Titan Machinery (TITN) 10-Q 7 Sep 17 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 31, 2017	Aug. 31, 2017
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	Jul. 31, 2017
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		22,030,870
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2017	Jan. 31, 2017
Current Assets
Cash	$ 57,526	$ 53,151
Receivables (net of allowance of $3,158 and $3,630 as of July 31, 2017 and January 31, 2017, respectively)	63,698	60,082
Inventories	517,464	478,266
Prepaid expenses and other	10,465	10,989
Income taxes receivable	6,049	5,380
Total current assets	655,202	607,868
Noncurrent Assets
Intangible assets, net of accumulated amortization	4,960	5,001
Property and equipment, net of accumulated depreciation	160,613	156,647
Deferred Tax Assets, Net, Noncurrent	334	547
Other	1,312	1,359
Total noncurrent assets	167,219	163,554
Total Assets	822,421	771,422
Current Liabilities
Accounts payable	16,331	17,326
Floorplan payable	308,025	233,228
Current maturities of long-term debt	1,477	1,373
Customer deposits	20,769	26,366
Accrued expenses and other	28,918	30,533
Total current liabilities	375,520	308,826
Long-Term Liabilities
Senior convertible notes	70,975	88,501
Long-term debt, less current maturities	49,169	38,236
Deferred income taxes	3,263	9,500
Other long-term liabilities	8,769	5,180
Total long-term liabilities	132,176	141,417
Commitments and Contingencies
Stockholders' Equity
Common stock, par value $.00001 per share, 45,000 shares authorized; 22,031 shares issued and outstanding at July 31, 2017; 21,836 shares issued and outstanding at January 31, 2017	0	0
Additional paid-in-capital	244,522	240,615
Retained earnings	72,977	85,347
Accumulated other comprehensive loss	(2,774)	(4,783)
Total stockholders' equity	314,725	321,179
Total Liabilities and Stockholders' Equity	$ 822,421	$ 771,422

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2017	Jan. 31, 2017
Statement of Financial Position [Abstract]
Allowance for Doubtful Accounts Receivable	$ (3,158)	$ (3,630)
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	22,031,000	21,836,000
Common stock, shares outstanding	22,031,000	21,836,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016
Revenue
Equipment	$ 167,881	$ 173,301	$ 335,796	$ 358,175
Parts	55,580	58,336	112,163	115,845
Service	30,509	31,296	59,275	62,288
Rental and other	14,901	15,400	25,755	26,885
Total Revenue	268,871	278,333	532,989	563,193
Cost of Revenue
Equipment	154,729	160,906	310,246	331,230
Parts	39,103	41,118	79,460	81,619
Service	11,444	12,045	22,238	23,645
Rental and other	10,788	11,331	19,319	20,218
Total Cost of Revenue	216,064	225,400	431,263	456,712
Gross Profit	52,807	52,933	101,726	106,481
Operating Expenses	50,523	51,487	102,510	105,989
Restructuring Costs	5,549	24	7,893	271
Income (Loss) from Operations	(3,265)	1,422	(8,677)	221
Other Income (Expense)
Interest income and other income	682	612
Interest and Other Income			1,460	749
Floorplan interest expense	(2,163)	(3,806)	(4,819)	(7,549)
Other interest expense	(2,464)	(2,777)	(4,584)	(3,770)
Loss Before Income Taxes	(7,210)	(4,549)	(16,620)	(10,349)
Benefit from Income Taxes	(2,024)	(1,847)	(5,502)	(3,789)
Net Loss Including Noncontrolling Interest	(5,186)	(2,702)	(11,118)	(6,560)
Less: Loss Attributable to Noncontrolling Interest	0	(182)	0	(356)
Net Loss Attributable to Titan Machinery Inc.	(5,186)	(2,520)	(11,118)	(6,204)
Net Loss Allocated to Participating Securities - Note 1	99	51	222	117
Net Loss Attributable to Titan Machinery Inc. Common Stockholders	$ (5,087)	$ (2,469)	$ (10,896)	$ (6,087)
Earnings (Loss) per Share - Note 1
Earnings (Loss) per Share - Basic, in dollars per share	$ (0.24)	$ (0.12)	$ (0.51)	$ (0.29)
Earnings (Loss) per Share - Diluted, in dollars per share	$ (0.24)	$ (0.12)	$ (0.51)	$ (0.29)
Weighted Average Common Shares - Basic	21,546	21,205	21,461	21,204
Weighted Average Common Shares - Diluted	21,546	21,205	21,461	21,204

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016
Net Loss Including Noncontrolling Interest	$ (5,186)	$ (2,702)	$ (11,118)	$ (6,560)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	930	(435)	1,391	319
Other comprehensive income (loss)	1,034	(432)	2,012	458
Comprehensive Loss	(4,152)	(3,134)	(9,106)	(6,102)
Comprehensive Loss Attributable to Noncontrolling Interest		(147)	0	(333)
Comprehensive Loss Attributable To Titan Machinery Inc.	(4,152)	(2,987)	(9,106)	(5,769)
Interest Rate Swap
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	0	(213)	29	(300)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	$ 104	$ 216	$ 592	$ 439

CONSOLIDATED STATEMENTS OF COM6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016
Foreign Exchange Contract
Tax expense (benefit) on unrealized gain (loss) on cash flow hedge derivative instruments	$ 0	$ 0	$ 0	$ 0
Tax expense (benefit) on reclassification of gain (loss) on foreign currency contract cash flow hedge derivative instruments	0	0	0	0
Cash Flow Hedges
Tax expense (benefit) on unrealized gain (loss) on cash flow hedge derivative instruments	0	(142)	19	(200)
Tax expense (benefit) on reclassification of gain (loss) on foreign currency contract cash flow hedge derivative instruments	$ (68)	$ (144)	$ (394)	$ (292)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Acquisition of noncontrolling interest through satisfaction of outstanding receivables	$ 0	$ 4,324
Operating Activities
Net loss including noncontrolling interest	(11,118)	(6,560)
Adjustments to reconcile net loss including noncontrolling interest to net cash provided by operating activities
Depreciation and amortization	12,268	12,828
Deferred income taxes	(4,927)	792
Stock-based compensation expense	1,732	1,205
Noncash interest expense	2,139	2,616
Unrealized foreign currency gain on loans to international subsidiaries	(1,329)	(413)
Gain on repurchase of senior convertible notes	(40)	(2,102)
Other, net	(536)	187
Changes in assets and liabilities
Receivables, prepaid expenses and other assets	(2,340)	(3,731)
Inventories	(31,981)	13,644
Manufacturer floorplan payable	107,833	52,048
Accounts payable, customer deposits, accrued expenses and other and other long-term liabilities	(4,562)	(18,273)
Income taxes	(262)	8,194
Net Cash Provided by Operating Activities	66,877	60,435
Investing Activities
Rental fleet purchases	(10,222)	(2,156)
Property and equipment purchases (excluding rental fleet)	(7,472)	(2,750)
Proceeds from sale of property and equipment	2,253	1,383
Other, net	78	(66)
Net Cash Used for Investing Activities	(15,363)	(3,589)
Financing Activities
Net change in non-manufacturer floorplan payable	(38,030)	(66,856)
Repurchase of Senior Convertible Notes	(19,340)	(24,983)
Proceeds from long-term debt borrowings	33,000	0
Principal payments on long-term debt	(22,722)	(1,349)
Loan provided to noncontrolling interest holder	0	(2,148)
Other, net	(482)	(56)
Net Cash Used for Financing Activities	(47,574)	(95,392)
Effect of Exchange Rate Changes on Cash	435	171
Net Change in Cash	4,375	(38,375)
Cash at Beginning of Period	53,151	89,465
Cash at End of Period	57,526	51,090
Cash paid (received) during the period
Income taxes, net of refunds	3	(12,915)
Interest	7,240	11,084
Supplemental Disclosures of Noncash Investing and Financing Activities
Net property and equipment financed with long-term debt, accounts payable and accrued expenses and other	1,262	2,381
Net transfer of assets from property and equipment to inventories	$ (1,905)	$ 2,065

BUSINESS ACTIVITY AND SIGNIFICA

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jul. 31, 2017
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 six -month period ended July 31, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2018 . The information contained in the balance sheet as of January 31, 2017 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, 2017 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, 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 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. 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 July 31, Six Months Ended July 31, 2017 2016 2017 2016 (in thousands, except per share data) (in thousands, except per share data) Basic Weighted-Average Common Shares Outstanding 21,546 21,205 21,461 21,204 Plus: Incremental Shares From Assumed Exercise of Stock Options — — — — Diluted Weighted-Average Common Shares Outstanding 21,546 21,205 21,461 21,204 Anti-Dilutive Shares Excluded From Diluted Weighted-Average Common Shares Outstanding: Stock Options 133 138 143 148 Shares Underlying Senior Convertible Notes (conversion price of $43.17) 1,748 2,777 1,748 2,777 Earnings (Loss) per Share - Basic $ (0.24 ) $ (0.12 ) $ (0.51 ) $ (0.29 ) Earnings (Loss) per Share - Diluted $ (0.24 ) $ (0.12 ) $ (0.51 ) $ (0.29 ) Recent Accounting Guidance Accounting guidance adopted In July 2015, the Financial Accounting Standards Board (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 adopted this guidance on a prospective basis on February 1, 2017. Under the former guidance for measuring inventory, the Company recognized 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 adoption of this guidance did not have a material effect on the Company's 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 adopted this guidance on February 1, 2017. Under the new guidance, excess tax benefits or deficiencies related to share-based compensation that were previously recorded to equity are now recognized as a discrete tax benefit or expense in the statement of operations. The impact on income tax expense (benefit) was not material for the first quarter of fiscal 2018. Excess tax benefits are no longer reclassified out of cash flows from operating activities to financing activities in the statement of cash flows. We elected to apply this cash flow presentation requirement prospectively. The amount of excess tax benefits recognized for the three and six months ended July 31, 2017 and 2016 were not material. Cash paid by an employer when directly withholding shares for tax withholding purposes are required to be classified as a financing activity in the statement of cash flows. This method of presentation is consistent with the Company's historical presentation. Also under the new standard, the Company elected to account for forfeitures of share-based instruments as they occur, as compared to the previous guidance under which the Company estimated the number of forfeitures. The Company applied the accounting change on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of February 1, 2017. The following table summarizes the impact to the Company’s consolidated balance sheet: As of February 1, 2017 Balance Sheet Classification Additional paid-in capital Deferred income tax liability Retained earnings (in thousands) Increase (Decrease) Impact of cumulative-effect adjustment from adoption of ASU 2016-09 $ 2,087 $ (835 ) $ (1,252 ) Accounting guidance not yet adopted 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. We are in the process of assessing the impact adoption of this standard will have on our consolidated financial statements and related disclosures. Our implementation efforts to date consist of an identification and assessment of our primary revenue streams and performing contract analyses over a sample of contracts within each of our revenue streams. Based on our assessment to date, we do not expect the adoption of this standard to have a material impact on our revenue recognition policies for our equipment, parts or service revenues. ASC 606 does not apply to the recognition of our rental revenues as the accounting for such revenues is governed by other authoritative guidance. We anticipate adopting the standard by use of the modified retrospective approach. In addition, we are continuing to evaluate the changes necessary to our business processes, systems and controls to support recognition and disclosure under the new standard. 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. We anticipate adopting the new standard on February 1, 2019, and expect to elect the package of practical expedients afforded under the guidance, including the use of hindsight to determine the lease term. While we continue to evaluate this standard, we anticipate this standard will have a material impact on our consolidated balance sheets due to the capitalization of a right-of-use asset and lease liability associated with our current operating leases, but do not believe it will have a material impact on our consolidated statements of operations or cash flows. In May 2017, the FASB amended authoritative guidance on modifications related to stock compensation, codified in ASC 718, Compensation - Stock Compensation . The amendments provide guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting. The guidance is effective for the Company as of the first quarter of its fiscal year ending January 31, 2019. The Company does not believe the update will have a material impact on its consolidated financial statements.

INVENTORIES

INVENTORIES	6 Months Ended
	Jul. 31, 2017
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES July 31, 2017 January 31, 2017 (in thousands) New equipment $ 305,510 $ 235,161 Used equipment 135,418 160,503 Parts and attachments 74,977 81,734 Work in process 1,559 868 $ 517,464 $ 478,266

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jul. 31, 2017
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT July 31, 2017 January 31, 2017 (in thousands) Rental fleet equipment $ 127,884 $ 124,417 Machinery and equipment 21,618 22,255 Vehicles 35,282 36,384 Furniture and fixtures 43,388 39,875 Land, buildings, and leasehold improvements 61,715 59,481 289,887 282,412 Less accumulated depreciation (129,274 ) (125,765 ) $ 160,613 $ 156,647

LINES OF CREDIT _ FLOORPLAN PAY

LINES OF CREDIT / FLOORPLAN PAYABLE	6 Months Ended
	Jul. 31, 2017
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's captive finance subsidiary, 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. As of July 31, 2017 , the Company had discretionary floorplan lines of credit for equipment inventory purchases totaling approximately $741.0 million , which includes a $140.0 million Floorplan Payable Line under its second amended and restated credit agreement with Wells Fargo (the "Wells Fargo Credit Agreement"), a $450.0 million credit facility with CNH Industrial Capital, a $45.0 million credit facility with DLL Finance and the U.S. dollar equivalent of $106.0 million in credit facilities related to our foreign subsidiaries. Floorplan payables relating to these credit facilities totaled approximately $296.2 million of the total floorplan payable balance of $308.0 million outstanding as of July 31, 2017 and $228.3 million of the total floorplan payable balance of $233.2 million outstanding as of January 31, 2017 . 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 July 31, 2017 , the interest-bearing U.S. floorplan payables carried various interest rates primarily ranging from 3.49% to 6.53% , and the foreign floorplan payables carried various interest rates primarily ranging from 0.92% to 7.23% . As of July 31, 2017 , 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 July 31, 2017 , the Company had a $60.0 million Working Capital Line under the Wells Fargo Credit Agreement. The Company had $26.0 million and $13.0 million outstanding on this Working Capital Line as of July 31, 2017 and January 31, 2017 . As of July 31, 2017 , the Working Capital Line carried an interest rate of 3.73% . Wells Fargo Credit Agreement As a result of our ongoing equipment inventory reduction and related reduction in floorplan financing needs, in May 2017, the Company provided notice to Wells Fargo of its election to reduce the maximum credit amount available under the Wells Fargo Credit Agreement from an aggregate $275.0 million to an aggregate $200.0 million , comprised of a $70.0 million reduction in the Floorplan Payable Line, from $210.0 million to $140.0 million , and a $5.0 million reduction in the Working Capital Line, from $65.0 million to $60.0 million . As a result of the reduction of the maximum credit amount available under the Wells Fargo Credit Agreement, in the second quarter of fiscal 2018, the Company wrote off $0.4 million of capitalized debt issuance costs. This charge is recorded in other interest expense in the Consolidated Statements of Operations.

SENIOR CONVERTIBLE NOTES

SENIOR CONVERTIBLE NOTES	6 Months Ended
	Jul. 31, 2017
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: July 31, 2017 January 31, 2017 (in thousands except conversion rate and conversion price) Principal value $ 75,470 $ 95,725 Unamortized debt discount (3,968 ) (6,368 ) Unamortized debt issuance costs (527 ) (856 ) Carrying value of senior convertible notes $ 70,975 $ 88,501 Carrying value of equity component, net of deferred taxes $ 15,192 $ 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 For the six months ended July 31, 2017, the Company repurchased an aggregate of $20.3 million face value of its senior convertible notes with $19.3 million in cash. The Company recognized interest expense associated with its senior convertible notes as follows: Three Months Ended July 31, Six Months Ended July 31, 2017 2016 2017 2016 (in thousands) (in thousands) Cash Interest Expense Coupon interest expense $ 708 $ 1,124 $ 1,491 $ 2,461 Noncash Interest Expense Amortization of debt discount 540 793 1,111 1,703 Amortization of transaction costs 74 114 154 247 $ 1,322 $ 2,031 $ 2,756 $ 4,411 The senior convertible notes mature on May 1, 2019, unless purchased earlier by the Company, redeemed or converted. As of July 31, 2017 , the unamortized debt discount will be amortized over a remaining period of approximately 1.8 years . As of July 31, 2017 and January 31, 2017 , 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 consolidated statements of operations periods presented.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jul. 31, 2017
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 and benchmark interest rates to which the Company is exposed in the normal course of its operations. Cash Flow Hedge 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 interest rate swap instrument was designated as a cash flow hedging instrument and accordingly changes in the effective portion of the fair value of the instrument have been 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. In April 2017, the Company elected to terminate its outstanding interest rate swap instrument. The Company paid $0.9 million to terminate the instrument. This cash payment is presented as a financing cash outflow in the consolidated statements of cash flows. 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: July 31, 2017 January 31, 2017 (in thousands) Cash flow hedges: Interest rate swap $ — $ 100,000 Derivatives not designated as hedging instruments: Foreign currency contracts 13,300 18,021 The following table sets forth the fair value of the Company’s outstanding derivative instruments. Liability derivatives are included in accrued expenses in the consolidated balance sheets. Fair Value as of: July 31, 2017 January 31, 2017 (in thousands) Liability Derivatives: Derivatives designated as hedging instruments: Cash flow hedges: Interest rate swap $ — $ 1,155 Derivatives not designated as hedging instruments: Foreign currency contracts 238 200 Total Liability Derivatives $ 238 $ 1,355 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 six months ended July 31, 2017 and 2016 , respectively. Three Months Ended July 31, Six Months Ended July 31, 2017 2016 2017 2016 OCI Income (Loss) OCI Income (Loss) OCI Income (Loss) OCI Income (Loss) (in thousands) (in thousands) Dervatives Designated as Hedging Instruments: Cash flow hedges: Interest rate swap (a) — (172 ) (356 ) (360 ) 48 (986 ) (500 ) (731 ) Dervatives Not Designated as Hedging Instruments: Foreign currency contracts (b) — (988 ) — 626 — (1,056 ) — (14 ) Total Derivatives $ — $ (1,160 ) $ (356 ) $ 266 $ 48 $ (2,042 ) $ (500 ) $ (745 ) (a) No material hedge ineffectiveness has been recognized. The amounts shown in Income (Loss) above are reclassification amounts from accumulated other comprehensive income (loss) and are recorded in floorplan interest expense in the consolidated statements of operations. (b) Amounts are included in Interest income and other income (expense) in the consolidated statements of operations. For the three months ended April 30, 2017, the Company reclassified $0.6 million of pre-tax accumulated losses on its interest rate swap instrument from accumulated other comprehensive income (loss) to income as the original forecasted interest payments, which served as the hedged item underlying the interest rate swap instrument, were no longer probable of occurring during the time period over which such transactions were previously anticipated to occur. As of July 31, 2017 , the Company had $0.1 million in remaining pre-tax net unrealized losses associated with its interest rate swap cash flow hedging instrument recorded in accumulated other comprehensive income (loss), all of which the Company expects will be reclassified into income over the next 12 months.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jul. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The liabilities which are measured at fair value on a recurring basis as of July 31, 2017 and January 31, 2017 are as follows: July 31, 2017 January 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) (in thousands) Financial Liabilities Interest rate swap $ — $ — $ — $ — $ — $ 1,155 $ — $ 1,155 Foreign currency contracts — 238 — 238 — 200 — 200 Total Financial Liabilities $ — $ 238 $ — $ 238 $ — $ 1,355 $ — $ 1,355 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, 2017 as part of its long-lived asset impairment testing. The estimated fair value of such assets as of January 31, 2017 was $3.6 million and consisted of real estate assets and fair value was determined by utilizing market and income approaches incorporating both observable and unobservable inputs, and are deemed to be Level 3 fair value inputs. The most significant unobservable inputs used in the fair value measurements under the market approach include adjustments to observable market sales information to incorporate differences in geographical locations and age and condition of subject assets, and the most significant unobservable inputs under the income approach include forecasted net cash generated from the use of the subject assets and the discount rate applied to such cash flows to arrive at a fair value estimate. In addition, in certain instances as of January 31, 2017, 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 sales values were deemed to be nominal. All such fair value measurements were based on unobservable inputs and thus are Level 3 fair value inputs. No long-lived assets were valued at fair value on a non-recurring basis as of July 31, 2017. 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 July 31, 2017 and January 31, 2017 , respectively. The following table provides details on the senior convertible notes as of July 31, 2017 and January 31, 2017 . 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. July 31, 2017 January 31, 2017 Estimated Fair Value Carrying Value Face Value Estimated Fair Value Carrying Value Face Value (in thousands) (in thousands) Senior convertible notes $ 73,000 $ 70,975 $ 75,470 $ 87,000 $ 88,501 $ 95,725

SEGMENT INFORMATION AND OPERATI

SEGMENT INFORMATION AND OPERATING RESULTS	6 Months Ended
	Jul. 31, 2017
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 July 31, Six Months Ended July 31, 2017 2016 2017 2016 (in thousands) (in thousands) Revenue Agriculture $ 138,545 $ 153,713 $ 302,170 $ 332,520 Construction 77,890 83,132 141,310 161,133 International 52,436 41,488 89,509 69,540 Total $ 268,871 $ 278,333 $ 532,989 $ 563,193 Income (Loss) Before Income Taxes Agriculture $ (6,882 ) $ (4,325 ) $ (10,779 ) $ (8,083 ) Construction 930 626 (1,703 ) (1,418 ) International 283 (175 ) 878 (692 ) Segment income (loss) before income taxes (5,669 ) (3,874 ) (11,604 ) (10,193 ) Shared Resources (1,541 ) (675 ) (5,016 ) (156 ) Total $ (7,210 ) $ (4,549 ) $ (16,620 ) $ (10,349 ) July 31, 2017 January 31, 2017 (in thousands) Total Assets Agriculture $ 393,330 $ 411,726 Construction 238,337 221,092 International 137,853 106,899 Segment assets 769,520 739,717 Shared Resources 52,901 31,705 Total $ 822,421 $ 771,422

STORE CLOSINGS AND REALIGNMENT

STORE CLOSINGS AND REALIGNMENT COST	6 Months Ended
	Jul. 31, 2017
Restructuring and Related Activities [Abstract]
STORE CLOSINGS AND REALIGNMENT COSTS	In February 2017, to better align the Company's cost structure and business in certain markets, the Company announced a restructuring plan (the "Fiscal 2018 Restructuring Plan"), to close one Construction location and 14 Agriculture locations. As of July 31, 2017, the Company has closed and fully exited all of these locations. The Fiscal 2018 Restructuring Plan is expected to result in a significant reduction of expenses while allowing the Company to continue to provide a leading level of service to its customers. In total, over the term of the Fiscal 2018 Restructuring Plan, the Company anticipates recognizing approximately $15.0 million of restructuring charges consisting primarily of fixed asset impairment charges, lease termination costs and termination benefits. The Company anticipates the restructuring charges to be approximately $10.0 million , $3.0 million and $2.0 million within its Agriculture, Construction and Shared Resources segments. Restructuring costs associated with the Company's Fiscal 2018 Restructuring Plan are summarized in the following table. Such costs are included in the restructuring costs line in the consolidated statements of operations. Cumulative amounts reflect restructuring costs recognized to date associated with the Fiscal 2018 Restructuring Plan and include restructuring costs recognized in the fourth quarter of fiscal 2017. Three Months Ended July 31, 2017 Six Months Ended July 31, 2017 Cumulative Amount (in thousands) Lease accrual and termination costs $ 4,069 $ 4,322 $ 4,322 Termination benefits 1,906 3,724 3,724 Impairment of fixed assets, net of gains on asset disposition (565 ) (565 ) 2,392 Asset relocation and other costs 139 412 460 $ 5,549 $ 7,893 $ 10,898 Restructuring charges associated with the Company's Fiscal 2018 Restructuring Plan are summarized by segment in the following table: Three Months Ended July 31, 2017 Six Months Ended July 31, 2017 Cumulative Amount (in thousands) Segment Agriculture $ 5,194 $ 6,672 $ 7,775 Construction 252 338 2,240 Shared Resources 103 883 883 Total $ 5,549 $ 7,893 $ 10,898 A reconciliation of the beginning and ending exit cost liability balance, of which $3.3 million is included in other long-term liabilities and $1.9 million is included in accrued expenses and other in the consolidated balance sheets, follows: Lease Accrual & Termination Costs Termination Benefits Asset Relocation & Other Costs Total (in thousands) Balance, January 31, 2017 $ — $ — $ — $ — Exit costs incurred and charged to expense 4,322 3,418 412 8,152 Exit costs paid (536 ) (2,000 ) (412 ) (2,948 ) Balance, July 31, 2017 $ 3,786 $ 1,418 $ — $ 5,204 Restructuring charges recognized for the six months ended July 31, 2016 totaled $0.3 million , and for the three months ended July 31, 2016 were not material. These charges were the result of prior cost reduction plans. As of January 31, 2017, these plans were substantially complete.

RELATED PARTY TRANSACTIONS (Not

RELATED PARTY TRANSACTIONS (Notes)	6 Months Ended
	Jul. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 10—RELATED PARTY TRANSACTIONS Effective February 1, 2017, the Company and Peter Christianson (our former President and former member of our Board of Directors), who is a brother of Tony Christianson (a member of our Board of Directors), agreed to terminate a consulting arrangement between the parties. In connection with the termination, the Company agreed to pay Mr. Peter Christianson the sum of $0.7 million , payable in two equal installments in fiscal 2018 and 2019. All unvested stock options and shares of restricted stock held by Mr. Peter Christianson will continue to vest as scheduled. As a result of the termination agreement, the Company recognized for the six months ended July 31, 2017, a total of $0.8 million in termination costs, consisting of $0.7 million for future cash payments owed to Mr. Peter Christianson and $0.1 million for unvested shares of restricted stock. These termination costs are included in restructuring costs in the consolidated statements of operations.

BUSINESS ACTIVITY AND SIGNIFI18

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jul. 31, 2017
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 six -month period ended July 31, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2018 . The information contained in the balance sheet as of January 31, 2017 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, 2017 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, impairment of long-lived 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. 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 Accounting guidance adopted In July 2015, the Financial Accounting Standards Board (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 adopted this guidance on a prospective basis on February 1, 2017. Under the former guidance for measuring inventory, the Company recognized 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 adoption of this guidance did not have a material effect on the Company's 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 adopted this guidance on February 1, 2017. Under the new guidance, excess tax benefits or deficiencies related to share-based compensation that were previously recorded to equity are now recognized as a discrete tax benefit or expense in the statement of operations. The impact on income tax expense (benefit) was not material for the first quarter of fiscal 2018. Excess tax benefits are no longer reclassified out of cash flows from operating activities to financing activities in the statement of cash flows. We elected to apply this cash flow presentation requirement prospectively. The amount of excess tax benefits recognized for the three and six months ended July 31, 2017 and 2016 were not material. Cash paid by an employer when directly withholding shares for tax withholding purposes are required to be classified as a financing activity in the statement of cash flows. This method of presentation is consistent with the Company's historical presentation. Also under the new standard, the Company elected to account for forfeitures of share-based instruments as they occur, as compared to the previous guidance under which the Company estimated the number of forfeitures. The Company applied the accounting change on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of February 1, 2017. The following table summarizes the impact to the Company’s consolidated balance sheet: As of February 1, 2017 Balance Sheet Classification Additional paid-in capital Deferred income tax liability Retained earnings (in thousands) Increase (Decrease) Impact of cumulative-effect adjustment from adoption of ASU 2016-09 $ 2,087 $ (835 ) $ (1,252 ) Accounting guidance not yet adopted 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. We are in the process of assessing the impact adoption of this standard will have on our consolidated financial statements and related disclosures. Our implementation efforts to date consist of an identification and assessment of our primary revenue streams and performing contract analyses over a sample of contracts within each of our revenue streams. Based on our assessment to date, we do not expect the adoption of this standard to have a material impact on our revenue recognition policies for our equipment, parts or service revenues. ASC 606 does not apply to the recognition of our rental revenues as the accounting for such revenues is governed by other authoritative guidance. We anticipate adopting the standard by use of the modified retrospective approach. In addition, we are continuing to evaluate the changes necessary to our business processes, systems and controls to support recognition and disclosure under the new standard. 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. We anticipate adopting the new standard on February 1, 2019, and expect to elect the package of practical expedients afforded under the guidance, including the use of hindsight to determine the lease term. While we continue to evaluate this standard, we anticipate this standard will have a material impact on our consolidated balance sheets due to the capitalization of a right-of-use asset and lease liability associated with our current operating leases, but do not believe it will have a material impact on our consolidated statements of operations or cash flows. In May 2017, the FASB amended authoritative guidance on modifications related to stock compensation, codified in ASC 718, Compensation - Stock Compensation . The amendments provide guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting. The guidance is effective for the Company as of the first quarter of its fiscal year ending January 31, 2019. The Company does not believe the update will have a material impact on its consolidated financial statements.

BUSINESS ACTIVITY AND SIGNIFI19

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jul. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	As of February 1, 2017 Balance Sheet Classification Additional paid-in capital Deferred income tax liability Retained earnings (in thousands) Increase (Decrease) Impact of cumulative-effect adjustment from adoption of ASU 2016-09 $ 2,087 $ (835 ) $ (1,252 )
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 July 31, Six Months Ended July 31, 2017 2016 2017 2016 (in thousands, except per share data) (in thousands, except per share data) Basic Weighted-Average Common Shares Outstanding 21,546 21,205 21,461 21,204 Plus: Incremental Shares From Assumed Exercise of Stock Options — — — — Diluted Weighted-Average Common Shares Outstanding 21,546 21,205 21,461 21,204 Anti-Dilutive Shares Excluded From Diluted Weighted-Average Common Shares Outstanding: Stock Options 133 138 143 148 Shares Underlying Senior Convertible Notes (conversion price of $43.17) 1,748 2,777 1,748 2,777 Earnings (Loss) per Share - Basic $ (0.24 ) $ (0.12 ) $ (0.51 ) $ (0.29 ) Earnings (Loss) per Share - Diluted $ (0.24 ) $ (0.12 ) $ (0.51 ) $ (0.29 )

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jul. 31, 2017
Inventory Disclosure [Abstract]
Schedule of inventories	July 31, 2017 January 31, 2017 (in thousands) New equipment $ 305,510 $ 235,161 Used equipment 135,418 160,503 Parts and attachments 74,977 81,734 Work in process 1,559 868 $ 517,464 $ 478,266

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jul. 31, 2017
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	July 31, 2017 January 31, 2017 (in thousands) Rental fleet equipment $ 127,884 $ 124,417 Machinery and equipment 21,618 22,255 Vehicles 35,282 36,384 Furniture and fixtures 43,388 39,875 Land, buildings, and leasehold improvements 61,715 59,481 289,887 282,412 Less accumulated depreciation (129,274 ) (125,765 ) $ 160,613 $ 156,647

SENIOR CONVERTIBLE NOTES (Table

SENIOR CONVERTIBLE NOTES (Tables) - Senior Convertible Notes	6 Months Ended
	Jul. 31, 2017
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: July 31, 2017 January 31, 2017 (in thousands except conversion rate and conversion price) Principal value $ 75,470 $ 95,725 Unamortized debt discount (3,968 ) (6,368 ) Unamortized debt issuance costs (527 ) (856 ) Carrying value of senior convertible notes $ 70,975 $ 88,501 Carrying value of equity component, net of deferred taxes $ 15,192 $ 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 July 31, Six Months Ended July 31, 2017 2016 2017 2016 (in thousands) (in thousands) Cash Interest Expense Coupon interest expense $ 708 $ 1,124 $ 1,491 $ 2,461 Noncash Interest Expense Amortization of debt discount 540 793 1,111 1,703 Amortization of transaction costs 74 114 154 247 $ 1,322 $ 2,031 $ 2,756 $ 4,411

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jul. 31, 2017
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: July 31, 2017 January 31, 2017 (in thousands) Cash flow hedges: Interest rate swap $ — $ 100,000 Derivatives not designated as hedging instruments: Foreign currency contracts 13,300 18,021
Schedule of fair value of outstanding derivative instruments	The following table sets forth the fair value of the Company’s outstanding derivative instruments. Liability derivatives are included in accrued expenses in the consolidated balance sheets. Fair Value as of: July 31, 2017 January 31, 2017 (in thousands) Liability Derivatives: Derivatives designated as hedging instruments: Cash flow hedges: Interest rate swap $ — $ 1,155 Derivatives not designated as hedging instruments: Foreign currency contracts 238 200 Total Liability Derivatives $ 238 $ 1,355
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 six months ended July 31, 2017 and 2016 , respectively. Three Months Ended July 31, Six Months Ended July 31, 2017 2016 2017 2016 OCI Income (Loss) OCI Income (Loss) OCI Income (Loss) OCI Income (Loss) (in thousands) (in thousands) Dervatives Designated as Hedging Instruments: Cash flow hedges: Interest rate swap (a) — (172 ) (356 ) (360 ) 48 (986 ) (500 ) (731 ) Dervatives Not Designated as Hedging Instruments: Foreign currency contracts (b) — (988 ) — 626 — (1,056 ) — (14 ) Total Derivatives $ — $ (1,160 ) $ (356 ) $ 266 $ 48 $ (2,042 ) $ (500 ) $ (745 ) (a) No material hedge ineffectiveness has been recognized. The amounts shown in Income (Loss) above are reclassification amounts from accumulated other comprehensive income (loss) and are recorded in floorplan interest expense in the consolidated statements of operations. (b) Amounts are included in Interest income and other income (expense) in the consolidated statements of operations

FAIR VALUE OF FINANCIAL INSTR24

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jul. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The liabilities which are measured at fair value on a recurring basis as of July 31, 2017 and January 31, 2017 are as follows: July 31, 2017 January 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) (in thousands) Financial Liabilities Interest rate swap $ — $ — $ — $ — $ — $ 1,155 $ — $ 1,155 Foreign currency contracts — 238 — 238 — 200 — 200 Total Financial Liabilities $ — $ 238 $ — $ 238 $ — $ 1,355 $ — $ 1,355
Fair Value of Senior Convertible Notes	The following table provides details on the senior convertible notes as of July 31, 2017 and January 31, 2017 . 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. July 31, 2017 January 31, 2017 Estimated Fair Value Carrying Value Face Value Estimated Fair Value Carrying Value Face Value (in thousands) (in thousands) Senior convertible notes $ 73,000 $ 70,975 $ 75,470 $ 87,000 $ 88,501 $ 95,725

SEGMENT INFORMATION AND OPERA25

SEGMENT INFORMATION AND OPERATING RESULTS (Tables)	6 Months Ended
	Jul. 31, 2017
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 July 31, Six Months Ended July 31, 2017 2016 2017 2016 (in thousands) (in thousands) Revenue Agriculture $ 138,545 $ 153,713 $ 302,170 $ 332,520 Construction 77,890 83,132 141,310 161,133 International 52,436 41,488 89,509 69,540 Total $ 268,871 $ 278,333 $ 532,989 $ 563,193 Income (Loss) Before Income Taxes Agriculture $ (6,882 ) $ (4,325 ) $ (10,779 ) $ (8,083 ) Construction 930 626 (1,703 ) (1,418 ) International 283 (175 ) 878 (692 ) Segment income (loss) before income taxes (5,669 ) (3,874 ) (11,604 ) (10,193 ) Shared Resources (1,541 ) (675 ) (5,016 ) (156 ) Total $ (7,210 ) $ (4,549 ) $ (16,620 ) $ (10,349 ) July 31, 2017 January 31, 2017 (in thousands) Total Assets Agriculture $ 393,330 $ 411,726 Construction 238,337 221,092 International 137,853 106,899 Segment assets 769,520 739,717 Shared Resources 52,901 31,705 Total $ 822,421 $ 771,422

STORE CLOSINGS AND REALIGNMEN26

STORE CLOSINGS AND REALIGNMENT COST (Tables)	6 Months Ended
	Jul. 31, 2017
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Costs by Type of Cost	In February 2017, to better align the Company's cost structure and business in certain markets, the Company announced a restructuring plan (the "Fiscal 2018 Restructuring Plan"), to close one Construction location and 14 Agriculture locations. As of July 31, 2017, the Company has closed and fully exited all of these locations. The Fiscal 2018 Restructuring Plan is expected to result in a significant reduction of expenses while allowing the Company to continue to provide a leading level of service to its customers. In total, over the term of the Fiscal 2018 Restructuring Plan, the Company anticipates recognizing approximately $15.0 million of restructuring charges consisting primarily of fixed asset impairment charges, lease termination costs and termination benefits. The Company anticipates the restructuring charges to be approximately $10.0 million , $3.0 million and $2.0 million within its Agriculture, Construction and Shared Resources segments. Restructuring costs associated with the Company's Fiscal 2018 Restructuring Plan are summarized in the following table. Such costs are included in the restructuring costs line in the consolidated statements of operations. Cumulative amounts reflect restructuring costs recognized to date associated with the Fiscal 2018 Restructuring Plan and include restructuring costs recognized in the fourth quarter of fiscal 2017. Three Months Ended July 31, 2017 Six Months Ended July 31, 2017 Cumulative Amount (in thousands) Lease accrual and termination costs $ 4,069 $ 4,322 $ 4,322 Termination benefits 1,906 3,724 3,724 Impairment of fixed assets, net of gains on asset disposition (565 ) (565 ) 2,392 Asset relocation and other costs 139 412 460 $ 5,549 $ 7,893 $ 10,898 Restructuring charges associated with the Company's Fiscal 2018 Restructuring Plan are summarized by segment in the following table: Three Months Ended July 31, 2017 Six Months Ended July 31, 2017 Cumulative Amount (in thousands) Segment Agriculture $ 5,194 $ 6,672 $ 7,775 Construction 252 338 2,240 Shared Resources 103 883 883 Total $ 5,549 $ 7,893 $ 10,898
Restructuring Reserve Rollforward	A reconciliation of the beginning and ending exit cost liability balance, of which $3.3 million is included in other long-term liabilities and $1.9 million is included in accrued expenses and other in the consolidated balance sheets, follows: Lease Accrual & Termination Costs Termination Benefits Asset Relocation & Other Costs Total (in thousands) Balance, January 31, 2017 $ — $ — $ — $ — Exit costs incurred and charged to expense 4,322 3,418 412 8,152 Exit costs paid (536 ) (2,000 ) (412 ) (2,948 ) Balance, July 31, 2017 $ 3,786 $ 1,418 $ — $ 5,204

BUSINESS ACTIVITY AND SIGNIFI27

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016
Denominator
Basic Weighted-Average Common Shares Outstanding	21,546	21,205	21,461	21,204
Plus: Incremental Shares From Assumed Exercise of Stock Options	0	0	0	0
Diluted Weighted-Average Common Shares Outstanding	21,546	21,205	21,461	21,204
Earnings (Loss) per Share - Basic, in dollars per share	$ (0.24)	$ (0.12)	$ (0.51)	$ (0.29)
Earnings (Loss) per Share - Diluted, in dollars per share	$ (0.24)	$ (0.12)	$ (0.51)	$ (0.29)
Employee Stock Option
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of diluted EPS (in shares)	133	138	143	148
Convertible Notes
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of diluted EPS (in shares)		2,777	1,748	2,777
Conversion price of shares underlying convertible notes (in dollars per share)	$ 43.17		$ 43.17

BUSINESS ACTIVITY AND SIGNIFI28

BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Details 2) (Details) - Adjustments for New Accounting Pronouncement [Member]	Jul. 31, 2017USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	$ (835,000)
Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	(1,252,000)
Additional Paid-in Capital [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	$ 2,087,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jul. 31, 2017	Jan. 31, 2017
Inventory Disclosure [Abstract]
New equipment	$ 305,510	$ 235,161
Used equipment	135,418	160,503
Parts and attachments	74,977	81,734
Work in process	1,559	868
Inventories	$ 517,464	$ 478,266

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Jul. 31, 2017	Jan. 31, 2017
PROPERTY AND EQUIPMENT
Property and equipment, gross	$ 289,887	$ 282,412
Less accumulated depreciation	(129,274)	(125,765)
Property and equipment, net	160,613	156,647
Rental fleet equipment
PROPERTY AND EQUIPMENT
Property and equipment, gross	127,884	124,417
Machinery and equipment
PROPERTY AND EQUIPMENT
Property and equipment, gross	21,618	22,255
Vehicles
PROPERTY AND EQUIPMENT
Property and equipment, gross	35,282	36,384
Furniture and fixtures
PROPERTY AND EQUIPMENT
Property and equipment, gross	43,388	39,875
Land, buildings, and leasehold improvements
PROPERTY AND EQUIPMENT
Property and equipment, gross	$ 61,715	$ 59,481

LINES OF CREDIT _ FLOORPLAN P31

LINES OF CREDIT / FLOORPLAN PAYABLE (Details)	3 Months Ended	6 Months Ended
	Jul. 31, 2017USD ($)	Jul. 31, 2017USD ($)floorplan_line_of_credit	May 05, 2017USD ($)	Apr. 30, 2017USD ($)	Jan. 31, 2017USD ($)
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Number of significant floorplan lines of credit | floorplan_line_of_credit		3
Maximum borrowing capacity			$ 200,000,000	$ 275,000,000
Floorplan payable	$ 308,025,000	$ 308,025,000			$ 233,228,000
Compensating Balance, Amount	5,000,000	5,000,000
Write off of Deferred Debt Issuance Cost	400,000
Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	741,005,360	741,005,360
Floorplan payable	296,200,000	296,200,000			228,300,000
Floorplan Line of Credit | Foreign
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	106,000,000	$ 106,000,000
Floorplan Line of Credit | Minimum [Member] | U.S.
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate Terms		0.0349
Floorplan Line of Credit | Minimum [Member] | Foreign
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate Terms		0.0092
Floorplan Line of Credit | Maximum [Member] | U.S.
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate Terms		0.0653
Floorplan Line of Credit | Maximum [Member] | Foreign
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Debt Instrument, Interest Rate Terms		0.0723
Wells Fargo Credit Facility [Member] | Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	140,000,000	$ 140,000,000		210,000,000
Reduction in borrowing capacity			70,000,000
CNH Industrial Capital Credit Facility | Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	450,000,000	450,000,000
DLL Finance LLC [Member] | Floorplan Line of Credit
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	45,000,000	45,000,000
Credit Facility | Wells Fargo Credit Facility [Member]
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Reduction in borrowing capacity			5,000,000
Credit Facility | Wells Fargo Credit Facility [Member] | Working Capital Revolver Line
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE
Maximum borrowing capacity	$ 60,000,000	60,000,000	$ 60,000,000	$ 65,000,000
Debt Instrument, Interest Rate Terms	0.0373
Amount outstanding	$ 26,000,000	$ 26,000,000			$ 13,000,000

SENIOR CONVERTIBLE NOTES (Detai

SENIOR CONVERTIBLE NOTES (Details)	Jul. 31, 2017
Convertible Notes
SENIOR CONVERTIBLE NOTES
Interest rate (as a percent)	3.75%

SENIOR CONVERTIBLE NOTES (Det33

SENIOR CONVERTIBLE NOTES (Details 2) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2017USD ($)$ / shares	Jul. 31, 2016USD ($)	Jul. 31, 2017USD ($)$ / shares	Jul. 31, 2016USD ($)	Jan. 31, 2017USD ($)
SENIOR CONVERTIBLE NOTES
Repayments of Convertible Debt			$ 19,340	$ 24,983
Convertible notes
Principal value	$ 75,470		75,470		$ 95,725
Coupon interest expense	2,464	$ 2,777	4,584	3,770
Convertible Notes
Convertible notes
Principal value	75,470		75,470		95,725
Unamortized debt discount	(3,968)		(3,968)		(6,368)
Unamortized debt issuance costs	(527)		(527)		(856)
Carrying value of senior convertible notes	70,975		70,975		88,501
Carrying value of equity component, net of deferred taxes	$ 15,192		$ 15,192		$ 15,546
Conversion rate			0.0231626
Conversion price (per share of common stock) | $ / shares	$ 43.17		$ 43.17
Coupon interest expense	$ 708	1,124	$ 1,491	2,461
Amortization of debt discount	540	793	1,111	1,703
Amortization of transaction costs	74	114	154	247
Interest Expense	1,322	$ 2,031	$ 2,756	$ 4,411
Remaining period over which unamortized debt discount will be amortized			1 year 9 months
Effective interest rate (as a percent)			7.30%	7.30%
Debt Instrument, Repurchased Face Amount [Member]
SENIOR CONVERTIBLE NOTES
Repayments of Convertible Debt	20,300
Repayments of Debt, Cash Amount [Member]
SENIOR CONVERTIBLE NOTES
Repayments of Convertible Debt	$ 19,300

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details 1) - USD ($)	Jul. 31, 2017	Jan. 31, 2017	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	$ 0	$ 100,000,000
Foreign currency contracts | Not designated as hedging instruments
DERIVATIVE INSTRUMENTS
Notional amount outstanding	$ 13,300,000	$ 18,021,000

DERIVATIVE INSTRUMENTS DERIVATI

DERIVATIVE INSTRUMENTS DERIVATIVES INSTRUMENTS (Details 2) - USD ($) $ in Thousands	Jul. 31, 2017	Jan. 31, 2017
DERIVATIVE INSTRUMENTS
Fair Value of Derivative Liability	$ 238	$ 1,355
Foreign currency contracts | Not designated as hedging instruments
DERIVATIVE INSTRUMENTS
Fair Value of Derivative Liability	238	200
Cash Flow Hedges | Interest Rate Swap | Designated as Hedging Instrument
DERIVATIVE INSTRUMENTS
Fair Value of Derivative Liability	$ 0	$ 1,155

DERIVATIVE INSTRUMENTS DERIVATE

DERIVATIVE INSTRUMENTS DERIVATE INSTRUMENTS (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016
Foreign currency contracts
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in Other Comprehensive Income	$ 0	$ (356)	$ 48	$ (500)
Amount of Gain (Loss) Recognized in Income	(1,160)	266	(2,042)	(745)
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	(988)	626	(1,056)	(14)
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedges
Derivative Instruments, Gain (Loss)
Amount of Gain (Loss) Recognized in Other Comprehensive Income	0	(356)	48	(500)
Amount of Gain (Loss) Recognized in Income	$ (172)	$ (360)	$ (986)	$ (731)

DERIVATIVE INSTRUMENTS DERIVA37

DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS NARRATIVE (Details) - Cash Flow Hedges - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2017	Apr. 30, 2017
Interest Rate Swap
Derivative
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Before Tax	$ (0.1)	$ 0.6
Designated as Hedging Instrument [Member] | Cash Paid to Terminate Interest Rate Swap [Member]
Derivative
Derivative, Description of Terms	0.9

FAIR VALUE OF FINANCIAL INSTR38

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jul. 31, 2017	Jan. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Other Assets, Fair Value Disclosure		$ 3,600
Financial Liability	$ (238)	(1,355)
Principal value	75,470	95,725
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Senior Convertible Notes	73,000	87,000
Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Senior Convertible Notes	70,975	88,501
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Liability	0	(1,155)
Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Liability	(238)	(200)
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
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 Liability	0	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Liability	(238)	(1,355)
Fair Value, Inputs, Level 2 | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Liability	0	(1,155)
Fair Value, Inputs, Level 2 | Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial Liability	(238)	(200)
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
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 Liability	$ 0	$ 0

SEGMENT INFORMATION AND OPERA39

SEGMENT INFORMATION AND OPERATING RESULTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2017USD ($)	Jul. 31, 2016USD ($)	Jul. 31, 2017USD ($)segment	Jul. 31, 2016USD ($)	Jan. 31, 2017USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			3
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	$ 268,871	$ 278,333	$ 532,989	$ 563,193
Income (Loss) Before Income Taxes	(7,210)	(4,549)	(16,620)	(10,349)
Total Assets	822,421		822,421		$ 771,422
Shared Resources
SEGMENT INFORMATION AND OPERATING RESULTS
Income (Loss) Before Income Taxes	(1,541)	(675)	(5,016)	(156)
Total Assets	52,901		52,901		31,705
Operating Segments
SEGMENT INFORMATION AND OPERATING RESULTS
Income (Loss) Before Income Taxes	(5,669)	(3,874)	(11,604)	(10,193)
Total Assets	769,520		769,520		739,717
Operating Segments | Agriculture
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	138,545	153,713	302,170	332,520
Income (Loss) Before Income Taxes	(6,882)	(4,325)	(10,779)	(8,083)
Total Assets	393,330		393,330		411,726
Operating Segments | Construction
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	77,890	83,132	141,310	161,133
Income (Loss) Before Income Taxes	930	626	(1,703)	(1,418)
Total Assets	238,337		238,337		221,092
Operating Segments | International
SEGMENT INFORMATION AND OPERATING RESULTS
Revenue	52,436	41,488	89,509	69,540
Income (Loss) Before Income Taxes	283	$ (175)	878	$ (692)
Total Assets	$ 137,853		$ 137,853		$ 106,899

STORE CLOSINGS AND REALIGNMEN40

STORE CLOSINGS AND REALIGNMENT COST (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		7 Months Ended
	Jul. 31, 2017	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jan. 31, 2017
Realignment Costs
Restructuring Reserve	$ 5,204	$ 5,204		$ 5,204	$ 0
Restructuring Charges		8,152		15,000
Amount of Realignment Cost Incurred	5,549	7,893	$ 300	10,898
Agriculture
Realignment Costs
Restructuring Charges				10,000
Amount of Realignment Cost Incurred	5,194	6,672		7,775
Construction
Realignment Costs
Restructuring Charges				3,000
Amount of Realignment Cost Incurred	252	338		2,240
Shared Resource Center
Realignment Costs
Restructuring Charges				2,000
Amount of Realignment Cost Incurred	103			883
Lease accrual and termination costs
Realignment Costs
Restructuring Reserve	3,786	3,786		3,786	0
Restructuring Charges		4,322
Lease accrual and termination costs | Realignment Cost
Realignment Costs
Amount of Realignment Cost Incurred	4,069	4,322		4,322
Termination benefits | Realignment Cost
Realignment Costs
Amount of Realignment Cost Incurred	1,906	3,724		3,724
Impairment of fixed assets, net of gains on asset disposition | Realignment Cost
Realignment Costs
Amount of Realignment Cost Incurred	(565)	(565)		2,392
Asset relocation and other costs
Realignment Costs
Restructuring Reserve	0	0		0	$ 0
Restructuring Charges		412
Asset relocation and other costs | Realignment Cost
Realignment Costs
Amount of Realignment Cost Incurred	139	412		460
Accrued Liabilities [Member]
Realignment Costs
Restructuring Reserve	1,900	1,900		1,900
Other Liabilities [Member]
Realignment Costs
Restructuring Reserve	$ 3,300	$ 3,300		$ 3,300

STORE CLOSINGS AND REALIGNMEN41

STORE CLOSINGS AND REALIGNMENT COST (Details 2) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		7 Months Ended
	Jul. 31, 2017	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017
Realignment Costs
Restructuring and Related Cost, Incurred Cost	$ 5,549	$ 7,893	$ 300	$ 10,898
Realignment Reserve [Roll Forward]
Balance, January 31, 2017		0
Exit costs incurred and charged to expense		8,152		15,000
Exit costs paid		(2,948)
Balance, July 31, 2016	5,204	5,204		5,204
Agriculture [Member]
Realignment Costs
Restructuring and Related Cost, Incurred Cost	5,194	6,672		7,775
Realignment Reserve [Roll Forward]
Exit costs incurred and charged to expense				10,000
Construction [Member]
Realignment Costs
Restructuring and Related Cost, Incurred Cost	252	338		2,240
Realignment Reserve [Roll Forward]
Exit costs incurred and charged to expense				3,000
Shared Resource Center [Member]
Realignment Costs
Restructuring and Related Cost, Incurred Cost	103			883
Realignment Reserve [Roll Forward]
Exit costs incurred and charged to expense				2,000
Contract Termination [Member]
Realignment Reserve [Roll Forward]
Balance, January 31, 2017		0
Exit costs incurred and charged to expense		4,322
Exit costs paid		(536)
Balance, July 31, 2016	3,786	3,786		3,786
Special Termination Benefits [Member]
Realignment Reserve [Roll Forward]
Balance, January 31, 2017		0
Exit costs incurred and charged to expense		3,418
Exit costs paid		(2,000)
Balance, July 31, 2016	1,418	1,418		1,418
Other Restructuring [Member]
Realignment Reserve [Roll Forward]
Balance, January 31, 2017		0
Exit costs incurred and charged to expense		412
Exit costs paid		(412)
Balance, July 31, 2016	0	0		0
Realignment Cost [Member] | Contract Termination [Member]
Realignment Costs
Restructuring and Related Cost, Incurred Cost	4,069	4,322		4,322
Realignment Cost [Member] | Other Restructuring [Member]
Realignment Costs
Restructuring and Related Cost, Incurred Cost	139	412		460
Realignment Cost [Member] | Employee Severance [Member]
Realignment Costs
Restructuring and Related Cost, Incurred Cost	1,906	3,724		3,724
Realignment Cost [Member] | Impairment of Fixed Assets, Net of Gains on Asset Disposition [Member]
Realignment Costs
Restructuring and Related Cost, Incurred Cost	$ (565)	$ (565)		$ 2,392

INCOME TAXES INCOME TAXES (Deta

INCOME TAXES INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Income (Loss) Before Income Taxes	$ (7,210)	$ (4,549)	$ (16,620)	$ (10,349)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Millions	3 Months Ended
	Jul. 31, 2017USD ($)
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0.7
Due to Related Parties	0.8
Unvested Shares of Restricted Stock [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0.1

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Jul. 31, 2017	May 05, 2017	Apr. 30, 2017
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 200,000,000	$ 275,000,000
Floorplan Line of Credit [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 741,005,360
Wells Fargo Credit Facility [Member] | Floorplan Line of Credit [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	140,000,000		210,000,000
Reduction in borrowing capacity		70,000,000
Line of Credit [Member] | Wells Fargo Credit Facility [Member]
Subsequent Event [Line Items]
Reduction in borrowing capacity		5,000,000
Line of Credit [Member] | Wells Fargo Credit Facility [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 60,000,000	$ 60,000,000	$ 65,000,000