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Credit Facilities | 12 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Credit Facilities | CREDIT FACILITIES STRATTEC has a $40 million secured revolving credit facility (the “STRATTEC Credit Facility”) with BMO Harris Bank N.A. ADAC-STRATTEC LLC has a $20 million secured revolving credit facility (the “ADAC-STRATTEC Credit Facility”) with BMO Harris Bank N.A., which is guaranteed by STRATTEC. The ADAC-STRATTEC Credit Facility borrowing limit decreases to $18 million on August 1, 2025. The credit facilities both expire August 1, 2026. 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 the STRATTEC Credit Facility were at varying rates based, at our option, on the bank's prime rate or LIBOR plus 1.25 percent through February 22, 2023, SOFR plus 1.35 percent for the period February 23, 2023 through September 5, 2023, and SOFR plus 1.85 percent subsequent to September 5, 2023. Interest on borrowings under the ADAC-STRATTEC Credit Facility were at varying rates based, at our option, on the bank's prime rate with no interest rate margin through May 30, 2024 and a 2 percent interest rate margin subsequent to May 30, 2024 or LIBOR plus 1.25 percent through February 6, 2023, SOFR plus 1.35 percent for the period February 7, 2023 through May 30, 2024, and SOFR plus 3.10 percent subsequent to May 30, 2024. 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. As of June 30, 2024, we were in compliance with all financial covenants required by these credit facilities. Outstanding borrowings under the credit facilities referenced in the above paragraph as of the end of 2024 and 2023 were as follows (thousands of dollars):
|  | June 30, 2024 |  |  | July 2, 2023 |
STRATTEC Credit Facility |  | $ | — |  |  | $ | — |
ADAC-STRATTEC Credit Facility |  |  | 13,000 |  |  |  | 13,000 |
|  | $ | 13,000 |  |  | $ | 13,000 |
Average outstanding borrowings and the weighted average interest rate under each such credit facility during 2024 and 2023 were as follows (thousands of dollars):
|  | Average Outstanding Borrowings |  |  | Weighted Average Interest Rate |
|  | Years Ended |  |  | Years Ended |
|  | June 30, 2024 |  |  | July 2, 2023 |  |  | June 30, 2024 |  |  | July 2, 2023 |
STRATTEC Credit Facility |  | $ | 33 |  |  | $ | 5,365 |  |  |  | 8.5 | % |  |  | 5.7 | %
ADAC-STRATTEC Credit Facility |  | $ | 13,000 |  |  | $ | 12,426 |  |  |  | 6.8 | % |  |  | 5.3 | %
We believe that the credit facilities referenced above are adequate, along with existing cash balances and cash flow from operations, to meet our anticipated capital expenditure, working capital, dividend and operating expenditure requirements.

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