XML 41 R24.htm IDEA: XBRL DOCUMENT
v3.19.1

Retirement Plans (Tables) | 12 Months Ended
--- | ---
Jan. 31, 2019
Retirement Benefits [Abstract] |
Schedule of pension plans | The following tables set forth (in thousands) the combined funded status of the Company’s pension plans at January 31, 2019 and 2018:
| Combined Employee Retirement Plans |
1/31/2019 |  | 1/31/2018 |
Change in Benefit Obligation
Benefit obligation at beg. of year | $ | 40,181 |  |  | $ | 39,761 |  |
Service cost | — |  |  | — |  |
Interest cost | 1,459 |  |  | 1,593 |  |
Participant contributions | — |  |  | — |  |
Amendments | — |  |  | — |  |
Actuarial (gains) losses | (2,044 | ) |  | 930 |  |
Plan settlement | (2,176 | ) |  | — |  |
Benefits paid | (1,121 | ) |  | (2,103 | ) |
Benefit obligation at end of year | $ | 36,299 |  |  | $ | 40,181 |  |
Change in Plan Assets |  |  |  |
Fair value at beg. of year | $ | 27,259 |  |  | $ | 22,911 |  |
Actual return on plan assets | (1,557 | ) |  | 4,726 |  |
Company contributions | 1,122 |  |  | 1,725 |  |
Settlements | (2,176 | ) |  | — |  |
Benefits paid | (1,121 | ) |  | (2,103 | ) |
Fair value at end of year | $ | 23,527 |  |  | $ | 27,259 |  |
Funded Status |  |  |  |
Unfunded status of the plan | $ | (12,772 | ) |  | $ | (12,922 | ) |
Amounts Recognized in Statement of Financial Position |  |  |  |
Current liabilities | $ | (322 | ) |  | $ | (346 | ) |
Non-current liabilities | (12,450 | ) |  | (12,576 | ) |
Accrued benefit cost | $ | (12,772 | ) |  | $ | (12,922 | ) |
Amounts Recognized in Statement of Financial Position and Operations |  |  |  |
Accrued benefit liability | (12,772 | ) |  | (12,922 | ) |
Accumulated other comp. loss (gain) | 8,319 |  |  | 8,612 |  |
Net amount recognized | $ | (4,453 | ) |  | $ | (4,310 | ) |
Items not yet Recognized as a Component of Net Periodic Pension Expense, Included in AOCI |  |  |  |
Unrecognized net actuarial loss (gain) | $ | 8,319 |  |  | $ | 8,612 |  |
Unamortized prior service costs | — |  |  | — |  |
Net initial asset recognition | — |  |  | — |  |
| $ | 8,319 |  |  | $ | 8,612 |  |
| Combined Employee Retirement Plans |
1/31/2019 |  | 1/31/2018 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net loss (gain) | $ | 1,039 |  |  | $ | (2,447 | ) |
Prior service cost | — |  |  | — |  |
Amortization of (loss) gain | (1,333 | ) |  | (955 | ) |
Amortization of prior service cost (credit) | — |  |  | — |  |
Amortization of initial asset | — |  |  | — |  |
Total recognized in other comprehensive (loss) income | $ | (294 | ) |  | $ | (3,402 | ) |
Items to be Recognized as a Component of Periodic Pension Cost for next fiscal year |  |  |  |
Prior service cost | $ | — |  |  | $ | — |  |
Net actuarial loss (gain) | 706 |  |  | 692 |  |
| $ | 706 |  |  | $ | 692 |  |
Supplemental Data |  |  |  |
Projected benefit obligation | $ | 36,299 |  |  | $ | 40,181 |  |
Accumulated benefit obligation | 36,299 |  |  | 40,181 |  |
Fair value of plan assets | 23,527 |  |  | 27,259 |  |
Components of Net Cost |  |  |  |
Service cost | $ | — |  |  | $ | — |  |
Interest cost | 1,459 |  |  | 1,593 |  |
Expected return on plan assets | (1,535 | ) |  | (1,367 | ) |
Amortization of transition amount | — |  |  | — |  |
Recognized (gain) loss due to settlement | — |  |  | — |  |
Amortization of prior service cost | — |  |  | — |  |
Recognized net actuarial loss | 1,333 |  |  | 955 |  |
Benefit cost | $ | 1,257 |  |  | $ | 1,181 |  |
Estimated Future Benefit Payments |  |  |  |
FYE 01-31-2020 | $ | 6,022 |  |  |  |
FYE 01-31-2021 | 2,171 |  |  |  |
FYE 01-31-2022 | 2,151 |  |  |  |
FYE 01-31-2023 | 2,087 |  |  |  |
FYE 01-31-2024 | 2,085 |  |  |  |
FYE 01-31-2025 to 2029 | 10,524 |  |  |  |
Total | $ | 25,040 |  |  |  |
Weighted Average Assumptions to Determine Benefit Obligations at Year-End |  |  |  |
Discount rate | 3.75% - 4.10% |  | 3.75% - 4.0% |
Rate of compensation increase | N/A |  | N/A |
Weighted Average Assumptions to Determine Net Periodic Pension Cost |  |  |  |
Discount rate | 4.25% |  | 4.25% |
Expected return on plan assets | 6.50% |  | 6.50% |
Rate of compensation increase | N/A |  | N/A |
Fair value measurements of plan assets |
| 1/31/2019 |  | 1/31/2018
Level 1 Measurement |  |  |
Cash & Cash Equivalents | $ | — |  |  | $ | — |
Common Stock | 9,345 |  |  | 9,701 |
PNC Govt Money Fund | 630 |  |  | 1,030 |
Vanguard Total Bond | — |  |  | — |
Ishares Credit Bond ETF | — |  |  | 340 |
Vanguard INTM Term Investment | 283 |  |  | 702 |
Vanguard LT Investment | 1,304 |  |  | 1,973 |
Ishares Russell 2000 | 1,672 |  |  | 2,047 |
Ishares Russell MID-CAP | 1,890 |  |  | 2,129 |
Ishares Emerging Markets | 1,130 |  |  | 1,338 |
Ishares MCSI RAFE | 1,534 |  |  | 1,838 |
Ishares S&P Index | 2,895 |  |  | 4,825 |
Vanguard INTM Term Treasury | 281 |  |  | — |
Vanguard LT Treasury | 1,279 |  |  | — |
Total Level 1 Investments | $ | 22,243 |  |  | $ | 25,923 |
Life insurance liability | The following sets forth the Company's change in death benefits payable during the years ended January 31, 2019 and 2018:
| 1/31/2019 |  | 1/31/2018
Liability beginning of year | $ | 2,088,000 |  |  | $ | 2,184,000 |
Accretion expense | 49,000 |  |  | 54,000 |
Death benefits paid | (100,000 | ) |  | (150,000 | )
Liability end of year | $ | 2,037,000 |  |  | $ | 2,088,000 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e2439-114920 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e2410-114920 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=77993564&loc=d3e4179-114921 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Life Insurance Liability [Table Text Block] + References No definition available. + Details
Name: | virc_LifeInsuranceLiabilityTableTextBlock
Namespace Prefix: | virc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration