months Ended
(Loss) Earnings Per Share (Details Textual) - shares	Jan. 01, 2023	Dec. 26, 2021
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from earnings per share computation	125,871	9,010

Stock-Based Compensation (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award number of shares authorized	2,000,000
Shares of common stock available for grant	129,359
Options, granted	0	0
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options expires after date of grant	10 years
Employee Stock Option \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	1 year
Employee Stock Option \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period after the date of grant	4 years
Restricted stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested restricted stock grants	$ 1.9
Weighted average period over which unrecognized compensation is expected to be recognized	1 year 1 month 6 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	3 years

Stock-Based Compensation - Summary of Stock Option Activity Under Our Stock Incentive Plan (Details)	6 Months Ended
	Jan. 01, 2023 $ / shares shares
Share Based Compensation [Abstract]
Shares, Beginning Balance \| shares	41,172
Shares, Exercised \| shares	(4,251)
Shares, Ending Balance \| shares	36,921
Shares, Exercisable \| shares	36,921
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 46.34
Weighted Average Exercise Price, Exercised \| $ / shares	25.64
Weighted Average Exercise Price, Ending Balance \| $ / shares	48.72
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 48.72
Weighted Average Remaining Contractual Term, Outstanding	10 months 24 days
Weighted Average Remaining Contractual Term, Exercisable, Outstanding	10 months 24 days

Stock-Based Compensation - Intrinsic Value of Stock Options Exercised and the Fair Value of Stock Options Vested (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021
Intrinsic value of stock options exercised and the fair value of stock options vested
Intrinsic Value of Options Exercised	$ 31	$ 331

Stock-Based Compensation - Summary of Restricted Stock Activity Under Our Stock Incentive Plan (Details) - Restricted stock	6 Months Ended
	Jan. 01, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested, Shares Beginning Balance \| shares	85,100
Granted, Shares \| shares	49,050
Vested, Shares \| shares	(44,750)
Forfeited, Shares \| shares	(450)
Nonvested, Shares Ending Balance \| shares	88,950
Nonvested, Weighted Average Grant Date Fair Value Beginning Balance \| $ / shares	$ 31.89
Granted, Weighted Average Grant Date Fair Value \| $ / shares	29.91
Vested, Weighted Average Grant Date Fair Value \| $ / shares	29.00
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	30.34
Nonvested, Weighted Average Grant Date Fair Value Ending Balance \| $ / shares	$ 32.09

Pension and Postretirement Benefits (Details Textual)		6 Months Ended
Pension and Postretirement Benefits (Details Textual)	Jan. 01, 2023 USD ($) Age	Jan. 01, 2023 USD ($)	Jul. 03, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Rabbi Trust Assets - SERP	$ 3,300,000	$ 3,300,000	$ 3,300,000
Postretirement plan annual benefit limit for future eligible retirees	4,000	$ 4,000
Other postretirement benefits maximum benefit period		5 years
Postretirement death benefit	8,000
Postretirement benefit increase in disability retirees	$ 70,000
Disability retirees age \| Age	65
Decrease in death benefit for disability retirees	$ 8,000
Other Current Assets
Defined Benefit Plan Disclosure [Line Items]
Rabbi Trust Assets - SERP	$ 863,000	$ 863,000	$ 863,000
Supplemental Employee Retirement Plan, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Percentage of participant's base salary received as Supplemental Retirement Benefits		8.00%
Vesting period, SERP		5 years

Pension and Postretirement Benefits - Summary of Net Periodic Benefit Cost Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
SERP Benefits
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service Cost	$ 19	$ 15	$ 39	$ 31
Interest Cost	24	12	47	25
Amortization of Unrecognized Net Loss	31	21	62	43
Net Periodic Benefit Cost	74	48	148	99
Postretirement Benefits
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service Cost	2	3	5	6
Interest Cost	15	14	30	23
Amortization of Unrecognized Net Loss	61	78	121	158
Net Periodic Benefit Cost	$ 78	$ 95	$ 156	$ 187

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Dec. 26, 2021	Jan. 01, 2023	Dec. 26, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ (219,409)	$ (212,797)	$ (219,947)	$ (212,797)
Other Comprehensive Income (Loss) Before Reclassifications	(429)	544	253	1,256
Net Other Comprehensive Income (Loss) Before Reclassifications	(429)	544	253	1,256
Reclassifications:
Unrecognized Net Loss	(92)	(99)	(183)	(201)
Reclassifications, Income Tax	22	23	43	47
Net Reclassifications	(70)	(76)	(140)	(154)
Other Comprehensive Income (Loss)	(499)	468	113	1,102
Ending balance	(217,676)	(216,424)	(217,676)	(216,424)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	17,471	15,245	(16,733)	14,683
Other Comprehensive Income (Loss) Before Reclassifications	(429)	544	253	1,256
Net Other Comprehensive Income (Loss) Before Reclassifications	(429)	544	253	1,256
Reclassifications:
Other Comprehensive Income (Loss)	(429)	544	253	1,256
Other Comprehensive Income (Loss) Attributable to Non- Controlling Interest	(469)	353	(525)	503
Ending balance	17,511	15,436	17,511	15,436
Retirement and Postretirement Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	1,785	2,153	(1,855)	2,231
Reclassifications:
Unrecognized Net Loss	(92)	(99)	(183)	(201)
Reclassifications, Income Tax	22	23	43	47
Net Reclassifications	(70)	(76)	(140)	(154)
Other Comprehensive Income (Loss)	(70)	(76)	(140)	(154)
Ending balance	1,715	2,077	1,715	2,077
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	19,256	17,398	18,588	16,914
Reclassifications:
Ending balance	19,226	17,513	19,226	17,513
AOCI Including Portion Attributable to Noncontrolling Interest
Reclassifications:
Other Comprehensive Income (Loss)	(499)	468	113	1,102
AOCI Attributable to Noncontrolling Interest
Reclassifications:
Other Comprehensive Income (Loss) Attributable to Non- Controlling Interest	$ (469)	$ 353	$ (525)	$ 503