XML 32 R22.htm IDEA: XBRL DOCUMENT v3.24.2.u1

Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2024

Pre-Tax Effects of the Peso Forward Contracts

The pre-tax effects of the Mexican peso forward contracts on the accompanying Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) consisted of the following (thousands of dollars):

		Other Income (Expense), net
		Years Ended
		June 30, 2024				July 2, 2023
Not Designated as Hedging Instruments:
Realized and unrealized gain, net		$	885			$	1,022

Summary of Financial Assets and Liabilities at Fair Value on Recurring Basis

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and July 2, 2023 (thousands of dollars):

		June 30, 2024																July 2, 2023
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Assets:
Rabbi Trust assets:
Stock index funds:
Small cap		$	84			$	—			$	—			$	84			$	161			$	—			$	—			$	161
Mid cap			163				—				—				163				327				—				—				327
Large cap			349				—				—				349				492				—				—				492
International			399				—				—				399				503				—				—				503
Fixed income funds			458				—				—				458				1,022				—				—				1,022
Cash and cash equivalents			—				185				—				185				—				113				—				113
Total assets at fair value		$	1,453			$	185			$	—			$	1,638			$	2,505			$	113			$	—			$	2,618

Inventories

Inventories consisted of the following (thousands of dollars):

		June 30, 2024				July 2, 2023
Finished products		$	19,833			$	15,935
Work in process			15,461				15,816
Purchased materials			46,355				45,846
Inventories, net		$	81,649			$	77,597

Activity Related to the Excess and Obsolete Inventory Reserve

The activity related to the excess and obsolete inventory reserve was as follows (thousands of dollars):

		Balance, Beginning of Year				Provision Charged to Expense				Amounts Written Off / (Recoveries)				Balance, End of Year
Year ended June 30, 2024		$	7,115			$	1,887			$	1,222			$	7,780
Year ended July 2, 2023		$	5,489			$	1,457			$	(169	)		$	7,115

Property, Plant and Equipment, Useful Lives of Assets

Property, plant and equipment are stated at cost. Property, plant and equipment are depreciated on a straight-line basis over the estimated useful lives of the assets as follows:

Classification		Expected Useful Lives
Land improvements		20 years
Buildings and improvements		15 to 35 years
Machinery and equipment		3 to 15 years

Property, Plant and Equipment

Property, plant and equipment consisted of the following (thousands of dollars):

		June 30, 2024				July 2, 2023
Land and improvements		$	6,697			$	6,963
Buildings and improvements			39,927				41,218
Machinery and equipment			258,622				251,995
			305,246				300,176
Less: accumulated depreciation			(219,062	)			(205,730	)
		$	86,184			$	94,446

Schedule of Depreciation Expenses

Depreciation expense was as follows for the periods indicated (thousands of dollars):

Fiscal Year		Depreciation Expense
2024		$	16,547
2023		$	17,485

Schedule of Operating Lease Asset and Obligation Included in Condensed Consolidated Balance Sheet

The operating lease asset and obligation related to our operating leases included in the accompanying Consolidated Balance Sheets are presented below (thousands of dollars):

		June 30, 2024				July 2, 2023
Right-of-Use Asset Under Operating Lease:
Other Long-Term Assets		$	3,801			$	4,465
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other		$	744			$	465
Other Long-Term Liabilities			3,390				4,000
		$	4,134			$	4,465

Schedule of Future Minimum Lease Payments Under Non-Cancelable Leases Including Options to Extend

Future minimum lease payments, by our fiscal year, including options to extend that are reasonably certain to be exercised, under the non-cancelable leases are as follows as of June 30, 2024 (thousands of dollars):

2025		$	979
2026			1,026
2027			1,075
2028			1,127
Thereafter			558
Total Future Minimum Lease Payments			4,765
Less: Imputed Interest			(631	)
Total Lease Obligations		$	4,134

Schedule of Cash Flow Information Related to Operating Leases

Cash flow information related to the operating leases is shown below (thousands of dollars):

		Years Ended
		June 30, 2024				July 2, 2023
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation		$	769			$	497

Schedule of Weighted Average Remaining Lease Term and Discount Rate for Operating Leases

The weighted average remaining lease term and discount rate for our operating leases are shown below:

		June 30, 2024				July 2, 2023
Weighted Average Remaining Lease Term, (in years)			4.5				5.5
Weighted Average Discount Rate			6.2	%			6.2	%

Inventory Purchase from Major Suppliers

Supplier Concentrations: The following inventory purchases were made from major suppliers with purchases in excess of 2.5 percent of total purchases during each fiscal year noted

Fiscal Year		Percentage of Inventory Purchases				Number of Suppliers
2024			30	%			4
2023			39	%			6

Summary of Other Income (Expense), Net

The impact of these items for the periods presented was as follows (thousands of dollars):

		Years Ended
		June 30, 2024				July 2, 2023
Foreign currency transaction gain (loss)		$	2,153			$	(2,935	)
Rabbi Trust Assets gain			211				202
Realized and unrealized gain on Mexican peso forward contracts, net			885				1,022
Pension and postretirement plans cost			(395	)			(722	)
Other			194				255
		$	3,048			$	(2,178	)

Changes in Warranty Reserve

Changes in the warranty reserve were as follows (thousands of dollars):

		Balance, Beginning of Year				Provision Charged to Expense				Payments				Balance, End of Year
Year ended June 30, 2024		$	9,725			$	2,608			$	1,638			$	10,695
Year ended July 2, 2023		$	8,100			$	2,405			$	780			$	9,725

Summary of Changes in Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss (“AOCL”): The following tables summarize the changes in AOCL for the years ended June 30, 2024 and July 2, 2023 (thousands of dollars):

		Year Ended June 30, 2024
		Foreign Currency Translation Adjustments				Retirement and Postretirement Plans				Total
Balance July 2, 2023		$	13,028			$	1,166			$	14,194
Other comprehensive loss before reclassifications			2,794				(10	)			2,784
Income Tax			—				2				2
Net other comprehensive loss before    reclassifications			2,794				(8	)			2,786
Reclassifications:
Actuarial losses (A)			—				(242	)			(242	)
Total reclassifications before tax			—				(242	)			(242	)
Income Tax			—				57				57
Net reclassifications			-				(185	)			(185	)
Other comprehensive loss			2,794				(193	)			2,601
Other comprehensive loss attributable
to non-controlling interest			1,106				—				1,106
Balance June 30, 2024		$	14,716			$	973			$	15,689

		Year Ended July 2, 2023
		Foreign Currency Translation Adjustments				Retirement and Postretirement Plans				Total
Balance July 3, 2022		$	16,733			$	1,855			$	18,588
Other comprehensive income before reclassifications			(4,698	)			(559	)			(5,257	)
Income Tax			(636	)			132				(504	)
Net other comprehensive income before    reclassifications			(5,334	)			(427	)			(5,761	)
Reclassifications:
Sale of interest in VAST LLC			(830	)			—				(830	)
Actuarial losses (A)			—				(342	)			(342	)
Total reclassifications before tax			(830	)			(342	)			(1,172	)
Income Tax			—				80				80
Net reclassifications			(830	)			(262	)			(1,092	)
Other comprehensive income			(6,164	)			(689	)			(6,853	)
Other comprehensive income attributable
to non-controlling interest			(2,459	)			—				(2,459	)
Balance July 2, 2023		$	13,028			$	1,166			$	14,194

(A)Amounts reclassified are included in the computation of net periodic benefit cost, which is included in Other Income (Expense), net in the accompanying Consolidated Statements of Income (Loss) and Comprehensive Income (Loss). See Retirement Plans and Postretirement Costs note to these Notes to Financial Statements below.

Schedule of Unrecognized Compensation Cost

Unrecognized compensation cost as of June 30, 2024 related to restricted stock granted under the plan was as follows (thousands of dollars):

		Compensation Cost				Weighted Average Period over which Cost is to be Recognized (in years)
Restricted stock granted		$	930				0.9

Cash Received from Stock Option Exercises and Related Income Tax Benefit

Cash received from stock option exercises and the related income tax benefit were as follows (thousands of dollars):

Fiscal Year		Cash Received from Stock Option Exercises				Income Tax Benefit
2024		$	—			$	—
2023		$	109			$	—

Intrinsic Value of Stock Options Exercised and Fair Value Of Stock Options Vested

The intrinsic value of stock options exercised and the fair value of options vested were as follows (thousands of dollars):

		Years Ended
		June 30, 2024				July 2, 2023
Intrinsic value of options exercised		$	—			$	31
Fair value of stock options vested		$	—			$	—

O

Options Outstanding

Options outstanding as of June 30, 2024 were as follows:

		Number of Options Outstanding and Exercisable				Weighted Average Exercise Price Outstanding and Exercisable				Weighted Average Remaining Contractual Life Outstanding (In Years)
$79.73			8,070			$	79.73			0.13

MEXICO

Property, Plant and Equipment

The gross and net book value of property, plant and equipment located outside of the United States, primarily in Mexico, were as follows (thousands of dollars):

		June 30, 2024				July 2, 2023
Gross book value		$	180,566			$	178,592
Net book value		$	61,308			$	68,240

X

- Definition

Tabular disclosure of cash received and tax benefits related to stock options exercised.

+ References

No definition available.

+ Details

Name:	strt_CashReceivedFromStockOptionExercisesAndRelatedIncomeTaxBenefitTableTextBlock
Namespace Prefix:	strt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of useful lives of physical assets used in the normal conduct of business and not intended for resale.

+ References

No definition available.

+ Details

Name:	strt_PropertyPlantAndEquipmentUsefulLifeTableTextBlock
Namespace Prefix:	strt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the activity in the inventory valuation reserve - including beginning and ending balances, provisions charged and write-offs against reserve.

+ References

No definition available.

+ Details

Name:	strt_ScheduleOfActivityRelatedToExcessAndObsoleteInventoryReserveTableTextBlock
Namespace Prefix:	strt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of cash flow information related to operating lease.

+ References

No definition available.

+ Details

Name:	strt_ScheduleOfCashFlowInformationRelatedToOperatingLeaseTableTextBlock
Namespace Prefix:	strt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of depreciation expense by period.

+ References

No definition available.

+ Details

Name:	strt_ScheduleOfDepreciationExpensesTableTextBlock
Namespace Prefix:	strt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of operating lease asset and obligation included in consolidated balance sheet.

+ References

No definition available.

+ Details

Name:	strt_ScheduleOfOperatingLeaseAssetAndObligationIncludedInConsolidatedBalanceSheetTableTextBlock
Namespace Prefix:	strt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of weighted average lease term and discount rate for the operating lease.

+ References

No definition available.

+ Details

Name:	strt_ScheduleOfWeightedAverageLeaseTermAndDiscountRateForOperatingLeaseTableTextBlock
Namespace Prefix:	strt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of inventory purchases from major suppliers.

+ References

No definition available.

+ Details

Name:	strt_SupplierConcentrationsTableTextBlock
Namespace Prefix:	strt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6

+ Details

Name:	us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-1

+ Details

Name:	us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483489/210-10-50-1

+ Details

Name:	us-gaap_ScheduleOfInventoryCurrentTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of non-operating income or non-operating expense that may include amounts earned from dividends, interest on securities, gains (losses) on securities sold, equity earnings of unconsolidated affiliates, net gain (loss) on sales of business, interest expense and other miscellaneous income or expense items.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-8

+ Details

Name:	us-gaap_ScheduleOfProductWarrantyLiabilityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Subparagraph (d)(2)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Subparagraph (i)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	srt_StatementGeographicalAxis=country_MX
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: