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Segment Information
 12 Months Ended
Jun. 29, 2025
Segment Reporting [Abstract]  
Segment Information

NOTE 14. SEGMENT INFORMATION

The Company operates within the automotive industry, offering a range of closely related products with shared production processes, distribution channels, and customers. These business activities are managed collectively, and the Company is organized and operates as a single business unit. As such, the Company has one reportable segment. The financial results for this reportable segment are equal to consolidated results as reported in the accompanying consolidated statements of income and comprehensive income and consolidated balance sheets.

Financial results, forecasts and budget to actual variances for the Company's reportable segment are provided to and regularly reviewed by the Chief Operating Decision Maker ("CODM"), which is the Company's Chief Executive Officer. The primary measure of segment profit or loss that the CODM uses to evaluate performance and allocate resources is Net income attributable to Strattec.

 

The CODM considers the impact of significant segment expenses on this measure to assess profitability and guide strategic decision making including entering into significant contracts, expanding into new markets or launching new products, making significant capital expenditures, hiring and terminating key personnel and approving operating budgets.

 

The significant expenses that are regularly provided to the CODM are disclosed in the consolidated statements of income as a part of Net income attributable to Strattec and were as follows (in thousands):

 

 

 

Years Ended

 

 

 

June 29, 2025

June 30, 2024

 

Net sales

 

$

565,066

 

 

$

537,766

 

Significant expenses:

 

 

 

 

 

 

Direct material costs

 

 

315,320

 

 

 

301,660

 

Labor and overhead costs

 

 

165,169

 

 

 

170,638

 

Selling costs

 

 

10,691

 

 

 

9,267

 

Administrative costs

 

 

23,888

 

 

 

15,487

 

Engineering costs

 

 

27,214

 

 

 

22,900

 

Interest income

 

 

(2,039

)

 

 

(572

)

Interest expense

 

 

1,007

 

 

 

900

 

Other income, net

 

 

(820

)

 

 

(2,717

)

Income tax expense

 

 

5,717

 

 

 

3,775

 

Net income

 

 

18,919

 

 

 

16,428

 

Net income attributable to non-controlling interest

 

 

234

 

 

 

115

 

Net income attributable to Strattec

 

$

18,685

 

 

$

16,313

 

 

Sales and net tangible long-lived assets (property, plant and equipment, net and right-of-use assets) are presented by country; sales are attributed based on the location to which products were shipped (in thousands):

 

 

Net Sales

 

 

Tangible Long-Lived Assets, Net

 

 

Years Ended

 

 

As of

 

 

June 29, 2025

 

 

June 30, 2024

 

 

June 29, 2025

 

 

June 30, 2024

 

United States

$

381,405

 

 

$

382,386

 

 

$

26,186

 

 

$

28,542

 

 

 

 

 

 

 

 

 

 

 

 

 

Mexico

$

52,845

 

 

$

42,979

 

 

$

53,633

 

 

$

60,726

 

Canada

 

59,717

 

 

 

57,061

 

 

 

20

 

 

 

9

 

Korea

 

56,855

 

 

 

44,735

 

 

 

9

 

 

 

155

 

Other

 

14,244

 

 

 

10,605

 

 

 

504

 

 

 

553

 

Total Foreign

$

183,661

 

 

$

155,380

 

 

$

54,166

 

 

$

61,443

 

 

Sales by product group were as follows (in thousands and percent of total net sales):

 

 

Years Ended

 

 

 

June 29, 2025

 

 

June 30, 2024

 

 

 

Net Sales

 

 

%

 

 

Net Sales

 

 

%

 

Power access solutions

 

$

138,402

 

 

 

24

%

 

$

126,680

 

 

 

24

%

Door handles & exterior trim

 

 

140,554

 

 

 

25

 

 

 

135,355

 

 

 

25

 

Keys & locksets

 

 

99,788

 

 

 

18

 

 

 

106,374

 

 

 

20

 

Latches

 

 

75,359

 

 

 

13

 

 

 

67,844

 

 

 

13

 

User interface controls

 

 

53,405

 

 

 

9

 

 

 

47,637

 

 

 

9

 

Aftermarket and service

 

 

46,703

 

 

 

8

 

 

 

42,732

 

 

 

8

 

Other

 

 

10,855

 

 

 

2

 

 

 

11,144

 

 

 

2

 

 

 

$

565,066

 

 

 

100

%

 

$

537,766

 

 

 

100

%

 

Sales to and receivables from customers that individually accounted for 10% or more of the Company's total net sales were as follows (in thousands and percent of total):

 

 

 

Years Ended

 

 

 

June 29, 2025

June 30, 2024

 

 

 

Net Sales

 

 

%

 

 

Net Sales

 

 

%

 

General Motors Company

 

$

165,701

 

 

 

29

%

 

$

163,097

 

 

 

30

%

Ford Motor Company

 

 

129,193

 

 

 

23

 

 

 

114,937

 

 

 

21

 

Stellantis

 

 

65,821

 

 

 

12

 

 

 

77,665

 

 

 

14

 

 

 

$

360,715

 

 

 

64

%

 

$

355,699

 

 

 

66

%

 

 

 

June 29, 2025

 

 

June 30, 2024

 

 

 

Receivables

 

 

%

 

 

Receivables

 

 

%

 

General Motors Company

 

$

26,581

 

 

 

26

%

 

$

28,645

 

 

 

29

%

Ford Motor Company

 

 

19,916

 

 

 

20

 

 

 

24,832

 

 

 

25

 

Stellantis

 

 

14,812

 

 

 

15

 

 

 

12,213

 

 

 

12

 

 

 

$

61,309

 

 

 

60

%

 

$

65,690

 

 

 

66

%