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Equity Earnings (Loss) of Joint Ventures (Tables) | 12 Months Ended
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Jul. 01, 2018
VAST LLC |
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 1, 2018 |  |  | July 2, 2017 |  |  | July 3, 2016 |
Net sales |  | $ | 174,896 |  |  | $ | 128,963 |  |  | $ | 114,338 |
Cost of goods sold |  |  | 134,185 |  |  |  | 101,910 |  |  |  | 94,060 |
Gross profit |  |  | 40,711 |  |  |  | 27,053 |  |  |  | 20,278 |
Engineering, selling and administrative expense |  |  | 26,450 |  |  |  | 19,710 |  |  |  | 15,866 |
Impairment charge |  |  | — |  |  |  | — |  |  |  | 6,000 |
Income (loss) from operations |  |  | 14,261 |  |  |  | 7,343 |  |  |  | (1,588 | )
Other income (expense), net |  |  | 1,757 |  |  |  | 1,662 |  |  |  | (115 | )
Income (loss) before provision for income taxes |  |  | 16,018 |  |  |  | 9,005 |  |  |  | (1,703 | )
Provision for income taxes |  |  | 2,632 |  |  |  | 1,235 |  |  |  | 168 |
Net income (loss) |  | $ | 13,386 |  |  | $ | 7,770 |  |  | $ | (1,871 | )
STRATTEC’s share of VAST LLC net |  |  |  |  |  |  |  |  |  |  |  |
income (loss) |  | $ | 4,463 |  |  | $ | 2,590 |  |  | $ | (624 | )
Intercompany profit eliminations |  |  | (22 | ) |  |  | 3 |  |  |  | (15 | )
STRATTEC’s equity earnings (loss) of VAST LLC |  | $ | 4,441 |  |  | $ | 2,593 |  |  | $ | (639 | )
|  | July 1, 2018 |  |  | July 2, 2017 |
Cash and cash equivalents |  | $ | 8,959 |  |  | $ | 11,757 |
Receivables, net |  |  | 43,930 |  |  |  | 41,942 |
Inventories, net |  |  | 20,510 |  |  |  | 15,185 |
Other current assets |  |  | 16,020 |  |  |  | 11,782 |
Total current assets |  |  | 89,419 |  |  |  | 80,666 |
Property, plant and equipment, net |  |  | 42,923 |  |  |  | 31,017 |
Other long-term assets |  |  | 14,974 |  |  |  | 12,850 |
Total assets |  | $ | 147,316 |  |  | $ | 124,533 |
Current liabilities |  | $ | 74,721 |  |  | $ | 70,753 |
Long-term liabilities |  |  | 5,654 |  |  |  | 2,960 |
Total liabilities |  | $ | 80,375 |  |  | $ | 73,713 |
Net assets |  | $ | 66,941 |  |  | $ | 50,820 |
STRATTEC’s share of VAST LLC net assets |  | $ | 22,314 |  |  | $ | 16,940 |
SAL LLC |
Summarized Statements of Operations and Balance Sheet Data | The following are summarized statements of operations and summarized balance sheet data for SAL LLC (thousands of dollars):
|  | Years Ended |
|  | July 1, 2018 |  |  | July 2, 2017 |  |  | July 3, 2016 |
Net sales |  | $ | 89 |  |  | $ | 369 |  |  | $ | 603 |
Cost of goods sold |  |  | 67 |  |  |  | 610 |  |  |  | 382 |
Gross profit (loss) |  |  | 22 |  |  |  | (241 | ) |  |  | 221 |
Engineering, selling and administrative expense |  |  | 17 |  |  |  | 1,534 |  |  |  | 1,311 |
Earnings (Loss) from operations |  |  | 5 |  |  |  | (1,775 | ) |  |  | (1,090 | )
Other expense, net |  |  | (258 | ) |  |  | (155 | ) |  |  | (34 | )
Net loss |  | $ | (253 | ) |  | $ | (1,930 | ) |  | $ | (1,124 | )
STRATTEC’s share of SAL LLC earnings (loss) |  | $ | 91 |  |  | $ | (1,927 | ) |  | $ | (1,124 | )
Loss on loan to SAL LLC |  |  | — |  |  |  | — |  |  |  | (225 | )
Loss on guarantee of SAL LLC credit facility |  |  | — |  |  |  | — |  |  |  | (247 | )
STRATTEC’s equity earnings (loss) of SAL LLC |  | $ | 91 |  |  | $ | (1,927 | ) |  | $ | (1,596 | )
|  | July 1, 2018 |  |  | July 2, 2017 |
Cash and cash equivalents |  | $ | 5 |  |  | $ | 11 |
Receivables, net |  |  | 40 |  |  |  | 11 |
Inventories, net |  |  | 87 |  |  |  | 345 |
Total assets |  | $ | 132 |  |  | $ | 367 |
Current liabilities |  | $ | 3,208 |  |  | $ | 3,189 |
Net liabilities |  | $ | (3,076 | ) |  | $ | (2,822 | )
STRATTEC’s share of SAL LLC net liabilities |  | $ | (1,569 | ) |  | $ | (1,439 | )
VAST LLC and SAL LLC |
Summarize of Related Party Transaction | We have sales of component parts to VAST LLC and SAL LLC, purchases of component parts from VAST LLC, expenses charged to VAST LLC for engineering and accounting services and expenses charged from VAST LLC to STRATTEC for general headquarter expenses. The following tables summarize the related party transactions with VAST LLC and SAL LLC for the periods indicated (thousands of dollars):
|  | Years Ended |
|  | July 1, 2018 |  |  | July 2, 2017 |  |  | July 3, 2016 |
Sales to VAST LLC |  | $ | 3,151 |  |  | $ | 1,966 |  |  | $ | 304 |
Sales to SAL LLC |  | $ | 98 |  |  | $ | 234 |  |  | $ | 363 |
Purchases from VAST LLC |  | $ | 183 |  |  | $ | 245 |  |  | $ | 149 |
Expenses charged to VAST LLC |  | $ | 984 |  |  | $ | 843 |  |  | $ | 1,034 |
Expenses charged from VAST LLC |  | $ | 886 |  |  | $ | 1,134 |  |  | $ | 1,526 |
|  | July 1, 2018 |  |  | July 2, 2017 |
Accounts receivable from VAST LLC |  | $ | 53 |  |  | $ | — |
Accounts receivable from SAL LLC (A) |  | $ | — |  |  | $ | — |
Current loan receivable from SAL LLC (A) |  | $ | — |  |  | $ | — |
Long-term loan receivable from VAST LLC |  | $ | — |  |  | $ | 300 |
Accounts payable to VAST LLC |  | $ | 87 |  |  | $ | — |
| (A) | As of July 1, 2018, outstanding loan and accounts receivable balances due from SAL LLC to STRATTEC totaled $2.6 million and $82,000, respectively. As of July 2, 2017, outstanding loan and accounts receivable balances due from SAL LLC to STRATTEC totaled $2.6 million and $185,000, respectively. As of July 1, 2018 and July 2, 2017, these outstanding balances have been offset against our investment in SAL LLC, which is included in Other Current Liabilities in the Consolidated Balance Sheet.

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