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Cover	3 Months Ended
Cover	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Apr. 30, 2020
Entity File Number	001-33866
Entity Registrant Name	TITAN MACHINERY INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-0357838
Entity Address, Address Line One	644 East Beaton Drive
Entity Address, City or Town	West Fargo,
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58078-2648
City Area Code	(701)
Local Phone Number	356-0130
Title of 12(b) Security	Common Stock, $0.00001 par value per share
Trading Symbol	TITN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Quarterly Report	true
Document Transition Report	false

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Apr. 30, 2020	May 29, 2020
Document and Entity Information
Entity Central Index Key	0001409171
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Current Fiscal Year End Date	--01-31
Entity Common Stock, Shares Outstanding		22,313,893
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS - USD ($)	Apr. 30, 2020	Jan. 31, 2020
Current Assets
Cash	$ 50,835,000	$ 43,721,000
Receivables, net of allowance for expected credit losses	76,430,000	72,776,000
Inventories	583,435,000	597,394,000
Prepaid expenses and other	10,626,000	13,655,000
Total current assets	721,326,000	727,546,000
Noncurrent Assets
Intangible assets, net of accumulated amortization	8,318,000	8,367,000
Property and equipment, net of accumulated depreciation	148,293,000	145,562,000
Operating Lease, Right-of-Use Asset	84,577,000	88,281,000
Deferred Tax Assets, Net, Noncurrent	3,783,000	2,147,000
Goodwill	2,311,000	2,327,000
Other	1,131,000	1,113,000
Total noncurrent assets	248,413,000	247,797,000
Total Assets	969,739,000	975,343,000
Current Liabilities
Accounts payable	23,119,000	16,976,000
Floorplan payable	378,302,000	371,772,000
Current maturities of long-term debt	3,787,000	13,779,000
Operating Lease, Liability, Current	12,320,000	12,259,000
Deferred revenue	29,163,000	40,968,000
Accrued expenses and other	30,726,000	38,409,000
Total current liabilities	477,417,000	494,163,000
Long-Term Liabilities
Long-term debt, less current maturities	49,522,000	37,789,000
Operating Lease, Liability	84,499,000	88,387,000
Deferred income taxes	3,808,000	2,055,000
Other long-term liabilities	7,415,000	7,845,000
Total long-term liabilities	145,244,000	136,076,000
Commitments and Contingencies
Stockholders' Equity
Common stock, par value $.00001 per share, 45,000 shares authorized; 22,314 shares issued and outstanding at April 30, 2020; 22,335 shares issued and outstanding at January 31, 2020	0	0
Additional paid-in-capital	251,051,000	250,607,000
Retained earnings	99,775,000	97,717,000
Accumulated other comprehensive loss	(3,748,000)	(3,220,000)
Total Titan Machinery Inc. stockholders' equity	347,078,000	345,104,000
Total Liabilities and Stockholders' Equity	$ 969,739,000	$ 975,343,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2020	Jan. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value, in dollars per share	$ 0.00001	$ 0.00001
Common stock, shares authorized	45,000,000	45,000,000
Common stock, shares issued	22,314,000	22,335,000
Common stock, shares outstanding	22,314,000	22,335,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Revenue
Equipment	$ 218,505	$ 193,956
Parts	56,614	51,938
Service	25,600	22,831
Rental and Other	9,489	9,567
Total Revenue	310,208	278,292
Cost of Revenue
Equipment	197,046	173,154
Parts	39,617	36,814
Service	8,345	7,483
Rental and other	6,790	6,941
Total Cost of Revenue	251,798	224,392
Gross Profit	58,410	53,900
Operating Expenses	53,058	52,555
Other Asset Impairment Charges	216	135
Income from Operations	5,136	1,210
Other Income (Expense)
Interest and other income	130	794
Floorplan interest expense	(1,152)	(877)
Other interest expense	(966)	(1,642)
Income (Loss) Before Income Taxes	3,148	(515)
Provision for (Benefit from) Income Taxes	886	(70)
Net Income (Loss)	2,262	(445)
Net Income Allocated to Participating Securities - Note 1	(32)	0
Net Income (Loss) Attributable to Titan Machinery Inc. Common Stockholders	$ 2,230	$ (445)
Earnings per Share:
Earnings (Loss) per Share - Basic, in dollars per share	$ 0.10	$ (0.02)
Earnings (Loss) per Share - Diluted, in dollars per share	$ 0.10	$ (0.02)
Weighted Average Common Shares:	22,012	21,872
Basic	22,012	21,872

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Net Income (Loss)	$ 2,262	$ (445)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	(528)	(771)
Comprehensive Income (Loss)	$ 1,734	$ (1,216)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY Statement - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Shares, Outstanding		22,218
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest			$ 248,423	$ 89,228	$ (2,340)
Stockholders' Equity Attributable to Parent	$ 335,311
Stock Issued During Period, Share of Restricted Stock Award Stock Options Exercised and Warrants and Tax Benefits of Equity Awards		(34)
Stock Issued During Period, Value of Restricted Stock Award Stock Options Exercised Warrants Exercised and Tax Benefits of Equity Awards	(492)		(492)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	603		603
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(445)			(445)
Other Comprehensive Income (Loss), Net of Tax	(771)				(771)
Shares, Outstanding		22,184
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest			248,534	83,319	(3,111)
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification \| Adjustments for New Accounting Pronouncement [Member]	(5,464)			(5,464)
Stockholders' Equity Attributable to Parent	328,742
Shares, Outstanding		22,335
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest			250,607	97,717	(3,220)
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification \| Adjustments for New Accounting Pronouncement [Member]	(204)			(204)
Stockholders' Equity Attributable to Parent	345,104
Stock Issued During Period, Share of Restricted Stock Award Stock Options Exercised and Warrants and Tax Benefits of Equity Awards		(21)
Stock Issued During Period, Value of Restricted Stock Award Stock Options Exercised Warrants Exercised and Tax Benefits of Equity Awards	(201)		(201)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	645		645
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	2,262			2,262
Other Comprehensive Income (Loss), Net of Tax	(528)				(528)
Shares, Outstanding		22,314
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest			$ 251,051	$ 99,775	$ (3,748)
Stockholders' Equity Attributable to Parent	$ 347,078

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Operating Activities
Net income (loss)	$ 2,262	$ (445)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities
Depreciation and amortization	5,375	6,064
Impairment	216	135
Deferred income taxes	117	(316)
Stock-based compensation expense	645	603
Noncash interest expense	27	401
Operating Lease, Expense	2,833	3,062
Other, net	(54)	11
Changes in assets and liabilities
Receivables, prepaid expenses and other assets	(1,125)	(5,593)
Inventories	11,941	(78,254)
Manufacturer floorplan payable	(10,669)	89,599
Accounts payable, deferred revenue, accrued expenses and other and other long-term liabilities	(13,919)	(9,289)
Operating Lease, Liability	(3,091)	(3,126)
Net Cash Provided by (Used in) Operating Activities, Continuing Operations	(5,442)	2,852
Investing Activities
Rental fleet purchases	(3,378)	(3,886)
Property and equipment purchases (excluding rental fleet)	(2,036)	(1,604)
Proceeds from sale of property and equipment	313	416
Business Combination, Consideration Transferred	0	(2,972)
Other, net	(21)	8
Net Cash Used for Investing Activities	(5,122)	(8,038)
Financing Activities
Net change in non-manufacturer floorplan payable	18,781	12,772
Proceeds from long-term debt borrowings	1,112	373
Principal payments on long-term debt and finance leases	(1,309)	(878)
Other, net	(200)	(492)
Net Cash Provided by Financing Activities	17,714	11,775
Effect of Exchange Rate Changes on Cash	(36)	(3)
Net Change in Cash	7,114	6,586
Cash at Beginning of Period	43,721	56,745
Cash at End of Period	50,835	63,331
Cash paid during the period
Income taxes, net of refunds	365	517
Interest	2,262	1,712
Supplemental Disclosures of Noncash Investing and Financing Activities
Net property and equipment financed with long-term debt, finance leases, accounts payable and accrued liabilities	2,085	5,861
Net transfer of assets from (to) property and equipment to (from) inventories	$ (888)	$ (371)

ACCUMULATED OTHER COMPREHENSIVE INCOME AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Jan. 31, 2020	Jan. 31, 2019
Statement of Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ (6,459)	$ (5,822)	$ (5,931)	$ (5,051)
Derivatives used in Net Investment Hedge, Net of Tax	2,711	2,711	2,711	2,711
Accumulated Other Comprehensive Income (Loss), Net of Tax	(3,748)	(3,111)	$ (3,220)	$ (2,340)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax	(528)	(771)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	$ (528)	$ (771)

- Definition

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

+ References + Details

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Apr. 30, 2020

Accounting Policies [Abstract]

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The unaudited consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. The quarterly operating results for Titan Machinery Inc. (the “Company”) are subject to fluctuation due to varying weather patterns, which may impact the timing and amount of equipment purchases, rentals, and after-sales parts and service purchases by the Company’s Agriculture, Construction and International customers. Therefore, operating results for the three-month period ended April 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2021. The information contained in the consolidated balance sheet as of January 31, 2020 was derived from the audited consolidated financial statements for the Company for the fiscal year then ended. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2020 as filed with the SEC.

Nature of Business

The Company is engaged in the retail sale, service and rental of agricultural and construction machinery through its stores in the United States and Europe. The Company’s North American stores are located in Arizona, Colorado, Iowa, Minnesota, Montana, Nebraska, North Dakota, South Dakota, Wisconsin and Wyoming, and its European stores are located in Bulgaria, Germany, Romania, Serbia and Ukraine.

Impact of the COVID-19 Pandemic

In March 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic, and the President of the United States declared the COVID-19 outbreak as a national emergency. The nature of COVID-19 led to worldwide shutdowns and halting of commercial and interpersonal activity as governments imposed regulations in efforts to control the spread of the pandemic, such as shelter-in-place orders and quarantines. The pandemic is a highly fluid and rapidly evolving situation, and we cannot anticipate with any certainty the length, scope, or severity of such restrictions in each of the markets that we operate. See Item 1A. Risk Factors for more information on possible impacts.

Since the beginning of the COVID-19 pandemic, the safety of our employees and customers has been and continues to be our top concern. At the onset of the pandemic we organized a COVID Task Force to implement safety protocols and to quickly respond to matters, in the event of a positive case at one of our locations.

Even though we are considered an essential business, in response to the COVID-19 pandemic, the company closed its U.S. stores to the public on March 23, 2020 but continued operations through social distancing means in all areas: equipment, parts, service and rental. Beginning May 4, 2020, we began fully reopening our stores to the public, following pandemic safety protocols applicable to the locations. Additionally, our International stores have also been following pandemic safety protocols applicable to each location.

Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, particularly related to realization of inventory, impairment of long-lived assets, collectability of receivables, and income taxes.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material accounts, transactions and profits between the consolidated companies have been eliminated in consolidation.

Recently Adopted Accounting Guidance

In June 2016, the FASB issued a new standard, codified in ASC 326, that modifies how entities measure credit losses on most financial instruments. The new standard replaced the "incurred loss" model with an "expected credit loss" model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the asset. The guidance impacts the Company on its accounts receivable portfolio but specifically excluded receivables from operating lease arrangements and, therefore, the Company’s receivables from rental contracts were not impacted. The guidance also requires new disclosures to allow the users of the financial statements to understand the credit risk inherent in a portfolio and how management monitors the credit quality of the portfolio, management’s estimate of expected credit losses, and changes in the estimate of expected credit losses that have taken place during the reporting period.

The Company adopted the new guidance on February 1, 2020 using a modified retrospective approach and recognized an immaterial cumulative-effect adjustment to retained earnings as of the effective date. The Company identified and updated existing internal controls and procedures to ensure compliance with the new guidance, but such modifications were not deemed to be material to the Company's overall system of internal control. While the adoption of this ASU did not have a material impact on the Company's consolidated financial statements, it required changes to the Company's process of estimating expected credit losses on trade receivables.

Following is a summary of allowance for credit losses on trade and unbilled accounts receivable:


	Balance at February 1, 2020		Current Expected Credit Loss Provision		Write-offs Charged Against the Allowance		Credit Loss Recoveries Collected		F/X Impact		Balance at April 30, 2020
	(in thousands)
Agriculture	$	181	$	14	$	5	$	40	$	—	$	230
Construction	1,016		113		71		4		—		1,062
International	1,746		226		133		6		(29)		1,816
	$	2,943	$	353	$	209	$	50	$	(29)	$	3,108

In February 2018, the FASB issued guidance on the accounting for implementation costs incurred in a cloud computing arrangement that is a service contract, codified in ASC 350-40. This guidance aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. This standard was adopted on February 1, 2020 and was applied using the prospective transition approach. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

Unadopted Accounting Guidance

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”), which provides temporary optional expedients and exceptions to accounting guidance on contract modifications and hedge accounting to ease entities’ financial reporting burdens as the market transitions from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 is effective upon issuance and can be applied through December 31, 2022. The Company is currently evaluating its contracts and hedging relationships that reference LIBOR to determine if the Company will adopt the new guidance.

EARNINGS PER SHARE (Notes)

3 Months Ended

Apr. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

EARNINGS PER SHARE

The following table sets forth the calculation of basic and diluted EPS:


	Three Months Ended April 30,
	2020		2019
	(in thousands, except per share data)
Numerator:
Net income (loss)	$	2,262	$	(445)
Allocation to participating securities	(32)		—
Net income (loss) attributable to Titan Machinery Inc. common stockholders	$	2,230	$	(445)
Denominator:
Basic weighted-average common shares outstanding	22,012		21,872
Plus: incremental shares from vesting of restricted stock units	—		—
Diluted weighted-average common shares outstanding	22,012		21,872

Earnings Per Share:
Basic	$	0.10	$	(0.02)
Diluted	$	0.10	$	(0.02)

Anti-dilutive shares excluded from diluted weighted-average common shares outstanding:
Restricted stock units	9		8
Shares underlying senior convertible notes	—		1,057

REVENUE (Notes)

3 Months Ended

Apr. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer

REVENUE

Revenues are recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration we expect to collect in exchange for those goods or services. Sales, value added and other taxes collected from our customers concurrent with our revenue activities are excluded from revenue.

The following tables present our revenue disaggregated by revenue source and segment:


	Three Months Ended April 30, 2020
	Agriculture		Construction		International		Total
	(in thousands)
Equipment	$	139,749	$	34,253	$	44,503	$	218,505
Parts	35,079		11,460		10,075		56,614
Service	17,720		6,212		1,668		25,600
Other	733		518		104		1,355
Revenue from contracts with customers	193,281		52,443		56,350		302,074
Rental	346		7,671		117		8,134
Total revenues	$	193,627	$	60,114	$	56,467	$	310,208


	Three Months Ended April 30, 2019
	Agriculture		Construction		International		Total
	(in thousands)
Equipment	$	107,864	$	43,046	$	43,046	$	193,956
Parts	29,976		12,704		9,258		51,938
Service	14,985		6,521		1,325		22,831
Other	618		593		22		1,233
Revenue from contracts with customers	153,443		62,864		53,651		269,958
Rental	332		7,879		123		8,334
Total revenues	$	153,775	$	70,743	$	53,774	$	278,292

Unbilled Receivables and Deferred Revenue

Unbilled receivables amounted to $17.1 million and $13.9 million as of April 30, 2020 and January 31, 2020. The increase in unbilled receivables is primarily the result of a seasonal increase in the volume of our service transactions in which we recognize revenue as our work is performed and prior to customer invoicing.

Deferred revenue from contracts with customers amounted to $27.9 million and $39.5 million as of April 30, 2020 and January 31, 2020. Our deferred revenue most often increases in the fourth quarter of each fiscal year due to a higher level of customer down payments or prepayments and longer time periods between customer payment and delivery of the equipment asset, and the related recognition of equipment revenue, prior to its seasonal use. During the three months ended April 30, 2020 and 2019, the Company recognized $29.7 million and $30.5 million, respectively, of revenue that was included in the deferred revenue balance as of January 31, 2020 and January 31, 2019, respectively. No material amount of revenue was recognized during the three months ended April 30, 2020 and 2019 from performance obligations satisfied in previous periods.

The Company has elected as a practical expedient to not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of service of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The contracts for which the practical expedient has been applied include (i) equipment revenue transactions, which do not have a stated contractual term, but are short-term in nature, and (ii) service revenue transactions, which also do not have a stated contractual term but are generally completed within 30 days and for such contracts we recognize revenue over time at the amount to which we have the right to invoice for services completed to date.

RECEIVABLES (Notes)

3 Months Ended

Apr. 30, 2020

Receivables [Abstract]

Receivable [Policy Text Block]

RECEIVABLES

The Company provides an allowance for expected credit losses on its nonrental receivables in accordance with the guidance in ASU 2016-13. To measure the expected credit losses, receivables have been grouped based on shared credit risk characteristics as shown in the table below.

Trade and unbilled receivables from contracts with customers have credit risk and the allowance is determined by applying expected credit loss percentages to aging categories based on historical experience that are updated each quarter. The rates may also be adjusted to the extent future events are expected to differ from historical results. Given that the credit terms for these receivables are short-term, changes in credit loss percentages due to future events may not occur on a frequent basis. In addition, the allowance is adjusted based on information obtained by continued monitoring of individual customer credit.

Trade receivables from finance companies, other receivables due from manufacturers, and other receivables have not historically resulted in any credit losses to the Company. These receivables are short-term in nature and deemed to be of good credit quality and have no need for any allowance for expected credit losses. Management continually monitors these receivables and should information be obtained that identifies potential credit risk, an adjustment to the allowance would be made if deemed appropriate.

Trade and unbilled receivables from rental contracts are primarily in the US and are specifically excluded from the guidance in ASU 2016-13 in determining an allowance for expected losses. The Company does provide an allowance for these receivables based on historical experience and using credit information obtained from continued monitoring of customer accounts.


	April 30, 2020		January 31, 2020
	(in thousands)
Trade and unbilled receivables from contracts with customers
Trade receivables due from customers	$	32,962	$	36,400
Trade receivables due from finance companies	17,388		12,352
Unbilled receivables	17,076		13,944
Trade and unbilled receivables from rental contracts
Trade receivables	5,581		7,381
Unbilled receivables	741		861
Other receivables
Due from manufacturers	6,565		5,763
Other	1,346		1,198
Total receivables	81,659		77,899
Less allowance for expected credit losses	(5,229)		(5,123)
Receivables, net of allowance for expected credit losses	$	76,430	$	72,776

The following table presents impairment losses on receivables arising from sales contracts with customers and receivables arising from rental contracts:


	Three Months Ended April 30,
	2020		2019
	(in thousands)
Impairment losses on:
Receivables from sales contracts	$	143	$	328
Receivables from rental contracts	138		83
	$	281	$	411

INVENTORIES

3 Months Ended

Apr. 30, 2020

Inventory Disclosure [Abstract]

INVENTORIES


	April 30, 2020		January 31, 2020
	(in thousands)
New equipment	$	346,703	$	358,339
Used equipment	154,538		157,535
Parts and attachments	80,294		79,813
Work in process	1,900		1,707
	$	583,435	$	597,394

PROPERTY AND EQUIPMENT

3 Months Ended

Apr. 30, 2020

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT


	April 30, 2020		January 31, 2020
	(in thousands)
Rental fleet equipment	$	104,888	$	104,133
Machinery and equipment	22,773		22,682
Vehicles	51,837		51,850
Furniture and fixtures	42,043		41,720
Land, buildings, and leasehold improvements	72,407		70,408
	293,948		290,793
Less accumulated depreciation	(145,655)		(145,231)
	$	148,293	$	145,562

The Company reviews its long-lived assets for potential impairment whenever events or circumstances indicate that the carrying value of the long-lived asset (or asset group) may not be recoverable. During the three months ended April 30, 2020, the Company determined that a current period operating loss combined with historical losses of certain store locations indicated that the long-lived asset group of the store locations may not be recoverable. The Company performed an impairment assessment of this asset group and as a result recognized an impairment charge of $0.2 million within its Construction segment. In March 2019, the Company completed an assessment of its Enterprise Resource Planning ("ERP") application and concluded that the Company would begin the process to prepare for conversion to a new ERP application. The Company currently anticipates a pilot store to be on the new ERP system in the second quarter of the current fiscal year and all stores to be on the new ERP application in the first half of the fiscal year ending January 31, 2022. We have prospectively adjusted the useful life of our current ERP application such that it will be fully amortized upon its estimated replacement date. The net book value of the ERP asset of $1.8 million as of April 30, 2020 will be amortized on a straight-line basis over the estimated remaining period of use.

LINES OF CREDIT / FLOORPLAN PAYABLE

3 Months Ended

Apr. 30, 2020

Line of Credit Facility [Abstract]

LINES OF CREDIT / FLOORPLAN PAYABLE

LINES OF CREDIT

On April 3, 2020, the Company entered into a Third Amended and Restated Credit Agreement with a group of banks (the "Bank Syndicate"), that amended and restated the Company's prior $200.0 million credit facility, dated October 28, 2015. The Bank Syndicate provides for a secured credit facility in an amount up to $250.0 million, consisting of a $185.0 million floorplan facility (the "Floorplan Loan") and a $65.0 million operating line (the "Revolver Loan"), and changed the interest rates as compared to the prior credit facility, amongst other things. The amounts available under the Bank Syndicate are subject to base calculations and reduced by outstanding standby letters of credit and certain reserves. The Bank Syndicate has a variable interest rate on outstanding balances, has a 0.25% non-usage fee on the average monthly unused amount (replacing the previous non-usage fee of 0.25% to 0.375%), and requires monthly payments of accrued interest. The Company elects at the time of any advance to choose a Base Rate Loan or a LIBOR Rate Loan. The LIBOR Rate is based upon one month, two month, or three month LIBOR, as chosen by the Company, but in no event shall the LIBOR Rate be less than 0.50%. The Base Rate is the greater of (a) the prime rate of interest announced, from time to time, by Bank of America; (b) the Federal Funds Rate plus 0.5%, (c) one month LIBOR plus 1%, but in no event shall the Base Rate be less than zero. The applicable margin rate is determined based on excess availability under the Bank Syndicate and ranges from 0.5% to 1.0% for Base Rate Loans and 1.5% to 2.0% for LIBOR Rate Loans. The new applicable margins under the Bank Syndicate are up to 0.5% less than the existing margins under the prior credit facility.

The Bank Syndicate does not obligate the Company to maintain financial covenants, except in the event that excess availability (each as defined in the Bank Syndicate) is less than 15% of the lower of the borrowing base or the size of the maximum credit line, at which point the Company is required to maintain a fixed charge coverage ratio (“FCCR”) of at least 1.10:1.00. The Bank Syndicate includes various restrictions on the Company and its subsidiaries’ activities, including, under certain conditions, limitations on the Company’s ability to make certain cash payments including cash dividends and stock repurchases, issuance of equity instruments, acquisitions and divestitures, and entering into new indebtedness transactions. The Bank Syndicate matures on April 3, 2025.

The Floorplan Loan under the Bank Syndicate is used to finance equipment inventory purchases. Amounts outstanding are recorded as floorplan payable, within current liabilities on the consolidated balance sheets, as the Company intends to repay amounts borrowed within one year.

The Revolver Loan under the Bank Syndicate is used to finance rental fleet equipment and for general working capital requirements of the Company. Amounts outstanding are recorded as long-term debt, within long-term liabilities on the consolidated balance sheets, as the Company does not have the intention or obligation to repay amounts borrowed within one year.

As of April 30, 2020, the Company had floorplan lines of credit totaling $762.0 million, which is primarily comprised of three significant floorplan lines of credit: (i) a $450.0 million credit facility with CNH Industrial, (ii) a $185.0 million line of credit with the Bank Syndicate, and (iii) a $60.0 million credit facility with DLL Finance LLC.

As of April 30, 2020 and January 31, 2020, the Company's outstanding balances of floorplan payables and lines of credit consisted of the following:


	April 30, 2020		January 31, 2020
	(in thousands)
CNH Industrial	$	179,602	$	187,690
Bank Syndicate Floorplan Loan	102,900		—
Wells Fargo Floorplan Payable Line	—		82,700
DLL Finance	30,198		30,657
Other outstanding balances with manufacturers and non-manufacturers	65,602		70,725
	$	378,302	$	371,772

As of April 30, 2020, the interest-bearing U.S. floorplan payables carried various interest rates ranging primarily from 2.52% to 4.12%, compared to a range of 4.05% to 4.81% as of January 31, 2020. As of April 30, 2020, foreign floorplan payables carried various interest rates primarily ranging from 0.98% to 6.33%, compared to a range of 0.86% to 7.66% as of January 31, 2020. As of April 30, 2020 and January 31, 2020, $201.9 million and $205.2 million, respectively, of outstanding floorplan payable were non-interest bearing. As of April 30, 2020, the Company had a compensating balance arrangement under one of its foreign floorplan credit facilities, which requires a minimum cash deposit to be maintained with the lender in the amount of $5.0 million for the term of the credit facility.

DEFERRED REVENUE (Notes)

3 Months Ended

Apr. 30, 2020

Revenue Recognition and Deferred Revenue [Abstract]

Deferred Revenue Disclosure [Text Block]

DEFERRED REVENUE


	April 30, 2020		January 31, 2020
	(in thousands)
Deferred revenue from contracts with customers	$	27,889	$	39,512
Deferred revenue from rental and other contracts	1,274		1,456
	$	29,163	$	40,968

SENIOR CONVERTIBLE NOTES

3 Months Ended

Apr. 30, 2020

SENIOR CONVERTIBLE NOTES

Debt Disclosure [Text Block]

SENIOR CONVERTIBLE NOTES

The Company's senior convertible notes matured, and the outstanding principal balance of $45.6 million was repaid in full, on May 1, 2019.

The Company recognized interest expense associated with its senior convertible notes as follows:


	Three Months Ended April 30,
	2020		2019
	(in thousands)
Cash Interest Expense
Coupon interest expense	$	—	$	421
Noncash Interest Expense
Amortization of debt discount	—		350
Amortization of transaction costs	—		45
	$	—	$	816

The effective interest rate of the liability component was equal to 0.0% for the three months ended April 30, 2019.

LONG TERM DEBT (Notes)

3 Months Ended

Apr. 30, 2020

Long-term Debt, Unclassified [Abstract]

Long-term Debt [Text Block]

LONG TERM DEBT

The following is a summary of long-term debt as of April 30, 2020 and January 31, 2020:


	April 30, 2020		January 31, 2020
	(in thousands)
Sale-leaseback financing obligations, interest rates ranging from 3.4% to 10.3% with various maturity dates through December 2030	$	17,469	$	17,781
Bank Syndicate - Working Capital Line, interest accrues at a variable rate on outstanding balances, requires monthly payments of accrued interest, matures April 2025	10,000		10,000
Real estate mortgage bearing interest at 5.11%, payable in annual installments of $0.3 million, maturing on May 15, 2039, secured by real estate assets	6,827		6,827
Equipment financing loan, payable in monthly installments over a 72-month term for each funded tranche, bearing interest at 3.89%, secured by vehicle assets	7,350		7,468
Real estate mortgage bearing interest at 4.62%, payable in monthly installments of $0.04 million with a final payment at maturity of $3.4 million, maturing on June 10, 2024, secured by real estate assets	4,366		4,416
Real estate mortgage bearing interest at 4.4%, payable in monthly installments of $0.01 million with a final payment at maturity of $1.0 million, maturing on January 1, 2027, secured by real estate assets	1,474		1,489
Real estate mortgage bearing interest at 2.09%, payable in monthly installments, maturing on June 30, 2026, secured by real estate assets	2,396		2,520
Other long-term debt primarily bearing interest at three-month EURIBOR plus 2.6%, payable in quarterly installments, maturing on January 31, 2021	3,427		1,067
	53,309		51,568
Less current maturities	(3,787)		(13,779)
	$	49,522	$	37,789

DERIVATIVE INSTRUMENTS

3 Months Ended

Apr. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

The Company holds derivative instruments for the purpose of minimizing exposure to fluctuations in foreign currency exchange rates to which the Company is exposed in the normal course of its operations.

The Company uses foreign currency forward contracts to hedge the effects of fluctuations in exchange rates on outstanding intercompany loans. The Company does not formally designate and document such derivative instruments as hedging instruments; however, the instruments are an effective economic hedge of the underlying foreign currency exposure. Both the gain or loss on the derivative instrument and the offsetting gain or loss on the underlying intercompany loan are recognized in earnings immediately, thereby eliminating or reducing the impact of foreign currency exchange rate fluctuations on net income. The Company's foreign currency forward contracts generally have three-month maturities, maturing on the last day of each fiscal quarter. No foreign currency contracts were outstanding as of January 31, 2020. The notional value of outstanding foreign currency contracts as of April 30, 2020 was $13.0 million.

As of April 30, 2020, the fair value of the Company's outstanding derivative instruments was not material. Derivative instruments recognized as assets are recorded in prepaid expenses and other in the consolidated balance sheets, and derivative instruments recognized as liabilities are recorded in accrued expenses and other in the consolidated balance sheets.

The following table sets forth the gains and losses recognized in income from the Company’s derivative instruments for the three months ended April 30, 2020 and 2019. Gains and losses are recognized in interest income and other income (expense) in the consolidated statements of operations:


	Three Months Ended April 30,
	2020		2019
	(in thousands)
Foreign currency contract gain (loss)	$	(13)	$	202

ACCUMULATED OTHER COMPREHENSIVE INCOME (Notes) - USD ($)
$ in Thousands

3 Months Ended

Apr. 30, 2020

Apr. 30, 2019

Jan. 31, 2020

Jan. 31, 2019

Accumulated Other Comprehensive Income [Abstract]

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax

$ (528)

$ (771)

Accumulated Other Comprehensive Income (Loss), Net of Tax

(3,748)

(3,111)

$ (3,220)

$ (2,340)

Other Comprehensive Income (Loss), before Reclassifications, before Tax

(528)

(771)

Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax

$ (6,459)

$ (5,822)

$ (5,931)

$ (5,051)

Comprehensive Income (Loss) Note [Text Block]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following is a summary of the changes in accumulated other comprehensive income (loss), by component, for the periods ended April 30, 2020 and April 30, 2019:


	Foreign Currency Translation Adjustment		Net Investment Hedging Gain		Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, January 31, 2020	$	(5,931)	$	2,711	$	(3,220)
Other comprehensive loss	(528)		—		(528)
Balance, April 30, 2020	$	(6,459)	$	2,711	$	(3,748)


	Foreign Currency Translation Adjustment		Net Investment Hedging Gain		Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, January 31, 2019	$	(5,051)	$	2,711	$	(2,340)
Other comprehensive loss	(771)		—		(771)
Balance, April 30, 2019	$	(5,822)	$	2,711	$	(3,111)

- Definition

+ References + Details

LEASES (Notes)

3 Months Ended

Apr. 30, 2020

Leases [Abstract]

Lease Disclosure [Text Block]

LEASES

As Lessee

The Company, as lessee, leases certain of its dealership locations, office space, equipment and vehicles under operating and financing classified leasing arrangements. The Company has elected to not record leases with a lease term at commencement of 12 months or less on the consolidated balance sheet; such leases are expensed on a straight-line basis over the lease term. Many real estate lease agreements require the Company to pay the real estate taxes on the properties during the lease term and require that the Company maintain property insurance on each of the leased premises. Such payments are deemed to be variable lease payments as the amounts may change during the term of the lease. Certain leases include renewal options that can extend the lease term for periods of one to ten years. Most real estate leases grant the Company a right of first refusal or other options to purchase the real estate, generally at fair market value, either during the lease term or at its conclusion. In most cases, the Company has not included these renewal and purchase options within the measurement of the right-of-use asset and lease liability. Most often the Company cannot readily determine the interest rate implicit in the lease and thus applies its incremental borrowing rate to capitalize the right-of-use asset and lease liability. The Company estimates its incremental borrowing rate by incorporating considerations of lease term, asset class and lease currency and geographical market. The Company's lease agreements do not contain any material non-lease components, residual value guarantees or material restrictive covenants.

The Company subleases a small number of real estate assets to third-parties, primarily dealership locations for which it has ceased operations. All sublease arrangements are classified as operating leases.

The components of lease expense were as follows:


	Classification	Three Months Ended April 30, 2020		Three Months Ended April 30, 2019
		(in thousands)
Finance lease cost:
Amortization of leased assets	Operating expenses	$	392	$	376
Interest on lease liabilities	Other interest expense	126		139
Operating lease cost	Operating expenses & rental and other cost of revenue	4,463		4,816
Short-term lease cost	Operating expenses	80		80
Variable lease cost	Operating expenses	635		620
Sublease income	Interest income and other income (expense)	(152)		(168)
		$	5,544	$	5,863

Right-of-use lease assets and lease liabilities consist of the following:


	Classification	April 30, 2020		January 31, 2020
		(in thousands)
Assets
Operating lease assets	Operating lease assets	$	84,577	$	88,281
Finance lease assets^(a)	Property and equipment, net of accumulated depreciation	6,002		6,297
Total leased assets		$	90,579	$	94,578
Liabilities
Current
Operating	Current operating lease liabilities	$	12,320	$	12,259
Finance	Accrued expenses and other	1,714		1,708
Noncurrent
Operating	Operating lease liabilities	84,499		88,387
Finance	Other long-term liabilities	3,747		4,103
Total lease liabilities		$	102,280	$	106,457

^(a)Finance lease assets are recorded net of accumulated amortization of $1.8 million as of April 30, 2020.

Maturities of lease liabilities as of April 30, 2020 are as follows:


	Operating		Finance
	Leases		Leases		Total
Fiscal Year Ended January 31,	(in thousands)
2021 (remainder)	$	13,393	$	1,609	$	15,002
2022	16,887		1,851		18,738
2023	15,748		1,206		16,954
2024	14,824		476		15,300
2025	13,691		393		14,084
2026	13,539		312		13,851
Thereafter	33,624		1,083		34,707
Total lease payments	121,706		6,930		128,636
Less: Interest	24,887		1,469		26,356
Present value of lease liabilities	$	96,819	$	5,461	$	102,280

The weighted-average lease term and discount rate as of April 30, 2020 are as follows:


	April 30, 2020
Weighted-average remaining lease term (years):
Operating leases	7.7
Financing leases	5.3
Weighted-average discount rate:
Operating leases	6.1	%
Financing leases	9.8	%

As Lessor

The Company rents equipment to customers, primarily in the Construction segment, on a short-term basis. Our rental arrangements generally do not include minimum, noncancellable periods as the lessee is entitled to cancel the arrangement at any time. Most often, our rental arrangements extend for periods ranging from a few days to a few months. We maintain a fleet of dedicated rental assets within our Construction segment and, within all segments, may also provide short-term rentals of certain equipment inventory assets. Certain rental arrangements may include rent-to-purchase options whereby customers are given a period of time to exercise an option to purchase the related equipment at an established price with any rental payments paid applied to reduce the purchase price.

All of the Company's leasing arrangements as lessor are classified as operating leases. Rental revenue is recognized on a straight-line basis over the rental period. Rental revenue includes amounts charged for loss and damage insurance on rented equipment. In most cases, our rental arrangements include non-lease components, including delivery and pick-up services. The

Company accounts for these non-lease components separate from the rental arrangement and recognizes the revenue associated with these components when the service is performed. The Company has elected to exclude from rental revenue all sales, value added and other taxes collected from our customers concurrent with our rental activities. Rental billings most often occur on a monthly basis and may be billed in advance or in arrears, thus creating unbilled rental receivables or deferred rental revenue amounts. The Company manages the residual value risk of its rented assets by (i) monitoring the quality, aging and anticipated retail market value of our rental fleet assets to determine the optimal period to remove an asset from the rental fleet, (ii) maintaining the quality of our assets through on-site parts and service support and (iii) requiring physical damage insurance of our lessee customers. We primarily dispose of our rental assets through the sale of the asset by our retail sales force.

Revenue generated from leasing activities is disclosed, by segment, in Note 3. The following is the balance of our dedicated rental fleet assets of our Construction segment as of April 30, 2020 and January 31, 2020:


	April 30, 2020		January 31, 2020
	(in thousands)
Rental fleet equipment	$	104,888	$	104,133
Less accumulated depreciation	39,814		42,076
	$	65,074	$	62,057

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Apr. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE MEASUREMENTS As of April 30, 2020 and January 31, 2020, the fair value of the Company's foreign currency contracts, which are either assets or liabilities measured at fair value on a recurring basis, was not material. These foreign currency contracts were valued using a discounted cash flow analysis, an income approach, utilizing readily observable market data as inputs, which is classified as a Level 2 fair value measurement. The Company also valued certain long-lived assets at fair value on a non-recurring basis as of April 30, 2020 and January 31, 2020 as part of its long-lived asset impairment testing. The estimated fair value of such assets as of April 30, 2020 and January 31, 2020 was $0.4 million and $2.8 million, respectively. Fair value was estimated through an income approach incorporating both observable and unobservable inputs, and are deemed to be Level 3 fair value inputs. The most significant unobservable inputs include forecasted net cash generated from the use of the assets and the discount rate applied to such cash flows to arrive at a fair value estimate. In addition, in certain instances the Company estimated the fair value of long-lived assets to approximate zero as no future cash flows were assumed to be generated from the use of such assets and the expected value to be realized upon disposition was deemed to be nominal. The Company also has financial instruments that are not recorded at fair value in the consolidated balance sheets, including cash, receivables, payables and long-term debt. The carrying amounts of these financial instruments approximated their fair values as of April 30, 2020 and January 31, 2020. Fair value of these financial instruments was estimated based on Level 2 fair value inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INCOME TAXES	3 Months Ended
INCOME TAXES	Apr. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective tax rate was 28.1% for the three months ended April 30, 2020 compared to an effective tax rate of 13.6% for the three months ended April 30, 2019. Our effective tax rate differs from the domestic federal statutory tax rate due to the mix of domestic and foreign income or losses and the impact of the recognition of valuation allowances on our foreign deferred tax assets, including net operating losses.

BUSINESS COMBINATIONS (Notes)

12 Months Ended

Jan. 31, 2020

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

BUSINESS COMBINATIONS

On January 1, 2019, the Company, through its German subsidiary, acquired certain assets of ESB Agrartechnik GmbH ("ESB"). ESB is a full-service agriculture equipment dealership in Eastern Germany. Our acquisition of ESB further expanded our presence in the German market. The total consideration transferred for the acquired business was $3.0 million paid in cash. This acquisition was recognized in the fiscal year ended January 31, 2020 as the acquisition occurred within our International segment in which all entities maintain a calendar year reporting period.

On October 1, 2019, the Company acquired certain assets of Uglem-Ness Co. The acquired business consists of one Case IH agriculture equipment store in Northwood, North Dakota. The service area is contiguous to the Company's existing locations in Grand Forks and Casselton, North Dakota and Ada, Minnesota. The total consideration transferred for the acquired business was $10.9 million paid in cash, including the acquired real estate, which was finalized in January 2020 for $2.1 million.

In connection with the acquisition, the Company acquired from CNH Industrial and certain other manufacturers equipment and parts inventory previously owned by Uglem-Ness Co. Upon acquiring such inventories, the Company was offered floorplan financing by the manufacturer. In total, the Company acquired inventory and recognized a corresponding financing liability of $7.4 million. The recognition of these inventories and the associated financing liabilities are not included as part of the accounting for the business combination.

Purchase Price Allocation

Each of the above acquisitions has been accounted for under the acquisition method of accounting, which requires the Company to estimate the acquisition date fair value of the assets acquired and liabilities assumed. The accounting for all business combinations was complete as of January 31, 2020. The following table presents the aggregate purchase price allocations for all acquisitions completed as of January 31, 2020:


	January 31, 2020
	(in thousands)
Assets acquired:

Receivables	$	440
Inventories	6,466

Property and equipment	3,810
Intangible assets	1,973
Goodwill	1,198

	13,887

Liabilities assumed:	—






	—
Net assets acquired	$	13,887

Goodwill recognized by segment:
Agriculture	$	699
Construction	—
International	499
Goodwill expected to be deductible for tax purposes	$	1,198

The recognition of goodwill in the above business combinations arose from the acquisition of an assembled workforce and anticipated synergies expected to be realized. For the business combinations occurring during the twelve months ended January 31, 2020, the Company recognized a customer relationship intangible asset of $0.2 million, a non-competition intangible asset of $0.1 million, and a distribution rights intangible asset of $1.6 million. The customer relationship and non-competition assets will be amortized over periods ranging from three to five years. The distribution rights assets are indefinite-lived intangible assets not subject to amortization. The Company estimated the fair value of the intangible assets using a multi-period excess earnings model, an income approach. Acquisition related costs were not material for fiscal year ended January 31, 2020, and have been expensed as incurred and recognized as operating expenses in the consolidated statements of operations.

CONTINGENCIES (Notes)	3 Months Ended
CONTINGENCIES (Notes)	Apr. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	NOTE 17 - CONTINGENCIES On October 11, 2017, the Romania Competition Council (“RCC”) initiated an administrative investigation of the Romanian Association of Manufacturers and Importers of Agricultural Machinery (“APIMAR”) and all its members, including Titan Machinery Romania. The RCC's investigation involves whether the APIMAR members engaged in anti-competitive practices in their sales of agricultural machinery not involving European Union ("EU") subvention funding programs, by referring to the published sales prices governing EU subvention funded transactions, which prices are mandatorily disclosed to and published by AFIR, a Romanian government agency that oversees the EU subvention funding programs in Romania. The investigation is in a preliminary stage and the Company is currently unable to predict its outcome or reasonably estimate any potential loss that may result from the investigation. The Company is also engaged in other legal proceedings incidental to the normal course of business. Due to their nature, such legal proceedings involve inherent uncertainties, including but not limited to, court rulings, negotiations between affected parties and governmental intervention. Based upon the information available to the Company and discussions with legal counsel, it is the Company's opinion that the outcome of these various legal actions and claims will not have a material impact on the financial position, results of operations or cash flows. These matters, however, are subject to many uncertainties, and the outcome of any matter is not predictable with assurance.

SEGMENT INFORMATION AND OPERATING RESULTS

3 Months Ended

Apr. 30, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION AND OPERATING RESULTS

SEGMENT INFORMATION

The Company has three reportable segments: Agriculture, Construction and International. Revenue between segments is immaterial. The Company retains various unallocated income/(expense) items and assets at the general corporate level, which the Company refers to as “Shared Resources” in the table below. Shared Resources assets primarily consist of cash and property and equipment.

Certain financial information for each of the Company’s business segments is set forth below.


	Three Months Ended April 30,
	2020		2019
	(in thousands)
Revenue
Agriculture	$	193,627	$	153,775
Construction	60,114		70,743
International	56,467		53,774
Total	$	310,208	$	278,292

Income (Loss) Before Income Taxes
Agriculture	$	6,162	$	1,876
Construction	(2,873)		(2,222)
International	(280)		216
Segment income (loss) before income taxes	3,009		(130)
Shared Resources	139		(385)
Total	$	3,148	$	(515)


	April 30, 2020		January 31, 2020
	(in thousands)
Total Assets
Agriculture	$	436,040	$	444,942
Construction	272,402		275,645
International	192,966		191,513
Segment assets	901,408		912,100
Shared Resources	68,331		63,243
Total	$	969,739	$	975,343

Subsequent Events	3 Months Ended
Subsequent Events	Apr. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On January 31, 2020, the Company entered into a definitive purchase agreement to acquire HorizonWest Inc., which owns a three store CaseIH agriculture dealership complex in Scottsbluff and Sidney, Nebraska and Torrington, Wyoming. In its most recent fiscal year, HorizonWest generated revenue of approximately $26 million. The Company closed on the acquisition on May 4, 2020. The total purchase price was $6.9 million, which does not include the $2.7 million of associated inventory that the Company concurrently purchased from CNH Industrial under standard terms. Due to the limited time since the date of the acquisition, it is impracticable for the Company to make certain business combination disclosures at this time as the Company is still gathering information that is necessary for the required business combination disclosures.

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Apr. 30, 2020

Accounting Policies [Abstract]

Basis of Presentation

Estimates

Principles of Consolidation

New Accounting Pronouncements

Recently Adopted Accounting Guidance

Following is a summary of allowance for credit losses on trade and unbilled accounts receivable:


	Balance at February 1, 2020		Current Expected Credit Loss Provision		Write-offs Charged Against the Allowance		Credit Loss Recoveries Collected		F/X Impact		Balance at April 30, 2020
	(in thousands)
Agriculture	$	181	$	14	$	5	$	40	$	—	$	230
Construction	1,016		113		71		4		—		1,062
International	1,746		226		133		6		(29)		1,816
	$	2,943	$	353	$	209	$	50	$	(29)	$	3,108

Description of New Accounting Pronouncements Not yet Adopted

Unadopted Accounting Guidance

Accounting Policies (Tables)

3 Months Ended

Apr. 30, 2020

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

Following is a summary of allowance for credit losses on trade and unbilled accounts receivable:


	Balance at February 1, 2020		Current Expected Credit Loss Provision		Write-offs Charged Against the Allowance		Credit Loss Recoveries Collected		F/X Impact		Balance at April 30, 2020
	(in thousands)
Agriculture	$	181	$	14	$	5	$	40	$	—	$	230
Construction	1,016		113		71		4		—		1,062
International	1,746		226		133		6		(29)		1,816
	$	2,943	$	353	$	209	$	50	$	(29)	$	3,108

EARNINGS PER SHARE (Tables)

3 Months Ended

Apr. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table sets forth the calculation of basic and diluted EPS:


	Three Months Ended April 30,
	2020		2019
	(in thousands, except per share data)
Numerator:
Net income (loss)	$	2,262	$	(445)
Allocation to participating securities	(32)		—
Net income (loss) attributable to Titan Machinery Inc. common stockholders	$	2,230	$	(445)
Denominator:
Basic weighted-average common shares outstanding	22,012		21,872
Plus: incremental shares from vesting of restricted stock units	—		—
Diluted weighted-average common shares outstanding	22,012		21,872

Earnings Per Share:
Basic	$	0.10	$	(0.02)
Diluted	$	0.10	$	(0.02)

Anti-dilutive shares excluded from diluted weighted-average common shares outstanding:
Restricted stock units	9		8
Shares underlying senior convertible notes	—		1,057

REVENUE (Tables)

3 Months Ended

Apr. 30, 2020

DISAGGREGATED REVENUE [Abstract]

Disaggregation of Revenue [Table Text Block]

The following tables present our revenue disaggregated by revenue source and segment:


	Three Months Ended April 30, 2020
	Agriculture		Construction		International		Total
	(in thousands)
Equipment	$	139,749	$	34,253	$	44,503	$	218,505
Parts	35,079		11,460		10,075		56,614
Service	17,720		6,212		1,668		25,600
Other	733		518		104		1,355
Revenue from contracts with customers	193,281		52,443		56,350		302,074
Rental	346		7,671		117		8,134
Total revenues	$	193,627	$	60,114	$	56,467	$	310,208


	Three Months Ended April 30, 2019
	Agriculture		Construction		International		Total
	(in thousands)
Equipment	$	107,864	$	43,046	$	43,046	$	193,956
Parts	29,976		12,704		9,258		51,938
Service	14,985		6,521		1,325		22,831
Other	618		593		22		1,233
Revenue from contracts with customers	153,443		62,864		53,651		269,958
Rental	332		7,879		123		8,334
Total revenues	$	153,775	$	70,743	$	53,774	$	278,292

RECEIVABLES (Tables)

3 Months Ended

Apr. 30, 2020

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]


	April 30, 2020		January 31, 2020
	(in thousands)
Trade and unbilled receivables from contracts with customers
Trade receivables due from customers	$	32,962	$	36,400
Trade receivables due from finance companies	17,388		12,352
Unbilled receivables	17,076		13,944
Trade and unbilled receivables from rental contracts
Trade receivables	5,581		7,381
Unbilled receivables	741		861
Other receivables
Due from manufacturers	6,565		5,763
Other	1,346		1,198
Total receivables	81,659		77,899
Less allowance for expected credit losses	(5,229)		(5,123)
Receivables, net of allowance for expected credit losses	$	76,430	$	72,776

Impaired Financing Receivables [Table Text Block]

The following table presents impairment losses on receivables arising from sales contracts with customers and receivables arising from rental contracts:


	Three Months Ended April 30,
	2020		2019
	(in thousands)
Impairment losses on:
Receivables from sales contracts	$	143	$	328
Receivables from rental contracts	138		83
	$	281	$	411

INVENTORIES (Tables)

3 Months Ended

Apr. 30, 2020

Inventory Disclosure [Abstract]

Schedule of inventories


	April 30, 2020		January 31, 2020
	(in thousands)
New equipment	$	346,703	$	358,339
Used equipment	154,538		157,535
Parts and attachments	80,294		79,813
Work in process	1,900		1,707
	$	583,435	$	597,394

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Apr. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

PROPERTY AND EQUIPMENT


	April 30, 2020		January 31, 2020
	(in thousands)
Rental fleet equipment	$	104,888	$	104,133
Machinery and equipment	22,773		22,682
Vehicles	51,837		51,850
Furniture and fixtures	42,043		41,720
Land, buildings, and leasehold improvements	72,407		70,408
	293,948		290,793
Less accumulated depreciation	(145,655)		(145,231)
	$	148,293	$	145,562

LINES OF CREDIT / FLOORPLAN PAYABLE Summary of Outstanding Amounts (Tables)

3 Months Ended

Apr. 30, 2020

Line of Credit Facility [Line Items]

Schedule of Line of Credit Facilities [Table Text Block]


	April 30, 2020		January 31, 2020
	(in thousands)
CNH Industrial	$	179,602	$	187,690
Bank Syndicate Floorplan Loan	102,900		—
Wells Fargo Floorplan Payable Line	—		82,700
DLL Finance	30,198		30,657
Other outstanding balances with manufacturers and non-manufacturers	65,602		70,725
	$	378,302	$	371,772

DEFERRED REVENUE (Tables)

3 Months Ended

Apr. 30, 2020

Revenue Recognition and Deferred Revenue [Abstract]

Deferred Revenue, by Arrangement, Disclosure [Table Text Block]


	April 30, 2020		January 31, 2020
	(in thousands)
Deferred revenue from contracts with customers	$	27,889	$	39,512
Deferred revenue from rental and other contracts	1,274		1,456
	$	29,163	$	40,968

SENIOR CONVERTIBLE NOTES (Tables)

3 Months Ended

Apr. 30, 2020

Senior Convertible Notes

SENIOR CONVERTIBLE NOTES

Senior Convertible Notes Interest Expense

The Company recognized interest expense associated with its senior convertible notes as follows:


	Three Months Ended April 30,
	2020		2019
	(in thousands)
Cash Interest Expense
Coupon interest expense	$	—	$	421
Noncash Interest Expense
Amortization of debt discount	—		350
Amortization of transaction costs	—		45
	$	—	$	816

LONG TERM DEBT (Tables)

3 Months Ended

Apr. 30, 2020

Long Term Debt Excluding Senior Convertible Notes [Member]

Debt Instrument [Line Items]

Schedule of Long-term Debt Instruments [Table Text Block]

The following is a summary of long-term debt as of April 30, 2020 and January 31, 2020:


	April 30, 2020		January 31, 2020
	(in thousands)
Sale-leaseback financing obligations, interest rates ranging from 3.4% to 10.3% with various maturity dates through December 2030	$	17,469	$	17,781
Bank Syndicate - Working Capital Line, interest accrues at a variable rate on outstanding balances, requires monthly payments of accrued interest, matures April 2025	10,000		10,000
Real estate mortgage bearing interest at 5.11%, payable in annual installments of $0.3 million, maturing on May 15, 2039, secured by real estate assets	6,827		6,827
Equipment financing loan, payable in monthly installments over a 72-month term for each funded tranche, bearing interest at 3.89%, secured by vehicle assets	7,350		7,468
Real estate mortgage bearing interest at 4.62%, payable in monthly installments of $0.04 million with a final payment at maturity of $3.4 million, maturing on June 10, 2024, secured by real estate assets	4,366		4,416
Real estate mortgage bearing interest at 4.4%, payable in monthly installments of $0.01 million with a final payment at maturity of $1.0 million, maturing on January 1, 2027, secured by real estate assets	1,474		1,489
Real estate mortgage bearing interest at 2.09%, payable in monthly installments, maturing on June 30, 2026, secured by real estate assets	2,396		2,520
Other long-term debt primarily bearing interest at three-month EURIBOR plus 2.6%, payable in quarterly installments, maturing on January 31, 2021	3,427		1,067
	53,309		51,568
Less current maturities	(3,787)		(13,779)
	$	49,522	$	37,789

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 235
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-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Apr. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of gains and losses recognized on derivative instruments


	Three Months Ended April 30,
	2020		2019
	(in thousands)
Foreign currency contract gain (loss)	$	(13)	$	202

ACCUMULATED OTHER COMPREHENSIVE INCOME AOCI (Tables)

3 Months Ended

Apr. 30, 2020

Other Income and Expenses [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following is a summary of the changes in accumulated other comprehensive income (loss), by component, for the periods ended April 30, 2020 and April 30, 2019:


	Foreign Currency Translation Adjustment		Net Investment Hedging Gain		Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, January 31, 2020	$	(5,931)	$	2,711	$	(3,220)
Other comprehensive loss	(528)		—		(528)
Balance, April 30, 2020	$	(6,459)	$	2,711	$	(3,748)


	Foreign Currency Translation Adjustment		Net Investment Hedging Gain		Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, January 31, 2019	$	(5,051)	$	2,711	$	(2,340)
Other comprehensive loss	(771)		—		(771)
Balance, April 30, 2019	$	(5,822)	$	2,711	$	(3,111)

LEASES (Tables)

3 Months Ended

Apr. 30, 2020

Lease Expense [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense were as follows:


	Classification	Three Months Ended April 30, 2020		Three Months Ended April 30, 2019
		(in thousands)
Finance lease cost:
Amortization of leased assets	Operating expenses	$	392	$	376
Interest on lease liabilities	Other interest expense	126		139
Operating lease cost	Operating expenses & rental and other cost of revenue	4,463		4,816
Short-term lease cost	Operating expenses	80		80
Variable lease cost	Operating expenses	635		620
Sublease income	Interest income and other income (expense)	(152)		(168)
		$	5,544	$	5,863

Summary of Lease Assets and Liabilities [Table Text Block]

Right-of-use lease assets and lease liabilities consist of the following:


	Classification	April 30, 2020		January 31, 2020
		(in thousands)
Assets
Operating lease assets	Operating lease assets	$	84,577	$	88,281
Finance lease assets^(a)	Property and equipment, net of accumulated depreciation	6,002		6,297
Total leased assets		$	90,579	$	94,578
Liabilities
Current
Operating	Current operating lease liabilities	$	12,320	$	12,259
Finance	Accrued expenses and other	1,714		1,708
Noncurrent
Operating	Operating lease liabilities	84,499		88,387
Finance	Other long-term liabilities	3,747		4,103
Total lease liabilities		$	102,280	$	106,457

Summary of Lease Maturities [Table Text Block]

Maturities of lease liabilities as of April 30, 2020 are as follows:


	Operating		Finance
	Leases		Leases		Total
Fiscal Year Ended January 31,	(in thousands)
2021 (remainder)	$	13,393	$	1,609	$	15,002
2022	16,887		1,851		18,738
2023	15,748		1,206		16,954
2024	14,824		476		15,300
2025	13,691		393		14,084
2026	13,539		312		13,851
Thereafter	33,624		1,083		34,707
Total lease payments	121,706		6,930		128,636
Less: Interest	24,887		1,469		26,356
Present value of lease liabilities	$	96,819	$	5,461	$	102,280

Weighted-Average Lease Term and Discount Rate [Table Text Block]

The weighted-average lease term and discount rate as of April 30, 2020 are as follows:


	April 30, 2020
Weighted-average remaining lease term (years):
Operating leases	7.7
Financing leases	5.3
Weighted-average discount rate:
Operating leases	6.1	%
Financing leases	9.8	%

Operating Lease, Weighted Average Remaining Lease Term

7 years 8 months 12 days

Rental Fleet Assets [Table Text Block]

The following is the balance of our dedicated rental fleet assets of our Construction segment as of April 30, 2020 and January 31, 2020:


	April 30, 2020		January 31, 2020
	(in thousands)
Rental fleet equipment	$	104,888	$	104,133
Less accumulated depreciation	39,814		42,076
	$	65,074	$	62,057

BUSINESS COMBINATIONS (Tables)

3 Months Ended

Apr. 30, 2020

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following table presents the aggregate purchase price allocations for all acquisitions completed as of January 31, 2020:


	January 31, 2020
	(in thousands)
Assets acquired:

Receivables	$	440
Inventories	6,466

Property and equipment	3,810
Intangible assets	1,973
Goodwill	1,198

	13,887

Liabilities assumed:	—






	—
Net assets acquired	$	13,887

Goodwill recognized by segment:
Agriculture	$	699
Construction	—
International	499
Goodwill expected to be deductible for tax purposes	$	1,198

SEGMENT INFORMATION AND OPERATING RESULTS (Tables)

3 Months Ended

Apr. 30, 2020

Segment Reporting [Abstract]

Schedule of financial information of business segments

Certain financial information for each of the Company’s business segments is set forth below.


	Three Months Ended April 30,
	2020		2019
	(in thousands)
Revenue
Agriculture	$	193,627	$	153,775
Construction	60,114		70,743
International	56,467		53,774
Total	$	310,208	$	278,292

Income (Loss) Before Income Taxes
Agriculture	$	6,162	$	1,876
Construction	(2,873)		(2,222)
International	(280)		216
Segment income (loss) before income taxes	3,009		(130)
Shared Resources	139		(385)
Total	$	3,148	$	(515)


	April 30, 2020		January 31, 2020
	(in thousands)
Total Assets
Agriculture	$	436,040	$	444,942
Construction	272,402		275,645
International	192,966		191,513
Segment assets	901,408		912,100
Shared Resources	68,331		63,243
Total	$	969,739	$	975,343

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Details 2) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Feb. 01, 2020	Jan. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts Receivable, Allowance for Credit Loss	$ (5,229)	$ 2,943	$ (5,123)
Accounts Receivable, Credit Loss Expense (Reversal)	353
Accounts Receivable, Allowance for Credit Loss, Writeoff	209
Accounts Receivable, Allowance for Credit Loss, Recovery	50
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation	(29)
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts Receivable, Allowance for Credit Loss	3,108
Agricultural Sector [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts Receivable, Allowance for Credit Loss	230	181
Accounts Receivable, Credit Loss Expense (Reversal)	14
Accounts Receivable, Allowance for Credit Loss, Writeoff	5
Accounts Receivable, Allowance for Credit Loss, Recovery	40
Construction
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts Receivable, Allowance for Credit Loss	1,062	1,016
Accounts Receivable, Credit Loss Expense (Reversal)	113
Accounts Receivable, Allowance for Credit Loss, Writeoff	71
Accounts Receivable, Allowance for Credit Loss, Recovery	4
International [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts Receivable, Allowance for Credit Loss	1,816	$ 1,746
Accounts Receivable, Credit Loss Expense (Reversal)	226
Accounts Receivable, Allowance for Credit Loss, Writeoff	133
Accounts Receivable, Allowance for Credit Loss, Recovery	6
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation	$ (29)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended
EARNINGS PER SHARE (Details) - USD ($)	Apr. 30, 2020	Apr. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 2,262,000	$ (445,000)
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic	32,000	0
Net Income (Loss) Available to Common Stockholders, Basic	$ 2,230,000	$ (445,000)
Basic weighted-average common shares outstanding	22,012,000	21,872,000
Weighted Average Number Diluted Shares Outstanding Adjustment	0
Weighted Average Number of Shares Outstanding, Diluted	22,012,000	21,872,000
Earnings Per Share, Basic	$ 0.10	$ (0.02)
Earnings Per Share, Diluted	$ 0.10	$ (0.02)
Restricted Stock or Unit Expense	$ 9,000	$ 8,000
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	1,057,000

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 310,208	$ 278,292
Recognition of Deferred Revenue	(29,700)	(30,500)
Revenue from Contracts with Customers [Member]
Disaggregation of Revenue [Line Items]
Revenues	302,074	269,958
Other Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,355	1,233
Service Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	25,600	22,831
Parts Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	56,614	51,938
Rental Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	8,134	8,334
Equipment Revenue [member]
Disaggregation of Revenue [Line Items]
Revenues	218,505	193,956
Operating Segments [Member] \| Agricultural Sector [Member]
Disaggregation of Revenue [Line Items]
Revenues	193,627	153,775
Operating Segments [Member] \| Agricultural Sector [Member] \| Revenue from Contracts with Customers [Member]
Disaggregation of Revenue [Line Items]
Revenues	193,281	153,443
Operating Segments [Member] \| Agricultural Sector [Member] \| Other Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	733	618
Operating Segments [Member] \| Agricultural Sector [Member] \| Service Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	17,720	14,985
Operating Segments [Member] \| Agricultural Sector [Member] \| Parts Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	35,079	29,976
Operating Segments [Member] \| Agricultural Sector [Member] \| Rental Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	346	332
Operating Segments [Member] \| Agricultural Sector [Member] \| Equipment Revenue [member]
Disaggregation of Revenue [Line Items]
Revenues	139,749	107,864
Operating Segments [Member] \| Construction [Member]
Disaggregation of Revenue [Line Items]
Revenues	60,114	70,743
Operating Segments [Member] \| Construction [Member] \| Revenue from Contracts with Customers [Member]
Disaggregation of Revenue [Line Items]
Revenues	52,443	62,864
Operating Segments [Member] \| Construction [Member] \| Other Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	518	593
Operating Segments [Member] \| Construction [Member] \| Service Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	6,212	6,521
Operating Segments [Member] \| Construction [Member] \| Parts Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	11,460	12,704
Operating Segments [Member] \| Construction [Member] \| Rental Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	7,671	7,879
Operating Segments [Member] \| Construction [Member] \| Equipment Revenue [member]
Disaggregation of Revenue [Line Items]
Revenues	34,253	43,046
Operating Segments [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Revenues	56,467	53,774
Operating Segments [Member] \| International [Member] \| Revenue from Contracts with Customers [Member]
Disaggregation of Revenue [Line Items]
Revenues	56,350	53,651
Operating Segments [Member] \| International [Member] \| Other Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	104	22
Operating Segments [Member] \| International [Member] \| Service Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,668	1,325
Operating Segments [Member] \| International [Member] \| Parts Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	10,075	9,258
Operating Segments [Member] \| International [Member] \| Rental Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenues	117	123
Operating Segments [Member] \| International [Member] \| Equipment Revenue [member]
Disaggregation of Revenue [Line Items]
Revenues	$ 44,503	$ 43,046

REVENUE Unbilled Receivables (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Jan. 31, 2020
Unbilled Receivables [Abstract]
Unbilled Receivables, Current	$ 17,076	$ 13,944
Disaggregation of Revenue [Line Items]
Unbilled Receivables, Current	$ 17,076	$ 13,944

REVENUE Deferred Revenue (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Jan. 31, 2020
Deferred Revenue Arrangement [Line Items]
Deferred Revenue	$ 29,163	$ 40,968
Deferred Revenue from Operating Leases and Rental Contracts [Member]
Deferred Revenue Arrangement [Line Items]
Deferred Revenue	1,274	1,456
Deferred Revenue from Contracts with Customers [Member]
Deferred Revenue Arrangement [Line Items]
Deferred Revenue	$ 27,889	$ 39,512

RECEIVABLES (Details) - USD ($) $ in Thousands	3 Months Ended
RECEIVABLES (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019	Feb. 01, 2020	Jan. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue from Contracts with Customers, Impairment Loss	$ 143	$ 328
Accounts Receivable, before Allowance for Credit Loss, Current	81,659			$ 77,899
Rental Contract, Impairment Loss	138	83
Accounts Receivable, Allowance for Credit Loss	(5,229)		$ 2,943	(5,123)
Accounts Receivable, after Allowance for Credit Loss, Current	76,430			72,776
Unbilled Receivables, Current	17,076			13,944
Impaired Financing Receivables [Table Text Block]	281	$ 411
Unbilled Receivables from Operating Leases and Rental Contracts [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	741			861
Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	32,962			36,400
Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	5,581			7,381
Trade Receivables due from Finance Companies [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	17,388			12,352
Receivables due from Manufacturers [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	6,565			5,763
Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	$ 1,346			$ 1,198

INVENTORIES (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Jan. 31, 2020
Inventory Disclosure [Abstract]
New equipment	$ 346,703	$ 358,339
Used equipment	154,538	157,535
Parts and attachments	80,294	79,813
Work in process	1,900	1,707
Inventories	$ 583,435	$ 597,394

PROPERTY AND EQUIPMENT (Details) - USD ($)	3 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($)	Apr. 30, 2020	Apr. 30, 2019	Jan. 31, 2020
PROPERTY AND EQUIPMENT
Other Asset Impairment Charges	$ 216,000	$ 135,000
Property and equipment, gross	293,948,000		$ 290,793,000
Less accumulated depreciation	(145,655,000)		(145,231,000)
Property and equipment, net	148,293,000		145,562,000
Capitalized Computer Software, Net	1,800,000
Impairment	216,000	$ 135,000
Rental fleet equipment
PROPERTY AND EQUIPMENT
Property and equipment, gross	104,888,000		104,133,000
Machinery and equipment
PROPERTY AND EQUIPMENT
Property and equipment, gross	22,773,000		22,682,000
Vehicles
PROPERTY AND EQUIPMENT
Property and equipment, gross	51,837,000		51,850,000
Furniture and fixtures
PROPERTY AND EQUIPMENT
Property and equipment, gross	42,043,000		41,720,000
Land, buildings, and leasehold improvements
PROPERTY AND EQUIPMENT
Property and equipment, gross	72,407,000		70,408,000
Construction [Member]
PROPERTY AND EQUIPMENT
Impairment	200,000
Construction [Member] \| Rental fleet equipment
PROPERTY AND EQUIPMENT
Property and equipment, gross	104,888,000		104,133,000
Less accumulated depreciation	(39,814,000)		(42,076,000)
Property and equipment, net	$ 65,074,000		$ 62,057,000

LINES OF CREDIT / FLOORPLAN PAYABLE (Details) $ in Thousands	3 Months Ended
	Apr. 30, 2020 USD ($)	Jan. 31, 2020 USD ($)
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	$ 250,000	$ 200,000
Floorplan Notes Payable	$ 378,302	371,772
Line of Credit Facility, Covenant Compliance, Minimum Fixed Charge Coverage Ratio	1.10
Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Amount outstanding	$ 378,302	$ 371,772
Floorplan Notes Payable [Member] \| U.S.
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate, Stated Percentage	2.52%	4.05%
Floorplan Notes Payable [Member] \| Maximum [Member] \| U.S.
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate, Stated Percentage	4.12%	4.81%
Non-Interest Bearing Floorplan Line of Credit [Member]
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Floorplan Notes Payable	$ 201,900	$ 205,200
Credit Facility
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	65,000
Line of Credit, Current
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	$ 762,000
Line of Credit, Current \| Non-US [Member]
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate, Stated Percentage	0.98%	0.86%
Line of Credit, Current \| Maximum [Member] \| Non-US [Member]
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate, Stated Percentage	6.33%	7.66%
Bank Syndicate [Domain]
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	$ 185,000
CNH Industrial Capital Credit Facility \| Line of Credit, Current
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	450,000
DLL Finance LLC [Member] \| Line of Credit, Current
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	60,000
Other Affiliates [Member] \| Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Amount outstanding	65,602	$ 70,725
C N H Capital America L L C [Member] \| Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Amount outstanding	179,602	187,690
DLL Finance LLC [Member] \| Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Amount outstanding	30,198	30,657
Wells Fargo Credit Facility [Member] \| Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Amount outstanding		$ 82,700
Bank Syndicate [Domain] \| Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Amount outstanding	102,900
Non-US [Member]
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Compensating Balance, Amount	$ 5,000

SENIOR CONVERTIBLE NOTES (Details) $ in Thousands	May 01, 2019 USD ($)
Convertible Notes
SENIOR CONVERTIBLE NOTES
Debt Instrument, Face Amount	$ 45,600

SENIOR CONVERTIBLE NOTES (Details 2) $ in Thousands	3 Months Ended
SENIOR CONVERTIBLE NOTES (Details 2) $ in Thousands	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)	May 01, 2019 USD ($)
Convertible notes
Coupon interest expense	$ 966	$ 1,642
Convertible Notes
Convertible notes
Debt Instrument, Face Amount			$ 45,600
Conversion rate	0.0231626
Amortization of debt discount	$ 0	350
Amortization of transaction costs	0	45
Interest Expense	$ 0	$ 816
Effective interest rate (as a percent)	0.00%	7.30%
Coupon interest expense	$ 0	$ 421

LONG TERM DEBT (Details) - USD ($)	Apr. 30, 2020	Jan. 31, 2020
Debt Instrument [Line Items]
Notes and Loans, Noncurrent	$ 49,522,000	$ 37,789,000
Current maturities of long-term debt	3,787,000	13,779,000
Notes and Loans Payable	53,309,000	51,568,000
Line of Credit, Current	10,000,000	10,000,000
6500 Real Estate
Debt Instrument [Line Items]
Notes and Loans Payable	1,474,000	1,489,000
International [Member]
Debt Instrument [Line Items]
Notes and Loans Payable	2,396,000	2,520,000
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Notes and Loans Payable	17,469,000	17,781,000
Real Estate Loan [Member]
Debt Instrument [Line Items]
Notes and Loans Payable	6,827,000	6,827,000
Commercial Loan [Member]
Debt Instrument [Line Items]
Notes and Loans Payable	7,350,000	7,468,000
Loans and Finance Receivables [Member]
Debt Instrument [Line Items]
Notes and Loans Payable	4,366,000	4,416,000
Notes Payable, Other Payables [Member]
Debt Instrument [Line Items]
Notes and Loans Payable	$ 3,427,000	$ 1,067,000

DERIVATIVE INSTRUMENTS (Details 1) $ in Millions	3 Months Ended
DERIVATIVE INSTRUMENTS (Details 1) $ in Millions	Apr. 30, 2020 USD ($)
DERIVATIVE INSTRUMENTS
Derivative Instruments Not Designated as Hedging Instruments, Gain	$ 13

DERIVATIVE INSTRUMENTS DERIVATE INSTRUMENTS (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Foreign currency contracts \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in Income	$ (13)	$ 202

LEASES Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES Lease Expense (Details) - USD ($) $ in Thousands	Apr. 30, 2020	Apr. 30, 2019
Leases [Abstract]
Finance Lease, Right-of-Use Asset, Amortization	$ 392	$ 376
Finance Lease, Interest Expense	126	139
Operating Lease, Cost	4,463	4,816
Short-term Lease, Cost	80	80
Variable Lease, Cost	635	620
Sublease Income	(152)	(168)
Lease, Cost	$ 5,544	$ 5,863

LEASES ROU Assets and Lease Liabilities (Details) - USD ($)	Apr. 30, 2020	Jan. 31, 2020
Leases [Abstract]
Operating Lease, Right-of-Use Asset	$ 84,577,000	$ 88,281,000
Finance Lease, Right-of-Use Asset	6,002,000	6,297,000
Lessee, Right-Of-Use Asset	90,579,000	94,578,000
Operating Lease, Liability, Current	12,320,000	12,259,000
Finance Lease, Liability, Current	1,714,000	1,708,000
Operating Lease, Liability, Noncurrent	84,499,000	88,387,000
Finance Lease, Liability, Noncurrent	3,747,000	4,103,000
Lessee, Lease Liability	$ 102,280,000	$ 106,457,000

LEASES Maturities of Lease Liabilities (Details) $ in Thousands	Apr. 30, 2020 USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 13,393
Finance Lease, Liability, Payments, Remainder of Fiscal Year	1,609
Lessee, Liability, Payments, Remainder of Fiscal Year	15,002
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	16,887
Finance Lease, Liability, Payments, Due Next Twelve Months	1,851
Lessee, Liability, Payments, Due Next Twelve Months	18,738
Lessee, Operating Lease, Liability, Payments, Due Year Two	15,748
Finance Lease, Liability, Payments, Due Year Two	1,206
Lessee, Liability, Payments, Due Year Two	16,954
Lessee, Operating Lease, Liability, Payments, Due Year Three	14,824
Finance Lease, Liability, Payments, Due Year Three	476
Lessee, Liability, Payments, Due Year Three	15,300
Lessee, Operating Lease, Liability, Payments, Due Year Four	13,691
Finance Lease, Liability, Payments, Due Year Four	393
Lessee, Liability, Payments, Due Year Four	14,084
Lessee, Operating Lease, Liability, Payments, Due Year Five	13,539
Finance Lease, Liability, Payments, Due Year Five	312
Lessee, Liability, Payments, Due Year Five	13,851
Lessee, Operating Lease, Liability, Payments, Due after Year Five	33,624
Finance Lease, Liability, Payments, Due after Year Five	1,083
Lessee, Liability, Payments, Due After Year Five	34,707
Lessee, Operating Lease, Liability, Payments, Due	121,706
Finance Lease, Liability, Payment, Due	6,930
Lessee, Liability, Payments, Due	128,636
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	24,887
Finance Lease, Liability, Undiscounted Excess Amount	1,469
Lessee, Liability, Undiscounted Excess Amount	26,356
Operating Lease, Liability	96,819
Finance Lease, Liability	5,461
Present Value of Lease Liabilities	$ 102,280

LEASES Weighted Average Lease Terms (Details)	Apr. 30, 2020
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	7 years 8 months 12 days
Finance Lease, Weighted Average Remaining Lease Term	5 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	6.10%
Finance Lease, Weighted Average Discount Rate, Percent	9.80%

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Apr. 30, 2020	Jan. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-Lived Assets	$ 400,000	$ 2,800,000

INCOME TAXES INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Income (Loss) Before Income Taxes	$ 3,148	$ (515)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective Income Tax Rate Reconciliation, Percent	(28.10%)	(13.60%)

BUSINESS COMBINATIONS (Details) - USD ($)	3 Months Ended
BUSINESS COMBINATIONS (Details) - USD ($)	Apr. 30, 2020	Jan. 31, 2020
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	$ 10,900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		$ 1,973,000
Business Acquisition, Goodwill, Expected Tax Deductible Amount		1,198,000
Purchase Obligation	2,100,000
Business Combination, Acquired Receivable, Fair Value		440,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory		6,466,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		3,810,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets		13,887,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities		7,400,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		13,887,000
Goodwill	2,311,000	2,327,000
Agricultural Sector [Member]
Business Acquisition [Line Items]
Business Acquisition, Goodwill, Expected Tax Deductible Amount		699,000
International [Member]
Business Acquisition [Line Items]
Business Acquisition, Goodwill, Expected Tax Deductible Amount		499,000
International [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	$ 3,000,000.0
Customer Relationships [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		200,000
Distribution Rights [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		1,600,000
Noncompete Agreements [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		$ 100,000

SEGMENT INFORMATION AND OPERATING RESULTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Jan. 31, 2020
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	$ 310,208	$ 278,292
Income (Loss) Before Income Taxes	3,148	(515)
Total Assets	969,739		$ 975,343
Shared Resources
SEGMENT INFORMATION AND OPERATING RESULTS
Income (Loss) Before Income Taxes	139	(385)
Total Assets	68,331		63,243
Operating Segments
SEGMENT INFORMATION AND OPERATING RESULTS
Income (Loss) Before Income Taxes	3,009	(130)
Total Assets	901,408		912,100
Operating Segments \| Agricultural Sector [Member]
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	193,627	153,775
Income (Loss) Before Income Taxes	6,162	1,876
Total Assets	436,040		444,942
Operating Segments \| Construction
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	60,114	70,743
Income (Loss) Before Income Taxes	(2,873)	(2,222)
Total Assets	272,402		275,645
Operating Segments \| International [Member]
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	56,467	53,774
Income (Loss) Before Income Taxes	(280)	$ 216
Total Assets	$ 192,966		$ 191,513

Subsequent Events (Details) - USD ($) $ in Thousands		3 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	May 04, 2020	Apr. 30, 2020	Apr. 30, 2019	Jan. 31, 2020
Subsequent Event [Line Items]
Revenue		$ 310,208	$ 278,292
Payments to Acquire Businesses, Gross		$ 10,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory				$ 6,466
Series of Individually Immaterial Business Acquisitions [Member]
Subsequent Event [Line Items]
Revenue	$ 26,000
Payments to Acquire Businesses, Gross	6,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	$ 2,700