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Retirement Plans | 9 Months Ended
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Oct. 31, 2023
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 the Pension 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, 2024, benefit accruals under the VIP Plan were frozen since December 31, 2003. There is no service cost incurred under the VIP Plan. The following table summarizes the net periodic pension cost for the Pension Plan and the VIP Plan for the three and nine months ended October 31, 2024 and 2023:
| Three Months Ended |  | Nine Months Ended
| 10/31/2024 |  | 10/31/2023 |  | 10/31/2024 |  | 10/31/2023
| (In thousands)
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  | $ | —
Interest cost | 311 |  |  | 106 |  |  | 933 |  | 826
Expected return on plan assets | (167) |  |  | (203) |  |  | (500) |  | (601)
Plan settlement | — |  |  | 372 |  |  | — |  | 372
Amortization of prior service cost | — |  |  | — |  |  | — |  | —
Recognized net actuarial (gain) loss | (38) |  |  | 26 |  |  | (113) |  | 26
Benefit cost | $ | 106 |  |  | $ | 301 |  |  | $ | 320 |  |  | $ | 623 |
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, 2024 and 2023, the plan held 1,105,376 shares and 1,404,774 shares of Virco stock, respectively. For the three months ended October 31, 2024 and 2023, the compensation costs incurred for employer match, which is paid in the form of Company stock, was $387,000 and $356,000 respectively. For the nine months ended October 31, 2024 and 2023, the compensation costs incurred for employer match, which is paid in the form of Company stock, was $1,165,000 and $1,078,000 respectively. .

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- 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 -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 712 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481565/712-10-50-2 + Details
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