XML 29 R20.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Retirement Plans | 9 Months Ended
--- | ---
Oct. 31, 2022
Retirement Benefits [Abstract] |
Retirement Plans | Retirement Plans The Company and its subsidiaries cover certain employees under a noncontributory defined benefit retirement plan, entitled the Virco Employees’ Retirement Plan (the “Pension Plan”). As more fully described in the Annual Report on Form 10-K, benefit accruals under the Employees Retirement Plan were frozen effective December 31, 2003. There is no service cost incurred under this plan. The Company also provides a supplementary retirement plan for certain key employees, the VIP Retirement Plan (the “VIP Plan”). As more fully described in the Annual Report on Form 10-K for the year ended January 31, 2022, benefit accruals under this plan were frozen since December 31, 2003. The net periodic pension cost for the Pension Plan and the VIP Plan for the three and nine months ended October 31, 2022 and 2021 were as follows:
| Combined Employee Retirement Plans
| Three Months Ended |  | Nine Months Ended
| 10/31/2022 |  | 10/31/2021 |  | 10/31/2022 |  | 10/31/2021
| (in thousands)
Service cost | $ | — |  | $ | — |  | $ | — |  | $ | —
Interest cost | 298 |  | 281 |  | 895 |  | 841
Expected return on plan assets | (237) |  | (218) |  | (711) |  | (654)
Plan settlement | 64 |  | 65 |  | 64 |  | 285
Amortization of prior service cost | — |  | — |  | — |  | —
Recognized net actuarial loss | 134 |  | 442 |  | 402 |  | 1,328
Benefit cost | $ | 259 |  | $ | 570 |  | $ | 650 |  |  | $ | 1,800 |
During the three and nine month periods ended October 31, 2022, the Company paid lump-sum distributions for the related benefit obligations. As the amount of the lump-sum settlement exceeded the sum of the service and interest cost for the year, the distribution was treated as a settlement in accordance with U.S. GAAP, resulting in plan settlement loss of $64,000 recorded in pension expense in the accompanying condensed consolidated statements of operations and an actuarial gain on the plan re-measurement of $3,347,000, net of tax, recorded to accumulated other comprehensive income for the three and nine months ended October 31, 2021. 401(k) Retirement Plan The Company’s retirement plan, which covers all U.S. employees, allows participants to defer from 1% to 75% of their eligible compensation through a 401(k)-retirement program. The plan includes Virco stock as one of the investment options. At October 31, 2022 and 2021, the plan held 1,250,468 shares and 1,026,096 shares of Virco stock, respectively. For the three months ended October 31, 2022 and 2021, the compensation costs incurred for employer match, which is paid in the form of Company stock, was $333,000 and $217,000 respectively. For the nine months ended October 31, 2022 and 2021, the compensation costs incurred for employer match, which is paid in the form of Company stock, was $985,000 and $608,000 respectively.

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 The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=6410195&loc=d3e80090-111668 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI https://asc.fasb.org/topic&trid=2197446 + Details
Name: | us-gaap_PostemploymentBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration