Equity Earnings of Joint Ventures (Tables) - VAST LLC

12 Months Ended

Jul. 03, 2022

Summarized Statements of Operations and Balance Sheet Data

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

	Years Ended
	July 3, 2022			June 27, 2021
Net sales	$	191,642		$	210,149
Cost of goods sold		160,886			171,930
Gross profit		30,756			38,219
Engineering, selling and administrative expense		31,887			30,605
(Loss) income from operations		(1,131	)		7,614
Other income, net		902			1,681
(Loss) income before (benefit) provision for     income taxes		(229	)		9,295
(Benefit) provision for income taxes		(766	)		1,554
Net income	$	537		$	7,741
STRATTEC’s share of VAST LLC net
income	$	179		$	2,580
Intercompany profit eliminations		2			(20	)
STRATTEC’s equity earnings of VAST LLC	$	181		$	2,560

	July 3, 2022		June 27, 2021
Cash and cash equivalents	$	21,694	$	7,623
Receivables, net		39,467		48,717
Inventories, net		26,881		27,697
Other current assets		14,574		28,592
Total current assets		102,616		112,629
Property, plant and equipment, net		70,096		69,352
Other long-term assets		16,686		17,432
Total assets	$	189,398	$	199,413
Current debt	$	388	$	4,605
Other current liabilities		87,294		91,373
Long-term debt		20,079		18,993
Other long-term liabilities		2,258		2,418
Total liabilities	$	110,019	$	117,389
Net assets	$	79,379	$	82,024
STRATTEC’s share of VAST LLC net assets	$	26,460	$	27,341

Summarize of Related Party Transaction

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

	Years Ended
	July 3, 2022		June 27, 2021
Sales to VAST LLC	$	1,805	$	3,900
Purchases from VAST LLC	$	169	$	527
Expenses charged to VAST LLC	$	593	$	1,507
Expenses charged from VAST LLC	$	784	$	1,167

	July 3, 2022		June 27, 2021
Accounts receivable from VAST LLC	$	63	$	84
Accounts payable to VAST LLC	$	23	$	25