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Equity Earnings of Joint Ventures (Tables) - VAST LLC

12 Months Ended

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