Cover
Cover - shares | 9 Months Ended | |
Oct. 31, 2022 | Dec. 01, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-33866 | |
Entity Registrant Name | TITAN MACHINERY INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-0357838 | |
Entity Address, Address Line One | 644 East Beaton Drive | |
Entity Address, City or Town | West Fargo, | |
Entity Address, State or Province | ND | |
Entity Address, Postal Zip Code | 58078-2648 | |
City Area Code | (701) | |
Local Phone Number | 356-0130 | |
Title of 12(b) Security | Common Stock, $0.00001 par value per share | |
Trading Symbol | TITN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Central Index Key | 0001409171 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
Entity Common Stock, Shares Outstanding | 22,706,865 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) shares in Thousands, $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Current Assets | ||
Cash | $ 45,852 | $ 146,149 |
Receivables, net of allowance for expected credit losses | 111,849 | 94,287 |
Inventories, net | 630,377 | 421,758 |
Prepaid expenses and other | 15,625 | 28,135 |
Total current assets | 803,703 | 690,329 |
Noncurrent Assets | ||
Property and equipment, net of accumulated depreciation | 215,954 | 178,243 |
Operating lease assets | 52,091 | 56,150 |
Deferred income taxes | 2,937 | 1,328 |
Goodwill | 32,022 | 8,952 |
Intangible assets, net of accumulated amortization | 16,852 | 10,624 |
Other | 1,211 | 1,041 |
Total noncurrent assets | 321,067 | 256,338 |
Total Assets | 1,124,770 | 946,667 |
Current Liabilities | ||
Accounts payable | 43,338 | 25,644 |
Floorplan payable | 273,083 | 135,415 |
Current maturities of long-term debt | 6,895 | 5,876 |
Current operating lease liabilities | 9,671 | 9,601 |
Deferred revenue | 56,812 | 134,146 |
Accrued expenses and other | 56,980 | 59,339 |
Income taxes payable | 15,918 | 4,700 |
Total current liabilities | 462,697 | 374,721 |
Long-Term Liabilities | ||
Long-term debt, less current maturities | 91,055 | 74,772 |
Operating lease liabilities | 50,737 | 55,595 |
Deferred Income Tax Liabilities, Net | 1,974 | 2,006 |
Other long-term liabilities | 7,020 | 4,374 |
Total long-term liabilities | 150,786 | 136,747 |
Commitments and Contingencies (Note 15) | ||
Common stock, shares outstanding | 22,707 | 22,588 |
Common stock, shares issued | 22,707 | 22,588 |
Stockholders' Equity | ||
Common stock, par value $.00001 per share, 45,000 shares authorized; 22,707 shares issued and outstanding at October 31, 2022; 22,588 shares issued and outstanding at January 31, 2022 | $ 0 | $ 0 |
Additional paid-in-capital | 256,073 | 254,455 |
Retained earnings | 266,672 | 182,916 |
Accumulated other comprehensive loss | (11,458) | (2,172) |
Total Titan Machinery Inc. stockholders' equity | 511,287 | 435,199 |
Total Liabilities and Stockholders' Equity | $ 1,124,770 | $ 946,667 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value, in dollars per share | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 45,000 | 45,000 |
Common stock, shares issued | 22,707 | 22,588 |
Common stock, shares outstanding | 22,707 | 22,588 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Income Statement [Abstract] | ||||
Total Revenue | $ 668,773 | $ 453,975 | $ 1,626,323 | $ 1,204,311 |
Total Cost of Revenue | 529,193 | 361,495 | 1,295,350 | 965,836 |
Gross Profit | 139,580 | 92,480 | 330,973 | 238,475 |
Operating Expenses | 84,861 | 62,943 | 217,841 | 176,460 |
Other Asset Impairment Charges | 0 | 0 | 0 | 1,498 |
Income from Operations | 54,719 | 29,537 | 113,132 | 60,517 |
Other Income (Expense) | ||||
Interest and other income | 1,804 | 616 | 3,169 | 1,935 |
Floorplan interest expense | 588 | 259 | 1,087 | 1,027 |
Other interest expense | (1,257) | (1,071) | (3,802) | (3,292) |
Income Before Income Taxes | 54,678 | 28,823 | 111,412 | 58,133 |
Provision for Income Taxes | 13,421 | 7,007 | 27,656 | 14,521 |
Net Income | $ 41,257 | $ 21,816 | $ 83,756 | $ 43,612 |
Earnings per Share: | ||||
Earnings (Loss) per Share - Basic, in dollars per share | $ 1.82 | $ 0.97 | $ 3.70 | $ 1.93 |
Earnings (Loss) per Share - Diluted, in dollars per share | $ 1.82 | $ 0.97 | $ 3.70 | $ 1.93 |
Weighted Average Number of Shares Outstanding, Basic | 22,393 | 22,213 | 22,365 | 22,228 |
Weighted Average Number of Shares Outstanding, Diluted | 22,399 | 22,222 | 22,372 | 22,238 |
Equipment | ||||
Revenue | $ 508,996 | $ 329,814 | $ 1,240,579 | $ 878,528 |
Cost of Revenue | 436,156 | 288,576 | 1,070,378 | 772,584 |
Parts | ||||
Revenue | 108,719 | 80,521 | 254,974 | 208,464 |
Cost of Revenue | 72,146 | 55,654 | 172,162 | 146,184 |
Service | ||||
Revenue | 38,960 | 32,026 | 101,847 | 89,405 |
Cost of Revenue | 13,456 | 10,249 | 35,288 | 29,314 |
Rental and Other | ||||
Revenue | 12,098 | 11,614 | 28,923 | 27,914 |
Cost of Revenue | $ 7,435 | $ 7,016 | $ 17,522 | $ 17,754 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 41,257 | $ 21,816 | $ 83,756 | $ 43,612 |
Other Comprehensive Income (Loss) | ||||
Foreign currency translation adjustments | (5,132) | (744) | (9,285) | (2,185) |
Comprehensive Income | $ 36,125 | $ 21,072 | $ 74,471 | $ 41,427 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY Statement - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Shares, Outstanding | 22,553 | ||||
Stockholders' Equity Attributable to Parent | $ 371,281 | $ 252,913 | $ 116,869 | $ 1,499 | |
Stock Issued During Period, Share of Restricted Stock Award Stock Options Exercised and Warrants and Tax Benefits of Equity Awards | (33) | ||||
Stock Issued During Period, Value of Restricted Stock Award Stock Options Exercised Warrants Exercised and Tax Benefits of Equity Awards | (975) | (975) | |||
Stock-based compensation expense | 609 | 609 | |||
Net Income (Loss) Attributable to Parent | 10,547 | 10,547 | |||
Other Comprehensive Income (Loss), Net of Tax | (2,379) | (2,379) | |||
Net Income (Loss) Attributable to Parent | 43,612 | ||||
Shares, Outstanding | 22,520 | ||||
Stockholders' Equity Attributable to Parent | 379,083 | 252,547 | 127,416 | (880) | |
Stock Issued During Period, Share of Restricted Stock Award Stock Options Exercised and Warrants and Tax Benefits of Equity Awards | 76 | ||||
Stock Issued During Period, Value of Restricted Stock Award Stock Options Exercised Warrants Exercised and Tax Benefits of Equity Awards | (2) | (2) | |||
Stock-based compensation expense | 584 | 584 | |||
Net Income (Loss) Attributable to Parent | 11,249 | 11,249 | |||
Other Comprehensive Income (Loss), Net of Tax | 938 | 938 | |||
Shares, Outstanding | 22,596 | ||||
Stockholders' Equity Attributable to Parent | 391,852 | 253,129 | 138,665 | 58 | |
Stock Issued During Period, Share of Restricted Stock Award Stock Options Exercised and Warrants and Tax Benefits of Equity Awards | (4) | ||||
Stock Issued During Period, Value of Restricted Stock Award Stock Options Exercised Warrants Exercised and Tax Benefits of Equity Awards | (4) | (4) | |||
Stock-based compensation expense | 657 | 657 | |||
Net Income (Loss) Attributable to Parent | 21,816 | 21,816 | |||
Other Comprehensive Income (Loss), Net of Tax | (744) | (744) | |||
Shares, Outstanding | 22,592 | ||||
Stockholders' Equity Attributable to Parent | 413,578 | 253,782 | 160,482 | (686) | |
Shares, Outstanding | 22,588 | ||||
Stockholders' Equity Attributable to Parent | 435,199 | 254,455 | 182,916 | (2,172) | |
Stock Issued During Period, Share of Restricted Stock Award Stock Options Exercised and Warrants and Tax Benefits of Equity Awards | (19) | ||||
Stock Issued During Period, Value of Restricted Stock Award Stock Options Exercised Warrants Exercised and Tax Benefits of Equity Awards | (685) | (685) | |||
Stock-based compensation expense | 620 | 620 | |||
Net Income (Loss) Attributable to Parent | 17,540 | 17,540 | |||
Other Comprehensive Income (Loss), Net of Tax | (1,191) | (1,191) | |||
Net Income (Loss) Attributable to Parent | 83,756 | ||||
Shares, Outstanding | 22,569 | ||||
Stockholders' Equity Attributable to Parent | 451,483 | 254,390 | 200,456 | (3,363) | |
Stock Issued During Period, Share of Restricted Stock Award Stock Options Exercised and Warrants and Tax Benefits of Equity Awards | 126 | ||||
Stock Issued During Period, Value of Restricted Stock Award Stock Options Exercised Warrants Exercised and Tax Benefits of Equity Awards | (5) | (5) | |||
Stock-based compensation expense | 803 | 803 | |||
Net Income (Loss) Attributable to Parent | 24,959 | 24,959 | |||
Other Comprehensive Income (Loss), Net of Tax | (2,963) | (2,963) | |||
Shares, Outstanding | 22,695 | ||||
Stockholders' Equity Attributable to Parent | 474,277 | 255,188 | 225,415 | (6,326) | |
Stock Issued During Period, Share of Restricted Stock Award Stock Options Exercised and Warrants and Tax Benefits of Equity Awards | 12 | ||||
Stock Issued During Period, Value of Restricted Stock Award Stock Options Exercised Warrants Exercised and Tax Benefits of Equity Awards | 0 | 0 | |||
Stock-based compensation expense | 885 | 885 | |||
Net Income (Loss) Attributable to Parent | 41,257 | 41,257 | |||
Other Comprehensive Income (Loss), Net of Tax | (5,132) | (5,132) | |||
Shares, Outstanding | 22,707 | ||||
Stockholders' Equity Attributable to Parent | $ 511,287 | $ 256,073 | $ 266,672 | $ (11,458) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Operating Activities | ||
Net Income (Loss) Attributable to Parent | $ 83,756 | $ 43,612 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 18,356 | 16,336 |
Deferred income taxes | (1,835) | (3,116) |
Stock-based compensation expense | 2,308 | 1,850 |
Noncash interest expense | 182 | 163 |
Other, net | 7,072 | 8,248 |
Changes in assets and liabilities, net of effects of acquisitions | ||
Receivables, prepaid expenses and other assets | (168) | 18,463 |
Inventories | (115,734) | 3,181 |
Manufacturer floorplan payable | 78,972 | 45,801 |
Increase (Decrease) in Deferred Revenue | (83,029) | (35,894) |
Accounts payable, accrued expenses and other and other long-term liabilities | 2,650 | 9,059 |
Net Cash Provided by (Used for) Operating Activities | (7,134) | 72,275 |
Investing Activities | ||
Rental fleet purchases | (8,601) | (12,159) |
Property and equipment purchases (excluding rental fleet) | (16,829) | (17,534) |
Proceeds from sale of property and equipment | 2,110 | 667 |
Acquisition consideration, net of cash acquired | 100,471 | 0 |
Other, net | (176) | 20 |
Net Cash Used for Investing Activities | (123,967) | (29,006) |
Financing Activities | ||
Net change in non-manufacturer floorplan payable | 32,212 | (30,104) |
Proceeds from long-term debt borrowings | 8,415 | 6,380 |
Principal payments on long-term debt and finance leases | 5,596 | 6,593 |
Payment of debt issuance costs | 0 | 0 |
Other, net | (698) | (998) |
Net Cash Provided by (Used for) Financing Activities | 34,333 | (31,315) |
Effect of Exchange Rate Changes on Cash | (3,529) | (404) |
Net Change in Cash | (100,297) | 11,550 |
Cash at Beginning of Period | 146,149 | 78,990 |
Cash at End of Period | 45,852 | 90,540 |
Cash paid during the period | ||
Income taxes, net of refunds | 15,711 | 22,130 |
Interest | 4,595 | 4,091 |
Supplemental Disclosures of Noncash Investing and Financing Activities | ||
Net property and equipment financed with long-term debt, finance leases, accounts payable and accrued liabilities | 5,436 | 15,795 |
Long-term debt to acquire finance leases | 7,119 | 7,761 |
Net transfer of assets from (to) property and equipment to (from) inventories | $ (4,686) | $ 2,168 |
BUSINESS ACTIVITY AND SIGNIFICA
BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Oct. 31, 2022 | |
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-months ended October 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2023. The information contained in the consolidated balance sheet as of January 31, 2022 was derived from the audited consolidated financial statements of the Company for the fiscal year then ended. These condensed 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, 2022 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 Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, South Dakota, Washington, Wisconsin, and Wyoming and its European stores are located in Bulgaria, Germany, Romania, and Ukraine. Russia/Ukraine Geopolitical Conflict In February, 2022, the ongoing Russia/Ukraine conflict significantly intensified, and the sustained conflict and disruption in the region is ongoing. Titan Machinery Ukraine, LLC ("Titan Machinery Ukraine"), the Company's wholly owned Ukrainian subsidiary, has ten locations throughout Ukraine primarily in western and central Ukraine. The conflict has caused disruptions in our Ukrainian operations, with our revenues for the three months and nine months ended October 31, 2022 down 40.7% and 38.8%, respectively, from the prior year periods. These disruptions have not been material to the Company's consolidated financial statements. However, if the conflict intensifies in western and central Ukraine, it could significantly increase the adverse effect on the Company in future periods. 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, goodwill, or indefinite lived 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 subsidiaries. All material accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. |
EARNINGS PER SHARE (Notes)
EARNINGS PER SHARE (Notes) | 9 Months Ended |
Oct. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table sets forth the calculation of basic and diluted earnings per share (EPS): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 (in thousands, except per share data) Numerator: Net income $ 41,257 $ 21,816 $ 83,756 $ 43,612 Allocation to participating securities (563) (309) (1,039) (655) Net income attributable to Titan Machinery Inc. common stockholders $ 40,694 $ 21,507 $ 82,717 $ 42,957 Denominator: Basic weighted-average common shares outstanding 22,393 22,213 22,365 22,228 Plus: incremental shares from vesting of restricted stock units 6 9 7 10 Diluted weighted-average common shares outstanding 22,399 22,222 22,372 22,238 Earnings Per Share: Basic $ 1.82 $ 0.97 $ 3.70 $ 1.93 Diluted $ 1.82 $ 0.97 $ 3.70 $ 1.93 |
REVENUE (Notes)
REVENUE (Notes) | 9 Months Ended |
Oct. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Revenues are recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration we expect to collect in exchange for those goods or services. Sales, value added and other taxes collected from our customers concurrent with our revenue activities are excluded from revenue. The following tables present our revenue disaggregated by revenue source and segment: Three Months Ended October 31, 2022 Nine Months Ended October 31, 2022 Agriculture Construction International Total Agriculture Construction International Total (in thousands) (in thousands) Equipment $ 380,007 $ 56,534 $ 72,455 $ 508,996 $ 901,574 $ 143,536 $ 195,469 $ 1,240,579 Parts 81,420 13,350 13,949 108,719 178,474 37,229 39,271 254,974 Service 29,831 6,807 2,322 38,960 76,514 18,932 6,401 101,847 Other 1,201 639 89 1,929 2,881 1,441 540 4,862 Revenue from contracts with customers 492,459 77,330 88,815 658,604 1,159,443 201,138 241,681 1,602,262 Rental 865 9,073 231 10,169 1,386 22,251 424 24,061 Total revenues $ 493,324 $ 86,403 $ 89,046 $ 668,773 $ 1,160,829 $ 223,389 $ 242,105 $ 1,626,323 Three Months Ended October 31, 2021 Nine Months Ended October 31, 2021 Agriculture Construction International Total Agriculture Construction International Total (in thousands) (in thousands) Equipment $ 205,230 $ 49,679 $ 74,905 $ 329,814 $ 530,895 $ 148,511 $ 199,122 $ 878,528 Parts 52,090 13,413 15,018 80,521 132,515 37,449 38,500 208,464 Service 23,003 6,819 2,204 32,026 63,908 19,773 5,724 89,405 Other 824 622 132 1,578 2,301 1,477 413 4,191 Revenue from contracts with customers 281,147 70,533 92,259 443,939 729,619 207,210 243,759 1,180,588 Rental 359 9,202 475 10,036 803 22,076 844 23,723 Total revenues $ 281,506 $ 79,735 $ 92,734 $ 453,975 $ 730,422 $ 229,286 $ 244,603 $ 1,204,311 Unbilled Receivables and Deferred Revenue Unbilled receivables from contracts with customers amounted to $26.8 million and $17.1 million as of October 31, 2022 and January 31, 2022, respectively. This increase in unbilled receivables is primarily the result of a seasonal increase in the volume of our service transactions in which we recognize revenue as our work is performed and prior to customer invoicing. Deferred revenue from contracts with customers amounted to $55.8 million and $132.2 million as of October 31, 2022 and January 31, 2022, respectively. Our deferred revenue most often increases in the fourth quarter of each fiscal year due to a higher level of customer down payments or prepayments and longer time periods between customer payment and delivery of the equipment asset, and the related recognition of equipment revenue, prior to its seasonal use. During the nine months ended October 31, 2022 and 2021, the Company recognized $126.3 million and $55.8 million, respectively, of revenue that was included in the deferred revenue balance as of January 31, 2022 and January 31, 2021, respectively. No material amount of revenue was recognized during the nine months ended October 31, 2022 or 2021 from performance obligations satisfied in previous periods. The Company has elected as a practical expedient to not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of service of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for parts installed and services performed. The contracts for which the practical expedient has been applied include (i) equipment revenue transactions, which do not have a stated contractual term but are short-term in nature, and (ii) service revenue transactions, which also do not have a stated contractual term but are generally completed within 30 days. For such service contracts, we recognize revenue at the time we perform the work, in the amount for which we have the right to invoice for services completed to date. |
RECEIVABLES (Notes)
RECEIVABLES (Notes) | 9 Months Ended |
Oct. 31, 2022 | |
Receivables [Abstract] | |
RECEIVABLES | NOTE 4 - RECEIVABLES The Company provides an allowance for expected credit losses on its nonrental receivables. To measure the expected credit losses, receivables have been grouped based on shared credit risk characteristics as shown in the table below. Trade and unbilled receivables from contracts with customers have credit risk and the allowance is determined by applying expected credit loss percentages to aging categories based on historical experience that are updated each quarter. The rates may also be adjusted to the extent future events are expected to differ from historical results. In addition, the allowance is adjusted based on information obtained by continued monitoring of individual customer credit. Trade receivables from finance companies, other receivables due from manufacturers, and other receivables have not historically resulted in any credit losses to the Company. These receivables are short-term in nature and deemed to be of good credit quality and have no need for any allowance for expected credit losses. Management continually monitors these receivables and should information be obtained that identifies potential credit risk, an adjustment to the allowance would be made if deemed appropriate. Trade and unbilled receivables from rental contracts are primarily in the United States and are specifically excluded from the accounting guidance in determining an allowance for expected losses. The Company provides an allowance for these receivables based on historical experience and using credit information obtained from continued monitoring of customer accounts. October 31, 2022 January 31, 2022 (in thousands) Trade and unbilled receivables from contracts with customers Trade receivables due from customers $ 49,856 $ 30,041 Unbilled receivables 26,830 17,129 Less allowance for expected credit losses 2,814 1,979 73,872 45,191 Trade receivables due from finance companies 15,976 17,937 Trade and unbilled receivables from rental contracts Trade receivables 4,175 3,055 Unbilled receivables 884 538 Less allowance for expected credit losses 300 469 4,759 3,124 Other receivables Due from manufacturers 16,736 22,979 Other 506 5,056 17,242 28,035 Receivables, net of allowance for expected credit losses $ 111,849 $ 94,287 Following is a summary of allowance for credit losses on trade and unbilled accounts receivable by segment: Agriculture Construction International Total (in thousands) Balance at January 31, 2022 $ 244 $ 193 $ 1,542 $ 1,979 Current expected credit loss provision 47 74 1,036 1,157 Write-offs charged against allowance 41 147 148 336 Credit loss recoveries collected 24 9 — 33 Acquisition 94 — — 94 Foreign exchange impact — — (113) (113) Balance at October 31, 2022 $ 368 $ 129 $ 2,317 $ 2,814 Agriculture Construction International Total (in thousands) Balance at January 31, 2021 $ 228 $ 1,074 $ 1,690 $ 2,992 Current expected credit loss provision (benefit) 109 144 (235) 18 Write-offs charged against allowance 135 177 65 377 Credit loss recoveries collected 9 8 — 17 Foreign exchange impact — — (50) (50) Balance at October 31, 2021 $ 211 $ 1,049 $ 1,340 $ 2,600 The increase in the credit loss provision in the International segment, during the nine months ended October 31, 2022, was driven by a $0.8 million bad debt provision placed on the accounts receivables due from customers of Titan Machinery Ukraine, primarily due to the ongoing Russia-Ukraine conflict. The following table presents impairment losses (recoveries) on receivables arising from sales contracts with customers and receivables arising from rental contracts: Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 (in thousands) Impairment losses (recoveries) on: Receivables from sales contracts $ 197 $ 20 $ 1,196 $ 340 Receivables from rental contracts 49 54 81 24 $ 246 $ 74 $ 1,277 $ 364 |
INVENTORIES
INVENTORIES | 9 Months Ended |
Oct. 31, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES October 31, 2022 January 31, 2022 (in thousands) New equipment $ 345,689 $ 195,775 Used equipment 128,521 128,047 Parts and attachments 150,308 95,890 Work in process 5,859 2,046 $ 630,377 $ 421,758 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Oct. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT October 31, 2022 January 31, 2022 (in thousands) Rental fleet equipment $ 77,676 $ 65,117 Machinery and equipment 26,221 22,819 Vehicles 74,568 58,650 Furniture and fixtures 52,864 50,228 Land, buildings, and leasehold improvements 139,688 123,323 371,017 320,137 Less accumulated depreciation 155,063 141,894 $ 215,954 $ 178,243 |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other | 9 Months Ended |
Oct. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS AND GOODWILL Finite-Lived Intangible Assets The Company's finite-lived intangible assets consist of customer relationships and covenants not to compete. The following is a summary of intangible assets with finite lives as of October 31, 2022 and January 31, 2022. October 31, 2022 January 31, 2022 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) (in thousands) Customer relationships $ 5,338 $ (393) $ 4,945 $ 497 $ (252) $ 245 Covenants not to compete 1,025 (168) 857 250 (79) 171 $ 6,363 $ (561) $ 5,802 $ 747 $ (331) $ 416 The Company acquired intangible assets with finite lives, consisting of customer relationships totaling $5.0 million with a weighted-average amortization period of 5.0 years and covenants not to compete totaling $0.8 million with a weighted-average amortization period of 5.0 years, as part of the business combinations completed during the period ended October 31, 2022. The Company acquired intangible assets with finite lives, consisting of customer relationships totaling $0.2 million and covenants not to compete totaling $0.1 million for the year ended January 31, 2022. Future amortization expense, as of October 31, 2022, is expected to be as follows: Fiscal Year Ended January 31, Amount (in thousands) 2023 (remainder) $ 321 2024 1,273 2025 1,248 2026 1,206 2027 1,180 Thereafter 574 $ 5,802 Indefinite-Lived Intangible Assets The Company's indefinite-lived intangible assets consist of distribution rights assets. The following is a summary of the changes in indefinite-lived intangible assets, by segment, for the nine months ended October 31, 2022: Agriculture Construction Total (in thousands) January 31, 2022 $ 10,136 $ 72 $ 10,208 Arising from business combinations 842 — 842 October 31, 2022 $ 10,978 $ 72 $ 11,050 Goodwill The following presents changes in the carrying amount of goodwill, by segment, for the nine months ended October 31, 2022: Agriculture Total (in thousands) January 31, 2022 $ 8,952 $ 8,952 Arising from business combinations 23,070 23,070 October 31, 2022 $ 32,022 $ 32,022 |
LINES OF CREDIT _ FLOORPLAN PAY
LINES OF CREDIT / FLOORPLAN PAYABLE | 9 Months Ended |
Oct. 31, 2022 | |
Line of Credit Facility [Abstract] | |
LINES OF CREDIT / FLOORPLAN PAYABLE | FLOORPLAN PAYABLE/LINES OF CREDIT On October 31, 2022, the Company entered into Amendment No. 2 to the Third Amended and Restated Credit Agreement ("the Bank Syndicate Agreement") to replace the reference rate from LIBOR to the secured overnight financing rate (SOFR) and to add the Heartland Companies as borrowers. The Company elects at the time of any advance to choose a Base Rate Loan or a SOFR Rate Loan. The SOFR Rate is based upon one-month, three-month, or six-month SOFR, as chosen by the Company, plus an applicable margin of 11.4 basis points for one-month, 26.2 basis points for three-month, and 42.8 basis points for six-month loans. In no event shall the SOFR Rate be less than zero. The Base Rate is the greater of (a) the prime rate of interest announced, from time to time, by Bank of America plus applicable margin; (b) the Federal Funds Rate plus 50.0 basis points plus applicable margin, or one-month SOFR plus 100.0 basis points plus applicable margin plus 11.4 basis points. The applicable margin for Base Rate loans remains unchanged from prior versions of the agreement and is based on excess availability under the Bank Syndicate Agreement and ranges from .5% to 1.0%. As of October 31, 2022, the Company had floorplan lines of credit totaling $777.0 million, which is primarily comprised of three floorplan lines of credit: (i) a $500.0 million credit facility with CNH Industrial (amended as of August 1, 2022, to increase the total available domestic limit to $410 million and overall limit to $500 million), (ii) a $185.0 million line of credit under the Bank Syndicate Agreement, and (iii) a $50.0 million credit facility with DLL Finance LLC. The Company's outstanding balances of floorplan lines of credit as of October 31, 2022 and January 31, 2022, consisted of the following: October 31, 2022 January 31, 2022 (in thousands) CNH Industrial $ 161,837 $ 94,054 Bank Syndicate Agreement Floorplan Loan 45,000 — DLL Finance 9,629 8,558 Other outstanding balances with manufacturers and non-manufacturers 56,617 32,803 $ 273,083 $ 135,415 As of October 31, 2022, the interest bearing U.S. floorplan payables were primarily on the Bank Syndicate Agreement Loan with a variable interest rate of 4.62%. As of January 31, 2022, generally all U.S. floorplan payables were non-interest bearing. As of October 31, 2022, foreign floorplan payables carried various interest rates primarily ranging from 2.09% to 4.15%, compared to a range of 1.40% to 6.11% as of January 31, 2022. The Company had non-interest bearing floorplan payables of $211.4 million and $106.8 million, on October 31, 2022 and January 31, 2022, respectively. |
LONG TERM DEBT (Notes)
LONG TERM DEBT (Notes) | 9 Months Ended |
Oct. 31, 2022 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG TERM DEBT The following is a summary of long-term debt as of October 31, 2022 and January 31, 2022: Description Maturity Dates Interest Rates October 31, 2022 January 31, 2022 (in thousands) Mortgage loans, secured Various through May 2039 2.1% to 5.1% $ 69,144 $ 57,801 Sale-leaseback financing obligations Various through December 2030 3.4% to 10.3% 11,541 12,382 Vehicle loans, secured Various through September 2027 2.1% to 4.3% 12,674 10,465 Other Various through July 2039 3.6% 4,591 — Total debt 97,950 80,648 Less: current maturities 6,895 5,876 Long-term debt, net $ 91,055 $ 74,772 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (Notes) | 9 Months Ended |
Oct. 31, 2022 | |
Accumulated Other Comprehensive Income [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following is a summary of the changes in accumulated other comprehensive income (loss), by component, for the nine month periods ended October 31, 2022 and October 31, 2021: Foreign Currency Translation Adjustment Net Investment Hedging Gain Total Accumulated Other Comprehensive Income (Loss) (in thousands) Balance, January 31, 2022 $ (4,883) $ 2,711 $ (2,172) Other comprehensive loss (1,191) — (1,191) Balance, April 30, 2022 (6,074) 2,711 (3,363) Other comprehensive loss (2,963) — (2,963) Balance, July 31, 2022 $ (9,037) $ 2,711 $ (6,326) Other comprehensive loss (5,132) (5,132) Balance, October 31, 2022 $ (14,169) $ 2,711 $ (11,458) Foreign Currency Translation Adjustment Net Investment Hedging Gain Total Accumulated Other Comprehensive Income (Loss) (in thousands) Balance, January 31, 2021 $ (1,212) $ 2,711 $ 1,499 Other comprehensive loss (2,379) — (2,379) Balance, April 30, 2021 (3,591) 2,711 (880) Other comprehensive income 938 — 938 Balance, July 31, 2021 $ (2,653) $ 2,711 $ 58 Other comprehensive loss (744) — (744) Balance, October 31, 2021 $ (3,397) $ 2,711 $ (686) |
LEASES (Notes)
LEASES (Notes) | 9 Months Ended |
Oct. 31, 2022 | |
Leases [Abstract] | |
LEASES | LEASES As Lessee The Company, as lessee, leases certain of its dealership locations, office space, equipment and vehicles under operating and financing classified leasing arrangements. The Company has elected to not record leases with a lease term at commencement of 12 months or less on the consolidated balance sheet; these leases are expensed on a straight-line basis over the lease term. Many real estate lease agreements require the Company to pay the real estate taxes on the properties during the lease term and require that the Company maintain property insurance on each of the leased premises. These payments are deemed to be variable lease payments as the amounts may change during the term of the lease. Certain leases include renewal options that can extend the lease term for periods of one to ten years. Most real estate leases grant the Company a right of first refusal or other options to purchase the real estate, generally at fair market value, either during the lease term or at its conclusion. In most cases, the Company has not included these renewal and purchase options within the measurement of the right-of-use asset and lease liability. Most often, the Company cannot readily determine the interest rate implicit in the lease and thus applies its incremental borrowing rate to capitalize the right-of-use asset and lease liability. The Company estimates its incremental borrowing rate by incorporating considerations of lease term, asset class and lease currency and geographical market. The Company's lease agreements do not contain any material non-lease components, residual value guarantees or material restrictive covenants. The Company subleases a small number of real estate assets to third-parties, primarily dealership locations for which it has ceased operations. All sublease arrangements are classified as operating leases. The components of lease expense were as follows: Three Months Ended October 31, Nine Months Ended October 31, Classification 2022 2021 2022 2021 (in thousands) (in thousands) Finance lease cost: Amortization of leased assets Operating expenses $ 231 $ 227 $ 645 $ 915 Interest on lease liabilities Other interest expense 48 49 137 201 Operating lease cost Operating expenses and rental and other cost of revenue 3,424 3,632 10,062 11,132 Short-term lease cost Operating expenses — 66 71 198 Variable lease cost Operating expenses 501 502 1,519 1,755 Sublease income Interest and other income (358) (226) (1,087) (643) $ 3,846 $ 4,250 $ 11,347 $ 13,558 Right-of-use lease assets and lease liabilities consist of the following: Classification October 31, 2022 January 31, 2022 (in thousands) Assets Operating lease assets Operating lease assets $ 52,091 $ 56,150 Finance lease assets (a) Property and equipment, net of accumulated depreciation 2,440 9,045 Total leased assets $ 54,531 $ 65,195 Liabilities Current Operating Current operating lease liabilities $ 9,671 $ 9,601 Finance Accrued expenses and other 623 7,466 Noncurrent Operating Operating lease liabilities 50,737 55,595 Finance Other long-term liabilities 2,144 1,518 Total lease liabilities $ 63,175 $ 74,180 (a) Finance lease assets are recorded net of accumulated amortization of $1.3 million as of October 31, 2022 and $1.7 million as of January 31, 2022. Maturities of lease liabilities as of October 31, 2022 are as follows: Operating Finance Leases Leases Total Fiscal Year Ended January 31, (in thousands) 2023 (remainder) $ 3,285 $ 214 $ 3,499 2024 12,760 776 13,536 2025 12,393 727 13,120 2026 11,881 589 12,470 2027 11,220 458 11,678 2028 9,697 317 10,014 Thereafter 10,781 343 11,124 Total lease payments 72,017 3,424 75,441 Less: Interest 11,609 657 12,266 Present value of lease liabilities $ 60,408 $ 2,767 $ 63,175 The weighted-average lease term and discount rate as of October 31, 2022 are as follows: October 31, 2022 Weighted-average remaining lease term (years): Operating leases 5.9 Financing leases 4.8 Weighted-average discount rate: Operating leases 6.0 % Financing leases 7.9 % As Lessor The Company rents equipment to customers, primarily in the Construction segment, on a short-term basis. Our rental arrangements generally do not include minimum, noncancellable periods as the lessee is entitled to cancel the arrangement at any time. Most often, our rental arrangements extend for periods ranging from a few days to a few months. We maintain a fleet of dedicated rental assets within our Construction segment and, within all segments, we may also provide short-term rentals of certain equipment inventory assets. Some rental arrangements may include rent-to-purchase options whereby customers are given a period of time to exercise an option to purchase the related equipment at an established price with any rental payments paid applied to reduce the purchase price. All of the Company's leasing arrangements as lessor are classified as operating leases. Rental revenue is recognized on a straight-line basis over the rental period. Rental revenue includes amounts charged for loss and damage insurance on rented equipment. In most cases, our rental arrangements include non-lease components, including delivery and pick-up services. The Company accounts for these non-lease components separate from the rental arrangement and recognizes the revenue associated with these components when the service is performed. The Company has elected to exclude from rental revenue all sales, value added and other taxes collected from our customers concurrent with our rental activities. Rental billings most often occur on a monthly basis and may be billed in advance or in arrears, thus creating unbilled rental receivables or deferred rental revenue amounts. The Company manages the residual value risk of its rented assets by (i) monitoring the quality, aging and anticipated retail market value of our rental fleet assets to determine the optimal period to remove an asset from the rental fleet, (ii) maintaining the quality of our assets through on-site parts and service support and (iii) requiring physical damage insurance of our lessee customers. We primarily dispose of our rental assets through the sale of the asset by our retail sales force. Revenue generated from leasing activities is disclosed, by segment, in Note 3. The following is the balance of our dedicated rental fleet assets, included in Property and equipment, net of accumulated depreciation in the condensed consolidated balance sheet, of our Construction segment as of October 31, 2022 and January 31, 2022: October 31, 2022 January 31, 2022 (in thousands) Rental fleet equipment $ 77,676 $ 65,117 Less accumulated depreciation 26,791 23,501 $ 50,885 $ 41,616 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Oct. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE MEASUREMENTS As of October 31, 2022 the fair value of the Company's foreign currency contracts, which are either assets or liabilities measured at fair value on a recurring basis, was not material. These foreign currency contracts were valued using a discounted cash flow analysis, which is an income approach, utilizing readily observable market data as inputs, which is classified as a Level 2 fair value measurement. The Company also valued certain long-lived assets at fair value on a non-recurring basis as of January 31, 2022 as part of its long-lived asset impairment testing. The estimated fair value of such assets as of January 31, 2022 was $3.1 million. Fair value was estimated through an income approach incorporating both observable and unobservable inputs, and are deemed to be Level 3 fair value inputs. The most significant unobservable inputs include forecasted net cash generated from the use of the assets and the discount rate applied to such cash flows to arrive at a fair value estimate. In addition, in certain instances, in the prior year, the Company estimated the fair value of long-lived assets to approximate zero as no future cash flows were assumed to be generated from the use of such assets and the expected value to be realized upon disposition was deemed to be nominal. The Company also has financial instruments that are not recorded at fair value in the consolidated balance sheets, including cash, receivables, payables and long-term debt. The carrying amounts of these financial instruments approximated their fair values as of October 31, 2022 and January 31, 2022. Fair value of these financial instruments was estimated based on Level 2 fair value inputs. The estimated fair value of the Company's Level 2 long-term debt, which is provided for disclosure purposes only, is as follows: October 31, 2022 January 31, 2022 (in thousands) Carrying amount $ 80,182 $ 63,237 Fair value $ 70,702 $ 68,267 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Our effective tax rate was 24.5% and 24.3% for the three months ended October 31, 2022 and 2021, respectively and was 24.8% and 25.0% for the nine months ended October 31, 2022 and 2021, respectively. In reviewing our foreign deferred tax assets as of October 31, 2022, it was concluded that based on recent income and sources of future income of our Bulgarian subsidiary, that the release of the remaining valuation allowance of our Bulgarian subsidiary was warranted. In the third quarter of fiscal 2023, the Company recorded a benefit of $0.3 million from the release of the valuation allowance related to the Company's Bulgarian subsidiary. The effective tax rate for the three and nine months ended October 31, 2022 and 2021 was also subject to various other factors such as the impact of certain discrete items, mainly the vesting of share-based compensation, and the mix of domestic and foreign income |
BUSINESS COMBINATIONS (Notes)
BUSINESS COMBINATIONS (Notes) | 9 Months Ended |
Oct. 31, 2022 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS Fiscal 2023 On August 1, 2022, the Company acquired all interests of three entities, Heartland Agriculture, LLC, Heartland Solutions, LLC, and Heartland Leveraged Lender, LLC, (collectively referred to as "Heartland Companies") for $94.4 million in cash consideration. The Heartland Companies consist of 12 CaseIH commercial application agriculture locations, in the states of Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, South Dakota, Washington, and Wisconsin. The Heartland Companies have been a successful CaseIH commercial application dealer group and our acquisition of these entities provides the Company the opportunity for synergies due to the overlap of our footprints, which will allow us to package deals that will include both commercial application equipment as well as other agricultural and construction equipment to commercial customers within our core footprint. These locations are included in the Company's Agriculture segment. In the most recent completed fiscal year, the Heartland Companies generated revenue of approximately $214 million. The results of operations from the acquisition from the August 1, 2022 closing date through October 31, 2022, represented approximately $51.2 million of revenue and $3.4 million of pre-tax income. The Company incurred $1.1 million in acquisition related expenses in connection with this acquisition, which are included in operating expenses in the condensed consolidated statement of operations. On April 1, 2022, the Company acquired certain assets of Mark's Machinery, Inc. The acquired business consisted of two agricultural equipment stores in Wagner and Yankton, South Dakota. These locations are included in the Company's Agriculture segment. The total cash consideration transferred for the acquired business was $7.7 million. In connection with the acquisition, the Company acquired from CNH Industrial and certain other manufacturers equipment and parts inventory previously owned by Mark's Machinery, Inc. Upon acquiring such inventories, the Company was offered floorplan financing by the respective manufacturers. In total, the Company acquired inventory and recognized a corresponding financing liability of $3.2 million. The recognition of these inventories and the associated financing liabilities are not included as part of the accounting for the business combination. Fiscal 2022 On December 1, 2021, the Company acquired certain assets of Jaycox Implement, Inc. The acquired business consisted of three agricultural equipment stores in Worthington and Luverne, Minnesota and Lake Park, Iowa. These locations are included in the Company's Agriculture segment. The total cash consideration transferred for the acquired business was $28.2 million. The Company completed the real estate purchase on December 31, 2021 for a purchase price of $5.5 million, which was partially financed with long-term debt and the remainder was paid in cash. In connection with the acquisition, the Company acquired from CNH Industrial and certain other manufacturers equipment and parts inventory previously owned by Jaycox Implement, Inc. Upon acquiring such inventories, the Company was offered floorplan financing by the respective manufacturers. In total, the Company acquired inventory and recognized a corresponding financing liability of $5.3 million. The recognition of these inventories and the associated financing liabilities are not included as part of the accounting for the business combination. Purchase Price Allocation Each of the above acquisitions has been accounted for under the acquisition method of accounting, which requires the Company to estimate the acquisition date fair value of the assets acquired and liabilities assumed. As of October 31, 2022, the purchase price allocation for all business combinations completed in fiscal year 2023 are preliminary as we finalize the valuation of our intangible assets acquired. The purchase price allocation for all business combinations completed in fiscal year 2022 are complete. The following table presents the purchase price allocations for all acquisitions completed during the fiscal year ended January 31, 2022 and the period ended October 31, 2022: August 1, 2022 April 1, 2022 December 1, 2021 (in thousands) Heartland Companies Mark's Machinery Jaycox Implement Assets acquired: Cash $ 1,583 $ 1 $ 4 Receivables 9,007 478 1,197 Inventories 103,504 3,386 13,780 Prepaid expenses and other 602 66 47 Property and equipment 20,204 4,088 8,236 Operating lease assets 3,928 — — Intangible assets 5,700 917 4,121 Goodwill 22,487 583 7,519 167,015 9,519 34,904 Liabilities assumed: Accounts payable 18,547 — — Floorplan payable 31,699 — — Current operating lease liabilities 541 — — Deferred revenue 5,195 1,844 1,261 Accrued expenses and other 3,523 — — Long-term debt 4,591 — — Operating lease liabilities 3,387 — — Other long-term liabilities 5,152 — — 72,635 1,844 1,261 Net assets acquired $ 94,380 $ 7,675 $ 33,643 Goodwill recognized by segment: Agriculture $ 22,487 $ 583 $ 7,519 Goodwill expected to be deductible for tax purposes $ 22,487 $ 583 $ 7,519 The recognition of goodwill in the above business combinations arose from the acquisition of an assembled workforce and anticipated synergies expected to be realized. For the Heartland Companies acquisition, the Company recognized a non-competition intangible asset of $0.7 million and a customer relationship intangible asset of $5.0 million. For the Mark's Machinery acquisition the Company recognized a non-competition intangible asset of $0.8 million and a distribution rights intangible asset of $0.8 million. For the Jaycox acquisition the Company recognized a non-competition intangible asset of $0.1 million and a distribution rights intangible asset of $3.9 million. The non-competition and customer relationship assets will be amortized over five year periods. The distribution rights assets are indefinite-lived intangible assets not subject to amortization. The Company estimated the fair value of the intangible assets using a multi-period excess earnings model, which is an income approach. Acquisition related costs, amounted to $1.1 million for the period ended October 31, 2022, and acquisition related costs for the period ended January 31, 2022, were not material. All acquisition related costs have been expensed as incurred and recognized as operating expenses in the condensed consolidated statements of operations. |
CONTINGENCIES (Notes)
CONTINGENCIES (Notes) | 9 Months Ended |
Oct. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | NOTE 15 - CONTINGENCIES The Company is engaged in legal proceedings incidental to the normal course of business. Due to their nature, such legal proceedings involve inherent uncertainties, including but not limited to, court rulings, negotiations between affected parties and governmental intervention. Based upon the information available to the Company and discussions with legal counsel, it is the Company's opinion that the outcome of these various legal actions and claims will not have a material impact on its financial position, results of operations or cash flows. These matters, however, are subject to many uncertainties, and the outcome of any matter is not predictable. |
SEGMENT INFORMATION AND OPERATI
SEGMENT INFORMATION AND OPERATING RESULTS | 9 Months Ended |
Oct. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION AND OPERATING RESULTS | SEGMENT INFORMATION The Company has three reportable segments: Agriculture, Construction and International. Revenue between segments is immaterial. The Company retains various unallocated income/(expense) items and assets at the general corporate level, which the Company refers to as “Shared Resources” in the table below. Shared Resources assets primarily consist of cash and property and equipment. Certain financial information for each of the Company’s business segments is set forth below. Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 (in thousands) (in thousands) Revenue Agriculture $ 493,324 $ 281,506 $ 1,160,829 $ 730,422 Construction 86,403 79,735 223,389 229,286 International 89,046 92,734 242,105 244,603 Total $ 668,773 $ 453,975 $ 1,626,323 $ 1,204,311 Income (Loss) Before Income Taxes Agriculture $ 42,044 $ 19,618 $ 83,387 $ 42,910 Construction 6,065 3,564 13,197 6,518 International 8,488 6,260 18,683 9,498 Segment income before income taxes 56,597 29,442 115,267 58,926 Shared Resources (1,919) (619) (3,855) (793) Total $ 54,678 $ 28,823 $ 111,412 $ 58,133 October 31, 2022 January 31, 2022 (in thousands) Total Assets Agriculture $ 742,975 $ 481,190 Construction 194,077 157,846 International 154,359 155,275 Segment assets 1,091,411 794,311 Shared Resources 33,359 152,356 Total $ 1,124,770 $ 946,667 |
BUSINESS ACTIVITY AND SIGNIFI_2
BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Oct. 31, 2022 | |
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-months ended October 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2023. The information contained in the consolidated balance sheet as of January 31, 2022 was derived from the audited consolidated financial statements of the Company for the fiscal year then ended. These condensed 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, 2022 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, goodwill, or indefinite lived 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 subsidiaries. All material accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the calculation of basic and diluted earnings per share (EPS): Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 (in thousands, except per share data) Numerator: Net income $ 41,257 $ 21,816 $ 83,756 $ 43,612 Allocation to participating securities (563) (309) (1,039) (655) Net income attributable to Titan Machinery Inc. common stockholders $ 40,694 $ 21,507 $ 82,717 $ 42,957 Denominator: Basic weighted-average common shares outstanding 22,393 22,213 22,365 22,228 Plus: incremental shares from vesting of restricted stock units 6 9 7 10 Diluted weighted-average common shares outstanding 22,399 22,222 22,372 22,238 Earnings Per Share: Basic $ 1.82 $ 0.97 $ 3.70 $ 1.93 Diluted $ 1.82 $ 0.97 $ 3.70 $ 1.93 |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables present our revenue disaggregated by revenue source and segment: Three Months Ended October 31, 2022 Nine Months Ended October 31, 2022 Agriculture Construction International Total Agriculture Construction International Total (in thousands) (in thousands) Equipment $ 380,007 $ 56,534 $ 72,455 $ 508,996 $ 901,574 $ 143,536 $ 195,469 $ 1,240,579 Parts 81,420 13,350 13,949 108,719 178,474 37,229 39,271 254,974 Service 29,831 6,807 2,322 38,960 76,514 18,932 6,401 101,847 Other 1,201 639 89 1,929 2,881 1,441 540 4,862 Revenue from contracts with customers 492,459 77,330 88,815 658,604 1,159,443 201,138 241,681 1,602,262 Rental 865 9,073 231 10,169 1,386 22,251 424 24,061 Total revenues $ 493,324 $ 86,403 $ 89,046 $ 668,773 $ 1,160,829 $ 223,389 $ 242,105 $ 1,626,323 Three Months Ended October 31, 2021 Nine Months Ended October 31, 2021 Agriculture Construction International Total Agriculture Construction International Total (in thousands) (in thousands) Equipment $ 205,230 $ 49,679 $ 74,905 $ 329,814 $ 530,895 $ 148,511 $ 199,122 $ 878,528 Parts 52,090 13,413 15,018 80,521 132,515 37,449 38,500 208,464 Service 23,003 6,819 2,204 32,026 63,908 19,773 5,724 89,405 Other 824 622 132 1,578 2,301 1,477 413 4,191 Revenue from contracts with customers 281,147 70,533 92,259 443,939 729,619 207,210 243,759 1,180,588 Rental 359 9,202 475 10,036 803 22,076 844 23,723 Total revenues $ 281,506 $ 79,735 $ 92,734 $ 453,975 $ 730,422 $ 229,286 $ 244,603 $ 1,204,311 |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Receivables | October 31, 2022 January 31, 2022 (in thousands) Trade and unbilled receivables from contracts with customers Trade receivables due from customers $ 49,856 $ 30,041 Unbilled receivables 26,830 17,129 Less allowance for expected credit losses 2,814 1,979 73,872 45,191 Trade receivables due from finance companies 15,976 17,937 Trade and unbilled receivables from rental contracts Trade receivables 4,175 3,055 Unbilled receivables 884 538 Less allowance for expected credit losses 300 469 4,759 3,124 Other receivables Due from manufacturers 16,736 22,979 Other 506 5,056 17,242 28,035 Receivables, net of allowance for expected credit losses $ 111,849 $ 94,287 |
Accounts Receivable, Allowance for Credit Loss | Following is a summary of allowance for credit losses on trade and unbilled accounts receivable by segment: Agriculture Construction International Total (in thousands) Balance at January 31, 2022 $ 244 $ 193 $ 1,542 $ 1,979 Current expected credit loss provision 47 74 1,036 1,157 Write-offs charged against allowance 41 147 148 336 Credit loss recoveries collected 24 9 — 33 Acquisition 94 — — 94 Foreign exchange impact — — (113) (113) Balance at October 31, 2022 $ 368 $ 129 $ 2,317 $ 2,814 Agriculture Construction International Total (in thousands) Balance at January 31, 2021 $ 228 $ 1,074 $ 1,690 $ 2,992 Current expected credit loss provision (benefit) 109 144 (235) 18 Write-offs charged against allowance 135 177 65 377 Credit loss recoveries collected 9 8 — 17 Foreign exchange impact — — (50) (50) Balance at October 31, 2021 $ 211 $ 1,049 $ 1,340 $ 2,600 |
Impaired Financing Receivables | The following table presents impairment losses (recoveries) on receivables arising from sales contracts with customers and receivables arising from rental contracts: Three Months Ended October 31, Nine Months Ended October 31, 2022 2021 2022 2021 (in thousands) Impairment losses (recoveries) on: Receivables from sales contracts $ 197 $ 20 $ 1,196 $ 340 Receivables from rental contracts 49 54 81 24 $ 246 $ 74 $ 1,277 $ 364 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | October 31, 2022 January 31, 2022 (in thousands) New equipment $ 345,689 $ 195,775 Used equipment 128,521 128,047 Parts and attachments 150,308 95,890 Work in process 5,859 2,046 $ 630,377 $ 421,758 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | PROPERTY AND EQUIPMENT October 31, 2022 January 31, 2022 (in thousands) Rental fleet equipment $ 77,676 $ 65,117 Machinery and equipment 26,221 22,819 Vehicles 74,568 58,650 Furniture and fixtures 52,864 50,228 Land, buildings, and leasehold improvements 139,688 123,323 371,017 320,137 Less accumulated depreciation 155,063 141,894 $ 215,954 $ 178,243 |
Intangible Assets, Goodwill a_2
Intangible Assets, Goodwill and Other (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | The following is a summary of the changes in indefinite-lived intangible assets, by segment, for the nine months ended October 31, 2022: Agriculture Construction Total (in thousands) January 31, 2022 $ 10,136 $ 72 $ 10,208 Arising from business combinations 842 — 842 October 31, 2022 $ 10,978 $ 72 $ 11,050 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The following presents changes in the carrying amount of goodwill, by segment, for the nine months ended October 31, 2022: Agriculture Total (in thousands) January 31, 2022 $ 8,952 $ 8,952 Arising from business combinations 23,070 23,070 October 31, 2022 $ 32,022 $ 32,022 |
LINES OF CREDIT _ FLOORPLAN P_2
LINES OF CREDIT / FLOORPLAN PAYABLE Summary of Outstanding Amounts (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Line of Credit Facility [Abstract] | |
Schedule of Line of Credit Facilities | October 31, 2022 January 31, 2022 (in thousands) CNH Industrial $ 161,837 $ 94,054 Bank Syndicate Agreement Floorplan Loan 45,000 — DLL Finance 9,629 8,558 Other outstanding balances with manufacturers and non-manufacturers 56,617 32,803 $ 273,083 $ 135,415 |
LONG TERM DEBT (Tables)
LONG TERM DEBT (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt | The following is a summary of long-term debt as of October 31, 2022 and January 31, 2022: Description Maturity Dates Interest Rates October 31, 2022 January 31, 2022 (in thousands) Mortgage loans, secured Various through May 2039 2.1% to 5.1% $ 69,144 $ 57,801 Sale-leaseback financing obligations Various through December 2030 3.4% to 10.3% 11,541 12,382 Vehicle loans, secured Various through September 2027 2.1% to 4.3% 12,674 10,465 Other Various through July 2039 3.6% 4,591 — Total debt 97,950 80,648 Less: current maturities 6,895 5,876 Long-term debt, net $ 91,055 $ 74,772 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME AOCI (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following is a summary of the changes in accumulated other comprehensive income (loss), by component, for the nine month periods ended October 31, 2022 and October 31, 2021: Foreign Currency Translation Adjustment Net Investment Hedging Gain Total Accumulated Other Comprehensive Income (Loss) (in thousands) Balance, January 31, 2022 $ (4,883) $ 2,711 $ (2,172) Other comprehensive loss (1,191) — (1,191) Balance, April 30, 2022 (6,074) 2,711 (3,363) Other comprehensive loss (2,963) — (2,963) Balance, July 31, 2022 $ (9,037) $ 2,711 $ (6,326) Other comprehensive loss (5,132) (5,132) Balance, October 31, 2022 $ (14,169) $ 2,711 $ (11,458) Foreign Currency Translation Adjustment Net Investment Hedging Gain Total Accumulated Other Comprehensive Income (Loss) (in thousands) Balance, January 31, 2021 $ (1,212) $ 2,711 $ 1,499 Other comprehensive loss (2,379) — (2,379) Balance, April 30, 2021 (3,591) 2,711 (880) Other comprehensive income 938 — 938 Balance, July 31, 2021 $ (2,653) $ 2,711 $ 58 Other comprehensive loss (744) — (744) Balance, October 31, 2021 $ (3,397) $ 2,711 $ (686) |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows: Three Months Ended October 31, Nine Months Ended October 31, Classification 2022 2021 2022 2021 (in thousands) (in thousands) Finance lease cost: Amortization of leased assets Operating expenses $ 231 $ 227 $ 645 $ 915 Interest on lease liabilities Other interest expense 48 49 137 201 Operating lease cost Operating expenses and rental and other cost of revenue 3,424 3,632 10,062 11,132 Short-term lease cost Operating expenses — 66 71 198 Variable lease cost Operating expenses 501 502 1,519 1,755 Sublease income Interest and other income (358) (226) (1,087) (643) $ 3,846 $ 4,250 $ 11,347 $ 13,558 |
Summary of Lease Assets and Liabilities | Right-of-use lease assets and lease liabilities consist of the following: Classification October 31, 2022 January 31, 2022 (in thousands) Assets Operating lease assets Operating lease assets $ 52,091 $ 56,150 Finance lease assets (a) Property and equipment, net of accumulated depreciation 2,440 9,045 Total leased assets $ 54,531 $ 65,195 Liabilities Current Operating Current operating lease liabilities $ 9,671 $ 9,601 Finance Accrued expenses and other 623 7,466 Noncurrent Operating Operating lease liabilities 50,737 55,595 Finance Other long-term liabilities 2,144 1,518 Total lease liabilities $ 63,175 $ 74,180 (a) Finance lease assets are recorded net of accumulated amortization of $1.3 million as of October 31, 2022 and $1.7 million as of January 31, 2022. |
Summary of Lease Maturities | Maturities of lease liabilities as of October 31, 2022 are as follows: Operating Finance Leases Leases Total Fiscal Year Ended January 31, (in thousands) 2023 (remainder) $ 3,285 $ 214 $ 3,499 2024 12,760 776 13,536 2025 12,393 727 13,120 2026 11,881 589 12,470 2027 11,220 458 11,678 2028 9,697 317 10,014 Thereafter 10,781 343 11,124 Total lease payments 72,017 3,424 75,441 Less: Interest 11,609 657 12,266 Present value of lease liabilities $ 60,408 $ 2,767 $ 63,175 |
Weighted-Average Lease Term and Discount Rate | The weighted-average lease term and discount rate as of October 31, 2022 are as follows: October 31, 2022 Weighted-average remaining lease term (years): Operating leases 5.9 Financing leases 4.8 Weighted-average discount rate: Operating leases 6.0 % Financing leases 7.9 % |
Rental Fleet Assets | The following is the balance of our dedicated rental fleet assets, included in Property and equipment, net of accumulated depreciation in the condensed consolidated balance sheet, of our Construction segment as of October 31, 2022 and January 31, 2022: October 31, 2022 January 31, 2022 (in thousands) Rental fleet equipment $ 77,676 $ 65,117 Less accumulated depreciation 26,791 23,501 $ 50,885 $ 41,616 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | The estimated fair value of the Company's Level 2 long-term debt, which is provided for disclosure purposes only, is as follows: October 31, 2022 January 31, 2022 (in thousands) Carrying amount $ 80,182 $ 63,237 Fair value $ 70,702 $ 68,267 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2022 | Jan. 31, 2022 | |
Business Acquisition [Line Items] | ||
Schedule of Business Acquisitions, by Acquisition | The following table presents the purchase price allocations for all acquisitions completed during the fiscal year ended January 31, 2022 and the period ended October 31, 2022: August 1, 2022 April 1, 2022 December 1, 2021 (in thousands) Heartland Companies Mark's Machinery Jaycox Implement Assets acquired: Cash $ 1,583 $ 1 $ 4 Receivables 9,007 478 1,197 Inventories 103,504 3,386 13,780 Prepaid expenses and other 602 66 47 Property and equipment 20,204 4,088 8,236 Operating lease assets 3,928 — — Intangible assets 5,700 917 4,121 Goodwill 22,487 583 7,519 167,015 9,519 34,904 Liabilities assumed: Accounts payable 18,547 — — Floorplan payable 31,699 — — Current operating lease liabilities 541 — — Deferred revenue 5,195 1,844 1,261 Accrued expenses and other 3,523 — — Long-term debt 4,591 — — Operating lease liabilities 3,387 — — Other long-term liabilities 5,152 — — 72,635 1,844 1,261 Net assets acquired $ 94,380 $ 7,675 $ 33,643 Goodwill recognized by segment: Agriculture $ 22,487 $ 583 $ 7,519 Goodwill expected to be deductible for tax purposes $ 22,487 $ 583 $ 7,519 | |
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Liability, Current | $ 0 | |
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Liability, Noncurrent | 0 | |
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Assets | 0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 1,261 |
SEGMENT INFORMATION AND OPERA_2
SEGMENT INFORMATION AND OPERATING RESULTS (Tables) | 9 Months Ended |
Oct. 31, 2022 | |
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, 2022 2021 2022 2021 (in thousands) (in thousands) Revenue Agriculture $ 493,324 $ 281,506 $ 1,160,829 $ 730,422 Construction 86,403 79,735 223,389 229,286 International 89,046 92,734 242,105 244,603 Total $ 668,773 $ 453,975 $ 1,626,323 $ 1,204,311 Income (Loss) Before Income Taxes Agriculture $ 42,044 $ 19,618 $ 83,387 $ 42,910 Construction 6,065 3,564 13,197 6,518 International 8,488 6,260 18,683 9,498 Segment income before income taxes 56,597 29,442 115,267 58,926 Shared Resources (1,919) (619) (3,855) (793) Total $ 54,678 $ 28,823 $ 111,412 $ 58,133 October 31, 2022 January 31, 2022 (in thousands) Total Assets Agriculture $ 742,975 $ 481,190 Construction 194,077 157,846 International 154,359 155,275 Segment assets 1,091,411 794,311 Shared Resources 33,359 152,356 Total $ 1,124,770 $ 946,667 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Earnings Per Share [Abstract] | ||||||||
Net Income (Loss) Attributable to Parent | $ 41,257 | $ 24,959 | $ 17,540 | $ 21,816 | $ 11,249 | $ 10,547 | $ 83,756 | $ 43,612 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | 563 | 309 | 1,039 | 655 | ||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 40,694 | $ 21,507 | $ 82,717 | $ 42,957 | ||||
Basic weighted-average common shares outstanding | 22,393 | 22,213 | 22,365 | 22,228 | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 6 | 9 | 7 | 10 | ||||
Weighted Average Number of Shares Outstanding, Diluted | 22,399 | 22,222 | 22,372 | 22,238 | ||||
Earnings Per Share, Basic | $ 1.82 | $ 0.97 | $ 3.70 | $ 1.93 | ||||
Earnings Per Share, Diluted | $ 1.82 | $ 0.97 | $ 3.70 | $ 1.93 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 668,773 | $ 453,975 | $ 1,626,323 | $ 1,204,311 |
Revenue from Contracts with Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 658,604 | 443,939 | 1,602,262 | 1,180,588 |
Other Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,929 | 1,578 | 4,862 | 4,191 |
Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 38,960 | 32,026 | 101,847 | 89,405 |
Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 108,719 | 80,521 | 254,974 | 208,464 |
Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 508,996 | 329,814 | 1,240,579 | 878,528 |
Rental | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 10,169 | 10,036 | 24,061 | 23,723 |
Operating Segments [Member] | Agricultural Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 493,324 | 281,506 | 1,160,829 | 730,422 |
Operating Segments [Member] | Agricultural Segment [Member] | Revenue from Contracts with Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 492,459 | 281,147 | 1,159,443 | 729,619 |
Operating Segments [Member] | Agricultural Segment [Member] | Other Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,201 | 824 | 2,881 | 2,301 |
Operating Segments [Member] | Agricultural Segment [Member] | Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 29,831 | 23,003 | 76,514 | 63,908 |
Operating Segments [Member] | Agricultural Segment [Member] | Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 81,420 | 52,090 | 178,474 | 132,515 |
Operating Segments [Member] | Agricultural Segment [Member] | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 380,007 | 205,230 | 901,574 | 530,895 |
Operating Segments [Member] | Agricultural Segment [Member] | Rental | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 865 | 359 | 1,386 | 803 |
Operating Segments [Member] | International [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 89,046 | 92,734 | 242,105 | 244,603 |
Operating Segments [Member] | International [Member] | Revenue from Contracts with Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 88,815 | 92,259 | 241,681 | 243,759 |
Operating Segments [Member] | International [Member] | Other Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 89 | 132 | 540 | 413 |
Operating Segments [Member] | International [Member] | Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,322 | 2,204 | 6,401 | 5,724 |
Operating Segments [Member] | International [Member] | Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13,949 | 15,018 | 39,271 | 38,500 |
Operating Segments [Member] | International [Member] | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 72,455 | 74,905 | 195,469 | 199,122 |
Operating Segments [Member] | International [Member] | Rental | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 231 | 475 | 424 | 844 |
Operating Segments [Member] | Construction Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 86,403 | 79,735 | 223,389 | 229,286 |
Operating Segments [Member] | Construction Segment [Member] | Revenue from Contracts with Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 77,330 | 70,533 | 201,138 | 207,210 |
Operating Segments [Member] | Construction Segment [Member] | Other Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 639 | 622 | 1,441 | 1,477 |
Operating Segments [Member] | Construction Segment [Member] | Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6,807 | 6,819 | 18,932 | 19,773 |
Operating Segments [Member] | Construction Segment [Member] | Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13,350 | 13,413 | 37,229 | 37,449 |
Operating Segments [Member] | Construction Segment [Member] | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 56,534 | 49,679 | 143,536 | 148,511 |
Operating Segments [Member] | Construction Segment [Member] | Rental | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 9,073 | $ 9,202 | $ 22,251 | $ 22,076 |
REVENUE Unbilled Receivables (D
REVENUE Unbilled Receivables (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Unbilled Receivables, Current | $ 26,800 | $ 17,100 |
REVENUE Deferred Revenue (Detai
REVENUE Deferred Revenue (Details) - USD ($) | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | |
Deferred Revenue Arrangement [Line Items] | |||
Deferred Revenue, Revenue Recognized | $ 126,300,000 | $ 55,800,000 | |
Deferred Revenue from Contracts with Customers [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred Revenue | $ 55,800,000 | $ 132,200,000 |
RECEIVABLES (Details)
RECEIVABLES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Revenue from Contracts with Customers, Impairment Loss | $ 197,000 | $ 20,000 | $ 1,196,000 | $ 340,000 | ||
Rental Contract, Impairment Loss | 49,000 | 54,000 | 81,000 | 24,000 | ||
Accounts Receivable, Allowance for Credit Loss | (800,000) | (800,000) | $ (1,979,000) | $ (2,992,000) | ||
Accounts Receivable, after Allowance for Credit Loss, Current | 111,849,000 | 111,849,000 | 94,287,000 | |||
Unbilled Receivables, Current | 26,800,000 | 26,800,000 | 17,100,000 | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 336,000 | 377,000 | ||||
Accounts Receivable, Credit Loss Expense (Reversal) | 1,157,000 | 18,000 | ||||
Accounts Receivable, Allowance for Credit Loss, Recovery | 33,000 | 17,000 | ||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (113,000) | (50,000) | ||||
Impaired Financing Receivables | 246,000 | 74,000 | 1,277,000 | 364,000 | ||
Accounting Standards Update 2016-13 | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts Receivable, Allowance for Credit Loss | (2,814,000) | (2,600,000) | (2,814,000) | (2,600,000) | ||
Trade Accounts Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts Receivable, before Allowance for Credit Loss, Current | 49,856,000 | 49,856,000 | 30,041,000 | |||
Unbilled Receivables from Operating Leases and Rental Contracts [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts Receivable, before Allowance for Credit Loss, Current | 884,000 | 884,000 | 538,000 | |||
Accounts Receivable, Allowance for Credit Loss | (2,814,000) | (2,814,000) | (1,979,000) | |||
Accounts Receivable, after Allowance for Credit Loss, Current | 73,872,000 | 73,872,000 | 45,191,000 | |||
Unbilled Receivables, Current | 26,830,000 | 26,830,000 | 17,129,000 | |||
Trade Receivables due from Finance Companies [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts Receivable, before Allowance for Credit Loss, Current | 15,976,000 | 15,976,000 | 17,937,000 | |||
Accounts Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts Receivable, before Allowance for Credit Loss, Current | 4,175,000 | 4,175,000 | 3,055,000 | |||
Receivables due from Manufacturers [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts Receivable, before Allowance for Credit Loss, Current | 16,736,000 | 16,736,000 | 22,979,000 | |||
Other Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts Receivable, before Allowance for Credit Loss, Current | 506,000 | 506,000 | 5,056,000 | |||
Accounts Receivable, after Allowance for Credit Loss, Current | 17,242,000 | 17,242,000 | 28,035,000 | |||
Trade And Unbilled Receivables From Rental Contracts | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts Receivable, Allowance for Credit Loss | (300,000) | (300,000) | (469,000) | |||
Accounts Receivable, after Allowance for Credit Loss, Current | 4,759,000 | 4,759,000 | 3,124,000 | |||
Agricultural Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts Receivable, Allowance for Credit Loss | (368,000) | (211,000) | (368,000) | (211,000) | (244,000) | (228,000) |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 41,000 | 135,000 | ||||
Accounts Receivable, Credit Loss Expense (Reversal) | 47,000 | 109,000 | ||||
Accounts Receivable, Allowance for Credit Loss, Recovery | 24,000 | 9,000 | ||||
International [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts Receivable, Allowance for Credit Loss | (2,317,000) | (1,340,000) | (2,317,000) | (1,340,000) | (1,542,000) | (1,690,000) |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 148,000 | 65,000 | ||||
Accounts Receivable, Credit Loss Expense (Reversal) | 1,036,000 | (235,000) | ||||
Accounts Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (113,000) | (50,000) | ||||
Construction Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts Receivable, Allowance for Credit Loss | $ (129,000) | $ (1,049,000) | (129,000) | (1,049,000) | $ (193,000) | $ (1,074,000) |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 147,000 | 177,000 | ||||
Accounts Receivable, Credit Loss Expense (Reversal) | 74,000 | 144,000 | ||||
Accounts Receivable, Allowance for Credit Loss, Recovery | $ 9,000 | $ 8,000 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Inventory Disclosure [Abstract] | ||
New equipment | $ 345,689 | $ 195,775 |
Used equipment | 128,521 | 128,047 |
Parts and attachments | 150,308 | 95,890 |
Work in process | 5,859 | 2,046 |
Inventories | $ 630,377 | $ 421,758 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2022 | Jan. 31, 2022 | |
PROPERTY AND EQUIPMENT | |||
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization | $ 371,017,000 | $ 320,137,000 | |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, Accumulated Depreciation and Amortization | 155,063,000 | 141,894,000 | |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization, Total | 215,954,000 | 178,243,000 | |
International [Member] | |||
PROPERTY AND EQUIPMENT | |||
Asset Impairment Charges | $ 400,000 | ||
Rental fleet equipment | |||
PROPERTY AND EQUIPMENT | |||
Property and equipment, gross | 77,676,000 | 65,117,000 | |
Machinery and equipment | |||
PROPERTY AND EQUIPMENT | |||
Property and equipment, gross | 26,221,000 | 22,819,000 | |
Vehicles | |||
PROPERTY AND EQUIPMENT | |||
Property and equipment, gross | 74,568,000 | 58,650,000 | |
Furniture and fixtures | |||
PROPERTY AND EQUIPMENT | |||
Property and equipment, gross | 52,864,000 | 50,228,000 | |
Land, Buildings and Improvements | |||
PROPERTY AND EQUIPMENT | |||
Property and equipment, gross | $ 139,688,000 | $ 123,323,000 |
PROPERTY AND EQUIPMENT Deprecia
PROPERTY AND EQUIPMENT Depreciation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
PROPERTY AND EQUIPMENT | ||||
Cost, Depreciation | $ 2,600 | $ 2,600 | $ 6,000 | $ 6,400 |
Depreciation, Nonproduction | $ 4,200 | $ 2,900 | $ 11,300 | $ 8,900 |
Intangible Assets, Goodwill a_3
Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2022 | Jan. 31, 2022 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Other Indefinite-lived Intangible Assets | $ 11,050 | $ 10,208 |
Goodwill [Line Items] | ||
Goodwill | 32,022 | 8,952 |
Goodwill, Acquired During Period | 23,070 | |
Agricultural Segment [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Other Indefinite-lived Intangible Assets | 10,978 | 10,136 |
Goodwill [Line Items] | ||
Goodwill | 32,022 | 8,952 |
Construction Segment [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Other Indefinite-lived Intangible Assets | $ 72 | $ 72 |
LINES OF CREDIT _ FLOORPLAN P_3
LINES OF CREDIT / FLOORPLAN PAYABLE (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE | ||
Floorplan Notes Payable | $ 273,083 | $ 135,415 |
Floorplan Line of Credit | ||
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE | ||
Amount outstanding | 273,083 | 135,415 |
Non-Interest Bearing Floorplan Line of Credit [Member] | ||
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE | ||
Floorplan Notes Payable | 211,400 | $ 106,800 |
Credit Facility | ||
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE | ||
Maximum borrowing capacity | $ 777,000 | |
Credit Facility | Non-US [Member] | ||
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.09% | 1.40% |
Credit Facility | Maximum [Member] | Non-US [Member] | ||
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 6.11% |
CNH Industrial Capital Credit Facility | Credit Facility | ||
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE | ||
Maximum borrowing capacity | $ 500,000 | |
DLL Finance LLC [Member] | Credit Facility | ||
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE | ||
Maximum borrowing capacity | 50,000 | |
Bank Syndicate [Domain] | Credit Facility | ||
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE | ||
Maximum borrowing capacity | 185,000 | |
CNH Industrial Capital Credit Facility | Floorplan Line of Credit | ||
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE | ||
Amount outstanding | 161,837 | $ 94,054 |
Bank Syndicate [Domain] | Floorplan Line of Credit | ||
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE | ||
Amount outstanding | 45,000 | |
DLL Finance LLC [Member] | Floorplan Line of Credit | ||
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE | ||
Amount outstanding | 9,629 | 8,558 |
Other Affiliates [Member] | Floorplan Line of Credit | ||
LINES OF CREDIT / FLOORPLAN NOTES PAYABLE | ||
Amount outstanding | $ 56,617 | $ 32,803 |
LONG TERM DEBT (Details)
LONG TERM DEBT (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 97,950 | $ 80,648 |
Current maturities of long-term debt | 6,895 | 5,876 |
Long-term debt, less current maturities | 91,055 | 74,772 |
Mortgages | ||
Debt Instrument [Line Items] | ||
Notes and Loans Payable | 69,144 | 57,801 |
Sale-leaseback Financing Obligation | ||
Debt Instrument [Line Items] | ||
Notes and Loans Payable | 11,541 | 12,382 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Notes and Loans Payable | 12,674 | 10,465 |
Loans Payable | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 80,182 | 63,237 |
Notes and Loans Payable | $ 4,591 | $ 0 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Accumulated Other Comprehensive Income [Abstract] | ||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (14,169) | $ (9,037) | $ (6,074) | $ (3,397) | $ (2,653) | $ (3,591) | $ (4,883) | $ (1,212) |
Derivatives used in Net Investment Hedge, Net of Tax | 2,711 | 2,711 | 2,711 | 2,711 | 2,711 | 2,711 | 2,711 | 2,711 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (11,458) | (6,326) | (3,363) | (686) | 58 | (880) | $ (2,172) | $ 1,499 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (5,132) | (2,963) | (1,191) | (744) | 938 | (2,379) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | $ (5,132) | $ (2,963) | $ (1,191) | $ (744) | $ 938 | $ (2,379) |
LEASES (Details)
LEASES (Details) - Rental Fleet Equipment [Member] - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 77,676 | $ 65,117 |
Construction Segment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net of accumulated depreciation | 50,885 | 41,616 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 26,791 | 23,501 |
Property and equipment, gross | $ 77,676 | $ 65,117 |
LEASES Lease Expense (Details)
LEASES Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Leases [Abstract] | ||||
Finance Lease, Right-of-Use Asset, Amortization | $ 231 | $ 227 | $ 645 | $ 915 |
Finance Lease, Interest Expense | 48 | 49 | 137 | 201 |
Operating Lease, Cost | 3,424 | 3,632 | 10,062 | 11,132 |
Short-term Lease, Cost | 0 | 66 | 71 | 198 |
Variable Lease, Cost | 501 | 502 | 1,519 | 1,755 |
Sublease Income | (358) | (226) | (1,087) | (643) |
Lease, Cost | $ 3,846 | $ 4,250 | $ 11,347 | $ 13,558 |
LEASES ROU Assets and Lease Lia
LEASES ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Jan. 31, 2022 |
Leases [Abstract] | ||
Operating lease assets | $ 52,091 | $ 56,150 |
Finance Lease, Right-of-Use Asset | 2,440 | 9,045 |
Lessee, Right-Of-Use Asset | 54,531 | 65,195 |
Current operating lease liabilities | 9,671 | 9,601 |
Finance Lease, Liability, Current | 623 | 7,466 |
Operating Lease, Liability, Noncurrent | 50,737 | 55,595 |
Finance Lease, Liability, Noncurrent | 2,144 | 1,518 |
Lessee, Lease Liability | $ 63,175 | $ 74,180 |
LEASES Maturities of Lease Liab
LEASES Maturities of Lease Liabilities (Details) $ in Thousands | Oct. 31, 2022 USD ($) |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 3,285 |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 214 |
Lessee, Liability, Payments, Remainder of Fiscal Year | 3,499 |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 12,760 |
Finance Lease, Liability, Payments, Due Next Twelve Months | 776 |
Lessee, Liability, Payments, Due Next Twelve Months | 13,536 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 12,393 |
Finance Lease, Liability, Payments, Due Year Two | 727 |
Lessee, Liability, Payments, Due Year Two | 13,120 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 11,881 |
Finance Lease, Liability, Payments, Due Year Three | 589 |
Lessee, Liability, Payments, Due Year Three | 12,470 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 11,220 |
Finance Lease, Liability, Payments, Due Year Four | 458 |
Lessee, Liability, Payments, Due Year Four | 11,678 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 9,697 |
Finance Lease, Liability, Payments, Due Year Five | 317 |
Lessee, Liability, Payments, Due Year Five | 10,014 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 10,781 |
Finance Lease, Liability, Payments, Due after Year Five | 343 |
Lessee, Liability, Payments, Due After Year Five | 11,124 |
Lessee, Operating Lease, Liability, Payments, Due | 72,017 |
Finance Lease, Liability, Payment, Due | 3,424 |
Lessee, Liability, Payments, Due | 75,441 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 11,609 |
Finance Lease, Liability, Undiscounted Excess Amount | 657 |
Lessee, Liability, Undiscounted Excess Amount | 12,266 |
Operating Lease, Liability | 60,408 |
Finance Lease, Liability | 2,767 |
Present Value of Lease Liabilities | $ 63,175 |
LEASES Weighted Average Lease T
LEASES Weighted Average Lease Terms (Details) | Oct. 31, 2022 |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 10 months 24 days |
Finance Lease, Weighted Average Remaining Lease Term | 4 years 9 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 6% |
Finance Lease, Weighted Average Discount Rate, Percent | 7.90% |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) | Oct. 31, 2022 | Jan. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Long-Lived Assets | $ 3.1 | |
Long-term Debt, Fair Value | $ 70,702,000 | 68,267,000 |
Long-term Debt | 97,950,000 | 80,648,000 |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Long-term Debt | 97,950,000 | 80,648,000 |
Long-Lived Assets | 3.1 | |
Loans Payable | ||
Fair Value Disclosures [Abstract] | ||
Long-term Debt | 80,182,000 | 63,237,000 |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Long-term Debt | $ 80,182,000 | $ 63,237,000 |
INCOME TAXES INCOME TAXES (Deta
INCOME TAXES INCOME TAXES (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | (24.50%) | (24.30%) | (24.80%) | (25.00%) |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands | Oct. 31, 2022 | Aug. 01, 2022 | Apr. 01, 2022 | Jan. 31, 2022 |
Business Acquisition [Line Items] | ||||
Cash Acquired from Acquisition | $ 4 | |||
Business Combination, Acquired Receivable, Fair Value | 1,197 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 13,780 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 47 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,236 | |||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Assets | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,121 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 7,519 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 34,904 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 0 | |||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Liability, Current | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 1,261 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | |||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Liability, Noncurrent | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,261 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 94,400 | $ 7,700 | 33,643 | |
Heartland Companies | ||||
Business Acquisition [Line Items] | ||||
Cash Acquired from Acquisition | $ 1,583 | |||
Business Combination, Acquired Receivable, Fair Value | 9,007 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 103,504 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 602 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 20,204 | |||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Assets | 3,928 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,700 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 22,487 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 167,015 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 18,547 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 31,699 | |||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Liability, Current | 541 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 5,195 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 3,523 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 4,591 | |||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Liability, Noncurrent | 3,387 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 5,152 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 72,635 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 94,380 | |||
Mark's Machinery | ||||
Business Acquisition [Line Items] | ||||
Cash Acquired from Acquisition | 1 | |||
Business Combination, Acquired Receivable, Fair Value | 478 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 3,386 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 66 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,088 | |||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Assets | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 917 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 583 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 9,519 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 0 | |||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Liability, Current | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 1,844 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | |||
Business Combination, Recognized Identifiable Asset Acquired And Liability Assumed, Operating Lease Liability, Noncurrent | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,844 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 7,675 | |||
Noncompete Agreements [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 800 | 100 | ||
Agricultural Segment [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 7,519 | |||
Agricultural Segment [Member] | Heartland Companies | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 22,487 | |||
Agricultural Segment [Member] | Mark's Machinery | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 583 | |||
Distribution Rights [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 3,900 |
SEGMENT INFORMATION AND OPERA_3
SEGMENT INFORMATION AND OPERATING RESULTS (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 USD ($) | Oct. 31, 2021 USD ($) | Oct. 31, 2022 USD ($) segment | Oct. 31, 2021 USD ($) | Jan. 31, 2022 USD ($) | |
Segment Reporting [Abstract] | |||||
Number of reportable segments | segment | 3 | ||||
SEGMENT INFORMATION AND OPERATING RESULTS | |||||
Revenue | $ 668,773 | $ 453,975 | $ 1,626,323 | $ 1,204,311 | |
Income (Loss) Before Income Taxes | 54,678 | 28,823 | 111,412 | 58,133 | |
Total Assets | 1,124,770 | 1,124,770 | $ 946,667 | ||
Shared Resources | |||||
SEGMENT INFORMATION AND OPERATING RESULTS | |||||
Income (Loss) Before Income Taxes | (1,919) | (619) | (3,855) | (793) | |
Total Assets | 33,359 | 33,359 | 152,356 | ||
Operating Segments | |||||
SEGMENT INFORMATION AND OPERATING RESULTS | |||||
Income (Loss) Before Income Taxes | 56,597 | 29,442 | 115,267 | 58,926 | |
Total Assets | 1,091,411 | 1,091,411 | 794,311 | ||
Operating Segments | Agricultural Segment [Member] | |||||
SEGMENT INFORMATION AND OPERATING RESULTS | |||||
Revenue | 493,324 | 281,506 | 1,160,829 | 730,422 | |
Income (Loss) Before Income Taxes | 42,044 | 19,618 | 83,387 | 42,910 | |
Total Assets | 742,975 | 742,975 | 481,190 | ||
Operating Segments | Construction Segment [Member] | |||||
SEGMENT INFORMATION AND OPERATING RESULTS | |||||
Revenue | 86,403 | 79,735 | 223,389 | 229,286 | |
Income (Loss) Before Income Taxes | 6,065 | 3,564 | 13,197 | 6,518 | |
Total Assets | 194,077 | 194,077 | 157,846 | ||
Operating Segments | International [Member] | |||||
SEGMENT INFORMATION AND OPERATING RESULTS | |||||
Revenue | 89,046 | 92,734 | 242,105 | 244,603 | |
Income (Loss) Before Income Taxes | 8,488 | $ 6,260 | 18,683 | $ 9,498 | |
Total Assets | $ 154,359 | $ 154,359 | $ 155,275 |