2020 Q1 Form 10-K Financial Statement

#000162828021007933 Filed on April 28, 2021

View on sec.gov

Income Statement

Concept 2020 Q1 2020 2019 Q1
Revenue $28.75M $193.0M $26.54M
YoY Change 8.33% -3.84% 7.79%
Cost Of Revenue $21.74M $121.3M $20.70M
YoY Change 5.02% -9.21% 10.52%
Gross Profit $7.010M $71.68M $5.830M
YoY Change 20.24% 6.85% -1.09%
Gross Profit Margin 24.38% 37.14% 21.97%
Selling, General & Admin $14.01M $65.73M $12.00M
YoY Change 16.75% 1.51% 13.42%
% of Gross Profit 199.86% 91.7% 205.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.420M $5.769M $1.500M
YoY Change -5.33% -0.38% 4.9%
% of Gross Profit 20.26% 8.05% 25.73%
Operating Expenses $14.02M $65.73M $12.00M
YoY Change 16.83% 1.51% 13.42%
Operating Profit -$7.010M $5.915M -$6.170M
YoY Change 13.61% 153.75% 31.67%
Interest Expense -$250.0K $2.462M -$290.0K
YoY Change -13.79% 12.37% 7.41%
% of Operating Profit 41.62%
Other Income/Expense, Net -$160.0K -$700.0K -$1.260M
YoY Change -87.3% -46.15% 6.78%
Pretax Income -$7.450M $2.727M -$7.710M
YoY Change -3.37% -344.14% 25.77%
Income Tax -$3.140M $345.0K -$1.250M
% Of Pretax Income 12.65%
Net Earnings -$4.310M $2.382M -$6.450M
YoY Change -33.18% -247.58% -24.56%
Net Earnings / Revenue -14.99% 1.23% -24.3%
Basic Earnings Per Share $0.15
Diluted Earnings Per Share -$275.2K $0.15 -$416.4K
COMMON SHARES
Basic Shares Outstanding 15.59M shares
Diluted Shares Outstanding 15.69M shares

Balance Sheet

Concept 2020 Q1 2020 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.200M $1.200M $700.0K
YoY Change 71.43% 71.43% 40.0%
Cash & Equivalents $1.150M
Short-Term Investments
Other Short-Term Assets $1.700M $1.700M $1.600M
YoY Change 6.25% 6.25% 6.67%
Inventory $43.33M $43.30M $47.29M
Prepaid Expenses
Receivables $11.76M $11.80M $13.25M
Other Receivables $57.00K $300.0K $40.00K
Total Short-Term Assets $58.34M $58.30M $63.11M
YoY Change -7.56% -7.61% 13.28%
LONG-TERM ASSETS
Property, Plant & Equipment $39.90M $61.20M $41.92M
YoY Change -4.83% 46.06% -1.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.198M $19.40M $8.484M
YoY Change -3.37% 7.18% 1.3%
Total Long-Term Assets $80.65M $80.70M $60.00M
YoY Change 34.41% 34.5% -1.49%
TOTAL ASSETS
Total Short-Term Assets $58.34M $58.30M $63.11M
Total Long-Term Assets $80.65M $80.70M $60.00M
Total Assets $139.0M $139.0M $123.1M
YoY Change 12.9% 12.92% 5.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.59M $10.60M $17.76M
YoY Change -40.39% -40.45% 25.9%
Accrued Expenses $13.70M $13.70M $8.900M
YoY Change 53.93% 53.93% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $878.0K $900.0K $5.504M
YoY Change -84.05% -83.64% 17.58%
Total Short-Term Liabilities $25.12M $25.10M $32.13M
YoY Change -21.81% -21.81% 15.88%
LONG-TERM LIABILITIES
Long-Term Debt $15.82M $15.80M $15.91M
YoY Change -0.58% -0.63% 32.58%
Other Long-Term Liabilities $661.0K $43.20M $2.329M
YoY Change -71.62% 138.67% 13.33%
Total Long-Term Liabilities $59.06M $59.00M $33.96M
YoY Change 73.89% 73.53% 12.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.12M $25.10M $32.13M
Total Long-Term Liabilities $59.06M $59.00M $33.96M
Total Liabilities $84.17M $84.20M $66.09M
YoY Change 27.37% 27.38% 14.12%
SHAREHOLDERS EQUITY
Retained Earnings -$49.81M -$52.19M
YoY Change -4.56% 5.12%
Common Stock $118.9M $118.3M
YoY Change 0.57% 0.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $54.82M $54.80M $57.03M
YoY Change
Total Liabilities & Shareholders Equity $139.0M $139.0M $123.1M
YoY Change 12.9% 12.92% 5.56%

Cashflow Statement

Concept 2020 Q1 2020 2019 Q1
OPERATING ACTIVITIES
Net Income -$4.310M $2.382M -$6.450M
YoY Change -33.18% -247.58% -24.56%
Depreciation, Depletion And Amortization $1.420M $5.769M $1.500M
YoY Change -5.33% -0.38% 4.9%
Cash From Operating Activities -$460.0K $9.759M -$460.0K
YoY Change 0.0% 312.99% -80.17%
INVESTING ACTIVITIES
Capital Expenditures -$1.260M $4.216M -$2.080M
YoY Change -39.42% -21.85% 133.71%
Acquisitions
YoY Change
Other Investing Activities -$40.00K -$40.00K -$50.00K
YoY Change -20.0% -20.0% -145.45%
Cash From Investing Activities -$1.300M -$4.258M -$2.130M
YoY Change -38.97% -21.84% 173.08%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change -100.0%
Common Stock Issuance & Retirement, Net $246.0K
YoY Change -7.17%
Debt Paid & Issued, Net $44.49M
YoY Change -10.98%
Cash From Financing Activities 2.210M -$5.089M 850.0K
YoY Change 160.0% -254.73% -59.33%
NET CHANGE
Cash From Operating Activities -460.0K $9.759M -460.0K
Cash From Investing Activities -1.300M -$4.258M -2.130M
Cash From Financing Activities 2.210M -$5.089M 850.0K
Net Change In Cash 450.0K $412.0K -1.740M
YoY Change -125.86% 101.96% 72.28%
FREE CASH FLOW
Cash From Operating Activities -$460.0K $9.759M -$460.0K
Capital Expenditures -$1.260M $4.216M -$2.080M
Free Cash Flow $800.0K $5.543M $1.620M
YoY Change -50.62% -282.82% -213.29%

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CY2021 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1012000 USD
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
54187000 USD
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-2232000 USD
CY2020 us-gaap Net Income Loss
NetIncomeLoss
2382000 USD
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5090000 USD
CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5769000 USD
CY2021 virc Noncash Rent Expense
NoncashRentExpense
579000 USD
CY2020 virc Noncash Rent Expense
NoncashRentExpense
341000 USD
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
83000 USD
CY2021 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
7000 USD
CY2020 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-34000 USD
CY2021 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-742000 USD
CY2020 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
209000 USD
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
1012000 USD
CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
924000 USD
CY2021 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1
0 USD
CY2020 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1
0 USD
CY2021 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-1831000 USD
CY2020 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-776000 USD
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2003000 USD
CY2021Q1 virc Assumed Discount Rate Self Insurance Accrual
AssumedDiscountRateSelfInsuranceAccrual
0.0400
CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1408000 USD
CY2021 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-31000 USD
CY2020 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
17000 USD
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-5060000 USD
CY2020 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-3960000 USD
CY2021 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
93000 USD
CY2020 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
-97000 USD
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
234000 USD
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-215000 USD
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-4685000 USD
CY2020 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-6228000 USD
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7799000 USD
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9759000 USD
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2154000 USD
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4216000 USD
CY2021 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
82000 USD
CY2020 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
17000 USD
CY2021 us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
5000 USD
CY2020 us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
5000 USD
CY2021 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
68000 USD
CY2020 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
64000 USD
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2135000 USD
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4258000 USD
CY2021 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
32240000 USD
CY2021 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2020 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
39770000 USD
CY2021 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
38496000 USD
CY2020 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
44488000 USD
CY2021 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
156000 USD
CY2020 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
246000 USD
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-309000 USD
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
81000 USD
CY2020 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
125000 USD
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-6412000 USD
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5089000 USD
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-748000 USD
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
412000 USD
CY2020Q1 us-gaap Cash
Cash
1150000 USD
CY2019Q1 us-gaap Cash
Cash
738000 USD
CY2021Q1 us-gaap Cash
Cash
402000 USD
CY2020Q1 us-gaap Cash
Cash
1150000 USD
CY2021 us-gaap Interest Paid Net
InterestPaidNet
1538000 USD
CY2020 us-gaap Interest Paid Net
InterestPaidNet
2462000 USD
CY2021 virc Period Of Manufacturing Operations
PeriodOfManufacturingOperations
P71Y
CY2020 us-gaap Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
1900000 USD
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the COVID-19 pandemic and its ongoing impact in the future may cause demand for our products to decline and competitive pricing pressures to increase, and other unforeseen effects, which makes these estimates more challenging and actual results could differ materially from these estimates.</span></div>
CY2021 us-gaap Use Of Estimates
UseOfEstimates
CY2021 us-gaap Fiscal Period
FiscalPeriod
Fiscal years 2021 and 2020 refer to the fiscal years ended January 31, 2021 and 2020, respectively.
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
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’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’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’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’s receivables come from low-risk government entities. There was one customer who accounted for 12.3% of the Company’s accounts receivable at January 31, 2021. No customer accounted for more than 10% of the Company's accounts receivable at January 31, 2020. Because of the short time between shipment and collection, the net carrying value of receivables approximates the fair value for these assets. No customer exceeded 10% of the Company’s net sales for fiscal years ended January 31, 2021 and January 31, 2020. Foreign net sales were approximately 4.5% and 6.3% of the Company’s net sales for fiscal years 2021 and 2020, respectively.
CY2020 us-gaap Net Income Loss
NetIncomeLoss
2382000 USD
CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
15606000 USD
CY2020Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
15401000 USD
CY2021Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
11907000 USD
CY2020Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
15957000 USD
CY2021Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
10757000 USD
CY2020Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
11971000 USD
CY2021 us-gaap Advertising Expense
AdvertisingExpense
468000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
38270000 USD
CY2020Q1 us-gaap Inventory Net
InventoryNet
43329000 USD
CY2021 us-gaap Cost Of Property Repairs And Maintenance
CostOfPropertyRepairsAndMaintenance
1727000 USD
CY2020 us-gaap Cost Of Property Repairs And Maintenance
CostOfPropertyRepairsAndMaintenance
1960000 USD
CY2021Q1 virc Property Plant And Equipment Includedin Ap And Accrued Expense
PropertyPlantAndEquipmentIncludedinAPAndAccruedExpense
113000 USD
CY2020Q1 virc Property Plant And Equipment Includedin Ap And Accrued Expense
PropertyPlantAndEquipmentIncludedinAPAndAccruedExpense
173000 USD
CY2021Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
192000 USD
CY2020Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
186000 USD
CY2020Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
186000 USD
CY2019Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
179000 USD
CY2021 us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
0 USD
CY2020 us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
0 USD
CY2021 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
6000 USD
CY2020 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
7000 USD
CY2021Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
192000 USD
CY2020Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
186000 USD
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-2232000 USD
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15759000 shares
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15590000 shares
CY2021 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
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15759000 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15694000 shares
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
52000 shares
CY2020 us-gaap Advertising Expense
AdvertisingExpense
1030000 USD
CY2021Q1 us-gaap Prepaid Advertising
PrepaidAdvertising
341000 USD
CY2020Q1 us-gaap Prepaid Advertising
PrepaidAdvertising
300000 USD
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
700000 USD
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
800000 USD
CY2021Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
300000 USD
CY2020Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
325000 USD
CY2020Q1 virc Assumed Discount Rate Self Insurance Accrual
AssumedDiscountRateSelfInsuranceAccrual
0.0400
virc Stock Dividend Return Percentage
StockDividendReturnPercentage
0.10
virc Stock Dividend Return Percentage
StockDividendReturnPercentage
0.10
virc Stock Dividend Return Percentage
StockDividendReturnPercentage
0.10
virc Market Capitalization Reclassified On Date Of Dividend Declaration Percent
MarketCapitalizationReclassifiedOnDateOfDividendDeclarationPercent
0.10
CY2021 virc Shippingand Classroom Delivery Costs
ShippingandClassroomDeliveryCosts
15090000 USD
CY2020 virc Shippingand Classroom Delivery Costs
ShippingandClassroomDeliveryCosts
20552000 USD
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
10440000 USD
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
16696000 USD
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
887000 USD
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
878000 USD
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
9553000 USD
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
15818000 USD
CY2021Q1 virc Line Of Credit Facility Borrowing Capacity Term
LineOfCreditFacilityBorrowingCapacityTerm
15000000 USD
CY2021 virc Lineof Credit Facility Periodfor Reduced Borrowingsduring Fourth Quarterof Each Fiscal Year
LineofCreditFacilityPeriodforReducedBorrowingsduringFourthQuarterofEachFiscalYear
P30D
CY2021 virc Line Of Credit Facility Increase Accrued Interest Percentage
LineOfCreditFacilityIncreaseAccruedInterestPercentage
0.020
CY2021 virc Purchase Agreement Nonbinding Commitment Financing Interest Rate
PurchaseAgreementNonbindingCommitmentFinancingInterestRate
0.050
CY2021 us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.00375
CY2021 virc Judicial Actions Against Excess Line Of Credit Facility
JudicialActionsAgainstExcessLineOfCreditFacility
250000 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
887000 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
4930000 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
238000 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
248000 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
258000 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
3879000 USD
CY2021Q1 us-gaap Liability For Future Policy Benefits Life
LiabilityForFuturePolicyBenefitsLife
8845000 USD
CY2020Q1 us-gaap Liability For Future Policy Benefits Life
LiabilityForFuturePolicyBenefitsLife
8919000 USD
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
604000 USD
CY2020 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
954000 USD
CY2021Q1 us-gaap Defined Benefit Plan Expected Future Employer Contributions Next Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear
428000 USD
CY2021Q1 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Prior Service Cost Credit After Tax
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditAfterTax
13600000 USD
CY2021Q1 virc Defined Benefit Plan Estimated Impact Of One Percent Changein Investment Return
DefinedBenefitPlanEstimatedImpactOfOnePercentChangeinInvestmentReturn
210000 USD
CY2021Q1 virc Estimated Impact Of One Percent Change On Obligations Under The Plan
EstimatedImpactOfOnePercentChangeOnObligationsUnderThePlan
6700000 USD
CY2021Q1 virc Defined Benefit Plan Estimated Impact Of One Percent Changein Discount Rate
DefinedBenefitPlanEstimatedImpactOfOnePercentChangeinDiscountRate
800000 USD
CY2021Q1 us-gaap Life Insurance Corporate Or Bank Owned Amount
LifeInsuranceCorporateOrBankOwnedAmount
2250000 USD
CY2021Q1 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
1895000 USD
CY2020Q1 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
1906000 USD
CY2021Q1 virc Life Insurance Death Benefits Payable
LifeInsuranceDeathBenefitsPayable
3917000 USD
CY2020Q1 virc Life Insurance Death Benefits Payable
LifeInsuranceDeathBenefitsPayable
3902000 USD
CY2020Q1 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
1986000 USD
CY2019Q1 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
2037000 USD
CY2021 us-gaap Liability For Future Policy Benefits Period Expense
LiabilityForFuturePolicyBenefitsPeriodExpense
48000 USD
CY2020 us-gaap Liability For Future Policy Benefits Period Expense
LiabilityForFuturePolicyBenefitsPeriodExpense
49000 USD
CY2021 us-gaap Liability For Future Policy Benefits Payment For Benefits
LiabilityForFuturePolicyBenefitsPaymentForBenefits
0 USD
CY2020 us-gaap Liability For Future Policy Benefits Payment For Benefits
LiabilityForFuturePolicyBenefitsPaymentForBenefits
100000 USD
CY2021Q1 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
2034000 USD
CY2020Q1 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
1986000 USD
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
1900000 USD
CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y11M12D
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-625000 USD
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
585000 USD
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
9000 USD
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
400000 USD
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-119000 USD
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-573000 USD
CY2021 virc Income Tax Reconciliation State Rate Adjustment
IncomeTaxReconciliationStateRateAdjustment
-104000 USD
CY2020 virc Income Tax Reconciliation State Rate Adjustment
IncomeTaxReconciliationStateRateAdjustment
-291000 USD
CY2021 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
-4000 USD
CY2020 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
20000 USD
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
85000 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
-28000 USD
CY2021 virc Effective Income Tax Rate Reconciliation Expirationof Attributes Amount
EffectiveIncomeTaxRateReconciliationExpirationofAttributesAmount
16000 USD
CY2020 virc Effective Income Tax Rate Reconciliation Expirationof Attributes Amount
EffectiveIncomeTaxRateReconciliationExpirationofAttributesAmount
345000 USD
CY2021 virc Effective Income Tax Rate Reconciliation Permanent Differences Amount
EffectiveIncomeTaxRateReconciliationPermanentDifferencesAmount
11000 USD
CY2020 virc Effective Income Tax Rate Reconciliation Permanent Differences Amount
EffectiveIncomeTaxRateReconciliationPermanentDifferencesAmount
-17000 USD
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-13000 USD
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-96000 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-744000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
345000 USD
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 USD
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 USD
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-2000 USD
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
136000 USD
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-2000 USD
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
136000 USD
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-555000 USD
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
442000 USD
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-68000 USD
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
340000 USD
CY2021 virc Deferred Income Tax Expense Benefit Domestic And State And Local
DeferredIncomeTaxExpenseBenefitDomesticAndStateAndLocal
-623000 USD
CY2020 virc Deferred Income Tax Expense Benefit Domestic And State And Local
DeferredIncomeTaxExpenseBenefitDomesticAndStateAndLocal
782000 USD
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
119000 USD
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
573000 USD
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-742000 USD
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
209000 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-744000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
345000 USD
CY2021Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Compensated Absences
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCompensatedAbsences
835000 USD
CY2020Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Compensated Absences
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCompensatedAbsences
1264000 USD
CY2021Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Pensions
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPensions
5657000 USD
CY2020Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Pensions
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPensions
5448000 USD
CY2021Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Self Insurance
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsSelfInsurance
293000 USD
CY2020Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Self Insurance
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsSelfInsurance
443000 USD
CY2021Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Warranty Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsWarrantyReserves
181000 USD
CY2020Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Warranty Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsWarrantyReserves
207000 USD
CY2021Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
4501000 USD
CY2020Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3658000 USD
CY2021Q1 virc Deferred Tax Assets Right Of Use Liabilities
DeferredTaxAssetsRightOfUseLiabilities
5237000 USD
CY2020Q1 virc Deferred Tax Assets Right Of Use Liabilities
DeferredTaxAssetsRightOfUseLiabilities
6067000 USD
CY2021Q1 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
1287000 USD
CY2020Q1 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
1175000 USD
CY2021Q1 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
0 USD
CY2020Q1 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
224000 USD
CY2021Q1 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
324000 USD
CY2020Q1 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
301000 USD
CY2020Q1 virc Deferred Tax Liabilities Right Of Use Assets
DeferredTaxLiabilitiesRightOfUseAssets
5519000 USD
CY2021Q1 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
70000 USD
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1064000 USD
CY2021Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
18315000 USD
CY2020Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
18787000 USD
CY2021Q1 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
924000 USD
CY2020Q1 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
802000 USD
CY2021Q1 virc Deferred Tax Liabilities Right Of Use Assets
DeferredTaxLiabilitiesRightOfUseAssets
4541000 USD
CY2020Q1 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
53000 USD
CY2021Q1 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
5535000 USD
CY2020Q1 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
6374000 USD
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1064000 USD
CY2020Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1183000 USD
CY2021Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
11716000 USD
CY2020Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
11230000 USD
CY2021Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
12897000 USD
CY2021Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
29891000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
43000 USD
CY2020Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
60000 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
38000 USD
CY2021 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
CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
4000 USD
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2021 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
CY2021 virc Unrecognized Tax Benefits Decrease Related To Lapsing Of Statute Of Limitations
UnrecognizedTaxBenefitsDecreaseRelatedToLapsingOfStatuteOfLimitations
10000 USD
CY2020 virc Unrecognized Tax Benefits Decrease Related To Lapsing Of Statute Of Limitations
UnrecognizedTaxBenefitsDecreaseRelatedToLapsingOfStatuteOfLimitations
4000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
54000 USD
CY2020Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
60000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
54000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5370000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1349000 USD
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
5435000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
11000 USD
CY2020Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
10000 USD
CY2021Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
6000 USD
CY2021Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
5742000 USD
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
263000 USD
CY2020 us-gaap Short Term Lease Cost
ShortTermLeaseCost
149000 USD
CY2021 us-gaap Sublease Income
SubleaseIncome
40000 USD
CY2020 us-gaap Sublease Income
SubleaseIncome
40000 USD
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
766000 USD
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
892000 USD
CY2021 us-gaap Lease Cost
LeaseCost
6731000 USD
CY2020 us-gaap Lease Cost
LeaseCost
6436000 USD
CY2021 virc Cashpaidforamountsincludedinthemeasurementofleaseliabilities
Cashpaidforamountsincludedinthemeasurementofleaseliabilities
5163000 USD
CY2020 virc Cashpaidforamountsincludedinthemeasurementofleaseliabilities
Cashpaidforamountsincludedinthemeasurementofleaseliabilities
5435000 USD
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
622000 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
1613000 USD
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y21D
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y11M12D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0641
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0638
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5822000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5398000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5261000 USD
CY2021Q1 virc Estimated Self Insurance Payments Due In Four Years
EstimatedSelfInsurancePaymentsDueInFourYears
225000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
0 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
23200000 USD
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4672000 USD
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
15619000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
20291000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2909000 USD
CY2021 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
ContingenciesThe 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’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.<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has a self-insured retention for product and general liability losses up to $250,000 per occurrence, workers’ compensation liability losses up to $250,000 per occurrence and automobile liability losses up to $50,000 per occurrence. The Company has purchased insurance to cover losses in excess of the retention up to a limit of $30,000,000. 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 $1,135,000 and $1,700,000 at January 31, 2021 and 2020, respectively, based upon the Company’s estimated payout period of five years using a 4.0% and 4.0% discount rate, respectively.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Workers’ 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’s financial position, results of operations or cash flows. Estimated payments under the self-insurance programs are as follows (in thousands):</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:86.162%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.638%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year ending January 31,</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2022</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">200 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2023</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">225 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">225 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">225 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">225 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Thereafter</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">75 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,175 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Discount to net present value</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(40)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,135 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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’s financial position, results of operations or cash flows.</span></div>
CY2021Q1 us-gaap Self Insurance Reserve
SelfInsuranceReserve
1135000 USD
CY2020Q1 us-gaap Self Insurance Reserve
SelfInsuranceReserve
1700000 USD
CY2021 virc Self Insurance Estimated Payout Period
SelfInsuranceEstimatedPayoutPeriod
P5Y
CY2021Q1 virc Assumed Discount Rate Self Insurance Accrual
AssumedDiscountRateSelfInsuranceAccrual
0.040
CY2020Q1 virc Assumed Discount Rate Self Insurance Accrual
AssumedDiscountRateSelfInsuranceAccrual
0.040
CY2021Q1 virc Estimated Self Insurance Payments Next Twelve Months
EstimatedSelfInsurancePaymentsNextTwelveMonths
200000 USD
CY2021Q1 virc Estimated Self Insurance Payments Due In Two Years
EstimatedSelfInsurancePaymentsDueInTwoYears
225000 USD
CY2021Q1 virc Estimated Self Insurance Payments Due In Three Years
EstimatedSelfInsurancePaymentsDueInThreeYears
225000 USD
CY2021Q1 virc Estimated Self Insurance Payments Due In Five Years
EstimatedSelfInsurancePaymentsDueInFiveYears
225000 USD
CY2021Q1 virc Estimated Self Insurance Payments Due Thereafter
EstimatedSelfInsurancePaymentsDueThereafter
75000 USD
CY2021Q1 virc Estimated Self Insurance Payments Gross
EstimatedSelfInsurancePaymentsGross
1175000 USD
CY2021Q1 virc Present Value Of Estimated Self Insurance Payments Discounted
PresentValueOfEstimatedSelfInsurancePaymentsDiscounted
40000 USD
CY2021Q1 virc Estimated Self Insurance Payments Net
EstimatedSelfInsurancePaymentsNet
1135000 USD
CY2013Q1 virc Product Warranty
ProductWarranty
P10Y
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
800000 USD
CY2019Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
700000 USD
CY2021 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
380000 USD
CY2020 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
570000 USD
CY2021 virc Product Warranty Warrants Issued Prior Year
ProductWarrantyWarrantsIssuedPriorYear
325000 USD
CY2020 virc Product Warranty Warrants Issued Prior Year
ProductWarrantyWarrantsIssuedPriorYear
145000 USD
CY2021 us-gaap Product Warranty Expense
ProductWarrantyExpense
155000 USD
CY2020 us-gaap Product Warranty Expense
ProductWarrantyExpense
325000 USD
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
700000 USD
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
800000 USD

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