Titan Machinery (TITN) 10-Q 8 Dec 16 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 31, 2016	Nov. 30, 2016
Document and Entity Information
Entity Registrant Name	Titan Machinery Inc.
Entity Central Index Key	1,409,171
Document Type	10-Q
Document Period End Date	Oct. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		21,819,309
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2016	Jan. 31, 2016
Current Assets
Cash	$ 52,431	$ 89,465
Receivables (net of allowance of $3,733 and $3,591 as of October 31, 2016 and January 31, 2016, respectively)	71,803	56,552
Inventories	607,629	689,464
Prepaid expenses and other	7,491	9,753
Income taxes receivable	4,559	13,011
Total current assets	743,913	858,245
Noncurrent Assets
Intangible assets, net of accumulated amortization	5,026	5,134
Property and equipment, net of accumulated depreciation	169,964	183,179
Other	1,394	1,317
Total noncurrent assets	176,384	189,630
Total Assets	920,297	1,047,875
Current Liabilities
Accounts payable	22,888	16,863
Floorplan payable	372,055	444,780
Current maturities of long-term debt	15,464	1,557
Customer deposits	16,215	31,159
Accrued expenses	35,403	28,914
Income taxes payable	0	152
Total current liabilities	462,025	523,425
Long-Term Liabilities
Senior convertible notes	87,754	134,145
Long-term debt, less current maturities	25,427	38,409
Deferred income taxes	10,531	11,135
Other long-term liabilities	2,217	2,412
Total long-term liabilities	125,929	186,101
Commitments and Contingencies
Stockholders' Equity
Common stock, par value $.00001 per share, 45,000 shares authorized; 21,819 shares issued and outstanding at October 31, 2016; 21,604 shares issued and outstanding at January 31, 2016	0	0
Additional paid-in-capital	242,019	242,491
Retained earnings	93,586	99,526
Accumulated other comprehensive loss	(3,262)	(4,461)
Total Titan Machinery Inc. stockholders' equity	332,343	337,556
Noncontrolling interest	0	793
Total stockholders' equity	332,343	338,349
Total Liabilities and Stockholders' Equity	$ 920,297	$ 1,047,875

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2016	Jan. 31, 2016
Statement of Financial Position [Abstract]
Allowance for Doubtful Accounts Receivable	$ (3,733)	$ (3,591)
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	21,819,000	21,604,000
Common stock, shares outstanding	21,819,000	21,604,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Revenue
Equipment	$ 212,194	$ 215,692	$ 570,369	$ 681,691
Parts	69,261	73,838	185,106	197,439
Service	33,777	34,116	96,065	99,860
Rental and other	17,034	21,329	43,919	53,371
Total Revenue	332,266	344,975	895,459	1,032,361
Cost of Revenue
Equipment	201,140	198,095	532,370	628,280
Parts	48,387	51,673	130,006	138,626
Service	11,828	12,449	35,473	36,136
Rental and other	12,485	15,617	32,703	39,674
Total Cost of Revenue	273,840	277,834	730,552	842,716
Gross Profit	58,426	67,141	164,907	189,645
Operating Expenses	53,143	53,484	159,132	165,979
Impairment and Realignment Costs	300	22	546	1,519
Income from Operations	5,008	13,635	5,229	22,147
Other Income (Expense)
Interest income and other income (expense)	502	722
Interest and Other Income			1,251	(565)
Floorplan interest expense	(3,294)	(4,602)	(10,843)	(13,945)
Other interest expense	(2,160)	(4,041)	(5,930)	(11,228)
Income (Loss) Before Income Taxes	56	5,714	(10,293)	(3,591)
Provision for (Benefit from) Income Taxes	(208)	2,231	(3,997)	(354)
Net Income (Loss) Including Noncontrolling Interest	264	3,483	(6,296)	(3,237)
Less: Net Income (Loss) Attributable to Noncontrolling Interest	0	27	(356)	(395)
Net Income (Loss) Attributable to Titan Machinery Inc.	264	3,456	(5,940)	(2,842)
Net (Income) Loss Allocated to Participating Securities - Note 1	(8)	(72)	120	53
Net Income (Loss) Attributable to Titan Machinery Inc. Common Stockholders	$ 256	$ 3,384	$ (5,820)	$ (2,789)
Earnings (Loss) per Share - Note 1
Earnings (Loss) per Share - Basic, in dollars per share	$ 0.01	$ 0.16	$ (0.27)	$ (0.13)
Earnings (Loss) per Share - Diluted, in dollars per share	$ 0.01	$ 0.16	$ (0.27)	$ (0.13)
Weighted Average Common Shares - Basic	21,218	21,129	21,208	21,093
Weighted Average Common Shares - Diluted	21,269	21,218	21,208	21,093

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Net Income (Loss) Including Noncontrolling Interest	$ 264	$ 3,483	$ (6,296)	$ (3,237)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	626	(100)	945	(3,829)
Other comprehensive income (loss)	963	(253)	1,420	(3,257)
Comprehensive Income (Loss)	1,227	3,230	(4,876)	(6,494)
Comprehensive Income (Loss) Attributable to Noncontrolling Interest		(13)	(333)	(1,046)
Comprehensive Income (Loss) Attributable To Titan Machinery Inc.	1,227	3,243	(4,543)	(5,448)
Interest Rate Swap
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	137	(482)	(163)	(436)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	200	320	638	798
Foreign Exchange Contract
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax		7		200
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	$ 0	$ 2	$ 0	$ 10

CONSOLIDATED STATEMENTS OF COM6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Foreign Exchange Contract
Tax expense (benefit) on unrealized gain (loss) on cash flow hedge derivative instruments	$ 0	$ 5	$ 0	$ 133
Tax expense (benefit) on reclassification of gain (loss) on foreign currency contract cash flow hedge derivative instruments	0	2	0	7
Cash Flow Hedges
Tax expense (benefit) on unrealized gain (loss) on cash flow hedge derivative instruments	91	321	(109)	290
Tax expense (benefit) on reclassification of gain (loss) on foreign currency contract cash flow hedge derivative instruments	$ 133	$ 213	$ 426	$ 532

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Foreign Currency Translation Adjustments	Unrealized Gains (Losses) on Net Investment Hedges	Unrealized Gains (Losses) on Foreign Currency Contract Cash Flow Hedges	Accumulated Other Comprehensive Income (Loss)	Total Titan Machinery Inc. Stockholders' Equity	Noncontrolling Interest
Balance (Foreign Exchange Contract [Member]) at Jan. 31, 2015							$ (37)
Balance (Interest Rate Contract [Member]) at Jan. 31, 2015							(1,940)
Balance at Jan. 31, 2015	$ 378,359		$ 240,180	$ 137,418	$ (1,632)	$ 2,510		$ (1,099)	$ 376,499	$ 1,860
Balance (in shares) at Jan. 31, 2015		21,406
Increase (Decrease) in Stockholders' Equity
Common stock issued on grant of restricted stock (net of forfeitures and shares withheld for income taxes), exercise of stock options, and tax benefits of equity awards	170		170						170
Common stock issued on grant of restricted stock, exercise of stock options, and tax benefits of equity awards (in shares)		170
Stock-based compensation expense	1,799		1,799						1,799	0
Comprehensive income (loss):
Net loss	(3,237)			(2,842)					(2,842)	(395)
Other comprehensive income (loss) | Foreign Exchange Contract [Member]							10
Other comprehensive income (loss) | Interest Rate Contract [Member]							362
Other comprehensive income (loss)	(3,257)				(3,178)	200		(2,606)	(2,606)	(651)
Comprehensive Income (Loss)	(6,494)								(5,448)	(1,046)
Balance (Foreign Exchange Contract [Member]) at Oct. 31, 2015							(27)
Balance (Interest Rate Contract [Member]) at Oct. 31, 2015							(1,578)
Balance at Oct. 31, 2015	373,834		242,149	134,576	(4,810)	2,710		(3,705)	373,020	814
Balance (in shares) at Oct. 31, 2015		21,576
Balance (Foreign Exchange Contract [Member]) at Jan. 31, 2016							0
Balance (Interest Rate Contract [Member]) at Jan. 31, 2016							(1,672)
Balance at Jan. 31, 2016	338,349		242,491	99,526	(5,500)	2,711		(4,461)	337,556	793
Balance (in shares) at Jan. 31, 2016		21,604
Increase (Decrease) in Stockholders' Equity
Common stock issued on grant of restricted stock (net of forfeitures and shares withheld for income taxes), exercise of stock options, and tax benefits of equity awards	(357)		(357)						(357)
Common stock issued on grant of restricted stock, exercise of stock options, and tax benefits of equity awards (in shares)		215
Stock-based compensation expense	1,805		1,805						1,805
Repurchase of Senior Convertible Notes	1,746		1,746						1,746
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	(4,324)		(3,666)		(198)			(198)	(3,864)	(460)
Comprehensive income (loss):
Net loss	(6,296)			(5,940)					(5,940)	(356)
Other comprehensive income (loss) | Foreign Exchange Contract [Member]							0
Other comprehensive income (loss) | Interest Rate Contract [Member]							475
Other comprehensive income (loss)	1,420				922	0		1,397	1,397	23
Comprehensive Income (Loss)	(4,876)								(4,543)	(333)
Balance (Foreign Exchange Contract [Member]) at Oct. 31, 2016							0
Balance (Interest Rate Contract [Member]) at Oct. 31, 2016							$ (1,197)
Balance at Oct. 31, 2016	$ 332,343		$ 242,019	$ 93,586	$ (4,776)	$ 2,711		$ (3,262)	$ 332,343	$ 0
Balance (in shares) at Oct. 31, 2016		21,819

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2016	Oct. 31, 2015
Operating Activities
Net income (loss) including noncontrolling interest	$ (6,296)	$ (3,237)
Adjustments to reconcile net income (loss) including noncontrolling interest to net cash provided by operating activities
Depreciation and amortization	19,896	21,588
Impairment	275	193
Deferred income taxes	825	474
Stock-based compensation expense	1,805	1,799
Noncash interest expense	4,305	5,286
Unrealized foreign currency (gain) loss on loans to international subsidiaries	(44)	778
Gain on repurchase of Senior Convertible Notes	(3,130)	0
Other, net	(980)	(649)
Changes in assets and liabilities
Receivables, prepaid expenses and other assets	(18,070)	9,828
Inventories	91,222	72,437
Manufacturer floorplan payable	(20,821)	124,305
Accounts payable, customer deposits, accrued expenses and other long-term liabilities	(2,546)	(27,845)
Income taxes	7,957	(6,196)
Net Cash Provided by Operating Activities	74,398	198,761
Investing Activities
Rental fleet purchases	(3,094)	(292)
Property and equipment purchases (excluding rental fleet)	(7,121)	(5,713)
Proceeds from sale of property and equipment	2,285	5,135
Proceeds upon settlement of net investment hedge derivative instruments	0	337
Payments upon settlement of net investment hedge derivative instruments	0	(23)
Proceeds from Insurance Settlement, Investing Activities	1,431	0
Other, net	(517)	196
Net Cash Used for Investing Activities	(7,016)	(360)
Financing Activities
Net change in non-manufacturer floorplan payable	(54,478)	(201,320)
Repurchase of Senior Convertible Notes	(46,013)	0
Proceeds from long-term debt borrowings	0	59,088
Principal payments on long-term debt	(1,935)	(101,465)
Payments of Debt Issuance Costs	(31)	(3,381)
Loan provided to noncontrolling interest holder	(2,148)	0
Other, net	(33)	143
Net Cash Used for Financing Activities	(104,638)	(246,935)
Effect of Exchange Rate Changes on Cash	222	(585)
Net Change in Cash	(37,034)	(49,119)
Cash paid (received) during the period
Income taxes, net of refunds	(12,942)	5,283
Interest	15,544	18,492
Supplemental Disclosures of Noncash Investing and Financing Activities
Cash at Beginning of Period	89,465	127,528
Cash at End of Period	52,431	78,409
Net property and equipment financed with long-term debt, accounts payable and accrued liabilities	2,818	747
Long-term debt extinguished upon sale of property and equipment	0	3,315
Net transfer of assets from property and equipment to inventories	(4,411)	(5,743)
Acquisition of noncontrolling interest through satisfaction of outstanding receivables	$ 4,324	$ 0

BUSINESS ACTIVITY AND SIGNIFICA

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Oct. 31, 2016
Accounting Policies [Abstract]
BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	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 nine -month period ended October 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2017 . The information contained in the balance sheet as of January 31, 2016 was derived from the audited financial statements for the Company for the 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, 2016 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, New Mexico, North Dakota, South Dakota, Wisconsin and Wyoming, and its European stores are located in Bulgaria, Romania, Serbia and Ukraine. 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, initial valuation and impairment of intangible assets, collectability of receivables, and income taxes. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All material accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. In June 2016, the Company acquired all of the outstanding ownership interest held by the non-controlling interest holder of the Company's Bulgarian subsidiary. Total consideration, which amounted to $4.3 million , was in the form of the satisfaction of outstanding receivables owed to the Company by the noncontrolling interest holder. As the Company had a controlling interest in the Bulgarian subsidiary prior to the acquisition, the acquisition was accounted for as an equity transaction which resulted in a decrease in the Company's additional paid-in capital in the amount of $3.7 million and a decrease in the Company's accumulated other comprehensive income in the amount of $0.2 million . Subsequent to this acquisition, all of the Company's subsidiaries are wholly-owned. Earnings (Loss) Per Share (“EPS”) The Company uses the two-class method to calculate basic and diluted EPS. Unvested restricted stock awards are considered participating securities because they entitle holders to non-forfeitable rights to dividends during the vesting term. Under the two-class method, basic EPS was computed by dividing net income (loss) attributable to Titan Machinery Inc. after allocation of net income (loss) to participating securities by the weighted-average number of shares of common stock outstanding during the relevant period. Diluted EPS was computed by dividing net income attributable to Titan Machinery Inc. after allocation of net income (loss) to participating securities by the weighted-average shares of common stock outstanding after adjusting for potential dilution related to the conversion of all dilutive securities into common stock. All potentially dilutive securities were included in the computation of diluted EPS. All anti-dilutive securities were excluded from the computation of diluted EPS. The following table sets forth the calculation of the denominator for basic and diluted EPS: Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 (in thousands, except per share data) (in thousands, except per share data) Basic Weighted-Average Common Shares Outstanding 21,218 21,129 21,208 21,093 Plus: Incremental Shares From Assumed Exercise of Stock Options 51 89 — — Diluted Weighted-Average Common Shares Outstanding 21,269 21,218 21,208 21,093 Anti-Dilutive Shares Excluded From Diluted Weighted-Average Common Shares Outstanding: Stock Options 141,000 89,000 146,000 191,000 Shares Underlying Senior Convertible Notes (conversion price of $43.17) 2,217 3,474 2,217 3,474 Earnings (Loss) per Share - Basic $ 0.01 $ 0.16 $ (0.27 ) $ (0.13 ) Earnings (Loss) per Share - Diluted $ 0.01 $ 0.16 $ (0.27 ) $ (0.13 ) Recent Accounting Guidance In May 2014 and August 2015, the FASB issued authoritative guidance on accounting for revenue recognition, codified in ASC 606, Revenue from Contracts with Customers . This guidance has been amended on various occasions and supersedes the revenue recognition requirements in ASC 605, Revenue Recognition . This guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The Company will adopt this guidance on February 1, 2018, and will employ one of the two retrospective application methods. The Company has not determined the potential effects adoption of this standard will have on the consolidated financial statements. In August 2014, the FASB issued authoritative guidance on management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and provide related footnote disclosures, codified in ASC 205-40, Going Concern . The guidance provides a definition of the term substantial doubt, requires an evaluation every reporting period including interim periods, provides principles for considering the mitigating effect of management’s plans, requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, requires an express statement and other disclosures when substantial doubt is not alleviated, and requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The Company will adopt this guidance for the year-ended January 31, 2017, and it will apply to each interim and annual period thereafter. The Company does not expect the adoption to have a material effect on the consolidated financial statements. In July 2015, the FASB amended authoritative guidance on accounting for the measurement of inventory, codified in ASC 330, Inventory. The amended guidance requires inventory to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company will adopt this guidance on February 1, 2017. Under the current guidance for measuring inventory, the Company recognizes lower-of-cost-or-market adjustments using a definition of market value as net realizable value reduced by an allowance for a normal profit margin. Upon implementation of the new authoritative guidance, market is defined solely as net realizable value. The Company does not anticipate that the adoption of this guidance will have a material effect on the consolidated financial statements. In February 2016, the FASB amended authoritative guidance on leases, codified in ASC 842, Leases. The amended guidance requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. The new standard also requires new disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The provisions of this guidance are to be applied using a modified retrospective approach, with elective reliefs, which requires application of the guidance for all periods presented. The Company has not determined the potential effects adoption of this standard will have on the consolidated financial statements. In March 2016, the FASB amended authoritative guidance on stock-based compensation, codified in ASC 718, Compensation - Stock Compensation. The amended guidance changes the accounting for certain aspects of share-based payments, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification on the statements of cash flows. The Company will adopt this guidance on February 1, 2017. The manner of application varies by the various provisions of the guidance, with certain provisions applied on a retrospective or modified retrospective approach, while others are applied prospectively. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements.

INVENTORIES

INVENTORIES	9 Months Ended
	Oct. 31, 2016
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES October 31, 2016 January 31, 2016 (in thousands) New equipment $ 331,847 $ 323,393 Used equipment 182,039 267,893 Parts and attachments 81,265 87,807 Work in process 12,478 10,371 $ 607,629 $ 689,464

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Oct. 31, 2016
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT October 31, 2016 January 31, 2016 (in thousands) Rental fleet equipment $ 131,102 $ 137,754 Machinery and equipment 22,697 23,051 Vehicles 37,397 36,537 Furniture and fixtures 39,538 38,149 Land, buildings, and leasehold improvements 64,772 63,460 295,506 298,951 Less accumulated depreciation (125,542 ) (115,772 ) $ 169,964 $ 183,179 During the third quarter of fiscal 2017, the Company determined that the current period operating loss combined with historical losses and anticipated future operating losses within certain of its stores was an indication that certain long-lived assets of these stores may not be recoverable. The Company performed step one of the impairment analysis for these assets which have a combined carrying value of $6.2 million . In certain cases, for assets with an aggregate carrying value of $2.6 million , the analysis indicated that the carrying value is not recoverable. Accordingly, the Company performed step two of the impairment analysis and estimated the fair value of these assets using estimated selling prices of similar assets. Step two of the analysis indicated that an impairment charge in the amount of $0.3 million was necessary, of which $0.2 million related to the Agriculture segment and $0.1 million related to the Construction segment. In all other cases, in which the aggregate carrying value of such assets totaled $3.6 million , the Company's analyses indicated that the carrying values are recoverable based on its estimates of future undiscounted cash flows under step one of the impairment analysis.

LINES OF CREDIT _ FLOORPLAN PAY

LINES OF CREDIT / FLOORPLAN PAYABLE	9 Months Ended
	Oct. 31, 2016
Line of Credit Facility [Abstract]
LINES OF CREDIT / FLOORPLAN PAYABLE	LINES OF CREDIT / FLOORPLAN PAYABLE Floorplan Lines of Credit Floorplan payable balances reflect the amount owed for new equipment inventory purchased from a manufacturer and for used equipment inventory, which is primarily acquired through trade-in on equipment sales. Certain of the manufacturers from which the Company purchases new equipment inventory offer financing on these purchases, either offered directly from the manufacturer or through the manufacturers’ captive finance subsidiaries. CNH Industrial America LLC's captive finance subsidiary, CNH Industrial Capital America LLC ("CNH Industrial Capital"), also provides financing of used equipment inventory. The Company also has floorplan payable balances with non-manufacturer lenders for new and used equipment inventory. Cash flows associated with manufacturer floorplan payable are reported as operating cash flows while cash flows associated with non-manufacturer floorplan payable are reported as financing cash flows in the Company's consolidated statements of cash flows. The Company has three significant floorplan lines of credit for U.S. operations, floorplan credit facilities for its foreign subsidiaries, and other floorplan payable balances with non-manufacturer lenders and manufacturers. In August 2016, as a result of the Company's equipment inventory reduction and related reduction in floorplan financing needs, the Company provided notice to Wells Fargo Bank, National Association of its election to reduce the maximum credit amount available under the Second Amended and Restated Credit Agreement (the "Wells Fargo Credit Agreement") from an aggregate $350.0 million to an aggregate $275.0 million , comprised of a $65.0 million reduction in the Floorplan Payable Line, from $275.0 million to $210.0 million , and a $10.0 million reduction in the Working Capital Line, from $75.0 million to $65.0 million . Also in August 2016, the Company elected to reduce the maximum credit amount available under its credit facility with DLL Finance LLC ("DLL Finance"), from $110.0 million to $90.0 million . As a result of the reduction of the maximum credit amount available under the Wells Fargo Credit Agreement, in the third quarter of fiscal 2017, the Company wrote-off $0.6 million of capitalized debt issuance costs. This charge is recorded in other interest expense in the Consolidated Statements of Operations. As of October 31, 2016 , the Company had discretionary floorplan lines of credit for equipment inventory purchases totaling approximately $856.2 million , which includes a $210.0 million Floorplan Payable Line under the Wells Fargo Credit Agreement, a $450.0 million credit facility with CNH Industrial Capital, a $90.0 million credit facility with DLL Finance and the U.S. dollar equivalent of $106.2 million in credit facilities related to our foreign subsidiaries. Floorplan payables relating to these credit facilities totaled approximately $362.8 million of the total floorplan payable balance of $372.1 million outstanding as of October 31, 2016 and $420.7 million of the total floorplan payable balance of $444.8 million outstanding as of January 31, 2016 . The remaining outstanding balances relate to equipment inventory financing from manufacturers and non-manufacturer lenders other than the lines of credit described above. As of October 31, 2016 , the interest-bearing U.S. floorplan payables carried various interest rates primarily ranging from 2.74% to 6.09% , and the foreign floorplan payables carried various interest rates primarily ranging from 1.49% to 7.70% . As of October 31, 2016, 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. Working Capital Line As of October 31, 2016 , the Company had a $65 million Working Capital Line under the Wells Fargo Credit Agreement. The Company had no amount outstanding on this Working Capital Line as of October 31, 2016 and January 31, 2016 .

SENIOR CONVERTIBLE NOTES

SENIOR CONVERTIBLE NOTES	9 Months Ended
	Oct. 31, 2016
Senior Convertible Notes
SENIOR CONVERTIBLE NOTES
SENIOR CONVERTIBLE NOTES	SENIOR CONVERTIBLE NOTES The Company’s 3.75% Senior Convertible Notes issued on April 24, 2012 (“Senior Convertible Notes”) consisted of the following: October 31, 2016 January 31, 2016 (in thousands except conversion rate and conversion price) Principal value $ 95,725 $ 150,000 Unamortized debt discount (7,024 ) (13,946 ) Unamortized debt issuance costs (947 ) (1,909 ) Carrying value of Senior Convertible Notes $ 87,754 $ 134,145 Carrying value of equity component, net of deferred taxes $ 13,800 $ 15,546 Conversion rate (shares of common stock per $1,000 principal amount of notes) 23.1626 Conversion price (per share of common stock) $ 43.17 In April and September 2016, the Company repurchased an aggregate of $54.3 million face value ($49.1 million carrying value) of its Senior Convertible Notes with $46.0 million in cash, and recognized a pre-tax gain of approximately $3.1 million, of which $2.1 million was recognized in the first quarter and $1.0 million was recognized in the third quarter of fiscal 2017. These gains are included in other interest expense in the Consolidated Statements of Operations. The Company recognized interest expense associated with its Senior Convertible Notes as follows: Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 (in thousands) (in thousands) Cash Interest Expense Coupon interest expense $ 996 $ 1,406 $ 3,457 $ 4,219 Noncash Interest Expense Amortization of debt discount 703 925 2,406 2,745 Amortization of transaction costs 100 138 347 412 $ 1,799 $ 2,469 $ 6,210 $ 7,376 The Senior Convertible Notes mature on May 1, 2019, unless earlier purchased by the Company, redeemed or converted. As of October 31, 2016 , the unamortized debt discount will be amortized over a remaining period of approximately 2.5 years . As of October 31, 2016 and January 31, 2016 , the if-converted value of the Senior Convertible Notes did not exceed the principal balance. The effective interest rate of the liability component was equal to 7.3% for each of the statements of operations periods presented.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Oct. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	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. Net Investment Hedges To protect the value of the Company’s investments in its foreign operations against adverse changes in foreign currency exchange rates, the Company may, from time to time, hedge a portion of its net investment in one or more of its foreign subsidiaries. Gains and losses on derivative instruments that are designated and effective as a net investment hedge are included in other comprehensive income and only reclassified into earnings in the period during which the hedged net investment is sold or liquidated. Any hedge ineffectiveness is recognized in earnings immediately. Cash Flow Hedges On October 9, 2013, the Company entered into a forward-starting interest rate swap instrument, which has a notional amount of $100.0 million , an effective date of September 30, 2014 and a maturity date of September 30, 2018. The objective of the instrument is to, beginning on September 30, 2014, protect the Company from changes in benchmark interest rates to which the Company is exposed through certain of its variable interest rate credit facilities. The instrument provides for a fixed interest rate of 1.901% up to the maturity date. The Company may, from time to time, hedge foreign currency exchange rate risk arising from inventory purchases denominated in Canadian dollars through the use of foreign currency forward contracts. The maximum length of time over which the Company hedges its exposure to the variability in future cash flows associated with the Canadian dollar purchasing is less than 12 months. The interest rate swap instrument and foreign currency contracts have been designated as cash flow hedging instruments and accordingly changes in the effective portion of the fair value of the instruments are recorded in other comprehensive income and only reclassified into earnings in the period(s) in which the related hedged item affects earnings or the anticipated underlying hedged transactions are no longer probable of occurring. Any hedge ineffectiveness is recognized in earnings immediately. Derivative Instruments Not Designated as Hedging Instruments 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 following table sets forth the notional value of the Company's outstanding derivative instruments. Notional Amount as of: October 31, 2016 January 31, 2016 (in thousands) Cash flow hedges: Interest rate swap $ 100,000 $ 100,000 Derivatives not designated as hedging instruments: Foreign currency contracts 15,844 13,148 The following table sets forth the fair value of the Company’s outstanding derivative instruments. Asset derivatives are included in prepaid expenses and other in the consolidated balance sheets, and liability derivatives are included in accrued expenses in the consolidated balance sheets. Fair Value as of: October 31, 2016 January 31, 2016 (in thousands) Asset Derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts $ — $ 125 Total Asset Derivatives $ — $ 125 Liability Derivatives: Derivatives designated as hedging instruments: Cash flow hedges: Interest rate swap $ 2,012 $ 2,836 Derivatives not designated as hedging instruments: Foreign currency contracts 121 — Total Liability Derivatives $ 2,133 $ 2,836 The following table sets forth the gains and losses (before the related income tax effects) recognized in other comprehensive income (loss) ("OCI") and income (loss) related to the Company’s derivative instruments for the three and nine months ended October 31, 2016 and 2015 , respectively. Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 OCI Income (Loss) OCI Income (Loss) OCI Income (Loss) OCI Income (Loss) (in thousands) (in thousands) Dervatives Designated as Hedging Instruments: Net investment hedges: Foreign currency contracts $ — $ — $ 12 $ — $ — $ — $ 333 $ — Cash flow hedges: Interest rate swap (a) 228 (333 ) (803 ) (446 ) (272 ) (1,064 ) (727 ) (1,330 ) Foreign currency contracts (b) — — — (4 ) — — — (17 ) Dervatives Not Designated as Hedging Instruments: Foreign currency contracts (c) — 126 — (54 ) — 112 — 751 Total Derivatives $ 228 $ (207 ) $ (791 ) $ (504 ) $ (272 ) $ (952 ) $ (394 ) $ (596 ) (a) No material hedge ineffectiveness has been recognized. The amounts shown in Income (Loss) above are reclassification amounts from accumulated other comprehensive income and are recorded in floorplan interest expense in the consolidated statements of operations. (b) Amounts are included in Cost of revenue - equipment in the consolidated statements of operations. (c) Amounts are included in Interest income and other income (expense) in the consolidated statements of operations. No components of the Company's net investment or cash flow hedging instruments were excluded from the assessment of hedge ineffectiveness. As of October 31, 2016 , the Company had $2.0 million in pre-tax net unrealized losses associated with its interest rate swap cash flow hedging instrument recorded in accumulated other comprehensive income. The Company expects that $1.2 million of pre-tax unrealized losses associated with its interest rate swap will be reclassified into income over the next 12 months.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Oct. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The assets and liabilities which are measured at fair value on a recurring basis as of October 31, 2016 and January 31, 2016 are as follows: October 31, 2016 January 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) (in thousands) Financial Assets Foreign currency contracts $ — $ — $ — $ — $ — $ 125 $ — $ 125 Total Financial Assets $ — $ — $ — $ — $ — $ 125 $ — $ 125 Financial Liabilities Interest rate swap $ — $ 2,012 $ — $ 2,012 $ — $ 2,836 $ — $ 2,836 Foreign currency contracts — 121 — 121 — — — — Total Financial Liabilities $ — $ 2,133 $ — $ 2,133 $ — $ 2,836 $ — $ 2,836 The valuation for the Company's foreign currency contracts and interest rate swap derivative instruments were valued using discounted cash flow analyses, an income approach, utilizing readily observable market data as inputs. The Company also valued certain long-lived assets at fair value on a non-recurring basis as of January 31, 2016 as part of its long-lived asset impairment testing. The estimated fair value of such assets as of January 31, 2016 was $5.6 million and consisted of real estate assets where fair value was estimated by a professional appraisal of such assets. The real estate appraisals utilized market and income approaches incorporating both observable and unobservable inputs, and are deemed to be Level 3 fair value inputs. In addition, in certain instances as of October 31, 2016 and January 31, 2016, the Company estimated the fair value of certain 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 sales values of such assets were deemed to be nominal. All such fair value measurements were based on unobservable inputs and thus are Level 3 fair value inputs. The Company also has financial instruments that are not recorded at fair value in its consolidated financial statements. The carrying amount of cash, receivables, payables, short-term debt and other current liabilities approximates fair value because of the short maturity and/or frequent repricing of those instruments, which are Level 2 fair value inputs. Based upon current borrowing rates with similar maturities, which are Level 2 fair value inputs, the carrying value of long-term debt approximates the fair value as of October 31, 2016 and January 31, 2016 , respectively. The following table provides details on the Senior Convertible Notes as of October 31, 2016 and January 31, 2016 . The difference between the face value and the carrying value of these notes is the result of the allocation between the debt and equity components, and unamortized debt issuance costs. Fair value of the Senior Convertible Notes was estimated based on Level 2 fair value inputs. October 31, 2016 January 31, 2016 Estimated Fair Value Carrying Value Face Value Estimated Fair Value Carrying Value Face Value (in thousands) (in thousands) Senior convertible notes $ 85,000 $ 87,754 $ 95,725 $ 105,000 $ 134,145 $ 150,000

SEGMENT INFORMATION AND OPERATI

SEGMENT INFORMATION AND OPERATING RESULTS	9 Months Ended
	Oct. 31, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION AND OPERATING RESULTS	SEGMENT INFORMATION AND OPERATING RESULTS 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 October 31, Nine Months Ended October 31, 2016 2015 2016 2015 (in thousands) (in thousands) Revenue Agriculture $ 205,540 $ 211,302 $ 538,060 $ 660,606 Construction 80,789 87,023 241,922 249,601 International 45,937 46,650 115,477 122,154 Total $ 332,266 $ 344,975 $ 895,459 $ 1,032,361 Income (Loss) Before Income Taxes Agriculture $ (1,798 ) $ 4,219 $ (9,881 ) $ 693 Construction (105 ) 1,413 (1,523 ) (3,089 ) International 604 351 (88 ) (3,074 ) Segment income (loss) before income taxes (1,299 ) 5,983 (11,492 ) (5,470 ) Shared Resources 1,355 (269 ) 1,199 1,879 Total $ 56 $ 5,714 $ (10,293 ) $ (3,591 ) October 31, 2016 January 31, 2016 (in thousands) Total Assets Agriculture $ 475,418 $ 557,579 Construction 264,393 294,891 International 127,703 109,706 Segment assets 867,514 962,176 Shared Resources 52,783 85,699 Total $ 920,297 $ 1,047,875

STORE CLOSINGS AND REALIGNMENT

STORE CLOSINGS AND REALIGNMENT COST	9 Months Ended
	Oct. 31, 2016
Restructuring and Related Activities [Abstract]
STORE CLOSINGS AND REALIGNMENT COSTS	STORE CLOSINGS AND REALIGNMENT COSTS Exit costs associated with the Company's store closings and realignment activities are summarized in the following table. Such costs are included in Impairment and Realignment Costs in the consolidated statements of operations. Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 (in thousands) (in thousands) Agriculture Segment Lease termination costs (a) $ — $ (38 ) $ (120 ) $ 223 Employee severance costs — (15 ) — 225 Impairment of fixed assets, net of gains on asset disposition — — — 10 Asset relocation and other closing costs — (34 ) — 34 $ — $ (87 ) $ (120 ) $ 492 Construction Segment Lease termination costs (a) $ — $ 46 $ (8 ) $ 137 Employee severance costs — 29 21 362 Impairment of fixed assets, net of gains on asset disposition — 10 — 106 Asset relocation and other closing costs — (5 ) — 88 $ — $ 80 $ 13 $ 693 Shared Resource Center Lease termination costs (a) $ — $ (12 ) $ — $ 37 Employee severance costs — — 378 187 Impairment of fixed assets, net of gains on asset disposition — 41 — 110 $ — $ 29 $ 378 $ 334 Total Lease termination costs (a) $ — $ (4 ) $ (128 ) $ 397 Employee severance costs — 14 399 774 Impairment of fixed assets, net of gains on asset disposition — 51 — 226 Asset relocation and other closing costs — (39 ) — 122 $ — $ 22 $ 271 $ 1,519 (a) Net of gain on changes in lease termination accrual assumptions A reconciliation of the beginning and ending exit cost liability balance, which is included in accrued expenses in the consolidated balance sheets, follows: Amount (in thousands) Balance, January 31, 2016 $ 660 Exit costs incurred and charged to expense Lease termination costs (128 ) Employee severance costs 399 Exit costs paid Lease termination costs (430 ) Employee severance costs (399 ) Balance, October 31, 2016 $ 102

INCOME TAXES

INCOME TAXES	9 Months Ended
	Oct. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company incurs a provision for income taxes in jurisdictions in which it has taxable income. Generally the Company receives a benefit for income taxes in jurisdictions in which it has taxable losses unless it has recorded a valuation allowance for that jurisdiction. These losses are available to reduce future taxable income in these jurisdictions if earned within the allowable net operating loss carryforward period. The foreign jurisdictions in which the Company operates have net operating loss carryforward periods ranging from five to seven years, with certain jurisdictions having indefinite carryforward periods. The components of income (loss) before income taxes are as follows: Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 (in thousands) (in thousands) U.S. $ (547 ) $ 5,363 $ (10,204 ) $ (521 ) Foreign 603 351 (89 ) (3,070 ) Total $ 56 $ 5,714 $ (10,293 ) $ (3,591 ) A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows: Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 U.S. statutory rate 35.0 % 35.0 % (35.0 )% (35.0 )% Foreign statutory rates (406.2 )% (0.2 )% 1.2 % 22.4 % State taxes on income net of federal tax benefit 4.2 % 4.2 % (4.2 )% (4.2 )% Change in valuation allowance (221.1 )% (11.1 )% (4.4 )% 27.8 % Tax effect of Ukrainian hryvnia devaluation (a) 55.2 % 6.4 % 2.2 % (13.3 )% All other, net 166.7 % 4.7 % 1.4 % (7.6 )% (366.1 )% 39.0 % (38.8 )% (9.9 )% (a) Represents the tax impact of differences in foreign currency losses recognized as the result of Ukrainian hryvnia devaluation between Ukrainian taxable income (loss) and financial reporting income (loss).

BUSINESS ACTIVITY AND SIGNIFI19

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Oct. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	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 nine -month period ended October 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2017 . The information contained in the balance sheet as of January 31, 2016 was derived from the audited financial statements for the Company for the 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, 2016 as filed with the SEC.
Estimates	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, initial valuation and impairment of intangible assets, collectability of receivables, and income taxes.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All material accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. In June 2016, the Company acquired all of the outstanding ownership interest held by the non-controlling interest holder of the Company's Bulgarian subsidiary. Total consideration, which amounted to $4.3 million , was in the form of the satisfaction of outstanding receivables owed to the Company by the noncontrolling interest holder. As the Company had a controlling interest in the Bulgarian subsidiary prior to the acquisition, the acquisition was accounted for as an equity transaction which resulted in a decrease in the Company's additional paid-in capital in the amount of $3.7 million and a decrease in the Company's accumulated other comprehensive income in the amount of $0.2 million . Subsequent to this acquisition, all of the Company's subsidiaries are wholly-owned.
Earnings (Loss) Per Share (EPS)	Earnings (Loss) Per Share (“EPS”) The Company uses the two-class method to calculate basic and diluted EPS. Unvested restricted stock awards are considered participating securities because they entitle holders to non-forfeitable rights to dividends during the vesting term. Under the two-class method, basic EPS was computed by dividing net income (loss) attributable to Titan Machinery Inc. after allocation of net income (loss) to participating securities by the weighted-average number of shares of common stock outstanding during the relevant period. Diluted EPS was computed by dividing net income attributable to Titan Machinery Inc. after allocation of net income (loss) to participating securities by the weighted-average shares of common stock outstanding after adjusting for potential dilution related to the conversion of all dilutive securities into common stock. All potentially dilutive securities were included in the computation of diluted EPS. All anti-dilutive securities were excluded from the computation of diluted EPS.
New Accounting Pronouncements	Recent Accounting Guidance In May 2014 and August 2015, the FASB issued authoritative guidance on accounting for revenue recognition, codified in ASC 606, Revenue from Contracts with Customers . This guidance has been amended on various occasions and supersedes the revenue recognition requirements in ASC 605, Revenue Recognition . This guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The Company will adopt this guidance on February 1, 2018, and will employ one of the two retrospective application methods. The Company has not determined the potential effects adoption of this standard will have on the consolidated financial statements. In August 2014, the FASB issued authoritative guidance on management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and provide related footnote disclosures, codified in ASC 205-40, Going Concern . The guidance provides a definition of the term substantial doubt, requires an evaluation every reporting period including interim periods, provides principles for considering the mitigating effect of management’s plans, requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, requires an express statement and other disclosures when substantial doubt is not alleviated, and requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The Company will adopt this guidance for the year-ended January 31, 2017, and it will apply to each interim and annual period thereafter. The Company does not expect the adoption to have a material effect on the consolidated financial statements. In July 2015, the FASB amended authoritative guidance on accounting for the measurement of inventory, codified in ASC 330, Inventory. The amended guidance requires inventory to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company will adopt this guidance on February 1, 2017. Under the current guidance for measuring inventory, the Company recognizes lower-of-cost-or-market adjustments using a definition of market value as net realizable value reduced by an allowance for a normal profit margin. Upon implementation of the new authoritative guidance, market is defined solely as net realizable value. The Company does not anticipate that the adoption of this guidance will have a material effect on the consolidated financial statements. In February 2016, the FASB amended authoritative guidance on leases, codified in ASC 842, Leases. The amended guidance requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. The new standard also requires new disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The provisions of this guidance are to be applied using a modified retrospective approach, with elective reliefs, which requires application of the guidance for all periods presented. The Company has not determined the potential effects adoption of this standard will have on the consolidated financial statements. In March 2016, the FASB amended authoritative guidance on stock-based compensation, codified in ASC 718, Compensation - Stock Compensation. The amended guidance changes the accounting for certain aspects of share-based payments, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification on the statements of cash flows. The Company will adopt this guidance on February 1, 2017. The manner of application varies by the various provisions of the guidance, with certain provisions applied on a retrospective or modified retrospective approach, while others are applied prospectively. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements.

BUSINESS ACTIVITY AND SIGNIFI20

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Oct. 31, 2016
Accounting Policies [Abstract]
Schedule of calculation of basic and diluted EPS	The following table sets forth the calculation of the denominator for basic and diluted EPS: Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 (in thousands, except per share data) (in thousands, except per share data) Basic Weighted-Average Common Shares Outstanding 21,218 21,129 21,208 21,093 Plus: Incremental Shares From Assumed Exercise of Stock Options 51 89 — — Diluted Weighted-Average Common Shares Outstanding 21,269 21,218 21,208 21,093 Anti-Dilutive Shares Excluded From Diluted Weighted-Average Common Shares Outstanding: Stock Options 141,000 89,000 146,000 191,000 Shares Underlying Senior Convertible Notes (conversion price of $43.17) 2,217 3,474 2,217 3,474 Earnings (Loss) per Share - Basic $ 0.01 $ 0.16 $ (0.27 ) $ (0.13 ) Earnings (Loss) per Share - Diluted $ 0.01 $ 0.16 $ (0.27 ) $ (0.13 )

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Oct. 31, 2016
Inventory Disclosure [Abstract]
Schedule of inventories	October 31, 2016 January 31, 2016 (in thousands) New equipment $ 331,847 $ 323,393 Used equipment 182,039 267,893 Parts and attachments 81,265 87,807 Work in process 12,478 10,371 $ 607,629 $ 689,464

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Oct. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	October 31, 2016 January 31, 2016 (in thousands) Rental fleet equipment $ 131,102 $ 137,754 Machinery and equipment 22,697 23,051 Vehicles 37,397 36,537 Furniture and fixtures 39,538 38,149 Land, buildings, and leasehold improvements 64,772 63,460 295,506 298,951 Less accumulated depreciation (125,542 ) (115,772 ) $ 169,964 $ 183,179

SENIOR CONVERTIBLE NOTES (Table

SENIOR CONVERTIBLE NOTES (Tables) - Senior Convertible Notes	9 Months Ended
	Oct. 31, 2016
SENIOR CONVERTIBLE NOTES
Schedule of 3.75% Senior Convertible Notes	The Company’s 3.75% Senior Convertible Notes issued on April 24, 2012 (“Senior Convertible Notes”) consisted of the following: October 31, 2016 January 31, 2016 (in thousands except conversion rate and conversion price) Principal value $ 95,725 $ 150,000 Unamortized debt discount (7,024 ) (13,946 ) Unamortized debt issuance costs (947 ) (1,909 ) Carrying value of Senior Convertible Notes $ 87,754 $ 134,145 Carrying value of equity component, net of deferred taxes $ 13,800 $ 15,546 Conversion rate (shares of common stock per $1,000 principal amount of notes) 23.1626 Conversion price (per share of common stock) $ 43.17
Senior Convertible Notes Interest Expense	The Company recognized interest expense associated with its Senior Convertible Notes as follows: Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 (in thousands) (in thousands) Cash Interest Expense Coupon interest expense $ 996 $ 1,406 $ 3,457 $ 4,219 Noncash Interest Expense Amortization of debt discount 703 925 2,406 2,745 Amortization of transaction costs 100 138 347 412 $ 1,799 $ 2,469 $ 6,210 $ 7,376

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Oct. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of notional amounts of outstanding derivative positions	The following table sets forth the notional value of the Company's outstanding derivative instruments. Notional Amount as of: October 31, 2016 January 31, 2016 (in thousands) Cash flow hedges: Interest rate swap $ 100,000 $ 100,000 Derivatives not designated as hedging instruments: Foreign currency contracts 15,844 13,148
Schedule of fair value of outstanding derivative instruments	The following table sets forth the fair value of the Company’s outstanding derivative instruments. Asset derivatives are included in prepaid expenses and other in the consolidated balance sheets, and liability derivatives are included in accrued expenses in the consolidated balance sheets. Fair Value as of: October 31, 2016 January 31, 2016 (in thousands) Asset Derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts $ — $ 125 Total Asset Derivatives $ — $ 125 Liability Derivatives: Derivatives designated as hedging instruments: Cash flow hedges: Interest rate swap $ 2,012 $ 2,836 Derivatives not designated as hedging instruments: Foreign currency contracts 121 — Total Liability Derivatives $ 2,133 $ 2,836
Schedule of gains and losses recognized on derivative instruments	The following table sets forth the gains and losses (before the related income tax effects) recognized in other comprehensive income (loss) ("OCI") and income (loss) related to the Company’s derivative instruments for the three and nine months ended October 31, 2016 and 2015 , respectively. Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 OCI Income (Loss) OCI Income (Loss) OCI Income (Loss) OCI Income (Loss) (in thousands) (in thousands) Dervatives Designated as Hedging Instruments: Net investment hedges: Foreign currency contracts $ — $ — $ 12 $ — $ — $ — $ 333 $ — Cash flow hedges: Interest rate swap (a) 228 (333 ) (803 ) (446 ) (272 ) (1,064 ) (727 ) (1,330 ) Foreign currency contracts (b) — — — (4 ) — — — (17 ) Dervatives Not Designated as Hedging Instruments: Foreign currency contracts (c) — 126 — (54 ) — 112 — 751 Total Derivatives $ 228 $ (207 ) $ (791 ) $ (504 ) $ (272 ) $ (952 ) $ (394 ) $ (596 ) (a) No material hedge ineffectiveness has been recognized. The amounts shown in Income (Loss) above are reclassification amounts from accumulated other comprehensive income and are recorded in floorplan interest expense in the consolidated statements of operations. (b) Amounts are included in Cost of revenue - equipment in the consolidated statements of operations. (c) Amounts are included in Interest income and other income (expense) in the consolidated statements of operations

FAIR VALUE OF FINANCIAL INSTR25

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Oct. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The assets and liabilities which are measured at fair value on a recurring basis as of October 31, 2016 and January 31, 2016 are as follows: October 31, 2016 January 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) (in thousands) Financial Assets Foreign currency contracts $ — $ — $ — $ — $ — $ 125 $ — $ 125 Total Financial Assets $ — $ — $ — $ — $ — $ 125 $ — $ 125 Financial Liabilities Interest rate swap $ — $ 2,012 $ — $ 2,012 $ — $ 2,836 $ — $ 2,836 Foreign currency contracts — 121 — 121 — — — — Total Financial Liabilities $ — $ 2,133 $ — $ 2,133 $ — $ 2,836 $ — $ 2,836
Fair Value of Senior Convertible Notes	The following table provides details on the Senior Convertible Notes as of October 31, 2016 and January 31, 2016 . The difference between the face value and the carrying value of these notes is the result of the allocation between the debt and equity components, and unamortized debt issuance costs. Fair value of the Senior Convertible Notes was estimated based on Level 2 fair value inputs. October 31, 2016 January 31, 2016 Estimated Fair Value Carrying Value Face Value Estimated Fair Value Carrying Value Face Value (in thousands) (in thousands) Senior convertible notes $ 85,000 $ 87,754 $ 95,725 $ 105,000 $ 134,145 $ 150,000

SEGMENT INFORMATION AND OPERA26

SEGMENT INFORMATION AND OPERATING RESULTS (Tables)	9 Months Ended
	Oct. 31, 2016
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 October 31, Nine Months Ended October 31, 2016 2015 2016 2015 (in thousands) (in thousands) Revenue Agriculture $ 205,540 $ 211,302 $ 538,060 $ 660,606 Construction 80,789 87,023 241,922 249,601 International 45,937 46,650 115,477 122,154 Total $ 332,266 $ 344,975 $ 895,459 $ 1,032,361 Income (Loss) Before Income Taxes Agriculture $ (1,798 ) $ 4,219 $ (9,881 ) $ 693 Construction (105 ) 1,413 (1,523 ) (3,089 ) International 604 351 (88 ) (3,074 ) Segment income (loss) before income taxes (1,299 ) 5,983 (11,492 ) (5,470 ) Shared Resources 1,355 (269 ) 1,199 1,879 Total $ 56 $ 5,714 $ (10,293 ) $ (3,591 ) October 31, 2016 January 31, 2016 (in thousands) Total Assets Agriculture $ 475,418 $ 557,579 Construction 264,393 294,891 International 127,703 109,706 Segment assets 867,514 962,176 Shared Resources 52,783 85,699 Total $ 920,297 $ 1,047,875

STORE CLOSINGS AND REALIGNMEN27

STORE CLOSINGS AND REALIGNMENT COST (Tables)	9 Months Ended
	Oct. 31, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Costs by Type of Cost	Exit costs associated with the Company's store closings and realignment activities are summarized in the following table. Such costs are included in Impairment and Realignment Costs in the consolidated statements of operations. Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 (in thousands) (in thousands) Agriculture Segment Lease termination costs (a) $ — $ (38 ) $ (120 ) $ 223 Employee severance costs — (15 ) — 225 Impairment of fixed assets, net of gains on asset disposition — — — 10 Asset relocation and other closing costs — (34 ) — 34 $ — $ (87 ) $ (120 ) $ 492 Construction Segment Lease termination costs (a) $ — $ 46 $ (8 ) $ 137 Employee severance costs — 29 21 362 Impairment of fixed assets, net of gains on asset disposition — 10 — 106 Asset relocation and other closing costs — (5 ) — 88 $ — $ 80 $ 13 $ 693 Shared Resource Center Lease termination costs (a) $ — $ (12 ) $ — $ 37 Employee severance costs — — 378 187 Impairment of fixed assets, net of gains on asset disposition — 41 — 110 $ — $ 29 $ 378 $ 334 Total Lease termination costs (a) $ — $ (4 ) $ (128 ) $ 397 Employee severance costs — 14 399 774 Impairment of fixed assets, net of gains on asset disposition — 51 — 226 Asset relocation and other closing costs — (39 ) — 122 $ — $ 22 $ 271 $ 1,519 (a) Net of gain on changes in lease termination accrual assumptions
Restructuring Reserve Rollforward	A reconciliation of the beginning and ending exit cost liability balance, which is included in accrued expenses in the consolidated balance sheets, follows: Amount (in thousands) Balance, January 31, 2016 $ 660 Exit costs incurred and charged to expense Lease termination costs (128 ) Employee severance costs 399 Exit costs paid Lease termination costs (430 ) Employee severance costs (399 ) Balance, October 31, 2016 $ 102

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Oct. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Income Before Income Tax	The components of income (loss) before income taxes are as follows: Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 (in thousands) (in thousands) U.S. $ (547 ) $ 5,363 $ (10,204 ) $ (521 ) Foreign 603 351 (89 ) (3,070 ) Total $ 56 $ 5,714 $ (10,293 ) $ (3,591 )
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows: Three Months Ended October 31, Nine Months Ended October 31, 2016 2015 2016 2015 U.S. statutory rate 35.0 % 35.0 % (35.0 )% (35.0 )% Foreign statutory rates (406.2 )% (0.2 )% 1.2 % 22.4 % State taxes on income net of federal tax benefit 4.2 % 4.2 % (4.2 )% (4.2 )% Change in valuation allowance (221.1 )% (11.1 )% (4.4 )% 27.8 % Tax effect of Ukrainian hryvnia devaluation (a) 55.2 % 6.4 % 2.2 % (13.3 )% All other, net 166.7 % 4.7 % 1.4 % (7.6 )% (366.1 )% 39.0 % (38.8 )% (9.9 )% (a) Represents the tax impact of differences in foreign currency losses recognized as the result of Ukrainian hryvnia devaluation between Ukrainian taxable income (loss) and financial reporting income (loss).

BUSINESS ACTIVITY AND SIGNIFI29

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Denominator
Basic Weighted-Average Common Shares Outstanding	21,218	21,129	21,208	21,093
Plus: Incremental Shares From Assumed Exercise of Stock Options	51	89	0	0
Diluted Weighted-Average Common Shares Outstanding	21,269	21,218	21,208	21,093
Earnings (Loss) per Share - Basic, in dollars per share	$ 0.01	$ 0.16	$ (0.27)	$ (0.13)
Earnings (Loss) per Share - Diluted, in dollars per share	$ 0.01	$ 0.16	$ (0.27)	$ (0.13)
Employee Stock Option
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of diluted EPS (in shares)	141,000	89,000	146,000	191,000
Convertible Notes
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of diluted EPS (in shares)	2,217	3,474	2,217	3,474
Conversion price of shares underlying convertible notes (in dollars per share)	$ 43.17		$ 43.17

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Oct. 31, 2016	Jan. 31, 2016
Inventory Disclosure [Abstract]
New equipment	$ 331,847	$ 323,393
Used equipment	182,039	267,893
Parts and attachments	81,265	87,807
Work in process	12,478	10,371
Inventories	$ 607,629	$ 689,464

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015	Jan. 31, 2016
PROPERTY AND EQUIPMENT
Tangible Asset Impairment Charges	$ 300	$ 22	$ 546	$ 1,519
Property and equipment, gross	295,506		295,506		$ 298,951
Less accumulated depreciation	(125,542)		(125,542)		(115,772)
Property and equipment, net	169,964		169,964		183,179
Rental fleet equipment
PROPERTY AND EQUIPMENT
Property and equipment, gross	131,102		131,102		137,754
Machinery and equipment
PROPERTY AND EQUIPMENT
Property and equipment, gross	22,697		22,697		23,051
Vehicles
PROPERTY AND EQUIPMENT
Property and equipment, gross	37,397		37,397		36,537
Furniture and fixtures
PROPERTY AND EQUIPMENT
Property and equipment, gross	39,538		39,538		38,149
Land, buildings, and leasehold improvements
PROPERTY AND EQUIPMENT
Property and equipment, gross	64,772		$ 64,772		$ 63,460
Agriculture [Member]
PROPERTY AND EQUIPMENT
Tangible Asset Impairment Charges	200
Construction [Member]
PROPERTY AND EQUIPMENT
Tangible Asset Impairment Charges	$ 100
Fair Value Measurement [Domain]
PROPERTY AND EQUIPMENT
Impaired Long-Lived Assets Held and Used, Facts and Circumstances Leading to Impairment	6.2
titn_step_one_impairment_analysis_fail_carrying_value [Member]
PROPERTY AND EQUIPMENT
Impaired Long-Lived Assets Held and Used, Facts and Circumstances Leading to Impairment	2.6
titn_step_one_pass_impairment_analysis_carrying_value [Member]
PROPERTY AND EQUIPMENT
Impaired Long-Lived Assets Held and Used, Facts and Circumstances Leading to Impairment	3.6
Other Operating Income (Expense) [Member]
PROPERTY AND EQUIPMENT
Tangible Asset Impairment Charges	$ 275

LINES OF CREDIT _ FLOORPLAN P32

LINES OF CREDIT / FLOORPLAN PAYABLE (Details)	9 Months Ended
	Oct. 31, 2016USD ($)floorplan_line_of_credit	Aug. 31, 2016USD ($)	Aug. 09, 2016USD ($)	Jan. 31, 2016USD ($)
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Number of significant floorplan lines of credit | floorplan_line_of_credit	3
Maximum borrowing capacity			$ 350,000,000
Floorplan payable	$ 372,055,000			$ 444,780,000
Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	900,000,000
Floorplan payable	362,800,000			$ 420,700,000
Floorplan Line of Credit | Foreign
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	$ 106,200,000
Floorplan Line of Credit | Minimum [Member] | U.S.
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate Terms	0.0274
Floorplan Line of Credit | Minimum [Member] | Foreign
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate Terms	0.0149
Floorplan Line of Credit | Maximum [Member] | U.S.
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate Terms	0.0609
Floorplan Line of Credit | Maximum [Member] | Foreign
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate Terms	0.077
Wells Fargo Credit Facility [Member] | Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	$ 210,000,000
CNH Industrial Capital Credit Facility | Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	450,000,000
DLL Finance LLC [Member] | Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	90,000,000
Credit Facility | Wells Fargo Credit Facility [Member] | Working Capital Revolver Line
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	65,000,000
Amount outstanding	0
DLL Finance LLC [Member]
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	90,000,000	$ 110,000,000
Wells Fargo Credit Facility [Member]
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	275,000,000
Wells Fargo Credit Facility [Member] | Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	210,000,000		275,000,000
Reduction in borrowing capacity			65,000,000
Wells Fargo Credit Facility [Member] | Credit Facility
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	$ 65,000,000		75,000,000
Reduction in borrowing capacity			$ 10,000,000

SENIOR CONVERTIBLE NOTES (Detai

SENIOR CONVERTIBLE NOTES (Details)	Oct. 31, 2016
Convertible Notes
SENIOR CONVERTIBLE NOTES
Interest rate (as a percent)	3.75%

SENIOR CONVERTIBLE NOTES (Det34

SENIOR CONVERTIBLE NOTES (Details 2) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2016USD ($)$ / shares	Oct. 31, 2015USD ($)	Oct. 31, 2016USD ($)$ / shares	Oct. 31, 2015USD ($)	Jan. 31, 2016USD ($)
Convertible notes
Principal value	$ 95,725		$ 95,725		$ 150,000
Gains (Losses) on Extinguishment of Debt			3,130	$ 0
Coupon interest expense	2,160	$ 4,041	5,930	11,228
Convertible Notes
Convertible notes
Principal value	95,725		95,725		150,000
Unamortized debt discount	(7,024)		(7,024)		(13,946)
Unamortized debt issuance costs	(947)		(947)		(1,909)
Carrying value of Senior Convertible Notes	87,754		87,754		134,145
Carrying value of equity component, net of deferred taxes	$ 13,800		$ 13,800		$ 15,546
Conversion rate			0.0231626
Conversion price (per share of common stock) | $ / shares	$ 43.17		$ 43.17
Coupon interest expense	$ 996	1,406	$ 3,457	4,219
Amortization of debt discount	703	925	2,406	2,745
Amortization of transaction costs	100	138	347	412
Interest Expense	$ 1,799	$ 2,469	$ 6,210	$ 7,376
Remaining period over which unamortized debt discount will be amortized			2 years 6 months
Effective interest rate (as a percent)	7.30%	7.30%

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details 1) - USD ($)	Oct. 31, 2016	Jan. 31, 2016	Oct. 09, 2013
Interest Rate Swap | Cash Flow Hedges
DERIVATIVE INSTRUMENTS
Fixed interest rate (as a percent)			1.901%
Notional amount outstanding			$ 100,000,000
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedges
DERIVATIVE INSTRUMENTS
Notional amount outstanding	$ 100,000,000	$ 100,000,000
Foreign currency contracts | Not designated as hedging instruments
DERIVATIVE INSTRUMENTS
Notional amount outstanding	$ 15,844,000	$ 13,148,000

DERIVATIVE INSTRUMENTS DERIVATI

DERIVATIVE INSTRUMENTS DERIVATIVES INSTRUMENTS (Details 2) - USD ($) $ in Thousands	Oct. 31, 2016	Jan. 31, 2016
DERIVATIVE INSTRUMENTS
Fair Value of Derivative Asset	$ 0	$ 125
Fair Value of Derivative Liability	2,133	2,836
Foreign currency contracts | Not designated as hedging instruments
DERIVATIVE INSTRUMENTS
Fair Value of Derivative Asset	0	125
Fair Value of Derivative Liability	121	0
Cash Flow Hedges | Interest Rate Swap | Designated as Hedging Instrument
DERIVATIVE INSTRUMENTS
Fair Value of Derivative Liability	$ 2,012	$ 2,836

DERIVATIVE INSTRUMENTS DERIVATE

DERIVATIVE INSTRUMENTS DERIVATE INSTRUMENTS (Details 3) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Foreign currency contracts
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in Other Comprehensive Income	$ 228	$ (791)	$ (272)	$ (394)
Amount of Gain (Loss) Recognized in Income	(207)	(504)	(952)	(596)
Foreign currency contracts | Designated as Hedging Instrument | Net Investment Hedges
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in Other Comprehensive Income	0	12	0	333
Amount of Gain (Loss) Recognized in Income	0	0	0	0
Foreign currency contracts | Designated as Hedging Instrument | Cash Flow Hedges
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in Other Comprehensive Income	0	0	0	0
Amount of Gain (Loss) Recognized in Income	0	(4)	0	(17)
Foreign currency contracts | Not designated as hedging instruments
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in Other Comprehensive Income	0	0	0	0
Amount of Gain (Loss) Recognized in Income	126	(54)	112	751
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedges
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in Other Comprehensive Income	228	(803)	(272)	(727)
Amount of Gain (Loss) Recognized in Income	$ (333)	$ (446)	$ (1,064)	$ (1,330)

DERIVATIVE INSTRUMENTS DERIVA38

DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS NARRATIVE (Details) - Interest Rate Swap - Cash Flow Hedges $ in Millions	9 Months Ended
	Oct. 31, 2016USD ($)
Derivative
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Before Tax	$ (2)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ (1.2)

FAIR VALUE OF FINANCIAL INSTR39

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Oct. 31, 2016	Jan. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Assets	$ 0	$ 125
Financial Liability	(2,133)	(2,836)
Principal value	95,725	150,000
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Senior Convertible Notes	85,000	105,000
Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Senior Convertible Notes	87,754	134,145
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Liability	(2,012)	(2,836)
Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Assets	0	125
Financial Liability	(121)	0
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Assets	0	0
Financial Liability	0	0
Fair Value, Inputs, Level 1 | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Liability	0	0
Fair Value, Inputs, Level 1 | Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Assets	0	0
Financial Liability	0	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Assets	0	125
Financial Liability	(2,133)	(2,836)
Fair Value, Inputs, Level 2 | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Liability	(2,012)	(2,836)
Fair Value, Inputs, Level 2 | Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Assets	0	125
Financial Liability	(121)	0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Assets	0	0
Financial Liability	0	0
Fair Value, Inputs, Level 3 | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Liability	0	0
Fair Value, Inputs, Level 3 | Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Assets	0	0
Financial Liability	$ 0	$ 0

SEGMENT INFORMATION AND OPERA40

SEGMENT INFORMATION AND OPERATING RESULTS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2016USD ($)	Oct. 31, 2015USD ($)	Oct. 31, 2016USD ($)segment	Oct. 31, 2015USD ($)	Jan. 31, 2016USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			3
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	$ 332,266	$ 344,975	$ 895,459	$ 1,032,361
Income (Loss) Before Income Taxes	56	5,714	(10,293)	(3,591)
Total Assets	920,297		920,297		$ 1,047,875
Shared Resources
SEGMENT INFORMATION AND OPERATING RESULTS
Income (Loss) Before Income Taxes	1,355	(269)	1,199	1,879
Total Assets	52,783		52,783		85,699
Operating Segments
SEGMENT INFORMATION AND OPERATING RESULTS
Income (Loss) Before Income Taxes	(1,299)	5,983	(11,492)	(5,470)
Total Assets	867,514		867,514		962,176
Operating Segments | Agriculture
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	205,540	211,302	538,060	660,606
Income (Loss) Before Income Taxes	(1,798)	4,219	(9,881)	693
Total Assets	475,418		475,418		557,579
Operating Segments | Construction
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	80,789	87,023	241,922	249,601
Income (Loss) Before Income Taxes	(105)	1,413	(1,523)	(3,089)
Total Assets	264,393		264,393		294,891
Operating Segments | International
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	45,937	46,650	115,477	122,154
Income (Loss) Before Income Taxes	604	$ 351	(88)	$ (3,074)
Total Assets	$ 127,703		$ 127,703		$ 109,706

STORE CLOSINGS AND REALIGNMEN41

STORE CLOSINGS AND REALIGNMENT COST (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Realignment Costs
Amount of Realignment Cost Incurred	$ 0	$ 22	$ 271	$ 1,519
Agriculture
Realignment Costs
Amount of Realignment Cost Incurred	0	(87)	(120)	492
Construction
Realignment Costs
Amount of Realignment Cost Incurred	0	80	13	693
Shared Resource Center
Realignment Costs
Amount of Realignment Cost Incurred	0	29	378	334
Lease termination costs (a) | Realignment Cost
Realignment Costs
Amount of Realignment Cost Incurred	0	(4)	(128)	397
Lease termination costs (a) | Realignment Cost | Agriculture
Realignment Costs
Amount of Realignment Cost Incurred	0	(38)	(120)	223
Lease termination costs (a) | Realignment Cost | Construction
Realignment Costs
Amount of Realignment Cost Incurred	0	46	(8)	137
Lease termination costs (a) | Realignment Cost | Shared Resource Center
Realignment Costs
Amount of Realignment Cost Incurred	0	(12)	0	37
Employee severance costs | Realignment Cost
Realignment Costs
Amount of Realignment Cost Incurred	0	14	399	774
Employee severance costs | Realignment Cost | Agriculture
Realignment Costs
Amount of Realignment Cost Incurred	0	(15)	0	225
Employee severance costs | Realignment Cost | Construction
Realignment Costs
Amount of Realignment Cost Incurred	0	29	21	362
Employee severance costs | Realignment Cost | Shared Resource Center
Realignment Costs
Amount of Realignment Cost Incurred	0	0	378	187
Impairment of fixed assets, net of gains on asset disposition | Realignment Cost
Realignment Costs
Amount of Realignment Cost Incurred	0	51	0	226
Impairment of fixed assets, net of gains on asset disposition | Realignment Cost | Agriculture
Realignment Costs
Amount of Realignment Cost Incurred	0	0	0	10
Impairment of fixed assets, net of gains on asset disposition | Realignment Cost | Construction
Realignment Costs
Amount of Realignment Cost Incurred	0	10	0	106
Impairment of fixed assets, net of gains on asset disposition | Realignment Cost | Shared Resource Center
Realignment Costs
Amount of Realignment Cost Incurred	0	41	0	110
Asset relocation and other closing costs | Realignment Cost
Realignment Costs
Amount of Realignment Cost Incurred	0	(39)	0	122
Asset relocation and other closing costs | Realignment Cost | Agriculture
Realignment Costs
Amount of Realignment Cost Incurred	0	(34)	0	34
Asset relocation and other closing costs | Realignment Cost | Construction
Realignment Costs
Amount of Realignment Cost Incurred	$ 0	$ (5)	$ 0	$ 88

STORE CLOSINGS AND REALIGNMEN42

STORE CLOSINGS AND REALIGNMENT COST (Details 2) $ in Thousands	9 Months Ended
	Oct. 31, 2016USD ($)
Realignment Reserve [Roll Forward]
Balance, January 31, 2016	$ 660
Balance, July 31, 2016	102
Lease termination costs (a)
Realignment Reserve [Roll Forward]
Exit costs incurred and charged to expense	(128)
Exit costs paid	(430)
Employee severance costs
Realignment Reserve [Roll Forward]
Exit costs incurred and charged to expense	399
Exit costs paid	$ (399)

INCOME TAXES INCOME TAXES (Deta

INCOME TAXES INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Oct. 31, 2016	Oct. 31, 2015
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
U.S.	$ (547)	$ 5,363	$ (10,204)	$ (521)
Foreign	603	351	(89)	(3,070)
Income (Loss) Before Income Taxes	$ 56	$ 5,714	$ (10,293)	$ (3,591)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. statutory rate (as a percent)	35.00%	35.00%	(35.00%)	(35.00%)
Foreign statutory rates (as a percent)	(406.20%)	(0.20%)	1.20%	22.40%
States taxes on income net of federal tax benefit (as a percent)	4.20%	4.20%	(4.20%)	(4.20%)
Change in valuation allowance (as a percent)	(221.10%)	(11.10%)	(4.40%)	27.80%
Tax effect of Ukrainian hryvnia devaluation (as a percent)	55.20%	6.40%	2.20%	(13.30%)
All other, net (as a percent)	166.70%	4.70%	1.40%	(7.60%)
Effective tax rate (as a percent)	(366.10%)	39.00%	(38.80%)	(9.90%)
Minimum
Operating Loss Carryforward Period			5 years
Maximum
Operating Loss Carryforward Period			7 years