XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Credit Facilities and Guarantees | 6 Months Ended
--- | ---
Dec. 31, 2017
Debt Disclosure [Abstract] |
Credit Facilities and Guarantees | Credit Facilities and Guarantees STRATTEC has a $30 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, 2020. Borrowings under either credit facility are secured by our U.S. cash balances, accounts receivable, inventory, and fixed assets located in the U.S. Interest on borrowings under both credit facilities is at varying rates based, at our option, on the London Interbank Offering Rate (“LIBOR”) plus 1.0 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. The ADAC-STRATTEC Credit Facility also required that a capital contribution to ADAC-STRATTEC LLC of $6 million collectively from STRATTEC and ADAC be completed by September 30, 2016. This capital contribution was completed as required. STRATTEC’s portion of the capital contribution totaled $3.06 million. As of December 31, 2017, we were in compliance with all financial covenants required by these credit facilities. Outstanding borrowings under the credit facilities were as follows (in thousands):
|  | December 31, 2017 |  |  | July 2, 2017 |
STRATTEC Credit Facility |  | $ | 23,000 |  |  | $ | 16,000 |
ADAC-STRATTEC Credit Facility |  | $ | 23,000 |  |  | $ | 14,000 |
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 |
|  | December 31, 2017 |  |  | January 1, 2017 |  |  | December 31, 2017 |  |  | January 1, 2017 |
STRATTEC Credit Facility |  | $ | 20,308 |  |  | $ | 13,673 |  |  |  | 2.3 | % |  |  | 1.5 | %
ADAC-STRATTEC Credit Facility |  | $ | 18,082 |  |  | $ | 8,703 |  |  |  | 2.4 | % |  |  | 1.6 | %

X
- Definition Credit facilities and guarantees. + References No definition available. + Details
Name: | strt_CreditFacilitiesAndGuaranteesTextBlock
Namespace Prefix: | strt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration