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Equity (Loss) Earnings of Joint Ventures (Tables)
6 Months Ended
Dec. 31, 2023
Summarize of Related Party Transaction The following table summarizes these related party transactions for the periods indicated below (in thousands):

 

Three Months Ended

 

 

Six Months Ended

 

 

December 31,
2023

 

 

January 1,
2023

 

 

December 31,
2023

 

 

January 1,
2023

 

Engineering, research and design fee charged to
   ADAC-STRATTEC LLC

$

2,111

 

 

$

1,990

 

 

$

4,405

 

 

$

4,098

 

Sales to ADAC

$

2,021

 

 

$

2,528

 

 

$

4,855

 

 

$

5,320

 

VAST LLC  
Summarized Statements of Operations

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

 

Three Months Ended

 

 

Six Months Ended

 

 

December 31,
2023

 

 

January 1,
2023

 

 

December 31,
2023

 

 

January 1,
2023

 

Net sales

$

 

 

$

56,953

 

 

$

 

 

$

123,099

 

Cost of goods sold

 

 

 

 

45,969

 

 

 

 

 

 

101,751

 

Gross profit

 

 

 

 

10,984

 

 

 

 

 

 

21,348

 

Engineering, selling and administrative expenses

 

 

 

 

9,227

 

 

 

 

 

 

17,759

 

 Income from operations

 

 

 

 

1,757

 

 

 

 

 

 

3,589

 

Other income, net

 

 

 

 

386

 

 

 

 

 

 

458

 

Income before provision for income taxes

 

 

 

 

2,143

 

 

 

 

 

 

4,047

 

Provision for income taxes

 

 

 

 

382

 

 

 

 

 

 

750

 

Net income

$

 

 

$

1,761

 

 

$

 

 

$

3,297

 

STRATTEC's share of VAST LLC net income

 

 

 

 

587

 

 

 

 

 

 

1,099

 

Intercompany profit elimination

 

 

 

 

1

 

 

 

 

 

 

16

 

STRATTEC’s equity earnings of VAST LLC
     prior to impact of sale of VAST LLC

 

 

 

 

588

 

 

 

 

 

 

1,115

 

Loss on sale of VAST LLC

 

(4

)

 

 

 

 

 

(269

)

 

 

 

STRATTEC’s equity (loss) earnings of VAST LLC

$

(4

)

 

$

588

 

 

$

(269

)

 

$

1,115

 

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

 

Three Months Ended

 

 

Six Months Ended

 

 

 

December 31,
2023

 

 

January 1,
2023

 

 

December 31,
2023

 

 

January 1,
2023

 

 

Sales to VAST LLC

$

 

 

$

17

 

 

$

 

 

$

27

 

 

Purchases from VAST LLC

$

 

 

$

13

 

 

$

 

 

$

27

 

 

Expenses charged to VAST LLC

$

 

 

$

161

 

 

$

 

 

$

242

 

 

Expenses charged from VAST LLC

$

 

 

$

209

 

 

$

 

 

$

452