$VIRC
VIRCO MFG CORPORATION

2020 Form 10-K Financial Statement

#000162828020005961 Filed on April 30, 2020

View on sec.gov

Income Statement

Concept 2020 2019 Q1 2019
Revenue $193.0M $26.54M $200.7M
YoY Change -3.84% 7.79% 6.04%
Cost Of Revenue $121.3M $20.70M $133.6M
YoY Change -9.21% 10.52% 7.93%
Gross Profit $71.68M $5.830M $67.08M
YoY Change 6.85% -1.09% 2.46%
Gross Profit Margin 37.14% 21.97% 33.42%
Selling, General & Admin $65.73M $12.00M $64.75M
YoY Change 1.51% 13.42% 7.3%
% of Gross Profit 91.7% 205.83% 96.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.769M $1.500M $5.791M
YoY Change -0.38% 4.9% 5.95%
% of Gross Profit 8.05% 25.73% 8.63%
Operating Expenses $65.73M $12.00M $64.75M
YoY Change 1.51% 13.42% 7.3%
Operating Profit $5.915M -$6.170M $2.331M
YoY Change 153.75% 31.67% -54.65%
Interest Expense $2.462M -$290.0K $2.191M
YoY Change 12.37% 7.41% 41.81%
% of Operating Profit 41.62% 93.99%
Other Income/Expense, Net -$700.0K -$1.260M -$1.300M
YoY Change -46.15% 6.78% 8.33%
Pretax Income $2.727M -$7.710M -$1.117M
YoY Change -344.14% 25.77% -146.27%
Income Tax $345.0K -$1.250M $497.0K
% Of Pretax Income 12.65%
Net Earnings $2.382M -$6.450M -$1.614M
YoY Change -247.58% -24.56% -49.7%
Net Earnings / Revenue 1.23% -24.3% -0.8%
Basic Earnings Per Share $0.15 -$0.10
Diluted Earnings Per Share $0.15 -$416.4K -$0.10
COMMON SHARES
Basic Shares Outstanding 15.59M shares 15.42M shares
Diluted Shares Outstanding 15.69M shares 15.42M shares

Balance Sheet

Concept 2020 2019 Q1 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.200M $700.0K $700.0K
YoY Change 71.43% 40.0% 40.0%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $1.700M $1.600M $1.600M
YoY Change 6.25% 6.67% 6.67%
Inventory $43.30M $47.29M $47.30M
Prepaid Expenses
Receivables $11.80M $13.25M $13.30M
Other Receivables $300.0K $40.00K $200.0K
Total Short-Term Assets $58.30M $63.11M $63.10M
YoY Change -7.61% 13.28% 13.29%
LONG-TERM ASSETS
Property, Plant & Equipment $61.20M $41.92M $41.90M
YoY Change 46.06% -1.23% -1.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.40M $8.484M $18.10M
YoY Change 7.18% 1.3% -2.16%
Total Long-Term Assets $80.70M $60.00M $60.00M
YoY Change 34.5% -1.49% -1.48%
TOTAL ASSETS
Total Short-Term Assets $58.30M $63.11M $63.10M
Total Long-Term Assets $80.70M $60.00M $60.00M
Total Assets $139.0M $123.1M $123.1M
YoY Change 12.92% 5.56% 5.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.60M $17.76M $17.80M
YoY Change -40.45% 25.9% 26.24%
Accrued Expenses $13.70M $8.900M $8.900M
YoY Change 53.93% 0.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $900.0K $5.504M $5.500M
YoY Change -83.64% 17.58% 17.02%
Total Short-Term Liabilities $25.10M $32.13M $32.10M
YoY Change -21.81% 15.88% 15.88%
LONG-TERM LIABILITIES
Long-Term Debt $15.80M $15.91M $15.90M
YoY Change -0.63% 32.58% 32.5%
Other Long-Term Liabilities $43.20M $2.329M $18.10M
YoY Change 138.67% 13.33% -0.55%
Total Long-Term Liabilities $59.00M $33.96M $34.00M
YoY Change 73.53% 12.5% 12.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.10M $32.13M $32.10M
Total Long-Term Liabilities $59.00M $33.96M $34.00M
Total Liabilities $84.20M $66.09M $66.10M
YoY Change 27.38% 14.12% 14.16%
SHAREHOLDERS EQUITY
Retained Earnings -$52.19M
YoY Change 5.12%
Common Stock $118.3M
YoY Change 0.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $54.80M $57.03M $57.00M
YoY Change
Total Liabilities & Shareholders Equity $139.0M $123.1M $123.1M
YoY Change 12.92% 5.56% 5.57%

Cashflow Statement

Concept 2020 2019 Q1 2019
OPERATING ACTIVITIES
Net Income $2.382M -$6.450M -$1.614M
YoY Change -247.58% -24.56% -49.7%
Depreciation, Depletion And Amortization $5.769M $1.500M $5.791M
YoY Change -0.38% 4.9% 5.95%
Cash From Operating Activities $9.759M -$460.0K $2.363M
YoY Change 312.99% -80.17% 40.49%
INVESTING ACTIVITIES
Capital Expenditures $4.216M -$2.080M $5.395M
YoY Change -21.85% 133.71% -13.1%
Acquisitions
YoY Change
Other Investing Activities -$40.00K -$50.00K -$50.00K
YoY Change -20.0% -145.45% -135.71%
Cash From Investing Activities -$4.258M -$2.130M -$5.448M
YoY Change -21.84% 173.08% -58.94%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00 $930.0K
YoY Change -100.0%
Common Stock Issuance & Retirement, Net $246.0K $265.0K
YoY Change -7.17% -21.83%
Debt Paid & Issued, Net $44.49M $49.98M
YoY Change -10.98% 99.34%
Cash From Financing Activities -$5.089M 850.0K $3.289M
YoY Change -254.73% -59.33% -70.97%
NET CHANGE
Cash From Operating Activities $9.759M -460.0K $2.363M
Cash From Investing Activities -$4.258M -2.130M -$5.448M
Cash From Financing Activities -$5.089M 850.0K $3.289M
Net Change In Cash $412.0K -1.740M $204.0K
YoY Change 101.96% 72.28% -180.31%
FREE CASH FLOW
Cash From Operating Activities $9.759M -$460.0K $2.363M
Capital Expenditures $4.216M -$2.080M $5.395M
Free Cash Flow $5.543M $1.620M -$3.032M
YoY Change -282.82% -213.29% -33.01%

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IncomeTaxesPaidNet
96000 USD
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
81000 USD
CY2019Q1 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
175000 USD
CY2020Q1 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
298000 USD
CY2019 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2722000 USD
CY2020 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-6228000 USD
CY2019 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1868000 USD
CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1408000 USD
CY2019 us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
0 USD
CY2020 us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
0 USD
CY2019 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
-3000 USD
CY2020 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
-97000 USD
CY2019 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5232000 USD
CY2020 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-3960000 USD
CY2019 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
10000 USD
CY2020 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
17000 USD
CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
79000 USD
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-215000 USD
CY2019 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2020 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
104000 shares
CY2019 us-gaap Interest Expense
InterestExpense
2191000 USD
CY2020 us-gaap Interest Expense
InterestExpense
2462000 USD
CY2019 us-gaap Interest Paid Net
InterestPaidNet
2191000 USD
CY2020 us-gaap Interest Paid Net
InterestPaidNet
2462000 USD
CY2019Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
15908000 USD
CY2020Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
15401000 USD
CY2019Q1 us-gaap Inventory Net
InventoryNet
47289000 USD
CY2020Q1 us-gaap Inventory Net
InventoryNet
43329000 USD
CY2019Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
12561000 USD
CY2020Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
11971000 USD
CY2019Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
18820000 USD
CY2020Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
15957000 USD
CY2019 us-gaap Labor And Related Expense
LaborAndRelatedExpense
1257000 USD
CY2020 us-gaap Labor And Related Expense
LaborAndRelatedExpense
726000 USD
CY2019Q1 us-gaap Land
Land
3731000 USD
CY2020Q1 us-gaap Land
Land
3731000 USD
CY2019Q1 us-gaap Land Improvements
LandImprovements
688000 USD
CY2020Q1 us-gaap Land Improvements
LandImprovements
717000 USD
CY2019 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
6006000 USD
CY2020 us-gaap Lease Cost
LeaseCost
6436000 USD
CY2019Q1 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
830000 USD
CY2020Q1 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
990000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
27738000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1340000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5030000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5347000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5192000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5193000 USD
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
4136000 USD
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
878000 USD
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
248000 USD
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
238000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5636000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4297000 USD
CY2020Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
123113000 USD
CY2020Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
138992000 USD
CY2019Q1 us-gaap Liabilities Current
LiabilitiesCurrent
32125000 USD
CY2020Q1 us-gaap Liabilities Current
LiabilitiesCurrent
25118000 USD
CY2019Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
33961000 USD
CY2020Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
59056000 USD
CY2018Q1 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
2088000 USD
CY2019Q1 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
2037000 USD
CY2020Q1 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
1986000 USD
CY2019Q1 us-gaap Liability For Future Policy Benefits Life
LiabilityForFuturePolicyBenefitsLife
9102000 USD
CY2020Q1 us-gaap Liability For Future Policy Benefits Life
LiabilityForFuturePolicyBenefitsLife
8919000 USD
CY2019 us-gaap Liability For Future Policy Benefits Payment For Benefits
LiabilityForFuturePolicyBenefitsPaymentForBenefits
100000 USD
CY2020 us-gaap Liability For Future Policy Benefits Payment For Benefits
LiabilityForFuturePolicyBenefitsPaymentForBenefits
100000 USD
CY2019 us-gaap Liability For Future Policy Benefits Period Expense
LiabilityForFuturePolicyBenefitsPeriodExpense
49000 USD
CY2020 us-gaap Liability For Future Policy Benefits Period Expense
LiabilityForFuturePolicyBenefitsPeriodExpense
49000 USD
CY2020Q1 us-gaap Life Insurance Corporate Or Bank Owned Amount
LifeInsuranceCorporateOrBankOwnedAmount
2250000 USD
CY2019Q1 us-gaap Long Term Debt
LongTermDebt
21414000 USD
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
16696000 USD
CY2019Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
5504000 USD
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
878000 USD
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
229000 USD
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
10967000 USD
CY2019Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
15910000 USD
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
15818000 USD
CY2019Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
108253000 USD
CY2020Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
110610000 USD
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3289000 USD
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5089000 USD
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5448000 USD
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4258000 USD
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2363000 USD
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9759000 USD
CY2019 us-gaap Net Income Loss
NetIncomeLoss
-1614000 USD
CY2020 us-gaap Net Income Loss
NetIncomeLoss
2382000 USD
CY2019 us-gaap Operating Income Loss
OperatingIncomeLoss
2331000 USD
CY2020 us-gaap Operating Income Loss
OperatingIncomeLoss
5915000 USD
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
5435000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
23441000 USD
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3654000 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 USD
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
19787000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
21325000 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0638
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y11M12D
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
31410000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
5045000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
40000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
5192000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
5040000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5041000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4405000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
6687000 USD
CY2019 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
40000 USD
CY2020 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
40000 USD
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4293000 USD
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3607000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8484000 USD
CY2020Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8198000 USD
CY2019 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
-217000 USD
CY2020 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
5269000 USD
CY2019 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-795000 USD
CY2020 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-776000 USD
CY2019 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-217000 USD
CY2020 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
5269000 USD
CY2019 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-76000 USD
CY2020 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
1840000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2329000 USD
CY2020Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
661000 USD
CY2019Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
40000 USD
CY2020Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
57000 USD
CY2019 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
265000 USD
CY2020 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
246000 USD
CY2019 us-gaap Payments Of Dividends
PaymentsOfDividends
930000 USD
CY2020 us-gaap Payments Of Dividends
PaymentsOfDividends
0 USD
CY2019 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
249000 USD
CY2020 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
125000 USD
CY2019 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
61000 USD
CY2020 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
64000 USD
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5395000 USD
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4216000 USD
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000 shares
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000 shares
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2020Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q1 us-gaap Prepaid Advertising
PrepaidAdvertising
254000 USD
CY2020Q1 us-gaap Prepaid Advertising
PrepaidAdvertising
300000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1616000 USD
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1746000 USD
CY2019 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
54711000 USD
CY2020 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
39770000 USD
CY2019 us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
5000 USD
CY2020 us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
5000 USD
CY2019 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3000 USD
CY2020 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
17000 USD
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
925000 USD
CY2019Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
700000 USD
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
800000 USD
CY2019Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
325000 USD
CY2020Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
325000 USD
CY2019 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
600000 USD
CY2020 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
570000 USD
CY2019 us-gaap Product Warranty Expense
ProductWarrantyExpense
270000 USD
CY2020 us-gaap Product Warranty Expense
ProductWarrantyExpense
325000 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
164678000 USD
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
167248000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
41920000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
39897000 USD
CY2019 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-3000 USD
CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
83000 USD
CY2019 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
49978000 USD
CY2020 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
44488000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-52192000 USD
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-49810000 USD
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
200716000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
191063000 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
1613000 USD
CY2019Q1 us-gaap Self Insurance Reserve
SelfInsuranceReserve
1265000 USD
CY2020Q1 us-gaap Self Insurance Reserve
SelfInsuranceReserve
1700000 USD
CY2019Q1 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
1190000 USD
CY2020Q1 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
1410000 USD
CY2019 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
64751000 USD
CY2020 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
65726000 USD
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
908000 USD
CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
924000 USD
CY2020 us-gaap Short Term Lease Cost
ShortTermLeaseCost
149000 USD
CY2020Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
5000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
58712000 USD
CY2020 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.5
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
57027000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
54818000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
38000 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
38000 USD
CY2020Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
60000 USD
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
2000 USD
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
6000 USD
CY2020Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
10000 USD
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
8000 USD
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
18000 USD
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
8000 USD
CY2020Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
47000 USD
CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-831000 USD
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
573000 USD
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
892000 USD
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15421000 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15694000 shares
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15421000 shares
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15590000 shares
CY2019Q1 virc Assumed Discount Rate Self Insurance Accrual
AssumedDiscountRateSelfInsuranceAccrual
0.0400
CY2020Q1 virc Assumed Discount Rate Self Insurance Accrual
AssumedDiscountRateSelfInsuranceAccrual
0.0400
CY2020 virc Cashpaidforamountsincludedinthemeasurementofleaseliabilities
Cashpaidforamountsincludedinthemeasurementofleaseliabilities
5435000 USD
CY2019 virc Deferred Income Tax Expense Benefit Domestic And State And Local
DeferredIncomeTaxExpenseBenefitDomesticAndStateAndLocal
-412000 USD
CY2020 virc Deferred Income Tax Expense Benefit Domestic And State And Local
DeferredIncomeTaxExpenseBenefitDomesticAndStateAndLocal
782000 USD
CY2019Q1 virc Deferred Tax Assets Right Of Use Liabilities
DeferredTaxAssetsRightOfUseLiabilities
0 USD
CY2020Q1 virc Deferred Tax Assets Right Of Use Liabilities
DeferredTaxAssetsRightOfUseLiabilities
6067000 USD
CY2019Q1 virc Deferred Tax Liabilities Right Of Use Assets
DeferredTaxLiabilitiesRightOfUseAssets
0 USD
CY2020Q1 virc Deferred Tax Liabilities Right Of Use Assets
DeferredTaxLiabilitiesRightOfUseAssets
5519000 USD
CY2020Q1 virc Defined Benefit Plan Estimated Impact Of One Percent Changein Discount Rate
DefinedBenefitPlanEstimatedImpactOfOnePercentChangeinDiscountRate
167000 USD
CY2020Q1 virc Defined Benefit Plan Estimated Impact Of One Percent Changein Investment Return
DefinedBenefitPlanEstimatedImpactOfOnePercentChangeinInvestmentReturn
221000 USD
CY2019 virc Effective Income Tax Rate Reconciliation Expirationof Attributes Amount
EffectiveIncomeTaxRateReconciliationExpirationofAttributesAmount
28000 USD
CY2020 virc Effective Income Tax Rate Reconciliation Expirationof Attributes Amount
EffectiveIncomeTaxRateReconciliationExpirationofAttributesAmount
345000 USD
CY2019 virc Effective Income Tax Rate Reconciliation Permanent Differences Amount
EffectiveIncomeTaxRateReconciliationPermanentDifferencesAmount
8000 USD
CY2020 virc Effective Income Tax Rate Reconciliation Permanent Differences Amount
EffectiveIncomeTaxRateReconciliationPermanentDifferencesAmount
-17000 USD
CY2019 virc Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017
-15000 USD
CY2020 virc Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017
0 USD
CY2020Q1 virc Estimated Self Insurance Payments Due In Five Years
EstimatedSelfInsurancePaymentsDueInFiveYears
375000 USD
CY2020Q1 virc Estimated Self Insurance Payments Due In Four Years
EstimatedSelfInsurancePaymentsDueInFourYears
375000 USD
CY2020Q1 virc Estimated Self Insurance Payments Due In Three Years
EstimatedSelfInsurancePaymentsDueInThreeYears
375000 USD
CY2020Q1 virc Estimated Self Insurance Payments Due In Two Years
EstimatedSelfInsurancePaymentsDueInTwoYears
375000 USD
CY2020Q1 virc Estimated Self Insurance Payments Due Thereafter
EstimatedSelfInsurancePaymentsDueThereafter
0 USD
CY2020Q1 virc Estimated Self Insurance Payments Gross
EstimatedSelfInsurancePaymentsGross
1800000 USD
CY2020Q1 virc Estimated Self Insurance Payments Net
EstimatedSelfInsurancePaymentsNet
1700000 USD
CY2020Q1 virc Estimated Self Insurance Payments Next Twelve Months
EstimatedSelfInsurancePaymentsNextTwelveMonths
300000 USD
CY2019 virc Income Tax Reconciliation State Rate Adjustment
IncomeTaxReconciliationStateRateAdjustment
-222000 USD
CY2020 virc Income Tax Reconciliation State Rate Adjustment
IncomeTaxReconciliationStateRateAdjustment
-291000 USD
CY2020 virc Judicial Actions Against Excess Line Of Credit Facility
JudicialActionsAgainstExcessLineOfCreditFacility
250000 USD
CY2019Q1 virc Life Insurance Death Benefits Payable
LifeInsuranceDeathBenefitsPayable
4256000 USD
CY2020Q1 virc Life Insurance Death Benefits Payable
LifeInsuranceDeathBenefitsPayable
3902000 USD
CY2020 virc Line Of Credit Facility Increase Accrued Interest Percentage
LineOfCreditFacilityIncreaseAccruedInterestPercentage
0.02
CY2019 virc Noncash Rent Expense
NoncashRentExpense
0 USD
CY2020 virc Noncash Rent Expense
NoncashRentExpense
341000 USD
CY2019Q1 virc Operating Leases Future Minimum Payments Due Net Of Sublease Payments
OperatingLeasesFutureMinimumPaymentsDueNetOfSubleasePayments
31370000 USD
CY2019Q1 virc Pension And Other Postretirement Defined Benefit Plans Including Life Insurance Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansIncludingLifeInsuranceLiabilitiesNoncurrent
14487000 USD
CY2020Q1 virc Pension And Other Postretirement Defined Benefit Plans Including Life Insurance Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansIncludingLifeInsuranceLiabilitiesNoncurrent
21310000 USD
CY2020 virc Period Of Manufacturing Operations
PeriodOfManufacturingOperations
P70Y
CY2020Q1 virc Present Value Of Estimated Self Insurance Payments Discounted
PresentValueOfEstimatedSelfInsurancePaymentsDiscounted
100000 USD
CY2019 virc Product Warranty Warrants Issued Prior Year
ProductWarrantyWarrantsIssuedPriorYear
555000 USD
CY2020 virc Product Warranty Warrants Issued Prior Year
ProductWarrantyWarrantsIssuedPriorYear
145000 USD
CY2019Q1 virc Property Plant And Equipment Includedin Ap And Accrued Expense
PropertyPlantAndEquipmentIncludedinAPAndAccruedExpense
593000 USD
CY2020Q1 virc Property Plant And Equipment Includedin Ap And Accrued Expense
PropertyPlantAndEquipmentIncludedinAPAndAccruedExpense
173000 USD
CY2020 virc Purchase Agreement Nonbinding Commitment Financing Interest Rate
PurchaseAgreementNonbindingCommitmentFinancingInterestRate
0.06
CY2020 virc Self Insurance Estimated Payout Period
SelfInsuranceEstimatedPayoutPeriod
P5Y
CY2020Q1 virc Self Insurance Stop Loss Coverage Amount
SelfInsuranceStopLossCoverageAmount
30000000 USD
CY2019 virc Shares Vested And Other During Period Value
SharesVestedAndOtherDuringPeriodValue
266000 USD
CY2020 virc Shares Vested And Other During Period Value
SharesVestedAndOtherDuringPeriodValue
246000 USD
CY2019 virc Shippingand Classroom Delivery Costs
ShippingandClassroomDeliveryCosts
22150000 USD
CY2020 virc Shippingand Classroom Delivery Costs
ShippingandClassroomDeliveryCosts
20552000 USD
CY2020 virc Stock Dividend Return Percentage
StockDividendReturnPercentage
0.1
CY2019 virc Unrecognized Tax Benefits Decrease Related To Lapsing Of Statute Of Limitations
UnrecognizedTaxBenefitsDecreaseRelatedToLapsingOfStatuteOfLimitations
6000 USD
CY2020 virc Unrecognized Tax Benefits Decrease Related To Lapsing Of Statute Of Limitations
UnrecognizedTaxBenefitsDecreaseRelatedToLapsingOfStatuteOfLimitations
4000 USD
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments, which potentially subject the Company to concentrations of credit risk consist principally of accounts receivable. The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses. Sales to the Company&#8217;s recurring customers are generally made on open account with terms consistent with the industry. Credit is extended based on an evaluation of the customer&#8217;s financial condition and payment history. Past due accounts are determined based on how recently payments have been made in relation to the terms granted. Amounts are written off against the allowance in the period that the Company determines that the receivable is not collectable. The Company purchases insurance on receivables from certain commercial customers to minimize the Company&#8217;s credit risk. The Company does not typically obtain collateral to secure credit risk. Customers with inadequate credit are required to provide cash in advance or letters of credit. The Company does not assess interest on receivable balances. A substantial percentage of the Company&#8217;s receivables come from low-risk government entities. No customer exceeded </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> of the Company&#8217;s net sales for fiscal years ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2020</font><font style="font-family:inherit;font-size:10pt;"> and 2019. Foreign net sales were approximately </font><font style="font-family:inherit;font-size:10pt;">6.4%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">6.7%</font><font style="font-family:inherit;font-size:10pt;"> of the Company&#8217;s net sales for fiscal years </font><font style="font-family:inherit;font-size:10pt;">2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">No</font><font style="font-family:inherit;font-size:10pt;"> single customer accounted for more than </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> of the Company&#8217;s accounts receivable at </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2020</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">. Because of the short time between shipment and collection, the net carrying value of receivables approximates the fair value for these assets.</font></div></div>
CY2020 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fiscal years </font><font style="font-family:inherit;font-size:10pt;">2020</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> refer to the fiscal years ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
CY2020 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contingencies</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company and other furniture manufacturers are subject to federal, state and local laws and regulations relating to the discharge of materials into the environment and the generation, handling, storage, transportation and disposal of waste and hazardous materials. The Company has expended, and expects to continue to spend, significant amounts in the future to comply with environmental laws. Normal recurring expenses relating to operating the Company factories in a manner that meets or exceeds environmental laws are matched to the cost of producing inventory. Despite the Company&#8217;s significant dedication to operating in compliance with applicable laws, there is a risk that the Company could fail to comply with a regulation or that applicable laws and regulations change. On these occasions, the Company records liabilities for remediation costs when remediation costs are probable and can be reasonably estimated.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is subject to contingencies pursuant to environmental laws and regulations that in the future may require the Company to take action to correct the effects on the environment of prior disposal practices or releases of chemical or petroleum substances by the Company or other parties. </font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has a self-insured retention for product and general liability losses up to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$250,000</font><font style="font-family:inherit;font-size:10pt;"> per occurrence, workers&#8217; compensation liability losses up to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$250,000</font><font style="font-family:inherit;font-size:10pt;"> per occurrence and automobile liability losses up to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$50,000</font><font style="font-family:inherit;font-size:10pt;"> per occurrence. The Company has purchased insurance to cover losses in excess of the retention up to a limit of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$30,000,000</font><font style="font-family:inherit;font-size:10pt;">. The Company has obtained an actuarial estimate of its total expected future losses for liability claims and recorded a liability equal to the net present value of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$1,700,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$1,265,000</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">January&#160;31, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, respectively, based upon the Company&#8217;s estimated payout period of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">five</font><font style="font-family:inherit;font-size:10pt;"> years using a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">4.0%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">4.0%</font><font style="font-family:inherit;font-size:10pt;"> discount rate, respectively.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Workers&#8217; compensation, automobile, general and product liability claims may be asserted in the future for events not currently known by management. Management does not anticipate that any related settlement, after consideration of the existing reserve for claims incurred and potential insurance recovery, would have a material adverse effect on the Company&#8217;s financial position, results of operations or cash flows. Estimated payments under the self-insurance programs are as follows (in thousands):</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:87%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Year ending January&#160;31,</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">300</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">375</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">375</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2024</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">375</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2025</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">375</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,800</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Discount to net present value</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(100</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,700</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company and its subsidiaries are defendants in various legal proceedings resulting from operations in the normal course of business. It is the opinion of management, in consultation with legal counsel, that the ultimate outcome of all such matters will not materially affect the Company&#8217;s financial position, results of operations or cash flows.</font></div></div>
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities - and disclosure of contingent assets and liabilities - at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include, but are not limited to, valuation of inventory; deferred tax assets and liabilities; useful lives of property, plant and equipment; liabilities under pension, warranty, self-insurance and environmental claims; and the accounts receivable allowance for doubtful accounts. Actual results could differ from these estimates.</font></div></div>

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