2022 Q1 Form 10-K Financial Statement

#000162828022011185 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2022 2021 Q1
Revenue $40.11M $184.8M $19.17M
YoY Change 109.22% 20.96% -33.32%
Cost Of Revenue $29.49M $123.9M $14.63M
YoY Change 101.54% 26.6% -32.7%
Gross Profit $10.62M $60.93M $4.540M
YoY Change 133.99% 10.93% -35.24%
Gross Profit Margin 26.49% 32.97% 23.68%
Selling, General & Admin $15.25M $61.27M $10.32M
YoY Change 47.76% 13.04% -26.34%
% of Gross Profit 143.55% 100.55% 227.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.139M $4.570M $1.190M
YoY Change -4.29% -10.22% -16.2%
% of Gross Profit 10.72% 7.5% 26.21%
Operating Expenses $15.25M $61.27M $10.32M
YoY Change 47.76% 13.04% -26.39%
Operating Profit -$4.626M -$336.0K -$5.780M
YoY Change -19.97% -145.71% -17.55%
Interest Expense -$216.0K $1.195M -$220.0K
YoY Change -1.82% -22.3% -12.0%
% of Operating Profit
Other Income/Expense, Net -$397.0K -$2.197M -$550.0K
YoY Change -27.82% -0.14% 243.75%
Pretax Income -$5.239M -$3.728M -$6.550M
YoY Change -20.02% 25.27% -12.08%
Income Tax $11.07M $11.41M -$980.0K
% Of Pretax Income
Net Earnings -$16.31M -$15.14M -$5.570M
YoY Change 192.85% 578.14% 29.23%
Net Earnings / Revenue -40.67% -8.19% -29.06%
Basic Earnings Per Share -$0.95
Diluted Earnings Per Share -$1.017M -$0.95 -$353.4K
COMMON SHARES
Basic Shares Outstanding 15.95M shares
Diluted Shares Outstanding 15.95M shares

Balance Sheet

Concept 2022 Q1 2022 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.359M $1.359M $400.0K
YoY Change 239.75% 239.75% -66.67%
Cash & Equivalents $1.359M $402.0K
Short-Term Investments
Other Short-Term Assets $2.076M $2.076M $2.300M
YoY Change -9.74% -9.74% 35.29%
Inventory $47.37M $47.37M $38.27M
Prepaid Expenses
Receivables $17.77M $17.77M $9.759M
Other Receivables $118.0K $270.0K $26.00K
Total Short-Term Assets $68.85M $68.85M $50.97M
YoY Change 35.08% 34.99% -12.64%
LONG-TERM ASSETS
Property, Plant & Equipment $35.33M $49.20M $36.83M
YoY Change -4.07% -9.56% -7.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.002M $8.401M $7.931M
YoY Change 0.9% -57.14% -3.26%
Total Long-Term Assets $57.60M $57.60M $74.07M
YoY Change -22.24% -22.16% -8.16%
TOTAL ASSETS
Total Short-Term Assets $68.85M $68.85M $50.97M
Total Long-Term Assets $57.60M $57.60M $74.07M
Total Assets $126.4M $126.4M $125.0M
YoY Change 1.13% 1.16% -10.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.79M $19.79M $8.421M
YoY Change 134.95% 135.54% -20.46%
Accrued Expenses $16.16M $16.16M $12.80M
YoY Change 26.24% 26.24% -6.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $340.0K $340.0K $887.0K
YoY Change -61.67% -62.22% 1.03%
Total Short-Term Liabilities $36.28M $36.28M $22.11M
YoY Change 64.14% 64.18% -11.99%
LONG-TERM LIABILITIES
Long-Term Debt $14.17M $14.17M $9.553M
YoY Change 48.36% 47.64% -39.61%
Other Long-Term Liabilities $639.0K $28.54M $682.0K
YoY Change -6.3% -27.19% 3.18%
Total Long-Term Liabilities $42.72M $42.72M $48.74M
YoY Change -12.37% -12.47% -17.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.28M $36.28M $22.11M
Total Long-Term Liabilities $42.72M $42.72M $48.74M
Total Liabilities $79.00M $79.00M $70.85M
YoY Change 11.5% 11.58% -15.83%
SHAREHOLDERS EQUITY
Retained Earnings -$67.18M -$52.04M
YoY Change 29.08% 4.48%
Common Stock $120.7M $119.8M
YoY Change 0.7% 0.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $47.45M $47.45M $54.19M
YoY Change
Total Liabilities & Shareholders Equity $126.4M $126.4M $125.0M
YoY Change 1.13% 1.16% -10.04%

Cashflow Statement

Concept 2022 Q1 2022 2021 Q1
OPERATING ACTIVITIES
Net Income -$16.31M -$15.14M -$5.570M
YoY Change 192.85% 578.14% 29.23%
Depreciation, Depletion And Amortization $1.139M $4.570M $1.190M
YoY Change -4.29% -10.22% -16.2%
Cash From Operating Activities -$1.221M -$401.0K -$4.850M
YoY Change -74.82% -105.14% 954.35%
INVESTING ACTIVITIES
Capital Expenditures -$715.0K $2.995M -$250.0K
YoY Change 186.0% 39.04% -80.16%
Acquisitions
YoY Change
Other Investing Activities $141.0K $624.0K -$60.00K
YoY Change -335.0% 3020.0% 50.0%
Cash From Investing Activities -$574.0K -$2.371M -$320.0K
YoY Change 79.38% 11.05% -75.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $176.0K
YoY Change 12.82%
Debt Paid & Issued, Net $25.68M
YoY Change -33.3%
Cash From Financing Activities 1.412M $3.729M 4.370M
YoY Change -67.69% -158.16% 97.74%
NET CHANGE
Cash From Operating Activities -1.221M -$401.0K -4.850M
Cash From Investing Activities -574.0K -$2.371M -320.0K
Cash From Financing Activities 1.412M $3.729M 4.370M
Net Change In Cash -383.0K $957.0K -800.0K
YoY Change -52.13% -227.94% -277.78%
FREE CASH FLOW
Cash From Operating Activities -$1.221M -$401.0K -$4.850M
Capital Expenditures -$715.0K $2.995M -$250.0K
Free Cash Flow -$506.0K -$3.396M -$4.600M
YoY Change -89.0% -160.16% -675.0%

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-2232000 USD
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4570000 USD
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5090000 USD
CY2022 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
116000 USD
CY2021 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
0 USD
CY2022 virc Noncash Lease Income Expense
NoncashLeaseIncomeExpense
395000 USD
CY2021 virc Noncash Lease Income Expense
NoncashLeaseIncomeExpense
-579000 USD
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
53000 USD
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2022 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
CY2021 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
7000 USD
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
11316000 USD
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-742000 USD
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
1013000 USD
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
1012000 USD
CY2022 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1
-298000 USD
CY2021 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1
0 USD
CY2022 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-1476000 USD
CY2021 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-1831000 USD
CY2022 virc Surrender Of Life Insurance Policies
SurrenderOfLifeInsurancePolicies
588000 USD
CY2021 virc Surrender Of Life Insurance Policies
SurrenderOfLifeInsurancePolicies
0 USD
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
8063000 USD
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2003000 USD
CY2022 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
92000 USD
CY2021 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-31000 USD
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
9103000 USD
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-5060000 USD
CY2022 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
55000 USD
CY2021 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
93000 USD
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-221000 USD
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
234000 USD
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
13858000 USD
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-4685000 USD
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-401000 USD
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7799000 USD
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2995000 USD
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2154000 USD
CY2022 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2021 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
82000 USD
CY2022 us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
664000 USD
CY2021 us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
5000 USD
CY2022 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
40000 USD
CY2021 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
68000 USD
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2371000 USD
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2135000 USD
CY2022 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
29750000 USD
CY2021 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
32240000 USD
CY2022 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
25676000 USD
CY2021 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
38496000 USD
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
176000 USD
CY2021 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
156000 USD
CY2022 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
169000 USD
CY2021 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3729000 USD
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-6412000 USD
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
957000 USD
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-748000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
402000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1150000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1359000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
402000 USD
CY2022 us-gaap Interest Paid Net
InterestPaidNet
1195000 USD
CY2021 us-gaap Interest Paid Net
InterestPaidNet
1538000 USD
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
37000 USD
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-309000 USD
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2022 virc Period Of Manufacturing Operations
PeriodOfManufacturingOperations
P72Y
CY2022 virc Percentage Increase Decrease In Order Rates From Prior Year Covid Related
PercentageIncreaseDecreaseInOrderRatesFromPriorYearCovidRelated
0.40
CY2022 virc Compensation Expense Additional Expense Covid Related
CompensationExpenseAdditionalExpenseCovidRelated
2000000 USD
CY2022 us-gaap Fiscal Period
FiscalPeriod
Fiscal years 2022 and 2021 refer to the fiscal years ended January 31, 2022 and 2021, respectively.
CY2022 virc Percent Of Annual Revenue June July And August
PercentOfAnnualRevenueJuneJulyAndAugust
0.50
CY2022 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. 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. In fiscal 2022 the cost of sales were volatile compared to prior years. The Company incurred material increases in steel, plastic and other materials.</span></div>
CY2021 virc Percentage Increase Decrease In Order Rates From Prior Year Covid Related
PercentageIncreaseDecreaseInOrderRatesFromPriorYearCovidRelated
0.20
CY2022 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. No customer accounted for more than 10% of the Company's accounts receivable at January 31, 2022 and January 31, 2021. 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, 2022 and January 31, 2021. Foreign net sales were approximately 3.6% and 4.5% of the Company’s net sales for fiscal years 2022 and 2021, respectively.
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
16731000 USD
CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
15606000 USD
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
14732000 USD
CY2021Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
11907000 USD
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
15910000 USD
CY2021Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
10757000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
47373000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
38270000 USD
CY2022 us-gaap Cost Of Property Repairs And Maintenance
CostOfPropertyRepairsAndMaintenance
1959000 USD
CY2021 us-gaap Cost Of Property Repairs And Maintenance
CostOfPropertyRepairsAndMaintenance
1727000 USD
CY2022Q1 virc Property Plant And Equipment Includedin Ap And Accrued Expense
PropertyPlantAndEquipmentIncludedinAPAndAccruedExpense
189000 USD
CY2021Q1 virc Property Plant And Equipment Includedin Ap And Accrued Expense
PropertyPlantAndEquipmentIncludedinAPAndAccruedExpense
113000 USD
CY2022Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
198000 USD
CY2021Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
192000 USD
CY2021Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
192000 USD
CY2020Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
186000 USD
CY2022 us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
0 USD
CY2021 us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
0 USD
CY2022 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
6000 USD
CY2021 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
6000 USD
CY2022Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
198000 USD
CY2021Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
192000 USD
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
96000 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
52000 shares
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-15136000 USD
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-2232000 USD
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15954000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15759000 shares
CY2022 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2021 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15954000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15759000 shares
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.95
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.95
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2022 us-gaap Advertising Expense
AdvertisingExpense
785000 USD
CY2021 us-gaap Advertising Expense
AdvertisingExpense
468000 USD
CY2022Q1 us-gaap Prepaid Advertising
PrepaidAdvertising
296000 USD
CY2021Q1 us-gaap Prepaid Advertising
PrepaidAdvertising
341000 USD
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
600000 USD
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
700000 USD
CY2022Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
250000 USD
CY2021Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
300000 USD
CY2022Q1 virc Assumed Discount Rate Self Insurance Accrual
AssumedDiscountRateSelfInsuranceAccrual
0.0400
CY2021Q1 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
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-13585000 USD
CY2020Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-14311000 USD
CY2022 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
5782000 USD
CY2021 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-1105000 USD
CY2022 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
1774000 USD
CY2021 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
1831000 USD
CY2022 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-7556000 USD
CY2021 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-726000 USD
CY2022Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-6029000 USD
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-13585000 USD
CY2022 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
1774000 USD
CY2021 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
1831000 USD
CY2022 virc Shippingand Classroom Delivery Costs
ShippingandClassroomDeliveryCosts
18758000 USD
CY2021 virc Shippingand Classroom Delivery Costs
ShippingandClassroomDeliveryCosts
15090000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
14513000 USD
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
10440000 USD
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
340000 USD
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
887000 USD
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
14173000 USD
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
9553000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
340000 USD
CY2021Q1 us-gaap Liability For Future Policy Benefits Life
LiabilityForFuturePolicyBenefitsLife
8845000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
238000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
248000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
258000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
269000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
13160000 USD
CY2022Q1 us-gaap Liability For Future Policy Benefits Life
LiabilityForFuturePolicyBenefitsLife
8762000 USD
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
654000 USD
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
604000 USD
CY2022Q1 us-gaap Defined Benefit Plan Expected Future Employer Contributions Next Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear
615000 USD
CY2022Q1 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Prior Service Cost Credit After Tax
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditAfterTax
-6000000 USD
CY2022Q1 us-gaap Life Insurance Corporate Or Bank Owned Amount
LifeInsuranceCorporateOrBankOwnedAmount
1800000 USD
CY2022Q1 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
1380000 USD
CY2021Q1 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
1895000 USD
CY2022Q1 virc Life Insurance Death Benefits Payable
LifeInsuranceDeathBenefitsPayable
2967000 USD
CY2021Q1 virc Life Insurance Death Benefits Payable
LifeInsuranceDeathBenefitsPayable
3917000 USD
CY2021Q1 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
2034000 USD
CY2020Q1 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
1986000 USD
CY2022 us-gaap Liability For Future Policy Benefits Period Expense
LiabilityForFuturePolicyBenefitsPeriodExpense
60000 USD
CY2021 us-gaap Liability For Future Policy Benefits Period Expense
LiabilityForFuturePolicyBenefitsPeriodExpense
48000 USD
CY2022 us-gaap Liability For Future Policy Benefits Payment For Benefits
LiabilityForFuturePolicyBenefitsPaymentForBenefits
478000 USD
CY2021 us-gaap Liability For Future Policy Benefits Payment For Benefits
LiabilityForFuturePolicyBenefitsPaymentForBenefits
0 USD
CY2022Q1 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
1616000 USD
CY2021Q1 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
2034000 USD
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
12303000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
1200000 USD
CY2022 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-782000 USD
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-625000 USD
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
14000 USD
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
9000 USD
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-13000 USD
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-119000 USD
CY2022 virc Income Tax Reconciliation State Rate Adjustment
IncomeTaxReconciliationStateRateAdjustment
-197000 USD
CY2021 virc Income Tax Reconciliation State Rate Adjustment
IncomeTaxReconciliationStateRateAdjustment
-104000 USD
CY2022 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
5000 USD
CY2021 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
-4000 USD
CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
48000 USD
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
85000 USD
CY2022 virc Effective Income Tax Rate Reconciliation Expirationof Attributes Amount
EffectiveIncomeTaxRateReconciliationExpirationofAttributesAmount
55000 USD
CY2021 virc Effective Income Tax Rate Reconciliation Expirationof Attributes Amount
EffectiveIncomeTaxRateReconciliationExpirationofAttributesAmount
16000 USD
CY2022 virc Effective Income Tax Rate Reconciliation Permanent Differences Amount
EffectiveIncomeTaxRateReconciliationPermanentDifferencesAmount
-31000 USD
CY2021 virc Effective Income Tax Rate Reconciliation Permanent Differences Amount
EffectiveIncomeTaxRateReconciliationPermanentDifferencesAmount
11000 USD
CY2022 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-7000 USD
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11408000 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-744000 USD
CY2022 virc Deferred Income Tax Expense Benefit Domestic And State And Local
DeferredIncomeTaxExpenseBenefitDomesticAndStateAndLocal
-987000 USD
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 USD
CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Current State And Local Tax Expense Benefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Pensions
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293000 USD
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154000 USD
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CY2021Q1 virc Deferred Tax Assets Right Of Use Liabilities
DeferredTaxAssetsRightOfUseLiabilities
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CY2021Q1 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
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CY2021Q1 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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361000 USD
CY2021Q1 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
324000 USD
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DeferredTaxAssetsGross
16416000 USD
CY2021Q1 us-gaap Deferred Tax Assets Gross
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CY2021Q1 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2022Q1 virc Deferred Tax Liabilities Right Of Use Assets
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CY2021Q1 virc Deferred Tax Liabilities Right Of Use Assets
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CY2022Q1 us-gaap Deferred Tax Liabilities Other
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54000 USD
CY2021Q1 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
70000 USD
CY2022Q1 us-gaap Deferred Income Tax Liabilities
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4605000 USD
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
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12513000 USD
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
31222000 USD
CY2021Q1 us-gaap Deferred Income Tax Liabilities
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5535000 USD
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11412000 USD
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2022Q1 us-gaap Deferred Tax Assets Liabilities Net
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CY2021Q1 us-gaap Deferred Tax Assets Liabilities Net
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CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
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1064000 USD
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CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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-119000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits
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54000 USD
CY2020Q1 us-gaap Unrecognized Tax Benefits
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60000 USD
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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0 USD
CY2022 virc Unrecognized Tax Benefits Decrease Related To Lapsing Of Statute Of Limitations
UnrecognizedTaxBenefitsDecreaseRelatedToLapsingOfStatuteOfLimitations
6000 USD
CY2021 virc Unrecognized Tax Benefits Decrease Related To Lapsing Of Statute Of Limitations
UnrecognizedTaxBenefitsDecreaseRelatedToLapsingOfStatuteOfLimitations
10000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
57000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
54000 USD
CY2022Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
1000 USD
CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
4000 USD
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
10000 USD
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
8000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits
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57000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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45000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
13000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
11000 USD
CY2022Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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6000 USD
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
5086000 USD
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
5742000 USD
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
332000 USD
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
263000 USD
CY2022 us-gaap Sublease Income
SubleaseIncome
40000 USD
CY2021 us-gaap Sublease Income
SubleaseIncome
40000 USD
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
1033000 USD
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
766000 USD
CY2022 us-gaap Lease Cost
LeaseCost
6411000 USD
CY2021 us-gaap Lease Cost
LeaseCost
6731000 USD
CY2022 virc Cashpaidforamountsincludedinthemeasurementofleaseliabilities
Cashpaidforamountsincludedinthemeasurementofleaseliabilities
5482000 USD
CY2021 virc Cashpaidforamountsincludedinthemeasurementofleaseliabilities
Cashpaidforamountsincludedinthemeasurementofleaseliabilities
5163000 USD
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
599000 USD
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
622000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M6D
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y21D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0640
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0641
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5618000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5473000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5473000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1382000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
0 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
0 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17946000 USD
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4734000 USD
CY2022Q1 virc Estimated Self Insurance Payments Next Twelve Months
EstimatedSelfInsurancePaymentsNextTwelveMonths
200000 USD
CY2022Q1 virc Estimated Self Insurance Payments Due In Two Years
EstimatedSelfInsurancePaymentsDueInTwoYears
260000 USD
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11437000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
16171000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1775000 USD
CY2022 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Contingencies<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 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.</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 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 liability losses up to $250,000 per occurrence, workers’ compensation liability losses up to $250,000 per occurrence, general liability losses up to $50,000 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 $1,165,000 and $1,135,000 at January 31, 2022 and 2021, 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:10pt;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%">2023</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%">2024</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%">260 </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%">2025</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%">260 </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%">2026</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%">260 </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%">2027</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%">255 </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%">— </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%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,235 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Discount to net present value</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(70)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</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%">1,165 </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>
CY2022Q1 us-gaap Self Insurance Reserve
SelfInsuranceReserve
1165000 USD
CY2021Q1 us-gaap Self Insurance Reserve
SelfInsuranceReserve
1135000 USD
CY2022 virc Self Insurance Estimated Payout Period
SelfInsuranceEstimatedPayoutPeriod
P5Y
CY2022Q1 virc Assumed Discount Rate Self Insurance Accrual
AssumedDiscountRateSelfInsuranceAccrual
0.040
CY2021Q1 virc Assumed Discount Rate Self Insurance Accrual
AssumedDiscountRateSelfInsuranceAccrual
0.040
CY2022Q1 virc Estimated Self Insurance Payments Due In Three Years
EstimatedSelfInsurancePaymentsDueInThreeYears
260000 USD
CY2022Q1 virc Estimated Self Insurance Payments Due In Four Years
EstimatedSelfInsurancePaymentsDueInFourYears
260000 USD
CY2022Q1 virc Estimated Self Insurance Payments Due In Five Years
EstimatedSelfInsurancePaymentsDueInFiveYears
255000 USD
CY2022Q1 virc Estimated Self Insurance Payments Due Thereafter
EstimatedSelfInsurancePaymentsDueThereafter
0 USD
CY2022Q1 virc Estimated Self Insurance Payments Gross
EstimatedSelfInsurancePaymentsGross
1235000 USD
CY2022Q1 virc Present Value Of Estimated Self Insurance Payments Discounted
PresentValueOfEstimatedSelfInsurancePaymentsDiscounted
70000 USD
CY2022Q1 virc Estimated Self Insurance Payments Net
EstimatedSelfInsurancePaymentsNet
1165000 USD
CY2013Q1 virc Product Warranty
ProductWarranty
P10Y
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
700000 USD
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
800000 USD
CY2022 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
370000 USD
CY2021 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
380000 USD
CY2022 virc Product Warranty Warrants Issued Prior Year
ProductWarrantyWarrantsIssuedPriorYear
340000 USD
CY2021 virc Product Warranty Warrants Issued Prior Year
ProductWarrantyWarrantsIssuedPriorYear
325000 USD
CY2022 us-gaap Product Warranty Expense
ProductWarrantyExpense
130000 USD
CY2021 us-gaap Product Warranty Expense
ProductWarrantyExpense
155000 USD
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
600000 USD
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
700000 USD

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