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Equity Earnings of Joint Ventures (Tables) - VAST LLC | 12 Months Ended
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Jul. 02, 2023
Summarized Statements of Operations and Balance Sheet Data | As a result of the Restructuring Agreement, STRATTEC no longer holds an ownership interest in VAST LLC as of July 2, 2023. The following are summarized statements of operations and summarized balance sheet data for VAST LLC (thousands of dollars):
|  | Years Ended |
|  | July 2, 2023 |  |  | July 3, 2022 |
Net sales |  | $ | 207,362 |  |  | $ | 191,642 |
Cost of goods sold |  |  | 171,851 |  |  |  | 160,886 |
Gross profit |  |  | 35,511 |  |  |  | 30,756 |
Engineering, selling and administrative expense |  |  | 31,302 |  |  |  | 31,887 |
Income (Loss) from operations |  |  | 4,209 |  |  |  | (1,131 | )
Other income, net |  |  | 2,304 |  |  |  | 902 |
Loss on disposal of investment in Brazil |  |  | (1,592 | ) |  |  | — |
Income (Loss) before provision for income taxes |  |  | 4,921 |  |  |  | (229 | )
Provision (benefit) for income taxes |  |  | 672 |  |  |  | (754 | )
Net income |  | $ | 4,249 |  |  | $ | 525 |
STRATTEC’s share of VAST LLC net |  |  |  |  |  |
income |  | $ | 1,416 |  |  | $ | 175 |
Intercompany profit eliminations |  |  | 33 |  |  |  | 2 |
STRATTEC’s equity earnings of VAST LLC prior to loss on sale |  |  | 1,449 |  |  |  | 177 |
Gain on sale of VAST LLC |  |  | 110 |  |  |  | — |
STRATTEC's equity earnings of VAST LLC |  | $ | 1,559 |  |  | $ | 177 |
|  | July 2, 2023 |  |  | July 3, 2022 |
Cash and cash equivalents |  | $ | — |  |  | $ | 21,694 |
Receivables, net |  |  | — |  |  |  | 39,467 |
Inventories, net |  |  | — |  |  |  | 26,881 |
Other current assets |  |  | — |  |  |  | 14,574 |
Total current assets |  |  | — |  |  |  | 102,616 |
Property, plant and equipment, net |  |  | — |  |  |  | 70,096 |
Other long-term assets |  |  | — |  |  |  | 16,686 |
Total assets |  | $ | — |  |  | $ | 189,398 |
Current debt |  | $ | — |  |  | $ | 388 |
Other current liabilities |  |  | — |  |  |  | 86,364 |
Long-term debt |  |  | — |  |  |  | 20,079 |
Other long-term liabilities |  |  | — |  |  |  | 2,258 |
Total liabilities |  | $ | — |  |  | $ | 109,089 |
Net assets |  | $ | — |  |  | $ | 80,309 |
STRATTEC’s share of VAST LLC net assets |  | $ | — |  |  | $ | 26,770 |
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 2, 2023 |  |  | July 3, 2022 |
Sales to VAST LLC |  | $ | 64 |  |  | $ | 1,805 |
Purchases from VAST LLC |  | $ | 49 |  |  | $ | 169 |
Expenses charged to VAST LLC |  | $ | 382 |  |  | $ | 593 |
Expenses charged from VAST LLC |  | $ | 761 |  |  | $ | 784 |
|  | July 2, 2023 |  |  | July 3, 2022 |
Accounts receivable from VAST LLC |  | $ | — |  |  | $ | 63 |
Accounts payable to VAST LLC |  | $ | — |  |  | $ | 23 |

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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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