Equity Earnings (Loss) of Joint Ventures (Tables)

12 Months Ended

Jun. 27, 2021

The following are summarized statements of operations and summarized balance sheet data for VAST LLC (thousands of dollars)

	Years Ended
	June 27, 2021			June 28, 2020
Net sales	$	210,149		$	153,006
Cost of goods sold		171,930			125,012
Gross profit		38,219			27,994
Engineering, selling and administrative expense		30,605			28,812
Impairment charge		—			2,000
Income (loss) from operations		7,614			(2,818	)
Other income, net		1,681			1,556
Income (loss) before provision for income taxes		9,295			(1,262	)
Provision for income taxes		1,554			466
Net income (loss)	$	7,741		$	(1,728	)
STRATTEC’s share of VAST LLC net
income (loss)	$	2,580		$	(576	)
Intercompany profit eliminations		(20	)		11
STRATTEC’s equity earnings (loss) of VAST LLC	$	2,560		$	(565	)

	June 27, 2021		June 28, 2020
Cash and cash equivalents	$	7,623	$	8,549
Receivables, net		48,717		40,983
Inventories, net		27,697		22,285
Other current assets		28,592		17,674
Total current assets		112,629		89,491
Property, plant and equipment, net		69,352		63,574
Other long-term assets		17,432		14,387
Total assets	$	199,413	$	167,452
Current debt	$	4,605	$	13,072
Other current liabilities		91,373		72,878
Long-term debt		18,993		12,778
Other long-term liabilities		2,418		2,228
Total liabilities	$	117,389	$	100,956
Net assets	$	82,024	$	66,496
STRATTEC’s share of VAST LLC net assets	$	27,341	$	22,165

The following tables summarize the related party transactions with VAST LLC for the periods indicated (thousands of dollars):

	Years Ended
	June 27, 2021		June 28, 2020
Sales to VAST LLC	$	3,900	$	4,041
Purchases from VAST LLC	$	527	$	469
Expenses charged to VAST LLC	$	1,507	$	2,299
Expenses charged from VAST LLC	$	1,167	$	935

	June 27, 2021		June 28, 2020
Accounts receivable from VAST LLC	$	84	$	1,115
Accounts payable to VAST LLC	$	25	$	239