[Part I - FINANCIAL INFORMATION](index=3&type=section&id=Part%20I%20-%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis for the quarter [Item 1 Financial Statements](index=3&type=section&id=Item%201%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including the statements of income and comprehensive income (loss), balance sheets, and cash flows, along with detailed notes explaining the basis of presentation, significant accounting policies, and specific financial line items for the quarter ended October 1, 2023 [Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited)](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income%20(Loss)%20(Unaudited)) This statement details the company's revenues, expenses, net income, and comprehensive income (loss) for the three-month periods presented Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) (in thousands) | | Three Months Ended | | | :--- | :--- | :--- | :--- | | | October 1, 2023 | | October 2, 2022 | | Net sales | $ 135,406 | $ 120,360 | | Cost of goods sold | 116,686 | 107,864 | | Gross profit | 18,720 | 12,496 | | Engineering, selling and administrative expenses | 12,614 | 12,700 | | Income (loss) from operations | 6,106 | (204 )| | Equity (loss) earnings of joint ventures | (265 ) | 527 | | Interest expense | (220 ) | (129 )| | Interest income | 87 | — | | Other income (expense), net | 134 | (293 )| | Income (loss) before provision for income taxes and non-controlling interest | 5,842 | (99 )| | Provision (benefit) for income taxes | 1,387 | (36 )| | Net income (loss) | 4,455 | (63 )| | Net income (loss) attributable to non-controlling interest | 290 | (188 )| | Net income attributable to STRATTEC SECURITY CORPORATION | $ 4,165 | $ 125 | | Comprehensive income (loss): | | | | Net income (loss) | $ 4,455 | $ (63 )| | Pension and postretirement plans, net of tax | 46 | 70 | | Currency translation adjustments | (649 ) | (682 )| | Other comprehensive loss, net of tax | (603 ) | (612 )| | Comprehensive income (loss) | 3,852 | (675 )| | Comprehensive income (loss) attributable to non-controlling interest | 20 | (132 )| | Comprehensive income (loss) attributable to STRATTEC SECURITY CORPORATION | $ 3,832 | $ (543 )| | Earnings per share attributable to STRATTEC SECURITY CORPORATION: | | | | Basic | $ 1.05 | $ 0.03 | | Diluted | $ 1.05 | $ 0.03 | | Weighted Average shares outstanding: | | | | Basic | 3,948 | 3,899 | | Diluted | 3,974 | 3,929 | [Condensed Consolidated Balance Sheets (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) This statement presents the company's financial position, including assets, liabilities, and shareholders' equity, at specific reporting dates Condensed Consolidated Balance Sheets (Unaudited) (in thousands) | | October 1, 2023 | July 2, 2023 | | :--- | :--- | :--- | | **ASSETS** | | | | Current Assets: | | | | Cash and cash equivalents | $ 15,665 | $ 20,571 | | Receivables, net | 87,470 | 89,811 | | Inventories, net | 81,367 | 77,597 | | Customer tooling in progress, net | 22,673 | 20,800 | | Value-added tax recoverable | 15,054 | 7,912 | | Other current assets | 5,622 | 9,091 | | Total current assets | 227,851 | 225,782 | | Deferred income taxes | 13,537 | 13,619 | | Other long-term assets | 6,915 | 7,083 | | Net property, plant and equipment | 92,316 | 94,446 | | **Total Assets** | **$ 340,619** | **$ 340,930** | | **LIABILITIES AND SHAREHOLDERS' EQUITY** | | | | Current Liabilities: | | | | Accounts payable | $ 50,297 | $ 57,927 | | Total accrued liabilities | 54,097 | 51,059 | | Borrowings under credit facilities – current | 13,000 | — | | Total current liabilities | 117,394 | 108,986 | | Borrowings under credit facilities – long-term | — | 13,000 | | Accrued pension obligations | 1,246 | 1,206 | | Accrued postretirement obligations | 1,146 | 1,157 | | Other long-term liabilities | 5,532 | 5,557 | | Total STRATTEC SECURITY CORPORATION shareholders' equity | 189,220 | 184,963 | | Non-controlling interest | 26,081 | 26,061 | | Total shareholders' equity | 215,301 | 211,024 | | **Total Liabilities and Shareholders' Equity** | **$ 340,619** | **$ 340,930** | [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) This statement summarizes the cash inflows and outflows from operating, investing, and financing activities for the periods presented Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) | | Three Months Ended | | | :--- | :--- | :--- | :--- | | | October 1, 2023 | | October 2, 2022 | | **CASH FLOWS FROM OPERATING ACTIVITIES:** | | | | Net income (loss) | $ 4,455 | $ (63 )| | Net cash (used in) provided by operating activities | (3,872 ) | 4,701 | | **CASH FLOWS FROM INVESTING ACTIVITIES:** | | | | Proceeds from sale of interest in VAST LLC | 2,000 | — | | Purchase of property, plant and equipment | (2,920 ) | (4,718 )| | Net cash used in investing activities | (920 ) | (4,718 )| | **CASH FLOWS FROM FINANCING ACTIVITIES:** | | | | Borrowings under credit facilities | 2,000 | 5,000 | | Repayment of borrowings under credit facilities | (2,000 ) | (3,000 )| | Dividends paid to non-controlling interests of subsidiaries | — | (600 )| | Exercise of stock options and employee stock purchases | 17 | 126 | | Net cash provided by financing activities | 17 | 1,526 | | Foreign currency impact on cash | (131 ) | 47 | | **NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS** | **(4,906 )** | **1,556** | | CASH AND CASH EQUIVALENTS Beginning of period | 20,571 | 8,774 | | CASH AND CASH EQUIVALENTS End of period | $ 15,665 | $ 10,330 | | **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** | | | | Cash paid during the period for: Income taxes | $ 764 | $ 498 | | Interest | $ 218 | $ 90 | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements, including accounting policies and specific line item breakdowns [Basis of Financial Statements](index=6&type=section&id=Basis%20of%20Financial%20Statements) This section outlines the foundational principles and significant events impacting the presentation of the company's financial statements - STRATTEC SECURITY CORPORATION designs, develops, manufactures, and markets automotive access control products primarily for North American automotive customers, and globally through the 'VAST Automotive Group' brand with WITTE Automotive and ADAC Automotive[18](index=18&type=chunk) - Effective June 30, 2023, the company sold its **one-third ownership interest** in Vehicle Access Systems Technologies LLC (VAST LLC) to WITTE and purchased WITTE's remaining non-controlling interest in STRATTEC POWER ACCESS LLC (SPA), making SPA a wholly-owned subsidiary[18](index=18&type=chunk)[19](index=19&type=chunk) - Prior period financial statements were corrected for an unrecorded postretirement death benefits liability and adjustments to Equity Earnings of Joint Ventures, which were deemed not material[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) [Risks and Uncertainties](index=7&type=section&id=Risks%20and%20Uncertainties) This section highlights the key external and internal factors that could significantly impact the company's operating performance and financial results - STRATTEC's operating performance is significantly influenced by global economic conditions, inflationary pressures, and consumer spending within the automotive industry[25](index=25&type=chunk) - Inflationary pressures have led to increased raw material, purchased part costs, and wage rates in Mexico, negatively impacting operating results in fiscal 2022, 2023, and **Q1 fiscal 2024**[25](index=25&type=chunk) - Ongoing supply chain and logistics disruptions, semiconductor chip shortages, and the lingering effects of the COVID-19 pandemic continue to adversely impact operations and create inflationary pressures[26](index=26&type=chunk) [New Accounting Standard](index=8&type=section&id=New%20Accounting%20Standard) This section details the adoption of new accounting pronouncements and their impact on the company's consolidated financial statements - The company adopted ASU 2016-13, Financial Instruments - Credit Losses, in the **first quarter of fiscal 2024**[28](index=28&type=chunk) - The adoption of this pronouncement did not have a material impact on the consolidated financial statements[28](index=28&type=chunk) [Subsequent Event](index=8&type=section&id=Subsequent%20Event) This section discloses significant events that occurred after the balance sheet date but before the financial statements were issued - In October 2023, STRATTEC entered into a peso forward contract for monthly settlements from January 2024 through June 2024, with a total notional amount of **$12 million** at a forward exchange rate of **18.366**[29](index=29&type=chunk) [Value-Added Tax](index=8&type=section&id=Value-Added%20Tax) This section explains changes in value-added tax recoverable balances and the underlying reasons for these fluctuations - VAT recoverable balances increased by **$7.1 million** during the quarter ended October 1, 2023, primarily due to a temporary issue with the company's VAT tax certification in Mexico[30](index=30&type=chunk) - Until the VAT certification issue is resolved, the company is required to pay VAT on all temporarily imported parts into Mexico before seeking reimbursement, leading to a temporary increase in recoverable balances[30](index=30&type=chunk) [Derivative Instruments](index=8&type=section&id=Derivative%20Instruments) This section describes the company's use of derivative instruments to manage financial risks and their accounting treatment - STRATTEC uses Mexican peso currency forward contracts to minimize earnings volatility from changes in the U.S. dollar/Mexican peso exchange rate affecting its Mexican operations[31](index=31&type=chunk) - These contracts are not used for speculative purposes and are not designated as hedges; changes in fair value are reported in Other Income (Expense), net[31](index=31&type=chunk) Derivative Instruments (in thousands) | | Three Months Ended | | :--- | :--- | :--- | | | October 1, 2023 | October 2, 2022 | | Not Designated as Hedging Instruments: | | Realized Gain | $ — | $ 238 | | Unrealized Loss | $ — | $ (35 )| [Fair Value of Financial Instruments](index=9&type=section&id=Fair%20Value%20of%20Financial%20Instruments) This section provides information on the fair value measurements of the company's financial instruments, categorized by valuation input levels - The fair value of cash and cash equivalents, accounts receivable, accounts payable, and borrowings under credit facilities approximated book value as of October 1, 2023, and July 2, 2023[33](index=33&type=chunk) Fair Value of Financial Instruments (in thousands) | Assets: | Level 1 Assets: Quoted Prices In Active Markets | Level 2 Assets: Observable Inputs Other Than Market Prices | Level 3 Assets: Unobservable Inputs | | :--- | :--- | :--- | :--- | | Rabbi Trust Assets: | | | | | Stock Index Funds: | | | | | Small Cap | $ 121 | $ — | $ — | | Mid Cap | 245 | — | — | | Large Cap | 376 | — | — | | International | 364 | — | — | | Fixed Income Funds | 797 | — | — | | Cash and Cash Equivalents | — | 673 | — | | Total Assets at Fair Value | $ 1,903 | $ 673 | $ — | [Investment in Joint Ventures and Majority Owned Subsidiaries](index=9&type=section&id=Investment%20in%20Joint%20Ventures%20and%20Majority%20Owned%20Subsidiaries) This section details the company's equity interests in joint ventures and subsidiaries, including recent restructuring activities - Prior to June 30, 2023, STRATTEC participated in Alliance Agreements with WITTE Automotive and ADAC Automotive, including a **one-third equity interest** in Vehicle Access Systems Technology LLC (VAST LLC)[35](index=35&type=chunk)[36](index=36&type=chunk) - Effective June 30, 2023, STRATTEC sold its interest in VAST LLC to WITTE and purchased WITTE's non-controlling interest in STRATTEC POWER ACCESS LLC (SPA), making SPA a wholly-owned subsidiary[38](index=38&type=chunk)[39](index=39&type=chunk) - The restructuring aims to position STRATTEC for greater focus on specific strategic growth opportunities, including Electric Vehicles, Power Access products, and electronics capabilities[38](index=38&type=chunk) [Equity (Loss) Earnings of Joint Ventures](index=10&type=section&id=Equity%20(Loss)%20Earnings%20of%20Joint%20Ventures) This section explains the company's share of income or loss from its joint ventures and the factors influencing these amounts - STRATTEC recorded an equity loss of joint ventures of **$265,000** for the three months ended October 1, 2023, primarily due to additional professional fees related to the VAST LLC Restructuring Agreement[38](index=38&type=chunk)[42](index=42&type=chunk) - This compares to equity earnings of joint ventures of approximately **$527,000** for the three months ended October 2, 2022[38](index=38&type=chunk)[42](index=42&type=chunk) - As of June 30, 2023, VAST LLC was no longer a related party due to the sale of STRATTEC's ownership interest[42](index=42&type=chunk) [Leases](index=11&type=section&id=Leases) This section provides details on the company's operating lease arrangements, including future minimum lease payments and lease expenses - The company has operating leases for its El Paso, Texas distribution warehouse (through December 2028) and two Korean branch office spaces (through June 2024 with automatic renewal)[43](index=43&type=chunk) Future Minimum Lease Payments (in thousands) | | | | :--- | :--- | | 2024 (remaining nine months) | $ 634 | | 2025 | $ 979 | | 2026 | $ 1,026 | | 2027 | $ 1,075 | | 2028 | $ 1,127 | | Thereafter | $ 558 | | Total Future Minimum Lease Payments | $ 5,399 | | Less: Imputed Interest | $ (834 )| | Total Lease Obligations | $ 4,565 | - Operating lease expense for the three-month period ended October 1, 2023, totaled **$247,000**, compared to **$122,000** for the prior year period[45](index=45&type=chunk) [Credit Facilities](index=12&type=section&id=Credit%20Facilities) This section outlines the company's revolving credit facilities, including their terms, outstanding borrowings, and compliance with financial covenants - STRATTEC has a **$40 million** secured revolving credit facility expiring August 1, 2026, and ADAC-STRATTEC LLC has a **$25 million** secured revolving credit facility expiring August 1, 2024, guaranteed by STRATTEC[46](index=46&type=chunk) - Both credit facilities contain restrictive financial covenants, and STRATTEC was in compliance with all covenants as of October 1, 2023[46](index=46&type=chunk) Outstanding Borrowings (in thousands) | | | | | :--- | :--- | :--- | | | October 1, 2023 | July 2, 2023 | | STRATTEC Credit Facility | $ — | $ — | | ADAC-STRATTEC Credit Facility | $ 13,000 | $ 13,000 | | **Total** | **$ 13,000** | **$ 13,000** | [Commitments and Contingencies](index=13&type=section&id=Commitments%20and%20Contingencies) This section describes the company's legal actions, warranty obligations, and environmental reserves, and management's assessment of their potential financial impact - The company is subject to various legal actions and claims, but management believes the outcomes will not have a material adverse impact on its consolidated financial position, results of operations, or cash flows[49](index=49&type=chunk) - A warranty reserve is maintained, based on historical data and current trends, and is believed to be adequate to cover potential warranty settlements[49](index=49&type=chunk) - An environmental reserve of **$1.4 million** is maintained for an estimated cost of active remediation at the Milwaukee facility, believed to be adequate based on current findings and regulations[50](index=50&type=chunk) [Shareholders' Equity](index=13&type=section&id=Shareholders%27%20Equity) This section details the changes in the company's shareholders' equity, including net income, translation adjustments, and stock-based compensation Changes in Shareholders' Equity (Three months ended October 1, 2023) (in thousands) | | Three months ended October 1, 2023 (in thousands) | | :--- | :--- | | Balance, July 2, 2023 | $ 211,024 | | Net Income | 4,455 | | Translation Adjustments | (649 )| | Purchase of SPA Non-Controlling Interest | (97 )| | Stock Based Compensation | 505 | | Pension and Postretirement Adjustment, Net of Tax | 46 | | Employee Stock Purchases | 17 | | Balance, October 1, 2023 | $ 215,301 | Changes in Shareholders' Equity (Three months ended October 2, 2022) (in thousands) | | Three months ended October 2, 2022 (in thousands) | | :--- | :--- | | Balance, July 3, 2022 | $ 219,947 | | Net Loss | (63 )| | Dividend Declared – Non-controlling Interests of Subsidiaries | (600 )| | Translation Adjustments | (682 )| | Stock Based Compensation | 611 | | Pension and Postretirement Adjustment, Net of Tax | 70 | | Stock Option Exercises | 109 | | Employee Stock Purchases | 17 | | Balance, October 2, 2022 | $ 219,409 | [Revenue from Contracts with Customers](index=14&type=section&id=Revenue%20from%20Contracts%20with%20Customers) This section provides a breakdown of the company's revenue by product group and customer group, illustrating its diverse sales channels - Revenue is generated from the production of parts sold to automotive and light-truck Original Equipment Manufacturers (OEMs), Tier 1 suppliers, aftermarket service channels, and non-automotive commercial customers[53](index=53&type=chunk) Revenue by Product Group (in thousands) | | | | | :--- | :--- | :--- | | | October 1, 2023 | October 2, 2022 | | Door Handles & Exterior Trim | $ 32,768 | $ 30,125 | | Power Access | 32,651 | 24,841 | | Keys & Locksets | 30,295 | 28,665 | | Latches | 15,552 | 14,762 | | Aftermarket & OE Service | 10,905 | 10,648 | | User Interface Controls | 10,597 | 9,118 | | Other | 2,638 | 2,201 | | **Total** | **$ 135,406** | **$ 120,360** | Revenue by Customer Group (in thousands) | | | | | :--- | :--- | :--- | | | October 1, 2023 | October 2, 2022 | | General Motors Company | $ 40,505 | $ 38,150 | | Stellantis | 27,297 | 17,155 | | Ford Motor Company | 26,909 | 24,616 | | Tier 1 Customers | 18,122 | 17,309 | | Commercial and Other OEM Customers | 14,197 | 14,826 | | Hyundai / Kia | 8,376 | 8,304 | | **Total** | **$ 135,406** | **$ 120,360** | [Other Income (Expense), net](index=15&type=section&id=Other%20Income%20(Expense)%2C%20net) This section details the components of other income and expense, including foreign currency impacts, derivative gains/losses, and pension costs - Net other income (expense) primarily includes foreign currency transaction gains and losses, realized and unrealized gains and losses on Mexican peso currency forward contracts, pension and postretirement plan costs, and Rabbi Trust gains and losses[56](index=56&type=chunk) Other Income (Expense), net (in thousands) | | Three Months Ended | | :--- | :--- | :--- | | | October 1, 2023 | October 2, 2022 | | Foreign Currency Transaction Gain (Loss) | $ 226 | $ (71 )| | Unrealized Loss on Peso Forward Contracts | — | (35 )| | Realized Gain on Peso Forward Contracts, net | — | 238 | | Pension and Postretirement Plans Cost | (99 ) | (129 )| | Rabbi Trust Loss | (42 ) | (366 )| | Other | 49 | 70 | | **Total** | **$ 134** | **$ (293 )**| [Warranty](index=15&type=section&id=Warranty) This section describes the company's warranty reserve policy, including the basis for its estimation and the inherent judgments involved - The company maintains a warranty reserve for known and potential claims, based on an analysis of historical warranty data, current trends, and information[58](index=58&type=chunk) - The recorded warranty reserve balance involves judgment and estimates, and actual results may differ, potentially requiring adjustments to the provision[58](index=58&type=chunk) [Income Taxes](index=15&type=section&id=Income%20Taxes) This section provides an analysis of the company's effective tax rate and the factors contributing to its changes between reporting periods - The effective tax rate was **23.7%** for the three-month period ended October 1, 2023, compared to **36.4%** for the prior year period[59](index=59&type=chunk) - The prior year's effective tax rate included a discrete tax expense related to stock-based compensation that increased the rate by **22.2 percentage points**[59](index=59&type=chunk) - The change in the effective rate between periods is primarily due to the sale of the interest in VAST LLC and the purchase of the remaining non-controlling interest in SPA, effective June 30, 2023[59](index=59&type=chunk) [Earnings Per Share](index=15&type=section&id=Earnings%20Per%20Share) This section presents the calculation of basic and diluted earnings per share, along with the number of shares outstanding Earnings Per Share (in thousands, except per-share amounts) | | Three Months Ended | | | | | | | | | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | October 1, 2023 | | | October 2, 2022 | | | | | Net Income | Shares | Per-Share Amount | Net Income | Shares | Per-Share Amount | | Basic Earnings Per Share | $ 4,165 | 3,948 | $ 1.05 | $ 125 | 3,899 | $ 0.03 | | Stock Option and Restricted Stock Awards | — | 26 | | — | 30 | | | Diluted Earnings Per Share | $ 4,165 | 3,974 | $ 1.05 | $ 125 | 3,929 | $ 0.03 | - The calculation of earnings per share excluded **51,970 share-based payment awards** as of October 1, 2023, and **36,921 awards** as of October 2, 2022, because their inclusion would have been anti-dilutive[62](index=62&type=chunk) [Stock-based Compensation](index=16&type=section&id=Stock-based%20Compensation) This section describes the company's stock incentive plan, including available shares for grant and unrecognized compensation costs - The company maintains an omnibus stock incentive plan for granting stock options, restricted stock, and stock appreciation rights, with **108,235 shares** available for grant as of October 1, 2023[63](index=63&type=chunk) - Shareholders approved an additional **250,000 shares** for the omnibus stock incentive plan at the Annual Meeting on October 10, 2023[63](index=63&type=chunk) - As of October 1, 2023, there was approximately **$1.9 million** of total unrecognized compensation cost related to unvested restricted stock grants, expected to be recognized over a remaining weighted average period of **1.1 years**[67](index=67&type=chunk) [Pension and Postretirement Benefits](index=17&type=section&id=Pension%20and%20Postretirement%20Benefits) This section details the company's defined benefit pension and postretirement plans, including their funding status and net periodic benefit costs - STRATTEC sponsors a noncontributory Supplemental Executive Retirement Plan (SERP), a nonqualified defined benefit plan funded through a Rabbi Trust, with assets valued at **$2.6 million** at October 1, 2023[68](index=68&type=chunk) - The company also sponsors unfunded postretirement health care and life plans for eligible U.S. retirees[69](index=69&type=chunk) Net Periodic Benefit Cost (in thousands) | | SERP Benefits | | Postretirement Benefits | | :--- | :--- | :--- | :--- | :--- | | | October 1, 2023 | October 2, 2022 | October 1, 2023 | October 2, 2022 | | Service Cost | $ 21 | $ 20 | $ 2 | $ 3 | | Interest Cost | 22 | 23 | 17 | 15 | | Amortization of Unrecognized Net Loss | 12 | 31 | 48 | 60 | | **Net Periodic Benefit Cost** | **$ 55** | **$ 74** | **$ 67** | **$ 78** | [Accumulated Other Comprehensive Loss](index=18&type=section&id=Accumulated%20Other%20Comprehensive%20Loss) This section presents the changes in accumulated other comprehensive loss, including foreign currency translation adjustments and retirement benefit plan adjustments Changes in Accumulated Other Comprehensive Loss (October 1, 2023) (in thousands) | | Foreign Currency Translation Adjustments | Retirement and Postretirement Benefit Plans | Total | | :--- | :--- | :--- | :--- | | Balance, July 2, 2023 | $ 13,028 | $ 1,166 | $ 14,194 | | Other Comprehensive Income Before Reclassifications | 649 | — | 649 | | Net Reclassifications | — | (46 ) | (46 )| | Other Comprehensive Loss Attributable to Non-Controlling Interest | 270 | — | 270 | | **Balance, October 1, 2023** | **$ 13,407** | **$ 1,120** | **$ 14,527** | Changes in Accumulated Other Comprehensive Loss (October 2, 2022) (in thousands) | | Foreign Currency Translation Adjustments | Retirement and Postretirement Benefit Plans | Total | | :--- | :--- | :--- | :--- | | Balance, July 3, 2022 | $ 16,733 | $ 1,855 | $ 18,588 | | Other Comprehensive Income Before Reclassifications | 682 | — | 682 | | Net Reclassifications | — | (70 ) | (70 )| | Other Comprehensive Income Attributable to Non-Controlling Interest | (56 ) | — | (56 )| | **Balance, October 2, 2022** | **$ 17,471** | **$ 1,785** | **$ 19,256** | [Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial performance and condition for the three months ended October 1, 2023, discussing key operational results, future outlook, and liquidity and capital resources, including the impact of customer pricing agreements, foreign exchange rates, and working capital changes [Outlook](index=19&type=section&id=Outlook) This section outlines management's expectations for future financial performance, addressing anticipated sales impacts, pricing agreements, and cost reduction initiatives - The company anticipates a **negligible overall full fiscal year sales impact** from the UAW strike, expecting to recover the majority of the production shortfall by the end of fiscal Q3[76](index=76&type=chunk) - Agreements were reached with key customers on the majority of price-concession negotiations, resulting in **$8.0 million** in one-time retroactive price adjustments and **$2.8 million** in present program price increases for Q1 fiscal 2024[77](index=77&type=chunk) - Management targets an annualized increase in pricing on present programs, net of higher costs paid to suppliers, between **$10.0 million** and **$15.0 million** for the full fiscal year 2024[77](index=77&type=chunk) - Challenges include a strong Mexican Peso relative to the U.S. Dollar and the risk of further Mexican government-mandated minimum wage increases in January 2024[78](index=78&type=chunk) - A salaried staffing reduction in Mexican operations is projected to reduce costs by an annualized amount of approximately **$800,000**, with a further target of **$3.0 million** in overhead and material purchase reductions[78](index=78&type=chunk) [Analysis of Results of Operations](index=19&type=section&id=Analysis%20of%20Results%20of%20Operations) This section provides a detailed review of the company's financial performance, analyzing key revenue, cost, and profit metrics for the reporting period Net Sales (in millions) | | | | | :--- | :--- | :--- | | | October 1, 2023 | October 2, 2022 | | **Total Net Sales** | **$ 135.4** | **$ 120.4** | | *Increase YoY* | *+15.0* | | - The **$15.0 million** quarter-over-quarter sales increase was driven by net price increases from major OEM customers totaling **$10.8 million**, comprising **$2.8 million** from ongoing price increases and **$8.0 million** from one-time retroactive price increases[81](index=81&type=chunk) Cost of Goods Sold (in millions) | | | | | :--- | :--- | :--- | | | October 1, 2023 | October 2, 2022 | | Direct Material Costs | $ 74.9 | $ 71.3 | | Labor and Overhead Costs | 41.8 | 36.6 | | **Total Cost of Goods Sold** | **$ 116.7** | **$ 107.9** | | *Increase YoY* | *+8.8* | | - Labor and overhead costs increased by **$5.2 million**, negatively impacted by a **$3.3 million** unfavorable Mexican peso to U.S. dollar exchange rate (average **17.14 vs 20.19**), a **$1.5 million** increase from the Mexican minimum wage, and **$1.0 million** higher freight costs[85](index=85&type=chunk) Gross Profit (in millions) | | | | | :--- | :--- | :--- | | | October 1, 2023 | October 2, 2022 | | Gross Profit | $ 18.7 | $ 12.5 | | Gross Profit as a percentage of net sales | 13.8 % | 10.4 % | | *Increase YoY* | *+6.2* | *+3.4 pp* | - Income from operations improved significantly to **$6.1 million** in the current year quarter, compared to a loss of **$204,000** in the prior year quarter, driven by the improvement in gross profit margin[89](index=89&type=chunk) - Equity (loss) earnings of joint ventures shifted to a loss of **$265,000** in Q1 FY24 from earnings of **$527,000** in Q1 FY23, primarily due to professional fees related to the VAST LLC sale[90](index=90&type=chunk) - Other income (expense), net, improved to an income of **$134,000** in Q1 FY24 from an expense of **$293,000** in Q1 FY23, largely due to foreign currency transaction gains and reduced Rabbi Trust losses[91](index=91&type=chunk) - The effective tax rate decreased to **23.7%** in Q1 FY24 from **36.4%** in Q1 FY23, mainly due to the sale of VAST LLC interest and the purchase of SPA non-controlling interest[92](index=92&type=chunk) [Liquidity and Capital Resources](index=22&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the company's ability to generate and manage cash, including working capital trends, cash flow activities, and capital expenditure plans Working Capital (in millions) | | | | | :--- | :--- | :--- | | | October 1, 2023 | July 2, 2023 | | Current Assets | $ 227.9 | $ 225.8 | | Current Liabilities | 117.4 | 109.0 | | **Working Capital** | **$ 110.5** | **$ 116.8** | | *Decrease QoQ* | *-6.3* | | Cash Flows from (in millions) | | | | | :--- | :--- | :--- | | | October 1, 2023 | October 2, 2022 | | Operating Activities | $ (3.9 ) | $ 4.7 | | Investing Activities | $ (0.9 ) | $ (4.7 )| | Financing Activities | $ — | $ 1.5 | - Net cash used in operating activities was **$3.9 million** in Q1 FY24, a decrease from **$4.7 million** provided in Q1 FY23, primarily due to increased working capital requirements[96](index=96&type=chunk) - Net cash used in investing activities decreased to **$0.9 million** in Q1 FY24 (capital expenditures offset by **$2.0 million** from VAST LLC sale) from **$4.7 million** in Q1 FY23[98](index=98&type=chunk) - Total capital expenditures are anticipated to be approximately **$14.0 million** in fiscal 2024, with **$2.9 million** incurred through October 1, 2023[100](index=100&type=chunk) - No shares were repurchased under the stock repurchase program during the three-month periods ended October 1, 2023, or October 2, 2022, with modest or no activity anticipated for the remainder of fiscal year 2024[101](index=101&type=chunk)[110](index=110&type=chunk) [Item 3 Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there are no quantitative and qualitative disclosures about market risk applicable for this reporting period [Item 4 Controls and Procedures](index=25&type=section&id=Item%204%20Controls%20and%20Procedures) This section confirms that the company's disclosure controls and procedures were effective at a reasonable assurance level as of October 1, 2023, and that there were no material changes to internal control over financial reporting during the quarter - Management, including the Chief Executive Officer and Chief Financial Officer, concluded that the company's disclosure controls and procedures were effective at reaching a level of reasonable assurance as of October 1, 2023[105](index=105&type=chunk) - There was no change in the company's internal control over financial reporting during the most recently completed fiscal quarter that materially affected, or is reasonably likely to materially affect, internal control over financial reporting[106](index=106&type=chunk) [Part II - OTHER INFORMATION](index=26&type=section&id=Part%20II%20-%20OTHER%20INFORMATION) This section provides additional information including legal proceedings, risk factors, equity security sales, and other required disclosures [Item 1 Legal Proceedings](index=26&type=section&id=Item%201%20Legal%20Proceedings) This section indicates that the company is involved in routine legal proceedings but does not anticipate any material adverse effects on its financial statements from their outcomes - The company may be involved in various legal actions and claims incidental to its business in the normal course[108](index=108&type=chunk) - Management believes that the ultimate disposition of such matters will not have a material adverse effect on the consolidated financial position, results of operations, or cash flows[108](index=108&type=chunk) [Item 1A Risk Factors](index=26&type=section&id=Item%201A%20Risk%20Factors) This section states that there have been no material changes to the risk factors previously disclosed in the company's latest annual report on Form 10-K - There have been no material changes to the risk factors disclosed in the company's Form 10-K report filed on September 7, 2023[109](index=109&type=chunk) [Item 2 Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's ongoing stock repurchase program, noting that no shares were repurchased during the three-month period ended October 1, 2023, and outlines the total shares repurchased to date - The Board of Directors authorized a stock repurchase program to buy back up to **3,839,395 shares** of common stock[110](index=110&type=chunk) - Through October 1, 2023, a total of **3,655,322 shares** have been repurchased over the life of the program at a cost of approximately **$136.4 million**[110](index=110&type=chunk) - No shares were repurchased during the three-month period ended October 1, 2023[110](index=110&type=chunk) [Item 3 Defaults Upon Senior Securities](index=26&type=section&id=Item%203%20Defaults%20Upon%20Senior%20Securities) This section confirms that the company has not experienced any defaults upon senior securities during the reporting period - The company reported no defaults upon senior securities[111](index=111&type=chunk) [Item 4 Mine Safety Disclosures](index=26&type=section&id=Item%204%20Mine%20Safety%20Disclosures) This section states that there are no mine safety disclosures applicable to the company - The company reported no mine safety disclosures[111](index=111&type=chunk) [Item 5 Other Information](index=26&type=section&id=Item%205%20Other%20Information) This section reports that no directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the fiscal quarter - No director or officer of the company adopted or terminated a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement' during the fiscal quarter ended October 1, 2023[111](index=111&type=chunk) [Item 6 Exhibits](index=27&type=section&id=Item%206%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including corporate governance documents, credit agreements, and certifications - The exhibits include Amended and Restated Articles of Incorporation, Amendment to STRATTEC Credit Agreement, Rule 13a-14(a) Certifications for the CEO and CFO, and XBRL formatted financial statements[113](index=113&type=chunk)

Part I [Business](index=4&type=section&id=Item%201.%20Business) The company designs automotive access control products and strategically refocused on North America by selling its VAST LLC joint venture interest - The company designs, develops, manufactures, and markets a wide range of automotive access control products, from traditional mechanical locks and keys to advanced electronic systems like passive entry passive start (PEPS), power sliding doors, and power liftgates[14](index=14&type=chunk) - On June 30, 2023, STRATTEC sold its one-third interest in the VAST LLC joint venture to its partner WITTE for a **net purchase price of $18.5 million**, making its STRATTEC Power Access (SPA) a wholly-owned subsidiary[14](index=14&type=chunk)[40](index=40&type=chunk)[42](index=42&type=chunk) - A significant portion of sales are to General Motors, Ford, and Stellantis, which collectively accounted for approximately **66% of net sales in fiscal 2023**[56](index=56&type=chunk) Product Portfolio | Product Category | Description | | :--- | :--- | | Locks and Keys | Traditional lock sets, keys with radio frequency identification, remote entry devices, and bladeless electronic keys | | Ignition Lock Housings | Mating parts for ignition locks, typically part of the steering column or instrument panel | | Latches | Trunk, lift gate, tailgate, hood, and side door latches | | Power Access Devices | Systems for power sliding side doors, tailgates, lift gates, and trunk lids | | Door Handles | Painted and non-painted door handles and components, supplied through the ADAC-STRATTEC joint venture | Research and Development Costs | Metric | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Research and Development Costs | $15.9 million | $12.2 million | [Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from customer concentration, supply chain disruptions, raw material costs, and currency fluctuations - Sales to General Motors, Ford, and Stellantis represented approximately **66% of annual net sales in fiscal 2023**, making customer loss a material risk[77](index=77&type=chunk) - The company is exposed to supply chain disruptions, particularly **semiconductor chip shortages**, which can impact customer production and orders[87](index=87&type=chunk) - Fluctuations in the **U.S. dollar/Mexican peso exchange rate** can materially affect profitability, as a significant portion of manufacturing costs are in pesos[96](index=96&type=chunk) - The company is exposed to warranty claims and may be required to participate in repair costs, with increased provisions made in **2015, 2018, and 2023**[103](index=103&type=chunk) - **Cybersecurity attacks** pose a significant risk that could lead to operational disruptions, legal claims, and reputational damage[91](index=91&type=chunk) [Properties](index=20&type=section&id=Item%202.%20Properties) The company owns its primary manufacturing facilities in Wisconsin and Mexico, a sales office in Michigan, and leases a warehouse in Texas Facility Overview | Location | Type | Ownership | | :--- | :--- | :--- | | Milwaukee, Wisconsin | Headquarters & Manufacturing | Owned | | Juarez, Mexico (3 facilities) | Assembly & Manufacturing | Owned | | Leon, Mexico | Painting & Assembly | Owned | | Auburn Hills, Michigan | Sales & Engineering Office | Owned | | El Paso, Texas | Distribution Warehouse | Leased | [Legal Proceedings](index=20&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material adverse effect on its financial statements - In the normal course of business, the company may be involved in various legal proceedings, but none are currently considered to have a material adverse impact[111](index=111&type=chunk) [Mine Safety Disclosures](index=20&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no mine safety disclosures for the period - There are no mine safety disclosures to report[112](index=112&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=21&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NASDAQ under "STRT", and no shares were repurchased under its authorized program in fiscal 2023 - The company's common stock trades on the NASDAQ Global Market under the symbol STRT[114](index=114&type=chunk) - A stock repurchase program is authorized, with **3,839,395 shares authorized** for repurchase as of July 2, 2023, though no shares were repurchased in fiscal 2023[115](index=115&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Sales increased due to improved chip supply, but a net loss was recorded due to cost inflation, with cash strengthened by the VAST sale [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Higher sales volumes were offset by significant cost inflation and unfavorable currency exchange rates, resulting in a net loss Key Financial Metrics | Metric | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Net Sales | $492.9M | $452.3M | | Gross Profit | $42.2M | $56.0M | | Gross Profit Margin | 8.6% | 12.4% | | (Loss) Income from Operations | ($6.1M) | $8.9M | | Net (Loss) Income Attributable to STRATTEC | ($6.7M) | $7.0M | Sales by Customer (in millions) | Customer | FY 2023 Sales (M) | FY 2022 Sales (M) | Change | | :--- | :--- | :--- | :--- | | General Motors Company | $150.3 | $130.2 | +15.4% | | Ford Motor Company | $96.6 | $79.7 | +21.2% | | Stellantis | $78.1 | $83.3 | -6.2% | | Tier 1 Customers | $73.3 | $59.3 | +23.6% | - The decrease in gross profit margin was primarily caused by escalating costs for raw materials, purchased components, higher shipping costs, and government-mandated wage increases in Mexico, with an unfavorable Mexican peso exchange rate adding **$5.5 million** in costs[120](index=120&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) The company's cash position improved significantly due to proceeds from the VAST LLC sale, despite cash usage for acquisitions and debt Summary of Cash Flows | Cash Flow Activity (in millions) | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $10.1 | $10.4 | | Net cash provided by (used in) investing activities | $8.9 | ($14.3) | | Net cash used in financing activities | ($7.4) | ($1.9) | | **Net Increase (Decrease) in Cash** | **$11.8** | **($5.7)** | - Investing activities were significantly impacted by the receipt of **$26.2 million** from the sale of the company's interest in VAST LLC[141](index=141&type=chunk) - Financing activities included a **$9.0 million payment** to purchase the remaining non-controlling interest of STRATTEC POWER ACCESS LLC from WITTE Automotive[142](index=142&type=chunk) - The company anticipates capital expenditures of approximately **$14.0 million** in fiscal 2024[144](index=144&type=chunk) [Financial Statements and Supplementary Data](index=30&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements, with the warranty reserve identified as a critical audit matter Consolidated Financial Highlights (in thousands) | (in thousands) | July 2, 2023 | July 3, 2022 | | :--- | :--- | :--- | | **Income Statement** | | | | Net Sales | $492,946 | $452,265 | | Gross Profit | $42,152 | $56,016 | | Net (Loss) Income Attributable to STRATTEC | $(6,670) | $7,016 | | Diluted (Loss) EPS | $(1.70) | $1.79 | | **Balance Sheet** | | | | Total Current Assets | $225,782 | $188,232 | | Total Assets | $340,930 | $319,134 | | Total Current Liabilities | $108,986 | $81,529 | | Total Shareholders' Equity | $211,024 | $219,947 | Customer Concentration | Customer | 2023 % of Net Sales | 2022 % of Net Sales | | :--- | :--- | :--- | | General Motors Company | 30% | 29% | | Ford Motor Company | 20% | 18% | | Stellantis | 16% | 18% | | **Total Top 3** | **66%** | **65%** | - The independent auditor, Deloitte & Touche LLP, identified the **warranty reserve as a critical audit matter** due to the significant management judgment required to estimate future warranty costs[166](index=166&type=chunk) - Effective June 30, 2023, STRATTEC sold its one-third interest in VAST LLC to WITTE and purchased WITTE's 20% interest in STRATTEC POWER ACCESS LLC (SPA), making SPA a wholly-owned subsidiary for a **net purchase price of $18.5 million**[232](index=232&type=chunk) [Controls and Procedures](index=61&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and the independent auditor concluded that the company's disclosure controls and internal control over financial reporting were effective - Management concluded that the company's disclosure controls and procedures were **effective** as of the end of the fiscal year[271](index=271&type=chunk) - Management's assessment concluded that the system of internal control over financial reporting was **effective** as of July 2, 2023, based on the COSO framework[276](index=276&type=chunk) - The independent auditor, Deloitte & Touche LLP, provided an **unqualified opinion** on the effectiveness of the Company's internal control over financial reporting as of July 2, 2023[278](index=278&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=65&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, officers, and governance is incorporated by reference from the company's 2023 Proxy Statement - Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's Proxy Statement[288](index=288&type=chunk) [Executive Compensation](index=65&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding director and executive compensation is incorporated by reference from the company's 2023 Proxy Statement - Information regarding executive compensation is incorporated by reference from the company's Proxy Statement[290](index=290&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=65&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Shareholder%20Matters) This section details the company's equity compensation plans and incorporates security ownership data by reference from the Proxy Statement Equity Compensation Plan Information | Plan Category | Shares to be issued upon exercise of outstanding options | Weighted-average exercise price | Shares available for future issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by shareholders | 32,561 | $48.88 | 134,769 | [Certain Relationships and Related Transactions, and Director Independence](index=65&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the company's 2023 Proxy Statement - Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the company's Proxy Statement[294](index=294&type=chunk) [Principal Accountant Fees and Services](index=65&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding fees paid to the independent accounting firm is incorporated by reference from the company's 2023 Proxy Statement - Information regarding principal accountant fees and services is incorporated by reference from the company's Proxy Statement[295](index=295&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=66&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements and exhibits filed with the report, including the key Equity Restructuring Agreement with WITTE - This section contains a list of all exhibits filed with the Form 10-K, including governance documents, material contracts, and certifications[298](index=298&type=chunk) - A key exhibit filed is the **Equity Restructuring Agreement** between the Company and WITTE Automotive GmbH, dated June 29, 2023 (Exhibit 10.22)[299](index=299&type=chunk) [Form 10-K Summary](index=69&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company did not provide a Form 10-K summary - None[302](index=302&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 2, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0-25150 STRATTEC SECURITY CORPORATION (Exact Name of Registrant as Specified in Its Charter) Indicate by check mark whether the registrant (1) has ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 1, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0-25150 STRATTEC SECURITY CORPORATION (Exact Name of Registrant as Specified in Its Charter) Wisconsin 39-1804239 Indicate by check mark whether ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended July 3, 2022. ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 0-25150 STRATTEC SECURITY CORPORATION (Exact name of registrant as specified in its charter) Wisconsin 39-1804239 (State of Incorporation) (I.R.S. Employer Identification No.) 3333 West Goo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 27, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0-25150 STRATTEC SECURITY CORPORATION (Exact Name of Registrant as Specified in Its Charter) Wisconsin 39-1804239 (State of Incorporation) (I.R.S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 26, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0-25150 STRATTEC SECURITY CORPORATION (Exact Name of Registrant as Specified in Its Charter) Wisconsin 39-1804239 (State of Incorporation) (I. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 26, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0-25150 STRATTEC SECURITY CORPORATION (Exact Name of Registrant as Specified in Its Charter) Wisconsin 39-1804239 (State of Incorporation) (I ...

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number 0-25150 FORM 10-K STRATTEC SECURITY CORPORATION ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended June 27, 2021. (Exact name of registrant as specified in its charter) Wisconsin 39-1804239 (State of Incorporation) (I.R.S. Employer Identification No.) 3333 West Go ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 28, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0-25150 STRATTEC SECURITY CORPORATION Washington, DC 20549 (Exact Name of Registrant as Specified in Its Charter) Wisconsin 39-1804239 (State of Incorporation) (I.R.S ...