Document_and_Entity_Informatio
| Document and Entity Information | 3 Months Ended | |
| Apr. 30, 2014 | 31-May-14 | |
| Document and Entity Information | ' | ' |
| Entity Registrant Name | 'Titan Machinery Inc. | ' |
| Entity Central Index Key | '0001409171 | ' |
| Document Type | '10-Q | ' |
| Document Period End Date | 30-Apr-14 | ' |
| Amendment Flag | 'false | ' |
| Current Fiscal Year End Date | '--01-31 | ' |
| Entity Current Reporting Status | 'Yes | ' |
| Entity Filer Category | 'Accelerated Filer | ' |
| Entity Common Stock, Shares Outstanding | ' | 21,252,169 |
| Document Fiscal Year Focus | '2015 | ' |
| Document Fiscal Period Focus | 'Q1 | ' |
CONSOLIDATED_BALANCE_SHEETS
| CONSOLIDATED BALANCE SHEETS (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
| In Thousands, unless otherwise specified | ||
| Current Assets | ' | ' |
| Cash | $82,011 | $74,242 |
| Receivables, net | 79,895 | 97,894 |
| Inventories | 1,116,977 | 1,075,978 |
| Prepaid expenses and other | 17,392 | 24,740 |
| Income taxes receivable | 6,173 | 851 |
| Deferred income taxes | 13,441 | 13,678 |
| Total current assets | 1,315,889 | 1,287,383 |
| Intangibles and Other Assets | ' | ' |
| Noncurrent parts inventories | 5,085 | 5,098 |
| Goodwill | 24,751 | 24,751 |
| Intangible assets, net of accumulated amortization | 11,582 | 11,750 |
| Other | 7,555 | 7,666 |
| Total intangibles and other assets | 48,973 | 49,265 |
| Property and Equipment, net of accumulated depreciation | 231,780 | 228,000 |
| Total Assets | 1,596,642 | 1,564,648 |
| Current Liabilities | ' | ' |
| Accounts payable | 26,138 | 23,714 |
| Floorplan payable | 798,542 | 750,533 |
| Current maturities of long-term debt | 35,990 | 2,192 |
| Customer deposits | 36,384 | 61,286 |
| Accrued expenses | 43,634 | 36,968 |
| Income taxes payable | 3 | 344 |
| Total current liabilities | 940,691 | 875,037 |
| Long-Term Liabilities | ' | ' |
| Senior convertible notes | 129,728 | 128,893 |
| Long-term debt, less current maturities | 66,690 | 95,532 |
| Deferred income taxes | 46,854 | 47,329 |
| Other long-term liabilities | 7,360 | 6,515 |
| Total long-term liabilities | 250,632 | 278,269 |
| Commitments and Contingencies | ' | ' |
| Stockholders' Equity | ' | ' |
| Common stock, par value $.00001 per share, 45,000 shares authorized; 21,253 shares issued and outstanding at April 30, 2014; 21,261 shares issued and outstanding at January 31, 2014 | 0 | 0 |
| Additional paid-in-capital | 238,795 | 238,857 |
| Retained earnings | 165,380 | 169,575 |
| Accumulated other comprehensive income (loss) | -1,278 | 339 |
| Total Titan Machinery Inc. stockholders' equity | 402,897 | 408,771 |
| Noncontrolling interest | 2,422 | 2,571 |
| Total stockholders' equity | 405,319 | 411,342 |
| Total Liabilities and Stockholders' Equity | $1,596,642 | $1,564,648 |
CONSOLIDATED_BALANCE_SHEETS_Pa
| CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
| Statement of Financial Position [Abstract] | ' | ' |
| Common stock, par value, in dollars per share | $0.00 | ' |
| Common stock, shares authorized | 45,000,000 | ' |
| Common stock, shares issued | 21,253,000 | 21,261,000 |
| Common stock, shares outstanding | 21,253,000 | 21,261,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
| CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
| In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
| Revenue | ' | ' |
| Equipment | $345,045 | $334,745 |
| Parts | 68,379 | 62,837 |
| Service | 37,084 | 31,998 |
| Rental and other | 14,955 | 12,094 |
| Total Revenue | 465,463 | 441,674 |
| Cost of Revenue | ' | ' |
| Equipment | 316,282 | 303,823 |
| Parts | 48,014 | 44,711 |
| Service | 14,403 | 11,363 |
| Rental and other | 10,825 | 7,829 |
| Total Cost of Revenue | 389,524 | 367,726 |
| Gross Profit | 75,939 | 73,948 |
| Operating Expenses | 71,152 | 68,933 |
| Realignment Costs | 2,801 | 0 |
| Income from Operations | 1,986 | 5,015 |
| Other Income (Expense) | ' | ' |
| Interest income and other income (expense) | -224 | 597 |
| Floorplan interest expense | -4,593 | -3,442 |
| Other interest expense | -3,441 | -3,167 |
| Loss Before Income Taxes | -6,272 | -997 |
| Benefit from Income Taxes | 1,733 | 394 |
| Net Loss Including Noncontrolling Interest | -4,539 | -603 |
| Less: Net Loss Attributable to Noncontrolling Interest | -344 | -189 |
| Net Loss Attributable to Titan Machinery Inc. | ($4,195) | ($414) |
| Net Loss per Share - Note 1 | ' | ' |
| Net Loss per Share - Basic, in dollars per share | ($0.20) | ($0.02) |
| Net Loss per Share - Diluted, in dollars per share | ($0.20) | ($0.02) |
| Weighted Average Common Shares - Basic | 20,951 | 20,854 |
| Weighted Average Common Shares - Diluted | 20,951 | 20,854 |
CONSOLIDATED_STATEMENTS_OF_COM
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
| In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
| Statement of Comprehensive Income [Abstract] | ' | ' |
| Net Loss Including Noncontrolling Interest | ($4,539) | ($603) |
| Other Comprehensive Income (Loss) | ' | ' |
| Foreign currency translation adjustments | -1,220 | -797 |
| Unrealized gain (loss) on net investment hedge derivative instruments, net of tax expense (benefit) of ($498) and $314 for the three months ended April 30, 2014 and 2013, respectively | -747 | 471 |
| Unrealized gain on interest rate swap cash flow hedge derivative instruments, net of tax expense of $2 for the three months ended April 30, 2014 | 3 | 0 |
| Unrealized gain on foreign currency contract cash flow hedge derivative instruments, net of tax expense of $21 for the three months ended April 30, 2014 | 32 | 0 |
| Reclassification of loss on foreign currency contract cash flow hedge derivative instruments included in net loss, net of tax expense of $5 for the three months ended April 30, 2014 | 9 | 0 |
| Total Other Comprehensive Income (Loss) | -1,923 | -326 |
| Comprehensive Loss | -6,462 | -929 |
| Comprehensive Loss Attributable to Noncontrolling Interest | -650 | -324 |
| Comprehensive Loss Attributable To Titan Machinery Inc. | ($5,812) | ($605) |
CONSOLIDATED_STATEMENTS_OF_COM1
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | |
| In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
| Tax expense (benefit) on unrealized gain (loss) on net investment hedge derivative instruments | ($498) | ($314) |
| Tax expense (benefit) on reclassification of gain (loss) on foreign currency contract cash flow hedge derivative instruments tax | 5 | 0 |
| Interest Rate Contract | Designated as hedging instruments | ' | ' |
| Tax expense (benefit) on unrealized gain (loss) on cash flow hedge derivative instruments | 2 | 0 |
| Cash Flow Hedges | Designated as hedging instruments | ' | ' |
| Tax expense (benefit) on unrealized gain (loss) on cash flow hedge derivative instruments | $21 | $0 |
CONSOLIDATED_STATEMENTS_OF_STO
| CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Foreign Currency Translation Adjustments | Unrealized Gains (Losses) on Net Investment Hedges | Interest Rate Contract | Unrealized Losses on Cash Flow Hedges | Accumulated Other Comprehensive Loss | Total Titan Machinery Inc. Stockholders' Equity | Noncontrolling Interest |
| In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
| Balance at Jan. 31, 2013 | $399,919 | ' | $236,521 | $160,724 | ($226) | ($509) | ' | $0 | ($735) | $396,510 | $3,409 |
| Balance (in shares) at Jan. 31, 2013 | ' | 21,092 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Common stock issued on grant of restricted stock (net of forfeitures), exercise of stock options and warrants, and tax benefits of equity awards | 272 | ' | 272 | ' | ' | ' | ' | ' | ' | 272 | ' |
| Common stock issued on grant of restricted stock, exercise of stock options and warrants, and tax benefits of equity awards (in shares) | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Stock-based compensation expense | 470 | ' | 470 | ' | ' | ' | ' | ' | ' | 470 | ' |
| Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Net loss | -603 | ' | ' | -414 | ' | ' | ' | ' | ' | -414 | -189 |
| Other comprehensive income (loss) | -326 | ' | ' | ' | -662 | 471 | ' | ' | -191 | -191 | -135 |
| Comprehensive Loss | -929 | ' | ' | ' | ' | ' | ' | ' | ' | -605 | -324 |
| Balance at Apr. 30, 2013 | 399,732 | ' | 237,263 | 160,310 | -888 | -38 | ' | ' | -926 | 396,647 | 3,085 |
| Balance (in shares) at Apr. 30, 2013 | ' | 21,103 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Balance at Jan. 31, 2014 | 411,342 | ' | 238,857 | 169,575 | 1,541 | -339 | -737 | -126 | 339 | 408,771 | 2,571 |
| Balance (in shares) at Jan. 31, 2014 | ' | 21,261 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Common stock issued on grant of restricted stock (net of forfeitures), exercise of stock options and warrants, and tax benefits of equity awards | -23 | ' | -23 | ' | ' | ' | ' | ' | ' | -23 | ' |
| Common stock issued on grant of restricted stock, exercise of stock options and warrants, and tax benefits of equity awards (in shares) | ' | -8 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Stock-based compensation expense | 463 | ' | 463 | ' | ' | ' | ' | ' | ' | 463 | ' |
| Other | -1 | ' | -502 | ' | ' | ' | ' | ' | ' | -502 | 501 |
| Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Net loss | -4,539 | ' | ' | -4,195 | ' | ' | ' | ' | ' | -4,195 | -344 |
| Other comprehensive income (loss) | -1,923 | ' | ' | ' | -914 | -747 | 3 | 41 | -1,617 | -1,617 | -306 |
| Comprehensive Loss | -6,462 | ' | ' | ' | ' | ' | ' | ' | ' | -5,812 | -650 |
| Balance at Apr. 30, 2014 | $405,319 | ' | $238,795 | $165,380 | $627 | ($1,086) | ($734) | ($85) | ($1,278) | $402,897 | $2,422 |
| Balance (in shares) at Apr. 30, 2014 | ' | 21,253 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
| CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
| In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
| Operating Activities | ' | ' |
| Net income including noncontrolling interest | ($4,539) | ($603) |
| Adjustments to reconcile net income including noncontrolling interest to net cash used for operating activities | ' | ' |
| Depreciation and amortization | 6,729 | 5,869 |
| Deferred income taxes | 232 | 171 |
| Stock-based compensation expense | 463 | 470 |
| Noncash interest expense | 1,151 | 1,108 |
| Other, net | -636 | 619 |
| Changes in assets and liabilities, net of purchase of equipment dealerships assets and assumption of liabilities | ' | ' |
| Receivables, prepaid expenses and other assets | 21,571 | 34,587 |
| Inventories | -41,963 | -102,258 |
| Manufacturer floorplan payable | -17,308 | 65,525 |
| Accounts payable, customer deposits, accrued expenses and other long-term liabilities | -14,639 | -4,612 |
| Income taxes | -5,663 | -7,195 |
| Net Cash Used for Operating Activities | -54,602 | -6,319 |
| Investing Activities | ' | ' |
| Rental fleet purchases | -629 | -329 |
| Property and equipment purchases (excluding rental fleet) | -5,078 | -5,454 |
| Net proceeds from sale of property and equipment | 471 | 237 |
| Purchase of equipment dealerships, net of cash purchased | 0 | -4,848 |
| Other, net | -887 | 771 |
| Net Cash Used for Investing Activities | -6,123 | -9,623 |
| Financing Activities | ' | ' |
| Net change in non-manufacturer floorplan payable | 65,305 | 8,408 |
| Proceeds from long-term debt borrowings | 5,832 | 665 |
| Principal payments on long-term debt | -2,505 | -3,405 |
| Other, net | -207 | 272 |
| Net Cash Provided by Financing Activities | 68,425 | 5,940 |
| Effect of Exchange Rate Changes on Cash | 69 | -106 |
| Net Change in Cash | 7,769 | -10,108 |
| Cash at Beginning of Period | 74,242 | 124,360 |
| Cash at End of Period | 82,011 | 114,252 |
| Cash paid during the period | ' | ' |
| Income taxes, net of refunds | 3,973 | 6,486 |
| Interest | 5,475 | 4,405 |
| Supplemental Disclosures of Noncash Investing and Financing Activities | ' | ' |
| Net property and equipment financed with long-term debt, accounts payable and accrued liabilities | 1,100 | 4,285 |
| Net transfer of assets to property and equipment from inventories | $1,962 | $30,122 |
BUSINESS_ACTIVITY_AND_SIGNIFIC
| BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | |||||||
| Apr. 30, 2014 | ||||||||
| 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 three-month period ended April 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2015. The information contained in the balance sheet as of January 31, 2014 was derived from the audited financial statements for the Company for the year then ended. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended January 31, 2014 as filed with the SEC. | ||||||||
| Nature of Business | ||||||||
| The Company is engaged in the retail sale, service and rental of agricultural and construction machinery through its stores in the United States and Europe. The Company’s North American stores are located in Arizona, Colorado, Iowa, Minnesota, Montana, Nebraska, New Mexico, North Dakota, South Dakota, Wisconsin and Wyoming, and its European stores are located in Bulgaria, Romania, Serbia and Ukraine. | ||||||||
| Estimates | ||||||||
| The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, particularly related to realization of inventory, initial valuation and impairment analyses of intangible assets, collectability of receivables, and income taxes. | ||||||||
| Principles of Consolidation | ||||||||
| The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All material accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. | ||||||||
| Reclassifications | ||||||||
| Certain reclassifications of amounts previously reported have been made to the accompanying consolidated financial statements, including the consolidated statements of cash flows, to maintain consistency and comparability between periods presented. These reclassifications had no impact on previously reported cash flows from operating, investing or financing activities. | ||||||||
| Earnings Per Share (“EPS”) | ||||||||
| The Company uses the two-class method to calculate basic and diluted EPS. Unvested restricted stock awards are considered participating securities because they entitle holders to non-forfeitable rights to dividends during the vesting term. Under the two-class method, basic EPS were computed by dividing net income attributable to Titan Machinery Inc. after allocation of income to participating securities by the weighted-average number of shares of common stock outstanding during the year. | ||||||||
| Diluted EPS were computed by dividing net income attributable to Titan Machinery Inc. after allocation of income to participating securities by the weighted-average shares of common stock outstanding after adjusting for potential dilution related to the conversion of all dilutive securities into common stock. All potentially dilutive securities were included in the computation of diluted EPS. There were approximately 375,000 and 380,000 stock options outstanding that were excluded from the computation of diluted EPS for the three months ended April 30, 2014 and 2013, respectively, because they were anti-dilutive. None of the approximately 3,474,000 shares underlying the Company’s senior convertible notes were included in the computation of diluted EPS because the Company’s average stock price was less than the conversion price of $43.17. | ||||||||
| The following table sets forth the calculation of basic and diluted EPS: | ||||||||
| Three Months Ended April 30, | ||||||||
| 2014 | 2013 | |||||||
| (in thousands, except per share data) | ||||||||
| Numerator | ||||||||
| Net Loss Attributable to Titan Machinery Inc. | $ | (4,195 | ) | $ | (414 | ) | ||
| Less: Net Loss Allocated to Participating Securities | 60 | 5 | ||||||
| Net Loss Attributable to Titan Machinery Inc. Common Stockholders | $ | (4,135 | ) | $ | (409 | ) | ||
| Denominator | ||||||||
| Basic Weighted-Average Common Shares Outstanding | 20,951 | 20,854 | ||||||
| Plus: Incremental Shares From Assumed Conversions of Stock Options | — | — | ||||||
| Diluted Weighted-Average Common Shares Outstanding | 20,951 | 20,854 | ||||||
| Net Loss per Share - Basic | $ | (0.20 | ) | $ | (0.02 | ) | ||
| Net Loss per Share - Diluted | $ | (0.20 | ) | $ | (0.02 | ) | ||
| Recent Accounting Guidance | ||||||||
| In April 2014, the Financial Accounting Standards Board ("FASB") amended authoritative guidance on reporting discontinued operations and disclosures of disposals of components of an entity, codified in Accounting Standard Codification ("ASC") 205-20, Discontinued Operations and 360, Property, Plant, and Equipment. The amended guidance changed the criteria for reporting discontinued operations, to only include disposals that represent a strategic shift and have a major effect on the entity's operations and financial results. The amended guidance also requires entities to provide additional disclosure of disposals reported as discontinued operations, and for disposals that do not qualify for discontinued operations presentation. The guidance is effective for disposals of components of an entity occurring in fiscal years beginning after December 15, 2014, with early adoption permitted. The Company will adopt this guidance on February 1, 2015. Its adoption is not expected to have a material effect on the Company's consolidated financial statements. | ||||||||
| In May 2014, the FASB issued authoritative guidance on accounting for revenue recognition, codified in ASC 606, Revenue from Contracts with Customers. This guidance supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The Company will adopt this guidance on February 1, 2017, using one of two retrospective application methods. The Company has not determined the potential effects on the consolidated financial statements. | ||||||||
INVENTORIES
| INVENTORIES | 3 Months Ended | |||||||
| Apr. 30, 2014 | ||||||||
| Inventory Disclosure [Abstract] | ' | |||||||
| INVENTORIES | ' | |||||||
| INVENTORIES | ||||||||
| April 30, 2014 | January 31, 2014 | |||||||
| (in thousands) | ||||||||
| New equipment | $ | 622,677 | $ | 575,518 | ||||
| Used equipment | 348,003 | 363,755 | ||||||
| Parts and attachments | 126,023 | 126,666 | ||||||
| Work in process | 20,274 | 10,039 | ||||||
| $ | 1,116,977 | $ | 1,075,978 | |||||
| In addition to the above amounts, the Company has estimated that a portion of its parts inventory will not be sold in the next year. Accordingly, these balances have been classified as noncurrent assets. | ||||||||
PROPERTY_AND_EQUIPMENT
| PROPERTY AND EQUIPMENT | 3 Months Ended | |||||||
| Apr. 30, 2014 | ||||||||
| Property, Plant and Equipment [Abstract] | ' | |||||||
| PROPERTY AND EQUIPMENT | ' | |||||||
| PROPERTY AND EQUIPMENT | ||||||||
| April 30, 2014 | January 31, 2014 | |||||||
| (in thousands) | ||||||||
| Rental fleet equipment | $ | 146,956 | $ | 145,007 | ||||
| Machinery and equipment | 24,024 | 23,382 | ||||||
| Vehicles | 44,420 | 44,200 | ||||||
| Furniture and fixtures | 37,302 | 35,860 | ||||||
| Land, buildings, and leasehold improvements | 66,130 | 60,470 | ||||||
| 318,832 | 308,919 | |||||||
| Less accumulated depreciation | (87,052 | ) | (80,919 | ) | ||||
| $ | 231,780 | $ | 228,000 | |||||
LINES_OF_CREDIT_FLOORPLAN_PAYA
| LINES OF CREDIT / FLOORPLAN PAYABLE | 3 Months Ended |
| Apr. 30, 2014 | |
| Line of Credit Facility [Abstract] | ' |
| LINES OF CREDIT / FLOORPLAN PAYABLE | ' |
| LINES OF CREDIT / FLOORPLAN PAYABLE | |
| Floorplan Lines of Credit | |
| Floorplan payable balances reflect the amount owed for new equipment inventory purchased from a manufacturer and used equipment inventory, which is primarily purchased through trade-in on equipment sales. Certain of the manufacturers from which the Company purchases new equipment inventory offer financing on these purchases, either offered directly from the manufacturer or through the manufacturers’ captive finance subsidiaries. CNH America, LLC's captive finance subsidiary, CNH Capital America LLC ("CNH Capital"), also provides financing of used equipment inventory. The Company also has floorplan payable balances with non-manufacturer lenders for new and used equipment inventory. Changes in manufacturer floorplan payable are reported as operating cash flows and changes in non-manufacturer floorplan payable are reported as financing cash flows in the Company's consolidated statements of cash flows. | |
| As of April 30, 2014, the Company had discretionary floorplan lines of credit for equipment inventory purchases totaling approximately $1.17 billion, which includes a $350.0 million Floorplan Payable Line with a group of banks led by Wells Fargo Bank, National Association ("Wells Fargo"), a $450.0 million credit facility with CNH Capital, a $225.0 million credit facility with Agricredit Acceptance LLC and the U.S. dollar equivalent of $142.7 million in credit facilities related to our foreign subsidiaries. Floorplan payables relating to these credit facilities totaled approximately $701.5 million of the total floorplan payable balance of $798.5 million outstanding as of April 30, 2014 and $692.8 million of the total floorplan payable balance of $750.5 million outstanding as of January 31, 2014. As of April 30, 2014, the Company had approximately $401.7 million in available borrowings remaining under these lines of credit (net of adjustments based on borrowing base calculations and standby letters of credit under the Wells Fargo credit agreement, and rental fleet financing and other acquisition-related financing arrangements under the CNH Capital credit agreement). These U.S. floorplan payables carried various interest rates primarily ranging from 2.78% to 4.99%, and the foreign floorplan payables carried various interest rates primarily ranging from 2.34% to 12.16%, as of April 30, 2014. | |
| Working Capital Line of Credit | |
| As of April 30, 2014, the Company had a $112.5 million working capital line of credit under the credit facility with Wells Fargo. The Company had $48.0 million and $47.8 million outstanding on its working capital line of credit as of April 30, 2014 and January 31, 2014, respectively. Amounts outstanding are recorded as long-term debt, within long-term liabilities on the consolidated balance sheets, as the Company does not have an obligation to repay amounts borrowed within one year. |
SENIOR_CONVERTIBLE_NOTES
| SENIOR CONVERTIBLE NOTES (Senior Convertible Notes) | 3 Months Ended | |||||||
| Apr. 30, 2014 | ||||||||
| Senior Convertible Notes | ' | |||||||
| SENIOR CONVERTIBLE NOTES | ' | |||||||
| SENIOR CONVERTIBLE NOTES | ' | |||||||
| SENIOR CONVERTIBLE NOTES | ||||||||
| The Company’s 3.75% Senior Convertible Notes issued on April 24, 2012 (“Convertible Notes”) consisted of the following: | ||||||||
| 30-Apr-14 | 31-Jan-14 | |||||||
| (in thousands except conversion | ||||||||
| rate and conversion price) | ||||||||
| Principal value | $ | 150,000 | $ | 150,000 | ||||
| Unamortized debt discount | (20,272 | ) | (21,107 | ) | ||||
| Carrying value of senior convertible notes | $ | 129,728 | $ | 128,893 | ||||
| Carrying value of equity component, net of deferred taxes | $ | 15,546 | $ | 15,546 | ||||
| Conversion rate (shares of common stock per $1,000 principal amount of notes) | 23.1626 | 23.1626 | ||||||
| Conversion price (per share of common stock) | $ | 43.17 | $ | 43.17 | ||||
| The Company recognized interest expense associated with its Senior Convertible Notes as follows: | ||||||||
| Three Months Ended April 30, | ||||||||
| 2014 | 2013 | |||||||
| (in thousands) | ||||||||
| Cash Interest Expense | ||||||||
| Coupon interest expense | $ | 1,406 | $ | 1,406 | ||||
| Noncash Interest Expense | ||||||||
| Amortization of debt discount | 835 | 779 | ||||||
| Amortization of transaction costs | 133 | 129 | ||||||
| $ | 2,374 | $ | 2,314 | |||||
| As of April 30, 2014, the unamortized debt discount will be amortized over a remaining period of approximately 5 years. As of April 30, 2014 and January 31, 2014, the if-converted value of the Senior Convertible Notes does not exceed the principal balance. The effective interest rate of the liability component was equal to 7.00% for the period ended April 30, 2014. | ||||||||
DERIVATIVE_INSTRUMENTS
| DERIVATIVE INSTRUMENTS | 3 Months Ended | |||||||||||||||||
| Apr. 30, 2014 | ||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
| DERIVATIVE INSTRUMENTS | ' | |||||||||||||||||
| DERIVATIVE INSTRUMENTS | ||||||||||||||||||
| The Company holds derivative instruments for the purpose of minimizing exposure to fluctuations in foreign currency exchange rates to which the Company is exposed in the normal course of its operations. | ||||||||||||||||||
| Net Investment Hedges | ||||||||||||||||||
| To protect the value of the Company’s investments in its foreign operations against adverse changes in foreign currency exchange rates, the Company may, from time to time, hedge a portion of its net investment in one or more of its foreign subsidiaries. Gains and losses on derivative instruments that are designated and effective as a net investment hedge are | ||||||||||||||||||
| included in other comprehensive income and only reclassified into earnings in the period during which the hedged net investment is sold or liquidated. Any hedge ineffectiveness is recognized in earnings immediately. | ||||||||||||||||||
| Cash Flow Hedges | ||||||||||||||||||
| On October 9, 2013, the Company entered into a forward-starting interest rate swap instrument which has a notional amount of $100.0 million dollars, an effective date of September 30, 2014 and a maturity date of September 30, 2018. The objective of the instrument is to, beginning on September 30, 2014, protect the Company from changes in benchmark interest rates to which the Company is exposed through certain of its variable interest rate credit facilities. The instrument provides for a fixed interest rate of 1.901% up to the maturity date. | ||||||||||||||||||
| The Company may, from time to time, hedge foreign currency exchange rate risk arising from inventory purchases denominated in Canadian dollars through the use of foreign currency forward contracts. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows associated with the Canadian dollar purchasing is less than 12 months. | ||||||||||||||||||
| The interest rate swap instrument and foreign currency contracts have been designated as cash flow hedging instruments and accordingly changes in the effective portion of the fair value of the instruments are recorded in other comprehensive income and only reclassified into earnings in the period(s) in which the related hedged item affects earnings or the anticipated underlying hedged transactions are no longer probable of occurring. Any hedge ineffectiveness is recognized in earnings immediately. | ||||||||||||||||||
| Derivative Instruments Not Designated as Hedging Instruments | ||||||||||||||||||
| The Company uses foreign currency forward contracts to hedge the effects of fluctuations in exchange rates on outstanding intercompany loans. The Company does not formally designate and document such derivative instruments as hedging instruments; however, the instruments are an effective economic hedge of the underlying foreign currency exposure. Both the gain or loss on the derivative instrument and the offsetting gain or loss on the underlying intercompany loan are recognized in earnings immediately, thereby eliminating or reducing the impact of foreign currency exchange rate fluctuations on net income. | ||||||||||||||||||
| The following table sets forth the notional value of the Company's outstanding derivative instruments. | ||||||||||||||||||
| Notional Amount as of: | ||||||||||||||||||
| April 30, 2014 | January 31, 2014 | |||||||||||||||||
| (in thousands) | ||||||||||||||||||
| Net investment hedge: | ||||||||||||||||||
| Foreign currency contracts | $ | 38,522 | $ | 43,742 | ||||||||||||||
| Cash flow hedges: | ||||||||||||||||||
| Interest rate swap | 100,000 | 100,000 | ||||||||||||||||
| Foreign currency contracts | 1,490 | 4,754 | ||||||||||||||||
| Derivatives not designated as hedging instruments: | ||||||||||||||||||
| Foreign currency contracts | 45,572 | 44,775 | ||||||||||||||||
| The following table sets forth the fair value of the Company’s outstanding derivative instruments. | ||||||||||||||||||
| Fair Value as of: | Balance Sheet Location | |||||||||||||||||
| 30-Apr-14 | 31-Jan-14 | |||||||||||||||||
| (in thousands) | ||||||||||||||||||
| Asset Derivatives: | ||||||||||||||||||
| Derivatives designated as hedging instruments: | ||||||||||||||||||
| Net investment hedges: | ||||||||||||||||||
| Foreign currency contracts | $ | — | $ | 157 | Prepaid expenses and other | |||||||||||||
| Derivatives not designated as hedging instruments: | ||||||||||||||||||
| Foreign currency contracts | — | 279 | Prepaid expenses and other | |||||||||||||||
| Total Asset Derivatives | $ | — | $ | 436 | ||||||||||||||
| Liability Derivatives: | ||||||||||||||||||
| Derivatives designated as hedging instruments: | ||||||||||||||||||
| Net investment hedges: | ||||||||||||||||||
| Foreign currency contracts | $ | 175 | $ | — | Accrued expenses | |||||||||||||
| Cash flow hedges: | ||||||||||||||||||
| Interest rate swap | 1,222 | 1,227 | Accrued expenses | |||||||||||||||
| Foreign currency contracts | 39 | 211 | Accrued expenses | |||||||||||||||
| Derivatives not designated as hedging instruments: | ||||||||||||||||||
| Foreign currency contracts | 196 | — | Accrued expenses | |||||||||||||||
| Total Liability Derivatives | $ | 1,632 | $ | 1,438 | ||||||||||||||
| The following table sets forth the gains and losses recognized on the Company’s derivative instruments for the three months ended April 30, 2014 and 2013: | ||||||||||||||||||
| Three months ended April 30, 2014 | Three months ended April 30, 2013 | |||||||||||||||||
| Amount of Gain (Loss) Recognized in | Amount of Gain (Loss) Recognized in | |||||||||||||||||
| Other Comprehensive | Income | Other Comprehensive | Income | Income Statement | ||||||||||||||
| Income | Income | Classification | ||||||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||||
| Dervatives Designated as Hedging Instruments: | ||||||||||||||||||
| Net investment hedges: | ||||||||||||||||||
| Foreign currency contracts | $ | (1,245 | ) | — | $ | 785 | — | N/A | ||||||||||
| Cash flow hedges: | ||||||||||||||||||
| Interest rate swap | 5 | — | — | — | N/A | |||||||||||||
| Foreign currency contracts | 53 | — | — | — | N/A | |||||||||||||
| Dervatives Not Designated as Hedging Instruments: | ||||||||||||||||||
| Foreign currency contracts | — | (1,303 | ) | — | 720 | Interest and other income | ||||||||||||
| Total Derivatives | $ | (1,187 | ) | $ | (1,303 | ) | $ | 785 | $ | 720 | ||||||||
| No components of the Company's net investment or cash flow hedging instruments were excluded from the assessment of hedge ineffectiveness. | ||||||||||||||||||
| As of April 30, 2014, the Company had $1.2 million and $0.2 million in pre-tax net unrealized losses associated with its interest rate swap and foreign currency contract cash flow hedging instruments recorded in accumulated other comprehensive income, respectively. The Company expects that $1.0 million and $0.1 million of pre-tax unrealized losses associated with its interest rate swap and foreign currency contracts, respectively, will be reclassified into net income over the next 12 months. | ||||||||||||||||||
FAIR_VALUE_OF_FINANCIAL_INSTRU
| FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended | |||||||||||||||||||||||||||||||
| Apr. 30, 2014 | ||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
| FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||||||||||||||
| FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||||||||||||||
| The assets and liabilities which are measured at fair value on a recurring basis as of April 30, 2014 and January 31, 2014 are as follows: | ||||||||||||||||||||||||||||||||
| April 30, 2014 | January 31, 2014 | |||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
| Financial Assets | ||||||||||||||||||||||||||||||||
| Foreign currency contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 436 | $ | — | $ | 436 | ||||||||||||||||
| Total Financial Assets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 436 | $ | — | $ | 436 | ||||||||||||||||
| Financial Liabilities | ||||||||||||||||||||||||||||||||
| Interest rate swap | $ | — | $ | 1,222 | $ | — | $ | 1,222 | $ | — | $ | 1,227 | $ | — | $ | 1,227 | ||||||||||||||||
| Foreign currency contracts | — | 410 | — | 410 | — | 211 | — | 211 | ||||||||||||||||||||||||
| Total Financial Liabilities | $ | — | $ | 1,632 | $ | — | $ | 1,632 | $ | — | $ | 1,438 | $ | — | $ | 1,438 | ||||||||||||||||
| The valuation for the Company's foreign currency contracts and interest rate swap derivative instruments were valued using discounted cash flow analyses, an income approach, utilizing readily observable market data as inputs. | ||||||||||||||||||||||||||||||||
| The Company also valued certain long-lived assets at fair value on a non-recurring basis, related to fixed assets at stores closed, during the three months ended April 30, 2014. The estimated fair value of these assets approximated zero, thus requiring a full impairment charge equal to the carrying values of such assets. The valuation methodologies utilized Level 3 fair value inputs. | ||||||||||||||||||||||||||||||||
| The Company also has financial instruments that are not recorded at fair value in its consolidated financial statements. The carrying amount of cash, receivables, payables, short-term debt and other current liabilities approximates fair value because of the short maturity and/or frequent repricing of those instruments, which are Level 2 fair value inputs. Based upon current borrowing rates with similar maturities, which are Level 2 fair value inputs, the carrying value of long-term debt approximates the fair value as of April 30, 2014 and January 31, 2014, respectively. The following table provides details on the Senior Convertible Notes as of April 30, 2014 and January 31, 2014. The difference between the face value and the carrying value of these notes is the result of the allocation between the debt and equity components. Fair value of the Senior Convertible Notes was estimated based on Level 2 fair value inputs. | ||||||||||||||||||||||||||||||||
| April 30, 2014 | January 31, 2014 | |||||||||||||||||||||||||||||||
| Estimated Fair Value | Carrying Value | Face Value | Estimated Fair Value | Carrying Value | Face Value | |||||||||||||||||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
| Senior convertible notes | $ | 130,835 | $ | 129,728 | $ | 150,000 | $ | 128,522 | $ | 128,893 | $ | 150,000 | ||||||||||||||||||||
SEGMENT_INFORMATION_AND_OPERAT
| SEGMENT INFORMATION AND OPERATING RESULTS | 3 Months Ended | |||||||
| Apr. 30, 2014 | ||||||||
| Segment Reporting [Abstract] | ' | |||||||
| SEGMENT INFORMATION AND OPERATING RESULTS | ' | |||||||
| SEGMENT INFORMATION AND OPERATING RESULTS | ||||||||
| The Company owns and operates a network of full service agricultural and construction equipment stores in the United States and Europe. The Company has three reportable segments: Agriculture, Construction and International. The Company’s segments are organized based on types of products sold and geographic areas, as described in the following paragraphs. The operating results for each segment are reported separately to the Company’s Chief Executive Officer and President to make decisions regarding the allocation of resources, to assess the Company’s operating performance and to make strategic decisions. | ||||||||
| The Company’s Agriculture segment sells, services, and rents machinery, and related parts and attachments, for uses ranging from large-scale farming to home and garden use for customers in North America. This segment also includes ancillary sales and services related to agricultural activities and products such as equipment transportation, Global Positioning System (“GPS”) signal subscriptions and finance and insurance products. | ||||||||
| The Company’s Construction segment sells, services, and rents machinery, and related parts and attachments, for uses ranging from heavy construction to light industrial machinery use to customers in North America. This segment also includes ancillary sales and services related to construction activities such as equipment transportation, GPS signal subscriptions and finance and insurance products. | ||||||||
| The Company’s International segment sells, services, and rents machinery, and related parts and attachments, for uses ranging from large-scale farming and construction to home and garden use to customers in Eastern Europe. It also includes export sales of equipment and parts to customers outside of the United States. | ||||||||
| Revenue, income (loss) before income taxes and total assets at the segment level are reported before eliminations. 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. Revenue between segments is immaterial. Revenue amounts included in Eliminations primarily relate to transactions within a segment. | ||||||||
| Certain financial information for each of the Company’s business segments is set forth below. | ||||||||
| Three Months Ended April 30, | ||||||||
| 2014 | 2013 | |||||||
| (in thousands) | ||||||||
| Revenue | ||||||||
| Agriculture | $ | 352,648 | $ | 360,344 | ||||
| Construction | 101,879 | 82,841 | ||||||
| International | 30,341 | 27,730 | ||||||
| Segment revenue | 484,868 | 470,915 | ||||||
| Eliminations | (19,405 | ) | (29,241 | ) | ||||
| Total | $ | 465,463 | $ | 441,674 | ||||
| Income (Loss) Before Income Taxes | ||||||||
| Agriculture | $ | 3,318 | $ | 7,999 | ||||
| Construction | (5,775 | ) | (6,538 | ) | ||||
| International | (3,065 | ) | (526 | ) | ||||
| Segment income (loss) before income taxes | (5,522 | ) | 935 | |||||
| Shared Resources | (873 | ) | (1,238 | ) | ||||
| Eliminations | 123 | (694 | ) | |||||
| Loss Before Income Taxes | $ | (6,272 | ) | $ | (997 | ) | ||
| 30-Apr-14 | 31-Jan-14 | |||||||
| (in thousands) | ||||||||
| Total Assets | ||||||||
| Agriculture | $ | 874,217 | $ | 943,212 | ||||
| Construction | 411,641 | 308,525 | ||||||
| International | 224,456 | 195,534 | ||||||
| Segment assets | 1,510,314 | 1,447,271 | ||||||
| Shared Resources | 89,318 | 120,335 | ||||||
| Eliminations | (2,990 | ) | (2,958 | ) | ||||
| Total | $ | 1,596,642 | $ | 1,564,648 | ||||
STORE_CLOSINGS_AND_REALIGNMENT
| STORE CLOSINGS AND REALIGNMENT COST | 3 Months Ended | |||||||||
| Apr. 30, 2014 | ||||||||||
| Restructuring and Related Activities [Abstract] | ' | |||||||||
| STORE CLOSINGS AND REALIGNMENT COSTS | ' | |||||||||
| STORE CLOSINGS AND REALIGNMENT COSTS | ||||||||||
| To better align its Construction business in certain markets, in April 2014, the Company reduced its Construction-related headcount by approximately 12% primarily through the closing of seven underperforming Construction stores, staff reductions at other dealerships and reductions in support staff at its Shared Resource Center. The closed stores were located in Bozeman, Big Sky and Helena, Montana; Cheyenne, Wyoming; Clear Lake, Iowa; Flagstaff, Arizona; and Rosemount, Minnesota. The Company also closed its Agriculture store in Oskaloosa, Iowa and merged it with the nearby Agriculture store in Pella, Iowa. The Company's remaining stores in each of the respective areas assumed the majority of the distribution rights for the CNH brand previously held by the stores which have closed. The majority of the assets of the closed stores have been redeployed to other store locations. Certain inventory items which are not sold by any of our remaining stores will be sold at auction. The inventory markdown attributable to such items are included in the exit cost summary below. The majority of the exit costs were recognized during the three months ended April 30, 2014; however the remaining costs, which primarily relate to asset relocation and other closing costs, are expected to be incurred during the three months ended July 31, 2014. The following summarizes the exit costs associated with the store closings and realignment that occurred in April 2014: | ||||||||||
| Total Amount Expected to be Incurred | Amount Incurred During Three Months Ended April 30, 2014 | Income Statement Classification | ||||||||
| (in thousands) | ||||||||||
| Construction Segment | ||||||||||
| Lease termination costs | $ | 1,518 | $ | 1,518 | Realignment Costs | |||||
| Employee severance costs | 451 | 451 | Realignment Costs | |||||||
| Impairment of fixed assets | 152 | 152 | Realignment Costs | |||||||
| Asset relocation and other closing costs | 728 | 165 | Realignment Costs | |||||||
| $ | 2,849 | $ | 2,286 | |||||||
| Agriculture Segment | ||||||||||
| Lease termination costs | $ | 114 | $ | 114 | Realignment Costs | |||||
| Employee severance costs | 71 | 71 | Realignment Costs | |||||||
| Impairment of fixed assets | 85 | 85 | Realignment Costs | |||||||
| Asset relocation and other closing costs | 72 | 32 | Realignment Costs | |||||||
| Inventory cost adjustments | 404 | 404 | Equipment Cost of Sales | |||||||
| $ | 746 | $ | 706 | |||||||
| Shared Resource Center | ||||||||||
| Employee severance costs | $ | 213 | $ | 213 | Realignment Costs | |||||
| $ | 213 | $ | 213 | |||||||
| Total | ||||||||||
| Lease termination costs | $ | 1,632 | $ | 1,632 | Realignment Costs | |||||
| Employee severance costs | 735 | 735 | Realignment Costs | |||||||
| Impairment of fixed assets | 237 | 237 | Realignment Costs | |||||||
| Asset relocation and other closing costs | 800 | 197 | Realignment Costs | |||||||
| Inventory cost adjustments | 404 | 404 | Equipment Cost of Sales | |||||||
| $ | 3,808 | $ | 3,205 | |||||||
| The Company accrued for lease termination and employee severance costs in April 2014, but exit costs related to impairment, asset relocation and other closing costs and inventory cost adjustments were not accrued but recognized as incurred. A reconciliation of the beginning and ending exit cost liability balance, which is included in accrued expenses in the consolidated balance sheets, follows: | ||||||||||
| Amount | ||||||||||
| (in thousands) | ||||||||||
| Balance, January 31, 2014 | $ | 548 | ||||||||
| Exit costs incurred and charged to expense | ||||||||||
| Lease termination costs | 1,598 | |||||||||
| Employee severance costs | 735 | |||||||||
| Exit costs paid | ||||||||||
| Lease termination costs | (51 | ) | ||||||||
| Employee severance costs | (544 | ) | ||||||||
| Adjustments | ||||||||||
| Lease termination costs | 76 | |||||||||
| Balance, April 30, 2014 | $ | 2,362 | ||||||||
BUSINESS_ACTIVITY_AND_SIGNIFIC1
| BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
| Apr. 30, 2014 | |
| 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 three-month period ended April 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2015. The information contained in the balance sheet as of January 31, 2014 was derived from the audited financial statements for the Company for the year then ended. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended January 31, 2014 as filed with the SEC. | |
| Nature of Business | ' |
| Nature of Business | |
| The Company is engaged in the retail sale, service and rental of agricultural and construction machinery through its stores in the United States and Europe. The Company’s North American stores are located in Arizona, Colorado, Iowa, Minnesota, Montana, Nebraska, New Mexico, North Dakota, South Dakota, Wisconsin and Wyoming, and its European stores are located in Bulgaria, Romania, Serbia and Ukraine. | |
| Estimates | ' |
| Estimates | |
| The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, particularly related to realization of inventory, initial valuation and impairment analyses of intangible assets, collectability of receivables, and income taxes. | |
| Principles of Consolidation | ' |
| Principles of Consolidation | |
| The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All material accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. | |
| Reclassifications | ' |
| Reclassifications | |
| Certain reclassifications of amounts previously reported have been made to the accompanying consolidated financial statements, including the consolidated statements of cash flows, to maintain consistency and comparability between periods presented. These reclassifications had no impact on previously reported cash flows from operating, investing or financing activities. | |
| Earnings Per Share (EPS) | ' |
| Earnings Per Share (“EPS”) | |
| The Company uses the two-class method to calculate basic and diluted EPS. Unvested restricted stock awards are considered participating securities because they entitle holders to non-forfeitable rights to dividends during the vesting term. Under the two-class method, basic EPS were computed by dividing net income attributable to Titan Machinery Inc. after allocation of income to participating securities by the weighted-average number of shares of common stock outstanding during the year. | |
| Diluted EPS were computed by dividing net income attributable to Titan Machinery Inc. after allocation of income to participating securities by the weighted-average shares of common stock outstanding after adjusting for potential dilution related to the conversion of all dilutive securities into common stock. All potentially dilutive securities were included in the computation of diluted EPS. |
BUSINESS_ACTIVITY_AND_SIGNIFIC2
| BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended | |||||||
| Apr. 30, 2014 | ||||||||
| Accounting Policies [Abstract] | ' | |||||||
| Schedule of calculation of basic and diluted EPS | ' | |||||||
| The following table sets forth the calculation of basic and diluted EPS: | ||||||||
| Three Months Ended April 30, | ||||||||
| 2014 | 2013 | |||||||
| (in thousands, except per share data) | ||||||||
| Numerator | ||||||||
| Net Loss Attributable to Titan Machinery Inc. | $ | (4,195 | ) | $ | (414 | ) | ||
| Less: Net Loss Allocated to Participating Securities | 60 | 5 | ||||||
| Net Loss Attributable to Titan Machinery Inc. Common Stockholders | $ | (4,135 | ) | $ | (409 | ) | ||
| Denominator | ||||||||
| Basic Weighted-Average Common Shares Outstanding | 20,951 | 20,854 | ||||||
| Plus: Incremental Shares From Assumed Conversions of Stock Options | — | — | ||||||
| Diluted Weighted-Average Common Shares Outstanding | 20,951 | 20,854 | ||||||
| Net Loss per Share - Basic | $ | (0.20 | ) | $ | (0.02 | ) | ||
| Net Loss per Share - Diluted | $ | (0.20 | ) | $ | (0.02 | ) | ||
INVENTORIES_Tables
| INVENTORIES (Tables) | 3 Months Ended | |||||||
| Apr. 30, 2014 | ||||||||
| Inventory Disclosure [Abstract] | ' | |||||||
| Schedule of inventories | ' | |||||||
| April 30, 2014 | January 31, 2014 | |||||||
| (in thousands) | ||||||||
| New equipment | $ | 622,677 | $ | 575,518 | ||||
| Used equipment | 348,003 | 363,755 | ||||||
| Parts and attachments | 126,023 | 126,666 | ||||||
| Work in process | 20,274 | 10,039 | ||||||
| $ | 1,116,977 | $ | 1,075,978 | |||||
PROPERTY_AND_EQUIPMENT_Tables
| PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended | |||||||
| Apr. 30, 2014 | ||||||||
| Property, Plant and Equipment [Abstract] | ' | |||||||
| Schedule of property and equipment | ' | |||||||
| April 30, 2014 | January 31, 2014 | |||||||
| (in thousands) | ||||||||
| Rental fleet equipment | $ | 146,956 | $ | 145,007 | ||||
| Machinery and equipment | 24,024 | 23,382 | ||||||
| Vehicles | 44,420 | 44,200 | ||||||
| Furniture and fixtures | 37,302 | 35,860 | ||||||
| Land, buildings, and leasehold improvements | 66,130 | 60,470 | ||||||
| 318,832 | 308,919 | |||||||
| Less accumulated depreciation | (87,052 | ) | (80,919 | ) | ||||
| $ | 231,780 | $ | 228,000 | |||||
SENIOR_CONVERTIBLE_NOTES_Table
| SENIOR CONVERTIBLE NOTES (Tables) (Senior Convertible Notes) | 3 Months Ended | |||||||
| Apr. 30, 2014 | ||||||||
| Senior Convertible Notes | ' | |||||||
| SENIOR CONVERTIBLE NOTES | ' | |||||||
| Schedule of 3.75% Senior Convertible Notes | ' | |||||||
| The Company’s 3.75% Senior Convertible Notes issued on April 24, 2012 (“Convertible Notes”) consisted of the following: | ||||||||
| 30-Apr-14 | 31-Jan-14 | |||||||
| (in thousands except conversion | ||||||||
| rate and conversion price) | ||||||||
| Principal value | $ | 150,000 | $ | 150,000 | ||||
| Unamortized debt discount | (20,272 | ) | (21,107 | ) | ||||
| Carrying value of senior convertible notes | $ | 129,728 | $ | 128,893 | ||||
| Carrying value of equity component, net of deferred taxes | $ | 15,546 | $ | 15,546 | ||||
| Conversion rate (shares of common stock per $1,000 principal amount of notes) | 23.1626 | 23.1626 | ||||||
| Conversion price (per share of common stock) | $ | 43.17 | $ | 43.17 | ||||
| Senior Convertible Notes Interest Expense | ' | |||||||
| The Company recognized interest expense associated with its Senior Convertible Notes as follows: | ||||||||
| Three Months Ended April 30, | ||||||||
| 2014 | 2013 | |||||||
| (in thousands) | ||||||||
| Cash Interest Expense | ||||||||
| Coupon interest expense | $ | 1,406 | $ | 1,406 | ||||
| Noncash Interest Expense | ||||||||
| Amortization of debt discount | 835 | 779 | ||||||
| Amortization of transaction costs | 133 | 129 | ||||||
| $ | 2,374 | $ | 2,314 | |||||
DERIVATIVE_INSTRUMENTS_Tables
| DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended | |||||||||||||||||
| Apr. 30, 2014 | ||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
| Schedule of notional amounts of outstanding derivative positions | ' | |||||||||||||||||
| The following table sets forth the notional value of the Company's outstanding derivative instruments. | ||||||||||||||||||
| Notional Amount as of: | ||||||||||||||||||
| April 30, 2014 | January 31, 2014 | |||||||||||||||||
| (in thousands) | ||||||||||||||||||
| Net investment hedge: | ||||||||||||||||||
| Foreign currency contracts | $ | 38,522 | $ | 43,742 | ||||||||||||||
| Cash flow hedges: | ||||||||||||||||||
| Interest rate swap | 100,000 | 100,000 | ||||||||||||||||
| Foreign currency contracts | 1,490 | 4,754 | ||||||||||||||||
| Derivatives not designated as hedging instruments: | ||||||||||||||||||
| Foreign currency contracts | 45,572 | 44,775 | ||||||||||||||||
| Schedule of fair value of outstanding derivative instruments | ' | |||||||||||||||||
| The following table sets forth the fair value of the Company’s outstanding derivative instruments. | ||||||||||||||||||
| Fair Value as of: | Balance Sheet Location | |||||||||||||||||
| 30-Apr-14 | 31-Jan-14 | |||||||||||||||||
| (in thousands) | ||||||||||||||||||
| Asset Derivatives: | ||||||||||||||||||
| Derivatives designated as hedging instruments: | ||||||||||||||||||
| Net investment hedges: | ||||||||||||||||||
| Foreign currency contracts | $ | — | $ | 157 | Prepaid expenses and other | |||||||||||||
| Derivatives not designated as hedging instruments: | ||||||||||||||||||
| Foreign currency contracts | — | 279 | Prepaid expenses and other | |||||||||||||||
| Total Asset Derivatives | $ | — | $ | 436 | ||||||||||||||
| Liability Derivatives: | ||||||||||||||||||
| Derivatives designated as hedging instruments: | ||||||||||||||||||
| Net investment hedges: | ||||||||||||||||||
| Foreign currency contracts | $ | 175 | $ | — | Accrued expenses | |||||||||||||
| Cash flow hedges: | ||||||||||||||||||
| Interest rate swap | 1,222 | 1,227 | Accrued expenses | |||||||||||||||
| Foreign currency contracts | 39 | 211 | Accrued expenses | |||||||||||||||
| Derivatives not designated as hedging instruments: | ||||||||||||||||||
| Foreign currency contracts | 196 | — | Accrued expenses | |||||||||||||||
| Total Liability Derivatives | $ | 1,632 | $ | 1,438 | ||||||||||||||
| Schedule of gains and losses recognized on derivative instruments | ' | |||||||||||||||||
| The following table sets forth the gains and losses recognized on the Company’s derivative instruments for the three months ended April 30, 2014 and 2013: | ||||||||||||||||||
| Three months ended April 30, 2014 | Three months ended April 30, 2013 | |||||||||||||||||
| Amount of Gain (Loss) Recognized in | Amount of Gain (Loss) Recognized in | |||||||||||||||||
| Other Comprehensive | Income | Other Comprehensive | Income | Income Statement | ||||||||||||||
| Income | Income | Classification | ||||||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||||
| Dervatives Designated as Hedging Instruments: | ||||||||||||||||||
| Net investment hedges: | ||||||||||||||||||
| Foreign currency contracts | $ | (1,245 | ) | — | $ | 785 | — | N/A | ||||||||||
| Cash flow hedges: | ||||||||||||||||||
| Interest rate swap | 5 | — | — | — | N/A | |||||||||||||
| Foreign currency contracts | 53 | — | — | — | N/A | |||||||||||||
| Dervatives Not Designated as Hedging Instruments: | ||||||||||||||||||
| Foreign currency contracts | — | (1,303 | ) | — | 720 | Interest and other income | ||||||||||||
| Total Derivatives | $ | (1,187 | ) | $ | (1,303 | ) | $ | 785 | $ | 720 | ||||||||
FAIR_VALUE_OF_FINANCIAL_INSTRU1
| FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
| Apr. 30, 2014 | ||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
| Fair Value Measurements, Recurring and Nonrecurring | ' | |||||||||||||||||||||||||||||||
| The assets and liabilities which are measured at fair value on a recurring basis as of April 30, 2014 and January 31, 2014 are as follows: | ||||||||||||||||||||||||||||||||
| April 30, 2014 | January 31, 2014 | |||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
| Financial Assets | ||||||||||||||||||||||||||||||||
| Foreign currency contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 436 | $ | — | $ | 436 | ||||||||||||||||
| Total Financial Assets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 436 | $ | — | $ | 436 | ||||||||||||||||
| Financial Liabilities | ||||||||||||||||||||||||||||||||
| Interest rate swap | $ | — | $ | 1,222 | $ | — | $ | 1,222 | $ | — | $ | 1,227 | $ | — | $ | 1,227 | ||||||||||||||||
| Foreign currency contracts | — | 410 | — | 410 | — | 211 | — | 211 | ||||||||||||||||||||||||
| Total Financial Liabilities | $ | — | $ | 1,632 | $ | — | $ | 1,632 | $ | — | $ | 1,438 | $ | — | $ | 1,438 | ||||||||||||||||
| Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||||||||||||||||||
| The following table provides details on the Senior Convertible Notes as of April 30, 2014 and January 31, 2014. The difference between the face value and the carrying value of these notes is the result of the allocation between the debt and equity components. Fair value of the Senior Convertible Notes was estimated based on Level 2 fair value inputs. | ||||||||||||||||||||||||||||||||
| April 30, 2014 | January 31, 2014 | |||||||||||||||||||||||||||||||
| Estimated Fair Value | Carrying Value | Face Value | Estimated Fair Value | Carrying Value | Face Value | |||||||||||||||||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
| Senior convertible notes | $ | 130,835 | $ | 129,728 | $ | 150,000 | $ | 128,522 | $ | 128,893 | $ | 150,000 | ||||||||||||||||||||
SEGMENT_INFORMATION_AND_OPERAT1
| SEGMENT INFORMATION AND OPERATING RESULTS (Tables) | 3 Months Ended | |||||||
| Apr. 30, 2014 | ||||||||
| Segment Reporting [Abstract] | ' | |||||||
| Schedule of financial information of business segments | ' | |||||||
| Certain financial information for each of the Company’s business segments is set forth below. | ||||||||
| Three Months Ended April 30, | ||||||||
| 2014 | 2013 | |||||||
| (in thousands) | ||||||||
| Revenue | ||||||||
| Agriculture | $ | 352,648 | $ | 360,344 | ||||
| Construction | 101,879 | 82,841 | ||||||
| International | 30,341 | 27,730 | ||||||
| Segment revenue | 484,868 | 470,915 | ||||||
| Eliminations | (19,405 | ) | (29,241 | ) | ||||
| Total | $ | 465,463 | $ | 441,674 | ||||
| Income (Loss) Before Income Taxes | ||||||||
| Agriculture | $ | 3,318 | $ | 7,999 | ||||
| Construction | (5,775 | ) | (6,538 | ) | ||||
| International | (3,065 | ) | (526 | ) | ||||
| Segment income (loss) before income taxes | (5,522 | ) | 935 | |||||
| Shared Resources | (873 | ) | (1,238 | ) | ||||
| Eliminations | 123 | (694 | ) | |||||
| Loss Before Income Taxes | $ | (6,272 | ) | $ | (997 | ) | ||
| 30-Apr-14 | 31-Jan-14 | |||||||
| (in thousands) | ||||||||
| Total Assets | ||||||||
| Agriculture | $ | 874,217 | $ | 943,212 | ||||
| Construction | 411,641 | 308,525 | ||||||
| International | 224,456 | 195,534 | ||||||
| Segment assets | 1,510,314 | 1,447,271 | ||||||
| Shared Resources | 89,318 | 120,335 | ||||||
| Eliminations | (2,990 | ) | (2,958 | ) | ||||
| Total | $ | 1,596,642 | $ | 1,564,648 | ||||
STORE_CLOSINGS_AND_REALIGNMENT1
| STORE CLOSINGS AND REALIGNMENT COST (Tables) | 3 Months Ended | |||||||||
| Apr. 30, 2014 | ||||||||||
| Restructuring and Related Activities [Abstract] | ' | |||||||||
| Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||
| The following summarizes the exit costs associated with the store closings and realignment that occurred in April 2014: | ||||||||||
| Total Amount Expected to be Incurred | Amount Incurred During Three Months Ended April 30, 2014 | Income Statement Classification | ||||||||
| (in thousands) | ||||||||||
| Construction Segment | ||||||||||
| Lease termination costs | $ | 1,518 | $ | 1,518 | Realignment Costs | |||||
| Employee severance costs | 451 | 451 | Realignment Costs | |||||||
| Impairment of fixed assets | 152 | 152 | Realignment Costs | |||||||
| Asset relocation and other closing costs | 728 | 165 | Realignment Costs | |||||||
| $ | 2,849 | $ | 2,286 | |||||||
| Agriculture Segment | ||||||||||
| Lease termination costs | $ | 114 | $ | 114 | Realignment Costs | |||||
| Employee severance costs | 71 | 71 | Realignment Costs | |||||||
| Impairment of fixed assets | 85 | 85 | Realignment Costs | |||||||
| Asset relocation and other closing costs | 72 | 32 | Realignment Costs | |||||||
| Inventory cost adjustments | 404 | 404 | Equipment Cost of Sales | |||||||
| $ | 746 | $ | 706 | |||||||
| Shared Resource Center | ||||||||||
| Employee severance costs | $ | 213 | $ | 213 | Realignment Costs | |||||
| $ | 213 | $ | 213 | |||||||
| Total | ||||||||||
| Lease termination costs | $ | 1,632 | $ | 1,632 | Realignment Costs | |||||
| Employee severance costs | 735 | 735 | Realignment Costs | |||||||
| Impairment of fixed assets | 237 | 237 | Realignment Costs | |||||||
| Asset relocation and other closing costs | 800 | 197 | Realignment Costs | |||||||
| Inventory cost adjustments | 404 | 404 | Equipment Cost of Sales | |||||||
| $ | 3,808 | $ | 3,205 | |||||||
| Restructuring and Related Costs Rollforward | ' | |||||||||
| A reconciliation of the beginning and ending exit cost liability balance, which is included in accrued expenses in the consolidated balance sheets, follows: | ||||||||||
| Amount | ||||||||||
| (in thousands) | ||||||||||
| Balance, January 31, 2014 | $ | 548 | ||||||||
| Exit costs incurred and charged to expense | ||||||||||
| Lease termination costs | 1,598 | |||||||||
| Employee severance costs | 735 | |||||||||
| Exit costs paid | ||||||||||
| Lease termination costs | (51 | ) | ||||||||
| Employee severance costs | (544 | ) | ||||||||
| Adjustments | ||||||||||
| Lease termination costs | 76 | |||||||||
| Balance, April 30, 2014 | $ | 2,362 | ||||||||
BUSINESS_ACTIVITY_AND_SIGNIFIC3
| BUSINESS ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | |
| In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
| Numerator | ' | ' |
| Net Loss Attributable to Titan Machinery Inc. | ($4,195) | ($414) |
| Less: Net Loss Allocated to Participating Securities | 60 | 5 |
| Net Loss Attributable to Titan Machinery Inc. Common Stockholders | ($4,135) | ($409) |
| Denominator | ' | ' |
| Basic Weighted-Average Common Shares Outstanding | 20,951 | 20,854 |
| Plus: Incremental Shares From Assumed Conversions of Stock Options | 0 | 0 |
| Diluted Weighted-Average Common Shares Outstanding | 20,951 | 20,854 |
| Net Loss per Share - Basic, in dollars per share | ($0.20) | ($0.02) |
| Net Loss per Share - Diluted, in dollars per share | ($0.20) | ($0.02) |
| Employee Stock Option | ' | ' |
| Anti-dilutive securities | ' | ' |
| Anti-dilutive securities excluded from the calculation of diluted EPS (in shares) | 375 | 380 |
| Convertible Notes | ' | ' |
| Anti-dilutive securities | ' | ' |
| Anti-dilutive securities excluded from the calculation of diluted EPS (in shares) | 3,474 | ' |
| Conversion price of shares underlying convertible notes (in dollars per share) | $43.17 | ' |
INVENTORIES_Details
| INVENTORIES (Details) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
| In Thousands, unless otherwise specified | ||
| Inventory Disclosure [Abstract] | ' | ' |
| New equipment | $622,677 | $575,518 |
| Used equipment | 348,003 | 363,755 |
| Parts and attachments | 126,023 | 126,666 |
| Work in process | 20,274 | 10,039 |
| Inventories | $1,116,977 | $1,075,978 |
PROPERTY_AND_EQUIPMENT_Details
| PROPERTY AND EQUIPMENT (Details) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
| In Thousands, unless otherwise specified | ||
| PROPERTY AND EQUIPMENT | ' | ' |
| Property and equipment, gross | $318,832 | $308,919 |
| Less accumulated depreciation | -87,052 | -80,919 |
| Property and equipment, net | 231,780 | 228,000 |
| Rental fleet equipment | ' | ' |
| PROPERTY AND EQUIPMENT | ' | ' |
| Property and equipment, gross | 146,956 | 145,007 |
| Machinery and equipment | ' | ' |
| PROPERTY AND EQUIPMENT | ' | ' |
| Property and equipment, gross | 24,024 | 23,382 |
| Vehicles | ' | ' |
| PROPERTY AND EQUIPMENT | ' | ' |
| Property and equipment, gross | 44,420 | 44,200 |
| Furniture and fixtures | ' | ' |
| PROPERTY AND EQUIPMENT | ' | ' |
| Property and equipment, gross | 37,302 | 35,860 |
| Land, buildings, and leasehold improvements | ' | ' |
| PROPERTY AND EQUIPMENT | ' | ' |
| Property and equipment, gross | $66,130 | $60,470 |
LINES_OF_CREDIT_FLOORPLAN_PAYA1
| LINES OF CREDIT / FLOORPLAN PAYABLE (Details) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 |
| Floorplan Lines of Credit | Floorplan Lines of Credit | Floorplan Lines of Credit | Floorplan Lines of Credit | Floorplan Lines of Credit | Floorplan Lines of Credit | Floorplan Lines of Credit | Working Capital Line of Credit | Working Capital Line of Credit | Working Capital Line of Credit | |||
| U.S. | Foreign | Group of banks led by Wells Fargo Bank | CNH Capital America LLC | Agricredit Acceptance LLC | Group of banks led by Wells Fargo Bank | |||||||
| LINES OF CREDIT / FLOORPLAN NOTES PAYABLE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Maximum borrowing capacity | ' | ' | $1,170,000,000 | ' | ' | $142,700,000 | $350,000,000 | $450,000,000 | $225,000,000 | ' | ' | $112,500,000 |
| Amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,000,000 | 47,800,000 | ' |
| Floorplan payable | 798,542,000 | 750,533,000 | 701,500,000 | 692,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Available borrowings remaining under lines of credit | ' | ' | $401,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Interest rate, Minimum (as a percent) | ' | ' | ' | ' | 2.78% | 2.34% | ' | ' | ' | ' | ' | ' |
| Interest rate, Maximum (as a percent) | ' | ' | ' | ' | 4.99% | 12.16% | ' | ' | ' | ' | ' | ' |
SENIOR_CONVERTIBLE_NOTES_Detai
| SENIOR CONVERTIBLE NOTES (Details) (Convertible Notes) | Apr. 30, 2014 |
| Convertible Notes | ' |
| SENIOR CONVERTIBLE NOTES | ' |
| Interest rate (as a percent) | 3.75% |
SENIOR_CONVERTIBLE_NOTES_Detai1
| SENIOR CONVERTIBLE NOTES (Details 2) (USD $) | 3 Months Ended | ||
| In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Jan. 31, 2014 |
| Convertible notes | ' | ' | ' |
| Principal value | $150,000 | ' | $150,000 |
| Coupon interest expense | 3,441 | 3,167 | ' |
| Convertible Notes | ' | ' | ' |
| Convertible notes | ' | ' | ' |
| Principal value | 150,000 | ' | 150,000 |
| Unamortized debt discount | -20,272 | ' | -21,107 |
| Carrying value of senior convertible notes | 129,728 | ' | 128,893 |
| Carrying value of equity component, net of deferred taxes | 15,546 | ' | 15,546 |
| Conversion rate | 0.0231626 | 0.0231626 | ' |
| Conversion price (per share of common stock) | $43.17 | ' | $43.17 |
| Coupon interest expense | 1,406 | 1,406 | ' |
| Amortization of debt discount | 835 | 779 | ' |
| Amortization of transaction costs | 133 | 129 | ' |
| Interest Expense | $2,374 | $2,314 | ' |
| Remaining period over which unamortized debt discount will be amortized | '5 years 0 months | ' | ' |
| Effective interest rate (as a percent) | 7.00% | ' | ' |
DERIVATIVE_INSTRUMENTS_Details
| DERIVATIVE INSTRUMENTS (Details) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | Oct. 09, 2013 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 |
| Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Forward-starting contract | Forward-starting contract | Forward-starting contract | Forward-starting contract | Forward-starting contract | Forward-starting contract | Forward-starting contract | Forward-starting contract | Forward-starting contract | |||
| Cash Flow Hedges | Designated as hedging instruments | Designated as hedging instruments | Designated as hedging instruments | Cash Flow Hedges | Designated as hedging instruments | Designated as hedging instruments | Designated as hedging instruments | Designated as hedging instruments | Designated as hedging instruments | Designated as hedging instruments | Not designated as hedging instruments | Not designated as hedging instruments | Not designated as hedging instruments | Interest rate swap | Interest rate swap | Interest rate swap | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | Foreign currency forward contracts | |||||
| Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Net Investment Hedges | Net Investment Hedges | Net Investment Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Designated as hedging instruments | Designated as hedging instruments | Designated as hedging instruments | Designated as hedging instruments | Designated as hedging instruments | Designated as hedging instruments | Not designated as hedging instruments | Not designated as hedging instruments | ||||||||||
| Cash Flow Hedges | Cash Flow Hedges | Net Investment Hedges | Net Investment Hedges | Cash Flow Hedges | Cash Flow Hedges | ||||||||||||||||||||||
| DERIVATIVE INSTRUMENTS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Fixed interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.90% | ' | ' | ' | ' | ' | ' | ' | ' |
| Notional amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | $100,000,000 | $100,000,000 | $38,522,000 | $43,742,000 | $1,490,000 | $4,754,000 | $45,572,000 | $44,775,000 |
| Asset Derivatives: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Fair value of derivative asset | 0 | 436,000 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 157,000 | ' | ' | ' | 0 | ' | 279,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Liability Derivatives: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Fair value of derivative liability | 1,632,000 | 1,438,000 | ' | 1,222,000 | ' | 1,227,000 | ' | ' | ' | 175,000 | ' | 0 | 39,000 | ' | 211,000 | 196,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Amount of Gain (Loss) Recognized in Other Comprehensive Income | ' | ' | ' | 5,000 | 0 | ' | -1,187,000 | 785,000 | ' | -1,245,000 | 785,000 | ' | 53,000 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Amount of Gain (Loss) Recognized in Income | ' | ' | ' | 0 | 0 | ' | -1,303,000 | 720,000 | ' | 0 | 0 | ' | 0 | 0 | ' | -1,303,000 | 720,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Before Tax | ' | ' | -1,200,000 | ' | ' | ' | ' | ' | -200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | ' | ($1,000,000) | ' | ' | ' | ' | ' | ($100,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
| FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 |
| In Thousands, unless otherwise specified | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
| Financial Assets | $0 | $436 |
| Financial Liability | -1,632 | -1,438 |
| Principal value | 150,000 | 150,000 |
| Estimate of Fair Value Measurement | ' | ' |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
| Convertible Debt, Fair Value Disclosures | 130,835 | 128,522 |
| Reported Value Measurement | ' | ' |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
| Convertible Debt, Fair Value Disclosures | 129,728 | 128,893 |
| Interest rate swap | ' | ' |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
| Financial Liability | -1,222 | -1,227 |
| Foreign Exchange Contract | ' | ' |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
| Financial Assets | 0 | 436 |
| Financial Liability | -410 | -211 |
| Fair Value, Inputs, Level 1 | ' | ' |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
| Financial Assets | 0 | 0 |
| Financial Liability | 0 | 0 |
| Fair Value, Inputs, Level 1 | Interest rate swap | ' | ' |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
| Financial Liability | 0 | 0 |
| Fair Value, Inputs, Level 1 | Foreign Exchange Contract | ' | ' |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
| Financial Assets | 0 | 0 |
| Financial Liability | 0 | 0 |
| Fair Value, Inputs, Level 2 | ' | ' |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
| Financial Assets | 0 | 436 |
| Financial Liability | -1,632 | -1,438 |
| Fair Value, Inputs, Level 2 | Interest rate swap | ' | ' |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
| Financial Liability | -1,222 | -1,227 |
| Fair Value, Inputs, Level 2 | Foreign Exchange Contract | ' | ' |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
| Financial Assets | 0 | 436 |
| Financial Liability | -410 | -211 |
| Fair Value, Inputs, Level 3 | ' | ' |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
| Financial Assets | 0 | 0 |
| Financial Liability | 0 | 0 |
| Fair Value, Inputs, Level 3 | Interest rate swap | ' | ' |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
| Financial Liability | 0 | 0 |
| Fair Value, Inputs, Level 3 | Foreign Exchange Contract | ' | ' |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
| Financial Assets | 0 | 0 |
| Financial Liability | $0 | $0 |
SEGMENT_INFORMATION_AND_OPERAT2
| SEGMENT INFORMATION AND OPERATING RESULTS (Details) (USD $) | 3 Months Ended | ||
| In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Jan. 31, 2014 |
| segment | |||
| Segment Reporting [Abstract] | ' | ' | ' |
| Number of reportable segments | 3 | ' | ' |
| SEGMENT INFORMATION AND OPERATING RESULTS | ' | ' | ' |
| Revenue | $465,463 | $441,674 | ' |
| Income (Loss) Before Income Taxes | -6,272 | -997 | ' |
| Total Assets | 1,596,642 | ' | 1,564,648 |
| Shared Resources | ' | ' | ' |
| SEGMENT INFORMATION AND OPERATING RESULTS | ' | ' | ' |
| Income (Loss) Before Income Taxes | -873 | -1,238 | ' |
| Total Assets | 89,318 | ' | 120,335 |
| Eliminations | ' | ' | ' |
| SEGMENT INFORMATION AND OPERATING RESULTS | ' | ' | ' |
| Revenue | -19,405 | -29,241 | ' |
| Income (Loss) Before Income Taxes | 123 | -694 | ' |
| Total Assets | -2,990 | ' | -2,958 |
| Operating Segments | ' | ' | ' |
| SEGMENT INFORMATION AND OPERATING RESULTS | ' | ' | ' |
| Revenue | 484,868 | 470,915 | ' |
| Income (Loss) Before Income Taxes | -5,522 | 935 | ' |
| Total Assets | 1,510,314 | ' | 1,447,271 |
| Operating Segments | Agriculture | ' | ' | ' |
| SEGMENT INFORMATION AND OPERATING RESULTS | ' | ' | ' |
| Revenue | 352,648 | 360,344 | ' |
| Income (Loss) Before Income Taxes | 3,318 | 7,999 | ' |
| Total Assets | 874,217 | ' | 943,212 |
| Operating Segments | Construction | ' | ' | ' |
| SEGMENT INFORMATION AND OPERATING RESULTS | ' | ' | ' |
| Revenue | 101,879 | 82,841 | ' |
| Income (Loss) Before Income Taxes | -5,775 | -6,538 | ' |
| Total Assets | 411,641 | ' | 308,525 |
| Operating Segments | International | ' | ' | ' |
| SEGMENT INFORMATION AND OPERATING RESULTS | ' | ' | ' |
| Revenue | 30,341 | 27,730 | ' |
| Income (Loss) Before Income Taxes | -3,065 | -526 | ' |
| Total Assets | $224,456 | ' | $195,534 |
STORE_CLOSINGS_AND_REALIGNMENT2
| STORE CLOSINGS AND REALIGNMENT COST (Details) (USD $) | 1 Months Ended | 3 Months Ended |
| In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2014 |
| store | ||
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | $3,808 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 3,205 |
| Construction | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Reduction of Construction-related headcount, percent | 12.00% | ' |
| Number of stores closed | 7 | ' |
| Total Amount Expected to be Incurred | ' | 2,849 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 2,286 |
| Agriculture | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 746 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 706 |
| Shared Resource Center | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 213 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 213 |
| Lease termination costs | Realignment Cost | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 1,632 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 1,632 |
| Lease termination costs | Realignment Cost | Construction | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 1,518 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 1,518 |
| Lease termination costs | Realignment Cost | Agriculture | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 114 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 114 |
| Employee severance costs | Realignment Cost | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 735 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 735 |
| Employee severance costs | Realignment Cost | Construction | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 451 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 451 |
| Employee severance costs | Realignment Cost | Agriculture | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 71 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 71 |
| Employee severance costs | Realignment Cost | Shared Resource Center | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 213 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 213 |
| Impairment of fixed assets | Realignment Cost | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 237 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 237 |
| Impairment of fixed assets | Realignment Cost | Construction | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 152 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 152 |
| Impairment of fixed assets | Realignment Cost | Agriculture | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 85 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 85 |
| Asset relocation and other closing costs | Realignment Cost | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 800 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 197 |
| Asset relocation and other closing costs | Realignment Cost | Construction | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 728 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 165 |
| Asset relocation and other closing costs | Realignment Cost | Agriculture | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 72 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 32 |
| Inventory cost adjustments | Equipment Cost of Sales | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 404 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | 404 |
| Inventory cost adjustments | Equipment Cost of Sales | Agriculture | ' | ' |
| Restructuring Cost and Reserve [Line Items] | ' | ' |
| Total Amount Expected to be Incurred | ' | 404 |
| Amount Incurred During Three Months Ended April 30, 2014 | ' | $404 |
STORE_CLOSINGS_AND_REALIGNMENT3
| STORE CLOSINGS AND REALIGNMENT COST (Details 2) (USD $) | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 |
| In Thousands, unless otherwise specified | Lease termination costs | Employee severance costs | ||
| Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
| Balance, January 31, 2014 | $2,362 | $548 | ' | ' |
| Exit costs incurred and charged to expense | ' | ' | 1,598 | 735 |
| Exit costs paid | ' | ' | -51 | -544 |
| Adjustments | ' | ' | 76 | ' |
| Balance, April 30, 2014 | $2,362 | $548 | ' | ' |